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Given the large global investments made in FinTechs and the context of Brazilian credit (which has been suffering from the effects of the crisis in the last decade), the purpose of this paper is to study the propensity of consumption of credit services offered by FinTechs of loans. In order to discover the factors that influenced the propensity to apply for FinTech loans, a theoretical model was designed, which was tested by means of a survey given to individuals who might contract loans.

The final sample consisted of 507 individuals whose data were analyzed through structural equation modeling (SEM), with estimation of partial least squares.

From the results of the research, it was possible to draw a profile of the FinTechs of Brazilian loans and also to estimate the antecedents of the propensity to utilize this type of service.

The model proposed in this work was developed to measure the propensity to consume in relation to the credit services offered by lending FinTechs.

The consumer should intensify the use of these channels to shape financial products and services to their needs, thereby democratizing access to credit, which is often restricted in quantity and quality by policies of institutions that dominate the Brazilian lending market.

Aspects such as trust, personal innovation, perceived utility, ease of use and social influence, as well as the constructs that precede them like privacy, stigma and transactional distance, explain 41.5 percent of the propensity to use services from lending FinTechs in Brazil.

Based on the assumption of the service-dominant logic (S-D logic) that every exchange is service-for-service and on the relevance of the beneficiary’s role in the co-creation of value, this paper aims to investigate the effects of engagement in the context of social marketing, where the value proposition is an invitation to practice mindfulness.

A field experiment was carried out with 72 volunteers, using a pre-test/post-test control group design. The treatment applied was a set of strategies to increase the engagement of the participants to attain a better result in five dependent variables associated mainly with the benefits of mindfulness practice. Measurements were made from a profile analysis, and submitted to Mann-Whitney and t-tests.

A large effect of group and time factors were observed in the multivariate test, as well as differences in the co-creation of value between groups.

This study can contribute to stimulate experimental transdisciplinary research in humans, using concepts from S-D logic and social marketing to promote positive behavioral change. This approach is probably more efficient at explaining and improving human behavior, given its complex nature.

The purpose of this paper is to identify the influence of the company’s reputation and individual consumer involvement in the relationship between satisfaction, loyalty and willingness to pay more for a product.

The method used is quantitative, by means of a survey with real consumers of automotive services of two vehicle dealerships, whose data were analyzed through linear regression analysis and conditional analysis of moderation.

The authors have identified that the relationship between satisfaction and loyalty and between loyalty and willingness to pay more for a product is entirely moderated by the (high) reputation of the brand and the (high) individual involvement of the consumer.

The study contributes to marketing managers as it demonstrates effect of brand reputation and involvement. Therefore, it is understood that these variables need to be considered in satisfaction surveys, as it has been proven that satisfaction alone cannot explain the variables of business performance (loyalty and willingness to pay).

The greatest innovation of this study is the identification of the total moderation between stated satisfaction and loyalty and between satisfaction and willingness to pay more. It has been demonstrated that high levels of brand reputation coupled with high levels of consumer involvement account for the fully dependent variables.

This paper aims to analyze the viability of a solar power system as a supplemental power source for commercial and business aircraft.

First, a model is established to estimate the potential available power from suitable aircraft surfaces for various meteorological conditions, ground and flight mission characteristics. A proposed aircraft system architecture and an associated parametric conceptual sizing model are presented. This supplemental solar power system sizing model is integrated into an aircraft multidisciplinary design optimization environment to evaluate the aircraft-level impact on mission fuel burn. A parametric study for a business jet aircraft is performed to analyze various solar cell types and power densities for converters. Trade-off studies are performed between efficiency and weight.

Considering today’s efficiency and power-to-weight ratio of the system components, overall fuel burn reduction can be achieved. Therefore, the technology development work can start now to target short to mid-term applications. In addition, promising system integration scenarios are identified, such as the use of solar power for autonomous operation of the air conditioning system on ground, which yield potential further benefit. In conclusion, a supplemental solar power system seems a promising candidate for more efficient aircraft operation.

The presented novel supplemental solar power system architecture concept and its foreseen aircraft integration show potential benefits for near term applications. The results show that the break even for this technology is already reached and therefore build the foundation to further investigate the technology integration challenges. Clear directions for future research and development are outlined enabling the advancement of the technology readiness level.

