Showing papers in "Brazilian Business Review in 2019"

The Influence of Social Networks on Environmental Awareness and the Social Responsibility of Generations

Abstract: With the advent of globalization and access to information, social networks came to be widely used by different generations. However, environmental issues have been causing global impacts, as well as issues of social vulnerability. Environmental awareness awakens new consumption habits, implementing a new socially responsible posture. This study aims to analyze the influence of social networks on environmental awareness and the social responsibility of Baby Boomers, Generations X, and Y, in the regions of South and Southeast Brazil. We use the methodology of quantitative and descriptive research, by means of the Structural Equation Modeling. The results highlight that individuals who are exposed to information (videos, photos, texts) related to social responsibility and environmental sustainability are positively influenced in the formation of social and environmental awareness. However, generation Y presented the lowest means of responses in the search for information on environmental and social issues. This is relevant to society, teaching institutions, government agencies, as well as companies, in order to promote actions and information on social and environmental responsibility, in order to engage Generation Y in sustainable development.

Influence of Strategic Knowledge Management on Firm Innovativeness and Performance

Abstract: This paper identifies the type and intensity of relationships that exist between strategic knowledge management (SKM) practices, innovation performance and organizational Performance. By doing so, it covers theoretical gaps about the analysis of these relationships in emerging countries. Data was collected from a sample composed by 127 Southern Brazilian firms and PLS-SEM was used for testing the hypotheses. The relevance of SKM practices for innovation and organizational performance is supported. The research has also shown the level of efficiency and use of each SKM practice. The findings allow Brazilian practitioners to identify those actions which stronger influence on innovativeness and performance. The results also have shown that Brazilian firms are focused on management of explicit knowledge, and there are some opportunities for improving performance if they focus more on tacit knowledge. The suggestions about priority practices and managing of tacit knowledge are relevant contributions to support managerial decisions for resource allocation oriented to improve innovation and performance.

Earnings Management and Quarterly Discretionary Accruals Level in the Brazilian Stock Market

Abstract: Este estudo tem por objetivo investigar o comportamento do nivel de gerenciamento de resultados trimestrais das companhias abertas brasileiras. Para isso, selecionou-se uma amostra de 112 empresas listadas na BM&FBovespa e estimou-se os accruals discricionarios trimestrais entre 2012 e 2015 atraves do modelo Paulo como proxy para o gerenciamento. Esses accruals foram entao analisados quanto as medias de todos os trimestres do periodo analisado, assim como consolidado por cada trimestre (1T, 2T, 3T e 4T). Em seguida, utilizou-se uma segunda regressao com os accruals discricionarios trimestrais e variaveis dummy representativas de cada trimestre. Os resultados indicam que, em media, a magnitude dos accruals discricionarios sao maiores no quarto trimestre, seguidos pelo terceiro trimestre, primeiro trimestre e, por ultimo, o segundo trimestre. A analise de regressao demonstrou, ainda, que os niveis dos accruals discricionarios para o quarto e o primeiro trimestres se mostraram estatisticamente significantes. Esses achados sugerem que o nivel de gerenciamento de resultados do quarto trimestre e maior que nos demais trimestres. Alem disso, o nivel de gerenciamento de resultados do primeiro trimestre e estatisticamente diferente dos niveis do segundo e terceiro, causado, possivelmente, pela reversao dos accruals do periodo anterior no periodo seguinte. O estudo contribui para a literatura ao demonstrar que o gerenciamento de resultados ocorre de maneira diferente ao longo do ano, evidenciando que os incentivos para o gerenciamento de resultados tendem a ser mais fortes nas demonstracoes anuais em relacao as demonstracoes trimestrais, merecendo atencao de investidores, analistas, reguladores, auditores e demais usuarios da informacao contabil.

