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RAUSP Management Journal, Volume: 53, Número: 3, Publicado: 2018
  • Editorial: the revise & resubmit (R&R) process Editorial

    Saes, Maria Sylvia Macchione; Hourneaux Junior, Flavio
  • The effectiveness of celebrity endorsement in aspiring new celebrities: Examining the effects of brand, congruence, charisma and overexposure Research Paper

    Freire, Otávio; Quevedo-Silva, Filipe; Scrivano, Diego Senise and Pedro

    Resumo em Inglês:

    Abstract Purpose Celebrity endorsement is a phenomenon widely used by companies and studied by researchers. Despite the generally positive aspects of endorsement on the evaluation of products, in some cases, celebrities cannot substantially help promote products. The purpose of this paper is to analyze the effectiveness of celebrity endorsement effect in an aspiring new celebrity. Design/methodology/approach Four studies involving 664 respondents were conducted to analyze the effectiveness of the endorsement. In addition to verifying the existence of the effect (Study 1), studies were conducted focusing on contextual variables with the potential to modify effect. Study 2 analyzes the brand and charisma effects, Study 3 analyzes the congruence between celebrities and Study 4 analyzes the exposure level of the endorser celebrity. Findings The results demonstrate the effectiveness of this celebrity endorsement, as well as the effect of different contexts on endorsement, demonstrating that although new celebrities are less affected by acclaimed celebrities, as they become better known, to use the endorsement of celebrities with charisma and who relating in some way to the aspiring celebrity, can be an effective strategy, especially for the beginners in the career. Originality/value This research contributes to the knowledge of celebrity endorsement to fill the lack pointed out in previous studies in the field over the effectiveness of this effect and, above all, the moderator variables that can influence or even annul this effect. In addition, by developing its own image and reputation, the aspiring new celebrity receives less influence from the endorser.
  • Taxation, corporate governance and dividend policy in Brazil Research Paper

    Zagonel, Timóteo; Terra, Paulo Renato Soares; Pasuch, Diogo Favero

    Resumo em Inglês:

    Abstract Purpose This study aims to analyze the influence of taxes and corporate governance on the dividend policy of Brazilian companies. Design/methodology/approach The authors identify the changes of the tax legislation in Brazil in the period 1986-2011 and check their effect on corporate dividend policies for preferred and common shares. The authors use panel data Probit and Tobit estimation to verify the probability of companies to pay dividends under different tax regimes. The final sample comprises 672 companies, 1,159 traded stocks and 30,134 observations Findings The authors’ results suggest that changes in the tax legislation have a significant influence on dividend payments. Also, firms do not follow target payout ratios, but dividends are moderately dependent on past payments. Dividend payouts are affected by stock voting rights, privatization and dividend deductibility. Changes in regulation that reduce the agency problems among shareholders affect positively payout ratios. Practical implications For managers, maximizing shareholders’ value requires taking into account the consequences of the taxation when designing financial policies for the firm. For investors, stock portfolio selection should take into account payout behavior and how changes in dividend taxation affect stocks’ value. For policymakers, the effects of changes in the tax code on corporate behavior are of utmost importance to stimulate private investment and economic growth. Originality/value There are several tax law changes in Brazil within the period analyzed, creating a good opportunity to study the effect of taxation on dividend policy and its dynamics over time.
  • Book-to-Market Ratio, return on equity and Brazilian Stock Returns Research Paper

    Araújo, Rebeca Cordeiro da Cunha; Machado, Márcio André Veras

    Resumo em Inglês:

