Editorial

ID: 9630

Authors: Nicolau Reinhard.

Source: RAUSP Management Journal, v. 48, n. 1, p. 6-6, January-March, 2013. 1 page(s).

Document type: Editorial (Portuguese)

The art of surviving together: studying the identity of the Grupo Galpão

ID: 9631

Authors: Mariana Mayumi Pereira de Souza, Alexandre de Pádua Carrieri.

Source: RAUSP Management Journal, v. 48, n. 1, p. 7-20, January-March, 2013. 14 page(s).

Keyword: collective identity , discursive practices , identity , theater group

Document type: Article (Portuguese) Show Abstract

In this paper, we aimed at analyzing the construction process of Grupo Galpão’s collective identity. Grupo Galpão is a group of theater actors from Belo Horizonte. It was founded twenty nine years ago. Our goal was to study identity related to the context of cultural industry. In order to perform it, we started from individual level to comprehend collectively shared meanings, basically, considering the group’s objectives and structure. Since individual identity is built by discursive practices and since discursive practices are always related to sociolinguistic structures e discursive genres, individual identity is revealed in certain context and in relation to other identities, individual or collective ones. In this research, we understand that interaction spaces defined by collective identities may limit the expression of individual identities. However, occasionally, an individual can be able to transform him/herself and actively transform spaces where domination relationships take place. In order to get inside Grupo Galpão’s quotidian reality, the researcher collect data during twelve months, including observations and in depth interviews. By the end, we highlight Grupo Galpão’s identitary aspects that demonstrate the group’s current stability. On the other hand, results also reveal some tension between the rationality of the cultural goods market and the rationality inherent of authentic arts production.

From owner’s son to distinguished manager: successes and failures in the process of constructing successors’ legitimacy in family-owned organizations

ID: 9632

Authors: Janete Lara de Oliveira, Ana Luiza Albuquerque Cruz, Rafael Diogo Pereira.

Source: RAUSP Management Journal, v. 48, n. 1, p. 21-33, January-March, 2013. 13 page(s).

Keyword: family-owned company , legitimacy , social construction , succession

Document type: Article (Portuguese) Show Abstract

The issue of succession is theoretically recognized as one of most delicate moments a family-owned company undergoes. Succession as a social process, in which the heir-successor will have to construct his or her legitimacy, has not been closely examined in recent studies in Brazil. This work’s objective is to analyze the process of construction of legitimacy by successors in two family-owned organizations in the state of Minas Gerais. It seeks to understand the process through the challenges, difficulties, and conflicts lived by the successors throughout their career in the organization. This study will not completely fill this void, but nevertheless seeks to analyze the complex problematic presented by the process of legitimization from the perspectives of family, management, and property. A qualitative approach was used, operationalized through case studies which allowed for the understanding of dynamic specificities and the process of legitimization in each of the companies studied. The results indicate that the company effectively constitutes a primary instance of socialization, promoting the idea of commitment to the continuity of the family business. In addition, the studied cases demonstrated distinct ways through which this legitimization was processed,reinforcing the idea that this a process of social construction.

Organizational culture and leadership: a viable relationship?

ID: 9633

Authors: Leilianne Michelle Trindade da Silva Barreto, Angeli Kishore, Germano Glufke Reis, Luciene Lopes Baptista, Carlos Alberto Freire Medeiros.

Source: RAUSP Management Journal, v. 48, n. 1, p. 34-52, January-March, 2013. 19 page(s).

Keyword: leadership , restaurant sector , rganizational culture

Document type: Article (Portuguese) Show Abstract

This work examines the relationship between organizational culture and leadership performed by managers from 37 restaurants in a Brazilian capital city. As a theoretical approach, it was considered the concept of organizational culture as a variable; the concepts of transformational and transactional leadership and the relationship between organizational culture and leadership. Using a questionnaire, it was investigated the relationship between four types of organizational culture – clan, adhocracy, market and hierarchy - and transformational leadership (in terms of four categories: idealized influence, inspirational motivation, intellectual stimulation and individualized consideration) as well as the relationship between those four types of culture and transactional leadership (focusing in three dimensions: contingent reward leadership, management by exception and absence of leadership). It was found a negative correlation between the management by exception dimension and adhocracy culture and between individualized consideration dimension and hierarchy culture. In addition to that, it was observed the predominance of adhocracy and clan cultures.  

