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ARTIGOS

Relation between background variables, values and corporate social responsibilityMaría del Rosario González-Rodríguez, María del Carmen Díaz-Fernández, Valéria Rueda Elias Spers e Marcelo da Silva Leite

Corporate social responsibility and financial performance: The Spanish caseCristina Madorran e Teresa Garcia

Influence of manufacturer signature on store brands’ loyalty and purchase intentionCristina Calvo-Porral, Valentín-Alejandro Martínez-Fernández e Oscar Juanatey-Boga

¿Influye la personalidad de los directivos de PyMEs en los resultados exportadores?Francisco Javier Rondan-Cataluña, Antonio Navarro-García e Jorge Arenas-Gaitan

Critérios de estratificação e comparação de classificadores socioeconômicos no BrasilWagner Kamakura e José Afonso Mazzon

The role of earnings persistence in valuation accuracy and the time horizonRenê Coppe Pimentel e Andson Braga de Aguiar

Comparative analysis of American and Spanish cruise passengers’ behavioral intentionsSantiago Forgas-Coll, Ramon Palau-Saumell, Javier Sánchez-García e Fernando J. Garrigos-Simon

Gestión humana de orientación analítica: Un camino para la responsabilizaciónJuan David Perez Patino e Isabel Cristina Lopera Arbelaez

RESENHA

A arte de influenciar os outrosMauro Maia Laruccia

INDICAÇÕES BIBLIOGRÁFICAS

Neurociência aplicada à educação Vanessa Clarizia Marchesin

PsicoeconomiaIsrael José dos Santos Felipe

R$ 5

0,00

PESQUISA ECONHECIMENTOV. 56, N. 1,Janeiro–Fevereiro 2016

www.fgv.br/rae

ISSN 0034-7590www.fgv.br/rae

REDAÇÃOAnalista de Produção Editorial: Denise Francisco Cândido Assistente Administrativa: Eduarda Pereira Copidesque e revisão (Português): Paula Thompson | Márcia Nunes Tradução e revisão (Espanhol e Inglês): Arabera Traduções | Robert Dinham

ADMINISTRAÇÃOResponsável: Ilda Fontes Assistente Administrativa: Eldi Francisca Soares Assistente de Marketing: Andréa Cerqueira Souza Jovem Aprendiz: Nicolas Brendo Ribeiro Silva

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INDEXADORESDOAJ - Directory of Open Access Journalswww.doaj.orgEbsco Publishing: Business Source Complete, Economia y Negocios, Fonte Acadêmicawww.ebscohost.come-RevistasPlataforma Open Access de Revistas Científicas Electrónicas Españolas y Latinoamericanashttp://www.erevistas.csic.esGale Cengage Learningwww.gale.cengage.comGoogle Scholarscholar.google.com.brPortal de Periódicos CAPESwww.periodicos.capes.gov.brProQuest Information and Learningwww.proquest.com.brRePEc www.repec.orgSistema de Información Científica Redalyc - Red de Revistas Científicas de América Latina y el Caribe, España y Portugalredalyc.uaemex.mxSciELO - Scientific Electronic Library Onlinewww.scielo.orgScopus | Elsevierwww.info.sciverse.com/scopusSHERPA/RoMEOhttp://www.sherpa.ac.uk/romeoSPELL – Scientific Periodicals Electronic Librarywww.spell.org.brSumários Brasileiros de Revistas Científicaswww.sumarios.funpeerp.com.brThomson ReutersSSCI, JCRwww.thomsonreuters.comDIRETÓRIOS10th Edition of Cabell’s Directory of PublishingOpportunities in Managementwww.cabells.comCLASE – Citas Latinoamericans en Sciencias Sociales y Humanidadeswww.dgbiblio.unam.mx/index.php/catalogosDiadorimdiadorim.ibict.brIBSS - International Bibliography of the Social Sciencewww.lse.ac.ukHAPI-Hispanic American Periodicals Índexhapi.ucla.eduLatindex - Sistema Regional de Información en Líneapara Revistas Científicas de América Latina, el Caribe,España y Portugalwww.latindex.orgUlrichs Periodical Directorywww.ulrichsweb.com

SAC / ASSINATURASAssinaJáTelefones: + 55 (11) 3512-9442 | + 55 (21) 4063-6989Horário de atendimento: segunda a sexta das 9 as 18h, exceto feriados.www.fgv.br/rae

CORPO EDITORIAL CIENTÍFICOAlexandre de Pádua Carrieri (UFMG - Belo Horizonte - MG, Brasil), Allan Claudius Queiroz Barbosa (UFMG - Belo Horizonte - MG, Brasil), Ana Maria de Albuquerque Vasconcellos (UNAMA - Belém - PA, Brasil), Ana Paula Paes de Paula (UFMG - Belo Horizonte - MG, Brasil), Anatalia Saraiva Martins Ramos (UFRN - Natal - RN, Brasil), André Lucirton Costa (USP/FEA-RP - Ribeirão Preto - SP, Brasil), Andre Luis de Castro Moura Duarte (INSPER - São Paulo - SP, Brasil), Andre Ofenhejm Mascarenhas (Centro Universitário da FEI - São Paulo - SP, Brasil), Andrea Lago da Silva (UFSCAR – São Carlos – SP, Brasil), Anielson Barbosa da Silva (UFPB - João Pessoa - PB, Brasil), Antonio Díaz Andrade (AUT University - Auckland, Nova Zelândia), Antonio Domingos Padula (UFRGS - Porto Alegre - RS, Brasil), Antonio Lopo Martinez (FUCAPE - Vitoria - ES, Brasil), Antonio Moreira de Carvalho (PUC Minas - Belo Horizonte - MG, Brasil), Antonio Navarro-García (Universidad de Sevilla - Sevilha, Espanha), Bento Alves da Costa Filho (Ibmec-DF - Brasília - DF, Brasil), Bill Cooke (University of York - Heslington, Reino Unido), Carlos Jesús Fernández Rodríguez (Universidad Autónoma de Madrid - Madrid, Espanha), Carlos L. Rodriguez (UNCW - Wilimigton - NC, Estados Unidos), Cesar Alexandre de Souza (USP-FEA - São Paulo SP, Brasil), Claudio R. Lucinda (USP/FEA-RP - Ribeirão Preto - SP, Brasil), Dario de Oliveira Lima Filho (UFMS - Campo Grande - MS, Brasil), Delane Botelho (FGV-EAESP - São Paulo - SP, Brasil), Denise Del Prá Netto Machado (FURB - Blumenau - SC, Brasil), Diego Rene Gonzales Miranda (Universidad EAFIT - Medellín, Colômbia), Diogo Henrique Helal (UFPB - Joao Pessoa - PB, Brasil), Domingo Garcia-Perez-de-Lema (UPCT - Cartagena, Espanha), Edgard Barki (FGV-EAESP - São Paulo - SP, Brasil), Edmilson de Oliveira Lima (UNINOVE - São Paulo - SP, Brasil), Eduardo Andre Teixeira Ayrosa (FGV-EBAPE - Rio de Janeiro - RJ, Brasil), Ely Laureano de Paiva (FGV-EAESP - São Paulo - SP, Brasil), Eric David Cohen (Ibmec-Rio - Rio de Janeiro - RJ, Brasil), Eric van Heck (Erasmus University - Rotterdam, Holanda), Fábio Frezatti (USP-FEA - São Paulo - SP, Brasil), Fernanda Finotti Perobelli (UFJF - Juiz de Fora - MG, Brasil), Francisco Javier Rondán Cataluña (Universidad de Sevilla - Sevilla, Espanha), Gláucia Maria Vasconcellos Vale (PUC-Minas - Belo Horizonte - MG, Brasil), Glicia Vieira (UFES - Vitoria - ES, Brasil), Graziela Comini (USP-FEA - São Paulo - SP, Brasil), Graziela Dias Alperstedt (UDESC - Florianópolis - SC, Brasil), Heitor Almeida (College of Business at Illinois - Champaign, Estados Unidos), Henrique Luiz Côrrea (CRUMMER - Flórida - FL, Estados Unidos), Janete Lara de Oliveira (UFMG - Belo Horizonte - MG, Brasil), João Luiz Becker (UFRGS - Porto Alegre - RS, Brasil), Jorge Verschoore (São Leopoldo – RS, Brasil), José Antônio Gomes Pinho (UFBA - Salvador - BA, Brasil), José Henrique de Faria (UFPR - Curitiba - PR, Brasil), José Mauro C. Hernandez (USP-EACH - São Paulo - SP, Brasil), Luciano Barin Cruz (HEC-Montréal - Québec, Canada), Luiz Artur Ledur Brito (FGV-EAESP - São Paulo - SP, Brasil), Maria Alexandra Cunha (FGV-EAESP - São Paulo - SP, Brasil), Maria Ceci Araújo Misoczky (UFRGS - Porto Alegre - RS, Brasil), Mário Aquino Alves (FGV-EAESP - São Paulo - SP, Brasil), Mario Sacomano Neto (UNIMEP - São Paulo - SP, Brasil), Marlei Pozzebon (HEC-Montréal - Québec, Canada e FGV-EAESP - São Paulo - SP, Brasil), Mateus Canniatti Ponchio (ESPM - São Paulo - SP, Brasil), Mauricio Reinert (UEM - Maringá - PR, Brasil), Patricia Mendonça (USP-EACH - São Paulo - SP, Brasil), Paulo Bastos Tigre (UFRJ - Rio de Janeiro - RJ, Brasil), Paulo Roberto Barbosa Lustosa (UnB - Brasília - DF, Brasil), Rafael Alcadipani (FGV-EAESP - São Paulo - SP, Brasil), Rafael Goldszmidt (FGV-EBAPE - Rio de Janeiro - RJ, Brasil), Ramón Valle Cabrera (Universidad Pablo de Olavide - Sevilha, Espanha), Rebecca Arkader (UFRJ - Rio de Janeiro - RJ, Brasil), Ricardo Ratner Rochman (FGV/EESP - São Paulo - SP, Brasil), Roberto Patrus Mundim Pena (PUC-Minas - Belo Horizonte - MG, Brasil), Rodrigo Bandeira-de-Mello (FGV-EAESP - São Paulo - SP, Brasil), Rodrigo Ladeira (UNIFACS - Salvador - BA, Brasil), Salomão Alencar de Farias (UFPE - Recife - PE, Brasil), Sérgio Bulgacov (FGV-EAESP - São Paulo - SP, Brasil), Sérgio Giovanetti Lazzarini (INSPER - São Paulo - SP, Brasil), Silvana Anita Walter (FURB - Blumenau - SC, Brasil), Sônia Maria Fleury (FGV-EBAPE - Rio de Janeiro - RJ, Brasil), Tales Andreassi (FGV-EAESP - São Paulo - SP, Brasil), Teresia D. L. van Ad. de Macedo-Soares (PUC-Rio - Rio de Janeiro - RJ, Brasil), Thomas Brashear Alejandro (University of Massachusetts Amherst - Amherst - MA, Estados Unidos), Vinicius Brei (UFRGS - Porto Alegre - RS, Brasil), Wilson Toshiro Nakamura (MACKENZIE – São Paulo – SP, Brasil).

COMITÊ DE POLÍTICA EDITORIALCarlos Osmar Bertero, Eduardo Diniz, Flávio Carvalho de Vasconcelos, Francisco Aranha, Luiz Artur Ledur Brito, Maria José Tonelli, Maria Tereza Leme Fleury, Tales Andreassi, Thomaz Wood Jr.

EDITORA-CHEFEMaria José Tonelli

EDITOR ADJUNTOFelipe Zambaldi

EDITORA DE LIVROSRoseli Morena Porto

Publicação bimestral da Fundação Getulio VargasEscola de Administração de Empresas de São Paulo

Apoio:

PESQUISA E CONHECIMENTO | V. 56, N. 1, JANEIRO-FEVEREIRO 2016

RAE – Revista de Administração de Empresas / Fundação Getulio Vargas.Vol. 1, n. 1 (maio/ago. 1961) - . - Rio de Janeiro: Fundação Getulio Vargas, 1961 - v.; 27,5cm.

Quadrimestral: 1961–1962. Trimestral: 1963–1973. Bimestral: 1974–1977.Trimestral: 1978–1992. Bimestral: 1992–1995. Trimestral: 1996–2010.Bimestral: 2011–.

Publicada: São Paulo: FGV-EAESP, 1988–

ISSN 0034-7590

1. Administração de empresas – Periódicos. I. Fundação Getulio Vargas. II. Escola de Administração de Empresas de São Paulo.

A RAE – Revista de Administração de Empresas adota a Licença de Atribuição (CC-BY) do Creative Commons (https://creativecommons.org/licenses/by/3.0/br) em todos os trabalhos publicados, exceto, quando houver indicação específica de detentores de direitos autorais.

CDD 658CDU 658

ISSN 0034-7590

Janeiro/Fevereiro 2016

EDITORIAL

7 SETE ANOS DEPOIS, A DESPEDIDA Eduardo Diniz

ARTIGOS

8 RELAÇÃO ENTRE VARIÁVEIS DE BASE, VALORES E RESPONSABILIDADE SOCIAL CORPORATIVA Contribuição ao conhecimento sobre a relação entre valores humanos básicos e a percepção

pública acerca da responsabilidade social corporativa. María del Rosario González-Rodríguez, María del Carmen Díaz-Fernández, Valéria Rueda Elias

Spers e Marcelo da Silva Leite

20 RESPONSABILIDADE SOCIAL CORPORATIVA E DESEMPENHO FINANCEIRO: O CASO ESPANHOL Análise da relação entre responsabilidade social corporativa e desempenho financeiro em face do

debate que ocorre na literatura sobre a área. Cristina Madorran e Teresa Garcia

29 INFLUÊNCIA DA ASSINATURA DO FABRICANTE NA LEALDADE E INTENÇÃO DE COMPRA DE MARCAS PRÓPRIAS DE VAREJISTA

Estudo sobre as diferenças entre as probabilidades de compra entre marcas de loja com e sem identificação do fabricante e sobre o papel moderador da assinatura do fabricante na intenção de compra.

Cristina Calvo-Porral, Valentín-Alejandro Martínez-Fernández e Oscar Juanatey-Boga,

43 A PERSONALIDADE DOS DIRETORES DE PEQUENAS E MÉDIAS EMPRESAS INFLUENCIA OS RESULTADOS DE EXPORTAÇÃO?

Trabalho sobre as variações entre os valores de executivos de PMEs com e sem sucesso de exportação segundo a escala de Schwartz

Francisco Javier Rondan-Cataluña, Antonio Navarro-Garcia e Jorge Arenas-Gaitan

55 CRITÉRIOS DE ESTRATIFICAÇÃO E COMPARAÇÃO DE CLASSIFICADORES SOCIOECONÔMICOS NO BRASIL

Comparação conceitual e metodológica de cinco classificadores para a estratificação socioeconômica da sociedade brasileira e mensuração dos trade-offs de erros de classificação entre eles

Wagner Kamakura e José Afonso Mazzon

71 O PAPEL DA PERSISTÊNCIA DOS LUCROS NA ACURÁCIA DE AVALIAÇÃO E NO HORIZONTE TEMPORAL

Investigação sobre a persistência dos ganhos sob a premissa de ser um bom insumo para modelos de avaliação de empresas e para orientação mercadológica e gerencial no longo prazo

Renê Coppe Pimentel e Andson Braga de Aguiar

87 ANÁLISE COMPARATIVA DAS ATITUDES COMPORTAMENTAIS DE PASSAGEIROS DE CRUZEIRO NORTE-AMERICANOS E ESPANHÓIS

Pesquisa sobre os efeitos da nacionalidade nas relações entre valor percebido, satisfação, confiança e intenção de comportamento de espanhóis e norte-americanos

Santiago Forgas-Coll, Ramon Palau-Saumell, Javier Sánchez-García e Fernando J. Garrigos-Simon

101 GESTÃO HUMANA DE ORIENTAÇÃO ANALÍTICA: UM CAMINHO PARA A RESPONSABILIZAÇÃO Enfoque na gestão humana que privilegia espaços de conversação nas organizações, por meio

da verbalização que traz como efeitos a simbolização, a socialização e a responsabilização de indivíduos, grupos e organizações

Juan David Perez Patino e Isabel Cristina Lopera Arbelaez

RESENHA

114 A ARTE DE INFLUENCIAR OS OUTROS Mauro Maia Laruccia

INDICAÇÕES BIBLIOGRÁFICAS

116 NEUROCIÊNCIA APLICADA À EDUCAÇÃO Vanessa Clarizia Marchesin

117 PSICOECONOMIA Israel José dos Santos Felipe

118 INFORMAÇÕES EDITORIAIS 2015

122 COLABORADORES

SUMÁRIO

© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016

ISSN 0034-7590

January/February 2016

CONTENTSEDITORIAL

7 SEVEN YEARS LATER, THE FAREWELL Eduardo Diniz

ARTICLES

8 RELATION BETWEEN BACKGROUND VARIABLES, VALUES AND CORPORATE SOCIAL RESPONSIBILITY A contribution to the knowledge about the relationship between basic human values and public

perception with regard to corporate social responsibility. María del Rosario González-Rodríguez, María del Carmen Díaz-Fernández, Valéria Rueda Elias

Spers and Marcelo da Silva Leite

20 CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE SPANISH CASE An analysis of the relationship between corporate social responsibility and financial performance,

given the debate in literature about the area. Cristina Madorran and Teresa Garcia

29 INFLUENCE OF MANUFACTURER SIGNATURE ON STORE BRANDS’ LOYALTY AND PURCHASE INTENTION A study of the differences between the probabilities of purchasing between store brands with

and without identification of the manufacturer and about the moderating role the manufacturer’s signature has on intention to purchase.

Cristina Calvo-Porral and Valentín-Alejandro Martínez-Fernández and Oscar Juanatey-Boga

43 DOES THE PERSONALITY OF SMALL AND MEDIUM-SIZED COMPANIES’ DIRECTORS AFFECT EXPORTING RESULTS?

A work that deals with the variations in the values of the executives of SMEs that are successful and unsuccessful at exporting, according to the Schwartz scale.

Francisco Javier Rondan-Cataluña, Antonio Navarro-García and Jorge Arenas-Gaitan

55 SOCIOECONOMIC STRATIFICATION CRITERIA AND CLASSIFICATION TOOLS IN BRAZIL A conceptual and methodological comparison of five classifiers for stratifying Brazilian society

socio-economically and for measuring the classification error trade-offs between them. Wagner Kamakura and José Afonso Mazzon

71 THE ROLE OF EARNINGS PERSISTENCE IN VALUATION ACCURACY AND THE TIME HORIZON An investigation into the persistence of gains, based on the assumption of their being a good input

for company evaluation models and for long-term marketing and managerial guidance. Renê Coppe Pimentel and Andson Braga de Aguiar

87 COMPARATIVE ANALYSIS OF AMERICAN AND SPANISH CRUISE PASSENGERS’ BEHAVIORAL INTENTIONS Research into the effects of nationality on the relationship between perceived value, satisfaction,

trust and the behavior intentions of Spaniards and North Americans. Santiago Forgas-Coll, Ramon Palau-Saumell, Javier Sánchez-García and Fernando J. Garrigos-Simon

101 ANALYTICAL ORIENTATION HUMAN MANAGEMENT: A PATH TO RESPONSIBILIZATION A focus on human management that favors conversation spaces in organizations, by way of the

verbalization whose effects result in the symbolization, socialization and accountability of individuals, groups and organizations.

Juan Davi Perez Patino and Isabel Cristina Lopera Arbelaez

REVIEW

114 THE ART OF INFLUENCING OTHERS Mauro Maia Laruccia

BOOK RECOMMENDATION

116 NEUROSCIENCE AS APPLIED TO EDUCATION Vanessa Clarizia Marchesin

117 PSYCHOECONOMICS Israel José dos Santos Felipe

118 EDITORIAL INFORMATION 2015

122 CONTRIBUTORS

© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016

ISSN 0034-7590© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016

SUMARIOEDITORIAL

7 DESPUÉS DE SIETE AÑOS, LA DESPEDIDA Eduardo Diniz

ARTÍCULOS

8 RELACIÓN ENTRE LAS VARIABLES CONTEXTUALES, LOS VALORES Y LA RESPONSABILIDAD SOCIAL CORPORATIVA

Contribución al conocimiento sobre la relación entre valores humanos básicos y la percepción pública acerca de la responsabilidad social corporativa.

María del Rosario González-Rodríguez, María del Carmen Díaz-Fernández, Valéria Rueda Elias Spers y Marcelo da Silva Leite

20 RESPONSABILIDAD SOCIAL CORPORATIVA Y DESEMPEÑO FINANCIERO: EL CASO ESPAÑOL Análisis de la relación entre responsabilidad social corporativa y desempeño financiero de cara al

debate presente en la literatura sobre el área. Cristina Madorran y Teresa Garcia

29 INFLUENCIA DE LA FIRMA DEL FABRICANTE SOBRE LA LEALTAD A LAS MARCAS BLANCAS Y LA INTENCIÓN DE COMPRA

Estudio sobre las diferencias entre las probabilidades de compra entre marcas de comercio con y sin identificación del fabricante y sobre el papel moderador de la firma del fabricante en la intención de compra.

Oscar Juanatey Boga, Cristina Calvo-Porral y Valentín Alejandro Martínez Fernández

43 ¿INFLUYE LA PERSONALIDAD DE LOS DIRECTIVOS DE PYMES EN LOS RESULTADOS EXPORTADORES? Trabajo sobre las variaciones entre los valores de ejecutivos de PMEs con y sin éxito de exportación

según la escala de Schwartz. Francisco Javier Rondan-Cataluña, Antonio Navarro-Garcia y Jorge Arenas-Gaitan

55 CRITERIOS DE ESTRATIFICACIÓN Y COMPARACIÓN DE CLASIFICADORES SOCIOECONÓMICOS EN BRASIL Comparación conceptual y metodológica de cinco clasificadores para la estratificación socioeconómica

de la sociedad brasileña y medición de los trade-offs de errores de clasificación entre ellos. Wagner Kamakura y José Afonso Mazzon

71 EL ROL DE LA PERSISTENCIA DE LAS GANANCIAS EN LA EXACTITUD DE LA VALORACIÓN Y EL HORIZONTE TEMPORAL

Investigación sobre la persistencia de las ganancias bajo la premisa de ser un buen insumo para modelos de evaluación de empresas y para orientación mercadológica y gerencial en el largo plazo.

Renê Coppe Pimentel y Andson Braga de Aguiar

87 ANÁLISIS COMPARATIVO DE LAS INTENCIONES DE COMPORTAMIENTO DE PASAJEROS DE CRUCEROS AMERICANOS Y ESPAÑOLES

Estudio sobre los efectos de la nacionalidad en las relaciones entre valor percibido, satisfacción, confianza e intención de comportamiento de españoles y norteamericanos.

Santiago Forgas-Coll, Ramon Palau-Saumell, Javier Sánchez García y Fernando J. Garrigos-Simon

101 GESTIÓN HUMANA DE ORIENTACIÓN ANALÍTICA: UN CAMINO PARA LA RESPONSABILIZACIÓN Enfoque en la gestión humana que privilegia espacios de conversación en las organizaciones,

por medio de la verbalización que trae como efectos la simbolización, la socialización y la responsabilización de individuos, grupos y organizaciones.

Juan David Perez Patino e Isabel Cristina Lopera Arbelaez

RESEÑA

114 EL ARTE DE INFLUENCIAR A LOS DEMÁS Mauro Maia Laruccia

RECOMENDACIONES BIBLIOGRÁFICAS

116 NEUROCIENCIA APLICADA A LA EDUCACIÓN Vanessa Clarizia Marchesin

117 PSICOECONOMÍA Israel José dos Santos Felipe

118 INFORMACIÓNES EDITORIALES 2015

122 COLABORADORES

Enero/Febrero 2016

ISSN 0034-7590

RAE | Revista de Administração de Empresas | FGV-EAESP

EDITORIAL

SETE ANOS DEPOIS, A DESPEDIDA

Nos últimos sete anos, estive como editor chefe da RAE e posso afirmar que foi uma experiência fantástica. Aprendi muito e passei a entender um pouco melhor a dinâmica do mundo das publicações

científicas. Neste meu último editorial, o 37o, gostaria de fazer um balanço dos 36 que publiquei anteriormente neste espaço, com a expectativa de avaliar algumas das ideias que ajudei a veicular, sobre gestão de periódicos, internacionalização da produção científica, indicadores de impacto acadêmico, entre outras.

Com base nos dados de acesso medidos nos servidores em que está hospedado o website da RAE, pode-se ter uma avaliação aproximada sobre a repercussão desses editoriais entre os leitores da revista. De todos, o editorial mais acessado foi o da edição de 50 anos (maio/junho de 2011), seguido pelo que comenta a evolução dos indicadores da revista em 2011 (janeiro/fevereiro de 2012), deixando em terceiro lugar o que aborda a relação entre colaboração internacional e qualidade da produção científica (setembro/outubro de 2014). Enquanto os dois primeiros tiveram cerca de 30 mil acessos desde a sua publicação, o terceiro, mais recente, está entre os com mais acessos diários, apontando 45 leituras por dia desde que foi publicado.

Se classificados pelo tema abordado, dos 36 editoriais, 14 (quase 40%) trataram de aspectos relacionados à gestão de periódicos científicos, o que identifica claramente um dos assuntos preferidos deste editor. Nessa temática, foram abordados acesso aberto, plagiarismo, sistemas editoriais, modelos de negócio, regras de submissão, entre outros. Um desses editoriais, republicado com o título “Similar ou plágio? Novos desafios para a gestão de periódicos científicos”, manteve-se entre os top ten no blog de Humanas do Scielo em 2015.

O segundo tema mais abordado foi o da internacionalização, com oito editoriais que apresentam a evolução da RAE no cenário internacional e a relação entre colaboração internacional e qualidade da produção científica. Quando agrupados por temas, é possível perceber que, apesar de aparecer em um número menor de editoriais, o tema da internacionalização aparentemente atrai mais o interesse dos leitores no website da RAE: enquanto os editoriais sobre gestão de periódicos têm uma média de 16 acessos/dia, aqueles sobre internacionalização registram média de 24 acessos/dia.

A partir da segunda edição deste ano, os leitores da RAE contarão, nessa página, com o estilo e as temáticas da professora Maria José Tonelli, próxima editora chefe da revista. Ex-diretora acadêmica da FGV-EAESP, pesquisadora experiente e atuante em boards de periódicos importantes, a professora Tonelli tem tudo para conduzir a RAE para patamares mais altos, consolidando sua posição entre os periódicos mais importantes dos países emergentes.

Despeço-me e agradeço a atenção dos leitores, a colaboração prestimosa dos editores científicos e avaliadores, bem como o interesse dos autores que submeteram seus artigos à RAE. Principalmente

gostaria de registrar o empenho de toda a equipe de redação, que, com paciência, tenacidade e competência, transformou a RAE numa referência para a área de Administração, no País e também fora dele.

Nesta edição da RAE, publicamos dois artigos que apresentam uma perspectiva espanhola sobre responsabilidade social corporativa. Um deles, “Relation between background variables, values and corporate social responsibility”, discute a relação entre valores humanos básicos e a percepção pública acerca de responsabilidade social corporativa a partir de um estudo com estudantes espanhóis. O outro, “Corporate social responsibility and financial performance: The Spanish case”, analisa a relação entre responsabilidade social corporativa e desempenho financeiro em face do debate presente na literatura sobre a área, com base em uma amostra de empresas espanholas. Três outros artigos espanhóis os acompanham. “Influence of manufacturer signature on store brands’ loyalty and purchase intention” investiga as diferenças entre as probabilidades de compra de marcas de loja com e sem identificação do fabricante e sobre o papel moderador da assinatura do fabricante na intenção de compra. “¿Influye la personalidad de los directivos de pymes en los resultados exportadores?” é um estudo sobre variações entre valores de executivos de PMEs com e sem sucesso de exportação segundo a escala de Schwartz. “Comparative analysis of American and Spanish cruise passengers’ behavioral intentions” pesquisa os efeitos da nacionalidade nas relações entre valor percebido, satisfação, confiança e intenção de comportamento de espanhóis e norte-americanos. Publicamos ainda “Critérios de estratificação e comparação de classificadores socioeconômicos no Brasil”, que aborda a comparação conceitual e metodológica de cinco classificadores para a estratificação socioeconômica da sociedade brasileira e mensuração dos trade-offs de erros de classificação entre eles, e “The role of earnings persistence in valuation accuracy and the time horizon”, que investiga a persistência dos ganhos sob a premissa de ser um bom insumo para modelos de avaliação de empresas e para orientação mercadológica e gerencial no longo prazo. Fecha a edição o artigo colombiano “Gestión humana de orientación analítica: Un camino para la responsabilización”, um estudo sobre a gestão humana que privilegia espaços de conversação nas organizações, por meio da verbalização que traz como efeitos a simbolização, a socialização e a responsabilização a indivíduos, grupos e organizações.

Completam esta edição a resenha do livro Elements of influence: The art of getting others to follow your lead e as indicações bibliográficas sobre neurociência aplicada à educação e psicoeconomia.

Tenham todos uma boa leitura!

EDUARDO DINIZ | Editor chefeProfessor da Fundação Getulio Vargas,

Escola de Administração de Empresas de São PauloSão Paulo – SP, Brasil

DOI: http://dx.doi.org/10.1590/S0034-759020160101

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MARÍA DEL ROSARIO GONZÁLEZ-RODRÍGUEZrosaglez@us.esProfessor at Universidad de Sevilla, Facultad de Turismo y Finanzas – Sevilla, Spain

MARÍA DEL CARMEN DÍAZ-FERNÁNDEZcardiaz@us.esProfessor at Universidad de Sevilla, Facultad de Turismo y Finanzas – Sevilla, Spain

VALÉRIA RUEDA ELIAS SPERSvrueda@unimep.brProfessor at Universidade Metodista de Piracicaba, Faculdade de Gestão e Negócios – Piracicaba – SP, Brazil

MARCELO DA SILVA LEITEmasleite@unimep.brProfessor at Universidade Metodista de Piracicaba, Faculdade de Ciências Humanas – Piracicaba – SP, Brazil

ARTICLESSubmitted 02.24.2014. Approved 05.13.2014Evaluated by double blind review process. Scientific Editor: Percy Marquina Feldman

RELATION BETWEEN BACKGROUND VARIABLES, VALUES AND CORPORATE SOCIAL RESPONSIBILITYRelação entre variáveis de base, valores e responsabilidade social corporativa

Relación entre las variables contextuales, los valores y la responsabilidad social corporativa

ABSTRACTConsumer perception of corporate social responsibility (CSR) can be directly influenced by individual value structures. This research aims to provide new knowledge regarding the relationship between basic human values and the public’s perception of CSR. It focuses on the values of higher educa-tion students and their views regarding a particular corporate social initiative. The study reveals that social, educational, and economic circumstances influence human values. Those values in turn influence why different students perceive CSR differently. These findings are relevant to companies as they provide a more detailed understanding of why certain consumer groups perceive certain CSR initiatives the way that they do. They also suggest that universities should increase their awareness of the importance of integrating human values and CSR in the curricula of future business managers and social leaders.KEYWORDS | Human values, Schwartz’s Theory, corporate social responsibility, perception, higher education.

RESUMOA percepção que o consumidor tem da responsabilidade social corporativa (RSC) pode ser diretamente influenciada por estruturas de valores individuais. O presente estudo tem como objetivo proporcionar novos conhecimentos sobre a relação entre valores humanos básicos e a percepção que o público tem da RSC. Ele concentra-se nos valores de alunos universitários e seus pontos de vista sobre uma determinada iniciativa social corporativa. O estudo revela que circunstâncias sociais, educacionais e econômicas influenciam os valores humanos. Esses valores, por sua vez, influenciam o motivo de dife-rentes alunos perceberem a RSC de formas diferentes. Os resultados são relevantes para as empresas, na medida em que permitem uma compreensão mais detalhada da razão pela qual certos grupos de consumidores percebem de determinada forma certas iniciativas de RSC. Também sugerem que as universidades sejam mais conscientes da importância da integração dos valores humanos e da RSC nos currículos de futuros gestores de negócios e líderes sociais.PALAVRAS-CHAVE | Valores humanos, Teoria de Schwartz, responsabilidade social corporativa, per-cepção, ensino superior.

RESUMENLa percepción del consumidor respecto de la responsabilidad social corporativa (CSR por su sigla en inglés) se puede ver directamente influenciada por las estructuras de valores de la persona. Esta investigación se propone brindar nuevos conocimientos acerca de la relación entre los valores humanos básicos y la percepción pública de la CSR. El mismo se centra en los valores de estudian-tes pertenecientes al nivel superior de educación y sus visiones en relación a una iniciativa social corporativa en particular. El estudio revela que las circunstancias sociales, educativas y económicas ejercen influencia sobre los valores humanos. A su vez estos valores influyen en los motivos por los cuales diferentes estudiantes perciben de manera diferente a la CSR. Estos descubrimientos resultan relevantes para las empresas, ya que brindan una comprensión más detallada de los motivos por los que determinados grupos de consumidores perciben determinadas iniciativas de CSR de una manera particular. Sugieren además que las universidades deben incrementar su conciencia de la importan-cia de la integración de los valores humanos y la CSR a los planes de estudio de los futuros gerentes comerciales y líderes sociales.PALABRAS CLAVE | Valores humanos, Teoría de Schwartz, Responsabilidad social corporativa, percep-ción, educación superior.

RAE-Revista de Administração de Empresas | FGV/EAESP

DOI: http://dx.doi.org/10.1590/S0034-759020160102

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INTRODUCTION

Although research on the relationship between social demographics and value structures can be found in the literature (Wang & Juslin, 2012), few studies have empirically analyzed the influence of the framework of human values on the perception of corporate social responsibility (CSR) in the context of higher education (Rama, Ravenscroft, Wolcott, & Zlotkowski, 2000; Sobczak, Debucquet, & Havard, 2006; Weber, Weber, Sleeper, & Schneider, 2004; Weber & Glyptis, 2000; Wong, Long, & Elankumaran, 2010). Despite the scarcity of studies, consumer perception of CSR can be an important determinant of the success of CSR practices in any organization. With regard to that importance, Buil, Melero, and Montaner (2012) noted that firms should collaborate with causes linked not only to their main activity but also in tasks consumers feel involved with, particularly altruism-motivated ones. Unfortunately, as Perez-Ruiz and Rodriguez-Del Bosque (2012) manifest, evidence on this issue point to customer perceptions according to which CSR activities are more directly linked to the firm’s pursuit of its own benefit than to philanthropic and ethical considerations.

Despite these previous arguments, doubts still exists both in academe and in managerial practice as to whether CSR can influence consumer-related issues such as perceptions or purchasing behavior (Bigne-Alcaniz & Curras-Perez, 2008). In order to address this question, the present study analyses and determines what can actually influence perceptions of a particular CSR activity, and how different perceptions are influenced by different experiences and related values, rather than by the activity itself and its success or failure. Therefore, this paper will show that this relationship is scarcely taken into account, based on a review of the existing literature.

To this end, the present study, which is based on a sample of 1,060 Spanish higher education students, aims to analyze the following issues: i) the influence of background variables on human values; ii) and the extent to which perceptions of a social initiative are influenced by these students’ values structure. The main purpose of this study is to reinforce CSR’s social dimensions according to the Triple Bottom Line, since this perspective may be considered strategic not only for company success but also for stakeholders (Arratia Figueroa, 2008). A comprehensive study exploring the relationship between CSR perception and human values in the context of higher education involves an accurate understanding of how CSR curricula can be designed. In this respect, as Frazer and Kornhauser (1988) noted, ethics and social responsibility play an important, transcendental role in educational institutions, society, and firms.

The structure of this paper is as follows. Firstly, we provide a review of the concept of human values, including Schwartz´s theory on the subject. The paper then explores the literature on the role of values as drivers of the public perception of CSR. After this, it describes the model formulated to test the hypotheses we present. The research method, sampling details, and statistical tools are then described. Finally, we discuss our findings and assess their significance. We conclude by reflecting on the study’s limitations and suggest a research agenda to address them.

HUMAN VALUES AND SCHWARTZ’S VALUE THEORYA universal definition regarding human values is not found in the literature (Lan, Gowing, McManhon, Rieger, & King, 2008). However, over the last decade, Schwartz and his colleagues’ definition has been broadly adopted (Siltaoja, 2006). Schwartz and Bardi (2001) have defined values as desirable, trans-situational goals that vary in importance, serving as guiding principles in people’s lives. Individual motivations are crucial in distinguishing among human values. Furthermore, Schwartz (1994) delimited these motivational goals and established that values are answers to the following constrictions: personal relations, social relations, and survival needs.

With regard to this premise, Schwartz (1992, 1994) grouped the 56 original values into ten value categories, which were further clustered into four higher order value orientations: 1) Self-transcendence (universalism and benevolence values), 2) Self-enhancement (power and achievement), 3) Openness to change (self-direction, hedonism, and stimulation), and 4) Conservation (tradition, conformity, and security). This taxonomy of values, which is called the Schwartz’s value system (SVS) (Perrinjaquet, Furrer, Usunier, Cestre, & Valette-Florence, 2007), was commonly represented by Schwartz and his colleagues as a two dimensional, circular structure representing a continuum of values (Figure 1). The position of human values in Figure 1 shows values’ degree of proximity or disconformity between them (Schwartz, 1992, 1994). Therefore, the circle has two opposite dimensions: on one hand, the dimensions of self-enhancement (power, achievement) and self-transcendence (benevolence, universalism); and, on the other hand, the dimensions of conservation (security, conformity, tradition) and openness to change (self-direction, stimulation). Hedonism can be placed either in the self-enhancement dimension or the openness to change dimension.

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Figure 1. Theoretical model of relations among ten motivational types of values

Opnness to Change

StimulationExciting life

Self directionCreativity, freedom

UniversalismSocial

justice, equality

BenevolenceHelpfulness

SecuritySocial order

PowerAuthority,

wealth

AchievementSuccess,ambition

Pleasure

Hedonism ConformityObedience

TraditionHumility

devoutness

Self-transcedence

Self-enhancement

Conservation

Organized by motivational similarities and dissimilarities

Note. Adapted from “Advances in experimental social psychology” by S. H. Schwartz, S. H., 1992. San Diego, CA: Academic Press.

The human value framework above (SVS) has been strongly supported with samples from different cultural contexts (Schwartz & Sagiv, 1995; Schwartz, Melech, Lehmann, Burgess, & Harris 2001) and has been tested and found to have predictive validity in several diverse academic areas such as psychology (Wilson, 2005), marketing (Steenkamp, Hofstede, & Wedel, 1999), and international business (Egri & Ralston, 2004). However, this model has also been criticized for the psychometric scale and collinearity issues observed between the values (Olver & Mooradian, 2003; Thøgersen & Ölander, 2002). Other scholars have argued that the empirical findings using the human values framework fail to provide convincing arguments for Schwartz’s SVS structure (Perrinjaquet et al., 2007).

Despite these disagreements, the model continues to be used. Koivula (2008) highlights that Schwartz’s value system is well adjusted to the basic human condition. However, the present study holds that value structures may change over time in response to changes in social patterns, technology, and economic and political events.

CORPORATE SOCIAL RESPONSIBILITY AND THE TRIPLE BOTTOM LINEThe literature lacks a consensus on the notion of CSR (Wang & Juslin, 2012). Wang and Juslin (2012) conducted a revision of CSR concepts in the literature, and the present paper adopts a definition based on the ‘Triple Bottom Line’ term, relating the concept of CSR

with three dimensions or perspectives: 1) economic responsibility (firm performance); 2) environmental responsibility (environment sustainability); and 3) social responsibility (individuals’ well-being) (Norman & MacDonald, 2004).

The importance of CSR’s social dimension motivated the present study, which focuses on the connection between Schwartz’ theory of values and the perceptions of a particular social initiative conducted by a particular company.

To this end, we studied the social initiative (CSR’s social dimension) mainly as it is perceived by higher education students acting as consumers, and used four questions indicating: a) Acceptance, which describes how much an individual likes the initiative; b) Perceived value, representing how good the initiative is in the individual’s perception; c) Support, describing how much the individual supports the initiative; and d) Perceived usefulness, i.e., how useful the initiative is in the individual’s perception.

Concerns related to the concept of CSR grow as different dimensions are added to it, leading to a lack of consensus about findings; such concerns occupy an important place in the literature (Baden, Harwood, & Woodward, 2009; Fernando, 2010; Fernando & Sim, 2011; Ibrahim et al., 2006; Perrinjaquet et al., 2007; Pomering & Johnson, 2009). Business leaders have also manifested different views about the concept of CSR (Sprinkle & Mainess, 2010). Furthermore, in this specific entrepreneurial context, i.e., one of economic constrains, implementing social responsibility actions is not an easy task (Fernando & Almeida, 2012). However, CSR accomplishment by firms is increasing, with a view to consumer acceptance, consumer loyalty, and, therefore, firm performance

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(Gladwell, 2000). More than just a fad (Bowd, Bowd, & Harris, 2006), CSR activities have developed to become programs that companies must undertake (Macalister, 2008; Willman, 2008).

Nevertheless, despite all concerns with social responsible activities’ implementation, few studies to date have analyzed in a combined way CSR perception and the value structure of the individuals CSR activities aim to address (Harwood, Humby, & Harwood, 2011). This research gap is even bigger when it comes to higher education (Weber et al., 2004), particularly in business studies (Arlow, 1991). Although a few studies have focused on patterns of managers and business students in relation to CSR (Longenecker, McKinney, & Moore, 1989; Stevens, 1984), to date there is insufficient research and no conclusive knowledge or findings on how human values are constructed, how those values influence perceptions, and how perceptions may vary particularly regarding different CSR activities.

VALUES VERSUS CSR: MODEL AND HYPOTHESISIn sociology, values are considered as drivers that can influence human action (Wang & Juslin, 2012). Values are clearly manifested not only by individuals but also by institutions and society (Hofstede, 1980). Likewise, values display an important role on each level of a firm, guiding the setting of goals, resource allocation, and the designing of strategies (Rokeach, 1979). According to Argandoña (2003), values are part of firms’ competences, shaping their long-term success.

The relationship among values, attitudes, and behavior is not a straightforward one (Barth, 1993) and the sense and intensity of this relationship is not clearly established. While some authors show a weak relationship (Kristiansen & Hotte, 1996), others manifest strong situational force acting between values and behavior (Feather, 1996).

Schwartz (1996) described the process that might connect people’s priorities in terms of values with their attitudes and behavior. Values influence the perception and interpretation of different situations, and, therefore, they can show how social science students acting as consumers in a specific cultural context can perceive a social initiative launched by a company.

A consensus seems to exist among the theories found in the literature, according to which, human values can influence human patterns (Wang & Juslin, 2012). In addition, people from different cultural contexts show different value structures (Schwartz, 1994, 1999), which can influence their own perception of reality and guide their attitudes (Siltaoja, 2006). Thus, the evaluation of CSR actions is determined by human values and

cultural-societal norms in combination with a number of other considerations that can influence how individuals evaluate such activities (Hemingway & MacLagan, 2004).

According to the findings above, this paper will first explore the extent to which Schwartz’s value theory is applicable to a sample of Spanish students from different social science courses in higher education, including tourism, finances, labor relations, psychology, educational science, economics, and business management. Secondly, the degree of influence between these students’ personal values and their CSR perception is analyzed. The findings are more accurate than those obtained by other researchers who focused on a single higher education course (Rama et al., 2000; Sobczak et al., 2006; Wang & Juslin, 2011, 2012), more specifically bachelor of accounting, with findings extended to the whole area of business management. That procedure has been strongly criticized. Therefore, Weber et al. (2004) concluded that very little research on students presents distinctions among study areas, which presupposes homogeneity in the student population. Similar arguments can be found in Coate and Frey’s (2000) work, according to which research on students from bachelor of business management courses are scarce, making it inappropriate to draw conclusions for the population of a whole university. Consequently, additional studies are required.

To address what was discussed above, we formulated the hypotheses below according to Schwartz’s (1992, 1994) theoretical framework, included in the proposed model (Figure 2):

H₁: Differences in human values regarding gender can be found.

H₂: Human values depend on the educational context.

H₃: Human values are a function of family economic status.

H₄: Self-transcendence values are more developed in students who obtain a public grant or work to fund their studies. Family-supported students are more concerned with self-enhancement values.

H₅: Differences can be found in the average perceptions of the social dimensions (acceptance, value, support, and usefulness) of CSR in the target group.

H₆: Positive CSR perception (acceptance, value, support, and usefulness) is positively correlated to the higher-order value of self-transcendence (benevolence and universalism).

H₇: Positive CSR perception (acceptance, value, support, and usefulness) is positively correlated to the higher-order value of conservation (security, conformity and tradition)

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Figure 2. The study’s theoretical model

Schwartz’s values Triple bottom line

CSR’ perceptionHuman valuesHigher education students’

backgrounds

H1-H4 H5-H7

METHOD

Participants in this study were Spanish social sciences students. These students were contacted with help from the registration office over the period the study was conducted. They completed the questionnaire and received instructions to fill out the survey. Initially, 1,200 students took part in the study. Respondents who did not answer all questions or who provided the same answer for all values items in the questionnaire, indicating deliberate misrepresentation (140 students), were excluded from the analysis (Schwartz, 2005a, 2006).

The descriptive analysis of the sample (Table 1) reveals a balance between male and female students, with the majority coming from families of middle economic status and high or middle education level. Only a third of the students relied on public grants to support their studies.

Table 1. Descriptive statistics for background variables

CategoriesPercentage

N=1060

GenderMale 50.4

Female 40.6

Secondary schoolPublic 73Private 24

Semi-private 2.3

Ways to fund studies

Grant 12Family 52.5

Self-support 12

Family’s economic status

High 7.3Medium 88

Low 12

Family’s educational level

High 53.6Medium 64.1

Low 9.5

Age18-20 4.321-24 41.17

Over 25 14.8

The questionnaire was designed with three well-differentiated types of questions: 1) Questions related to value priorities; 2) Questions related to attitudes towards a social initiative; 3) Background variables.

In order to measure individuals’ values, the questionnaire included 21 value items used in the European Social Survey (EES). Most of these EES items are from the portrait values questionnaire (PVQ) scale, and we added a few other items to provide information on Schwartz’s ten values. The PVQ includes short verbal questions to reveal respondents’ goals, aspirations, and wishes reflecting their own human values.

Participants completed the 21 value items on a 6-point Likert scale where 1 = “Not like me at all”, and 6 = “Very much like me” (6). The items were combined in ten indexes. Universalism was measured by three items, while the others were measured by two items each. The items were designed to cover different dimensions of a basic human value (Schwartz et al., 2001). The individual scores for the ten values were centered by subtracting the individual’s 21 items average, and the main descriptive statistics are shown in Table 2 (Schwartz, 2005a).

A brief description of a corporate social initiative was included in the questionnaire: “Company A starts a three-year social initiative to fight child undernourishment. The program consists of providing assistance to primary school cafeterias in town B. In addition to financial support, the program will include the supplying of food products and voluntary work by the firm’s employees; volunteers will give advice on the menu and help in the cafeterias’ renovation works. The total amount donated to the cafeterias will be approximately $30,000.

In brief, the implemented program will have the following features:

a. Support will be provided for a period of three years;b. The subject matter is child and youth undernourishment;c. Support will be both financial and in kind, as well as

in the form of voluntary work.

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Table 2. Descriptive statistics for human values

Mean BE UN SEL STEM HE ACH POW SEC CON TRAD

BE 0.68 (0.52)

UN 0.54 0.302** (0.55)

SELF 0.39 0.001 0.130** (0.31)

STEM -0.013 -0.062** -0.101** 0.164** (0.53)

HE -0.66 -0,179** -0.239** 0.004 0.033 (0.30)

ACH 0.24 -0.172** -0.240** -0.088** 0.118** 0.163** (0.63)

POW -0.93 -0.417** -0.509** -0.147** 0.340** 0.046 0.116** (0.56)

SEC 0.25 0.11** 0.14** -0.211** -0.121** -0.054 0.219** 0.137** (0.41)

CON -0.48 0.112** 0.120** -0.382** -0.395** -0.222** -0.072* 0.100** 0.176** (0.43)

TRAD -0.28 0.27** 0.18** -0.283* -0.285** -0.175** -0.180** -0.241** 0.002 0.212** (0.188)

Note. SD = Standard deviation; BE = Benevolence; UN = Universalism; SELF = Self-direction; STEM = Stimulation; HE = Hedonism; ACH = Achievement; POW = Power; SEC = Security; CON = Confidence; TRAD = TraditionCorrelations ** are significant at 0.01. *significant at0.05 (correlation values lower than 0.06)

Moreover, on a 1 to 7 Likert scale, where 1 = ‘I don’t like it at all’, and 7 = ‘I like it’, each student interviewed answered four questions aimed at quantifying the intensity (positive or negative) of their opinions/perceptions of the social initiative in four dimensions: a) How much do you like this initiative?; b) How good is the initiative in your opinion?; c) How much do you support the initiative?; d) How useful is the initiative? Question a) shows the degree of acceptance of the social initiative; question b) evidences its perceived ethic value; question c) shows the degree of support for the initiative; and question d) shows its perceived utility.

The following background variables supposed to influence value priorities were included in the questionnaire (Table 1): age (1: 18-20; 2: 21-24; 3: 25 or older), gender (1: male; 2: female), secondary education (1: public; 2: private; 3: semi-private), interviewee’s education funding (1: grants; 2: own work; 3: family), economic level of interviewee’s immediate environment (1: high economic status; 2: medium economic status; 3: low economic status), level of education of interviewee’s immediate environment (1: high education level; 2: medium education level; 3: low education level).

Data analysis

The ten value priorities were calculated as the mean of the items listed in each value. Due to individual differences in the interpretation of the Likert scale (Schwartz & Bardi, 1997; Smith, 2004), corrections in the responses were necessary to properly measure the human values. What actually matters is the value’s relative importance against its absolute importance. To obtain

the relative importance for the ten priority values, the following correction was applied: the individual scores of the ten values were centered by subtracting the 21 items’ average (Schwartz, 2005b, 2006).

To explore how background variables relate to value priorities, an independent sample t-test and ANOVA and Bonferroni post hoc tests were conducted.

A Friedman and post hoc Wilcoxon test was applied to detect differences on perceptions among the four CSR social dimensions. To examine where the differences actually occur, we conducted the Wilcoxon signed-rank test for comparison between the combinations, Da to Db, Da to Dc, Da to Dd, Db to Dc, and Dc to Dd. Respondents scored higher for certain dimensions compared to the others, which appears to indicate the existence of several factors, including human values and background variables, influencing how the students perceive the four CSR social dimensions.

The independent effect of the ten personal values on the perception of social initiatives was studied using linear regression analysis. According to Schwartz’s value theory: “all the values are dynamically related” (Schwartz, 1992, p. 13). Due to co-linearity among value priorities, some of these predictors were excluded in the linear regression. The predictor variables included in the regression analysis were the values with statistical influence on the perception of the social initiative.

In order to select background variables as control variables in the regression analysis, we used an independent sample t-test and ANOVA analysis to determine whether any significant differences existed in the students’ perceptions of the social initiative. The gender variable was used as control in the whole

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regression analysis, since significant differences in students’ behavior were observed between male and female subjects in the four aspects of the social initiative: acceptance, perceived value, support, and perceived usefulness. No clear differences were observed for the other background variables on the four social initiative dimensions.

RESULTS AND DISCUSSION

An independent sample t-test showed statistically significant differences between men and women in benevolence (t = 5.08, p <= 0.001), universalism (t = 4.62, p < 0.001), stimulation (t

= -2.777, p < 0.01), hedonism (t = -5.662, p < 0.001), power (t = -6.737, p < 0.001), security (t = 4.158, p < 0.001), conformity (t = 2.992, p < 0.01), and tradition (t = 2.234, p < 0.05). No significant gender-related differences were found for self-direction and achievement. Hypothesis 1 was partially confirmed. The results reveal that women valued self-transcendence (benevolence and universalism) and conservation (security, tradition, and conformity) more than men, while men valued power and hedonism more than women. Value differences between males and females could be attributed not only to genetic reasons but also to family environment. In a traditional family culture such as the Spanish, women are expected to develop values related to caring and supporting people in need, while men are allowed to behave in a more aggressive way (Gisber, 2007). This finding corroborates other conclusions regarding gender that have been evidenced in the literature (Betz et al., 1989; Ruegger & King, 1992).

Diverse educational environment levels reveal differences in power (F = 3.60, p = 0.05), tradition (F = 3.30, p = 0.05), and stimulation (F = 3.21, p < 0.01). Students from environments of highest education level valued tradition and stimulation more those from environments of lowest education level. Hypothesis 2 was confirmed. The importance of openness to change values such as stimulation increases as the environment education level rises, although this correlation was not observed for self-direction. Students from environments of medium education level gave more importance to power, since they were attending business courses – an integral part of higher education in social sciences – where students are trained in the managerial aspects of running a company, a bank, or other private organizations that emphasize self-enhancement values. Surprisingly, students from environments of high and medium education level valued tradition more than those from environments of low educational level, the opposite of what was expected. However, most of these students come from families who own a family business, and they

wish to maintain the customs or ideas of their social environment. In fact, the southernmost region of Spain is characterized by small and medium-sized businesses, which account for 80% of total employment in the region (Gil-Pechuan, Expósito-Langa, & Tomas-Miquel, 2013; Ruivo, Oliveira, & Neto, 2012).

The economic level of students’ original environment showed statistically significant differences for benevolence (F = 5.78, p < 0.01), universalism (F = 6.096, p < 0.01), and power (F = 12.43, p < 0.01). High economic level students valued benevolence and universalism less than medium and low level ones. High economic level students valued power more than medium and low-level ones. Hypothesis 3 was confirmed, since self-transcendence values (universalism and benevolence) were more important for students from families of low or medium economic status. These students are more aware of the importance of understanding, appreciation, tolerance, and protection for the welfare of people and nature. As expected, students from environments of high economic status valued power more than the other groups due to their desire for social status, prestige, and control over people and resources.

Finally, different ways of funding higher education studies showed statistically significant differences for benevolence (F = 3.12, p = 0.01), universalism (F = 12.76, p < 0.001), achievement (F = 3.12, p < 0.05), and power (F = 6.40, p < 0.001). Students supported by families valued universalism less than those receiving grants or working to pay for their studies; family-supported students also valued benevolence less than self-supported ones. Achievement and power were positively related with family-supported students. Hypothesis 4 was confirmed, since students receiving public grants or working to pay for their studies were more concerned with self-transcendence values. They valued more the external support (grant, jobs) to continue studies. Students fully supported by their families paid more attention to self-enhancement values (achievement, power), since they were not exposed to the same pressure as the individuals relying on other funding sources. In fact, the need for a job or a public grant to continue studies developed more ethical values in the latter than in family-supported students, who were not concerned about the funds to continue studies.

