Effects of Pre-Salt Regulation on the Market Value of Petrobras

This article measures the impacts of the process of pre-salt development related to new regulations in Brazil applicable to the offshore pre-salt hydrocarbon reserves. For this purpose, Bai and Perron (2003 Bai, J., and Perron, P. (2003). Computation and analysis of multiple structural change models. Journal of Applied Econometrics, 18, 1–22. doi:10.1002/jae.659[Crossref], [Web of Science ®] , [Google Scholar]) and Chow (1960 Chow, G. C. (1960). Tests of equality between sets of coefficients in two linear regressions. Econometrica, 28(3), 591–605. doi:10.2307/1910133[Crossref], [Web of Science ®] , [Google Scholar]) tests were used to identify structural breakpoints in the behavior of the price of Petrobras stock through a model that includes the ratio of the stock prices of Vale and Petrobras, and the proven oil reserves of Petrobras from 2000 to 2014. The results indicated structural breakpoints in the period of regulation change and when Petrobras issued new shares to raise funds for pre-salt development.     

Injury-related hospitalizations in 2002 and 2012 in a Mexican rural hospital: differences between indigenous and non-indigenous inpatients

Data are lacking on the extent and distribution of injuries in rural areas. This study aimed at comparing injury-related hospitalizations between 2002 and 2012 at a rural hospital of northern Mexico focusing on differences between indigenous (IP) and non-indigenous patients (NIP). A retrospective design based on the review of records of patients hospitalized with injury diagnoses was used. Information extracted included ethnicity, sex, age, hospital duration, surgical procedures, complications and discharge outcome. Injury data comprised of main diagnosis, mechanism and body part affected. Patterns were stratified by year and ethnicity. Logistic regression was used to determine the probability of being hospitalized for >1 day. Injury-related mortality increased from 0.4% in 2002 to 3.1% in 2012. The proportion of non-indigenous patients hospitalized also increased by 4.5%. Men accounted for two-thirds of all inpatients. Weapon involvement doubled from 16.6% to 33.6%. Almost half of the patients in 2012 were victims of interpersonal violence. Indigenous patients had a 2.7 higher adjusted odds ratios of being hospitalized for >1 day in 2002 (95% CI 1.2–5.7), though the gap was reduced to 1.9 (1.1–3.5) in 2012. While indigenous patients continue to be more disadvantaged than the non-indigenous, the gaps closed in 2012; the reasons behind these disparities need to be further investigated.     

The Need to Give Gratuitously: A Relevant Concept Anchored in Catholic Social Teaching to Envision the Consumer Behavior

The “gift exchange theory” articulated by Marcel Mauss, along with his core concept of a threefold obligation (giving/receiving/returning), is the dominant theoretical framework used to explain the majority of gift issues in marketing. This perspective assumes that some interest always lies behind gifts, such that a gift always implies a counterpart of receiving something in return. Despite the relevance of this approach in understanding the day-to-day consumer behavior, this paper presents empirical cases where the consumer is also able to give freely, that is to say without implying a counterpart or even expecting it. To explain those empirical cases, we mobilize a key teaching of the Catholic Church: the “gratuitous gift” and then introduce the concept of the “need to give.” We show that gratuitousness is a relevant concept to understand most of gifts made by consumers, and we develop the normative aspect of gratuitous gift for ethical marketers (i.e., what ethical marketers should consider to understand consumers properly and in a more humanistic way). We also show that Catholic Social Teaching offers an appropriate anthropology to understand consumer behaviors motivated by this need for gratuitousness. To conclude, we propose further avenues of research.     

A Question of Trust: the Pursuit of Consumer Trust in the Financial Sector by Means of EU Legislation

The decrease in consumer trust in the financial sector and the attempts to restore it are receiving a great deal of interest, especially since the financial crisis at the end of 2008. EU legislation is one of the ways that attempts have been made to regain the trust of investors. In the second section, the concept of “trust” will be subjected to an in-depth yet not exhaustive examination, with the aim of reducing its elusiveness. The third section will discuss three recent EU proposals. Examination of these legislative proposals reveals that (1) the term “trust” is not precisely defined, and (2) without stating further reasons, the restoration of trust in the financial sector is considered a worthy goal. In light of the aforementioned, the fourth section will address the desirability of clarity regarding the term “trust.” The fifth section will then assess whether legislation is a suitable means to restore consumer trust, and the sixth section explores whether the restoration of consumer trust in the financial sector is a worthy goal. Indeed, the European legislator and other policymakers seem to consider a low level of consumer trust a bad thing, a high level of consumer trust a good thing, and a higher level of consumer trust an even better thing. This article will argue that it is doubtful whether EU legislation is a suitable means for restoring consumer trust in the financial sector and, moreover, that considering the perverse incentives in the current financial sector, among other things, a realistic degree of trust, implying a certain distrust, appears preferable.     

