issue 1 - special issue - well being
WELL-BEING: ANTECEDENTS AND CONSEQUENTS
ABBAD, GARDÊNIA DA SILVA; CARLOTTO, MARY SANDRA; GONDIM, SONIA MARIA GUEDES; JESUINO, JORGE CORREIA
MANAGEMENT PRACTICES, WELL-BEING AND SUPPORTIVE BEHAVIOR
NEIVA, ELAINE R.; MACAMBIRA, MAGNO O.; RIBEIRO, ELISA M. B. A.
ABSTRACT
Purpose: The aim of this paper was to evaluate the influence of change management practices, reasons to change and anticipated benefits on well-being and change-supportive behavior.
Originality/value: The theoretical contribution of this study is giving support to measure management interventions and measuring the meanings individuals attribute to the process of change.
Design/methodology/approach: The study included 255 employees from a Brazilian holding company that offers road transportation, charter, and logistics services in three Brazilian states. The following measures were used: Change Management Practice Scale, Scale of Reasons and Benefits for Change, Change-Supportive Behavior Scale, and Well-Being at Work Scale. The instruments were applied to professionals and managers to evaluate the proposed measures considering the undergoing process of organizational change. The sample data were submitted to exploratory factor analysis (EFA) and Confirmatory Factor Analysis (CFA) of the instruments, as well as mediation analysis and Structural Equation Modeling to test the hypotheses.
Findings: The study results indicate that change management practices positively affect both supportive behaviors and workers’ well-being. A differentiated effect of perceived organizational reasons and perceived benefits on supportive behaviors and well-being at work was also identified.
KEYWORDS: Change in organizations. Management practices. Workers’ well-being. Reasons and benefits for change. Change-supportive behavior.
ANTECEDENTS OF WELL-BEING AT WORK: TRUST AND PEOPLE MANAGEMENT POLICIES
OLIVEIRA, ÁUREA F.; GOMIDE JÚNIOR, SINÉSIO; POLI, BÂNIA V. S.
ABSTRACT
Purpose: The aim of this study was to investigate the impact of people management policies and organization trust on well-being at work, the latter being defined as the predominance of positive emotions at work and the individual’s perception that, at work, he/she can express and develop his/her potential and, therefore, he/she progresses to achieving his life’s goals.
Originality/value: The hypothesis underlying this research is that the work context presents itself as a privileged place for emotions and, fundamentally, for the realization and construction of personal happiness. The premise that the attainment of personal happiness is possible at work encourages people-management professionals to identify effective strategies for promoting well-being.
Design/methodology/approach: The sample consisted of 212 workers from various organizations who answered to instruments with evidence of validity and reliability. The model was tested by structural equation modeling and the reliability coefficients of the scales tested using Cronbach’s alpha.
Findings: The results showed that the adjustment of the model is only reasonable, although, depending on the adjustment indices, it can be accepted. The results are discussed in terms of the contributions of the study to the expansion of knowledge in the area of organizational behavior and its implications for managerial actions. It is also suggested to carry out other studies covering larger samples and different natures.
KEYWORDS: People management policies. Organizational trust. Well-being at work. Happiness. Positive psychology.
ANTECEDENTS AND CONSEQUENTS OF PROSPERITY AT WORK: A MEDIATION-MODERATION MODEL
NOVAES, VLADIMIR P.; FERREIRA, MARIA C.; MENDONÇA, HELENIDES; TORRES, CLÁUDIO V.
ABSTRACT
Purpose: To investigate the relationship between participation in decision making and social support at work with role performance at work, as well as the mediator role of work prosperity and the moderator role of self-efficacy.
Originality/value: The study contributes to the enhancement of the monological net of the concept of prosperity at work, by testing a model that includes other rather neglected constructs as antecedents and consequents of prosperity at work, and by analyzing the role of a personal asset in these relationships, based on the demands-resources model (JD-R).
Design/methodology/approach: This is an empirical study, with a quantitative approach of correlational nature, that tested seven hypotheses. The data were collected with self-report questionnaires, and analyzed with structural equation modelling.
Findings: All hypotheses were corroborated and indicated that: participation in the decision making and social support have a positive impact on prosperity at work; prosperity at work has a mediation role in the relation between these variables and role performance at work; self-efficacy moderates the positive relations of participation at work and social support with prosperity at work, increasing these relations. The study has important implications for the literature in the field, contributing to the application of the model of prosperity at work to Brazilian samples. Organizations may benefit from these findings if the policies that enhance prosperity are implemented in the organizational environment, obtaining competitive advantage.
KEYWORDS: Prosperity at work. Self-efficacy. Participation in the decision making. Social support. Performance at work.
THE ROLE OF JOB CRAFTING ON THE PROMOTION OF FLOW AND WELLBEING
DEVOTTO, RITA P. de; FREITAS, CLARISSA P. P.; WECHSLER, SOLANGE M.
ABSTRACT
Purpose: To investigate the mediating role of flow at work on the relations of job crafting (task crafting, cognitive crafting and relational crafting) with positive mental health dimensions (emotional well-being, psychological well-being and social well-being).
Originality/value: The job crafting actions have been identified as antecedents of the levels of well-being at work. The present study contributed to the literature examining the relationships between job crafting, flow at work and positive mental health, not yet investigated in previous empirical studies.
Design/methodology/approach: The quantitative approach was used through an online questionnaire composed of a sociodemographic questionnaire and three scales. The sample consisted of 386 professionals from different Brazilian states, of which 58% were female, with a mean age of 44 years (SD = 12 years). The data were analyzed through structural equations.
Findings: The results of the analysis of structural equations showed that relational crafting had a direct impact on positive mental health. The relations of cognitive crafting with positive mental health were totally mediated by flow at work. We concluded that job crafting, primarily cognitive crafting, influence occupational and general well-being.
KEYWORDS: Employee attitude. Flow. Job crafting. Mental health. Structural equation modelling.
PERSONAL ORGANIZATIONAL WELL-BEING AND QUALITY OF ORGANIZATIONAL LIFE: THE MEDIATING ROLE OF ORGANIZATIONAL CULTURE
PAZ, MARIA G. T.; FERNANDES, SONIA R. P.; CARNEIRO, LAILA L.; MELO, ELEUNÍ A. A.
ABSTRACT
Purpose: To test models of mediation and moderation of the organizational culture, competing values and styles of organizational operation having quality of organizational life (QOL) as antecedent and personal organizational well-being (POW) as consequent. Originality/value: Literature has presented tests of mediation/moderation models to understand well-being of employees and support leadership in the implementation of strategies that fit into the organizational realities.
Organizational culture has been used as a component variable of some of those models. However, no publication investigating culture as mediator/moderator of the quality of life/well-being relation was found.
