The Revise & Resubmit (R&R) Process

ID: 50833

: Maria Sylvia Macchione Saes, Flavio Hourneaux Junior.

: RAUSP Management Journal, v. 53, n. 3, p. 286-288, Julho-Setembro, 2018. 3 .

: Editorial (English)

The Effectiveness of Celebrity Endorsement in Aspiring New Celebrities: Examining the Effects of Brand, Congruence, Charisma and Overexposure

ID: 50834

: Otavio Freire, Filipe Quevedo-Silva, Diego Senise, Pedro Scrivano.

: RAUSP Management Journal, v. 53, n. 3, p. 289-303, Julho-Setembro, 2018. 15 .

: Celebrity endorsement

: Artigo (English)

PURPOSE - Celebrity endorsement is a phenomenon widely used by companies and studied by researchers. Despite the generally positive aspects of endorsement on the evaluation of products, in some cases, celebrities cannot substantially help promote products. The purpose of this paper is to analyze the effectiveness of celebrity endorsement effect in an aspiring new celebrity. DESIGN/METHODOLOGY/APPROACH - Four studies involving 664 respondents were conducted to analyze the effectiveness of the endorsement. In addition to verifying the existence of the effect (Study 1), studies were conducted focusing on contextual variables with the potential to modify effect. Study 2 analyzes the brand and charisma effects, Study 3 analyzes the congruence between celebrities and Study 4 analyzes the exposure level of the endorser celebrity. FINDINGS - The results demonstrate the effectiveness of this celebrity endorsement, as well as the effect of different contexts on endorsement, demonstrating that although new celebrities are less affected by acclaimed celebrities, as they become better known, to use the endorsement of celebrities with charisma and who relating in some way to the aspiring celebrity, can be an effective strategy, especially for the beginners in the career. ORIGINALITY/VALUE - This research contributes to the knowledge of celebrity endorsement to fill the lack pointed out in previous studies in the field over the effectiveness of this effect and, above all, the moderator variables that can influence or even annul this effect. In addition, by developing its own image and reputation, the aspiring new celebrity receives less influence from the endorser.

Taxation, Corporate Governance and Dividend Policy in Brazil

ID: 50835

: Timóteo Zagonel, Paulo Renato Soares Terra, Diogo Favero Pasuch.

: RAUSP Management Journal, v. 53, n. 3, p. 304-323, Julho-Setembro, 2018. 20 .

: Corporate governance , Dividends , Interest on equity , Taxes

: Artigo (English)

PURPOSE - This study aims to analyze the influence of taxes and corporate governance on the dividend policy of Brazilian companies. DESIGN/METHODOLOGY/APPROACH - The authors identify the changes of the tax legislation in Brazil in the period 1986-2011 and check their effect on corporate dividend policies for preferred and common shares. The authors use panel data Probit and Tobit estimation to verify the probability of companies to pay dividends under different tax regimes. The final sample comprises 672 companies, 1,159 traded stocks and 30,134 observations. FINDINGS - The authors' results suggest that changes in the tax legislation have a significant influence on dividend payments. Also, firms do not follow target payout ratios, but dividends are moderately dependent on past payments. Dividend payouts are affected by stock voting rights, privatization and dividend deductibility. Changes in regulation that reduce the agency problems among shareholders affect positively payout ratios. PRACTICAL IMPLICATIONS - For managers, maximizing shareholders' value requires taking into account the consequences of the taxation when designing financial policies for the firm. For investors, stock portfolio selection should take into account payout behavior and how changes in dividend taxation affect stocks' value. For policymakers, the effects of changes in the tax code on corporate behavior are of utmost importance to stimulate private investment and economic growth. ORIGINALITY/VALUE - There are several tax law changes in Brazil within the period analyzed, creating a good opportunity to study the effect of taxation on dividend policy and its dynamics over time.

Book-to-Market Ratio, Return on Equity and Brazilian Stock Returns

ID: 50836

: Rebeca Cordeiro da Cunha Araújo, Márcio André Veras Machado.

: RAUSP Management Journal, v. 53, n. 3, p. 324-344, Julho-Setembro, 2018. 21 .

