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This paper analyses the recent changes in financial practices and relations in emerging capitalist economies (ECEs) using the example of Brazil. It argues that in ECEs these financial transformations, akin to the financialisation phenomena observed in Core Capitalist Economies (CCEs), are fundamentally shaped by their subordinated integration into a financialised and structured world economy. To analyse this subordinated financialisation, the paper draws on the framework of international currency hierarchies. It shows by means of two specific processes how the existence of a hierarchic international monetary system has changed the financial behaviour of domestic economic agents, and with it the structure of the financial system. The first process highlights the phenomenon of reserve accumulation and the changing behaviour of domestic banks. The second points to ECEs' sustained external vulnerability and its impact on the operations of Brazilian nonfinancial corporations. The paper also shows that not only were these financial transformations shaped by ECEs' subordinated financial integration, but also that it was these financialisation tendencies themselves which contributed to cementing existing hierarchies and further deepened existing asymmetries between ECEs and CCEs. [ABSTRACT FROM AUTHOR]

The paper presents the actions and the regulatory policy tools used by Banco Central do Brasil (BCB, the central bank of Brazil) in its efforts to modernise the Brazilian retail payments system. The paper starts by showing how the lack of legal mandate has in the past restricted BCB's actions, notably when the only regulatory tool available was moral suasion. In 2013, BCB was granted the legal mandate to act as the regulator and supervisor of payment schemes and institutions. Since then, BCB has been using its legal mandate as a complementary regulatory tool. Despite the room for improvements in the market structure and in the conduct of participants, BCB's actions are successfully contributing to the evolution of retail payments. It is believed that the polides options available to BCB are sufficient to guide the market towards a more efficient and safer scenario. [ABSTRACT FROM AUTHOR]

The article presents an account of the expansion of the European banks in the Brazilian banking sector. Restriction was enforced on the entry of foreign financial institutions into Brazil during the 1970s and 1980s. The Brazilian government withhold the restriction and allowed some foreign banks in order to permit the acquisition of a few problematic banks and also to strengthen the national banking sector due to the banking crisis caused by a contagion from Mexican financial crisis in 1995. The process of banking mergers in the European financial system under the European Union (EU) has been one of main factors behind the expansion of some European banks in Brazil.

Media convergence and growing financial pressure on the journalistic field have triggered significant changes in newsmaking cultures across the world. This article examines the challenges of media convergence in the newsroom of Valor Econômico, the main economic newspaper in Brazil. In particular, it explores how the introduction in 2013 of Valor Pro, a real time news service oriented to the financial market, changed newsmaking practices at Valor Econômico. The introduction of Valor Pro meant that journalists from the whole newsroom had to report news simultaneously for three platforms: the real time service, the online website and the printed paper. This shift not only intensified journalists’ workloads and altered the manufacture of news, but also increased financial pressure on the paper’s agenda. I argue that this shift – from producing news for the public towards producing news for the market – cannot be explained solely with reference to traditional political economic factors such as ideological decisions at editorial level and the structural properties of the Brazilian media sphere. Instead, drawing on resources from cultural sociology and from science and technology studies, I provide a richer explanation that acknowledges the impact of technological innovation, the shifting nature of news values, and the agency of journalists themselves. This article elaborates on seven months of ethnographic fieldwork in Valor Econômico’s newsroom in São Paulo between 2013 and 2015 and contributes to the literature on cultural sociology, media studies and science and technology studies. [ABSTRACT FROM AUTHOR]

Financialisation and housing are predominantly associated to mortgages for homeownership and securitisation techniques. This paper looks at how financial markets influence the development industry, its business strategies, and the nature and location of its products. Adopting a supply- side account, the paper inquires into the rising role of financial markets as a source of funding for a consolidating development industry and its influence on the geography of housing in Brazilian cities. It develops the concept of resonance by combining two yet unrelated strands of literature on the study of financial markets (cultural economy and conventionalist economics). Narratives co-authored by the stock market community and development firms management over each individual firm, and the discursively linked strategic moves of developers, are shown to resonate, at the meso-level of the industry, into shared social representations (or conventions) on how to best assess and interpret the value of development firms. Analysing the wave of Initial Public Offerings occurring in the mid 2000s, the paper highlights that narratives of quick capital gains associated with the removal of the land banking bottleneck faced by developers supported a convention giving priority to the growth in total output, and contributed to the observed changes in the forms, scales and locations of housing projects in Brazilian cities. As discrepancies between the promises of returns for shareholders and actual financial results emerged, the growth convention unravelled, making way for other narratives and strategic moves to resonate anew and possibly change again the geographies of housing. [ABSTRACT FROM AUTHOR]

