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Abstract

Dear readers,

We present to you the volume 19, nº 4 of 2022 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. We hope you enjoy it!

Opening the issue, Adam, Meurer and Junior analyzed the effect of industrial and international diversification on the profitability and operational risk of Brazilian companies. After analyzing a sample of 210 companies listed in B3, the authors identified that industrially diversified companies both reduce operational risk and increase profitability in terms of return on assets, while companies that are internationally diversified reduce their profitability. This study is relevant, as it indicates that, in the context of Brazil, industrial diversification tends to improve operating results, with an increase in profitability and a reduction in operating risk.

Our second paper investigates whether the concentration of stock ownership affects the presence and intensity of covenants in the debt contracts of companies listed on the B3 stock exchange, analyzing more than 4,000 explanatory notes for the firms’ financial statements regarding loans and financing. Albanez and Schiozer found that greater ownership concentration is associated with higher likelihood of the presence of covenants, corroborating the role of the ownership structure as a substitute governance mechanism that allows for aligning interests and reduces the need for using covenants. The results are useful to managers, creditors, and shareholders, by showing which characteristics are determinants of the use of covenants, supporting management of factors that can reduce their occurrence.

 

Next, Amorim and Souza analyze how Sustainability Reports (SR) are strategically manipulated after the occurrence of an environmental accident. Through documentary research based on IBAMA reports, news published in the press, and SR published by Samarco S. A., involved in a major environmental disaster that occurred in November 2015, authors have identified contradictions and inconsistency of the SRs in relation to the reports from official agencies and the news published in the media. According to the authors, the environmental accident severely impacted the company’s environmental disclosure, modifying reporting patterns based on deterrence strategies with a view to omitting, and at the same time repairing the objective reality.

Beuren and Gomes analyzed the influence of manager's resilience in networks formation under the moderating effect of the strategic priority of innovation, through a survey of 106 managers of Brazilian incubated companies. Structural equation modeling showed that managers with resilient characteristics tend to attract the interest of agents to form networks. In this regard, authors suggest that actions of managers are reflected in the expansion of the organizational structure of incubated companies and in the construction of alliances and cooperation projects.

Our fifth article reviews the literature on creativity in small and medium enterprises and aims to establish proposals for future research. In this regard, Castillo-Vergara and Lema have shown that it is necessary to increase research on creativity in small and medium businesses in a wide variety of topics. Therefore, they offer a valuable framework to resolve existing gaps and guide future researchers.

Closing the issue, Carvalho and Ávila aimed to verify the relationship between tax governance and tax evasion. Their finding suggests that the countries in the sample with corporate tax governance practices presented lower levels of tax evasion, which is important empirical evidence of this relationship that has been postulated, but not yet verified by the literature. Thus, this paper supports the inclusion of another factor associated with our understanding of the tax evasion phenomenon.

Talles Vianna Brugni – Editor-in-Chief – https://orcid.org/0000-0002-9025-9440

How to Cite
Brugni, T. (2022). Editorial. Brazilian Business Review, 19(4). Retrieved from https://bbronline.com.br/index.php/bbr/article/view/717
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