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Article

Walter Eclache da Silva, Eduardo Kayo and Roy Martelanc

The purpose of this paper is to analyze whether companies that contracted loans from the Brazilian National Bank for Economic and Social Development (BNDES) between 2002…

Abstract

Purpose

The purpose of this paper is to analyze whether companies that contracted loans from the Brazilian National Bank for Economic and Social Development (BNDES) between 2002 and 2014 were able to invest more than companies that did not. The literature on financial constraints, particularly that based on the investment-cash flow sensitivity model, is among the most studied and controversial in the area of finance, and the discussion on the role of development banks is equally controversial.

Design/methodology/approach

The main econometric model of this study was based on the investment-cash flow sensitivity model, with the incorporation of a binary variable that captures the role of the BNDES. This model is applied to a sample of companies listed on the B3 from 2002 to 2014.

Findings

This study shows that loans from the BNDES amplify the effects of cash flow on investments, generating a kind of credit multiplier. An important role of development banks is to reduce the financial constraints typical of developing countries.

Research limitations/implications

The use of the cash flow sensitivity model in companies that contracted loans from the BNDES is a relevant instrument to test the effect of the BNDES on companies with financial constraints.

Practical implications

The contracting of BNDES loans by companies can affect both capital structure and cash generation, particularly in companies or years in which there was financial constraint.

Social implications

Due to the nature of the BNDES as a development bank, there are ramifications in terms of the generation of employment and income inherent to the mission of this type of institution. Knowing the multiplier effect on the cash flow potential of companies has a direct impact on their preservation, enabling them to maintain and expand the supply of jobs.

Originality/value

This study is the first to integrate two important areas of study. From the theoretical perspective, this study provides evidence on the relationship between the BNDES and company financial constraints that open new avenues of research. From the managerial point of view, the evidence of the multiplier effect is highly important for the management of the capital structure and cash flow of companies.

Details

RAUSP Management Journal, vol. 55 no. 4
Type: Research Article
ISSN: 2531-0488

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Article

Luiz Paulo Lopes Fávero, Ricardo Goulart Serra, Marco Aurélio dos Santos and Eduardo Brunaldi

The purpose of this paper is to analyze the influence of firm-, industry- and country-level determinants on real annual sales growth in the context of a cross-classified…

Abstract

Purpose

The purpose of this paper is to analyze the influence of firm-, industry- and country-level determinants on real annual sales growth in the context of a cross-classified multilevel perspective.

Design/methodology/approach

The authors studied 11,381 firms from 17 industries in six Latin American countries based on the data collected up to 2015. Since the data are nested in two levels (level 1: firms; level 2: cross-classification of industries and countries), the authors use a cross-classified multilevel model. The significant variability in all levels of analysis confirms the option for the multilevel model.

Findings

Differences in industries account for the largest proportion of variance (77.2 percent). This finding indicates that industry-level characteristics should be explored in the sales growth literature (it seems to the authors that they were neglected). This finding also calls attention to the roles of policy-makers in facilitating firm growth. The final model indicates that the considered variables explain approximately 55 percent of the differences in real annual sales growth in the same industry and country after having accounted for the impacts of the differences in firms. After accounting for the impacts of the differences in firms’ and countries’ characteristics, 43 percent of the variation in average real annual sales growth is due to differences in industries. The obtained results indicate that while firms from countries with higher GDP growth and more effective corporate boards present higher real annual sales growth, firms that operate in commodity producer industries have worse performance in this indicator. With respect to firm’s characteristics, larger firms (contradicting Gibrat’s law) and exporters grew less. Some results could be explained by the decrease in commodities’ prices and global purchases between 2012 and 2015.

Originality/value

The paper fills some gaps in the firm growth literature by testing Gibrat’s law in non-developed countries (not yet done, to the best of the authors’ knowledge) and exploring variables other than size in the explanation of firm growth (rarely used, to the best of the authors’ knowledge). Moreover, the adopted model correctly estimated the origin of the variability in firm growth in its natural cross-classified distinct levels.