: Book-to-market ratio , Fundamental valuation , Keywords Anomalies , Return on equity , Risk factors

: Artigo (English)

PURPOSE - This study aims to analyze the influence of future expectations of the book-to-market ratio (B/M) and return on equity (ROE) in explaining the Brazilian capital market returns. DESIGN/METHODOLOGY/APPROACH - The study analyzed the explanatory power of risk-factor approach variables such as beta, size, B/M ratio, momentum and liquidity. FINDINGS - The results show that future expectations of the B/M ratio and ROE, when combined with proxies for risk factors, were able to explain part of the variations of Brazilian stock returns. With respect to risk factors approach variables, the authors verified the existence of size and B/M effects and a liquidity premium in the Brazilian capital market, during the period analyzed. RESEARCH LIMITATIONS/IMPLICATIONS - This research was limited to the non-financial companies with shares traded at Brasil, Bolsa and Balcão, from January 1, 1995 to June 30, 2015. This way, the conclusions reached are limited to the sample used herein. PRACTICAL IMPLICATIONS - The evidences herein presented can also contribute to establishing investment strategies, considering that the B/M ratio may be calculated through accounting information announced by companies. Besides, using historical data enable investors, in a specific year, to calculate the predictor variables for the B/M ratio and ROE in the next year, which enhance the explanatory power of the current B/M, when combined in the form of an aggregate predictor variable for stock returns. ORIGINALITY/VALUE - The main contribution of this study to the literature is to demonstrate how the expected future B/M ratio and ROE may improve the explanatory capacity of the stock return, when compared with the variables traditionally studied in the literature.

Portfolio Construction and Risk Management: Theory versus Practice

ID: 50837

: Stefan Colza Lee, William Eid Junior.

: RAUSP Management Journal, v. 53, n. 3, p. 345-365, Julho-Setembro, 2018. 21 .

: Performance evaluation , Portfolio construction , Risk

: Artigo (English)

PURPOSE - This paper aims to identify a possible mismatch between the theory found in academic research and the practices of investment managers in Brazil. DESIGN/METHODOLOGY/APPROACH - The chosen approach is a field survey. This paper considers 78 survey responses from 27 4 asset management companies. Data obtained are analyzed using independence tests between two variables and multiple regressions. FINDINGS - The results show that most Brazilian investment managers have not adopted current best practices recommended by the financial academic literature and that there is a significant gap between academic recommendations and asset management practices. The modem portfolio theory is still more widely used than the post-modem portfolio theory, and quantitative portfolio optimization is less often used than the simple rule of defining a maximum concentration limit for any single asset. Moreover, the results show that the normal distribution is used more than parametrical distributions with asymmetry and kurtosis to estimate value at risk, among other findings. ORIGINALITY/VALUE - This study may be considered a pioneering work in portfolio construction, risk management and performance evaluation in Brazil. Although academia in Brazil and abroad has thoroughly researched portfolio construction, risk management and performance evaluation, little is known about the actual implementation and utilization of this research by Brazilian practitioners.

Antecedents of Turnover in Federal Public Administration

ID: 50838

: Pedro Cavalcanti G. Ferreira, Elaine Rabelo Neiva.

: RAUSP Management Journal, v. 53, n. 3, p. 366-384, Julho-Setembro, 2018. 19 .

: Civil servants , Engagement , Expectations , Turnover , Values

: Artigo (English)

PURPOSE - Understanding the reasons that lead civil servants to abandon their offices is an important step towards qualifying personnel management in the Federal Administration. The purpose of this study is to present an initial approach to the subject and to investigate variables that favor or reduce the turnover intention among civil servants in the Federal Executive Branch. DESIGN/METHODOLOGY/APPROACH - To fulfill the objective stated, the study resorted to variables e values, expectations and affective commitment to the organization. Variables were tested in a model e structural equations capable of verifying if these are antecedent or not of the turnover intention levels in sample comprising 228 civil servants. FINDINGS - The validation of a model of structural equations unveiled a statistically relevant relation e dependence among values, expectations and the affective commitment to the organization. Moreove, engagement proved to be a mediator of the relation between the other variables and the turnover intention. ORIGINALITY/VALUE - The work contributed to literature by presenting evidence that low expectation among civil servants bring low affective commitment which, in tum, leads to higher willingness to qui organizations. On the other hand, the same model showed that self-transcendent values, typical to the public career (serve the public), prevail among civil servants and positively impact commitment. This scenario shows that in people management all these elements of values and expectations must be worked on to reduce the number of civil servants that quit the government every year, as well as the high costs associated with quitting.

Business Analytics Leveraging Resilience in Organizational Processes

ID: 50839

: Larissa Alves Sincorá, Marcos Paulo Valadares de Oliveira, Hélio Zanquetto-Filho, Marcelo Bronzo Ladeira.

: RAUSP Management Journal, v. 53, n. 3, p. 385-403, Julho-Setembro, 2018. 19 .