    Abstract Purpose This study aims to analyze the influence of future expectations of the book-to-market ratio (B/M) and return on equity (ROE) in explaining the Brazilian capital market returns. Design/methodology/approach The study analyzed the explanatory power of risk-factor approach variables such as beta, size, B/M ratio, momentum and liquidity. Findings The results show that future expectations of the B/M ratio and ROE, when combined with proxies for risk factors, were able to explain part of the variations of Brazilian stock returns. With respect to risk factors approach variables, the authors verified the existence of size and B/M effects and a liquidity premium in the Brazilian capital market, during the period analyzed. Research limitations/implications This research was limited to the non-financial companies with shares traded at Brasil, Bolsa and Balcão, from January 1, 1995 to June 30, 2015. This way, the conclusions reached are limited to the sample used herein. Practical implications The evidences herein presented can also contribute to establishing investment strategies, considering that the B/M ratio may be calculated through accounting information announced by companies. Besides, using historical data enable investors, in a specific year, to calculate the predictor variables for the B/M ratio and ROE in the next year, which enhance the explanatory power of the current B/M, when combined in the form of an aggregate predictor variable for stock returns. Originality/value The main contribution of this study to the literature is to demonstrate how the expected future B/M ratio and ROE may improve the explanatory capacity of the stock return, when compared with the variables traditionally studied in the literature.
  • Portfolio construction and risk management: theory versus practice Research Paper

    Lee, Stefan Colza; Eid Junior, William

    Resumo em Inglês:

    Abstract Purpose This paper aims to identify a possible mismatch between the theory found in academic research and the practices of investment managers in Brazil. Design/methodology/approach The chosen approach is a field survey. This paper considers 78 survey responses from 274 asset management companies. Data obtained are analyzed using independence tests between two variables and multiple regressions. Findings The results show that most Brazilian investment managers have not adopted current best practices recommended by the financial academic literature and that there is a significant gap between academic recommendations and asset management practices. The modern portfolio theory is still more widely used than the post-modern portfolio theory, and quantitative portfolio optimization is less often used than the simple rule of defining a maximum concentration limit for any single asset. Moreover, the results show that the normal distribution is used more than parametrical distributions with asymmetry and kurtosis to estimate value at risk, among other findings. Originality/value This study may be considered a pioneering work in portfolio construction, risk management and performance evaluation in Brazil. Although academia in Brazil and abroad has thoroughly researched portfolio construction, risk management and performance evaluation, little is known about the actual implementation and utilization of this research by Brazilian practitioners.
  • Antecedents of turnover in federal public administration Research Paper

    Ferreira, Pedro Cavalcanti G.; Neiva, Elaine Rabelo

    Resumo em Inglês:

    Abstract Purpose Understanding the reasons that lead civil servants to abandon their offices is an important step towards qualifying personnel management in the Federal Administration. The purpose of this study is to present an initial approach to the subject and to investigate variables that favor or reduce the turnover intention among civil servants in the Federal Executive Branch. Design/methodology/approach To fulfill the objective stated, the study resorted to variables of values, expectations and affective commitment to the organization. Variables were tested in a model of structural equations capable of verifying if these are antecedent or not of the turnover intention levels in a sample comprising 228 civil servants. Findings The validation of a model of structural equations unveiled a statistically relevant relation of dependence among values, expectations and the affective commitment to the organization. Moreover, engagement proved to be a mediator of the relation between the other variables and the turnover intention. Originality/value The work contributed to literature by presenting evidence that low expectations among civil servants bring low affective commitment which, in turn, leads to higher willingness to quit organizations. On the other hand, the same model showed that self-transcendent values, typical to the public career (serve the public), prevail among civil servants and positively impact commitment. This scenario shows that in people management all these elements of values and expectations must be worked on to reduce the number of civil servants that quit the government every year, as well as the high costs associated with quitting.
  • Business analytics leveraging resilience in organizational processes Research Paper

    Sincorá, Larissa Alves; Oliveira, Marcos Paulo Valadares de; Zanquetto-Filho, Hélio; Ladeira, Marcelo Bronzo

    Resumo em Inglês:

