Empresários nanicos, garantias e acesso à crédito

Visamos contribuir para o desenvolvimento do crédito produtivo popular no Brasil. Um passo nesta direção é diminuir a assimetria de informações existentes entre os gestores de políticas públicas e o seu público-alvo. O presente trabalho se beneficia da melhor oportunidade disponível de explorar informações sobre os negócios nanicos, a pesquisa sobre Economia Informal Urbana – ECINF, realizada pelo IBGE em 1997, onde foram entrevistados quase 50000 conta-próprias e empregadores até cinco empregados. Descrevemos a partir da ECINF as formas de acesso ao crédito destes estabelecimentos. O mercado de microcrédito se revela incipiente nas áreas urbanas do país, apenas 7% dos negócios nanicos obtiveram acesso a crédito nos três meses anteriores a pesquisa. Descrevemos o padrão de correlações do uso do crédito produtivo popular com outras variáveis, em particular àquelas ligadas a posse de garantias reais ou colaterais sociais nas áreas urbanas brasileiras. A ligação a alguns elementos do capital social está correlacionada à obtenção do crédito, onde a vantagem aumenta em 33% para quem está associado a algum sindicato, associação ou cooperativa em relação aos que não possuem ligação com estes. A questão da legalidade também apresenta correlação forte para conseguir o acesso a crédito: quem possui constituição jurídica possui uma vantagem de 55% maior em relação aos que não possuem. Destaca-se a variável indicativa da posse de equipamentos, é nesta variável que observamos um dos maiores valores na estimativa, onde a vantagem de quem utiliza é aproximadamente duas vezes maior em relação a quem não utiliza. O fato de estar numa região metropolitana influi pouco na obtenção do crédito, a vantagem é apenas 10% maior do que as pessoas que encontram-se nas demais áreas urbanas. De maneira geral os resultados são consistentes com a importância atribuída na literatura por garantias reais e alternativas na obtenção de crédito.

The effect of financiaI repression & enforcernent on entrepreneurship and economic deveIopment

This paper studies the effect of financiaI repression and contract enforcement on entrepreneurship and economic development. We construct and solve a general equilibrium mo deI with heterogeneous agents, occupational choice and two financiaI frictions: intermediation costs and financiaI contract enforcement. Occupational choice and firm size are determined endogenously, and depend on agent type (wealth and ability) and the credit market frictions. The mo deI shows that differences across countries in intermediation costs and enforcement generate differences in occupational choice, firm size, credit, output and inequality. Counterfactual experiments are performed for Latin American, European, transition and high growth Asian countries. We use empirical estimates of each country's financiaI frictions, and United States values for all other parameters. The results allow us to isolate the quantitative effect of these financiaI frictions in explaining the performance gap between each country and the United States. The results depend critically on whether à general equilibrium factor price effect is operative, which in turn depends on whether financiaI markets are open or closed. This yields a positive policy prescription: If the goal is to maximize steady-state efficiency, financial reforms should be accompanied by measures to increase financiaI capital mobility.

Co-creation in hospitality industry: a case study on the drivers of traveler-generated content

User-generated content in travel industry is the phenomenon studied in this research, which aims to fill the literature gap on the drivers to write reviews on TripAdvisor. The object of study is relevant from a managerial standpoint since the motivators that drive users to co-create can shape strategies and be turned into external leverages that generate value for brands through content production. From an academic perspective, the goal is to enhance literature on the field, and fill a gap on adherence of local culture to UGC given industry structure specificities. The business’ impact of UGC is supported by the fact that it increases e-commerce conversion rates since research undertaken by Ye, Law, Gu and Chen (2009) states each 10% in traveler review ratings boosts online booking in more than 5%. The literature review builds a theoretical framework on required concepts to support the TripAdvisor case study methodology. Quantitative and qualitative data compound the methodological approach through literature review, desk research, executive interview, and user survey which are analyzed under factor and cluster analysis to group users with similar drivers towards UGC. Additionally, cultural and country-specific aspects impact user behavior. Since hospitality industry in Brazil is concentrated on long tail – 92% of hotels in Brazil are independent ones (Jones Lang LaSalle, 2015, p. 7) – and lesser known hotels take better advantage of reviews – according to Luca (2011) each one Yelp-star increase in rating, increases in 9% independent restaurant revenue whereas in chain restaurants the reviews have no effect – , this dissertation sought to understand UGC in the context of travelers from São Paulo (Brazil) and adopted the case of TripAdvisor to describe what are the incentives that drives user’s co-creation among targeted travelers. It has an outcome of 4 different clusters with different drivers for UGC that enables to design marketing strategies, and it also concludes there’s a big potential to convert current content consumers into producers, the remaining importance of friends and family referrals and the role played by incentives. Among the conclusions, this study lead us to an exploration of positive feedback and network effect concepts, a reinforcement of the UGC relevance for long tail hotels, the interdependence across content production, consumption and participation; and the role played by technology allied with behavioral analysis to take effective decisions. The adherence of UGC to hospitality industry, also outlines the formulation of the concept present in the dissertation title of “Traveler-Generated Content”.