Editorial

ID: 7053

Authors: Eduardo Diniz.

Source: Revista de Administração de Empresas, v. 52, n. 1, p. 5-5, January-February, 2012. 1 page(s).

Document type: Editorial (Portuguese)

Governmental incentives in PPP: an analysis with real options

ID: 7054

Authors: Luiz Eduardo Teixeira Brandão, Carlos de Lamare Bastian-Pinto, Leonardo Lima Gomes, Marina Schuabb Salgado.

Source: Revista de Administração de Empresas, v. 52, n. 1, p. 10-23, January-February, 2012. 14 page(s).

Keyword: demand guarantees , design of incentives , Public-private partnership , real options , valuation

Document type: Article (Portuguese) Show Abstract

On November 2005 the State Government of São Paulo, Brazil, announced the intention to bid a contract to provide passenger services for the Line 4 of the São Paulo Metropolitan Subway System. In this article we use the real options approach to analyze the effect of the government guarantees provided in the contract on the value and the risk of the project, as well as the cost and the risk of these guarantees to the government. The results indicate that the incentives proposed are effective in reducing the risk and increase the net value of the Project by 36% at a cost to the State of only 5% of the total value of the project. Additionally, we show that for a given cost to the government, the most effective risk reduction mechanisms are the ones that include a higher portion of demand guarantees in relation to the investment subsidy.

What the studies conducted in Brazil regarding dividend policy reveal

ID: 7055

Authors: Andressa Iovine Martins, Rubens Famá.

Source: Revista de Administração de Empresas, v. 52, n. 1, p. 24-39, January-February, 2012. 16 page(s).

Keyword: bibliography , dividend policy , Dividends , finances , returns

Document type: Article (Portuguese) Show Abstract

This paper consists of a review of the literature about dividend policy in Brazil, focusing on the empirical studies conducted from 1990 to 2010 that were published in major Brazilian  administration, accounting and finance journals and major conference proceedings on this subject. The analyzed sample comprised 39 studies using various methods and conducted in  various periods. Based on the model of Harris and Raviv (1991), this paper grouped studies according to model type, and it found five main categories. We were able to find some tendencies, such as: dividend policy relevance in the Brazilian market; confirmation of existence of agency problems; conflicting findings regarding the clientele hypothesis; tax signaling in, and tax impact on, defining dividend policy; non-conflicting findings regarding key factors of dividend policy.

Association between management incentive systems and management accounting practices

ID: 7056

Authors: Andson Braga de Aguiar, Aridelmo J. C. Teixeira, Valcemiro Nossa, Rosimeire Pimentel Gonzaga.

Source: Revista de Administração de Empresas, v. 52, n. 1, p. 40-54, January-February, 2012. 15 page(s).

Keyword: controllability , management accounting practices , management incentive systems , Managerial control , performance evaluation

Document type: Article (Portuguese) Show Abstract

The controllability principle posits that managers should be evaluated based on controllable  factors. Consequently, managerial incentives might be related to managerial accounting  practices able to avoid that managers will be accountable for financial results beyond management control, such as analysis by responsibility center, standard-cost, transfer pricing, budgeting and performance evaluation. This paper develops a field research to investigate whether there is a relation between the presence of managerial incentives and managerial accounting practices associated with the controllability principle. On-site interviews were  conducted to collect data at the organizational level and nonparametric statistical tests were used for data analysis. Among the managerial accounting practices examined, the results  suggest that only the annual budget, analysis by responsibility center and performance evaluation are associated with the presence of incentive systems in the sampled firms.

Key factors in working capital management in the Brazilian market

ID: 7057

Authors: Nathalie Vicente Nakamura Palombini, Wilson Toshiro Nakamura.

Source: Revista de Administração de Empresas, v. 52, n. 1, p. 55-69, January-February, 2012. 15 page(s).

Keyword: Brazil , financial management , liquidity , panel data , Working capital

Document type: Article (English) Show Abstract

Many studies have been conducted in corporate finance regarding long-term investment and financing decisions. However, short-term asset investments play a significant role in the balance sheet of companies. Moreover, financial managers dedicate significant amounts of time and effort to the subject of working capital management, balancing current assets and liabilities. This paper provides insights regarding the key factors of working capital management by exploring the  internal variables of a number of companies. This study used data from 2,976 Brazilian public companies from 2001 to 2008, and found that debt level, size and growth rate can affect the working capital management of companies.

Competitive advantage, creation of value and their effects on financial performance

ID: 7058

Authors: Renata Peregrino de Brito, Luiz Artur Ledur Brito.

Source: Revista de Administração de Empresas, v. 52, n. 1, p. 70-84, January-February, 2012. 15 page(s).

Keyword: Competitive advantage , growth , multilevel analysis , profitability , value creation

Document type: Article (Portuguese) Show Abstract

Competitive advantage is the main hypothesis to explain the firm performance heterogeneity. However, competitive advantage is frequently simplified and empirically treated as profitability, despite its implications for the overall firm performance. Considering that, this article develops a metric for competitive advantage by means of the analysis of its effects over financial performance, combining the curves of profitability and market share growth. Using a multilevel model, the individual results for each firm is isolated and tested against each sector mean. The model is applied to a sample of American companies (COMPUSTAT), in four intervals during the period of 1990 to 2009. The results reveal different competitive configurations, in which 16% of the firms are positioned in advantage and 16,5% in disadvantage (2005-2009),considering that the analysis for the other intervals demonstrated stability of the results.

Entradas and Bandeiras: the inland-bound strategy of fast food chains

ID: 7059

Authors: Rodrigo Menon Simões Moita, Alexandre Guerra.

Source: Revista de Administração de Empresas, v. 52, n. 1, p. 85-98, January-February, 2012. 14 page(s).

Keyword: competitive strategy , Entry models , fast food chains , industrial organization , me-too strategy

Document type: Article (Portuguese) Show Abstract

The present study analyses the strategy of fast food industry firms to enter new markets. We investigate the attributes of cities that attract firms in this industry, and how firms from different chains interact with regard to their entry decisions. We found that firms adopt a me-too  strategy: once a firm has entered an unexplored market, the others tend to also enter this market. The hypothesis of this paper is that there is some uncertainty regarding a certain market’s potential, and the entry of one firm signals to others that this potential is high. Gains from discovering and entering a new, high-potential market fade quickly with the entry of the following firms, which gives a temporary advantage to the pioneer firm.

Para uma crítica ao discurso da inovação: saber e controle no capitalismo do conhecimento

ID: 7060

Authors: Isleide A. Fontenelle.

Source: Revista de Administração de Empresas, v. 52, n. 1, p. 100-108, January-February, 2012. 9 page(s).

Document type: Article (Portuguese)

Brazilian Multinationals: Competences for internationalization - (Afonso Fleury; Maria Tereza Leme Fleury - 2011)

ID: 7061

Authors: S.Tamer Cavusgil, Ilke Kardes.

Source: Revista de Administração de Empresas, v. 52, n. 1, p. 110-111, January-February, 2012. 2 page(s).

Document type: Book Review (English)

Novas masculinidades nas organizações

ID: 7062

Authors: Sílvio A. Laban Neto.

Source: Revista de Administração de Empresas, v. 52, n. 1, p. 112-112, January-February, 2012. 1 page(s).

Document type: Bibliographical Note (Portuguese)

Geopolítica e organizações

ID: 7063

Authors: Antonio Gelis Filho.

Source: Revista de Administração de Empresas, v. 52, n. 1, p. 113-113, January-February, 2012. 1 page(s).

Document type: Bibliographical Note (Portuguese)