    Abstract Purpose The survival and growth of organizations presently depend on managing processes and capabilities to effectively use large volumes of data from different sources to assist organizations’ strategic and operational goals. This paper aims to test the relationship between organizational analytical capabilities (OAC), the performance results in organizational resilience (OR) and the business process management maturity (BPMM). Design/methodology/approach Based on a survey of companies operating in the state of Espírito Santo, Brazil, a conceptual model was proposed and tested using the partial least squares algorithm. Findings The results confirm the proposed theoretical hypotheses that OAC and BPMM positively impact OR. In addition, the results show that OAC exert a moderating effect on the relationship between BPMM and OR. Practical implications It is understood that stimulating the practice of data and information analysis in the organizational routine translates into a relevant managerial behavior, as this attitude leverages the knowledge development and understanding about how to manage unexpected risk events, enabling companies to assess their ability to react to disruptions, even in terms of operational failures.
  • Foreign direct investment in the G-20: to what extent do institutions matter? Research Paper

    Tomelin, Jurema; Amal, Mohamed; Hein, Nelson; Dani, Andreia Carpes

    Resumo em Inglês:

    Abstract Purpose This study aims to identify to what extent the economic factor effect is more salient in shaping inward foreign direct investment (IFDI) than are institutional factors in G-20 inflow patterns. Design/methodology/approach Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) method was applied using the World Bank Governance and Development Indicators, followed by a panel data technique over the period 2005-2015 to estimate the connections between the different dimensions of economics, institutions and IFDI in the G-20. Findings Results showed that countries with better economic performance contrasting with the governance indicators are more effective at attracting IFDI. However, the correlation between FDI intensity and governance indicators has been found relatively weak, which may suggest a more controversial role of institutions as determinants of IFDI. Research limitations/implications This quantitative approach uses a country-level set of variables; therefore, the authors suggest the development of more firm-level analysis of the impact of institutions. Also, the limitation of the TOPSIS method itself is based on heuristic assumptions. Practical implications The main findings point to a relatively low impact of institutions on IFDI. The authors suggest that the global financial crisis has changed the rationale of decision-making by multinational companies. Originality/value The originality of the present study was to apply a multi criteria decision-making technique on FDI’s analysis combined with institutional data.
  • Internationalization process through an opportunity lens Research Paper

    Rezende, Sérgio; Galdino, Kátia; Lamont, Bruce

    Resumo em Inglês:

    Abstract Purpose The purpose of this paper is to establish a conversation between international business and international entrepreneurship literatures by analyzing if and how international opportunities are related to the internationalization process of the firm. Design/methodology/approach This paper reports finding from a backward-looking longitudinal, qualitative, embedded case study of an internationalized Brazilian firm, covering all 13 foreign markets where the firm has operated over 18 years. Findings Modal shifts within foreign markets were rare. Over time, the firm learned how to refine, rather than change, the servicing modes within each foreign market; it also learned how to better develop internal and exploitative opportunities, manage a portfolio of servicing modes across foreign markets, and use more complex mode servicing packages. Overall, international opportunities and the internationalization process of the firm were inextricably connected. Research limitations/implications The authors acknowledge limitations related to the statistical generalizability of the research method and suggest that statistical validation is needed as the research on opportunities and the internationalization process of the firm progresses. Practical implications Internationalizing firms should carefully consider the choice of entry mode in foreign markets. They should also understand that learning is not necessarily associated with change. Originality/value The authors show that the internationalization process of a traditional firm can be analyzed through an opportunity lens. This means associating characteristics of international opportunities with mode continuation and modal shifts in all foreign markets where the firm operates.
  • Impact of programs on competency, career, and income on management graduates Research Paper

    Paixão, Roberto Brazileiro; Souza, Márcio Arcanjo de

    Resumo em Inglês:

