Pub Date : 2016-03-17DOI: 10.4013/BASE.2016.131.01
Norberto Hoppen, Eduardo Henrique Rigoni, A. Klein, Ágata Ritter
Clusters are geographic concentrations of interconnected companies, suppliers, service providers, and institutions working together at economically linked activities in a particular sector. Clusters play an important role to improve development through associative organizational forms. Many factors contribute to clusters’ competitiveness (e.g. trust and collaboration among firms, and cluster governance). However, the literature about these factors is broad and their definitions vary according to different disciplines. Moreover, these factors were object of study in industrial settings. Therefore, the purpose of this article is to present a qualitative research instrument to analyze clusters’ competitiveness factors. The final instrument created is a continuity of the work published by Rigoni and Saccol (2012) and it was empirically tested it in a cluster of flower growers. Most of the competitiveness factors of our instrument stemmed from the literature, while others emerged from the field, contributing to foster the development of theory on clusters' competitiveness. This instrument has several applications, such as to qualitatively analyze the level of competitiveness of clusters, helping their members adopt a cluster approach, and assisting police makers to design more effective cluster development policies. Keywords: clusters, competitiveness factors, qualitative research instrument.
{"title":"A QUALITATIVE RESEARCH INSTRUMENT TO ANALYZE ORGANIZATIONAL CLUSTERS’ COMPETITIVENESS FACTORS","authors":"Norberto Hoppen, Eduardo Henrique Rigoni, A. Klein, Ágata Ritter","doi":"10.4013/BASE.2016.131.01","DOIUrl":"https://doi.org/10.4013/BASE.2016.131.01","url":null,"abstract":"Clusters are geographic concentrations of interconnected companies, suppliers, service providers, and institutions working together at economically linked activities in a particular sector. Clusters play an important role to improve development through associative organizational forms. Many factors contribute to clusters’ competitiveness (e.g. trust and collaboration among firms, and cluster governance). However, the literature about these factors is broad and their definitions vary according to different disciplines. Moreover, these factors were object of study in industrial settings. Therefore, the purpose of this article is to present a qualitative research instrument to analyze clusters’ competitiveness factors. The final instrument created is a continuity of the work published by Rigoni and Saccol (2012) and it was empirically tested it in a cluster of flower growers. Most of the competitiveness factors of our instrument stemmed from the literature, while others emerged from the field, contributing to foster the development of theory on clusters' competitiveness. This instrument has several applications, such as to qualitatively analyze the level of competitiveness of clusters, helping their members adopt a cluster approach, and assisting police makers to design more effective cluster development policies. Keywords: clusters, competitiveness factors, qualitative research instrument.","PeriodicalId":55356,"journal":{"name":"Biotechnologie Agronomie Societe et Environnement","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2016-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70249311","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"农林科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-03-17DOI: 10.4013/BASE.2016.133.04
Raquel Engelman, Edi Madalena Fracasso, Serje Schmidt, H. Muller
One of the main elements of the process of creation of knowledge and innovation refers to the firms’ capacity to absorb external knowledge, conceptualized as Absorptive Capacity (ACAP). Given Brazil’s increasing economic development and Brazilian firms’ need to achieve competitive advantage, the validation of a scale for this concept in the Brazilian territory becomes relevant. This article aims to adapt and validate the scale of Flatten et al. (2011) in the Brazilian context. The scale was translated, adapted, evaluated by experts and subsequently tested in a sample of 495 companies in the state of Rio Grande do Sul, of different sizes, industry sectors and technological intensities. The method used was that of confirmatory factor analysis. Much of the sample presented the four dimensions of Absorptive Capacity developed, but some dimensions are more relevant to the development of technologies than others. The most developed variables are related to the importance of adopting new technologies and encouraging managers in the relationship between the departments. The scale was validated, indicating its consistency and adequacy to the South-Brazilian context. It also became clear that ACAP has four really different dimensions. Keywords: Absorptive Capacity, knowledge internalization, measurement, scale.