To evaluate higher education students’ perception of CSR, particularly concerning the above described initiative to fight child malnutrition, four questions were made about the initiative’s degree of ‘acceptance’ (Da), ‘perceived value’ (Db), degree of ‘support’ (Dc), and perceived ‘usefulness’ (Dd). The four questions – ‘acceptance’, ‘value’, ‘support’, and ‘usefulness’

– were considered as endogenous variables to be explained by human values as independent variables.

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The nonparametric Friedman test (c2 = 88.32, p < 0.001) revealed differences in the degree of perceptions for the four dimensions of the initiative. In sum, students gave ‘acceptance’ the highest score, and the lowest to ‘perceived usefulness’. The result showed that, despite these students’ awareness of the relevance of the CSR initiative measured by the four items (i.e., acceptance, support, usefulness and value), they displayed skepticism about the final benefit of a short-term initiative (a three-year initiative, in our survey) to children in a developing country. Most students were skeptical about the initiative’s altruistic character, as they considered that companies embrace CSR initiatives in order to improve economic performance or their own image, thus influencing consumer purchases.

Linear regression analysis for the four social dimensions (Da-Dd) were conducted to test whether human values and gender could influence how CSR actions are perceived (Table 3). The

“degree of acceptance” (Da) towards a corporate social initiative according to values and gender produced an overall significant solution (F = 14.86, p < 0.001) with an R-squared = 0.102. Although no significant coefficients were obtained for stimulation or achievement, both values were significantly and positively correlated with the acceptance of the initiative. Regression analysis revealed that the best predictors for ‘acceptance’ were benevolence, universalism, security, conformity, and gender. These values positively influenced the degree of acceptance of the social initiative. Furthermore, women liked the social initiative more than men did.

Table 3. Regression analysis predicting perception of CSR (N=1,060 respondents)

Da Db Dc Dd

BE 0.08** 0.07** 0.09*** 0.02

UN 5.21*** 0.14*** 0.16*** 0.12***

TRAD -0.02 0.01 -0.02 0.04

SEC 0.07** 0.10*** 0.08**

CON 0.09*** 0.08** 1.12*** 0.08**

ACH 0.01 0.03 0.07**

STEAM 0.36 0.04

SELF 0.003

GENDER -0.09*** -0.09*** -0.062*** -0.10***

Note: BE = Benevolence; UN = Universalism; SELF = Self-direction; STEM = Stimulation; HE = Hedonism; ACH = Achievement; POW = Power; SEC = Security; CON = Confidence; TRAD = Tradition; Da = acceptance dimension; Db = perceived value dimension; Dc = support; Dd = perceived usefulness dimension.

* P < 0.05, ** p < 0.01, *** P < 0.001

The “perceived value dimension” (Db) for the social initiative was explained by a regression analysis on values and gender. The regression model produced an F-test, F = 16.12, p < 0.001, and explained 9.7% of the variance of the dependent variable. Beta’s coefficient for achievement and tradition was not significant, although a significant, positive correlation was observed with the perceived dimension value. The best predictors for ‘perceived value’ were benevolence, universalism, security, conformity, and gender. These values influenced positively the degree of acceptance of the social initiative. Furthermore, women also valued the social initiative more than male students did.

The regression analysis with an R-squared = 0.095 predicting how much students ‘support’ (Dc) the initiative according to values and gender displayed an overall significant test, F = 13.096, p < 0.001. The support dimension was best predicted by benevolence, universalism, security, and gender. Students who developed these values showed stronger support to the social initiative. Once again, women were more concerned with social initiatives related to the third dimension of the social initiative.

Finally, a linear regression model was estimated to explain the fourth dimension, i.e., ‘perceived usefulness’, through values and gender variables. The linear regression had an R-squared = 0.092 and an overall significant test, F = 13.679, p < 0.001. Significant, positive beta coefficients were obtained for universalism, achievement, security, and conformity, influencing positively the perceived usefulness dimension. Gender was also a statistically significant predictor.

CONCLUSIONS

Corporate social responsibility has gained increasing recognition as a new concept to be added to company performance. Global companies are far more aware of the importance of developing strategies, actions, and a reporting framework for corporate social responsibility mainly regarding environmental, economic, and social responsibilities. Since most students in social sciences will become executives or professionals who participate in companies’ decision-making processes, it is worth noting how the values of today’s students can influence perceptions of a social initiative run by a firm.

Schwarz’s theory indicates that people develop certain values more than others and it is logical to expect these differences to influence individual perception of corporate social initiatives. Likewise, the present study has a double aim. Firstly, we sought to explore the influence of different background variables on the individual value structure. Most of these background variables

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have not been studied in the literature, and, therefore, this study provides a better understanding of the personal value structure Secondly, we sought to study how students’ personal values can influence their perceptions of a social program dedicated to fighting child malnutrition. It is acknowledged that CSR consists of more than a concern with the ill effects of urban poverty on child malnutrition – e.g. concerns with the environment, corporate governance, etc. However, for the purpose of this article, the main goal was to focus on how the interviewed students perceived one particular CSR-related initiative of the type that is generally better accepted and valued by the general public than economic initiatives (Arratia Figueroa, 2008).

We chose higher education students as the subjects of our study based on a double criterion. These students are predicted to be the most complex and influential group of consumers within the next couple of years (Schmeltz, 2012); at the same time, they are most likely to be the future leaders and managers in their society. Their attitudes certainly can provide evidence about their future behavior.

The findings obtained from the analysis lead to a better understanding of the value structure of Spanish higher education students and the forces that shape their ethical perceptions. These results can help educators to devise business ethics/CSR education programs, and help managers to develop strategies for the success of a social initiative, since knowing how consumers perceive CSR is a key factor to make sound strategic decisions.

People adapt their value structure to their life circumstances, and, in turn, different life circumstances also affect value priorities (Yao, Cheng, & Cheng, 2009). Our results regarding the relationship between values and gender, education, and other background variables in a Spanish higher education institution were mostly in line with previous research on this issue (Wang & Juslin, 2012). The sample revealed, firstly, that women developed self-transcendence values more than men, while men were more concerned with self-enhancement values. Secondly, the education level of students’ environments increases openness to change values and decreases conservation values. Thirdly, the economic level of individuals’ upbringing environment helps shape their value priority structure. Undergraduate students from a favorable economic environment are encouraged to develop values related to openness to change (self-direction, stimulation) and self-enhancement (achievement, power).

Finally, the best defining feature of Spanish higher education is financial shortage. Despite a sustained growth in public grants was observed in the 1980’s and 1990’s, thus allowing disadvantaged social groups to reach higher education, in the last few years, Spain has faced an adverse situation in public education funding compared to other EU countries. Furthermore,

grants per student in Spain are much lower than those in other EU countries (Calero, 2003), with a high number of students relying on family support to fund their degrees, and an increasing number working to support their studies. The awareness of the importance of funding among self-supported and grant-supported students certainly influences their value priorities. These students are expected to value self-transcendence (benevolence, universalism) more than family-supported students.

It is worth stressing that the core of the corporate social initiative in this study is focused on fighting child malnutrition. That initiative is based on the social dimension of CSR related to human rights, which is generally better accepted and valued by the general public than the economic initiatives, which the public perceives as profit-oriented. It can be argued that students manifested a higher acceptance of the social initiative while revealing their disagreement with its usefulness. Our findings highlight the awareness of the need for social initiatives combined with a skepticism about the final benefit to the poor community. This skepticism is often related to both the form and length of the social initiative, and whether it fits the main goal of the company. In fact, Pomering and Johnson (2009) suggest that three CSR variables are critical in trying to inhibit skepticism and enhance credibility: social topic information, long-term CSR commitment, and CSR impact specificity. Although the students recognized the initiative as good practice, they are reluctant to believe that a short-term social action (a three-year social initiative, in our study) can lead to some improvement in the essential human rights of a community in need.

Recent research of ethical ideologies has proven that individuals’ ethical values have a significant impact on consumer decision in relation to socially responsible companies (Pelsmacker, Janssens, Sterckx, & Mielants, 2006), and an impact on their perceptions of the importance of CSR (Axinn, Blair, Heorhiadi, & Thach, 2004). The influence of values on the perception of the four aspects of a social initiative (i.e., acceptance, value perceived, support, perceived usefulness) has also been recognized in this study. Social science students with higher ethical values and women have displayed a positive perception of a social initiative as shown in other studies (Forsyth, 1980; Wang & Juslin, 2012). Hence, CSR education should focus not only on providing students with a better understanding of the CSR concept but also on cultivating awareness about responsibility for the environment and society. Accordingly, these educational social agents, together with other entrepreneurial agents, have an important role to play in building a new kind of responsible consumerism, thus ensuring, among others, that both companies and consumers may benefit from a more symbiotic relationship (Smith & Williams, 2011).

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LIMITATIONS AND FUTURE RESEARCH

The success of CSR relies not only on the legal and political regulations where social practices are implemented and developed but also on the evolution of civil society towards a better comprehension of CSR (Choi & Gray, 2008). This social concept emerges from a business context (Dahlsrud, 2008). In this respect, this study is based on the demand side of CSR by analyzing the attitudes of young generations towards CSR and detecting those factors influencing CSR perceptions. The results obtained reflect ways to improve understanding of the principles underpinning CSR.

Further research on how personal values influence students’ perception in different dimensions (economic, social and environmental dimension) would complement this study, which was focused on the social dimension related to human rights and social cooperation. The results will enable academics and managers to challenge misunderstandings about CSR principles and the skepticism observed in a large consumer segment, higher education students.

Structural equation modeling was used to detect the influence of the ten basic values on consumer behavior according to the economic, ethical, and environmental dimensions. Since being enrolled on CSR courses will affect students’ attitudes towards a social initiative, future research to determine the influence of that variable on CSR perception is needed. The structural equation model will include enrollment and other interesting background variables as control variables influencing human values, and, therefore, the perception of CSR.

A study encompassing a longer period of time would provide a greater understanding about how new generations will improve their understanding of CSR and its implications for society through better designed CSR curricula, an accurate promotion by companies, and the implementation of CSR practices by universities.

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Willman, J. (2008), Stormy times ahead for responsibility agenda, The Financial Times. Retrieved from http://www.ft.com/cms/s/0/807fa3aa-4a47-11dd-891a-000077b07658,dwp_uuid=e1440094- 270d-11dd-b7cb-000077b07658.html?nclick_check=1

Wong, A., Long, F., & Elankumaran, S. (2010). Business students’ perception of corporate social responsibility: The United States, China, and India. Corporate Social Responsibility and Environmental Management, 17(5), 299–310. doi:10.1002/csr.216

Yao, G., Cheng, Y. P.., & Cheng, C. P. (2009). The quality of life in Taiwan. Social Indicators Research, 92(2), 377–404. doi:10.1007/s11205-008-9353-1

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CRISTINA MADORRANmadorran@unavarra.esProfessor at Universidad Pública de Navarra, Facultad de Ciencias Económicas y Empresariales – Navarra, Spain

TERESA GARCIAtegar@unavarra.esProfessor at Universidad Pública de Navarra, Facultad de Ciencias Económicas y Empresariales – Navarra, Spain

ARTICLESSubmitted 05.27.2014. Approved 10.30.2014Evaluated by double blind review process. Scientific Editor: Teresia Diana Lewe van Aduard de Macedo Soares

CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE SPANISH CASEResponsabilidade social corporativa e desempenho financeiro: O caso espanhol

Responsabilidad social corporativa y desempeño financeiro: El caso español

ABSTRACTThe enormous interest aroused by corporate social responsibility both in the academic and the busi-ness worlds forms the background for this study. Its objective is to analyze the relationship between corporate social responsibility and financial performance in view of the debate in the literature on the subject. The study focuses on a sample of Spanish companies taken from the IBEX 35 stock market index, using panel data methodology, which offers advantages in comparison to methodologies used in other studies. We analyzed the period from 2003 to 2010. Our findings suggest that there is no obvious relationship between corporate social responsibility and financial results, at least in the case of Spain.KEYWORDS | Corporate social responsibility, panel data, performance, Spanish firms, IBEX 35.

RESUMOO enorme interesse gerado pela responsabilidade social corporativa tanto no mundo acadêmico quanto no empresarial forma o pano de fundo para este estudo. Seu objetivo é analisar a relação entre a responsabilidade social corporativa e o desempenho financeiro em vista do debate existente na literatura sobre o tema. O estudo concentra-se em uma amostra de empresas espanholas tomadas do índice IBEX 35, da bolsa de valores de Madri, utilizando a metodologia de dados em painel, que oferece vantagens em comparação com metodologias utilizadas em outros estudos. Analisamos o período que abrange os anos de 2003 a 2010. Nossas conclusões sugerem que não há relação óbvia entre a responsabilidade social corporativa e os resultados financeiros, ao menos no caso da Espanha.PALAVRAS-CHAVE | Responsabilidade social corporativa, dados em painel, desempenho, empresas espanholas, IBEX 35.

RESUMENEl enorme interés que despierta la responsabilidad social corporativa tanto en el ámbito empresa-rial como académico da sentido a este trabajo. El objetivo del trabajo es analizar la relación entre la responsabilidad social corporativa y sus resultados financieros, ya que existe debate en la literatura académica sobre esta cuestión. La cuestión de análisis se aplica a una muestra de empresas españo-las que cotizan en el IBEX 35, utilizando una metodología de datos de panel que aporta novedades a otros análisis realizados. El período de análisis abarca desde 2003-2010. Los resultados sugieren que la relación entre responsabilidad social y resultados no es tan obvia, al menos para el caso español.PALABRAS CLAVE | Responsabilidad social corporativa, datos de panel, resultados, empresas españo-las, IBEX 35.

RAE-Revista de Administração de Empresas | FGV/EAESP

DOI: http://dx.doi.org/10.1590/S0034-759020160103

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INTRODUCTION

It is a well-known fact that businesses are currently incorporating corporate social responsibility (henceforth, CSR) criteria into their activities. The demands of a changing environment have led firms to pay ever greater attention to their influence over it, both in economic and social terms and those of the environment.

In this context, firms have also been seeking competitive advantages sustainable on a long-term basis in a turbulent, uncertain environment by incorporating CSR policies into their activities, while doing so as a key to value creation.

Furthermore, in the international context, policies and measures have been introduced that are aimed at encouraging the growth of CSR. At the same time, changes have occurred in society’s values which have included a growing interest in environmental and social consequences of business activities, as well as in the ethics and transparency of business activities, the latter as a consequence of the most recent global economic crisis with its financial scandals and revelations of abusive practices by some firms.

The academic literature has taken account of this phenomenon and, starting from the 1970s until today, numerous studies have sought arguments in favor of CSR. An aspect of the literature worthy of particular note is the controversy regarding whether the integration of CSR into a firm’s activities can improve its performance. The conclusions reached in this regard have been various. Some have found that CSR has a positive effect on profitability while others have found a negative relationship, and still others found no relationship (Margolis & Walsh, 2003; Orlitzky, Schmidt, & Rynes, 2003; Peloza, 2009; Waddock & Graves, 1997; Wu, 2006, among others). The differences found arise from different ways of measuring variables, errors in the models used and the study design, and a failure to deal with the problem of endogeneity.

This present study seeks to contribute to this debate by examining the abovementioned relationship in the case of a sample of Spanish firms quoted in the IBEX 35 Stock Exchange Index on a longitudinal basis between 2003 and 2010. The length of the period studied reflects the fact that the impact of CSR might take time to manifest itself.

The present study contributes to the literature on CSR in various ways. It does so in the first place by deepening our knowledge of how CSR practices may impact on firm financial performance. This is an issue that has received attention since as early as the 1970s (Bragdon & Marlin, 1972; Moskowitz, 1972), continuing until today. Attention has also been paid to it in Spain, with the works of Reverte (2009, 2011), Prado, Gallego, García, and Rodríguez (2009), García-Castro, Ariño, and Canela, (2010), and Martínez-Campillo, Cabeza-García, and Marbella-Sánchez (2012) being particularly noteworthy.

The second aspect of the contribution made by this paper lies in the methodology it employs. The methodology in question is panel data, which includes temporal heterogeneity, thus allowing macro-economic effects to be controlled for, as well as individual heterogeneity, which allows the individual characteristics of firms to be controlled for. This methodology also includes the dynamic performance of firms. In the reviewed literature of the effects of CSR on firm performance, cross-section data has mainly been used. The use of panel data methodology allows more consistent and robust results to be obtained as well as to correct for the problems of endogeneity inherent to the relationship between CSR and firm performance, a problem that has received much attention in the literature (García-Castro et al., 2010; Gómez-García, 2008).

The third contribution made by this study has to do with the fact that it focuses on a sample of Spanish firms while the majority of existing studies look into British and American ones. The problems and particularities of the two groups are quite different.

The following section presents the theoretical basis for the study and the hypotheses to be tested, the third describes the database, the fourth discusses the methodology and results, and the fifth summarizes the main conclusions.

THEORICAL FRAMEWORK

The most widely accepted theoretical framework treating the existence and nature of the relationship between CSR and firm performance is to be found in the work of Preston and O’Bannon (1997). They establish six possible relationships between the two variables. This theoretical framework is the one used in the present study; its hypotheses are formed based on the six proposed relationships. The authors firstly present the hypothesis of social impact (higher or lower levels of CSR lead to higher or lower levels of corporate performance). Stakeholder theory supports this positive association (Freeman, 1984) because CSR allows various stakeholders to be satisfied, which in turn leads to an improvement in the external reputation of the firm, and, thus, in its performance. Conducting CSR practices is also seen as occurring in the context of a differentiation strategy on the part of the firm, leading to a positive effect on value creation for the firm and benefits for its clients, and, in due course, to an improvement in its own performance (Baron, 2008; Maignan & Ralston, 2002). Investment in CSR may also produce greater client loyalty, new market opportunities, and the development of new capacities, etc., which may also result in improvements to firm performance (Peloza, 2009).

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Carroll and Shabana (2010) explain how CSR activities can have a positive influence on profits based on arguments put forward by Kurucz, Colbert, and Wheeler (2008). These arguments relate specifically to the reduction of costs and risks that comes with the adoption of CSR activities, as they reduce the threat of environmental regulation, avoid negative reactions from society, and bring about tax advantages.

Other arguments refer to competitive advantages through differentiation, the development of the firm’s reputation and legitimacy in the eyes of shareholders, and, finally, the adoption of a win-win perspective in the sense that adopting CSR practices satisfies the demands of stakeholders while at the same time allowing the firm to develop its activities and achieve its objectives.

In the context of this hypothesis, CSR can be treated as an independent variable that explains the firm’s results, the sign of this relationship being positive. A significant number of studies support the existence of such a relationship, in chronological order: Moskowitz (1972, 1975), Bragdon and Marlin (1972), Cochram and Wood (1984), McGuire, Sundgren, and Schneeweis. (1988), McGuire, Schneeweis, and Branch (1990), Waddock and Graves (1997), Simpson and Kohers (2002). In the case of Spain, Fernández-Rodríguez, Gómez-Ansón, and Cuervo-García (2004), Fernández and Luna (2007), Prado et al. (2008), and Charlo and Moya (2010) also point in this direction. These results are also supported by recent meta-analyses which support the idea that adopting CSR practices and responding to shareholders expectations can produce a completive advantage and an improvement in the firm’s results (Allouche & Laroche, 2005; Margolis et al., 2003; Margolis, Elfenbein, & Walsh, 2007; Orlitzky et al., 2003; Peloza, 2009; Wu, 2006).

The second of Preston and O’Bannon’s (1997) hypotheses which we make use of in this study is positive synergy. This hypothesis suggests that a virtuous circle exists relating the variables involved: more CSR leads to better results, which in turn lead to better management and communication of CSR. The meta-analyses cited in the previous paragraph support this hypothesis.

In light of the foregoing, the following hypothesis is proposed:

H1: There is a positive relationship between the practice of CSR and firm performance.

Thirdly, the negative synergy hypothesis holds that there is a negative, interactive relationship between CSR and firm performance. More CSR leads to worse firm performance, which may in turn lead to managers feeling encouraged to put more efforts into CSR. Investment in CSR produces costs that are a source of competitive disadvantage to the firm in comparison with other firms that do not have to spend in the same way (Waddock & Graves, 1997). Another determining factor here is the opportunity costs arising from missing opportunities to spend the same money on more profitable activities.

There are fewer studies supporting this hypothesis; among the most noteworthy are the studies of Vance (1975), Aupperle, Carroll, and Hatfield (1985), and Patten (2002). In the case of Spain, López, García, and Rodríguez (2007) found a negative but not significant relationship between the two variables. In light of the foregoing, the second hypothesis is proposed:

H₂: There is a negative relationship between the practice of CSR and firm performance.

We finally add the hypothesis of moderating variables proposed by Gómez-García (2008). It holds that there is no clear and significant relationship between CSR and firm performance, and maintains that other variables such as R&D, firm size, and industry sector might moderate this link and account for the fact that some studies have found no conclusive relationships between them. On this basis and that of results obtained previously (Angla-Jiménez & Setó-Pamiés, 2009; Aupperle et al., 1985; Bajo & Durán, 2009; Callado & Utrero, 2008; Charlo & Moya, 2010; Fernández et al., 2009; García-Caåstro et al., 2010; Gil, Giner, & Gríful, 2009; McWilliams & Siegel 1997, 2000, 2001; Waddock & Graves, 1997), the following, final, hypothesis is proposed.

H₃: The practice of CSR has no influence on firm results.

Materials

Sample

The sample comprises firms in the IBEX 35 stock market index in 2010, excluding financial sector firms, due to their accounting and financial peculiarities. All the firms included were large and relevant in their sectors and so have enough resources and motivation to engage in CSR practices.

For these firms, panel data covering the years 2003-2010 were produced. The necessary economic and financial data were taken from the SABI database (Sistema de Análisis de Balances Ibéricos, Bureau Van Dijk, Electronic Publishing) and the information referring to CSR from the Observatorio de Responsabilidad Corporativa. With the financial sector firms excluded, the sample consisted of 208 observations.

Variables

Firm performanceMany different ways of measuring firm performance have been employed in the literature on CSR. There are various meta-analyses which have magnificently analyzed this question, as well

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as measures used to determine it, and among those of particular note are the studies of Margolis and Walsh (2003), Orlitzky et al. (2003), Wu (2006), and finally – and most recently – that of Peloza (2009). These studies make it clear that, sometimes, the main measures of results used are based on accounting and financial data and, sometimes, on other market measures. Furthermore, they show that the measures used referred to both long and short term effects.

Some studies have used partial financial performance measures such as an increase in sales and productivity (Prado et al., 2008) and profits before and after tax (López et al., 2007; McWilliams & Siegel, 2000). More use has been made of indicators of financial or economic profitability (Angla-Jiménez & Setó-Pamiés, 2009; Bajo & Durán, 2009; Berman, Wicks, Kotha, & Jones, 1999; Charlo & Moya, 2010; Gil et al., 2009; Godos-Díaz, Fernández-Gago, & Cabeza-García, 2012; Griffin & Mahon, 1997; López et al., 2007; Martínez-Campillo et al., 2012; Reverte, 2009, 2011; Waddock & Graves, 1997) and the market value of shares (Black, Carnes, & Richardson, 2000; Callado & Utrero, 2008; Fernández et al., 2009; McGuire et al., 1988; Nieto, Fernández, & Cabeza, 2012; Prado et al., 2008; Roberts & Dowling, 2002).

In this study, we have chosen the financial option and used ROA (return on assets) and ROE (return on equity), given its possible influence on the future development of CSR activities, according to information provided by the database used. We have also chosen these measures of performance in financial terms so as to confirm our results with those obtained in previous findings.

Corporate social responsibilityThe CSR indicators used come from the Observatorio de Responsabilidad Corporativa and have been previously used in studies of Spanish firms (Nieto et al., 2012; Reverte, 2009, 2011). This body was created in 2003 by various organizations that had previously worked separately on the study and encouragement of CSR. They include nonprofits, trade unions, charities, and consumer organizations. Since 2003, the observatory has published an annual report titled La responsabilidad social corporativa en las memorias anuales de las empresas del IBEX 35 [CSR in the Annual Reports of IBEX 35 Firms] with the purpose of evaluating the quality of the information related to CSR provided in the general documentation and annual reports of IBEX 35 firms. With this aim in mind, the report measures both the level of technical quality and coherence as well as the contents and management systems described. It also seeks to measure the degree to which annual reports of CSR are in fact useful tools that provide information for the internal control and management of

the firms themselves. Efforts are also made to determine what actual use the firms make of their CSR reports, whether they are purely informative in nature or a fundamental accountability and management tool.

The tools used in the report, which are used for calculating the CSR indicators, are from the Global Reporting Initiative (GRI) and include the GRI Profile and Index, GRI Indicators, and GRI Principles. The second tool is corporate governance, using the Código Aldama’s good governance requisites, additional recommendations from the Comisión Nacional del Mercado de Valores (CNMV) [Stock Market Regulatory Body], Sarbanes-Oxley Act requirements for U.S.-listed companies, and the Código Unificado de Buen Gobierno de la CNMV (Código Conthe). A third tool is the NNUU norms on human rights for transnational companies. Finally, the report also uses AA1000 (Accountability), including AA1000 Requirements, AA1000 Principles, and the model of the New Economics Foundation (NEF).

With these four instruments, an index was constructed with a range from 0 to 4 for the degree of compliance with the abovementioned recommendations.

SizeThis variable was used as a control variable in the model employed. Various measures have been used for this variable in the literature, such as asset value, sales, number of employees, etc. In this study, we have used asset value measured in millions of euros (Godos-Díaz et al., 2012; López et al., 2007; McWilliams & Siegel, 1997, 2000; Nieto et al., 2012; Reverte, 2009; Waddock & Graves, 1997). Size has usually been positively associated with CSR practices due to the greater exposure of large firms to the public opinion, the socio-economic impact on the environment in which they carry out their activities, and the fact that large firms can pay greater attention to the interests of stakeholders and respond to their demands.

Business sectorThis factor has been used because the differences arising from the characteristics of different sectors have to be controlled for (Godos-Díaz et al., 2012; López et al., 2007; McWilliams & Siegel, 1997, 2000; Nieto et al., 2012; Reverte, 2009; Waddock & Graves, 1997). The sectors concerned were grouped into five blocks according to the classification under which they are listed on the Spanish stock exchange. The blocks were: energy, transport, industry, construction, and, finally, services.

Dummy variables with value 1 were used when the firm belonged to this last sector and 0 when it belonged to the rest of the sectors.

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METHOD AND RESULTS

Panel data was used to test the hypotheses. This methodology allows dynamic aspects of the performance variable to be taken into account, i.e., both temporal heterogeneity, which allows macroeconomic effects to be controlled for, and unobservable individual heterogeneity, which allows hard-to-measure firm-level features that can impact firm value to be controlled for. This technique provides more complete information about the hypothesis to be tested as it allows the mentioned aspects to be taken into account. The results so obtained are thus more robust than those obtained in the literature so far, in which mainly cross-section data have been used.

The model proposed to test the hypotheses is the following:Performanceit = β1Performanceit-1 + β2 CSRit-1 + β3 SZit + β4

Sectorit +β5YR + ηi + νit

Performanceit captures the performance measures considered in the study of firm i in year t (ROE and ROA are used alternately). In order to include dynamic performance indicators, the model introduces one-period lagged performance, where parameter β1 measures the level of performance persistence.

CSRit-1 is the CSR indicator of the firm i in year t-1. A lag has been introduced into this variable because the view was taken that the CSR efforts made by firms would not have an immediate effect and that the effects will be felt later.

The value of assets (log) is the proxy for firm size (SZ). Finally, Sector is the variable that indicates the activity sector of the firm. Both are control variables.

The choice of appropriate methodology to achieve the objectives is vital to the robustness of the results. This study employs panel data methodology for a number of different reasons. Firstly, the method incorporates the dynamic features

of the variable under analysis. In addition, the model controls the time effect through the Year variable, the individual heterogeneity by introducing the unobserved individual effect, ηi, and, finally, the random disturbance, vit.

The estimation of the dynamic model uses a two-step generalized method of moments (GMM, Hansen, 1982) that provides a consistent and efficient estimator (Arellano & Bond, 1991) to address potential endogeneity in the model. The instruments are the lags of the dependent variable from t-2 and the lags of the independent variables from t-1.

Hansen’s statistic tests instrument validity. Hansen’s over-identification test follows a chi-square distribution with degrees of freedom equal to the number of over-identifying restrictions. In order to eliminate individual effects, and given that ηi may be correlated with the remaining variables, the analysis applies the first differences of the variables. The model estimation uses the error correction procedure proposed by Windmeijer (2005) for small samples. The tests m1 and m2 – serial correlation tests for order 1 and 2, respectively – have been calculated using residuals in the first differences. The tests are asymptotically distributed as N (0, 1) under the null hypothesis of no serial correlation, and the m2 statistic is calculated following Arellano and Bond (1991). In addition, the estimation offers two Wald’s statistics: z1, for the joint significance of the model coefficients; and z2, for joint significance of the time dummies. Both statistics are asymptotically distributed as a chi square under the null hypothesis of no joint significance. All estimations were performed using STATA/SE 10.

Firstly and prior to presenting the results of the analysis carried out, Table 1 presents the main descriptive statistics (mean, standard deviation, maximum and minimum value) of the variables used in the study, while Table 2 shows the bivariate correlations between them.

Table 1. Descriptive statistics

Variables N Mean Std.Dev %a Max Min

ROA (%) 208 7.68 9.78 83.16 -9.41

ROE (%) 208 17.88 23.54 110.26 -159.64

CSR 208 1.13 0.62 2.17 0

Size 208 9.387,326 1.63e+07 9.31e+07 264.142

Enersector 23.06

Indusector 42.31

Consusector 11.54

Servsector 11.54

Tecnolsector 11.54

Note. %a of firms belonging to each sector.

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As Table 1 shows, there is a high level of heterogeneity among the firms in the sample, as the ranges of profitability and size indicate. Basic Materials sector stands out as the top sector followed by Industry and Construction. There is also a high level of variability in the CSR indicator used to measure the objective of this study in the companies that make up the sample, so this value remained low over the analyzed period.

Table 2 shows the correlations between the explanatory variables. Although some of them show a significant correlation, factor analysis of variance inflation (VIF) indicated no evidence of collinearity since in any case the VIF values were over 10.

Table 2. Matrix of correlations

Variables 1 2 3 4 5 6 7

1 CSR 1.00

2 Size 0.45** 1.00

3 Enersec 0.42* 0.27* 1.00

4 Indusec -0.46* -0.30* -0.47* 1.00

5 Consusec -0.12 -0.12* -0.2* -0.31* 1.00

6 Servsec 0.10 -0.10 -0.2* -0.31* -0.13 1.00

7 Tecnsec 0.17* 0.4* -0.2* -0.31* -0.13 -0.13 1.00

Note. **p < 0,01;*p 0,05.

Tables 3 and 4 show the result of the GMM estimation used to test the hypotheses, with the size of the firms and their sectors controlled for. Performance is the dependent variable, and the explanatory variables are CSR lagged by period, firm size, and the activity sector to which it belongs. A lag was also included in the dependent variable.

Model 1 shows firm performance measured with ROA and Model 2 measured with ROE.

Table 3. GMM results

Model 1Dependent variable ROA

Independent variables β p-value

ROA (t-1) 0.42 (0.01)

CSR (t-1) 1.02 (0.58)

Size -0.94 (0.52)

Indusec -2.31 (3.72)

Consusec 3.52 (0.28)

Servsec -1.89 (3.81)

m1 -2.19 (0.03)

m2 0.94 (0.35)

Hansen test 5.41 (1.00)

The results of Model 1 in Table 3 show a positive but not significant relationship between ROA and the carrying out of CSR activities. These results are in line with those produced by McWilliams and Siegel (1997, 2000, 2001) and those by Gil et al. (2009), Bajo and Durán (2009), and García-Castro et al. (2010) in the case of Spain.

Table 4. GMM results

Model 2Dependent variable ROE

Independent variables β p-value

ROE (t-1) 0.54 (0.004)

CSR (t-1) -10.18 (0.4)

Size 0.13 (0.96)

Indusec -7.12 (0.56)

Consusec 7.42 (0.58)

Servsec -8.23 (0.69)

Tecnsec 13.87 (0.86)

m1 -2.30 (0.02)

m2 1.05 (0.29)

Hansen test 6.43 (1.00)

Model 2 shows a negative but not significant relationship between financial ROE and the CSR indicator, and this result coincides with those of Aupperle et al. (1985), McWilliams and Siegel, (1997, 2000, 2001), Angla-Jiménez and Setó-Pamiés (2009, 2011), Gil et al. (2009), Bajo and Durán (2009), and García-Castro et al. (2010) in the case of Spain.

Both models show the significance of the lag for the dependent variable, which shows the persistence of performance over time. The Size variable did not prove significant, but keeps its place as it has been broadly used in the literature as a control variable. The variables representing activity sectors are not significant in any model.

These results confirm the existence of a neutral relationship between the measures of firm performance and the CSR indicator used in this study. Thus Hypotheses 1 and 2 are rejected while Hypothesis 3 is accepted.

CONCLUSIONS

This study examined the question of the relationship between CSR and financial performance, and examined hypotheses designed to determine if such a relationship is positive, negative, or neutral.

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To this end, panel data was used from a sample of IBEX 35 firms over the period from 2003 to 2010.

This paper, therefore, contributes to the current debate on this relationship. Previous studies in this area have relied on cross-section methodology, and the use of panel data deals with a number of its deficiencies, the existence of which can be seen in the literature. The results obtained show the existence of a neutral relationship between CSR and financial performance, since in the models used the relationship between the two of them did not prove to be significant.

A comparison between the results found here and those produced by older studies gives rise to some reflections. Firstly, if firm performance is measured by ROA, then the results coincide with those of McWilliams and Siegel (1997, 2000, 2001), as well as those of Bajo and Durán (2009), Gil et al. (2009), and García-Castro et al. (2010). It has been shown that including variables that cover R&D and advertising intensity (McWilliams & Siegel, 2000) has an effect on firm results and would therefore affect the results of the model. García-Castro et al. (2010) maintain the importance of including in this type of model some measure of management quality, as this is a factor that is probably related to the carrying out of CSR practices and, thus, with the values these indicators might reach. When using ROE as a measure of performance, we can add the studies of Aupperle et al. (1985), Bajo and Durán (2009), Gil et al. (2009), and Angla-Jiménez and Setó-Pamiés (2009) in the case of Spain, to corroborate the results found here.

These results show in all cases a neutral relationship between CSR and financial performance, so they are in line with the international results discussed in the previous section. CSR does not mean worse economic outcomes for Spanish companies

We can add reports on the state of CSR in Spain that reveal that Spanish companies recognize the value generated by CSR. According to the latest study by Forética (2011), we can say that most Spanish companies (94% of large companies and 80% of small and medium) believe that an active CSR policy provides competitive advantages, particularly related to improvements in management (climate, competitiveness, productivity), brand, and visibility (reputation, loyalty).

Occupational hazard prevention, environmental management plans, conciliation, and gender equality are Spain’ most integrated management areas.

Seventy eight percent of Spanish firms consider that CSR contributes to reduce costs (human factor productivity, higher levels of motivation and satisfaction, efficient use of resources, and supply chain optimization) and 76% consider that it can improve income (margin increase, image enhancement, increased turnover due to customer loyalty and new markets).

Finally, with regard to the formalization of CSR policies, 5% of Spanish companies have a formal CSR policy in writing, and 11% are in the process of formalizing their policies.

Other possible causes of the neutral relationship between financial performance and CSR are measurement problems, which are particularly significant for the CSR variable and could hide the real relationship between it and any other variable. As indicated by Griffin and Mahon (1997), there is still no ideal empirical measurement for the CSR construct, something which may significantly affect the results found here. Furthermore, besides the variables indicated previously, there are many others involved in the relationship, so there is no necessary reason for such a relationship to exist, except perhaps occasionally (Ullman, 1985). None of this means that firms should not make efforts to develop CSR practices, since doing so will have an effect on the creation of value. CSR is seen as a way of promoting changes in consumer preferences, introducing new differentiation variables and, finally, improving the firm’s working climate, trust, legitimacy, and support. Good CSR management offers an opportunity to contribute greater value to the firm as it is a suitable instrument for creating and accumulating intangible assets such as reputation, brand, and human capital, which are things the market is beginning to value.

This is a pioneering study in that it uses panel data methodology and controls for both individual and temporal homogeneity. However, it suffers from a number of limitations which should be addressed in future research. Other CSR indicators could be used, such as the MERCO. It would be impossible to use KLD – a very widely used indicator in studies of British, American, and European companies – as few firms in the sample are included in it. Secondly, other variables could be used in the study that would take account of R&D, given its possible influence on results.

Finally, there is the question of the size of the sample, as it is formed from IBEX 35 companies only and excludes firms from the financial sector because of the possible distortions they might cause. An attempt was made to minimize the impact of this factor by using Windmeijer’s (2005) correction for small samples. Nevertheless, the sample’s size continues to represent a limitation to this study.

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CRISTINA CALVO-PORRALccalvo@udc.esProfessor at Universidade da Coruña, Facultad de Economía y Empresa – Coruña, Spain

VALENTÍN-ALEJANDRO MARTÍNEZ-FERNÁNDEZvalejand@udc.esProfessor at Universidade da Coruña, Facultad de Economía y Empresa – Coruña, Spain

OSCAR JUANATEY-BOGAoscarjb@udc.esProfessor at Universidade da Coruña, Facultad de Economía y Empresa – Coruña, Spain

ARTICLESSubmitted 07.15.2014. Approved 03.26.2015Evaluated by double blind review process. Scientific Editor: Felipe Zambaldi

INFLUENCE OF MANUFACTURER SIGNATURE ON STORE BRANDS’ LOYALTY AND PURCHASE INTENTIONInfluência da assinatura do fabricante na lealdade e intenção de compra de marcas próprias de varejista

Influencia de la firma del fabricante sobre la lealtad a las marcas blancas y la intención de compra

ABSTRACTWith today’s trend toward higher store concentration, building strong store brands has become a priority for many retailing companies. This study aims to analyze the differences in store brands’ purchasing likelihood between store brands with a manufacturer identification – a manufacturer sig-nature – and store brands with no information about the manufacturer, as well as the moderating role of the manufacturer signature on store brands’ purchase intention. We carried out multiple group analysis through structural equation modeling. Our findings suggest that store brand image has the most significant influence on loyalty and purchase intention for both types of store brands. Moreover, and contrary to our expectations, we did not find empirical support for the moderating role of manu-facturer signature on store brands’ purchasing likelihood.KEYWORDS | Store brand, purchase intention, loyalty, manufacturer, retailer.

RESUMOCom a atual tendência a uma maior concentração das lojas, a construção de marcas próprias de varejista tornou-se uma prioridade para muitas empresas de varejo. O presente estudo destina-se a analisar as diferenças de propensão à compra de marcas próprias entre marcas próprias com identificação de fabricante – assinatura do fabricante – e marcas próprias sem informações sobre o fabricante, bem como o papel moderador da assinatura do fabricante na intenção de compra de marcas próprias.  Realizamos análises multigrupo através da modelagem de equações estruturais. Nossos achados sugerem que a imagem da marca própria exerce a influência mais significativa sobre a lealdade e a intenção de compra para ambos os tipos de marcas próprias. Ademais, e contraria-mente a nossas expectativas, não encontramos apoio empírico para o efeito moderador do papel da assinatura do fabricante na propensão à compra de marcas próprias de varejistas.PALAVRAS-CHAVE | Marca própria de varejista, intenção de compra, lealdade, fabricante, varejista.

RESUMENDebido a la tendencia actual hacia la mayor concentración en la distribución, la construcción de marcas fuertes del distribuidor se ha convertido en una prioridad para muchas empresas de dis-tribución. Este estudio trata de analizar las diferencias en la predisposición a comprar marcas del distribuidor, entre aquellas con identificación del fabricante –firma del fabricante– y aquellas otras que no ofrecen información sobre el fabricante del producto; así como analizar el papel moderador de la firma del fabricante en su intención de compra. Se llevó a cabo un análisis multigrupo mediante un modelo de ecuaciones estructurales. Nuestros resultados sugieren que la imagen ejerce la mayor influencia sobre la lealtad y la intención de compra de ambos tipos de marca del distribuidor. Además, y contrariamente a nuestras suposiciones, no hallamos suficiente evidencia empírica para confirmar el papel moderador de la firma del fabricante en la predisposición a comprar marcas del distribuidor.PALABRAS CLAVE | Marca del distribuidor, intención de compra, lealtad, fabricante, distribuidor.

RAE-Revista de Administração de Empresas | FGV/EAESP

DOI: http://dx.doi.org/10.1590/S0034-759020160104

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INTRODUCTION

With today’s trend toward retailing internationalization, higher store concentration, global recession, and changing consumer habits, building strong retailer brands has become a marketing priority for many retailing companies (Ailawadi & Keller, 2004; Anselmsson, Johansson, & Persson, 2007). Industry reports confirm that the market share of store brands have risen around the world in the last decades, reaching significant levels across Europe and North America (Kumar & Steenkamp, 2007; Manzur, Olavarrieta, Hidalgo, Farías, & Uribe, 2011). Store brands, termed also private brands, retailer brands, wholesale brands, and distributor’s brands, are brands developed and managed by retailers (Ailawadi & Keller, 2004; Bao, Bao & Sheng, 2011) which have been increasingly attracting the interest of managers and marketing scholars, in parallel with their increasing market share (Karry & Zaccour, 2006). There are many incentives for retailers to create and manage store brands, such as increasing customer loyalty, retailer performance, profit margins, and a high value offering in the marketplace (Corstjens & Lal, 2000; Diallo, 2012; Sudhir & Talukdar, 2004).

Although store brands seem to offer a better price-quality relationship than manufacturer brands, they are targeting and meeting a specific consumer demand with a particular offer, pricing, and packaging (Ailawadi & Keller, 2004). Although previous literature has stressed that store brands’ competitiveness comes mainly from lower prices and less promotional expenses (Bao, Bao, & Sheng, 2011), many authors now note that store brands offer quality levels similar to manufacturer brands (Grewal & Levy, 2009).

The present study aims to provide a more in-depth understanding of the variables influencing store brands’ loyalty and purchase intention, as well as an assessment of the influence of manufacturer signature – that is, an identification of the manufacturer on the package – on purchase intention. More specifically, the main contribution we expect to make with this study is threefold. First, the aim of the study is to investigate the influence of manufacturer signature on consumers’ store brand loyalty and purchase intention. For this purpose, we will evaluate the impact of manufacturer identification on store brands’ packages – the so-called manufacturer signature – since previous research has demonstrated the major importance of perceived risk on store brands purchase behavior (Diallo, 2012; Liljander, Polsa, & Riel, 2009), although little is known about the influence of manufacturer identification. Second, we attempt to examine the influence of store image, store brands’ perceived quality, and store brands’ image on consumers’ behavioral intentions. Finally, we analyze the mediating influence of store brand loyalty on the relationships considered in our proposed conceptual model. Our study provides some interesting insights for retail managers, since shedding light on consumer behavior

towards store-branded products allows a better understanding of the retailing market. This paper is structured as follows. In the first section we develop a conceptual framework based on the intangible attributes of store brands. This is followed by a description of both the methodology adopted and the fieldwork. Subsequently, results are presented and discussed. Finally, major conclusions and some managerial implications are provided.

CONCEPTUAL FRAMEWORK

Store brands’ positioning and manufacturer signature

Price plays an essential role in the configuration of store brands’ proposition (Richardson, Jain, & Dick, 1996), since store brands are characterized by a low-price positioning that comes from consumers’ perceiving store brands as a convenient price option compared to manufacturer brands (Ailawadi, Pauwels, & Steenkamp, 2008). Store brands’ initial positioning was based on offering consumers a competitive price as an alternative to manufacturer brands, helping retailers to compete in the price-sensitive segment (Corstjens & Lal, 2000). Purchasers of store brands are generally value-conscious (Bao et al., 2011) and tend to seek low prices for a certain quality, i.e., they do not purchase store brands because they are cheap, but rather because such brands are good value for money (Hoch & Banerji, 1993). However, recently, store brands have been developed with a stronger orientation towards quality, offering a value proposition similar to manufacturer brands (Hoch & Banerji, 1993).

In addition, different types of store brands are available in the marketplace: some retailers do not delete the manufacturer information from the product package, which allows manufacturer recognition; while other retailers do not provide information about the manufacturer of their store brand products. More specifically, the term manufacturer signature (Inman, Shankar, & Ferraro, 2004) refers, in the present study, to the manufacturer identification on the package of a store brand product. Therefore, store brands may or may not identify a particular product manufacturer (Huang & Huddleston, 2009). Following Choi and Huddleston (2013), consumers hold a favorable, strong quality perception toward store brands when the manufacturer’s name is present. As prior research suggests, both store image and product signature induce positive evaluations on consumers (Bao et al., 2011). Additionally, according to Semeijn, Riel, and Ambrosini (2004), store image acts as a risk reliever and positively influences consumers’ evaluations of store-branded products. Consequently, the presence of a manufacturer signature or identification on a store brand product creates a strong

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association or link between the product manufacturer and the store brand, reducing purchase risk (Bao et al., 2011). Moreover, the store brand with a manufacturer signature sends a strong signal to consumers about the product quality and image, perceptually carrying a lower purchase risk (Bao et al., 2011; Batra & Sinha, 2000) compared with store brands with no manufacturer signature.

That is, the manufacturer’s name and reputation are directly linked to the store brand product. Consequently, the present study proposes that consumers would have more favorable perceptions and a stronger purchase intention towards those store brands with a manufacturer identification, considering that consumers will prefer the guarantee of a familiar manufacturer, rather than the risks linked with purchasing an unknown manufacturer product (Baltas, 1997). In this vein, our study maintains that a cue the retailer could employ to influence store brands’ purchase intention is manufacturer signature.

Research questions and hypotheses

The present study aims to analyze how store brands’ loyalty and purchase intention are formed. To this end, we compare store brands with a manufacturer signature – that is, with a manufacturer identification on the package – and store brands lacking that information. More specifically, we pose one major research question: “What are the influences of store and brand image on customer loyalty and purchase intention in the case of store brands with a manufacturer signature, and in the case of store brands without a manufacturer signature?”.

The mediating role of store brand loyalty

One of the goals of the this study is to examine the mediating role of store brand loyalty and its influence on purchase intention. According to previous research, store brand loyalty is influenced both by a store brand’s favorable image (Steenkamp & Dekimpe, 1997) and by a store brand’s perceived quality (Choi & Huddleston, 2013). However, not only does empirical evidence exists of the relationship between store brand image, perceived quality, loyalty, and purchase intentions (Huang & Huddleston, 2009), but also it has been demonstrated that store brand loyalty mediates the relationship between image, perceived quality, and the purchase intention (Huang & Huddleston, 2009).

Store image

In the present study, the authors consider that store image is expressed in terms of a store’s attributes as assessed by consumers (Devlin, Birtwistle, & Macedo, 2003). Moreover, following Beristain

and Zorrilla (2011), we assume two key dimensions of store image, namely store commercial image and store social image.

Store commercial image

Store image refers to the consumer’s global impression of a retail store (Zimmer & Golden, 1988), and it is one of the main sources of store value (Hartman & Spiro, 2005). Ailawadi and Keller (2004) define store image as the retailer’s image in the mind of the consumer. According to Diallo (2012), store image develops based on consumers’ perceptions learned over time. In this vein, retailer image is a key source of store value, and distributing a brand through an outlet with a good image will create a more favorable image than distributing it through an outlet with a bad image (Zeithaml, 1988). Previous research has demonstrated that store image perceptions positively influence store brand purchase intention (Liljander et al., 2009). In addition, previous studies have demonstrated that store associations and evaluations can be generalized to store brands (Beristain & Zorrilla, 2011; Collins-Dodd & Lindley, 2003; Vahie & Paswan, 2006).

On the other hand, store commercial image has generally been conceptualized as the way in which the store is defined in the consumer’s mind by functional attributes such as the quality of products offered, product assortment, services provided to customers, physical facilities and layout, internal environment, and good value-for-money relationship (Anselmsson et al., 2007; Chowdhury, Reardon, & Srivastava, 1998). Therefore, we propose the following hypothesis:

H1: Store commercial image has a positive influence on store brand image.

Previous research has found that store image can have significant positive effects on perceived quality (Dodds, Monroe, & Grewall, 1991), and that retailer commercial image allows consumers to infer the quality of the merchandise (Bao et al., 2011). As a result, consumers perceive a store brand owned by a store with a good image to carry higher quality than a brand from a store with a poor image (Bao et al., 2011); and a favorable store image will have a positive impact on consumers’ behavior towards the brand (Yu & Ramanathan, 2012). Moreover, previous research shows that store image can be determining to product quality (Smeijn et al., 2004). Therefore, because store image perceptions provide a relevant cue for store brands, we should assume that store image provides a basis for overall store brand perceived quality. This means that the quality of a given brand is perceived differently depending on which retailer offers it. Thus, we propose the following hypothesis:

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H2: Store commercial image has a positive influence on store brand perceived quality.

Previous research has also demonstrated that store image perceptions can positively influence store brand purchase intention (Diallo, 2012; Liljander et al., 2009; Vahie & Paswan 2006). Thus, we propose the following research hypothesis:

H3: Store commercial image has a positive influence on store brand purchase intention.

Store social image

Store social image is conceptualized as the store’s attributes as perceived and assessed by consumers (Devlin et al., 2003). According to Turban and Greenging (1996) and Brown and Dacing (1997), consumers perceive a company by evaluating aspects such as the company’s behavior and commitment to society (Higgins & Bannister, 1992). In this vein, Keller and Aaker (1992) highlighted the key role of innovation capacity, which influenced both the perceived quality and purchase intention of brands identified with the store’s name. Finally, Beristain and Zorrilla (2011) posited that consumers who perceive a store as a competent firm, with know-how and experience, may also perceive it as developing high-quality own brands.

Accordingly, when consumers choose a store brand, they are influenced partly by the retailer’s social reputation and image (Choi & Huddleston, 2013). More specifically, stores can be perceived as companies, whereby store image can be linked to aspects such social interest and commitment, and global corporate strategy (Beristain & Zorrilla, 2011). In the present study, we assume the social image of a store to derive from its social behavior and corporate background (Schmidt, 1995). Consequently, a store’s social image has a positive influence on both the image and the purchase intention of its store brand (Anselmsson et al., 2007; Beristain & Zorrilla, 2011). The following hypotheses are thus proposed:

H4: Store social image has a positive influence on store brand image.

H5: Store social image has a positive influence on store brand perceived quality.

H6: Store social image has a positive influence on store brand purchase intention.

Store brand image

Store brand associations or image

Aaker (1991) defines brand associations – or image – as the information in the consumer’s mind linked to the brand that creates favorable attitudes towards the brand. According to Yoo, Donthu, and Lee (2000), brand associations consist of multiple images, ideas, instances, or facts that establish a solid network of brand knowledge, resulting in a higher purchase intention. Following Beristain and Zorrilla (2011), store brand associations are related to a certain type of consumer, as purchasing products or brands with a good value-for-money relationship lead to a smart buyer impression, and store brands offer a better price-quality relationship than manufacturer brands, thus leading to store brand loyalty and purchase intention (Martos-Partal & González-Benito, 2011). Therefore, the following research hypotheses are proposed:

H7: Store brand image has a positive influence on store brand loyalty.

H8: Store brand image has a positive influence on store brand purchase intention.

Store brand perceived quality

According to Zeithaml (1988), perceived quality is conceptualized as consumers’ global judgment of a brand or product overall excellence or superiority. Perceived quality is also related to consumers’ subjective perception of a product or brand attributes, and it constitutes a core brand value, as it is related with brand purchase and brand choice (Aaker, 1991). Following Bao et al. (2011), perceived quality is an intangible attribute specific to a product category or a brand name in the marketplace.

Pappu, Quester, and Cooksey (2005) demonstrated that the higher the quality consumers perceive in a brand, the more likely they are to be loyal to it. Furthermore, the outcome of consumer’s associations and perceived quality can result in loyalty to a specific store brand (Choi & Huddleston, 2013). Consequently, we hypothesize the following:

H9: Store brand perceived quality has a positive influence on store brand loyalty.

Quality is one of the main determinants of brand purchase, and, additionally, quality perception is positively related with store brand purchase intention (Grewal, Krishnan, Baker, & Borin, 1998; Richardson et al., 1996). Perceived quality is so important that it can be dominant in determining consumers’ intention to purchase store brands (Jin & Suh, 2005; Bao et al., 2011). Therefore, the present research anticipates that store brand perceived quality will influence purchase intention:

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H10: Store brand perceived quality has a positive influence on store brand purchase intention.

Store brand loyalty and purchase intention

According to Jacoby (1971), loyalty should be studied as a behavior, with emphasis on the fact that loyalty also has an attitudinal component, present in the loyalty process. Moreover, Dick and Basu (1994) define loyalty as the relationship between the relative attitude toward a brand, product, or service and a patronage behavior. For this reason, the present study evaluates both attitudinal and behavioral components of loyalty. Later, Oliver (1999) defines brand loyalty as a deeply held commitment to rebuy or repatronize a preferred product or service consistently in the future, despite situational influences, showing a strong influence on purchase intention. According to Aaker (1991) brand loyalty reflects how likely a customer is to switch to another brand, especially when that brand undergoes a change, either in price or features. Myers (2003) remarked a positive significant relationship between the dimensions of store brand loyalty, brand preference, and purchase intention. Following Diallo (2012), the purchase intention could be conceptualized as the consumer’s tendency to purchase a brand routinely and resist switching to other competing brands. In the present study, we refer to the purchase intention in order to operationalize the consumer purchase behavior toward store brands. Thus, this set of considerations leads us to propose this research hypothesis:

H11: Store brand loyalty has a positive influence on purchase intention.

Following these theoretical considerations, we propose a model of formation of store brand loyalty and purchase intention as shown in Figure 1.

Figure 1. Proposed Conceptual Model 1

StoreCommercial

Image

StoreSocialImage

SBImage

SBLoyalty

PurchaseIntention

SB PerceivedQuality

H1 (+)

H3 (+)

H8 (+)

H7 (+)

H9 (+)

H10 (+)

H6 (+)

H5 (+)

H4 (+)H2 (+)

H11

METHOD

Data collection

To test the hypotheses, information was collected through a structured online questionnaire, and fieldwork was conducted in March 2012. The sample was chosen randomly from a set of databases of higher education students, public sector employees, and

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employees at small and medium size companies, all of whom were consumers residing in Spain. More specifically, we invited them to complete the online questionnaire, which included some information about the study. The questionnaires evaluated a particular store brand, and five different types of questionnaires were prepared, each type covering the store brand of one of the five major retailers in Spain – Carrefour, Mercadona, El Corte Inglés, Dia, and Eroski – while considering different retailing formats. We deliberately did not ask participants to select the store

brand they had knowledge of or consumer experience with; each respondent was given a single questionnaire randomly chosen, and told that even if he/she had never shopped in that particular store, he/she would have perceptions or beliefs about the store’s image or the store brand’s quality or image. Finally, a sample of 374 consumers was gathered, totaling 326 valid responses (Eroski = 77, Carrefour = 74, El Corte Inglés = 74, Dia = 67 and Mercadona = 69). Sampling error was 5.53%, with a confidence level of 95% under the hypothesis p = q = 0.5.

