Green and competitive: empirical evidence from ISO 9001 certified Brazilian companies

There are many arguments in the literature on environmental management stating that companies that have a significant environmental performance tend to be more competitive, because environmental management tends to generate positive effects on their operational performance. Despite the fact that such arguments are widely accepted, there is little empirical evidence yet of such a relationship in manufacturing contexts that are rarely studied thus far, such as those of developing countries. The paper aims to discuss these issues. Design/methodology/approach – With the objective of testing the positive relationship between environmental performance and operational performance, this research presents the data of a survey conducted with 75 ISO 9001-certified Brazilian companies. Such data were analyzed by means of structural equation modeling. Findings – The paper discovered that, indeed, environmental management relates in a positive, significant manner and large effect to the operational performance of companies.

The relationship between banking market competition and risk-taking: Do size and capitalization matter?

This paper addresses the effects of bank competition on the risk-taking behaviors of banks in 10 Latin American countries between 2003 and 2008. We conduct our empirical approach in two steps. First, we estimate the Boone indicator, which is a measure of competition. We then regress this measure and other explanatory variables on the banking "stability inefficiency" derived simultaneously from the estimation of a stability stochastic frontier. Unlike previous findings, this paper concludes that competition affects risk-taking behavior in a non-linear way as both high and low competition levels enhance financial stability, while we find the opposite effect for average competition. In addition, bank size and capitalization are essential factors in explaining this relationship. On the one hand, the larger a bank is, the more it benefits from competition. On the other hand, a greater capital ratio is advantageous for banks that operate in collusive markets, while capitalization only enhances the stability of larger banks under high and average competition. These results are of extreme importance when considering bank regulations, especially in light of the recent turmoil in the global financial markets. (C) 2012 Elsevier B.V. All rights reserved.

Information-dependent processes in incubated and graduated technology-based companies: a comparative case study

Nowadays, competitiveness introduces new behaviors and leads companies to a discomforting situation and often to non adaptation to environmental requirements. A growing number of challenges associated with control of information in organizations with engineering activities can be seen, particularly, the growing amount of information subject to continuous changes. The innovative performance of an organization is directly proportional to its ability to manage information. Thus, the importance of information management is recognized by the search for more competent ways to face current demands. The purpose of this article was to analyze informationdependent processes in technology-based companies, through the four major stages of information management. The comparative method of cases and qualitative research were used. The research was conducted in nine technology-based companies which were incubated or recently went through the incubating process at the Technological Park of Sao Carlos, in the state of Sao Paulo. Among the main results, it was found that in graduated companies information management and its procedures were identified as more conscious and structured in contrast to those of the incubated companies.

Outsourcing Operations in Project Management Offices: The Reality of Brazilian Companies

The purpose of this study is to explore the mechanisms that influence decisions regarding outsourcing competencies in the operation of project management offices (PMOs). The exploratory research described here involves the use of a web-based survey for enterprises in Brazil. In 78 of the survey's valid cases, the PMO is operated using the organization's internal resources. A possible conclusion is that the PMO is unlikely to positively relate to the culture of external services used by the organization and to use outsourcing to operate the PMO.

Groups of services delivered by Brazilian branchless banking and respective network integration models

Over the last decade, Brazil has pioneered an innovative model of branchless banking, known as correspondent banking, involving distribution partnership between banks, several kinds of retailers and a variety of other participants, which have allowed an unprecedented growth in bank outreach and became a reference worldwide. However, despite the extensive number of studies recently developed focusing on Brazilian branchless banking, there exists a clear research gap in the literature. It is still necessary to identify the different business configurations involving network integration through which the branchless banking channel can be structured, as well as the way they relate to the range of bank services delivered. Given this gap, our objective is to investigate the relationship between network integration models and services delivered through the branchless banking channel. Based on twenty interviews with managers involved with the correspondent banking business and data collected on almost 300 correspondent locations, our research is developed in two steps. First, we created a qualitative taxonomy through which we identified three classes of network integration models. Second, we performed a cluster analysis to explain the groups of financial services that fit each model. By contextualizing correspondents' network integration processes through the lens of transaction costs economics, our results suggest that the more suited to deliver social-oriented, "pro-poor'' services the channel is, the more it is controlled by banks. This research offers contributions to managers and policy makers interested in understanding better how different correspondent banking configurations are related with specific portfolios of services. Researchers interested in the subject of branchless banking can also benefit from the taxonomy presented and the transaction costs analysis of this kind of banking channel, which has been adopted in a number of developing countries all over the world now. (C) 2011 Elsevier B.V. All rights reserved.