Corruption in organizations: moral perception of enterprises according to education, age, and gender

ID: 9634

Authors: Renato Almeida dos Santos, Arnoldo José de Hoyos Guevara, Maria Cristina Sanches Amorim.

Source: RAUSP Management Journal, v. 48, n. 1, p. 53-66, January-March, 2013. 14 page(s).

Keyword: compliance , governance , organizational ethics

Document type: Article (Portuguese) Show Abstract

Corruption in organizations is a well-studied systemic phenomenon that may be approached in different ways. One of these is through the perspective adopted in compliance literature, understood as a reflection about the causes and the mitigation of corruption, as well the tools to promote an ethical environment. The basis of compliance is the moral perception of the person when exposed to ethical dilemmas. The purpose of this work is determine the relative relevance of education, age, and gender in the moral perception of businesses. Our statistical analysis is based on secondary data provided by ICTS Global, an international company specializing in the reduction of risks involving human life, business goals, assets, information, and reputation. We carried out an exploratory statistical analysis on data concerning variable indicators of the index of analyses of adherence to enterprise ethics (AAEE) from ICTS Global. Our research was based on a non-probabilistic by convenience sample composed of interviews carried out between 2004 and 2008 with employees and candidates from 74 Brazilian private enterprises. The final number of people interviewed totaled 7,574. The results indicate that the education variable exerts more influence on the moral perception indicators: the lower the level of education, the lower the perception of wrongdoing. On the other hand, more detailed analyses of the indicators of moral perception show interesting differences related to the profile of the professionals as well as the variables analyzed (gender, age, and education).

Direct and interactive effect of evaluation period on managerial time orientation

ID: 9635

Authors: Andson Braga de Aguiar, Fábio Frezatti.

Source: RAUSP Management Journal, v. 48, n. 1, p. 67-79, January-March, 2013. 13 page(s).

Keyword: evaluation period , managerial time orientation , performance measures

Document type: Article (Portuguese) Show Abstract

The aim of this paper is to investigate the direct and interactive effect of evaluation period on managerial time orientation (MTO), that is the time horizon between the timing of resource allocation and the timing of its financial effect. Based on accounting and economics literature, we examine the following hypotheses: i) a longer evaluation period positively affects MTO; and ii) the positive effect of a longer evaluation period on MTO is higher in the case of a greater relative importance of nonfinancial measures than to financial measures. Based on partial least-squares analysis, we test hypothesis using survey data from 66 middle-level managers in 11 organizations. Our results suggest that evaluation period do not have direct, main effects on MTO; however, by considering its interaction with the performance measure, the results indicate that the effect of the evaluation period on MTO depends on the relative importance of financial versus nonfinancial measures. The main implication of these results is that the use of a longer evaluation period along with a greater importance of nonfinancial measures does not positively affect MTO; on the contrary, this positive effect on MTO is present when a shorter evaluation period is associated with a lower importance of nonfinancial measures.

The impact of liquidity on Brazilian corporate bond’s expected returns

ID: 9636

Authors: Bruno Hofheinz Giacomoni, Hsia Hua Sheng.

Source: RAUSP Management Journal, v. 48, n. 1, p. 80-97, January-March, 2013. 18 page(s).

