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Dear BBR Readers and collaborators

I would like to start the volume 11 number 1 editorial by presenting to our public our journal numbers, which refer to the year 2013. In this last year, 193 articles were submitted and 70 were resubmitted. In the submitted ones, 20 % of those were written in English and 80% in Portuguese. The year of 2013 did not present an increase in the submitted articles volume, but it presented a substantial improvement on its quality. Different from 2012, when only 18 articles were accepted, in 2013 35 articles were accepted, which gives us a rejection rate of approx. 82%.
In relation to the submission process velocity, in 2013, the evaluation medium time, of the first version was around 80 days, with a 77 days median. On the sequent versions evaluation, the medium time of the journal was 49 days with the median of 31 days. In relation to the number of versions that were needed for an article to be accepted, the minimum observed were 2 versions and the maximum 5.
This numbers show the result of the BBR work in 2012, when we, the editors and the evaluators, worked to give our authors quality evaluations with agility, elements that we judge essentials for the continuity of our journals success.
The year of 2014 gives our journal a new phase, with changes on the editorial board. The last two years were marked with a lot of work and some accomplishments. For that, I would like to thank the hard work from all, that in some way contributed for the journal progress and in special to the evaluators and associated editors.
Some of these accomplishments were that we were able to accelerate the BBR submission process; we indexed the journal in two more bases (Spell and Repec). We did the first BBR Conference and the first thematic issue, distributed in the end of last year. For the next 2 years professor Emerson Wagner Mainardes will assume the board with new challenges and I am sure that the journal will continue growing and will achieve its objectives.
Bruno Funchal.
I assumed the mission to continue Professor Bruno Funchal´ s work that, in the last two years, worked hard with the mission of elevating the scientific quality of BBR.
He continues with the commitments with BBR, now as the coeditor of the journal. Among the associated editors, Marcelo Sanches Pagliarussi (São Paulo University– campus Ribeirão Preto), Fabio Moraes da Costa (FUCAPE Business School) e Paulo Rogerio Faustino Matos (Ceará Federal University) assumed other commitments and left our team. I would like to thank for the dedication during the time they collaborated as associated editors.
Remain as associated editors the professors Bruno Fernandes (Positivo University), Fernando Caio Galdi (FUCAPE Business School). And as new editors, we have Cristiano Machado Costa (Vale do Rio dos Sinos University), Daniel Reed Bergmann (FECAP University Center), Emilio Arruda Filho (Amazonia University) and Renê Coppe Pimentel (Copenhagen Business School).I would like to thank for the availability of all editors and the evaluator’s board that participates of BBR.
This renovation seeks to continually improve the BBR processes, keeping and improving its scientific quality. Besides the fastening of the evaluation of the submitted works, we seek to improve the BBR system, internationalize the journal and accomplish new indexes. We want to have an international recognized journal as a business reference in Brazil. Also, we seek to have the third Special Issue and to have one more BBR Conference.
In this edition, I present 6 articles on various business themes. The first article was written by Ricardo Luiz Menezes da Silva, Paula Carolina Ciampaglia Nardi, Vinicius Aversari Martins and Milton Barossi-Filho, discuss the adoption of governance levels of BM&BOVESPA and the stock liquidity of the companies that adopt these levels. The authors identified the 2008 crisis as an important influencer on the companies’ liquidity, that were situated in the levels of governance 1 and new market. They also observed that companies with ADRs superior liquidity to the ones presented in the governance levels that were cited, independ of the crisis factor.
The second article was developed by Lidiano de Jesus Santos, Marcelo Alvaro da Silva Macedo and Adriano Rodrigues, and had the objective of identifying the determinants of the disclosure level of the Pillar 3 recommendations of the Basel II accord in the financial statements for the 100 greatest financial institutions acting in Brazil in 2010. The authors concluded that the size of the company, the Basil index and the type of capital can explain the level of the analyzed information disclosure.
In a perspective that considers the financial value of the human capital, Marta Corrêa Dalbem, Carlos de Lamare Bastian-Pinto and Alexandre Mattos de Andrade developed a methodology to evaluate the intellectual capacities of an engineering company, which can be used in other service companies. The article also brings a reflection about the earning of the key-person, basing on the capacity of the individual to generate value for the company.
In the sequence, it is the study by Márcio André Veras Machado and Márcia Reis Machado about the return variation in Brazilian stock market on two factors model. Using portfolios and multiple regressions in time series, the authors identified that the two factors model can be better than other exiting models, besides it limitations.
In the same line as the first article, the fifth is developed by Daniel Ferreira Caixe and Elizabeth Krauter, that objective to investigate if the adoption of good corporate governance practices influences the market value of Brazilian companies. The results of the study shows that the organizations that participated in one of the three segments of corporative governance from BM&FBovespa are more have more value by the market when compared with companies that are listed in the traditional segment, also impacting the market value of companies.
The last article is by Max Leandro Ferreira Tavares, Claudio Henrique da Silveira Barbedo and Gustavo Silva Araujo investigated if the asymmetry component of information in the spread of buying and selling helps to explain the difference of returns between portfolios composed by value and growing stocks. The result suggest that the asymmetry can be an explain variable of the difference between returns of the value and return portfolios.
In summary, I and my team wish a good reading of the presented articles in this edition.
Good reading!
Emerson Mainardes
Editor in chief of Brazilian Business Review
How to Cite
Funchal, B., & Mainardes, E. (2018). Editorial. Brazilian Business Review, 11(1). Retrieved from
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