Design/methodology/approach: Quantitative, transversal survey employing scales that present evidences of psychometric validity applied to 1,292 employees (81%) of the population in a public organization. Two mediation models and two moderation models were tested through multiple regression.
Findings: The results of the linear and hierarchic regression analyses used to test the proposed models showed that, except for the bureaucratic culture, all types of culture had significant power of mediation between the variables of QOL and POW. No moderation relation was found. The empirical evidences of the models tests point out the need for considering cultural traits of organizations in the design of strategies of intervention related to QOL and POW, since some may be more applicable to given cultures and less applicable to others.
KEYWORDS: Quality of organizational life. Well-being. Culture. Mediation. Model.
PRESENTEEISM OF CLASS TEACHERS: WELL-BEING AS A CRITICAL PSYCHOLOGICAL STATE IN THE MEDIATION OF JOB CHARACTERISTICS
PÉREZ-NEBRA, AMALIA R.; QUEIROGA, FABIANA; OLIVEIRA, THIAGO A.
ABSTRACT
Purpose: Test job fulfillment as a mediator of the relationship between work design and presenteeism in teachers.
Originality/value: Presenteeism is one of the reasons for teachers to underperform in the classroom. Many models explain organizational results, among which the Job Characteristics Model. That model, however, has not yet been tested with presenteeism, and, as it proposes, it will be predicted by work design mediated by positive work-related attitudes (i.e., eudaimonic well-being).
Design/methodology/approach: A total of 2,282 public school teachers participated in the study, of which 71.1% were women. They completed the scale of job fulfillment, the Stanford Presenteeism Scale, and the full work design taxonomy in the Brazilian version. Direct and mediated relationships were tested, and the Job Characteristics Model was partially confirmed.
Findings: For not completing work, mediation is confirmed only to the task identity subcategory of work design. Here, direct relationships with scheduling autonomy and social support were observed. For avoiding distraction, mediation occurred only for social support, and comfort at work. The subcategories decision-making autonomy, physical demands, and job complexity are directly related. We discuss the mediating role of critical psychological states and other positive triggers that could mediate the relationship between work design and organizational outcomes, such as emotions.
KEYWORDS: Presenteeism. Work design. Well-being. Teachers. Job Characteristics Model.
Issue 2
ABSORPTIVE CAPACITY IN ANALYTICS IMPLEMENTATIONS: A RESEARCH MODEL
FERREIRA, RODRIGO; GOMES, JOSIR S.; CARVALHO, ANA
ABSTRACT
Purpose: Propose a research model that involves the conceptual relationships between the theoretical support of the absorptive capacity and analytics, emphasizing the way in which the tool contributes to the formation of absorptive capacity within the companies.
Originality/value: It was possible to delineate a model with the theoretical associations between absorptive capacity and analytics from the voices of experts and decision makers of Portuguese companies, contributing as a tool to guide strategies that help companies for a better understanding of how the absorption of knowledge occurs in analytics implementations to better target efforts at incremental value generation.
Design/methodology/approach: A qualitative study was carried out with the adoption of Grounded Theory as a research strategy. In this way, techniques and procedures of the method were followed that allowed the constant collection and analysis of the data, supported with the use of Atlas.ti software.
Findings: The main theoretical contribution is the proposition of a conceptual model that considers emerging categories, subcategories, properties, and dimensions, that qualify the conceptual alignment between absorptive capacity and analytics and explain the existence of the construct over implementation. As entrepreneurial contributions, the configuration of knowledge absorption according to two analytic use patterns is emphasized: as oriented towards solving specific problems and as a guideline of institutional planning.
KEYWORDS: Absorptive capacity. Analytics. Big Data Analytics. Value extraction. Grounded Theory.
ERROR MANAGEMENT CULTURE SCALE: TRANSLATION AND VALIDITY OF A BRAZILIAN VERSION
PORTO, JULIANA B.; PUENTE-PALACIOS, KATIA E.; MOURÃO, LUCIANA; SANTOS, MARIANA M.; ARAUJO, IVY F.
ABSTRACT
Purpose: To provide evidence of the validity of a Brazilian Portuguese version of the Error Management Culture Scale.
Originality/value: Errors are pervasive and cannot be entirely prevented, so it is essential to manage them so as to avoid the worst negative consequences. Error management culture is a set of organizational practices related to communicating about errors, sharing error knowledge, helping in error situations and detecting and handling errors quickly. There was no Brazilian questionnaire for measuring this concept, despite the importance of understanding how we learn from mistakes.
Design/methodology/approach: The Brazilian Error Management Culture Scale was obtained by translation and back-translation procedures. An online and pencil and paper survey were conducted. A sample of 233 employees responded to the 17 items of the scale using five-point scales. Data on demographic and professional variables were also collected.
Findings: Exploratory factor analysis and parallel analysis indicated a one-factor structure, but it can also be represented in terms of four facets of error management. The factor loadings ranged from 0.35 to 0.82 and Cronbach’s reliability coefficient was 0.94, which is consistent with the original study and with other studies using the scale. The results suggested the Brazilian scale will be useful in research and diagnosis. Future studies are needed to confirm these findings in different samples and its predictive validity should be tested to extend the evidence.
KEYWORDS: Organizational culture. Organizational practices. Error management. Scale validity. Error management culture.
PLANNED BEHAVIOR AND RELIGIOUS BELIEFS AS ANTECEDENTS TO ENTREPRENEURIAL INTENTION: A STUDY WITH UNIVERSITY STUDENTS
PAIVA, LUIS E. B.; SOUSA, EVANGELINA S.; LIMA, TEREZA C. B.; SILVA, DIRCEU DA
ABSTRACT
Purpose: To investigate the relationship between religious beliefs and the constructs of the Theory of Planned Behavior in entrepreneurial intention.
Originality/value: The article stands out by promoting the understanding of entrepreneurship from the Theory of Planned Behavior proposed by Ajzen (1991), aligning it with religious beliefs.
Design/methodology/approach: It is an exploratory and descriptive study, of a quantitative nature. The survey method was used to collect the data, in which a sample of 448 students from the Business Administration courses at two public universities in the northeast of Brazil was obtained. Structural Equation Modeling was used to treat and analyze the data.
Findings: The results demonstrated that personal attitude, perceived control, and religious beliefs influence the entrepreneurial intention of university students, which did not occur with subjective norms. However, subjective norms influenced the personal attitude and perceived control of university students. The university students presented a predisposition to entrepreneurship and recognized that they have the necessary skills to create a business. However, the choice to become an entrepreneur may not be motivated directly by the expectation of its social referents. Moreover, university students did not perceive the influence of religious beliefs in the manifestation of their behavior, because vocation and prosocial motivation are far from the environmental context in which university students are inserted or because they are not practicing a religion that fosters such beliefs.