Vitrification of primordial germ cells using whole embryos for gene-banking in loach, Misgurnus anguillicaudatus

In gene-banking, primordial germ cells (PGCs), which are embryonic precursor cells of germ cells, are useful for cryopreservation because PGCs have a potential to differentiate into both eggs and sperm via germ-line chimera. Here, we have established vitrification methods for PGCs cryopreservation using 12- to 17-somite stage embryos in loach, Misgurnus anguillicaudatus, which were dechorionated, removed their yolk and injected with green fluorescent protein (GFP) -nos1 3'UTR mRNA to visualize their PGCs. In order to optimize cryopreservation medium for vitrification, the toxicity of cryoprotectants was analyzed. Different concentrations (2, 3, 4, 5 m) of dimethyl sulfoxide (DMSO), methanol (MeOH), ethylene glycol (EG) and propylene glycol (PG) as cryoprotectants were tested. Then, 5 m DMSO showed significantly-high toxicity. Based on this information, combinations called DMP (2 m (14.2% [v/v]) DMSO, 2 m (8.1% [v/v]) MeOH and 2 m (14.4% [v/v]) PG), DP (2 m (14.2% [v/v]) DMSO and 4 m (28.7% [v/v]) PG) and DE (2.1 m (15% [v/v]) DMSO and 2.7 m (15% [v/v]) EG) were evaluated for their toxicities and efficacy of PGCs cryopreservation using two types of equilibration step: direct immersion of cryopreservation media (one-step) and serial exposure to half and full concentration of cryopreservation media (two-step). Viable PGCs were obtained from post-thaw embryos which were cryopreserved by DP and DE with both 1- and 2-step equilibrations. Despite DP showing the highest toxicity, it gave the highest survival rate of embryonic cells after cryopreservation. When PGCs recovered from vitrified embryos were transplanted into host embryos at the blastula stage, the transplanted PGCs were able to migrate to a host genital ridge similarly as endogenous PGCs. It suggests that our methods could be useful to create a germ-line chimera for the production of gametes from PGCs of cryopreserved embryos.

Knowledge management, market orientation, innovativeness and organizational outcomes: a study on companies operating in Brazil

This article analyzes the study of the relationship among knowledge management, the company's market orientation, innovativeness and organizational outcomes. The survey was conducted based on a survey held with executives from 241 companies in Brazil. The evidence found indicates that knowledge management directly contributes to market orientation, but it requires a clearly defined strategic direction to achieve results and innovativeness. It was also concluded that knowledge, as a resource, leverages other resources of the company, while it requires a direction in relation to the organizational goals in order to be effective.

Performance measurement review: a comparison between English and Italian companies

Il sistema di misurazione delle performance (PMS) ha ricevuto particolare attenzione dalla ricerca in ambito accademico e dalle aziende che ogni anno investono risorse nell’implementazione e nel miglioramento di questo strumento. I ruoli assegnati al PMS possono essere: misurazione della performance, implementazione della strategia, comunicazione, allineamento dei comportamenti, apprendimento e miglioramento. Queste differenti finalità sottolineano quanto sia strategica un’efficace implementazione di tale strumento. Negli ultimi anni le aziende si trovano a dover competere in ambienti sempre più turbolenti e mutevoli. La capacità di adattarsi al cambiamento è fondamentale, pertanto anche il PMS deve essere aggiornato per garantire un’implementazione di Key Performance Indicators (KPIs) che siano appropriati e rilevanti, considerando le nuove priorità aziendali e le condizioni al contorno. Questa tesi ha come obiettivo quello di analizzare la revisione del PMS, in quanto un inappropriato set di KPIs implementati possono causare un indebolimento del potenziale di tale strumento ed ancor peggio un fallimento degli investimenti riguardanti tale strumento. L’approccio metodologico di questa tesi è un multiple case-study. Per avere una visione più ampia di come viene sviluppata la revisione del PMS nella pratica si è deciso di inserire nel campione aziende di grandi dimensioni operanti in differenti settori industriali. Le informazioni raccolte attraverso le interviste, hanno permesso di fornire un contributo non presente in letteratura: una categorizzazione delle revisioni svolte dalle aziende e riflessioni su di esse. La limitazione di questo studio è legata ad un basso numero interviste svolte.

