The first chapter of this dissertation examines the returns to frequent acquirers from emerging markets and analyzes the cross-country variations in cumulative abnormal returns. The sample consists of 5,147 transactions carried out by firms from 17 common and civil-law countries during the period of January 1985 to June 2008. I find that the cumulative abnormal returns decline over the deal order and it is more pronounced in civil-law countries than in common-law countries. There is also evidence that the premiums paid by acquirers from civillaw countries with a first successful acquisition are higher than those from common-law countries. These findings are consistent with agency problems and the hubris hypothesis, first introduced by Roll (1986). The second chapter examines the information links across futures markets in different nations, using Vector Autoregressive (VAR)-Dynamic Conditional Correlation (DCC) model. The data comprise a large set of commodity and financial futures traded in U.S., U.K., China, Japan, Canada, and Brazil during the period from August 1998 to December 2008. The primary finding is that market interactions are relatively high for commodities for which information production generally is more diverse (metal commodities), while moderate for commodities for which information is more concentrated (agricultural commodities). Furthermore, the strength and persistence of interactions among futures markets decline after excluding the most informative markets. These findings indirectly support the breadth of information being a relevant factor in the extent of information linkage. The results also indicate that the dynamic correlation in futures markets is high in most commodity and financial futures if there is a significant bi-directional return and volatility spillover. Additionally, I estimate a market’s contribution to the price discovery process. In general, the market that has a stronger price impact and a stronger volatility spillover tends to be the market that has greater contribution or leadership in price discovery.

Purpose – The purpose of this master thesis is to examine factors influencing green consumption and to explain the moderating effect of market maturity on these factors in developed and emerging markets.Design/methodology/approach – In this research the pragmatism epistemology was employed as the scientific perspective of the current research. Deductive reasoning has been selected as scientific approach. The formulation of hypotheses, the collection and analysis of the data were based on and derived from existing theories. In line with deductive approach the collected data was analyzed quantitatively within cross-sectional time horizon. SSPS program was applied to process the collected research data and present the research results. The data was collected via online survey (Google Forms) in Russia and Sweden as well as credible and reliable secondary resources.Findings – Based on correlation and multiple regression analysis it was found that factor perceived consumer effectiveness positively (Beta=0.227) and significantly (Sig.<0.05) influences green consumption among young people in Sweden. Price is determined to affect negatively (Beta=-0.279) and significantly (Sig.<0.05) green consumption among young people in Sweden. Perceived consumer effectiveness positively (Beta=0.225) and significantly (Sig.<0.05) influences green consumption among young people in Russia. The presence of moderating effect of market maturity was not revealed within the conducted research. That means the level of development of countries (in case of Sweden and Russia) does not make a significant influence on the association between studied factors and green consumption among young people. Perceived consumer effectiveness is determined to be the main driving factor which pushes the younger generation toward sustainable consumption both in Sweden and Russia.Research limitations – the first limitation relates to the size of the sample. Although the sample of 100 respondents for each country (Sweden and Russia) was considered adequate, still a larger sample size could have provided more heterogonous findings and might have led to a different conclusion. Another limitation considers geographical and industrial boundaries. The research applies the theoretical model to the context of only two particular countries, namely, Sweden and Russia by focusing on consumption of green products from FMCG industry. With this regard, the findings of the study might not be fully suitable for other emerging and developed countries or other industries. Also, the application of non-probability sampling limited the authors to add more validity to the research. The last limitation is such a phenomena as socially desirable responding or response biases that means a tendency to choose the desirable response or the most moderate response.Practical implications – The findings ensure a better understanding of the content of moderating effect of market maturity and explain more in details how particular factors influence green consumption in emerging and developed markets. The model conceptualized by the authors is supposed to be a good basis for future researches aimed at examining moderating effect of market maturity on relationship between green consumption and factors influencing it in other emerging and developed markets besidesRussia and Sweden. In practice a special emphasis on perceived consumer effectiveness by the companies which market green products and target young consumers could helpthem to supply their products more successfully both in developed and/or emerging countries. Particularly, they need create a perception among potential consumers that buying green products contributes to sustainability and solution of environmental problems by elaborating particular strategies. As the research revealed a negative and significant relation between price and green consumption on the developed market it is important that managers consider price policy while marketing green products among young generation in developed countries.