Details

International Journal of Emerging Markets, vol. 13 no. 5
Type: Research Article
ISSN: 1746-8809

Keywords

Content available
Article

Hitalo Alberto de Souza Faria Castilho, Matheus Souza De Resende, Eduardo Ramos de Oliveira Franco Montoro, Vinicius Akio De Almeida Shotoko, Michele Nascimento Jucá and Eli Hadad Junior

The purpose of this paper is to assess whether greater participation of venture capital/private equity (VC/PE) funds in the companies’ capital structure at the moment of…

Abstract

Purpose

The purpose of this paper is to assess whether greater participation of venture capital/private equity (VC/PE) funds in the companies’ capital structure at the moment of initial public offering (IPO) contributes to the reduction in the underpricing of their shares.

Design/methodology/approach

Descriptive statistics, correlation analysis, mean difference test and cross-sectional regression were used. The final sample consisted of 89 companies making IPO in Brasil Bolsa Balcão between 2007 and 2017.

Findings

The participation of VC/PE funds was shown to mitigate the effect of information asymmetry on managers and shareholders, thus reducing the underpricing of companies at the moment of IPO (H1). However, the expectation that a greater participation of these funds promotes further reduction in a potential underpricing (H2) was not confirmed.

Research limitations/implications

One can highlight the small amount of IPOs during the sampling period due to the occurrence of international and national economic crises, as well as the difficulty in obtaining information on the participation of VC/PE funds in the companies’ capital structure.

Practical implications

It was observed that information asymmetry had a mitigating effect from the presence of these funds in the companies, which can improve the pricing of their shares, decrease the costs and make volume captions viable for investments, in addition to giving credibility to the market information effectiveness.

Originality/value

This study differs from others in that it assesses not only the influence of VC/PE funds on the reduction of the underpricing of IPO shares, but also the participation of these funds in the capital of these companies.

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Article

Leopoldo Ruiz-Huerta, Yara Cecilia Almanza-Arjona, Alberto Caballero-Ruiz, Homero Alberto Castro-Espinosa, Celia Minerva Díaz-Aguirre and Enrique Echevarría y Pérez

The purpose of this study is to suggest the joint use of computer-aided design (CAD) and additive manufacturing (AM) technology for the fabrication of custom-made moulds…

Abstract

Purpose

The purpose of this study is to suggest the joint use of computer-aided design (CAD) and additive manufacturing (AM) technology for the fabrication of custom-made moulds, designed for the manufacture of polymethyl methacrylate (PMMA) implants for cranio-maxillofacial reconstruction to reduce their fabrication time. Even though tailor-made skull prostheses with a high technological level and state-of-the-art materials are available in the market, they are not always accessible to the general population in developing countries.

Design/methodology/approach

Computed tomography data were handled to create a three-dimensional (3D) model of the injury of the patient, by reconstructing Digital Imaging and Communications in Medicine (DICOM) images into an Standard Tessellation Language (STL) file that was further used to design the corresponding implant using CAD software. Accordingly, a two-piece core and cavity moulds that replicated the implant geometry was also CAD designed. The 3D-CAD data were sent to an AM machine (fused deposition modelling) and the moulds were fabricated using polycarbonate as thermoplastic material. A reacting mixture to produce PMMA was poured directly into the fabricated moulds, and left to polymerise until cure. Finally, a clear bubble-free case of study PMMA implant was obtained.

Findings

The fabrication of CAD-designed moulds with AM, replacing the production of the injury model, resulted in the reduction of the lead-time in the manufacturing of PMMA around 45 per cent. Additionally, the implant showed better fit than the one produced by conventional process. The use of AM moulds for the fabrication of PMMA implants has demonstrated the reduction in lead-time, which potentially can reduce the waiting time for patients.

Social implications

Currently, the demand of cranio-maxillofacial implants at only the Hospital General de México “Dr Eduardo Liceaga” (HGM) is 4,000 implants per year, and the average waiting time for each patient is between 5 and 10 weeks, including third-party services’ delays and the time needed to obtain the economical resources by the patient. Public hospitals in Mexico lack manufacturing facilities, so patients have to make use of laboratories abroad and most of the population have no access to them. The implementation of this suggested procedure in public hospitals may improve the accuracy of the implant, increase the number of patients attended per year (up to 83 per cent) and the reduction in waiting time can also reduce mortality and infection rates.

Originality/value

The authors of this paper suggest the joint use of CAD and AM technologies to significantly reduce the production time of PMMA implants by producing moulds rather than the injury model, maintaining the general terms and known steps of the process already established for PMMA implants.

