http://www.bbronline.com.br/index.php/bbr/issue/feed Brazilian Business Review 2018-07-02T17:20:16+00:00 Patricia A. S. Motoki bbronline@bbroline.com.br Open Journal Systems <p>BBR - Brazilian Business Review publishes high quality research across all fields of business. Themes include, but are not limited to, management, accounting, controllership, finance, information management, innovation management, strategy, and economics. We welcome papers developed in public, private, or third sector organizations. Published six times a year, BBR is supported by FUCAPE, a top Brazilian business school.</p> <p><img width="180" height="124" title="Spell 3rd place - Qualis A2" alt="Spell 3rd place - Qualis A2" 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"></p> http://www.bbronline.com.br/index.php/bbr/article/view/374 Editorial 2018-07-02T17:20:16+00:00 Fabio Motoki fmotoki@fucape.br <p>Dear readers, this fourth edition of 2018 is very special. It marks the debut of our new website. It is a total departure from the previous site, with a cleaner look, new features, and responsive design. This launch could not be possible without the commitment and effort of our editorial assistant, Patricia, who has been conducting the migration process relentlessly with the support of Kallirroi Stavrianou. I would also like to thank David Green from OpenJournalSystems.com, who setup the website in no time, and Diogo Sander from FUCAPE’s marketing team, who helped defining the look &amp; feel of the site. Last, but not least, I would like to thank the financial support from CNPq and FUCAPE Business School, which made the migration possible.</p> <p>During the next weeks, both the old and new site will coexist. As the migration proceeds, we will update the DOIs to point to the new site. Once it is completed, the old site will be shut down. We would like to ask you to notify us of any problems relating to the new website or the DOIs. Although Patricia and Kalli are very careful, the migration is a complex process and the website is brand new, and a few things might have gone unnoticed by us.</p> <p>Without further ado, we have two articles in our Special Section on corruption. This is a theme which unfortunately has been on the spotlight in Brazil for some time. We hope to bring a better understanding of the phenomenon and ultimately help in designing mechanisms to deter it.</p> <p>The first paper studies how political connections are linked to cost of capital and performance of listed companies in Brazil. Although there are instances of crony capitalism all over the world, it is an especially delicate area in Brazil. Da Silva, Xavier, Gambirage &amp; Camilo measure political connection through campaign donations. Findings are quite intriguing, and point that these politically connected firms do not exhibit lower cost of capital nor better performance. [<a href="http://bit.ly/2NdBSYF">link</a>]</p> <p>The second paper attempts to detect manipulation of financial reporting on expenditures using Benford’s Law. Cella and Zanolla compare two cities, one with a low and another with a high level of transparency. Results indicate that the city with lower transparency exhibits lower adherence to Benford’s Law than its more transparent counterpart. This indicates that Benford’s Law could be used to analyze automatically allfinancial reporting, not only a sample, from all state entities, being a first filter indicating possible problems in reporting and potential corruption schemes. [<a href="http://bit.ly/2lMWZ7B">link</a>]</p> <p>The next paper begins the standard articles section, and studies whether the country of origin of luxury items has any influence on the decision of consumption of Brazilians. Montanari, Rodrigues, Giraldi &amp; Neves survey 329 students, using three brands from three different countries, and find that country is a criterion of minor importance. These results point that marketing managers should emphasize other aspects than county of origin as an optimal strategy. [<a href="http://bit.ly/2u2uWF4">link</a>]</p> <p>Our fourth paper focuses on how auditors perceive fair value measurement of financial instruments. Mendes, Niyama and Silva interview 62 independent auditors. Their results suggest that to improve the audit process, the auditors should have a more robust academic background, and the team should include a specialist in finance. [<a href="http://bit.ly/2KIIsrO">link</a>]</p> <p>The fifth paper touches a theme that granted Richard Thaler the 2017 Nobel Prize in Economics. Malaquias and Pontes argue that the lock-up period