O objetivo do trabalho será avaliar se os efeitos da crise financeira de 2008 relativizaram as características da autonomia dos bancos centrais, que são conceitualmente vinculadas à manutenção da estabilidade de preços como objetivo singular da política monetária. Devido a seu perfil institucional e seu contexto de atuação, as decisões do Banco de México (Banxico) servirão como estudo de caso. A análise busca demonstrar que, diante da severidade dos efeitos da crise, o Banxico optou por aplicar uma política monetária eclética no período, já que abandonou ocasionalmente seu mandato constitucional orientado para a estabilidade de preços, mesmo que sem prejuízos ao cumprimento das metas de inflação. Por um lado, o banco seguiu conservador na utilização da taxa de juros como principal instrumento monetário, sem recorrer à compra direta de ativos e outros mecanismos não convencionais aplicados nos países industrializados. Por outro, demonstrou sensibilidade à degradação do cenário internacional e à atividade doméstica, tanto ao manter os juros inalterados durante um longo período, como ao reduzi-los sucessivamente diante do desempenho fraco da produção entre 2013 e 2014. Assim, ao menos durante a crise, o comportamento do Banxico se afastou das definições convencionais sobre a autonomia do banco central, o que reforçou a natureza política da organização. / This article aims to evaluate if the effects of the 2008 financial crisis relativized the main characteristics of the central bank\'s autonomy, that are conceptually related to the maintenance of price stability as a single objective of the monetary policy. Due to its institutional profile and its operational context, the decisions of the Banco de Mexico (Banxico) will serve as a case study. The analysis seek to demonstrate that, despite the severity of the crisis, Banxico has chosen to apply na eclectic monetary policy in the period, as it occasionally abandoned its constitutional mandate oriented towards price stability, even without harm to the achievement of its inflation targets. On the one hand, the bank remained conservative in the use of the interest rate as the main monetary instrument, without resorting to the direct asset purchase or other non-conventional mechanisms applied by industrialized countries. On the other, the bank demonstrated sensitivity to the degradation of the international markets and domestic activity, both by keeping the interest rate at the same level for a longer period as by reducing it succesively before the poor output performance between 2013 and 2014. Thus, at least during the crisis, Banxico\'s behavior departed from the conventional definitions of the autonomy of central banks, which reinforced the political nature of the organization.

Neste trabalho examinamos os efeitos do controle e governança familiar nas decisões de fusões e aquisições (M&A). Analisamos 420 empresas não-financeiras listadas na BM&FBovespa entre 1997 e 2007 e encontramos que empresas controladas por famílias empresarias por meio de excesso de direitos de voto são mais propensas a se engajar em atividades de M&A. Encontramos também que empresas cujo presidente do conselho de administração é um membro da família controladora, a probabilidade de crescimento via M&A diminui. Finalmente, encontramos que as atividades de M&A em empresas controladas por famílias prejudicam o desempenho operacional de longo prazo. Em conjunto, mecanismos de excesso de controle parecem atenuar a restrição de recursos financeiros das famílias para perseguir o crescimento via M&A, entretanto, esta estratégia de crescimento gera resultados operacionais inferiores. Estes resultados têm importantes implicações para a literatura de governança e para a prática empresarial em países emergentes como o Brasil. / We examine the effect of family control and governance on merge and acquisitions (M&A) decisions. We analyze 420 Brazilian non-financial firms from 1997 to 2007 and found that family-controlled firms with excess of control rights are more likely to engage in M&A transactions. We unravel that family chairman reduces the likelihood of family firms to grow through M&As. We also find that M&A activities in family controlled firms are detrimental to their operational performance in the long-run. Overall, family control enhancing mechanism seems to attenuate family limited resources to expand through M&A, where institutions are weak and the capital market is not developed, but this growth strategy leads to poor operational performance. Altogether, these results have important implications for corporate governance research and practice in emerging economies like Brazil.

