RCAAP Repository

ABSTRACT Purpose: A major thread in accounting literature, which has remained a contentious issue, is how accounting alchemy can be modeled. The paper builds on existing accrual models in proposing an accounting alchemy model and tests if it is still the right medicine for earnings and book value of firms. The accounting alchemy model was based on mechanisms of earnings, book value, earnings before extraordinary items, net profit after tax, cash flow from operations, revenue, and total assets. We modified accrual models on the view that accrual models suggest that incomes/expenses are the most manipulated; contrarily, accounting alchemy proposes that assets are alchemized. Originality/value: This paper proposes a new empirical model of accounting alchemy and practically assesses the validity of the model in Sub-Saharan Africa, where there are no studies. The proposed accounting alchemy model can be used in Asia, Europe, and other parts of the world to see if the study results can be replicated. Design/methodology/approach: Ex post facto design was used, and secondary data were obtained for selected quoted firms in Sub-Saharan Africa comprising Nigeria, South Africa, and Kenya from 2012 to 2016. A sample of 64 firms was selected in the consumer and industrial goods subsector, and data were analyzed via descriptive (mean, standard deviation, correlation) and inferential (regression, fixed, and random effects) statistics. Findings: Findings indicated that earnings and book value are significantly affected by accounting alchemy. This implies that accounting alchemy is not the right medicine for firm’s earnings and book value. The result has practical application for researchers and the regulatory framework of accounting.

ABSTRACT Purpose: To investigate whether the shareholder concentration and the board composition influence the export of Brazilian listed firms from 2010 to 2017. Originality/value: The study contributes to the literature on exports and corporate governance by highlighting that companies with good governance practices, measured by the board composition and ownership/control structure, might increase their exports. This research can serve as a guide for companies to structure their boards in order to positively influence exports and improve performance. In addition, the study raises the question of what would be the “optimal level” of firms’ shareholding concentration in order to improve the decision-making process involved in choosing to expand borders through export. Design/methodology/approach: The study performed logistic regression (logit model) and regression with the censored dependent variable (tobit model). Propensity to export and intensity of export were used as dependent variables. The logit regressions involved a sample of 307 exporting and non-exporting companies, and the tobit regressions involved a sample of 61 exporting firms. Findings: We found a positive relationship between board independence and exports, that is, the greater presence of independent members on the board, the higher the export level of firms. We also found that there is a non-monotonic relationship between shareholder concentration and level of exports. In summary, the study suggests that some corporate governance mechanisms may act as antecedents for firms’ export practices.

ABSTRACT Purpose: Interaction through the use of social media, smartphones, and online games is increasingly growing. Regarding games, it is estimated that part of the population spends more than 12 hours a week in interactions provided by online games. In this context, the objective of the present research is to study and deepen the connection between co-creation and gamification applied to the services sector. Originality/value: This research aims to contribute to the gap reduction in the existing literature in the areas of gamification and co-creation applied to the services sector. The fact that the research is applied to a peripheral region of Europe and to a different business sector contributes to a better understanding of the relationship established between gamified co-creation and the business sector in these types of regions. It also helps companies in the process of developing and implementing new strategies. Design/methodology/approach: By using a qualitative methodology, seven interviews were carried out in different companies located in Portugal and operating in the services sector. Findings: This research will allow a better understanding of the Portuguese business world and if this corporate environment is ready to work with new methodologies. It was possible to point out some good practices related to the implementation of a gamified co-creation methodology, as well as to provide an alert for the negative aspects that may arise when working under this approach. Companies acknowledge that the adoption of a gamified co-creation methodology brings some advantages and increases their competitiveness levels in the market.

