http://bbronline.com.br/index.php/bbr/issue/feed Brazilian Business Review 2020-03-01T11:17:33+00:00 Patricia Motoki bbronline@bbronline.com.br Open Journal Systems <p>BBR - Brazilian Business Review publishes high quality research across all fields of business. Themes include, but are not limited to, management, accounting, controllership, finance, information management, innovation management, strategy, and economics. We welcome papers developed in public, private, or third sector organizations. Published six times a year, BBR is edited and supported by FUCAPE, a top Brazilian business school.</p> <p><img src="/public/site/images/bbr/bbr_pagina_principal.png"></p> <p>ISSN: <a title="ISSN" href="https://portal.issn.org/resource/ISSN/1808-2386" target="_blank" rel="noopener">1808-2386</a> (English)<br>ISSN:&nbsp;<a title="ISSN" href="https://portal.issn.org/resource/ISSN/1807-734X" target="_blank" rel="noopener">1807-734X</a> (Portuguese)</p> http://bbronline.com.br/index.php/bbr/article/view/576 Editorial 2020-03-01T11:16:41+00:00 Felipe Ramos felipe.ramos@fucape.br <p>Dear readers,</p> <p>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.</p> <p>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. http://bit.ly/3810Bc2</p> <p>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. http://bit.ly/37vskSB</p> <p>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. http://bit.ly/38LIfwm&nbsp;</p> <p>Our fourth paper, from Fraga, Antunes &amp; 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. http://bit.ly/2UIUwxB</p> <p>Following, Beuren, Santos &amp; 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. http://bit.ly/38gKiZ9</p> <p>Closing the issue, Franzotti &amp; 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. http://bit.ly/2TekE0U</p> <p>I hope you enjoy our selection of papers. Good reading to all!</p> <p>Felipe Ramos – Editor-in-Chief - <a href="https://orcid.org/0000-0002-0469-9176">https://orcid.org/0000-0002-0469-9176</a></p> 2020-03-01T11:15:42+00:00 Copyright (c) 2020 Brazilian Business Review http://bbronline.com.br/index.php/bbr/article/view/569 Bonds, Bondholders Protection and Asset Allocation of Multimarket Funds 2020-03-01T11:16:53+00:00 Thayse Machado Guimarães thaysemg.adm@gmail.com Rodrigo Fernandes Malaquias rodrigofmalaquias@ufu.br <div class="page" title="Page 1"> <div class="layoutArea"> <div class="column"> <p>This paper aims to create a bondholders’ protection index (BPI) and to investigate what the influence of this index would be on multimarket funds’ allocation in corporate bonds. Understanding this relation is relevant because only about 1.36% of multimarket funds’ portfolios correspond to debentures. This study advances the literature by covering a topic little discussed in a Brazilian context, proposing the creation of a BPI, which would be related to the number of automatic maturity clauses, which guarantee immediate payment to bondholders in cases of the rupture of a contract. This research comprised 926 debentures series issued in Brazil from 2009 to 2017, and 1,753 multimarket funds, which allocated some portfolios’ percentage in these securities. In creating the BPI, we contemplated 15 restrictive clauses, which the most common correspond to negligent business performance, liquidation, dissolution and bankruptcy, and restrictions related to company structure. Moreover, we examined less common restrictive clauses as well, including indebtedness policy, shares issuance and amortization, and ratings downgrading. Regarding data analysis, we employed multiple linear regression models, with pooled estimators, applying the standard error correction by White’s robust matrix (1980). The main results suggest that BPI positively effects multimarket funds’ allocation in debentures. Furthermore, this influence is more intense in indentures with higher number of clauses with automatic maturity. Thus, this study contributes to literature about restrictive clauses, since it demonstrates that debentures’ flexible and adaptable structure seems to be interesting for the main bondholders in Brazil.</p> </div> </div> </div> 2020-03-01T00:00:00+00:00 Copyright (c) 2020 Brazilian Business Review http://bbronline.com.br/index.php/bbr/article/view/572 International or National Orientation: A Comparative Study of Mexican Franchisors 2020-03-01T11:16:59+00:00 Cesario Armando Flores Villanueva cesario.floresvl@uanl.edu.mx María del Carmen Gaytán maria.gaytanra@uanl.edu.mx <p>Despite the importance of the franchise system in Latin American countries, few academic studies address the issue of internationalization. To contribute to filling this knowledge gap, this study evaluates the factors that differentiate Mexican franchisor with international orientation from those that only operate in the domestic market. This research was carried out on a sample of 249 franchises operating in the Mexican market in 2016. The research hypotheses are supported in the theoretical approaches of the Agency Theory and the Resource-based Theory. The results reveal that the experience, the size, the monitoring capacity, and the franchise fee significantly predict the<br>adoption of internationalization.