{"title":"Capacidade absortiva: adaptação e validação de uma escala em empresas sul-brasileiras","authors":"Raquel Engelman, Edi Madalena Fracasso, Serje Schmidt, H. Muller","doi":"10.4013/BASE.2016.133.04","DOIUrl":"https://doi.org/10.4013/BASE.2016.133.04","url":null,"abstract":"One of the main elements of the process of creation of knowledge and innovation refers to the firms’ capacity to absorb external knowledge, conceptualized as Absorptive Capacity (ACAP). Given Brazil’s increasing economic development and Brazilian firms’ need to achieve competitive advantage, the validation of a scale for this concept in the Brazilian territory becomes relevant. This article aims to adapt and validate the scale of Flatten et al. (2011) in the Brazilian context. The scale was translated, adapted, evaluated by experts and subsequently tested in a sample of 495 companies in the state of Rio Grande do Sul, of different sizes, industry sectors and technological intensities. The method used was that of confirmatory factor analysis. Much of the sample presented the four dimensions of Absorptive Capacity developed, but some dimensions are more relevant to the development of technologies than others. The most developed variables are related to the importance of adopting new technologies and encouraging managers in the relationship between the departments. The scale was validated, indicating its consistency and adequacy to the South-Brazilian context. It also became clear that ACAP has four really different dimensions. Keywords: Absorptive Capacity, knowledge internalization, measurement, scale.","PeriodicalId":55356,"journal":{"name":"Biotechnologie Agronomie Societe et Environnement","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2016-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70250260","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"农林科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-03-17DOI: 10.4013/BASE.2016.133.03
Gabriel Sperandio Milan, Luciene Eberle, Daniele Nespolo
The service providers should understand the process that involves maintaining customer relationships, investigating the constructs that imply customer retention and their competitiveness. Thus, this research proposed the replication and testing of a theoretical model, considering the constructs: Perceived Value, Reputation of the Service Provider, Trust and Exchange Costs as determinants of Customer Retention. The method used was descriptive and quantitative, by means of the application of the same survey to two different contexts of service providers. The sample of Study 1 consisted of 269 client companies of the business health plan groups in the region of Caxias do Sul (RS). In Study 2 the sample of mobile telephony was made up of 471 customers of one operator. For data analysis, multivariate statistics were used, including Structural Equation Modeling, so that the hypotheses proposed in the study could be tested and analyzed. The results showed that the value perceived by customers positively influences the reputation of the service provider; the reputation of the service provider positively influences customer trust in the service provider and the reputation of the service provider positively influences customer retention. Moreover, it was found that the value perceived by customers does not positively influence the exchange costs in both environments investigated. Besides, it was evident that there are differences in the validation of some hypotheses because of the different contexts of services analyzed. Keywords: Perceived Value, Reputation, Trust, Exchange Costs, Customer Retention.
{"title":"Determinantes da retenção de clientes: um estudo comparativo em dois ambientes de prestação de serviços","authors":"Gabriel Sperandio Milan, Luciene Eberle, Daniele Nespolo","doi":"10.4013/BASE.2016.133.03","DOIUrl":"https://doi.org/10.4013/BASE.2016.133.03","url":null,"abstract":"The service providers should understand the process that involves maintaining customer relationships, investigating the constructs that imply customer retention and their competitiveness. Thus, this research proposed the replication and testing of a theoretical model, considering the constructs: Perceived Value, Reputation of the Service Provider, Trust and Exchange Costs as determinants of Customer Retention. The method used was descriptive and quantitative, by means of the application of the same survey to two different contexts of service providers. The sample of Study 1 consisted of 269 client companies of the business health plan groups in the region of Caxias do Sul (RS). In Study 2 the sample of mobile telephony was made up of 471 customers of one operator. For data analysis, multivariate statistics were used, including Structural Equation Modeling, so that the hypotheses proposed in the study could be tested and analyzed. The results showed that the value perceived by customers positively influences the reputation of the service provider; the reputation of the service provider positively influences customer trust in the service provider and the reputation of the service provider positively influences customer retention. Moreover, it was found that the value perceived by customers does not positively influence the exchange costs in both environments investigated. Besides, it was evident that there are differences in the validation of some hypotheses because of the different contexts of services analyzed. Keywords: Perceived Value, Reputation, Trust, Exchange Costs, Customer Retention.","PeriodicalId":55356,"journal":{"name":"Biotechnologie Agronomie Societe et Environnement","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2016-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70250188","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"农林科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-03-11DOI: 10.4013/BASE.2016.131.04
Marcelo S. Pagliarussi, Marcelo Otone Aguiar, Fernando Caio Galdi
We investigated the association between the tone of annual reports issued by a sample of listed Brazilian firms and market variables (abnormal returns, trading volume and price volatility). The tone was measured using sentiment analysis techniques (Liu et al., 2005; Liu, 2010). As in Loughran and McDonald (2011), we developed and used lists of positive, negative, litigious, uncertainty-related and modal words in Portuguese to assess the tone of annual reports. Using a sample of 829 annual reports from 1997 to 2009, we observed a weak association between the tone of annual reports and stock market variables in Brazil. Additionally, we considered a sub-sample prior to GAAP changes in Brazil (1997-2007) and our results are maintained. Contrary to other studies using data from the United States, we found that the tone of annual reports released by Brazilian firms is not conducive to estimating returns. Keywords : sentiment analysis, textual sentiment, positive words, negative words, annual reports.
