• Brazilian Administration Review - BAR

Associacao Nacional de Pos-Graduacao e Pesquisa em Administracao-ANPAD
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  • Analysts' Consensus and Target Price Accuracy: A Study in Latin America

    Market analysts, by means of issuance of their opinions (earnings per share, target prices, and recommendations), have been the object of several earlier studies. Previous literature identifies analysts as information intermediaries between companies and investors, and identifies their role in reducing the information asymmetry. This study investigates whether the estimated standard deviations of price-target shares issued by capital market analysts are informative, and ascertains whether it is possible to identify smaller errors in analysts’ forecasts from the verification of the consensus among them. The study is carried out in Latin American countries, and relies on a database of 23,367 estimates of target-price shares during the period from October 2010 to January 2017. It also take...

  • Mind the Gap: Lessons from the UK to Brazil about the Roles of TTOs throughout Collaborative R&D Projects

    The literature about collaboration for innovation has reported fundamental activities performed by intermediaries. In this paper, universities’ technology transfer offices (TTOs) are placed as intermediaries between academic research and the industry. Our study focuses on collaborative research and development (R&amp;D) projects between universities and industry in order to understand the roles of TTOs throughout the whole duration of the project. The main aim of this paper is to identify the roles of TTOs throughout collaborative R&amp;D projects and suggest some lessons for Brazilian TTOs based on the experience of the United Kingdom. Through qualitative case studies in the United Kingdom and Brazil, the analyses show that both TTOs performed critical activities for collaborative R&amp;D projects...

  • Identity in Family Firms: A Theoretical Analysis of Incentives and Contracts

    We developed a principal-agent model that coherently and parsimoniously explains previous findings from research on executive compensation in family firms. We introduce organizational identification in the model in order to capture the effect of family firms’ distinctive characteristics on the agent’s behavior. After describing the optimal incentive contract under moral hazard, we show that the dispersion in the optimal wage profile decreases as the level of organizational identification of the agent increases. Moreover, we show that agency costs decrease as the level of organizational identification of the agent increases. Our results imply that hiring a strongly identified family manager will result in greater expected wealth to the principal and better risk sharing between the partie...

  • Anomalies and Investor Sentiment: Empirical Evidences in the Brazilian Market

    This study examined the relationship between investor sentiment and value anomalies in Brazil. In addition, it analyzed if pricing deviations caused by investors with optimistic views are different from those caused by pessimistic investors. The sample included all non-financial firms listed on the B3 (Brasil, Bolsa, Balcão) stock exchange from July 1999 to June 2014. We used the Principal Component Analysis multivariate technique to capture the component common to four different proxies for investor sentiment. The study empirically tested the index series and its variation on the return series of Long-Short portfolios of 12 anomaly-based strategies. The study found that the measure of the sentiment index had a partial explanatory power for the anomalies only when included in the CAPM. ...

  • Impacts of Interactive and Diagnostic Control System Use on the Innovation Process

    This research explores the innovation process in organizations based on the Management Control System (MCS). We examined the link between the diagnostic and interactive uses of management control systems and their association with the intensity of the innovation process. Motivations for the research are: (a) enhance the potentiality of the model by including variables that are external to the organization, and (b) offer an empirical emergent country perspective on innovation. The study is quantitative and the data were collected by means of a survey questionnaire involving a sample of 121 Brazilian companies. The analysis was supported by structural equation modeling. The contributions are: (a) enhancement of the model by including the influences exerted by external stimuli on the inten...

  • The Influence of Organizational Reconciliation Policies and Culture on Workers Stress Perceptions

    Work-family reconciliation plays a crucial role in the well-being of employees, having impacts at the individual, social and organizational level. Studies concluded that poor work-life balance as one of the ten predictors of psychosocial risks at work. A family-friendly culture relates to how an organization values and allows the articulation of the various spheres of its workers’ life. We intended to determine the effect of different variables like the existence of services, the organizational culture and the managers and colleagues support, on the stress experienced. A sample of 156 employees, from five organizations in the same region of Portugal, responded to a survey contributing to the empirical results of the study. We have conducted a structural equation model to test whether th...

  • Unknown Unknowns in Innovative Projects: Early Signs Sensemaking

    This study aims to understand early signs’ sensemaking relevance to identifying unknown unknowns on innovative projects. When managing these projects, early signs of changes in the environment, combined with a sensemaking process, can help identify them prior to their occurrence and mitigate unwanted effects of these uncertainties. To this end, we conducted a field research to assess 16 projects, totaling 35 events representative of this kind of uncertainty. Based on in-depth interviews, we performed an initial qualitative analysis, and then applied nonparametric statistical tests. Early signs perception in cases where external factors may cause the occurrence of unknown unknowns show that this perception and the search for information are relevant to identifying unk unks. Furthermore, ...

  • Career Profiles of Generation Y and Their Potential Influencers

    This study aims to identify the predominant career profiles among Generation Y in Brazil and investigate the influence of demographic and professional characteristics in these profiles. Career profiles are defined as combinations of the presence of Boundaryless and Protean career attitudes. This study is descriptive, the sample is non-probabilistic and intentional and consists of 2,376 people. Cluster Analysis and Chi-square tests were used. The results show that people from Generation Y have a high presence of attitudes related to new careers and that these new careers are associated with high education and high income, mainly the Boundaryless career. However, there is a small portion of the sample that doesn’t present new career attitudes, indicating that this is just a movement and c...

  • Publication in High Impact Factor Journals: When Does It Expire?
  • Identity in Family Firms: A Theoretical Analysis of Incentives and Contracts.

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