KEYWORDS: Religious beliefs. Entrepreneurship. Entrepreneurial intention. Religion. Planned behavior.
CORPORATE GOVERNANCE AND CAPITAL ASSET PRICING MODELS
GANZ, ALYNE C. S.; SCHLOTEFELDT, JOSIANE O.; RODRIGUES JUNIOR, MOACIR M.
ABSTRACT
Purpose: This study aimed to analyze the inclusion of corporate governance in the explanation of Fama and French’s (1993, 2015) three and fivefactor asset pricing models.
Originality/value: This research differs from other works by inserting corporate governance as an explanatory factor in the pricing model of financial assets. Thus, it is intended to contribute to the research area by trying to identify previously unexplored characteristics, as the proposed method, that helps and adds explanation to the pricing models of financial assets, thus helping investors and professionals in the financial area.
Design/methodology/approach: The research sample consists of 387 companies listed in B3, in the period between 2012 and 2016. For data analysis, panel data regressions were used according to the methodology of Fama and French studies (1993, 2015) through the Stata software.
Findings: The results indicate that corporate governance has a negative impact on the return of the actions of small companies with lower levels of corporate governance and that the reverse is true for large companies with high levels of governance. Other variables were also found to be impacting on stock returns, such as market value, book-to-market, profitability, and investments.
KEYWORDS: Risk. Return. Corporate governance. Novo Mercado. Capital Asset Pricing Model.
IS COMMONALITY IN LIQUIDITY A PRICED RISK FACTOR?
SILVA, CLAUDIO; MACHADO, MÁRCIO ANDRÉ VERAS
ABSTRACT
Purpose: Analyze if the commonality in liquidity is priced and its relation with the stock return in the Brazilian stock market.
Originality/value: Due to the shortage of papers about the effects of commonality in liquidity in the Brazilian financial literature, this paper provides knowledge development about commonality in liquidity effect for the investor, investigating whether an investment strategy in the most sensitive assets to systematic variations of liquidity is attractive for investors, consistent with the risk-return trade off.
Design/methodology/approach: In order to identify the effect of commonality to investors, we opted to use portfolios. Using companies listed on B3 as a sample, we estimated regressions developed in the time series from January 2007 to December 2015.
Findings: We found that the commonality is a phenomenon present in the Brazilian stock market and their highest values were concentrated in periods of international financial crises. In addition, using portfolios, we observed a premium of 4.165% per month for the commonality in liquidity, although not statistically significant. Finally, we found that the commonality in liquidity is a priced risk factor and when we exposed it to other risk factors we found that the liquidity risk factor was able to partly capture it.
KEYWORDS Commonality. Investment. Liquidity. Risk. Return.
EXTREME EVENTS AND THE OIL MARKET: CONDITIONAL JUMP PROCESS
RESENDE, MAX C.; PEDRO, EVANDRO C.
ABSTRACT
Purpose: This research aims to analyse price movements in the oil market stimulated by extreme events such as oil platform explosions, geopolitical events, and financial crises and to understand the reaction and the persistence of these effects on the commodity’s price.
Originality/value: The prominent position of oil raises the concerns of investors, producers, and policymakers because of the unstable behaviour of its price level and pattern of volatility. This justifies the need to investigate the dynamics of this behaviour for the purposes of economic policy formation, strategies around trade and costs, and revenue calculations for companies of this sector, as well as investment decisions for other sources of energy.
Design/methodology/approach: In order to model the occurrence of volatility jumps caused by extreme events, four specifications were used for the ARJI-GARCH conditional jumping methodology developed by Chan and Maheu (2002). The data consist of 2008 daily records of the closing price of light oil (WTI) from January 2010 to December 2017 obtained from NYMEX.
Findings: Among several results it was verified that the occurrence of extreme events causes significant changes in the oil price, which goes against the efficient market hypothesis, and that a time-varying conditional jump process can be specified, but it has little sensibility to past shocks and very short-term persistence.
KEYWORDS: Crude oil. Volatility. Extreme events. ARJI-GARCH models. Conditional jumps.
Issue 3
OPENING BLACK BOXES OF DISRUPTIVE INNOVATIONS: CONTROVERSIES INVOLVING UBER IN BELO HORIZONTE
VIEIRA, KELLY C.; PAIVA, ANDRÉ L.; ALCÂNTARA, VALDERÍ C.; REZENDE, DANIEL C.
ABSTRACT
Purpose: This article aims to understand the controversies present from the insertion of a disruptive technology in a new business model, Uber, in the urban mobility market of Belo Horizonte-MG.
Originality/value: The actor-network theory allows us to describe innovation as technical and social, as well as to identify the sociomaterialities that enact and multiple realities from controversies in dispute. The proposal is original in investigating how a disruptive innovation is built as a “fact”, accompanying its stabilization processes.
Design/methodology/approach: The research was operationalized from the actor-network theory itself, using cartography to follow the actors in their controversies. The data came mainly from newspapers, postings on social networks and legal materials accessed through the internet (from December 2014 to July 2017). For the presentation of the results, the mandala of actors who dispute positions in controversies and the hierarchical tree of the controversies were used.
Findings: The arrangement was marked by several controversies that deal with the legitimacy of the application, the labor relations established by the innovation and the quality of the services provided, each supported by different actors, positions and arguments. Four types of technology identified in this arrangement were identified: 1. user technology; 2. service provision; 3. economic issues; and 4. Uber driver. It is understood, therefore, that the technology has multiple dimensions and is enacted of different forms, and that this arrangement has not yet stabilized.
KEYWORDS: Cartography of controversies. Sharing economy. Actor-network theory. Technology and society. Enactment.
INDIVIDUAL ABSORPTIVE CAPACITY AND ENTREPRENEURIAL INTENTION IN SUCCESSORS OF RURAL PROPERTIES
SANTOS, CLAUDETE C.; TESTON, SAYONARA F.; ZAWADZKI, PATRICK; LIZOTE, SUZETE A.; MACHADO, HILKA P. V.
ABSTRACT
Purpose: This study sought to explore the association between the constructs individual absorptive capacity and entrepreneurial intention in successors of rural properties in a cooperative system.
Originality/value: The contribution presented expands the field of entrepreneurship studies and family succession, as well as it brings elements for the management of rural properties. Empirically, the results offer new elements for managers of cooperatives and other similar organizations to formulate strategies to assist in the preparation of the successors’ dilemma.