mitigates behavioral biases. By limiting the investors’ course of action, it helps protecting them from their whims, and therefore afford them a better return even after controlling for risk. [<a href="http://bit.ly/2lO9csv">link</a>]</p> <p>The article that closes our edition measures interdependence between markets. Correa, Pimenta Jr and Gaio test the interdependence between ADRs from developing LatAm markets (Brazil, Argentina, Chile and Mexico) and shares from developed markets (USA, Japan, UK and France). Results indicate that these ADRs exhibit more interdependence with developed markets than their developing counterparts. [<a href="http://bit.ly/2KttdDy">link</a>]</p> <p>Good reading to everyone!</p> <p>Fabio Motoki – Editor-in-Chief - <a href="http://orcid.org/0000-0001-7464-3330">http://orcid.org/0000-0001-7464-3330</a></p> 2018-06-25T18:45:09+00:00 Copyright (c) http://www.bbronline.com.br/index.php/bbr/article/view/219 The Influence of Political Connections on the Cost of Capital and the Performance of Companies Listed on B3 2018-07-02T17:07:24+00:00 Jaison Caetano da Silva jaisoncsilva@hotmail.com Wlamir Gonçalves Xavier wlamirxavier@gmail.com Cinara Gambirage cinara@uniarp.edu.br Silvio Parodi Oliveira Camilo parodi@unesc.net <p>The theory holds that in emerging economies, such as the Brazilian one, companies seek to strengthen ties with governmental and institutional actors in order to improve their performance. From the theoretical perspective of the Institutional Theory, this study intends to contribute to previous research, integrating the fields of strategy and finance, investigating the influence of political connections, through campaign donations, the cost of capital and the performance of listed companies on B3. We worked with panel data for data analysis on the period ranging from 1998 to 2016. Our findings do not corroborate the theoretical and intuitive prediction that “crony capitalism” reduces the cost of capital and improves the performance of companies, since we did not obtain empirical evidence that allows affirming that the effect of donations on the cost of capital and the performance of connected companies is different from zero.&nbsp;</p> 2018-07-02T00:00:00+00:00 Copyright (c) 2018 Brazilian Business Review http://www.bbronline.com.br/index.php/bbr/article/view/371 Benford’s Law and transparency: an analysis of municipal expenditure 2018-07-02T17:07:24+00:00 Ricardo Sartori Cella ricardosartoricella@gmail.com Ercilio Zanolla erciliozanolla@hotmail.com <p>This study aims to ascertain an adherence between the level of municipal transparency and the application of Benford's Law in implementing the municipal expenditure. Therefore, two municipalities in the state of Goiás were selected, one with a higher and one a lower level of transparency, according to the National Transparency Ranking of the Federal Public Ministry, of 2016. Then, we performed Z and chi-square tests on the expenses engaged in the first four months of 2016 to check for incompliances with the Benford’s Law. Based on the data analyzed we were able to conclude that: the municipality with greater transparency has greater conformity with Benford’s Law; the municipality with less transparency showed greatest discrepancies between the expected and observed frequencies; the municipality with less transparency showed higher likelihood of irregularities in the execution of expenditures, compared to the municipality with greater transparency. Both municipalities showed discrepancies regarding Benford's Law, differing from each other only by the degree of calculated divergences from the model.</p> 2018-07-02T00:00:00+00:00 Copyright (c) 2018 Brazilian Business Review http://www.bbronline.com.br/index.php/bbr/article/view/275 Country of origin effect: a study with Brazilian consumers in the luxury market 2018-07-02T17:07:24+00:00 Maria Gabriela Montanari mariagabrielamontanari@yahoo.com.br Jonny Mateus Rodrigues jonnymateus@usp.br Janaina de Moura Engracia Giraldi jgiraldi@usp.br Marcos Fava Neves favaneves@gmail.com <p>This study aimed to verify the extent of the influence of the country of origin in the decision to purchase a product when considering a number of other attributes such as brand, price, warranty and store. In order to verify this country of origin effect, we conducted an empirical study in which 329 Brazilian students used and evaluated three luxury brands from three different nations. From statistical analyses, we concluded that the country of origin is the criterion of minor importance in the purchase decision of a luxury perfume, while the fragrance, the price, and the brand are the most important cues in this purchase. The study provides indications that corroborate the hypothesis that marketing managers should direct their marketing efforts mainly to premium price and symbolism, history and strength of the brand, leaving aside some strategies that emphasize the country of origin of the brand.