Impact of Biases on Analyst´s Accuracy: a Cluster-Based Analysis
DOI:
https://doi.org/10.14392/asaa.2025180102Keywords:
Analyst accuracy, Behavioural biases, ClusteringAbstract
Objective: This study investigates the impact of biases on the accuracy of financial analysts by distinguishing between analysts with higher and lower levels of accuracy through cluster analysis.
Method: The analysis encompassed publicly traded companies in Brazil and the USA during the quarters of 2019, comprising 840 observations from 76 Brazilian firms and 16,402 observations from 880 U.S. firms. The cognitive biases examined included: anchoring, optimism, overconfidence, communal bias, representativeness, and realism, measured using Diction®. Data analysis was conducted using STATA® and SPSS®, employing analysis of variance (ANOVA), post-hoc ANOVA test, cluster analysis and multiple regression models.
Results: Among the biases analyzed, anchoring—defined as the tendency to rely on past earnings as a reference point for future forecasts, was the only bias to exhibit consistent patterns across both accuracy groups and countries. This finding suggests that the stochastic effect of past profitability contributes positively to earnings forecasting accuracy. In the U.S. sample, cognitive biases were more strongly associated with analyst accuracy than in the Brazilian sample. Overconfidence and realism were particularly salient among the higher accuracy groups in the U.S. In Brazil, the only statistically significant result indicated a negative effect of optimism on forecasts issued by analysts in the higher accuracy group. The communal bias was found to negatively affect analyst accuracy in the U.S., regardless of accuracy level. Representativeness bias also had detrimental effect on analyst with lower accuracy in the U.S.
Contributions: This study emphasizes the relevance of considering biases in the evaluation financial analysts and suggests that awareness of such biases may enhance investment decision-making. Specifically, analysts with overconfidence and realism in the U.S. tend to produce more accurate forecasts, whereas those influenced by optimism in Brazil, and communal or representativeness biases in the U.S., should be approached with caution.
Downloads
References
Aboud, A., Roberts, C., & Zalata, A. M. (2018). The impact of IFRS 8 on financial analysts’ earnings forecast errors: EU evidence. Journal of International Accounting, Auditing and Taxation, 33, 2–17. doi: 10.1016/j.intaccaudtax.2018.08.001
Akhtar, T. (2021). Market multiples and stock returns among emerging and developed financial markets. Borsa Istanbul Review, 21(1), 44–56. doi: 10.1016/j.bir.2020.07.001
Aragón, N., & Roulund, R. P. (2020). Confidence and decision-making in experimental asset markets. Journal of Economic Behavior & Organization, 178, 688–718. doi: 10.1016/j.jebo.2020.07.032
Arnett, J. J. (2009). The neglected 95%, a challenge to psychology's philosophy of science. American Psychologist, 64(6), 571–574. doi: 10.1037/a0016723
Arnott, D., & Gao, S. (2022). Behavioral economics in information systems research: Critical analysis and research strategies. Journal of Information Technology, 37(1), 80–117. doi: 10.1177/02683962211016000
Ashour, S., & Hao, Q. (2019). Do analysts really anchor? Evidence from credit risk and suppressed negative information. Journal of Banking and Finance, 98, 183–197. doi: 10.1016/j.jbankfin.2018.11.006
BC, B., & Esfahani, S. (2020). The role of debt contracts in analyst earnings forecasts. Journal of Economics and Business, 111, 105929. doi: 10.1016/j.jeconbus.2020.105929
Bénabou, R. (2009). Groupthink: Collective Delusions in Organizations and Markets. National Bureau of Economic Research Working Paper Series, 14764. doi: 10.3386/w14764