The last part of the questionnaire contained several socio-demographic questions. With regard to sample profile, 36.1% of the respondents were aged from 31 to 45, while 32.8% were aged 46 to 60. A total 65.68% of the respondents were female. In terms of education level, over 38% of the participants had completed secondary education, while 17.5% had a higher education degree. Data also indicated that all of the respondents were frequent store brand purchasers, as the majority indicated purchasing store brands every week (44.7%) and 21.4% of the participants purchased store brands every fifteen days.

Variables and measurement scales

We followed two criteria in order to select the retailers for this study. Firstly, we considered Spain’s major retailers by total revenue in 2012 (Worldpanel Distribución, 2012). Secondly, we took into account retailers that named their store brands with their own names, including either the store name or logo on the packaging, except for Mercadona, which was selected due to its revenue alone, although its store brand name is not the same as the store’s, i.e., its store brands are called Hacendado, Bosque Verde, and Deliplus. Thus, we selected five major popular retailers

– Carrefour, Mercadona, Dia, Eroski, and El Corte Inglés. These store brands have a different manufacturer identification on their package. More precisely, the store brands of Mercadona, Eroski, and El Corte Inglés (n = 219) identify the manufacturer of their store brand products in all product categories, so these store brands are considered manufacturer signature products, i.e., the products’ manufacturers are informed on the packages. On the other hand, the store brands of Carrefour and Dia (n = 143) exhibit

no manufacturer identification on the packaging, providing only their social identification code number.

All measures were adapted from, or developed based on, prior research, and a classic Likert-type 1-5 scale was used. Store commercial image was measured using three items adopted from Chowdhury et al. (1998) and Beristain and Zorrilla (2011) in order to assess consumers’ perception of the store from multiple perspectives, such as product offer, service, and quality. Secondly, we used three items to measure store social image, which we adopted from previous studies (Handelman & Arnold, 1999) about the influence of company experience and innovation on consumers’ perceptions. Store brand image was measured on a 3-item scale comprising the items proposed by Aaker (1991) and Netemeyer et al. (2004). Store brands quality perception was measured with the scale proposed by Doods et al. (1991), which assesses how the consumer globally evaluates the quality of a product or brand. To measure store brand loyalty, we used two items proposed by Yoo et al. (2000) to determine whether the consumer is considered loyal to a particular brand. Finally, purchase intention was measured on a 2-item scale that includes items adopted from Netemeyer et al. (2004). Therefore, a brief literature review was used to establish the conceptual framework and the variables used in our research (Table 1).

RESULTS

Analysis of the measurement model

Following Anderson and Gerbing’s (1988) methodological proposal, the data analysis adopts a two-step approach. The first stage involves assessing the measurement model, and the second stage proceeds to test the structural relationships and research hypotheses among the constructs. Structural equation model was carried out with Amos 18.0 in order to analyze the proposed model, using maximum likelihood estimation, thus providing a confirmatory factor analysis (CFA) to test the overall fit of the measurement model. For this model, the comparative fit index (CFI), root mean square error of approximation (RMSEA), Tucker-Lewis Index (TLI), and root mean square residual (RMR) all complied with the threshold levels according to Hair et al. (1999). All of the obtained fit measures indicated that the structural model was acceptable (X2/ df = 3.094; p < 0.000): RMSEA = 0.054; RMR

= 0.041; TLI = 0.959; and CFI = 0.972).Second, in order to examine the reliability, convergent

validity, and discriminant validity of the measurement model, Cronbach Alpha, composite reliability coefficients (CR), and average variance extracted (AVE) were calculated for all

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constructs, following Anderson and Gerbing (1988). With regard to reliability, we obtained Cronbach Alpha values from 0.622 to 0.925 (Table 2), which is acceptable according to Anderson and Gerbing (1988) and Hair, Anderson, Tatham, and Black (1999). As a result, 13 items were retained for six constructs in the study, with all the constructs meeting the reliability level of 0.6. Then, composite reliability values (CR) were calculated, reaching the recommended level of 0.50, indicating that all measures had good

reliability (Baggozi & Yi, 1988; Hair et al., 1999). Moreover, average variance extracted (AVE) was used to measure convergent validity. All constructs had values higher than the suggested 0.5 threshold, suggesting the convergent validity of the scale (Fornell & Larcker, 1981). All the completely standardized factor loadings reached the level of significance, with a reliability level of 95%, and reached the 0.50 threshold, thus supporting a strong convergent validity (Fornell & Larcker, 1981; Steenkamp & Trijp, 1991).

Table 1. Variables and measurement scales

Constructs Indicators

Store commercial imageChowdhury et al. (1998), Beristain and Zorrilla (2011)

CoIm 1 Store X offers high quality productsCoIm 2 The store X offers services I’m looking for (ex. Pay over time, product return, etc.)

Store social imageHandelman and Arnold (1999).

SoIm 1 Store X has a long experience in retailingSoIm 2 X makes efforts to introduce new products and services to the market

SB imageAaker (1991), Netemeyer et al. (2004)

Aso 1 I associate products of store brand X with positive characteristics (ex. good prices)Aso 2 Customers of products of store brand X know how to buy (purchasing with common sense)

SB perceived qualityDoods et al. (1991)

Qal 1The products of store brand X are high quality products Qal 2 The products of store brand X are reliable/trustworthyQal 3 The products of store brand X give me the result I am looking for

SB loyaltyYoo et al. (2000)

Loy1 I consider myself a consumer loyal to store brand X’s productsLoy2 I will keep on buying store brand X.

SB purchase intentionNetemeyer et al. (2004)

PInt1 I would buy store brand X.PInt2 I am likely to buy store brand X.

Table 2. Factor loadings of latent variables and indicators of internal consistency and reliability

Constructs ItemsCronbach

Alpha

WITH a manufacturer signature NO manufacturer signature

Lambda CR AVE Lambda CR AVE

Store commercial image

CoIm1CoIm2

0.7460.6150.872

0.695 0.5490.6430.839

0.687 0.528

Store social imageSoIm1SoIm2 0.622

0.6380.667

0.573 0.5110.6190.550

0.517 0.503

SB imageAso1Aso2

0.6980.7400.832

0.765 0.6200.6790.855

0.716 0.581

SB perceived quality

Qal1Qal2Qal3

0.8700.8130.8740.831

0.878 0.7060.8330.8580.712

0.844 0.645

SB loyaltyLoy1Loy2

0.8610.9180.881

0.895 0.8090.8490.788

0.803 0.671

SB purchase Intention

PInt1PInt2

0.9250.9360.947

0.936 0.8860.8420.989

0.915 0.843

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Finally, the discriminant validity of the scale was examined for all possible paired combinations of constructs. Correlation coefficients were calculated both for store brands with a manufacturer signature (Table 3) and store brands without it (Table 4), with strength ranging from low (0.245) to high (0.701), and significant at the 0.05 level. Each latent variable’s AVE was larger than the squared correlation between each pair of latent variables, thus demonstrating the good discriminant validity of the scale (Fornell & Larcker, 1981).

Table 3. Correlations between constructs for store brands with a manufacturer identification

Store commercial

image

Store social image

SB imageSB perceived

qualitySB loyalty

SB purchase intention

Store commercial image 1

Store social image 0.663 1

SB image 0.611 0.651 1

SB perceived Quality 0.675 0.701 0.646 1

SB loyalty 0.701 0.633 0.606 0.653 1

SB purchase intention 0.578 0.637 0.624 0.603 0.680 1

Table 4. Correlations between constructs for store brands with no manufacturer identification

Store commercial

image

Store social image

SB imageSB perceived

qualitySB loyalty

SB purchase intention

Store commercial image 1

Store social image 0.647 1

SB image 0.460 0.651 1

SB perceived Quality 0.611 0.588 0.705 1

SB loyalty 0.473 0.535 0.632 0.610 1

SB purchase intention 0.254 0.370 0.621 0.470 0.695 1

To test the models’ similarity across both groups – store brands with a manufacturer signature and store brands with no manufacturer signature – we conducted multi-group measurement invariance models: configural invariance and metric invariance (Steenkamp & Baumgartner, 1998). The metric invariance test provides support to the similar use of rating scales with respondents across both groups, so the differences between values can be compared directly. Consequently, by comparing a restricted multiple group model with an unrestricted one, metric invariance assesses the extent to which factor loading estimates are equivalent across groups. The logic is the following: if a set of constraints is applied to a model and model fit does not show a significant increase (meaning worse fit from a less constrained model), then the constraints can be accepted (Hair, Anderson,

Tatham, & Black, 1998). Following Satorra and Bentler (2001), both models were compared with a Chi-square difference test. Firstly, we calculated a non-restricted model in which the factor loadings of the six constructs were relaxed to vary across the two groups – i.e., store brands with a manufacturer signature and store brands without it; then, the equality of factor loadings between the two groups was assessed – the full-metric invariance model (Steenkamp & Baumgartner, 1998). The non-restricted model for all dimensions yielded a good fit to data (Χ2 = 250.086, df = 110, p < 0.001, RMSEA = 0.051, CFI = 0.961, and TLI = 0.944). Configural invariance was supported, since satisfactory levels of fit for the comparative fit index (CFI) and Tucker-Lewis index (TLI), and root mean square error of approximation (RMSEA) were achieved (Hu & Bentler, 1995). Later, the full metric invariance model was

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estimated by constraining factor loadings to be equal across both groups. The results of a Chi-square difference test between the non-restricted model and the full-metric invariance model for each construct showed that full metric invariance was supported for both groups (Χ2 = 273.016, df = 117, p < 0.001, RMSEA = 0.051, CFI

= 0.958, and TLI = 0.944), although we found a decrease in model fit. Following Hair et al. (1998), if imposing this constraint does not significantly increase model fit – CFI decreased from 0.961 to 0.958 – then measurement model invariance can be assumed. Therefore, our findings provide strong evidence to support full metric invariance (Steenkamp & Baumgartner, 1998). In addition, evidence of a good model fit, reliability, convergent validity, and discriminant validity indicates that the measurement model was appropriate to test the structural model.

Analysis of the structural model

Structural equation modeling was conducted to assess the statistical significance of the relationships we propose to exist between store brand purchase intention and its dimensions (Figure 1). Model fit criteria suggested by Hu and Bentler (1995) were used for both measurement and structural model: X2 / df, goodness of fit (GFI), adjusted goodness of fit (AGFI), comparative fit index (CFI), root mean square residual (RMR), and root mean square error of approximation (RMSEA). Acceptable models should have X2 / df ≤ 3, AGFI ≥ 0.80, RMR ≤ 0.1, RMSEA ≤ 1.0, and GFI and CFI higher than 0.90. All of the obtained fit measures indicated that the structural model was acceptable (X2/ df = 1.677; p < 0.000): RMSEA = 0.043; RMR = 0.061; GFI = 0.898; AGFI = 0.855; CFI = 0.957) (Table 5).

Table 5. Structural modeling adjustment indexes

Absolute fit measures Incremental fit measures Parsimony measures

Chi-square df p GFI RMSEA RMR AGFI NFI IFI TLI CFI Normed Chi-square

250.086 110 0.001 0.930 0.051 0.049 0.884 0.934 0.961 0.944 0.961 2.328

Analysis of the differences between the two types of store brands

The present study conducts a multi-group analysis to examine the differences between store brands with a manufacturer signature and store brands with no manufacturer signature. Group comparisons were made between store brands with manufacturer identification and store brands with no information regarding the manufacturer subsamples, using structural equation modeling.

Comparing the standardized coefficients obtained, the following results should be highlighted (Table 6). The results obtained report different results for both types of store brands. Firstly, we found that the variable with highest impact on consumers’ purchase intention was store brand loyalty for brands with a manufacturer signature (β56 = 0.539**) and store brand image for brands without a manufacturer identification (β36N = 0.492**). Secondly, in terms of effect size, the variables that seem to contribute most to store brand purchase intention for brands with a manufacturer signature are store brand loyalty (β56 = 0.539**), followed by store social image (β26 = 0.537**), store brand perceived quality (β46 = 0.491**), and store commercial image (β16 = 0.239**). However, store brand loyalty showed no statistical significance on purchase intention (β45 = 0.105ns), as this relationship was in the expected direction, but failed to reach statistical significance. Finally, the evaluation of store brands

without a manufacturer identification showed that the variable with highest influence on purchase intention was store brand image (β36N = 0.492**), followed by store commercial image (β16N

= 0.283**), and store social image (β26N = 0.212**), whereas no significant evidence was found for the relationship between store brand perceived quality and purchase intention (β46N = 0.076ns).

On the other hand, with regard to the antecedents of store brand purchase intention, it should be noted that all relationships of store commercial image with store brand image (β13 = 0.326**; β13N = 0.312*) and store brand perceived quality (β14 = 0.632**; β14N = 0.457**) are significantly positive for both types of store brand, showing a higher impact of store commercial image on store brand quality perception. In the same vein, regarding the impact of store social image, our findings highlight a positive significant relationship between this variable, store brand image (β23 = 0.676**; β23N = 0.848**), and store brand perceived quality (β24 = 0.380**; β24N = 0.483**) also for both types of store brand. Thus, it can be affirmed that the better and more favorable the store commercial and social image, the better the store brand image and quality perceived. Therefore, consumers rely on both store commercial and social images in order to reduce store brands’ purchase risk, regardless of whether the manufacturer is identified or not on the product package.

Finally, when analyzing the influence of the antecedents on store brand loyalty, it should be noted that store brand image

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exerts a positive influence on customer loyalty both for store brands with a manufacturer signature (β35 = 0.688**) and store brands with no manufacturer identification (β35N = 0.583**). However, store brand perceived quality shows a positive significant influence on loyalty for store brands with no manufacturer signature (β45N = 0.215**); while perceived quality showed no statistical significance for store brands with a manufacturer identification (β45 = 0.105ns). See Table 7.

Table 6. Results of the structural model (standardized coefficients)

Causal relationships(Standardized coefficients)

Store brands with amanufacturer

signatureHypotheses test

Store brands with no manufacturer

signatureHypotheses test

Store commercial image ➔ SB image β13 = 0.326** H1: Supported β13N = 0.312* H1: Supported

Store commercial image ➔ SB perceived quality β14 = 0.632** H2: Supported β14N = 0.457** H2: Supported

Store commercial image➔ SB purchase intention β16 = 0.239** H3 :Supported β16N = 0.283* H3: Supported

Store social image➔ SB image β23 = 0.676** H4 Supported β23N = 0.848** H4: Supported

Store social image➔ SB perceived quality β24 = 0.380** H5: Supported β24N = 0.483** H5: Supported

Store social image➔ SB purchase intention β26 = 0.537** H6: Supported β26N = 0.212** H6 Supported

SB image ➔ SB loyalty β35 = 0.688** H7: Supported β35N = 0.583** H7: Supported

SB image ➔ SB purchase intention β36 = 0.046ns H8: Not Supported β 36N = 0.492** H8: Supported

SB perceived quality ➔ SB loyalty β45 = 0.105ns H9: Not Supported β45N = 0.215** H9: Supported

SB perceived quality ➔ SB purchase intention β46 = 0.491** H10: Supported β46N = 0.076ns H10: Not Supported

SB loyalty ➔ SB purchase intention β56 = 0.539** H11: Supported β56N = 0.371** H11 Supported

Note. ns=not significant R2

Loyalty = 0.676; R2Purchase Intention = 0.701; R2

SB Image = 0.851; R2SB Quality = 0.860; R2

Loyalty = 0.667; R2Purchase Intention = 0.602; R2

SB Image = 0.823; R2SB Quality = 0.808.

*significant (p < 0.1); ** significant (p < 0.05)

The conceptual model proposed showed an adequate general fit to the provided data; and the parameters were tested to decide whether or not to accept the study’s proposed hypotheses. With regard to store brands with a manufacturer signature, our results provide strong support for all research hypotheses, except for H8 and H9, thus not supporting a significant relationship between store brand image and purchase intention. The test of the hypotheses with store brands without a manufacturer signature highlights that ten of the eleven initial hypotheses are supported. More specifically, we found support for all the study’s proposed hypotheses, except for H10, since our results did not confirm a significant relationship between store brands’ perceived quality and purchase intention. Consequently, store brand loyalty and purchase intention were found to be significantly affected by store commercial and social image, store brand image, and perceived quality.

The mediating role of store brand loyalty

Our initial conceptual proposition is that loyalty mediates the effect of store brand image and store brand perceived quality

on purchase intention. Following the procedure suggested by Baron and Kenny (1986), a mediating role exists when three conditions are satisfied. First, the independent variable has a significant effect on the mediator; second, the mediator has a significant effect on the dependent variable; and third, a previous significant relationship between the independent variable and the dependent variable is reduced after including the mediator. Moreover, when the effect of the independent variable is not statistically significant, a complete mediation takes place; otherwise, a partial mediation occurs.

As depicted in Table 6, with regard to brands with a manufacturer signature, significant relationships are observed between store brand image and loyalty (β35 = 0.688**), as well as between loyalty and purchase intention (β56 = 0.539**). Moreover, no significant link exists between store brand image and purchase intention (β36 = 0.046ns); thus, a complete mediation effect of store brand loyalty is supported. When analyzing whether loyalty mediates the effect of store brand perceived quality on purchase intention, we observe the lack of a significant effect of store brand quality on loyalty (β46N = 0.105ns), thus not supporting a mediating effect.

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On the other hand, considering the store brands without a manufacturer signature, a significant link is observed between store brand perceived quality and loyalty (β45N = 0.215**), as well as between loyalty and purchase intention (β56N = 0.371**); nevertheless, perceived quality does not have a significant influence on purchase intention (β46N = 0.076ns), which demonstrates a complete mediation. Finally, we observe a significant influence of store brand image on loyalty (β35N = 0.583**), along with a statistically significant effect of loyalty on purchase intention (β56N = 0.371**), while the link between store brand image and purchase intention is reduced after the inclusion of the mediator (β56N = 0.492**) for brands with no manufacturer signature. Therefore, according to Baron and Kenny (1986), the partial mediation of loyalty is supported.

DISCUSSION

There are many articles on store brands, although not many focus on comparing different types of store brands and on analyzing the role of the manufacturer identification on the product package, or the role of the manufacturer signature. The present paper aims to contribute to fill this gap in the literature by analyzing the variables influencing store brands’ purchasing likelihood and the differences between store brands with and without a manufacturer identification. Our findings indicate that the presence of the manufacturer signature or identification on the store brand is not a determinant variable in the formation of store brand loyalty and purchase intention; consequently, these outcomes show a similar formation pattern for both types of store brand analyzed. That is, store brands with a manufacturer signature and store brands without one have similar sources in the formation of loyalty and purchase intention.

With regard to our main research question: “What are the influences of store and brand image on customers’ loyalty and purchase intention for store brands with a manufacturer signature and store brands without a manufacturer signature?”. The answer is “store brand image is the main variable influencing customer loyalty, while store social image and store brand image exert the highest impact on purchase intention both for store brands with a manufacturer signature and brands without a manufacturer identification”. Consequently, one major finding is that we demonstrate image variables – linked both to store and store brand – to be strong predictors of store brand loyalty and purchase intention. Likewise, we can affirm that store brand image is the most important driver for store brand loyalty and purchase intention, for both types of store brand analyzed. Thus, store brand image, and, more specifically, the positive

and favorable associations of a store brand, are critical to a store brand’s success in today’s increasingly competitive marketplace (Choi & Huddleston, 2013). These results are in line with those of Netemeyer et al. (2004), who demonstrated store image to be a key variable on brands’ purchase intention, and with those of Bao et al. (2011), who affirmed that consumers would be highly confident in the signaling ability of a store’s image. Moreover, our findings show the positive influence of store commercial image both on store brand image and on store brand perceived quality for both types of brand analyzed, which is in line with the findings of Beristain and Zorrilla (2011). Therefore, good store image can help to increase customer loyalty and purchase intention, compensating retailers’ efforts to offer a positive, favorable store image. A store’s image could thus be reinforced by the launching of marketing activities and programs to enhance consumers’ associations with the store. Our findings highlight that the store can take advantage of the impact of its image in terms of increasing loyalty and purchase intention.

In addition, our findings highlight some differences between the two types of store brand analyzed. The main differences are the lack of influence of store brand perceived quality on loyalty for products with a manufacturer signature, and the lack of influence of perceived quality on purchase intention for brands without a manufacturer identification. Consequently, it is worth stressing the low importance of store brands’ perceived quality, as we did not find a significant impact of store brand quality perception on either store brand loyalty or purchase intention. These results are not consistent with previous studies that hold that store brand loyalty was characterized by attitudes elicited from sources such as perceived quality (Pappu et al., 2005). This may be because, nowadays, store brands are positioning themselves as a same-quality alternative to manufacturer brands (Choi & Huddleston, 2013). In addition, store brands now compete on a more equal footing with manufacturer brands in terms of product quality, and consumers perceive store brand quality to have improved (Grunert et al., 2006). Moreover, a few relevant differences between these two types of store brand should be highlighted. One major finding is the slightly higher influence of store commercial image for store brands with a manufacturer signature, whereas store social image shows a slightly higher influence for store brands without a manufacturer signature. Therefore, consumers may perceive store brands of retailers with a favorable commercial and social image as reliable and trustworthy (Ambler, 1997).

Another major finding of the study is that manufacturer identification in store brands is not a key determining factor of customer behavior. In this respect, we can propose that the creation of store brand loyalty and purchase intention – through store image and store brand image – shows a similar pattern for both

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types of brand, as consumers similarly perceive and evaluate store brand products regardless of information about the manufacturer. Therefore, despite assumptions that consumers generally perceive a store brand associated with a manufacturer as a guarantee and a quality offer (Dubois & Duquesne, 1995), our results do not support significant differences on the variables influencing store brand loyalty and purchase intention. We hypothesized that the manufacturer signature would strongly influence the formation of store brand purchase intention, but this was not the case. One possible explanation would be that consumers rely on store brand image and on store image in their purchase decision process.

Finally, our findings demonstrate that store brand loyalty plays a mediating role between store brand image and purchase intention for store brands with a manufacturer signature; on the other hand, we found a complete mediating effect of loyalty between store brand perceived quality and purchase intention, and a partial one between store brand image and purchase intention for brands without a manufacturer identification.

Managerial implications

Based on our findings, we propose a few useful insights for retailers. Firstly, our findings recognize that consumers use the store brand image dimension as an important cue, influencing their loyalty and purchase intention. In order for this image to be effectively transmitted, communication actions conveying proximity to customers, credibility, and innovation should be conducted, as well as store brand image improvement programs. For example, retailers should increase consumers’ exposure to their brands, both inside and out of points of sale. In terms of actions that may be conducted in the store, merchandising actions and a good store brand display should be considered. With regard to out-of-store actions, retailers should strongly invest on advertising. Secondly, and considering the importance of stores’ both social and commercial images, retail managers should create effective advertising campaigns to clearly communicate what the company stands for to its customers. Retailers should actively communicate the quality of their store brands to consumers through in-store information, public relations campaigns, and advertising (Manzur et al., 2011).

Research limitations

The present study has several limitations that also provide venues for future research. With regard to the study’s main limitation, firstly, it should be noted that it was carried out in Spain with a limited number of store brands. This factor can limit the generalizability of our results to other countries; therefore,

we encourage future research to proceed in this direction by undertaking cross-cultural studies. Secondly, our study has analyzed a number of dimensions proposed in prior literature, which only represent a small part of all dimensions affecting store brand purchase intention. Therefore, other variables included in previous studies should be considered for the conceptual models in future research, such as price consciousness, price perception, purchase perceived risk, and even the product category. In this respect, a few authors have demonstrated that store brand purchase likelihood can depend on the product category considered (Batra & Sinha, 2000). Therefore, our study focused on, and conducted its tests in, the context of large retailing in one single country, so caution must be exercised in generalizing from our findings, and further research is necessary to overcome these limitations.

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Ailawadi, K. L., & Keller, K. L. (2004). Understanding retail branding: Conceptual insights and research priorities. Journal of Retailing, 80(4), 331–342. doi:10.1016/j.jretai.2004.10.008

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FRANCISCO JAVIER RONDAN-CATALUÑArondan@us.esProfesor de la Universidad de Sevilla, Facultad de Ciencias Económicas y Empresariales – Sevilla, España

ANTONIO NAVARRO-GARCÍAanavarro@us.esProfesor de la Universidad de Sevilla, Facultad de Ciencias Económicas y Empresariales – Sevilla, España

JORGE ARENAS-GAITAN jarenas@us.esProfesor de la Universidad de Sevilla, Facultad de Ciencias Económicas y Empresariales – Sevilla, España

ARTÍCULOSSometido 09.10.2014. Aprobado 24.03.2015Este artículo tiene autoría de miembros del Cuerpo Editorial Científico de la RAE, se ha evaluado por el sistema double blind review, con exención y independencia. Editor Científico: Edmilson de Oliveira Lima

¿INFLUYE LA PERSONALIDAD DE LOS DIRECTIVOS DE PYMES EN LOS RESULTADOS EXPORTADORES?Does the personality of small and medium-sized companies’ directors affect exporting results?

A personalidade dos diretores de pequenas e médias empresas influencia os resultados de exportação?

RESUMENEn este trabajo se analiza si los valores según la escala de Schwartz varían entre los directivos res-ponsables de exportación de Pequeñas y Medianas Empresas (PyMEs) entre las empresas con mayor éxito exportador, frente a las que tienen un éxito exportador limitado. El estudio se aplica a una muestra de 196 PyMEs españolas exportadoras. En primer lugar se aplica un clúster de clases laten-tes para clasificar las empresas en función del performance exportador, para después aplicar test de comparaciones de medias y buscar diferencias significativas en los valores de Schwartz entre direc-tivos de empresas de ambos grupos. Los valores en los que aparecen diferencias significativas son: honestidad, influencia, ambición, lealtad, justicia social, autoridad, vida excitante y orden social.PALABRAS CLAVE | Performance exportador, escala de valores de Schwartz, internacionalización, Pequeñas y Medianas Empresas, clúster de clases latentes.

ABSTRACTIn this work, we examine whether values in Schwartz’s scale For Small and Medium-Sized Enterprises (SME) export managers from the most successful export companies differ from those for SME managers from companies with limited export success. The study was conducted with a sample of 196 Spanish export SMEs. First, we conducted a latent class cluster analysis to classify companies according to their export performance. Then, we employed means comparison test to find significant differences in Schwartz’s scale between executives from companies in both groups. Significant differences were found for the following values: honesty, influence, ambition, loyalty, social justice, authority, exciting life, and social order.KEYWORDS | Export performance, Schwartz value scale, internationalization, Small and Medium Enterprises, latent cluster analysis.

RESUMONo presente trabalho, examinamos se gerentes de exportação das Pequenas e Médias Empresas (PMEs) exportadoras mais bem-sucedidas apresentavam diferenças em valores na escala de Schwartz em comparação com gerentes de exportação de PMEs com sucesso limitado em exportações. O estudo foi conduzido com uma amostra de 196 PMEs espanholas. Primeiramente, conduzimos uma análise de cluster de classes latentes para classificar as empresas segundo seu desempenho em exportações. Depois, empregamos um teste de comparação de médias para encontrar diferenças significativas em valores na escala de Schwartz entre executivos das empresas de ambos os grupos. Diferenças signi-ficativas foram encontradas para os seguintes valores: honestidade, influência, ambição, lealdade, justiça social, autoridade, vida excitante e ordem social.PALAVRAS-CHAVE | Desempenho em exportações, escala de valores de Schwartz, internacionalização, Pequenas e Médias Empresas, análise de cluster latente.

RAE-Revista de Administração de Empresas | FGV/EAESP

DOI: http://dx.doi.org/10.1590/S0034-759020160105

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INTRODUCCIÓN

En cualquier situación empresarial saber distinguir los factores que llevan al éxito de una empresa es una cuestión capital. No menos importante, en una etapa de globalización de los mercados en la que nos encontramos, es analizar los factores que llevan al éxito de una empresa exportadora. Esto es así, ya que el número de empresas exportadoras en la mayoría de los países aumenta de forma progresiva. Si a esto unimos el hecho de investigar factores clave para el éxito exportador de Pequeñas y Medianas Empresas (PyMEs), teniendo en cuenta que las PyMEs suponen el 99% de las empresas de la OCDE, la justificación de cualquier estudio que permita mejorar su conocimiento y gestión es fundamental (Aragón-Sánchez & Rubio-Bañón, 2005). Su importancia en la creación de puestos de trabajo, innovación tecnológica y rejuvenecimiento económico está reconocido por todos los actores económicos, por ello, es importante que los factores que ayuden a explicar los resultados exportadores de las PyMEs sean una prioridad en la investigación (Freeman, Styles, & Lawley, 2012).

Se puede definir la internacionalización de las PyMEs como un proceso de implicación creciente en operaciones internacionales, y este proceso suele ser gradual y secuencial, incluyendo varias etapas (Ruzzier, Hisrich, & Antoncic, 2006).

En España según las “estadísticas PyME evolución e indicadores” de la Secretaría general de industria y de la pequeña y mediana empresa, el porcentaje de PyMEs respecto al total de empresas es del 99,88% en el año 2013. El 6,54% de las PyMEs son empresas del sector industrial, el 13,56% pertenecen a la construcción, el 24,32% al comercio y el 55,57% al sector servicios.

Además, diversos estudios refuerzan la idea de que las PyMEs internacionalizadas tienen mayor probabilidad de supervivencia (Floriani & Fleury, 2012; Lee, Kelley, Lee, & Lee, 2012), por lo que ayudar a éstas en su proceso de internacionalización implica mejorar su probabilidad de subsistencia a medio y largo plazo, tanto en economías desarrolladas como en economías en vías de desarrollo (Gashi, Hashi, & Pugh, 2014).

Un aspecto clave de las PyMEs es la influencia de las características personales de sus directivos en la toma de decisiones. En las grandes empresas las decisiones tomadas en los equipos directivos son más consensuadas y corporativas. Sin embargo, en las PyMEs la influencia individual y el carácter de los directivos y/o propietarios tiene un mayor efecto en la toma de decisiones (Torre & Solari, 2013), es decir, son organizaciones con menos trabas burocráticas, lo que da a los directivos más libertad de acción a la hora de tomar e implementar decisiones estratégicas (Håkonsson, Burton, Obel, & Lauridsen, 2012). Por ejemplo, se ha demostrado el efecto del nivel educativo, edad o experiencia de los directivos en la toma de decisiones de

PyMEs (Wagner & Paton, 2014). Respecto a la influencia de los directivos de PyMEs en la internacionalización, aspectos como la orientación global, experiencia de trabajo, conocimiento de lenguas extranjeras, o relaciones formales e informales de sus directivos son aspectos clave para una rápida internacionalización de sus empresas (Przybylska, 2013). Tampoco se pueden olvidar otras características de estos directivos tales como percepción del riesgo, tolerancia de la ambigüedad, resistencia al cambio y auto-confianza (Acedo & Jones, 2007).

Sin embargo, junto a las características personales de los directivos, aunque la literatura también reconoce la importancia e influencia de los valores personales en la toma de decisiones y resultados empresariales (Hambrick, 2007), escaso es el conocimiento que se posee sobre esta cuestión, existiendo un gap investigador sobre el que es necesario ir avanzando. Con todo esto, el objetivo que nos planteamos en este trabajo es analizar si los valores, según la escala de Schwartz, varían entre los directivos responsables de exportación de PyMEs con mayor éxito exportador, frente a las que tienen un éxito exportador limitado. Por tanto, nuestra pregunta o cuestión de investigación es comprobar si las empresas con mayor éxito exportador tienen unos directivos con valores personales diferentes de aquellos que gestionan las exportaciones de empresas con un éxito exportador limitado.

Sobre la cuestión de investigación planteada, este trabajo tiene como principal contribución demostrar que efectivamente los directivos de PyMEs exportadoras con mejores resultados poseen un sistema de valores más proactivo frente a directivos de PyMEs exportadoras cuyo sistema de valores es más conservador.

Para lograr el objetivo planteado, el presente trabajo tiene la siguiente estructura. En primer lugar, se definen los antecedentes teóricos centrados en la internacionalización de las PyMEs, el resultado exportador y los sistemas de valores en los directivos. A continuación, se presenta la metodología empleada, definiéndose la muestra, las escalas de medidas y la herramienta de análisis de datos. Finalmente, se presentan los resultados y conclusiones del estudio, así como las limitaciones y futuras líneas de investigación.

ANTECEDENTES TEÓRICOS

En este apartado hacemos referencia a tres aspectos clave para entender el desarrollo teórico de este trabajo. Un primer subapartado dedicado a la internacionalización de las PyMEs, el segundo que trata sobre la medición de resultados exportadores, y el tercero que hace referencia a los valores personales de Schwartz aplicados a los directivos.

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La internacionalización de las PyMEs

La internacionalización de las PyMEs es un factor muy estudiado en la literatura reciente de negocios internacionales y marketing internacional. Los estudios se han centrado principalmente en las características distintivas de los procesos de internacionalización de este tipo de empresas, como son: rápidas expansiones internacionales, gran uso de redes y alianzas, expansión nacional e internacional al mismo tiempo, falta de recursos y experiencia y centrarse en nichos de mercados globales (Dickson, Weaver, & Vozikis, 2013; Onkelinx, Manolova, & Edelman, 2012; Schweizer, 2012). Según datos de la Unión Europea, un 25% de las PyMEs de la UE27 han hecho exportaciones en los tres años anteriores al estudio, que es el año 2009 (EU, 2009). Según este estudio las principales barreras que se encuentran las PyMEs para exportar son: (1) barreras internas como son el precio de su producto o servicio y alto coste de la internacionalización, y (2) barreras externas, tales como la falta de capital, falta de información adecuada, falta de apoyo institucional y los costes y dificultades burocráticas del transporte internacional.

Este mismo estudio concluye que las PyMEs internacionalizadas tienen mayores rendimientos económicos que las no internacionalizadas, junto con otras interesantes aportaciones como son: (1) mientras mayores son las PyMEs mayor es su probabilidad de exportar; (2) mientras más pequeño es el mercado doméstico también aumenta la probabilidad de exportar; (3) PyMEs fabricantes y mayoristas son especialmente activas en el comercio internacional; (4) las PyMEs más involucradas con la innovación de productos y procesos son más proclives al comercio internacional.

A partir de un estudio más reciente, también de la Unión Europea (Reinhard et al., 2013), se destaca que la mayoría de las agencias de promoción exterior europeas están fomentando la internacionalización hacia países del BRIC (Brasil, Rusia, India y China), así como USA y países limítrofes de la frontera europea como Turquía y Ucrania. Por tanto, Brasil se ha convertido en un objetivo prioritario para las PyMEs europeas internacionalizadas y muchas de estas empresas comenzarán su periplo por Sudamérica a partir de este país.

Medición de resultados exportadores

El resultado exportador es el output fundamental con el que se suele medir la actuación de la empresa exportadora en los mercados extranjeros y es un aspecto esencial para la toma de decisiones en el ámbito internacional (Madsen, 1998). Cavusgil y Zou definen el resultado exportador como la extensión por la cual la firma alcanza sus objetivos a través de la exportación de

sus productos-marcas a los mercados extranjeros, incluyendo tanto aspectos económicos (beneficio, ventas, etc.) como estratégicos (posicionamiento internacional, incremento de la cuota de mercado derivado de la exportación, logro de objetivos internacionales, etc.), a través de la planificación y ejecución de la estrategia de marketing de la empresa exportadora (Cavusgil & Zou, 1994).

Se han usado principalmente tres paradigmas alternativos para explicar teóricamente el performance exportador: paradigma performance-conducta-estructura, paradigma relacional y el enfoque basado en los recursos (Freeman et al., 2012). El primero, basado en la teoría de la organización industrial, indica que los resultados dependen principalmente de las características del sector en el que opera la empresa (Ruppenthal & Bausch, 2009; Zou & Cavusgil, 2002). El segundo, basado en la teoría de intercambio relacional, destaca la relevancia de la naturaleza e impacto de las relaciones exportador-cliente (Ural, 2009). El enfoque basado en los recursos (Resource-based view [RBV]) indica que las empresas pueden conseguir ventajas competitivas sostenibles distribuyendo recursos y capacidades valiosas que son inelásticas en el mercado (Akhter & Robles, 2006). Algunos trabajos han integrado los tres enfoques con la idea de ofrecer un modelo integrador que reúna los diferentes determinantes del resultado exportador (Navarro, Acedo, Losada, & Ruzo, 2011; Navarro-García, Rondán-Cataluña, & Acedo-González, 2013). En todo caso, de la revisión de la literatura (Rose & Shoham, 2002; Sousa, Martínez-López, & Coelho, 2008) se desprende dos aspectos básicos del resultado exportador: (1) es un concepto multidimensional, el cual debe ser valorado a través de medidas cuantitativas (ventas, rentabilidad, crecimiento, etc.) y cualitativas (éxito percibido, satisfacción, logro de objetivos, etc.) (Freeman et al., 2012); (2) las medidas empleadas para su evaluación deben reflejar las percepciones directivas sobre los resultados alcanzados (ej.: satisfacción directiva con el resultado exportador) (Lages, Jap, & Griffith, 2008).

En el presente trabajo se tienen en cuenta los dos aspectos señalados (1) se conciben dos dimensiones del resultado exportador, una cuantitativa —crecimiento de las ventas de exportación y rentabilidad de las exportaciones— y otra cualitativa

—satisfacción directiva—; (2) se tienen en cuenta las percepciones directivas (satisfacción directiva global) asociada a la actividad exportadora.

Los valores de Schwartz en los directivos

Los valores personales son los principios que de una forma estable se emplean para evaluar el comportamiento propio y el de los demás. Generan una forma subjetiva de interpretar la

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realidad asociada al entorno en el que se actúa (Finkelstein, Hambrick, & Cannella, 2008). La teoría de valores básicos humanos de Schwartz (Schwartz, 1992) se ha utilizado con gran profusión durante más de 20 años en estudios de diversas áreas de conocimiento, países y con objetivos muy diversos (Schwartz et al., 2012). Hay varios factores que diferencian la escala de valores de Schwartz de otras anteriores, destacando la universalidad de la estructura y del contenido de esos valores. Así los 10 tipos de valores propuestos por su teoría son valores reconocidos en todas las culturas. En la Tabla 1 se presentan la definición de cada uno de los valores y los valores representativos de los mismos.

Tabla 1. Ítems y definición de la escala de valores de Schwartz

Tipo Definición Valores representativos

Auto-direcciónPensamiento y acción independiente (eligiendo, creando, explorando)

Creatividad, libertad, independencia, curiosidad, elección de las propias metas

Estimulación Excitación, novedad y desafío en la vida Osadía, una vida variada, una vida excitante

Hedonismo Placer y gratificación sensorial para uno mismo Placer, vida placentera

LogroÉxito personal al demostrar competencia de acuerdo a los estándares sociales

Triunfador, competente, ambicioso, influyente

PoderEstatus social y prestigio, control o dominios de las personas o recursos

Poder social, autoridad, riqueza

SeguridadSeguridad, armonía, y estabilidad de la sociedad, de las relaciones sociales y de uno mismo

Seguridad familia, seguridad nacional, orden social, decencia, reciprocidad en los favores

ConformidadModeración de las acciones, inclinaciones e impulsos probables de disgustar o dañar a otros y de transgredir las expectativas o normas sociales

Auto-disciplina, obediencia, amabilidad, respeto a los padres y personas mayores

TradiciónRespeto, compromiso y aceptación de las costumbres e ideas que la cultura tradicional o religión brindan

Aceptar ser parte de la vida, humildad, devoción respecto por la tradición, moderación

BenevolenciaPreservación y bienestar de la gente con quien uno está en frecuente contacto personal

Amabilidad, honestidad, perdón, lealtad, responsabilidad

UniversalismoEntendimiento, apreciación, tolerancia, y protección del bienestar de todas personas y de la naturaleza

Tolerancia, sabiduría, justicia social, equidad, un mundo en paz, un mundo de belleza, unidad con la naturaleza, protección del ambiente

Un aspecto interesante respecto a estos valores culturales es el alto nivel de consenso con respecto a la importancia relativa de los 10 valores citados entre diferentes sociedades. En la gran mayoría de las naciones estudiadas benevolencia, universalismo y auto-dirección son los aspectos más relevantes y tradición, poder y estimulación son los menos. Esto indica que aspectos de la naturaleza humana y del funcionamiento social que conforman las prioridades individuales de valores son ampliamente compartidas entre culturas diversas (Schwartz et al., 2012).

Con respecto a los directivos, estos siguen modelos psicológicos que influyen en la forma de percibir el entorno y afectan a su toma de decisiones (Johnson & Hoopes, 2003; Nadkarni & Barr, 2008). Las creencias y valores individuales ejercen una influencia importante en la creación de las opiniones y modelos mentales de los directivos (Hambrick, 2007; Soriano & Castrogiovanni, 2012). En este contexto, es importante

comprender el papel que pueden jugar los valores personales en la toma de decisiones empresariales, pues influye en la forma en que los directivos interpretan las situaciones de mercado, las decisiones estratégicas adoptadas, los recursos comprometidos, etc., y, por tanto, pueden ser determinantes de los resultados empresariales (White, Varadarajan, & Dacin, 2003).

Desde el punto del continuo que supone el inventario de valores humanos (Schwartz, 1992), dos posturas cabe destacar desde la óptica directiva: (a) enfoque conservador, caracterizado por un predominio de la visión individualista, de mantenimiento del status quo y que se muestra reacia a realizar cambios, en la cual predominan los valores de seguridad, conformidad, tradición, poder y logro. Esta postura implica aplicar una lógica tradicional, fruto de una cultura reactiva, en la resolución de problemas, toma de decisiones, actitudes y comportamientos empresariales (Schwartz & Bardi, 2001). Sus repercusiones

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suelen ser negativas en la rapidez de respuesta y adaptación a los deseos de los consumidores, motivaciones para innovar, o diversificar mercados (Krasnikov & Jayachandran, 2008); (b) enfoque proactivo, caracterizado por un predominio de la visión colectiva, de apertura al cambio y predisposición para realizar adaptaciones y orientarse al mercado, donde predominan los valores de estimulación, independencia de pensamiento o auto-dirección, hedonismo, benevolencia y universalismo (Sousa, Ruzo, & Losada, 2010).

Algunos estudios ha evidenciado los planteamientos expuestos (Carpenter, Geletkanycz, & Sanders, 2004; Hambrick, 2007). Sin embargo, en el ámbito exportador, como señalan Sousa et al. (Sousa et al., 2010)) existe un importante desconocimiento del papel que desempeñan los valores de los responsables de exportación en las decisiones adoptadas y éxito alcanzado por la empresa exportadora en los mercados exteriores, a pesar de que algunos trabajos han mostrado la gran relevancia de su estudio (Leonidou, Katsikeas, & Piercy, 1998). En este gap investigador encuentra su fundamento el presente trabajo, describiendo a continuación la metodología desarrollada para alcanzar los objetivos propuestos.

METODOLOGÍA

Esta sección se divide en la explicación de la muestra de empresas obtenidas, después se analizarán las escalas de medida utilizadas y como tercer subapartado se exponen los análisis estadísticos llevados a cabo.

Muestra

La muestra de empresas españolas obtenidas se obtuvo a partir de la base de datos de empresas exportadoras del Instituto de Comercio Exterior (ICEX). Se mantuvo la proporcionalidad sectorial, los cuestionarios se enviaron por e-mail a 1200 directivos responsables de las exportaciones de sus empresas. Se obtuvieron 196 encuestas de empresas con menos de 250 empleados (PyMEs). Se obtuvo una tasa de respuesta del 16,3%, que está dentro de los límites normales de respuesta a encuestas mandadas por e-mail.

En cada una de las empresas exportadoras, se seleccionó un informante único para que comple-tara el cuestionario. El empleo de un informante único reduce los errores y sesgos asociados a la tenencia de diferentes perspectivas de una mis-ma cosa, ocurriendo cuando se emplea más de

un informante en cada empresa (Huber & Power, 1985). Para asegurar la fiabilidad de la fuente de información, se pidió al máximo responsable de la actividad exportadora que completase el cues-tionario. En este sentido, el cuestionario incluía una sección específica donde se le preguntaba al encuestado por diversas características perso-nales, entre las que se incluía el tipo de respon-sabilidad asociado a la actividad exportadora, evitando los sesgos asociados al posible desco-nocimiento de las cuestiones planteadas.

Escalas de medida

Para medir la escala de valores de Schwartz se ha seguido el “Draft Users Manual”, que el mismo Prof. Shalom Schwartz publicó (Schwartz, 2009) con el fin de ayudar a los investigadores que utilicen su escala para usarla correctamente. La escala se tradujo al castellano para pasarla en el cuestionario. Los 45 ítems de la escala SVS han demostrado tener una fuerte fiabilidad entre distintas culturas (Schwartz, 1992). Los valores y sus definiciones se presentan en la Tabla 1. Se midieron con una escala métrica propuesta por Schwartz desde -1 a 7. Donde el -1 representa que el ítem tiene un significado opuesto o contrario a los valores del encuestado, 0, significa que ese valor no es nada importante para el encuestado, y así sucesivamente hasta 7 que significa que dicho valor es de suprema importancia para el entrevistado.

Respecto al resultado exportador, se ha adoptado una visión formativa del constructo, al estar compuesto por dimensiones de naturaleza muy diferente (crecimiento de las ventas, rentabilidad y satisfacción global directiva). Desde esta perspectiva, siguiendo a algunos autores (Cadogan, Diamantopoulos, & Siguaw, 2002; Huber & Power, 1985), la dimensión cualitativa del resultado exportador fue evaluada a través de la satisfacción global percibida (1.- Totalmente insatisfecho…7.- Totalmente satisfecho) por los responsables de exportación asociado a los resultados de la actividad exportadora. La dimensión cuantitativa fue medida a través del crecimiento de las ventas y de la rentabilidad derivadas de la exportación en el último año (Cavusgil & Zou, 1994; Navarro et al., 2011).

Análisis estadísticos

Teniendo en cuenta que la cuestión o pregunta de investigación de este trabajo es analizar si los valores, según la escala de Schwartz, varían entre los directivos responsables de exportación de PyMEs entre las empresas con mayor éxito exportador, frente a las que tienen un éxito exportador limitado, el primer paso es clasificar

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a las empresas de la muestra en función de sus resultados exportadores. Para ello hemos utilizado un clúster de clases latentes usando las variables sobre performance exportador que estaban recogidas en el cuestionario que son: satisfacción global con las exportaciones, crecimiento de las ventas de exportación el último año y rentabilidad de las exportaciones en el último año. Otros trabajos han demostrado las ventajas del clúster de clases latentes, frente a las técnicas tradicionales de conglomerados (Rondan-Cataluna, Sanchez-Franco, & Villarejo-Ramos, 2010) entre las que destacan: creación de segmentos a posteriori, se pueden usar variables cualitativas, y los casos se asignan a cada grupo en función de sus probabilidades de pertenencia que se estiman directamente del modelo.

Una vez clasificadas las empresas en grupos usamos test t de comparación de medias, y como los datos no cumplen el requisito de normalidad usamos también los test no paramétricos

siguientes: prueba de la mediana para muestras independientes, U de Mann-Whitney y la prueba de Kolmogorov-Smirnov para muestras independientes. En este caso, analizamos cada uno de los ítems de la escala de valores de Schwartz de los directivos de las PyMEs de la muestra para cada uno de los grupos de empresas obtenidos del clúster de clases latentes, viendo de esta manera si hay diferencias significativas entre ellos.

RESULTADOS

Como se indica en la sección anterior, primero hicimos un clúster de clases latentes usando las variables de performance exportador, atendiendo al criterio de menor BIC (Bayesian Information Criterion), nos quedamos con el modelo de dos grupos o clases latentes (ver Tabla 2).

Tabla 2. Selección del número de clústeres

LL BIC(LL) Npar L² df p-value Class.Err.

Model1 1-Clúster -737,5576 1538,4526 12 129,9805 92 0,0056 0

Model2 2-Clúster -711,2792 1507,0083 16 77,4238 88 0,78 0,1033

Model3 3-Clúster -703,817 1513,1963 20 62,4993 84 0,96 0,1068

Model4 4-Clúster -702,2803 1531,2353 24 59,4259 80 0,96 0,2288

Model5 5-Clúster -702,3152 1552,4177 28 59,4958 76 0,92 0,3313

Model6 6-Clúster -700,8099 1570,5195 32 56,4852 72 0,91 0,3789

Respecto a las medidas de bondad de ajuste, el modelo con dos grupos tiene un error de clasificación de 0.103, R2 de entropía de 0.617, R2 standard de 0.657, valores todos ellos aceptables.

Los dos clústeres que salen son los siguientes:

Tabla 3. Descripción de los clústeres

Clúster1 Clúster2

Tamaño Clúster 0,7071 0,2929

Indicadores

SAT. GLOBAL EXPORT.

Media 3,791 2,658

CREC. VENTAS EXPORT. ULT. AÑO

Media 5,0252 2,5175

RENTAB. EXPORT ULT. AÑO

Media 2,8918 2,3902

Se observa en la Tabla 3 que el clúster 1 engloba a casi el 71% de las empresas de la muestra, y el segundo algo más del 29%. El clúster 1 representa a las empresas con mayor éxito exportador ya que la satisfacción global con las exportaciones,

el crecimiento de las ventas de exportación y la rentabilidad de las exportaciones del último año están valorados mucho más positivamente que en el clúster 2, que está formado por aquellas empresas cuyos directivos perciben un desempeño exportador limitado.

El siguiente paso fue depurar la muestra, eliminando los casos en los que no se habían rellenado por parte del responsable de exportación la parte de la encuesta relacionada con los valores de Schwartz. No se eliminaron en la fase anterior porque de estas empresas si teníamos datos de resultados. Se pasó de 196 a 183 PyMEs exportadoras.

Las empresas son asignadas al clúster al que tienen mayor probabilidad de inclusión. Así aparecen 127 en el clúster 1 y 56 en el clúster 2. Aplicamos un test t de comparación de medias, y como los datos no cumplen el requisito de normalidad usamos también los test no paramétricos siguientes: prueba de la mediana para muestras independientes, U de Mann-Whitney y la prueba de Kolmogorov-Smirnov para muestras independientes. La Tabla 4 refleja sólo las variables que en el test t y en alguno de los no paramétricos mostraron diferencias significativas entre los dos grupos son los que hemos señalado, buscando al máximo la robustez de los resultados obtenidos.

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Tabla 4. Prueba t para la igualdad de medias Prueba de Levene de calidad de varianzas

Prueba t para la igualdad de medias

F Sig. t glSig.

(bilateral)Diferencia de medias

Diferencia de error estándar

95 % de intervalo de confianza de la diferencia

Inferior Superior

v08

Se asumen varianzas iguales

570 451 0,823 181 0,070 0,471 0,258 -0,039 0,980

No se asumen varianzas iguales

0,806 102,930 0,074 0,471 0,261 0,046 0,988

v09

Se asumen varianzas iguales

0,881 349 0,387 181 0,018 0,756 0,317 0,131 1,381

No se asumen varianzas iguales

0,388 105,379 0,019 0,756 0,317 0,128 1,383

v27

Se asumen varianzas iguales

1,583 210 0,815 181 0,071 0,561 0,309 -0,049 1,172

No se asumen varianzas iguales

0,892 116,288 0,061 0,561 0,297 -0,026 1,149

v30

Se asumen varianzas iguales

0,010 919 1,705 181 0,090 -0,440 0,258 -0,948 0,069

No se asumen varianzas iguales

1,704 105,180 0,091 -0,440 0,258 -0,951 0,072

v33

Se asumen varianzas iguales

13,064 000 0,549 181 0,012 0,568 0,223 0,128 1,008

No se asumen varianzas iguales

0,230 79,817 0,029 0,568 0,255 0,061 1,075

v34

Se asumen varianzas iguales

1,046 308 0,085 181 0,039 0,597 0,287 0,032 1,163

No se asumen varianzas iguales

0,110 108,289 0,037 0,597 0,283 0,036 1,159

v39

Se asumen varianzas iguales

0,163 687 0,887 81 0,004 0,856 0,296 0,271 1,441

No se asumen varianzas iguales

0,819 99,647 0,006 0,856 0,304 0,253 1,458

v45

Se asumen varianzas iguales

4,549 034 0,019 181 0,045 0,441 0,219 0,010 0,873

No se asumen varianzas iguales

0,886 90,557 0,063 0,441 0,234 -0,024 0,906

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Los ítems 8, 9, 27, 30, 33, 34, 39 y 45 de la escala de Schwartz muestran diferencias significativas entre los directivos de las empresas del clúster 1 y el clúster 2, con un nivel de confianza de al menos el 90 %. Analizamos para estos ítems los test no paramétricos de diferencias de medias para muestras independientes (Tabla 5).

Tabla 5. Pruebas no paramétricas para muestras independientes

Ítems de la escala de Schwartz

Significación asintótica de la Prueba de la mediana para muestras

independientes

Significación asintótica de la U de Mann-Whitney

Significación asintótica de Kolmogorov- Smirnov para muestras

independientes

V08 0,063 0,044 0,068

V09 0,007 0,012 0,033

V27 0,078 0,071 0,35

V30 0,066 0,055 0,343

V33 0,588 0,071 0,156

V34 0,007 0,037 0,033

V39 0,114 0,008 0,177

V45 0,315 0,086 0,468

Todos estos ítems de la escala de Schwartz han mostrado diferencias significativas entre los directivos de PyMEs exportadoras en alguno de los test no paramétricos y en el test t de igualdad de medias con un nivel de confianza de al menos 90%. A continuación, se presentan los valores medios de dichos ítems en cada uno de los clústeres (Tabla 6).

Tabla 6. Estadísticas de grupo

Clúster modal

N MediaDesviación estándar

Media de error estándar

v081 127 4,69 1,597 0,142

2 56 4,21 1,637 0,219

v091 127 3,76 1,975 0,175

2 56 3,00 1,973 0,264

v271 127 3,28 1,987 0,176

2 56 2,71 1,786 0,239

v301 127 4,88 1,607 0,143

2 56 5,32 1,608 0,215

v331 127 5,69 1,212 0,108

2 56 5,13 1,727 0,231

v341 127 4,47 1,803 0,160

2 56 3,88 1,748 0,234

v391 127 3,68 1,812 0,161

2 56 2,82 1,927 0,257

v451 127 5,64 1,283 0,114

2 56 5,20 1,531 0,205

Así los ítems de la escala SVS que muestran diferencias significativas entre los directivos encargados de las exportaciones en PYMES entre los clústeres 1 (éxito exportador) y 2 (poco éxito exportador) son: 8 orden social, 9 una vida excitante, 27 autoridad, 30 justicia social, 33 lealtad, 34 ambición, 39 influencias, 45 honestidad. Por tanto, encontramos diferencias significativas en 6 de las 10 dimensiones de la escala: seguridad, estimulación, poder, universalismo, benevolencia y logro.