Entrepreneurial Intention: Categorization, Classification of Constructs and Proposition of a Model

Abstract: Literature review studies on Entrepreneurial Intention (EI) point to a future of high standardization (Linan & Fayolle, 2015) and potential impoverishment of the current research (Terjesen, Hessels, & Li, 2013). There is an over-standardization in studies on EI, and a focus on potential dogmatism in the area - that is, theoretical and methodological inflexibility with replication based on alteration only in substantive domain of EI. The objective of this study is to broaden the focus of the literature review on EI. The research design is descriptive, with the use of quantitative data. We adopt the bibliometric technique in the field of research, based on the Principle of Least Effort (Zipf, 1949). We consider the Reinert (1993) method. Four classes emerged in the analysis. The relation between these classes indicated the concern of the studies on EI in replicating methods, techniques and analyses to the new profiles and roles of the entrepreneur. These results enabled the proposition of a preliminary model that increases the future opportunities for studies on EI.

Conspicuous Consumption and its Relation to Brand Consciousness, Status Consumption and Self-Expression

Abstract: This paper presents and discusses the results of an empirical research whose objective was to discuss the relationship between the concepts of conspicuous consumption, status consumption and self-expression. For this, we have used the model proposed by Mann and Sahni (2015), which suggests the existence of three fundamental dimensions in the explanation of conspicuous consumption, setting the discussion under the aegis of lifestyle, brand consciousness, consumption of status and self-expression. An online survey was implemented, which generated a database composed of 398 respondents who had attended a marriage ceremony in the last six months. For data analysis, the modeling of structural equations using the PLS approach was used. The results of the study suggest, among other findings, that there is a relatively strong association between the constructs status consumption and self-expression, it was also possible to verify a significant and positive influence between the dimensions of the construct conspicuous consumption with status consumption. In addition, we found that there is a strong influence between social conformity and status consumption and between status consumption and self-expression. Thus, the article contributes to the studies of consumption by advancing the discussion about the antecedents and consequences of conspicuous consumption and the relationship between conspicuity and status.

Entrepreneurial Competencies and Strategic Behavior: a Study of Micro Entrepreneurs in an Emerging Country

Abstract: The purpose of this paper is to analyze the relationship between the entrepreneurial competencies and the strategic behavior patterns of entrepreneurs in response to the social and economic environment in which they operate, taking into consideration limitations that are common to emerging countries. The study takes a quantitative approach with a survey of 211 Individual Micro Entrepreneurs (IME) operating in the Brazilian state of Santa Catarina. The results demonstrated that there were differences between mean scores for the entrepreneurial competencies when compared across the entrepreneurs' strategic behavior types. Moreover, entrepreneurs who were Reactors possessed a mean of 6 out of the ten entrepreneurial competencies, Defenders had 7.97, Analyzers had 8.38, and Prospectors had 8.56. The paper reveals which competencies are most likely to be associated with each strategic behavior type. The findings also indicate that entrepreneurial competencies can impact the adoption of more consistent business strategies, contributing to actions that respond to unstable social and economic scenarios.

Push and pull motivations of Brazilian travel lovers

Abstract: Some people are more interested in traveling than others. What factors motivate people to travel? What are the factors that drive them to travel (push motives), and what are those that drive them to choose a certain type of trip (pull motives)? To answer these questions, this study conducted a twophase investigation with Brazilians citizens: an exploratory and qualitative phase with 16 in-depth interviews and a descriptive and quantitative phase based on a model supported by the 3M Model of Motivation and Personality (Mowen, 2000), and interpreted using structural equation modeling, with partial least squares (PLS). The most important motives identified were push motives (to search for self-knowledge and personal development) and pull motives (to face adventures and challenges, seek novelty, have stories to tell, and experience cultural diversity).