ABSTRACT Purpose: The study explores the predictive relationships of the analytical dimensions of transactions and opportunistic behavior on the transaction costs of the Brazilian pharmaceutical retail market. Originality/value: The study contributes to the advancement of empirical research on the subject and proposes indicators modeled by structural equations to simultaneously estimate the effects of uncertainty, asset specificity and frequency of transactions, and opportunism in transaction costs. Design/methodology/approach: Transaction costs were estimated with indicators related to the costs of analysis, preparation, and adaptation of contracts; these are analytical dimensions of transactions with indicators that reflect the specificity of human assets and physical/dedicated assets, technological and market uncertainty, and the recurrence of transactions between partners. The data collected via an electronic questionnaire were processed with the technique of Modeling in Structural Equations. Results: Data processing demonstrated the significant influence of the frequency of transactions on opportunism and hence on transaction costs. It also confirmed the impact of uncertainty on ex ante transaction costs and the specificity of assets on ex post costs. The results denote the relevance of analytical dimensions in the theoretical framework of Transaction Cost Theory and the importance of frequency as a catalyst for opportunism. It can be used as a parameter in strategic actions to create reliable commitments and circumvent unforeseen contractual failures in the pharmaceutical retail market.

ABSTRACT Purpose: The aim of this research is to understand how the social-economic context influences the transformative potential of the sharing economy (SE). Originality/value: The literature on SE is still fraught with uncertainty. We have found that there is a paradox between generating social benefits to the community versus increasing social inequality. Design/methodology/approach: Data were collected from documentary analysis, netnography, participant observation, and interviews. The data collected were analyzed in the light of the theoretical framework proposed by Wittmayer et al. (2019) for the analysis of narratives related to social innovation. Findings: The produced narratives differ in terms of the type of platform (profit and non-profit). We have found that, in non-profit platforms, the economic and social context does not influence the transformative potential guided by the SE; for-profit platforms, on the other hand, the narrative of ‘income opportunity’ is context-sensitive. The main contributions of the research are the use of a theoretical framework of social innovation to analyze the narratives of the SE and the observation of contextual differences about the phenomenon, which should lead platforms and governments (in their regulatory role) to have different views on SE. We conclude that the narratives of the SE are different. For-profit platforms either do not take part or contribute very little to the phe nomenon of social innovation as a transformative process and, in the contexts of greater social-economic vulnerability, it can be a mechanism of worsening social inequality.

ABSTRACT Purpose: This research was based on the "happy, productive worker" hypothesis. The objective was to analyze the predictive relationships, through a multilevel approach, between the variables well-being at work, organizational justice, organizational support, and the dependent variable individual job performance. Originality/value: The multilevel study of individual job performance and its relations with well-being and organizational variables are still a current gap in the literature, as well as the possibility of testing whether well-being at work can be considered a collective phenomenon. The presence of organizational support in the model, operationalized at the team level, represents an important contribution to the development of theories focused on teams' roles in organizations, especially their impact on organizational variables. Design/methodology/approach: Considering the proposed analysis at two different levels, a multilevel design model was adopted. The final sample consisted of 730 individuals and 32 units. The data were collected through a questionnaire composed of four previously validated scales. Data analysis followed the six steps proposed by Hox, Moerbeek, and Schoot (2017) for multilevel models for each of the samples. Findings: The explanatory model presented a predictive relationship between achievement (well-being at work factor), operationalized as an individual-level variable, and individual job performance; a predictive relationship between interactional justice, also operationalized as an individual-level variable, and individual job performance, and a predictive relationship between collective perceptions of organizational support, operationalized as a team-level variable, and individual job performance.