DISCUSIÓN

La mayoría de estudios centrados en el análisis de la influencia de los aspectos personales de los directivos en la toma de decisiones y resultados empresariales en el contexto internacional se ha centrado en las propias características personales (Przybylska, 2013; Wagner & Paton, 2014) y pocos trabajos han ofrecido conclusiones sobre la repercusión de los valores. En este trabajo se demuestra algo que intuitivamente se podría pensar, pero que es difícil de demostrar, y es que los directivos dedicados a la exportación de las PyMEs con mayor éxito exportador poseen valores y rasgos de personalidad que difieren significativamente de los directivos de PyMEs cuyos resultados exportadores no son tan buenos.

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En particular los aspectos que difieren son los siguientes. Para los directivos de PyMEs con éxito exportador es más importante el orden social y la estabilidad de la sociedad que para sus colegas de PyMEs con menor resultado exportador. Es decir, este aspecto de la seguridad es una dimensión que predomina en los directivos de empresas exportadoras con mejores resultados en los mercados extranjeros. Esto nos indica que los directivos con PyMEs exportadoras de mayor éxito tenderán a buscar mercados más estables, con menores posibilidades de problemas sociales, revueltas o desorden público. Así pues, estos directivos evitarán dentro de lo posible las aventuras internacionales en países con poca estabilidad política y social (Cadogan, Cui, & Li, 2003).

También, los primeros le dan mayor importancia a tener una vida excitante y llena de experiencias estimulantes, aflorando la dimensión de estimulación. La internacionalización en una PYME siempre es un reto estimulante para sus directivos, cuyas empresas en muchas ocasiones no se han enfrentado anteriormente a esta actividad y por tanto, suponen retos profesionales y personales importantes. Como consecuencia, estos valores personales de preferencia de una vida estimulante y excitante les llevan a tener una visión más proactiva respecto a la internacionalización.

Estos directivos tienden a confiar más en su autoridad y dirigir o capitanear equipos de personas, reflejando una capacidad de poder. Esto implica que ese afán de liderazgo, de ejercer poder y autoridad les lleva a ser personas con más confianza en sí mismos, y quizás por ello con menor aversión al riesgo y más proclives a aventuras internacionales de éxito.

Por otra parte los directivos de PyMEs exportadoras de éxito suelen ser más leales a las personas y a los grupos, a ser más sinceros y honestos, aspectos estos relacionados con la benevolencia. Es decir, lealtad, honestidad y sinceridad son valores personales importantes para estos individuos, estas son cuestiones muy intrincadas con el marketing relacional. Estos valores suelen influir en mejorar las relaciones con otras organizaciones que permitan mantener relaciones comerciales duraderas, estables y exitosas. Todos estos valores son claves para el desarrollo y mantenimiento de canales de distribución internacionales (Saleh, Ali, & Mavondo, 2014).

Otro valor a destacar por los directivos de PyMEs internacionalizadas con éxito es ser ambiciosos y trabajar duro para aspirar a más logros y a ser más influyente teniendo más impacto en las personas y acontecimientos estos son aspectos asociados al logro. Para estas personas la ambición de conseguir mejores resultados, la capacidad para trabajar duro y el incentivo de tener más influencia en el mercado son elementos clave en su personalidad. Y según nuestros resultados es otro de los

aspectos que los distingue de directivos con peores resultados exportadores.

Todos estos valores muestran el predominio de un sistema de valores proactivo, caracterizado por una visión colectiva de los negocios, de tolerancia y apertura al cambio, y predisposición para realizar adaptaciones y orientarse al mercado, repercutiendo positivamente en el resultado exportador (Sousa et al., 2008; Sousa et al., 2010).

Sin embargo, para los directivos de PyMEs con éxito exportador es menos importante corregir las injusticias o cuidar del débil que para los directivos del grupo de PyMEs con menos éxito exportador, este aspecto está relacionado con el universalismo, mostrándose éstos últimos más proteccionistas o conservadores. Este aspecto nos indica que en los negocios internacionales esos valores más altruistas, más empáticos que se centran más en ayudar al prójimo están más vinculados con directivos de empresas con un éxito exportador limitado. Es decir, en la jungla de los negocios el pensar en los débiles puede ser contraproducente en términos de resultados empresariales.

Ello puede ser un reflejo de un enfoque conservador, caracterizado por un predominio de la visión individualista, de mantenimiento del status quo, mostrándose reacio a realizar cambios. Esta postura implica aplicar una lógica dominante tradicional, fruto de una cultura reactiva, en la resolución de problemas, toma de decisiones, actitudes y comportamientos empresariales (Schwartz & Bardi, 2001). Sus repercusiones suelen ser negativas en la rapidez de respuesta y adaptación a los deseos de los consumidores, motivaciones para innovar, o diversificar mercados (Krasnikov & Jayachandran, 2008). Todo ello puede repercutir negativamente en los resultados empresariales, como se refleja en la presente investigación.

Es interesante resaltar el hecho de que corregir las injusticias o cuidar del débil, sea el único valor en los que hemos encontrado diferencias significativas al que los directivos de PyMEs con menos éxito exportador han dado más importancia que a los directivos del otro grupo. Parece que estos aspectos más sociales, más asertivos, tienen menos presencia en los directivos de PyMEs con éxito exportador. El perfil de estos directivos es más agresivo en los que una vida excitante, la autoridad, la lealtad, el orden social, ambición, ser influyente y sincero son valores a los que les dan más importancia que sus colegas de PyMEs con menor éxito exportador.

CONCLUSIONES

En definitiva, este trabajo demuestra que las empresas con mayor éxito exportador tienen unos directivos con valores personales

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diferenciados de aquellos que gestionan las exportaciones de empresas con un éxito exportador limitado. Este hecho que puede parecer obvio no estaba justificado de manera científica y puede ser muy importante a la hora de reclutar personal que se encargue de las labores de internacionalización de las PyMEs.

Hemos encontrado un perfil de directivo de PyMEs internacionalizadas con éxito con unas características personales muy marcadas entre las que destacan: (1) la importancia del orden social y la estabilidad de la sociedad; (2) tienen preferencia por una vida estimulante y excitante; (3) confían más en su autoridad y en dirigir equipos de personas; (4) lealtad, honestidad y sinceridad son valores personales importantes para estos individuos; (5) por otra parte, ambición, trabajar duro para aspirar a más logros y ser más influyentes son características muy valoradas por ellos; (6) y por último, para ellos es menos importante corregir las injusticias o cuidar del débil que para los directivos del grupo de PyMEs con menos éxito exportador.

Para finalizar, señalar la principal limitación de este trabajo como es considerar exclusivamente la influencia de los valores en los resultados empresariales, obviando otros aspectos sobre los que la literatura apunta una repercusión más directa como son las orientaciones directivas (Escandon, Vargas, & González-Campo, 2013), decisiones estratégicas (Hagen, Zucchella, Cerchiello, & Giovanni, 2012) y alianzas estratégicas (Nakos, Brouthers, & Dimitratos, 2014). Actuando estos factores, en ocasiones, como mediadores o moderadores de la relación valores-resultados empresariales. Por ejemplo, se ha demostrado la influencia positiva de la inversión en nuevos productos y contratar a personal ajeno a la familia de los propietarios como factores que influyen positivamente en los resultados exportadores de las empresas (D’angelo, Majocchi, Zucchella, & Buck, 2013). Esta limitación constituye una guía para orientar futuros trabajos de investigación. También señalar que este trabajo se ha centrado en los valores de una única persona por empresa, el responsable de exportación o export manager, el cual aun asumiendo que representa el sistema de valores de la empresa exportadora, no tiene por qué ser exactamente así, siendo conveniente en futuros trabajos tener en cuenta los valores de otros directivos o personas que desarrollan funciones asociadas a la actividad exportadora, lo cual ofrecerá una perspectiva más enriquecedora de la relación valores directivos-resultados de la exportación. Además, sería recomendable conocer los valores personales de directivos de distintos de PyMEs internacionalizadas de países culturalmente diferenciados puede ser muy interesante y se podría relacionar con toda la literatura de internacionalización y análisis cross-cultural (Hofstede, 2001; Schwartz & Bardi, 2001).

Nota de los autoresInvestigación financiada con el proyecto de Excelencia de la Junta de Andalucía (España) con referencia: P11-SEJ-7042

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WAGNER KAMAKURAkamakura@rice.eduProfessor da Rice University, Jones Graduate School of Business – Houston –Texas, Estados Unidos da América

JOSÉ AFONSO MAZZONjamazzon@usp.brProfessor da Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade – São Paulo – SP, Brasil

ARTIGOSSubmetido 22.12.2014. Aprovado 22.04.2015Avaliado pelo processo de double blind review. Editor Científico: Mateus Canniatti Ponchio

CRITÉRIOS DE ESTRATIFICAÇÃO E COMPARAÇÃO DE CLASSIFICADORES SOCIOECONÔMICOS NO BRASILSocioeconomic stratification criteria and classification tools in Brazil

Criterios de estratificación y comparación de clasificadores socioeconómicos en Brasil

RESUMOEste estudo tem por propósito comparar conceitual e metodologicamente cinco classificadores para a estra-tificação socioeconômica da sociedade brasileira e mensurar os trade-offs de erros de classificação entre eles. Com base nos algoritmos de classificação de cada critério, classificamos os 55.970 domicílios que compõem a amostra representativa da pesquisa de orçamentos familiares (POF), realizada pelo Instituto Brasileiro de Geografia e Estatística (IBGE). Os resultados obtidos permitem afirmar que o classificador de máxima verossimilhança foi o que apresentou a melhor performance em explicar o nível de consumo das famílias brasileiras por estrato socioeconômico, seguido do classificador bayesiano adaptável, da Associa-ção Brasileira de Empresas de Pesquisa (ABEP) simplificado, do ABEP antigo e da Secretaria de Assuntos Estratégicos (SAE). Os três primeiros classificadores estão sustentados no conceito da renda permanente/riqueza do domicílio, incorporando os dois primeiros uma importante inovação: classificar um domicílio levando em conta sua localização geográfica e a composição familiar. Esses novos classificadores possibili-tam aos pesquisadores e gestores de marketing segmentar e estudar mercados baseados em critério válido, fidedigno e confiável de estratificação socioeconômica.PALAVRAS-CHAVE | Segmentação de mercado, classe socioeconômica, status socioeconômico, classifica-dores socioeconômicos, mercados emergentes.

ABSTRACTThe purpose of this study was to compare the conceptual and methodological features of five classification algorithms used to produce socioeconomic stratifications of the Brazilian society, and to measure misclassi-fication tradeoffs between them. We applied these five algorithms to classify the 55,970 households covered in the survey of household budgets (Pesquisa de Orçamentos Familiares [POF]) conducted by Brazilian Insti-tute of Geography and Statistics (Instituto Brasileiro de Geografia e Estatística [IBGE]). Our results allow us to conclude that maximum-likelihood classifier had the best performance in explaining Brazilian families’ con-sumption patterns across the socioeconomic strata, followed by the adaptive Bayesian, simplified ABEP, old ABEP, and SAE algorithms. The first three classifiers rely on the concept of permanent income, while the first two incorporate an important innovation: classifying a household by considering its geographic location and family composition, the latter defined by the number of adults and minors living in the household. These new classifiers allow researchers and marketers to segment and study markets based on a valid, unbiased, and reliable criterion of socioeconomic stratification.KEYWORDS | Market segmentation, socioeconomic class, socioeconomic status, socioeconomic classifier, emerging markets.

RESUMENEste estudio tiene como propósito comparar conceptual y metodológicamente cinco clasificadores para la estratificación socioeconómica de la sociedad brasileña y medir los trade-offs de errores de clasificación entre ellos. Con base en los algoritmos de clasificación de cada criterio, clasificamos los 55.970 domicilios que componen la muestra representativa de la encuesta de presupuestos familiares (Pesquisa de Orçamen-tos Familiares [POF]), realizada por el Instituto Brasileño de Geografía y Estadística (Instituto Brasileiro de Geografia e Estatística [IBGE]). Los resultados obtenidos permiten afirmar que el clasificador de máxima verosimilitud fue el que presentó el mejor desempeño en explicar el nivel de consumo de las familias bra-sileñas por estrato socioeconómico, seguido del clasificador bayesiano adaptable, del ABEP simplificado, del ABEP antiguo y de la SAE. Los tres primeros clasificadores están sustentados en el concepto del ingreso permanente/riqueza del domicilio, incorporando los dos primeros una importante innovación: clasificar un domicilio teniendo en cuenta su localización geográfica y la composición familiar. Estos nuevos clasifica-dores posibilitan a los encuestadores y gestores de marketing segmentar y estudiar mercados basados en criterio válido, fidedigno y confiable de estratificación socioeconómica.PALABRAS CLAVE | Segmentación de mercado, clase socioeconómica, estatus socioeconómico, clasificado-res socioeconómicos, mercados emergentes.

RAE-Revista de Administração de Empresas | FGV/EAESP

DOI: http://dx.doi.org/10.1590/S0034-759020160106

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INTRODUÇÃO

Estratificação socioeconômica tem sido um tema amplamente debatido e utilizado não apenas em marketing, mas em inúme-ros outros campos de conhecimento, como medicina, educação, psicologia, desenvolvimento econômico, entre outros. Kamakura e Mazzon (2013a, 2013b) apresentaram e discutiram amplamente esses usos e os fundamentos conceituais e metodológicos da estratificação socioeconômica (ESE). Propuseram um novo crité-rio calcado no conceito de renda permanente (Friedman, 1957) e no uso da modelagem por classes latentes ordinais (Vermunt & Magdison, 2010). Contudo, ainda permanece na literatura uma lacuna relacionada com a mensuração da precisão comparada de instrumentos (classificadores) para identificar em qual estrato socioeconômico se classifica uma família ou consumidor. Assim, este estudo visa comparar a performance de classificadores de ESE para fins de segmentação do mercado brasileiro, contrapondo a decisão de escolha entre simplicidade no processo de coleta de dados e erros de classificação de consumidores por diferentes classificadores disponíveis no Brasil. Pretendemos, ainda, mos-trar diferenças no perfil de consumo dos consumidores segundo cada classificador, de grande relevância para o desenvolvimento de pesquisas e para a prática do marketing.

Como subsídio à discussão a respeito dos classificado-res socioeconômicos, apresentamos uma síntese da relevância da estratificação de uma sociedade, sob uma perspectiva tanto acadêmica quanto empresarial. Para isso, tomamos por base os estudos realizados por Kamakura e Mazzon (2013a, 2013b), que mostram o crescimento de uma classe média com poder de compra mais elevado, como também o esforço realizado para atingir melhor estilo de vida por meio do consumo de produ-tos e serviços de maior status social (Cui & Song, 2009; Neri, 2011), impulsionando o crescimento da demanda das famí-lias por bens e serviços com maior valor agregado (Senauer & Goetz, 2003). Assim, utilizamos o conceito de ESE com o pro-pósito de relacionar o nível socioeconômico das famílias com os seus volumes e perfis de consumo. Essa medida desempe-nha papel importante em marketing por refletir valores, atitudes, normas sociais, estilos de vida e padrões de consumo diferen-ciados por estrato socioeconômico. Mittal, Holbrook, Sharon, Raghubir, e Woodside (2008) argumentam que consumido-res, com o propósito de ser aceitos e sentir que pertencem a determinado grupo social, tendem a adotar comportamentos visíveis de consumo compatíveis com o status socioeconômico desse segmento. A melhor forma de atendê-los relaciona-se com estratégias de marketing diferenciadas segundo o trinô-mio segmentação, escolha de grupos-alvo e posicionamento de marketing (Wedel & Kamakura, 2001).

Há pelo menos cinco décadas, o marketing faz uso da estratificação socioeconômica para segmentar o mercado (Bauer, Cunningham, & Wortzel, 1965), formular estratégias de comunica-ção e mídia (Bass, Pessemier, & Tigert, 1969; Rich & Jain, 1968), avaliar estratégias de preço (Frank & Massy, 1965), decisões de compra (Williams, 2002), experiências vivenciadas no consumo de produtos (Dahl & Moreau, 2007), desejo de aquisição de tipos de produtos (Rucker & Galinski, 2008) e atitudes em relação a pro-dutos globais e locais (Steenkamp, Jong, & Baumgartner, 2010). Kamakura e Mazzon (2013a, 2013b) mostraram inúmeros critérios existentes em dezenas de países para medir o nível socioeco-nômico calcados em variáveis como renda corrente, ocupação, escolaridade, características do imóvel em que a família reside, posse de bens, entre outras. Por exemplo, na Argentina o critério é baseado em uma pontuação arbitrária de três variáveis: ocu-pação e educação do chefe da família e posse de determinados bens de consumo. No Chile, consideram-se ocupação e educa-ção do chefe da família, renda familiar, local e características da residência e automóveis possuídos. A European Society for Opinion and Marketing Research (ESOMAR) estabeleceu um cri-tério calcado na escolaridade e ocupação da pessoa que tem a maior renda na casa (Schmeichel, Corrales, & Barberena, 1999; Urquijo & Lobl, 2003).

A principal crítica aos critérios existentes de estratificação socioeconômica relaciona-se com sua validade interna (Corrales, Barbarena, & Schmeichel, 2006), levando Bollen, Glanville, e Ste-cklov (2001, p. 153) a afirmar que há “falta de consenso sobre o significado conceitual e sobre a mensuração do status socioe-conômico”. A American Psychological Association instituiu um grupo permanente de pesquisa e conclamou seus associados a estudar o tema Socioeconomic Status (Saegert et al., 2006). O governo brasileiro (Brasil, 2012) e o dos EUA (Blank, 2010) cons-tituíram forças-tarefa visando identificar e quantificar os estratos socioeconômicos das respectivas sociedades. Revistas de marke-ting publicaram recentemente (International Journal of Research in Marketing, 2013) ou estão em processo de publicar (Marke-ting Science e Customer Needs and Solutions) edições especiais sobre a nova classe de consumidores nas economias emergentes.

No Brasil, existem três critérios de classificação socioeco-nômica: (1) elaborado pela Secretaria de Assuntos Estratégicos (SAE) da Presidência da República (Brasil, 2012), voltado para a avaliação de políticas públicas direcionadas à classe média e calcado no conceito da renda corrente familiar per capita; esse critério pode ser útil para políticas governamentais, mas é de utilidade limitada para marketing; (2) Associação Brasileira de Empresas de Pesquisa (ABEP) antigo (ABEP, 2011), cuja vigência foi até 2014, focado para uso em marketing, calcado na educa-ção do chefe da família e quantidades possuídas de oito tipos

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de bens duráveis e do número de empregados mensalistas no domicílio; e (3) o critério descrito por Kamakura e Mazzon (2013a, 2013b), concebido para uso primordial em marketing, baseado no conceito teórico de renda permanente e na modelagem de classes latentes ordinais.

A partir desse novo critério, foram desenvolvidos três classificadores, adotados pela ABEP a partir de 2015. Esses novos classificadores foram elaborados com base no critério de Kamakura e Mazzon (2013a) para atender às necessidades de diferentes usuários, dependendo da forma de coleta dos dados. O primeiro e mais completo classificador, denominado “ABEP novo”, foi operacionalizado pelo processo de verossimilhança condicional com informação completa, composto por até 35 itens envolvendo anos de escolaridade do responsável pela família, renda bruta mensal familiar, número de dormitórios e de banhei-ros, acesso a serviços de abastecimento de água e coleta de esgoto, pavimentação da rua, quantidade de empregados men-salistas no domicílio e quantidade possuída de 27 bens duráveis, ajustado por quatro covariáveis: região geográfica, tipo de locali-zação do domicílio e quantidade de adultos e menores presentes na moradia. Um segundo classificador, denominado “ABEP adap-tável”, foi instrumentalizado por um classificador bayesiano com 16 indicadores entre os que compõem o modelo anterior 3a, também ajustado para classificar uma família levando em consi-deração as quatro covariáveis. Finalmente, o “ABEP simplificado”, representado por um classificador composto por 15 variáveis, desenvolvido para uso específico em locais com dificuldade ou sem acesso à internet – o que impossibilitaria o emprego dos classificadores de verossimilhança condicional e bayesiano adap-tável. Ressalte-se que esse classificador simplificado apresenta uma forte limitação: não leva em consideração, na classificação socioeconômica, a região geográfica em que reside a família, o tipo de domicílio e a composição familiar, sendo a classificação única para o Brasil como um todo.

Como este estudo pretende suprir a lacuna de avaliação da performance comparativa desses cinco classificadores, é impor-tante estabelecer a distinção entre esse conceito e o de critério de classificação. Critério de classificação socioeconômica atenta para quatro características: base teórica emulada (renda corrente ou renda permanente); técnica estatística empregada na modela-gem; definição do número de estratos e limites que separam uma classe socioeconômica de outra. O termo classificador socioeco-nômico refere-se especificamente a um algoritmo estatístico que possibilita classificar um domicílio em um dos estratos socioe-conômicos definidos por cada critério.

Devemos ressaltar que a análise comparativa dos resul-tados da implementação dos classificadores da SAE e da ABEP, antigo e novos – que resultaram nos cinco classificadores – não

foi abordada nos estudos de Kamakura e Mazzon (2013a, 2013b). Essa comparação é importante e necessária, considerando que a estratificação das famílias deve ser consistente com a nova rea-lidade socioeconômica do Brasil, especialmente em relação a quatro aspectos: a) existência de programas de transferência de renda implementados pelo governo federal e por alguns gover-nos estaduais e municipais, que representam um aumento no orçamento familiar e na possibilidade de aquisição de produtos e serviços novos ou bens atuais em maior quantidade (Campello & Neri, 2013); b) o crescimento da “nova classe média” brasileira, com maior facilidade de acesso ao crédito e melhor qualificação profissional do trabalhador (Brasil, 2012); c) o fato de o classifica-dor ABEP antigo, assim como estratégias das empresas voltadas para o mercado consumidor, focarem especialmente os estratos de nível socioeconômico mais elevado, porque neles estava con-centrado maior poder aquisitivo e maior dispêndio no consumo de bens e serviços. Atualmente, observa-se maior interesse das empresas em implementar estratégias de marketing diferencia-das para estratos de classes intermediárias e de menor poder aquisitivo (Deaton & Muellbauer, 2009); d) auxiliar o pesquisa-dor na decisão de risco assumido contrapondo os trade-offs de erro de classificação de famílias entre os diferentes classificado-res. Assim, neste artigo, o propósito é complementar os estudos de Kamakura e Mazzon (2013a, 2013b) por meio da avaliação da performance comparada desses classificadores, identificando a que estratos socioeconômicos pertencem os consumidores e mensurando os respectivos erros de classificação incorridos, tomando-se por benchmark o classificador completo de veros-similhança condicional.

CRITÉRIOS DE ESTRATIFICAÇÃO SOCIOECONÔMICA DA SOCIEDADE BRASILEIRA

Critério SAE

Objetiva definir, para fins de política pública, o que é a classe média brasileira. Essa secretaria estabeleceu que o critério deveria estar fundamentado nas seguintes características: a) ser passível de implantação com informação disponível, obje-tiva e fidedigna; b) ser conceitual e metodologicamente sólido; c) ser facilmente compreendido por pessoas de diferentes graus de instrução (Brasil, 2012).

A SAE limitou o critério a uma variável, renda familiar cor-rente per capita. Selecionada a variável-chave, originada da Pesquisa Nacional por Amostra de Domicílios (PNAD), utilizou

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um critério de vulnerabilidade familiar para estabelecer limites superior e inferior da classe média, considerando o interesse desse órgão no aprimoramento de políticas públicas voltadas para essa classe. A partir da observação empírica dos movimen-tos de ascensão e queda de renda da população brasileira nos últimos anos, a SAE definiu o grau de vulnerabilidade de um domi-cílio à condição de pobreza – estabelecida como a renda corrente declarada per capita inferior a R$ 140,00 mensais – em algum momento dos próximos cinco anos (Brasil, 2012). Tomando por base o grau de vulnerabilidade, dividiu a população brasileira em três grupos, com o propósito de maximizar a homogeneidade dentro de cada grupo, utilizando um critério denominado pola-

rização. Estabelecidos os pontos de corte inferior e superior de cada classe socioeconômica – baixa, média e alta –, a Secreta-ria estabeleceu subdivisões dentro de cada classe, objetivando inclusive comparações com o critério da ABEP. Por meio dessa subdivisão, a SAE definiu três grupos componentes da classe baixa (extremamente pobre, pobre, mas não extremamente pobre, e vulnerável); três grupos para a classe média (baixa classe média, média classe média e alta classe média) e dois grupos para a classe alta (baixa classe alta e alta classe alta). Portanto, a estra-tificação da sociedade brasileira foi definida em oito grupos, os quais representam, para o ano base de 2009 e a preços de abril de 2012, a seguinte distribuição percentual:

Tabela 1. Tamanho dos estratos segundo o modelo SAEEstratos (ordem

decrescente)Denominação

Renda familiar per capita mensal

Tamanho dos estratos SAE (em %)

Tamanho dos estratos POF (em %)

1

Baixa

Extremamente pobre Até 81 5 8,4

2 Pobre, mas não extremamente pobre Entre 81 e 162 10 19,2

3 Vulnerável Entre 163 e 291 19 17,54

MédiaBaixa classe média Entre 292 e 441 17 15,8

5 Média classe média Entre 442 e 641 17 14,86 Alta classe média Entre 642 e 1.019 15 14,57

AltaBaixa classe alta Entre 1.020 e 2.480 13 7,3

8 Alta classe alta Mais de 2.480 4 2,5Nota. Recuperado de Secretaria de Assuntos Estratégicos, Presidência da República, 2012.

Definida a classe média representando praticamente a metade da população brasileira, a SAE poderia captar a sua evo-lução temporal por alterações na renda domiciliar. Essa secretaria estimou para 2012 o tamanho da classe média em 54% da popu-lação (SAE, 2012), tendo ocorrido diminuição da classe baixa, em parte explicada por valores da renda per capita serem deflacio-nados por um índice de inflação, enquanto os salários estariam corrigidos pela inflação e por ganhos de produtividade.

Critério Brasil (antigo, vigente até 2014)

Em 1997, as entidades Associação Brasileira de Anunciantes (ABA), Associação Brasileira de Anunciantes/Associação Brasileira dos

Institutos de Mercado (Abipeme) e Associação Nacional de Empre-sas de Pesquisa de Mercado (ANEP) desenvolveram um estudo que resultou na proposição de um critério denominado Critério de Classificação Econômica Brasil (CCEB) (ABEP, 2011). A elaboração desse critério objetivou disponibilizar um sistema de pontuação proxy da capacidade de consumo de um domicílio localizado em regiões metropolitanas brasileiras, utilizando dados objetivos e de fácil coleta no campo. Em 2008, o Critério Brasil utilizava a meto-dologia da regressão estatística do logaritmo da renda corrente familiar declarada como função da quantidade possuída de itens de conforto doméstico e instrução do responsável pelo domicílio (ABEP, 2011). Esse critério, aqui denominado ABEP antigo, vigorou até dezembro de 2014, conforme tabela a seguir.

Tabela 2. Tamanho dos estratos segundo o modelo ABEP antigoEstratos (ordem decrescente Denominação Pontos Tamanho dos estratos ABEP (em %) Tamanho dos estratos POF (em %)

1 A1 Entre 42 e 46 0,9 0,12 A2 Entre 35 e 41 4,1 1,53 B1 Entre 29 e 34 8,9 4,44 B2 Entre 23 e 28 15,7 11,35 C1 Entre 18 e 22 20,7 19,36 C2 Entre 14 e 17 21,8 23,67 D Entre 8 e 13 25,4 32,98 E Entre 0 e 7 2,6 6,9

Nota. Recuperado de Associação Brasileira de Empresas de Pesquisa, 2011.

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Verifica-se que existe uma acentuada assimetria na distribui-ção dos tamanhos das classes, em que as três primeiras representam 13,9% dos domicílios das regiões metropolitanas, enquanto as três últimas correspondem a 49,8% das moradias. Esse critério destaca as classes de maior poder aquisitivo (A1 e A2), concentrando elevado número de domicílios nas classes de menor capacidade de compra.

Novo critério Brasil (vigência a partir de 2015)

Sob uma perspectiva metodológica, Kamakura e Mazzon (2013a) estabeleceram que esse novo critério deveria: a) estar calcado em uma sólida base conceitual, propiciada pelo conceito de renda permanente – que expressa a riqueza do domicílio e seu poder de compra –, dimensão essa fundamental para a segmentação do mercado consumidor; b) ser multidimensional, considerando vari-áveis que expressassem o status socioeconômico de uma família; c) ser não arbitrário na definição do número de classes socioeco-nômicas e na classificação de um domicílio em um dos estratos; d) ser robusto a missing data, muito comum em pesquisas sociais aplicadas, seja por impossibilidade ou por recusa do entrevistado fornecer o dado solicitado; e) ser flexível para trabalhar com sub-conjuntos de uma base comum de dados, possibilitando classificar e comparar distintas pesquisas, mesmo que usassem diferentes tipos de dados de um rol comum de variáveis; f) ser robusto para usar variáveis de diferentes métricas: nominais (por exemplo, forma pela qual o domicílio é abastecido por água e tipo de esgotamento sanitário); ordinais (por exemplo, instrução do chefe da família) ou de contagem e razão, por exemplo, quantidade de microcompu-tadores no domicílio ou renda corrente familiar; g) levar em conta diferenças regionais perceptíveis na realidade brasileira em termos de regiões e características da localidade do domicílio; h) consi-derar diferenças na composição familiar, já que necessidades de bens e serviços são específicas para distintos tipos de famílias. Para efeito de segmentação de mercado, características geográ-ficas e de composição das famílias são imprescindíveis de serem consideradas, haja vista sua influência na escolha de produtos e serviços que serão por elas adquiridos. Pensando nesse conjunto de premissas, definiram que o modelo estatístico mais apropriado era o de classes latentes ordinais, cujas características podem ser vistas em Vermunt e Magidson (2010).

O passo inicial para a construção do modelo de Kamakura e Mazzon (2013a) consistiu na divisão da sociedade brasileira em 20 percentis, cada um representando 5% da população de domicílios, ordenados de modo decrescente no nível socioeconômico. Essa divisão em 20 partes iguais e monotonicamente decrescentes per-mitiria deslocar o foco estéril da discussão do quanto representa (tamanho) cada classe, para um propósito útil de possibilitar a aná-lise da evolução do perfil de cada vintil nos indicadores de renda,

escolaridade, utilização de serviços públicos essenciais, posse e quantidade de bens de conforto doméstico que caracterizam, em seu conjunto, o construto de renda permanente. Em seguida, Kamakura e Mazzon (2013a) analisaram diferenças no perfil demográfico dos vintis definidos pelo modelo de classes latentes ordinais e, como forma de validação do critério, no perfil de consumo de 21 catego-rias de bens e serviços da pesquisa de orçamentos familiares (POF) (IBGE, 2009), cujo consumo marginal foi ajustado pelas covariáveis composição familiar e localização do domicílio. Como segmentar o mercado em 20 partes não seria eficiente sob uma perspectiva gerencial, os vintis foram agrupados em um número menor de estra-tos. Para tanto, utilizaram a técnica Delphi, em que um grupo de experts avaliou o perfil de consumo de cada categoria de produto ou serviço. Da análise das diferenças estatísticas existentes nos níveis de consumo das 21 categorias, decidiram pela agregação dos vintis em sete estratos socioeconômicos, cujos tamanhos esti-mados pelo modelo de classes latentes encontram-se na Tabela 3, em que os estratos 1 e 2 correspondem aos respectivos vintis 1 e 2; o estrato 3 corresponde aos vintis 3, 4 e 5, e assim sucessivamente até o estrato 7, que corresponde aos vintis 18, 19 e 20.

Tabela 3. Tamanho dos estratos segundo o modelo ABEP novo

Estratos (ordem decrescente

DenominaçãoTamanho dos estratos

POF (em %)

1 E1 2,8

2 E2 3,63 E3 15,14 E4 20,65 E5 20,66 E6 22,87 E7 14,5

Nota. Adaptado de “Estratificação socioeconômica e consumo no Brasil”, de W. A. Kamakura e J. A. Mazzon, 2013a, São Paulo: Blucher.

Verifica-se, pela Tabela 4, a existência de diferen-ças expressivas no perfil socioeconômico entre os estratos. Enquanto a renda familiar média nacional situa-se em R$ 2.770,00 (a preços de 2009), a renda média corresponde a R$ 17.603,00 para o estrato 1 – de nível socioeconômico mais elevado –, decaindo para um valor médio de R$ 673,00 para o estrato 7, o de menor nível socioeconômico. Número de banhei-ros no domicílio, cuja média nacional é de 1,3, no estrato 1 é de 3,2 banheiros, enquanto nos estratos 5, 6 e 7, é de um banheiro por domicílio. Tomando-se o indicador de penetração de mer-cado, no estrato 1, observa-se que 95,1% das moradias têm pelo menos uma máquina de lavar roupa; nos estratos 6 e 7, esse indicador corresponde a 22,2% e 3,9%, respectivamente.

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Tabela 4. Perfil bruto da penetração de bens duráveis e serviços públicos nos sete estratos socioeconômicos do modelo ABEP novo de verossimilhança condicional

IndicadoresEstrato socioeconômico

Total1 2 3 4 5 6 7

Renda mensal familiar (R$) 17.603 10.055 4.783 2.745 1.463 1.019 673 2.770

Até 3 anos de escola 4,0% 0,6% 8,6% 14,6% 19,7% 45,9% 61,6% 27,9%

De 4 a 7 anos de escola 2,4% 1,4% 15,0% 24,3% 29,3% 33,8% 25,9% 24,9%

De 8 a 10 anos de escola 2,6% 1,8% 10,2% 15,1% 17,6% 11,2% 7,5% 12,1%

De 11 a 14 anos de escola 26,9% 37,3% 42,7% 40,0% 31,4% 9,0% 4,8% 26,0%

15 ou mais anos 64,1% 58,9% 23,4% 6,0% 1,9% 0,1% 0,2% 9,1%

Número de dormitórios 2,4 2,3 2,2 2,0 1,8 1,8 1,7 1,9

Número de banheiros 3,2 2,4 1,8 1,3 1,1 1,1 0,8 1,3

Água encanada (rede) 100,0% 100,0% 99,7% 99,5% 99,1% 93,9% 62,3% 92,8%

Esgoto (rede) 80,2% 88,2% 70,9% 64,3% 63,2% 37,9% 9,5% 52,4%

Rua pavimentada 94,6% 96,6% 88,1% 80,7% 80,7% 55,6% 24,8% 68,9%

Fogão_3 100,0% 99,8% 99,7% 99,6% 99,2% 99,3% 87,7% 97,8%

Empregada mensalista_4 70,0% 36,5% 18,8% 8,0% 3,7% 2,1% 1,0% 9,2%

Freezer_3 92,1% 80,5% 73,8% 47,9% 26,7% 14,6% 2,0% 35,7%

Refrigerador_3 99,1% 98,3% 99,0% 97,9% 96,3% 93,3% 62,8% 91,7%

Liquidificador_3 95,9% 92,9% 94,1% 88,8% 81,3% 74,9% 39,5% 78,2%

Aspirador_2 66,9% 51,8% 37,2% 10,3% 3,3% 0,3% 0,0% 12,3%

Ferro de passar_4 97,2% 97,1% 94,6% 91,8% 85,0% 75,4% 31,3% 78,7%

Lava-roupas_3 95,1% 87,7% 82,9% 63,4% 38,7% 22,2% 3,9% 45,1%

TV em cores_4 99,4% 98,6% 98,5% 97,8% 96,0% 95,1% 75,7% 93,8%

TV em preto e branco_2 3,7% 3,4% 2,3% 1,1% 1,7% 1,6% 3,7% 2,0%

Estéreo_4 84,0% 70,9% 67,1% 57,5% 54,2% 41,2% 30,0% 51,8%

Rádio_4 40,7% 58,9% 44,1% 37,8% 32,1% 39,5% 36,7% 38,7%

Ar-condicionado_4 65,8% 23,2% 27,5% 5,3% 2,3% 0,6% 0,0% 8,5%

Ventilador_4 80,1% 83,9% 82,2% 70,6% 62,0% 57,1% 24,6% 61,6%

Máquina de costura_4 32,5% 32,2% 28,8% 18,9% 18,1% 20,2% 2,9% 19,1%

Filtro de água_2 43,6% 46,1% 37,2% 34,0% 35,6% 34,2% 25,0% 34,3%

Automóvel_4 93,3% 86,9% 75,7% 46,6% 21,2% 8,8% 1,2% 33,4%

Bicicleta_4 49,0% 49,9% 43,2% 36,5% 45,5% 41,8% 41,1% 42,1%

Motocicleta_2 10,4% 8,6% 19,9% 17,3% 17,2% 8,1% 8,9% 13,9%

Computador_4 92,3% 87,0% 70,7% 39,7% 16,3% 1,4% 0,0% 28,3%

Purificador de água_1 23,6% 14,5% 10,2% 4,4% 0,5% 1,1% 0,0% 4,0%

Micro-ondas_2 86,6% 76,0% 64,6% 38,8% 20,4% 3,3% 0,0% 27,9%

Parabólica_1 19,7% 17,6% 29,0% 24,8% 24,1% 27,9% 23,9% 25,4%

DVD_4 95,3% 89,2% 84,0% 74,8% 69,7% 49,6% 29,8% 64,0%

Secadora de roupas_1 26,0% 10,8% 9,3% 3,0% 2,2% 1,1% 0,0% 3,8%

Batedeira_3 77,1% 66,9% 67,0% 47,0% 30,7% 17,1% 0,5% 34,7%

Secador de cabelos_4 81,1% 71,2% 59,0% 34,6% 23,7% 6,6% 0,6% 27,4%

Lava-louças_2 33,4% 9,1% 5,4% 0,3% 0,5% 0,2% 0,0% 2,3%

Nota. Adaptado de “Estratificação socioeconômica e consumo no Brasil”, de W. A. Kamakura e J. A. Mazzon, 2013a, São Paulo: Blucher.

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Tabela 5. Gasto médio anual por domicílio em cada estrato

Categoria de gastos 1 2 3 4 5 6 7 Média

Alimentação no domicílio 6.748 5.527 4.252 3.411 2.690 2.431 2.124 3.148

Alimentação fora do domicílio 7.182 4.735 2.520 1.654 940 550 379 1.465

Bebidas 1.068 952 690 515 374 269 241 448

Artigos de limpeza 524 415 248 184 150 128 103 180

Produtos para manutenção da casa 7.068 3.864 2.406 1.317 850 617 480 1.356

Eletrodomésticos 2.457 1.578 1.073 740 502 336 247 656

Vestuário 5.467 3.296 2.309 1.549 985 643 450 1.353

Cuidados pessoais 1.888 1.364 978 714 513 343 220 612

Saúde e medicamentos 10.251 5.846 3.328 1.842 1.023 831 471 1.846

Educação 5.858 3.469 1.769 679 246 107 55 778

Viagens, recreação e cultura 6.708 3.752 1.603 830 434 248 152 902

Fumo 275 191 162 163 130 119 90 139

Uso pessoal 504 202 120 63 33 20 13 66

Habitação e materiais de construção 24.933 15.533 8.822 5.248 3.366 2.439 1.430 5.122

Telefonia fixa e móvel 5.244 3.437 2.087 1.093 588 304 107 1.016

Transporte e manutenção de automóvel 10.936 7.695 4.775 2.838 1.539 828 472 2.461

Impostos e despesas financeiras 8.132 3.669 1.600 720 332 150 43 857

Serviços de utilidade pública 3.647 2.128 1.854 1.404 1.138 864 493 1.250

Serviços pessoais e profissionais 8.810 4.122 1.959 684 321 179 80 949

Outras despesas 8.125 5.103 2.475 1.344 606 383 229 1.305

Investimentos 44.567 21.736 9.118 3.587 1.223 461 255 4.531

Média anual de gastos/domicílio 170.392 98.614 54.150 30.578 17.981 12.249 8.134 30.438

O processamento da base de dados da POF 2009 utili-zando o classificador de verossimilhança condicional permitiu estruturar a Tabela 5, relativa a valores de consumo de bens e serviços pelos diferentes estratos. Verifica-se, pelo montante médio anual de gastos por categoria de despesa e estrato socio-econômico, que, no estrato 1, esse valor foi de R$ 170.392,00, enquanto no estrato 7 foi de R$ 8.134,00, cerca de 21 vezes mais. Selecionando uma categoria de bem essencial – alimentação no domicílio –, verifica-se que a classe 1 apresenta um gasto médio anual de R$ 6.748,00, enquanto a 7, de R$ 2.124,00 por

ano. Em gastos com educação, o montante médio anual gasto pelo estrato 1 correspondeu a R$ 5.858,00, enquanto no estrato 7, a R$ 55,00. Em alimentação, a proporção de gastos do estrato 1 em relação ao 7 foi de 3,2 vezes; em gastos com educação, essa proporção foi de 106,1. No caso de “bens supérfluos”, como serviços pessoais e profissionais (manicure, cabeleireiro, advo-gado etc.), o gasto médio anual do estrato 1 foi de R$ 8.810,00 por ano, ao passo que no estrato 7 representou R$ 80,00, cerca de 110 vezes mais. Observa-se que, nas categorias de bens mais essenciais, a proporção de gastos dos estratos de nível socio-

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econômico mais elevado em relação aos de nível mais baixo é bastante inferior à de categorias de bens e serviços menos essenciais ou mais supérfluos. Vale dizer que, para um bem essencial, o consumo médio tende a ser menos diferenciado do que em relação a um bem supérfluo. Não obstante, mesmo para bens essenciais, a estratificação permite evidenciar dife-renças significativas na quantidade consumida e na qualidade dos bens e marcas adquiridos.

Classificadores de domicílios nos estratos socioeconômicos

Para cada critério de estratificação socioeconômica, tem-se um algoritmo ou classificador que possibilita identificar em qual classe socioeconômica um domicílio é inserido.

O classificador SAE é definido pelos intervalos de renda per capita dos oito estratos constantes da Tabela 1 (Brasil, 2012). O classificador da ABEP com vigência até 2014 corresponde aos intervalos de pontos associados a cada um dos oito estratos especificados na Tabela 2 (ABEP, 2011).

O classificador ABEP novo (Kamakura & Mazzon, 2013a) de máxima verossimilhança foi definido por 35 indicadores (Tabela 4) e quatro covariáveis – região geográfica, localização do domicí-lio e quantidade de adultos e menores de 18 anos moradores na casa. Esse classificador é robusto mesmo na presença de dados faltantes, não requerendo qualquer imputação arbitrária, por

exemplo, pela média. Kamakura e Mazzon (2013a, 2013b) mos-tram que a função de verossimilhança condicional que define a probabilidade de um domicílio i pertencer ao estrato s é calcu-lada multiplicando-se as probabilidades condicionais para todos os k indicadores disponíveis para esse domicílio, tal como apre-sentada abaixo:

( | )| p y XL Y X' 'i s j ik ks

k

K

1

K K==

" , %

Considerando que o produto k

K

1=^ h% somente se aplica

aos indicadores disponíveis para um domicílio i, a probabili-dade a posteriori de que esse domicílio i pertença ao estrato s é calculada por meio da fórmula bayesiana, onde o numera-dor corresponde à verossimilhança condicional ao estrato s e o denominador, à verossimilhança não condicionada, como apre-sentado abaixo:

||

||

, , ,L Y XL Y X

p y Xp y X

1 1''

'

''

'

is

i s js

S

i s j

ik ks jk

K

s

S

ik ks jk

K

1

1

's sK

K

K

Kx =

==

=r r=

=

^

^

h

h

"

"

,

,

%%

/ /

O classificador adaptável visa selecionar um subconjunto de indicadores mais informativos do status socioeconômico de cada domicílio. A entrevista adaptável inicia-se com a pergunta das quatro covariáveis, seguida da questão da renda familiar bruta mensal. Como a renda é um indicador contínuo, a proba-bilidade posterior de o domicílio pertencer ao estrato s dada a renda y1 é dada por:

||p y

p y

exp

exp'

'

is

s ss

S

s s

s

y x

s

S

s

y

1 11

1 1

81

21

8

8 8 8

1

81

21

8

8 8

2

2

' '

'j jj

j

123 2 123

1 1 3 1131

4

123 2 123

1 1 1

4

113

6

Kx

r

r

r

r=

-=

-

-

=- - - -

=

- -

r

r

=

=

^

^

`

`

h

h

j

j

$

$

.

.

/ / /

/

As respostas a essas cinco questões condicionam a seleção da próxima pergunta a ser feita ao entrevistado. Esse procedimento baseia-se na identificação de qual indicador restante produz maior redução de entropia de classificação do domicílio nos estratos socioeconômicos. A entropia esperada para o indicador k depende do dado yk – que obviamente não se tem em mãos, pois a pergunta ainda não foi feita. Para estimar a entropia esperada para o indica-dor k, necessita-se primeiro calcular a probabilidade posterior de classificação do respondente – 'ksxu – dada a resposta esperada a esse indicador. Para isso, integra-se a distribuição de frequên-cias das respostas para esse indicador (f(yk)):

f y dy' |

|ks

p y

p yk k

's k kss

S

s k ks

11

1x =K

K

x

x

=

u ^^

^

hh

h

/#

O indicador k, que produz a maior entropia esperada (k lns ks

s 1

7 x x-=u u^ h/ ), será a próxima pergunta a ser feita ao entre-

vistado. Uma vez que os dados desse próximo indicador forem coletados, novas probabilidades de classificação são calculadas usando o mesmo procedimento descrito até atingir 15 indicadores que, somados à renda familiar e às quatro covariáveis, totalizam 20 indicadores mais adaptados ou pertinentes para a classifica-ção socioeconômica desse específico domicílio i.

Os classificadores de verossimilhança condicional e bayesiano adaptável estão disponíveis no site www.pesquisa-socioeconomica.com.br.

Por último, o novo classificador simplificado adotado pela ABEP (2013), construído por meio de regressão logística, compreende 15 indicadores, cujos pontos foram definidos pelo coeficiente de cada variável dummy selecionada (Tabela 6). Em função da soma obtida de pontos, classifica-se o domicílio no respectivo estrato socioeconômico (Tabela 7). Ressalte-se que esse classificador retrata uma classificação única para todo o

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Brasil, não levando em consideração a localização geográfica e composição familiar do consumidor.

Tabela 6. Novo classificador simplificado ABEP

IndicadoresQuantidade

0 1 2 3 4 ou +

Empregado doméstico 0 3 7 10 13

Banheiro 0 3 7 10 14

Automóvel 0 3 5 8 11

Motocicleta 0 1 3 3 3

Microcomputador 0 3 6 8 11

DVD 0 1 3 4 6

Lava-louça 0 3 6 6 6

Geladeira 0 2 3 5 5

Freezer 0 2 4 6 6

Micro-ondas 0 2 4 4 4

Lava-roupa 0 2 4 6 6

Secadora de roupa 0 2 2 2 2

Serviços públicos Não Sim

Água encanada 0 4

Rua pavimentada 0 2

Escolaridade da pessoa de referência no domicílio

Analfaberto/Fundamental I incompleto 0

Fundamental I incompleto/Fundamental II incompleto 1

Fundamental II incompleto/Ensino Médio incompleto 2

Ensino Médio incompleto/Superior incompleto 4

Superior completo 7

Nota. Adaptado de Associação Brasileira de Empresas de Pesquisa,2013.

Tabela 7. Classificação socioeconômica do domicílio segundo o critério ABEP simplificado

Estrato Pontos

1 43 ou mais

2 37 a 42

3 26 a 36

4 19 a 25

5 15 a 18

6 11 a 14

7 0 a 10

Nota. Adaptado de Associação Brasileira de Empresas de Pesquisa, 2013.

ANÁLISE COMPARATIVA DE CLASSIFICADORES SOCIOECONÔMICOSExistem no Brasil duas bases de dados que poderiam ser utiliza-das para a estratificação socioeconômica da sociedade brasileira: a PNAD e a POF, ambas gerenciadas pelo IBGE (2009). Na pri-meira, dados do imóvel, trabalho, estudo, renda e existência ou não (dado binário) de um conjunto de bens são declarados pelo entrevistado. Na segunda, mais analítica – selecionada para cons-trução do novo critério de estratificação socioeconômica –, os dados coletados refletem o conceito de comprobabilidade, deven-do-se comprovar os dados por registros feitos ou pela presença no domicílio. Essa pesquisa pode ser considerada um retrato fide-digno da sociedade brasileira em termos de características físicas do domicílio e acesso a utilidades públicas, composição familiar, educação, emprego e rendimentos de cada membro da família, aspectos das condições de vida da família, quantidade possu-ída de bens duráveis e montante consumido de bens e serviços, informação essa de enorme utilidade para entender o compor-tamento de como os domicílios alocam o orçamento familiar. O método amostral para a seleção dos domicílios – conglomerado de dois estágios – abrange todas as unidades federativas, e a amostra de 55.970 moradias é representativa do universo de 57.816.604 domicílios existentes no Brasil no período da pesquisa.

Para a construção do classificador assumido como ben-chmark para efeito de comparação (verossimilhança condicional), foram utilizadas 35 variáveis (Tabela 4), sendo sete demográfi-cas (renda familiar corrente, anos de estudo do chefe da família, número de dormitórios, número de banheiros, tipo de abaste-cimento de água e de esgotamento sanitário e pavimentação), quantidade de empregados mensalistas e de 27 produtos de con-forto doméstico. Foram consideradas, ainda, as quatro covariáveis mencionadas. Na Tabela 4, o número à direita de cada nome de item representa a quantidade existente dentro do domicílio. Por exemplo, televisão em cores tem quatro categorias, variando de 0, 1, 2, 3 ou mais aparelhos no domicílio, e assim sucessivamente.

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METODOLOGIA DE ANÁLISE E RESULTADOS

Utilizamos a classificação obtida pelo classificador por verossi-milhança condicional como a base de comparação, porque ela define os estratos socioeconômicos de acordo com o novo cri-tério completo da ABEP. Isso foi feito dada a inexistência de um classificador benchmark que fosse a verdade objetiva. Nossa justificativa para utilizar como tal o classificador de verossimi-

lhança é o fato de ele incorporar maior número de indicadores e ter embasamento teórico mais bem definido.

Para comparar as classificações obtidas pelos classifica-dores e critérios, utilizamos uma tabulação cruzada dos estratos socioeconômicos, calculando-se como métrica de precisão a média das máximas percentagens obtidas em cada um dos sete estratos definidos pelo classificador base (% indicada em cada classificador na primeira coluna da Tabela 8, calculada pela média ponderada dos números em negrito indicados nessa tabela).

Tabela 8. Resultados da classificação obtidos por diferentes critérios e classificadores

 ABEP Classificador por verossimilhança condicional (35 indicadores)

Total1 2 3 4 5 6 7

Critério SAE Precisão = 45,1%

Alta classe alta 78,0% 65,7% 18,9% 4,8% 0,1% 8,4%

Baixa classe alta 17,9% 30,5% 53,1% 32,2% 9,7% 3,5% 0,8% 19,2%

Alta classe média 2,6% 2,7% 19,1% 34,9% 19,1% 11,9% 4,5% 17,6%

Média classe média 0,8% 0,4% 5,8% 18,7% 24,9% 18,5% 11,8% 15,8%

Baixa classe média 0,4% 0,3% 1,9% 7,6% 26,0% 23,8% 14,7% 14,8%

Vulnerável 0,3% 0,1% 0,9% 1,5% 15,4% 29,9% 27,9% 14,5%

Pobre, mas não extremamente pobre

0,1% 0,3% 0,2% 3,6% 10,5% 27,8% 7,3%

Extremamente pobre 0,3% 0,1% 1,1% 1,9% 12,5% 2,5%

Antigo ABEP Precisão = 49,9%

A1 2,1% 0,3% 0,1%

A2 41,1% 9,8% 0,3% 1,5%

B1 37,5% 47,1% 10,6% 0,2% 4,4%

B2 15,6% 34,5% 47,5% 10,5% 1,6% 11,3%

C1 2,5% 7,3% 33,3% 44,8% 19,2% 3,1% 0,1% 19,2%

C2 0,6% 0,9% 7,1% 34,4% 44,3% 25,1% 3,8% 23,6%

D 0,7% 0,2% 1,0% 9,9% 33,8% 68,7% 55,6% 32,9%

E 0,2% 0,2% 1,1% 3,1% 40,5% 6,9%

Novo ABEP – Classificador adaptável (melhores 20 indicadores) Precisão = 77,4%

1 73,6% 11,3% 0,5%         2,5%

2 17,7% 66,5% 2,5% 3,2%

3 8,7% 22,1% 82,4% 6,3% 0,3% 14,9%

4 0,1% 13,2% 82,2% 8,8% 0,2% 20,8%

5 1,3% 10,7% 76,6% 11,3% 1,0% 20,9%

6 0,7% 13,8% 82,0% 20,6% 24,7%

7     0,4% 6,5% 78,4% 13,0%

Novo ABEP – Classificador simplificado Precisão = 57,3%

0 1,0% 0,3% 0,3% 0,4% 0,3% 2,1% 0,6%

1 71,2% 23,0% 1,3% 3,0%

2 20,0% 34,6% 11,1% 0,1% 3,5%

3 7,2% 38,9% 66,5% 18,6% 1,8% 15,9%

4 0,4% 3,3% 18,5% 55,5% 29,9% 1,7% 20,9%

5 0,2% 0,1% 1,8% 19,9% 43,6% 21,6% 1,8% 18,5%

6 0,1% 0,3% 5,2% 22,2% 59,7% 25,8% 23,1%

7 0,1% 0,4% 2,2% 16,6% 70,3% 14,6%

Total: 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0%

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A comparação apresentada na Tabela 8 oferece alguns insi-ghts sobre as diferenças entre os critérios e classificadores com o ABEP novo. Por exemplo, devido ao fato de se basear exclusi-vamente na renda per capita dos domicílios, o critério SAE é o que menos tem em comum com o novo critério ABEP. A métrica de precisão é de 45,1%, e a discrepância é mais acentuada nos estratos mais pobres. Observa-se que mais de 30% das famílias enquadradas no estrato 7 (de menor nível socioeconômico) pelo classificador de verossimilhança condicional foram alocadas na classe média pelo classificador SAE. De outra parte, a concordân-cia entre o antigo e novo critério ABEP é de 49,9%. Verifica-se, ainda, que, entre as duas opções de classificadores baseadas no novo critério ABEP, o classificador adaptável apresenta precisão de 77,4%, embora utilize 20 (incluídas as quatro covariáveis) dos 39 indicadores do classificador de verossimilhança condicional. Pode-se notar que essa performance é superior à do classifica-dor simplificado, mesmo utilizando um número semelhante de indicadores. Isso ocorre por duas razões. O classificador adaptá-vel seleciona os indicadores mais informativos quanto ao status socioeconômico do domicílio, enquanto o critério simplificado

utiliza o mesmo questionário para todos os entrevistados, utili-zando um sistema de pontuação linear. Verifica-se, também, que o classificador simplificado não classificou 0,6% dos domicílios, devido a dados faltantes, enquanto o classificador adaptável é imune a isso. Para efeito de uma análise mais condescendente, quando se considera a classe adjacente à classe mais provável, a precisão aumenta para 93,0% e 82,3% nos classificadores adap-tável e simplificado, respectivamente, o que indicaria uma boa acurácia na classificação.

