Suchergebnisse

Purpose
The purpose of this study is to identify sociodemographic factors that are predictive of the level of everyday sadism (SAD) in the business area.


Design/methodology/approach
A survey was conducted on 424 graduate and postgraduate students from business schools in Brazil and the USA. SAD was quantified by the assessment of sadistic personality proposed by Plouffe Saklofske and Smith (2017). The variables included age, gender, managing experience, education and nationality.


Findings
The average level of SAD was low. SAD was negatively associated with gender, age and nationality and positively associated with managing experience and education.


Practical implications
As individuals ascend professionally and academically, they display higher levels of everyday sadism. Depending on the context, dark personalities can cause either benefit or harm to the company's business and to society. However, the literature shows that seeking pleasure and dominance with no regard for consequences affects the business area directly or indirectly.


Originality/value
Very few studies have addressed everyday sadism in the business area, let alone evaluated predictive factors and discussed possible implications.

According to the Theory of Economic Regulation, corporate lobbying is a productive investment for firms looking to influence legislation and public policy. Corporate political activity can generate benefits for the organization; however, in the presence of agency conflicts the advantage is often offset by agency costs borne by the shareholders. Sometimes excess remuneration is offered by the principal in exchange for the agent's commitment to shareholder wealth creation. In this study we evaluated the association between corporate lobbying, chief executive officer remuneration and corporate performance in238 firms traded on the New York Stock Exchange, covering the period 2014-2017. Our regression analyses reveal that corporate lobbying is positively associated with chief executive officer remuneration and negatively associated with corporate performance, suggesting the existence of agency costs resulting from corporate lobbying. In such scenarios, based on our sample, corporate lobbying does not improve performance or generate benefits for shareholders, but serves as a personal and political tool for executive self-promotion. ; Consoante preconiza a Teoria da Regulação Econômica, o lobbying corporativo é considerado um investimento produtivo para as empresas que procuram influenciar a legislação e as políticas públicas. A atividade política corporativa pode gerar benefícios para a organização, porém, na presença de conflitos de agência, essa vantagem é muitas vezes neutralizada pelos custos de agência suportados pelos acionistas. Por vezes, a remuneração excessiva é oferecida pelo principal em troca do compromisso do agente para com a criação de riqueza dos acionistas. Neste estudo, avalia-se a associação entre o lobbying corporativo, a remuneração do Chief Executive Officer e o desempenho empresarial, em 238 empresas com ações negociadas na New York Stock Exchange, abrangendo o quadriênio 2014-2017. As análises de regressão revelam que o lobbying corporativo está positivamente associado à remuneração do Chief ...

ABSTRACTIn this study we evaluated the effect of national culture on the relationship between IFRS adoption and the cost of equity capital in 2,692 large firms from 31 countries, covering the period 2002–2007. National culture was proxied by six dimensions: power distance, uncertainty avoidance, individualism, masculinity, long-term orientation, and indulgence. IFRS reduced the cost of equity capital when national culture was not included in the regression, and when power distance was included. Cost of equity capital was low in countries with high levels of uncertainty avoidance and indulgence. Our main finding is that the cost of equity capital tends to be low in countries with IFRS and long-term orientation. The fact that IFRS-related benefits (such as improved information quality and reduced cost of equity capital) may be compromised by components of national culture should be taken into account by investors and analysts in their forecasts and investment decisions.

ABSTRACTIn this study we evaluated the effects of institutional investor participation on two aspects of capital market efficiency, namely price lead earnings and earnings quality, measured according to the theoretical framework proposed by Jiambalvo, Rajgopal, and Venkatachalam (2002) and Dechow and Dichev (2002) and modified by Jones, Krishnan, and Melendrez (2008). The sample consists of nonfinancial organizations listed on stock markets in France, Germany, Italy, The Netherlands, Spain, Switzerland, the U.K., and the U.S. between 2004 and 2013. The results indicate that the effect of institutional investor participation on price lead earnings and earnings quality is market specific. In civil law and low anti-director rights index countries, institutional investors have an information advantage over individual investors, and institutional investor participation is associated with higher earnings quality.

Resumo Estudos apontam que a partir dos sinais emitidos pela empresa ao mercado se constrói a sua reputação, considerado um recurso estratégico capaz de gerar vantagem competitiva. Nesse contexto, neste estudo teve-se o objetivo geral de investigar a relação entre a reputação corporativa e a criação de valor nas empresas de capital aberto listadas na bolsa brasileira, BM&FBovespa. Para a construção da reputação, foram analisados cinco sinais de reputação corporativa no período de 2010 a 2012, e a criação de valor se refere ao exercício de 2013. Considerando-se a amostra, verificou-se que a reputação corporativa influencia positivamente a criação de valor. Além disso, o endividamento, a idade e o setor de impacto ambiental apresentaram relação com a criação de valor. Portanto, conclui-se que a reputação corporativa é um recurso estratégico gerado por meio de sinais emitidos para o mercado, conforme preceitos da Teoria da Sinalização, os quais, quando percebidos pelos diversos stakeholders, refletem em vantagem competitiva, sendo capazes de influenciar a criação de valor das empresas, de acordo com os pressupostos da Visão Baseada em Recursos.Palavras-chave: Reputação corporativa. Criação de valor. Teoria da Sinalização. Visão Baseada em Recursos. Abstract Studies point out that from the signals issued by the company to the market is built your reputation, considered a strategic resource capable of generating competitive advantage. In this context, the study aims at investigating the relationship between corporate reputation and value creation in public companies listed in the Brazilian Stock Exchange, BM&FBovespa. To build the reputation, five corporate reputation signs were analyzed among the period 2010-2012, and the value creation refers to the year 2013. Considering the sample, it was found that corporate reputation influences positively the value creation. In addition, leverage, age and the environmental impact of industry were related to value creation. Therefore, it was concluded that corporate reputation is a strategic resource generated through signals emitted to the market, according to precepts of the Signaling Theory, which, when perceived by several stakeholders, reflected in competitive advantage, being able to influence the value creation of companies, according to the assumptions of Resource-Based View.Keywords: Corporate reputation. Value creation. Signaling Theory. Resource-Based View.

ABSTRACT Purpose: The goal of this study is to identify the relationship of absorbed, non-absorbed and potential slack with the innovation of companies of sectors members of the sectoral ranking of innovation in the Brazilian Index of Innovation (IBI) listed in BM&FBovespa. Originality/gap/relevance/implications: Organizational slack and innovation have been objects of study internationally, but still represent a research gap in Brazil. Also there were not identified studies using the intangible asset to measure innovation and the possible relations with the organizational slack measures. This theme can also support the strategic activities of organizations, such as contributing to the creation of competitive advantage. Key methodological aspects: Descriptive research with quantitative approach was carried out using financial data of 208 companies listed in BM&FBovespa classified as innovative according to the Index Brazil of Innovation. Information regarding intangible assets, used as metrics to measure the innovation, was collected from the Notes; and the data to calculate the measures of organizational slack were collected from Economática® database. Summary of key results: In the application of the panel data model, the results demonstrate a significant relationship between organizational slack and innovation. The potential and absorbed slacks impact significantly and positively the innovative process. Non-absorbed slack influences positively, but with relatively smaller impact compared to other measures. Key considerations/conclusions: It is concluded that the results indicate a relationship in greater degree of absorbed and potential slack and to a lesser degree of non-absorbed slack with the innovation of the companies surveyed.