cometadata/datacite-titles-descriptions-related-identifiers huggingface dataset:
DOI: 10.6084/m9.figshare.20020221
title: Performance Evaluation in the Minas Government: Analysis of Changes of Indicators and Targets

description: Abstract The government of the Brazilian state of Minas Gerais adopted a management model, known as Management Shock, by way of covenants called Agreement on Results, which foresee possible rewards for the achievement of agreed upon targets. Considering such covenants and the assumption that agents can promote adjustments or changes in performance indicators contained therein in order to pursue interests different than those initially agreed upon, this research sought to identify the organizational and environmental factors influencing changes of performance indicators in the government's management structure. This research was conducted in light of the Agency and Contingency Theories. To this end, we conducted a qualitative case study, collecting data through documentary analysis, questionnaires and semi-structured interviews. The interviews were subsequently submitted to content analysis. The results show that the tools provided are not sufficient to shield the model's managerial structure from pressures identified using Agency and Contingency Theories. As a consequence the model as originally proposed was undermined, allowing for changes to indicators.
DOI: 10.6084/m9.figshare.20020221.v1
title: Performance Evaluation in the Minas Government: Analysis of Changes of Indicators and Targets

description: Abstract The government of the Brazilian state of Minas Gerais adopted a management model, known as Management Shock, by way of covenants called Agreement on Results, which foresee possible rewards for the achievement of agreed upon targets. Considering such covenants and the assumption that agents can promote adjustments or changes in performance indicators contained therein in order to pursue interests different than those initially agreed upon, this research sought to identify the organizational and environmental factors influencing changes of performance indicators in the government's management structure. This research was conducted in light of the Agency and Contingency Theories. To this end, we conducted a qualitative case study, collecting data through documentary analysis, questionnaires and semi-structured interviews. The interviews were subsequently submitted to content analysis. The results show that the tools provided are not sufficient to shield the model's managerial structure from pressures identified using Agency and Contingency Theories. As a consequence the model as originally proposed was undermined, allowing for changes to indicators.
DOI: 10.6084/m9.figshare.20020223
title: Profitability in Multiple Brazilian Banks and Credit Unions

description: Abstract The financial system plays a crucial role in any economy. Factors such as strong regulation of the banking sector, measurement and evaluation in terms of performance and efficiency has been important for financial institutions. The long-term sustainability of cooperatives and banks demand the identification and comparison of variables that influence their profitability. The present study carried out an analysis of a panel of institutions between 2009 and 2013 with similar characteristics. The results indicate that the return on assets of these institutions was affected by loans, efficiency (measured using data envelopment analysis), total expenses, total deposits, other income and the Selic rate. However, return on equity was influenced by total deposits, loans, Selic rate, GDP, inflation, other income and total expenses. In the sample studied, the results indicated that there is no statistical difference if the financial institution is classified as a multiple bank or credit union, when considering ROE as a performance measure.
DOI: 10.6084/m9.figshare.20020223.v1
title: Profitability in Multiple Brazilian Banks and Credit Unions

description: Abstract The financial system plays a crucial role in any economy. Factors such as strong regulation of the banking sector, measurement and evaluation in terms of performance and efficiency has been important for financial institutions. The long-term sustainability of cooperatives and banks demand the identification and comparison of variables that influence their profitability. The present study carried out an analysis of a panel of institutions between 2009 and 2013 with similar characteristics. The results indicate that the return on assets of these institutions was affected by loans, efficiency (measured using data envelopment analysis), total expenses, total deposits, other income and the Selic rate. However, return on equity was influenced by total deposits, loans, Selic rate, GDP, inflation, other income and total expenses. In the sample studied, the results indicated that there is no statistical difference if the financial institution is classified as a multiple bank or credit union, when considering ROE as a performance measure.
DOI: 10.6084/m9.figshare.20020224
title: Stock Fund Selection and the Individual Investor

description: Abstract This article proposes a scoring model for the selection of actively managed Brazilian stock funds with positive and significant Jensen's alpha. Two performance measures and eight fund characteristics were obtained between 2004 and 2014. The characteristics set is broad and was coded as binary variables. The sample consists of 1,417 funds and minimizes survivorship bias because it includes new and discontinued funds. The scoring was estimated through a binary logistic regression. Less than ten percent of stock funds displayed significant positive alphas. The model denotes past performance as the most important characteristic to select a stock fund with a significant positive alpha. Independent management, investment in other FIA funds and new or younger funds also relate to this selection. Out of sample tests indicate that high scoring stock funds frequently exhibit significant positive and rarely significant negative alphas. High scoring stock funds frequently beat equally weighed portfolios, especially as to risk adjusted returns. There are several indications that professional managers seek to limit volatility, even if it means sacrificing returns. These are important implications for individual investors.
DOI: 10.6084/m9.figshare.20020224.v1
title: Stock Fund Selection and the Individual Investor