Design/methodology/approach: The design of the adopted method followed a quantitative approach, of descriptive level, of the type survey, and transverse section. The study included 84 successors of rural properties, who were participants in a Skills Development Program for the continuity of young people in the management of properties. Questionnaires were used to evaluate the constructs of individual absorptive capacity and entrepreneurial intention. The statistical analysis used the Kruskal-Wallis with the Dunn post hoc adjusted by the BenjaminiHochberg FDR method, Spearman correlation, and modeling structural equations with estimation by Partial Least Squares.
Findings: The main conclusion of the study suggests that the successors with greater perceived behavioral control assimilate and transform more knowledge with applicability potential in the succession management in rural properties.
KEYWORDS: Individual absorptive capacity. Entrepreneurial intent. Family businesses. Successors. Rural properties.
DRIVERS OF SERVICE INNOVATION: PROPOSAL OF A THEORETICAL MODEL
LEO, RICARDO M.; TELLO-GAMARRA, JORGE
ABSTRACT
Objective: To propose a theoretical model based on nine drivers of service innovation (organizational culture, strategies, research and development, employees, technological trajectory, institutional trajectory, competitors, consumers, and suppliers) in order to comprehend the phenomenon.
Originality/value: Given its recent empowerment and the manufacturing focus it has initially received, service innovation still lacks models that seek to comprehend the phenomenon within an encompassing and particular framework. The originality of this study arises from this issue.
Design/methodology/approach: The method consists of a multiple case study. We used semi-structured interviews with strategic hospital managers and documental research with an analysis of accounting balances, organograms, and other documents. We addressed the cases from a systemic perspective in order to permit comparison within the same structure.
Results: The model permitted us to recognize that the analyzed hospitals were having difficulty innovating, as shown by some characteristics found through the drivers that were proposed by this study. More specifically, the hospitals follow a unidimensional and outdated concept of innovation; that is, they consider innovation in services to be the adoption of technologies from the industry, as shown by Barras (1986). There are also no strategic innovation programs.
KEYWORDS: Innovation. Services. Drivers. Theoretical model. Hospitals.
INFLUENCE OF CONTROL SYSTEMS AND SLACK TIME ON PROCESS INNOVATION
PAZETTO, CELLIANE F.; MANNES, SILVANA; BEUREN, ILSE M.
ABSTRACT
Purpose: This study analyzes the influence of the interactive and the diagnostic use of Management Control Systems (MCS) and slack time on process innovation in incubated companies.
Originality/value: Organizational characteristics are associated with processes innovation in organizations with contemporary configuration. The study brings evidence to the contrasting findings of the MCS literature with slack time and process innovation.
Design/methodology/approach: A survey was conducted with managers of companies listed on websites of incubators associated with the Associação Nacional de Entidades Promotoras de Empreendimentos Inovadores (National Association of Entities Promoting Innovative Enterprises), obtaining a sample of 106 valid responses. To analyze the data, the Structural Equation Modeling technique was applied to analyze the data.
Findings: The results indicated that the interactive use of MCS promotes slack time at work, and the diagnostic use inhibits its creation. However, slack time was not significantly associated with processes innovation, which reveals a dysfunctional role of the slack. The interactive use of MCS had a significant influence on processes innovation. It is concluded that the interactive use prevails when the purpose is to promote processes innovation, as it favors contacts between different hierarchical levels and learning, while the diagnostic use highlights its relevance by inhibiting the creation of slack time, understood as a dysfunction for not leading to processes innovation. This denotes that the interactive and the diagnostic use of MCS are complementary in incubated companies.
KEYWORDS: Diagnostic use. Interactive use. Management Control Systems. Slack time. Processes innovation.
COGNITIVE CONFLICT IN STRATEGIC DECISION OF MANAGEMENT TEAMS IN SMALL ENTERPRISES
MAIA, TATIANE S. T.; LIMA, EDMILSON
ABSTRACT
Purpose: The objective of this article is to explain how cognitive conflict happens and what are its contributions to the decision-making processes of management teams in small enterprises (SE).
Originality/value: Although SEs are important and numerous, the cognitive conflict in their management team and the strategic decision making of this team are understudied. This article helps to feel this gap with contributions and implications which are helpful for research and practice related to those themes.
Design/methodology/approach: The descriptive methodological approach was adopted based on qualitative methods and multicase study (Eisenhardt, 1989). Data were collected with interviews and analyzed within and cross-case procedures, according to Miles and Huberman’s (1994) recommendations. Four cases of SE were studied.
Findings: The strategic decision processes were considerably determined by cognitive conflicts. Such conflicts questioned decision possibilities and highlighted aspects related to intuition and improvisation, both normally useful and present in the strategic decision processes of SE. Cognitive conflict inhibits improvisation because its occurrence creates useful questionings in decision making preparation. Those questionings generated deepness in discussion and analysis for decision making in the studied SEs.
KEYWORDS: Cognitive conflict. Strategic decision. Management team. Small enterprise. Strategic management.
AUTHENTIC LEADERSHIP: SCIENTIFIC PRODUCTION ANALYSIS AND MEASUREMENT SCALES
PIOLI, BARLA L. T.; FEUERSCHÜTTE, SIMONE G.; TEZZA, RAFAEL; CANCELLIER, ÉVERTON L. P. L.
ABSTRACT
Purpose: This paper analyzes the publications on the “authentic leadership” construct, based on systematic literature review and bibliometric analysis techniques, and aims to identify and analyze data regarding the chronology of publications, the identification of the most prolific journals and authors, research approaches, and the existence of authentic leadership measurement/assessment tools and its applications, besides analyzing the construction of these tools.
Originality/value: Of the 431 articles analyzed, those dealing with reviews of literature do not present bibliometric data associated with the analysis of the construct measurement instruments.
Design/methodology/approach: A literature review was performed systematically, using the query “authentic leadership” on the Academic Search Premier (Ebsco), Scopus, and Web of Science databases, with no starting date delimitation, with the deadline of December 2018, which resulted in the identification of 1390 articles. After eliminating duplicates and three filters, 431 documents remained for analysis.
Findings: Three specific construct measurement/assessment tools were identified: the Authentic Leadership Questionnaire (ALQ), the Authentic Leadership Inventory (ALI), and the Authentic Leadership Integrated Questionnaire (AL-IQ). There is a predominance of quantitative studies from 2008, with a wide application of ALQ. Instruments of quantitative measurement of authentic leadership did not emerge, only tools that evidence the presence of authenticity of leaders.
KEYWORDS: Authentic leadership. Measuring scales. Construct. Authentic Leadership Questionaire. Authentic Leadership Inventory.
Issue 4
THE ANTECEDENTS OF RECOGNIZE THE VALUE IN THE ABSORPTIVE CAPACITY
FILENGA, DOUGLAS; SANCHEZ, OTÁVIO P.
