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Article
Publication date: 16 January 2024

Helder Sebastião, Nuno Silva, Pedro Torres and Pedro Godinho

This work uses survey data from the Portuguese Securities Market Commission (Comissão de Mercado de Valores Mobiliários – CMVM) to examine financial literacy and literacy bias…

Abstract

Purpose

This work uses survey data from the Portuguese Securities Market Commission (Comissão de Mercado de Valores Mobiliários – CMVM) to examine financial literacy and literacy bias. The main objective of this study is to shed light on this issue by identifying the individual characteristics that are associated with financial literacy, namely overconfidence and underconfidence, which in turn might help explain individuals' financial decisions. The study distinguishes two groups, i.e. students and nonstudents, and considers several characteristics that are usually employed in this stream of research.

Design/methodology/approach

The data are based on a survey conducted by a partnership between the CMVM and a consortium of Portuguese universities. This paper has a three-fold aim. First, it studies the main individual features associated with objective financial literacy. Second, it analyzes the relationship between those variables and the bias between self-perceived and objective literacy, distinguishing overconfidence and underconfidence. Third, and most originally, this framework was also used to examine the differences between students and nonstudents. Those aims are pursued using cross-sectional ordinary least squares (OLS) regressions, except for the study of the literacy bias, for which the authors use an ordered probit.

Findings

Literacy is higher in individuals of the male gender who are older, have higher incomes, live in metropolitan areas, are highly educated, have a field of study related to finance and have high self-perceived literacy. Younger people are more overconfident. Unconditionally, women are less overconfident than men, but conditionally, they overestimate their knowledge. People holding securities and with a field of study related to finance are more overconfident. The gender effect is mainly driven by students, and the impact of a field of study and of holding securities on overconfidence decreases and increases, respectively, for students. The results highlight the importance of financial education.

Research limitations/implications

Due to the way that the questionnaire was made available, there is no guarantee that the sample is representative of the Portuguese general population, or, for that matter, representative of the typical Portuguese retail investors or households. Also, there is no guarantee that the same individual did not answer the questionnaire more than once, although this is highly improbable. The link to the online questionnaire was only transmitted within e-mail databases owned by the CMVM and Portuguese universities, so the authors cannot guarantee its unbiasedness.

Practical implications

The authors' results may help the National Plan for Financial Education (the acronym in Portuguese is PNFF) fine-tune the required actions towards different target groups and, most importantly, highlight that different groups may require different approaches aiming to narrow the gap between objective and perceived literacy. The first step should be creating procedures to provide feedback on the objective and perceived literacy of those who enroll in financial formation programs.

Social implications

The study distinguishes two groups, students and nonstudents, providing additional insights that might guide policymakers on how to structure financial education to enhance individual financial behavior. This is especially important in a country such as Portugal which has the lowest objective financial literacy in the Eurozone.

Originality/value

This study contributes to the financial literacy literature, in particular to the stream of research that focuses on psychological biases, by shedding light on the factors associated with both individual overconfidence and underconfidence. Differentiating between students and nonstudents provides additional insights, which might guide policymakers on how to structure financial education to enhance individual financial behavior.

Details

Review of Behavioral Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1940-5979

Keywords

Article
Publication date: 6 July 2012

Ian D. Parkman, Samuel S. Holloway and Helder Sebastiao

The purpose of this paper is to examine the relationship between entrepreneurial orientation, innovation capacity, and firm performance in the creative industries context.

2624

Abstract

Purpose

The purpose of this paper is to examine the relationship between entrepreneurial orientation, innovation capacity, and firm performance in the creative industries context.

Design/methodology/approach

The paper uses a survey‐based empirical analysis.

Findings

Innovation capacity mediates the relationship between entrepreneurial orientation and two different measures of firm performance in the creative industries.

Research limitations/implications

These results suggest that success in the creative industries requires significant alignment between the entrepreneurial management and creative capabilities of the firm. Firms must identify unique opportunities to exploit that will foster and best leverage their creative competencies.

