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Article
Publication date: 13 September 2018

Paula Guimaraes, Ricardo P.C. Leal, Peter Wanke and Matthew Morey

This paper aims to investigate the long-term impact of shareholder activism on Brazilian listed companies.

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Abstract

Purpose

This paper aims to investigate the long-term impact of shareholder activism on Brazilian listed companies.

Design/methodology/approach

This study uses a sample of 194 companies in 2010, 2012 and 2014 and a two-stage data envelopment analysis to generate an efficiency score based on corporate governance, ownership structure and financial characteristics of companies. In the second stage, the study applies a bootstrap truncated regression to identify whether there is a relationship between the efficiency scores and a company-level activism index.

Findings

The results show a negative correlation between the efficiency scores and the activism index, suggesting that activist shareholders tend to target less efficient companies. A time analysis over the period 2010-2014 does not offer evidence of impacts of activism on changes of the efficiency scores.

Practical implications

Activist shareholders target less efficient companies. Shareholder activism increased after regulation that facilitated shareholder voting and required greater company transparency was introduced.

Originality/value

The two-stage nature of the procedure used in the analysis ascertains that this result is not spurious, assuring data separability between productive resources and contextual variables. This study contributes to the scarce literature on activism in emerging markets.

Details

Corporate Governance: The International Journal of Business in Society, vol. 19 no. 1
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 1 September 2002

Ricardo P.C. Leal and Claudia L.T. De Oliveira

We survey board practices in Brazil. Brazilian companies are commonly controlled by family groups or through shareholders agreements. Controlling shareholders hold a very large…

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Abstract

We survey board practices in Brazil. Brazilian companies are commonly controlled by family groups or through shareholders agreements. Controlling shareholders hold a very large portion of voting shares, much more than the minimum necessary to retain control. There is widespread evidence of shareholder expropriation, legal protection is weak, and stock issuance has been halted by low valuations and tax avoidance. Half of the boards are either too small or too big. Board committees are ineffective. Board procedures are rarely formalized and board members and CEOs are not evaluated in most cases. Most board members are not shareholders. No more than 21 percent of board members are independent and only 2 percent of them are elected by independent shareholder groups. It is likely the improvements in board structure and procedures will be restricted to large public corporations with foreign stock ownership while most companies avoid going public.

Details

Corporate Governance: The international journal of business in society, vol. 2 no. 3
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 1 December 1997

Ricardo P. Leal and Thomas L. Powers

Technological innovation is a major competitive input that directly translates into long‐term competitive advantage. Presents the results of research that examines innovative…

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Abstract

Technological innovation is a major competitive input that directly translates into long‐term competitive advantage. Presents the results of research that examines innovative activity by country, based on several measures of technological performance. The patterns of inventiveness reported reflect present product development activities that will in the future directly impact the ability of a country to bring unique and high value‐added new products to market. Develops a taxonomy that suggests that there are distinctively different patterns of inventiveness by country. Discusses marketing implications of the taxonomy and proposes future research.

Details

International Marketing Review, vol. 14 no. 6
Type: Research Article
ISSN: 0265-1335

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Article
Publication date: 7 August 2017

Alexandre Carneiro and Ricardo Leal

The purpose of this paper is to contrast three investment choices within the reach of individual investors: naive portfolios of Brazilian stocks; actively managed stock funds; and…

302

Abstract

Purpose

The purpose of this paper is to contrast three investment choices within the reach of individual investors: naive portfolios of Brazilian stocks; actively managed stock funds; and the Ibovespa index, which represents passive management as well as to offer insights on the performance of professional asset managers in this large emerging market.

Design/methodology/approach

Equally weighted portfolios contained between 5 and 30 stocks to keep transaction costs low. Stock selection used the Ibovespa constituents and considered value (dividend yield (DY) and price-to-book ratio), momentum (past returns), and liquidity, as well as the Sharpe ratio (SR) over the 2003-2012 period, rebalancing three times a year.

Findings

Cumulative returns of naive portfolios are large. They frequently outperform the index for all values of n. They also outperform stock funds, particularly when the invested amount exceeds US$25,000, due to transaction costs. Yet, expected out-of-sample SRs corrected for errors in estimates are very low, suggesting that one should not count on this historical performance in the future. Naive portfolios may simply be more exposed to additional value, size, and momentum risks. Results are sensitive to time period selection.

Practical implications

Naive portfolios may be attractive to individual investors in Brazil relative to stock funds, which seem to strive to keep volatility low and may be better when the investment amount is low. There may be merit for value or momentum stock selection strategies when forming small equally weighted portfolios.

