Dynamic managerial capabilities: Scale development and validation

Studies on dynamic managerial capabilities still have a rather theoretical nature, and there is great difficulty in finding a valid, reliable instrument to measure this construct. The present study contributes to solving this problem: It aims to develop and validate a scale to measure dynamic managerial capabilities. In this investigation, we develop a scale for three factors related to dynamic managerial capabilities: human capital, managerial cognition (already described in the literature), and relationship networks. The prominent finding in this research is the factor that is referred to here as relationship networks.     

Use of Derivatives and Analysts’ Forecasts: New Evidence from Non‐financial Brazilian Companies

This study investigates whether market analysts’ forecasts are influenced by the presence of derivative financial instruments in listed firms. From a sample of firms comprising 1173 derivative users and 7797 non‐users for the 2006–14 period, the results indicate the existence of less error behaviour (bias) on earnings per share forecasts for derivative user firms compared to non‐user firms. This finding suggests that these instruments may be used to protect businesses and provide greater stability in the results of companies that use them. The presence of derivative financial instruments is increasing among listed firms, and management can use them for hedging or speculation (thus mitigating or increasing risk). The literature contains few studies on this issue, and the general understanding relies on the assumption that derivative financial instruments provide relevant information for decision making.     

New Evidence from Brazil on Trade Liberalization and Productivity Growth*

This article presents evidence on the positive effect of international trade on productivity growth using industrial level data preceding and following Brazil's trade liberalization in 1988–90. Our data reveal large and widespread productivity improvement across industries after barriers to trade were drastically reduced. Econometric results confirm the association between trade liberalization and productivity growth and show that the impact was indeed substantial: The observed tariff reduction in the period brought a 6% estimated increase in total factor productivity growth rate and a similar impact on labor productivity.     

Medición y comprensión del comercio de tareas en el sector de los servicios

La revolución de las TIC ha generado un alto riesgo de deslocalización de las tareas más comercializables en el sector de los servicios. Se revisan aquí estudios que proponen indicadores de comerciabilidad de los servicios, exploran las implicaciones de su deslocalización y desarrollan modelos teóricos al respecto. Tanto el nivel de calificación requerido como la comerciabilidad podrían ser determinantes clave de los efectos sobre los salarios y el empleo. Sin embargo, la falta de definiciones consensuadas de comerciabilidad y de datos fiables sobre el comercio de servicios, junto con la dificultad de evaluar la competencia de las importaciones a niveles desagregados, obstaculizan el avance de los estudios empíricos y descubren áreas para futuras investigaciones.     

Do economic integration agreements affect trade predictability? A group effect analysis

Recent theoretical findings in the trade literature suggest that economic integration agreements (EIAs) not only increase the level of trade but also make it more stable and predictable. This paper proposes a Hausman–Taylor quantile regression approach to identify the causal effect of EIA membership on trade predictability. The proposed methodology accounts for group effects in the gravity equation and is computationally efficient. Our results corroborate the theoretical findings that EIAs make trade more stable and predictable and this conclusion is even stronger for deeper EIAs.     

Supply chain risk analysis: a shipbuilding industry case

A lack of empirical studies on Supply Chain Risk Management (SCRM) is observed, especially in the industries of large projects. Therefore, this paper conducts a risk analysis on the Brazilian Shipbuilding Industry by generating an initial risk profile. A panel was conducted with executives from major shipyards, and the primary risks were identified, assessed, and evaluated. Findings corroborate the academic literature, reinforcing that companies recognise the importance of SCRM, but the concept is incipient and far from being successfully implemented in real life. Despite the fact that the shipyards identified important risks, the focus was on internal factors. Because the industry was exposed to risks from the external environment, no risk mitigation actions existed, resulting in the bankruptcy of many shipbuilders. This research is an initial step toward investigating SCRM techniques, offering academics a novel empirical approach that can serve as a systematic risk management tool for supply chain planning.     

An Introduction to the Issue of Consumer Law in South America

Journal of Consumer Policy - This Special Issue has a long history. It goes back to a conference in July 2017 organized by Cláudia Lima Marques in Porto Alegre Brazil, the first of the Center...     

Prepurchase financing pool: Revealing the IRR problem

Internal rate of return (IRR) is one of the most common and important indicators in investment analysis because it is often used by managers and practitioners as a decision-making criterion. Moreover, the IRR reflects the financial cost in financing decisions and it helps to answer the following question when comparing different financing alternatives: “Which loan is the cheapest?” Among the different types of loans in Brazil, there is a financial product called a prepurchase financing pool (PPFP) that is generally regarded as the best option for financing or loans. The objective of this article is to use the prepurchase financing pool to show the flaws of IRR in financial analysis. In particular, when IRR is used to evaluate the prepurchase financing pool, one finds problems of reliability regarding (i) existence, (ii) uniqueness, and (iii) economic interpretation of the rate. The results show that the prepurchase financing pool is relevant evidence that the IRR flaws are found in financial products.     

Place attachment,host–tourist interactions,and residents’ attitudes towards tourism development: the case of Boa Vista Island in Cape Verde

A clear understanding of residents’ attitudes towards tourism development and its determinants is a crucial pillar for designing tourism development strategies to promote sustainable development. The literature on the influence of host–tourist interactions and place attachment on residents’ attitudes towards tourism development in developing countries is still scarce. To extend knowledge in this field, this study aims at developing and testing a structural model to examine direct and indirect causal effects of place attachment, host–tourist interaction, and perceived positive and negative tourism impacts on the residents’ attitudes towards tourism development in an island tourism destination – Boa Vista Island in Cape Verde. Results suggest that the residents’ attitudes are positively affected by place attachment, host–tourist interaction, and perceived positive impacts; and negatively affected by perceived negative impacts. Host–tourist interaction emerges as the strongest (direct and indirect) determinant of the residents’ attitudes towards tourism development. Moreover, although both positive and negative perceptions of tourism impacts have significant impacts on the residents’ attitudes, the influence of the former is stronger than that of the latter. The paper ends with relevant theoretical and practical implications to promote positive residents’ attitudes towards tourism development in Boa Vista.     

Are Liberated Companies a Concrete Application of Sen’s Capability Approach?

Journal of Business Ethics - The capability approach (CA) developed by Amartya Sen focuses on the enhancement of people’s capabilities, i.e. their real freedom to choose a life course they...