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No. of bitstreams: 1 pmdgi - dennys eduardo rosseto.pdf: 3115617 bytes, checksum: 0ec6576303ae5b79113054ce0a87be46 (MD5) Previous issue date: 2018-02-22 / In both the academy and the press, Frugal Innovation has gained more space and attention from researchers and managers, mainly as an alternative to competitiveness in times of crisis and increasingly scarce resources. Despite the growing number of published articles on frugal innovation, there is still a lack of tools that allow mediation and quantification of this phenomenon to allow more precise and quantifiable studies to be carried out. In addition, due to the broad concepts of Frugal Innovation still in the process of consolidation, it would be very useful for managers and entrepreneurs an instrument that allows identifying and guiding companies that want guidelines for the development of frugal offers, besides constituting a significant theoretical contribution . In this thesis, we propose a scale to identify and measure frugal innovation, presenting the results of five data collection in three different countries (Brazil, USA and India), with the whole development process, the refinement of items through an Exploratory EFA), Confirmation Factor Analysis (CFA) and final validation of the scale based on the company's 1130 data. A broad review of the literature is presented with the retrieval of the main published articles, as well as an analysis of the dimensionality of the construction, all the definitions found in the literature. In addition, an improvement in the definition of frugal innovation is proposed through the creation of a frugal ecosystem. All procedures follow the steps based on the Churchill paradigm (Churchill 1979) which was updated by Mackenzie, Podsakoff and Podsakoff (2011). In the first stage, 66 items were generated based on a broad literature review. Content validation was performed through personal interviews with 12 experts (academics and managers), resulting in 20 items retained. Afterwards, the face validation was performed with 22 managers aiming to improve the clarity and understanding of the items, resulting in 12 items retained. With the 12 items, a survey was performed composed of 191 Brazilian companies, where a Factorial Exploratory Analysis (EFA) was carried out as a first purification process, in which all the statistical indices were adjusted. As a result three dimensions were obtained (1) Focus on core functionality and performance; (2) Substantial cost reduction; and (3) Creation of a Frugal Ecosystem, all composed of 9 items, three items in each dimension. A second round of research was conducted with 247 Brazilian companies, and with these data a Confirmation Factor Analysis (CFA) and internal consistency verification were performed, where all adjustments were obtained again. The questionnaire was subjected to subsequent translation procedures to reach the validity of the translation and then two more surveys were conducted with 250 American companies and 300 Indian companies for final validation purposes. As a result, other validations were obtained, such as convergent viability, discriminant validity, reliability verification and nomological validity (through the application of other scales). The scale was applied to Indian companies in order to obtain results from another emerging country. Contributing to the discussion about frugal innovation is not only appropriate for emerging countries or is also a phenomenon that may occur in developed countries, this scale has also been applied with US companies. With this scale validated, this study contributes to other researches, allowing results from other countries, developed or in the process of development, for comparative research and for a better understanding of the relationships of Frugal innovation with other phenomena. / Tanto na academia quanto na imprensa, a Frugal Innovation ganhou mais espaço e atenção de pesquisadores e gerentes, principalmente por se mostrar como uma alternativa para a competitividade em tempos de crise e recursos cada vez mais escassos. Apesar do número crescente de artigos publicados sobre a inovação frugal, ainda há uma falta de instrumentos que permitem mediação e quantificação deste fenômeno para permitir a realização de estudos mais precisos e quantificáveis. Além disso, devido aos amplos conceitos de Inovação Frugal ainda no processo de consolidação, seria muito útil para gestores e empresários um instrumento que permita identificar e orientar as empresas que desejam orientações para o desenvolvimento de ofertas frugais, além de constituir um teor teórico significativo contribuição. Nesta tese, propomos uma escala para identificar e medir a inovação frugal, apresentando os resultados de cinco coleta de dados em três países diferentes (Brasil, EUA e Índia), com todo o processo de desenvolvimento, o refinamento dos itens através de um Exploratório (EFA), Análise de Fator de Confirmação (CFA) e validação final da escala com base nos 1130 dados da empresa. Uma ampla revisão da literatura é apresentada com o resgate dos principais artigos publicados, bem como uma análise da dimensionalidade da construção, todas as definições encontradas na literatura. Além disso, uma melhoria na definição de inovação frugal é proposta através da criação de um ecossistema frugal. Todos os procedimentos seguem as etapas baseadas no paradigma de Churchill (Churchill 1979) que foi atualizado por Mackenzie, Podsakoff e Podsakoff (2011). No primeiro estágio foram gerados 66 itens com base em uma ampla revisão da literatura. A validação do conteúdo foi realizada através de entrevistas pessoais com 12 especialistas (acadêmicos e gerentes), resultando em 20 itens retidos. Na sequência, a validação do rosto foi realizada com 22 gestores visando melhorar a clareza e a compreensão dos itens, resultando em 12 itens retidos. Com os 12 itens, uma pesquisa foi realizada composta por 191 empresas brasileiras, onde se realizou uma Análise Exploratória Factorial (EFA) como um primeiro processo de purificação, no qual foi obtido o ajuste de todos os índices estatísticos. Como resultado foram obtidas três dimensões (1) Foco na funcionalidade e desempenho do núcleo; (2) Redução substancial de custos; e (3) Criação de um Ecossistema Frugal, todos compostos por 9 itens, três itens em cada dimensão. Uma segunda rodada de pesquisa foi realizada com 247 empresas brasileiras, e com esses dados foi realizada uma Análise de fator de Confirmação (CFA) e verificação de consistência interna, onde todos os ajustes foram obtidos novamente. O questionário foi submetido a procedimentos de tradução posterior para alcançar a validade da tradução e, em seguida, realizaram-se mais duas pesquisas, com 250 empresas americanas e com 300 empresas indianas para fins de validação final. Como resultado, foram obtidas outras validações, como a viabilidade convergente, a validade discriminante, a verificação da confiabilidade e a validade nomológica (através da aplicação de outras escalas). A escala foi aplicada às empresas indianas com o objetivo de obter resultados de outro país emergente. Contribuir para a discussão sobre a inovação frugal é ou não apropriado apenas para países emergentes ou, também, é um fenômeno que pode ocorrer em países desenvolvidos, essa escala também foi aplicada com empresas dos EUA. Com está escala valida, este estudo contribui para a realização de outras pesquisas, permitindo obter resultados de outros países, desenvolvidos ou em processo de desenvolvimento, para pesquisas comparativas e para uma melhor compreensão das relações da inovação Frugal com outros fenômenos.