description: Abstract This article proposes a scoring model for the selection of actively managed Brazilian stock funds with positive and significant Jensen's alpha. Two performance measures and eight fund characteristics were obtained between 2004 and 2014. The characteristics set is broad and was coded as binary variables. The sample consists of 1,417 funds and minimizes survivorship bias because it includes new and discontinued funds. The scoring was estimated through a binary logistic regression. Less than ten percent of stock funds displayed significant positive alphas. The model denotes past performance as the most important characteristic to select a stock fund with a significant positive alpha. Independent management, investment in other FIA funds and new or younger funds also relate to this selection. Out of sample tests indicate that high scoring stock funds frequently exhibit significant positive and rarely significant negative alphas. High scoring stock funds frequently beat equally weighed portfolios, especially as to risk adjusted returns. There are several indications that professional managers seek to limit volatility, even if it means sacrificing returns. These are important implications for individual investors.
DOI: 10.6084/m9.figshare.20020226
title: Determinants of the Roles Boards of Directors Have in Brazilian Companies

description: Abstract This paper analyses the relationship between the managerial and supervisory roles played by the boards of directors of 108 companies listed on BM&FBovespa's (Brazilian stock market) Novo Mercado and corporate governance variables reported by academic literature that could potentially interfere with the dominance of this role in board meetings. The dominant role was verified through a content analysis based on Schwartz-Ziv and Weisbach's model (2013), while logistic and beta regressions were used to evaluate the determinants, respectively using the ratio of management topics over the total and a binary classification according to this dominance. Board minutes and tax forms from 2010-2013 were analyzed for companies with data for the entire period. Boards were found to play a managerial role more often than a supervisory one, with the most important variables for determining the role are the presence of an ex-CEO on the board and the existence of a fiscal council, with both contributing positively to the predominance for managerial over supervisory.
DOI: 10.6084/m9.figshare.20020226.v1
title: Determinants of the Roles Boards of Directors Have in Brazilian Companies

description: Abstract This paper analyses the relationship between the managerial and supervisory roles played by the boards of directors of 108 companies listed on BM&FBovespa's (Brazilian stock market) Novo Mercado and corporate governance variables reported by academic literature that could potentially interfere with the dominance of this role in board meetings. The dominant role was verified through a content analysis based on Schwartz-Ziv and Weisbach's model (2013), while logistic and beta regressions were used to evaluate the determinants, respectively using the ratio of management topics over the total and a binary classification according to this dominance. Board minutes and tax forms from 2010-2013 were analyzed for companies with data for the entire period. Boards were found to play a managerial role more often than a supervisory one, with the most important variables for determining the role are the presence of an ex-CEO on the board and the existence of a fiscal council, with both contributing positively to the predominance for managerial over supervisory.
DOI: 10.6084/m9.figshare.20020227
title: Economic Crisis Effect on Asset Choices for Personal Investments

description: Abstract The economic literature documents that extreme events can induce changes in risk propensity. This study investigates if the 2008/2009 crisis affected the investment behavior of tens of thousands of citizens living in different regions of the United States for different assets. The results obtained by means of logit models suggest that the crisis of 2008/2009 may have induced significant changes in investment preferences for different assets such as trust, bonds, real estate, and retirement planning. This study's results may contribute to public policies concerning household investment behavior, especially during times of crisis, in addition to guiding the proposal of new financial products by the finance industry.
DOI: 10.6084/m9.figshare.20020227.v1
title: Economic Crisis Effect on Asset Choices for Personal Investments

description: Abstract The economic literature documents that extreme events can induce changes in risk propensity. This study investigates if the 2008/2009 crisis affected the investment behavior of tens of thousands of citizens living in different regions of the United States for different assets. The results obtained by means of logit models suggest that the crisis of 2008/2009 may have induced significant changes in investment preferences for different assets such as trust, bonds, real estate, and retirement planning. This study's results may contribute to public policies concerning household investment behavior, especially during times of crisis, in addition to guiding the proposal of new financial products by the finance industry.
DOI: 10.6084/m9.figshare.20020229
title: Assessing Linear Models of Value Relevance: Do They Capture What They Should?