This study’s goal was to identify how several markets have developed over time and what determinants have influenced this process, based on adaptive markets hypothesis (AMH). In this regard, the authors consider that agents are driven by the seeking for abnormal returns to stay “alive” and their environment could somehow modify their decision-making processes, as well as influence the degree of efficiency of the market.

The authors collected the daily closing-of-the-market index from 50 countries, between 1990 and 2022. The sample includes emerging countries, developed countries and frontier markets. Then, the authors ran multilevel modeling using Hurst exponent as an informational efficiency metric estimated by two different moving windows: 500 and 1,250 observations (approximately 2 and 5 years).

The results indicate that the efficiency of the markets is not constant over time. The authors also have identified that markets follow a cyclical pattern of efficiency/inefficiency, and they are currently in a period of convergence to efficiency, possibly explained by the increase in computational capacity and speed of the available information to agents. In addition, this study identified that country characteristics are associated with market efficiency, considering institutional factors.

Studies of this nature contribute to the literature, considering the importance of better comprehension of market efficiency dynamics and their determinants, specially observing other theories on the relationship between information and markets (like AMH), which work with other investor assumptions than those used by efficient market hypothesis.

The purpose of this paper is to analyze the influence of firm-, industry- and country-level determinants on real annual sales growth in the context of a cross-classified multilevel perspective.

The authors studied 11,381 firms from 17 industries in six Latin American countries based on the data collected up to 2015. Since the data are nested in two levels (level 1: firms; level 2: cross-classification of industries and countries), the authors use a cross-classified multilevel model. The significant variability in all levels of analysis confirms the option for the multilevel model.

Differences in industries account for the largest proportion of variance (77.2 percent). This finding indicates that industry-level characteristics should be explored in the sales growth literature (it seems to the authors that they were neglected). This finding also calls attention to the roles of policy-makers in facilitating firm growth. The final model indicates that the considered variables explain approximately 55 percent of the differences in real annual sales growth in the same industry and country after having accounted for the impacts of the differences in firms. After accounting for the impacts of the differences in firms’ and countries’ characteristics, 43 percent of the variation in average real annual sales growth is due to differences in industries. The obtained results indicate that while firms from countries with higher GDP growth and more effective corporate boards present higher real annual sales growth, firms that operate in commodity producer industries have worse performance in this indicator. With respect to firm’s characteristics, larger firms (contradicting Gibrat’s law) and exporters grew less. Some results could be explained by the decrease in commodities’ prices and global purchases between 2012 and 2015.

The paper fills some gaps in the firm growth literature by testing Gibrat’s law in non-developed countries (not yet done, to the best of the authors’ knowledge) and exploring variables other than size in the explanation of firm growth (rarely used, to the best of the authors’ knowledge). Moreover, the adopted model correctly estimated the origin of the variability in firm growth in its natural cross-classified distinct levels.

The purpose of this paper is to evaluate investor behaviour related to the timing of selling financial assets based on an intuitive evaluation of the current market trend and growth expectation.

The experiment involved 1,052 volunteer participants who made decisions about stock sales in an environment that simulated a home broker platform to negotiate stocks. Zero-inflated regression models were used.

The results show that investors’ attitudes, or beliefs, determine whether they will buy or keep risky assets in their investment portfolios; they may decide to sell such assets, even though market shows an upward trend. Such results make a new contribution to behavioural finance within the context of prospect theory and the disposition effect.

The originality of this paper lies in the use of new and innovative techniques (zero-inflated Poisson and negative binomial regression models) applied to real data obtained experimentally.

Este artigo estuda o comportamento de investidores relacionado ao momento da venda de ativos financeiros com base em uma avaliação intuitiva da tendência atual do mercado e da expectativa de crescimento.

Nosso experimento envolveu 1,052 participantes voluntários que tomaram decisões sobre a venda de ações em um ambiente que simulava uma plataforma de corretagem para negociação. Foram utilizados modelos de regressão inflacionados de zeros.

