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Dear readers,

It is a pleasure to present you the volume 18, nº 3 of 2021 of the Brazilian Business Review. An issue with papers with very interesting papers in areas of business and finance. We hope you like it!

Opening the issue, Signorelli, Camilo da Silva and Barbedo analyze the fundamental factors or asymmetric effects that explain herding behavior in the Brazilian stock market. Based on a sample of firms listed on B3 in the period from 2008 to 2019, the authors find evidence that the presence of herding behavior is associated with the following phenomena: high trading volume, high volatility, market downturn, and misbalancing of orders. The results of the study help to understand herding behavior in the Brazilian stock market.

Our second paper, by Dal-Soto, de Souza, and Benner, analyzes the role played by the strategic management of universities for the establishment of entrepreneurial orientation in the academic environment. Based on a multiple case study focusing on managers' decisions at the strategic level, the study reveals the influence of top management decisions to establish entrepreneurial orientation and how traditional institutions can seek an entrepreneurial university model. The study contributions to the approximation of the literature on entrepreneurial orientation, linked to the field of strategy, with the empirical literature on the phenomenon of the entrepreneurial university.

Next, Manosso, Silva, Antoni, and Damacena analyze the effect of the similarity between personal values of sellers and buyers on the value of the B2B relationship. Based on a sample of 25 sellers and 317 buyers, the authors provide evidence that a similarity of personal values with a social focus between the seller-buyer has a positive effect on the value of the B2B relationship. The results are important in the concepts of strategic marketing planning, from the structuring of the company to the selection of the target market and the form of adoption.

Our fourth paper, by Machado, Santos and Medeiros, analyzes the effects of behavioral characteristics on the intention of visiting destinations displayed by users on social networks. Based on a survey applied to Instagram users, the authors find evidence that envy and social comparison increase the odds of intention to visit the destinations. One of the implications of the study is that destination marketing organizations need to adapt their management and promotion efforts to understand the logic of the evolution of the market as a social process.

Following, Okano, Langhi and Ribeiro analyze the social mission of the “social companies” and what are the benefits obtained from the use of ICTs by these companies. Based on a case study of four social companies, the authors find evidence that the social mission of this type of company can be explained by using six indicators: access to markets, income generation, employment opportunities, social training, strengthening of relations with the sponsor, and social outsourcing. The results of the study help in the diagnosis of the types of technological resources that can be used and that demand investments from both creators and investors of this type of firm.

Closing the issue, Ferraz and Santos Júnior analyze what community-based free software projects are and what governance characteristics (structure and control) differentiate them from traditional organizations. Based on qualitative exploratory research, the authors find evidence that the governance of free software communities is not something rigid and definitive, on the contrary, it constitutes a dynamic framework, with flexible contours and strong adaptability to the environment and the evolution of the project. The results of the study contribute to the understanding of what would be the community and informal functioning of free software projects, differentiating them from the traditional model.

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

Felipe Ramos – Editor-in-Chief

How to Cite
Ramos, F. (2021). Editorial. Brazilian Business Review, 18(3). Retrieved from
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