Details

Rapid Prototyping Journal, vol. 22 no. 1
Type: Research Article
ISSN: 1355-2546

Keywords

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Article

Ilse Maria Beuren, Guilherme Eduardo de Souza and Daniele Cristina Bernd

The purpose of this paper is to analyze the effects of the budget system use on innovation performance concerning products and processes in Brazilian companies.

Abstract

Purpose

The purpose of this paper is to analyze the effects of the budget system use on innovation performance concerning products and processes in Brazilian companies.

Design/methodology/approach

A survey was conducted in companies with economic activities addressed by the Brazilian Industrial Research of Technological Innovation carried out by the Brazilian Institute for Geography and Statistics, which provided 111 valid answers. The structural equation modeling was used to test the hypotheses.

Findings

The results indicate that considering the budget use with control (diagnostic) characteristics as a mechanism able to elide the benefits of innovation does not find support because no negative effect may be detected in the moderation tests. On the other hand, the belief that budget use with (interactive) planning characteristics might potentiate the effects of innovation on performance has also not been confirmed, i.e. rather flexible budget use types, which could be aligned with the elasticity required by creative processes, do not seem to have the positive effect advocated in the literature.

Research limitations/implications

The sample did not allow a detailed analysis of other contextual characteristics that could evidence heterogeneity. The size difference between companies, based on the number of employees rather than the volume of innovation investments, may have affected the results.

Originality/value

The results show there is no moderation in the relation between technological innovation and performance, both by using interactive budget and diagnostic budget.

Details

European Journal of Innovation Management, vol. 24 no. 1
Type: Research Article
ISSN: 1460-1060

Keywords

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Book part

Eduardo Fayos-Solà, Laura Fuentes Moraleda and Ana Isabel Muñoz Mazón

Destination management is in urgent need of analytical and policy tools, and even more so in the context of tourism for development programs. Understanding both structural…

Abstract

Destination management is in urgent need of analytical and policy tools, and even more so in the context of tourism for development programs. Understanding both structural elements and dynamic processes are essential. This chapter describes a model of destinations which considers three types of structural components: factors/resources, attractors (of tourism demand), and support systems. It analyzes as well the optimizing behavior of destination stakeholders, both endogenous and exogenous, as a way to understand destination dynamics. The model can be applied in the strategic positioning of destinations as well as in achieving competitiveness and sustainability—ultimately contributing to development—through tourism policy plans and governance processes. The model was born in the context of a European Eureka–ComTur research project, and has been tested in a variety of destinations.

Details

Tourism as an Instrument for Development: A Theoretical and Practical Study
Type: Book
ISBN: 978-0-85724-680-6

Keywords

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Article

Eduardo Parra-Lopez, Jose Alberto Martínez-Gonzalez and Almudena Barrientos-Báez

This study aims to investigate the impact of local government market orientation as perceived by Millennials on their intention to support tourism development.

Abstract

Purpose

This study aims to investigate the impact of local government market orientation as perceived by Millennials on their intention to support tourism development.

Design/methodology/approach

An online survey administered to a sample of 418 Millennials was designed for descriptive and causal data analyses.

Findings

The results show that Millennials’ intention to support tourism is high and depends on perceived market orientation. In the proposed model, market orientation by local government directly predicts perceived benefits and attitudes, and indirectly, the intention to support. Economic benefits are not the only relevant benefits to Millennials.

Research limitations/implications

The main limitation of this work is related to the selection and combination of the internal and external variables included in the proposed model, given the great diversity of variables in the literature in this field.

Practical implications

This study allows us to predict and encourage Millennials’ intention to support tourism development through very few variables. This study is of theoretical and practical interest to local government, tourism firms, educators and researchers. These entities can, thus, encourage the support process collaboratively among Millennials.

Originality/value

This predictive study of Millennials’ intention to support includes variables that have not been previously studied together. Through market orientation by local government, the organizational world and young consumers are connected. The generational approach adopted allows the use of global actions to encourage Millennials’ support.

