RCAAP Repository

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.

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.

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.

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(r)'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.

ABSTRACT Purpose: This research analyzes the influence of interorganizational learning (IOL) on the absorptive (Acap), potential (Pacap) and realized (Racap) capacities on the environment of small and medium enterprises (SMEs). Originality/value: The study contributed to the understanding and expansion of IOL research operationalized through the elements of Acap. The understanding of these elements are fundamental for the development of competencies of SMEs from Brazil and/or emerging countries embedded on dynamic sectors and high technology mobility to adapt and develop new dynamic capabilities. Design/methodology/approach: The research was conducted by a survey with a sample of 215 organizations of the information technology and communication (ITC) sector in the State of Santa Catarina, Brazil. The data were analyzed using the structural equation modeling technique. Findings: The results showed that the relationships of IOL influence the development of new capabilities and have a strong influence over absorptive capacity development. The organizations ability to acquire, assimilate, apply and internalize the available knowledge in the sector through interorganizational relations was fundamental for their adaptation and survival.

ABSTRACT Purpose: To describe the characteristics of the phases that make up the evolution of knowledge, such as, innovation, social innovation, inno vation oriented to sustainability, organizational sustainability and absorptive capacity, as well as their correlations. Originality/value: It provides a panoramic view of the potential of absorptive capacity relating it to social innovation, innovation oriented towards sustainability and organizational sustainability. It addresses related themes and concepts that incorporate strategies to achieve organizational sustainability and have been gaining more importance and space between these discussions. Three scientific databases were used to select the articles: Scopus, Web of Science and SciELO. Then, to support the main concepts, theoretical references from more recent scientific studies were needed, which could contribute to clarifying the terms and definitions. Design/methodology/approach: This is a narrative bibliographic review. Works characterized by broader discussions were used, ideal for identifying and describing the conceptual state of a specific theme. Findings: Through the researched articles, it was possible to explore the characteristics of innovation, innovation oriented towards sustainability, and social innovation, which guide the values of society and influence the strategies of organizations more and more, thus, observing and understanding the absorptive capacity as a fundamental instrument for the strategies that ensure organizational sustainability.

ABSTRACT Purpose: The main purpose of this study was to investigate the impact professional fulfilment has on aspects of positive psychology, such as subjective well-being and flourishing at work. Originality/value: We analyse whether professional fulfilment, as a career aspect, influences only work factors, such as flourishing, or if it also contributes to subjective well-being in life. Additionally, few studies have focused on professional fulfilment because of its novelty. Therefore, this study contributes to advancing a new concept, as well as to the development of new models and theories in positive psychology. Design/methodology/approach: This is a quantitative, survey-type research study involving 358 participants who have a wide variety of jobs and professions. The questionnaire presented subjective well-being, flourishing at work and professional fulfilment scales, as well as socio-demographic questions. Data were analysed using bivariate correlations and multiple regression analysis. Findings: Results indicated that professional fulfilment predicts higher subjective well-being and flourishing at work. Therefore, the more people perceive they have achieved what they value in their career and demonstrate positive goal progress, the more they experience well-being in life in general and the more they flourish at work. There are major positive relationships between career goals, well-being and flourishing at work, which is consistent with previous studies. Future studies could analyse under which specific contextual conditions the pursuit of career goals has a higher or lower impact on subjective well-being and flourishing.

ABSTRACT Purpose: Evidence indicates that career adaptability and engagement are characteristics that improve coping with challenges inherent in a military career. Job satisfaction appears as a variable that interacts with both because it improves the maintenance of performance. The objective of this paper is to examine a psychological network (PN), including these variables. Originality/value: The interaction among these is well documented in the literature; nevertheless, it has not been researched in the context of military education. Information on the network can provide important insights for the development of strength-based training directed towards highly influential behaviors and attitudes of students. Design/methodology/approach: The research design was sectional and based on a quantitative analysis framework. A total of 962 male students from the second (n = 323; 33.6%), third (n = 345; 35.9%), and fourth (n = 294; 30.6%) years of the Academia Militar das Agulhas Negras (Aman), between 18 and 26 years old, completed our survey. Instruments included a demographic questionnaire, Job Satisfaction Scale, Career Adaptabilities Scale, and Utrecht Work Engagement Scale for Students. PNs were estimated for the complete sample and also for every academic year. Findings: One of our main findings indicates that the PN tends to lose connections across the academic years, especially considering job satisfaction and engagement items. Aman students might experience a natural process of disconnection from the academic environment and, therefore, constructs showing, for example, engagement for students lose configuration as a graphical community. A longitudinal study is needed in order to confirm differences detected among students from different years.