The special rights other than shares in cross-border mergers of limited liability companies within the European Union. A perspective from the Spanish Law

The present research aims to study the special rights other than shares in Spanish Law and the protection of their holders in cross-border mergers of limited liability companies within the European Union frame. Special rights other than shares are recognised as an independent legal category within legal systems of some EU Member States, such as Germany or Spain, through the implementation of the Third Directive 78/855/CEE concerning mergers of public limited liability companies. The above-cited Directive contains a special regime of protection for the holders of securities, other than shares, to which special rights are attached, consisting of being given rights in the acquiring company, at least equivalent to those they possessed in the company being acquired. This safeguard is to highlight the intimate connection between this type of rights and the company whose extinction determines the existence of those. Pursuant to the Directive 2005/56/CE on cross-border mergers of limited liability companies, each company taking part in these operations shall comply with the safeguards of members and third parties provided in their respective national law to which is subject. In this regard, the protection for holders of special rights other than shares shall be ruled by the domestic M&A regime. As far as Spanish Law are concerned, holders of these special rights are recognized a right of merger information, in the same terms as shareholders, as well as equal rights in the company resulting from the cross-border merger. However, these measures are not enough guarantee for a suitable protection, thus considering those holders of special rights as special creditors, sometimes it will be necessary to go to the general protection regime for creditors. In Spanish Law, it would involve the recognition of right to the merger opposition, whose exercise would prevent the operation was completed until ensuring equal rights.

Ownership, Multiple Blockholders and Performance: A study of the Indonesian Banking Industry

The objective of this study is to provide empirical evidence on how ownership structure and owner’s identity affect performance, in the banking industry by using a panel of Indonesia banks over the period 2000–2009. Firstly, we analysed the impact of the presence of multiple blockholders on bank ownership structure and performance. Building on multiple agency and principal-principal theories, we investigated whether the presence and shares dispersion across blockholders with different identities (i.e. central and regional government; families; foreign banks and financial institutions) affected bank performance, in terms of profitability and efficiency. We found that the number of blockholders has a negative effect on banks’ performance, while blockholders’ concentration has a positive effect. Moreover, we observed that the dispersion of ownership across different types of blockholders has a negative effect on banks’ performance. We interpret such results as evidence that, when heterogeneous blockholders are present, the disadvantage from conflicts of interests between blockholders seems to outweigh the advantage of the increase in additional monitoring by additional blockholder. Secondly, we conducted a joint analysis of the static, selection, and dynamic effects of different types of ownership on banks’ performance. We found that regional banks and foreign banks have a higher profitability and efficiency as compared to domestic private banks. In the short-run, foreign acquisitions and domestic M&As reduce the level of overhead costs, while in the long-run they increase the Net Interest Margin (NIM). Further, we analysed NIM determinants, to asses the impact of ownership on bank business orientation. Our findings lend support to our prediction that the NIM determinants differs accordingly to the type of bank ownership. We also observed that banks that experienced changes in ownership, such as foreign-acquired banks, manifest different interest margin determinants with respect to domestic or foreign banks that did not experience ownership rearrangements.

Controlled foreign companies (CFC) e delocalizzazione delle attività economiche nel diritto interno e nell'ordinamento europeo

Le ragioni della delocalizzazione sono molteplici e di differente natura. Si delocalizza, in primo luogo, per ragioni di stampo economico, finanziario eccetera, ma questa spinta naturale alla delocalizzazione è controbilanciata, sul piano strettamente tributario, dall’esigenza di preservare il gettito e da quella di controllare la genuinità della delocalizzazione medesima. E’ dunque sul rapporto tra “spinte delocalizzative” dell’impresa, da un lato, ed esigenze “conservative” del gettito pubblico, dall’altro, che si intende incentrare il presente lavoro. Ciò alla luce del fatto che gli strumenti messi in campo dallo Stato al fine di contrastare la delocalizzazione (più o meno) artificiosa delle attività economiche devono fare i conti con i principi comunitari introdotti con il Trattato di Roma e tratteggiati negli anni dalla giurisprudenza della Corte di Giustizia. In quest’ottica, la disciplina delle CFC costituisce un ottimo punto di partenza per guardare ai fenomeni di produzione transnazionale della ricchezza e agli schemi di ordine normativo preposti alla tassazione di codesta ricchezza. Ed infatti, le norme sulle CFC non fanno altro che omogeneizzare un sistema che, altrimenti, sarebbe lasciato alla libera iniziativa degli uffici fiscali. Tale “normalizzazione”, peraltro, giustifica le esigenze di apertura che sono incanalate nella disciplina degli interpelli disapplicativi. Con specifico riferimento alla normativa CFC, assumono particolare rilievo la libertà di stabilimento ed il principio di proporzionalità anche nella prospettiva del divieto di abuso del diritto. L’analisi dunque verterà sulla normativa CFC italiana con l’intento di comprendere se codesta normativa, nelle sue diverse sfaccettature, possa determinare situazioni di contrasto con i principi comunitari. Ciò anche alla luce delle recenti modifiche introdotte dal legislatore con il d.l. 78/2009 in un quadro normativo sempre più orientato a combattere le delocalizzazioni meramente fittizie.