</p> 2020-03-01T00:00:00+00:00 Copyright (c) 2020 Brazilian Business Review http://bbronline.com.br/index.php/bbr/article/view/571 Entrepreneurial Orientation and International Fundraising by Civil Society Organizations 2020-03-01T11:17:03+00:00 Mariana Cristina Betti Cury Lorca mariana.c.lorca@gmail.com Ilan Avrichir iavrichir@espm.br <p>This article examines how certain Civil Society Organizations (CSOs) from Emerging Economies (EE) are able to raise funds from International Development Agencies (IDAs) while others are not successful in this endeavor. Following a multiple case study involving six Brazilian CSOs, our results suggest that one of the factors that explain the success of CSOs in international fundraising is Entrepreneurial Orientation (EO), which allows some of them to develop innovative approaches aligned with the guidelines of international development agencies. These results 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. From a practical viewpoint, the study suggests that CSOs that wish to raise funds from IDAs should promote EO internally.</p> 2020-03-01T00:00:00+00:00 Copyright (c) 2020 Brazilian Business Review http://bbronline.com.br/index.php/bbr/article/view/574 The Female and the Male Professional: Gender, Career and Expatriation Interfaces in Trajectory for Female Expatriates 2020-03-01T11:17:12+00:00 Aline Mendonça Fraga alinemf.adm@gmail.com Elaine Di Diego Antunes elaine.antunes@ufrgs.br Sidinei Rocha-de-Oliveira sroliveira@ea.ufrgs.br <p><span style="background-color: #ffffff;">While the organizational world has been experiencing the phenomenon of expatriation, the availability of mobile and international careers stand out. The differences in the expatriate experience are gendered, and few studies focus primarily on the experiences of women. This research aims to analyze the construction of the career trajectories of 19 Brazilian expatriate women, using as conceptual bases the interfaces of gender, career, and expatriation. The experiences of the participants come near to each other but compose unique trajectories, including in their personal life and professional field. The study highlights a way of being and acting in the work environment, understood as “the” model of a professional woman expatriate, who intercalates elements perceived as masculine and/or feminine. The construction of this trajectory is anchored by elements that build and influence it: personal characteristics, support and family influence, affective relationships, motherhood, professional plans and organizations in which they work, and countries of destination. With the results, possible paths are envisioned for other women seeking this experience, considering the foregrounded implications shown by this study.</span></p> 2020-03-01T00:00:00+00:00 Copyright (c) 2020 Brazilian Business Review http://bbronline.com.br/index.php/bbr/article/view/573 Effects of the Management Control System on Empowerment and Organizational Resilience 2020-03-01T11:17:20+00:00 Ilse Maria Beuren ilse.beuren@gmail.com Vanderlei dos Santos vanderleidossantos09@gmail.com Daniele Cristina Bernd dcbernd@hotmail.com <p><span style="background-color: #ffffff;">The aim of this study is to examine the effects of the enabling perception of the Managerial Control System (MCS) on psychological empowerment and organizational resilience. A survey was conducted with 161 managers of Brazilian companies that had undergone the process of acquiring another company and a structural model was developed to answer the hypotheses of the research. The results show that the enabling perception of MCS is associated with psychological empowerment and capacity for organizational resilience, which indicates that the characteristics of the MCS affect managers’ motivation regarding their work environment and contribute to companies dealing effectively with adversities and contingencies. MCSs help organizations in the process of absorbing changes and regaining balance after some temporary disruption, as in the case of acquiring other companies. It is concluded that enabling MCSs favors the empowerment of managers and supports companies in dealing more effectively with the turbulence to which they are exposed.</span></p> 2020-03-01T00:00:00+00:00 Copyright (c) 2020 Brazilian Business Review http://bbronline.com.br/index.php/bbr/article/view/575 The impact of crises on investments and financing of Brazilian companies: an approach in the context of financial constraints 2020-03-01T11:17:26+00:00 Tatiane Del Arco Franzotti tdfranzotti@gmail.com Maurício Ribeiro do Valle marvalle@usp.br <p>The purpose of this paper is to investigate the impacts of financial crises on investments and financing of constrained and unconstrained Brazilian firms, specifically analyzing the impact of the 2008 subprime crisis and the 2015 Brazilian economic crisis. For this purpose, the companies were classified as constrained or non-constrained by the criterion of the existence or non-existence of ratings, using quarterly data between Q1 2007 and Q3 2016, and adopting the panel analysis as the method. The results indicate that only the Brazilian crisis of 2015 had a negative impact on corporate investments, with this impact being greater on constrained firms, with evidence that cash was more relevant to these firms. Regarding the impact of crises on leverage, the 2008 subprime crisis showed a greater negative impact on the leverage of constrained firms, accompanied by an increase in the proportion of short-term debt, mainly to these companies.</p> 2020-03-01T00:00:00+00:00 Copyright (c) 2020 Brazilian Business Review