Bernardi, C., & Stark, A. W. (2018). Environmental, social and governance disclosure, integrated reporting, and the accuracy of analyst forecasts. The British Accounting Review, 50(1), 16–31. doi: 10.1016/j.bar.2016.10.001
Bordalo, P., Colon, J. J., Gennaioli, N., Kwon, S. Y., & Shleifer, A. (2021). Memory and Probability. National Bureau of Economic Research Working Paper Series, 29273. doi: 10.3386/w29273
Bradshaw, M. T., Drake, M. S., Myers, J. N., & Myers, L. A. (2012). A re-examination of analysts’ superiority over time-series forecasts of annual earnings. Review of Accounting Studies, 17(4), 944–968. doi: 10.1007/s11142-012-9185-8
Brauer, M., & Wiersema, M. (2018). Analyzing Analyst Research: A Review of Past Coverage and Recommendations for Future Research. Journal of Management, 44(1), 218–248. doi: 10.1177/0149206317734900
Bregu, K. (2020). Overconfidence and (Over)Trading: The Effect of Feedback on Trading Behavior. Journal of Behavioral and Experimental Economics, 88. doi: 10.1016/j.socec.2020.101598
Broihanne, M. H., Merli, M., & Roger, P. (2014). Overconfidence, risk perception and the risk-taking behavior of finance professionals. Finance Research Letters, 11(2), 64-73. doi: 10.1016/j.frl.2013.11.002
Brown, A. B., Lin, G., & Zhou, A. (2022). Analysts’ forecast optimism: The effects of managers’ incentives on analysts’ forecasts. Journal of Behavioral and Experimental Finance, 35, 100708. doi: 10.1016/j.jbef.2022.100708
Campbell, S. D., & Sharpe, S. A. (2009). Anchoring bias in consensus forecasts and its effect on market prices. Journal of Financial and Quantitative Analysis, 44(2), 369-390. doi: 10.1017/S0022109009090127
Cen, L., Hilary, G., & Wei, K. J. (2013). The role of anchoring bias in the equity market: Evidence from analysts’ earnings forecasts and stock returns. Journal of Financial and Quantitative Analysis, 48(1), 47-76. https://www.jstor.org/stable/43303792
Chang, H. S., Donohoe, M., & Sougiannis, T. (2016). Do analysts understand the economic and reporting complexities of derivatives? Journal of Accounting and Economics, 61(2–3), 584–604. doi: 10.1016/j.jacceco.2015.07.005
Chiu, C. Y., Benegal, A., & Gries, P. H. (2022). Globalization and Intercultural Relations. Oxford Research Encyclopedia of Psychology, 20, . doi: 10.1093/acrefore/9780190236557.013.573
Chourou, L., Purda, L., & Saadi, S. (2021). Economic policy uncertainty and analysts’ forecast characteristics. Journal of Accounting and Public Policy, 40(4), 106775. doi: 10.1016/j.jaccpubpol.2020.106775
Ciccone, S. (2003). Does Analyst Optimism About Future Earnings Distort Stock Prices? Journal of Behavioral Finance, 4(2), 59–64.
Clarke, J., & Shastri, K. (2001). On Information Asymmetry Metrics. SSRN Electronic Journal, 1708. doi: 10.2139/ssrn.251938
Coën, A., Desfleurs, A., & L’Her, J. F. (2009). International evidence on the relative importance of the determinants of earnings forecast accuracy. Journal of Economics and Business, 61(6), 453–471. doi: 10.1016/j.jeconbus.2009.06.004
Coën, A., & Desfleurs, A. (2016). Another Look at Financial Analysts’ Forecasts Accuracy: Recent Evidence From Eastern European Frontier Markets. Handbook of Frontier Markets: The European and African Evidence, 9, 171-189. doi: 10.1016/B978-0-12-803776-8.00009-4-
Coën, A., & Desfleurs, A. (2017). Did Security Analysts Overreact During the Global Financial Crisis? Canadian Evidence. Handbook of Investors’ Behavior during Financial Crises, 80(2), 169-190, doi: 10.1016/B978-0-12-811252-6.00010-4
Contabilidade e Vieses.(2023) Banco de Dados, criado em 2020. Universidade de São Paulo, Ribeirão Preto. (Excel).
