Mudança em tempos de globalização: o capitalismo não é mais progressista?

Technical progress and economic development are promotions of capitalism, says a well known idea hereby contradicted. Recent changes under neoliberalism show that the more freedom of move to capital the less development of productive forces. There was no synchronicity and coherence fostering economic growth between changes at the micro level of techno-productive and managerial innovations and the ones at the macro level of institutional structures and economic policy. Empowerment of finance capital and monopolies got them opportunity to control the state and set its economic policy to support fictitious capital accumulation and to rule restructuring of corporate management. Surplus redistribution favoring finance capital is a burden to be carried on the back of society's productive structures, lowering investment, employment and growth. Focusing Latin America and Brazil, the same picture is seen, worsened by external fragility that deepens historical dependency.

O circuito finance-investimento-poupança- funding em economias abertas

The finance-investment-savings-funding circuit in open economies. On monetary economies the Finance-Investment-Savings-Funding circuit (F-I-S-F) prevails. Investment precedes savings. This circuit was worked out for a closed economy. This study seeks to demonstrate that the circuit F-I-S-F also prevails for open economies. A second point studied in this paper relates the relationship between budget deficits and savings restriction for investment. Conclusions highlight that the circuit F-I-S-F prevails for open economies and that budget deficits do not cause savings restriction for investment. In some situations budget déficits transfer the effects of investment for national savings formation from domestic economy to the rest of the world.

Corporate social responsibility in online retail – Perceptions from online discussions on Amazon

Online retail has experienced substantial growth due to the increased utilization of digital technologies. The growth in the industry has created numerous multinational corporations, which serve customers all around the world. As a result, the online retailers’ efforts in sustainability have been more often in publicity. Corporate Social Responsibility (CSR), the efforts going beyond the company’s interest in order to bring social good, have been discussed in the academic community for decades. While the various effects of CSR in retail and business generally have been realized, the research aims to make a contribution by examining the concept from the viewpoint of online retail by focusing on interaction at online discussion forums. The main research question asks: What is the role of online retailer CSR in the online discussion forum context? In order to answer this question, additional three sub-research questions are suggested: 1) What elements of CSR are relevant in the online retailer context? 2) How are discussion forums used in communication regarding CSR and online retail by different discusser types? 3) What kind of company perceptions and consumer behavior appear in online discussions of Amazon’s CSR? The study is qualitative of nature, using the content analysis research method to examine posts found from four different public online discussion forums. A qualitative, interpretative analysis was used, although quantitative measures regarding discussion posts were also presented. The analysis contains a coding process, where attributes are attached to discussion posts. As a result of the process, specific patterns can be indicated in order to categorize the posts. As the research uses Amazon as the case company, the case study method is also adopted. In the online retail context, ethics regarding the online retailer’s tax and labor policies are found as most relevant elements. Customers, using discussion forums to share their experiences and opinions regarding online retailer CSR efforts, are realized as the most prominent stakeholder. The research also highlights the role of online retailer employees providing details on internal business practices. However, the not realize the possibility to participate in discussions. Most discussion posts refer either to a positive, negative or mixed reaction towards CSR efforts, it is suggested that the concept is relevant also in online retail. Although online retailer CSR efforts are somewhat linked to company perceptions, the concept has a minimal role in consumer behavior. In online retail, CSR efforts can reduce the risk of being involved in discussions related to controversies. In addition, online retailer CSR efforts should communicate how the retailer contributes locally.

Static waves in corporate space : characterizing oscillating trading patterns in New York stock exchange

Various researches in the field of econophysics has shown that fluid flow have analogous phenomena in financial market behavior, the typical parallelism being delivered between energy in fluids and information on markets. However, the geometry of the manifold on which market dynamics act out their dynamics (corporate space) is not yet known. In this thesis, utilizing a Seven year time series of prices of stocks used to compute S&P500 index on the New York Stock Exchange, we have created local chart to the corporate space with the goal of finding standing waves and other soliton like patterns in the behavior of stock price deviations from the S&P500 index. By first calculating the correlation matrix of normalized stock price deviations from the S&P500 index, we have performed a local singular value decomposition over a set of four different time windows as guides to the nature of patterns that may emerge. I turns out that in almost all cases, each singular vector is essentially determined by relatively small set of companies with big positive or negative weights on that singular vector. Over particular time windows, sometimes these weights are strongly correlated with at least one industrial sector and certain sectors are more prone to fast dynamics whereas others have longer standing waves.