Keyword: corporate bonds , duration , liquidity , rating , yield to maturity

Document type: Article (Portuguese) Show Abstract

This study aimed to identify the impact of liquidity risk in expected excess returns of Brazilian corporate bonds in the secondary market. We performed a battery of regression analysis with semiannual unbalanced panel data of 101 securities over eight semesters (first semester 2006 to the second half of 2009), totaling 382 observations. Seven proxies (bid/ask spread, %zeroreturns, age, amount outstanding, face value, number of bonds and %time) were used to test the impact of liquidity risk in the yield spreads. Ten other variables (Slope Factor, Credit Risk Factor, risk-free rate, rating, duration, four accounting variables and equity volatility) were used as other yield spread determinants. The null hypothesis that there isn´t a liquidity premium for bonds in Brazilian secondary market was rejected for only three proxies (bid/ask spread, face value and number of bonds). The premmia founded are quite small (1.9 basis point for each 100 basis points increase in the bid/ask spread, 0.5 basis point to 1% face value increase and 0.17 basis point for each less 1000 bonds issued) Anyway there was loss of efficiency of liquidity proxies following correction for autocorrelations and potential endogeneity, either through the inclusion of fixed effects, first differences analysis or simultaneous equation analysis. These results point to the fact that maybe liquidity risks are not important to the Brazilian corporate bonds secondary market expectations.

Constructing the Yield Curve for Brazilian Debentures Using Nelson-Siegel Parameterization

ID: 9637

Authors: Vinícius Gomes Araújo, Claudio Henrique da Silveira Barbedo, José Valentim Machado Vicente.

Source: RAUSP Management Journal, v. 48, n. 1, p. 98-113, January-March, 2013. 16 page(s).

Keyword: corporate bonds , Nelson-Siegel model , spread , yield curve

Document type: Article (Portuguese) Show Abstract

The aim of this work is to establish a term structure of interest rates for corporate bonds in the Brazilian market, using the Nelson-Siegel model (1987). The yield curves were divided by the type of index and the rating level. It was possible to measure the spread between the corporate bonds market and the government bonds market.

From mainframes to the cloud: Innovation, industrial structure, and business models in the information and communication technology industry

ID: 9638

Authors: Paulo Bastos Tigre, Vitor Branco Noronha.

Source: RAUSP Management Journal, v. 48, n. 1, p. 114-127, January-March, 2013. 14 page(s).

Keyword: business models , cloud computing , Google , history of IT , industrial policy , industry structure , information and communication technologies , innovation , Internet , mainframes , microcomputers , minicomputers , paradigm firms

Document type: Article (Portuguese) Show Abstract

Radical innovations in information technology are opening windows of opportunities for developing new business models which will affect the structure of global industry. By reviewing structural changes in the information technology industry over the past five decades, this article analyzes the relationship between innovation, the surge of paradigm firms, and business models, with the aim of contributing to the development of business strategies and public policies. The case of Google is analyzed, based on the recent literature on the information economy, in order to exemplify how technological change affects competition in the IT industry.

Impact of IT investments in Argentinian Banks´ efficiency

ID: 9639

Authors: Ángel Agustín Argañaraz, Antonio Carlos Gastaud Maçada, Diana Ester Albanese, María de los Ángeles López.

Source: RAUSP Management Journal, v. 48, n. 1, p. 128-144, January-March, 2013. 17 page(s).

Keyword: banks , DEA , efficiency , information technology (IT)

Document type: Article (Spanish) Show Abstract

These days, Information Technology (IT) represents an essential tool in the achievement of competitive advantages within a highly dynamic context. It is relevant to know the impact that it has on the development of organizations, especially in sectors like banking, which make extensive use of information. The present work presents a model to evaluate the impact of IT investment on bank efficiency. Data Envelopment Analysis (DEA) was the technique selected as efficiency measurement tool, according to the model built upon financial statement information of banks in Argentina. The results showed that the banks presented a high level of global efficiency. Local branches of foreign financial institutions and local banks with foreign capital proved to be the most efficient.

Proposal of a typology for the internationalization of internal and external R&D in Brazilian multinationals

ID: 9640

Authors: Priscila Rezende da Costa, Geciane Silveira Porto.

Source: RAUSP Management Journal, v. 48, n. 1, p. 145-164, January-March, 2013. 20 page(s).