Corredor, P., Ferrer, E., & Santamarıa, R. (2013). Investor sentiment effect in stock markets: Stock characteristics or country-specific factors? International Review of Economics and Finance, 27, 572–591. doi: 10.1016/j.iref.2013.02.001
Dai, Y., Chao, Y., & Wang, L. (2021). The brain gain of CFOs in China: The case of analyst forecasts. International Review of Financial Analysis, 75, 101744. doi: 10.1016/j.irfa.2021.101744
Das, S. (1998). Financial analysts’ earnings forecasts for loss firms. Managerial Finance, 24(6), 39-50. doi: 10.1108/03074359810765570
Davis, M., & Lleo, S. (2020). Debiased expert forecasts in continuous-time asset allocation. Journal of Banking & Finance, 113, 105759. doi: 10.1016/j.jbankfin.2020.105759
Deaves, R., Lüders, E., & Schröder, M. (2010). The dynamics of overconfidence: Evidence from stock market forecasters. Journal of Economic Behavior & Organization, 75(3), 402–412. doi: 10.1016/j.jebo.2010.05.001
Dessí, R., & Zhao, X. (2018). Overconfidence, stability and investments. Journal of Economic Behavior and Organization, 145, 474–494. doi: 10.1016/j.jebo.2017.11.030
Du, N., & Budescu, D. V. (2017). How (Over) Confident Are Financial Analysts? Journal of Behavioral Finance, 19(3), 308–318. doi: 10.1080/15427560.2018.1405004
Eachempati, P., Srivastava, P. R., Kumar, A., Tan, K. H., & Gupta, S. (2021). Validating the impact of accounting disclosures on stock market: A deep neural network approach. Technological Forecasting and Social Change, 170, 120903. doi: 10.1016/j.techfore.2021.120903
Eliwa, Y., Haslam, J., & Abraham, S. (2021). Earnings quality and analysts’ information environment: Evidence from the EU market. Journal of International Accounting, Auditing and Taxation, 42, 100373. doi: 10.1016/j.intaccaudtax.2020.100373
Ernstberger, J., Krotter, S., & Stadler, C. (2008). Analysts’ Forecast Accuracy in Germany: The Effect of Different Accounting Principles and Changes of Accounting Principles. Business Research, 1(1), 26–53. doi: 10.1007/BF03342701
Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383–471. doi:10.2307/2325486
Fávero, L. P., & Belfiore, P. (2017). Manual de Análise de Dados: Estatística e Modelagem Multivariada com Excel, SPSS E Stata (1a ed.). Rio de Janeiro, RJ: Elsevier.
Fishburn, P. C. (1968). Utility Theory. Management Science, 14(5), 335–378. doi: 10.1287/mnsc.14.5.335
Ford, B. Q., & Mauss, I. B. (2015). Culture and emotion regulation. Current Opinion in Psychology, 3, 1–5. doi: 10.1016/j. copsyc.2014.12.004
Friehe, T., & Pannenberg, M. (2019). Overconfidence over the lifespan: Evidence from Germany. Journal of Economic Psychology, 74, 102207. doi: 10.1016/j.joep.2019.102207
Friesen, G., & Weller, P. A .(2006). Quantifying cognitive biases in analyst earnings forecasts. Journal of Financial Markets, 9(4), 333–365. doi: 10.1016/j.finmar.2006.07.001
Galanti, S., & Vaubourg, A. G. (2017). Optimism bias in financial analysts' earnings forecasts: Do commissions sharing agreements reduce conflicts of interest? Economic Modelling, 67, 325-337. doi: 10.1016/j.econmod.2017.02.001
García-Meca, E., & Sánchez-Ballesta, J. P. (2006). Influences on financial analyst forecast errors: A meta-analysis. International Business Review, 15(1), 29–52. doi: 10.1016/j.ibusrev.2005.12.003
Garcia, V. F., & Liu, L. (1999). Macroeconomic Determinants of Stock Market Development. Journal of Applied Economics, 2(1), 29–59. doi: 10.1080/15140326.1999.12040532
Gu, Z., & Wu, J. S. (2003). Earnings skewness and analyst forecast bias. Journal of Accounting and Economics, 35(1), 5-29. doi: 10.1016/S0165-4101(02)00095-2
Hart, R. P., & Carroll, C. E. (2015). Diction 7.1: The Text Analysis Program. USA: Digitext Inc.
