Brazilian Business Review http://bbronline.com.br/index.php/bbr <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="http://bbronline.com.br/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: <a title="ISSN" href="https://portal.issn.org/resource/ISSN/1807-734X" target="_blank" rel="noopener">1807-734X</a> (Portuguese)</p> <p> </p> en-US <p>© Brazilian Business Review</p> bbronline@bbronline.com.br (Júlia Cavalcante) bbronline@bbronline.com.br (Júlia Cavalcante) Wed, 04 Nov 2020 11:14:15 +0000 OJS 3.2.0.3 http://blogs.law.harvard.edu/tech/rss 60 Editorial http://bbronline.com.br/index.php/bbr/article/view/627 <p>Dear readers,</p> <p>It is with great pleasure that I present two new associate editors who are now part of BBR's editorial team, they are Profa. Lucilaine Maria Pascuci and Prof. Marcelo de Souza Bispo. Profa. Lucilaine holds a Ph.D. in Business Administration from the Pontifícia Universidade Católica do Paraná and is currently a professor in the Business Administration Department at the Universidade Federal do Espírito Santo, her areas of interest in research are strategy and organizational studies. Prof. Marcelo holds a Ph.D. in Business Administration from Universidade Presbiteriana Mackenzie and is currently a professor at the Universidade Federal da Paraíba, his research areas are school management, business education, tourism studies, and organizational theory. Both professors have extensive research experience in national and international journals with high impact research in Administration. I wish to welcome the new associate editors and I am sure that they will contribute significantly to BBR.</p> <p>Opening the issue, Novaes and Almeida analyze the effects of the firm's life cycle stages on voluntary disclosure and on the cost of capital. Based on a sample of Brazilian non-financial companies between the periods 2008 and 2014, the authors find evidence that the level of disclosure is higher for companies in the stages of maturity and growth. Additionally, evidence was found that companies in the introduction and decline stages have a higher cost of equity. The results help investors, professionals, and regulators to better understand the incentives of voluntary disclosure practices.</p> <p>Our second paper, by Batos, Bortolon, and Maia, analyzes whether the usefulness of fundamentalist signals to predict return is altered in contexts of high volatility. Based on a sample of Brazilian non-financial firms between the years 2011 to 2018, the authors find evidence of changes in the explanatory capacity of fundamentalist signals in different volatility scenarios and for different sensitivities to the IVol-BR index. This finding may impact the decision-making of managers and investors as it enables the design of investment strategies based on fundamentalist signals adhering to different risk scenarios.&nbsp;</p> <p>Next, Januzzi, Bressan and Moreira investigate whether opacity creates value for both investors and hedge fund managers. Based on a sample of 352 Brazilian hedge funds from 2010 to 2015, the authors find evidence that the level of opaque assets increases the risk of the fund, but it does not necessarily contribute to an increase in the risk-adjusted return received by the investor. The paper innovates by exploring a unique derivative database, composed of positions of swaps, options, futures, and forward markets, thus contributing to a better understanding of the hedge fund market.</p> <p>Our fourth paper, by Azzari and Pelissari, analyzes the antecedent role of brand awareness in other dimensions of consumer-based brand equity and its impact on purchase intention. Based on a survey of smartphone users, the authors find evidence that brand awareness does not directly affect purchase intention, but that this relationship exists only when mediated by the dimensions of consumer-based brand equity. The results help to understand that knowing the brand is not enough to generate consumers' purchase intention.</p> <p>Following, Bevilacqua, Freitas, and de Paula investigate what an innovative brand is from the perspective of business managers in a region of Brazil and describe how managers manage innovative brands. Based on a multiple case study, the authors find evidence of the predominance of companies that seek to respond to the needs of consumers over those that seek to influence market consumption; that incremental innovation is dominant; that there is a prevalence of the stage when successful innovations improve the perception of the brand, the attitude and the use of consumers.