Keyword: Brazilian multinationals , internal and external development , internationalization of R&D

Document type: Article (Portuguese) Show Abstract

Innovation must be managed globally and dynamically, and its understanding must encompass not only the analysis of innovative activities developed within the physical boundaries of the head office and its subsidiaries (internal R&D), but should also involve the evaluation of innovative activities elsewhere, with emphasis on the interactions between companies, universities, and research institutes in the country and abroad (external R&D). In this context, this study proposes to develop a general typology for the internationalization of R&D, focusing on the structural possibilities for internal and external development. To this end, we carried out a descriptive qualitative study focusing on three cases: Embraco, Tigre, and WEG. The results of the survey described typology generic to the internationalization of R&D; the characterization of the multinational study; characteristics of these companies’ internationalization of production and R&D, and analysis of the cases in terms of the typology presented. From the proposed framework, it was possible to infer that in terms of the internationalization of internal R&D, Embraco and WEG are in transition between the intermediate and mature structures; whereas the internationalization of external R&D oscillates between the embryonic and intermediate structures. In the specific case of Tigre, internationalization of both internal R&D and external R&D remains at an embryonic s tage.

Contribution of technology incubators to the internationalization of incubated companies

ID: 9641

Authors: Raquel Engelman, Edi Madalena Fracasso.

Source: RAUSP Management Journal, v. 48, n. 1, p. 165-178, January-March, 2013. 14 page(s).

Keyword: incubated companies , internationalization , technology incubators

Document type: Article (Portuguese) Show Abstract

This work aims to verify how Brazilian technology incubators contribute to the internationalization of incubated companies from the point of view of their management. To meet this objective we developed a model that, in addition to supporting this study, could provide a basis for studies of internationalization in small technology-based companies and incubators and assist their management. The model was based on the literature on two relevant areas of work: first, a survey was carried out on the factors influencing the internationalization of enterprises, especially micro and small technology-based companies; second, aspects of the process of incubation of technology ventures were examined, as well as the actions and services provided by incubators. A descriptive study was conducted of 40 technology incubators in Brazil (50% of the total) which met the following criteria: be in effective operation for a period longer than two years, and have graduated at least one company. These questionnaires showed that 40% of the incubators in the sample have formal programs focused on the internationalization of incubation, and 60% have actually started the process of internationalization. The results showed a positive relationship between incubation and internationalization. The survey provided indications of actions and services that are effective for the internationalization of companies.

Governance structures and strategic resources in distilleries located in the state of Paraná: an analysis from ECT and VBR complementarity

ID: 9642

Authors: Cleiciele Albuquerque Augusto, José Paulo de Souza, Silvio Antonio Ferraz Cario.

Source: RAUSP Management Journal, v. 48, n. 1, p. 179-195, January-March, 2013. 17 page(s).

Keyword: complementarity , distilleries in Paraná State , governance structure , resourced-based view , transaction costs economics

Document type: Article (Portuguese) Show Abstract

In this article the aim is to understand how to configure the governance structures, by considering costs of transaction (TCE) and different capacities and resources (RBV), in relationships involving producers and processors in distilleries in the state of Paraná. For this, a qualitative and descriptive research, with cross-sectional and longitudinal perspective, was conducted. The study involved semi-structured interviews with five managers and agricultural producers engaged in distilleries located in the state of Paraná. The results showed that, in relation to governance structures used by distilleries, vertical integration and market are not costumary. In this sense, it was noticed a strong tendency towards the use of contracts that give more uprighted, mostly through partnership in the lease form. In relation to strategic resources and capabilities that generate competitive advantage for the distilleries, contracted property location and the average distance were the most cited. Complementarity is ratified from the consideration that the distilleries internal resources and capabilities such as location, distance, knowledge, among others, influence the choice of more vertically integrated governance structures. These, in turn, are chosen to explore, protect and gain competitive advantage obtained through the control over those resources.