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Article

Aldo Salinas, Cristian Ortiz and Moreno Muffatto

The purpose of this paper is to examine the influence of formal rules such as business regulation and rule of law on the level of formal entrepreneurship in Latin America…

Abstract

Purpose

The purpose of this paper is to examine the influence of formal rules such as business regulation and rule of law on the level of formal entrepreneurship in Latin America countries over time.

Design/methodology/approach

The authors use the panel regression techniques to examine the influence of business regulation and rule of law on formal entrepreneurship. In particular, they implement together two alternative views of formal entrepreneurship suggested in the literature: the “dual” and “legalistic” view. At the empirical level, the “dual” definition corresponds to the business owners’ rate. As for the “legal” definition, it corresponds to the business registration rate. The evidence presented is based on two panels. The first panel covers the period 2004–2015, and the data set contains 180 observations in 18 countries. The second panel covers the period 2006–2015, and the data set contains 134 observations in 14 countries.

Findings

The impact of institutional variables on formal entrepreneurship depends on the definition employed: “dual” or “legal.” Thus, the results suggest that business owners’ rate is more substantial in Latin American countries that have weak property rights. Conversely, from a legal definition, the business registration rate is more significant in Latin American countries that have most secure property rights and fewer labor regulations. These contradictory results suggest that the legal definition of formal entrepreneurship, but not the dual definition, seems to be associated with the type of entrepreneurial activity that promotes economic growth and development.

Research limitations/implications

The results support the importance of conducting analyzes that take into account the different types of entrepreneurial activities that are present in an economy, and in addition the relevance of understanding what each measure is capturing of the heterogeneous phenomenon of entrepreneurship.

Practical implications

The results suggest that the entrepreneurship policy should focus on the quality of entrepreneurship, rather than merely seeking to increase the number of new businesses. Additionally, the results suggest that the legalistic definition of formal entrepreneurship is probably the most relevant for many policy issues.

Originality/value

The paper analyzes together two alternative views of formal entrepreneurship suggested in the literature: the “dual” and “legalistic” views. Also, the paper has used the Latinobarómetro data set, which has not been extensively used by scholars in the field of entrepreneurship and which could be useful for longitudinal research on entrepreneurial activity in Latin American countries.

Details

Journal of Entrepreneurship and Public Policy, vol. 8 no. 2
Type: Research Article
ISSN: 2045-2101

Keywords

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Article

Larice Nogueira de Andrade and Mariangela Garcia Praça Leite

The purpose of this paper is to analyze the changes of the characteristics of the study area caused by human influence and the reduction of flow rates with time, in Água…

Abstract

Purpose

The purpose of this paper is to analyze the changes of the characteristics of the study area caused by human influence and the reduction of flow rates with time, in Água Limpa stream basin, Jequitinhonha Valley of Minas Gerais, Brazil.

Design/methodology/approach

The study area is a typical arid zone in the northeast of Minas Gerais, Brazil. Field observations, collection and analyses of precipitation, evaporation, temperature and flow rate data were the main approaches used in this study. The data cover the last 50 years, including aerial photographs and satellite images of different dates. The stream flow rate has decreased in the region of the Jequitinhonha valley in the last decades, in particular during draught periods (base flows), with serious social‐economic and environmental consequences. The increase in stream intermittence is responsible for rural exodus to other parts of the country, mainly to São Paulo state. The study presented provides decision makers with important information that can assist them in making objective decisions relational this problem.

Findings

The research shows that the forest cover has declined, the agricultural and pasture cover have decreased and the deforestation areas have grown. These changes resulted in a spatially diverse landscape with implications in the flow rate, and consequently, in the social‐economic condition of the region considering the high rate of emigration.

Practical implications

The expected results of this study will be of great importance, because the clarification of the factors addressed in this project will allow progress in the understanding of the reduction of flow rates. This reduction has been occurring in the Jequitinhonha Valley and also in almost all Brazilian rivers.

Originality/value

This paper is original and reports the main causes for decreasing of the stream flow rate in the region of the Jequitinhonha valley in Brazil.

Details

Management of Environmental Quality: An International Journal, vol. 24 no. 3
Type: Research Article
ISSN: 1477-7835

Keywords

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Article

Enrico Laghi, Michele Di Marcantonio, Valentina Cillo and Niccolo Paoloni

This study aims to validate a direct method to measure relational capital through the estimation of corporate brands. Considering the influence of relational capital…

Abstract

Purpose

This study aims to validate a direct method to measure relational capital through the estimation of corporate brands. Considering the influence of relational capital management in leading performance and brand development, we consider brand value as a proxy for relational capital. The main research goal is to extend the previous literature on intellectual capital, financial performance and brand management by elaborating and testing an original approach for valuating corporate brands using regression analysis on multiples based on firm-specific accounting data and market information.

Design/methodology/approach

The authors propose two econometric models, for both listed and non-listed companies, which consider brand valuations made by primary consulting entities (Interbrand, Brand Finance, BrandZ, European Brand Institute) and multiples derived from accounting and market data of firms. Models were tested on a sample of nonfinancial firms for the period from 2006 to 2019, distinguishing between IAS/IFRS-based and US GAAP-based reporting standards.

Findings

The empirical results show that the identified set of market and accounting multiples proved to be significant information for estimating the value of brands within the IAS/IFRS framework, while a lower explanatory power was assessed for US GAAP firms. Furthermore, the empirical evidence confirm that the direct, relative approach based on multiples is more accurate for valuating listed firms than non-listed firms. Robustness analysis demonstrates that findings do not change significantly when the reference datasets and the main assumptions of the models are altered.

Research limitations/implications

The statistical significance of the analysis is limited by the non-objective nature of brand value estimates. The use of additional sources for brand valuations might allow for the further assessment of the robustness of the relationships identified.

Practical implications

Due to their efficacy and ease of use, the proposed models represent valid practical tools for managers, investors, analysts and professional evaluators.

Originality/value

This work contributes to the existing literature through the identification of significant, stable relationships between brand values and the main economic, financial and asset characteristics of firms; the identification of those relationships would allow for the extension of the multiples approach also to the evaluation of brands.

Details

Journal of Intellectual Capital, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1469-1930

Keywords

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