cometadata/datacite-titles-descriptions-related-identifiers huggingface dataset:
DOI: 10.6084/m9.figshare.6503996
title: The relationship between strategy making and organizational learning

description: Abstract Purpose: This paper discusses the role of strategy making in organizational learning. By linking organizational learning and strategy-as-practice literatures, the objective of this research was to analyze how intertwined the cognitive process and strategic activities are in organizational learning. Design/methodology/approach: The metodology used is a longitudinal qualitative single case study of one of the largest Brazilian companies in the power industry. The unit of analysis is the firm’s growth strategy through mergers and acquisitions from 2003 to 2012. Findings: The findings show that organizational learning involved four sequenced causal flows in which specific types of strategic activities contributed directly or indirectly to learning loops. Originality/value: Our main contribution is to show that the implementation of strategic activities is the key to strategic renewal.
DOI: 10.6084/m9.figshare.6503996.v1
title: The relationship between strategy making and organizational learning

description: Abstract Purpose: This paper discusses the role of strategy making in organizational learning. By linking organizational learning and strategy-as-practice literatures, the objective of this research was to analyze how intertwined the cognitive process and strategic activities are in organizational learning. Design/methodology/approach: The metodology used is a longitudinal qualitative single case study of one of the largest Brazilian companies in the power industry. The unit of analysis is the firm’s growth strategy through mergers and acquisitions from 2003 to 2012. Findings: The findings show that organizational learning involved four sequenced causal flows in which specific types of strategic activities contributed directly or indirectly to learning loops. Originality/value: Our main contribution is to show that the implementation of strategic activities is the key to strategic renewal.
DOI: 10.6084/m9.figshare.6503627
title: Psychological Barriers in Single Stock Prices: Evidence from Three Emerging Markets

description: Abstract Purpose: The purpose of the study is to examine the prices of some of the most widely traded stocks from Taiwan, Brazil and South Africa for indications of psychological barriers at round numbers. Design/methodology/approach: The sample under study includes a group of 24 stocks (8 for each one the emerging markets) during the period 2000-2014. We test for uniformity in the trailing digits of the stock prices and use regression and GARCH analysis to assess the differential impact of being above or below a possible barrier. Findings: We found no consistent psychological barriers in individual stock prices near round numbers. Moreover, we document that the relationship between risk and return tends to be weaker in the proximity of round numbers for about half of the stocks under study. Originality/value: This is the first study to examine the prices of single stocks from emerging markets for indications of psychological barriers at round numbers. Our results advocate special reflection regarding trading strategies linked to support and resistance levels in stock prices.
DOI: 10.6084/m9.figshare.6503627.v1
title: Psychological Barriers in Single Stock Prices: Evidence from Three Emerging Markets

description: Abstract Purpose: The purpose of the study is to examine the prices of some of the most widely traded stocks from Taiwan, Brazil and South Africa for indications of psychological barriers at round numbers. Design/methodology/approach: The sample under study includes a group of 24 stocks (8 for each one the emerging markets) during the period 2000-2014. We test for uniformity in the trailing digits of the stock prices and use regression and GARCH analysis to assess the differential impact of being above or below a possible barrier. Findings: We found no consistent psychological barriers in individual stock prices near round numbers. Moreover, we document that the relationship between risk and return tends to be weaker in the proximity of round numbers for about half of the stocks under study. Originality/value: This is the first study to examine the prices of single stocks from emerging markets for indications of psychological barriers at round numbers. Our results advocate special reflection regarding trading strategies linked to support and resistance levels in stock prices.
DOI: 10.6084/m9.figshare.6502706
title: Earnings management and investment efficiency

description: Abstract Purpose: To verify the relationship between the quality of the accounting information, measured by earnings management, and the efficiency of investments made by Brazilian companies listed on the BM&FBovespa. Design/methodology/approach: Firstly, the investment efficiency benchmark was established, analyzing the level of investment and the growth in sales as shown in equation (1). After this classification, the results of the extreme quartiles, which were classified as over/under investment, were used as dependent variables to analyze the relationship between income and investment management above or below predictable levels. Finally, to test this relationship, a multinomial logistic regression was used to evaluate the probability of over and under investments in companies that practice earnings management, compared to the benchmark. The sample that served as the basis for this study is composed of all the publicly-held companies that had or still have shares listed on the BM&FBOVESPA, covering the period from 1996 to 2012. Findings: The data analysis revealed empirical evidence that earnings management is positively related to levels investment and this can interfere in the probability of a company being classified as under or over investing. Therefore, based on the results found, it is confirmed that “the higher the level of earnings management, the greater the probability of the company deviating from the ideal level of investment.” Originality/value: The results were consistent with the idea that the quality of accounting information plays a relevant role for managers in order to analyze the efficiency of investments.
DOI: 10.6084/m9.figshare.6502706.v1
title: Earnings management and investment efficiency

