RAUSP Management Journal http://www.revistas.usp.br/rmj en-US <p>Management Department of the School of Economics, Management and Accounting of the University of São Paulo.</p><p>The publication of article segments is allowed, subject to prior authorization and source identification.</p><p>Copyright is regulated under <a href="http://creativecommons.org/licenses/by/4.0" target="_blank">Licença Creative Commons Attribution</a></p> rausp@usp.br (RAUSP Management Journal) rausp@usp.br (RAUSP Management Journal) Fri, 01 Jun 2018 00:00:00 -0300 OJS http://blogs.law.harvard.edu/tech/rss 60 Facing the challenge of the desk review approval http://www.revistas.usp.br/rmj/article/view/148396 Maria Sylvia Macchione Saes, Flavio Hourneaux Junior ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 http://www.revistas.usp.br/rmj/article/view/148396 Fri, 01 Jun 2018 00:00:00 -0300 How relevant are generalist real estate indices in emerging markets? http://www.revistas.usp.br/rmj/article/view/148397 Real estate indices often rely on strong constant quality assumptions and are too general to be carefully considered by investors. Hedonic techniques are more rigorous than median-price measures to control for quality of the assets in place and the quality of the assets that are put on the market at different times. This research aims to investigate how these limitations affect the usefulness of indicators available in the Brazilian market and how specialized, technically superior (and relatively easy-to employ), indices can contribute to improve performance measurement in emerging real estate markets. To do this, we use an appraisal-based rent dataset from Sao Paulo to create two types of time-dummy measures for office properties. To our records, there appears to be no studies that cover the recent meltdown in this market in such level of detail or that compare the performance of different time-dummy methods. The first model - standard - includes time dummies, submarket dummies and property-specific attributes as controls for building quality. The second - fixed effect - is an alternative model, where we consider time dummies, time-varying characteristics and property-specific fixed effects. The latter approach deals with time-unvarying locational and property-specific unobserved heterogeneity. Our results reinforce that obtuse measures available often fail to disentangle specific aspects of real estate cycles, which tend to be quite prominent in emerging real estate markets. Odilon Costa, Eduardo Cazassa ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 http://www.revistas.usp.br/rmj/article/view/148397 Fri, 01 Jun 2018 00:00:00 -0300 Are small business owners entrepreneurs? Exploring small business manager behavioral profiles in the São Paulo Metropolitan region http://www.revistas.usp.br/rmj/article/view/148398 This article presents the results of an exploratory study to identify behavioral styles of professionals performing managing functions in micro and small enterprises. The M.A.R.E. Diagnosis was used to analyze motivational orientation adapted to the context of Brazilian organizations. This quantitative research included 407 managers of small enterprises in the western metropolitan region of São Paulo City (SP). A comparative analysis was conducted of a sample of micro and small business owners and the results of a Brazilian sample collected in previous studies. The results showed that these managers are significantly more focused on Entrepreneurial and Analytical orientations. They are predominantly Producers, Competitors, Achievers, Facilitators, Monitors and Regulators, indicating that the behavioral development of small enterprise managers is associated with their efforts to focus on resources, concerns over improving planning and organization standards in their organizations, and on becoming aware of and implementing much needed innovation. Roberto Coda, Patrícia Viveiros de Castro Krakauer, Davi de França Berne ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 http://www.revistas.usp.br/rmj/article/view/148398 Fri, 01 Jun 2018 00:00:00 -0300 Technological coevolution in the electric energy sector http://www.revistas.usp.br/rmj/article/view/148399 This article analyzes the co-evolution of technological capabilities of electric companies’ subsidiaries and Small and Medium Enterprises connected through common Research and Development projects. The analysis is based on the following variables: learning, network and autonomy, which together form the construct of Embeddedness, i.e. the level of involvement these companies develop. In order to achieve the objectives, the authors conducted interviews aiming to identify the characteristics of each variable. As a result, an evolution in the technological capabilities was found, in both the subsidiaries and the partner companies, after the development of the projects. This accumulation is