description: Abstract This study aimed to investigate the quality and impact of value relevance models of financial information using quantile regression (QR) compared to the ordinary least squares (OLS) methods. Following the principles and foundations of Ohlson (1995), Feltham and Ohlson (1995) and Ohlson and Kim (2015), it was possible to use a comparison parameter between models for evaluating the relevance of accounting information. Therefore, we applied two tests (A and B), with two models each as in Ohlson and Kim (2015), one with the dependent variable as net income in the following period and, second, as company market value in the current period. Given this theme, quantile regression showed to be more efficient and have less possibilities for estimation errors than OLS, at least under the strict conditions of this work. Therefore, we recommend the estimation of quantile regression in models that use accounting and financial information, since heteroscedasticity and outliers are commonly found in these types of data, and because this estimation method is less sensitive and more robust to such conditions typically displayed by the data of this research field.
DOI: 10.6084/m9.figshare.20020229.v1
title: Assessing Linear Models of Value Relevance: Do They Capture What They Should?

description: Abstract This study aimed to investigate the quality and impact of value relevance models of financial information using quantile regression (QR) compared to the ordinary least squares (OLS) methods. Following the principles and foundations of Ohlson (1995), Feltham and Ohlson (1995) and Ohlson and Kim (2015), it was possible to use a comparison parameter between models for evaluating the relevance of accounting information. Therefore, we applied two tests (A and B), with two models each as in Ohlson and Kim (2015), one with the dependent variable as net income in the following period and, second, as company market value in the current period. Given this theme, quantile regression showed to be more efficient and have less possibilities for estimation errors than OLS, at least under the strict conditions of this work. Therefore, we recommend the estimation of quantile regression in models that use accounting and financial information, since heteroscedasticity and outliers are commonly found in these types of data, and because this estimation method is less sensitive and more robust to such conditions typically displayed by the data of this research field.
DOI: 10.6084/m9.figshare.6448325
title: Technology Companies Analyzed Based on the Multidimensional Work Motivation Scale

description: Abstract This article aims to analyze the motivational factors, using the Self-Determination Theory (Deci & Ryan, 1985) and the application of the Multidimensional Work Motivation Scale (MWMS) (Gagné et al., 2014; Santos et al., in press) among workers in technology companies in Southern Brazil. The data collection included 256 respondents of the questionnaire and 06 semi-structured interviews, therefore being a quantitative-qualitative research with a descriptive nature. In the quantitative step, we applied the Confirmatory Factor Analysis (CFA), scale reliability analysis by Cronbach’s alpha coefficient and other statistical tests. The qualitative step was treated through content analysis. The main results indicate that these workers are primarily oriented by Autonomous Motivation, followed by Controlled Motivation. It should be noted that the Demotivation factor was not evidenced in the set of workers studied. We recommend that motivation be addressed jointly at the organizational, leadership and individual levels, covering more elements that can leverage worker well-being and consequently improve organizational results.
DOI: 10.6084/m9.figshare.6448193
title: Middle Managers’ Involvement in Strategy: Analyzing the Past and Projecting the Future

description: Abstract Even though there has been a growth in literature focusing on the role middle management plays in strategy, it has been about 10 years since the last literature review. This article’s main objective is to analyze this literature and suggest opportunities for the future. To this end, we reviewed 63 studies published since 1970, classifying each according to their research questions, main variables and theoretical underpinnings. Using this information as a basis for content analysis, we identified six core categories of studies. The categories describe the different ways middle managers are involved in strategy, indicating a greater diversity for possible theoretical, methodological and contextual investigations of the theme.
DOI: 10.6084/m9.figshare.6448193.v1
title: Middle Managers’ Involvement in Strategy: Analyzing the Past and Projecting the Future

description: Abstract Even though there has been a growth in literature focusing on the role middle management plays in strategy, it has been about 10 years since the last literature review. This article’s main objective is to analyze this literature and suggest opportunities for the future. To this end, we reviewed 63 studies published since 1970, classifying each according to their research questions, main variables and theoretical underpinnings. Using this information as a basis for content analysis, we identified six core categories of studies. The categories describe the different ways middle managers are involved in strategy, indicating a greater diversity for possible theoretical, methodological and contextual investigations of the theme.
DOI: 10.6084/m9.figshare.6448538
title: The Use of Biomarkers in Marketing Research