Finance-Led Growth Regime no Brasil: estatuto teórico, evidências empíricas e consequências macroeconômicas

This paper analyzes the Brazilian growth pattern during the post-liberalization period, emphasizing the structural links between finance and productive capital accumulation. The results indicate a finance-led growth regime in the period 2004-2008, under a very specific financialization process. The first part is a survey of the international literature, which defines the financialization concept and its relevance for understanding Brazilian economic problems. The next part provides a historical overview on the structural changes that made possible the development of financial-led regimes. The paper also applies an empirical analysis of some selected Brazilian macroeconomic indicators.

Marketing performance measurement in the marketing-finance interface

Marketing and finance are both facing challenges in the constantly changing business environment. Finance is challenged to change its role from cost control to value-adding business partner while marketing needs to be able to demonstrate its accountability so how it contributes to firm performance. Finance is the key partner for marketing to prove its impact by helping marketing to measure its actions. By doing so, finance can also emphasize its business partner role. There is not a lot of research conducted of the relationship between marketing and finance departments. The aim of this study is to investigate how the professional differences of marketing and finance and their forms of cooperation affect marketing performance measurement. Literature of marketing and finance disciplines, their cooperation, performance implications of their interface as well as the roles of marketing performance measurement, performance measurement system and measures were reviewed. This research was conducted as a qualitative case study among senior management of marketing and finance in the sporting goods company. The data collected through semi-structured interviews, participant observation and secondary data was described and classified and connections were made. The results of the study show that the nature of marketing and finance disciplines has many effects on their cooperation and performance measurement. Due to the ambiguous nature of marketing, measuring its performance is still seen as a challenge but digitalization is helping the measurement. It was indicated that marketing and finance professionals need to have different skillsets in order to perform their roles effectively and thus cooperation is needed. Marketing performance needs to be measured with both financial and nonfinancial measures. Both marketing and finance interviewees highlighted the importance of marketing measures over financial measures. Measuring marketing performance comprehensively is seen as a challenge since marketing and finance cooperation is still shaped by the cost control and budget management roles, rather than performance measurement. We recognized three constraints affecting this cooperation and performance measurement: people, time and software. If marketing and finance would develop deeper cooperation, they could create comprehensive performance measurement system that improves organizational performance.

Corporate social responsibility in online retail – Perceptions from online discussions on Amazon

Online retail has experienced substantial growth due to the increased utilization of digital technologies. The growth in the industry has created numerous multinational corporations, which serve customers all around the world. As a result, the online retailers’ efforts in sustainability have been more often in publicity. Corporate Social Responsibility (CSR), the efforts going beyond the company’s interest in order to bring social good, have been discussed in the academic community for decades. While the various effects of CSR in retail and business generally have been realized, the research aims to make a contribution by examining the concept from the viewpoint of online retail by focusing on interaction at online discussion forums. The main research question asks: What is the role of online retailer CSR in the online discussion forum context? In order to answer this question, additional three sub-research questions are suggested: 1) What elements of CSR are relevant in the online retailer context? 2) How are discussion forums used in communication regarding CSR and online retail by different discusser types? 3) What kind of company perceptions and consumer behavior appear in online discussions of Amazon’s CSR? The study is qualitative of nature, using the content analysis research method to examine posts found from four different public online discussion forums. A qualitative, interpretative analysis was used, although quantitative measures regarding discussion posts were also presented. The analysis contains a coding process, where attributes are attached to discussion posts. As a result of the process, specific patterns can be indicated in order to categorize the posts. As the research uses Amazon as the case company, the case study method is also adopted. In the online retail context, ethics regarding the online retailer’s tax and labor policies are found as most relevant elements. Customers, using discussion forums to share their experiences and opinions regarding online retailer CSR efforts, are realized as the most prominent stakeholder. The research also highlights the role of online retailer employees providing details on internal business practices. However, the not realize the possibility to participate in discussions. Most discussion posts refer either to a positive, negative or mixed reaction towards CSR efforts, it is suggested that the concept is relevant also in online retail. Although online retailer CSR efforts are somewhat linked to company perceptions, the concept has a minimal role in consumer behavior. In online retail, CSR efforts can reduce the risk of being involved in discussions related to controversies. In addition, online retailer CSR efforts should communicate how the retailer contributes locally.

