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The Internet has changed the nature of purchasing, proof of this being the proliferation of e-commerce sites which have seen their activity grow more quickly due to the COVID-19 pandemic. Therefore, the authors aim to investigate the impact of the consumer's hedonic motivations, price, access to information and trust on the online purchase intention.

A quantitative, transversal study of a conclusive nature was carried out. Based on information gathered through a questionnaire administered to a sample of 750 online purchasers, a structural equation model was estimated.

The results showed that the intention to continue purchasing in online shops is partly explained by access to information online, hedonic motivations and trust in e-commerce sites. It stands out that online information generates trust, and the perception of online prices does not influence loyalty but has a positive influence on hedonic motivations.

Although some constructs were ignored, for example, the integration of channels, experiential marketing and the fear of fraud, including unauthorised use of personal details, the study shows that easy access to useful information about products, prices, promotions is an important antecedent of online purchase.

Online shop managers should pay special attention to e-commerce websites, and the information provided there should explore consumer's hedonic motivations for adventure. Furthermore, it is fundamental to create trust in order to maintain the interest in online shopping.

The estimation of the structural model in the context of online shopping includes the influence of utilitarian motivations (price and access to information), which offer a rational experience and also include emotional motivations (hedonic adventure motivations) on the intention to buy online. The results also revealed that it plays an important role to promote online trust and online loyalty.

The purpose of this paper is to analyze the evolution of the corporate social responsibility (CSR) pyramid conceived by Archie B. Carroll. Anchored by theoretical and empirical evidence, this paper proposes a new model of analysis: the “CSR Spinner.”

To propose this new model, the authors are presenting a conceptual paper.

As a result of the analyses conducted in this paper, the authors propose the “CSR Spinner” model. This model which contemplates four dimensions (ethical, economic, legal and philanthropic) has in its structure a center bearing and three lobes that are derived from the center. In the center of the “CSR Spinner,” the ethical dimension is positioned and in the lobes are the other dimensions. In the “CSR Spinner,” the ethical dimension has the role of giving the model dynamism, defining both the direction and speed with which the lobes rotate, thus generating total CSR.

The “CSR Spinner” is original, as it consists of a new way of conceiving of the CSR pyramid.

As a knowledge instrument that allows the manipulation of reality, that is, to think, analyze, understand and predict this reality, the “CSR Spinner” model has the potential to provide advances in research on CSR. Because it proposes a theoretical refinement, this model still needs to go through a process of theoretical and empirical validation.

The “CSR Spinner” model has pragmatic connotations that can help corporate management adapt to various national and international contexts.

The “CSR Spinner” model represents an advance over the CSR pyramid, because of the model’s characteristics of dynamism, flexibility and adaptability across all types of organizations and within various national and international contexts.

In this paper, we examine the social stratification in the favelas, urban slums, both in general and how it correlates with technology. The analysis is based on Weberian stratification theory, since it provides for a broad understanding of the different factors that make up the digital inequalities.

Based on a 10-month critical ethnographic research dealing with LAN houses and state supported telecenters in the favelas of Vitória, Brazil, we analyze how the use of technology by residents of such marginalized areas expands our understanding of Weber’s axes of stratification, namely class, status and political power. The data was drawn from user observations, Facebook interactions, and 76 semi-structured interviews.

The drug cartel members belonged to the higher class of favela residents due to their access to material resources and ability to afford smartphones and data plans. However, in terms of status groups, they did not represent the pinnacle of the community. Where status was concerned, the highest stratum of the community was composed of the “Facebook’s celebrities,” the few teenagers who knew how to produce content online, such as images and videos. An additional axis of social differentiation, related to political power, was observed during the 2013 protests in Brazil. Favela residents arrived late to the event and found themselves “fighting” for demands stipulated previously by the organizers who belonged to upper classes.

We highlight what access to ICTs can, and cannot, accomplish in a “highly disorganized,” conflict-ridden, and institution-poor environment. With that we hope to encourage academics and practitioners to do a better job in developing appropriate policies and technologies.

On November 4, 2015, the Fundão Dam in the Brazilian state of Minas Gerais suffered a catastrophic failure and released 60 million cubic meters of toxic, iron-laden mud into the Rio Doce – a major river system that serves 3.6 million people in the Southeast. Owned by Samarco, a joint venture between Brazil’s Companhia do Vale do Rio Doce (CRVD) and Australia’s BHP Billiton Industries, the Fundão Dam was one of the largest mining-oriented water reservoirs in the country. This disaster was identified by IBAMA, the country’s environmental protection agency, as the worst environmental event in Brazil’s industrial history. The disaster’s ramifications continue to unfold, affecting people, wildlife, and ecosystems along the river’s 530-kilometer route through Minas Gerais and Espírito Santo to the Atlantic Ocean. This paper contextualizes the Samarco disaster and its socioecological consequences in a political ecology framework. Specifically, this theoretical research is poised within a politics of scale paradigm. Theory is used to explain the long-standing contradictions between capital and nature through an examination of the Samarco disaster. Specifically, scalar theory explains how capital–nature contradictions facilitated the disaster and Brazil’s on-going struggle to respond to environmental justice at local scales.

