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The authors investigate the impact of the US stock market on the economies of the BRICS and major industrialized economies (G7).

The authors construct the world economy and the vulnerability between economies using three economic integration variables: bilateral trade, bilateral direct investment and bilateral equity positions. Global vector autoregressive (GVAR) empirical studies usually adopt trade integration to estimate models. The authors complement these studies by using bilateral financial flows.

The authors summarize the results in four points: (1) financial integration variables increase the effect of the US stock market on the BRICS and G7, (2) the US shock produces similar responses in these groups regarding industrial production, stock markets and confidence but different responses regarding domestic currencies: in the BRICS, the authors detect appreciation of the currencies, while in the G7, the authors find depreciation, (3) G7 stock markets and policy rates are more sensitive to the US shock than the BRICS and (4) the estimates point out to heterogeneities such as the importance of industrial production to the transmission shock in Japan and China, the exchange rate to India, Japan and the UK, the interest rates to the Eurozone and the UK and confidence to Brazil, South Africa and Canada.

The results reinforce the importance of taking into account different levels of economic development.

The authors construct the world economy and the vulnerability between economies using three economic integration variables: bilateral trade, bilateral direct investment and bilateral equity positions. GVAR empirical studies usually adopt trade integration to estimate models. The authors complement these studies by using bilateral financial flows.

The purpose of this paper is to propose a model to evaluate the degree of intellectual capital (IC) maturity into organizations.

This is a qualitative, applied research designed as an exploratory and descriptive investigation. It employs a case study to apply the intellectual capital maturity model, which is developed from the literature review. The Proknow-C method of systematic literature review is the procedure adopted for the literature review in Scopus, Science Direct and Web of Science databases. In total, 21 IC constructs were derived from such review and assessed by 18 reviewers (judges).

In the scientific literature, IC is mainly viewed as a resource or set of resources an organization for the creation of competitive advantage and value. Using the information gathered about different views on IC, this study proposes a construction of the theoretical model, based on the models of the capability maturity model–Software Engineering Institute and Asian Productivity Organization–Knowledge Management, the management model and the application protocol.

This research offers view on the nature of the concept of IC showing (IC) as a business asset through maturity scale. The analysis of the concept of IC is focused at organizational and dimensional levels.

This study contributes to the further development of the concept of IC regarding its measurement in organizations through the maturity scale.

This study examined the factors influencing willingness-to-repurchase for each class of airline service, and integrate the constructs of service quality, satisfaction and willingness-to-repurchase which were rooted on Engel-Kollat-Blackwell (EKB) model. The study focuses on the domestic and international arrival of passengers at Murtala Muhammed International Airport in Lagos and Nnamdi Azikwe International Airport in Abuja. Information was gathered from domestic and foreign passengers who had post-purchase experience and had used the airline's services more than once. The survey data were obtained concurrently from arrival passengers at two major international airports using an electronic questionnaire through random and purposive sampling techniques. The data was analysed using the ordinal logit model and structural equation model. From the 606 respondents, 524 responses were received but 489 responses were valid for data analysis and reporting and were obtained mostly from economy and business class passengers. The study found that the quality of seat pitch, allowance of 30 kg luggage permission, availability of online check-in 24 hours before the departing flight, quality of space for legroom between seats, and the quality of seats that can be converted into a fully flatbed are the major service factors influencing willingness-to-repurchase economy and business class tickets. Also, it was found that passengers' willingness to repurchase is influenced majorly by service quality, but not necessarily influenced by satisfaction. These results reflect the passengers' consciousness of COVID-19 because the study was conducted during the heat of COVID-19 pandemic. Recommendations were suggested for airline management based on each class.

The purpose of this paper is to evaluate perceived sensory differences of organic and conventional leafy green vegetables through three sensory tests – blind, informed and inverted and the willingness to buy (WTB) them, and associated factors of organic food consumption by these students.

The research had a cross-sectional design with university students. First, a questionnaire with 16 statements was presented to 233 consumers with a five-point Likert scale response. The assertions were categorized into five domains: trust in organic production; trust in conventional production; positive attitude to organic; affordable price; and perceived quality. Afterwards, a hedonic scaling was conducted with 150 consumers, 50 in each type of test with conventional and organic leafy green vegetables: lettuce (Lactuca sativa L.); kale (Brassica oleracea L.); common chicory (Cichorium intybus); and endive (Cichorium endivia). Visual aspect, taste, texture, bitterness and overall liking for all samples were evaluated on a nine-point hedonic scale.