Freedom of choice and bounded rationality: a brief appraisal of behavioral economists' plea for light paternalism

Behavioral economics has addressed interesting positive and normative questions underlying the standard rational choice theory. More recently, it suggests that, in a real world of boundedly rational agents, economists could help people to improve the quality of their choices without any harm to autonomy and freedom of choice. This paper aims to scrutinize available arguments for and against current proposals of light paternalistic interventions mainly in the domain of intertemporal choice. It argues that incorporating the notion of bounded rationality in economic analysis and empirical findings of cognitive biases and self-control problems cannot make an indisputable case for paternalism.

Finance, development and the Chinese entrepreneurial state: A Schumpeter-Keynes - Minsky approach

ABSTRACTThe paper's central claim is that China's speed and ability to leapfrog its peer-nations in the last three decades stems, largely, from the fact that it is a fully developed Entrepreneurial State (ES). The discussion seeks to dig deeper on ES as a bridging concept that fits well with the Schumpeter-Keynes-Minsky analytical framework and one that is particularly appropriated analyzing contemporary China's development trajectory. Although rooted in a historical perspective and using historical examples, the main purpose of the paper is analytical, not descriptive.

2014 Ukraine crisis – Implications for corporate crisis management

In the late year 2013 events started to unfold in Ukraine’s capital city Kiev that would change the political and economic environment of the EU and Russia. The tension had been building for years between the two parties with Ukraine in the middle and during 2014 the tension blew up and events started to escalate into a crisis, which we now know as the 2014 Ukraine crisis. The crisis would include political, economic, and even military actions by all the parties involved with Ukraine slipping close to civil war. Both political and economic hardships followed for others as well with both the EU and Russia placing heavy political and economic sanctions on each other. Most notably in terms of this paper, the Russian federation placed total import embargo sanctions on food imports from the EU and some other countries. This meant that a Finnish dairy company, Valio, had to engage in corporate crisis management as almost a fifth of its total revenue was cut in a heartbeat. Valio had been prepared for some kind of complications with their Russian market as events started to unfold in Ukraine in the beginning of 2014 but never did they suspect that a complete shutdown of the Russian market would follow. The company is still recovering after more than a year after the sanctions were posed and have not been able to supplement the lost revenue streams. This research is a qualitative research aiming to find answers to the main questions: 1) What is the 2014 Ukraine crisis and what kind of special implications does it have and 2) How did the crisis affect Valio and how did Valio fare in its crisis management efforts. The data has been collected both from secondary document sources and primary sources. The main findings of this research are that the political and economic environment of the EU and Russia has gone through a profound change during the years 2013-2015. The companies and governments should re-evaluate what kind of environment they are now facing and what kinds of risks the new situation poses. This also calls for a deep academic analysis from the academic community. In corporate crisis management of Valio the main findings are that the former literature has looked into crisis management as one-time occurrence but the new crises and global events would call for a more on-going crisis analysis and active crisis management. Thus, corporate crisis management should be viewed as a cycle. Valio specifically handled the situation surprisingly well, considering that their revenue was indeed cut by a fifth. The main aspects of crisis management, which Valio did not handle as well, concern the learning curve of crisis management. They could be doing more in order to prepare for future crises better by learning from this experience. The situation is then still on-going in the autumn 2015 both in Ukraine and within Valio.

Corporate grassroots lobbying in the European Union

The European Union has gone through significant changes in the past 20 years. The importance of public opinion in politics has increased and the new technologies are empowering the wider public to express its opinions. The purpose of this study is to explore how corporations use the tactic of grassroots lobbying in the European Union environment. The research objectives were addressed through qualitative research methods. Six expert interviews were conducted to find new perspectives and to deepen the understanding of the research objectives. Following the data collection, the research material was transcribed and analysed. In the analysis, the data was organized based on concepts and themes found from the literature review. The empirical findings on grassroots lobbying in the EU were presented. It was found that when a company is selecting grassroots lobbying tactic, the familiarity of the tactic, organizational culture, financial resources and amount of stakeholders seem to have an impact to the selection. The issues that are successfully lobbied through the grassroots-lobbying tactic were seen to be those, which have high and direct impact on lives of people, arouse strong feelings and are not very complex. Furthermore, when deciding on the timing of a campaign, in the EU it was found that a company should take into account the long policy process and limited capabilities to mobilise people. Targeting the object of the campaign and selecting the channels used in a grassrootslobbying campaign were seen to be in function of identifying the key decision-makers on the issue. The decisions of who to mobilise and the mobilisation channels were considered to be dependant on who the campaign is trying to influence. Also, it was found that when the implementing a grassroots lobbying campaign in the EU environment, the special features such as multiple cultures and languages should be taken into account. This study has provided novel practical insights for corporate grassroots lobbying in the EU environment and furthermore successfully contributed to the academic research in the field.