设计/方法

针对418个千禧一代的样本进行的在线调查, 旨在进行描述性和因果数据分析。

目的

这项研究旨在调查千禧世代对地方政府市场导向的看法对他们支持旅游业发展的意图的影。

结果

结果表明, 千禧一代对旅游业的支持意愿很高, 并且取决于人们对市场导向的感知。在建议的模型中, 地方政府的市场导向直接预测了感知的利益和态度, 并间接预测了支持的意愿。经济利益并不是千禧一代唯一的相关利益。

研究局限性

鉴于该领域文献中变量的多样性, 这项工作的主要局限性在于所提议模型中包括的内部和外部变量的选择和组合。

实践意义

该研究使我们能够通过很少的变量来预测和鼓励千禧一代支持旅游业发展的意愿。该研究对地方政府, 旅游公司, 教育者和研究人员具有理论和实践意义。因此, 这些相关者可以共同促进千禧一代之间的支持过程。

研究价值

这项对千禧一代的支持意愿的预测研究包含了之前尚未一起研究的变量。组织方和年轻消费者之间通过市场导向建立了联系。年龄代的研究方法可以促进全球行动来鼓励千禧一代的支持。

关键词

旅游业发展 千禧一代 居民 支持意愿 个人利益 社区利益

Propósito

Este estudio tiene como objetivo investigar el impacto de la orientación al mercado del gobierno local, según la perciben los Millennials, en su intención de apoyar el desarrollo turístico.

Diseño/metodología/enfoque

Se diseñó una encuesta online administrada a una muestra de 418 Millennials para el análisis de datos descriptivos y causales.

Hallazgos

Los resultados muestran que la intención de los Millennials de apoyar el turismo es alta y depende de la orientación del mercado percibida. En el modelo propuesto, la orientación al mercado por parte del gobierno local predice directamente los beneficios y actitudes percibidos, e indirectamente, la intención de apoyar. Los beneficios económicos no son los únicos beneficios relevantes para los Millennials.

Limitaciones/implicaciones de la investigación

La principal limitación de este trabajo está relacionada con la selección y combinación de las variables internas y externas incluidas en el modelo propuesto, dada la gran diversidad de variables en la literatura en este campo.

Implicaciones prácticas

El estudio nos permite predecir y fomentar la intención de los Millennials de apoyar el desarrollo turístico a través de muy pocas variables. El estudio es de interés teórico y práctico para gobiernos locales, empresas turísticas, educadores e investigadores. Estas entidades pueden, así, facilitar el proceso de apoyo de forma colaborativa entre Millennials.

Originalidad/valor

Este estudio predictivo de la intención de apoyo de los Millennials incluye variables que no se han estudiado juntas previamente. A través de la orientación al mercado del gobierno local, el mundo organizacional y el joven consumidor están conectados. El enfoque generacional adoptado permite el uso de acciones globales para incentivar el apoyo de los Millennials.

Palabras clave

Desarrollo turístico, Market orientation, Millennials, Residentes, Intención de apoyo, Beneficios personales, Beneficios comunitarios, Actitud

Details

Tourism Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1660-5373

Keywords

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Book part

Giacomo Del Chiappa

Community integration is considered as one of the integral components of tourism sustainability. This study analyzes the residents’ perceptions of the impact of tourism…

Abstract

Community integration is considered as one of the integral components of tourism sustainability. This study analyzes the residents’ perceptions of the impact of tourism and community integration in tourism planning in Costa Smeralda, a destination located in the island of Sardinia, Italy. The study suggests that residents recognize, even if slightly, the economic, environmental, and sociocultural benefits of tourism and would like to support its further development in their area. However, a low level of community integration was also found, suggesting that policymakers should run internal marketing operations based on the residents’ sociodemographic characteristics so that they feel involved and committed to tourism planning and place branding.

Details

Knowledge Management in Tourism: Policy and Governance Applications
Type: Book
ISBN: 978-1-78052-981-3

Keywords

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Article

Frank J. Cavico and Bahaudin Mujtaba

While the words diversity, disparate impact, and discrimination are commonly read and heard by working adults and professionals, they can at times be confusing and fearful…

Abstract

Purpose

While the words diversity, disparate impact, and discrimination are commonly read and heard by working adults and professionals, they can at times be confusing and fearful to some managers. The purpose of this paper is to provide an overview of a specific aspect of US civil rights laws – the disparate impact theory. The authors provide an analysis based on the statute, case law interpreting, and applying the statute, administrative guidelines from the Equal Employment Opportunity Commission, as well as legal and management commentary. The paper illustrates the requirements of a plaintiff employee’s initial case based on the disparate impact theory. The challenging causation component which requires some degree of statistical evidence is given particular attention. Limitations to the paper are stated at the beginning; and recommendations to managers are explored and provided toward the end of the paper.