我们调查了巴西上市公司样本发布的年度报告基调与市场变量(异常回报、交易量和价格波动)之间的关系。使用情感分析技术测量音调(Liu et al.， 2005;刘,2010)。在Loughran和McDonald(2011)中，我们开发并使用了葡萄牙语中积极、消极、诉讼、不确定性相关和情态词汇的列表来评估年度报告的语气。利用1997年至2009年829份年度报告的样本，我们观察到年度报告的语气与巴西股市变量之间存在弱关联。此外，我们考虑了巴西(1997-2007)GAAP变化之前的子样本，我们的结果保持不变。与其他使用美国数据的研究相反，我们发现巴西公司发布的年度报告的语气不利于估计回报。关键词:情感分析，文本情感，积极词，消极词，年报。
{"title":"SENTIMENT ANALYSIS IN ANNUAL REPORTS FROM BRAZILIAN COMPANIES LISTED AT THE BM&FBOVESPA","authors":"Marcelo S. Pagliarussi, Marcelo Otone Aguiar, Fernando Caio Galdi","doi":"10.4013/BASE.2016.131.04","DOIUrl":"https://doi.org/10.4013/BASE.2016.131.04","url":null,"abstract":"We investigated the association between the tone of annual reports issued by a sample of listed Brazilian firms and market variables (abnormal returns, trading volume and price volatility). The tone was measured using sentiment analysis techniques (Liu et al., 2005; Liu, 2010). As in Loughran and McDonald (2011), we developed and used lists of positive, negative, litigious, uncertainty-related and modal words in Portuguese to assess the tone of annual reports. Using a sample of 829 annual reports from 1997 to 2009, we observed a weak association between the tone of annual reports and stock market variables in Brazil. Additionally, we considered a sub-sample prior to GAAP changes in Brazil (1997-2007) and our results are maintained. Contrary to other studies using data from the United States, we found that the tone of annual reports released by Brazilian firms is not conducive to estimating returns. Keywords : sentiment analysis, textual sentiment, positive words, negative words, annual reports.","PeriodicalId":55356,"journal":{"name":"Biotechnologie Agronomie Societe et Environnement","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2016-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70249352","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"农林科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-03-11DOI: 10.4013/base.2016.131.02
R. C. Pimentel
This paper estimates and compares the long-term market reaction to earnings innovation (ERC) in the five main emerging economies – Brazil, Russia, India, China and South Africa (BRICS) – and analyzes the effects of nonlinearity of unexpected earnings, negative earnings and firm size on ERC. The tests are based on 31,159 firm-year observations from 1995 to 2013 from a total sample of 2,290 listed firms and the econometric estimation process is based on countryspecific longitudinal ordinary least squares regressions. The results showed that accounting information has marginal implications for stock prices in all countries; however, the determinants of ERC vary along time and across countries as context-specific components. The results also show that (i) the nonlinear effects of unexpected earnings in ERC are a common trend in all evaluated countries but Russia; (ii) the negative earnings effects on ERC are documented in Brazil, India and Russia, whereas they do not hold true for China and South Africa; and (iii) only in China a significant effect of firm size is observed in the way market agents incorporate earnings information in the long run. Keywords: accounting earnings, earnings response coefficient, emerging markets, BRICS.