ABSTRACT Purpose: The purpose of this study is to verify the financing decisions by Brazilian companies in the financial crises of 2002, 2008 and 2015, and to identify the impacts of these crises, as well as the influence of the funding sources - banking, subsidized sources and capital markets - on the leverage and maturity of companies' debts in these periods. Originality/value: Crises establish opportunities for the study of determining factors and their impacts on companies. There is no empirical evidence on the impacts of crises on the capital structure of Brazilian companies taking into account the comparison between the crises of 2002, 2008 and 2015, which motivated the present study. Design/methodology/approach: We performed descriptive analyzes and estimated regressions by panel data. Findings: The results showed a statistically positive relationship between financial crises and corporate leverage, as well as short and long-term debt. With regard to leverage, banking resources, resources from capital and subsidized markets showed a statistically positive relationship with the level of leverage of companies only in the 2008 crisis. Considering the maturity of debts, the 2002 crisis was an important determinant for companies' short-term debt decisions, in view of the predominant participation of banking resources at that time. Financing sources were important in determining companies' long-term indebtedness in the 2008 crisis.

ABSTRACT Purpose: This research examines the superiority of analysts over random walk models in forecasting the results of publicly-traded Brazilian companies in the short and long term. Originality/value: The literature indicates the uncontested superiority of market analysts because of their temporal and informational advantages. However, recent international studies call for a re-evaluation of this superiority, indicating that, for certain company characteristics, and primarily for long-term estimates, the superiority of analysts is not confirmed. Design/methodology/approach: This work evaluates the profit forecasting of analysts and simple and growth random walk models over the short and long term over 2010-2015 for publicly traded Brazilian companies, using the information available for the period with annual intervals. Findings: The results indicate: 1. the greater forecasting accuracy of simple random walk models compared to the growth random walk models; and 2. the greater forecasting accuracy of random walk models overall, with analyst forecasts only being superior for cases with three months of lag. The evidence suggests the forecasting superiority of the random walk models when compared to the market analysts' forecasts. The results suggest low efficiency of the forecasts of market analysts for the forecast of future results of publicly traded Brazilian companies in the analyzed period.

ABSTRACT Purpose: This study aims to analyze the influence of entrepreneurial passion and creativity on entrepreneurial intent. It also examines the mediating role of entrepreneurial self-efficacy between the personal/cognitive variable and entrepreneurial intention. Originality/value: By stressing the importance of cognitive and emotional variables that may influence entrepreneurial intentions among university students (such as creativity and entrepreneurial passion), this study shows the important role that universities have in the development of entrepreneurial intent. According to the Social Cognitive Theory (SCT), the environment influences individual behavior and, therefore, universities should encourage an entrepreneurial environment, enabling the creation of new jobs and companies. Design/methodology/approach: Data were collected through a survey with business and technology students from a Brazilian university. In total, 338 valid responses were obtained, which were analyzed through structural equation modeling. The data were collected in a cross-sectional manner and by a stratified and non-probability sampling method. To address the research hypothesis and to attain the objectives of the study, all constructs were adapted from relevant literature in the field of entrepreneurship. The structural model was examined in relation to the model fit, which enabled the hypothesis to be tested. Findings: Results showed both a direct and indirect positive relationship between entrepreneurial passion on entrepreneurial intention. Regarding the creativity factor, results indicated only an indirect effect of creativity on entrepreneurial intention, this relationship being mediated through entrepreneurial self-efficacy. No significant differences were found in the model regarding age, gender, graduation program, entrepreneurial family background, role models or family income.

ABSTRACT Purpose: This article has two main objectives: to measure the level of financial well-being (FWB) of the beneficiaries of the Minha Casa Minha Vida program (PMCMV) and test the hypothesis that financial literacy is an antecedent of the FWB. Originality/value: Considering that there is still no universally accepted definition and measure for the FWB (Brüggen, Hogreve, Holmlund, Kabadayi, & Löfgren, 2017), this study seeks to apply the methodology proposed by the Consumer Financial Protection Bureau (CFPB) in Brazil, since the previous applications attempts of other scales showed great instability. Also, the hypothesis that the financial literacy is a antecedent of the FWB is tested. Design/methodology/approach: To measure the FWB, the scale developed by the CFPB was used. Financial literacy was built from the three dimensions proposed by the Organisation for Economic Co-operation and Development (OECD), which are: financial behavior, attitude and financial knowledge. The instrument was implemented in 561 beneficiaries of the three funding ranges of the PMCMV. It was used for descriptive statistical analysis, confirmatory factorial analysis and multiple linear regression. Findings: The results indicated that the majority of the beneficiaries of the program present medium-low and medium-high levels of FWB. The hypothesis that financial literacy is an antecedent of the FWB was confirmed, and all three dimensions had a positive impact. Levels of income also presented a positive influence, whereas the fact of having dependents had a negative impact. The BEF measure proposed by the CFPB seems adequate to the Brazilian context. And advances in the national financial literacy strategies tend to increase the FWB of the Minha Casa Minha Vida program.