He, F., Feng, Y., & Hao, J. (2022). Information disclosure source, investors’ searching and stock price crash risk. Economics Letters, 210, 110202. doi: 10.1016/j.econlet.2021.110202
Hilary, G., & Menzly, L. (2006). Does Past Success Lead Analysts to Become Overconfident? Management Science, 52(4), 489–500. http://www.jstor.com/stable/20110528
Hirshleifer, D.; &, Teoh, S. H. (2003). Limited attention, information disclosure, and financial reporting. Journal of Accounting and Economics, 36, 337–386. doi: 10.1016/j.jacceco.2003.10.002
Ho, T., Nguyen, Y., Parikh, B., & Vo, D. (2020). Does foreign exchange risk matter to equity research analysts when forecasting stock prices? Evidence from U.S. firms. International Review of Financial Analysis, 72, 101568. doi: 10.1016/j.irfa.2020.101568
Hofstede, G. (1980). Motivation, leadership, and organization: Do American theories apply abroad? Organizational Dynamics, 9(1), 42–63. doi: 10.1016/0090-2616(80)90013-3
Hou, D., Meng, Q., & Chan, K. C. (2021). Does short selling reduce analysts’ optimism bias in earnings forecasts? Research in International Business and Finance, 56(May), 101356. doi: 10.1016/j.ribaf.2020.101356
Hou, T. C. T., & Gao, S. (2021). The impact of economic freedom on financial analysts’ earnings forecast: Evidence from the Asia-Pacific region. Finance Research Letters, 43, 102009. doi: 10.1016/j.frl.2021.102009
Iatridis, G. E. (2016). Financial reporting language in financial statements: Does pessimism restrict the potential for managerial opportunism? International Review of Financial Analysis, 45, 1–17. doi: 10.1016/j.irfa.2016.02.004
Illiashenko, P. (2019). “Tough Guy” vs. “Cushion” hypothesis: How does individualism affect risk-taking? Journal of Behavioral and Experimental Finance, 24, 100212. doi: 10.1016/j.jbef.2019.04.005
Iqbal, A., Ali, F., Umar, M., Ullah, I., & Jebran, K. (2021). Product market competition and financial analysts’ forecast quality: The mediating role of financial reporting quality. Borsa Istanbul Review, 22(2), 248-256. doi: 10.1016/j.bir.2021.05.001
Jegadeesh, N., Kim, J., Krische, S. D., & Lee, C. M. (2004). Analyzing the analysts: When do recommendations add value? The journal of finance, 59(3), 1083-1124. doi: 10.1111/j.1540-6261.2004.00657.x
Jegadeesh, N., & Kim, W. (2010). Do analysts herd? An analysis of recommendations and market reactions. The Review of Financial Studies, 23(2), 901-937. https://www.jstor.org/stable/pdf/40468329
Kahneman, D., & Tversky, A. (1972). Subjective probability: A judgment of representativeness. Cognitive Psychology, 3(3), 430–454. doi: 10.1016/0010-0285(72)90016-3
Kahneman, D., & Tversky, A. (1973). On the psychology of prediction. Psychological Review, 80(4), 237–251. doi: 10.1037/h0034747
Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47(2), 263–291. doi: 10.2307/1914185
Kajimoto, C. G .K., Nakao, S. H., & Moraes, M. B. C. (2019). A suavização do lucro líquido e a persistência das contas de resultado nas empresas brasileiras de capital aberto. Revista de Contabilidade e Organizações, 13(16), e154173. doi: 10.11606/issn.1982-6486.rco.2019.154173
Krolikowski, M. W., Chen, G., & Mohr, J. E. (2016). Optimism pattern of all-star analysts. International Review of Financial Analysis, 47, 222–228. doi: 10.1016/j.irfa.2016.08.003
Kumar, A., Rantala, V., & Xu, R.(2022). Social learning and analyst behavior. Journal of Financial Economics, 143(1), 434–461. doi: 10.1016/j.jfineco.2021.06.011
La Porta, R., Lopes-De-Sinales, F., Shleifer, A., Vishny, R. W. (1997). Legal Determinants of External Finance. The Journal of Finance, 52(3), 1131-1150. doi: 10.2307/2329518
Lam, L. W., & White, L. P. (1999). An adaptative choice model of the internationalization process. International Journal of Organizational Analysis, 7(2), p. 105-134. doi: 10.1108/eb028896.
