Resumo em Inglês:

ABSTRACT Objective: theories that indicate financial factors as determinants of financing decisions (trade-off, pecking order) were followed by others that take agency conflicts into account (agency theory, market timing). The contingency approach to corporate governance suggests that the effectiveness of its mechanisms depends on the firm’s organizational environment. This study aims to analyze the relationship of both corporate governance and the type of shareholding control (dominant, shared, and dispersed) with financing by share issuance. Methods: the sample is panel data with 1,433 annual observations from 168 non-financial firms listed on the Brazilian Stock Exchange (B3), with data from CVM and Economatica. Models were estimated using generalized least squares for panel data (FGLS). Results: the results show that the shareholding control configuration has a moderating effect on the relationship between equity financing and corporate governance, in accordance with the corporate governance contingency approach. Conclusions: dominant control positively moderates this relationship, indicating that corporate governance is seen, in these firms, as capable of reducing the possibility of expropriation of minority shareholders. The moderating effect of dispersed control is negative, signaling that dispersed control is considered an effective shareholding configuration in itself to avoid expropriation.

Resumo em Inglês:

ABSTRACT Objective: this study addresses a gap in the literature by providing a taxonomy of startup profiles in the equity crowdfunding (ECF) market, analyzing their financial performance from an accounting perspective. Methods: using cluster analysis, t-SNE dimensionality reduction, cross-tabulations, and regression trees, we classified 37 equity offers from six platforms (2017-2020). The proposed taxonomy distinguishes two groups: operational performance, characterized by negative profitability but high fundraising values, and financial performance, marked by positive profitability but modest fundraising values. Results: we argue that startups’ financial goals, the amount raised in fundraising campaigns, the category of ventures, the type of business, and financial performance indicators are relevant KPIs for investors in the Brazilian ECF market. The taxonomy also identifies distinct entrepreneurial profiles, complementing the ex-ante analysis with an ex-post perspective. Conclusions: this approach offers a strategic tool for investors and managers to make informed decisions based on historical results, contributing to a refined understanding of the determinants of business success.

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ABSTRACT Objective: this study aims to analyze differences in the persistence of accounting information between firms operating in regulated and unregulated sectors of the Brazilian economy. Methods: the sample comprises, on average, 276 companies listed on B3, with data spanning from 2011 to 2022. Ordinary least squares (OLS) regression tests were performed, and a total of 20 models were analyzed. Persistence was measured using two different models, focusing on earnings, cash flows, and accruals. Fifteen dummy variables were constructed and grouped into four categories: regulation, purely economic vs. economic and accounting regulation, national regulatory agencies, standardized chart of accounts, and individual dummies for each regulated sector. Results: firms in the sample exhibit persistence in earnings, cash flows, and accruals. Regulated firms demonstrate higher earnings and cash flow levels compared to unregulated firms; however, these are less persistent, suggesting lower quality of accounting information in regulated sectors. Conclusions: the findings indicate that firms may prioritize performance at the expense of accounting information quality. These results support the development of regulatory policies and may aid the decision-making processes of investors and creditors.

Resumo em Inglês:

ABSTRACT Objective: this study investigates the moderating effect of consumers’ regulatory focus (promotion vs. prevention) on their reactions to out-of-stock (OOS) situations in retail environments. The objective is to understand how different regulatory profiles influence purchase intention when products are unavailable. Methods: three experimental studies were conducted. In the first study, we explored how consumers’ regulatory focus affects purchase intention in OOS scenarios. The second study manipulated participants’ regulatory focus to analyze its effect on product unavailability. The third study used eye-tracking technology to examine how regulatory focus influences visual attention in OOS contexts. Results: results show that promotion-focused consumers exhibit greater resilience, maintaining stable purchase intentions, while prevention-focused consumers demonstrate negative reactions, focusing more on empty spaces. Conclusions: these findings suggest that retailers can tailor marketing and inventory management strategies based on consumers’ regulatory profiles to mitigate the negative effects of OOS situations. This study contributes to the literature by integrating regulatory focus theory with consumer responses to stockouts and offers practical insights for retail managers.

Resumo em Inglês:

ABSTRACT Objective: to investigate how stakeholder power and strategic importance influence value distribution to stakeholders in a U.S. liberal market economy, and to assess how this relationship varies across different industries. Methods: we conducted a content analysis and ordinary least squares regression on 755 IPO prospectuses from publicly traded American companies across seven industries between 2003 and 2019. Results: our findings indicate that strategic importance exerts a greater influence on value distribution than power. However, the impact of these factors varies by industry: strategic importance is more influential in technology, for example, whereas power has limited influence in finance. Industries such as energy and transportation display distinct patterns compared to manufacturing and life sciences. Conclusions: in the U.S. liberal market economy, companies prioritize stakeholders who contribute strategically to value creation over those who merely hold power, but this prioritization varies by industry. For managers and stakeholders, the results provide reflections on how to effectively involve and prioritize stakeholders, creating advantages and aligning with the specific needs of each industry. For literature, the study contributes by analyzing different industries and their specificities.

