Editors’ note

Portuguese Economic Journal -     

Who is going to save the Brazilian Amazon forest? Reflections on deforestation,wildlife eviction,and stewardship behavior

The Brazilian Amazon deforestation is the context for this article, approached as a crime against humanity and wildlife. Recently, Amazon forest fires have also worried most of the economically developed nations, generating criticism and demanding that the Brazilian Government be more active in preventing fires and deforestation. It is necessary to guarantee the wellbeing and health of millions of animal species that live in this habitat, avoiding their extinctions and encouraging the preservation of the forest and its inhabitants. Agribusiness, together with illegal timber trade, are blamed for most of the deforestation. In this paper, we present and discuss Brazilian Amazon deforestation data, addressing the role of agribusiness as dependent on good environmental governance. We argue how stewardship behavior needs to become a path to stop deforestation and wildlife eviction and we reflect on what marketers in Brazil and the world can do to better protect the Amazon rainforest. We conclude that the Government, companies, and society must be coresponsible for the protection of the Amazon rainforest through conservation transparency, dialogue, environmental awareness, and sustainability in production and consumption practices.     

The diffusion of an organizational innovation: International data telecommunications and multinational industrial firms

The paper analyses the structural and technological determinants of the diffusion of international data network as a major technological and organizational innovation in a sample of 40 U.S. and European multinational firms in the period 1963–1980. According to the results faster adopters appeared to be large U.S. firms, exposed to worldwide competition, with inhouse telecommunication skills. Smaller European firms adopted the technology later, often pushed by the provision of ad hoc technical solutions by service and hardware marketing firms. Smaller latecomers with centralized management structures were, however, quicker in the diffusion process. Both in the interfirm and intrafirm diffusion ‘implicit knowledge’ was a more effective factor than R–D intensity.     

Factors affecting success in the professional entry exam for accountants in Brazil

This paper explores factors that have affected the success of candidates in the professional entry exam conducted by Brazil’s Federal Council of Accounting. We analyse results of 18,948 candidates who sat for the exam in 2012, using a logistic regression model and the key indicators used by government to monitor the performance of higher education institutions (HEIs) and the characteristics of candidates. We find that success is related positively to the quality of the HEIs from which candidates graduated and to a measure of student ability that is used widely in Brazil. We find also that males perform better than females and that younger candidates perform better than older candidates. The geographical region of Brazil within which candidates completed the exam was also significant. The insights provided will help public policy-makers in Brazil, and the Brazilian accounting profession, to understand key factors associated with current low pass rates.     

Risk parity portfolio optimization under a Markov regime-switching framework

We formulate and solve a risk parity optimization problem under a Markov regime-switching framework to improve parameter estimation and to systematically mitigate the sensitivity of optimal portfolios to estimation error. A regime-switching factor model of returns is introduced to account for the abrupt changes in the behaviour of economic time series associated with financial cycles. This model incorporates market dynamics in an effort to improve parameter estimation. We proceed to use this model for risk parity optimization and also consider the construction of a robust version of the risk parity optimization by introducing uncertainty structures to the estimated market parameters. We test our model by constructing a regime-switching risk parity portfolio based on the Fama–French three-factor model. The out-of-sample computational results show that a regime-switching risk parity portfolio can consistently outperform its nominal counterpart, maintaining a similar ex post level of risk while delivering higher-than-nominal returns over a long-term investment horizon. Moreover, we present a dynamic portfolio rebalancing policy that further magnifies the benefits of a regime-switching portfolio.     

Analysing the correlation between social network analysis measures and performance of students in social network-based engineering education

Social network-based engineering education (SNEE) is designed and implemented as a model of Education 3.0 paradigm. SNEE represents a new learning methodology, which is based on the concept of social networks and represents an extended model of project-led education. The concept of social networks was applied in the real-life experiment, considering two different dimensions: (1) to organize the education process as a social network-based process; and (2) to analyze the students’ interactions in the context of evaluation of the students learning performance. The objective of this paper is to present a new model for students evaluation based on their behavior during the course and its validation in comparison with the traditional model of students’ evaluation. The validation of the new evaluation model is made through an analysis of the correlation between social network analysis measures (degree centrality, closeness centrality, betweenness centrality, eigenvector centrality, and average tie strength) and the grades obtained by students (grades for quality of work, grades for volume of work, grades for diversity of work, and final grades) in a social network-based engineering education. The main finding is that the obtained correlation results can be used to make the process of the students’ performance evaluation based on students interactions (behavior) analysis, to make the evaluation partially automatic, increasing the objectivity and productivity of teachers and allowing a more scalable process of evaluation. The results also contribute to the behavioural theory of learning performance evaluation. More specific findings related to the correlation analysis are: (1) the more different interactions a student had (degree centrality) and the more frequently the student was between the interaction paths of other students (betweenness centrality), the better was the quality of the work; (2) all five social network measures had a positive and strong correlation with the grade for volume of work and with the final grades; and (3) a student with high average tie strength had a higher grade for diversity of work than those with low ties.     

Fashion consumer profiles in the Portuguese market: involvement,innovativeness, self‐expression and impulsiveness as segmentation criteria

This study identified fashion consumer profiles among Portuguese young adults. The work was based on four constructs: fashion involvement, fashion innovativeness, self‐expression through fashion products and impulsiveness. Another purpose of this study was to test these instruments in this cultural context in order to contribute to the generalizability of the scales. A cluster analysis uncovered three groups: Moderates, Apathetic and Enthusiasts. On the whole, this study proposes a new way of segmenting Portuguese fashion consumers and demonstrates that the four constructs employed can be used in different cultural contexts.     

Unobserved selection heterogeneity and the gender wage gap

Selection correction methods usually make assumptions about selection itself. In the case of gender wage gap estimation, those assumptions are especially tenuous because of high female nonparticipation and because selection could be different in different parts of the labor market. This paper proposes an estimator for the wage gap that allows for arbitrary and unobserved heterogeneity in selection. It applies to the subpopulation of “always employed” women, which is similar to men in labor force characteristics. Using CPS data from 1976 to 2005, I show that the gap has narrowed substantially from a ?0.521 to a ?0.263 log wage point differential for this population.     

The creation and use of scorecards in tourism planning: A Spanish example

This paper proposes a preliminary model of a balanced scorecard for tourism destinations, with a specific emphasis on sustainable development. We begin with a review of the perspectives and critical performance variables for the traditional balanced scorecard. We then present empirical work based upon quantitative analysis techniques. A survey was completed by 1531 Spanish municipalities that are oriented towards tourism and have demonstrated interest in management issues. Based on the constructs emerging from this analysis, we then show how the balanced scorecard can be modified to support the strategic planning of tourism destinations. We conclude by discussing the advantages for long-term strategic planning and sustainable tourism management.     

Hybrid heuristics for planning job rotation schedules in assembly lines with heterogeneous workers

We investigate the problem of balancing assembly lines with heterogeneous workers while considering job rotation schedules. This problem typically occurs in assembly lines in sheltered work centers for disabled. We propose a hybrid algorithm that uses a Mixed Integer Programming (MIP) to select appropriate schedules from a pool of heuristically constructed solutions. A local search based on MIP neighborhoods is used as a post-optimization method. Our results show that this approach is fast, flexible and accurate when compared with current available methods.