Satisfaction with Online Commercial Group Chat: The Influence of Perceived Technology Attributes, Chat Group Characteristics, and Advisor Communication Style

This study examines online commercial group chat from a structuration theory perspective. The findings support the influence of perceived technology attributes (control, enjoyment, reliability, speed, and ease of use) and chat group characteristics (group involvement, similarity, and receptivity) on customer satisfaction and the moderating role of advisor communication style on these influences. Furthermore, our results show that chat group characteristics influence customer satisfaction directly as well as indirectly via perceived technology attributes. Online chat satisfaction in turn influences behavioral intentions. Finally, group-level perceptions are found to add considerably to perceptions at the individual level. Our study illustrates that structuration theory provides a sound foundation for theoretical development and empirical investigation of online group chat. Also it shows that retailers need to carefully manage the intricate interplay between technology, chat groups, and online advisors to foster a satisfying experience for customers.     

The business-to-business relationship dimensions in financial services markets

This paper discusses the nature of financial business relationships by drawing on the IMP Group’s theory of industrial relationships. It discusses, among other aspects, the interaction process between banks and their corporate clients, the longevity of relationships, the interdependence between both sides, and the atmosphere of financial services relationships. The conclusions are thought to be interesting and useful for the managers of firms and financial services when setting relationship marketing policies and for academic research on business-to-business services relationships. The field research was done in Portugal and the case method was used.

The Paradox of Corporate Social Responsibility Standards

The purpose of this paper is to provide a constructive criticism of Corporate Social Responsibility (CSR) standards. After pointing out a number of benefits and limitations in the effectiveness of CSR standards, both from a theoretical point of view and in the light of empirical evidence, we formulate and discuss a Paradox of CSR standards: despite being well-intended, CSR standards can favor the emergence of a thoughtless, blind and blinkered mindset which is counterproductive of their aim of enhancing the social responsibility of the organization. We analyze three problems that might underlie the Paradox—namely the problem of deceptive measurements; the problem of responsibility erosion and the problem of blinkered culture. We apply the philosophical tradition of American Pragmatism to reflect on these issues in relation to different types of existing standards, and conclude by suggesting a number of considerations that could help both CSR standards developers and users to address the Paradox.     

Numeric or weighted distribution? The effect of different channel performance metrics on market share

Abstract

Previous studies have found a convex relation between weighted measures of distribution and market share for consumer products in developed economies, while companies in emerging markets often use a non-weighted (numeric) distribution measure to manage their channel strategy. In contrast to the markets with high retail concentration, the numeric distribution could be best suited to a more fragmented retail market in which the percentage of physical distribution is important. We investigate the effects of expanding numeric versus expanding weighted distribution by studying stores in channels and regions characterized by structural differences in an emerging market. Our data come from retail audits in Brazil and include 91 soft drink manufacturers, 195 brands and 1,110 stock-keeping units. Our study highlights the importance of numeric distribution as a performance measure in this market. Additionally, we show that the effects of numeric and weighted distribution on market share vary by region and channel format.     

Online Engagement and the Role of Digital Influencers in Product Endorsement on Instagram

Abstract

The article aims to analyze the forms of engagement generated from the endorsement of products by digital influencers on Instagram, considering the characteristics of their online posts. A qualitative approach was used to investigate digital influencers’ posts based on semiotic image analysis and the critical incidents technique. The results reinforced that digital platforms enable distinct forms of engagement by establishing new configurations that affect relationship marketing and promotion strategies. In particular, on Instagram, the development of engagement can involve four participants who play different social roles, expanding the process of value co-creation.     

Functional brand qualities and perceived value: The mediating role of brand experience and brand personality

Brand experience and brand personality have become two important theoretical constructs in the branding literature. However, research on the antecedents of these two constructs has been focused on intangible brand characteristics and qualities, underestimating the role of functional features. This study aims to overcome this gap by postulating that two key functional brand qualities, quality and innovativeness, help shape brand experience and personality, which, we ultimately predict, contribute to perceived value. Investments in quality and innovation have grown substantially, but how they materialize in benefits for customers and firms remains unclear. Accordingly, this study provides insights into how firms can engender the characteristics of their offer to build brands that are perceived by consumers as generating a valued brand experience and personality. The results from two samples provide broad support to the proposed model. Both brand quality and innovativeness contribute to brand experience and personality. Moreover, we observe that both brand experience and personality relate to perceived value. Finally, we also determined that brand personality and experience partially mediate the relationship between brand innovativeness and quality and perceived value. Hence, these results provide relevant implications for both theory and the practice of brand management.