Promoting Healthy Lifestyles with Personalized, APOE Genotype Based Health Information: The Effects on Psychological-, Health Behavioral and Clinical Factors

There is an increasing demand for individualized, genotype-based health advice. The general population-based dietary recommendations do not always motivate people to change their life-style, and partly following this, cardiovascular diseases (CVD) are a major cause of death in worldwide. Using genotype-based nutrition and health information (e.g. nutrigenetics) in health education is a relatively new approach, although genetic variation is known to cause individual differences in response to dietary factors. Response to changes in dietary fat quality varies, for example, among different APOE genotypes. Research in this field is challenging, because several non-modifiable (genetic, age, sex) and modifiable (e.g. lifestyle, dietary, physical activity) factors together and with interaction affect the risk of life-style related diseases (e.g. CVD). The other challenge is the psychological factors (e.g. anxiety, threat, stress, motivation, attitude), which also have an effect on health behavior. The genotype-based information is always a very sensitive topic, because it can also cause some negative consequences and feelings (e.g. depression, increased anxiety). The aim of this series of studies was firstly to study how individual, genotype-based health information affects an individual’s health form three aspects, and secondly whether this could be one method in the future to prevent lifestyle-related diseases, such as CVD. The first study concentrated on the psychological effects; the focus of the second study was on health behavior effects, and the third study concentrated on clinical effects. In the fourth study of this series, the focus was on all these three aspects and their associations with each other. The genetic risk and health information was the APOE gene and its effects on CVD. To study the effect of APOE genotype-based health information in prevention of CVD, a total of 151 volunteers attended the baseline assessments (T0), of which 122 healthy adults (aged 20 – 67 y) passed the inclusion criteria and started the one-year intervention. The participants (n = 122) were randomized into a control group (n = 61) and an intervention group (n = 61). There were 21 participants in the intervention Ɛ4+ group (including APOE genotypes 3/4 and 4/4) and 40 participants in the intervention Ɛ4- group (including APOE genotypes 2/3 and 3/3). The control group included 61 participants (including APOE genotypes 3/4, 4/4, 2/3, 3/3 and 2/2). The baseline (T0) and follow-up assessments (T1, T2, T3) included detailed measurements of psychological (threat and anxiety experience, stage of change), and behavioral (dietary fat quality, consumption of vegetables, - high fat/sugar foods and –alcohol, physical activity and health and taste attitudes) and clinical factors (total-, LDL- HDL cholesterol, triglycerides, blood pressure, blood glucose (0h and 2h), body mass index, waist circumference and body fat percentage). During the intervention six different communication sessions (lectures on healthy lifestyle and nutrigenomics, health messages by mail, and personal discussion with the doctor) were arranged. The intervention groups (Ɛ4+ and Ɛ4-) received their APOE genotype information and health message at the beginning of the intervention. The control group received their APOE genotype information after the intervention. For the analyses in this dissertation, the results for 106/107 participants were analyzed. In the intervention, there were 16 participants in the high-risk (Ɛ4+) group and 35 in the low-risk (Ɛ4-) group. The control group had 55 participants in studies III-IV and 56 participants in studies I-II. The intervention had both short-term (≤ 6 months) and long-term (12 months) effects on health behavior and clinical factors. The short-term effects were found in dietary fat quality and waist circumference. Dietary fat quality improved more in the Ɛ4+ group than the Ɛ4- and the control groups as the personal, genotype-based health information and waist circumference lowered more in the Ɛ4+ group compared with the control group. Both these changes differed significantly between the Ɛ4+ and control groups (p<0.05). A long-term effect was found in triglyceride values (p<0.05), which lowered more in Ɛ4+ compared with the control group during the intervention. Short-term effects were also found in the threat experience, which increased mostly in the Ɛ4+ group after the genetic feedback (p<0.05), but it decreased after 12 months, although remaining at a higher level compared to the baseline (T0). In addition, Study IV found that changes in the psychological factors (anxiety and threat experience, motivation), health and taste attitudes, and health behaviors (dietary, alcohol consumption, and physical activity) did not directly explain the changes in triglyceride values and waist circumference. However, change caused by a threat experience may have affected the change in triglycerides through total- and HDL cholesterol. In conclusion, this dissertation study has given some indications that individual, genotypebased health information could be one potential option in the future to prevent lifestyle-related diseases in public health care. The results of this study imply that personal genetic information, based on APOE, may have positive effects on dietary fat quality and some cardiovascular risk markers (e.g., improvement in triglyceride values and waist circumference). This study also suggests that psychological factors (e.g. anxiety and threat experience) may not be an obstacle for healthy people to use genotype-based health information to promote healthy lifestyles. However, even in the case of very personal health information, in order to achieve a permanent health behavior change, it is important to include attitudes and other psychological factors (e.g. motivation), as well as intensive repetition and a longer intervention duration. This research will serve as a basis for future studies and its information can be used to develop targeted interventions, including health information based on genotyping that would aim at preventing lifestyle diseases. People’s interest in personalized health advices has increased, while also the costs of genetic screening have decreased. Therefore, generally speaking, it can be assumed that genetic screening as a part of the prevention of lifestyle-related diseases may become more common in the future. In consequence, more research is required about how to make genetic screening a practical tool in public health care, and how to efficiently achieve long-term changes.