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2018-11-30T10:38:25Z No. of bitstreams: 1 Marcela Soares_.pdf: 783025 bytes, checksum: 92848a38504155400c592cbaf91613a8 (MD5) / Made available in DSpace on 2018-11-30T10:38:25Z (GMT). No. of bitstreams: 1 Marcela Soares_.pdf: 783025 bytes, checksum: 92848a38504155400c592cbaf91613a8 (MD5) Previous issue date: 2018-07-23 / Nenhuma / Este trabalho tem por objetivo geral propor um conjunto de diretrizes para a elaboração de estratégias de inovação organizacional para que os pequenos negócios atendam o mercado da base da pirâmide socioeconômica (BoP) do Rio Grande do Sul. O mesmo se apoiou em lacunas acadêmicas relacionadas à necessidade de avanços nas pesquisas sobre inovação organizacional executadas por pequenos negócios, a necessidade de compreender as dinâmicas de inovação em empresas que fornecem produtos para a base da pirâmide (a camada econômica mais vulnerável da sociedade) e investigar como a inovação organizacional pode aumentar a capacidade de inovação e desenvolvimento de produtos nos pequenos negócios. Considerou ainda, a importância social e econômica dos pequenos negócios para o desenvolvimento regional e do país, uma vez que respondem por parte significativa da sua economia. O framework teórico apresenta dados relacionados a inovação; mercado emergente potencial: a base da pirâmide; e inovação organizacional e pequenos negócios. Como método de pesquisa foi adotado o estudo de caso múltiplo, com caráter exploratório e descritivo e abordagem qualitativa, aplicado em 25 pequenos negócios atuantes no agronegócio, ramo alimentício e localizadas no Estado do Rio Grande do Sul. Os principais resultados sinalizam que existe uma fragilidade no que tange ao desenvolvimento de produtos específicos ao atendimento das classes sociais menos favorecidas por parte dos pequenos negócios e reforçam a potencialidade de mercado em ambientes de restrição financeira e cultural, no entanto falta direcionamento para a definição de estratégias eficazes. Além disso, torna-se evidente que os pequenos negócios podem corroborar com o desenvolvimento econômico e social da base da pirâmide através do fornecimento de produtos que atendam as suas necessidades e também gerando emprego e renda para a população situada na BoP. Para tanto, um conjunto de diretrizes foram organizadas com base nos constructos retirados do framework teórico: configuração organizacional; desenvolvimento de produto; estratégias de marketing e vendas; e cadeia de suprimento, abastecimento e sustentabilidade. Tais diretrizes visam direcionar o desenvolvimento das estratégias efetivas de inovação organizacional para que os pequenos negócios atuem na BoP, facilitando a tomada de decisão e tornando-os mais competitivos e lucrativos neste nicho de mercado. / This paper aims at proposing a set of guidelines for the elaboration of strategies of organizational innovation so that the small businesses attend the market of the base of the socioeconomic pyramid (BoP) of Rio Grande do Sul. The same was based on academic gaps related to The need for advances in research on organizational innovation run by small businesses, the need to understand the dynamics of innovation in companies that provide products to the base of the global economic pyramid, considering that this is the most vulnerable economic layer of society and investigate how innovation can increase the capacity for innovation and product development in small businesses. It has also considered the social and economic importance of small businesses for regional and country development, since they account for a significant part of their economy. The theoretical framework presents data related to innovation; potential emerging market: the base of the pyramid; and organizational innovation and small business. As a research method, a multiple case study with exploratory and descriptive character and a qualitative approach was adopted, applied in 25 small agribusiness businesses, food sector and located in the State of Rio Grande do Sul. The main results indicate that there is a fragility in relation to the development of specific products to serve less favored social classes by small businesses and reinforce market potential in financial and cultural constraints, but there is a lack of guidance in the definition of effective strategies. In addition, it becomes evident that small businesses can corroborate with the economic and social development of the base of the pyramid through the supply of products that meet their needs and also generate employment and income for the population located in the BoP. For this, a set of guidelines were organized based on the constructs taken from the theoretical framework: organizational configuration; product development; marketing and sales strategies; and supply chain, supply and sustainability. These guidelines aim to direct the development of effective organizational innovation strategies for small businesses to act in BoP, making decision making easier and making them more competitive and profitable in this market niche.

