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This paper experimentally investigated luck framing. Specifically, we analyzed the difference between being assigned an advantageous role in a distribution game and being assigned the same role while being explicitly told that you were lucky to be in that favorable position. We tested this difference by implementing a dictator game and a no-veto-cost ultimatum game. We observed that: a) dictators transferred larger amounts in the game when they were explicitly told they were lucky to be the dictator compared to dictators who did not receive this message, and b) responders in the no-veto-cost ultimatum game who were explicitly told they were lucky to be in that role were significantly less likely to reject a particular offer compared to responders in the game who did not receive this message. The combination of these results is consistent with the hypothesis that people are more likely to behave in a more prosocial and egalitarian manner when they are reminded that they are lucky to be in a particular position.

This study analyzes the effects of corruption on economic growth for different levels of economic freedom. The effects of corruption on the economy, which can increase or decrease growth, were tested in emerging countries in Latin America and Pacific Asia, between 2000 and 2017, through one-step System-GMM estimation panel data regressions. The results showed that economic freedom works as a moderator in the relationship between corruption and economic growth. On both continents, greater economic freedom, on average, supports the growth of GDP per capita. In Latin America, it was possible to corroborate the hypothesis that corruption damages countries with greater economic freedom but favors economic growth in countries with lower economic freedom levels. Regarding the Asian countries studied, there was only a negative effect of corruption on economic growth in countries with less economic freedom. When comparing this reality with the one in Latin America, it was observed that in terms of development, the countries in this continent are in earlier stages compared to the Asian countries, even though both country groups are called “emerging.”

Theoretical models for credit unions advocate that such organizations should pursue a neutral orientation in order to accommodate the conflicting interests of borrower members, who seek lower interest rates, and saver members, who look for higher returns on their savings. However, there is a lack of empirical support for such neutrality in high interest rate environments. This is because under such conditions, credit unions could accomplish their social mission by providing microcredit at a lower interest rate to local communities, thus becoming more borrower‐dominated. This paper investigates the member group domination of credit unions in Brazil, a country known for its high interest rates, and finds that the majority of credit unions (78.34%) are borrower‐dominated. This behavior becomes more pronounced when local interest rates rise, contradicting the predictions of neutrality‐seeking models. A percentage increase in the interest rate, increases about 5 times the likelihood of a CU becoming extreme borrower‐dominated. Besides interest rates, age, lower size, capital and lower efficiency of the credit unions are the main determinants of borrower domination.

This paper reports the results of a cross-cultural laboratory experiment with subjects from a low-income country (Mozambique), a middle-income country (Brazil), and a high-income country (Germany). Our goal was to investigate differences in social preferences when a person knows that his or her counterpart is either from a much poorer or a much richer country. We conducted a trust game and a dictator game with Brazilians as first movers and, contrary to the trust game literature, we observed no in-group favoritism. Brazilian subjects transferred significantly more to both Mozambican and German subjects than to other Brazilians. When facing Mozambican subjects, Brazilians sent similar average amounts in the dictator game and trust game, but they significantly reduced the amount sent to Germans in the dictator game relative to transfers made in the trust game. The combination of these results and the responses given by first movers in the post-experiment survey support the hypothesis that subjects from middle-income countries expect subjects from high-income countries to be reciprocal, but at the same time, they are not particularly generous toward them. By contrast, they use any opportunity available to increase the material payoff of subjects from a very low-income country, even though there is little evidence that they expect reciprocity from them.

We conducted a trust game experiment to investigate whether women are trusted more when they wear makeup than when they do not. Facial attractiveness, which was manipulated through the application of makeup by a professional makeup artist, was measured before and after makeovers. Trustors were shown a photograph of their female counterparts before they made decisions about money transfers to trustees. The results showed that wearing makeup increased perceived attractiveness, which in turn led trustors to make larger transfers to female trustees during the trust game. Additionally, we discovered a pure makeup premium that was mediated by gender. Specifically, female trustees with makeup received larger transfers than female trustees without makeup when the trustors were men, even after controlling for female trustees’ levels of attractiveness.

En líneas generales, el estudio de los factores determinant es de la estructura de capital ha tratado al capital de terceros como una fuente homogénea de recursos, no obstante siendo este muchas veces formado por una variedad de instrumentos de captación de recursos. Este artículo busca analizar la relevancia de la heterogeneidad de la estructura de deuda para la comprensión de la estructura de capital. Los resultados muestran que las características de las empresas están asociadas a la toma de recursos por medio de fuentes específicas y que el uso de medidas generales de endeudamiento como variable dependiente puede, efectivamente, “esconder” factores relevantes para la composición de la estructura de capital.