{"title":"Earnings response coefficient estimation: An exploratory and comparative analysis in BRICS","authors":"R. C. Pimentel","doi":"10.4013/base.2016.131.02","DOIUrl":"https://doi.org/10.4013/base.2016.131.02","url":null,"abstract":"This paper estimates and compares the long-term market reaction to earnings innovation (ERC) in the five main emerging economies – Brazil, Russia, India, China and South Africa (BRICS) – and analyzes the effects of nonlinearity of unexpected earnings, negative earnings and firm size on ERC. The tests are based on 31,159 firm-year observations from 1995 to 2013 from a total sample of 2,290 listed firms and the econometric estimation process is based on countryspecific longitudinal ordinary least squares regressions. The results showed that accounting information has marginal implications for stock prices in all countries; however, the determinants of ERC vary along time and across countries as context-specific components. The results also show that (i) the nonlinear effects of unexpected earnings in ERC are a common trend in all evaluated countries but Russia; (ii) the negative earnings effects on ERC are documented in Brazil, India and Russia, whereas they do not hold true for China and South Africa; and (iii) only in China a significant effect of firm size is observed in the way market agents incorporate earnings information in the long run. Keywords: accounting earnings, earnings response coefficient, emerging markets, BRICS.","PeriodicalId":55356,"journal":{"name":"Biotechnologie Agronomie Societe et Environnement","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2016-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70249319","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"农林科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-03-07DOI: 10.4013/BASE.2016.131.05
Mauricio Codesso, R. Lunkes
Budgeting is one of the oldest planning and control systems adopted by the companies, and continues to receive significant attention. Despite being widely used in the business world, budgeting is also oftentimes the target of criticism. Therefore, this work aims at demonstrating budgeting practices in port companies in Brazil. The work presents a quantitative and qualitative approach, with a descriptive and exploratory objective, and the use of a survey. The research was conducted by sending the survey to Brazilian public ports. The results show that the Brazilian ports use only a few budgeting practices. Among the main features identified in the study there are the lack of alignment between the budgeting and strategic planning and of the internal evaluation of the results and the partial application of control mechanisms. These characteristics show that Brazilian public ports have opportunities for improvement in different budgeting practices.
{"title":"DISCLOSURE OF BUDGETING PLANNING, EXECUTION AND CONTROL PRACTICES: A SURVEY ON BRAZILIAN PUBLIC PORTS","authors":"Mauricio Codesso, R. Lunkes","doi":"10.4013/BASE.2016.131.05","DOIUrl":"https://doi.org/10.4013/BASE.2016.131.05","url":null,"abstract":"Budgeting is one of the oldest planning and control systems adopted by the companies, and continues to receive significant attention. Despite being widely used in the business world, budgeting is also oftentimes the target of criticism. Therefore, this work aims at demonstrating budgeting practices in port companies in Brazil. The work presents a quantitative and qualitative approach, with a descriptive and exploratory objective, and the use of a survey. The research was conducted by sending the survey to Brazilian public ports. The results show that the Brazilian ports use only a few budgeting practices. Among the main features identified in the study there are the lack of alignment between the budgeting and strategic planning and of the internal evaluation of the results and the partial application of control mechanisms. These characteristics show that Brazilian public ports have opportunities for improvement in different budgeting practices.","PeriodicalId":55356,"journal":{"name":"Biotechnologie Agronomie Societe et Environnement","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2016-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70249365","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"农林科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-03-07DOI: 10.4013/BASE.2016.131.03
M. L. Oliveira, J. L. S. Santos, G. Becker, Peter B. Hansen
Collaboration has been recognized as an important strategy for supply chain management success. However, previous studies suggest that this issue is little understood and explored, in terms of identifying and organizing the content already developed, as well as in providing reflections and alternatives for its appropriation in the organizational environment. This work sheds light on these issues and aims at systematically mapping the international scientific production on collaboration in supply chain. Bibliometric methods were used by means of structured mapping and systematic analysis of publications found on the Web of Science – Social Sciences Citation Index (WoS-SSCI) database up to 2014. As a result, 173 were retrieved, which were published in 68 journals and written by 380 authors associated with 226 institutions of 32 countries. The bibliometric analysis allowed us to identify the journals that stand out because of the high count of citations and number of articles, which could be used as reference for future studies in this area; among them is the Supply Chain Management an International Journal. From the systematic analysis of highly cited papers and recent papers, we observed a predominance of quantitative studies using surveys and some using structural equation modeling. Based on the paper analysis, we identified some gaps and opportunities for future research. It thus follows that collaboration within the supply chains context is a relevant matter with increasing academic interest, which needs to be further studied for theoretical development and practical implications. Keywords: collaboration, supply chain, bibliometric study.