This article investigates the impact of financial sources on firm growth in Brazil. In particular underlying objectives of this paper is to answer the questions, does external or internal and formal or informal financial sources affects differently on firm performance?, and does financial institutional development support firm performance? Empirical results reveal that internal finance maintains positive relation with firm growth. Growth positively relates to the formal financial institutions while it is found insignificant to informal institutions. Furthermore, analysis strengthens the view that developed financial system is a very imperative factor for firm's growth in less developed countries. [ABSTRACT FROM AUTHOR]

Purpose: Drawing on the ability–motivation–opportunity theory applied to the greening of service industries, this paper aims to analyze the extent to which green human resource management plays a role in the adoption of eco-efficiency principles in the financial sector. Environmental knowledge management represents one of the key green human resource management components. Design/methodology/approach: This study conducted a survey with 178 employees working within one of the largest financial banks in Brazil, which has been investing in eco-efficiency for more than ten years. Findings: On the basis of structural equation modelling, this study has provided the following findings: Among all factors taken into consideration in this study, only environmental training positively influences eco-efficiency; training may be suffering owing to barriers associated with empowerment and teamwork; the eco-efficiency program of the studied company would get benefits if it provided more autonomy to employees; and finally, the eco-efficiency program of the studied bank could be more effective if connected with green teams. Originality/value: To date, this is the first work that relates – with empirical evidence from Brazil – GHRM and eco-efficiency in the financial service industry. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to analyze customer loyalty in the context of existing relationships between Brazilian banking service provider and its customers in the context of B2C (Business-to-Consumer) relationships. Hence, a theoretical model was proposed and tested with banking services private individual customers taking into account perceived value, service provider reputation, financial bonding tactics, structural bonding tactics, social bonding tactics and switching costs as customer loyalty determinants.Design/methodology/approach A multivariate statistical approach with structural equations modeling was used in a 505 customer sample of the one prominent bank in Brazil.Findings Results indicate that the proposed theoretical model confirming a satisfactory fit, presenting a good explanatory power (R2=0.738) and supporting that perceived value influences the service provider reputation; financial bonding tactics, structural bonding tactics and social bonding tactics influence perceived value; service provider reputation influences switching costs; switching costs influence customer loyalty and the social bonding tactics influence customer loyalty.Practical implications The results evidenced in the present research could serve as benchmarking for other researchers or managers connected to the financial service sector (or bank service) when looking for a better understanding about the antecedents of customer loyalty, adapting strategies and actions to stimulate and generate better market and economic–financial results for the institutions of this sector.Originality/value Finding out which constructs better explain customer loyalty, and its possible relations, is something relevant for the banking sector, once it can generate more effective managerial insights, positively making an impact in a customer portfolio performance, or the financial institution itself, from the construction, maintenance and strengthening of the relationships with customers. [ABSTRACT FROM AUTHOR]

Finding ways to downscale microfinance is one of the current challenges facing commercial banks, especially in developing countries. As banks have a poor knowledge of microfinance, operating in this market will require capacity-building, innovative business models and new technological architectures. This paper discusses how one particular architecture - the Brazilian model of correspondent banking (CB) - is helping banks cope with these challenges. Since the model was created, in 2000, it has allowed banks to downscale financial services outside their traditional branches and establish successful partnerships with local microfinance institutions (MFIs). The authors focus on one particular case involving a partnership between an accredited MFI (Banco Palmas) and two major banks (Banco do Brasil e Caixa Econômica Federal), to make the argument that the Brazilian CB model represents an innovation at the "meso level", defined by Helms (2006) as the infrastructure comprising a network of service providers necessary to the operation of MFIs. [ABSTRACT FROM AUTHOR]

This paper proposes to critically situate how social developmentalism reshaped social policy in Brazil in the 2000s, to stimulate access to credit and to financial markets, thereby fostering a transition towards a mass-consumption society. This structural move is radically distinct from the very framework which inspired the tenets of early Latin American structuralist thought in the post-war period. Whereas seminal structuralism neglected the role of social policy, Brazilian social developmentalism reframed it to broaden access to consumer credit and other financial services, such as insurances. In this new financialised framework, social policy has been used to underwrite a financial inclusion model that overturned classic tenets of social policy. As a result, not only household debt has abruptly escalated, but also social insurance and welfare benefits have been partially absorbed as financial rents, deepening economic insecurity and social vulnerability. [ABSTRACT FROM AUTHOR]