The essence of discounted cash flow valuation is simple; the asset is worth the expected cash flows it will generate, discounted to the reference date for the valuation exercise (normally, the day of the calculation). A survey article was written in Parker (1968), where it was stated that the earliest interest rate tables (use to discount value to the present) dated back to 1340. Works from Boulding (1935) and Keynes (1936) derived the IRR (Internal Rate of Return) for an investment. Samuelson (1937) compared the IRR and NPV (Net Present Value) approaches, arguing that rational investors should maximize NPV and not IRR. The previously mentioned works and the publication of Joel Dean’s reference book (Dean, 1951) on capital budgeting set the basis for the widespread use of the discounted cash flow approach into all business areas, aided by developments in portfolio theory. Nowadays, probably the model with more widespread use is the FCFE/FCFF (Free Cash Flow to Equity and Free Cash Flow to Firm) model. For simplification purposes, we will focus on the FCFE model, which basically is the FCF model’s version for the potential dividends. The focus is to value the business based on its dividends (potential or real), and thus care must be taken in order not to double count cash flows (this matter was treated in this case) and to assess what use is given to that excess cash flow – if it is invested wisely, what returns will come of them, how it is accounted for, etc. (Damodaran, 2006). The bridge to the FCFF model is straightforward; the FCFF includes FCFE and added cash that is owed to debtholders. References: Parker, R.H. (1968). “Discounted Cash Flow in Historical Perspective”, Journal of Accounting Research, v6, pp58-71. Boulding, K.E. (1935). “The Theory of a Single Investment”, Quarterly Journal of Economics, v49, pp479-494. Keynes, J. M. (1936). “The General Theory of Employment”, Macmillan, London. Samuelson, P. (1937). “Some Aspects of the Pure Theory of Capital”, Quarterly Journal of Economics, v51, pp. 469–496. Dean, Joel. (1951). “Capital Budgeting”, Columbia University Press, New York. Damodaran, A. (2006). “Damodaran on Valuation”, Second Edition, John Wiley and Sons, New York.

All information is taken from public sources and with consented company interviews.

Opportunities for value creation may be found in awkward and difficult circumstances. Good strategic thinking and ability to act swiftly are usually crucial to be able to take advantage of such tough environments. Amidst a country-wide economic crisis and general disbelief, José de Mello Group (JMG) saw one of its main assets’ (Brisa Highways) market value tumble down to unforeseen figures and was forced to act on it. Brisa’s main partners were eager in overpowering JMG’s control of the company, and outside pressure from Deutsche Bank was rising, due to the use of Brisa’s shares as collateral. JMG would have to revise its strategy and see if Brisa was worth fighting for; the market implicit assessment about the company’s prospects was very penalizing, but JMG’s predictions on Brisa’s future performance indicated that this could be an investment opportunity. Would it be wise to bet against the market?

This study is excellent for finance and strategy courses, at both undergraduate and graduate levels. Company valuation and corporate strategy are required.

In this article, we discuss the issue of the right to education of young children, focusing on the Institution of Early Childhood Education (EIC in Portuguese), of views with legal markers and educational indicators of a Brazilian State. From a research that approached Early Childhood Education (EI in Portuguese) in settlements of the Landless Rural Workers Movement (MST in Portuguese) and making use of the Bakhtinian framework we highlight the processes of inequality that devastate childhood in the rural settings. The data reiterate the need to not only combat the logics of precariousness that affect the service given but also to guide the specificity of Children’s education field, within a framework of the effectiveness of primary school attendance. Hence, we call one’s attention to the debate of the ways of setting up institutions, with a view to serving children, urging the regulations related to the right to education, particularly, the right to Early Childhood Education in the peasant’s context, particularly in settlements.

This study aims to study the impact of earnings quality on firms’ financial performance.

An unbalanced panel data of 237 small- and medium-sized Portuguese companies from the mold industry, using 2010–2018 yearly data was analyzed. While most studies focus only on earnings management when assessing earnings quality, in this study six proxies for earnings quality are used, namely, accruals quality (a proxy for earnings management), earnings persistence, earnings predictability, earnings smoothness, earnings timeliness and earnings conservatism. Moreover, two proxies of financial performance are considered, the return on assets and the economic value added. An econometric model was estimated using either a fixed-effects or a random-effects specification to account for the individual firm-specific effects and ensure heteroscedasticity corrected estimates.

The results show that managers must be concerned with the quality of reported earnings, as it can affect positively firms’ financial performance, especially regarding accruals quality. Persistence, predictability, smoothness, timeliness and conservatism are shown not to exert significant influence on financial performance in the sample.

This work contributes not only as a literature review on these thematic but also to firms’ managers and stakeholders, who have information that helps them select strategies that guarantee earnings quality and improve firms’ financial performance.

This study proposed an econometric model that studies the relationship between earnings quality (using several proxies for it) and financial performance that can be applied to all companies.

This paper aims to address the discussion on the credit disbursement of US$28.6bn from Brazilian National Economic and Social Development Bank (BNDES) to Brazilian state governments during the period from 2009 to 2014. They try to identify the main drivers of the credit allocation in both cross state and time.

The authors use a dynamic balanced panel to estimate the role of technical and socioeconomic variables.

The results suggest that the states’ need for financing via BNDES exhibits neither inertial nor explosive behavior. The authors find an efficiency elasticity of this resource of 0.20. In addition, the impact of a positive change in the state fiscal status leads to an increase of 2.5 per cent in the indebtedness capacity. Finally, they find that wealthier states are more successful in demanding credit from BNDES.

This analysis of resource allocation is useful for modeling the determinants of international financial institutions as central planners. The authors also invite researchers to discuss the decision-making processes that characterize the federative pact in Brazil.

Although a burgeoning body of literature has examined the role of BNDES as a creditor institution for firms, its relationship with the public sector, in special subnational governments, has been rarely studied.