description: Abstract Purpose: To verify the relationship between the quality of the accounting information, measured by earnings management, and the efficiency of investments made by Brazilian companies listed on the BM&FBovespa. Design/methodology/approach: Firstly, the investment efficiency benchmark was established, analyzing the level of investment and the growth in sales as shown in equation (1). After this classification, the results of the extreme quartiles, which were classified as over/under investment, were used as dependent variables to analyze the relationship between income and investment management above or below predictable levels. Finally, to test this relationship, a multinomial logistic regression was used to evaluate the probability of over and under investments in companies that practice earnings management, compared to the benchmark. The sample that served as the basis for this study is composed of all the publicly-held companies that had or still have shares listed on the BM&FBOVESPA, covering the period from 1996 to 2012. Findings: The data analysis revealed empirical evidence that earnings management is positively related to levels investment and this can interfere in the probability of a company being classified as under or over investing. Therefore, based on the results found, it is confirmed that “the higher the level of earnings management, the greater the probability of the company deviating from the ideal level of investment.” Originality/value: The results were consistent with the idea that the quality of accounting information plays a relevant role for managers in order to analyze the efficiency of investments.
DOI: 10.6084/m9.figshare.7743443
title: Fundamental Indexation in Brazil: a competitive strategy?

description: Abstract Purpose: This article analyzes fundamental indexation in Brazil relative to the IBrX 100 and selected stock funds in the period between June 2003 and May 2015. This strategy relies on weights based on fundamental indicators and not on market prices. Design/methodology/approach: Fundamental indices built with the IBrX 100 stocks were weighted according to fundamental indicators. The fundamental weighting method sets the weight of each stock as proportional to a previously determined fundament value. This article also considers an ordinal weighting. Findings: The results indicate that fundamental indices do not display positive and statistically significant returns and alphas after adjusting a five risk factor model and transaction costs. The ordinal weighting suggests that fundamental indicator outliers do not drive results. The evidence also suggests that fundamental indices might perform better in bear markets. Originality/value: In general, fundamental indices behave like value stocks and do not present abnormal returns. This is consistent with the absence of fundamental index products in the Brazilian market.
DOI: 10.6084/m9.figshare.7743443.v1
title: Fundamental Indexation in Brazil: a competitive strategy?

description: Abstract Purpose: This article analyzes fundamental indexation in Brazil relative to the IBrX 100 and selected stock funds in the period between June 2003 and May 2015. This strategy relies on weights based on fundamental indicators and not on market prices. Design/methodology/approach: Fundamental indices built with the IBrX 100 stocks were weighted according to fundamental indicators. The fundamental weighting method sets the weight of each stock as proportional to a previously determined fundament value. This article also considers an ordinal weighting. Findings: The results indicate that fundamental indices do not display positive and statistically significant returns and alphas after adjusting a five risk factor model and transaction costs. The ordinal weighting suggests that fundamental indicator outliers do not drive results. The evidence also suggests that fundamental indices might perform better in bear markets. Originality/value: In general, fundamental indices behave like value stocks and do not present abnormal returns. This is consistent with the absence of fundamental index products in the Brazilian market.
DOI: 10.6084/m9.figshare.7743557
title: Determinants of Structure of Corporate Governance Disclosure in Portugal

description: Abstract Purpose: This study analyses the determinants of the level of corporate governance disclosure (CGD) by Portuguese companies listed on Euronext Lisbon between 2005 and 2011. Design/methodology/approach: Using content analysis, we construct a corporate governance index for each firm based on the data extracted from the firm’s corporate governance and annual reports. An ordinal logistic regression model is used to examine the relationship between the level of CGD and its determinants. Findings: The empirical evidence suggests that foreign investor ownership, board size, board independence, external audit quality and degree of internationalization had a significant and positive influence on the corporate governance disclosure level, whereas ownership concentration, unitary leadership structure and debt had a significant and negative influence on corporate governance disclosure. No results were observed for board of director ownership and manager stock option compensation variables. Originality/value: This study extends the previous literature by examining corporate governance disclosure. Moreover, it extends prior work by analysing foreign investor ownership, manager stock option compensation and degree of internationalization as determinants of information disclosure. Finally, we believe that this study, conducted over a longer period of time, might give us stronger statistical evidence.
DOI: 10.6084/m9.figshare.7743557.v1
title: Determinants of Structure of Corporate Governance Disclosure in Portugal