Contudo, para uma comparação mais relevante – sob o ponto de vista de marketing – utilizamos a classificação obtida pelos vários critérios e classificadores para explicar as variações de consumo entre os domicílios em 20 categorias de despesas (Tabela 9), utilizando um modelo multivariado linear generali-zado (Green & Silverman, 1994), onde o R-quadrado ajustado foi calculado utilizando somente a estratificação socioeconômica obtida de cada critério e classificador (preditor) para explicar o consumo em cada categoria, tendo em vista que o objetivo deste estudo centra-se precisamente na comparação da performance desses classificadores.

Tabela 9. Percentagem da variação no consumo explicado pelas estratificações socioeconômicas (R-quadrado ajustado)

Categoria de consumo SAE ABEP antigo Novo ABEP Novo ABEP adaptável

Novo ABEP simplificado

Alimentação no domicílio (mercearia, laticínio, carnes, frutas etc.) 4% 7% 9% 9% 8%

Alimentação fora do domicílio (bar, lanchonete, restaurante etc.) 17% 19% 23% 23% 20%

Bebidas (refrigerantes, sucos, destilados, cerveja etc.) 4% 5% 6% 6% 5%

Artigos de limpeza (sanitários, descartáveis etc.) 2% 3% 4% 4% 4%

Produtos para manutenção da casa (decoração, cama, mesa, banho, utensílios etc.) 2% 4% 5% 5% 4%

Eletrodomésticos (cozinha, som, vídeo, TV etc.) 10% 14% 17% 15% 17%

Vestuário (masculino, feminino e infantil) 6% 9% 12% 12% 10%

Cuidados pessoais (higiene, beleza etc.) 7% 11% 14% 13% 12%

Saúde e medicamentos (seguro, remédios etc.) 12% 12% 16% 16% 13%

Educação (mensalidade, livros, papelaria etc.) 10% 17% 19% 18% 17%

Viagens, recreação e cultura (eventos, cinema, CDs, viagens etc.) 13% 17% 19% 19% 17%

Fumo (tabaco e acessórios) 0% 1% 1% 1% 1%

Uso pessoal (ótica, relógio, joias, bolsas, cintos etc.) 4% 7% 7% 7% 6%

Habitação e materiais de construção (aluguel, condomínio, reforma etc.) 25% 28% 34% 35% 32%

Telefonia fixa e móvel (contas, aparelho e acessórios) 30% 40% 46% 44% 44%

Transporte e manutenção de automóvel (ônibus, metrô, combustível etc.) 18% 28% 29% 28% 27%

Impostos e despesas financeiras (juros, tarifas, taxas etc.) 12% 17% 20% 20% 18%

Serviços de utilidade pública (água, esgoto, eletricidade etc.) 12% 27% 29% 28% 29%

Serviços pessoais e profissionais (manicure, cabeleireiro, advogado etc.) 20% 26% 30% 29% 28%

Outras despesas (jogos, pensão, bancos etc.) 11% 9% 13% 14% 10%

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Os resultados mostram que a estratificação baseada unica-mente na renda per capita (SAE) apresentou pior desempenho em relação às estratificações que utilizam mais indicadores socioeconô-micos (nova e antiga ABEP) para explicar variações no consumo das famílias brasileiras. Nas 20 categorias de despesas, o novo critério da ABEP produz uma melhor explicação do consumo que os outros critérios, com pequenas variações entre o classificador por verossi-milhança e o adaptável. Mesmo o ABEP antigo mostra performance superior ao critério SAE. O classificador simplificado em relação ao novo critério ABEP apresenta deterioração no poder explanatório em relação tanto ao classificador completo quanto ao adaptável.

À primeira vista, o poder explanatório de todos os cri-térios e classificadores parece baixo (variando de 0% a 46%). Entretanto, deve-se levar em conta que há muitos outros fatores

– não só a estratificação – que afetam o consumo; esses fatores também interagem com o status socioeconômico para determi-nar o nível de consumo do domicílio em cada categoria de bens e serviços. Como somente foi utilizado o estrato socioeconômico para explicar o consumo (porque nosso objetivo é comparar os classificadores), não se deve mostrar surpresa pelo baixo poder explanatório mostrado na Tabela 9. O mais importante é que os classificadores foram comparados nas mesmas circunstâncias.

Para a finalidade de marketing, a estratificação socioeconô-mica serve como base importante na segmentação do mercado (Wedel

& Kamakura, 2002) e, por isso, é fundamental que a estratificação resulte em segmentos que sejam diferenciados em termos de con-sumo e na sua relevância para as empresas. Na Figura 1, comparam-se os três critérios (SAE, ABEP antigo e ABEP novo por verossimilhança condicional) em termos da magnitude de cada um dos seus estratos como segmentos de mercado em cada categoria de bens e serviços de consumo, utilizando-se, para isso, a base de dados da POF 2009. Para construir as Figuras 1, 2 e 3, os três classificadores foram apli-cados aos dados dessa POF, tendo-se projetado as participações dos estratos na demanda de cada uma das respectivas categorias. Assim, olhando de baixo para cima em cada figura, visualizam-se as curvas da participação percentual acumulada no consumo total, partindo do estrato socioeconômico de nível mais elevado até o de menor nível. Dessa forma, a primeira curva de baixo para cima refe-re-se à participação do estrato 1 no consumo total de cada categoria de bem ou serviço. A segunda curva de baixo para cima refere-se à participação percentual acumulada dos estratos socioeconômicos 1 e 2, e assim sucessivamente, até a última curva, que representa a par-ticipação do estrato 7. A diferença entre duas curvas corresponde à participação no consumo de um respectivo estrato socioeconômico. Podemos observar, nas três figuras, que os estratos 1 e 2 represen-tam uma participação significativamente mais elevada no consumo total de cada categoria que a sua participação no total de domicílios, ocorrendo o oposto com os estratos de menor nível socioeconômico.

Figura 1. Segmentos de mercado definidos pela estratificação socioeconômica da SAE segundo projeções pela POF 2009

8,4%

45,1%60,9%75,7%

90,2%97,5%

27,6%

100,0%

80,0%

40,0%

30,0%

20,0%

0,0%

10,0%

50,0%

60,0%

70,0%

90,0%

Serviço

s pess

oais e profiss

ionais

Imposto

s desp

esas fi

nanceira

s

Viagens, recre

ação e cu

ltura

Outras d

espesa

s (jogos,

pensão, b

ancos,

etc.)

Uso pess

oal (ótic

a, relógio

, joias, b

olsas, c

intos etc.

)

Educaçã

o (mensa

lidade, li

vros,

papelaria etc.

)

Saúde e medica

mentos (se

guro, remédios e

tc.)

Alimentaçã

o fora do domici

lío

Telefo

nia fixa e móvel

(contas

, aparelho e a

cessó

rios)

Cuidados pess

oais (higiene, b

eleza etc.

)

Eletrodomésti

cos (

cozin

ha, som, ví

deo, TV etc.

)

Vestúario

(masc

ulino, fe

minino e infantil)

Serviço

s de utili

dade pública

Alimentaçã

o no domicilío

Fumo (ta

baco e ace

ssório

s)

Artigos d

e limpeza

(sanitá

rios,

descartá

veis

etc.)

Bebidas (refrig

erantes, su

cos,

destilados,

cerveja etc>

)

Habitaçã

o e materia

is de co

nstruçã

o

Produtos para m

anutenção da ca

sa

Transp

orte e m

anutenção de automóve

l

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A Figura 1 mostra que a segmentação pelo critério SAE é extrema, com alta percentagem (acima de 30%) do consumo não essencial concentrada no segmento mais abastado (8,4% dos domicílios); mais que a metade desse consumo é observada só nos dois segmentos mais ricos (27,6% dos domicílios); os três últimos segmentos de menor poder aquisitivo representam uma parcela insignificante de qualquer dos 20 mercados considerados. Depreende-se, assim, que o critério SAE tende a classificar uma maior percentagem de domicílios nas classes mais altas diante do novo critério ABEP, com uma participação expressiva desses estratos no consumo total de cada categoria de bem ou serviço.

O oposto ocorre com o critério ABEP antigo (Figura 2), que classifica uma pequena percentagem (6,0%) dos domi-cílios nos três segmentos mais abastados da sociedade brasileira e grande concentração nos estratos mais pobres. Os três primeiros segmentos respondem por entre 9% e menos que 40% do consumo total em todas as 20 categorias de bens e serviços. Observa-se que, mesmo nas categorias de despe-sas não essenciais, os segmentos nos dois extremos (mais rico e mais pobre) são insignificantes para todos os 20 mer-cados estudados.

Figura 2. Segmentos de mercado definidos pela antiga estratificação socioeconômica da ABEP segundo projeções pela POF 2009

0,1%

6,0%17,3%

36,6%

60,2%93,1%

1,6%

100,0%

80,0%

40,0%

30,0%

20,0%

0,0%

10,0%

50,0%

60,0%

70,0%

90,0%

Serviço

s pess

oais e profiss

ionais

Imposto

s desp

esas fi

nanceira

s

Viagens, recre

ação e cu

ltura

Outras d

espesa

s (jogos,

pensão, b

ancos,

etc.)

Uso pess

oal (ótic

a, relógio, jo

ias, bolsa

s, cin

tos etc.

)

Educaçã

o (mensa

lidade, li

vros,

papelaria etc.

)

Saúde e medica

mentos (se

guro, remédios e

tc.)

Alimentaçã

o fora do domici

lío

Telefonia fixa e m

óvel (c

ontas, aparelho e ace

ssório

s)

Cuidados pess

oais (higiene, b

eleza etc.

)

Eletrodomésti

cos (

cozin

ha, som, v

ídeo, TV etc.

)

Vestúario

(masc

ulino, fe

minino e infantil)

Serviço

s de utili

dade pública

Alimentaçã

o no domicilío

Fumo (ta

baco e ace

ssório

s)

Artigos d

e limpeza

(sanitá

rios,

descartá

veis

etc.)

Bebidas (refrig

erantes, su

cos,

destilados,

cerve

ja etc>)

Habitaçã

o e materia

is de co

nstruçã

o

Produtos para m

anutenção da ca

sa

Transp

orte e m

anutenção de automóve

l

O novo critério da ABEP de verossimilhança condicional (Figura 3) resulta numa segmentação mais bem distribuída dos mercados em todas as categorias de bens e serviços, embora mostre uma alta concentração no consumo de produtos não essen-ciais, que seria reflexo das condições do mercado brasileiro, notadamente em termos de distribuição de renda. Verifica-se, pelos resultados, que os três segmentos mais abastados (21,5% dos domicílios) representam de 30% a 70% do consumo de todos os 20 mercados considerados.

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Figura 3. Segmentos de mercado definidos pela nova estratificação socioeconômica da ABEP segundo projeções pela POF 2009

100,0%

80,0%

40,0%

30,0%

20,0%

0,0%

10,0%

50,0%

60,0%

70,0%

90,0%

Serviço

s pess

oais e profiss

ionais

Imposto

s desp

esas fi

nanceira

s

Viagens, recre

ação e cu

ltura

Outras d

espesa

s (jogos,

pensão, b

ancos,

etc.)

Uso pess

oal (ótic

a, relógio, jo

ias, bolsa

s, cin

tos etc.

)

Educaçã

o (mensa

lidade, li

vros,

papelaria etc.

)

Saúde e medica

mentos (se

guro, remédios e

tc.)

Alimentaçã

o fora do domici

lío

Telefonia fixa e m

óvel (c

ontas, aparelho e ace

ssório

s)

Cuidados pess

oais (higiene, b

eleza etc.

)

Eletrodomésti

cos (

cozin

ha, som, v

ídeo, TV etc.

)

Vestúario

(masc

ulino, fe

minino e infantil)

Serviço

s de utili

dade pública

Alimentaçã

o no domicilío

Fumo (ta

baco e ace

ssório

s)

Artigos d

e limpeza

(sanitá

rios,

descartá

veis

etc.)

Bebidas (refrig

erantes, su

cos,

destilados,

cerve

ja etc>)

Habitaçã

o e materia

is de co

nstruçã

o

Produtos para m

anutenção da ca

sa

Transp

orte e m

anutenção de automóve

l

2,8%

21,5%42,1%62,7%

85,5%

6,4%

CONCLUSÕES E IMPLICAÇÕES

Segmentar mercados é uma prática imperativa na gestão de marketing das empresas. Decorre do reconhecimento de que cada segmento tem necessidades distintas. Uma das formas de segmentação é por meio do status socioeconômico das famílias, dado que necessidades costumam ser diferentes em função de maior ou menor grau desse status. Produtos, serviços e marcas são consumidos em quantidade e qualidade variadas segundo o nível socioeconômico. Empresas colocam à venda produtos e serviços que visam atender às necessidades de cada segmento; agências implementam campanhas de comunicação de modo a persuadir segmentos de consumidores de que certos produtos ou marcas podem atender às suas necessidades; veículos de comunicação procuram informar melhor seus leitores, ouvintes ou telespectadores objetivando retê-los na marca. Para que isso funcione adequadamente, é fundamental colocar uma questão: Como identificar e mensurar o tamanho e perfil de classes socio-econômicas de maneira fidedigna, válida, confiável? A análise de como dividir uma sociedade em classes socioeconômicas é um desafio conceitual e metodológico. Há um descompasso entre o

que propõe a teoria e o que se executa, como demonstrado por Kamakura e Mazzon (2013a, 2013b).

No Brasil, existem três principais critérios de estratifica-ção socioeconômica e cinco classificadores de domicílios em uma dada classe: SAE, ABEP antigo e três novos da ABEP, com vigência a partir de 2015: de verossimilhança condicional, baye-siano adaptável e simplificado. As características conceituais e metodológicas de cada um deles evidenciam que o de máxima verossimilhança, seguido do bayesiano adaptável, é o que melhor atenderia aos pesquisadores acadêmicos e às gerências de marketing das empresas. Como critério, eles são conceitual-mente mais bem fundamentados, e, como classificadores, são operacionalmente mais flexíveis e precisos para estratificar a sociedade brasileira considerando o conceito de renda perma-nente, ou riqueza da família, condição que define a capacidade de consumo. Essas características tornam esses dois classifica-dores os mais adequados para efeito de utilização em marketing.

Tomando o classificador de verossimilhança condicio-nal como benchmark, fizemos uma comparação cruzada das classificações dos estratos socioeconômicos de cada um dos classificadores. Os resultados mostraram que a maior precisão,

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comparativamente ao classificador base, foi alcançada pelo clas-sificador adaptável (77,4%), seguido do simplificado (57,3%), ABEP antigo (49,9%) e SAE (45,1%). Uma segunda avaliação foi realizada, tomando por base o quanto cada classificador explica das variações no montante consumido de bens e serviços entre estratos socioeconômicos. A comparação do poder explanatório dos cinco classificadores para 20 categorias de bens e serviços mostrou que a melhor performance correspondeu ao classifi-cador de verossimilhança condicional, seguido pelo bayesiano adaptável, simplificado, ABEP antigo e SAE. Essa ordem foi con-firmada pelas duas formas de avaliação.

Como implicação, por meio desses novos classificadores, institutos de pesquisa, gestores de marketing, professores, pes-quisadores e estudantes em geral poderão classificar, de maneira mais fidedigna e confiável, amostras de domicílios ou consu-midores em um dos sete estratos socioeconômicos em que se divide a sociedade brasileira. O novo critério ABEP encontra forte sustentação teórica e metodológica, tendo-se mostrado consis-tente em termos de validação com as análises realizadas para as categorias de consumo analisadas. Por meio dos classificadores ABEP de verossimilhança condicional e bayesiano adaptável, é possível utilizar uma importante inovação: considerar, na clas-sificação de um domicílio, diferenças regionais, de localização e da composição das famílias brasileiras.

Numa sociedade dinâmica como a brasileira, é de espe-rar que a estratificação socioeconômica mude num período relativamente curto e, portanto, a definição dos estratos deve acompanhar essa dinâmica. Por outro lado, esse tipo de seg-mentação da população de domicílios deve ser feito com base em dados fidedignos de uma amostra representativa do total da população do País, como são os dados da POF coletados pelo IBGE. Consequentemente, é necessário revisar o critério de estratificação tão logo novos dados de consumo e indicadores socioeconômicos da POF sejam disponibilizados.

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RENÊ COPPE PIMENTELrenecp@fucape.brProfessor at Fundação Instituto Capixaba de Pesquisa em Contabilidade, Economia e Finanças – Vitória – ES, Brazil

ANDSON BRAGA DE AGUIARabraga@usp.brProfessor at Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade – São Paulo – SP, Brazil

ARTICLESSubmitted 02.10.2015. Approved 07.21.2015Evaluated by double blind review process. Scientific Editor: Paulo Roberto Barbosa Lustosa

THE ROLE OF EARNINGS PERSISTENCE IN VALUATION ACCURACY AND THE TIME HORIZONO papel da persistência dos lucros na acurácia de avaliação e no horizonte temporal

El rol de la persistencia de las ganancias en la exactitud de la valoración y el horizonte temporal

ABSTRACT Based on the assumption that earnings persistence has implications for both financial analysis and com-pensation contracts, the aim of this paper is to investigate the role of earnings persistence assuming that (i) more persistent earnings are likely to be a better input to valuation models and (ii) more persistent earnings are likely to serve as a proxy for long-term market and managerial orientation. The analysis is based on Brazilian listed firms from 1995 to 2013, and while we document strong support for the relevance of earnings persistence in financial analysis and valuation, we fail to document a significant relationship between earnings persistence and long-term value orientation. These results are sensitive to different spe-cifications, and additional results suggest that firms’ idiosyncratic risk (total risk) is relevant to explain the focus on short-term outcomes (short-termism) across firms. The main contribution of this paper is to offer empirical evidence for the relevance of accounting numbers in both valuation and contractual theories in an emergent market.KEYWORDS | Accounting information, earnings persistence, residual income valuation, market myopia, emerging markets.

RESUMO Com base no pressuposto de que a persistência dos lucros tem implicações para análise financeira e elaboração de contratos de incentivo, o objetivo deste artigo é investigar o seu papel ao considerar que lucros mais persistentes provavelmente são (i) uma informação melhor para modelos de avaliação e (ii) uma medida para capturar orientação de longo prazo da firma. A análise utiliza dados de empresas que possuem ações negociadas na BM&F BOVESPA no período entre 1995 e 2013. Os resultados oferecem evidências que suportam a relevância da persistência dos lucros na análise e avaliação financeiras; entretanto, não oferecem suporte para o relacionamento entre persistência dos lucros e orientação de longo prazo. Esses resultados se mantêm mesmo diante de diferentes especificações; além disso, aná-lises adicionais sugerem que o risco idiossincrático de uma firma (risco total) é relevante para explicar o foco em resultados financeiros de curto prazo (short-termism) entre as firmas observadas. A principal contribuição deste artigo é oferecer evidências empíricas relativas à relevância dos números contábeis em modelos de avaliação e na teoria dos contratos em um mercado emergente.PALAVRAS-CHAVE | Informação contábil, persistência dos lucros, avaliação pelos lucros residuais, miopia de mercado, mercados emergentes.

RESUMEN En base al supuesto de que la persistencia de las ganancias tiene implicancias tanto en el análisis financiero como en los contratos de compensación, el objetivo de este trabajo es investigar el rol de la persistencia de las ganancias, asumiendo que (i) es probable que las ganancias más persistentes constituyan un mejor aporte a los modelos de valoración y (ii) las ganancias más persistentes tienen más posibilidades de funcionar como una aproximación al mercado de largo plazo y a la orientación gerencial. El análisis se basa en empresas que cotizan en bolsa en Brasil desde 1995 hasta 2013 y si bien documentamos un sostenido apoyo a la relevancia de la persistencia de los ingresos en el análisis financiero y la valoración, no hemos podido documentar una relación significativa entre la persistencia de las ganancias y la orientación de valor a largo plazo. Estos resultados son sensibles a diferentes especificaciones y otros resultados sugieren que el riesgo idiosincrásico de las empresas (riesgo total) resulta relevante para explicar la atención centrada en los resultados de corto plazo (cortoplacismo) entre las diversas empresas. El aporte principal de este trabajo consiste en brindar evidencia empírica de la importancia de los números contables tanto en la valoración como en las teorías contractuales, en un mercado emergente.PALABRAS CLAVE | Información contable, persistencia de las ganancias, valoración de ingresos residuales, miopía de mercado, mercados emergentes.

RAE-Revista de Administração de Empresas | FGV/EAESP

DOI: http://dx.doi.org/10.1590/S0034-759020160107

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INTRODUCTION

Managers and stock market agents have been blamed for overweighing near-term earnings to the detriment of creating long-run value. The accounting and financial literature has dedicated a great deal of attention to so-called myopic behavior or short-termism. Specifically, the literature can be divided into two complementary approaches, one focusing on managerial myopia (Dikolli & Vaysman, 2006; Marginson & McAulay, 2008; Sliwka, 2002) and the other on market myopia (Black & Fraser, 2002; Davies, Haldane, Nielsen, & Pezzini, 2014; Miles, 1993). Some studies attempted to link the two approaches by showing that managerial myopia can be explained by stock market pressure (Bhojraj & Libby, 2005; Demirag, 1995; Laverty, 1996; Samuel, 2000). In other words, managers try to maximize firms’ stock price and comply with stock market short-term expectations.

To prevent managers from taking actions that sacrifice long-term performance for short-term outcomes, Baber, Kang, and Kumar (1998) claim that earnings persistence plays a significant role as a contractual instrument that monitors managers’ short-term orientation. As a consequence, earnings persistence should play, at the same time, two relevant roles, one in the equity market, as a valuation input, and one in compensation decisions as a measure of the time horizon (Dechow, Ge, & Schrand, 2010).

The aim of this paper is to decompose firm value and to analyze the role of earnings persistence in valuation accuracy and as a proxy for long-term market orientation in the Brazilian market. Thus, we assume that earnings persistence has two main implications for financial analysis and the contractual role of accounting numbers: more persistent earnings are likely (i) to be a better input to valuation models and (ii) to serve as a proxy for long-term market and managerial orientation; as a consequence, the weight of long-term performance will be higher for firms with higher earnings persistence.

Using a sample consisting of 176 Brazilian listed firms from 1995 to 2013, we decompose firm value into three components—book value, short-term earnings, and long-term ‘terminal value’—and assess the relevance of earnings persistence in producing more accurate firm value estimates and the association of earnings persistence with long-term value components.

This paper contributes to the literature by offering empirical evidence for the relevance of accounting numbers in both valuation and contractual theories in an emergent market that is characterized by concentrated corporate structures and high interest rates, which in turn can strongly affect the time orientation of market agents.

The remainder of this paper is organized as follows. Conceptual framework reviews the relevant accounting literature

and develops the empirical model. After that, we present our data sample. Then, we introduce the empirical findings and discuss the results. Finally, we offer some concluding remarks and suggestions for future research.

CONCEPTUAL FRAMEWORK AND MODEL SPECIFICATIONEmpirical studies have examined the myopic behavior of listed firms in the United Kingdom (U.K.) and United States (U.S.). For instance, Davies et al. (2014), Miles (1993) and Nickell and Wadhwani (1987) offer evidence that the U.K. and/or U.S. stock markets systematically underprice short-term outcomes relative to long-term value components. In this regard, Bushee (1998, 2001) investigates whether the type of stockholder is a cause of managerial myopia that is the result of pressure placed on managers to meet short-term earnings goals.

Few studies have tested stock market myopia outside the U.K. and U.S. stock markets. One exception is the study developed by Black and Fraser (2002), which comprises the stock markets of Germany, Australia, the U.S., Japan and the U.K., and examines if these stock markets underestimated long-term cash flows and overestimated short-term cash flows during the period from 1973 to 1999. The results indicate the mispricing hypothesis, especially for the U.K. stock market.

Of particular importance is how these studies evaluate firm value to infer if the stock market is myopic. Three competing approaches are the discounted cash flow, dividend discount, and accounting-based valuation models. The discounted cash flow and dividend discount models have been criticized for imposing restrictive assumptions, such as the relationship between earnings and dividends or cash flows (Abarbanell & Bernard, 2000; Feltham & Ohlson, 1999). In the case of an accounting-based valuation model, the restrictions used to implement the first two valuation models are in part not required as long as the premise of clean surplus relation applies.

The general residual income valuation (RIV) model (Ohlson, 1995) suggests that a firm’s equity value (P) equals its contemporary accounting valuation, captured by the book value of equity (b) at time t, adjusted by the present value of future abnormal earnings, as shown in Equation 1:

1 XP b r E rbt t t t1

1

1= + + -3

x

xx x

=

-+ + -^ h 6 @/ (2)

where Pt and bt are the market price and the book value of equity, respectively, at time t. Xt+τ is the earnings for period t+τ, and r is a discount rate. Thus, the abnormal earnings are defined

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as the difference between reported earnings and accretion of discount (xt+τ–rbt+τ-1), where accretion of discount is cost of capital times opening book value. The general model presented in Equation 1 makes it explicit that abnormal earnings are generated for a non-defined period of time (perpetuity).

To describe the empirical tests of stock market myopia, the following discussion relies heavily on Abarbanell and Bernard (2000) in decomposing the term-structure components of the RIV model. Specifically, by modifying Equation 1 and defining an explicit projection period T, the expected excess of price over book value for time T, Eτ[PT–bT], is equal to the discounted abnormal earnings for years beyond T; thus:

1E P b r E x rb( )t T T

t Tt t t

t T

1

1

- = + -- --

= +

^ h6 6@ @/ (2)

Combining Equation 2 and 1 yields an empirical model in which three components are used to estimate firm value. The first one is the book value at time t, the second term is the discounted abnormal earnings for the next T years, and the last term reflects abnormal earnings to be generated after T years (the expected excess of price over book value for time T).

1 1P b r E X rb r E P bt

T

t t tTt t T t T

1

1 1= + + - + + -x

xx x

=

-+ + -

-+ +^ ^h h6 6@ @/ (3)

Hence, Equation 3 decomposes firm value into three components that derive from the current book value and the earnings to be generated at different points on the time horizon (up to and after T). Particularly, it estimates a near term defined by period T and a long term representing later years. Abarbanell and Bernard (2000) claim that the extent of departures of actual market prices from those implied by Equation 3 can be assessed with the following cross-sectional regression:

1 1P b r E X rb r E P bt

T

jt t t tTt t T t T jt0 1 2

1

1 3a a a a ~= + + + + + - +-x

xx x

=

-+ + -

-+ +^ ^h h6 6@ @/ (4)

Based on Equation 4, myopic stock market behavior is implied if the book value coefficient and/or the short-term earnings coefficient are significantly above one (α1 > 1; α2 > 1) and the terminal value coefficient is significantly below one (α3 < 1). If the coefficients for all the three components are not significantly different from one (α1 = 1, α2 = 1, α3 = 1), the market is assumed to be efficient; therefore, it is assumed that the stock market incorporates both short-term and long-term firm value components into the price. Abarbanell and Bernard (2000) claim that the advantage of this accounting-based valuation model in comparison to other valuation models for the purposes of testing stock market myopia is that it allows estimating firm value in terms of the variables toward which investors, firms and managers are purported to behave myopically.

By applying this model, Abarbanell and Bernard (2000) and Bushee (2001) offer evidence suggesting that the American stock market underestimates long-term terminal value relative to book value and short-term earnings. However, by estimating abnormal returns, they do not find that the stock market agents have obtained profits from the mispricing of firm value, suggesting

that mispricing could be explained by measurement error instead of myopic behavior. The measurement error hypothesis, however, conflicts with the empirical evidence of Black and Fraser (2002), Davies et al. (2014) and Miles (1993).

Abarbanell and Bernard (2000) analyzed the book value of equity as a short-term component in the test for myopic pricing (assuming that α1 = 1 for non-myopic behavior). However, one can argue that the book value of equity is a mix of several measurement approaches of assets and liabilities, which includes historical costs and current values (such as fair value). Under fair value accounting, the value of assets and liabilities reflects, as definition, the present value of future outcomes. Moreover, under historical cost accounting, accounting figures of assets can be a proxy for future expected outcomes at the acquisition date. As a theoretical consequence, part of the residual future expected benefits can be reflected and incorporated in the book value of equity. This is especially true under ideal conditions, i.e., perfect and complete markets, no information asymmetry and no agency costs etc. As an empirical consequence, it is expected that α1 = 1 for two reasons: (1) the linear and rational term-valuation and (2) the relevance

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and information content of accounting numbers. In both cases, a statistically significant α1 and a high R2 should be expected.

Although Bushee (2001) finds evidence of measurement error in the term-value decomposition, he argues that the model can be effectively used as a benchmark to compare firms and the different forms of market recognition of near- and long-term abnormal earnings. In particular, Bushee (2001) shows that transient investors not only put more weight on the short-term components of firm value, but also their ownership is associated with systematic mispricing of the firm value components.

In the Brazilian context, Portella (2000) and Ohlson and Lopes (2007) were some of the first to conceptually discuss the empirical validity of the residual income valuation (RIV) model and its adaptation to the Brazilian market, especially in accounting terms. Freire, Zatta, Dalmácio, Louzada, and Nossa (2005), Ferreira, Nossa, Ledo, Teixeira, and Lopes (2008), Almeida, Brito, Batistella, and Martins (2012), and Cunha, Iara, and Rech (2014) empirically implemented the valuation model using Brazilian data. Specifically, Freire et al. (2005) indirectly analyze the RIV model by investigating the relationship between dividend behavior and abnormal earnings. Ferreira et al. (2008), on the other hand, compare the RIV model with discounted cash flow (DCF) and discounted dividend growth (DDM) models and conclude that RIV outperforms the two other valuation models in terms of valuation accuracy. Finally, Almeida et al. (2012) apply the valuation model to analyze public tender offers to acquire shares (PTO).

The role of earnings persistence in firm valuation and time horizon

In this paper, we assume that earnings persistence has two main implications for financial analysis and the contractual role of accounting numbers: first, more persistent earnings are likely to be a better input to valuation models; as a consequence, value estimates will be more accurate for firms with higher earnings persistence. Second, more persistent earnings are likely to proxy for long-term market and managerial time orientation; as a consequence, the weight on long-term performance (or the long-term value component) will be higher for firms with higher earnings persistence.

Typically, earnings persistence is the time-series parameter that measures the magnitude of the effect of permanent earnings innovations on expected future earnings. This parameter helps to explain the relation between earnings and firm valuation (Kormendi & Lipe, 1987; Ohlson, 1995). Persistent earnings have been acknowledged as being valuable for earnings forecasts (Frankel & Litov, 2009) and stock return predictions (Collins & Kothari, 1989).

According to the RIV model, the value of the firm is influenced by abnormal earnings that follow an autoregressive process in which the parameter of earnings persistence indicates how sensitive the firm value is to earnings realization (Ohlson, 1995). In this regard, Dechow et al. (2010) suggest that firms with more persistent earnings have a more ‘sustainable’ earnings and cash flow stream, which work as more useful inputs into equity valuation models.

The second implication of earnings persistence is that it is a measure of long-term performance and managerial time orientation. One of the attributed reasons for myopic behavior is the information asymmetry with respect to long-term performance (Jacobson & Aaker, 1993), which could be reduced by the extent to which the accounting series is persistent. Cheng, Subramanyam, and Zhang (2007) also emphasize the role of earnings persistence in leading capital markets to misprice current earnings when they misinterpret the persistence of earnings components.

Myopic behavior has generally been associated with the greater emphasis placed on short-term profits; Baber et al. (1998), however, indicate that this association depends on earnings persistence, so as a greater weight is placed on earnings persistence in executive compensation instead of current period earnings, this helps to mitigate the horizon problem, encouraging managers to look beyond the current period earnings and mitigating myopic behavior.

In the Brazilian context, few papers analyze the role of earnings persistence. The few exceptions are Coelho, Aguiar, and Lopes (2011), who analyze the relationship between earnings persistence, industry structure and market share, and Pimentel and Aguiar (2012), who analyze the persistence of quarterly earnings and its relationship with firm size and corporate governance levels. In terms of market recognition of accounting variables, Santos, Mol, Anjos, and Santiago (2013), Pimentel and Lima (2010b; 2010a), Neto, Galdi, and Dalmácio (2009), and Galdi and Lopes (2008) document statistically significant relationships between accounting data and stock prices (and stock returns) in the short and long term, suggesting relevant information content in the reported accounting numbers.

In this paper, the main measure of earnings persistence (PER) is the commonly used firm-specific first-order autoregressive regression of reported earnings, Xt=α+βXt-1+ε, where Xt is the earnings per share in year t and the autoregressive coefficient β is the measure of earnings persistence. To classify each firm according to its earnings persistence, after having estimated the firm-specific β, we standardized the earnings persistence as PERi=β–1/(N–1), where N is the number of firms in the sample. As a consequence, the firm with highest earnings persistence will have PER = 1, and the firm with lowest earnings persistence

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AUTHORS | Renê Coppe Pimentel | Andson Braga de Aguiar

© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 71-86

will have PER = 0. The rank approach also allows us to divide the sample into four portfolios according to the classification of firms into low, mean-low, mean-high, and high earnings persistence. We also test additional measures of earnings persistence described in the additional analysis section.

Empirical implementation of the valuation models

The first component of Equation 3 is the expected earnings. We apply a cross-section forecast model proposed by Fama and

French (2000) and adapted by Hou, Dijk, and Zhang (2012). Specifically, Kothari (2001) claims that the main advantage of the cross-sectional approach over time-series estimation is that the latter lacks power due to the few time-series observations of annual earnings available for most firms, and the cross-section models provide statistical power without imposing strict survivorship bias. Additionally, for the purposes of the present study, in which we are testing the ability of earnings persistence to serve as a proxy for long-term financial performance, the cross-sectional approach can reduce the effect of potential endogeneity.

E A D DD E NegE, , , , ,, i t i t i t i t i ti t 0 1 2 3 4 5a a a a a a= + + + + + xx ++(5)

where Ei,t+τ is the earnings of firm i in year t+τ (τ = 1 to 3),Di,t is the total assets, Di,t is the dividend paid, DDi,t is a dummy variable assuming 1 for dividend payers and 0 otherwise, NegEi,t is a dummy for negative earnings assuming 1 for firms with negative earnings and 0 otherwise, and εi,t+τ is the forecast error for firm i in the year t+τ.

We estimate Equation 5 by running the cross-sectional regressions suggested in Fama and French (1997). The regressions consider at least three years (1995 to 1997) of previous data with cumulative information up to 2013. This means that the pooled regression in 2013 considers all periods of data (the 18 previous years). Thus, the forecast for 1995 to 1997 has the lowest lagged information content (3 years), and the forecast for 2010 to 2013 has the largest lagged information content (18 years).

After the estimation of expected earnings, the abnormal earnings are estimated by subtracting forecast earnings for year t on the product of book value at t-1 and the discount rates. Discount rates (cost of equity capital) are estimated based on the Capital Asset Pricing Model (CAPM). First, we use the ex-post interbank deposit certificate (CDI) rate as a measure of risk-free credit. Specifically, the CDI rate represents the standard rate of the biggest Brazilian financial institutions and (i) has similar magnitudes and time-series behavior to the basic interest rate fixed for Brazilian short-term government bonds and (ii) is the main credit risk-free reference for the money market and short-term corporate bonds. In this paper, we consider the CDI at year t as a flat proxy for the risk-free in t+τ. Second, we use a 3% equity-risk premium consistent with Gonçalves Jr., Rochman, Eid, and Chalela (2011) and Claus and Thomas (2001), which found a market premium of 3% in the Brazilian market and several other international markets, respectively. Third, we estimate the market model beta by considering the Ibovespa index as a proxy for the local market portfolio and by running ordinary least squares (OLS)

regressions between the continuous monthly returns of firm-specific stock returns and the market index. When firms have dual shares traded in the market, we use the most liquid. Thus, we estimate the regression Ri=αi+βiRmt+ei, where Rit is the continuous compounded rate of return on the common stock of security j, Rmt is the continuously compounded rate of return on the stock market index, βi is the long-term historical slope coefficient (beta) for firm j, and eit is a normally distributed disturbance term. Hence, the firm-specific discount rate is estimated as ri,t+τ = CDIt + βi[0.03].

Abarbanell and Bernard (2000) and Bushee (2001) use the difference between analyst forecast stock prices and book value of equity to describe the perpetuity of residual earnings after τ periods ahead, the third component of Equation 3. In this paper, we follow the same methodology with one context-specific difference: Brazilian market has one of the lowest analyst coverages in the world (Bae, Tan, & Welker, 2008). Moreover, several recent studies show that analyst forecasts can be as biased as simple extrapolations (Bradshaw, Drake, Myers, & Myers, 2012; Lacina, Lee, & Xu, 2011). To address both issues (low analyst coverage and biased forecasts) and consistent with Fisher (1930) and Graham and McGowan (2005), we assume that future stock prices can be expressed with a price-level correction (inflation rate) plus a real growth output (based on gross domestic product (GDP) growth rate).

Additionally, consistent with clean surplus relationship (Ohlson, 1995), the expected book value at time t+τ, is given by , BVt+τ= BVt + Et+τ–DivT+τ, where BVt+τ is the book value in period t + τ, BVt is the book value in period t, Et+τ is the earnings estimated according to Equation 5 and Divt+τ is the dividend paid by the firm, which is estimated by the firm-specific average of the payout ratio over the sample period. We therefore estimate the difference between forecasted price and forecasted book value after τ periods ahead as a proxy for long-term (terminal) value.

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ARTICLES | The role of earnings persistence in valuation accuracy and the time horizon

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Alternative assumptions about the discount rate and terminal value are also used in this paper and are described in the next sections.

DATA, SAMPLE SELECTION AND VARIABLES ESTIMATIONThe analysis is based on public Brazilian companies listed on the Sao Paulo Stock Exchange (BM&FBOVESPA) from 1995 to 2013. The length of the series and the number of firms are dictated by data availability conditioned to minimum firm-specific observations and minimum stock liquidity. The data are collected in the Economatica database and comprise the whole period of relative monetary stability – which began in 1995 with the “Real Plan”. To avoid survivor bias, only the firms with a minimum of stock liquidity (one trade by month in the last three years was required) and with a minimum of eight consecutive annual observations are included in the analysis. Thus, the length of the time series of variables for each firm varies from 8 to 18 yearly observations. Financial institutions and insurance firms are excluded from the sample due to their very specific operational activity and financial statement structure.

The section criteria described above yielded a total of 176 firms. Thus, considering the periods and firms with data available, the analysis is based on 2,396 firm-year observations. The sample includes firms from different economic sectors (except financial institutions and insurance firms), and the market capitalization of these companies accounts for approximately 81% of the total market capitalization of BM&FBOVESPA.

Stock prices (P) and the stock market index are adjusted for subsequent stock splits and stock dividends, allowing for this adjusted figure to become the default price. Prices are based on the month’s last trading day. Historical earnings (X) for each company are also adjusted for subsequent changes in equity structures (stock splits, mergers and acquisitions, etc.), allowing for this adjusted figure to become the default earnings. Book value (b) is the published book value at the end of year t.

Discount rate is measured as described in previously and expected abnormal earnings for year t are computed by subtracting forecast earnings for year t on the product of book value at t-1 and the discount rates. In this paper, we consider variation in discount rates across firms and over time. The terminal value estimation considers the projection of the stock price in one, two, and three periods ahead conditionally to macroeconomic information available in the year t. Specifically, the forward stock price is estimated from the real GDP growth rate and inflation rate. These series are collected on the Banco Central do Brasil (Brazilian Central Bank) website and use yearly GDP growth at constant prices and the general price index (IPCA).

EMPIRICAL FINDINGS

The empirical tests are conducted in three main steps: first, we conduct the earnings forecast and the valuation implementation, and we analyze the role of earnings persistence as a determinant of valuation bias (errors). Second, we present the cross-sectional implementation of value decomposition (Equation 4) and analyze the role of earnings persistence as a proxy for the time-horizon. Third, we implement additional tests, extensions and alternative measures for the variables of interest.

Abnormal earnings forecast and valuation outputs

The first step in our analysis is the forecast of earnings over one, two, and three years using Equation 4. The earnings forecasts are conducted in a pooled cross-sectional regression (Fama & Macbeth, 1973) for at least three years (1995 to 1997) of previous data and cumulative information up to 2013 (i.e., earnings forecasts in 2013 consider coefficients estimated using the entire time-series length). Panel A of Table 1 shows the descriptive statistic for the earnings forecast model; Panel B shows the coefficient estimates of the cross-sectional earnings model; and Panel C shows the distributional characteristics of forecasted earnings, abnormal earnings, and book value of equity.

The descriptive statistics in Panel A of Table 1 shows how heterogeneous the Brazilian firms are in terms of size and earnings formation. Some extreme negative earnings can be found, and more than 25% of the earnings sample observations are negative, which strongly interferes with earnings forecasts (toward negative earnings). Panel B shows the average coefficients of cross-sectional regressions. Consistent with the cross-section earnings forecast, the econometric models have, on average, a high adjusted coefficient of determination (R2), suggesting that the models can explain, on average, approximately 85%, 76%, and 68% of earnings for one, two, and three years ahead, respectively. The lower explanatory power in long horizons is consistent with the well-documented higher forecast errors for longer horizons. Typically, the most relevant variable in forecast earnings is lagged earnings and dividends. The negative intercepts suggest that there are additional variables, not included in the model, that strongly influence earnings negatively. This effect seems to be related with macro variables such as exchange rate variations or an increase in interest rates because it tends to affect all variables in the model.

Once we have forecasted earnings for one, two, and three years ahead, we estimate the future book value of equity and the abnormal earnings by assuming the clean surplus relation (bt+1 = bt + Et+1 – Dt+1). The abnormal earnings AE are estimated considering the appropriate firm-specific discount rate; thus, AE = Ei,t+τ – ritbt+τ–1,

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AUTHORS | Renê Coppe Pimentel | Andson Braga de Aguiar

© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 71-86

where r is the discount rate adjusted by risk, varying over time to capture the current discount rate expectation. We assume that dividend payments follow a historical average captured in the mean firm-specific dividend yield. The distributional characteristics of all estimated figures are presented in Panel C of Table 1.

One relevant aspect documented in Panel C of Table 1 is that more than 50% of the sample have negative abnormal earnings. This means that, even if the firm generated positive earnings in a given year t, the return on equity (ROE) is not sufficient to cover the

cost of equity capital in that year. In other words, more than half of the observations do not generate positive economic value added.

Those negative abnormal earnings are, in many cases, persistent along the period of analysis and, combined with the negative book value of equity, yielded negative values of equity. Negative market value has no meaning in economic terms. Thus, following Ali, Hwang, and Trombley (2003), to avoid the unrealistic assumption of long-run negative earnings expectations, we eliminate (firm-year) observations with negative market value estimates and negative book value of equity.

Table 1. Descriptive statistics and cross-sectional earnings regression from 1995 to 2013

Panel A – Descriptive statistics of earnings forecast variables (in millions of Reais)

  Mean Std.Dev. 5% 25% Median 75% 95%

Total Assets (A) 10024,9 40669,5 54 517,8 1764,5 5968,4 32614

Dividends (D) 381,8 1114,3 2,1 17,8 61,1 265,6 1642

Earnings (E) 422 2282,7 -230,5 -2,9 48 255,9 1523

Panel B – Coefficient estimates of the cross-sectional earnings model (Eq. 5)

  Intercept A D DD E NegE Adj R2

Et+1 Coef. -0,084 0,005 0,621 0,045 0,778 0,111 0,847

t-stat [-17.3] [10.1] [20.0] [9.7] [18.5] [10.0]

Et+2 Coef. -0,076 0,006 0,835 0,044 0,833 0,15 0,761

t-stat [-11.1] [6.8] [16.4] [5.3] [13.9] [15.9]

Et+3 Coef. -0,114 0 0,967 0,094 1,099 0,244 0,686

t-stat [-12.9] [-0.4] [15.3] [9.3] [18.0] [15.3]

                 

Panel C – Forecasted earnings, abnormal earnings and book value of equity (in millions of Reais)

  Mean Std.Dev. 1% 25% Med 75% 99%

Et+1 507,9 2499,1 -675 -17,8 37,4 264,1 9881,2

Et+2 597,8 2778,1 -680 4,8 74,1 311,6 10921

Et+3 689,1 3242,8 -927 9,8 118,2 367,7 13240,3

AEt+1 -123,3 1764,8 -5570 -145,7 -52,2 19,3 3270,6

AEt+2 -78,8 1816,9 -5495 -125,9 -35,3 55,6 3409,2

AEt+3 -42,9 2042,3 -5828 -137,6 -15,8 114,1 3202,8

BVEt+1 4006,5 18131,3 -989 128,8 668,1 2271,2 69204,5

BVEt+2 4352,4 19087 -989 133,6 709,7 2521,2 74055,4

BVEt+3 4751,5 20204,9   -989 141,2 756,3 2729,9 77874

Note. Panel A: descriptive statistics for earnings forecast. Panel B: mean coefficients of cross-sectional OLS earnings forecast estimation based on Fama-MacBeth procedure where A is the total assets, D is the dividend paid, DD is a dummy variable assuming 1 for firms with dividend payment in year t and 0 otherwise. E is the reported annual earnings and NegE is a dummy variable assuming 1 for negative earnings (loss) and 0 otherwise. Panel C: distributional characteristics of forecasted earnings (E) forecasted abnormal earnings (AE), and book value of equity (BVE) in t+1, t+2 and t+3.

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Table 2. Term-value decomposition in one, two, and three years’ horizons

Panel A – Descriptive statistics valuation bias (VBIAS) in relative and absolute values

One year horizon Two years horizon Three years horizon

Relative Absolute Relative Absolute Relative Absolute

Mean -0.002 0.095 0.417 0.501 0.63 0.72

Std.Dev. 0.573 0.565 3.546 3.535 5.342 5.331

1% -0.22 0.001 -0.273 0.002 -0.453 0.002

25% -0.079 0.023 -0.07 0.045 -0.042 0.067

Med -0.033 0.046 0.019 0.099 0.086 0.14

75% -0.001 0.087 0.153 0.192 0.244 0.281

99% 0.9 0.9 6.866 6.866 10.783 10.783

Panel B – Valuation bias by firm-specific ranking of earnings persistence and analysis of variance

One Year Horizon Two Years Horizon Three Years Horizon

Portfolio by Rank of Earnings Persistence

Mean Std. Dev. Freq. Mean Std. Dev. Freq. Mean Std. Dev. Freq.

Group 1 - Low

0.095 0.273 442 1.025 5.155 442 1.504 7.76 442

Group 2 - Average-low

0.181 1.157 454 0.768 5.393 454 1.139 8.171 454

Group 3 - Average-high

0.065 0.072 589 0.24 0.558 589 0.298 0.621 589

Group 4 - High

0.057 0.055 546 0.135 0.204 546 0.192 0.288 546

Total 0.095 0.565 2031 0.501 3.535 2031 0.72 5.331 2031

Analysis of variance

SS df F SS df F SS df F

Between groups

4.7 3 4.94a 267 3 7.19a 608.8 3 7.21a

Within groups

644.3 2027 25103.1 2027 57077.3 2027

Bartlett's test for equal variances

χ2 = 4900a χ2 = 4500a χ2 = 5000a

Mean comparison test

t = 3.15a t = 4.03a t = 3.94a

(t-test) H0: G1 = G4

Note. Panel A describes the valuation bias (VBIAS) in relative and absolute values generally defined as the percentual difference between the estimated value of equity and the actual market value of equity. Variance tests analysis the equality across all portfolios and the mean test analyses the equality between portfolios 1 and 4. a, b and c indicates statistical significance (rejection of equality) at 1%, 5% and 10% level, respectively

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After having eliminated firms with negative market value estimates (negative book value of equity and persistent negative abnormal earnings), we analyze the accuracy of the model implemented and the relationship between earnings persistence and forecast errors (bias). The elimination of firms with negative earnings is common in the literature. However, there is strong economic support for this: if firms have negative book values of equity that are not expected to revert in the future, the liquidation value of assets are a more relevant source of information than value estimates under a going concern assumption. The valuation model presented in Equation 3 is conducted with firm-specific valuation using the assumptions described previously. Following Shen and Stark (2013) and Heinrichs, Hess, Homburg, Lorenz, and Sievers (2013), we define the equity valuation bias (VBIAS) as the scaled difference between the estimated market value (MVEST) and the actual market value (MVACT); thus,

|VBIAS MV MV MVit itEST

itACT

itACT= -^ h . We consider the valuation bias

in absolute and relative terms. Additionally, we divide the firms in the sample according to their rank of earnings persistence in four groups (portfolios) in which Group 1 represents the 25% of firms with lower earnings persistence and Group 4 the 25% of firms with higher persistence in earnings. The two intermediate groups, 2 and 3, have the firms with average-low and average-high earnings persistence, respectively.

Table 2 summarizes the valuation bias and presents analysis of the difference in valuation bias across the four groups of earnings persistence. The overall valuation bias is described in Panel A, and the valuation bias segregated by the persistence portfolio and variance analysis are presented in Panel B. The descriptive statistics displayed in Panel A show that valuation errors increase significantly when the time-horizon increases. In particular, considering the one-year horizon, the values estimated by the RIV model are, on average, slightly lower than the current value; however, more than 50% of the valuation errors are lower than 10% of the current (real) value. On the other hand, in the two- and three-year horizons, the values estimated by the RIV model are, on average, higher than the current value, and the valuation bias increases significantly from one to three years of explicit projection. With the three-year horizon, the error interquartile range (50% of the central observation) is approximately 30%, but higher deviation can be found in the 25% of low and high valuation errors. The results show that the level of valuation accuracy is consistent with the previous literature; specifically, Heinrichs et al. (2013) recently found average RIV valuation errors of approximately 50% (in absolute terms) in the US market.

In Panel B, results comparing the valuation error across earnings persistence portfolios show that earnings

persistence is a key element in valuation accuracy: firms with high persistence have significant lower valuation errors. Moreover, this is especially true when the time horizon increases. In the three-year horizon, the valuation error is, on average, higher than 100% (precisely 150.4%), while the firms with high earnings persistence have an average valuation error of 19.2%. The decreasing valuation errors are highly associated with the increase in earnings persistence for all four portfolios. The analysis of variance confirms that these differences in persistence portfolios have statistical significance at the 1% level.

The results of positive association between earnings persistence and valuation accuracy confirm the relevance of earnings persistence for valuation purposes and as a measure of earnings usefulness. The results documented in Table 2 show that high persistence earnings are a better input into the valuation process (Dechow et al., 2010). Moreover, these findings are consistent with evidence that considerations regarding high earnings volatility and low persistence of earnings bring substantial improvements to the prediction of earnings and valuation process (Dichev & Tang, 2009).

After estimating all the components of the RIV model in Equation 3 and analyzing the relevance of earnings persistence to valuation accuracy, the next step in this paper is to check whether the stock prices are equally weighted between short- and long-time horizons and whether earnings persistence is related to valuation accuracy and long-term value components. These analyses are presented in the next section.

Firm value decomposition: Level price regressions

Our second procedure consists of the analysis of term-value components (Equation 4) and the adequacy of earnings persistence as a proxy for long-time orientation. According to Abarbanell and Bernard (2000), market efficiency predicts that in Equation 4, α0 = 0 and α1 = α2 = α3 = 1 . The alternative hypothesis (market myopia) is that, α1 > 1, α2 > 1, and α3 > 1 . However, according to the authors, the model specification in Equation 4 is subject to measurement error. In this regard, Bushee (2001) claims that even in the presence of measurement error, the model can be an effective benchmark to decompose value and compare time-orientation across firms.

In this paper, we test three different definitions of the short-term horizon: one, two, and three years ahead. Evidently, if the earnings forecast and future prices are correctly estimated, there should not be significant differences between the explicit periods defined in one, two, or three years. However, with earnings

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surprises and price revisions, the corrections are incorporated in the long-term valuation components (Bushee, 2001). The results are displayed in Table 3, and they do not suggest short-termism but that other variables that can explain stock price are not consistent with the accounting model. First, the intercept coefficient α0 is assumed to be equal to zero, and it actually is equal to zero when the short-term horizon is defined as one and two years ahead. However, in the three-year horizon, the intercept is significantly different from zero, suggesting that other variables play an additional role in the longer-term horizon. Second, although the coefficients α1 , α2 and α3 are nominally close (and lower) to one, they are, in fact, statistically distinguishable from one at standard significance levels.

Unlike the previous literature (Abarbanell & Bernard, 2000; Bushee, 2001), when the short-term horizon is defined as one year, the long-term value (α3) seems to play a more relevant role than short-term components, suggesting the opposite of short-termism in the Brazilian market. When the time horizon increases to two and three years, news in earnings are incorporated into price, and the relevance of long-term components is diminished in favor of the short-term earnings component. In a three-year short-term horizon, the short-term earnings are significantly more than the long-term value (more than three years). However, even after three years, the long-term component still plays a more important role in the Brazilian market than that documented in Abarbanell and Bernard (2000) and Bushee (2001).

Table 3. Term-value decomposition in one, two and three years’ horizons

1 1P b r E X rb r E P bt

T

jt t t tTt t T t T jt0 1 2

1

1 3a a a a ~= + + + + + - +-x

xx x

=

-+ + -

-+ +^ ^h h6 6@ @/Eq. 4

One year horizon Two years horizon Three years horizon

T = 1 αi= 0 αi= 1 T = 2 αi=0 αi= 1 T = 3 αi= 0 αi= 1

Const. (αo) 0,194 [8.8]a 0,41 [15.1]a 0,592 [8.3]a

BVE (α1) 0,952 [253.9]a [164.3]a 0,904 [131.9]a[195.9]

a0,857 [197.7]a [1080.2]a

PVAB (α2) 0,545 [3.0]a [6.2]b 1,182 [2.7]a [0.2] 1,397 [2.9]a [0.7]

PVTV (α3) 1,027 [120.6]a [10.4]a 1,043 [59.3]a [6.0]b 0,943 [38.2]a [5.4]b

Obs. 2031     2031     2031    

F(3,173) 1310a 47859a 13942a

Hausman(χ2) 179.7a 191.9a 172.7a

Chow F 1.8a       1.9a       2.1a    

Nota. Term-value decomposition where BVE is the book value of equity. PVAB is the present value of abnormal returns during the short-term period, where short-term is defined earnings forecasted to one, two or three years ahead. PVTV is the present value of terminal value where the terminal value is the difference between market and book value of equity at one, two or three periods ahead. a, b and c indicates statistical significance at 1%, 5% and 10% level, respectively.