In general, the participants did not perceive sensory differences during the blind test, but when the information about the vegetables was provided, higher scores were obtained by those products labelled as organic in the informed test and in the inverted test (conventional labelled as organic). This effect was higher for students with stronger attitudes towards organic food. These results indicated that the perceived differences between organic and conventional leafy green by university students tended to be attitudinal and, therefore, can be greatly influenced by the information provided with the product.

This research showed that university students were influenced by the organic label, revealing their sensory perception about vegetables. This study had multiple methodological approaches, including hedonic scaling and consumers’ WTB. This combination allowed identifying the students’ attitudinal tendency in relation to their sensory perceptions of organic green leafy green vegetables.

This review aims to identify the determinants of voluntary disclosure of corporate social performance (CSP) and to analyze and consolidate previous quantitative studies to identify the theoretical perspectives and the variables used in measuring the determinants of CSP disclosure (CSP-D).

A literature review of articles published from 1987 to 2015 was conducted using the three databases, Ebsco, ISI and Jstor, with CSP-D as the dependent variable. The goal was to identify the theoretical perspectives underlying the studies and the independent variables.

The literature revealed a set of variables and their general measures, but the consensus confirmed that there was no single explanation for what determined CSP-D. The published theories that support a relationship between CSP-D and its determinants are legitimacy, institutional, stakeholder, agency and voluntary disclosure theory.

The results allowed us to identify the perspectives underlying the major theories and disclosed a set of factors considered by the literature as the ones that influence CSP-D. This information will be useful for researchers interested in developing their own studies on CSP-D because it presents the evolution of CSP-D factors over time and organizes the findings of multiple studies developed since the emergence of the theme.

The case focuses on brief elaboration, importance, objectives and components. While there are many ways to elaborate a brief, the overriding goal is to outline the most relevant guidelines for campaign design, and the decisions required to launch an advertising campaign.

This case may be used for the first marketing course in MBA curricula, as well as in executive education programs addressing communications and advertising strategy issues.

On a cold July afternoon in 2005, Matías Ruiz faced a difficult challenge. After months of long presentations and detailed discussions, the budget for a new advertising campaign had been finally approved. Ever since its arrival in Argentina, the company had concentrated all its efforts on positioning its corporate brand. Now with a firm standing in the domestic market, the time had come to advertise Lubrax, Petrobras' lubricant brand. Bearing in mind that the goal was to build a unique and independent brand identity for Lubrax while preserving its links to Petrobras, Ruiz's team, along with Diálogo Publicidad, a local advertising agency, had prepared three TV advertisements. Ruiz had to choose the most suitable campaign with an approved budget of US$ 3 million – 40 percent below the sum he had hoped to raise. At least one of those ads had to be launched in late October 2005, in time for the category's seasonal consumer sales peak. To do that, Ruiz needed to make a decision and to present a complete proposal to Lubrax's Marketing Director. This case study describes the questions confronting Ruiz at that time – Which ad should we pick? What brand image do we want for Lubrax? What is it that we wish to communicate? What is our goal? What segment are we addressing?

The case provides an insight into the use of advertising campaigns as a marketing tool, describing the company's competition, consumers, distribution channels and organizational hurdles. As a result, it may be used to help students: understand communications complexities, delving into each step in the process and taking stock of relevant decisions involved; learn about the research studies and data analyses required to build a communications plan that fits in with a company's strategy; manage a specific marketing budget; gain experience on advertising campaign development and subsequent evaluation; and survey the mix of marketing drivers needed to boost business sustainability. It will enable students to realize both the significance of thorough brief preparation to pursue a company's strategic goals and the importance of ensuring the ad chosen matches that brief.

Teaching notes are available; please contact your librarian for access.

The purpose of this chapter is to characterize fictitious capital and fictitious profits as extreme expressions of the fetishism of capital. Considering the incessant search for valorization and allowing for fictitious forms of capital, the subject of this study is at the center of the dynamics of recent capitalist accumulation, especially when we take into account the capitalist crises over the last four or five decades. Its mechanism of fictitious valorization (M – M′), a decisive dimension of contemporary capitalism, is contradictory, based on the growing obstacles to the extraction of surplus value on an expanded scale, and therefore the real valorization of capital. At the same time, we support the idea that this mass of overaccumulated capital produces profits unrelated to surplus value, that is fictitious profits, further intensifying the fetishistic and contradictory nature of capitalism.

The purpose of this article is to identify whether there is happiness in the consumption of brands and product categories and to clarify which provides more happiness: consuming the product itself or consuming the branded product.