Risk and Organizational ambidexterity: a meta-synthesis of a case study and a framework

Abstract: Organizational ambidexterity arises as an organization’s ability to employ efforts on contradictory goals, such as exploration and exploitation for longterm success and long-lasting performance. In addition, the organization faces risks inherent in the management of its administrative capacity. However, to date, we did not find a systematic qualitative-research review on risk and organizational ambidexterity. This paper fills this gap by systematically reviewing existing qualitative case studies on risk and organizational ambidexterity published in peer-reviewed journals. To fulfill this objective, we used a meta-synthesis of qualitative synthesis case studies in order to identify possible cause and effect relationships between the constructs and to propose a theoretical model. The results showed that risk and uncertainty influence the way the organization invests resources in exploration or in exploitation. Second, the findings indicated that risk moderates the direct effect of exploration and exploitation on performance and on decision making, amplifying or reducing their effects. Third, the framework suggests that risk has a direct effect on organizational performance, reducing it, or influencing strategic decision-making (ranging from intuitive to rational decision).

Technology Transfer Capability: development dynamics in higher education institutions

Abstract: This paper aims to explain how the development dynamics of technology transfer capability occurs in Brazilian public higher education institutions. This study was guided by the dynamic capabilities perspective and some technology transfer models found in the literature. This research adopts the methodology of qualitative studies, in an interpretative and extended perspective, in two national reference institutions in an in-depth historical context with the purpose of expanding the theory. The results advance the findings in the literature regarding the characteristics of the technology transfer capability, distinguishing it from other capabilities, the influencing factors of its dynamism and a framework that reflects and clarifies the dynamic of its development. In terms of theory, the framework contributes to explain the functioning, the foundations and sustenance of a dynamic capability. From the perspective of practitioners, the framework explains how the intentionality of some human actors, with the influence of some internal and external factors, are paramount to found, sustain or bring change to the technology transfer capability.

Adoption of Social Media by Small- and Medium-sized Healthcare Enterprises

Abstract: Social media such as YouTube, Facebook, and Twitter can affect the way healthcare providers deliver their services. As low-cost tools, their use by small- and medium-sized enterprises (SMEs) in the healthcare sector could deliver competitive advantages. Several studies have shown that these tools are still underutilized by companies in this segment. Thus, the objective of the present study was to investigate which factors lead to the adoption of social media by SMEs in the healthcare sector in Brazil. To this end, a model for the adoption of organizational innovation was used in a causal study. A survey was conducted with 211 healthcare SMEs. The data analysis method was structural equation modeling (SEM), and SmartPLS 2.0 M3 software was used for the analyses. The results showed that both the perceived characteristics of the social media and the characteristics of the adopter are factors that contribute to the adoption of these media by the enterprises. Environmental influences were shown to not be relevant for the adoption of the media by the enterprises in the sample.

Vignettes: a data collection technique to handle the differential operation of items in surveys

Abstract: Vignettes are scenarios used in many areas of academic research, whose main application is related to situations in which judgments about people are subject to biases or distortions. Despite the wide use of vignettes in surveys, the recommendations for their creation are limited in the literature. Thus, this study aims to review and describe criteria presented in the literature for robust textualization of vignettes. This study presents a literature review on the use of vignettes and describes a minimum set of criteria (plausibility, clarity, simplicity, content validity and analogy between the vignette and the construct) for the judicious application of this methodology. They have presented four vignettes constructed from the literature review and validated by panel of experts, with the purpose of capturing the perception of respondents on the protagonists’ actions in scenarios about co-creation value in a health service. In this way, the study conceives the essential elements for the development of this methodology.

The Use of the ‘Job to Be Done’ methodology to identify value co-creation opportunities in the context of the Service Dominant Logic

Abstract: Organizations that operate in B2B contexts adopt value-creation strategies aimed at customer loyalty. Based on the concepts of the Service Dominant Logic (SDL), the study proposes the use of the Job to Be Done (JTBD) technique as a method to support the implementation of SDL concepts, applying the Outcome Driven Innovation (ODI) approach. Results of a survey carried out with 450 customers of a chemical company pointed out that the jobs revealed by the customers, once solved, actually result in better performance, thus contributing to confirm the adequacy of the technique for the purpose of identifying and prioritizing customers with greater potential for co-creation. The study also evaluates the variable ‘professional management’ as a moderator of this relationship and confirms that the solution of the jobs considered relevant by the customers, in a context of professional management, enhances co-created value.