</p> <p>Closing the issue, Pereira and Silva analyze a shared business model of sustainable urban mobility initiatives that integrate public and private agents in the city of Fortaleza. Based on an exploratory case study, the authors demonstrate how the integration between public and private agents is structured through the implementation of shared urban mobility initiatives. The results show that for shared and sustainable mobility to be implemented, several actors are needed, who need to play specific roles in their activities. The research contributes to the debate on the organization of actors through a structure that operationalizes and integrates multiple actors in economically viable and sustainable urban reconfigurations in shared mobility.</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> Felipe Ramos Copyright (c) 2020 http://creativecommons.org/licenses/by/4.0 http://bbronline.com.br/index.php/bbr/article/view/627 Wed, 04 Nov 2020 00:00:00 +0000 The Role of Firms’ Life Cycle Stages on Voluntary Disclosure and Cost of Equity Capital in Brazilian Public Companies http://bbronline.com.br/index.php/bbr/article/view/624 <p>We examine the effects of firms’ life cycle stages on voluntary disclosure and the cost of equity capital. We also examine the relationship between the interaction of life cycle stages and voluntary disclosures measures on cost of equity capital. Our sample consists of non-financial Brazilian public companies, covered by analysts between 2008 and 2014, collected from I/B/E/S and Comdinheiro databases. We find that voluntary disclosure level is higher for firms in maturity and growth stages. We also find that firms in introduction and decline life cycle stages show higher implied cost of capital, however declining firms that increase voluntary disclosure reduce their cost of capital. Moreover, mature firms significantly reduce such inherent risk by reporting social and environmental voluntary information. Our results are useful for investors, practitioners, and regulators to the understanding of the incentives of voluntary disclosure practices.</p> Paulo Victor Novaes, Jose Elias Almeida Copyright (c) 2019 Brazilian Business Review http://creativecommons.org/licenses/by/4.0 http://bbronline.com.br/index.php/bbr/article/view/624 Mon, 05 Oct 2020 00:00:00 +0000 Fundamentalist Signals in Volatility Scenarios: Evidence in the Brazilian Stock Market http://bbronline.com.br/index.php/bbr/article/view/625 <p>This article investigates whether the usefulness of fundamentalist signals to predict returns are altered in context of high volatility and also considering the sensitivity of assets to the IVol-BR volatility index. In times of high volatility, investors could make their decisions based on risk aversion and not only on the fundamentals signals of companies. In addition, it is possible to see how different delays in fundamentalist signals are related to future returns. The methodological choice is for estimators in panel data for the analysis of non-financial companies that have shares traded on B3 - Brasil, Bolsa, Balcão – in the period from 2011.3Q to 2018.2Q. The results show evidence of changes in the explanatory capacity of fundamentalist signals in different volatility scenarios, and for different sensitivities to IVol-BR. This finding may impact the decision-making of managers and investors as it enables the design of investment strategies based on fundamentalist signals adhering to different risk scenarios.</p> Edson Bastos, Patricia Bortolon, Vinicius Maia Copyright (c) 2019 Brazilian Business Review http://creativecommons.org/licenses/by/4.0 http://bbronline.com.br/index.php/bbr/article/view/625 Mon, 05 Oct 2020 00:00:00 +0000 Opacity in Hedge Funds: Does it Create Value for Investors and Managers? http://bbronline.com.br/index.php/bbr/article/view/626 <p>This paper investigates if opacity (as measured by derivatives usage) creates value for investors and the managers of hedge funds that charge performance fees. Since we do not identify a positive relation between opacity and managers’ revenue, it is not possible to state that opacity is a source of manager’s value creation for hedge fund investors and managers. However, considering that opacity is positively associated with risk-taking and negatively related with investors’ adjusted returns, we suggest policies aiming at protecting investors, especially those less qualified. We examine a unique and comprehensive database related to the positions in derivatives taken by managers, which was enabled due to specific disclosure regulatory demands of the Brazilian Securities Exchange Commission, where detailed information on hedge funds’ portfolio allocation should be provided on a monthly basis.