: Analytical capabilities , Business analytics , Business process management maturity , Organizational resilience

: Artigo (English)

PURPOSE - The survival and growth of organizations presently depend on managing processes and capabilities to effectively use large volumes of data from different sources to assist organizations' strategic and operational goals. This paper aims to test the relationship between organizational analytical capabilities (OAC), the performance results in organizational resilience (OR) and the business process management maturity (BPMM). DESIGN/METHODOLOGY/APPROACH - Based on a survey of companies operating in the state of Espírito Santo, Brazil, a conceptual model was proposed and tested using the partial least squares algorithm. FINDINGS - The results confirm the proposed theoretical hypotheses that OAC and BPMM positively impact OR. In addition, the results show that OAC exert a moderating effect on the relationship between BPMM and OR. PRACTICAL IMPLICATIONS - It is understood that stimulating the practice of data and information analysis in the organizational routine translates into a relevant managerial behavior, as this attitude leverages the knowledge development and understanding about how to manage unexpected risk events, enabling companies to assess their ability to react to disruptions, even in terms of operational failures.

Foreign Direct Investment in the G-20: To what Extent do Institutions Matter?

ID: 50840

: Jurema Tomelin, Mohamed Amal, Nelson Hein, Andréia Carpes Dani.

: RAUSP Management Journal, v. 53, n. 3, p. 404-421, Julho-Setembro, 2018. 18 .

: Foreign direct investment , Institutions , TOPSIS

: Artigo (English)

PURPOSE - This study aims to identify to what extent the economic factor effect is more salient in shapin inward foreign direct investment (IFDI) than are institutional factors in G-20 inflow patterns. Design/methodology/approach - Technique for Order Preference by Similarity to Ideal Solutio (TO PSIS) method was applied using the World Bank Governance and Development Indicators, followed by panel data technique over the period 2005-2015 to estimate the connections between the different dimension of economics, institutions and IFDI in the G-20. FINDINGS - Results showed that countries with better economic performance contrasting with th governance indicators are more effective at attracting IFDL However, the correlation between FDI intensit and governance indicators has been found relatively weak, which may suggest a more controversial role e institutions as determinants of IFDL RESEARCH LIMITATIONS/IMPLICATIONS -This quantitative approach uses a country-level set of variable: therefore, the authors suggest the development of more firm-level analysis of the impact of institutions. Als: the limitation of the TOPSIS method itself is based on heuristic assumptions. PRACTICAL IMPLICATIONS - The main findings point to a relatively low impact of institutions on IFDL Th authors suggest that the global financial crisis has changed the rationale of decision-making by multination. companies. ORIGINALITY/VALUE - The originality of the present study was to apply a multi criteria decision-makin technique on FDI's analysis combined with institutional data.

Internationalization Process through an Opportunity Lens

ID: 50841

: Sérgio Rezende, Kátia Galdino, Bruce Lamont.

: RAUSP Management Journal, v. 53, n. 3, p. 422-440, Julho-Setembro, 2018. 19 .

: Internationalization process , International opportunity , Opportunity learning , Opportunity source , Sequential moves

: Artigo (English)

PURPOSE - The purpose of this paper is to establish a conversation between international business anc international entrepreneurship literatures by analyzing if and how international opportunities are related te the internationalization process of the firm. DESIGN/METHODOLOGY/APPROACH - This paper reports finding from a backward-looking longitudinal qualitative, embedded case study of an internationalized Brazilian firm, covering all 13 foreign markets when the firm has operated over 18 years. FINDINGS - Modal shifts within foreign markets were rare. Over time, the firm learned how to refine, rather than change, the servicing modes within each foreign market; it also learned how to better develop interna and exploitative opportunities, manage a portfolio of servicing modes across foreign markets, and use more complex mode servicing packages. Overall, international opportunities and the internationalization process 01 the firm were inextricably connected. RESEARCH LIMITATIONS/IMPLICATIONS - The authors acknowledge limitations related to the statistica generalizability of the research method and suggest that statistical validation is needed as the research or opportunities and the internationalization process of the firm progresses. Practical implications - Internationalizing firms should carefully consider the choice of entry mode ir foreign markets. They should also understand that learning is not necessarily associated with change. ORIGINALITY/VALUE - The authors show that the internationalization process of a traditional firm can be analyzed through an opportunity lens. This means associating characteristics of international opportunities with mode continuation and modal shifts in all foreign markets where the firm operates.

Impact of Programs on Competency, Career, and Income on Management Graduates

ID: 50842

: Roberto Brazileiro Paixão, Márcio Arcanjo de Souza.

: RAUSP Management Journal, v. 53, n. 3, p. 441-458, Julho-Setembro, 2018. 18 .