Originality/value

In addition to providing initial insight on the relationship between entrepreneurial action, innovative capacity, and performance with the creative industries, the paper also is one of the first on the creative industries to focus on firm‐level strategy.

Details

Journal of Research in Marketing and Entrepreneurship, vol. 14 no. 1
Type: Research Article
ISSN: 1471-5201

Keywords

Expert briefing
Publication date: 31 October 2017

Lourenco took power a month previously and shortly afterwards appointed his first cabinet, with many ministers and state secretaries who served under his predecessor…

Article
Publication date: 16 September 2021

João M. Lopes, Rozélia Laurett, Hélder Antunes and José Oliveira

The purpose of this paper is to identify the state of the art on publications related to “Business Marketing” over the past 10 years (2010–2020) and available in the SCOPUS…

Abstract

Purpose

The purpose of this paper is to identify the state of the art on publications related to “Business Marketing” over the past 10 years (2010–2020) and available in the SCOPUS database.

Design/methodology/approach

In this research, a bibliometric study on entrepreneurial marketing (EM) was performed. The articles were selected from the SCOPUS database and dated from January 1, 2010 to July 11, 2020.

Findings

In total, 124 articles on the area of business management were identified, they are written in English. Through the systematization of these articles, it was found that the majority of the publications and citations about EM are from the year 2020 (378 articles), respectively, with 17 citations. The Journal of Research in Marketing and Entrepreneurship was the most published on the subject and obtained the highest number of citations over the past 10 years. The authors that obtained the highest number of citations were: Jones and Rowley (2011b) with 101 citations and Mort et al. (2012) with 71 citations. It was also possible to identify four clusters: “entrepreneurial orientation”; “customer strategy”; “market orientation” and “innovative entrepreneurship and marketing.”

Practical implications

This paper reinforces the coherence and scientific structure of the current literature. The systematization of the concepts we present can be used by managers to define strategies and policies in EM planning.

Originality/value

This research gives special emphasis to the publications over the past 10 years, related to the management area and focused on the term “Entrepreneurship Marketing,” aiming to identify publication trends. Another innovation from this research is the usage of a single database, for the case SCOPUS. Moreover, the authors also reveal a current agenda with future lines of research in EM, which will serve as a starting point to prepare other studies in this area.

Details

Journal of Research in Marketing and Entrepreneurship, vol. 23 no. 2
Type: Research Article
ISSN: 1471-5201

Keywords

Book part
Publication date: 23 March 2017

Barbara de Lima Voss, David Bernard Carter and Bruno Meirelles Salotti

We present a critical literature review debating Brazilian research on social and environmental accounting (SEA). The aim of this study is to understand the role of politics in…

Abstract

We present a critical literature review debating Brazilian research on social and environmental accounting (SEA). The aim of this study is to understand the role of politics in the construction of hegemonies in SEA research in Brazil. In particular, we examine the role of hegemony in relation to the co-option of SEA literature and sustainability in the Brazilian context by the logic of development for economic growth in emerging economies. The methodological approach adopts a post-structural perspective that reflects Laclau and Mouffe’s discourse theory. The study employs a hermeneutical, rhetorical approach to understand and classify 352 Brazilian research articles on SEA. We employ Brown and Fraser’s (2006) categorizations of SEA literature to help in our analysis: the business case, the stakeholder–accountability approach, and the critical case. We argue that the business case is prominent in Brazilian studies. Second-stage analysis suggests that the major themes under discussion include measurement, consulting, and descriptive approach. We argue that these themes illustrate the degree of influence of the hegemonic politics relevant to emerging economics, as these themes predominantly concern economic growth and a capitalist context. This paper discusses trends and practices in the Brazilian literature on SEA and argues that the focus means that SEA avoids critical debates of the role of capitalist logics in an emerging economy concerning sustainability. We urge the Brazilian academy to understand the implications of its reifying agenda and engage, counter-hegemonically, in a social and political agenda beyond the hegemonic support of a particular set of capitalist interests.

Details

Advances in Environmental Accounting & Management: Social and Environmental Accounting in Brazil
Type: Book
ISBN: 978-1-78635-376-4

Keywords

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