A robust body of research suggests that entrepreneurial activities benefit from financial development and external financing access. However, there is a gap in understanding how and the extent to which the accessibility to financial services is associated with entrepreneurial activity. Based on an unbalanced panel of 2104 Brazilian municipalities spanning 2010–2021 and comprising 23,769 municipality-year observations, our results not only confirm that bank accessibility, proxied by the number of bank branches in a municipality, is positively correlated with the number of firms but also that the relationship is nonlinear, being stronger for larger firms. By estimating a model using first differences, we find a positive causal impact of an additional bank branch on the number of firms in a municipality of 0.2% (about 26 extra firms on average). Our study contributes to the literature by corroborating that access to external financing services shapes entrepreneurial activities. [ABSTRACT FROM AUTHOR]

Copyright of Brazilian Journal of Scientific Administration / Revista Brasileira de Administração Científica is the property of CBPC - Companhia Brasileira de Producao Cientifica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper discusses the Brazilian financial system and the impact of liquidity preference on regional development in Brazil. In the Post-Keynesian literature, endogenous money is introduced into economic activity through the credit provided by banks. The degree to which banks exhibit lower or higher liquidity preference is crucial to this process. Here we estimate the effect of liquidity preference and other financial variables on the number of Brazilian states' patents, in order to gauge the importance of the bank system to technological progress and regional development. [ABSTRACT FROM PUBLISHER]

Two important phenomena in the financial sector have drawn attention in recent years. on the one hand, microcredit is growing and earning renown as a powerful instrument for income generation and poverty reduction in a number of developing countries; on the other hand, correspondent banking (CB) outlets have risen to prominence as a main channel for the distribution of financial services to the low-income population, with particular success in Brazil. This paper argues that information and communication technology (ICT) applications have the potential to help these two movements, until now tracing parallel paths, to converge. We apply an emergent conceptual framework that combines three theoretical lenses: social shaping of technology, structurationist view of technology and contextualism. The result is an original reading of the possible combinations of CB and microfinance in Brazil and the expectation that the multilevel framework might help to understand similar complex phenomena in other Latin America contexts. [ABSTRACT FROM AUTHOR]

Many asset pricing models assume that only the secondorder systematic co-moment (CAPM beta) should be priced by investors. However, since asset returns are not normal, investors are also concerned about higher moments and systematic co-moments (co-skewness, co-kurtosis, and so on). This paper examines the determinants of Brazilian stock returns from the CAPM beta, and Fama-French size and value factors, using higher-order systematic co-moments that encompass risks above the traditional CAPM beta. Our results indicate that the CAPM beta, and the Fama-French size and value factors appear to be important for explaining returns in Brazil, and they jointly provide statistically significant explanatory power across almost all the sample return periods. In general, adding a set of higher-order systematic co-moments has moderate explanatory power. [ABSTRACT FROM PUBLISHER]

Copyright of RAE: Revista de Administração de Empresas is the property of Fundacao Getulio Vargas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Financial inclusion, defined as the adequate access and usage of formal financial services to improve people's lives, is a crucial area for the economic development of a country through its various angles. This paper analyzes the impact of selected FinTech companies on financial inclusion in their respective countries to obtain lessons of their business models and country environments that can help Peruvian financial inclusion. The selected FinTechs are M-PESA in Kenya, Nubank in Brazil, GCASH in the Philippines, and Easypaisa in Pakistan, which revolutionized the financial sector in their respective countries. However, a comparative study of their impact on financial inclusion in their respective country has not been conducted yet; therefore, the lessons obtained are helpful for the Peruvian situation due to their practical implications and because they raise possible areas for further and deeper research. The approach of this study considered a qualitative and quantitative method (to find a Pearson correlation between the percentage of the population of Country (A) that are users of FinTech (a) and the six selected demand-side indicators per country retrieved from the Global Findex Database) analysis to understand the results obtained. The results obtained indicate that M-PESA and GCASH, companies specialized in providing basic mobile money transactions such as remittances and withdrawals, did not impact the provision of other financial services such as savings or credit cards. In Easypaisa's case, this company positively impacts the studied indicators, probably due to its original partnership with a microfinance institution. Regarding Nubank, despite its remarkable growth in the last years, the company does not affect financial inclusion in Brazil yet. Nonetheless, after its recent expansion to provide more financial services, future research could assess the impact of this company on Brazilian financial inclusion. [ABSTRACT FROM AUTHOR]