The results documented in Table 3 are estimated under OLS regressions with White (1980) heteroskedasticity corrections. Hausman’s test is conducted and suggests rejection of the null hypothesis that estimators under fixed and random effect are identical, and the Chow (F-) test for poolability rejects the joint null hypothesis of equal coefficients at standard significance levels. Nonetheless, we also estimate the equations under the Fama-MacBeth two-step approach, and the results are qualitatively the same, with the only difference in the smaller magnitudes of the intercept coefficient α0 and the rejection of non-significance of the intercept in the

three-year horizon (corroborating the hypothesis of α0 = 0 in the three-year horizon as well). These additional results are available by request.

Although our results are different from those documented in Abarbanell and Bernard (2000) and Bushee (2001), they are consistent with those obtained for the Portuguese stock market (Coelho, 2010). To estimate the coefficients, Coelho (2010) also runs cross-sectional regressions for each individual year before calculating the mean coefficients across years (Fama-MacBeth procedure). His results do not favor the short-termism mispricing caused by market myopia.

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The next step in this paper is to analyze if part of the information content in earnings persistence is attributed to the long-term horizon. We follow Bushee (2001) and consider the benchmark of term-value components between firms, and we apply similar approaches by interacting the variable of interest with the term value components. Thus:

* * * *BVP BV PER PVAB PVAB PER PVTV PVTV PERit it it it i it it i itit i0 1 2 3 4 5 6a a a a a a a ~= + + + + + + + (6)

Specifically, we analyze two interactions of earnings persistence (we also test additional measures of earnings persistence described in the additional analysis section). The first is rank-order earnings persistence PERR, ranging from zero to one. The second measure is based on a portfolio approach with a categorical variable assuming 1 to 4 according to the portfolio of low to high firm-specific earnings persistence. Firms in the first portfolio (1) are those with the lowest earnings persistence, and firms in the 4th portfolio are those with highest persistence. The basic idea is that the higher the earnings persistence, the higher the extent to which current earnings innovation affects future earnings figures. Thus, the higher

the earnings persistence, the higher the focus on the long-term components of earnings. In quantitative terms, one should expect that earnings persistence is significant and positively related to the long-term component and significant and negatively related to short-term components.

The empirical implementation of Equation 6 is conducted with the OLS approach, and considering White (1980), heteroskedasticity corrections and the results are presented in Table 4. The results do not support that earnings persistence is related with long-term components and, consequently, negatively related with short-term components over all term-horizon definitions (one, two, and three years).

Table 4. Term-value components and earnings persistence in the three short-term horizon definition

  * * * *BVP BV PER PVAB PVAB PER PVTV PVTV PERit it it it i it it i itit i0 1 2 3 4 5 6a a a a a a a ~= + + + + + + +Eq. 6

  Rank-order persistence (PERR)   Four portfolios of persistence (PERP)

One year horizon

 Two years

horizon 

Three years horizon

One year horizon

 Two years

horizon 

Three years horizon

Const. 0.190a 0.352a 0.412a 0.192a 0.356a 0.411a

[5.1] [4.9] [4.4] [6.4] [5.5] [4.5]

BVE 0.954a 0.920a 0.955a 0.964a 0.939a 0.981a

[79.2] [35.3] [30.8] [57.4] [27.4] [23.1]

BVE*PER -0,002 -0,015 -0.121a -0,003 -0,008 -0.03b

[-0.1] [-0.4] [-2.6] [-0.6] [-0.8] [-2.5]

PVAB 0,516 0,545 0,127 0,67 0,757 0,218

[1.3] [0.5] [0.1] [1.6] [0.7] [0.2]

PVAB*PER 0,048 1,114 2.228b -0,042 0,137 0,372

[0.1] [0.8] [1.7] [-0.3] [0.4] [1.1]

PVTV 1.032a 1.044a 0.883a 1.011a 0.995a 0.871a

[46.4] [17.5] [14.6] [46.5] [14.1] [12.2]

PVTV*PER -0,006 -0,014 0,052 0,005 0,012 0,016

  [-0.2]   [-0.2]   [0.7] [0.8]   [0.6]   [0.7]

Obs. 2031 2031 2031 2031 2031 2031

Clusters 174 174 174 174 174 174

F(6,173) 1220000a   294678a   143464a   908989a   252087a   85003a

Note. Term-value decomposition where BVE is the book value of equity. PVAB is the present value of abnormal returns during the short-term period, where short-term is defined earnings forecasted to one, two or three years ahead. PVTV is the present value of terminal value where the terminal value is the difference between market and book value of equity at one, two or three periods ahead. PER is standardized rank of earnings persistence based on AR(1) parameter of reported earnings. a, b and c indicates statistical significance at 1%, 5% and 10% level, respectively.

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The results documented in Table 4 do not confirm the expectation of a negative effect of earnings persistence on short-term components and/or a positive effect on long-term components. One possible explanation presented by the literature is that market agents fail to fully recognize the implication of earnings persistence for future earnings (Bernard & Thomas, 1990; Chen, 2013).

To reduce the effect of firms with average earnings persistence and potential cross-sectional misclassification, we run the price-level regression for the two extreme portfolios of 25% low (portfolio 1) and 25% high persistence (portfolio

4) firms. The results of portfolio comparisons are displayed in Table 5 and confirm the previous analysis by yielding coefficients that are not significantly different from low and high portfolios. Additionally, we consider the analysis (not reported) of two portfolios accounting for the 50% highest and lowest firms, and the results remain the same: no significant differences between term-valuation across firms with high and low earnings persistence. This means that, although earnings persistence plays a significant role in valuation accuracy, it does not have significant implications in measuring short- or long-term orientation in the valuation process.

Table 5. Term-value decomposition in one, two, and three years’ horizons for high and low persistence portfolios

1 1P b r E X rb r E P bt

T

jt t t tTt t T t T jt0 1 2

1

1 3a a a a ~= + + + + + - +-x

xx x

=

-+ + -

-+ +^ ^h h6 6@ @/Eq. 4

 Portfolio 1

 Portfolio 4

(1st quartile - low persistence firms) (4th quartile - high persistence firms)

T = 1 T = 2 T = 3   T = 1 T = 2 T = 3

Const. (αo) -0.021a -0.052a -0.083a 0.060a 0.129a 0.216a

[-7.2] [-8.4] [-6.9] [4.5] [4.4] [4.0]

BVE (α1) 1.045a 1.065a 1.071a 1.016a 1.031a 1.090a

[88.3] [44.6] [33.8] [47.8] [26.8] [17.0

PVAB (α2) 0.791a 1.567a 1.833a 0.789a 1.672a 2.555a

[18.1] [17.0] [10.6] [11.6] [8.8] [6.4]

PVTV (α3) 1.114a 1.268a 1.177a 1.090a 1.184a 1.009a

[50.3] [22.5] [18.1] [55.1] [27.8] [27.8]

Obs. 442 2031 2031   546 546 546

F( 3, 18) 4307 867 495   1046,6 295 273,4

Note. Variables definitions are presented before. Portfolio 1 represents the 25% of firms with lowest earnings persistence while portfolio 4 represents the 25% firms with highest earnings persistence. a, b and c indicates statistical significance (different from zero) at 1%, 5% and 10% level, respectively.

Overall, the results suggest that earnings persistence in Brazil has a direct impact on the accuracy of firm valuation in the sense that more persistent earnings are better inputs for valuation purposes. However, we fail to document evidence that earnings persistence is relevant in explaining the distribution of firms’ equity value in short- and long-term components.

ADDITIONAL ANALYSIS, ROBUSTNESS CHECKS AND LIMITATIONSFollowing Dichev and Tang (2009) and Frankel and Litov (2009), in this paper, we also conduct the tests described above by considering the persistence of earnings deflated by total assets

where the persistence parameter is given by the firm-specific OLS regression of Et+1 = α + βEt + ε (where earnings is deflated by assets as a return on asset, ROA measure). The results under the “ROA persistence” framework are qualitatively the same.

One potential concern with long-term panels (T → ∞ and N finite) is related to strong non-stationary variables. Although the highest length of our time-series is 18 years, we tested for the existence of unity root in the panel for each variable. According to the structure of our data (unbalanced panel), we conducted Fisher-type tests using Dickey-Fuller tests (i) with and (ii) without time trends and (iii) with drift terms and the Phillips-Perron tests. Panel unit-root tests are used to test the null hypothesis H0: ρi = 1 for all i versus the alternative Ha: ρi < 1. The results for all tests reject the null of ρi = 1 for all i except for book value of equity

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(BVE). Because the BVE of equity can be expressed in terms of market minus expectations of future benefits at present value (see Equation 2) and considering the relatively short term of the data, we assume that our results are not subject to spurious conclusions.

We also test additional common assumptions on the terminal value; specifically, we apply two additional measures for terminal value: first, we apply the current market-to-book value ratio over the estimated book value of equity at the end of time T (period of explicit projection that varies from one to three years, as discussed previously); under this assumption, the market-to-book value remains constant over the periods, and the future book value estimation relies on the clean surplus concept. The final conclusions do not change, although the magnitudes of estimate coefficients are different. The second approach is based on the assumption that the last abnormal earnings estimated at time T will be growth in perpetuity at different growth rates (we tested with 2% to 5% growth rates). The results are markedly different from those reported in this paper, especially because more than 50% of our sample presents negative abnormal earnings. Negative abnormal earrings in perpetuity provide a negative terminal value, which is inconsistent with positive market-to-book values. We assume that negative earnings decrease to zero at the growth rate estimation. The results show that, in those cases, the terminal (long-term) value loses its relevance in valuation. A possible alternative is to eliminate those observations (Ali et al., 2003); however, we view this as an unrealistic assumption because a great part of our sample has this characteristic.

With regard to the discount rate, we also estimate the cost of equity capital by considering 5% more and 5% less than the CDI rate, and the results do not change under different assumptions of the discount rate, and all additional results are available by request.

As discussed early in this paper, part of the residual future expected benefits can be reflected and incorporated in the book value of equity. As a consequence, the statistical significance of the coefficient α1 in the empirical model (Equation 4) can be explained by two complementary reasons: first, the linear and rational term-valuation and, second, the relevance and information content of accounting numbers. While both can be theoretically consistent, we focus our analysis and interpretation on the first effect.

Typically, empirical studies consider that short-term orientation is a market conjecture (Abarbanell & Bernard, 2000; Black & Fraser, 2002; Davies et al., 2014). However, Bushee (2001) shows that myopia can be related with firm-specific characteristics, such as the structure of ownership and control, the investment horizon, size, and risk (idiosyncratic). Thus, we

additionally investigate other potential determinants of mispricing of term-components; specifically, we analyze the well-accepted cross-sectional relations between size and idiosyncratic risk in the stock pricing by assuming that stock price can be myopically estimated by the market.

We expect short-term valuation to be a decreasing function of size and an increasing function of risk. These two variables are well documented in the literature as strong predictors of information environment and earnings quality (Dechow et al., 2010).

Idiosyncratic risk (RSK) is the ranked variance of monthly returns given by TRKit = (VRanqit – 1) | (N–1), where VRanq denotes the rank position of total risk (i.e., variance of returns over 48 months) associated with a sample observation in year t, and let N denotes the number of observations in that year. Therefore, in a particular year, TRK is equal to zero for the firm with the smallest total risk and is equal to one for the firm with the highest total risk. Similarly, the proxy for size (SIZE) is the ranked total assets, in which SIZEit = (TAssetsit –1)/(N–1), where TAssetsit is the natural logarithm of total assets of a firm i in year t. Although size can be correlated to other economic variables such as risk (negative relation), stock liquidity (negative relation) and information environment (positive relation), we expect a positive effect of size in the earnings response coefficient (ERC).

While the additional tests (the results are not reported due to space limitation, but they are available from the authors upon request) document a significant (positive) effect of risk in the short-term orientation, they fail to confirm any effect of size. Thus, we document that higher idiosyncratic risks are associated with higher short-term orientation. Overall, this result suggests that the valuation of firms with more volatile stock returns can be more oriented to short-term outcomes. We do not, however, define a causality relation: first, are stock prices more volatile because of short-term outputs, or are short-term outputs driven by market pressure as the market myopia literature suggests? The search for an answer is a possible extension for future research.

CONCLUSION

In this paper, we analyze the role of earnings persistence in valuation accuracy and as a proxy for long-term market orientation in the Brazilian market. Thus, we expect earnings persistence to have implications for both financial analysis and the contractual role of accounting numbers: (1) more persistent earnings are likely to be a better input to valuation models; and (2) more persistent earnings are likely to serve as a proxy for long-term market and managerial orientation; as a consequence, the weight of long-

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term performance (or long-term value component) will be higher for firms with higher earnings persistence.

Overall, results strongly support the relevance of earnings persistence in financial analysis and valuation because we document a negative relationship between earnings persistence and valuation errors (bias), which suggests that firms with higher earnings persistence provide more accurate value estimates than firms with low earnings persistence. However, although earnings persistence has been indicated as a long-term phenomenon (Baginski, Lorek, Willinger, & Branson, 1999), which reduces the short-term characteristics of accounting earnings (Baber et al., 1998), we fail to document a significant relationship between earning persistence and long-term value orientation. These results are sensitive to different specifications of the discount rate, earnings persistence, and terminal value.

Additional results suggest that the short-term price components are positively associated with idiosyncratic risk (total risk), suggesting that high-risk firms have higher short-term components (short-termism) than low-risk firms. As a consequence, firms with low risk tend to have a higher weight in long-term value than riskier firms.

Overall, these results have important implications for theory and practice. On the one hand, earnings persistence is likely to be an important parameter for valuation models because it is related to lower valuation errors, thus increasing valuation accuracy; the higher level of accuracy may be of interest for market agents who will have better information for their valuation decisions. On the other hand, earnings persistence may not be considered a measure that captures short termism on an organizational level, which means that although firms are not making decisions that have a more permanent effect on earnings, nor are they necessarily being myopic or short-termist; therefore, the use of such a measure for incentive purposes may not necessarily lead managers to think more of the long-term effects of their decisions, at least in the Brazilian context.

AcknowledgmentsThe authors thank the participants in the XII Encontro Brasileiro de Finanças 2012 (SBFIN Annual Meeting, 2012), the European Accounting Association Conference (EAA Conference, 2012), and the Copenhagen Business School Research Seminar (2014), as well as anonymous reviewers for helpful comments on early versions of this paper. Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP, 12436-8/2013) is also gratefully acknowledged for granting the research with funding.

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SANTIAGO FORGAS-COLLsantiago.forgas@ub.eduProfessor at Universitat de Barcelona, Facultat d’Economia i Empresa – Barcelona, Spain

RAMON PALAU-SAUMELLramon.palau@iqs.url.eduLecturer at Universitat Ramon Llull, Institut Químic de Sarrià - Barcelona, Spain

JAVIER SÁNCHEZ-GARCÍAjsanchez@uji.esProfessor at Universitat Jaume I, Departament d’Administració d’Empreses i Màrqueting – Castellón, Spain

FERNANDO J. GARRIGOS-SIMONfgarrigos@doe.upv.esProfessor at Universitat Politècnica de València, Departamento de Organización de Empresas – València, Spain

ARTICLESSubmitted 02.02.2015. Approved 06.12.2015Evaluated by double blind review process. Scientific Editor: Francisco Javier Rondan-Cataluña

COMPARATIVE ANALYSIS OF AMERICAN AND SPANISH CRUISE PASSENGERS’ BEHAVIORAL INTENTIONSAnálise comparativa das atitudes comportamentais de passageiros de cruzeiro norte-americanos e espanhóis

Análisis comparativo de las intenciones de comportamiento de pasajeros de cruceros americanos y españoles

ABSTRACTEarlier studies of cross-national differences in consumer behavior in different consumption sectors have verified that cultural differences have a strong influence on consumers. Despite the importance of cross-national analysis, no studies in the literature examine the moderating effects of nationality on the construction of behavioral intentions and their antecedents among cruise line passengers. This study investigates the moderating effects of nationality on the relationships between perceived value, satis-faction, trust and behavioral intentions among Spanish and (U.S.) American passengers of cruise lines that use Barcelona as home port and port-of-call. A theoretical model was tested with a total of 968 sur-veys. Structural equation models (SEMs) were used, by means of a multigroup analysis. Results of this study indicated that Spaniards showed stronger relationships between trust and behavioral intentions, and between emotional value and satisfaction. Americans presented stronger relationships between service quality and satisfaction, and between service quality and behavioral intentions.KEYWORDS | Nationality, behavioral intentions, trust, satisfaction, perceived value.

RESUMOEstudos em distintos setores de consumo verificaram que as diferenças culturais têm uma forte influência sobre os consumidores. Apesar da importância da análise transnacional, não há estudos na literatura que examinem os efeitos da nacionalidade na construção das intenções de compor-tamento e seus antecedentes entre os passageiros de cruzeiros. Esta pesquisa investiga os efeitos moderadores da nacionalidade nas relações entre valor percebido, satisfação, confiança e intenções de comportamento entre passageiros espanhóis e norte-americanos. Realizaram-se 968 enquetes para provar o modelo teórico, que foi analisado com modelos de equações estruturais, mediante uma análise multigrupo. Os resultados indicam que os espanhóis mostraram relações mais fortes entre confiança e intenções de comportamento, e entre valor emocional e satisfação. Ao contrário dos nor-te-americanos, que apresentaram relações mais fortes entre qualidade de serviço e satisfação, e entre qualidade de serviço e intenções de comportamento.PALAVRAS-CHAVE | Nacionalidade, intenções de comportamento, confiança, satisfação, valor percebido.

RESUMENAlgunos estudios anteriores de diferencias observadas entre países respecto de las conductas de los consumidores de diferentes sectores de consumo verificaron que las diferencias culturales ejercen una poderosa influencia sobre los consumidores. A pesar de la importancia de los análisis transna-cionales, no hay en la literatura estudios que analicen los efectos moderadores de la nacionalidad sobre la construcción de intenciones de conducta y sus antecedentes entre pasajeros de cruceros. Este estudio investiga los efectos moderadores de la nacionalidad sobre las relaciones entre el valor percibido, la satisfacción, la confianza y las intenciones de conducta entre los pasajeros españoles y norteamericanos (EE. UU.) de cruceros, que utilizan a Barcelona como puerto de origen y puerto de escala. Se probó un modelo teórico con un total de 968 encuestas. Se emplearon modelos de ecua-ciones estructurales (SEM por su sigla en inglés), a través de un análisis multigrupo. Los resultados de este estudio indicaron que los españoles mostraron relaciones más sólidas entre la confianza y las intenciones de comportamiento y entre el valor emocional y la satisfacción. Los americanos evidencia-ron relaciones más sólidas entre la calidad del servicio y la satisfacción y entre la calidad del servicio y las intenciones de conducta.PALABRAS CLAVE | Nacionalidad, Intenciones de conducta, Confianza, Satisfacción, Valor percibido.

RAE-Revista de Administração de Empresas | FGV/EAESP

DOI: http://dx.doi.org/10.1590/S0034-759020160108

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INTRODUCTION

Between 2005 and 2011, the cruise holidays industry expanded from carrying 14.4 million to 20.6 million cruise passengers worldwide, and from 3.15 to 6.18 million in Europe (European Cruise Council [ECC], 2013). Nevertheless, between 2005 and 2010 there were changes in the market share by continents. North America went from 70% to 56%, Europe from 21% to 30% and the rest of the world from 9% to 14%. In addition, the Mediterranean has become the second most important destination in the world after the Caribbean (ECC, 2013). In line with this trend, the Port of Barcelona had a total of 2,599,232 cruise passengers, becoming Europe’s leading port and the fourth busiest in the world behind Miami, Port Everglades, and Port Canaveral (Port of Barcelona, 2014). Of the total of cruise passengers who embarked and disembarked in the Port of Barcelona, the majority were British, (U.S.) Americans, Spaniards, and Italians. More specifically, American and Spanish cruise passengers, who are culturally different, formed more than 74% and 20% respectively of the total of American and Spanish tourists who visited the city of Barcelona in 2011 (Barcelona Tourism, 2011).

In a highly competitive and uncertain context, firms need more than ever to retain customers in view of the benefits associated with loyalty, such as the propensity to expand their relationship in the long term, or acting as motivators among their networks of friends, acquaintances, and family, and other potential customers (McMullan & Gilmore, 2008). For this reason, the need to know the determinants of customer loyalty has become the fundamental objective in the development of business strategies for managers (Berman & Evans, 2004). As a result, cruise managers increasingly feel the need to understand cruise passengers’ perceptions of value, satisfaction, trust, and loyalty. This study, like a majority of the literature, adopts behavioral intentions as the measurement of loyalty (Ryu, Han, & Kim, 2008).

Moreover, numerous earlier studies of cross-national differences in consumer behavior in different consumption sectors have verified that cultural differences have a strong influence on consumers, to the extent that the same product or service may be perceived differently according to the culture of origin and determine individual behavior (Cunningham, Young, Lee, & Ulaga, 2006). With respect to the service industry, numerous studies take as reference the country dimension to explain different aspects of consumer behavior (Reimann, Lünemann, & Chase, 2008; Yuksel, Kilinc, & Yuksel, 2006). Despite the importance to cruise lines of cross-national analysis, no studies in the literature examine the moderating effects of nationality on the construction of behavioral intentions and their antecedents among cruise line passengers.

To fill this gap in the existing literature, the present paper aims to (i) develop and test a behavioral intentions model among passengers of cruise lines, and (ii) verify the moderating effects exercised by the nationality of cruise passengers – (U.S.) Americans and Spaniards. The sample consisted of passengers of cruise lines that operate in the Mediterranean and use Barcelona as home port and port-of-call.

LITERATURE REVIEW AND HYPOTHESES DEVELOPMENTWhen we try to explain a customer’s behavioral intentions towards a provider, and the continuity of a long-term customer relationship, it is essential to identify the factors determining the consumer’s attitude towards the provider. Perceived value and perceived relationship quality can help structuring a model of behavior, as well as clarifying the inner processes that lead a customer to maintain stable relationships with a provider in the long term. The perceived quality of the relationship between two parties is formed from a series of key components that reflect the overall nature of the relationship. This is a mega-construct composed of satisfaction, trust, and loyalty (Moliner, Sánchez, Rodríguez, & Callarisa, 2007).

Oliver (1999) defines consumer loyalty as the highest level of consumer commitment, implying the transition from a favorable predisposition towards a product to a repeated purchase commitment. However, research into consumer behavior has continued to study loyalty from different theoretical approaches (Yoon & Uysal, 2005), such as the behavioral approach, which measures the sequence or the probability of purchase by the consumer; the attitudinal approach, in which the consumer expresses his/her loyalty on the basis of a psychological commitment or of a declaration of preferences; and the composite approach, which is an integration of the first two. These contributions notwithstanding, some authors believe that investigating loyalty as behavioral loyalty, by measuring attitudes over a certain period of time to verify repetition of purchase, is beyond the reach of researchers and impractical in most cases (Oppermann, 2000), so composite loyalty is difficult to apply. Furthermore, behavioral loyalty (Oliver’s action phase) is only the static result of a dynamic process that does not explain why and how consumers, and, in our case, the passengers on a cruise, are willing to recommend it to other potential consumers (Yoon & Uysal, 2005). For this reason, many researchers have considered an adequate measurement for the evaluation of loyalty to be the conative part of loyalty, which has frequently been measured as behavioral intentions with items like the intention to repurchase

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(Ryu et al., 2008), willingness to recommend (Hung & Petrick, 2012; Tian-Cole, Crompton, & Wilson, 2002), and positive word-of-mouth (Han & Ryu, 2012; Parola, Satta, Penco, & Persico, 2014).

Trust is defined in consumer behavior studies as a consumer’s expectation that a supplier of products or provider of services will not behave opportunistically and will not take advantage of the consumer’s situation of dependence and vulnerability (Rousseau, Sitkin, Burt, & Camerer, 1998), presupposing a behavior that is trustworthy (Kumar, Scheer, & Steenkamp, 1995). In general, reliability, fulfillment, credibility, honesty/integrity, competence, and benevolence are considered to be characteristics of trust (Kantsperger & Kunz, 2010). Reliability means that what is agreed is always fulfilled (Delgado-Ballester, 2004). Fulfillment refers to the keeping of promises and is an indicator of reliability (Anderson & Weitz, 1989). Credibility is based on the consumer’s conviction that the provider has the necessary knowledge to perform the service (Kumar, Scheer, & Steenkamp, 1995). Honesty/integrity means that the firm is known for always telling the truth and responding according to solid principles (Moliner et al., 2007). Competence refers to the capacity to make promises based on the organization’s knowledge, experience, and skills (Sirdeshmukh, Singh, & Sabol, 2002). And, finally, benevolence, meaning that the company is concerned for the customer’s interests (Xie & Peng, 2009). Most studies synthesize and integrate the characteristics of trust in two dimensions: honesty/credibility and benevolence (Kantsperger & Kuntz, 2010). The literature has proved the relationship between trust and behavioral intentions in the cruise context (Forgas-Coll, Palau-Saumell, Sánchez-García, & Caplliure-Giner, 2014). For this reason, it is hypothesized that:

H1 A cruise passenger’s trust directly and positively influences his/her behavioral intentions towards a cruise line.

Most studies of consumer satisfaction have used models based on different theories, such as norm theory (Cadotte, Woodruff, & Jenkins, 1987) in which agreement or disagreement with the norms will produce satisfaction or dissatisfaction; perceived performance theory (Tse & Wilton, 1988) in which the consumer’s satisfaction or dissatisfaction are based on the actual results and not on the initial expectations; equity theory (Fisk & Young, 1985) in which the difference between the costs paid and the benefits expected are the determining factor in producing satisfaction or dissatisfaction (Heskett, Sasser, & Schlesinger, 1997); and expectation/disconfirmation theory (Oliver, 1997). The latter is the dominant theory in the study of consumer satisfaction, defining satisfaction as a consumer’s evaluation of whether the fulfillment of expectations has been pleasant or unpleasant.

Earlier research identified two types of satisfaction in consumer behavior, i.e., transaction-specific and overall

satisfaction (Bitner & Hubbert, 1994). Transaction-specific satisfaction is defined as the satisfaction with a specific service encounter (Bitner & Hubbert, 1994). Overall satisfaction has been defined as the overall evaluation of the performance offered by a supplier up to a certain date (Johnson & Fornell, 1991). The overall satisfaction perspective is adopted in this study because a tourist’s satisfaction is not limited to a specific product or service, but comprises an overall evaluation of his/her consumption experience (Johnson, Anderson, & Fornell, 1995). The literature has proved the relationship between satisfaction and behavioral intentions (Chang & Polonsky, 2012), and also in the cruise industry (Juan & Chen, 2012). Previous studies have also found that satisfaction is an antecedent of trust (Santos & Porto, 2014; Jani & Han, 2011). So, based on these relationships, it is hypothesized that:

H2 A cruise passenger’s satisfaction directly and positively influences his/her behavioral intentions towards a cruise line.

H3 A cruise passenger’s satisfaction directly and positively influences his/her trust in a cruise line.

The operationalization of perceived value is an additive function that recognizes the integrated nature of benefits and sacrifices (DeSarbo, Jedidi, & Sinha, 2001; Grewal, Monroe, & Krishnan, 1998) with a multidimensional perspective, using multiple-item scales for better measurement. Sweeney and Soutar (2001) developed a scale with functional value, emotional value, and social value dimensions (PERVAL). Later, Sánchez, Callarisa, Rodríguez, and Moliner (2006) developed another scale in which they identified six dimensions: facilities, professionalism of the contact personnel, functional value of the product or service, price, emotional, and social value (GLOVAL). To these dimensions is added another one, i.e., non-monetary costs, associated with the consumer’s effort, time, and risk in the purchase and consumption of a product or service (Cronin, Brady, & Hult, 2000), validated by Forgas-Coll, Palau-Saumell, Sánchez-García, and Callarisa-Fiol (2012). In the context of cruises, Petrick (2002) developed the SERV-PERVAL scale in which he identified five dimensions: behavioral price, monetary price, emotional response, quality, and reputation. Later, the same author developed a model of cruise-passenger loyalty which considered only the service quality dimension of the SERV-PERVAL scale (Li & Petrick, 2010), focused on the reliability of the quality of service.

The literature has also developed models of causal relationships of perceived value – as a multidimensional variable

– with other constructs such as satisfaction, trust, and loyalty, and has found that the perceived value hypotheses could be only partially confirmed (Moliner et al., 2007). Other authors have

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preferred to operationalize perceived value by means of direct relationships between the dimensions of perceived value and other constructs (Fandos, Sánchez, & Moliner, 2009; Gallarza & Gil, 2006; Petrick, 2004). Following this last tendency, this study hypothesizes each of the dimensions of perceived value with other constructs supported by the literature that will be developed below. Thus, we have considered dimensions such as service quality, sacrifices (price and non-monetary costs), emotional value, and social value.

Service quality refers to the evaluation of the attributes of a service (Baker & Crompton, 2000) and is defined as the difference between the expectations created by the consumers of the service and the performance or yield that they have obtained (Parasuraman, Zeithaml, & Berry, 1988). Service quality is considered an antecedent of satisfaction, as well as having an influence on trust (Doney & Canon, 1997), and on behavioral intentions (Baker & Crompton, 2000; Li & Petrick, 2010). In consequence, the followings hypotheses are proposed:

H4 The service quality perceived by a cruise passenger directly and positively influences his/her satisfaction with a cruise line.

H5 The service quality perceived by a cruise passenger directly and positively influences his/her trust in a cruise line.

H6 The service quality perceived by a cruise passenger directly and positively influences his/her behavioral intentions towards a cruise line.

Other dimensions refer to the sacrifices made by a consumer when purchasing a product or service. These sacrifices are the monetary costs of, or prices paid for, the products or services received, and non-monetary costs. Earlier studies have found a positive and direct relationship between favorable perceptions of price and satisfaction (Varki & Colgate, 2001) and between perceived price and behavioral intentions (Zielke, 2010). Based on the empirical studies in different contexts, it is hypothesized that:

H7 The price perceived by a cruise passenger directly and positively influences his/her overall satisfaction with a cruise line.

H8 The price perceived by a cruise passenger directly and positively influences his/her behavioral intentions towards a cruise line.

The non-monetary costs are associated with the consumer’s effort, time, and risk (Cronin et al., 2000). The relationship between non-monetary costs and other consumer behavior constructs has received little attention in the literature. Nevertheless, Forgas,

Moliner, Sánchez, and Palau (2010) found a direct and positive relationship between low levels of non-monetary costs and trust among airline customers. Based on this previous literature it is hypothesized that:

H9 The level of non-monetary costs perceived by a cruise passenger directly and positively influences his/her trust in a cruise line.

The emotions aroused by a service are associated with the most hedonic part of the consumption, such as happiness, amusement, enjoyment, fear, anger, envy, anxiety, or pride (Havlena & Holbrook, 1986), which in cruises translate into intangible benefits of a symbolic, emotional, and hedonic nature (Kwortnik, 2008). Furthermore, emotions have a strong influence on satisfaction (Williams & Soutar, 2009). Therefore, the following hypothesis is proposed:

H10 The emotional value perceived by a cruise passenger directly and positively influences his/her satisfaction with a cruise line.

Cruise programs encourage social participation and collective learning through games, competitions, and shared pastimes (Kwortnik, 2008). Earlier studies have shown that cruise passengers have a need to obtain social recognition (Hung & Petrick, 2011) and also that social value influences cruising intentions (Forgas-Coll, Palau-Saumell, Sánchez-García, & Caplliure-Giner, 2014). Hence:

H11 The social value perceived by a cruise passenger directly and positively influences his/her behavioral intentions towards a cruise line.

Cross-national moderating effects

The globalization and internationalization of markets implies new processes of identity formation, cultural hybridization, and glocalization (Gould & Grein, 2009). This process has aroused researchers’ interest in analyzing cross-national effects on consumer behavior (Chan, Yim, & Lam, 2010).

Numerous models of cultural dimensions exist. Those of Hofstede and Schwartz are the conceptual frameworks most cited, but the use of Schwartz’s model has been limited and the results do not differ from those obtained with Hofstede’s model (Drogendijk & Slangen, 2006). Hofstede’s model is the one most used in business and marketing studies (Tipton, 2009) and is based on comparisons and cultural distances between countries (Matos & Leis, 2013; Stolz, Molina, Ramírez, & Mohr, 2013). It has been criticized for its methodological development (Kirkman, Lowe, & Gibson, 2006), because the consumer’s behavior does not always correspond to the differences

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between countries expressed by Hofstede, or because nation cannot be equated with culture (McSweeney, 2002), but it is the model that has been most used to identify the cultural differences between countries (Soares, Farhangmehr, & Shoham, 2007) and that has most influenced cross-cultural management.

Hofstede and Hofstede (2005) found among the individuals that they studied common cultural elements that could not be generalized at the individual level, since individuals could have different learning processes (Blodgett, Bakir, & Rose, 2008), but could be generalized at country level, thus answering the critics since he states that the only units available for comparative evaluations are those corresponding to the nation-states (Hofstede, 2001). The latter developed a multidimensional model of collective identity with five dimensions, determining a score for each dimension and country. Individualism/collectivism and uncertainty avoidance dimensions were considered for the analysis, because Spain and the United States of America are two countries with opposite scores on these Hofstede dimensions. Spain is more collectivistic and shows high uncertainty avoidance; the United States of America has an opposite profile. Individualism explains the dialectical relationship between individuals and groups, and

signifies that individualistic people are more concerned with themselves and their family circle than with the collective.

With respect to individualism/collectivism, moderator effects have been identified between satisfaction and loyalty (Forgas-Coll et al., 2012; Liu, Furrer, & Sudharshan, 2001) and between attitude and intention (Kacen & Lee, 2002). Moderator effects of uncertainty avoidance have been identified in repurchase intentions (Wong, 2004), and in relationships between perceived service quality and satisfaction (Reimann et al., 2008). In fact, the literature posits that collectivistic cultures, which have greater aversion to risk, act in the manner that socially is considered most appropriate, so they present a weaker relationship than individualistic cultures between attitude and intention, and between attitude and behavior (Kacen & Lee, 2002). Based on the exposition of prior literature, the moderating effects are expected. Thus the following hypothesis is proposed:

H12 National Culture moderates the causal relationships posited in the structural model.

After reviewing the literature and detailing the relationships between constructs, we propose the model with the moderator effects of nationality shown in Figure. 1

Figure 1. The proposed structural model

Servicequality

Behavioralintentions

Nationality

Trust

Overallsatisfaction

Price

Non-monetary costs

Social value

Emotional value

H7

H4H6

H2

H8

H1

H3H5

H9

H10

H11

H12

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METHODOLOGY

The survey questionnaire was developed on the basis of the literature review with pre-existing items for each construct. The questionnaire consisted of five sections: perceived value, customer satisfaction, trust, behavioral intentions, and demographic information. Perceived value was operationalized with five dimensions: service quality, price perception, non-monetary costs, emotional value, and social value. Four items of service quality were adapted from the work of Sánchez et al. (2006). Price was measured by three items adapted from Zielke (2010) and Oh (2000). Non-monetary costs were measured by two items from Cronin et al. (2000) and one from Forgas et al. (2010). Three items for emotional value and three items for social value were derived from Sweeney and Soutar (2001). Satisfaction was measured with three items employed by Lee, Yoon, and Lee (2007). Trust was measured with one item of benevolence and two items of credibility based on Kantsperger and Kuntz (2010). Three items from Tian-Cole et al. (2002) and Li and Petrick (2008) were used to measure behavioral intentions.

The items were reviewed by means of qualitative interviews with travel agency professionals with experience in the sale of cruises. The qualitative work confirmed the selection of items with the necessary adaptations to the context of cruise tourism, except in the item The time required to use this cruise trip is reasonable (Cronin et al., 2000), which, after the qualitative interviews, became The time required to buy this cruise trip is reasonable. Furthermore, to test the items, a pre-test with 50 personal interviews was conducted during May 2011. All this allowed the wording of some of the items of the questionnaire to be improved. The items of the questionnaire were valued by means of a 5-point Likert scale where 1 = Totally Disagree and 5 = Totally Agree.

A total of 1,010 personal interviews were conducted during the months of May to July 2011, of which 42 questionnaires were rejected because they were incomplete, 968 interviews finally being accepted. The interviews were conducted with (U.S.) American cruise passengers, born and resident in the United States of America, and Spanish cruise passengers, born and resident in Spain, who sailed on different cruise lines and disembarked in the Port of Barcelona. The surveys were conducted in American English with the Americans and in Spanish with the Spaniards. The information was gathered on the basis of a convenience sampling strategy. Finally, 497 interviewees were from the United States of America (50.3%) and 471 were from Spain (49.7%). With regard to the sample profile, 53% of the respondents were men (52.1% Americans, 55.8% Spaniards). Twelve percent were between

eighteen and 34 years old (10.5% Americans, 13.5% Spaniards), 22% between 35 and 44 (23.3% Americans, 20.6% Spaniards), 25% between 45 and 54 (23.1% Americans, 26.9%, Spaniards 26.9%), 28% between 55 and 64 (30.9% Americans, 24.8% Spaniards), and 13% were 65 and over (11.8% Americans, 14.2% Spaniards). With regard to educational level, 5% had elementary education (4% Americans, 6% Spaniards), 31% a high school qualification (29% Americans, 33% Spaniards), and 64% a higher education degree (67% Americans, 61% Spaniards).

The study of data used structural equation models by means of a multi-group analysis. The models were estimated from the matrices of variances and covariances by the maximum likelihood procedure, using EQS 6.1 statistical software (Bentler, 1995). First, a study of the dimensionality, reliability, and validity of the scale used was conducted to ensure that we were measuring the constructs it was intended to measure. The invariance of the instrument of measurement was then verified, in order to be able to compare the regression coefficients of each of the two samples (moderator effect-hypothesis 12). Prior to this comparison, the causal relationships for the whole sample were determined in order to test hypotheses 1 to 11.

RESULTS

In the first phase of the analysis, the study was focused on the psychometrical properties of the scales of measurement of the variables for the whole sample. As can be observed in Table 1, the probability associated with chi-squared reaches a value higher than 0.05, indicating an overall good fit of the scales (Jöreskog & Sörbom, 1996). The convergent validity is demonstrated in two ways. First because the factor loadings are significant and greater than 0.5 (Bagozzi & Yi, 1988; Hair, Black, Babin, Anderson, & Tatham, 2006); and second because the average variance extracted (AVE) for each of the factors is higher than 0.5 (Fornell & Larcker, 1981). The reliability of the scale is demonstrated because the composite reliability indices of each of the dimensions obtained are higher than 0.6 (Bagozzi & Yi, 1988).

Table 2 shows the discriminant validity of the constructs considered, evaluated by means of average variance extracted-AVE (Fornell & Larcker, 1981). For this, a construct must share more variance with its indicators than with other constructs of the model shown when the square root of the AVE between each pair of factors is higher than the estimated correlation between those factors. This does occur here, thus ratifying its discriminant validity.

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Table 1. Analysis of the dimensionality, reliability and validity of the scales of measurement (Fully standardized solution)

ItemsFactor

loadingt-Value

Service quality (CR = 0.80; AVE = 0.58)

The installations were spacious, modern and clean 0.60 14.75

The staff knew their job well 0.78 22.45

The cruise trip purchased was well organized 0.80 22.41

The quality of on-board services was maintained throughout 0.63 19.71

Price (CR = 0.79; AVE = 0.62)

The price is reasonable 0.76 26.30

The price is appropriate 0.83 23.79

The price is competitive 0.65 21.34

Non-monetary costs (CR = 0.88; AVE = 0.75)

The time and effort of getting to the port of embarkation was not a problem 0.84 29.99

The effort that I must make to receive the services offered on-board is reasonable 0.93 39.50

The time required to buy this cruise trip is reasonable 0.76 29.16

Emotional value (CR = 0.83; AVE = 0.67)

The cruise was pleasurable 0.78 22.20

Cruising made me feel better 0.81 22.62

I enjoyed the cruise trip 0.77 22.91

Social value (CR = 0.71; AVE = 0.52)

Cruising would help me to feel acceptable 0.67 15.08

Cruising would make a good impression on other people 0.70 16.63

Cruising would improve the way I am perceived 0.63 13.02

Satisfaction (CR = 0.90; AVE = 0.78)

Satisfied with the cruise trip when compared with expectations 0.86 24.70

Satisfied with the cruise trip when considering time and effort 0.85 26.65

Overall satisfaction with the cruise trip 0.90 25.16

Trust in the company (CR = 0.80; AVE = 0.64)

This cruise line is very thoughtful about my on-board well-being 0.82 29.32

I think this cruise line is trustworthy 0.84 26.50

This cruise line was able to satisfy my on-board needs 0.61 26.53

Behavioral intentions (CR = 0.91; AVE = 0.79)

I will say positive things about the cruise to other people 0.85 27.30

I will encourage friends and relatives to go on this cruise 0.88 29.56

I consider this cruise line my first cruising choice 0.90 29.65

Note. CR = Composite reliability; AVE = Average Variance Extracted. Fit of the model: Chi-squared = 265.6566; df = 243; P = 0.152108; RMSEA = 0.045; NNFI = 0.981; CFI = 0.988.

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Table 2. Discriminant validity of the scales associated with the model

1 2 3 4 5 6 7 8

1. Service quality 0.76

2. Price 0.39 0.79

3. Non-monetary costs 0.65 0.46 0.86

4. Emotional value 0.30 0.32 0.35 0.82

5. Social value 0.58 0.43 0.58 0.33 0.72

6. Satisfaction 0.55 0.46 0.49 0.29 0.53 0.88

7. Trust 0.53 0.45 0.52 0.37 0.58 0.57 0.80

8. Behavioral intentions 0.53 0.45 0.52 0.37 0.58 0.57 0.88 0.89

Note. Below the diagonal: estimated correlation between the factors. Diagonal: square root of AVE.

After that, the focus was on the development of the invariance of the instrument of measurement. This analysis is prior to the verification of the differences between the groups considered in the parameters that are common to the study variables (Byrne, 2006; Hair et al., 2006). The first step considers the model individually for each of the samples. As we observe in Table 3, the model fits well, separately, in the two samples, i.e., Americans (χ2 = 640.497; df = 243) and Spaniards (χ2 = 654.262; df = 243). The second step estimates the model simultaneously

in both samples, to verify that the number of factors is the same, i.e. that they have the same form, and again the model fits adequately (χ2 = 1294.759; df = 486). The third and last step refers to the equality of the factor loadings in the two groups (metrical invariance). When this restriction is introduced into the model we observe that the model fit is not significantly worse than that of the previous step, as deduced from the comparison between the χ2 of steps 2 and 3 (Δχ2 = 35.726; Δdf = 25; p = 0,075 > 0,05), so the invariance of the factor loadings is ratified.

Table 3. Invariance measurement

χ2 df Δ χ2 Δ df p RMSEA (90%CI) SRMR CFI NNFI

Individual groups:

Americans 640.497 243 0.029 (0.021-0.036) 0.045 0.987 0.983

Spaniards 654.262 243 0.044 (0.038-0.050) 0.056 0.981 0.978

Measurement of Invariance:

Simultaneous model 1294.759 486 0.057 (0.053-0.071) 0.050 0.975 0.970

Model with restricted factor loadings 1330.485 511 35.726 25 0.075 0.059 (0.055-0.062) 0.063 0.969 0.963

Causal relationships and moderator effects

To test hypotheses 1 to 11, the causal relationships for the total sample were analyzed (Table 4). This is adequate, because the probability of the chi-squared is higher than 0.05 (0.21109), CFI (0.996) is close to unity and RMSEA is close to zero (0.076), so the model estimated provided a good fit to the data. Additionally, in the model, the variance in satisfaction (R2 = 0.679) is explained by service quality, price, and emotional value; the variance in trust (R2 = 0.782) is explained by service quality, non-monetary costs, and satisfaction; and the variance in behavioral intentions (R2 = 0.713) can be attributed to satisfaction, trust, and social value, indicating that the model of the current study could well predict and explain customer behavioral intentions.

Summarizing the result of the hypotheses, the analysis shows that nine of the hypotheses put forward are supported and two are rejected for the sample as a whole. Table 4 shows a direct and positive relationship between service quality and satisfaction, service quality and trust, price and satisfaction, non-monetary costs and trust, emotional value and satisfaction, social value and behavioral intentions, satisfaction and behavioral intentions, satisfaction and trust, and trust and behavioral intentions, providing support for hypotheses 1, 2, 3, 4, 5, 7, 9, 10, and 11. On the other hand, no direct relationships were found between service quality and behavioral intentions, or between price and behavioral intentions. So, hypotheses 6 and 8 are not supported.

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Table 4. Structural model: Relationships obtained

Path Parameter t Results

Service quality → Satisfaction 0.43 11.84 Supported

Price → Satisfaction 0.18 4.27 Supported

Emotional value → Satisfaction 0.60 15.00 Supported

Service quality → Trust 0.52 27.72 Supported

Non-monetary costs → Trust 0.05 2.13 Supported

Satisfaction → Trust 0.48 13.56 Supported

Service quality → Behavioral intentions 0.00 0.01 Rejected

Price → Behavioral intentions 0.04 1.14 Rejected

Social value → Behavioral intentions 0.14 4.62 Supported

Satisfaction → Behavioral intentions 0.45 8.18 Supported

Trust → Behavioral intentions 0.41 4.91 Supported

Note. Fit of the model: Chi-squared = 280.1113; df = 260; P = 0.21109; RMSEA = 0.076; CFI = 0.996; NNFI = 0.996.

Next, the existence of significant differences in the causal relationships is estimated, in order to analyze the moderating effect exercised by the different nationalities. The restrictions that permit calculating these significant differences between the parameters estimated, through comparison of the χ2 of the restricted structural model with the χ2 of the unrestricted structural model, are added as shown in Table 5. All this allows H12 to be tested.

The analysis carried out to establish the causal relationships between the variables being studied is adequate, because the probability of the chi-squared is higher than 0.05 (0.10223429), CFI (0.996) is close to unity, and RMSEA is close to zero (0.078).

Nationality was found to partially moderate the model (H12). Table 5 and Figure 2 show the significant differences

between Americans and Spaniards in some of the causal relationships considered in the model. The causal relationships are more significant in the sample of Spanish cruise passengers than in that of Americans between emotional value and satisfaction (0.70 and 0.47, Δχ2 = 8.29; p = 0.01 < 0.05), and between trust and behavioral intentions (0.49 and 0.27; Δχ2 = 5.20; p = 0.02 < 0.05). On the other hand, stronger relationships were found in the sample of Americans than in that of Spaniards between service quality and satisfaction (0.53 and 0.30, Δχ2 = 4.76; p = 0.03 < 0.05) and between service quality and behavioral intentions (0.19 and 0.11, Δχ2 = 4.79; p = 0.03 < 0.05). In this case, these last relationships are not significant in the sample of Spaniards.

Table 5. Relationships obtained moderated by nationality

Path(U.S.) Americans

Parametert

Spaniards Parameter

t Δ χ² p Results

Service quality → Satisfaction 0.53 10.46 0.30 5.79 4.76 0.03 Supported

Price → Satisfaction 0.18 3.06 0.17 3.00 0.06 0.80 Rejected

Emotional value → Satisfaction 0.47 9.76 0.70 13.99 8.29 0.01 Supported

Service quality → Trust 0.47 15.63 0.56 24.03 2.02 0.16 Rejected

Non-monetary costs → Trust 0.05 1.65 0.04 1.33 0.05 0.81 Rejected

Satisfaction → Trust 0.47 10.02 0.50 10.81 1.33 0.25 Rejected

Service quality → Behavioral intentions 0.19 2.80 0.11 1.15 4.79 0.03 Supported

Price → Behavioral intentions 0.01 0.18 0.09 1.78 0.91 0.34 Rejected

Social value → Behavioral intentions 0.20 5.64 0.08 1.63 0.79 0.37 Rejected

Satisfaction → Behavioral intentions 0.46 6.40 0.43 5.09 0.53 0.56 Rejected

Trust → Behavioral intentions 0.27 2.81 0.49 3.46 5.20 0.02 Supported

Note. Fit of the model: Chi-squared = 583.1233; df = 541; P = 0.102234296; RMSEA = 0.078; CFI = 0.996; NNFI = 0.995. Simultaneously latent variables test: Δ χ² = 23.317; Δdf =11; p = 0.0159 < 0.0

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Figure 2. Estimated results of the model by nationality. Parameters of Americans above, Parameters of Spaniards below

Behavioralintentions

Trust

Overallsatisfaction

Price

Non-monetary costs

Social value

Emotional value

Servicequality

0.19*0.11

0.470.56

0.180.17

0.46

0.43

0.010.09

0.27

0.20

0.470.05

0.20

0.04

0.53*

0.50

0.470.70*

0.08

0.49*

* When there are significant differences (p < 0.05), the higher value is marked. Fit of the model: Chi-squared = 583.1233, df = 541, P = 0.102234296; RMSEA = 0.078; CFI = 0.996; NNFI = 0.995.

DISCUSSION AND CONCLUSIONS

This research aimed to demonstrate that perceived value, satisfaction, and trust were important predictors of passengers’ behavioral intentions towards the cruise line. From these results, it is believed that the behavioral intentions model outlined in the conceptual framework is corroborated.

However, the main contribution of this study is that it analyzes the effects of nationality on the formation of passengers’ behavioral intentions towards a cruise line. The results show significant differences between Americans and Spaniards in four causal relationships. The analysis is interpreted on the basis of two of the dimensions of Hofstede and Hofstede (2005) in which the two groups are most widely separated: individualism/collectivism and uncertainty avoidance.

The results demonstrate that the strongest links between emotional value and satisfaction, and trust and behavioral intentions occur in the sample of Spaniards. This finding can be interpreted on the basis of the idea that more individualistic cultures, like the American, which have low uncertainty avoidance, tend to show emotions less and do not separate them from rational decisions, while more collectivistic cultures do (Trompenaars, 1997). Also, collectivistic cultures base their trust on relationships

with first-hand knowledge, while an individualistic culture is much more likely to trust others until they are given some reason not to trust (Jarvenpaa, Tractinsky, & Saarinen, 1999). Consequently, collectivistic cultures, which have high uncertainty avoidance, try to mitigate risk by building trust through the experience, the benevolence, and the credibility of whoever is performing the service (Doney, Cannon, & Mullen, 1998), so once the trust is built it has a greater effect on behavioral intentions. Hence, cruise lines must create emotional, enjoyable, and entertaining experiences not perceived as boring and routine in order to increase positive emotions. For individualistic cultures, with higher levels of subjective well-being perception than collectivistic cultures, activities should be prepared to avoid queuing, crowding, baggage handling, or transfers during the cruise, which are issues perceived as unsatisfactory. Cruise lines need to create more emotional experiences in order to increase the feeling of well-being of American passengers. The feeling of well-being aboard could influence the belief that the cruise company is able to satisfy the needs and is trustworthy.

On the other hand, in the American sample the relationships between service quality and satisfaction is significantly stronger than in the sample of Spaniards and, also the relationship between service quality and behavioral intentions is significant

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in the American sample while in the Spanish sample it is not. These results are consistent with Kacen and Lee (2002), since the attitude-intention relationship is weaker in the collectivistic sample with high uncertainty avoidance. This difference is because highly individualistic cultures, which in turn have low uncertainty avoidance, are more demanding in the evaluation of service quality, so their satisfaction increases at high levels of service quality (Birgelen, Ruyter, Jong, & Wetzels, 2002), and consequently also result in a favorable predisposition towards behavioral intentions. For this reason more collectivist cultures with high uncertainty avoidance, such as Spaniards, would require greater staff involvement in the on-board services. This involvement could be achieved by increasing interaction with the cruise passengers in those collective participation activities in which crew members’ performance could improve customer satisfaction. Consequently, cruise lines should be investing in a specific training program for staff on- board to design activities and services taking into account the passenger’s cultural differences.

As far as the sample as a whole is concerned, the study makes other contributions. The first is the incorporation of non-monetary costs into a model of formation of behavioral intentions in the context of cruises. This study found a direct and positive relationship between low levels of non-monetary costs and trust, which confirms the findings of Forgas et al. (2010) in other context and is a contribution in the field of cruises. The second is the important role played by trust. As the results show, trust acts as a mediating variable between satisfaction and behavioral intentions, and between service quality and behavioral intentions, which confirms the findings of Moliner et al. (2007) and Forgas-Coll et al. (2014). Consequently, trust is shown to be a key factor in the formation of cruise passengers’ behavioral intentions.

For cruise firms to continue to increase market share in Europe, considering the uncertainty of the current economic crisis, the managers of such cruise firms should bear in mind cultural differences in the behavior of cruise passengers. In sum, in order to create stable and lasting relationships with their customers, firms should pay attention to the differences between individualistic and collectivistic cultures and between cultures with low or high uncertainty avoidance. In view of the significant differences between the cruise passengers of the nationalities analyzed, there are some managerial implications. First, cruise companies could offer services that help to reduce these differences. Such is the case of the cognitive variables, which are considered by the cruise industry to be the most important strengths in the sale of cruise holidays (Cruise Lines International Association, 2012), on which firms can work. The cruise lines should adjust the service quality better to the needs of Spaniards, since in general, the services offered by cruise lines

are highly focused on a North American public. In this sense, the CLIA figures for 2012 indicate that 69% of international passengers are American (USA and Canadian).

Another implication for cruise lines is that in order to improve the relationship between trust and behavioral intentions in more individualistic passengers, who make more rational decisions, like US Americans, continuous improvement of service quality is necessary. The development of plans for continued improvement of quality is especially important for cruise lines, to show that the company keeps its promises.

Finally, another implication is to pay attention to emotions as an antecedent of satisfaction. Companies have to continue working on emotional aspects in the on-board services of the cruise trip, particularly for cruise passengers from highly individualistic cultures, in order to achieve even more intense levels of emotion.

The main limitation of this study is that it only considers Americans and Spaniards in analyzing the moderator effects of nationality. Future investigations could consider including more nationalities and analyzing them separately, or dividing them among national groups with similar scores for individualism and/or uncertainty avoidance.