协作已被公认为供应链管理成功的重要策略。然而，以前的研究表明，在识别和组织已经开发的内容方面，以及在为其在组织环境中的挪用提供反思和替代方案方面，这个问题很少被理解和探索。这项工作揭示了这些问题，旨在系统地绘制国际科学生产在供应链中的合作。采用文献计量学方法，对Web of Science - Social Sciences Citation Index (WoS-SSCI)数据库中截至2014年的出版物进行结构化映射和系统分析。结果，检索到173篇论文，发表在68个期刊上，由来自32个国家226个机构的380位作者撰写。文献计量学分析使我们能够识别出被引频次高、论文数量多的期刊，为今后的研究提供参考;其中包括《供应链管理国际期刊》。通过对高被引论文和近期论文的系统分析，我们发现定量研究以调查为主，部分采用结构方程模型。在对论文进行分析的基础上，我们发现了一些空白和未来研究的机会。因此，供应链背景下的合作是一个日益引起学术兴趣的相关问题，需要进一步研究以实现理论发展和实践意义。关键词:协作，供应链，文献计量学研究。
{"title":"A bibliometric analysis of international literature on collaboration in supply chain","authors":"M. L. Oliveira, J. L. S. Santos, G. Becker, Peter B. Hansen","doi":"10.4013/BASE.2016.131.03","DOIUrl":"https://doi.org/10.4013/BASE.2016.131.03","url":null,"abstract":"Collaboration has been recognized as an important strategy for supply chain management success. However, previous studies suggest that this issue is little understood and explored, in terms of identifying and organizing the content already developed, as well as in providing reflections and alternatives for its appropriation in the organizational environment. This work sheds light on these issues and aims at systematically mapping the international scientific production on collaboration in supply chain. Bibliometric methods were used by means of structured mapping and systematic analysis of publications found on the Web of Science – Social Sciences Citation Index (WoS-SSCI) database up to 2014. As a result, 173 were retrieved, which were published in 68 journals and written by 380 authors associated with 226 institutions of 32 countries. The bibliometric analysis allowed us to identify the journals that stand out because of the high count of citations and number of articles, which could be used as reference for future studies in this area; among them is the Supply Chain Management an International Journal. From the systematic analysis of highly cited papers and recent papers, we observed a predominance of quantitative studies using surveys and some using structural equation modeling. Based on the paper analysis, we identified some gaps and opportunities for future research. It thus follows that collaboration within the supply chains context is a relevant matter with increasing academic interest, which needs to be further studied for theoretical development and practical implications. Keywords: collaboration, supply chain, bibliometric study.","PeriodicalId":55356,"journal":{"name":"Biotechnologie Agronomie Societe et Environnement","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2016-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47803379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"农林科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-01-14DOI: 10.4013/base.2016.132.01
Sueli Maia, Valcemiro Nossa, Fernando Caio Galdi, S. N. Nossa
Este estudo teve como objetivos verificar se existe relacao entre o retorno anormal e o BrF_Score e ainda verificar a relacao entre o retorno anormal e a interacao entre o alto e baixo BrF_Score e o fato da empresa nao compor o ISE. Foi utilizada a estrategia de investimentos de Lopes e Galdi (2007), para separar as empresas no mercado de acoes em alto e baixo Score e analisar se apresentavam retornos anormais positivos. Utilizou-se tambem o embasamento teorico de Kanagaretnam et al. (2007), Galdi (2008) e Kahyaoglu e Bozkus (2010), os quais afirmam que a utilizacao da analise fundamentalista pode proporcionar retornos anormais mais altos para empresas com baixo nivel de governanca corporativa, uma vez que a assimetria informacional e maior nas empresas com nivel mais baixo de governanca comparativamente a empresas com alto nivel de governanca corporativa. Estudaram-se 320 empresas listadas na BM&FBovespa, das quais 47 empresas compuseram o ISE no periodo de 2005 a 2011. Por meio de uma pesquisa empirica, foi utilizada analise de regressao em pooled e em painel. Os resultados encontrados mostram uma relacao positiva entre o retorno anormal e a interacao entre o alto BrF_Score e empresas que nao compoem o ISE, confirmando que a contabilidade pode ajudar na busca de carteiras de acoes mais lucrativas entre empresas com baixo nivel de governanca. Palavras-chave: BrF_Score, governanca corporativa, retorno anormal.