Banking Regulation in Turkey and Russia: An Economic Analysis

The importance of the banks and financial markets relies on the fact that they promote economic efficiency by allocating savings efficiently to profitable investment opportunities.An efficient banking system is a key determinant for the financial stability.The theory of market failure forms the basis for understanding financial regulation.Following the detrimental economic and financial consequences in theaftermath of the crisis, academics and policymakers started to focus their attention on the construction of an appropriate regulatory and supervisory framework of the banking sector. This dissertation aims at understanding the impact of regulations and supervision on banks’ performance focusing on two emerging market economies, Turkey and Russia. It aims at examining the way in which regulations matter for financial stability and banking performance from a law & economics perspective. A review of the theory of banking regulation, particularly as applied to emerging economies, shows that the efficiency of certain solutions regarding banking regulation is open to debate. Therefore, in the context of emerging countries, whether a certain approach is efficient or not will be presented as an empirical question to which this dissertation will try to find an answer.

Corporate Governance and Dividend Policy in European Banking

This dissertation investigates corporate governance and dividend policy in banking. This topic has recently attracted the attention of numerous scholars all over the world and currently remains one of the most discussed topics in Banking. The core of the dissertation is constituted by three papers. The first paper generalizes the main achievements in the field of relevant study using the approach of meta-analysis. The second paper provides an empirical analysis of the effect of banking corporate governance on dividend payout. Finally, the third paper investigates empirically the effect of government bailout during 2007-2010 on corporate governance and dividend policy of banks. The dissertation uses a new hand-collected data set with information on corporate governance, ownership structure and compensation structure for a sample of listed banks from 15 European countries for the period 2005-2010. The empirical papers employ such econometric approaches as Within-Group model, difference-in-difference technique, and propensity score matching method based on the Nearest Neighbor Matching estimator. The main empirical results may be summarized as follows. First, we provide evidence that CEO power and connection to government are associated with lower dividend payout ratios. This result supports the view that banking regulators are prevalently concerned about the safety of the bank, and powerful bank CEOs can afford to distribute low payout ratios, at the expense of minority shareholders. Next, we find that government bailout during 2007-2010 changes the banks’ ownership structure and helps to keep lending by bailed bank at the pre-crisis level. Finally, we provide robust evidence for increased control over the banks that receive government money. These findings show the important role of government when overcoming the consequences of the banking crisis, and high quality of governance of public bailouts in European countries.

Percieved Organizational Efficacy in Internationalized Companies: Application of Competing Values Approach and Collective Efficacy

This dissertation focuses on “organizational efficacy”, in particular on employees’ beliefs of organizational capacity to be efficacious. Organizational efficacy is considered from two perspectives – competing values approach and collective efficacy, and evaluated in internationalized companies. The dissertation is composed of three studies. The data were collected in thirteen Italian companies on different stages of internationalization for a total number of respondents is 358. In the first study the factorial validity of the competing values instrument (Rohrbaugh, 1981) was investigated and confirmed. Two scales were used to measure collective efficacy: a general collective efficacy scale (Bohn, 2010), and a specific collective efficacy scale, developed following suggestions of Borgogni et al. (2001), it evaluates employees’ beliefs of efficacy of organizations in the international market. The findings suggest that competing values and collective organizational efficacy instruments may provide a multi-faceted measurement of employees’ beliefs of organizational efficacy. The second study examined the relationship between organizational efficacy and collective work engagement. To measure collective work engagement the UWES-9 (Schaufeli & Bakker, 2003) was adapted at the group level; its factor structure and reliability were similar to the standard UWES-9. The findings suggest that organizational efficacy fully predicts collective work engagement. Also we investigated whether leadership moderates the relationship between organizational efficacy and collective work engagement. We operationalized leadership style with MLQ (Bass & Avolio, 1995); the results suggest that intellectual stimulation and idealized influence (transformational leadership) and contingent reward (transactional leadership) enhance the impact of organizational efficacy on collective work engagement. In the third study we investigated organizational efficacy and collective work engagement in internationalized companies. The findings show that beliefs of organizational efficacy vary across companies in different stages of internationalization, while no significant difference was found for collective work engagement. Limitations, practical implications and future studies are discussed in the conclusion.