Impact of Product-harm Crisis on Brand Equity: the Moderating Role of Corporate Social Performance

There is an increasing amount of product-harm crisis in the past few years; and the impact of a product-harm crisis becomes more and more influential due to the high increasing speed of globalization. And it is believed that the negative damages to a firm leading to a loss of the intangible assets is bigger than other costs such as the cost of the product recall. Brand equity is a very important and valuable intangible asset for a firm; and it is particularly vulnerable during the crisis. And CSP (CSP) is a hot concept associated with product-harm crisis and brand equity. The aim of this study is to understand how product-harm crisis influences by simultaneously involving CSP as a moderator in a consumer-based level. An experimental study was conducted through an online questionnaire among 198 students in Finland. The questionnaire mainly assessed the consumers’ attitudes towards CSP and brand before/after a fictional product-harm crisis. The results shows that the brand equity was negatively related to the product-harm crisis. And the extent level of crisis’s severity was positively related to the loss of the brand equity; whereas, acknowledged blame was more useful to compensate the loss of brand equity in the low-severity crisis. CSP acted as a moderator role which could compensate the loss of brand equity caused by the product-harm crisis. Managerial implications are also offered for crisis managers, brand managers, and CSR managers.

The Role of HR Management in the Corporate Matrix System

The successful performance of company in the market relates to the quality management of human capital aiming to improve the company's internal performance and external implementation of the core business strategy. Companies with matrix structure focusing on realization and development of innovation and technologies for the uncertain market need to select thoroughly the approach to HR management system. Human resource management has a significant impact on the organization and use a variety of instruments such as corporate information systems to fulfill their functions and objectives. There are three approaches to strategic control management depending on major impact on the major interference in employee decision-making, development of skills and his integration into the business strategy. The mainstream research has focus only on the framework of strategic planning of HR and general productivity of firm, but not on features of organizational structure and corporate software capabilities for human capital. This study tackles the before mentioned challenges, typical for matrix organization, by using the HR control management tools and corporate information system. The detailed analysis of industry producing and selling electromotor and heating equipment in this master thesis provides the opportunity to improve system for HR control and displays its application in the ERP software. The results emphasize the sustainable role of matrix HR input control for creating of independent project teams for matrix structure who are able to respond to various uncertainties of the market and use their skills for improving performance. Corporate information systems can be integrated into input control system by means of output monitoring to regulate and evaluate the processes of teams, using key performance indicators and reporting systems.

Corporate green image communication through public disclosures and social media

Today, companies need to mind the environment in all their actions. Policies, regulations and growing pressure from environmentally conscious public are driving corporations to invest increasingly in their green images. Communication plays a key role in forming and maintaining that image. This thesis explores how six selected companies communicate about their environmental efforts and activities, and its linkage to their green images, in annual and sustainability reports and in Facebook. The companies come from the U.S. and Europe and operate in three different industries: ICT, oil and gas, and aerospace & defense. Qualitative and quantitative content analyses are conducted to examine 36 reports and 121 Facebook messages, collected from the period of 2010-2014, and from 2005 for comparison. The results show that although the quality and quantity of environmental disclosure is increasing, there is still room for improvement. Overall, disclosure in the ICT sector is on the highest level. The European companies disclose more and on average have stronger green images than the American ones. Emissions and ways to reduce them is by far the most covered topic in both continents and in all three industry sectors. The messages in Facebook are closer to advertising, and overall the platform is utilized surprisingly little.