achieved through the relationship with the levels of Embeddedness (learning and network); and such relationship is directly proportional in the beginning of the projects and inversely proportional in the end. The change in the relationship between variables highlights the companies’ capacity to absorb and accumulate the acquired knowledge even when the partnership has already ended. Camila Franco, Samuel Façanha Câmara, Ronaldo Couto Parente ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 http://www.revistas.usp.br/rmj/article/view/148399 Fri, 01 Jun 2018 00:00:00 -0300 Enforceable and unenforceable laws in agribusiness systems http://www.revistas.usp.br/rmj/article/view/148400 The statement that there are laws that are simply "unenforceable" is quite common in Brazil. This study aims to analyze how incentives contribute to the enforcement of formal rules. The laws chosen in this study are: land use and conservation law and agrochemicals law, focused on the storage and return of containers. The theoretical framework is based on transaction and measurement costs, and property rights. Five propositions were developed for this study related to the incentives for the enforcement of formal rules, namely: the alignment of the formal rule with the social norms; the influence of private interest; the influence of the State's interest; monitoring costs; and adoption costs to formal norms. For the empirical part, we opted for the multiple case study method, contemplated by analyses of descriptive statistics. It is worth noting that a cut out was made in relation to the agricultural crops and regions selected. The results support four of the five propositions of this study. The exception was due to the effect of the cost to adopt the rule. It was concluded that rules addressing assets of common ownership are characterized by a more complex enforcement mechanism, since it does not involve a purely economic issue. Actions that raise the awareness on these rules and the awareness regarding the scope of the subject are important so that the social rules, which do not change rapidly, can be in line with the formal rule, thus promoting its enforcement. Bruna Liria Avelhan, Decio Zylbersztajn ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 http://www.revistas.usp.br/rmj/article/view/148400 Fri, 01 Jun 2018 00:00:00 -0300 Are pension funds good monitors? http://www.revistas.usp.br/rmj/article/view/148401 Pension funds, when they acquire common shares of companies in the capital markets, start to participate more actively in the decision-making of boards of directors and, through their representatives, in the monitoring of managers. The aim of this study is to determine whether pension funds are good monitors. This is done by identifying the influence of the control structure of pension funds over the financial performance and the market value of Brazilian public companies. Using dynamical models of linear and non-linear regressions estimated by GMM-Sys in an unbalanced panel from 1995 to 2015, it is shown that pension funds do not play a good monitoring role, as the control structure of these funds is negatively related to the financial performance of a company or, in other words, the higher the stake, the worse the performance of the company. A possible reason for this is that pension funds invest in the capital markets for portfolio diversification, are not concerned with specific decision-making in companies and have few monitoring skills, thus generating conflicts that go against the objective of maximizing the value of the company. Also, the study identifies the fact that investors give a higher value to the shares of firms in which domestic public funds have investments, even without proof that such funds improve the profitability of companies. Igor Bernardi Sonza, Alberto Granzotto ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 http://www.revistas.usp.br/rmj/article/view/148401 Fri, 01 Jun 2018 00:00:00 -0300 Proposal and validation of a theoretical model of customer retention determinants in a service environment http://www.revistas.usp.br/rmj/article/view/148403 Customer retention is an imperative for competitiveness within organizations, with important reflexes in their profitability and income. Although studies of customer retention determinants have been conducted for at least three decades, the constructs employed in the elaboration of the models have gone through few changes throughout this time. In this sense, a new Theoretical Model has been developed and tested. Such model contemplates the constructs of Value Proposition, Operand Resources, Operant Resources, Value Facilitation, Value Co-creation and Value in use as determinants in the Customer Retention. The study was conducted via a survey, with a pooling of 273 clients of a banking institution. The result analysis used the Modeling of Structural Equation to analyze and