Editorial

ID: 5270

Authors: Maria Aparecida Gouvêa.

Source: REGE - Revista de Gestão, v. 15, n. 3, p. 1-1, July-September, 2008. 1 page(s).

Document type: Editorial (Portuguese)

A theoretical framework for Corporate Governance studies: Agency Theory assumptions

ID: 5263

Authors: Laise Ferraz Correia, Hudson Fernandes Amaral.

Source: REGE - Revista de Gestão, v. 15, n. 3, p. 1-10, July-September, 2008. 10 page(s).

Keyword: Agency Theory , Corporate Governance

Document type: Article (Portuguese) Show Abstract

The agency theory, an important theoretical framework in the area of corporate governance, was discussed as a contribution for development of this subject. The foundations, assumptions and building blocks of the agency theory, frequently used in research on this subject, are often only partially addressed. An effort was made to bridge this gap in governance studies by discussing pillars of the agency theory, that is to say, assumptions about the nature of human behavior in organizations, the way organizations allocate steps in the decision making process across agents, the relevance of specific knowledge required , the agency costs arising from diffusion of decision functions among rational agents with the specific knowledge required, and decision control mechanisms for opportunistic behavior of agents, were included. These essentials of the agency theory constitute the foundation for constructing corporate governance mechanisms directed to improved management and performance.

Comparative analysis for prediction of insolvency of a bank credit portfolio composed of medium-sized companies

ID: 5264

Authors: José Odálio dos Santos.

Source: REGE - Revista de Gestão, v. 15, n. 3, p. 11-24, July-September, 2008. 14 page(s).

Keyword: Credit , Default , Profitability , Return , Risk

Document type: Article (Portuguese) Show Abstract

The Brazilian credit market has been characterized by increasing finance concessions to companies, and concurrently, failure to pay on the part of these debtors. Therefore an analysis was made of three risk management indicators to compare signals for increased risk of solvency, one or two years before the fact, when applied to a credit portfolio comprised of 80 medium-sized companies from different sectors. The three indicators used were the portfolio credit risk classifications by a major private Brazilian bank and by the Brazilian Federal Reserve for operations in arrears as a well as the paradigm for insolvency provision, Model M S, developed by Minardi and Sanvincente. Results disclosed divergencies on portfolio solvency alerts by the three indicators in relation to the effective risk classification of each individual company according to the bank. In conclusion a strong recommendation was made to work with the largest number of indicators and information sources possible so as to minimize such a risk of insolvency.

An introduction to Behavioral Finance

ID: 5265

Authors: Claudia Emiko Yoshinaga, Raquel Freitas de Oliveira, Alexandre Di Miceli da Silveira, Lucas Ayres Barreira de Campos Barros.

Source: REGE - Revista de Gestão, v. 15, n. 3, p. 25-35, July-September, 2008. 11 page(s).

Keyword: Application of behavioral models in Finance , Behavioral Finance , Prospect Theory

Document type: Article (Portuguese) Show Abstract

A subject often debated in Finance is the validity of assumptions regarding traditional theories, especially in relation to the rationality of economic agents. Studies endeavoring to improve theoretical models have incorporated behavioral aspects previously disregarded thereby creating the new and promising field of behavioral finance. The remarkable growth of this unorthodox approach has been spurred by attempts to explain phenomena in the financial markets which are incompatible with traditional model forecasts. A brief introduction to the concepts of behavioral finance was presented with comments on pioneer applications that incorporated two frequent examples of cognitive biases, namely optimism and excessive confidence, for the purpose of building a new theoretical paradigm.

Professional and personal incompatibilities with demands on managers

ID: 5266

Authors: Selim Rabia, Tania Pereira Christopoulos.

Source: REGE - Revista de Gestão, v. 15, n. 3, p. 37-54, July-September, 2008. 18 page(s).

Keyword: Discrepancy , Dissatisfaction , Managers , Quality of Life

Document type: Article (Portuguese) Show Abstract

Modern managers suffer and often recognize this at work but they rarely show dissatisfaction for reasons that range from distrust to a lack of understanding of their feelings. Several reasons for this suffering were examined to analyze the perception of managers in relation to the integration of quality of life at work and in their personal lives. The importance of this study was related to the dissatisfaction that this lack of understanding produced in the individual who was incapable of dealing with the causes, and also to the detriment on organization productivity. Speeches made by 30 managers were analyzed concerning satisfaction, identification with organization objectives, relationships with their company, superiors, peers and subordinates as well as feelings of assurance and pleasure and then compared to their replies to questionnaires. A great discrepancy was found between these speeches and replies in relation to work satisfaction and the simultaneous dissatisfaction related to the sacrifice that work imposed on their personal lives.

Relationship as a strategy for banks: satisfaction of car dealers with a bank financial service

ID: 5267

Authors: Edson Roberto Scharf, Eduardo Juan Soriano-Sierra.

Source: REGE - Revista de Gestão, v. 15, n. 3, p. 55-65, July-September, 2008. 11 page(s).

Keyword: Competitiveness , Knowledge Management , Marketing , Relationship , Strategy

Document type: Article (Portuguese) Show Abstract

Relationships between commercial organizations endeavor to develop long lasting, mutually satisfactory ties, where both parties perceive the value of the services inherent in the operations. It is a competitive strategy for excellence in commercial relations. The relationships between a multinational bank agency, very well regarded in the segment of car financing and car dealers were studied to verify bank adjustment to dealer expectations and moreover to understand dealer comprehension of bank efforts. The level of dealer satisfaction with services and aspects to be developed was identified, so that in practice, the importance of Relationship Marketing is better perceived by both parties. Suggestions were formulated including a formal Relationship Marketing Program, an intensive training program and implementation of a knowledge management process.

Importance of supplementary services in the service sector on customer satisfaction

ID: 5268

Authors: Sandro Magaldi, Edson Crescitelli.

Source: REGE - Revista de Gestão, v. 15, n. 3, p. 67-75, July-September, 2008. 9 page(s).

Keyword: Costumer Satisfaction , Management Services , Relationship Marketing

Document type: Article (Portuguese) Show Abstract

Supplementary services, not directly related to the main service of a business, often have a great influence on customer satisfaction. The overall level of a customer satisfaction is the result of an interaction of all aspects of the service given and not only with those related to the essential service. The importance of the influence of supplementary services was investigated with a theoretical review about rendering services and customer satisfaction and complemented by a field survey of customers of a service company that promotes events for executives. Results obtained indicated that the influence of supplementary services is strongly related to overall customer satisfaction with the service rendered by this company.

Comparison of supplier proposals with the Decision Tree Method

ID: 5269

Authors: Wesley Vieira da Silva, Jansen Maia Del Corso, Hanna Tatarchenko Welgacz, Julinês Bega Peixe.

Source: REGE - Revista de Gestão, v. 15, n. 3, p. 77-94, July-September, 2008. 18 page(s).

Keyword: Decision Making , Decision Tree , Risk

Document type: Article (Portuguese) Show Abstract

The decision theory was investigated for use in a company with the application of the Decision Tree Method to compare and decide upon three proposals for supply of imported steel. The complexity of company procedures and need for a rapid and assertive decision pointed to a decision making approach to improve the quality and timing of this process. The sequence supported by the Decision Tree led to a decision coherent with all the procedures involved in the Method. Estimated risk scenarios and Expected Monetary Values were compared. The Ukrainian proposal won although the price was not the lowest but it had instead the best probability of business success as well as the highest Expected Monetary Value.