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Dear readers,

We present to you the volume 17, nº 5 of 2020 of the Brazilian Business Review. Always focusing on the quality and diversity of the areas of knowledge, BBR proposes to contribute to the academic environment by bringing relevant research and discussions to the business area.

Opening the issue, Vitoria, Bressan and Iquiapaza analyze the need for a risk premium factor related to the ownership and control of Brazilian state-owned companies. Based on a single factor model and a multiple factor model, the authors analyze the performance of different portfolios between the periods 2008 to 2016. The authors find evidence that the financial crisis generated a significant increase in risk exposure, with the more pronounced effect on portfolios of state-owned companies than on portfolios of private companies. The results help to understand the behavior of the market in relation to ownership and control during periods of a financial crisis.

Our second paper, by Civiletti, Campani, and Roquete, analyzes investment strategies focused on unsophisticated investors and structured based on the persistence of returns, especially in the short and medium terms. Based on a sample of sixty-four weighted portfolios, the authors find evidence that corroborates the hypothesis of the momentum effect. The results contribute to a discourse about the existence of the momentum effect in the Brazilian stock market and at the same time, it presents a historically competitive active management strategy that can be implemented by unsophisticated investors.

Next, Yoshinaga and Rocco analyze the role of investor attention in predicting future stock market returns for Brazilian stocks. Based on a sample of 57 stocks and using the volume of searches on Google during the years 2014 to 2018, the authors find evidence that increases in the volume of searches on Google are associated with lower future abnormal returns. The results contribute both to the existing debate about price anomalies, investor attention, and the predictive power of Google's search volume, as well to provide information to Brazilian investors who can exploit a price anomaly.

Our fourth paper, by Pereira, Stocker, Mascena, and Boaventura, analyzes the relationship between corporate social performance and corporate financial performance, investigating whether social disclosure is a moderating variable in the relationship. Based on a sample composed of companies that are part of the Corporate Sustainability Index from 2010 to 2013, the authors find evidence that there is a positive relationship between corporate social performance and corporate financial performance. The results contribute to a better understanding of this relationship in the Brazilian context.

Following, Borsatto, Bazani, and Amui, analyze the relationship between the degree of severity of environmental regulations and the international competitiveness of countries with efforts in green innovation and financial performance. Based on a sample of industrial companies and using structural equation modeling, the authors find evidence that the rigor of environmental regulations in countries and the size of companies have a positive impact on environmental investments and the Global Compact. The results suggest that the rigor of environmental regulations still shapes decisions in relation to environmental investments and voluntary sustainability actions, which in a certain way, helps the company's image in the market, but does not reflect on financial performance.

Closing the issue, Reis, Benvenutti, Campos, and Uriona, analyze the strength that different national policies and incentives can have in the diffusion of ISO 50001. The authors develop a system dynamics model based on the Bass Diffusion Model theory to evaluate the dissemination of the EnMS - ISO 50001 certification, between the periods from 1997 to 2016. The results show that financial and tax incentives had the most significant impact on the total number of certified industries. The results are useful for policymakers in different types of policies, incentives and strategies, not observed in Brazil so far, that help in the diffusion of energy management systems, contributing to decision making.

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(5). Retrieved from
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