description: Abstract Purpose: This study analyses the determinants of the level of corporate governance disclosure (CGD) by Portuguese companies listed on Euronext Lisbon between 2005 and 2011. Design/methodology/approach: Using content analysis, we construct a corporate governance index for each firm based on the data extracted from the firm’s corporate governance and annual reports. An ordinal logistic regression model is used to examine the relationship between the level of CGD and its determinants. Findings: The empirical evidence suggests that foreign investor ownership, board size, board independence, external audit quality and degree of internationalization had a significant and positive influence on the corporate governance disclosure level, whereas ownership concentration, unitary leadership structure and debt had a significant and negative influence on corporate governance disclosure. No results were observed for board of director ownership and manager stock option compensation variables. Originality/value: This study extends the previous literature by examining corporate governance disclosure. Moreover, it extends prior work by analysing foreign investor ownership, manager stock option compensation and degree of internationalization as determinants of information disclosure. Finally, we believe that this study, conducted over a longer period of time, might give us stronger statistical evidence.
DOI: 10.6084/m9.figshare.7743389
title: How to improve firm performance through employee diversity and organisational culture

description: Abstract Purpose: Our study examines the influence that employee diversity has on human resource management (HRM) practices and organisational performance, considering the moderating role of organisational culture, in particular, cultural dimensions such as individualism-collectivism and hierarchical distance. Design/methodology/approach: Through an empirical investigation of 102 Spanish firms using partial least squares-structural equation modelling (PLS-SEM), we evaluated our hypotheses. Findings: Our results show a positive correlation between employee diversity and HRM practices where such practices encourage employee commitment rather than control. Thus, we identified a non-linear relationship between HRM practices and organisational performance. Originality/value: The study considers the role played by environmental and contextual factors, such as organisational culture. The configuring of HR practices may help to reduce the possible costs derived from a diverse staff and improve their skills in favour of better organisational performance.
DOI: 10.6084/m9.figshare.7743389.v1
title: How to improve firm performance through employee diversity and organisational culture

description: Abstract Purpose: Our study examines the influence that employee diversity has on human resource management (HRM) practices and organisational performance, considering the moderating role of organisational culture, in particular, cultural dimensions such as individualism-collectivism and hierarchical distance. Design/methodology/approach: Through an empirical investigation of 102 Spanish firms using partial least squares-structural equation modelling (PLS-SEM), we evaluated our hypotheses. Findings: Our results show a positive correlation between employee diversity and HRM practices where such practices encourage employee commitment rather than control. Thus, we identified a non-linear relationship between HRM practices and organisational performance. Originality/value: The study considers the role played by environmental and contextual factors, such as organisational culture. The configuring of HR practices may help to reduce the possible costs derived from a diverse staff and improve their skills in favour of better organisational performance.
DOI: 10.6084/m9.figshare.7743398
title: Commitment to Work and its Relationship with Organizational Culture Mediated by Satisfaction

description: Abstract Purpose: The objective of this study is to analyze the mediating effect of satisfaction on the relationship between organizational culture and commitment at work. Design/methodology/approach: This paper adopts a quantitative and descriptive approach, applying an online questionnaire to employees of a public development bank operating in the Northeast of Brazil. The analysis method involved the use of structural equations modeling. Findings: The main results indicate that job satisfaction plays an important role in employee commitment, mediating the positive influence of organizational culture on commitment to work in its affective, instrumental, and normative dimensions in adhocratic cultures, and on affective commitment in clan cultures. They also indicate that satisfaction is a direct predictor of organizational commitment in the same way it mediates the relationship between culture and commitment. Originality/value: This paper contributes to increasing the theoretical knowledge about the relationships established between culture, satisfaction, and commitment. For the area of people management, this knowledge can favor organizational performance, allowing managers to act more accurately in each of these constructs.
DOI: 10.6084/m9.figshare.7743398.v1
title: Commitment to Work and its Relationship with Organizational Culture Mediated by Satisfaction