本研究旨在验证异常回报与BrF_Score之间是否存在关系，并进一步验证异常回报与高BrF_Score与低BrF_Score之间的相互作用与公司不构成ISE的事实之间的关系。采用Lopes和Galdi(2007)的投资策略，将股票市场上的公司分为高分和低分，并分析它们是否呈现正异常回报。也使用的支持teorico Kanagaretnam et al。(2007),Galdi(2008)和Kahyaoglu Bozkus(2010),称使用原教旨主义的分析可以为公司提供返回异常高水平的企业governanca、信息的不对称和大企业和低水平的企业相比governanca governanca高水平的企业。我们研究了320家在BM&FBovespa上市的公司，其中47家公司在2005年至2011年期间组成了ISE。通过实证研究，采用汇集回归和面板回归分析。结果表明，异常回报与高BrF_Score与不构成ISE的公司之间的相互作用之间存在正相关关系，证实了会计可以帮助在治理水平低的公司之间寻找更有利可图的股票组合。关键词:BrF_Score，公司治理，异常回报。
{"title":"The usefulness of the BrF_Score for firms not adherent to the Corporate Sustainability Index (ISE)","authors":"Sueli Maia, Valcemiro Nossa, Fernando Caio Galdi, S. N. Nossa","doi":"10.4013/base.2016.132.01","DOIUrl":"https://doi.org/10.4013/base.2016.132.01","url":null,"abstract":"Este estudo teve como objetivos verificar se existe relacao entre o retorno anormal e o BrF_Score e ainda verificar a relacao entre o retorno anormal e a interacao entre o alto e baixo BrF_Score e o fato da empresa nao compor o ISE. Foi utilizada a estrategia de investimentos de Lopes e Galdi (2007), para separar as empresas no mercado de acoes em alto e baixo Score e analisar se apresentavam retornos anormais positivos. Utilizou-se tambem o embasamento teorico de Kanagaretnam et al. (2007), Galdi (2008) e Kahyaoglu e Bozkus (2010), os quais afirmam que a utilizacao da analise fundamentalista pode proporcionar retornos anormais mais altos para empresas com baixo nivel de governanca corporativa, uma vez que a assimetria informacional e maior nas empresas com nivel mais baixo de governanca comparativamente a empresas com alto nivel de governanca corporativa. Estudaram-se 320 empresas listadas na BM&FBovespa, das quais 47 empresas compuseram o ISE no periodo de 2005 a 2011. Por meio de uma pesquisa empirica, foi utilizada analise de regressao em pooled e em painel. Os resultados encontrados mostram uma relacao positiva entre o retorno anormal e a interacao entre o alto BrF_Score e empresas que nao compoem o ISE, confirmando que a contabilidade pode ajudar na busca de carteiras de acoes mais lucrativas entre empresas com baixo nivel de governanca. Palavras-chave: BrF_Score, governanca corporativa, retorno anormal.","PeriodicalId":55356,"journal":{"name":"Biotechnologie Agronomie Societe et Environnement","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2016-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70249635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"农林科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-01-14DOI: 10.4013/BASE.2016.132.05
A. C. G. Potrich, Kelmara Mendes Vieira, Guilherme Kirch
This study had as its objective to develop an indicator for the financial literacy of individuals, called Financial Literacy Thermometer. To achieve this objective, a survey with 1.572 inhabitants of the state of Rio Grande do Sul was done. Based on the answers to the survey, a confirmatory factor analysis was used to build the financial attitude and financial behavior constructs. Next, the financial knowledge construct was calculated. With these three constructs in hand, two clusters were obtained by means of cluster analysis. The first cluster represents individuals who have low financial literacy and the second one those who have high financial literacy. Based on the squared Euclidean distance in relation to the center of each cluster, the proposed indicator allows us to classify any individual as having low or high level of financial literacy. The results also suggest that the majority of respondents have a low level of financial literacy. Such findings ratify the urgent need to develop effective actions in order to reduce financial illiteracy and thus minimize the problems associated to it. Keywords: thermometer, financial literacy, cluster analysis.