understand the relations which make up the proposed Theoretical Model. The results show that the proposed Theoretical Model has shown satisfactory adjustment indexes, taking into account their originality. Giancarlo Dal Bó, Gabriel Sperandio Milan, Deonir De Toni ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 http://www.revistas.usp.br/rmj/article/view/148403 Fri, 01 Jun 2018 00:00:00 -0300 The use of multi-criteria analysis in the recovery of abandoned mines: a study of intervention in Portugal http://www.revistas.usp.br/rmj/article/view/148404 Considering that the budget for the recovery of abandoned mining zones is limited, it was necessary to develop a model that would make it possible to choose which mines should be targeted for intervention, taking into account the various factors by which their external effects may be assessed (the environment, public health, the landscape and their usefulness to industrial archaeology). A multi-criteria analysis using the analytic hierarchy process, in which each major factor, result, and mine are compared, was employed to generate an innovative assessment model that guaranteed that the overall value of the intervention was maximised, compared to two other methods (intervention ranked by the greatest overall severity and ranked by the cost-benefit ratio). The results indicate an economically and socially viable and efficient choice, making it possible to undertake new similar studies. Pedro Verga Matos, Eduardo Cardadeiro, Jose Amado da Silva, Cristiana Fernandes De Muylder ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 http://www.revistas.usp.br/rmj/article/view/148404 Fri, 01 Jun 2018 00:00:00 -0300 Analysis of negotiation strategies between buyers and sellers: an applied study on crop protection products distribution http://www.revistas.usp.br/rmj/article/view/148405 This paper aims to analyze how buyers and sellers use trading strategies considering the relationship between them and the transaction sequence. It also focuses on assessing what are the reasons associated with the use of each strategy. For this, we used a multiple case study method, analyzing the negotiations between distributors of inputs and rural producers. We studied 13 cases with a dyad approach (buyer's and seller's view on the same trading). Data were collected from interviews with the parties in six distributors, three in Brazil and three in the United States. The main result is that due to the importance of the relationship, the parties opt to use, in most of the time, integrative strategies. On one hand, in some cases sellers are willing to give up part of their earnings in order to maintain share in the customer purchases or due to a focus on the relationship continuity. On the other hand, in some cases producers tend to compete, seeking to protect their interests and the profitability of their business. Finally, it can be seen that the strategy adopted by the negotiators can change throughout the negotiation process, emphasizing the dynamic aspect of negotiation, being the central contribution of the study. Lucas Sciencia do Prado, Dante Pinheiro Martinelli ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 http://www.revistas.usp.br/rmj/article/view/148405 Fri, 01 Jun 2018 00:00:00 -0300 Strategic alignment of knowledge management and value creation: implications on to an oil and gas corporation http://www.revistas.usp.br/rmj/article/view/148407 The research explores and describes if and how the patterns of value creation of a Brazilian state-owned corporation from the oil and gas industry are reflexes of the subjects’ perception on strategic alignment of knowledge management. The design adopts data obtained through a survey applied to Knowledge Workers — employees assigned as internal consultants — of Petróleo Brasileiro S.A. (PETROBRAS) and the study development uses parametric and non-parametric statistics and multivariate analysis. The findings indicated that the subjects perceive the strategic alignment of the knowledge management from three different points of view, with reflexes in the perception on the corporate value creation: the balanced profile — extraordinary corporate value creation — the adjusted profile — moderate value creation — and the misaligned one — unsatisfactory value creation. Roberto George Godinho da Costa, José Francisco de Carvalho Rezende ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 http://www.revistas.usp.br/rmj/article/view/148407 Fri, 01 Jun 2018 00:00:00 -0300 Flexibility in human resources management: a real options analysis http://www.revistas.usp.br/rmj/article/view/148408 A private company has several options in the job market, such as hiring, outsourcing, or dismissing employees. The management flexibility of dismissing employees, even without just cause, provides an economic benefit for companies. By addressing real options, this study aims to measure