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Dear readers,

We present to you the volume 18, nº 4 of 2021 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, Souza and Silva, analyze the influence of political uncertainty, accounting elements and the macroeconomic environment on the (in)efficiency of securities traded by Brazilian public companies. Based on a sample of 275 non-financial companies between 2000 and 2019 with shares traded on B3, the authors find evidence that companies with higher profitability tend to increase efficiency; liquidity positively or negatively affects efficiency, depending on the sample selected and in periods when the basic interest rate is high, there is less efficiency in predicting securities. The results aim to contribute to the literature on adaptive markets by providing evidence on defining aspects of Brazilian securities’ efficiency variability.

Our second paper, by Main, and Silva, analyzes the probability of companies to perform mergers and acquisitions based on the characteristics of the CEO. Based on a sample of 794 CEOs of non-financial companies listed on B3 over the period 2000 to 2017, the authors find evidence that CEOs with finance background are less likely to perform mergers and acquisitions. The study results help to understand the effects of the manager's personal characteristics on decisions related to business combinations.

Next, Eberle, da Cruz, and Milan, analyze whether brand awareness, brand credibility, perceived quality, and perceived innovation are determinants of the intention to purchase SUV cars. Then, quantitative research was carried out with a sample of 237 individuals. The authors find evidence that brand awareness positively impacts the car's perceived quality, brand credibility, perceived innovation, and purchase intent. Based on the results, car manufacturers can strategically plan the allocation of the budget for different brand activities, giving priority to the elements that most influence or exalt the benefits of the product or brand, in the purchase intention.

Our fourth paper, by Caldeira, Ferreira, Freitas, and Falcão, analyzes the influence of technology readiness on the acceptance of mobile payment services in Brazil. Based on a survey with 402 respondents, the authors find evidence that trust, usefulness, and perceived quality of mobile payment services directly influence mobile payment acceptance. The main contribution of the study lies in the proposition of an original model that advances knowledge about the individual's readiness to use technology.

Following, Hoffmann, de Souza, Morrison, and Morrison analyze whether gender, religiosity, and homonegative attitudes are associated with evaluations of homoaffective advertisements, brand, and purchase intentions. Based on a sample of 456 university students, the authors find evidence that women have more positive attitudes towards homoaffective advertisements, brands, and purchase intention. Religiosity also interferes with the attitude towards the ads and the attitude towards the brand. The research has important managerial implications for marketers, who, by understanding the reactions of the Brazilian public, can more assertively execute their campaigns involving sexual minorities.

Closing the issue, Bataglin, Semprebon, Carvalho, and Porsse, analyze the international scientific production on social innovation, in order to identify and cluster the variables of social innovation, through network analysis. The database used was Scopus, for the period ranging 2010 and 2020. The results demonstrate a network with four clusters: (i) social entrepreneurship, social value, and innovation; (ii) co-creation, technology, and sustainability; (iii) social innovation, organizational aspects, and business model; (iv) non-profit sector, strategy, and learning. As contributions, the study reveals perspectives to respond to different social problems faced by society, which can inspire public policies and social entrepreneurs.

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(4). Retrieved from
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