The main goal of this thesis is to identify position of the group BRIICS on the international arena and to determine whether the economic and political rise of concerned economies is potentially hidden in a closer multilateral cooperation or in the separate influences on the world. Moreover, this work aims to answer the question if the BRIICS countries have the potential to dictate their conditions to the international organizations and world public. It also describes the developing countries, their basic categorization and after all the fastest growing economies (emerging markets) are singled out. This paper also examines the impact of the internal social, demographic and political problems on the existence of the organization.

<p>Country portfolio analysis, a commonly used tool among companies when evaluating potential target markets, only focus on potential sales instead of including cost and risk into the equation. However, some researchers today have become aware of the importance of taking these costs and risks into account. One of these researchers is Pankaj Ghemawat, who has developed a framework called CAGE which is supposed to be a complementary tool to the country portfolio analysis model. In this thesis we study if Swedish MNCs consider the factors suggested in the CAGE-framework when evaluating emerging markets. Furthermore, we suggest some adjustments to the evaluation process.</p><p>Data have been collected through a web-based questionnaire. The respondents were all headquarter managers in Swedish multinational corporations (MNCs). Our results show that the two most overlooked distances of the CAGE-framework are the cultural and the geographic distances. Hence, the two most considered were the economic and administrative distances. This is in partial accordance with Ghemawat’s theory, in which he states that the cultural distance is one of the two most overlooked distances. However, he presents administrative distance as the second most overlooked distance, which means that our thesis shows a somewhat different result than Ghemawat’s findings.</p><p>A company evaluating an entry into an emerging market needs to consider the CPA-model, but this is not enough. They also need to take other factors into account. These are previous as well as future growth of the market, predicted growth for the specific product or service in the market in question, and the competitive situation in the emerging market. A consideration of these factors gives the company a complete picture of a market regarding profit potential. Thereafter, this potential needs to be adjusted for the distances in the CAGE-framework.</p>

Country portfolio analysis, a commonly used tool among companies when evaluating potential target markets, only focus on potential sales instead of including cost and risk into the equation. However, some researchers today have become aware of the importance of taking these costs and risks into account. One of these researchers is Pankaj Ghemawat, who has developed a framework called CAGE which is supposed to be a complementary tool to the country portfolio analysis model. In this thesis we study if Swedish MNCs consider the factors suggested in the CAGE-framework when evaluating emerging markets. Furthermore, we suggest some adjustments to the evaluation process. Data have been collected through a web-based questionnaire. The respondents were all headquarter managers in Swedish multinational corporations (MNCs). Our results show that the two most overlooked distances of the CAGE-framework are the cultural and the geographic distances. Hence, the two most considered were the economic and administrative distances. This is in partial accordance with Ghemawat’s theory, in which he states that the cultural distance is one of the two most overlooked distances. However, he presents administrative distance as the second most overlooked distance, which means that our thesis shows a somewhat different result than Ghemawat’s findings. A company evaluating an entry into an emerging market needs to consider the CPA-model, but this is not enough. They also need to take other factors into account. These are previous as well as future growth of the market, predicted growth for the specific product or service in the market in question, and the competitive situation in the emerging market. A consideration of these factors gives the company a complete picture of a market regarding profit potential. Thereafter, this potential needs to be adjusted for the distances in the CAGE-framework.

As emerging market economies gain increasing influence and importance in the global economy, any development with a potentially destabilizing effect on the economic performance on such countries should be carefully monitored. This paper examines one particular development: the rise of consumer debt. Through the case studies of Turkey, China, and Brazil, this paper seeks to analyze the relationship between an increase in consumer debt and a country's GDP growth in emerging markets and how a detrimental relationship could severely impact the international economy at large.