the effects of this flexibility on the employer's decision to hire more employees as well as to invest in the more productive employees through graduate incentives. This article evaluates the adverse impacts of labor laws that restrict this flexibility, such as the Severance Indemnity Fund (FGTS) fine and the prior notice of termination of employment, in order to find out how much the employee adds value to the company and, consequently, to its salary. Using this methodology, this study also evaluates, from the employer's perspective, the relevance and value maximization of the company's financial support programs for employees taking graduate courses. Results show that severance costs reduce the net value of the employee to the employer. Should these costs be disconsidered and the benefit in value transferred to the employee this could be equivalent in a 4.5% increase in salary. Likewise the possibility of investing in graduate course at the correct moment but only for the more productive employees can increase their net value significantly, doubling the net value of the employee to the employer. João Vítor Perufo, Luiz De Magalhães Ozório, Carlos De Lamare Bastian-Pinto, Samuel De Jesus Monteiro De Barros ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 http://www.revistas.usp.br/rmj/article/view/148408 Fri, 01 Jun 2018 00:00:00 -0300 A performance model for Public-Private Partnerships: the authorized economic operator as an example http://www.revistas.usp.br/rmj/article/view/148409 Public-Private Partnerships (PPPs) have become known as one of the alternatives for increasing the effectiveness of border controls. Excessive controls and the lack of cooperation can hinder trade in global operations. On the other hand, Trade Facilitation (TF) is a response to the observed growth in international supply chain operations over the last few years. Since TF involves a relationship between public and private agents, alternatives to solutions within the field of international trade fall into these types of partnerships. However, simply establishing a relation between both agents does not ensure that all of the benefits of TF will be reached. The objective of this research is to propose a theoretical model, one that can indicate which factors have the most influence over TF-oriented PPPs. The relationship between each variable and the performance of a partnership were tested. To validate the proposed model, we used Structural Equation Modelling (SEM). The findings show which factors influence the success of TF-oriented PPPs, using the Authorized Economic Operator (AEO) as an example. The data were gathered both at the national and international levels, focusing on professionals from the private and public sectors who either work with TF within their regular functions or have expertise on the subject. The results show that the factors that have the most influence over the performance of TF-oriented PPPs are, in order, the "micro-environment", the "abilities of parties" and the "macro-environment". Further PPPs that focus on TF may consider this model for implementation. Matheus Leite Campos, Cristiano Morini, Gustavo Herminio Salati Marcondes de Moraes, Edmundo Inácio Júnior ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 http://www.revistas.usp.br/rmj/article/view/148409 Fri, 01 Jun 2018 00:00:00 -0300 From aseptic distance to passionate engagement: reflections about the place and value of participatory inquiry http://www.revistas.usp.br/rmj/article/view/148410 In 2004, I published a book chapter that marked a first moment in my qualitative research journey. The methodological piece was a result of a challenge imposed by my doctoral committee for my thesis proposal defense two years prior, who invited me to ‘rigorously’ sustain the quality of a qualitative research project conducted under the premises of critical-interpretivism. This challenge indeed was a gift, as it provided me an opportunity, very early in my academic career, to deeply reflect about the meaning of doing qualitative research. Now, around fifteen years later, the invitation to write a thinkbox again represents a timely opportunity, as I found myself again reflecting … not on the dilemmas of doing non-mainstream qualitative research, but on the researcher's role itself. More precisely, I am seriously thinking about the role of distance and engagement to the value of the knowledge we produce with our academic work. In this essay, I redraw this entire journey—from 2004 to 2018—with the intent to nourish the dialog with my peers about the engagement of the academic community with transforming society for the better, and to provide some guidelines to doctoral students seeking to truly engage with transformational research. Marlei Pozzebon ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 http://www.revistas.usp.br/rmj/article/view/148410 Fri, 01 Jun 2018 00:00:00 -0300