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Once again the end of the year is approaching, and along with it comes our final edition for 2011. In it we present six articles to the academic community. The first one, by Eliane Cristine Francisco Maffezzolli, Paulo Henrique Muler Prado, Wesley Vieira da Silva and Renato Zancan Marchetti, examines a timely issue: the possible relations between the antecedents and consequences of the customer relationship quality, loyalty and a financial result indicator and the propensity to change mobile telephone operators. The findings indicate some peculiarities of the Brazilian telecom market, where consumers perceive supply is being homogeneous, a factor that contributes to the high churn rate in the country.

The next article, by Sandro Luís Diesel Cortezia and Yeda Swirski de Souza, analyzes the internationalization process of small Brazilian software firms, adopting a theoretical model that synthesizes the perspectives of experiential learning, systematic planning and the contingency approach. The results indicate that the internationalization of these firms is less a consequence of planning than of the opportunities perceived by the owners of these companies in their relationships. Also, the lack of knowledge about external markets is seen as the main obstacle to the international expansion of the software firms investigated.


In the third article in this edition, Marcos Antonio Ferruzzi, Mário Sacomano Neto, Eduardo Eugênio Spers and Mateus Canniatti Ponchio seek to identify the reasons companies choose to outsource activities instead of keeping them in-house. The study shows that the option for outsourcing is the result of a combination of factors, mainly the interplay of the service to be contracted out and the company’s economic segment. Specialization of services and reduction and control of operating costs were the reasons most often given by the companies surveyed for choosing to outsource activities.


The fourth article, by Luiz Eduardo Carvalho Terra de Faria, Walter Lee Ness Jr., Marcelo Cabus Klotzle and Antonio Carlos Figueiredo Pinto, carefully investigates the influence of the variables beta, market value (size), price-earnings ratio and book-to-market ratio on the behavior of the Brazilian stock market and compares the results with those of other studies of the Brazilian market. The results indicate the significance of price-earnings and market value. However, the book-to-market variable was the most stable and was significant in all the models proposed.


Luiz da Penha Souza da Silva and Marcos Roberto Gois Oliveira are the authors of the fifth article in this issue. In a well-developed text, they examine, in light of portfolio theory, the effects of diversification of assets of Brazilian pension funds under four realistic scenarios for the real interest rate in Brazil and identify the implications for more efficient portfolio allocation. The results show that diversification beyond the limits allowed by current regulations would improve the efficiency of allocation (reducing risk), an outcome that would be enhanced by the inclusion of foreign investments. They conclude, based on technical evidence, that Brazilian pension funds can improve the efficiency of their asset allocation by investing more resources abroad.


In the last article in this edition, Daniel Reed Bergmann, José Roberto Ferreira Savoia, Wesley Mendes-da-Silva, Mauri Aparecido de Oliveira and Wilson Toshiro Nakamura employ copula theory to analyze the co-movements of the capital markets in the United States and Brazil. The authors demonstrate that the symmetrized Joe-Clayton copula is most suitable to model the dependence structure between the log-returns of the Ibovespa and S&P500. They add that examination of the long-term tail dependence indexes shows that the occurrence of extreme negative events (crashes) in the American market tends to have a greater effect on the Brazilian market than does the occurrence of extreme positive events (booms).


I would like to close this issue with a few words. Today I know that when I was just a reader and author of BBR, I was blithely unaware of the number of people and the amount of time necessary to produce each issue. Over the past three years as editor, I have gained great appreciation for the unselfish dedication of all these people. While running the risk of leaving out some individuals involved behind the scenes, I want to use this final note to thank several of those whose efforts have contributed to the success of BBR.


BBR is mainly the product of the efforts of the team of FUCAPE Business School. Though many people are involved in producing each edition, the people this year with whom I have worked most closely are Lorene Prates and Sheila Mendes, efficient in their administrative support. The editorial process was shared this year with the associate editors and during this period I have had the pleasure of working with an exceptionally competent group: Bruno Funchal, Fabio Moraes da Costa, Fernando Caio Galdi, Graziela Fortunato and Marcelo Sanches Pagliarussi. I heartily thank each of them.


Finally, the magazine would not exist without its authors and readers. So, I thank all of you for your support and encouragement and urge you to continue your involvement with BBR, to assure it attains even loftier growth and success in the future.


I wish everyone good reading and an outstanding year end.
How to Cite
Lopo Martinez, A. (2018). Editorial. Brazilian Business Review, 8(4). Retrieved from
Jun 16, 2018
Jun 16, 2018
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