The research was a survey with 528 Brazilian consumers. Data were analyzed and interpreted through content analysis and regressions: linear, quantile and logistic.

The results show that there is happiness in the consumption of brands and product categories, with culture being the category that most provides happiness; also confirming that individuals who consume branded products are happier than those who consume the product itself.

Studies confirm that there is happiness in consumption, but when we show that there is more happiness in the consumption of branded products than in not consuming the product itself, and when we identify which are the categories of products that bring the most happiness in an emerging country of Latin America, our article deepens and expands the previous literature.

We suggest that companies associate their brands with culture to balance profit with sustainable purpose. For this, we provide a framework as a tool for this association.

The topic of our article is relevant, timely and current, its originality lies in confirming that those who consume the branded product are happier and those who consume the product itself are less happy, and also by identifying which categories provide the most happiness.

El propósito de este artículo es identificar si hay felicidad en el consumo de marcas y categorías de productos y esclarecer cuál proporciona más felicidad: consumir el producto en sí o consumir el producto de marca.

La investigación fue una encuesta con 528 consumidores brasileños. Los datos fueron analizados e interpretados mediante análisis de contenido y regresiones: lineal, cuantil y logística.

Los resultados muestran que existe felicidad en el consumo de marcas y categorías de productos, siendo la cultura la categoría que más felicidad brinda; confirmando también que los individuos que consumen productos de marca son más felices que los que consumen el producto en sí.

Sugerimos que las empresas asocien sus marcas con la cultura para equilibrar las ganancias con un propósito sostenible. Para ello, proporcionamos un marco como herramienta para esta asociación.

Los estudios confirman que hay felicidad en el consumo, pero cuando demostramos que hay más felicidad en el consumo de productos de marca que en no consumir el producto en sí, y cuando identificamos cuáles son las categorías de productos que más felicidad aportan en un mundo emergente país de América Latina, nuestro artículo profundiza y amplía la literatura anterior.

El tema de nuestro artículo es relevante, oportuno y actual, su originalidad radica en constatar que quienes consumen el producto de marca son más felices y quienes consumen el producto en sí son menos felices, y también en identificar qué categorías aportan más felicidad.

This study aims to examine how corruption influences the voluntary disclosure of corporate governance (CG)-related information by developed country multinationals (DC-MNEs) and emerging market multinationals (EM-MNEs) investing in six Latin American countries.

The study uses information from 300 MNEs included in the 2018 ranking of the 500 Largest Latin American companies (America Economía, 2018). Each MNE’s final annual report for the financial year ending 2018 was examined and coded to obtain the corporate governance disclosure index. Fractional probit regression was applied to test the hypotheses of the research.

DC-MNEs disclose more CG-related information in corrupt environments than EM-MNEs. This differentiated behavior occurs because DC-MNEs face higher legitimacy pressures in corrupt environments than EM-MNEs and because EM-MNEs are more experienced than DC-MNEs in dealing with such corrupt environments.

While both EM-MNEs and DC-MNEs need to continue investing in corrupt countries to grow, they need to disclose CG-related information as a strategic tool to manage the legitimacy issues triggered by corruption in the markets they operate.

Despite corruption being pervasive in emerging markets, its implications for firms’ strategic behaviors are still under-researched. This paper extends the scope of corporate governance and international business fields by studying how MNEs respond to relevant dimensions of the macro environment. This research shows that voluntary disclosure of CG-related information is a strategic response of the MNEs to gain legitimacy in corrupt environments.

Performing retailing in a complete omnichannel manner is not a simple task, and it considerably increases the complexity of supply chain management operations. This paper aimed at identifying the barriers hindering efficient management of a return channel in this type of retail.

A systematic literature review procedure was used, including descriptive and content analysis of results. The review was performed using four academic databases. Applicable barriers were categorized thematically, a conceptual framework was proposed and future research avenues were drawn.

The contribution of this paper comprises a theoretical description of reverse logistics applied to omnichannel retail, the identification of the return barriers in omnichannel and a conceptual framework for a holistic view of the problem. In all, 43 barriers were identified including high investments, product restocking, additional transportation costs and poor communication.

The link between reverse logistics and omnichannel area is recent and publications are still scarce, so the newness of this study limits the opportunity for further deepening or more robust validation of the results.

The results offered may be used by managers in the areas of retail and supply chain management in general in order to reduce the natural complexity in omnichannel environment.

Regarding previous literature on omnichannel retail, only a few works consider the after-sales stage. This work intended to pave the way in this poorly explored intersection (reverse logistics and omnichannel) by presenting a conceptual framework to classify various barriers in omnichannel retail return.