ABSTRACT Purpose: To understand the processes of territorialization in the daily life and work routine of settlers in Querência do Norte, Paraná, Brazil. Originality/value: This work contributes to the context of discussions on territory and territorialization processes (Haesbaert, 2011; Raffestin, 1993, 2008; Saquet, 2008) in the daily life (De Certeau, 2014) of workers marginalized by society in general. Design/methodology/approach: We developed this qualitative article from data collected through eight life history interviews with settlers, pre-settlers, and residents of Querência do Norte, in the State of Paraná (PR). After transcribing the interviews, they went through an analysis of narratives. Findings: We identify that, through the practices of work, study and claims, the settlers territorialize the space, and there they create their own rules and norms of coexistence. In their struggles for land, it is clear that their place of belonging is the field, justifying the insistence on the struggle for the right to land to cultivate. The sense of belonging of the workers is represented by the struggle that unites them and places them as part of a larger movement. Placing men at the center of the construction of territoriality is accomplished through the daily struggle and work of the settlers and pre-settlers in Querência do Norte (PR).

ABSTRACT Purpose: To analyze the conceptual relationship between entrepreneurship and the Uber driver since the company is the pinnacle of a new way of organizing work. It is argued here that, contrary to what is used in numerous articles and in the media, the Uber driver is not an “entrepreneur” but a precarious worker with flexible facilities. Originality/value: With the emergence of a new type of employment contract that is referenced in the labor relations of the company Uber, it becomes necessary to discuss the impacts of this new organization of labor. The conceptual discussion about the framework of the Uber driver is still incipient in the field. The research contributes to a better understanding of the discourse that the worker understood as an entrepreneur legitimizes exploitation. Design/methodology/approach: This is a theoretical-analytical article. Historical and theoretical literature was used to weave how the concept of entrepreneurship emerges historically and changes over time. Also, Uberized labor is compared to Taylorism and Toyotism. Findings: It demonstrates how the Uber driver cannot be considered an entrepreneur in any of the historical concepts. It is also demonstrated that the driver is a precarious employee, with flexible time and automated management, incorporating elements of the work organization of both Taylorism and Toyotism.

ABSTRACT Purpose: Analyze the thematic evolution of the research field on sustainable consumption from 1999 to 2019. Originality/value: The study advances the understanding of the development of the research field on sustainable consumption, analyzing the main publications and topics covered. Design/methodology/approach: Systematic literature review through a bibliometric study with analysis based on citations supported by the CitNetExplorer software, using core publication and clustering techniques. Two hundred sixty-four articles were analyzed. Findings: The most recent publications converge on the need to change the current patterns and levels of consumption and to engage dif- ferent stakeholders in participatory and co-creation processes. Also, the existence of five research clusters was identified, namely: 1. eco-efficiency with a focus on greening the market; 2. consumer behavior with an emphasis on encouraging the purchase of green products; 3. social nature of consumption that inserts the sociological perspective; 4. dynamic approach for considering the interdisciplinarity of the field; and 5. the role of education for sustainable consumption. The various themes found reveal contributions from different areas of knowledge and the importance of developing research that integrates the dynamics of the challenges to achieve sustainable consumption. We emphasize the need for an integrated approach due to the inherent complexity of the theme that involves economic, technological, political, social, psychological, and environmental aspects for governance in favor of sustainable consumption.

ABSTRACT Purpose: The study aimed to identify the effects of the Car Wash Operation on the Brazilian capital market, focusing on the state-owned company Petróleo Brasileiro S.A. (Petrobras), including in the analysis other publicly traded companies that belong to the oil and gas sector. Originality/value: This research is relevant because it advances in discussing the influence of the Car Wash Operation on the stock price in the Brazilian context. This study contributes to revealing the use of the Google Trends tool to measure market attention and its effects. Design/methodology/approach: This is a quantitative research based on evidence of the volume of research in relation to the movement of the stock prices. The sample consisted of data from Petrobras and other companies belonging to the oil and gas sector in the period from January 2, 2013, to December 28, 2018. The most relevant dates were defined through the search volume index for the terms “Car Wash” and “corruption”, obtained from the Google Trends tool. The GARCH model (1,1) was adopted in the estimates. Findings: The results obtained from the dummies inserted to capture the abnormal returns showed a significant reaction in the behaviors of the assets. The flow of capital seems to have opted for assets of greater confidence than PETR3 and PETR4 in a few weeks of the Operation. This work showed that, in general, the outbreak of the Car Wash Operation influenced and brought some instability to other companies in the sector.