{"title":"Are you financially literate? Discover in the Financial Literacy Thermometer","authors":"A. C. G. Potrich, Kelmara Mendes Vieira, Guilherme Kirch","doi":"10.4013/BASE.2016.132.05","DOIUrl":"https://doi.org/10.4013/BASE.2016.132.05","url":null,"abstract":"This study had as its objective to develop an indicator for the financial literacy of individuals, called Financial Literacy Thermometer. To achieve this objective, a survey with 1.572 inhabitants of the state of Rio Grande do Sul was done. Based on the answers to the survey, a confirmatory factor analysis was used to build the financial attitude and financial behavior constructs. Next, the financial knowledge construct was calculated. With these three constructs in hand, two clusters were obtained by means of cluster analysis. The first cluster represents individuals who have low financial literacy and the second one those who have high financial literacy. Based on the squared Euclidean distance in relation to the center of each cluster, the proposed indicator allows us to classify any individual as having low or high level of financial literacy. The results also suggest that the majority of respondents have a low level of financial literacy. Such findings ratify the urgent need to develop effective actions in order to reduce financial illiteracy and thus minimize the problems associated to it. Keywords: thermometer, financial literacy, cluster analysis.","PeriodicalId":55356,"journal":{"name":"Biotechnologie Agronomie Societe et Environnement","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2016-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70249650","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"农林科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-01-14DOI: 10.4013/BASE.2016.132.03
J. Domingues, E. Ribeiro
This research investigated the relevance of information related to proven reserves of oil and accounting information (net income and book value) in the valuation of global oil companies. Regressions were applied considering the technique of Panel Data on a sample of 15 oil companies integrated and listed on the New York Stock Exchange (NYSE) during the period from 2001 to 2012, totaling 180 firms-year. Eight models were tested, each of them having the Naperian or natural logarithm (ln) of the average share price as dependent variable, considering the closing prices of November, December, January and February. Equity (PL), net income (LL), capitalized costs (CC), volume of gas and oil reserves (RPO&G), components of the change in reserve value, and discounted future cash flow (FCD) of the reserves were tested as independent variables. The results indicated that the market value of an oil company is a function of the PL variable and accounting information related to proven oil and gas reserves. This finding reinforces the idea that the accounting data are incomplete for determining the value of an oil company, and information related to proven oil and gas reserves contributes to increase the relevance of accounting variables measured at historical values. As a result, additional information in the notes on the oil reserves is relevant and necessary, besides traditional information already disclosed in the financial statements. Keywords: oil and gas, value relevance, disclosure.
{"title":"The relevance of accounting and supplementary information in the valuation of global oil companies","authors":"J. Domingues, E. Ribeiro","doi":"10.4013/BASE.2016.132.03","DOIUrl":"https://doi.org/10.4013/BASE.2016.132.03","url":null,"abstract":"This research investigated the relevance of information related to proven reserves of oil and accounting information (net income and book value) in the valuation of global oil companies. Regressions were applied considering the technique of Panel Data on a sample of 15 oil companies integrated and listed on the New York Stock Exchange (NYSE) during the period from 2001 to 2012, totaling 180 firms-year. Eight models were tested, each of them having the Naperian or natural logarithm (ln) of the average share price as dependent variable, considering the closing prices of November, December, January and February. Equity (PL), net income (LL), capitalized costs (CC), volume of gas and oil reserves (RPO&G), components of the change in reserve value, and discounted future cash flow (FCD) of the reserves were tested as independent variables. The results indicated that the market value of an oil company is a function of the PL variable and accounting information related to proven oil and gas reserves. This finding reinforces the idea that the accounting data are incomplete for determining the value of an oil company, and information related to proven oil and gas reserves contributes to increase the relevance of accounting variables measured at historical values. As a result, additional information in the notes on the oil reserves is relevant and necessary, besides traditional information already disclosed in the financial statements. Keywords: oil and gas, value relevance, disclosure.","PeriodicalId":55356,"journal":{"name":"Biotechnologie Agronomie Societe et Environnement","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2016-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70249963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"农林科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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