Financial Reporting Quality and Sustainability Information Disclosure in Brazil

Abstract: Currently, businesses face an information disclosure approach involving the triple bottom line (social, environmental, and financial). This paper aims to investigate the relationship between corporate social responsibility (CSR) information and financial reporting quality (FRQ). We argue that CSR companies behave differently in preparing financial accounting reports. Recent literature supports this theme, providing two distinct hypotheses: transparent financial reporting and retreatment. We used a sample of 1,181 companies from the years 2012 to 2016 to identify if socially responsible companies have better quality financial accounting information. In contrast to the hypotheses raised, we didn’t find a relationship between the CSR disclosures and the FRQ proxies. This suggests that sustainable companies do not explain lower or higher levels of earnings management. Our findings remain unchanged when we replace results management through discretionary accruals for manipulations of operating activities. Estimates with comparable samples also didn’t change the interpretations of the results.

The Relational Aspects of Luxury Consumption in Brazil: The development of a Luxury Customer Relationship Perception Scale and the Analysis of Brand Personality Influence on Relationship Perception on Luxury Fashion Brands

Abstract: The main objective of this article is to develop a scale to measure relationship perception among customers of luxury fashion brands in Brazil. We followed Churchill’s (1979) and Rossiter’s (2002) guidelines on scale development, emcompassing interviews and the creation of a pilot version of the scale, that went through two purification processes – exploraroty and confirmatory factor analysis. The Luxury Customer Relationship Perception Scale is a 20 items instrument composed by three primary factors (brand experience, customer loyalty and brand image) and a second order factor (customer relationship perception), with good psychometric indices. As a secondary objective, we tested the relation between the dimensions of brand personality on relationship perception in the luxury context, confirming a prediction relation between these variables. Regarding our contributions, we propose a new metric for marketing literature, which enables future relational studies with other consumer behavior constructs. Then, we empirically show the impact of brand personality on relationship perception, filling a gap on literature that can also help the research on the antecedents of relationship marketing.Lastly, we analyse luxury consumption in an emerging country, a topic ofgrowing interest in literature, bringing out the aspects of the relationshipbetween luxury brands and Brazilian customers.

Moderating effect of economic instability in the relationship between concentration of control and market value: empirical evidence in Latin America

Abstract: This paper investigates the moderating effect of economic instability in the relationship between the concentration of control and market value of firms. For this purpose, we built an unbalanced panel dataset composed of 341 Latin American companies from six countries: Argentina, Brazil, Chile, Colombia, Mexico, and Peru. The results of the dynamic models, estimated using the systemic generalized method of moments, indicate, in general, that concentration of control only reduces the market value of firms in environments with high economic instability. Thus, this study provides empirical evidence that times of economic instability encourage controlling shareholders to act even more strongly in their own interests, which may result in the expropriation of the wealth of smaller shareholders.

Sticky Costs Behavior and Earnings Management

Abstract: This study aims to analyze the relationship between cost asymmetry (Sticky Costs) behavior and earnings management practices of Brazilian companies. The methodology refers to descriptive, documentary and quantitative research. The sample comprised 160 Brazilian companies listed on BM&FBovespa between 2008 and 2017. Multiple linear regression models were used to analyze the data. We observed that accounting profit is affected by sticky costs behavior and by earnings management practices. Total accruals and part of earnings management are explained by costs asymmetric behavior. This paper contributes to the current research on the discussion that part of earnings management can be due to sticky costs. In addition, the results show that the Dechow, Sloan and Sweeney (1995) model could consider the asymmetry of costs as an interference variable on total accruals, in order to better estimate the discretionary accruals.