ABSTRACT
Purpose: The ability of individuals to recognize the value of external, corporate-applicable information is critical to organizational absorptive capacity. This study aims to define and operationalize the recognize the value construct, identify its antecedents and predictive power.
Originality/value: It analyzes how this construct occurs at the level of the individual, workgroups and processes, besides indicating its relationship with the other predictors present in the literature. The theoretical bases can be classified by Cohen and Levinthal (1990) and Zahra and George (2002). The first one considers absorptive capacity as a stock of knowledge, the second one, as dynamic capacity.
Design/methodology/approach: We adopt the Structural Equation Modeling technique to test a variance model, with four predictors of general recognize the value. We use a non-probabilistic sample consisting of 283 individuals who answered an electronic questionnaire.
Findings: The results are satisfactory, as the model shows a 40% prediction power of how recognize the value occurs. The work processes were found to show higher predictive power (β = 0.417), meaning that that processes of recognize the value are enablers of the organizational recognize the value of new information. The other hypotheses were also supported, but with comparatively minor effects. The study is limited to the identification and analysis of the effects of predictors and does not contemplate its consequences, whose research is suggested.
KEYWORDS: Absorptive capacity. Recognize the value. Social integration mechanisms. Appropriation regimes. Relationship power.
THE EFFECT OF REWARD STRATEGIES ON THE SUCCESS OF CROWDFUNDING CAMPAIGNS
VERSCHOORE, JORGE R.; ARAÚJO, MARIANA D. M.
ABSTRACT
Purpose: The purpose of this paper is to analyze the effect of reward strategies on the success of crowdfunding campaigns.
Originality/value: The study contributed to the knowledge of crowdfunding reward strategies. Through a comparative analysis approach, the study demonstrated differences in the effect of tangible, symbolic and collective rewards on the success of crowdfunding campaigns.
Design/methodology/approach: The study employs the approach of Qualitative Comparative Analysis (QCA) to analyze the CF campaigns of catarse.me, a Brazilian crowdfunding platform.
Findings: Tangible rewards, such as something special and purchase me, have a positive effect on the success of crowdfunding campaigns. Symbolic and collective rewards, such as collectible tokens, pursuit of pleasure, and top it up, cannot replace the material incentives of tangible rewards. The main findings show the opportunities for combinations of reward strategies on collective fundraising. Based on the study, entrepreneurs are able to plan a reward strategy for crowdfunding campaigns. Results are applicable to reward-based crowdfunding and cannot be generalized to other platforms around the world.
KEYWORDS: Crowdfunding. Entrepreneurship. New ventures. Success factors. Rewards.
SALES CAPABILITY AND PERFORMANCE: ROLE OF MARKET ORIENTATION, PERSONAL AND MANAGEMENT CAPABILITIES
RODRIGUES, GRAZIELA P.; MARTINS, TOMAS S.
ABSTRACT
Purpose: This article aims to explain the relationships between sales capabilities, which are split into personal selling and sales force management, both from the manager’s point of view, and financial/customer performance in market-oriented firms.
Originality/value: This research is the first that explores in-depth sales capabilities and demonstrated that these capabilities need a previous strategic orientation. It checks different types of performance that can be the result of these two capabilities. We applied the research in to two types of companies, providing a number of contributions to the theory and practice of marketing.
Design/methodology/approach: We conducted a survey with 223 companies that were divided according to their activities: software/service developers and companies that only offer services in information technology and communication sector.
Findings: First, the two sales capabilities (personal and managerial) induce different performance, even when they are influenced by the same strategic orientation. Second, the mediation effect reinforces that sales force management capability is stronger than personal selling capability. Third, in service companies, it is important to develop personal selling capabilities. Lastly, they show that software/service companies present a differentiated behavior of service companies.
KEYWORDS: Sales capability. Personal selling. Sales force management. Market orientation. Organizational performance.
INNOVATION CULTURE AND LEARNING: THE PROGRAM CLUBE DOS APAIXONADOS POR DESAFIOS (CHALLENGE LOVERS CLUB)
PIMENTEL, RICARDO; LOIOLA, GUSTAVO F.; DIOGO, THIAGO M.
ABSTRACT
Purpose: The study analyzes the occurrence of learning through experience and the development of collective skills as a result of a program aimed to build a culture of innovation.
Originality/value: The study contributes to the theoretical discussion about innovation as a social process of experiential learning. From the practical point of view, it shows that the deliberate application of a method and a process in the construction of the innovation culture stimulates the learning of individual and collective abilities favorable to innovation, as well as behavioral and organizational changes.
Design/methodology/approach: Participant observation was used to compile the report, and an ex post facto survey based on in-depth interviews was used to evaluate the results. The analysis was based on the phenomenological semiotics with the support of Atlas.Ti® software in the process of description, reduction and interpretation, to apprehend the awareness of the subjects’ experience.
Findings: The following results were obtained: 1. the occurrence of collective learning by the construction of solutions based on the combination of ideas of subjects with different perspectives and abilities, and by the deliberate application of a method and a process; 2. building a new collective sense for innovation, as a constantly moving realization, requiring concrete behavioral changes, and a new look at reality. The study also pointed out that the theoretical approach that considers innovation as a social process of experiential learning contributes to the understanding of how the construction of the innovation culture takes place, and that this is part of the process of building innovation itself.
KEYWORDS: Innovation. Organizational innovation. Innovation culture. Innovation management. Organizational learning.
PREDICTORS OF WORK-RELATED WELL-BEING IN THE BRAZILIAN PSYCHOLOGY LITERATURE
VEIGA, HEILA M. S.; CORTEZ, PEDRO A.
ABSTRACT
Purpose: We aimed to identify the effects of predictors of work-related well-being in the Brazilian Psychology literature.
Originality/value: Researchers have focused on employee well-being to optimize working conditions and work performance in organizations. Despite a long research tradition about well-being, the predictors of employee well-being are not clear in the Brazilian literature.
Design/methodology/approach: First, in the literature review, we selected five studies using the descriptor “well-being” in the Brazilian portal of Electronic Journals in Psychology (Periódicos Eletrônicos em Psicologia [PePSIC]) and applied inclusion and exclusion criteria. Next, we compiled those studies’ evidence to perform a meta-analysis using the software Jamovi 0.9.5.12 and the plugin MAJOR Meta-analysis 1.0.0 R.
Findings: The prediction of employee well-being – performed by means of intra-individual variables, connections with organizations and labor (O&L), and macro variables – was clear about the positive and negative impacts of variables on well-being. However, further research studies are necessary, especially those in the interface with Administration and other areas, in order to optimize the generalization of the effects we found. In summary, this study contributes to the field of study by presenting preliminary evidence to elaborate high impact, evidence-based policies and practices on people management, including a possible interdisciplinary association between Psychology and Administration.
