Authors:Daniel Pereira Alves de Abreu, Marcos Antônio de Camargos, Aureliano Angel Bressan Abstract: The objective of this article is to study the behavior of the stock markets in emerging countries (BRICS) and developed countries (USA, England, Germany, and Japan), aiming to identify the evolution of their degree of efficiency between June 2007 and July 2021 based on the hypothesis of fractal markets. Using the Hurst exponent, the fractal dimension, and entropy approximation, it was built a market efficiency index. Among the main results, inconstancy of the efficiency indices over time was identified, which is consistent with previous studies within the field of econophysics. In addition, most of the inefficiency is due to the presence of deterministic elements in asset price variations, with a similarity in the efficiency level between the groups of emerging and developed countries, except for the case of China, which presented a singular behavior, which motivates new studies in this market. Finally, the results indicate the relevance of the cointegration effects of the analyzed markets, which is reflected in the inefficiencies of these markets over time. PubDate: 2023-02-24 DOI: 10.1590/1807-7692bar2023220051 Issue No:Vol. 20, No. 1 (2023)
Authors:Duterval Jesuka, Fernanda Maciel Peixoto Abstract: This study analyzed the effects of sovereign rating and corporate governance (CG) on the capital structure of Latin American companies. A multilevel regression model was used for 823 companies listed on major Latin American stock exchanges over the period 2004-2018. The results showed that firm level is the most responsible factor for the variation in companies’ capital structure, while country level had the greatest influence on the variation in long-term debt. In the absence of CG mechanisms, sovereign rating is one of the factors not controlled by managers that can explain the capital structure of Latin American companies, which reduce their debt levels to protect themselves in the face of their countries’ sovereign rating variations. The results indicated that, despite having an audit committee and keeping independent members on the committee, firms choose to reduce their debt levels to protect themselves against the constant variations of their countries’ sovereign rating. The results also showed that CG mechanisms do not act in isolation when it comes to reducing agency problems. This research is one of the first studies to provide evidence on the implications of sovereign ratings and CG on the capital structure of firms in Latin America. PubDate: 2023-02-23 DOI: 10.1590/1807-7692bar2023220027 Issue No:Vol. 20, No. 1 (2023)
Authors:Hamilton Coimbra Carvalho, Alexandro Afonso, José Afonso Mazzon Abstract: Context. There is an inflation of behavioral frameworks applied to social problems, such as tax dodging. There has been also a surge in the creation of the so-called nudge units throughout the world, following the success of the pioneer units in USA and UK. Meanwhile, there has been criticism directed at aspects such as ‘psychologism,’ paternalism, and short-termism associated with nudge approaches. Moreover, by ignoring systems thinking, complexity science and other broader approaches, nudging may lead to interventions that can be ineffective or counterproductive in the long term. Goal. To overcome such limitations, the paper proposes an integrative framework, the Nested Circles Model, which put the intended behaviors in a perspective ranging from microworlds to broader upstream influences. Method. The paper employs a qualitative approach to critically review the literature on nudging and map its shortcomings. Results and contributions. The proposed model integrates major concepts from popular behavioral frameworks and incorporates elements that influence the repertoire of behaviors adopted by individuals, including intangible stocks (trust and fairness) and complexity markers. The paper concludes by exemplifying the application of the Nested Circles Model to three problems in the context of taxation in Brazil. PubDate: 2023-02-08 DOI: 10.1590/1807-7692bar2023220040 Issue No:Vol. 20, No. 1 (2023)
Authors:Alexandre Noguchi, Farley Simon Nobre Abstract: We argue that there is a need to advance further research that strengthens the analysis of policy mixes for the energy transition in major emerging economies. In this context, this article aims to answer the following question: How do Brazil’s policies favor or hinder an energy transition of oil and gas companies (O&G) to renewables' To achieve this purpose, we conducted literature and archival research and interviews with experts to analyze (a) Brazil’s energy policy mixes that address O&G and renewables issues; and (b) major O&G companies’ activities and perspectives that influence the energy transition. Results demonstrated that though some of the O&G companies have made significant renewables investments in the last years, they continue focusing on O&G activities. We discuss the main policy mix features that hinder the prioritization of renewables by these O&G companies and that can undermine a sustainable energy transition in Brazil. PubDate: 2023-02-02 DOI: 10.1590/10.1590/1807-7692bar2023220087 Issue No:Vol. 20, No. 1 (2023)
Authors:Israel José dos Santos Felipe, Wesley Mendes-da-Silva, Ismael Ali, Eduardo de Rezende Francisco Abstract: This study verifies the association between the text sentiment of news items and the value of capital investments in the equity crowdfunding market. It also analyzes the influence of geographic attributes on the investments made. Based on data for 736 investments made in different ventures in the largest equity crowdfunding platform in one of the main emerging markets, this study’s results indicate that the attributes of ventures can affect the amount of capital invested in them. In addition, published mass media news items that have a greater quantity of positive words can stimulate larger investments in these ventures. On the other hand, the geographic distance between the entrepreneur and the investor can negatively affect the value of these investments. These results are relevant since they can contribute to the definition of fundraising strategies on the part of entrepreneurs and platform managers. PubDate: 2023-01-26 DOI: 10.1590/1807-7692bar2023210083 Issue No:Vol. 20, No. 1 (2023)
Authors:Felipe Luiz Neves Bezerra de Melo, Ana Maria Jerônimo Soares, Luciano Menezes Bezerra Sampaio, Renato Lima-de- Oliveira Abstract: This paper aims to evaluate the impact of gamification as a practice of teaching entrepreneurship on the entrepreneurial intention. We applied the FishBanks simulation to entrepreneurship classes of a Brazilian technical business course at the Federal Institute of Rio Grande do Norte (IFRN). We adopted as an identification strategy the use of the methods of difference-in-differences, combined with propensity score matching and quantile regression to investigate the impact of gamification on entrepreneurial intention of the students of a technical business course. The sample was composed of 191 students on a longitudinal panel of two periods, with 106 students in the treatment group and 85 students in the control group, totaling 382 observations. The results indicate a positive and statistically significant impact of the use of the business game on the entrepreneurial intention. Furthermore, we observed a higher impact of gamification in entrepreneurial intention of the students in the first quartile of the entrepreneurial intention. PubDate: 2022-03-16 DOI: 10.1590/1807-7692bar2023210033 Issue No:Vol. 20, No. 1 (2022)
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