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Dear readers,

It is with great pleasure that I present to you the second issue of Brazilian Business Review this year. This issue reflects one of the goals that guide BBR, to be a multifaceted and high-level scientific journal within the business area. The papers deal with issues related to the area of ​​finance to gender approaches in the labor market, national and international study environments, research with qualitative and quantitative approaches. A great opportunity to absorb new knowledge for those who appreciate good scientific reading.

Opening the issue, Guimarães and Malaquias create a bondholders’ protection index (BPI) and they investigate what is the influence of this index on multimarket funds’ allocation in corporate bond. Based on a sample of multimarket funds, results suggest that BPI positively affects how the multimarket funds allocate their resources to debentures. The results help us to understand the resource allocation behavior of multimarket funds in underdevelopment economies.

Our second paper, from Villanueva and Gaytán, examines the factors that differentiate internationally oriented Mexican franchisors from those that operate only in the domestic market. Based on a sample of 249 franchises that operated in the Mexican market in 2016, the authors find evidence that the experience, size, monitoring capacity and franchise rate significantly predict the adoption of internationalization. The results help us to understand how the internationalization process works in the countries of Latin America, taking Mexico as an example.

Next, Lorca and Avrichir examine how certain Civil Society Organizations (CSO) from emerging economies can raise funds from International Development Agencies, while others are not successful in this endeavor. Using a multiple case study of Brazilian CSOs, results suggest that one of the factors that explain the success of CSOs in international fundraising is Entrepreneurial Orientation (EO). The findings contribute to the expansion of the theoretical domain in which the EO construct is important for international fundraising, a field that has been explored little in the literature. 

Our fourth paper, from Fraga, Antunes & Rocha-de-Oliveira, examines the construction of career paths of expatriate Brazilian women, using conceptual foundations such as gender, career and expatriation interfaces. Based on qualitative research, the results suggest some categories relevant to the success of female expatriations such as personal characteristics, companies and families. The results can assist other women looking for this experience, taking into account the advanced implications of the process.

Following, Beuren, Santos & Bernd examine the effects of the enabling perception of the Management Control System (MCS) on psychological empowerment and organizational resilience. Based on a survey of Brazilian company managers who had undergone the company acquisition process, the authors find evidence that the enabling MCSs favors the empowerment of manager and supports companies in dealing more effectively with the turbulence to which they are exposed. The results help us to attend to the influence of the social context on the motivational of individuals.

Closing the issue, Franzotti & do Vale examine the impacts of the financial crises of 2008 and 2015 on investments and financing of restricted and unrestricted Brazilian firms. Based on quarterly information between the years 2007 and 2016, the authors find evidence that financial crises are capable of impacting firms' investments and financing. The results can help firms to target better strategies, such as practices adopted and precautions for possible options for offering credit, and even the same credit value in times of financial instability.

I hope you enjoy our selection of papers. Good reading to all!

Felipe Ramos – Editor-in-Chief -

How to Cite
Ramos, F. (2020). Editorial. Brazilian Business Review, 17(2). Retrieved from
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