Os resultados mostram que as atitudes ou crenças dos investidores determinam se eles comprarão ou manterão ativos de risco em suas carteiras de investimento; eles podem decidir vender esses ativos, mesmo que o mercado mostre uma tendência ascendente. Tais resultados constituem uma nova contribuição para o campo das finanças comportamentais, dentro do contexto da teoria do prospecto e do efeito disposição.

A originalidade deste artigo reside no uso de técnicas novas e inovadoras (modelos de regressão Poisson e binomial negativo inflacionados de zeros) aplicadas a dados reais obtidos experimentalmente.

“Internet of things” is a broad term used to describe network connectivity to physical objects. Called connectable or smart objects, they are embedded in electronic circuits and software that make them capable of detecting, collecting and transmitting data and information. This paper aims to examine the influence of the attributes of “internet of things” products in the functional and emotional experience of purchase intention.

The study used a model adapted from Yaping et al. (2014), with adjustment for the constructs “emotional experience”, “functional experience” and “purchase intention”. The survey consisted of a sample of 747 valid questionnaires regarding users of “internet of things” products, through a structured questionnaire with 36 assertions, which were answered based on the Likert scale. The quantitative research approach followed an exploratory descriptive phase followed by the application of structural equation modeling.

Results validated most of the relationships of the model, with high levels of significance. In addition, there was a greater influence of emotional experience than functional on purchase intention for the selected sample, which mainly consisted of young people.

In short, the study confirmed the statistical significance of the structural paths, indicating that the proposed model is consistent, and with an appropriate adjustment can be applied in future research.

Branching is not the only way for foreign banks to enter a national market, and it is impractical when there are informational and cultural barriers and asymmetries among countries. The purpose of this paper is to analyze the determinants of cross-border branching in the Latin American banking sector, a region with regulatory disparity and political and economic instability, offering elements to a grounded strategic decision.

This study uses data from six Latin American countries. To account for the preponderance of zero counts, classes of zero-inflated models are applied (Poisson, negative binomial, and mixed). Model fit indicators obtained from differences between observed and estimated counts are used for comparisons, considering branches in each region established by banks from every other foreign region of the sample.

Branching by foreign banks is positively correlated with the population, GDP per capita, household disposable income, and economic freedom score of the host country. The opposite holds for the unemployment rate and entry regulations of the host country.

Few paper address cross-border banking in emerging economies. This paper analyzes cross-border branching in Latin America in the context of the current financial integration and bank strategy. Econometrically, its pioneering design allows modeling of inflation of zeros, over-dispersion, and the multilevel data structure. This design allowed testing of a novel country-level variable: the host country’s economic freedom score.

The purpose of this paper is to evaluate the influence of the informational environment on the relevance of accounting information in companies traded in stock exchanges of emerging markets.

For this purpose, the authors calculated indicators based on figures derived from the financial statements and variables that sought to capture the influence of the economic and institutional environment. The sample consisted of publicly traded companies from 20 countries classified as emerging by Standard & Poors. Macroeconomic information was obtained through the International Country Risk Guide database. The analysis period ranged from 2004 to 2013, excluding missing data, variables considered as outliers, besides the exclusion of data from companies that presented negative equity.

It was observed that the financial variables presented signs consistent with the literature, except for the price-to-book variable and the asset change variable. The inclusion of variables related to the accounting informational environment offered evidence that the more opaque the accounting environment in the country, the lesser the ability of the profits to portray the variations of stock returns. The variable that captured the adoption of international standards was consistent with expectations, i.e. the adoption of international standards would increase the quality of accounting information, showing a positive signal. Moreover, the variable aggressiveness of the earnings was statistically significant and negative, consistent with the literature.

The variables earnings smoothing and aversion to losses did not show the expected behaviour though, highlighting the possible limitations of these proxies used to capture the opacity of the earnings.

When institutional moderators were included, it was observed that the adoption of the IFRS standards positively affected the relationship, which is more relevant when the accounting figures were under its aegis. Recently, countless nations’ transition to international accounting standards has been justified by the need to use high-quality reporting standards. The research sought to contribute to strengthen this dimension, presenting evidence that the dummy variable included to capture the adoption of international standards had a positive effect on the relationship.