KEYWORDS: Well-being. Working conditions. Labor. Literature review. Meta-analysis.
HUMAN RESOURCES PRACTICES AND ORGANIZATIONAL COMMITMENT: CONNECTING THE CONSTRUCTS IN A PUBLIC ORGANIZATION
DE OLIVEIRA, HELOIZA H.; HONÓRIO, LUIZ C.
ABSTRACT
Purpose: We aimed to identify the effects of predictors of work-related well-being in the Brazilian Psychology literature.
Originality/value: Researchers have focused on employee well-being to optimize working conditions and work performance in organizations. Despite a long research tradition about well-being, the predictors of employee well-being are not clear in the Brazilian literature.
Design/methodology/approach: First, in the literature review, we selected five studies using the descriptor “well-being” in the Brazilian portal of Electronic Journals in Psychology (Periódicos Eletrônicos em Psicologia [PePSIC]) and applied inclusion and exclusion criteria. Next, we compiled those studies’ evidence to perform a meta-analysis using the software Jamovi 0.9.5.12 and the plugin MAJOR Meta-analysis 1.0.0 R.
Findings: The prediction of employee well-being – performed by means of intra-individual variables, connections with organizations and labor (O&L), and macro variables – was clear about the positive and negative impacts of variables on well-being. However, further research studies are necessary, especially those in the interface with Administration and other areas, in order to optimize the generalization of the effects we found. In summary, this study contributes to the field of study by presenting preliminary evidence to elaborate high impact, evidence-based policies and practices on people management, including a possible interdisciplinary association between Psychology and Administration.
KEYWORDS: Well-being. Working conditions. Labor. Literature review. Meta-analysis.
issue 5
ANALYSIS OF ABSORPTIVE CAPACITY CONDITIONS BASED ON R&D PROJECTS
CRESPI, TATIANE B.; COSTA, PRISCILA R.; PREUSLER, TAÍSA S.; RUAS, ROBERTO L.
ABSTRACT
Purpose: In this study, the notion of absorptive capacity (AC) and its configurations were adopted as a reference with the general goal of understanding the development stage of processes and routines of the acquisition, transformation and application of knowledge in the context of a public research company.
Originality/value: One of the mobilizing factors in the agricultural sector in Brazil is the generation of new products and processes. In this case, the Brazilian Agricultural Research Agency (Embrapa) has played a role, especially in the absorption, internalization and generation of agricultural knowledge and innovations. In its processes, it involves its decentralized units and scientific and technological partners through research and development (R&D) processes. Identifying and systematizing the most effective forms and configurations in processes and routines associated with the dynamic of knowledge appropriation in a diverse and dynamic environment such as Embrapa constitutes a major challenge for scholars. However, recent studies have highlighted the growing diffusion of the debate on the AC construct.
Design/methodology/approach: For this purpose, a case study was conducted involving Embrapa and three of its R&D projects. The study found evidence of intra-organizational and interorganizational alliances, as well as resulting important innovations.
Findings: The principal contribution was identifying, in a public research company, the presence of routines and processes similar to those observed in the configurations of AC analyzed in the literature and the consolidation of routines and processes of knowledge absorption at the intra-organizational and interorganizational levels.
KEYWORDS: Absorptive capacity. R&D projects. Intraorganizational and interorganizational alliances. Agricultural innovations. Knowledge.
REGIONAL DEVELOPMENT AND INSTITUTIONAL ENVIRONMENT: REGIONAL EXPANSION OF FRANCHISE CHAINS IN BRAZIL
MELO, PEDRO L. R.; DELGADO, RENATA T.; CORRÊA, VICTOR S.; BORINI, FELIPE M.
ABSTRACT
Purpose: This paper aims to analyze the attractiveness of the markets in the inland of Brazil to franchise chains based on the characteristics of institutional environment, referring to the socioeconomic, geographical, and human resources dimensions.
Originality/value: Interiorization is a theme that has been hardly explored in franchise chains’ growth strategies. This paper contributes to this debate through the institutional theoretical perspective, contributing to the clarification and ordering of the decision-making factors for the regional expansion of franchises. For regional development, it calls for municipal management to direct actions aimed at socioeconomic development and human resources.
Design/methodology/approach: The quantitative method using secondary data – from Brazilian Association of Franchising (Associação Brasileira de Franchising [ABF]), Brazilian Association of Shopping Centers (Associação Brasileira de Shopping Centers [Abrasce]), Brazilian Institute of Geography and Statistics (Instituto Brasileiro de Geografia e Estatística [IBGE]) and Google Maps – was employed in this study for the analysis of franchise location and for municipalities. The sample comprised 458 municipalities with a population of above 50 thousand inhabitants. The statistical techniques used were factor analysis and multiple regression analysis.
Findings: The results show that the socioeconomic and human resources factors of the municipalities are essential for the attractiveness of franchises chains to the inland of the country. In turn, the geographical distance of the inland municipality in relation to the state capital did not present adherence to the model as an explanation for the attraction of franchises.
KEYWORDS: Franchise chains. Institutional environment. Regional development. Interiorization. Entrepreneurship.
LEARNING, STRATEGIZING, AND ORGANIZATIONAL ROUTINES IN THE PRODUCT DEVELOPMENT PROCESS FROM A DYNAMIC CAPABILITY PERSPECTIVE
MELO, GERMANA T.; MACHADO, ANDRÉ G. C.
ABSTRACT
Purpose: To understand how learning, the constituent elements of strategizing and organizational routines act in the process of product development, from the perspective of dynamic capabilities (DC), in a company of the food sector.
Originality/value: To the extent that the learning-practice-routine trinomial is addressed, the results of this research present new and enlightening insights for the understanding of how dynamic capabilities are developed. Additionally, by considering the role of practitioners in the constitution of routines and by identifying how they relate to practices and praxis, evidence advance knowledge on the subject.
Design/methodology/approach: Qualitative approach through the selection of a company that has worked overtime in the development of new products. The data were collected through non-participant observation, documentary analysis, and narrative interview. Data analysis occurred through narrative analysis.
Findings: Through the appropriation of practices and the institutionalization of praxis, the strategic routines are enacted by practitioners, who accumulate and generate learning capable of developing DC. Thus, the learning-practice-routine trinomial allows to reveal how the DC are developed. In addition, the important role that practitioners play in this process was evidenced in the sense that, without them, routines are not enacted and, consequently, there is no development of DC.
KEYWORDS: Dynamic capabilities. Learning. Strategizing. Routines. Product development.