ABSTRACT Purpose: The purpose of this study was to analyze the effect of investor sentiment on the volatility of the Brazilian stock market. Specifically, it aimed to identify if the asymmetric behavior of sentiment could be observed in emerging markets, considering companies that have characteristics that are difficult to price. Originality/value: Unlike most studies on investor sentiment, this study focuses on its impact on the stock market volatility, as well as on the characteristics of companies associated with difficult pricing. Design/methodology/approach: The volatility of the IBRX100 index was used to represent the Brazilian stock market, and as a proxy for investor sentiment it was selected Miranda's index (2018), based on market data. Data were estimated using the two-stage least squares (MQ2E) technique to address endogeneity problems. Finally, the volatility of companies with difficult-to-price characteristics was segregated to analyze their sensitivity to sentiment. Findings: The results indicate that sentiment has a negative and sig nificant relationship with the volatility of the Brazilian market, as well as evidences an asymmetrical behavior, being statistically stronger in pessimistic periods. Additional analyzes evidence that the explanatory sentiment capacity is sensitive to companies' characteristics, but only companies with a high book-to-market ratio showed asymmetric behavior, as expected by the literature. The portfolios segmented by size and illiquidity maintained an asymmetric behavior, but it was the volatility of the large companies and the less illiquid ones that were best explained by sentiment, indicating that the Brazilian market has distinctive characteristics in relation to developed markets.

ABSTRACT Purpose: This research aims to identify the probability of default of infrastructure companies considering the sector specificities of their activities. In addition, the work seeks to identify the application of structural variables of probability of default in a model in a reduced way in order to identify the significance of its use. For this purpose, we investigated 1,520 North American companies from six different sectors linked to infrastructure. Originality/value: The analyzes carried out to identify the probability of a company going bankrupt hardly consider its sectorial particularity. Although most models bring important inputs for risk assessment, most of them do not consider this sectoral view. Then, this work has as value and originality the contribution to fill this gap and identify the existence of sectorial differences in the analysis of default risk in infrastructure companies in the North American market in the period between 2006 and 2018. Design/methodology/approach: The study performed a logistic regression (logit model) using 11 model variables established in calculating the probability of default. It also used the variable distance to default as an explanatory variable in order to identify its ability to explain the researched phenomenon. Findings: The study identified that, in addition to the size of the companies, the distance to default variable is the only variable that can be applied with significance in all the analyzed sectors. In addition, it was identified that companies in the oil and gas sector have less sensitivity to this variable than companies in the other sectors.

ABSTRACT Purpose: This study aims to analyze how the Brazilian National Communications Agency (Agência Nacional de Telecomunicações – Anatel) and cellular operators in Brazil used ceremonial and discursive practices to build enforcement and compliance actions, adopted during a period of crisis in the cellular sector industry in 2012 when the legitimacy of the respective regulatory model and the regulatory agent were challenged, shaping a compliance trap situation. Originality/value: The work fills a theoretical gap by associating the normative-cultural perspective of regulation associated with organizational institutionalism, based on the assertion that the relationship between regulator and regulated is interactive and not unidirectional, allowing that enforcement mechanisms represent political efforts, realigning the interests of the actors within their institutional environments. Design/methodology/approach: The case study research strategy with a qualitative approach is adopted, studying the 2012 crisis in the cellular sector industry, with the collection of data from documentary sources and semi-structured interviews with participants in the process. Findings: The results show that, in the compliance trap situation, symbolic criteria can appropriate the speeches, producing texts and practices in favor of legitimizing the enforcement mechanisms and the respective compliance responses in view of the audience. Therefore, the compliance trap risk on the regulatory agent is mitigated to the extent that ceremonial and discursive practices manifest themselves responsively and gain political and cultural support, reducing social pressure on the legitimacy of the regulation model.

ABSTRACT Purpose: This paper discusses the relationship between absorptive capacity, external sources of knowledge, and innovation in the context of the power sector. In doing so, we follow the theoretical debate over absorptive capacity dimensions. We focus on the statistical testing of Zahra and George’s (2002) absorptive capacity construct to identify whether their dimensions find support in reality. We consider that the external environment encompasses both scientific and industrial sources of knowledge, which influence absorptive capacity. Originality/value: Zahra and George’s (2002) model initiated the debate of the absorptive capacity dimensions, and it is disseminated in literature. However, it is poorly tested. There is still a research gap related to the empirical validation stage of the absorptive capacity construct itself. Our research tries to decrease this gap, testing Zahra and George’s (2002) absorptive capacity construct in a Brazilian company’s context. Design/methodology/approach: The research design was quantitative. A survey was applied to 402 industrial firms. We used multivariate sta tistical techniques and the structural models were tested by Partial Least Squares (PLS). Findings: Zahra and George’s (2002) construct of absorptive capacity was proved, and innovation, as well as the external sources types of knowledge, are related to it. The absorptive capacity is contingent on types of external knowledge.