: Career , Competencies , Graduate , Income

: Artigo (English)

PURPOSE - This paper aims to evaluate the impact of Federal University of Bahia's Business Administration graduate programs on graduates' competency, career and income development. DESIGN/METHODOLOGY/APPROACH - It is a descriptive study, for which a survey was applied and the data were analyzed using quantitative techniques (descriptive analysis, factorial analysis, t-test, Mann-Whitney test and regression analysis). Data collection was conducted through an electronic questionnaire sent to the graduates in the period between 1998 and 2012. FINDINGS - The results show that in general, the research participants perceive competency, career and income development after the course. At the same time, a comparison between the graduates of academic and professional axes (courses) was carried out, and in general, there is a certain similarity between perceptions. Originality/value - This research contributes to the theoretical field on evaluation of graduates, both from a methodological point of view, because of conducted statistical analysis that is complementary to other methods used, and from a practical point of view, as it offers redesign and improvement elements to the program's curricula and teaching-learning methodologies so that it can maximize competency development, career and income of graduates.

Methodological Roadmapping: A Study of Centering Resonance Analysis

ID: 50843

: Jonathan Simões Freitas, Jéssica Castilho Andrade Ferreira, André Azevedo Rennó Campos, Júlio Cézar Fonseca de Melo, Lin Chih Cheng, Carlos Alberto Gonçalves.

: RAUSP Management Journal, v. 53, n. 3, p. 459-475, Julho-Setembro, 2018. 17 .

: Centering resonance analysis , CRA , Methodological innovation , Methodological roadmapping

: Artigo (English)

PURPOSE - This paper aims to map the creation and evolution of centering resonance analysis (CRA). This method was an innovative approach developed to conduct textual content analysis in a semi-automatic, theory-informed and analytically rigorous way. Nevertheless, despite its robust procedures to analyze documents and interviews, CRA is still broadly unknown and scarcely used in management research. Design/methodology/approach - To track CRA's development, the roadmapping approach was properly adapted. The traditional time-based multi-layered map format was customized to depict, graphically, the results obtained from a systematic literature review of the main CRA publications. FINDINGS - In total, 19 papers were reviewed, from the method's introduction in 2002 to its last tracked methodological development. In all, 26 types of CRA analysis were identified and grouped in five categories. The most innovative procedures in each group were discussed and exemplified. Finally, a CRA methodological roadmap was presented, including a layered typology of the publications, in terms of their focus and innovativeness; the number of analysis conducted in each publication; references for further CRA development; a segmentation and description of the main publication periods; main turning points; citationbased relationships; and four possible future scenarios for CRA as a method. ORIGINALITY/VALUE - This paper offers a unique and comprehensive review of CRA's development, favoring its broader use in management research. In addition, it develops an adapted version of the roadmapping approach, customized for mapping methodological innovations over time.

Administration of Justice: An Emerging Research Field

ID: 50844

: Tomas Aquino Guimaraes, Adalmir Oliveira Gomes, Edson Ronaldo Guarido Filho.

: RAUSP Management Journal, v. 53, n. 3, p. 476-482, Julho-Setembro, 2018. 7 .

: Administration of justice , Public administration , System of justice

: Artigo (English)

PURPOSE - The purpose of this paper is to discuss the concept of Administration of Justice as a research field and set out an agenda for future studies that could promote the production of scientific knowledge in this area. DESIGN/METHODOLOGY/APPROACH - This paper explores the idiosyncratic features, dimensions of analysis upon the Administration of Justice, states a research agenda and discusses the main challenges on this theme. This paper conceptualizes Administration of Justice as a research field and discusses related phenomena from institutional and economic perspectives on innovation, performance, governance and legitimacy. FINDINGS - As a research field, Administration of Justice is defined as a set of theoretical concepts, research methods and techniques, aiming to investigate the management processes associated with the use and articulation of resources, knowledge and institutions, at different levels of the justice system, and their influence on the provision of justice in a given social context. As social phenomena, four levels of analysis are proper to investigate the justice system: societal, inter-organizational, organizational and operational. Innovation, performance, governance and legitimacy are central themes of the Administration of Justice and present various gaps and research opportunities. RESEARCH LIMITATIONS/IMPLICATIONS - The main implications is the proposal of an agenda for future studies on the Administration of Justice field, which is an important step in raising awareness of the issue. ORIGINALITY/VALUE - Administration of Justice encompasses a growing interest among academics, justice practitioners and public managers regarding managerial and political practices carried out in the justice system. Although relevant, this subject has been scarcely studied by the management community. This paper invites community to adopt an organizational and institutional perspective to Administration of Justice, setting an agenda for future research.