This paper describes the results of research which objective was investigate how deeply practices adopted by a large Brazilian financial institution present characteristics that are modern enough to make feasible and sustain the competence model implemented. The theoretical referential used was an adaptation by Sant'Anna (2002), of the Organizational Modernity Approach developed by Eboli (1996) and a review of Anglo-American and French approaches about Competence. As to methodology, this research can be characterized as a case study which focus was predominantly qualitative, and which was carried out by means of semi-structured interviews. Based on the theoretical referential of the paper, five people management practices were analyzed: rewards, performance evaluation, corporate education, promotion/career and strategic outlook. As a result, it must be stated that the prevailing people management practices do not adhere enough, in terms of the characteristics of modernity investigated, to the competence model adopted. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economia e Administração is the property of INSPER Instituto de Ensino e Pesquisa and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Digital banks have profoundly changed the financial industry's operations. In this scenario, the study of digital banks has gained increasing attention in the academic community. However, there is still a lot of room to understand how this type of organization functions and impacts different contexts. Considering the information collected, partial findings, and the professional experience of those involved in a larger research project, the main objective of this study is to present the Brazilian scenario related to digital banks from the analytical perspective of the research group. The methodological approach included analysis of partial results of a larger research project, bibliographic research, analysis of public data about digital banks in Brazil, and multidisciplinary discursive approach to conduct debates with the support of academic literature and experience from top managers working in major Brazilian financial institutions. Data on key performance indicators (KPIs), including cost breakdown, net revenue, return on equity (ROE), and cost-to-income ratio, are presented and analyzed for both traditional and digital banks. Furthermore, this study puts forward potential avenues for future research within three main research domains: digital operational efficiency for banks, customer attraction strategies employed by digital banks, and the utilization of digital financial services in the retail industry. [ABSTRACT FROM AUTHOR]

This paper analyses the relation between firms' life cycles stages according to Dickinson's (2011) definition and accounting and financial ratios. We applied multinomial logistic regression analysis on a sample of 1,515 observations of public companies listed on BM&FBOVESPA between 2005 and 2012. Based on the literature about firms' life cycle stages (YAN; ZHAO, 2010; MILLER; FRIESEN, 1984; FAMA; FRENCH, 2001) the accounting and financial ratios used were dividends distribution, leverage, market-to-book, return on equity, firm size and revenue growth. The results show that leverage, dividends distribution, market-to-book, return on equity, firm size and revenue growth could be used as explanatory factors to classify firms' life cycle stages. [ABSTRACT FROM AUTHOR]

This article proposes and validates a financial protection perception scale (FPPS) from the perspective of the financial services consumer. The scale was applied to a sample of 1137 individuals residing in Brazil and validated using exploratory and confirmatory factor analysis and standard multivariate validation methods. The FPPS, composed of 14 items, allows the development of an indicator that defines the level of protection perceived by the consumer of financial services, evaluated along the dimensions of transparency, suitability, security, and complaints. The tests and fit indices indicated the reliability and validity of the FPPS. With this scale, researchers, managers, and policymakers can assess the extent to which consumers feel protected when using financial services. [ABSTRACT FROM AUTHOR]

Abstract: In this paper we use the arbitrage pricing theory to infer the probability of financial institution failure for banks in Brazil. We build an index of financial stability for Brazilian banks. Empirical results seem to provide evidence that after the Russian crisis in 1998, systemic risk has increased in the country but this risk has decreased over time through 2002. Furthermore, for individual major banks the probability of failure has decreased monotonically after the Russian crisis with the adoption of a floating exchange rate regime, an inflation-targeting framework and the introduction of the new payment system. [Copyright &y& Elsevier]

The financial and investment decisions are influenced by risk degree concerning variables that explain the decision making process. This paper focus on the risk variables of the economic segments and sectors that influence the decision making process of credit concession in financial institutions. The aim is present a pragmatic method for evaluating the variables risk using an alternative approach that aggregate multiples criteria in a single evaluation system. Hence, the AHP method is used and the results emphasize the risk rating of the sector and segments of the Brazilian economy. [ABSTRACT FROM AUTHOR]

This article examines the relationship between the monetary policy implemented by the Central Bank of Brazil and the stock market. We implement event study analysis and analyze the effect of the anticipated and unanticipated components of monetary policy decisions on the returns of the IBOVESPA index and 53 stocks. We find that monetary policy has a significant effect on the stock market, but is only responsible for a small proportion of market variation. The analysis at the sector level with expected returns identifies that the financial sector is the most affected by this policy, whereas with excess returns only industrial goods are significantly affected. Moreover, individual assets respond in a rather heterogeneous fashion to monetary policy; however, when we look at excess returns, we identify a reduction in the intensity and in the number of companies impacted by monetary policy. Finally, the monetary shock is explained by unanticipated variations in the unemployment rate, in the Industrial Production Index, in the General Market Price Index, and in the Broad Consumer Price Index. [ABSTRACT FROM AUTHOR]