ABSTRACT Objectives: This article aims to describe how the personal values of members of specialized workgroups impact their intra-group relationships based on professional and personal trust. Originality/value: The contributions of this study are threefold: 1. the consolidation that the analysis of trust in work groups has different results in the instrumental (professional or reputation trust) and the experimental (personal or friendship trust) relationship when verifying difference in the predominance of personal values for each type relationship; 2. the use of the functionalist theory of human values and to the use of social network analysis techniques and in conjunction with classical quantitative techniques such as ANOVA and multiple regression; 3. the verification of personal values that contributes to the organization and how trust relationships are structured in the group. Design/methodology/approach: The present study is characterized as descriptive field research with a quantitative approach. A survey was conducted with 171 participants from the two tactical groups of the Brasília police, using the Basic Values Questionnaire (BVQ) questionnaire of functionalist values and a questionnaire with eight questions about the instrumental and expressive relationship. Confirmatory factor analysis was used to evidence the validity of the instrument, analysis of social networks (ASN) for trust relationships and ANOVA, and multiple regression for relationships between values and relationships. Findings: The tactical groups presented characteristics of more pragmatic personal values and with less appreciation of individualism, denoting characteristics of appreciation of execution and intragroup collectivism. The normative and supra-personal values were negatively related, respectively, to friendship and professional relationships, while the achievement value was positively related to both trust relationships.

ABSTRACT Purpose: The purpose of this paper is to discuss the contributions of the method of empathic understanding to the field of Organizational Studies by highlighting the corporeality and sensitivity of the researcher in the production and interpretation of data. Originality/value: Since empathic understanding can be viewed as a method for analyzing the researcher’s experience during fieldwork, this paper situates the role of the researcher’s body as an instrument for the collection of data during their research. The theory of organizational aesthetics is taken as a basis to discuss the relevance of the sensory dimension during the research process. Without giving priority to any particular sense (such as that of sight, for example), the construction of scientific knowledge is therefore discussed in terms of the human senses that respond to diverse stimuli by highlighting the relevance of the processes involved in the production of embodied and sensible knowledge for Organizational Studies. Design/methodology/approach: A theoretical-empirical study of qualitative nature was carried out in a street market of a Brazilian city. The method of empathic understanding directed the entire process of data collection and analysis, in which the limitations of field observations were discussed by expanding the notion of the researcher’s own experience into that of a sensory experience. Findings: The findings suggest that it is possible for the researcher to engage their mind and body during research by experiencing the field and overcoming dichotomies such as cognition/sensitivity. Such an engagement can be viewed as a major contribution of the method of empathic understanding to Organizational Studies. Thus, the notion of the body as a major vehicle for the construction of knowledge is made evident in this paper through both the discussion of the empathic understanding approach and the research carried out.

ABSTRACT Purpose: The objective of this study is to understand how the learning process of sustainability occurs within the context of the harvesting practices of a forest-based company. Originality/value: The study contributes to understanding the learning process of sustainability under the approach of practice when demonstrating how the knowledge of sustainability is created and reproduced from the practices established by a group. In practical terms, the narrative of the flow of knowing and learning has the potential of assisting managers and educators to structure more integrative corporate education projects, in which the initiatives are integrated into the practices of the occupational communities. Design/methodology/approach: This is a qualitative research of descriptive nature, through a single-case study in a forest harvesting operation in a Brazilian company that has sustainability at the core of its business strategy. It was adopted as collection instruments the in-depth observation, the semi-structured interview, and the documental research, which were analyzed through the thematic analysis of narratives. Findings: The results suggest that, in the given context, the learning process of sustainability happens in a combination of the processes of creation and dissemination of knowledge conducted by the company and the practices developed within the occupational communities. There are indications that, in a social construction process, new working models are learned, based on an entanglement of planning, safety, and discursive practices, activating the knowledge-in-practice of sustainability.