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JUAN DAVID PEREZ PATINOjperezp3@eafit.edu.coMagister en Desarrollo Humano Organizacional por la Universidad EAFIT Departamento de Organización y Gerencia – Medellín, Colombia

ISABEL CRISTINA LOPERA ARBELAZilopera@eafit.edu.coProfesora de la Universidad EAFIT Departamento de Organización y Gerencia – Medellín, Colombia

ARTÍCULOSSometido 24.09.2013. Aprobado 03.04.2014Evaluado por el sistema double blind review. Editor Científico: Diogo Henrique Helal

GESTIÓN HUMANA DE ORIENTACIÓN ANALÍTICA: UN CAMINO PARA LA RESPONSABILIZACIÓNGestão humana de orientação analítica: Um caminho para a responsabilização

Analytical orientation human management: A path to responsibilization

RESUMENEl presente artículo propone un enfoque de la gestión humana que privilegia espacios conversacio-nales en la organización. Consideramos que la verbalización tiene como efectos la simbolización, socialización y responsabilización en los sujetos individuales, grupales y colectivos. Dedicamos especial interés a la responsabilización, resaltando que la participación a través de la palabra genera compromiso, inclusión y sentido de pertenencia. En los casos estudiados, privilegiamos el método analítico entendido como método de análisis del discurso, el cual fundamenta la actitud del profe-sional que basa su quehacer en escuchar, analizar e intervenir. Los hallazgos de la investigación permiten plantear una vía para la responsabilidad empresarial. PALABRAS CLAVE | Gestión humana, orientación analítica, verbalización, responsabilización, desar-rollo humano.

RESUMOEste artigo apresenta uma abordagem para a gestão de recursos humanos, em que a verbalização é favorecida na organização, a fim de criar espaços de conversação que facilitem a simbolização, a socialização e a responsabilização sobre os indivíduos, grupos e sobre a organização. Dedicamos especial atenção à responsabilização, com a realização dos resultados da pesquisa como uma forma de responsabilidade corporativa, enfatizando que a participação através da palavra gera engaja-mento, inclusão e um sentido de pertencimento nos indivíduos. Nos casos analisados, favorecemos o método analítico, compreendido como um método de análise do discurso, e como uma atitude profis-sional baseada no ouvir, analisar e intervir.PALAVRAS-CHAVE | Gestão humana, orientação analítica, verbalização, responsabilização, desenvol-vimento humano.

ABSTRACTThe present paper proposes an approach to human management that privileges conversational spaces in the organization through verbalization, which results in symbolization, socialization and responsibilization of individuals in the organization groups. Our special concern is responsibilization, emphasizing that participation through conversation generates commitment, inclusion and a sense of belonging in individuals. In the cases studied, we have privileged the analytical method, understood as the method of discourse analysis, which underlies the attitude of the professional who grounds his work on listening, analyzing and intervening. The research findings allow the set out of a path to corporate responsibility. KEYWORDS | Human management, analytical orientation, verbalization, responsibilization, human development.

RAE-Revista de Administração de Empresas | FGV/EAESP

DOI: http://dx.doi.org/10.1590/S0034-759020160109

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INTRODUCCIÓN Y COMPONENTE TEÓRICO

El presente artículo, producto de la investigación clínica de las organizaciones: una propuesta analítica, es elaborado en el marco de la maestría en Desarrollo humano organizacional de la Universidad EAFIT.

El objetivo del artículo es presentar una orientación de la gestión humana que le apuesta al desarrollo humano en la organización. Partimos de la aplicación del método analítico en el quehacer profesional de aquellos que tienen bajo su responsabilidad la coordinación de sujetos individuales o grupales. A través de la aplicación de la escucha, el análisis y la intervención de los discursos, proponemos una alternativa para promover procesos de responsabilización en los individuos, los grupos y la organización.

Esta perspectiva analítica pretende trascender la lógica instrumental y operativa que ha caracterizado la gestión humana en las organizaciones, lo cual implica ir más allá de los subsistemas o procesos, fundamentado en la incorporación de una actitud que propende por la responsabilización del sujeto, permitiendo plantear una vía para la ética organizacional desde la mediación en las relaciones socio-laborales.

El artículo se inscribe en la perspectiva de la clínica de las organizaciones, que se fundamenta en la comprensión de las dinámicas organizacionales, la cual tiene como finalidad propiciar el cuidado (cura, en el sentido foucaultiano del término) de un sujeto (individual, grupal o colectivo). Esta perspectiva se enfoca en el estudio e intervención de situaciones concretas tomando cada caso como un caso único, el cual no es posible tratarlo bajo modelos estandarizados y estadísticos. El énfasis que se da en las particularidades del sujeto y su cuidado, orientan prácticas que propician la expresión, escucha y análisis de los discursos lo cual favorece el desarrollo humano (Manrique & Ramírez, 2014; Manrique, Lopera, & Pérez, 2014; Manrique, Lopera, Pérez, Ramírez, & Henao, 2014). Esta propuesta de trabajo es coherente con la perspectiva de las clínicas del trabajo (conforme Aubert & Gaulejac, 1993; Bendassolli, 2011; Bendassolli & Soboll, 2011; Malvezzi, 2012a, 2012b; Rossi, Mendes, Siqueira, & García, 2009).

El propósito de esta investigación fue formalizar la propuesta teórica de una gestión humana de orientación analítica, que privilegia la verbalización como camino a la responsabilización subjetiva, basados en una “contrastación dialéctica entre la teoría y la práctica” (Ramírez, 1991, p. 35). En un principio abordaremos los referentes conceptuales a partir de los cuales delimitamos la concepción de gestión humana, considerando aspectos generales sobre su entendimiento y el rol que ha ocupado en la organización. Posteriormente

presentaremos el método analítico como análisis del discurso y una forma de proceder que fundamenta dicha gestión (Lopera, Ramírez, Zuluag, & Ortiz, 2010b; Ramírez, 2012).

Gestión humana

Desde inicios del siglo XX las ciencias sociales y la administración han tejido una relación influenciada por la racionalidad técnico-

económica, tratando de dar respuestas a los problemas de la productividad, la rentabilidad, la optimización y el control, es decir, el problema de la eficacia (Chanlat, 2002). En efecto, aunque han sido múltiples los discursos en los que se considera el factor humano como actor organizacional, estas concepciones siguen siendo reduccionistas, concibiéndolo como un homo economicus (Bermúdez, 2011; Friedmann, 1956; Morin, 2005), un hombre sin afectos, sin historia y sin cultura, suscribiéndolo en una lógica instrumental, la cual parte de la idea de que el mundo humano es un conjunto de procesos objetivables que se intentan conocer y controlar (Cuevas, 2009; March & Simon, 1961; Saavedra, 2006). El énfasis puesto sobre la rapidez de ejecución en detrimento de otros elementos del desempeño y del rendimiento tales como la motivación, el reconocimiento y la satisfacción, tiene por efecto reducir los intercambios y las expresiones más elementales. Lo anterior se refleja en el incremento de las posibilidades de violentar las reglas del buen vivir y la cortesía, sin espacios de participación que indican la escasa consideración por las personas que se encuentran enfrente, siendo incluso denominadas como una nueva forma de esclavitud moderna (Chanlat & Bédard, 1997; Crane, 2013).

Para algunos autores la gestión es una forma de regulación del comportamiento de una colectividad social que cuenta con recursos limitados, para el logro de unos objetivos compartidos (Romero, 1998). Esta concepción apela al control del comportamiento humano en pro del cumplimiento de unos propósitos económicos-productivos que, al ser alineados a las realidades organizacionales, justifican la necesidad de establecer prácticas y actividades que dinamicen las relaciones entre las personas, el trabajo y la organización misma. Tal sería la justificación de la gestión humana.

Tradicionalmente, la gestión humana ha sido considerada como el eslabón organizacional encargado de dinamizar los fenómenos socio-laborales entre los colaboradores y las empresas, por medio de actividades tales como el diseño de cargos, selección, evaluación del desempeño, administración de la compensación y capacitación, entre otras, orientando sus acciones en aspectos técnicos e instrumentales que responden a las necesidades de productividad y competitividad de las organizaciones (Bermúdez, 2010; García, 2009; Melián &

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Verano, 2008). Desde esta perspectiva, se mira al hombre en la organización de manera puramente mecanicista, como un medio o una herramienta para fines productivos y que puede ser descartado en cualquier momento (Kliksberg, 1995; Saldarriaga, 2010).

Diferentes autores han entendido la gestión humana como un conjunto de políticas, prácticas y actividades que incluyen una serie de técnicas para reclutar, seleccionar, capacitar, compensar y evaluar, en aras del cumplimiento de los objetivos organizacionales, teniendo un efecto directo sobre el comportamiento, actitudes, satisfacción, integración, etc., de una persona o un grupo reducido de personas dentro de la organización (Alfalla-Luque, Marín-Garcia, & Medina-López, 2012; Aragón et al., 2004; Dessler, 2001).

Desde la concepción del management, la visión de la gestión humana se considera reduccionista y centrada en las prácticas y sus resultados en la organización. No obstante, el campo del conocimiento ha evolucionado y la gestión humana se concibe como un fenómeno complejo influenciado por múltiples aspectos que inciden en su concepción, filosofía y prácticas. Aspectos tales como los factores sociales, políticos y económicos del momento histórico, la concepción dominante del ser humano, las formas de organización del trabajo, la normatividad que rige las relaciones laborales, el mercado laboral y los desarrollos teóricos existentes (Calderón, Álvarez, & Naranjo, 2006; Calderón, Naranjo, & Álvarez, 2007).

Ante la realidad del management pareciera que se estuviera perdiendo de vista la premisa de que el hombre necesita establecer un lazo social con la organización y la actividad que desempeña, demandando ser reconocido y valorado como un ser íntegro y no simplemente como un engranaje más en la productividad organizacional, tal como se concibe bajo una mirada funcionalista y positivista de la administración. Dichas apreciaciones van en la vía de los planteamientos realizados en la perspectiva humanista de las ciencias de la vida y la gestión, reconocida hoy en día como una disciplina científica en el interior del campo administrativo (Zapata, 1995). Esta perspectiva plantea el retorno a las dimensiones olvidadas como la naturaleza genérica y singular del ser humano; su carácter activo y reflexivo; el uso de la palabra, la vida afectiva; la producción simbólica, la concepción espacio temporal y la alteridad como proceso de construcción del individuo (Aktouf, 2000, 2009; Bédard, 2003, 2004; Chanlat & Bédard, 1997). Esto se enmarca en el paradigma de los estudios organizacionales, el cual parte de una concepción comprensiva y descriptiva de las realidades particulares de la organización, resaltando la vivencia de los propios actores (Rendón & Montaño, 2004; Rosa & Contreras, 2007; Rosas, 2006), contrario al enfoque de

las teorías organizacionales que se basan en planteamientos prescriptivos, positivistas, funcionalistas y pragmáticos (Morales, 2004; Zey, 1981).

Cabría preguntarse entonces, qué otras acciones en la gestión organizacional propician una concepción del hombres como un ser activo, capaz de transformar las circunstancias que lo rodean de manera consciente, digno de respeto y participación, bajo los principios de equidad, libertad y responsabilidad: con capacidad de decisión, autonomía, aprendizaje y desarrollo; siendo parte de la organización como un sujeto creativo que contribuye al alcance de la misión y visión organizacional, y a la vez busca estados de realización personal (Aktouf, 2004; Bendassolli, 2011; Maciel, Hopfer, & Souza- Lima, 2004; Marín-Idarrága, 2006).

Teniendo en cuenta estas apreciaciones e interrogantes sobre la gestión humana, nuestra propuesta pretende ir más allá de un orden funcional e instrumental, sin desconocer la importancia que esto tiene en sus resultados. Al respecto, Aktouf (2009, p. 29) plantea la necesidad de comprender que “las herramientas administrativas y las sofisticaciones tecnológicas no son nada si no hay un clima social y humano propicio para la adhesión, la colaboración y el rendimiento”, sugiriendo, que no es que haya que omitir los instrumentos o las técnicas administrativas, sino que “debemos servirnos de ellas y no servirles”.

Lo anterior propone pensar una filosofía de gestión que transcienda los criterios de la eficiencia y eficacia, y establezca, un marco de referencia conceptual que genere la reflexión sobre la razón de ser, el porqué y los para qué de los comportamientos en la organización. En este sentido, la filosofía de gestión “plantea dudas, formula preguntas y señala incoherencias provenientes de la propia diversidad que caracteriza a las organizaciones sociales complejas, en un entorno incierto y cambiante” (Etkin, 2007, p. 21). Esto implica que son ideas que no pertenecen a un grupo de interés o influencia en especial, sino que involucra a la organización en su conjunto, donde subyace no un saber individual sino un saber compartido.

Así pues consideramos que la gestión humana tiene la responsabilidad de mediar las relaciones socio-laborales que se presentan en la organización. Entendiendo la mediación como aquel proceso que permite incluir los diferentes actores de interés en la búsqueda conjunta de alternativas para el manejo de conflictos, toma de decisiones y establecimiento de acuerdos y así facilitar la comprensión de las dinámicas y determinantes de las relaciones socio-laborales (Lopera, Ramírez, Zuluaga, & Ortiz, 2010a) y contribuir en la construcción de una ética organizacional (Gama, Mckenna, & Peticca-Harris, 2010; Martiningo & Siqueira, 2008).

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MÉTODO ANALÍTICO

Entendiendo el análisis como un procedimiento para llegar a la comprensión mediante la descomposición de un fenómeno en sus elementos constitutivos (Lopera et al., 2010b), y el método científico como la “contrastación dialéctica entre la teoría y la práctica” (Ramírez, 1991, p. 35), concebiremos el método analítico como “un método científico de análisis del discurso basado en unos procedimientos generales que se aplican en el caso por caso a partir de la escucha de una situación concreta” (Ramírez, 2011, p. 573). Desde esta perspectiva, el método será entendido como una actitud que privilegia los procedimientos abiertos, con supuestos flexibles y modificables (indogmáticos), en armonía con el devenir de las situaciones.

Para referirnos al método analítico en el análisis del discurso es importante explicar cómo entenderemos el concepto discurso. Llamaremos discurso a “toda expresión de una estructura subjetiva” (Lopera et al., 2010a, p. 46), la cual se puede dar de manera verbal o no verbal, indicando que es un sujeto el que se expresa, sea individual, grupal (grupo o equipo) o colectivo (organización o comunidad). En el marco de esta propuesta, el sujeto individual será entendido como el colaborador que establece un vínculo con la organización, el sujeto plural como el grupo de trabajo que se conforma en la dinámica de la organización y el sujeto colectivo como la organización en general. Cabe señalar que la palabra

“expresión” se abordará de una manera amplia, aludiendo no solo a lo dicho en palabras, sino también a otras formas de comunicar, como los gestos, la escritura, las formalizaciones teóricas, entre otras, generando significaciones y sentidos (Lopera et al., 2010a). Tales aspectos serán fundamentales al momento de comprender las realidades organizacionales.

Para llevar a cabo la aplicación del método analítico en el análisis del discurso, Ramírez (2012) sugiere implementar cuatro procesos, aclarando que no se trata de pasos secuenciales sino de formas distintas de acercarse a un discurso que, al ser conjugadas, brindan mayores posibilidades para el análisis. Estos procesos son: entender, captar el sentido y la lógica interna que compone un discurso determinado; criticar, comparar las diferentes partes del discurso que se están analizando para determinar su consistencia y coherencia; contrastar, que se realiza acudiendo a la experiencia, verificando en la práctica los efectos de un discurso determinado, es decir, su eficacia; e incorporar, que hace referencia a que en la medida que se analiza un discurso, se va asumiendo un nuevo modo de proceder en el que se hacen propios los valores y estilos que son acordes con nuestro ser (Lopera et al., 2010a).

Si bien es cierto que un método puede ser entendido como una serie de pasos para lograr un fin determinado (algoritmo),

nosotros lo concebimos como una forma de proceder, una actitud. Según Ramírez (2011, p. 573), una actitud es “una disposición de ánimo, que se expresa mediante palabras o hechos: en las acciones, los gestos, la postura, el modo de ser y comportarse de un sujeto”. Las actitudes tienen tres componentes que se relacionan entre sí: el cognitivo, el afectivo, el emocional o sentimental y el comportamiento (Robbins, 2009). En la convergencia de estos componentes emergen aspectos como la intuición, la inspiración, la invención y el ingenio (Lopera et al., 2010a), los cuales no pueden ser predeterminados desde un algoritmo o un procedimiento.

Diseño metodológico

Como objetivo general buscamos formalizar una propuesta teórica de la gestión humana de orientación analítica, basada en una concepción de hombre en la organización que privilegie la verbalización como camino a la responsabilización subjetiva. Para tal efecto, se tuvieron en cuenta principalmente presupuestos teóricos, articulados con un trabajo de campo que buscó identificar aspectos del quehacer profesional en esta área, realizando una contrastación dialéctica entre la teoría y la práctica.

Es importante precisar que esta investigación fue de tipo transversal, sin pretender un seguimiento en el tiempo. El alcance de la investigación fue exploratorio, desarrollando un tema poco estudiado y que desde el método analítico no ha sido abordado. El enfoque metodológico de la investigación es de carácter cualitativo privilegiando la descripción, comprensión e interpretación de los discursos hablados y escritos (Hernández, Fernández, & Baptista, 2010); características propias de un diseño no experimental. Entendemos que el enfoque cualitativo:

Aborda las realidades subjetivas e intersubje-tivas como objetos legítimos de conocimien-tos científicos. Busca comprender – desde la in-terioridad de los actores sociales– las lógicas de pensamiento que guían las acciones socia-les. Estudia la dimensión interna y subjetiva de la realidad social como fuente de conocimiento (Galeano, 2004, p. 18).

Dicha comprensión de aquellas lógicas de pensamiento que guían las acciones sociales, se posibilita por medio de la aplicación del método hermenéutico, basado en la interpretación. Para Gadamer, interpretar:

[…] no es un acto complementario y posterior al de la comprensión, sino que comprender es

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siempre interpretar, y en consecuencia la inter-pretación es la forma explícita de la compren-sión. […] nuestras consideraciones nos fuerzan a admitir que en la comprensión siempre tiene lu-gar algo así como una aplicación del texto que se quiere comprender a la situación actual del intér-prete (Gadamer, 1999, p. 378).

Adicional a la hermenéutica aplicamos el método analítico en el análisis del discurso, a partir de la descomposición de sus elementos y su posterior rearticulación, este proceso se realiza “tanto en un sentido diacrónico (que estudie la historia, la génesis y las sucesiones discursivas) como sincrónico (que tenga en cuenta el momento y la situación: el contexto actual, y busque las relaciones y conexiones con otros discursos)” (Ramírez, 2012, p. 99).

Se revisaron artículos tomados de bases de datos y publicaciones especializadas sobre el tema teniendo en cuenta autores representativos contemporáneos y clásicos. Se realizaron entrevistas semi–estructuradas a 9 líderes de gestión humana, entre los cuales se encontraban directivos, académicos y consultores; adicionalmente, se realizó una sesión de grupo de discusión compuesto por 16 profesionales que cursan un

posgrado en gestión humana. Cada entrevista tuvo una duración aproximada de 1 hora y 45 minutos y fue realizada por dos de los investigadores, y el grupo de discusión tuvo una duración de 2 horas y 20 minutos y fue realizado por tres investigadores. La muestra fue seleccionada de acuerdo con los criterios de muestra por expertos (entrevistas) y por oportunidad (grupo de discusión) (Hernández et al., 2010). Los entrevistados se contactaron directamente y se les invitó a participar voluntariamente del estudio. Los participantes del grupo de discusión son estudiantes de un posgrado que cursan en la Universidad EAFIT a quienes se invitó a participar de manera voluntaria en el estudio, dado que se encontraban reunidos en un curso sobre las diferentes técnicas de investigación. Cada investigador asumió un rol: coordinador, co-coordinador y observador. Tanto las entrevistas como el grupo de discusión se llevaron a cabo en un solo encuentro y partieron de una serie de preguntas guía, lo cual permitió una orientación flexible de la conversación teniendo en cuenta la escucha de elementos emergentes. Los sujetos seleccionados cuentan con experiencia en organizaciones (entre 600 y 30.000 empleados), representativas de diferentes sectores de la economía del país: financiero, salud, educativo, manufactura, ONG, los cuales tienen formación en ciencias sociales y humanas e ingenierías (ver Tabla 1).

Tabla 1. Perfiles de los participantes de la investigación

Entrevistado 1 2 3 4 5 6 7 8 9Grupo de discusión

Profesión Psicólogo Abogado Abogado PsicólogoTrabajador

socialAdmin. Psicólogo

Trabajador social

Ingeniero industrial, Psicólogo

Admin. (6)Psicologos (5)Abogados (2)Ingeniero (1)

Musico (1)Contador (1)

Años de experiencia

> 10 años > 10 años > 10 años < 5 años > 10 años > 10 años > 10 años > 10 años > 10 años 5-10 años

Sector de empresa

donde trabaja

Servicios Salud IndustrialFundación

(ONG)Fundación

(ONG)Financiero Educativo Educativo

Servicios, Educativo

Servicios (4) Comercial (4) Financiero (3) Educativo (1)

Salud (1)Sin Datos (3)

Relación con la academia

Docente posgrado

Asesora posgrado

Docente posgrado

N.A. N.A. N.A.Docente

posgrado, Investigador

Administrativo, docente

posgrado

Docente, Investigador,

Consultor

Estudiantes posgrado

Fecha 29-ago-12 04-sep-12 12-sep-12 17-sep-12 17-sep-12 09-nov-12 05-dic-12 13-mar-13 01-oct-12 04-may-13

Duración 01:10 02:30 01:15 01:40 01:40 01:30 01:35 01:50 01:50 02:20

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En la vía del método analítico y la hermenéutica, tomamos los criterios de codificación, análisis e interpretación de Coffey y Atkinson (2004, p. 58) para quienes “el proceso de codificación tiene que ver con hacerse preguntas acerca de los datos. Estas preguntas nos ayudan a desarrollar líneas de especulación y a formular hipótesis”. Para Coffey y Atkinson (2004) luego de la codificación se pasa a la interpretación recuperando el contexto de los datos, que muchas veces se pierde en el proceso de su estructuración en categorías. Para el análisis de la información, basados en el marco teórico de esta investigación se establecieron las categorías iniciales que orientaron el diseño de los instrumentos: gestión humana, concepción de hombre, orientación analítica y espacios conversacionales, que al ser contrastadas con la información obtenida en el trabajo de campo

generó categorías emergentes como: simbolización, socialización y responsabilización (ver Figura 1).

Cada entrevista y el grupo de discusión se grabaron en audio, se transcribieron, se codificaron y se categorizaron para facilitar el proceso de análisis. Una vez que se codificó el material, se procedió realizar la triangulación de datos (Hernández et al., 2010) mediante la contrastación entre la información obtenida en las entrevistas, los referentes teóricos y el proceso interpretativo del grupo investigador, que se reunió durante 87 sesiones de una hora y media semanales. De cada una de estas reuniones, se elaboró una relatoría en la cual se plasmaron las conclusiones de los análisis, y que fueron luego retomadas para la elaboración del informe final del estudio.

Figura 1. Categorías de análisis de la investigación

Gestión humana de orientación

analítica

Cocepción analítica del ser humano

I. Filosofíade gestión

I. Cocepción del hombre en la organización

III. Cocepción del hombre orientación

analítica

IV. Implicaciones enlas políticas

de Gestión humana

II. Instituciones-

organizaciones

II. Gestión humana

III. El método analítico

IV. Gestión

humana de orientación

analítica

• Breve abordaje histórico

• Breve abordaje histórico• 1. Papel de institución del

ser humano• 2. Papel del ser humano en

la organización• 3. El hombre como

concreción de instituciones

• 2.1 Razón de ser de la Gestión humana

• 2.2 Subprocesos y prácticas de Gestión humana

• 3.1 El método• 3.2 El método analítico

como análisis del discurso• 3.3 Escuchar, analizar e

intervenir

• 4.1 Premisas epistemológicas• 4.2 Propósitos y efectos esperados (Gestión humana analítica y

desarrollo humano)• 4.3 Dispositivos analíticos en la gestión humana de orientación

analítica• 4.4 Clínica de las organizaciones como una práctica en la

gestión humana de orientación analítica

• 1. Método analítico* 1.1 Método como

Actitud* 1.2 Quehacer analítico

• 2. El Ser analítico• 3. Orientación analítica

y Desarrollo humano• 4. Perfil del hombre

analítico en la organización

Resultados: La orientación analítica en la gestión humana

Preguntarse por el desarrollo del ser humano en el ámbito laboral, invita a trascender el pensamiento meramente instrumental y llegar a una concepción compleja de la organización, donde la apertura al saber, el análisis y la reflexión, son aspectos necesarios en la comprensión de los fenómenos sociales y humanos. Esta concepción incide en el comportamiento y desempeño laboral de los sujetos que conforman la organización. Dicho planteamiento está enmarcado en una filosofía de gestión que se pregunta por la relación entre la organización y el desarrollo social, integrando los procesos económicos, sociales, culturales y simbólicos, y abogando por una actitud fundada, responsable y comprometida con la calidad de vida de las organizaciones (Etkin, 2005, 2007). Una actitud soportada

en una orientación analítica, que promueva el desarrollo humano y la responsabilización de los actores que interactúan en y con la organización en vía de una ética organizacional.

El pensar el desarrollo de una propuesta de gestión humana de orientación analítica, ha sido el resultado de constantes interrogantes sobre las formas, medios y prácticas que se llevan a cabo en el abordaje del ser humano en la organización. Hemos procurado comprender aquellos aspectos que posibilitan la interacción humana, privilegiando la escucha, el análisis y la intervención del discurso individual y grupal, por medio de espacios conversacionales que buscan generar procesos de responsabilización en la organización.

En este sentido, implementar una gestión humana bajo esta orientación supone contar con varias condiciones que permitan

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proceder de manera conveniente en las organizaciones por parte de los profesionales. En un primer momento, consideramos que es fundamental declarar la concepción de ser humano que se tendrá en la organización, ya que esta dará lugar a categorizaciones y significaciones conceptuales en torno a la gestión humana y, así, a los fundamentos de sus prácticas. Respecto a esta idea, uno de los entrevistados plantea:

[…] un trabajo importante que tendría gestión hu-mana que hacer es ese, es lo primero que una or-ganización necesita, y que gestión humana le tiene que ayudar a una organización, es a definir a qué tipo de hombre le va a apostar, y cuando ya en to-das las mentes está a qué tipo de hombre se le está apostando, una intervención es que ya están bus-cando que yo sea ese tipo de hombre que la orga-nización le está apuntando. [Los líderes de gestión humana y el gerente] son los que tienen que creer en esto para poder hacerlo realidad (Entrevista 1).

De acuerdo con lo anterior, Aktouf (2009) plantea cómo en la actualidad se ha dado una convergencia en las corrientes teóricas de la administración que apuntan a una organización más humanizada, donde se considere la centralidad de la persona, sus actitudes y comportamientos, sin antes haber manifestado la necesidad de plantear una teoría del ser humano que le dé sustento y sentido a las acciones que se desplegarán en el abordaje de los procesos humanos en la organización.

Desde nuestra propuesta consideramos al hombre como un animal verbal, el cual hace uso de la palabra como principio articulante de su realidad, esto es, logos (Lopera et al., 2010a, 2010b; Ramírez, 2012). El lenguaje será entendido como aquello constitutivo del ser humano como “una estructura que acoge y ordena la realidad humana, dándole su forma específica” (Lopera et al., 2010a, p. 128).

Ahora bien, entendemos el método analítico como un modo de proceder para acceder a las lógicas de los discursos individuales o grupales. De esta manera la orientación analítica en la gestión humana se fundamenta, no en la utilización de una teoría determinada, sino en la aplicación de un método, una actitud soportada en el quehacer analítico, compuesto por tres acciones: escuchar, analizar e intervenir, conjugándose de manera que no existe un orden cronológico para realizarlas, sino que convergen en la acción, por lo que separarlas es solo un recurso que facilita su comprensión.

En el trabajo de campo realizado en el marco de esta investigación, se evidenció cómo algunos líderes de gestión humana proceden desde una perspectiva analítica al favorecer

la escucha en sus prácticas cotidianas en la organización, lo cual se percibe en las siguientes palabras de un entrevistado:

[…] hemos creado un lema dentro del grupo y lo he-mos dicho en la publicidad [de nuestra empresa]:

“no es lo mismo hablar que conversar, no es lo mis-mo oír que escuchar”. Estamos estableciendo esas diferencias porque no es lo mismo que yo esté en una reunión con un equipo de trabajo, pero esté pendiente de mi BlackBerry o de mi Iphone, cha-teando, haciendo el que escucho, pero no escucho, sino que estoy oyendo un ruido que el otro produ-ce. En la cultura estamos intentando que la gente cuando esté escuchando al otro, lo esté escuchan-do auténticamente, desde la emoción, desde el lenguaje y desde el cuerpo, que esté presente en estos tres elementos (Entrevistado 5).

De esta manera, entendemos que escuchar es fundamentalmente una apertura al discurso del otro, caracterizada por una actitud que permite captar diversas manifestaciones discursivas, así como el contenido latente y manifiesto de las expresiones. La escucha involucra todos los sentidos. Como acto que va más allá del oír, permite un sentir comprensivo, es decir, una captación holística de la situación. La confluencia de todos los sentidos, anudada a las propias representaciones de lo analítico, permite obtener un saber más completo, sin limitarlo a las expresiones fonéticas (Lopera et al., 2010a).

Destacando la importancia que tiene la palabra en el proceder de los dirigentes y de los profesionales que conducen las organizaciones, desde una orientación analítica la palabra y la escucha no serán consideradas como un mecanismo simulado de participación, sino como un medio de transformación subjetiva que le permite a los sujetos y a los grupos saber algo más de sí mismos, de la organización y del lugar que allí ocupan (Henao, 2008), y en esta medida, brindar condiciones que posibiliten su proceso de responsabilización, del cual hablaremos más adelante.

Analizar implica descomponer un discurso en sus elementos básicos, establecer relaciones entre ellos y generar nuevas asociaciones que la captación directa, a través de los sentidos, no permite. El proceso de análisis no excluye la síntesis, ambos permiten acceder a una articulación de conocimiento comprensiva, sin limitarse al saber intelectual y racional. Uno de los entrevistados plantea, refiriéndose a los errores que se presentan en un proceso de selección, que:

[…] nuestro dolor de cabeza era cuando se co-metía un error en la evaluación y después veía-

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mos algo, […] y nos sentábamos a analizar y de-cíamos: es que la mirada de ella [la responsable de hacer la selección] es una mirada superficial, ella mira el resultado de la prueba, ella mira lo que la persona le dice, [pero] ella no hace el aná-lisis del discurso, y lo correlaciona con la infor-mación (Entrevista 1).

Así como escuchar los discursos en los sujetos individuales y grupales es importante en su proceder, el analítico ha de analizarlos teniendo en cuenta el momento y la situación en la que se presentan. Capta los sentidos implícitos de los discursos manifiestos (Andrade, 2013), permitiendo mediar en la situación, dándole paso al tercer proceso que es el de la intervención. Las palabras de un entrevistado soportan lo dicho:

El encargo es, como su nombre lo indica, el pedi-do original que hace un grupo gestor, una persona o un grupo gestor que viene con una hipótesis que dice “pasa esto, y queremos tal cosa”; […] porque no necesariamente vienen y te dicen “pasa esto”, sino que dicen “me duele, me preocupa”, y ese es el encargo tipológicamente, además significa que te pone el encargo de dar respuesta a esa necesi-dad, […] significa incorporar todas aquellas partes involucradas en esa definición de la necesidad o en esa definición de la situación y, a vuelta de co-rreo, reformular ese encargo y eso significa trans-formarlo de algún modo (Entrevista 9).

Ahora bien, el desempeño de los profesionales en las realidades organizacionales está mediado por las intervenciones que realizan en su quehacer laboral, basado por aquellas capacidades que contribuyen al logro de los objetivos de manera efectiva. Lo anterior se evidencia cuando un entrevistado habla sobre la manera de intervenir de los jefes en su organización:

[…] la participación es muy importante, es muy claro que todos hacemos cosas muy buenas cuando todos aportamos. Aquí el jefe no le dice:

“venga, qué tiene que hacer, no, [dice]: “venga sentémonos y construyamos juntos”. Eso requie-re un manejo, que haya un manejo muy especial de poder, no de “yo mando aquí”, sino de “cons-truyamos juntos (entrevista 4).

Desde nuestra perspectiva, la intervención no está representada solamente por los aspectos generales, sino también

por aquellos que le dan cabida a los elementos específicos de las situaciones, al caso por caso. Entendemos intervenir como las acciones que se generan a partir de lo escuchado, donde el sujeto decide obrar analizando los elementos, ya sean descubiertos o re-elaborados. La formación continua en el análisis del discurso puede llevar a intervenciones cada vez más adecuadas a partir de la actitud analítica que se ha incorporado. En palabras de Lopera et al. (2010a, p. 164): “La adecuación se define en cada situación de acuerdo con los propósitos que se tengan”. La formación hará que el analítico escuche más, analice con profundidad y haga intervenciones más adecuadas.

Al analizar los discursos que se presentan en la organización, se captan y analizan elementos implícitos que hay allí presentes, los cuales pueden estar parcializados por efectos de imaginaciones, ideas preconcebidas o prejuicios. Cuando hablamos de prejuicios (Ramírez, 2012), hacemos referencia a todos aquellos valores que hemos ido incorporando en el transcurso de la vida sin procesos previos de reflexión, sin haber analizado dichos juicios. Es muy común que los sujetos lleguen a las organizaciones con una serie de concepciones del mundo sobre las cuales soportan su proceder, considerando en muchas ocasiones que son la única manera de entender y comprender las realidades que los circunscriben. Esta situación llega a ser problemática y genera malos entendidos cuando se interpretan las expresiones de los demás, sin entender sus argumentos o lo que está queriendo decir. En este tipo de casos, analizar por qué se hizo dicha interpretación o cómo un sujeto adoptó cierta opinión, será importante para captar aquellos elementos implícitos. Es tarea entonces del analítico propiciar espacios de diálogo, de discusión, en los que los sujetos puedan verbalizar, intentando explicitar aquellos contenidos implícitos que puedan ser analizados (Ramírez, 2012).

Concepción del hombre

En nuestra propuesta de una gestión humana de orientación analítica entendemos la importancia de plantear una concepción de hombre que le dé sentido y sustento a las prácticas de gestión humana en la organización (Bermúdez, 2011). De esta manera partiremos de aquellos presupuestos particularmente humanos como lo son el lenguaje y específicamente el uso de la palabra, concibiendo al hombre como un animal verbal, un ser en relación, que habita un universo simbólico en su interacción con el otro, comunicando un discurso con contenidos manifiestos y latentes. Esto implica entenderlo como un hijo del lenguaje que a través de la verbalización simboliza, socializa y se responsabiliza (Zapata, 1995).

Es precisamente este interés por la palabra el que fundamenta el proceder de la gestión humana al propiciar

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prácticas donde el discurso del sujeto se resignifica, abriendo el camino a la construcción propia y genuina de su identidad. Un profesional analítico escuchará a los demás dándoles un lugar desde su singularidad, sin desconocer las lógicas organizacionales en las que está circunscrito; esto le permitirá a cada persona entender las dialécticas que subyacen en las relaciones socio-laborales. A propósito de este planteamiento, Bédard (2003, p. 74) habla de la importancia de:

[…] elaborar un enfoque que reconozca, de un lado, el lugar central del ser humano en gene-ral y, del otro, tenga en cuenta las particularida-des individuales, lo que implica no solamente comprender las características propias de la es-pecie humana, sino también respetar y valorizar las potencialidades específicas de las personas, que son la fuente de la fecundidad del grupo.

Reconocer y darle un lugar importante a las particularidades individuales en la organización, es un camino para favorecer el proceso de singularización. Esto proceso considera aquellos aspectos singulares que caracterizan la construcción genuina de su identidad subjetiva, favoreciendo el desarrollo de las potencialidades, en tanto individuo, grupo u organización. Entenderemos que la singularización parte de la voluntad del sujeto, anudado a las posibilidades que este tenga, las cuales pueden ser propiciadas por la organización. El lugar que se le da a las particularidades individuales, es uno los principios que orienten las acciones de una gestión humana analítica, expresado por uno de los entrevistados:

[…] yo pienso que el verdadero papel de un área de gestión humana en una organización debe estar orientada a propiciar […] la humanización realmente en la empresa y, ¿qué es la humaniza-ción?, fundamentalmente darle el lugar al otro, al ser humano, todo lo que implica su dignidad, su libertad, su identidad, su crecimiento, su acep-tación, […]; hay muchas cosas más que dedicar-se a hacer un montón de tareas instrumentales, que en un momento dado se pueden subcontra-tar (Entrevista 7).

Desde nuestra propuesta una de las vías para potencializar este desarrollo es la verbalización, considerando la palabra hablada como el elemento esencial para la transformación subjetiva, ya que la verbalización produce efectos de articulación en la que los contenidos imaginarios adquieren

una organización diferente al ser expresados, teniendo como efecto la simbolización, la socialización y la responsabilización (Zapata, 1995). Cuando las prácticas de gestión humana propician espacios de participación, discusión, conversación, se le dará un lugar esencial a la verbalización, considerando al sujeto como un actor activo, con capacidad de escucha, reflexión, capaz de darle un lugar al otro incluyéndolo en los procesos de toma de decisiones, responsabilizándose por las acciones tomadas (Freitas, Aquino, & Pesqueux, 2012).

La simbolización favorece la organización de las representaciones mentales, a través de imágenes que no han sido organizadas. Al pasar del registro imaginario al simbólico, es decir, de las imágenes a las palabras, se realizan asociaciones y ligan elementos que no han sido articulados en los demás componentes del discurso del sujeto. La verbalización, o expresión en palabras comprensibles, actualiza dicho proceso (Zapata, 1995), buscando la reconstrucción del discurso subjetivo, y no la repetición de palabras sin sentido o “hablar por hablar”; representando aquello que se halla en el plano imaginario, lo que implica que el sujeto en las organizaciones pueda materializar lo implícito en un saber comprensible para el otro, pasando de las imágenes mentales a la palabra articulada con un significado.

Es importante resaltar lo nocivo que puede llegar a ser la actitud de aquellos profesionales que no privilegian la simbolización en el trabajo con los otros, dando pie a temores, fantasías, prejuicios que puedan impedir que el sujeto hable, afectando las dinámicas laborales:

[…] Entonces el miedo en un equipo de trabajo lo que hace es silenciar a la gente y, en últimas, hace mucho daño para los resultados, porque cuando el ser humano no es capaz de hablar lo que tiene que hablar, se guarda las cosas impor-tantes, y eso evita que el resultado sea más efec-tivo que si pudieran conversar de lo que le está afectando de las cosas, [lo cual] puede mejorar el desempeño del equipo (entrevista 6).

Por su parte, la socialización posibilita la interacción social y el establecimiento del pacto social, reconociendo la presencia del otro en tanto agente socializador. Dicha afirmación la podemos percibir en la concepción de ser humano que se tiene en la organización de uno de los entrevistados:

[…] Entendemos la naturaleza social del ser hu-mano, creemos que no existimos como partes aisladas, que la esencia de la existencia humana es la relación con otros, concebimos al hombre

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como un ser en proceso permanente de transfor-mación a través de la vida (entrevista 3).

Según Zapata (1995, p. 9), la socialización se entiende como: “la expresión en palabras comprensibles por otros de los símbolos construidos a nivel individual, lo cual enfatiza el aspecto de la interacción y del sujeto en tanto perteneciente a un pacto social”. En las organizaciones se establecen pactos de manera formal e informal, generando diferentes consecuencias en las dinámicas socio-laborales. Un ejemplo de pacto formal son los procesos de contratación, los cuales formalizan el vínculo laboral, explicitando el compromiso que cada una de las partes deberá asumir con el otro. Cuando este se verbaliza, permite establecer acuerdos consensuados entre los colaboradores posibilitando espacios de participación, generando compromiso y estableciendo procesos de responsabilización por medio de la palabra. Lo anterior lo podemos percibir en el siguiente apartado de una entrevista:

[…] afortunadamente hemos estado con un equi-po de trabajo en el que nos entendemos muy bien, pero llega un punto en el que [alguien] no saludó, miró feo, pero miró feo porque se le acabó de qui-tar un candidato del proceso, y muchas veces lo que pactamos nosotros como equipo de trabajo era: todo conversado es mejor, no es que miró feo y lleva una semana sin hablar, no, [es]: “vení, con-versemos” y eso es por ejemplo lo que tratamos de hacer hoy en día, si hay algún conflicto dentro del equipo de trabajo, que afortunadamente no es como del común, tratamos de hablarlo nosotras, […] hoy como por política lo que nosotros imple-mentamos fue eso (Grupo de discusión).

Asimismo, la socialización facilita la participación activa de los colaboradores en los escenarios organizacionales, especialmente en los espacios grupales (Bertland, 2011). Esto les otorga un lugar en las conversaciones y discusiones, brindando posibilidades para fortalecer su expresión en público y responsabilizando a cada persona de su papel en el grupo y en la organización. La responsabilidad se entiende en doble vía, de la organización hacia el colaborador y de este hacia ella (Henao, 2008).

Finalmente, la responsabilización se da como consecuencia de la asunción del sujeto de su propio deseo en el acto de socialización que implica verbalizar, es decir, cuando un sujeto pone en palabras su discurso asume un compromiso con él mismo y con el otro que lo escucha. En el escenario organizacional es propicio crear espacios de conversación, ya que a través de la

palabra es como el sujeto logra dirigirse al otro desde su propia subjetividad (Zapata, 1995).

De esta manera será entonces objeto de la gestión humana de orientación analítica brindar aquellas condiciones necesarias para contribuir en la responsabilización de los sujetos que forman parte de la organización, es decir, que estén en la capacidad de asumir los propios actos, comportamientos, deseos y desempeños, reconociendo que hay una parte al menos de lo que les ocurre de la cual son responsables directos, y en esa medida, dejar de culpar o responsabilizar a los demás, a las circunstancias, a las situaciones o a la vida misma (Ramírez, 2012). Vemos cómo en la cotidianidad de las organizaciones emergen actitudes de desresponsabilización tal como lo plantea un entrevistado:

[…] aquí hemos declarado un lema “no admiti-mos los echa culpa”, […] Un echa culpa es una persona que no asume la responsabilidad ni de sus acciones, ni de relaciones, ni de sus decisio-nes, sino que le está echando la culpa a otras co-sas, a la competencia, a sus compañeros, a su jefe, a su familia, a sus amigos, todo el mundo tiene la culpa de lo que les pasa, si eliminamos de raíz los echa culpa cada uno asume la respon-sabilidad de lo suyo y entra al equipo asumiendo esa responsabilidad (Entrevista 5).

La responsabilización implica comprender que el centro y el núcleo de un entorno como la organización, es el sujeto singular, por ello, este proceso inicia con la singularización, momento en el cual el sujeto se hace responsable de su propio discurso y de su destino (Ramírez, 2012). Acorde con este planteamiento Chanlat (2002, p. 81) aclara que:

Una persona responsable es una persona que trata de anticipar, en la medida de sus posibili-dades, las consecuencias que tendrán sus actos para el otro. Dicha postura es muy exigente, so-bre todo en un contexto donde no todo es com-prendido o controlado, pero es esencial para la supervivencia de la vida colectiva.

En la dinámica organizacional la responsabilización requiere de la generación de espacios de conversación y diálogo con el propósito de contribuir a la solución de conflictos y tensiones, esperando de esta manera propiciar condiciones que favorezcan al mejoramiento del desempeño tanto del individuo como del grupo. Al respecto, un entrevistado comenta:

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[…] evitar que esos equipos terminen peleando, odiándose: ‘no…, es que los de operaciones son unos… porque no cumplen’. Aquí no le vamos a echar la culpa a nadie de lo que nos está pasan-do, sentémonos a conversar de qué es lo que es-tamos haciendo los unos y los otros y, desde la conversación y el diálogo lleguemos a acuerdos (Entrevista 5).

Es importante tener presente que en el proceso de la responsabilización se incluye la simbolización y la socialización, dado que a través de estos se establecen acuerdos mediados por la palabra, en donde un sujeto responsable ha de asumir sus palabras obrando consecuentemente con los compromisos, pactos o acuerdos establecidos. Es por esto que la verbalización conduce a la transformación del sujeto y a la asunción responsable de su existencia:

Cuando uno empieza a ver seres más responsa-bles, son seres que transcienden más hacia su equipo, “son más, para servir mejor al equipo”, entonces uno no está viendo gente que está tra-tando de brillar atropellando al otro […] o seres que no hablan por temor, sino que todos se sien-ten en esa responsabilidad por los resultados (Entrevista 5).

CONCLUSIONES

Teniendo en cuenta el objetivo de este artículo que, como se planteó anteriormente, es presentar la formulación de una propuesta de gestión humana que le apuesta al desarrollo humano en la organización, a continuación precisaremos las conclusiones arrojadas que están agrupadas en dos aspectos centrales (ver Figura 2).

En primer lugar, la necesidad de contar con una filosofía de gestión que legitime el tipo de orientación analítica en la organización que proponemos aquí, y así mismo, fundamentar la transmisión de las actitudes necesarias para formalizar espacios de conversación, que aboguen por la participación del sujeto a través de la palabra, como una vía para potencializar su desarrollo, fundamento de la propuesta de una gestión humana de orientación analítica.

El interés de una gestión humana de orientación analítica de promover estos dispositivos de desarrollo en la organización, está fundamentado en una concepción del hombre, así como en la actitud analítica de aquellos profesionales que tienen bajo su

responsabilidad la mediación de las relaciones socio–laborales. Es importante precisar que esta gestión humana no se limita a las acciones globales, medibles por indicadores cuantitativos, sino que consiste en una forma de proceder, una praxis donde se toma en cuenta al otro y se le da un lugar, reconociéndolo como sujeto activo y responsable, favoreciendo el desarrollo humano desde acciones simples, cotidianas, que se construyen alrededor de la palabra.

Por lo tanto, creemos que el escuchar al sujeto en la organización permite darle un lugar en calidad de actor, reconocerlo, donde las relaciones laborales podrán establecerse en términos de igualdad (Islam, 2012; Muñoz, 2002). Al respecto, dice Pierre Bruneau: “Entre mandar y obedecer, la posibilidad de hablar funda el reconocimiento del hombre como sujeto, constituyendo a quienes mandan y quienes obedecen en una igualdad de valor” (Bruneau, 1991, p. 97).

En segundo lugar, esta propuesta permite plantear una vía para la ética organizacional, en la que la organización dispone las condiciones y los espacios para que ella misma, los individuos y los grupos asuman sus actos de manera responsable, estableciendo una dialéctica entre los diferentes actores, que unidos bajo el principio de corresponsabilidad tienen en cuenta los intereses generales y particulares, siendo consecuentes con sus propios actos al integrar el creer, el sentir, el pensar, el expresar y el decir (Ramírez, 2011).

En consecuencia consideramos que una organización que abogue por la responsabilización de sus colaboradores, estará actuando de manera sostenible, basada en una responsabilidad social empresarial como lo indica uno de los entrevistados al decir “[…] la responsabilidad social en las organizaciones tiene que empezar por su gente” (Entrevista 4).

El alcance y las limitaciones del presente estudio no permiten la generalización de sus resultados, dado el tamaño de la muestra. Sin embargo, tenemos presente que en la investigación cualitativa lo importante no es la representatividad estadística de la muestra ni la generalización de los resultados, sino la significación y profundidad de los datos recolectados para lograr la saturación de categorías (Hernández et al., 2010). Adicionalmente, este artículo parte de un trabajo predominantemente teórico que quisimos contrastar con lo que se vive diariamente en las organizaciones desde la perspectiva de los directivos y trabajadores de las áreas de gestión humana. Para una próxima investigación en esta línea, sería interesante contrastar la relación entre gestión humana de orientación analítica con prácticas de responsabilidad social empresarial, procesos de mediación en las organizaciones, toma de decisiones, formación empresarial y generación de conocimiento, trabajo con grupos y creación de programas de desarrollo humano en la organización.

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Figura 2. Propuesta de Gestión humana de orientación analítica

Gestión humana analítica

Filosofía de gestión Escuchar

Simbolización

Método analítico Analizar

Socialización

Actitud analítica

Animal verbal

Concepción de hombre

Ética organizacional

Calidad de vida en el

trabajo

Desarollo humano y

organizacional

Intervenir

Responsabilización

Sefundamenta

Entendidocomo PromueveBasada

en

Efectos

A través

Impacta Aporta Promueven

Quehaceranalítico

Espacios de conversación

Verbalización

Basados en laEntendidocomo

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RESENHA

A ARTE DE INFLUENCIAR OS OUTROS

ELEMENTS OF INFLUENCE: The art of getting others to follow your leadDe Terry R. Bacon. New York: Amacom, 2012. 287 p.

O objetivo do livro de Terry Bacon, Elements of Influence, é ajudar os leitores a desen-volver habilidades de liderança e persuasão em situações organizacionais, influen-ciando pessoas de maneira eficaz e ética. Segundo o autor, essas habilidades são es-senciais para um sujeito liderar nas organizações contemporâneas. Com base em 20 anos de experiência como executivo e consultor de empresas, a obra traz os dados de uma pesquisa 360 graus, realizada pelo autor com 300 mil participantes de 45 países. O livro começa discutindo os fundamentos da persuasão – como influenciar pessoas e como somos influenciados. Nos fundamentos, ele descreve as 10 leis da influência que são a base para a aplicação dos seus elementos.

A obra é composta de três partes e dois apêndices. A parte I contém dois capítu-los, nos quais o autor introduz conceitos e apresenta uma visão geral da taxonomia da influência. A parte II é composta por seis capítulos, em que o autor aprofunda as téc-nicas de influência ética e fornece uma orientação sobre o desenvolvimento de habi-lidades de persuasão. A parte III contém quatro capítulos. Em cada um deles, o autor discorre sobre uma técnica de influenciar pessoas de uma maneira não ética. Constam ainda do livro dois apêndices: o Apêndice A traz um resumo dos principais termos e definições e o Apêndice B, os dados nos quais o autor se baseou para escrever o livro.

Na parte I (capítulos 1 e 2), Bacon apresenta conceitos fundamentais para se pen-sar a influência em contextos organizacionais. No capítulo 1, o mais interessante de todo o livro, o autor inicia a discussão dos resultados de tentativas de influenciar. Ele disponibiliza um continuum muito útil que varia da tentativa ativa à frustração das in-tenções e dos esforços de um influenciador para alcançar a liderança. O intuito é con-ceituar como alguém pode responder a uma tentativa de influência. Já no capítulo 2, Bacon apresenta a taxonomia de 10 itens relacionados à ética sobre as técnicas de in-fluência, agrupados em categorias como: (a) abordagens racionais, (b) abordagens sociais e (c) abordagens emocionais. Com base no levantamento de dados, o autor a frequência e a eficácia percebidas em cada técnica de influência.

Na parte II (capítulos de 3 a 8), Bacon expõe o que se pode considerar como a essência do livro: as 10 técnicas de influência, além de orientações sobre como melhorar as habilidades de influenciar. Nos capítulos de 3 a 7, o autor expõe duas técnicas de influência, estruturadas de modo similar, pois ambas começam com uma história ou descrição de uma pessoa para ilustrar as técnicas nas quais se fo-cou. Dessa forma, Bacon descreve (a) como e por que as técnicas podem influen-ciar os outros, (b) as limitações das técnicas, (c) quando as técnicas são mais suscetíveis de serem eficazes e (d) como usar as técnicas de maneira eficaz. No

PorMauro Maia Laruccia

mauro.laruccia@gmail.comProfessor da Pontifícia Universidade Católica

de São Paulo, Faculdade de Economia, Administração, Contabilidade e Atuária − São

Paulo − SP, Brasil

DOI: http://dx.doi.org/10.1590/S0034-759020160110

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RESENHA | A arte de influenciar os outros

capítulo 3, o autor apresenta as técni-cas racionais de persuasão lógica e le-gitimação. No capítulo 4, por sua vez, descreve as técnicas racionais de tro-ca e afirmação. Já no capítulo 5, Bacon revisa as técnicas sociais de convívio e apelo para o relacionamento. No ca-pítulo 6, ele se concentra nas técnicas sociais de consultoria e construção de alianças. No capítulo 7, o autor analisa o apelo emocional em sua taxonomia. No capítulo 8, último da parte II, Bacon recomenda algumas ações que podem contribuir para a influência. Nesse ca-pítulo, inclui, ainda, 40 itens de autoa-valiação da influência.

Na parte III (capítulos de 9 a 12), Ba-con destaca quatro técnicas de influên-cia, uma em cada capítulo, que ele con-sidera antiéticas. No capítulo 9, disserta sobre as técnicas para se evitarem con-flitos ao se discutir o problema da influ-ência antiética. No capítulo 10, com a história de Bernie Madoff como pano de fundo, o autor centra-se na manipulação como uma técnica de influência antiética. Ainda no capítulo 10, descreve as “Leis da Influência”, temas gerais que apare-cem ao longo do livro, como a “influên-cia é contextual” e a “influência é, muitas vezes, um processo e não um evento”. Já no capítulo 11, explora o impacto negati-vo da intimidação como uma técnica de influência, ilustrada pelo caso dos líde-res Jeffrey Skilling e Andrew Fastow, am-bos executivos da empresa Enron. Por fim, no capítulo 12, descreve, brevemen-te, a ameaça como uma técnica de influ-ência antiética.

As questões éticas na influência in-terpessoal são envolventes, principal-mente quando discutidas em uma sala de aula, pois geram discussões acalora-

das. Ao dedicar a parte III aos extremos – ilegais e/ou fraudes em grande esca-la, como Madoff e Enron –, o autor negli-gencia as situações e dilemas éticos di-fíceis e preocupantes, que são as áreas que chama de técnicas de influência éti-ca. Por exemplo, os relatórios de mídia que questionam o uso de vendedores na indústria farmacêutica, técnica de influ-ência nomeada por Bacon “consultoria”. Trata-se, nesse caso, de vendedores de determinados fármacos que procuram influenciar médicos os quais atendem um grande número de pacientes sobre a eficácia de seus produtos. No capítu-lo 12, último do livro, o autor discute o problema das ameaças como fator de in-fluência.

A taxonomia das técnicas de influên-cia na qual Bacon apresenta os dados da pesquisa por ele realizada valoriza o con-teúdo da obra, especialmente no que diz respeito às diferenças nas percepções do uso da influência. O livro pode causar no leitor duas sensações: a primeira, de que a influência é uma técnica antiética e, em vez de animá-lo a melhorar suas habili-dades, pode desiludi-lo; a segunda, de que o livro alerta para o lado obscuro da influência e que, portanto, envolver-se com ele torna-se bastante oneroso.