Originality/value

The paper contrasts realistic stock investing alternatives for individuals, it provides a view of stock fund performance in Brazil, and offers practical implications that may be pertinent in other emerging stock markets.

Objetivo

Contrastar três opções de investimento ao alcance de investidores individuais: carteiras ingênuas de ações brasileiras; fundos de ações de gestão ativa; e o índice Ibovespa, que representa a gestão passiva. Oferecer informações sobre o desempenho de gestores de ativos profissionais neste grande mercado emergente.

Método

As carteiras igualmente ponderadas continham entre 5 e 30 ações para manter os custos de transação baixos. A seleção de ações utilizou os componentes do Ibovespa e considerou o valor (rendimento de dividendos e relação preço/valor patrimonial), momentum (retornos passados) e liquidez, bem como o Índice de Sharpe no período 2003-2012, rebalanceando três vezes ao ano.

Resultados

Os retornos acumulados de carteiras ingênuas são grandes. Eles frequentemente superam o índice para todos os valores de N. Eles também superam os fundos de ações, particularmente quando o montante investido excede US$ 25,000, devido aos custos de transação. Contudo, os Índices de Sharpe esperados fora de amostra corrigidos por erros nas estimativas são muito baixos, sugerindo que não se deve contar com este desempenho histórico no futuro. As carteiras ingênuas podem simplesmente estar mais expostas a fatores riscos adicionais, tal como os de valor, tamanho e momentum. Os resultados são sensíveis à seleção do período de tempo.

Implicações práticas

As carteiras ingênuas podem ser atrativas para os investidores individuais no Brasil em relação aos fundos de ações, que parecem se esforçar para manter a volatilidade baixa e podem ser melhores quando o valor do investimento é baixo. Pode haver mérito para estratégias de seleção de ações de valor ou momentum ao formar carteiras igualmente ponderadas pequenas.

Originalidade/valor

O artigo contrasta alternativas realistas de investimento em ações para indivíduos, oferece uma visão do desempenho dos fundos de ações no Brasil e oferece implicações práticas que podem ser pertinentes em outros mercados emergentes.

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Article
Publication date: 5 March 2018

Flávia Schwartz Maranho and Ricardo Leal

The relationship between the role played by corporate governance (CG) mechanisms and shareholder wealth is an important and mature topic in some countries and regions. However…

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Abstract

Purpose

The relationship between the role played by corporate governance (CG) mechanisms and shareholder wealth is an important and mature topic in some countries and regions. However, despite the considerable number of studies, the results are still inconclusive. The purpose of this paper is to contribute to the debate around the theme in Latin America through a meta-analysis.

Design/methodology/approach

The study used meta-analytic procedures to review 42 articles produced by researchers from Latin American countries, whose samples were composed of Latin American firms.

Findings

The results suggest that CG best practices are associated with better Latin American firm performance. The evidence also suggests that results are moderated by the characteristics of boards of directors, the ownership, and control structure and various simultaneous CG mechanisms, through broad indices and special CG trading segments.

Originality/Value

The relationship between GC and firm performance possesses certain peculiarities in the case of Latin American countries and the literature on the region is certainly not as abundant and mature. As most of the articles reviewed were written in Portuguese and Spanish and published in local journals, the consolidation produced should also be useful for researchers throughout the world by enabling them to access their ideas.

Propósito

A relação entre o papel desempenhado pelos mecanismos de governança corporativa (GC) e a riqueza dos acionistas é um tópico importante e maduro em alguns países e regiões. No entanto, os resultados ainda se apresentam ambíguos, apesar do grande número de estudos. Este ensaio pretende contribuir para o debate do tema na região através de uma meta análise.

Diseño/metodología/enfoque

O trabalho fez uso de procedimentos meta-analíticos para revisar 42 artigos produzidos por pesquisadores da região e de outras localidades, cujas amostras são compostas por empresas de países da América Latina.

Recomendaciones

Os resultados sugerem que de forma geral melhores práticas de GC são associadas a um melhor desempenho das empresas latino-americanas. Este trabalho sugere também que os resultados encontrados são moderados pelas características dos conselhos de administração, da estrutura de propriedade e controle e de diversos mecanismos simultâneos de GC, como índices amplos e segmentos especiais de GC.