ABSTRACT Purpose: This article aims to propose an alternative methodology of analysis, assessment, and prioritization of urban mobility master projects capable of supporting investment decision-making, considering financial, economic, and space variables. Originality/value: There are no clear criteria on project proposal selection, what corroborates the critics about the selection process and prioritization of urban mobility projects in the Ministry of Cities. Intrinsically economic issues that are leveled in recent methodologies of investment and project analyses are variables considered hard to be converted into financial benefits to make up the financial evaluation. Design/methodology/approach: The methodology proposed will draw on the multidimensional scaling as a multivariate assessment tool in order to evaluate and prioritize the projects using their economic variables, the spatial variables of the urban planning, and the financial models of each project. The economic variables arise from the economic analysis available in the projects, as well as the projects’ financing models. The spatial variables acquired from the social logic of space theory or spatial syntax allow the assessment of cities’ integration capacity before project implementation and after their development, making it possible to identify improvements in urban mobility conditions. Findings: The use of multidimensional scaling by applying economic, financial, and spatial variables has proved to be effective in promoting decision-making, whether by indicating the best project or identifying how close and/or distant they are from the objectives of a given public policy.

ABSTRACT Purpose: Digital transformation and big data (BD) have generated a real revolution in data-driven management. While BD improves corporate performance management (CPM), this also implies increasing exposure to risks at various BD’s life cycle stages. As regulatory requirements and the need for database analysis in various business areas increase, the organization must establish definitions, policies, and processes to ensure data quality in order to protect and leverage its data to obtain a competitive advantage. Therefore, understanding data stewardship (DS) and business analytics (BA) is essential for business management. The purpose of this study is to analyze the role of BD, DS, and BA as enablers of CPM. Originality/value: We contribute to the theory by conceptualizing, validating, and discussing the DS construct and by highlighting its role together with BA in the relationship between BD and CPM. The evidence in this study indicates that, in practice, DS and BA are critical paths for organizations to obtain better control over the effects that BD can have on business performance management. Design/methodology/approach: A survey was conducted with 312 managers who use big data analytics (BDA) in Brazilian organizations. The data were analyzed through structural equation and mediation tests. Findings: The findings suggest that DS and BA, both alone and jointly, can transmit the BD effect to CPM. However, a better level of model adjustment is obtained when there is a serialized multi-mediation in this relationship, being DS an antecedent to BA.

ABSTRACT Purpose: The objective of this research was to identify which dimensions are related to the establishment of higher levels of digital maturity. Originality/value: There is little academic scientific literature on digital maturity in Brazil. This research will offer subsidies to companies regarding the different dimensions that need to be emphasized by managers in order to achieve a full and effective digital transformation. This information will be valuable to support the digital transformation process of these companies. The study fills a gap in the academic context related to the lack of more comprehensive empirical studies based on digital maturity. Design/methodology/approach: This study evaluated the relationship of eight dimensions of capacity (strategy, leadership, market, operational, people, culture, governance, and technology) with the development of digital maturity. This survey applied an electronic questionnaire to directors of the strategic level of Brazilian retail sector companies located in different regions of Brazil. At the end, a total of 260 valid questionnaires were obtained. The responses were analyzed using the Partial Least Squares (PLS) method. Findings: The research results showed that the strategy, market, operations, culture, and technology dimensions are those that are most related to the development of digital maturity.