    Abstract Purpose This paper aims to evaluate the impact of Federal University of Bahia’s Business Administration graduate programs on graduates’ competency, career and income development. Design/methodology/approach It is a descriptive study, for which a survey was applied and the data were analyzed using quantitative techniques (descriptive analysis, factorial analysis, t-test, Mann–Whitney test and regression analysis). Data collection was conducted through an electronic questionnaire sent to the graduates in the period between 1998 and 2012. Findings The results show that in general, the research participants perceive competency, career and income development after the course. At the same time, a comparison between the graduates of academic and professional axes (courses) was carried out, and in general, there is a certain similarity between perceptions. Originality/value This research contributes to the theoretical field on evaluation of graduates, both from a methodological point of view, because of conducted statistical analysis that is complementary to other methods used, and from a practical point of view, as it offers redesign and improvement elements to the program’s curricula and teaching-learning methodologies so that it can maximize competency development, career and income of graduates.
  • Methodological roadmapping: a study of centering resonance analysis Research Paper

    Freitas, Jonathan Simões; Ferreira, Jéssica Castilho Andrade; Campos, André Azevedo Rennó; Melo, Júlio Cézar Fonseca de; Cheng, Lin Chih; Gonçalves, Carlos Alberto

    Resumo em Inglês:

    Abstract Purpose This paper aims to map the creation and evolution of centering resonance analysis (CRA). This method was an innovative approach developed to conduct textual content analysis in a semi-automatic, theory-informed and analytically rigorous way. Nevertheless, despite its robust procedures to analyze documents and interviews, CRA is still broadly unknown and scarcely used in management research. Design/methodology/approach To track CRA’s development, the roadmapping approach was properly adapted. The traditional time-based multi-layered map format was customized to depict, graphically, the results obtained from a systematic literature review of the main CRA publications. Findings In total, 19 papers were reviewed, from the method’s introduction in 2002 to its last tracked methodological development. In all, 26 types of CRA analysis were identified and grouped in five categories. The most innovative procedures in each group were discussed and exemplified. Finally, a CRA methodological roadmap was presented, including a layered typology of the publications, in terms of their focus and innovativeness; the number of analysis conducted in each publication; references for further CRA development; a segmentation and description of the main publication periods; main turning points; citation-based relationships; and four possible future scenarios for CRA as a method. Originality/value This paper offers a unique and comprehensive review of CRA’s development, favoring its broader use in management research. In addition, it develops an adapted version of the roadmapping approach, customized for mapping methodological innovations over time.
  • Administration of justice: an emerging research field Thinkbox

    Guimaraes, Tomas Aquino; Gomes, Adalmir Oliveira; Guarido Filho, Edson Ronaldo

    Resumo em Inglês:

    Abstract Purpose The purpose of this paper is to discuss the concept of Administration of Justice as a research field and set out an agenda for future studies that could promote the production of scientific knowledge in this area. Design/methodology/approach This paper explores the idiosyncratic features, dimensions of analysis upon the Administration of Justice, states a research agenda and discusses the main challenges on this theme. This paper conceptualizes Administration of Justice as a research field and discusses related phenomena from institutional and economic perspectives on innovation, performance, governance and legitimacy. Findings As a research field, Administration of Justice is defined as a set of theoretical concepts, research methods and techniques, aiming to investigate the management processes associated with the use and articulation of resources, knowledge and institutions, at different levels of the justice system, and their influence on the provision of justice in a given social context. As social phenomena, four levels of analysis are proper to investigate the justice system: societal, inter-organizational, organizational and operational. Innovation, performance, governance and legitimacy are central themes of the Administration of Justice and present various gaps and research opportunities. Research limitations/implications The main implications is the proposal of an agenda for future studies on the Administration of Justice field, which is an important step in raising awareness of the issue. Originality/value Administration of Justice encompasses a growing interest among academics, justice practitioners and public managers regarding managerial and political practices carried out in the justice system. Although relevant, this subject has been scarcely studied by the management community. This paper invites community to adopt an organizational and institutional perspective to Administration of Justice, setting an agenda for future research.
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