Resumo em Inglês:

ABSTRACT Objective: to review the remote work arrangements (RWA) literature and propose a framework of the effects on job satisfaction, incorporating mediators and moderators that explain remote work nuances through the lens of self-determination and organizational support theories. Methods: we used a mixed narrative and developmental review. Starting with 11,280 remote work and job satisfaction (and related keywords) articles, we focused on English and Portuguese studies thematically aligned from a curated list of journals, reducing the sample to 270 articles. The narrative review was used to summarize previously published research, focusing on concepts and research outcomes. Later, we provide a conceptual framework for the impact of working from home on employee satisfaction. Results: remote work presents both opportunities and challenges. Employee-related elements such as autonomy, competence, and a sense of belonging (among others), as well as company-related factors like organizational ties and cultural strength, are crucial. However, experiences can vary due to organizational and employee characteristics, such as gender dynamics. Conclusions: proactive strategies are necessary to create inclusive and sustainable RWAs. Future research should explore these moderators and pathways, as well as aspects such as gender, roles, career progression, and strategies to reduce work-life conflicts.

Resumo em Inglês:

ABSTRACT Objective: access to justice is a fundamental human right in civilized societies and must be ensured within an efficient and effective judicial system. Most discussions regarding the legitimacy of the judiciary as a mediator of social conflicts revolve around the population’s access to justice. Therefore, this study delves into the factors that determine both potential and actual access to the Brazilian Courts of Justice. Methods: longitudinal data from the 27 Brazilian State Courts of Justice between 2009 and 2020 were organized into panel data, constituting a sample of 324 observations. Results: the results indicate that the number of judges, the number of employees (including civil servants and outsourced personnel), investment in information and communication technology, and the number of lawyers working in the state are the variables that influence actual access to justice. In contrast, the number of civil servants is the sole variable influencing potential access to justice. The results further indicate that the ratio of civil servants per judge - a structural variable - has a statistically significant influence on both potential and actual access to justice. This suggests that institutional staffing plays a dual role: it contributes to expanding access conditions and also supports the judiciary’s capacity to deliver outcomes. While this finding highlights the relevance of this specific structural factor, no other structural variables tested showed consistent significance, which cautions against generalizing the influence of structural determinants as a whole. Additionally, the results show that effective access is more closely related to operational efficiency and the system’s ability to resolve cases. Conclusions: regarding information and communication technologies, the study found limited but relevant evidence of their role in facilitating access to justice, with one specific ICT-related variable showing a statistically significant and positive effect. These findings suggest that the impact of ICTs may depend on particular institutional and managerial conditions and should therefore be interpreted with caution.

Resumo em Inglês:

ABSTRACT Objective: to develop and evaluate a generative AI system prototype and assessment method that supports anticipatory governance by integrating foresight and policy design, enabling stakeholders to anticipate and proactively address emerging challenges in public policy. Methods: the study uses a design science research approach, combining institutional and explainable AI frameworks. It designs and assesses a generative AI prototype through three case scenarios focusing on environmental, electoral, and labor regulations, and expands results to an assessment protocol. Results: the analysis demonstrates the strengths and limitations of generative AI in AG systems. The study produces a systemic framework and an assessment protocol for evaluating AI’s role in augmenting AG capabilities, focusing on enhancing trust and reliability. Conclusions: the article’s main contribution is the proposed assessment protocol that contributes to both theory and practice by providing a replicable method for enhancing trustability in AI-driven AG. The findings support researchers and policymakers in reflecting on and utilizing responsible AI to navigate complex geopolitical, environmental, and societal challenges.

Resumo em Inglês:

ABSTRACT This interview with Dr. Stefanie Beninger, President of the Macromarketing Society and a scholar in marketing and society, explores the critical intersections of macromarketing, policy, and the rapidly evolving field of technology. Dr. Beninger shares her insights on the societal implications of marketing, drawing on her extensive research in sustainability, resilience, and the ethical considerations surrounding emerging technologies, such as commercial drones and generative artificial intelligence. The discussion examines how her international and interdisciplinary collaborations enhance research, contribute to the development of effective policies, and address complex social challenges. This conversation provides valuable insights into the evolving landscape of marketing education and its role in promoting a more sustainable and equitable future.