Gender and Entrepreneurship: a comparative study between the Causation and Effectuation approaches

Abstract: The literature on the role of gender in entrepreneurship has been growing significantly in recent last years (FRIGOTTO; DELLA VALLE, 2016). However, little has been studied about the influence of gender in the conception of a business venture. In the search for empirical evidence to elucidate the debate about this gap in the literature, this research sought to verify whether there is an association between gender and the approaches Causation - based on causality - and Effectuation – based on contingencies - (SARASVATHY, 2001). For this purpose, a survey was conducted with Individual Micro Entrepreneurs (MEI) in the city of Nova Cruz/RN. A probabilistic random sample of 100 respondents was collected. The survey was composed of closed questions, including the profile of the entrepreneur, company profile and the Causation and Effectuation questions. The techniques of factorial analysis and multiple linear regression were used for data analysis. The results show a positive and statistically significant association between the female gender and the Causation perspective.

Risk Management in Born Globals: the Case of Brazilian Craft Breweries

Abstract: This work analyzes how risk management occurs in the internationalization process of Brazilian born global companies. Accordingly, we adopted the qualitative research approach, used a multiple case study strategy, and selected seven relevant craft breweries with national prominence. The findings highlight how risks are perceived in the internationalization process by managers and classified among commercial, intercultural, monetary and country risks. We also identified that these enterprises use different actions to mitigate risks, such as planning, market research, and building scenarios. The contributions discussed in this study are the identification of factors such as the international background of managers and the use of networks to minimize the perception of risk. Additionally, we discussed the ways in which risks are perceived and how the different mitigation strategies work. Finally, we proposed an integrated risk management model for the internationalization of born globals.

Internationalization and the Need of Business Model Innovation - A Theoretical Approach

Abstract: The global market can be considered a volatile environment and the internationalization of a firm through the adoption of any entry mode may lead to the need to innovate or adapt its business model (BM) to better fit specific contexts of international markets. Even though entry modes have been deeply investigated during the last decades, the relation of business model innovation (BMI) and entry modes is a new study subject. This article assumes that the internationalization process is a trigger for innovation, and it aims to answer what are the different possibilities of BMI generated through the entry modes. The concepts of BM, BMI, and its relationship with internationalization and entry modes are investigated in this paper. Based on the literature review, a theoretical model is proposed to relate entry modes and the need of business model innovation. We identified that little is known about the relation between these subjects and applied research is required.

The Impact of Private Equity and Venture Capital Funds on post-IPO Operational and Financial Performance in Brazilian invested companies

Abstract: The present article seeks to analyze the legacy and its persistence over time in terms of financing and operational policies and financial performance, of companies invested by Private Equity and Venture Capital funds (PE/VC). The PE/VC industry is characterized by the function of identifying companies with large return potentials and that grow arithmetically – due to capital constraints – to provide adequate and necessary sources of capital and experience for exponential growth. In this study, we used four measures that relate to companies’ financial policies and their persistence over time: i) cash & equivalents; ii) leverage; iii) Return on Assets (ROA); and iv) sales growth. The results suggest that PE / VC invested companies imply higher levels of cash & equivalents and are associated with a lower level of leverage during the first 5 years after the IPO. In addition, companies financed by PE/VC funds show higher profitability and higher sales growth compared to non-invested companies in the short term, i.e., in the first 3 years after the IPO.

The Effect of Reactance on Satisfaction: A Study in the Context of Supplementary Health Care Systems

Abstract: In a scenario in which the State is unable to serve the entire population, private health organizations have emerged, offering health plans and private assistance, called supplementary health systems. Given this context, the theme of this work is the study of the effect of psychological reactance on the satisfaction of users of supplementary health plans. The empirical phase was conducted through a survey with 145 university students. Data analysis, conducted through the macro PROCESS, indicated that the valuation of supplementary health care providers is closely related to the level of individual reactance of the user and the way the plan is contracted. Furthermore, freedom of choice of the operator minimizes negative evaluations from individuals with high psychological reactance.

How can Customer Analytics Capabilities Influence Organizational Performance? A moderated mediation analysis

Abstract: A theoretical model is proposed to test the relationship between Customer Analytics Capabilities and Market Orientation with Organizational Performance, encompassing Marketing Capabilities as a mediator mechanism moderated by Environmental Dynamism. Its contribution lies in the test of this mediation in different types of industries in Brazil, by using SmartPLS software for structural equation modeling (SEM) and IBM SPSS with PROCESS macro for more in-depth insights. The results confirm the moderated mediation but show different behaviors about the direct effect for Customer Analytics Capabilities and Market Orientation, which suggest future studies. The study supports a better understanding of some of the diverse capabilities types and proposes an adaptive new one, Customer Analytics Capabilities, which is the final insertion of the Analytics concept in Marketing and Strategy disciplines.