Leuz, C. (2003). Discussion of ADRs, analysts, and accuracy: Does cross-listing in the United States improve a firm’s information environment and increase market value? Journal of Accounting Research, 41(2), 347–362. doi: 10.1111/1475-679X.00107
Li, F., Lin, C., & Lin, T. C. (2021). Salient anchor and analyst recommendation downgrade. Journal of Corporate Finance, 69, 102033. doi: 10.1016/j.jcorpfin.2021.102033
Lim, T. (2001). Rationality and Analysts’ Forecast Bias. The Journal of Finance, 56(1), 369–385. https://www.jstor.org/stable/222473
Linnainmaa, J. T., Torous, W., & Yae, J. (2016). Reading the tea leaves: Model uncertainty, robust forecasts, and the autocorrelation of analysts’ forecast errors. Journal of Financial Economics, 122(1), 42–64. doi: 10.1016/j.jfineco.2015.08.020
Liu, Y., & Sheng, X. S. (2019). The measurement and transmission of macroeconomic uncertainty: Evidence from the U.S. and BRIC countries. International Journal of Forecasting, 35(3), 967–979. doi: 10.1016/j.ijforecast.2019.05.001
Low, R. K. Y., & Tan, E. (2016). The role of analyst forecasts in the momentum effect. International Review of Financial Analysis, 48, 67–84. doi: 10.1016/j.irfa.2016.09.007
Lu, W., Niu, G., & Zhou, Y. (2021). Individualism and financial inclusion. Journal of Economic Behavior & Organization, 183, 268–288. doi: 10.1016/j.jebo.2021.01.008
Machado, A., & Lima, F. G. (2021). Sell-side analyst reports and decision-maker reactions: Role of heuristics. Journal of Behavioral and Experimental Finance, 32, 100560. doi: 10.1016/j.jbef.2021.100560
Marsden, A., Veeraraghavan, M., & Ye, M. (2008). Heuristics of representativeness, anchoring and adjustment, and leniency: Impact on earnings' forecasts by australian analysts. Quarterly Journal of Finance and Accounting, 83-102. https://www.jstor.org/stable/40473457
Martins, V. G., Paulo, E., & Monte, P. A. (2016). O gerenciamento de resultados contábeis exerce influência na acurácia das previsões de analistas no Brasil? Revista Universo Contábil, 12(3), 73–90. doi: 10.4270/ruc.2016322
Mensi, W., Shafiullah, M., Vo, X. V., & Kang, S. H. (2021). Volatility spillovers between strategic commodity futures and stock markets and portfolio implications: Evidence from developed and emerging economies. Resources Policy, 71, 102002. doi: 10.1016/j.resourpol.2021.102002
Mirzajani, J., & Heidarpoor, F. (2018). Income smoothing, investor reaction and earnings persistence. International Journal of Finance & Managerial Accounting, 3(11), 23-31.
Mohamed, H., Mirakhor, A., & Erbaş, S. N.(2019). Markets and Investment Behaviour. In H. Mohamed, A. Mirakhor, & S. N. Erbaş (Org), Belief and Rule Compliance (Chap. 4, Issue 1720, pp. 69–100). Elsevier. doi: 10.1016/B978-0-12-813809-0.00004-7
Mousavi, S. (2020). Fast-and-frugal heuristics. In M. Altman, P.W. Forbes, A.O. Igboekwu & S. Mousavi (Org), A Fast and Frugal Finance. Elsevier. doi: 10.1016/B978-0-12-812495-6.00009-4
Nardi, P. C. C., Ribeiro, E. M. S., & Bueno, J. L. O. (2021). Análise da Relação entre Aspectos Comportamentais Cognitivos e Temporal com a Acurácia da Previsão do Analista. Anais... XXI USP International Conference in Accounting. São Paulo, SP.
Nardi, P. C. C., Ribeira, E. M. S., Bueno, J. L. O., & Aggarwal, I. (2022). The Influence of Cognitive Biases and Financial Factors on Forecast Accuracy of Analysts. Frontiers in Psychology, 12, 1–17. doi: 10.3389/fpsyg.2021.773894
Nguyen, L. T. M., Cheong, C. S., & Zurbruegg, R. (2021). Brokerage M&As and the peer effect on analyst forecast accuracy. International Review of Financial Analysis, 73, 101650. doi: 10.1016/j.irfa.2020.101650
Novaes, P. V. G., Miranda, R. D., Silva, R. C., & Bressan, V. G. F. (2020). Risco Informacional E a Previsão Dos Analistas De Mercado: Um Estudo Empírico Sobre As Empresas Brasileiras Listadas Na B3. Trabalho apresentado no XIV Congresso AnpCont (pp. 1-18). Foz Do Iguaçu, PR.