GROUNDED THEORY: THE STEP-BY-STEP AND METHODOLOGICAL ISSUES IN PRACTICE
CEPELLOS, VANESSA M.; TONELLI, MARIA JOSÉ
ABSTRACT
Purpose: This article aims to explore how the grounded theory (GT) was used in empirical research in the area of Organizational Studies. GT is a research strategy widely used in Business Administration studies both nationally and internationally. However, studies have little to do with how this research strategy is applied in practice and how researchers deal with difficulties that arise during the research process.
Originality/value: This article presents how methodological issues not provided for in the research design proposed by the GT were overcome during the data collection and analysis phases.
Design/methodology/approach: The article is based on research that aimed to understand the aging of executive women. In this article, the main codes, categories, and subcategories that emerged during the development of the field research were exposed. In addition, we present the progress of theoretical sampling and the use of specific GT techniques, such as the flip-flop technique and the progress of the research question.
Findings: As a practical implication, the article contributes to researchers who intend to use the GT, insofar they can take the step by step of using the method, as well as anticipating possible difficulties to be faced in the design of the research.
KEYWORDS: Grounded theory. Research practice. Research strategy. Aging. Women.
AN ANALYSIS OF THE INFLUENCE OF THE CONSPICUOUS CONSUMPTION OF FAST FASHION ON IDENTITY CONSTRUCTION ON INSTAGRAM
DANTAS, BRUNA L. L.; ABREU, NELSIO R.
ABSTRACT
Purpose: The objective of this investigation is to analyze the influence of the conspicuous consumption of fast fashion products on Instagram on the identity construction process of female fashion consumers.
Originality/value: Filling a gap in the literature relating to conspicuous consumption and identity construction, this investigation analyzes the consumption dynamics, investigating relevant phenomena on a current and relevant online social network: Instagram; and explaining, in an analysis by categories, the continued dissatisfaction of consumers with the goods that drive and determine the dynamics of fast fashion consumption.
Design/methodology/approach: The methodology was qualitative, triangulating data from participant observation, interviews, and online focus groups. Eleven women were interviewed, and three focus group sessions were conducted, with a total of sixteen participants. The data were analyzed through content analysis with categories before and subcategories that emerged afterwards.
Findings: The findings show the conspicuous consumption of fast fashion products on Instagram as creators of sense, self-concept, and self-image, following and demonstrating the lifestyle of consumers. The satisfaction resulting from people’s approval, the goods used for compliance in social groups, and the continued dissatisfaction with their possession are observed, which drives fast fashion consumption. The constructed identities are presented as contextual, fluid, and fragmented.
KEYWORDS: Conspicuous consumption. Identity construction. Fast fashion. Online social network. Instagram.
SATISFACTION IN RETIREMENT: A COMPARISON BETWEEN BRAZIL AND PORTUGAL
AMORIM, SILVIA M.; FRANÇA, LUCIA H. F. P.; LIMA, MARGARIDA P.; MARTINS, LEONARDO F.
ABSTRACT
Purpose: The objective of this study was to verify the difference in levels of satisfaction among retirees residing in Brazil and Portugal.
Originality/value: The world aging process creates challenges in the sense of providing well-being for those who have decided to retire, considering the importance of this moment in people’s lives. Despite this, there are many gaps in studies on well-being in retirement, especially cross-cultural studies.
Design/methodology/approach: This is a cross-sectional, quantitative study involving 1,441 retirees, 997 Brazilians and 444 Portuguese, who responded to the Retirement Satisfaction Inventory (RSI) and sociodemographic issues. For the analyses of the data, we performed multigroup confirmatory factor analyses, internal consistency and validity analyses, invariance verification and comparison of latent means of the instrument factors between the two countries. F
indings: The results pointed to a consistent instrument structure for the two countries, which made it possible to compare them. There were no significant differences between countries in the factors related to satisfaction with individual resources and social relationships. However, in the third factor of the instrument – satisfaction with collective resources – the participants in Portugal presented a mean significantly higher than the Brazilian participants. At the end, the conclusion of the measure of satisfaction in retirement is concluded, and the differences in public service offerings between Brazil and Portugal are discussed, pointing to the specific needs of the retired population.
KEYWORDS: Retirement. Aging. Well-being. Satisfaction. Cross-cultural study.
issue 6 - special issue - corporative finance and governance
NEW STUDIES AND RESEARCH RESULTS ON GOVERNANCE AND FINANCE IN THE BRAZILIAN AND LATIN AMERICA CONTEXTS
SANVICENTE, ANTONIO ZORATTO; KAYO, EDUARDO KAZUO; ARMADA, MANUEL JOSÉ DA ROCHA; NAKAMURA, WILSON TOSHIRO
GOVERNANCE THROUGH STOCK TRADING IN BRAZIL: EVIDENCE WITH INSTITUTIONAL INVESTORS
VASCONCELOS, LUCAS N. C.; MARTINS, ORLEANS S.
ABSTRACT
Purpose: The objective of this study was to verify the difference in levels of satisfaction among retirees residing in Brazil and Portugal.
Originality/value: The world aging process creates challenges in the sense of providing well-being for those who have decided to retire, considering the importance of this moment in people’s lives. Despite this, there are many gaps in studies on well-being in retirement, especially cross-cultural studies.
Design/methodology/approach: This is a cross-sectional, quantitative study involving 1,441 retirees, 997 Brazilians and 444 Portuguese, who responded to the Retirement Satisfaction Inventory (RSI) and sociodemographic issues. For the analyses of the data, we performed multigroup confirmatory factor analyses, internal consistency and validity analyses, invariance verification and comparison of latent means of the instrument factors between the two countries.
Findings: The results pointed to a consistent instrument structure for the two countries, which made it possible to compare them. There were no significant differences between countries in the factors related to satisfaction with individual resources and social relationships. However, in the third factor of the instrument – satisfaction with collective resources – the participants in Portugal presented a mean significantly higher than the Brazilian participants. At the end, the conclusion of the measure of satisfaction in retirement is concluded, and the differences in public service offerings between Brazil and Portugal are discussed, pointing to the specific needs of the retired population.
KEYWORDS: Retirement. Aging. Well-being. Satisfaction. Cross-cultural study.
MY BUSINESS AND I: ENTREPRENEUR PERSONALITY TRAITS AND CAPITAL STRUCTURE CHOICE
VIEIRA, KELMARA M.; VALCANOVER, VANESSA M.; POTRICH, ANI C. G.; CAVALHEIRO, EVERTON A.
ABSTRACT
Purpose: This research seeks to identify how entrepreneurs’ personality traits can influence the capital structure of micro and small private businesses in Brazil, which are important for the economic growth and the subsistence of their owners.
Originality/value: The study of the behavioral dimension of business decisions can help financial agents to better understand client behavior, including the adoption of mechanisms that identify possible risky or inefficient decisions made by managers based on their personality traits. It can also assist the government and institutions supporting micro and small private businesses in developing strategies to reduce the mortality of such companies.
