BAR - Brazilian Administration Review

15

Authors: Ana Luiza Paraboni, Marcelo Brutti Righi, Kelmara Mendes Vieira, Vinícius Girardi da Silveira

This article estimates association coefficients between measures of market sentiment and risk in the U.S., German and Chinese markets. In terms of risk, four measures were considered: standard deviation, value at risk, expected shortfall and shortfall deviation risk. For market sentiment, data was collected using the Psych Signal technology, which is based on the behavior of investors on social networks. The results indicate significant statistical associations, with the direction of association having financial meaning. Moreover, the empirical findings are valid for all risk measurements. The results are in keeping with the Prospect Theory, since in moments when the sentiment indicates low liquidity (a negative value for the difference between Bullish and Bearish Intensities) investors try to reduce the negotiation volume, which has a positive impact on risk. On the other hand, under the inverted scenario, when sentiment indicates high liquidity, there is an increase in the negotiation volume and a consequent decrease in risk. This article is important because its observations of market sentiment as measured by social media data show a consistent relationship with measures of financial risk.

23

Authors: Leandro Rodrigo Canto Bonfim, Gabrielle Ribeiro Rodrigues Silva, Paulo Henrique Müller Prado, Gustavo Abib

This research investigates managerial risk perception regarding internationalization of small and medium-sized enterprises in the Brazilian context. We examine how managers’ perception of risk influences firms’ degrees of internationalization. Likewise, we assessed how risk perception is influenced by managers’ cognitive traits, such as tolerance for ambiguity and cognitive style. We provided empirical evidence for the relationships we proposed through a partial least squares structural equation model with data gathered from a survey of 149 SMEs from the State of Paraná, Brazil. Our results suggest that managers’ tolerance for ambiguity is only significant for explaining risk perception for the managers with a preference for a deliberative style. Still, the research suggests that the Brazilian SMEs in our sample presented a higher degree of internationalization even when their managers perceived higher levels of risk.

25

Authors: Tânia Marques, Nuno Reis, Jorge F. S. Gomes

Political, religious, sports and business leaders across the world have been under scrutiny regarding allegedly unethical behaviors. The current study analyzes the use of responsible leadership in management research. Using a sample of 64 articles published in SSCI-indexed journals over 10 years (2006-2016), we carried out a bibliometric analysis to understand the intellectual structure of the responsible leadership literature. The results of authorship, citation and co-citation, and factor analyses reveal the most prolific authors and the most notable journals writing and publishing on responsible leadership. The most cited works are theoretical, using Western frameworks and cultures, and focus on the concept of responsible leadership; only a few empirical/case study articles appear. Also, the most prevalent links are between theoretical works and highlight the conceptualization, understanding, and roles and parameters of responsible leaders. Six distinct factors emerge, denoting the groups of studies devoted to the evolution of leadership, transformational leadership, stakeholder theory and leadership, conceptualization and understanding of the topic, and roles of responsible leaders. These various research topics show the central tenets of responsible leadership, as well as the existing gaps in the existent literature.