Repurchase Intention Conditioned to Economic Confidence in Main Street Retail Districts

Abstract: The crisis of confidence in Brazil creates a scenario that can influence relations between the attributes of the retailer and consumers. Consumer assessments can be adjusted to economic confidence, leading to more utilitarian values or decreasing the hedonic value of buying experiences. Thus, it is necessary to understand the intervention of economic confidence in the responses of consumers to the attractiveness factors of a retail cluster. We conducted an analysis on the extent to which attribute assessments and crowding perception, hedonic and utility value, and satisfaction, interact with economic confidence, and satisfaction to influence performance and repurchase intention. A survey was carried out in the purchase environment with 300 consumers (region of Rua 25 de Marco, Sao Paulo). Hypotheses were tested by PLS and Process. The mediating role of the economic trust between hedonic value and satisfaction was evidenced, proving adjustment of the hedonic value with the decrease of confidence. Theoretical and practical contributions are discussed in the conclusions.

Ebaco-R: Refinement Of Organizational Commitment Bases Scale

Abstract: Despite being extensively studied, the organizational commitment still remains in the research agenda due to a lack of consensus on conceptual and structural issues. Therefore, this research proposed to refine the Organizational Commitment Bases Scale (EBACO) in search for an instrument with better psychometric properties and a better theoretical adjustment. The research was divided into two phases, the first one was eminently exploratory, carried out with 149 observations, and evaluated the EBACO’s psychometric fitting with the reduction of two bases. The second phase, confirmatory, occurred in 45 organizations - 27 public and 18 private, with 812 observations. The confirmatory factor analysis was adopted to evaluate the psychometric properties and the theoretical adequacy of the refined model. The results indicated that with five dimensions the EBACO model presented higher levels of KMO, Cronbach’s Alpha, and explained variance. It was also verified that the model discussed obtained adequate values of the goodness of fit indexes χ2/df, RMSEA, CFI, TLI and RMR. Finally, it was verified that the refined model, EBACO-R, presented a convergent validity, ensuring a greater suitability of the scale to the theory. Furthermore, the model refinement, excluding the bases, contributes to the discussion by Osigweh (1989) about the 'concept stretching' commitment.

The instrumentalization of metaphors in the management field: reflections from the use of the book "the art of war" on business

Abstract: The debate about the use of metaphors in the organizational context in the last decades has not been exhausted, especially in discourse studies. Inserting itself in this discussion, the present essay problematizes the anachronistic dimension in the use of metaphors in the field of management. From a hermeneutic-critical perspective, we argue that the use of metaphors in managerial literature sometimes reflects a utilitarian and anachronistic distortion of the contexts originating in metaphorical symbolic forms. In this sense, the strategic use of language can inhibit the interpretive autonomy of individuals, that is, colonize their interpretive horizons by the persuasive induction of simplistic and utilitarian worldviews about organizational reality. We use the essay form as a method, and we rely theoretically on Alvesson’s critical approach, on the hermeneutics by Gadamer and Ricoeur, and on Habermas’ Critical Theory. We illustrate our argument by recurring use of the work “The Art of War” as a metaphor for managerial practice.

Agency Costs and Scarce Resources: Influences on Brazilian Franchising

Abstract: This paper revisits a traditional issue in literature on franchising: the contractual mix (i.e., the proportion between franchised and company- owned stores). We analyze 270 Brazilian chains to better understand the Brazilian scenario. We stress the dynamics of this proportion over time considering the perspective of monitoring costs and the difficulty of access to resources as possible explanations. Considering the moment of the Brazilian economy, it is pertinent and opportune to investigate the behavior of the chains in times of turbulence. Panel data covering the 2011-2016 period was analyzed through econometric tools. The results corroborate aspects related to monitoring and incentives advocated by the agency theory, that is: costs of monitoring in elevation due to the geographic dispersion induce a greater proportion of franchised stores. In addition, the concept of dispersion is extended to capture socioeconomic aspects of the different regions occupied by the chains. Effects related to restriction to scarce resources are also noted, but in a less unambiguous way.