Design/methodology/approach: The proposed model involves 19 expected relationships that evaluate the relationships between the optimism, risk tolerance, sense of control (external and internal), attitude towards debt, and entrepreneur gender constructs. The sample includes 625 micro and small entrepreneurs in the state of Rio Grande do Sul, Brazil. Confirmatory factor analysis and structural equation modeling were performed.
Findings: Results showed that attitude towards debt and gender were the most significant constructs and had a direct influence on the capital structure, while optimism and internal locus of control exerted a negative indirect influence, while risk tolerance had a positive indirect effect. Female managers demonstrated higher optimism and internal locus of control than male managers, but they had a worse attitude towards debt.
KEYWORDS: Micro and small private businesses. Capital structure. Personality traits. Decision-making. Behavioral finances.
BOARDS OF DIRECTORS IN BRAZIL: LITERATURE REVIEW AND RESEARCH AGENDA
PARENTE, TOBIAS C.; MACHADO FILHO, CLÁUDIO A. P.
ABSTRACT
Purpose: The purpose of this paper is to review and systematize previous studies on boards of directors in Brazil and propose an agenda to guide future studies.
Originality/value: A conceptual model is developed to provide an integrated view for research on the board of directors, incorporating variables from different levels that connect governance mechanisms, best practices, board dynamics and company performance; we identified gaps for the research agenda.
Design/methodology/approach: This review analyzed 95 articles on boards of directors in Brazil between 2000 and 2019. The review was conducted in three major steps: 1. planning; 2. conducting; and 3. organizing the data and reporting the findings.
Findings: There is a growing interest in studying boards of directors in Brazil, with a wide range of topics. The most studied are board composition, best practices, diversity and gender. Despite the diversity, the previous studies are homogeneous in theoretical and methodological terms. Based on the agency theory, most articles sought to relate board demography to financial performance, and the findings are not convergent. This scenario opens up some research avenues to address topics that have not yet been explored, such as board processes, board tasks, and differentiation between board performance and company performance.
KEYWORDS: Board of directors. Corporate governance. Board member. Literature review. Research agenda.
IRREGULARITIES AND THE MARKET VALUE OF COMPANIES
SANTOS, SÔNIA F. S.; FUNCHAL, BRUNO; NOSSA, SILVANIA N.
ABSTRACT
Purpose: To investigate the impact of the irregularities under analysis and/or judged in the sanctioning administrative proceedings of the Securities and Exchange Commission on the market value of Brazilian companies. Thus, we used the signaling theory to analyze how stakeholders interpret situations and where the available information is asymmetric and incomplete among market agents.
Originality/value: The study was based on the assumption that the conviction within the scope of the regulatory body can negatively affect the company’s reputation and value. Empirical evidence indicates that irregularities affect market sentiment. On the other hand, the company can present a better market value if an effective and efficient corporate governance is established, aligning the interests of stakeholders and management.
Design/methodology/approach: Information was collected with quarterly data covering the period from 2010 to 2018. Two hypotheses were tested by means of regression analysis in OLS with pooled data, panel – fixed effects and 2SLS.
Findings: The results indicated that the irregularities, in the analyzed period, did not impact the companies’ market value in the estimation by MQ2E. We suggest to the chief executive officer (CEO) and the chief financial officer (CFO) that they assess the level of corporate governance of their companies and invest in the search for excellence since the best levels of governance bring a positive signal to the market. The CEO is advised to pay attention to the fact that good governance is not enough to keep companies from being irregular.
KEYWORDS: Irregularity. Governance. Tobin’s Q. B3. Signaling.
CODES OF CORPORATE GOVERNANCE OF LATIN AMERICAN COUNTRIES: ANALYSIS OF UN PRACTICES
SANTOS, AGNALDO A.; CRISPIM, SERGIO F.; OLIVA, EDUARDO C.; DORNELLES, MARCOS
ABSTRACT
Purpose: For the stability of the organizational environment, corporate governance has become an indispensable condition. By adopting corporate governance codes, companies seek to compete differently in the market, valuing transparency as a guiding principle of relationships established in the various business segments. This article aims to compare the characteristics of corporate governance codes adopted by Latin American countries, including Brazil, Mexico, Argentina, Colombia, Chile, and Peru, through the set of practices recommended by the UN.
Originality/value: The article studies the adoption of corporate governance codes adopted by Latin American countries, including Brazil, Mexico, Argentina, Colombia, Chile, and Peru.
Design/methodology/approach: This is a qualitative and quantitative descriptive study. The data were analyzed in-depth using content analysis techniques and complemented by hierarchical cluster analysis, with the Ward method, using the Jaccard and the Russell and Rao methods.
Findings: It was found that the corporate governance codes issued by Brazil, Colombia and Argentina converge with the UN guide. While the corporate governance code issued by Peru partially converges. The observed convergence suggests a concern with the demands of international investors. Finally, it was found that the corporate governance codes issued by Chile and Mexico have low convergence with the UN guide. This represents the lowest level of convergence between the countries investigated, indicating a greater concern with the local context than with international standards.
KEYWORDS: Corporate governance. Governance codes. UN. Cluster analysis. Latin American countries.
BEHAVIORAL FINANCE: EMPIRICAL EVIDENCE USING MAGIC FORMULA IN THE BRAZILIAN STOCK MARKET
DIMARZIO, FREDERICO; MATIAS FILHO, JOSE; FERNANDES, RICARDO A.
ABSTRACT
Purpose: Explain the causes of inefficiencies in asset pricing on the Brazilian stock exchange through the behavioral finance hypothesis.
Originality/value: Research made in the stock market over the last decades suggests that there is evidence of obtaining returns above the market average, through the purchase of undervalued assets, that is, when it has a low relation between the price and the fundamentals of the company. However, there is a notable discrepancy regarding the interpretation of causes among academics. The efficient markets hypothesis was presented, which is based on the premise of the strict rationality of economic agents. On the other hand, the behavioral finance theory was also discussed, which presents different assumptions.
Design/methodology/approach: Using the historical quotes of the shares traded on B3, extracted from economática®’s database, the present work used the Magic Formula methodology to investigate the behavioral effect through the inefficiencies found in the pricing of these assets.
Findings: The results suggest that the Brazilian stock market, in conformity with works of the same nature performed in markets in other countries, has inefficiencies in the pricing of assets, so that it is possible to obtain advantages from economic agents. The interpretation for the causes of such inefficiencies is based on the premises of behavioral finance, and points to the existence of a limitation in the rationalization of these agents.
KEYWORDS: Behavioral finance. Magic Formula. Pricing. Overreact. Efficient market hypothesis.