ABSTRACT Purpose: Blockchain protocol comprises several attributes, among which transparency stands out. In this vein, the purpose of this article is to advance research on the implications of transparency (as derived from the use of blockchain) for business sustainability (BS). Originality/value: There is continuing interest in applying blockchain for creating and improving transparency, with this latter representing a strategic asset in BS. However, despite advancing this subject, the literature still lacks studies that explain the organizational circumstances in which blockchain can enable progress on transparency in the scope of BS. Design/method/approach: The methodology involved an integrative literature review on blockchain, transparency, and BS, and it was conducted with the support of Web of Science and Scopus to attend the research objective. Findings: The results favored the proposal of two analytical frameworks: one refers to the concepts of blockchain and transparency presented by the academic literature, and the other to the benefits of blockchain and transparency for the economic, social, and environmental BS dimensions. Furthermore, discussions involved deducing propositions about the use of blockchain to improve transparency in the BS context. The propositions open future research directions to studies that aim to test them qualitatively or quantitatively.

ABSTRACT Purpose: To understand the public value that the website Operação Serenata de Amor [Love Serenade Operation], based on open government data, can generate for society. Originality/value: Researchers are investigating public value generation through digitally transformed public services, i.e., public value directly generated by the government. However, the literature needs a better understanding of this phenomenon through digital technologies, based on open public data, developed by non-governmental actors, such as the Operação Serenata de Amor website. Design/methodology/approach: The study adopted a qualitative approach to understand and describe the public value generated by Operação Serenata de Amor. The data were collected through citizen comments about the website’s initiatives on social media and in articles published on the internet. The data were analyzed through content analysis. Findings: The Operação Serenata de Amor generated public value by doing, facilitating, and stimulating social control. It was also identified that the site added value to society by increasing citizens’ ability to exercise social control. However, this work was limited to analyzing data collected on the internet. In future studies, researchers may collect data through interviews with citizens to understand, with more details, the public value generated by the website.

ABSTRACT Purpose: To propose corporate digital responsibility as a new area of interest for social accountability in the contexts of technologies that are part of the 4.0 industries. Originality/value: In this regard, it was found that there is not enough theoretical and legal foundation that allows different types of organizations to face the implications of the adoption of new technologies. Therefore, essential foundations and considerations are raised for the development of corporate digital responsibility. Design/methodology/approach: The document presents a hermeneutical investigation based on a systemic literature review within the framework of two investigations. The first addressed the relevance of creating a new subject for traditional social responsibility in digital contexts, and the second demonstrated the epistemological need for social responsibility in technologies. Findings: Firstly, the fact that new technologies pose a social risk makes them a subject of social responsibility study. Secondly, the absence of regulations on industry 4.0 and the unpredictability of the advancement of technologies is not a limitation for creating a scenario of corporate digital responsibility. To conclude, the development of social responsibility in digital contexts is possible and necessary. However, we must be attentive to the variables of social risk that may arise with each new technology. Therefore, a constant review of the foundations and bases of corporate digital responsibility is needed.

ABSTRACT Purpose: To present the planning for the digital transformation of Brazilian higher education institutions (HEI) and to measure their degree of digital mastery, according to Westerman, Calméjane, Bonnet, Ferraris, and McAfee (2011). Originality/value: Some studies evaluate digital transformation and/or the degree of digital mastery carried out in HEI individually. However, those that assess them comparatively have not been identified, allowing to draw a baseline to assist managers in benchmarking processes. Design/methodology/approach: It is an exploratory, qualitative research, with field study, in which the secondary data were obtained through bibliographic and documentary sources and the primary data through semi-structured interviews. For this purpose, representatives of ten private HEI were interviewed using an instrument consisting of a script of questions. The content was analyzed according to the model of Bardin (2011) and supported by the tool Iramuteq. The findings served as an input for completing the digital mastery questionnaires. Findings: Elements identified in the research refer to the fact that the evaluated HEI have good maturity in their digital transformation processes. Such allegations could be verified from the evaluation of digital mastery, which found that most institutions have a good level of digitalization and that, despite having some limitations related to the development of digital and leadership skills, can be considered digital masters.