Originalidad/Valor

Esta relação possui peculiaridades quando se tratam de países latino-americanos e a literatura sobre a região certamente não se apresenta tão abundante e madura. Acredita-se que a consolidação produzida será útil para pesquisadores ao redor do mundo, uma vez que a maioria dos artigos revisados foi escrita em português ou espanhol e publicada em periódicos locais, o que não a torna acessível a todos.

Details

Academia Revista Latinoamericana de Administración, vol. 31 no. 1
Type: Research Article
ISSN: 1012-8255

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Article
Publication date: 5 June 2017

Anderson Galvão, Carla Mascarenhas, Ricardo Gouveia Rodrigues, Carla Susana Marques and Carmem Teresa Leal

The purpose of this paper is to study the role of entrepreneurship in economic development based on the four dimensions of the quadruple helix model (Government, University…

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Abstract

Purpose

The purpose of this paper is to study the role of entrepreneurship in economic development based on the four dimensions of the quadruple helix model (Government, University, Enterprise and Society) in relation to the three stages of economy defined by the GEM (innovation-, efficiency- and factor-driven economies). In this context, the authors considered a set of variables that allowed them to measure and verify the stimulus that the four helixes represent in economic development.

Design/methodology/approach

This study was supported on secondary data from the GEM platform for 58 countries, for 2015. SPSS software was used to analyze data, which allowed the use of the ANOVA and Kruskall-Wallis tests, as well as the generalized linear regression.

Findings

The results show that in the factor-driven economies, there is a greater influence by the industry, while in the efficiency-driven economies, there is homogeneity among the four dimensions, highlighting only the variables “R&D transfer” and “Entrepreneurial Intention”. Because of the constant need for innovation to become more competitive, in the innovation-driven economies, business and government are the most important dimensions.

Research limitations/implications

Both in the scientific community with future empirical studies that can confirm the relevance of this model to better understanding which dimensions of quadruple helix improve economic development, and in the governmental community, to serve for policies and strategies that stimulate entrepreneurship to foster the transition from one stage of economic development to another.

Originality/value

Proposal and test of a quadruple helix model, using the variables available in the GEM database, to the three stages of economic development of the economies that were involved in the GEM.

Details

Review of International Business and Strategy, vol. 27 no. 2
Type: Research Article
ISSN: 2059-6014

Keywords

Abstract

Purpose

Different from most academic publications about tourism in Brazil, this paper provides an overarching and comprehensive perspective. Analysing key developments, and focusing on the period 2000–2019, this paper also considers long-standing structural issues that hinder tourism development. Although this viewpoint paper deals with Brazil, very similar issues can be identified for many countries worldwide.

Design/methodology/approach

This viewpoint paper is a combination of reflections by leading Brazilian tourism academics; most are members of ABRATUR, the International Academy for the Development of Tourism Research in Brazil. This paper uses secondary data from the grey (e.g. government reports) and academic literature to support this opinion paper. The tourism-related topics covered in this paper include economics, policy and planning, marketing, transport, nature-based tourism, gastronomy, hospitality and education, amongst others.

Findings

Brazil has missed several unique opportunities to place it as a destination of international renown. Since the 1990s, efforts to support regional tourism development have achieved only moderate success as political instability, violence and corruption have impacted tourism. A lack of a coordinated approach between the various levels of government, a shortage of tourism data and a long-term supra-government marketing campaign, among other factors, have meant Brazil has missed several critical opportunities in the 2010s to establish itself as a leading tourism destination in the global market.

Originality/value

From leading tourism academic experts in Brazil, a unique opinion paper offers an overview of the critical development issues in 2000–2019. The paper presents matters that have hindered potential tourism contributions to the largest nation in South America. While these matters may be specific to Brazil, many of these challenges are not dissimilar to those in other emerging (democratic) nations. The authors offer several public policies and technical recommendations to scaffold tourism development towards the 2030 agenda.

设计/方法/途径

本篇观点论文是巴西前沿旅游学者们思考的集合, 其中大多数的学者是巴西旅游发展国际研究院ABRATUR的成员。这篇论文使用了诸如政府工作报告的二手数据和学术文献来支撑文章观点。其中涉及的与旅游相关的主题包括经济学, 政策和规划, 市场营销, 交通, 自然旅游, 烹饪学, 酒店, 教育等等。

目的

与巴西大多数旅游研究的出版物不同, 本文提供了一个重要且全面的视角。文章重点分析了从2000-2009年的旅游业主要发展状况, 同时考虑了阻碍旅游业发展的长期结构性问题。尽管此观点论文涉及巴西, 但在世界许多国家都可以发现非常相似的问题。

