UFAM Business Review - UFAMBR

Did the characteristics of the Board of Directors contribute to better financial performance during the COVID-19 pandemic?

2025-08-05T18:57:49+00:00

The main objective of the present study is to analyze the relationship between the characteristics of the Board of Directors and the financial performance of listed companies during the COVID-19 pandemic period, encompassing the years 2019 to 2021. The methodology employed is descriptive, using documentary analysis in conjunction with a quantitative approach. The research covers a population of 243 companies, with a final sample of 211 companies. The data used totaled 549 firm-year observations (150 in 2019, 188 in 2020, and 211 in 2021). To evaluate corporate performance, the variables Return on Assets (ROA) and Return on Equity (ROE) were used. Regarding the characteristics of the Board of Directors (BoD), the following variables were selected: size, independence, expertise, duality, and gender. Data analysis was conducted using descriptive statistics and the Kruskal-Wallis test. The results pointed to the non-existence of a significant relationship between the BoD characteristics and the companies' performance. However, the evidence obtained showed differences among the analyzed groups. Although most companies followed the recommendations regarding the number of members, the presence of independent members was low, and financial expertise was limited. CEO/Chairman duality was found in only eight companies, and female representation, despite showing an increase in proportion, is still limited. The Kruskal-Wallis test indicated significant differences in the medians of Return on Assets (ROA) and Return on Equity (ROE) in relation to the BoD characteristics.

Scale for Measuring Tourist Satisfaction After Covid-19

2025-09-10T12:58:35+00:00

The emergence of the COVID-19 pandemic initiated a health crisis of global proportions, with the tourism sector being one of the most affected. With the advancement of vaccination against Covid-19, the disease attenuated and tourism gradually resumed, however there are indications that tourists' behavior may have been affected depending on the context they experienced. Therefore, it is believed that the emergence of a new scale including possible new demands is essential. In this sense, this study proposes to discover which attributes promote tourist satisfaction in post-pandemic tourist destinations and validate a new scale to measure these attributes. To this end, a mixed methods study was carried out, consisting of 02 phases. Firstly, an exploratory qualitative study was carried out, based on the opinions of participants in 02 focus groups with the purpose of identifying attributes that were being valued by tourists during their trips in the final period of the pandemic. Subsequently, a descriptive quantitative study was carried out, using the survey method, with a sample of 208 tourists who took at least one tourist trip in 2021 or 2022. As results, a new scale was presented to measure tourist satisfaction in post-pandemic tourist destinations, consisting of 05 dimensions and 26 variables.

CFO’s Intellectual Capital and its Relationship with Financial Performance, An Analysis of Companies Listed on the Stock Exchange (BOVESPA)

2025-10-20T14:23:02+00:00

In a constantly transforming business environment, intellectual capital stands out as the most valuable asset for companies. Companies that prioritize the development of their employees tend to outperform their competitors. This study aims to explore the relationship between the intellectual capital of CFOs and the financial performance of companies listed on the B3. The B3 (Brasil, Bolsa, Balcão) is one of the main institutions in the global financial market; it integrates the Ibovespa, BrX-50, IBrX, Itag, and other indices. Its activities involve the creation and management of systems that guarantee the negotiation, clearing, settlement, deposit, and registration of different types of assets, such as stocks, fixed-income securities, derivatives, structured operations, and commodities. B3 (2025). The 100 largest companies by market capitalization listed on the B3 in 2022 were analyzed, with available data on the CFOs. A statistical model was applied in a cross-sectional analysis, considering two of the three subdivisions of Intellectual Capital: subdivided into Human Capital (experience, education, and certifications) and Relational/Social Capital (network of contacts and reputation of the CFO). The results indicated a statistically significant relationship between the level of Intellectual Capital of the CFOs and the performance of the companies they lead, measured by EPS, ROA, and ROE. However, no statistical significance was found for Relational/Social Capital. This study contributes to the literature on intellectual capital and corporate finance in the Brazilian context, providing new evidence on the importance of CFOs intellectual capital for company performance. It was observed that there are few equivalent studies in Brazil on this topic, especially regarding the intellectual capital of CFOs in companies listed on the stock exchange (BOVESPA).

Female Leadership and Its Challenges in the Industrial Sector: A Case Study in the Manaus Industrial Hub

2025-10-20T13:53:40+00:00

The female trajectory is marked by the overcoming of stereotypes and the gradual achievement of space in the labor market and leadership positions. Despite the progress made, challenges such as low representation in top management roles and the persistence of gender biases still hinder equality. The main objective of this study was to investigate the challenges faced by women in leadership positions at a factory located in the Industrial Hub of Manaus. The study employed a qualitative approach, with data collected through semi-structured interviews with eight leaders working at a company in the Industrial Hub of Manaus. Subsequently, the excerpts from the interviews were analyzed using the content analysis technique. The results indicate that the main challenges are related to conflict management, adapting communication to the individual characteristics of subordinates, and resistance to female leadership, despite the inclusion policies adopted by the company. The content of this study highlights emotional skills and adaptability as key competencies to overcome these challenges.