ABSTRACT Purpose: Against the backdrop of the transaction costs and theoretical strands of thought in authors of the strategic logistics management (SLM), operational performance (OP), and the internet of things (IoT), the purpose of this study is to verify if the IoT performs a mediating effect on the relationship between SLM and OP. Originality/value: The bibliometric study indicated that studies on the IoT aimed at the business area are still scarce. Therefore, there is a prospect of expansion of the knowledge frontier of the administration field. This article seeks to show whether the IoT has a mediating influence on the relationship between SLM and OP, in addition to highlighting the most significant variables of each construct. This study can help business managers and researchers to identify the benefits of adopting IoT. Design/method/approach: For that, a quantitative research was carried out. The research collected data through a semi-structured questionnaire with a sample of 76 companies. Data were treated by descriptive statistics and multivariate statistics with the modeling technique in structural equations. Before the application of the modeling technique in structural equations, data were submitted to tests of convergent and discriminant validity. Findings: The IoT plays a mediating but partial role in the relationship between SLM and OP. Implementing the IoT provides better efficiency by enabling proactive decisions, interconnecting resources, automating, streamlining, remotely controlling, generating customer information, and eliminating errors.

ABSTRACT Purpose: To identify and analyze differences in the tasks, knowledge, and social features of the work of civil servants of the Superior Court of Justice, and, secondarily, to verify the factorial, convergent, predictive, and discriminative validity of the Work Design Questionnaire (WDQ) in the Brazilian Judiciary context. Originality/value: With the WDQ’s development, the work design became the subject of further studies all around the world. Also, in Brazil, since its translation and adaptation, this variable has caused great repercussions in people management, becoming the first study within the scope of the Brazilian Judiciary. Design/methodology/approach: Through a survey sent to 2,898 civil servants, 895 responses were obtained and subjected to descriptive statistical analysis, confirmatory factorial analysis, reliability analysis, Kendall’s tau correlation analysis, and the Kruskal-Wallis test. Findings: The most indicated work feature was social support, and the least indicated was interaction outside the organization. Special knowledge was most required from professionals with higher education. For the men, there were more problem solving, specialized knowledge, and decision-making autonomy in their work. Civil servants who work in judicial activities claimed to have more meaningful tasks. Managers claimed to have less autonomy in planning their tasks, as all other civil servants stated that their work has a more definite beginning, middle, and end. In a public body of great size and complexity, work features are differentiated by their sociodemographic and functional variables, requiring customization in the management practices of people and organizational policies.

ABSTRACT Purpose: Web 2.0 technologies have enhanced relational dynamics in fan communities. Indie music fans significantly identify themselves with the genre and participate in these communities within a music industry reinvention scenario. Based on the Foucauldian perspective, by sharing knowledge about media products, fans manifest truths capable of expressing subjectivities - parrhesia, a way of mutually affecting different truths. Thus, the aim of the present study is to analyze how parrhesia is operated in interactions among indie music fans. Originality/value: The present research expands an important theoretical-investigative path in the consumer culture theory (CCT) field by adopting Michel Foucault’s later theoretical cycle, which addresses the construction of subjectivities. Design/methodology/approach: Netnography of interactions among indie music fans was carried out in one of the largest online discussion forums on the topic. Findings: Heated discussions observed in the investigated community often create a split that shows a dispute focused on defining what being an indie music fan means. Based on disruptive parrhesia anchored in moral backgrounds associated with erudition and collectivism versus hedonism and individuality, self-declared true fans and those who seek fun establish alter-subjectivities as hipsters and posers.

ABSTRACT Purpose: We analyzed the impact of board directors with foreign expe­rience on the accounting and market performance of companies listed on the Brazilian Stock Exchange (B3). Originality/value: We show unpublished empirical evidence about the relationship between the foreign experience of board directors and the performance of Brazilian firms. Knowing this relationship better contributes to the formulation of internal policies for the qualification of senior management, in addition to being valuable to shareholders, especially in a context of weak legal protection, as it is in Brazil. Design/methodology/approach: We collected data from 230 companies between 2010 and 2016, submitted it to unbalanced panel data regressions using the Systemic Generalized Method of Moments (GMM-Sys). Findings: The results suggest that the higher the proportion of board members with academic and professional foreign experience, the lower their accounting and market performance. This finding can be justified by institutional isomorphism, in which having an experience abroad would be a myth, a status institutionalized by the Brazilian society. In addition, foreign owners and directors face cultural barriers and would have less knowledge of the local environment, which would increase information asymmetries, impacting negatively in firms’ performance. On the other hand, an increase in the number of foreigners on the board positively influences the market value of companies, since, by having weaker local power networks and, consequently, less possibility to obtain private benefits, the investors could value companies with this characteristic.