结果

巴西已经错失了作为国际知名旅游目的地的几个独特机会。二十世纪九十年代以来, 因为政治动荡, 暴力和腐败对旅游业的影响, 支持区域旅游业发展的努力仅仅取得了有限的成功。各级政府之间缺乏协调方式, 旅游数据短缺和长期的跨政府营销活动等因素, 已经意味着巴西在二十一世纪前十年已经错失了将自己在全球市场中确立为领先旅游目的地的几个重要机会。

创新/价值

这篇来源于一些巴西学术旅游届的领头羊的独特观点论文概述了从2000年到2019年巴西旅游业发展的关键问题。本文介绍了那些已经阻碍南美洲最大旅游国家潜在旅游业贡献的重要事项。尽管这些事项可能是巴西独有的, 但是其中许多问题与其他新兴的(民主的)国家也没有什么不同。我们提供了一些公共政策和技术建议, 以支持旅游业向2030年议程迈进。

Diseño/metodología/enfoque

Este artículo de opinión es una combinación de reflexiones de destacados académicos brasileños del turismo, la mayoría miembros de ABRATUR, la Academia Internacional para el Desarrollo de la Investigación en Turismo en Brasil. Se utilizan fuentes secundarias (por ejemplo, informes gubernamentales) y literatura académica para respaldar este artículo. Los temas relacionados con el turismo que se tratan en este documento incluyen economía, política y planificación, marketing, transporte, turismo basado en la naturaleza, gastronomía, hotelería, y educación, entre otros.

Propósito

A diferencia de la mayoría de las publicaciones académicas sobre el turismo en Brasil, este artículo ofrece una perspectiva global e integral. Al analizar los desarrollos clave y centrarse en 2000–2019, este documento también considera problemas estructurales de larga data que obstaculizan el desarrollo del turismo. Aunque este documento trata de Brasil, se pueden identificar problemas muy similares en muchos otros países del mundo.

Resultados

Brasil ha perdido varias oportunidades únicas para colocarse como un destino de renombre internacional. Los esfuerzos realizados desde la década de 1990 para apoyar el desarrollo del turismo regional solo han logrado un éxito moderado debido a que la inestabilidad política, la violencia y la corrupción han impactado al turismo. La falta de un enfoque coordinado entre los distintos niveles de gobierno, la escasez de datos turísticos, una campaña de marketing supra gubernamental a largo plazo, entre otros factores, han significado que Brasil haya perdido varias oportunidades críticas en la década de 2010 para establecerse como un destino turístico líder en el mercado global.

Originalidad/valor

Un artículo de opinión único de destacados expertos académicos en turismo en Brasil, que ofrece por primera vez una visión general de los problemas críticos del desarrollo desde la década del 2000. El documento presenta asuntos que han obstaculizado las posibles contribuciones del turismo a la nación más grande de América del Sur. Si bien estos asuntos pueden ser específicos de Brasil, muchos de estos desafíos no son diferentes a los de otras naciones (democráticas) emergentes. Ofrecemos diversas recomendaciones técnicas y de políticas públicas para impulsar el desarrollo turístico hacia la agenda 2030.

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Article
Publication date: 14 July 2020

Luis M. Romero-Rodríguez, María Soledad Ramírez-Montoya and Jaime Ricardo Valenzuela González

This paper aims to analyze the interrelationship that exists between expectancy-value and achievement goals as factors that are decisive for participants’ higher engagement in 12…

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Abstract

Purpose

This paper aims to analyze the interrelationship that exists between expectancy-value and achievement goals as factors that are decisive for participants’ higher engagement in 12 massive open online courses (MOOCs) on energy sustainability and to determine the profile of participants achieving higher success rates.

Design/methodology/approach

A qualitative–quantitative study of correlational and descriptive scope is carried out on two instruments based on pre- and post-tests of 6,029 participants, which is followed by a qualitative data analysis distributed by code families to identify participants’ main motivations to take MOOCs.

Findings

The results showed a positive moderate-high correlation between expectancy-value and achievement goals, which means in a practical sense that the participants’ subjective estimates of the possibility of reaching their goals prior to the beginning of the course were fulfilled, as the intentionality of the subjects-participants was positive with respect to the contents imparted.

Practical implications

The profiles of participants with a higher tendency to successfully finish the course and with high rates of engagement share the following characteristics: having previously and successfully finished more than one MOOC; taking the MOOC for work purposes (promotion, seeking better job opportunities, etc.); and having intrinsic motivation, that is, not depending on external factors such as obligations and certifications.