No final de cada capítulo, é feita uma recapitulação dos conceitos-chave e apresentado um desafio para os leitores. Além disso, para cada elemento discuti-do por Bacon, são fornecidos exemplos específicos de quando e como utilizá-los, quando não devem ser utilizados ou não serão eficazes.

O livro termina com o foco no capí-tulo 12, que discute como ameaçar ou-tras pessoas para influenciá-las. Isso tem dois resultados infelizes. Em primeiro lu-

gar, termina com uma flagrante técnica de influência antiética. Essa discussão pode afetar as pesquisas sobre as habili-dades de influência e passar a sensação de um livro cínico e antiético em relação ao tema da influência interpessoal nas organizações. Em segundo lugar, o livro termina abruptamente e deixa a impres-são de que o assunto não está fechado. Bacon poderia ter usado um capítulo com um resumo final para evitar esses dois re-sultados.

A inclusão de um capítulo resumo te-ria permitido ao autor integrar e organi-zar o conteúdo do livro, que é excessiva-mente dominado por listas de itens de recomendações e conclusões, em uma apresentação parcimoniosa, sendo útil e coerente na prática. Talvez esse capítulo resumo tivesse dado a Bacon a oportuni-dade de enfatizar o lado positivo da in-fluência interpessoal e inspirar o leitor a, com a melhoria das habilidades de influ-ência, aperfeiçoar a condução de mudan-ças positivas nas organizações e na so-ciedade.

O livro Elements of Influence deve ser incluído nas referências bibliográficas de cursos de pós-graduação ou de pes-quisadores da área de Administração, pois o conjunto dos dados disponibiliza-dos possui potencial para produzir novas ideias sobre como melhorar as habilida-des de influência interpessoal nas orga-nizações. Como o autor fez uma extensa pesquisa e possui experiência nos temas de poder e influência, sugere-se que este livro seja lido em conjunto com sua ou-tra obra Elements of Power, na qual Ba-con apresenta as cinco fontes de poder decorrente da posição que se ocupa nas organizações: cargo, recursos, informa-ção, relacionamento e reputação.

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INDICAÇÕES BIBLIOGRÁFICAS

Neurociência aplicada à educaçãoVanessa Clarizia Marchesin | vanessa.clarizia@espm.br

As recentes descobertas na neurociência possibilitaram a criação de um novo campo da ciência, a neurociência aplicada à educação, que também é conhecida como neuroeducação. Esse campo é essencialmente interdisciplinar, pois combina a neurociência, a psicologia e a educação para criar melhores métodos de ensino e aprendizagem. As pesquisas científicas nessa nova área têm crescido, nos últimos cinco anos, com o objetivo de promover intercâmbios teórico-metodológicos que possibilitam descobertas significativas sobre temas como desenvolvimento cognitivo, atenção, motivação, emoção, memória e linguagem, entre muitos outros que fazem parte do processo de ensino e aprendizagem. Por sua natureza interdisciplinar, fazem-se necessárias referências com múltiplas possibilidades de abordagem sobre a temática, elaboradas pela professora Vanessa Clarizia Marchesin, da disciplina de Psicologia do Curso de Graduação em Ciências Sociais e do Consumo da ESPM..

MEMÓRIA.Iván Izquierdo. 2ª ed. Porto Alegre: Artmed, 2011. 136 p.

A nova edição, revisada e ampliada, da obra do professor Izquierdo, um dos maiores especialistas mundiais em memória, foi escrita de maneira clara, de leitura bastante agradável e dinâmica. Nesta edição, entendemos que a memória é uma parte essencial para quase tudo o que fazemos; sem ela, não poderíamos, por exemplo, aprender a andar. Portanto, estudar os mecanismos biológicos da memória é de suma importância para entender o processo de ensino e aprendizagem.

THE ART OF CHANGING THE BRAIN. Enriching the practice of teaching by exploring the biology of learning.James E. Zull. Sterling: Stylus Publishing, LLC, 2002. 263 p.

Este livro destaca o cérebro com uma linguagem não técnica, clara, e sua leitura é bastante envolvente. O autor cita vários pesquisadores da neurociência que demonstram que a aprendizagem é um processo tanto físico quanto social, no qual mudanças ocorrem efetivamente quando há interação entre o professor e o aluno. Os leitores serão encorajados, em especial na terceira parte deste livro, para integrar o conhecimento na sua prática de ensino.

NEUROCIÊNCIA E EDUCAÇÃO. Como o cérebro aprende.Ramon M. Cosenza e Leonor B. Guerra. Porto Alegre: Artmed, 2011. 151 p.

Os autores são os principais responsáveis pelo ensino da neurociência nos cursos de formação docente, e este livro é resultado de suas experiências em ministrar cursos para educadores brasileiros sobre os aspectos da neurociência relacionada aos processos de aprendizagem e da educação. O livro aborda o funcionamento do cérebro, com destaque para a memória, neuroplasticidade, atenção e emoção, entre outros aspectos neurológicos envolvidos no processo de ensino e aprendizagem.

CEM BILHÕES DE NEURÔNIOS? Conceitos fundamentais de neurociência.Roberto Lent. 2ª edição. São Paulo: Atheneu, 2010. 786 p.

Diferente das outras obras, este é um livro específico sobre conceitos fundamentais da neurociência aplicada. Esta obra apresenta os estudos mais recentes da neurociência numa linguagem coloquial e não técnica tanto para profissionais especializados quanto para leigos interessados nessa temática. Contém um DVD com imagens compiladas anexado à contracapa, para utilização em apresentações, aulas ou conferências. Este é um livro bem completo e essencial para iniciar os estudos sobre a neurociência.

MIND, BRAIN, & EDUCATION. Neuroscience implications for the classroom.David A. Sousa (editor). Bloomington: Solution Tree Press, 2010. 302 p.

O livro de Sousa é uma compilação dos principais pesquisadores da neurociência aplicada à educação. Este livro é um excelente guia para professores, cientificamente fundamentado para melhores práticas no processo de ensino e aprendizagem. Os temas abordados são as bases neurológicas da aprendizagem, diferenças individuais na aprendizagem, criatividade no processo de ensino e aprendizagem, o futuro no processo educacional, entre outros. É um livro considerado seminal nesse campo da ciência.

117Indicações Bibliográficas

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PsicoeconomiaIsrael José dos Santos Felipe | israeljfelipe@gmail.com

A psicoeconomia é um tema relativamente novo, decorrente de experimentos e descobertas empíricas no campo da psicologia, neurociência e outras ciências sociais. A crescente crítica à abordagem econômica tradicional tem despertado o interesse de pesquisadores e, consequentemente, a produção de publicações que visam aprimorar o entendimento do processo decisório comportamental influenciado por modelagem de decisões racionais e irracionais. O comportamento dos consumidores, a maneira como os indivíduos pensam e tomam suas decisões, revela uma oportunidade única para as pesquisas em administração dimensionarem seus esforços a fim de captarem a subjetividade do processo de decisão e, assim, conseguirem decifrar a racionalidade humana e melhorar a acurácia da previsão de eventos econômicos. O professor Israel José dos Santos Felipe, do Departamento de Ciências Econômicas e Gerenciais da Universidade Federal de Ouro Preto e pesquisador do Observatório da Inovação Financeira (FGV/EAESP), apresenta cinco sugestões de leituras a respeito dessa temática.

PREVISIVELMENTE IRRACIONAL. Como as situações do dia a dia influenciam as nossas decisões.Dan Ariely. Rio de Janeiro: Elsevier Campus, 2008. 220 p.

Por meio de uma linguagem simples, esta obra revela como determinadas situa-ções do dia a dia interferem nas decisões pessoais. O autor usa experimentação científica para demonstrar certas situações que evidenciam o comportamento pre-visivelmente irracional do ser humano. Este é um livro didático e traz implicações de seus achados na vida particular e profissional das pessoas. Os capítulos são organizados de modo que o leitor consegue visualizar e entender o processo de-cisório cotidiano.

POSITIVAMENTE IRRACIONAL. Os benefícios inesperados de desafiar a lógica em todos os aspectos de nossas vidas.Dan Ariely. Rio de Janeiro: Elsevier Campus, 2010. 292 p.

Trata-se de uma continuidade do best-seller “Previsivelmente Irracional”. O livro re-trata conceitos e visões suplementares em relação à sensatez no processo decisório comportamental. Centrada nas premissas da psicoeconomia, a obra questiona a ra-cionalidade objetiva na seleção de escolhas em diversos níveis. Um dos pontos in-teressantes do livro é a confrontação em relação à maneira mecânica de pensar que as pessoas apresentam perante dilemas psicológicos e aspectos subjetivos.

RÁPIDO E DEVAGAR. Duas formas de pensar.Daniel Kahneman. Rio de Janeiro: Objetiva, 2012. 607 p.

O livro centra-se no funcionamento da mente humana a partir de duas óticas (rápida e devagar). Esse funcionamento permite a compreensão da escolha de alternativas mais vantajosas, num processo de avaliação objetivo. O autor apresenta um mapa do modo das pessoas pensarem e oferece métodos para a redução das escolhas ir-racionais nas decisões. Sua articulação permite ao leitor uma visão geral a respeito de questões pragmáticas do processo decisório analítico, lógico e racional.

SEGREDOS DA ECONOMIA COMPORTAMENTAL. Entenda como pensam os consumidores e faça seu negócio crescer.Kay-Yut Chen e Marina Krakovsky. Porto Alegre: Bookman, 2011. 250 p.

Os autores seguem a lógica de argumentação das obras anteriores, porém inovam ao introduzir uma coleção de contos que fazem menção a ferramentas e experimentos econômicos que possibilitam ao leitor o entendimento de conceitos financeiros importantes. A obra relaciona decisões básicas e cotidianas sob uma perspectiva de narrativa de histórias, as quais rompem a formalidade científica e revelam uma maneira mais interessante e didática para tratar de aspectos subjetivos psicológicos.

A ECONOMIA IRRACIONAL. Como tomar as decisões certas em tempos de incertezas.Erwan Michel-Kerjan e Paul Slovic. Rio de Janeiro: Elsevier Campus, 2010. 301 p.

Este livro aprofunda as discussões sobre a irracionalidade humana, mergulhado em provocações sistemáticas que revelam a preocupação humana mediante eventos que interferem nas relações sociais. Os autores partem de premissas da neurociência, psicologia e economia comportamental para explicar como eventos não controláveis influenciam as decisões e a vida das pessoas. Um ponto forte do livro é a orientação de ações, que vão de escolhas individuais à mudança de políticas sociais de maiores consequências.

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INFORMAÇÕES EDITORIAIS 2015

Artigos publicados

2014 2015

Total de artigos publicados 45 52

Submetidos ao double blind review 42 46

Convidados 3 6

Parceria geográfica de autores

Apenas autores brasileiros 26 32

Apenas autores internacionais 14 15

Apenas colaboração internacional 5 6

RJ12%Outros

Estados Brasileiros9%

Outros Países30%

MG6% RS

7%

PR8%

SP28%

Diversidade Geográfica de autoria dos artigos

FGV/EAESP11%Outras IES

Internacionais30%

Outras IES Nacionais

34%

UFRGS6%

USP-FEA4%

UFPE4%

FGV-EBAPE4%

UFPR3%

UFRJ3%

Diversidade Institucional de autoria dos artigos

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Fluxo Editorial

STATUS DOS ARTIGOS 2014 % 20151 %

AUTORES Submetidos 821 100% 946 100%

REDAÇÃO (avaliação Formato)

Fora do padrão2 372 45% 384 41%

Retirados antes do processo blind review 27 3% 59 6%

Enviados para o desk review 422 51% 503 53%

EDITOR (desk review)

Rejeitados 183 22% 215 23%

Rejeitados com possibilidade de Ressubmissão 81 10% 90 10%

Enviados para Corpo Editorial Científicos 158 19% 198 21%

Corpo Editorial Científico (avaliação preliminar)

Rejeitados 47 6% 86 9%

Rejeitados com possibilidade de Ressubmissão 2 0% 5 1%

Enviados para Avaliadores 109 13% 107 11%

Avaliadores ad hoc

Rejeitados 47 6% 31 3%

Rejeitados com possibilidade de Ressubmissão 10 1% 14 1%

Enviados para Aperfeiçoamento pelos autores 52 6% 62 7%

AUTORESEm Aperfeiçoamento 6 1% 23 2%

Retirados após processo blind review 4 0% 0 0%

Corpo Editorial Científico (reavaliação)

Reavaliação após melhorias dos autores 14 2% 20 2%

AUTORESAprovados 23 3% 18 2%

Rejeitados após Reavaliação 2 0% 1 0%

Redação Publicados 3 0% 0 0%

Média de dias para o desk review do Editor em 2015: 2,6 dias

1Status em 07.01.2016.

2Na triagem inicial os artigos passam por uma avaliação de formato e detecção de similaridades através do software iThenticate® realizada pela Redação, conforme normas estabelecidas no Manual da RAE.

Nota da Redação: A porcentagem da tabela refere-se ao total de artigos submetidos.

Língua de publicação dos Artigos

Português

Inglês

Espanhol

Francês

72%

51%

20%

8%

33%

16%

42%46%

8%4%

2013 2014 2015

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Média anual de dias no processo de avaliação até aprovação (dias)

Evolução do desk review (anual)

230

2014 2015

230

Nota da Redação: A porcentagem da tabela refere-se ao total de artigos enviados para o desk review do Editor chefe.

18% 21% 21% 20% 18%

33% 37% 33% 43% 43%

49% 43% 46% 38% 39%

2011 2012 2013 2014 2015

Editor científico Rejeição Ressubmissão

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Submissão de autores internacionais

Artigos mais visitados em 2015

RANKING ARTIGOSNº DE

ACESSOS

1º LugarVANTAGEM COMPETITIVA, CRIAÇÃO DE VALOR E SEUS EFEITOS SOBRE O DESEMPENHORenata Peregrino de Brito e Luiz Artur Ledur Brito. RAE-Revista de Administração de Empresas, vol. 52, n. 1, jan-fev 2012

3962

2º LugarBUROCRACIA COMO ORGANIZAÇÃO, PODER E CONTROLEFrancis Kanashiro Meneghetti e José Henrique de Faria. RAE-Revista de Administração de Empresas, vol. 51, n. 5, set-out 2011

1540

3º LugarADMINISTRAÇÃO PÚBLICA BRASILEIRA ENTRE O GERENCIALISMO E A GESTÃO SOCIALAna Paula Paes de Paula. RAE-Revista de Administração de Empresas, vol. 45, n. 1, jan-mar 2005

1482

4º LugarPOR QUE ADMINISTRAR ESTRATEGICAMENTE RECURSOS HUMANOS? Martinho Isnard Ribeiro de Almeida, Maria Luisa Mendes Teixeira e Dante Pinheiro Martinelli. RAE-Revista de Administração de Empresas, vol. 33, n. 2, mar-abr 1993

1143

5º LugarVANTAGEM COMPETITIVA: OS MODELOS TEÓRICOS ATUAIS E A CONVERGÊNCIA ENTRE ESTRATÉGIA E TEORIA ORGANIZACIONAL.Flávio Carvalho de Vasconcelos e Álvaro B. Cyrino. RAE-Revista de Administração de Empresas, vol. 40, n. 4, out-dez 2000

1097

6º LugarANÁLISE DINÂMICA DO CAPITAL DE GIRO - O MODELO FLEURIET José Augusto Veiga da Costa Marques e Roberto Braga. RAE-Revista de Administração de Empresas, vol. 35, n. 3, maio-jun 1995

1083

7º LugarA CORROSÃO DO CARÁTER: CONSEQÜÊNCIAS PESSOAIS DO TRABALHO NO NOVO CAPITALISMOAna Paula Paes de Paula. RAE-Revista de Administração de Empresas, vol. 40, n. 3, jul-set 2000

1017

8º LugarINOVAÇÃO E SUSTENTABILIDADE: NOVOS MODELOS E PROPOSIÇÕES Jose Carlos Barbieri e Isabella Freitas Gouveia de Vasconcelos. RAE-Revista de Administração de Empresas, vol. 50, n. 2, abr-jun 2010

1011

9º LugarINTRODUÇÃO À PESQUISA QUALITATIVA E SUAS POSSIBILIDADES Arilda Schmidt Godoy. RAE-Revista de Administração de Empresas, vol. 35, n. 2, mar-abr 1995

992

10º LugarPOLÍTICAS E PRÁTICAS DE GESTÃO DE PESSOAS: AS ABORDAGENS ESTRATÉGICA E INSTITUCIONAL Beatriz Maria Braga e Rebeca Alves Chu. RAE-Revista de Administração de Empresas, vol. 48, n. 1, jan-mar 2008

845

Fonte: Google Analytics

Africa EUA, México& Canadá

Asia &Oceania

Europa AL & Caribe Portugal Espanha

2011

2012

2013

2014

2015

8

26

19 19

11

1 4 4

7

19

54

27

21

80

814

7 9

3

9

33 3229

43

714

58

78

40

90

80

70

60

50

40

30

20

10

01

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COLABORADORESA RAE agradece aos pesquisadores que colocaram sua experiência e sabedoria a serviço da melhoria dos trabalhos subme-tidos. Um trabalho voluntário fundamental para o aprimoramento dos nossos artigos. Durante o último ano, observamos a cons-trução de verdadeiras parcerias entre os editores científicos, autores e avaliadores, enriquecida pelo diálogo aberto e franco de parte a parte. Vale ressaltar a participa-ção dos organizadores da chamada de tra-balho “Transnational Governance regimes in the Global South: Multinacionational, states and NGOs as political actors”, ain-da em curso, pelo comprometimento e de-

dicação na organização do Fórum junto a RAE, que resultou em submissões e ava-liações de grandes nomes da área.

No Período anterior – janeiro de 2014 a dezembro de 2014 – contamos com 253 colaboradores. No período atual – janeiro de 2015 a dezembro de 2015 – o número foi de 262 colaboradores, cujos nomes estão listados na página 123.Aproveitamos a oportunidade para ho-menagear os membros do Corpo Editorial Científico e Avaliadores ad hoc, seleciona-dos como os melhores do ano. A contribui-ção deles foi determinante para a qualida-de dos artigos veiculados na RAE. A escolha

se baseou em três critérios: o número de avaliações realizadas, o cumprimento dos prazos para a resposta aos autores e a qua-lidade do trabalho de avaliação.Os editores científicos participaram do processo de avaliação preliminar e acompanhamento de 5,7 artigos cada um e utilizaram em média 16,19 dias para concluírem seus pareceres. Dentre os avaliadores que colaboraram em nosso processo blind review em 2015, cada um, em média, realizou 2,2 avaliações e utili-zou 15,3 dias para concluir seu parecer. Nosso agradecimento especial aos cola-boradores:

Diversidade Geográfica do Corpo Editorial Científicoe Avaliadores ad hoc

Diversidade Institucional do Corpo Editorial Científicoe Avaliadores ad hoc

Outros Países | 19%

SP | 34%

RJ | 7%

RS | 10%

MG | 10%

PR | 4%

DF | 4%

OutrosEstados | 11%

Outras IESInternacionais | 19%

Outras IESNacionais | 50%

FGV/EAESP | 11%

FGV-EBAPE | 2%

FEA-USP | 3%

UNISINOS | 3%

UNINOVE | 2%

UFRGS | 5%

UFMG | 4%

Editor Científico Instituição

Alexandre de Pádua Carrieri UFMG

Antonio Domingos Padula UFRGS

Antonio Navarro-García Universidad de Sevilla

Glicia Vieira UFES

Ricardo Ratner Rochman FGV-EESP

Roberto Patrus Mundim Pena PUC-Minas

Salomão Alencar de Farias UFPE

Avaliador Instituição

Cristiano de Oliveira Maciel PUC/PR

Evandro Luiz Lopes UNINOVE

Flavia Gutierrez Motta IPT

Manuel Rey-Moreno Universidad de Sevilla

Mônica Abreu UFC

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CORPO EDITORIAL CIENTÍFICO

Alexandre de Pádua CarrieriUFMG, Belo Horizonte, MG, Brasil

Allan Claudius Queiroz BarbosaUFMG, Belo Horizonte, MG, Brasil

Ana Paula Paes de PaulaUFMG, Belo Horizonte, MG, Brasil

Anatália Saraiva Martins RamosUFRN, Natal, RN, Brasil

André Lucirton CostaUSP-FEARP, Ribeirão Preto, SP, Brasil

Andre Luis de Castro Moura DuarteINSPER, São Paulo, SP, Brasil

Andre Ofenhejm MascarenhasCentro Universitário da FEI, São Paulo, SP, Brasil

Andrea Lago da SilvaUSFCAR, São Carlos, SP, Brasil

Anielson Barbosa da SilvaUFPB, João Pessoa, PB, Brasil

Antonio Domingos PadulaUFRGS, Porto Alegre, RS, Brasil

Antonio Lopo MartinezFucape, Vitória, ES, Brasil

Antonio Moreira de CarvalhoPUC/Minas, Belo Horizonte, MG, Brasil

Antonio Navarro-GarcíaUniversidad de Sevilla, Sevilla, Espanha

Bento Alves da Costa FilhoIbmec/DF, Brasília, DF, Brasil

Carlos L. RodriguezUNCW, Wilimigton, EUA

Cesar Alexandre de SouzaUSP/FEA, São Paulo, SP, Brasil

Charbel José Chiappetta JabbourUSP/FEARP, Ribeirão Preto, SP, Brasil

Claudio R. LucindaUSP/FEARP, Ribeirão Preto, SP, Brasil

Delane BotelhoFGV/EAESP, São Paulo, SP, Brasil

Denise Del Prá Netto MachadoFURB, Blumenau, SC, Brasil

Diogo Henrique HelalUFPB, João Pessoa, PB, Brasil

Domingo García Pérez de LemaUniversidad Politécnica de Cartagena, Cartagena, Espanha

Edgard BarkiFGV/EAESP, São Paulo, SP, Brasil

Edmilson de Oliveira LimaUNINOVE, São Paulo, SP, Brasil

Eduardo Andre Teixeira AyrosaUNIGRANRIO, Rio de Janeiro, RJ, Brasil

Ely Laureano de PaivaFGV/EAESP, São Paulo, SP, Brasil

Eric David CohenIbmec/Rio, Rio de Janeiro, RJ, Brasil

Fábio FrezattiUSP/FEA, São Paulo, SP, Brasil

Fernanda Finotti PerobelliUFJF, Juiz de Fora MG, Brasil

Francisco Javier Rondán CataluñaUniversidad de Sevilla, Sevilla, Espanha

Gláucia Maria Vasconcellos ValePUC-Minas, Belo Horizonte, MG, Brasil

Glenn MorganCardiff Business School, Cardiff, Reino Unido

Glicia VieriaUFES, Vitória, ES, Brasil

Graziela Dias AlperstedtUDESC, Florianópolis, SC, Brasil

Graziella Maria CominiUSP/FEA, São Paulo, SP, Brasil

Heitor AlmeidaCollege of Business at Illinois, Champaign, EUA

Henrique Luiz CôrreaRollins College, Winter Park, EUA

Isleide Arruda FontenelleFGV/EAESP, São Paulo, SP, Brasil

Janete Lara de Oliveira UFMG, Belo Horizonte, MG, Brasil

João Luiz BeckerUFRGS, Porto Alegre, RS, Brasil

Jorge VerschooreUNISINOS, São Leopoldo, RS, Brasil

Jose Henrique de FariaUFPR, Curitiba, PR, Brasil

José Mauro C. HernandezUSP/EACH, São Paulo, SP, Brasil

Luciano Barin CruzHEC/Montréal, Montréal, Canadá

Luiz Artur Ledur BritoFGV/EAESP, São Paulo, SP, Brasil

Marcus Vinícius P. GomesFGV/EAESP, São Paulo, SP, Brasil

Maria Ceci Araújo MisoczkyUFRGS, Porto Alegre, RS, Brasil

Mario Sacomano NetoUNIMEP, Piracicaba, SP, Brasil

Marlei PozzebonHEC/Montréal, Montréal, Canadá

Martin JayoUSP/EACH, São Paulo, SP, Brasil

Mateus Canniatti PonchioESPM, São Paulo, SP, Brasil

Mauricio ReinertUEM, Maringá, PR, Brasil

Paola Perez-AlemanMcGill University, Montréal, Canadá

Patricia MendonçaUSP/EACH, São Paulo, SP, Brasil

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Paulo Bastos TigreUFRJ, Rio de Janeiro, RJ, Brasil

Paulo Roberto Barbosa LustosaUnB, Brasília, DF, Brasil

Rafael AlcadipaniFGV/EAESP, São Paulo, SP, Brasil

Rafael GoldszmidtFGV/EBAPE, Rio de Janeiro, RJ, Brasil

Rafael TeixeiraUNISINOS, São Leopoldo, RS, Brasil

Ramón Valle CabreraUniversidad Pablo de Olavide, Sevilla, Espanha

Ricardo Ratner RochmanFGV/EESP, São Paulo, SP, Brasil

Roberto Patrus Mundim PenaPUC-MG, Belo Horizonte, MG, Brasil

Rodrigo Bandeira-de-MelloFGV/EAESP, São Paulo, SP, Brasil

Rodrigo LadeiraUNIFACS, Salvador, BA, Brasil

Salomão Alencar de FariasUFPE, Recife, PE, Brasil

Sandro MonsuetoUFG/FACE, Goiânia, GO, Brasil

Sérgio BulgacovFGV/EAESP, São Paulo, SP, Brasil

Sérgio Giovanetti LazzariniINSPER, São Paulo, SP, Brasil

Susana Carla Farias PereiraFGV/EAESP, São Paulo, SP, Brasil

Tales AndreassiFGV/EAESP, São Paulo, SP, Brasil

Teresia D. L. van Ad. de Macedo-SoaresPUC/Rio, Rio de Janeiro, RJ, Brasil

Thomas Brashear AlejandroUniversity of Massachusetts Amherst, Amherst, EUA

Tomas de Aquino GuimarãesUnB, Brasília, DF, Brasil

Vinicius BreiUFRGS, Porto Alegre, RS, Brasil

Wilson Toshiro NakamuraMACKENZIE, São Paulo, SP, Brasil

AVALIADORES AD HOC

Adriane CavalieriInstituto Nacional de Tecnologia, Rio de Janeiro, RJ, Brasil

Alessandro OrlandoUFRJ/IE, Rio de Janeiro, RJ, Brasil

Alexandre Reis RosaUFES/PPGADM, Vitória, ES, Brasil

Alexandre Teixeira DiasFUMEC/FACE, Belo Horizonte, MG, Brasil

Alfredo Rodrigues Leite da SilvaUFES/PPGADM, Vitória, ES, Brasil

Alsones BalestrinUNISINOS, São Leopoldo, RS, Brasil

Amon BarrosFGV/EAESP, São Paulo, SP, Brasil

Ana Maria MalikFGV/EAESP, São Paulo, SP, Brasil

Ana Paula MiottoFGV/EAESP, São Paulo, SP, Brasil

André CarvalhoFGV/EAESP, São Paulo, SP, Brasil

Andrea AcciolyINSPER, São Paulo, SP, Brasil

Andrei AlbuquerqueUFSCAR/DEP, São Carlos, SP, Brasil

Andrew SchrankBrown University, Providence, Rhode Island, EUA

Ángel Francisco Villarejo RamosUniversidad de Sevilla, Sevilla, Espanha

Angela RochaPUC/Rio, Rio de Janeiro, RJ, Brasil

Angela SakamotoCentro Universitário Luterano de Palmas, Palmas, TO, Brasil

Angélica RotondaroUniversity of St. Gallen, St. Gallen, Suíça

Antonio dos Santos SilvaPUC/Minas, Belo Horizonte, MG, Brasil

Armindo TeodosioPUC/Minas, Belo Horizonte, MG, Brasil

Begoña Peral PeralUniversidad de Sevilla, Sevilla, Espanha

Benjamin RosenthalFGV/EAESP, São Paulo, SP, Brasil

Bernabé Escobar-PérezUniversidad de Sevilla, Sevilla, Espanha

Bruno Brandão FischerUNICAMP/IGE, Campinas, SP, Brasil

Bruno FermanFGV/EESP, São Paulo, SP, Brasil

Caio OliveiraPUC/Minas, Belo Horizonte, MG, Brasil

Cândido BorgesUFG/PRPI, Goiânia, GO, Brasil

Carlos BerteroFGV/EAESP, São Paulo, SP, Brasil

Carlos Javier Rodríguez RadUniversidad de Sevilla, Sevilla, Espanha

Carmelo Reverte MayaUniversidad Politécnica de Cartagena, Cartagena, Murcia, Espanha

Cássio GarciaUFU/IE, Uberlândia, MG, Brasil

Cayetano MedinaUniversidad Internacional de la Rioja, Logroño, La Rioja, Espanha

Christian Luiz da SilvaUTFPR/PGP, Curitiba, PR, Brasil

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Claudia Cristina BitencourtUNISINOS, São Leopoldo, RS, Brasil

Claudio Machado FilhoUSP/FEA, São Paulo, SP, Brasil

Cristiana Fernandes de MuylderFUMEC/FACE, Belo Horizonte, MG, Brasil

Cristiane PedronUNINOVE/PPGA, São Paulo, SP, Brasil

Cristiano de Oliveira MacielPUC/PR, Curitiba, PR, Brasil

Cristiano CostaUNISINOS, São Leopoldo, RS, Brasil

Danilo Rolim Dias de AguiarUFSCAR/CCGT, São Carlos, SP, Brasil

Diego MarconattoUFSM/PPGA, Santa Maria, RS, Brasil

Diogo HildebrandGrenoble Ecole of Management, Grenoble, França

Dirceu da SilvaUNINOVE/PPGA, São Paulo, SP, Brasil

Douglas WegnerUNISINOS, São Leopoldo, RS, Brasil

Edgar Reyes JuniorUnB/PPGA, Brasília, DF, Brasil

Edilson PauloUFPB/CCSA, João Pessoa, PB, Brasil

Edson Ronaldo Guarido FilhoUP/PMDA, Curitiba, PR, Brasil

Eduardo AndradeFGV/EBAPE, Rio de Janeiro, RJ, Brasil

Eduardo LoebelUFU/FAGEN, Uberlândia, MG, Brasil

Eliciane Maria da SilvaFGV/EAESP, São Paulo, SP, Brasil

Eloisio Moulin de SouzaUFES/PPGADM, Vitória, ES, Brasil

Érico Veras MarquesUFC/FEAAC, Fortaleza, CE, Brasil

Esther MartinezUniversidad de Murcia, Lorca, Murcia, Espanha

Evandro Luiz LopesUNINOVE/PPGA, São Paulo, SP, Brasil

Fabiano LimaFEA/RP-USP, Ribeirão Preto, SP, Brasil

Farley NobreUFPR/ADM, Curitiba, PR, Brasil

Fernando Almada SantosUSP/EESC, São Carlos, SP, Brasil

Fernando de RosaUnB/FA, Brasília, DF, Brasil

Fernando GaldiFucape Business School, Vitória, ES, Brasil

Fernando LopesUFRGS/PPGA, Porto Alegre, RS, Brasil

Fernando NogueiraFGV/EAESP, São Paulo, SP, Brasil

Fernando SerraUNINOVE/PPGA, São Paulo, SP, Brasil

Flavia Gutierrez MottaInstituto de Pesquisas Tecnológicas do Estado de São Paulo, São Paulo, SP, Brasil

Flávio MacauUNIP, São Paulo, SP, Brasil

Francesco BogliacinoUniversidad Nacional de Colombia, Bogotá, Colômbia

Francisco AranhaFGV/EAESP, São Paulo, SP, Brasil

Francisco José da CostaUFPB/PPGA, João Pessoa, PB, Brasil

Francisco Paulo Jamil Almeida MarquesUFPR/SCH, Curitiba, PR, Brasil

Gabriel Sperandio MilanUCS/CCAD, Caxias do Sul, RS, Brasil

Gabriela de Brelàz UNIFESP, São Paulo, SP, Brasil

Gardênia da Silva AbbadUnB/IP, Brasília, DF, Brasil

Gary HerrigelUniversity of Chicago, Chicago, Illinois, EUA

Giancarlo GomesFURB/PPGAD, Blumenau, SC, Brasil

Gianluca MiscioneUniversity College Dublin, Dublin, Irlanda

Gilberto PerezMackenzie, São Paulo, SP, Brasil

Ginés Hernández CánovasUniversidad Politécnica de Cartagena, Cartagena, Murcia, Espanha

Giuliana IsabellaINSPER, São Paulo, SP, Brasil

Grace BeckerPUC/RS, Porto Alegre, RS, Brasil

Graeme AuldCarleton University, Ottawa, Ontario, Canadá

Gustavo Melo da SilvaUFSJ/DECAC, São João del-Rei, MG, Brasil

Gustavo Salati Marcondes de MoraesUNICAMP/FCA, Campinas, SP, Brasil

Gustavo AraújoBanco Central do Brasil, Rio de Janeiro, RJ, Brasil

Helio IrigarayFGV/EBAPE, Rio de Janeiro, RJ, Brasil

Henrique BarrosINSPER, São Paulo, SP, Brasil

Herick MorallesUFSCAR/DEP, São Carlos, SP, Brasil

Hermes MorettiUSP/ESALQ, Piracicaba, SP, Brasil

Igor Bernardi SonzaUFRGS/PPGA, Porto Alegre, RS, Brasil

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Ilan AvrichirESPM, São Paulo, SP, Brasil

Isaías TorresUFSCAR/PPGEPS, São Carlos, SP, Brasil

Iuri GavronskiUNISINOS/PPG, São Leopoldo, RS, Brasil

Izabel PassosUFMG/FAFICH, Belo Horizonte, MG, Brasil

Janaína CalazansFaculdade Boa Viagem, Recife, PE, Brasil

João Roberto MartinezUFTM, Uberaba, MG, Brasil

Johan PokerUNICAMP/FCA, Campinas, SP, Brasil

Jorge Arenas-GaitanUniversidad de Sevilla, Sevilla, Espanha

Jorge Renato de Souza Verschoore FilhoUNISINOS/PPG, São Leopoldo, RS, Brasil

Jorge Tello GamarraFURB/EQA, Blumenau, SC, Brasil

Jorge CarneiroPUC/Rio, Rio de Janeiro, RJ, Brasil

Jorge José RodriguesInstituto Superior de Contabilidade e Administração de Lisboa, Lisboa, Portugal

José Alves DantasUnB/CCA, Brasília, DF, Brasil

José Eduardo ZdanowiczUFRGS/EA, Porto Alegre, RS, Brasil

José Francisco RibeiroUSP/FEA-RP, Ribeirão Preto, SP, Brasil

José Manuel Ramirez HurtadoUniversidad Pablo de Olavide, Sevilla, Espanha

Juliana Oliveira AndradeFundação Dom Cabral, Belo Horizonte, MG, Brasil

Julio Diéguez-SotoUniversidad de Málaga, Málaga, Espanha

Júlio Cesar Andrade de AbreuUFF/PPGA, Niterói, RJ, Brasil

Julio Francisco FacóUFABC/CECS, Santo André, SP, Brasil

Kelmara VieiraUFSM/PPGA, Santa Maria, RS, Brasil

Kely PaivaUFMG/FACE, Belo Horizonte, MG, Brasil

Lauro GonzalezFGV/EAESP, São Paulo, SP, Brasil

Leandro PatahUNINOVE/PPGA, São Paulo, SP, Brasil

Leandro GuissoniFGV/EAESP, São Paulo, SP, Brasil

Leiser SilvaUniversity of Houston, Houston, Texas, EUA

Lélis EspartelPUC/RS, Porto Alegre, RS, Brasil

Leticia CasottiUFRJ/COPPEAD, Rio de Janeiro, RJ, Brasil

Luciano RossoniUniGranRio/PPGA, Rio de Janeiro, RJ, Brasil

Lúcio NagibUFABC/CECS, Santo André, SP, Brasil

Luis Felipe NascimentoUFRGS/PPGA, Porto Alegre, RS, Brasil

Luis Jose Callarisa FiolUniversitat Jaume I, Castellón, Espanha

Luísa Margarida CarvalhoUniversidade Aberta, Lisboa, Portugal

Luiz Jacob PereraMackenzie, São Paulo, SP, Brasil

Luiz Nelson Guedes de CarvalhoUSP/FEA, São Paulo, SP, Brasil

Manuel Rey-MorenoUniversidad de Sevilla, Sevilla, Espanha

Marcelo PerlinUFRGS/EA, Porto Alegre, RS, Brasil

Marcelo FornazinFGV/EBAPE, Rio de Janeiro, RJ, Brasil

Marcelo KlotzlePUC/Rio, Rio de Janeiro, RJ, Brasil

Marcelo Alvaro da Silva MacedoUFRJ/PPGCC, Rio de Janeiro, RJ, Brasil

Marcos de CastroUNICENTRO/DEAD, Guarapuava, PR, Brasil

Marcos HashimotoFaculdade Campo Limpo Paulista, Campo Limpo Paulista, SP, Brasil

Marcos CohenPUC/Rio, Rio de Janeiro, RJ, Brasil

Marcus Vinicius SiqueiraUnB/PPGA, Brasília, DF, Brasil

Mari Luz Sánchez-ValUniversidad Politécnica de Cartagena, Cartagena, Murcia, Colômbia

Maria Pompa AntunesMackenzie, São Paulo, SP, Brasil

Maria MacchioneUSP/FEA, São Paulo, SP, Brasil

María IborraUniversitat de València, València, Espanha

María Belén Lozano GarcíaUniversidad de Salamanca, Salamanca, Espanha

María del Mar Miras RodríguezUniversidad de Extremadura, Cáceres, Espanha

María José Charlo MolinaUniversidad de Sevilla, Sevilla, Espanha

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Martin FougèreHanken School of Economics, Helsinki, Finlândia

Meiriele TavaresUFMG/ENF, Belo Horizonte, MG, Brasil

Michael ClancyUniversity of Hartford, Hartford, EUA

Michele JucáMackenzie/PPGA, São Paulo, SP, Brasil

Mônica AbreuUFC/FEAAC, Fortaleza, CE, Brasil

Montserrat Manzaneque LizanoUniversidad de Castilla-La Mancha, Cuenca, Espanha

Ned KockTexas A&M International University, Laredo, Texas, EUA

Neusa Rolita CavedonUFRGS/EA, Porto Alegre, RS, Brasil

Odair SalazarUniversidad Nacional de La Plata, La Plata, Argentina

Olga MaletsUniversity of Freiburg, Freiburg, Baden-Württemberg, Alemanha

Orleans MartinsUFPR/CCSA, Curitiba, PR, Brasil

Otavio SanchezFGV/EAESP, São Paulo, SP, Brasil

Otávio MedeirosUnB/CCA, Brasília, DF, Brasil

Patricia AshleyUFF, Niterói, RJ, Brasil

Patrick BehrFGV/EBAPE, Rio de Janeiro, RJ, Brasil

Paula Chies SchommerUDESC/ESAG, Florianópolis, SC, Brasil

Paulo Renato Soares TerraFGV/EAESP, São Paulo, SP, Brasil

Paulo César Vaz GuimarãesMinistério do Planejamento, São Paulo, SP, Brasil

Pedro Martínez SolanoUniversidad de Murcia, Lorca, Murcia, Espanha

Plínio Rafael Reis MonteiroUFMG/FACE, Belo Horizonte, MG, Brasil

Rafael SchiozerFGV/EAESP, São Paulo, SP, Brasil

Rafael PereiraUFMG/FACE, Belo Horizonte, MG, Brasil

Ramón Barrera-BarreraUniversidad de Sevilla, Sevilla, Espanha

Reginaldo LimaFaculdades Integradas de Pedro Leopoldo, Pedro Leopoldo, Brasil

Renato GarciaUNICAMP/ECO, Campinas, SP, Brasil

Rene SeifertUTFPR/DAGEE, Curitiba, PR, Brasil

Ricardo LealUFRJ/COPPEAD, Rio de Janeiro, RJ, Brasil

Robert IquiapazaUFMG/FACE, Belo Horizonte, MG, Brasil

Roberto EvaristoOutthink LLC, Essex, EUA

Rodrigo BaroniPUC/Minas, Belo Horizonte, MG, Brasil

Roger dos Santos RosaUFRGS/FAMED, Porto Alegre, RS, Brasil

Rogério QuintellaUFBA/ADM, Salvador, BA, Brasil

Ronaldo BordinUFRGS/FAMED, Porto Alegre, RS, Brasil

Rosária RussoUNINOVE/PPGA, São Paulo, SP, Brasil

Saulo VieiraUEL/CESA, Londrina, PR, Brasil

Saulo BarbosaEMLYON Business School, Écully, França

Sidinei OliveiraUFRGS/EA, Porto Alegre, RS, Brasil

Silvia Pereira de Castro Casa NovaUSP/FEA, São Paulo, SP, Brasil

Silvio HigginsUFMG/FAFICH, Belo Horizonte, MG, Brasil

Tacilla SantosUFBA/ADM, Salvador, BA, Brasil

Tania ChristopoulosUSP/EACH, São Paulo, SP, Brasil

Tania LimeiraFGV/EAESP, São Paulo, SP, Brasil

Tânia VeludoFGV/EAESP, São Paulo, SP, Brasil

Valter Moreno JrIBMEC/RJ, Rio de Janeiro, RJ, Brasil

Valter Afonso VieiraUEM/PPA, Maringá, PR, Brasil

Wagner Junior LadeiraUNISINOS, São Leopoldo, RS, Brasil

Wescley XavierUFV/DAD, Viçosa, MG, Brasil

Wesley Mendes-Da-SilvaFGV/EAESP, São Paulo, SP, Brasil

Yákara PereiraUFERSA/DACS, Mossoró, RN, Brasil

Yingqin ZhengUniversity of London, Londres, Reino Unido

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GOVERNANÇA

Entidade de caráter técnico-científico e filantrópico, instituída em 20 de dezembro de 1944 como pessoa jurídica de direito privado, visando ao estudo dos problemas da organização racional do trabalho, especialmente nos seus aspectos administrativos e social, e à conformidade de seus métodos às condições do meio brasileiro.

Primeiro Presidente e Fundador: Luiz Simões Lopes

Presidente: Carlos Ivan Simonsen Leal

Vice-presidentes: Francisco Oswaldo Neves Dornelles, Marcos Cintra Cavalcanti de Albuquerque,Sergio Franklin Quintella.

CONSELHO DIRETORPresidente: Carlos Ivan Simonsen Leal

Vice-presidentes: Francisco Oswaldo Neves Dornelles, Marcos Cintra Cavalcanti de Albuquerque,Sergio Franklin Quintella.

Vogais: Armando Klabin, Carlos Alberto Pires de Carvalho e Albuquerque, Cristiano Buarque Franco Neto, Ernane Galvêas, José Luiz Miranda, Lindolpho de Carvalho Dias, Marcílio Marques Moreira, Roberto Paulo Cezar de Andrade.

Suplentes: Aldo Floris, Antonio Monteiro de Castro Filho, Ary Oswaldo Mattos Filho, Eduardo Baptista Vianna, Gilberto Duarte Prado, Jacob Palis Júnior, José Ermírio de Moraes Neto, Marcelo José Basílio de Souza Marinho, Mauricio Matos Peixoto.

CONSELHO CURADORPresidente: Carlos Alberto Lenz César Protásio

Vice-presidente: José Alfredo Dias Lins (Klabin Irmãos & Cia.)

Vogais: Alexandre Koch Torres de Assis, Antonio Alberto Gouvêa Vieira, Andrea Martini (Souza Cruz S/A), Eduardo M. Krieger, Estado do Rio Grande do Sul, Heitor Chagas de Oliveira, Estado da Bahia, Luiz Chor, Marcelo Serfaty, Marcio João de Andrade Fortes, Marcus Antonio de Souza Faver, Murilo Portugal Filho (Federação Brasileira de Ban-cos), Pedro Henrique Mariani Bittencourt (Banco BBM S.A), Orlando dos Santos Marques (Publicis Brasil Comu-nicação Ltda), Raul Calfat (Votorantim Participações S.A), José Carlos Cardoso (IRB-Brasil Resseguros S.A), Ronaldo Vilela (Sindicato das Empresas de Seguros Privados, de Previdência Complementar e de Capitalização nos Estados do Rio de Janeiro e do Espírito Santo), Sandoval Carneiro Junior, Willy Otto Jordan Neto Suplentes: Cesar Camacho, José Carlos Schmidt Murta Ribeiro, Luiz Ildefonso Simões Lopes (Brookfield Brasil Ltda), Luiz Roberto Nascimento Silva, Manoel Fernando Thompson Motta Filho, Nilson Teixeira (Banco de Investimentos Crédit Suisse S.A), Olavo Monteiro de Carvalho (Monteiro Aranha Participações S.A), Patrick de Larragoiti Lucas (Sul América Companhia Nacional de Seguros), Clóvis Torres (VALE S.A.), Rui Barreto, Sergio Lins Andrade, Victório Carlos De Marchi.

UNIDADES DA FGV-SPEscola de Administração de Empresas de São PauloDiretor: Luiz Artur Ledur Brito

Escola de Economia de São PauloDiretor: Yoshiaki Nakano

Escola de Direito de São PauloDiretor: Oscar Vilhena Vieira

FGV ProjetosDiretor: Cesar Cunha Campos

Diretor Técnico: Ricardo Simonsen

Diretor de Controle: Antônio Carlos Kfouri Aidar

Diretor de Qualidade: Francisco Eduardo Torres de Sá

Diretor de Mercado: Sidnei Gonzalez

Diretores-Adjuntos de Mercado: Carlos Augusto Lopes da Costa e José Bento Carlos Amaral Júnior

Diretoria da FGV para assuntos da FGV-SP

Diretor: Maria Tereza Leme Fleury

Diretoria de Operações da FGV-SP: Mario Rocha Souza

DIRETORIADiretor: Luiz Artur Ledur Brito

Vice-Diretor: Tales Andreassi

CONGREGAÇÃOPresidente: Luiz Artur Ledur Brito

CONSELHO DE GESTÃO ACADÊMICAPresidente: Luiz Artur Ledur Brito

DEPARTAMENTOS DE ENSINO E PESQUISAAdministração da Produção e de Operações:Susana Carla Farias Pereira

Administração Geral e Recursos Humanos:Maria Ester de Freitas

Contabilidade, Finanças e Controle: Jean Jacques Salim

Fundamentos Sociais e Jurídicos da Administração: Ligia Maura Costa

Informática e Métodos Quantitativos Aplicados à Administração: André Luiz Silva Samartini

Mercadologia: Delane Botelho

Planejamento e Análise Econômica Aplicados à Administração: Arthur Barrionuevo Filho 

Gestão Pública: Peter Kevin Spink

CURSOS, PROGRAMAS E SERVIÇOSCurso de Especialização em Administração para Graduados (CEAG): Luis Henrique Pereira

Curso de Especialização em Administração Hospitalar e de Sistemas de Saúde (CEAHS): Walter Cintra Ferreira Júnior

Curso de Especialização em Administração - MBM: Luís Henrique Rigato Vasconcellos

Mestrado e Doutorado em Administração de Empresas: Ely Laureano Paiva

Mestrado e Doutorado em Administração Pública e Governo: Mario Aquino Alves

Mestrado Profissional em Administração de Empresas (MPA): Marina de Camargo Heck

Mestrado Profissional em Gestão e Políticas Públicas: Regina Silvia Viotto Monteiro Pacheco

Mestrado Profissionalem Gestão Internacional: Edgard Elie Roger Barki

OneMBA: Marina de Camargo Heck

Coordenação Acadêmica para Educação Executiva da EAESP com o IDE: João Carlos Douat

Núcleo de Pesquisas/ GVpesquisa: Thomaz Wood Júnior

RAE-publicações: Maria José Tonelli

CENTROS DE ESTUDOSCentro de Empreendedorismoe Novos Negócios: Tales Andreassi

Centro de Estudos de AdministraçãoPública e Governo: Fernando Burgos Pimentel dos Santos

Centro de Estudos de Política e Economiado Setor Público: George Avelino Filho

Centro de Estudos em Planejamentoe Gestão de Saúde: Ana Maria Malik

Centro de Estudosem Sustentabilidade: Mário Prestes Monzoni Neto

Centro de Excelência em Logísticae Supply Chain: Priscila Laczynski de Souza Miguel

Centro de Excelência em Varejo: Jacob Jacques Gelman

Centro de Tecnologiade Informação Aplicada: Alberto Luiz Albertin

Instituto de Finanças: João Carlos Douat

Centro de Estudos de Microfinanças e Inclusão Financeira: Lauro Emilio Gonzalez Farias

Centro de Estudos em Finanças: William Eid Jr.

Centro de Estudos em Private Equity: Cláudio Vilar Furtado

Centro de Estudos em Competitividade Internacional: Maria Tereza Leme Fleury

Fórum de Inovação: Marcos Augusto de Vasconcellos

Núcleo de Comunicação, Marketinge Redes Sociais Digitais: Izidoro Blikstein

Núcleo de Estudos em Organizaçõese Pessoas: Maria José Tonelli

APOIOCentro de Desenvolvimento do Ensino e da Aprendizagem: Francisco Aranha

Coordenadoria de Avaliação Institucional: Heloisa Mônaco dos Santos

Centro de Carreiras: Renato Guimarães Ferreira

Coordenadoria deCultura e Diversidade: Inês Pereira e Samy Dana

Coordenadoria de Relações Internacionais: Julia Alice Sophia von Maltzan Pacheco

Serviço de Apoio e Atendimento Psicológico e Psiquiátrico - Pró-Saúde GV: Tiago Luis Corbisier Matheus

Alumni GV: Francisco Ilson Saraiva Junior

ASSOCIAÇÃO DOS FUNCIONÁRIOS DA FGV-EAESPPresidente: Vagner Neres da Silva

DIRETÓRIO ACADÊMICO GETULIO VARGASPresidente: João Vitor Bonilha

DIRETORES DA RAEMaio/1961 a jun/65: Raimar Richers; jul/65 a dez/66: Yolanda F. Balcão; jan/67 a jun/68: Carlos Osmar Bertero; jul/68 a jun/69: Ary Bouzan; jul/69 a jun/71: Orlando Figueiredo;jul/71 a dez/72: Manoel Tosta Berlinck; jan/73 a jun/75: Robert N.V.C. Nicol; jul/75 a mar/80: Luiz Antonio de Oliveira Lima, abr/80 a mar/82: Sérgio Micelli Pessoa de Barros;abr/82 a dez/83: Yoshiaki Nakano; jan/84 a set/85: Sérgio Micelli Pessoa de Barros; out/85 a set/89: Maria Cecília Spina Forjaz; out/89 a dez/89: Maria Rita Garcia L. Durand;jan/90 a set/91: Gisela Taschner Goldenstein; out/91 a nov/95: Marilson Alves Gonçalves; dez/95 a dez/00: Roberto Venosa; jan/01 a dez/04: Thomaz Wood Jr.;jan/05 a ago/07: Carlos Osmar Bertero; ago/07 a ago/08: Francisco Aranha; set/08 a jan/09: Flávio Carvalho de Vasconcelos; fev/09 a dez/2015: Eduardo Diniz; jan/2016: Maria José Tonelli

LINHA EDITORIAL

Foco

A RAE-Revista de Administração de Empresas tem interesse na publicação de artigos de desenvolvi-mento teórico, trabalhos empíricos e ensaios.

Aceitam-se colaborações do Brasil e do exte-rior, nos campos da Administração de Empre-sas. A pluralidade de abordagens e perspecti-vas é incentivada.

Como revista generalista na área, cobre um espec-tro amplo de subdomínios de conhecimento, pers-pectivas e questões.

O público primário da RAE é composto por acadê-micos - professores, pesquisadores e estudantes.

Submissão

Os trabalhos devem ser encaminhados à Redação pela internet por meio do ScholarOne, sistema de submissão e gerenciamento de artigos, disponibi-lizado em parceria com SciELO: http://mc04.ma-nuscriptcentral.com/rae-scielo.

Os artigos podem ser submetidos em português, inglês,  ou espanhol, observando formato e nor-mas de padronização definidos em nosso Manual da Redação. Recomendamos que os autores con-sultem ainda as Orientações para Autores, com considerações sobre posicionamento, estilo e es-trutura antes de enviar seu trabalho para a Reda-ção. O Manual da Redação e as Orientações para Autores também podem ser acessados no Espaço do Autor.

Os autores só poderão submeter um artigo por vez, (a regra será aplicada também as chamadas de trabalhos), ou seja, enquanto existir um arti-go em processo de avaliação, o autor não pode-rá submeter um segundo, como autor principal ou em co-autoria. Caso o trabalho seja rejeitado em uma das etapas do processo, o autor poderá sub-meter o mesmo artigo ou um novo artigo.

Ineditismo e exclusividade

Os artigos submetidos à publicação na RAE devem ser inéditos e não devem estar sendo considera-dos por outro periódico.

Avaliação

O processo de avaliação de artigos submetidos à publicação na RAE-Revista de Administração de Empresas, após triagem preliminar por formato e rastreamento de similaridades pelo iThenticate®, consiste em três etapas:1ª) triagem realizada pelo Editor chefe, que exa-

mina a adequação do trabalho à linha edito-rial da revista e seu potencial para publicação;

2ª)  avaliação preliminar por um membro do Corpo Edi-torial Científico que visa identificar a contribuição do artigo para a sua área de especialidade; e

3ª) avaliação double blind review.

A avaliação double blind review é coordenada por um membro do Corpo Editorial Científico da área de especialidade do artigo, e consiste na intera-ção entre os autores e dois pareceristas especia-listas que, ao avaliar os trabalhos, fazem comen-tários e oferecem sugestões de aperfeiçoamento. Essa etapa envolve reavaliações contínuas, reu-nindo esforços para aprimoramento dos artigos.

Para familiarizar-se com os quesitos levados em consideração pelos pareceristas, sugerimos aos autores que consultem os formulários-modelo, disponíveis em Orientações para Pareceristas. Ha-bitualmente, os editores científicos e editor-chefe acrescentam às sugestões dos revisores um acon-selhamento editorial, cujo objetivo é adequar o ar-tigo aos padrões da revista.

Preparação para publicação

Depois de aprovado, o artigo é submetido à edi-ção final e à revisão ortográfica e gramatical.

Direitos autorais

A FGV-EAESP/RAE detém os direitos patrimoniais dos artigos que publica, inclusive os de tradu-ção e adota a Licença de Atribuição Não-Comer-cial (BY-NC) do Creative Commons (http://creati-vecommons.org/licenses/by-nc/2.0) em todos os trabalhos publicados, exceto quando houver indi-cação específica de outros detentores de direitos autorais. Em caso de dúvidas, solicitamos consul-tar a Redação (raeredacao@fgv.br).

Mais informaçõesGrande São Paulo: (11) 3799-3717Outras localidades: 0800 16 2311gvcasos.redacao@fgv.brwww.fgv.br/gvcasos