O’Brien, P. C., McNichols, M. F., & Lin, H.-W. (2005). Analyst Impartiality and Investment Banking Relationships. Journal of Accounting Research, 43(4), 623–650. doi: 10.1111/j.1475-679X.2005.00184.x
Oliveira, M. G., Azevedo, G., & Oliveira, J. (2021). The Relationship between the Company’s Value and the Tone of the Risk-Related Narratives: The Case of Portugal. Economies, 9(2), 70–98. doi: 10.3390/economies9020070
Opoku-Okuampa, I. Y. (2024). The Influence of Cultural Factors on Financial Decision-Making in Ghana. International Journal of Finance and Banking Research, 10(6), 118-125. doi: 10.11648/j.ijfbr.20241006.12
Peña, V. A., & Gómez-Mejía, Al. (2019). Effect of the anchoring and adjustment heuristic and optimism bias in stock market forecasts. Revista Finanzas y Política Económica, 11(2), 389-409.
Picavet, E.(2015). Methodological Individualism in Sociology. In J. D. Wright, International Encyclopedia of the Social & Behavioral Sciences, 15, 302–307. doi: 10.1016/B978-0-08-097086-8.32089-X
Saad, M., & Samet, A. (2020). Collectivism and commonality in liquidity. Journal of Business Research, 116, 137–162. doi: 10.1016/j.jbusres.2020.04.012
Schmitt, D. P., & Allik, J. (2005). Simultaneous Administration of the Rosenberg Self-Esteem Scale in 53 Nations: Exploring the Universal and Culture-Specific Features of Global Self-Esteem. Journal of Personality and Social Psychology, 89(4), 623–642. doi: 10.1037/0022-3514.89.4.623
Silva, R. M., & Nardi, P. C. C. (2018). The (in) Difference Between Historical Cost And Fair Value for Biological Assets: a Cross-Country Study. Anais…Annual Meeting of the American Accounting Association. Washington, DC.
Silva Filho, A. C. C., Miranda, K. F., Lucena, W. G., & Machado, M. R. (2018). Vieses Comportamentais Influenciam as Previsões de Lucros dos Analistas de Mercado? Uma Análise no Mercado de Capitais Brasileiro. Anais… XVIII USP International Conference in Accounting. São Paulo.
Simon, H. A. (1955). A Behavioral Model of Rational Choice. The Quarterly Journal of Economics, 69(1), 99-118. doi: 10.2307/1884852
Simon, H. A. (1956). Rational choice and the structure of the environment. Psychological Review, 63(2), 129-138.
Simon, H. A. (1986). Rationality in Psychology and Economics. Journal of Business, 59(4), 209–224. Recuperado de https://www.jstor.org/stable/2352757
Sinha, R. K. (2021). Macro disagreement and analyst forecast properties. Journal of Contemporary Accounting and Economics, 17(1), 100235. doi: 10.1016/j.jcae.2020.100235
Tversky, A., & Kahneman, D. (1971). Belief in the law of small numbers. Psychological Bulletin, 76(2), 105–110 doi: 10.1037/h0031322
Tversky, A., & Kahneman, D. (1973). Availability: A Heuristic for Judging Frequency and Probability. Cognitive Psychology, 5(2), 207–232. doi: 10.1016/0010-0285(73)90033-9
Tversky, A., & Kahneman, D. (1974). Judgment under Uncertainty: Heuristics and Biases. Science, 185(4157), 1124–1131. doi: 10.1126/science.185.4157.1124
Vila-Henninger, L. A. (2021). A Dual-Process Model of Economic Behavior: Using Culture and Cognition, Economic Sociology, Behavioral Economics, and Neuroscience to Reconcile Moral and Self-Interested Economic Action. Sociological Forum, 36(S1), 1271–1296. doi: 10.1111/socf.12763
Wisniewski, T. P., & Yekini, L. S. (2015). Stock market returns and the content of annual report narratives. Accounting Forum, 39(4), 281–294. doi: 10.1016/j.accfor.2015.09.001
Yang, X., & Chen, W. (2021). The joint effects of macroeconomic uncertainty and cyclicality on management and analyst earnings forecasts. Journal of Economics and Business, 116, 106006. doi: 10.1016/j.jeconbus.2021.106006
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Ariadine Muniz de Paula, Paula Carolina Ciampaglia Nardi, André Machado
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Copyright for articles published in the ASAA Journal is held by the author, with first publication rights to the journal. By virtue of appearing in this publicly accessible journal, the articles are free to use, with their own attributions, in educational and non-commercial applications. The ASAA Journal will allow the use of published works for non-commercial purposes, including the right to submit the work to publicly accessible databases. Published articles are the authors' full and exclusive responsibility. There are no submission/publishing charges or fees for processing articles (APC).