</p> 2018-07-02T00:00:00+00:00 Copyright (c) 2018 Brazilian Business Review http://www.bbronline.com.br/index.php/bbr/article/view/217 The Perception of Auditors in the Measurement of Instruments Financial Institutions at Fair Value in Financial Institutions 2018-07-02T17:07:24+00:00 Paulo Cesar de Melo Mendes mendes@unb.br Jorge Katsumi Niyama jkatsumi@unb.br Cesar Augusto Tiburcio Silva cesartiburcio@unb.br <p>The objective of the research is to analyze the auditors' perception regarding the measurement of the fair value of complex financial instruments level 3 in financial institutions. A questionnaire was applied with a sample of 62 independent auditors with technical qualification in financial institutions of large audit firms among partners, managers and senior auditors. The tools used were the Logistic Regression Test (LOGIT); The KruskalWallis test, and the matching analysis test. Subjectivity was an implicit characteristic in the process where the auditors remained conservative. However, differences of values were identified that resulted in immaterial issues and an indication of divergences in the measurement of accounting estimates. As a suggestion of improvement in the audit processes, a more robust academic formation and the inclusion of a financial expert in the teams were identified. Opinions diverge as to the partners and managers, where they pointed out more agreement with the issues than the managers.&nbsp;</p> 2018-07-02T00:00:00+00:00 Copyright (c) 2018 Brazilian Business Review http://www.bbronline.com.br/index.php/bbr/article/view/218 Liquidity Restrictions on Investment Funds: Are they a Response to Behavioral Bias? 2018-07-02T17:07:25+00:00 Rodrigo Fernandes Malaquias rodrigofmalaquias@yahoo.com.br Gleison de Abreu Pontes gleison.orientador@gmail.com <p>Liquidity constraints imposed to shareholders of investment funds, also known as lock-up periods, represent an alternative that managers can use to implement and maintain long-term strategies. The academic literature suggests that, as a result of liquidity constraints, funds should deliver a premium to their shareholders, and previous studies have documented this effect. Based on this context, in this paper we analyze the effect of lock-up periods on the profitability of Brazilian multimarket funds. We used a sample composed by 4,662 multimarket funds in the period from January 2009 to February 2016. The results showed a positive effect of lock-up periods on the average profitability of the funds, as well as on their risk-adjusted return. Our discussion highlights arguments that some measures taken by fund managers to protect their strategies against impulsive behaviors of funds’ investors can present a positive effect on the performance of their funds.&nbsp;</p> 2018-07-02T00:00:00+00:00 Copyright (c) 2018 Brazilian Business Review http://www.bbronline.com.br/index.php/bbr/article/view/220 Interdependence and asymmetries: Latin American ADRs and developed markets 2018-07-02T17:07:25+00:00 Ana Carolina Costa Correa carolcorrea@yahoo.com Tabajara Pimenta Júnior taba.jr@usp.br Luiz Eduardo Gaio luiz.gaio@ymail.com <p>The ADRs market presented great growing importance in the last decades, specially for companies based on developing countries, such as those of Latin America. In this context, this research sought to detect and measure the interdependence phenomenon, comprising the returns and volatility spillovers and their asymmetries between the levels 2 and 3 ADRs of the main capital markets of Latin America (Brazil, Argentina, Chile and Mexico) and the developed ones (the United States, Japan, the United Kingdom and France), regarding the last financial crisis scope. This phenomenon was investigated considering both the daily returns of their market stock indices, such as those of the ADRs indices created in this study, from June 2008 to May, 2015, via VAR-MGARCH multivaried skewness models, with diagonal VECH representation. The main conclusion was that the ADR indices presented greater interdependence with the developed countries, compared to the analyzed Latin American equity markets.&nbsp;</p> 2018-07-02T00:00:00+00:00 Copyright (c) 2018 Brazilian Business Review