Design/methodology/approach

It is a legal paper which covers all the laws related to discrimination based on disparate impact and disparate treatment theories. Actual court cases up until this month and Americans laws related to this concept are reviewed and critically discussed.

Findings

The salient feature of disparate impact is that this legal theory allows a plaintiff job applicant or employee to sustain a case of illegal discrimination without providing any evidence of a discriminatory motive. As opposed to the disparate treatment liability is imposed based on disproportionate adverse results and not discriminatory intent.

Research limitations/implications

This paper deals with the disparate impact theory pursuant to Title VII of the Civil Rights Act. However, it must be pointed out that the disparate impact theory is also applicable to claims arising under the Americans with Disabilities Act and the Age Discrimination in Employment Act. Since the focus of this paper is Title VII federal and state constitutional issues, such as the applicability of the 14th Amendment’s Equal Protection clause that may arise in disparate impact cases involving government entities will not be addressed.

Practical implications

Managers and employees can protect themselves in the workplace from illegal discriminatory practices. Initially, employers and managers must be aware of the distinction between a disparate impact case and a disparate treatment case with the latter requiring evidence of intentional discrimination. Evidence, of course, can be direct or circumstantial or inferential. Whereas in a disparate impact case there is no intentional discrimination; and as such proof of discriminatory intent is not required. Rather, the employee has to present evidence that the employer’s neutral on-its-face employment policy or practice caused an adverse disproportionate impact on the employee as a member of a protected class.

Social implications

Human resources professionals and managers must become educated in diversity laws in order to provide an inclusive workplace for all employees and candidates. Employers have legitimate areas of concern in hiring and promoting employees; and the courts are cognizant of employer responsibilities; and thus the employers must be able to show how specific knowledge, skills, education, training, backgrounds, as well as height, weight, strength, and dexterity are legitimate qualifications that directly relate to successful job performance.

Originality/value

This is an original paper by the authors.

Details

Equality, Diversity and Inclusion: An International Journal, vol. 36 no. 7
Type: Research Article
ISSN: 2040-7149

Keywords

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Article

Eduardo Gadotti Martins, Edson Pinheiro de Lima and Sergio E. Gouvea da Costa

The purpose of this paper is to develop and test a quality management system (QMS) implementation process for a medical devices manufacturer, which are covered by ISO…

Abstract

Purpose

The purpose of this paper is to develop and test a quality management system (QMS) implementation process for a medical devices manufacturer, which are covered by ISO 13485:2007 and RDC No. 59:2000 and based on operations strategy content definitions.

Design/methodology/approach

The research strategy is based on the Cambridge approach which is supported by action research techniques for producing “application” processes. This research strategy is also known as the “Process Approach” or “the Engineering Approach” and was developed in the mid-1990s by researchers from the “Institute for Manufacturing” (IFM/University of Cambridge).

Findings

The results reveal how real conditions “shape” implementation, indicating solutions for integrating procedures for performance and control indicators that represent manufacturing strategy objectives. The regulatory framework and the manufacturing environment offer these real conditions. The operations strategy that is underlying implementation shows how to reconcile regulation and strategy through its content.

Research limitations/implications

The developed process can be improved by increasing the number of test cases until they bring no new contributions for its evolution. However, because it is a long-term and complex implementation process, the present research was concluded with a full understanding of process development.

Practical implications

The QMS implementation process based on the Cambridge Engineering approach creates several opportunities for discussing QMS design requirements, but also in testing procedures for quality policy deployment. Learning by doing is a practical contribution of the process as a participative component effectively applied in different moments at the mentioned workshops – WSH. The logical organization of the QMS implementation process shows causalities among manufacturing strategy, QMS and performance measurements, creating strategic coherence among the connected elements.

Originality/value

Although many studies had approached the QMS implementation, few of them actually addressed the system integration with the business strategic objectives. None of the studies to date related the implementation to the ISO 13485:2003 and the RDC No. 59.

Details

Journal of Manufacturing Technology Management, vol. 26 no. 7
Type: Research Article
ISSN: 1741-038X

Keywords

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