Purpose The purpose of this paper is to analyze how the type of ownership and control moderates the effect of the board social capital on the implied cost of capital. To do so, the authors analyzed the effect of the board social capital by the relational resources present in its direct and heterogenous ties, considering the predictions of analysts about the implied cost of capital. Design/methodology/approach The data panel comprised 137 companies listed on the Brazilian stock exchange between the years of 2002 and 2015, generating a total of 535 observations. The authors check the robustness of the results through instrumental variables and systems of equations, as well as compete for the effect of board social capital both by the board and ownership structures. Findings Results show that the board relational resources, both in direct and heterogeneous ties, significantly reduce the implied cost of capital for private companies, but not for state-owned companies. Board social capital reduces the cost of capital even when the results compete with the board structure and concentration of ownership, being able to mitigate the discount in the cost of capital by the presence of dominant shareholders. Originality/value This study uses a more theoretically and empirically comprehensive measure of board social capital than the majority of studies that use only network position indicators. So, contrasting the effect of this measure on the implied cost of capital between private and state-owned companies, the authors also demonstrate that the board social capital can mitigate the discount by ownership concentration on the implied cost of capital.
This data article incorporates, in an unbalanced panel data, five variables types: financial and market; board structure; board network and social capital; ownership and governance level; the cost of capital. The dataset is formed of 6024 firm-level annual observations based on 622 Brazilian public companies investigated between the years of 2002 and 2015, totaling 56 variables. A three-level data structure was created to allow aggregate directors and network board data into the panel data. Directors' data and adjacency matrix are included to allow for multilevel hierarchical analyzes as well as the use of analytical methods of social networks.
Context: organizational culture tends to be investigated based on organizational consensus degree, even when it is seen as shared meanings. However, sharing meanings does not imply having the same opinions. On the contrary, there may be agreement on which cultural elements are relevant, even when opinions differ from each other, a fact that enables individuals to share cultural schemas, although they disagree with each other’s answers. Objective: we aim to use a scale of organizational values adapted to the Brazilian context to map cultural schemas based on a survey conducted with 207 workers from different companies. Method: recent advancements in the cultural cognition field have enabled the present tutorial article to map organizational culture schemas based on correlational class analysis. This method divides the sample into schematic classes by listing respondents based on the linear dependence between answers given to a questionnaire, rather than on agreement between respondents. Results: two different schematic classes (reactive and resilient) that condition the effect of attitudes and organizational structure on employee appreciation and satisfaction. Conclusions: besides providing a tutorial on how to use the investigated technique, the study points out its relevance for organizational culture field.
Organizational culture tends to be investigated based on organizational consensus degree, even when it is seen as shared meanings. However, sharing meanings does not imply having the same opinions. On the contrary, there may be agreement on which cultural elements are relevant, even when opinions differ from each other, a fact that enables individuals to share cultural schemes, although they disagree with each other’s answers. Recent advancements in the cultural cognition field have enabled the present tutorial article to map organizational culture schemes based on correlational class analysis. This method divides the sample into scheme classes by listing respondents based on the linear dependence degree between answers given to a questionnaire, rather than on agreement between respondents. The aim of this tutorial article is to use a scale of organizational values adapted to the Brazilian context in order to map cultural schemes based on a survey conducted with 207 workers from different companies. Results point toward two different scheme classes (reactive and resilient) that condition the effect of attitudes and organizational structure on employee appreciation and satisfaction. Besides providing a tutorial on how to use the investigated technique, the study points out its relevance for organizational culture field.
A análise de redes sociais consiste em identificar atores (pessoas, empresas, países, entre outros), que são representados por nós, e seus respectivos relacionamentos (amizade, comunicação, trocas econômicas etc.), representados por arestas. A rede pode ser segmentada pautando-se na presença ou força dos relacionamentos, formando grupos de atores similares ou coesos. Ocorre que, em muitos casos, buscamos a similaridade de atores não por meio de relações sociais, mas por meio do compartilhamento de atitudes, crenças ou opinião, o que remete ao uso de variáveis convencionais. Neste artigo, nós propomos o uso da Análise de Classes Correlacionais (CCA) para avaliar o sistema de crenças políticas do eleitor brasileiro, que, por sua vez, são capturadas por meio de variáveis atitudinais. No nosso estudo, o método foi utilizado para identificar classes de atores que são similares por meio da avaliação de suas respostas a respeito de quatro dimensões das crenças políticas, as quais foram baseadas no modelo de Converse. Tendo como base um levantamento com 1.417 respondentes, identificamos três classes esquemáticas (Interesse de grupo, Ideólogos e Quase Ideólogos), as quais representam atores que compartilham crenças em comum sobre política partidária. O método que apresentamos aqui contribui para uma nova forma de se avaliar a similaridade entre atores considerando compartilhamento de crenças ou opiniões, algo limitado para métodos convencionais de análise de redes sociais.
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