description: Abstract The crossovers between marketing and neuroscience has generated expectations as much for academia as for the market, especially in the last decade. Despite the interest and promises of results, gaps in neurobiological knowledge are perceived related to data collection and analysis. This study presents and compares some neuroscientific tools that are based on non-cognitive responses of the human brain. The collection and analysis of biomarkers such as hormones and levels of muscular electrical activity can be used in research on human behavior related to consumption, among other interactions with marketing actions. We also discuss the methodological application of these tools, resulting measures and possible interpretations of behavior, with emphasis on future research agenda.
DOI: 10.6084/m9.figshare.6448538.v1
title: The Use of Biomarkers in Marketing Research

description: Abstract The crossovers between marketing and neuroscience has generated expectations as much for academia as for the market, especially in the last decade. Despite the interest and promises of results, gaps in neurobiological knowledge are perceived related to data collection and analysis. This study presents and compares some neuroscientific tools that are based on non-cognitive responses of the human brain. The collection and analysis of biomarkers such as hormones and levels of muscular electrical activity can be used in research on human behavior related to consumption, among other interactions with marketing actions. We also discuss the methodological application of these tools, resulting measures and possible interpretations of behavior, with emphasis on future research agenda.
DOI: 10.6084/m9.figshare.6448421
title: Investment Funds: Performance using Carhart Model and Data Envelopment Analysis

description: Abstract This study evaluates the performance of Brazilian investment funds in stocks, comparing real returns and performance indicators, both parametric and non-parametric. The estimation of performance and classification of funds were realized with a basis in observation of real returns and the alphas obtained from Carhart’s parametric linear regression model. The indicators were compared with data envelopment analysis’ relative efficiency scores, the Banker, Charnes and Cooper non parametric model. The alphas were estimated considering the impacts of market factors, size, value, and momentum on the actual returns of each fund and the scores based on systemic risk, available resources, costs and total risk and, as a product of analysis, the return. As pointed out in the literature, a fall in fund performance was identified, as well as a high alpha correlation with actual returns, low correlation of scores with returns, and even lower correlation between alphas and scores. This indicates that the choice of the evaluation measure to be used is an important step in the selection of assets. Theoretical portfolios based on efficiency and alphas were also identified, identifying superior performance of the portfolios based on efficiency, none of which surpassed the market portfolio.
DOI: 10.6084/m9.figshare.6448421.v1
title: Investment Funds: Performance using Carhart Model and Data Envelopment Analysis

description: Abstract This study evaluates the performance of Brazilian investment funds in stocks, comparing real returns and performance indicators, both parametric and non-parametric. The estimation of performance and classification of funds were realized with a basis in observation of real returns and the alphas obtained from Carhart’s parametric linear regression model. The indicators were compared with data envelopment analysis’ relative efficiency scores, the Banker, Charnes and Cooper non parametric model. The alphas were estimated considering the impacts of market factors, size, value, and momentum on the actual returns of each fund and the scores based on systemic risk, available resources, costs and total risk and, as a product of analysis, the return. As pointed out in the literature, a fall in fund performance was identified, as well as a high alpha correlation with actual returns, low correlation of scores with returns, and even lower correlation between alphas and scores. This indicates that the choice of the evaluation measure to be used is an important step in the selection of assets. Theoretical portfolios based on efficiency and alphas were also identified, identifying superior performance of the portfolios based on efficiency, none of which surpassed the market portfolio.
DOI: 10.6084/m9.figshare.7075529
title: Parliamentary Elections in Brazil: The Use of Twitter in the Search for Votes

description: Abstract Since the use of new technologies in the 2008 US elections, Twitter has become a platform for political activities, creating a channel for interaction between politicians and voters. Political communication with the use of social media is part of today’s congressional activities. In addition, Twitter has become an important means for gaining popularity for election purposes. This article’s research question is to verify how parliamentarians’ behaviors influence the use of Twitter in the search for votes in elections to the National Congress. Thus, the aim of this article is to analyze Brazilian politicians’ different behaviors in this virtual environment before, during and after the parliamentary elections of 2014. Data was collected on the use of Twitter by the parliamentarians four times between December 2013 and April 2015. Politicians were compared according to their electoral aspirations and to the different appropriations of the social network. Data indicate that politicians in electoral campaigns make greater and more frequent use of the new technologies, in the sense of constructing political images within the electoral context. As a result, these politicians got more attention from Twitter users, which is directly related to a higher number of votes obtained in the election process. JEL Classification Codes: L82, L86, D72.