Originality/value

This research suggests that there are pre-educational factors that define the trend of successful completion of MOOCs, based on expectancy-value (e.g. previous experiences with other MOOCs) and achievement goals (e.g. job improvement), with external motivational issues such as completion certificates being less prevalent in the learning intention.

Details

Interactive Technology and Smart Education, vol. 17 no. 4
Type: Research Article
ISSN: 1741-5659

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Article
Publication date: 13 April 2010

Alexandre Di Miceli da Silveira, Ricardo Pereira Câmara Leal, André Luiz Carvalhal‐da‐Silva and Lucas Ayres B. de C. Barros

This paper aims to investigate the determinants and the evolution of voluntarily adopted firm‐level corporate governance practices in Brazil from 1998 to 2004 using broad

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Abstract

Purpose

This paper aims to investigate the determinants and the evolution of voluntarily adopted firm‐level corporate governance practices in Brazil from 1998 to 2004 using broad corporate governance scores.

Design/methodology/approach

The authors employ a robust panel‐data procedure that accounts for the main sources of endogeneity to a very representative panel of Brazilian firms over a six‐year period. They address the endogeneity that arises from the simultaneous determination of the quality of corporate governance practices, the dependent variable, and possibly several firm attributes that are commonly employed as the determinants of such practices and are supposedly independent. Specifically, theoretical arguments and empirical evidence strongly suggest that the quality of corporate governance practices may influence some of the variables commonly used as its determinants just as much as they may be influenced by them.

Findings

The paper finds that firm‐level corporate governance practices are steadily improving but there is much room for improvement. Heterogeneity has increased. Voluntarily adhering to new stricter listing requirements is associated positively with improvements in firm‐level corporate governance practices. Reducing or not using non‐voting shares improves corporate governance practices.

Research limitation/implications

The authors found no clear evidence of the influence of other potential determinants of the quality of corporate governance, such as growth prospects, firm size, firm value, and ownership structure. Thus, they doubt previous findings that suggest a causal relationship from value and ownership to corporate governance practices because value and ownership seem to be determined endogenously.

Practical implications

Policies directed to reduce the use of non‐voting shares should be implemented. Creating strict listing requirements that may be adopted voluntarily by firms could be a feasible solution to improve the quality of corporate governance practices in emerging market countries. Firms in an emerging market that find that issuance in the USA became too expensive or demanding may offer a substitute listing environment with credible requirements to foreign investors. Premium listings may partially compensate emerging market exchanges for their loss of trading to major markets.

Originality/value

The paper examines the evolution of the voluntary adoption of corporate governance practices in Brazil from 1998 through 2004 while most studies use cross‐section samples over one or a few years. Further, this is one of a few papers to analyze the impact of ownership structure on the quality of corporate governance practices by segregating control and cash flow rights.

Details

Corporate Governance: The international journal of business in society, vol. 10 no. 2
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 13 August 2024

Mauren Corrêa dos Santos Benites, Ricardo Ribeiro Alves and João Garibaldi Almeida Viana

This study aims to identify how the sustainability of Brazilian Federal Institutes of Education, Science and Technology is implemented.

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Abstract

Purpose

This study aims to identify how the sustainability of Brazilian Federal Institutes of Education, Science and Technology is implemented.

Design/methodology/approach

The research is descriptive and quantitative, and questionnaires were used to collect data, which were applied to the campuses and deans of the 38 IFs. The sample selection resulted from a sampling calculation for a finite population, which considered the five Brazilian regions, reaching 248 respondents. To analyze the collected data, descriptive statistics were used to demonstrate the mean, standard deviation (σ) and coefficient of variation of each of the seven axes of the questionnaire and also of the axes and regions jointly; and the sustainability indicator was defined.

Findings

A majority of the analyzed FIs were considered to be medium or highly sustainable. The classifications achieved by the FIs demonstrate that sustainability practices are reasonably present in a significant number of campi and Principals’ Offices.

Practical implications

This study contributes by creating a data collection instrument to measure the sustainability practice, not only in educational institutions but also in any type of institution; and the sustainability indicators created, which make it possible to classify organs and entities in accordance with sustainable initiatives implemented by them.

Originality/value

This study’s authors can highlight the mapping of sustainability implementation in the Brazilian Federal Institutes analyzed, which, owing to the sample used, allows for the verification of similarities and differences in these practices between the five Brazilian regions, in addition to making comparisons possible.

Details

International Journal of Sustainability in Higher Education, vol. 26 no. 2
Type: Research Article
ISSN: 1467-6370

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