description: Abstract Purpose: The objective of this study is to analyze the mediating effect of satisfaction on the relationship between organizational culture and commitment at work. Design/methodology/approach: This paper adopts a quantitative and descriptive approach, applying an online questionnaire to employees of a public development bank operating in the Northeast of Brazil. The analysis method involved the use of structural equations modeling. Findings: The main results indicate that job satisfaction plays an important role in employee commitment, mediating the positive influence of organizational culture on commitment to work in its affective, instrumental, and normative dimensions in adhocratic cultures, and on affective commitment in clan cultures. They also indicate that satisfaction is a direct predictor of organizational commitment in the same way it mediates the relationship between culture and commitment. Originality/value: This paper contributes to increasing the theoretical knowledge about the relationships established between culture, satisfaction, and commitment. For the area of people management, this knowledge can favor organizational performance, allowing managers to act more accurately in each of these constructs.
DOI: 10.6084/m9.figshare.7743719
title: Analysis of Risk and Mispricing Hypotheses of Accruals: Evidence from Brazil

description: Abstract Purpose: Analyze how the accruals pricing is configured in the brazilian stock market, that is, if it represents a market mispricing or a risk factor. Design/methodology/approach: We used a sample of non-financial companies listed in B3. To reach the objective, the portfolio methodology, asset pricing models were used, and two-stage cross-sectional regression (2SCSR) was used to test risk and mispricing hypotheses. Findings: The results obtained showed evidence of the accruals anomaly for the companies classified as small and that the evidence is stronger when evaluating the discretionary component. The two-stage cross-sectional regression analysis did not show that accruals represent a risk factor, suggesting that the evidence of anomaly obtained for discretionary accruals is caused by mispricing. Originality/value: Non-rejection of the accruals' mispricing assumption leads to the conclusion that stock prices of small firms are influenced by the accounting results disclosed and that managers, by having capital market and profit incentives related, can use accounting choices opportunists with the motivation to maximize their expected utility, that is, to influence the price of shares through the distortions in profits.
DOI: 10.6084/m9.figshare.7743197
title: A Real Options Model with Games Applied to the Rio de Janeiro Residential Real Estate Market

description: Abstract Purpose: To determine the optimal investment strategy in Nash equilibrium for the residential real estate market of Rio de Janeiro, considering the uncertainty in the demand for real estate and the number of active competitors in the market. Design/methodology/approach: A Real Options Game model was developed. The parameters of the model were estimated with econometric tools using data from the Rio de Janeiro real estate market. Findings: The quantitative results obtained are intuitive in the sense that the larger the number of competitors, the lower the level of demand required for investment in new units, whereas the greater the volatility of demand, the greater the demand threshold for the investment to be optimal. Originality/value: This study modified the methodology of Grenadier (2002), providing a more adequate and robust specification of the uncertainty for the demand function, thus allowing more intuitive economic interpretations.
DOI: 10.6084/m9.figshare.7743197.v1
title: A Real Options Model with Games Applied to the Rio de Janeiro Residential Real Estate Market

description: Abstract Purpose: To determine the optimal investment strategy in Nash equilibrium for the residential real estate market of Rio de Janeiro, considering the uncertainty in the demand for real estate and the number of active competitors in the market. Design/methodology/approach: A Real Options Game model was developed. The parameters of the model were estimated with econometric tools using data from the Rio de Janeiro real estate market. Findings: The quantitative results obtained are intuitive in the sense that the larger the number of competitors, the lower the level of demand required for investment in new units, whereas the greater the volatility of demand, the greater the demand threshold for the investment to be optimal. Originality/value: This study modified the methodology of Grenadier (2002), providing a more adequate and robust specification of the uncertainty for the demand function, thus allowing more intuitive economic interpretations.
DOI: 10.6084/m9.figshare.7743719.v1
title: Analysis of Risk and Mispricing Hypotheses of Accruals: Evidence from Brazil

description: Abstract Purpose: Analyze how the accruals pricing is configured in the brazilian stock market, that is, if it represents a market mispricing or a risk factor. Design/methodology/approach: We used a sample of non-financial companies listed in B3. To reach the objective, the portfolio methodology, asset pricing models were used, and two-stage cross-sectional regression (2SCSR) was used to test risk and mispricing hypotheses. Findings: The results obtained showed evidence of the accruals anomaly for the companies classified as small and that the evidence is stronger when evaluating the discretionary component. The two-stage cross-sectional regression analysis did not show that accruals represent a risk factor, suggesting that the evidence of anomaly obtained for discretionary accruals is caused by mispricing. Originality/value: Non-rejection of the accruals' mispricing assumption leads to the conclusion that stock prices of small firms are influenced by the accounting results disclosed and that managers, by having capital market and profit incentives related, can use accounting choices opportunists with the motivation to maximize their expected utility, that is, to influence the price of shares through the distortions in profits.