</p> Flávia Januzzi, Aureliano Bressan, Fernando Moreira Copyright (c) 2019 Brazilian Business Review http://creativecommons.org/licenses/by/4.0 http://bbronline.com.br/index.php/bbr/article/view/626 Mon, 19 Oct 2020 00:00:00 +0000 Does Brand Awareness Influences Purchase Intention? The Mediation Role of Brand Equity Dimensions http://bbronline.com.br/index.php/bbr/article/view/622 <p>This paper aims to identify the antecedent role of brand awareness in other dimensions of consumer-based brand equity (CBBE) and its impact on purchase intention. It is a quantitative study based on a survey conducted with 622 smartphone users. The theoretical hypothesis test was performed by structural equation modeling (PLS-SEM) and ordinary least squares (OLS) regression to analyze the mediation effect. The results demonstrate that brand awareness does not directly impact purchase intention. This effect is only observed when it is mediated by the three dimensions of CBBE - perceived quality, brand associations, and brand loyalty. This investigation makes two major contributions. First, it demonstrates that knowing a brand is not enough to generate consumers’ purchase intent. Second, it uses the mediating effect of the other dimensions of CBBE (associations, loyalty, and perceived quality) to demonstrate that brand awareness acts as a first step in building brand value for consumers.</p> Vitor Azzari, Anderson Pelissari Copyright (c) 2019 Brazilian Business Review http://creativecommons.org/licenses/by/4.0 http://bbronline.com.br/index.php/bbr/article/view/622 Mon, 21 Sep 2020 00:00:00 +0000 Innovation and Brands: The Managers’ Perspective in a Multiple Case Study in a Brazilian Region http://bbronline.com.br/index.php/bbr/article/view/621 <p>This article aims to identify what an innovative brand is from the perspective of business managers in a region of Brazil, and describe how they manage innovative brands. A multiple case study was carried out with five innovative companies from four economic sectors: telecommunications, information technology, chemicals, and electricity. The interviews with these managers were processed with content analysis, being established sixteen categories which include: definition of innovation; innovative brand features; reasons for innovation; relationship between brands and innovation; area responsible for innovation; dissemination of innovation; organizational culture of new ideas; types of innovation; reduction of time, costs and risks to innovation; relationship between the company and the market; brand strategies; brand personality; integration of the end consumer into innovation; rewards for the consumer; and brand heritage. At the end, theoretical and managerial contributions are presented that can be applied or adapted to other organizations in their process of innovation and brand management. In this sense, it is important to highlight that, in the studied cases, incremental innovation is dominant; the stage at which successful innovations improve consumer brand awareness, attitude, and usage prevails; and the companies studied could be distributed in two of the innovation possibilities proposed by Brexendorf et al. (2015): follower brands and craft-designer led brands.</p> Rogerio Bevilacqua, Verica Freitas, Veronica Paula Copyright (c) 2019 Brazilian Business Review http://creativecommons.org/licenses/by/4.0 http://bbronline.com.br/index.php/bbr/article/view/621 Mon, 07 Sep 2020 00:00:00 +0000 Understanding the Integration of Socio-Technical Actors for Sharing and Sustainable Urban Mobility http://bbronline.com.br/index.php/bbr/article/view/623 <p>In the search for sustainability and urban reconfiguration, this research analyzes a business model used in sustainable urban mobility initiatives that integrates public and private agents (socio-technical actors – ST-actors) in Fortaleza (Brazil). An integrated case study was carried out with two initiatives: VAMO Fortaleza (e-carsharing) and Bicicletar (bike sharing). Interviews were conducted with the protagonist ST-actors, and documents were analyzed focusing on shared urban mobility. We observed that the initiative implementation integrates ST-actors through public-private partnerships. Based on that, a schematic model was designed to illustrate ST-actor integration as a business model that can be replicated in other contexts using sharing economy principles. In the context of the urban mobility reconfiguration focused on sustainability, we explore a case which has been internationally recognised and we present an underexplored theme about sharing economy initiatives that can be practised.</p> Carlos Pereira, Minelle Silva Copyright (c) 2019 Brazilian Business Review http://creativecommons.org/licenses/by/4.0 http://bbronline.com.br/index.php/bbr/article/view/623 Mon, 21 Sep 2020 00:00:00 +0000