espanolEste estudio analiza la influencia de los esfuerzos innovadores, medidos por las inversiones en ID Aghion, Akcigit y Howitt, 2013, han demostrado que la posicion tecnologica de la empresa tiene un fuerte impacto en los resultados de la inversion aplicada, ya que la estructura de incentivos y los costos de oportunidad potenciales influyen en la relacion entre las variables. Para este proposito, el presente estudio utiliza el analisis de la frontera con las fronteras parciales de orden-α. Este enfoque permite estimar diferentes fronteras para diferentes cuantiles, lo que proporciona una estimacion mas consistente de las puntuaciones de eficiencia, que se vuelven mas solidas en relacion con los problemas tradicionales de valores atipicos y dimensionalidad. La muestra de este articulo estaba compuesta por 2.000 empresas y los datos necesarios para la encuesta se extrajeron de la Comision Europea, una base de datos que abarca 40 sectores en 46 paises. Los resultados del modelo sugieren que las empresas mas eficientes, las situadas en la frontera de la eficiencia, logran mas ganancias del mismo nivel de inversion en ID Aghion, Akcigit, & Howitt, 2013, have demonstrated that the firm's technological position has a strong impact on the results of the applied investment, since the structure of incentives and potential opportunity costs influence the relation between the variables. For this purpose, the present study uses the frontier analysis with order-α partial frontiers, aiming to capture fluctuations of proximity to the border and its influence on the relation "R & D investment versus performance". Such approach allows different frontiers to be estimated for different quantiles, which provides a more consistent estimate of efficiency scores, which become more robust in relation to traditional problems of outliers and dimensionality. The sample of this article was made up of 2.000 firms and the data needed for the survey was extracted from the European Commission, a database covering 40 sectors in 46 countries. The results of the model suggest that the more efficient firms or the ones situated on the efficiency frontier achieve more profits from the same level of R&D investment compared with less efficient firms. This influence of proximity to the frontier emphasizes that the most efficient firms use the investments in R&D in order to obtain greater returns, what can explain that innovation is not shown uniform among firms.

The purpose of this study was to develop a method to seek information for organization of civilian society to monitor public budgeting. To this end, a methodological approach based on Design Science Research through the building of artifacts was used, making theoretical and practical contributions to the field. The research question that guided the study was: how can a civil society organization monitor the achievement of public policy goals using information available on transparency websites? The objects of the study were the National Education Plan (NEP), which sets the goals for the development of education in Brazil, and the public budget of the federal government. By constructing the method, it was possible to deduce some aspects regarding the implications of transparency for the monitoring and projection of public policies. In the context in question, budget transparency was scarce on the websites. When monitoring is possible, society is interested in using budget transparency to project the enactment of a public policy rather than only monitor the past. A generalized method was proposed for monitoring public policies that enables this projection in the Brazilian context.

Este artigo investiga a influencia da escassez de recursos na formacao de arranjos empresariais, conhecidos como aliancas estrategicas. A revisao da literatura sugere tres teorias para a formacao de aliancas estrategicas: Dependencia de Recursos, Visao Baseada em Recursos e Aprendizagem Organizacional. O setor investigado foi o de automacao industrial automobilistica e as empresas participantes foram escolhidas por julgamento e por possuirem aliancas estrategicas. A coleta de dados deu-se em 2005 por meio de entrevistas em profundidade, as quais foram tratadas pela tecnica da analise de conteudo. Os resultados, a luz da teoria de dependencia de recursos, evidenciam que as empresas formam aliancas para a aquisicao de tecnologia de producao, em razao do alto investimento exigido e em funcao da sazonalidade dos pedidos das montadoras.

This article investigates the influence of scarcity of resources in entrepreneurial arrangements, known as strategic alliances. Revision of the literature suggests three theories: Resources Dependence, Resource Based View and Organizational Learning. The economic sector investigated was industrial automobile automation and the participant companies were chosen by judgment and because they had strategic alliances. Data collection took place in 2005 through in-depth interviews, which were submitted to content analysis. The results, in the light of the Resources Dependence Theory, reveal that companies form alliances for the acquisition of production technology because of the high investments demanded and owing to the seasonality of orders from automobile assembly plants.

Este artigo investiga a influência da escassez de recursos na formação de arranjos empresariais, conhecidos como alianças estratégicas. A revisão da literatura sugere três teorias para a formação de alianças estratégicas: Dependência de Recursos, Visão Baseada em Recursos e Aprendizagem Organizacional. O setor investigado foi o de automação industrial automobilística e as empresas participantes foram escolhidas por julgamento e por possuírem alianças estratégicas. A coleta de dados deu-se em 2005 por meio de entrevistas em profundidade, as quais foram tratadas pela técnica da análise de conteúdo. Os resultados, a luz da teoria de dependência de recursos, evidenciam que as empresas formam alianças para a aquisição de tecnologia de produção, em razão do alto investimento exigido e em função da sazonalidade dos pedidos das montadoras. This article investigates the influence of scarcity of resources in entrepreneurial arrangements, known as strategic alliances. Revision of the literature suggests three theories: Resources Dependence, Resource Based View and Organizational Learning. The economic sector investigated was industrial automobile automation and the participant companies were chosen by judgment and because they had strategic alliances. Data collection took place in 2005 through in-depth interviews, which were submitted to content analysis. The results, in the light of the Resources Dependence Theory, reveal that companies form alliances for the acquisition of production technology because of the high investments demanded and owing to the seasonality of orders from automobile assembly plants. Este artículo investiga la influencia de la escasez de recursos en la formación de sistemas empresariales, conocidos como alianzas estratégicas. La revisión de la literatura sugiere tres teorías para la formación de alianzas estratégicas: Dependencia de los Recursos, Visión Basada en los Recursos y Aprendizaje Organizacional. El sector investigado fue el de automatización industrial automovilística y las empresas participantes fueron escogidas por juzgamiento y por poseer alianzas estratégicas. La colecta de datos fue en el 2005 por medio de entrevistas en profundidad, las cuales fueron tratadas por la técnica da análisis de contenido. Los resultados, a la luz de la teoría de la dependencia de los recursos, evidencian que las empresas forman alianzas para la adquisición de tecnología de producción, en razón de la alta inversión exigida y en función de pedidos estacionales de las empresas de ensamblaje.