Based on theories of social capital, in this study, we seek to assess the impact of a board's social capital on the market value of companies listed on the Brazilian stock exchange. As our indicator of social capital, we use the relational resources identified in the direct, indirect and heterogeneous ties of the board. Employing panel data from 508 observations, our results indicate that heterogeneous relational resources have a stronger and more significant influence than the resources available from board members' direct relationships. Additionally, as the effects of board interlock are endogenously determined by several factors related to the firm level, we seek to mitigate the endogeneity problem using models of instrumental variables and simultaneous equations. Our hypotheses were consistent after controlling for endogeneity. We also check whether the board's social capital could present a U-inverted effect on the market value. This relationship was only plausible in social capital by indirect ties. Finally, we isolate the effect of relational resources within and between industries on Tobin's Q. There was no significant effect through interlocks within the same industry. However, ties with companies in several other industries were significant. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Gestão, Finanças E Contabilidade is the property of Universidade do Estado da Bahia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The aim in this research was to investigate the relation between executive remuneration and financial performance in Brazilian companies. The research data are secondary and were collected from two databases: a) Study Program on Human Resource Management (PROGEP); b) Institute for Accounting, Actuarial and Financial Research Foundation (FIPECAFI). The non-probabilistic sample consists of 82 non-financial companies. To operate the independent variable "remuneration", besides the mean monthly wage and the mean variable wage, three indices were used that were created especially for this research: benefits, career and development. These indices measured the access to benefits; to career encouragement and support mechanisms and to educational encouragement mechanisms. These are items the companies offer to their directors, vice presidents and presidents, hereinafter called "executives". These remuneration data refer to 2008. As regards the dependent variable "financial performance", three financial indicators were used: sales growth, return on equity and return on assets, for the financial years 2008 and 2009. Company size and activity sector were used as control variables. The results of the Spearman correlation test indicated a significant relation between financial remuneration and financial performance. And the results of the multiple linear regression analysis showed a significant relation between financial remuneration and financial performance and between non-financial remuneration and financial performance. [ABSTRACT FROM AUTHOR]

Purpose - The relationship between personal values and behaviour has been widely studied, and previous studies have demonstrated the mediating role of attitudes. The purpose of the study is to test the "values-attitude" relation in banking services (car insurance, life insurance, home insurance and retirement plan) on a Brazilian sample and demonstrate the role of negative incidents with services on the relation between sellers' personal values and attitudes. Design/methodology/approach - The Schwartz Value Survey (SVS) and an attitude measurement developed for this research were used. The data were collected with 1,061 employers who sell these services and work in a large Brazilian bank. A structural equation model was used to test the hypotheses. Findings - The results indicate that values of conservation were the best predictor of the attitudes, demonstrating that attitude towards bank services is explained mostly by the motivation to maintain the social tissue. However, the values showed little or no impact on the attitude of those who have had negative incidents with the services. Research limitations/implications - Results can be used on the implementation of marketing strategies, pointing to the impact of values on attitudes when individuals have not had experienced a negative incident. The research limitations are related to its setting, data collection, sample and measurements used. Originality/value - This is the first research in the field using a Brazilian population. It is also one of the very few studies in the field that examines the moderating role of negative incidents on the relationship between values and attitude with bank services. [ABSTRACT FROM AUTHOR]

The article discusses the recent developments which have taken place in the financial products and services industry of Brazil, Canada, and the U.S. The Brazilian Monetary Council, as reported, on May 29, 2008, approved Resolution No. 3568, which aims to reduce the cost of small value exchange transactions, which are not commercially attractive to large banks and financial institutions, and increase competition by admitting other players into the exchange market.

Inclusive financial sectors are essential to poverty alleviation. While microcredit can be governed as a private good, self-managed civil society organizations propose an alternative way of managing financial services. Brazil’s Community Development Banks (CDBs) are growing and dynamic manifestations of these nonprofit organizations. Based on field research in Brazil, this article uses Elinor Ostrom’s design principles of successful self-governing common-pool resource organizations to analyze CDBs’ microcredit system. Our results suggest that private goods could be altered when they are governed by community self-managed enterprises. They become hybrid goods as they mix the characteristics of private and common goods. This change is facilitated by specific organizational arrangements such as self-governance that emerge from grassroots dynamics and the creation of collective-choice arenas. These arrangements help strengthen the inclusion properties of nonprofit microcredit services. [ABSTRACT FROM AUTHOR]