Comparison of VaR Models to the Brazilian Stock Market Under the Hypothesis of Serial Independence in Higher Orders: Are Garch Models Really Indispensable?

Abstract: Our objective in this article was to verify which models for the Value at Risk (VaR), among those that do not consider conditional volatility (Extreme Values Theory and the traditional Historical Simulation), and those that do consider it (GARCH and IGARCH), are adequate for the main index of the Brazilian stock market, the IBOVESPA. For this purpose, backtesting of adherence and the independence of first and higher orders were implemented for the four models mentioned, over forecast horizons of 1 and 10 days. The contribution is based on a the more rigorous criteria than those used in the literature for validating VaR models, as we performed backtesting for violation independence of higher orders on forecast horizons of 10 days. The results show that only GARCH family models were adequate. Thus, it is recommended to entities of the National Financial System that keep relevant positions in the Brazilian stock market, the utilization of internal risk models based on conditional volatility, in order to minimize the occurrence of violation clusters.

Shareholding Interest in Companies Listed on B3 in 2018: A Study of Networks

Abstract: The shareholding structure of large companies interferes with market competition, as well as the financial stability thereof. Some international studies have analyzed the control network of companies in their corresponding countries, others have broadened such vision to transnational companies, conducting a world level analysis, with both aiming to describe the willingness of the main shareholders regarding the network structure. Thus, the challenge herein is to elaborate and analyze the network of shareholding in companies listed on B3 in 2018. This paper will be descriptive research that uses Network Analysis of data obtained from Economatica software. As a result, we find a network with a giant component comprised of 726 players and a shareholders’ network of low density, high modularity and with main players of high influence. The results contribute to understanding the current structure of the Brazilian stock market share and are expected to encourage new researches on the Brazilian financial market.

What is the Meaning of an Automobile for the Consumer? How Brazilians and Americans Evaluate Cars, a Comparative Model

Abstract: The objective of this study was to identify the relation between Human Values and behavior in order to judge automobile purchases in Brazil and the United States of America. North Americans (N=461) and Brazilians (N=570) filled out the Portrait Values Questionnaire in its refined version, PVQ-R (Schwartz et al., 2012), the List of Values (Kahle & Kennedy, 1988) and the Judgment and Meaning Scale (Allen, 2000). Using stepwise regressions to determine which Human Value relates better with each type of judgment and attribution of meaning, two structural models were built comparing the influence of each value in each type of judgment both in the United States of America and Brazil. The results showed that in both countries the Human Values have a higher correlation with judgment than the List of Values and can predict the types of judgment and attribution of meaning the subjects use to evaluate automobile purchase, however, the structures are similar but not equal, indicating that cultural influences can alter how the evaluation is processed.

Activities in the Context of a Network, Trust and Internal Resources as Antecedents of the Effectiveness of Network Governance: a Study of the Impact on the Performance of the Companies Involved

Abstract: In a competitive business environment, the role of entities capable of exercising network governance (NG) has become indispensable to the operations of the companies involved. With few theories that approach the subject, this work has as its main objective the investigation of the background of network performance, trust and internal resources in the effectiveness of the NG, and its influence on the performance of the companies. To this end, 181 companies linked to the FIEMG-MG were surveyed in a quantitative and descriptive analysis in which multivariate statistical analysis was used to analyse the data. The results show that, on one hand, there is significant and positive influence of reliable records and internal resources on the NG, and on the other, working in networks does not seem to have much relevance. It emphasizes that, together, the antecedents can explain about 75% of the variability of NG. The positive influence of NG on the performance of the companies involved could also be seen.