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Dear readers, We present to you the volume 20, nº 3 of 2023 of the Brazilian Business Review. An issue with several topics that discuss project management methods, business models, tax avoidance and game theory, fintech alternative lending, risk aversion and precariousness of higher education teaching work. We hope you enjoy it!

The first paper in this issue presents an analysis of how adverse project environments can impact project success and the effect of management method choice. Moura, Carneiro, and Dias conducted a survey of 332 project professionals and used a PLS-SEM to analyze the data. The findings suggest that choosing a management method that aligns with the project’s environment can improve project success, particularly in cases where the project undergoes frequent changes throughout its life cycle. Link:

Our second paper investigates whether (and how) entrepreneurs use business models in their everyday practice. In this regard, Leite and Gosling used qualitative analysis of interviews with a group of micro and small entrepreneurs to evaluate their attitude toward one of the best-known business model frameworks on the market, the Business Model Canvas (BMC). Their findings indicated that these entrepreneurs tended to adopt the BMC if they believed their market was static. In more dynamic markets, entrepreneurs preferred to draw on their practical experience. These results highlight that entrepreneurs’ perception of their firm’s competitive environment is decisive in defining their attitude toward using business models as viable managerial tools. Link:

Next, Gomes, Cunha, Francisco, and Lara identified the instrument used by Brazilian companies to carry out tax aggressiveness. To this end, the authors examined the best strategic decisions in the tax avoidance game concerning the tax complexity and special installments experienced in Brazil. In this game, the only NASH equilibrium is tax avoidance since it is the only option with a chance of remuneration. Link:

Our fourth paper is on the factors that affect the intention of Micro, Small, and Medium Enterprises (MSMEs) to use fintech lending applications as a source of business financing. The study uses the technology acceptance model approach and employs structural equation modeling (SEM) as the analysis technique for 171 samples. In this regard, Rahadian and Thamrin reveal that Perceived Ease of Use has a positive impact on Perceived Usefulness, but it does not affect Attitude Toward Using. The factor of Perceived Usefulness has a significant effect on Attitude Toward Using, which, in turn, influences Behavioral Intention to Use. In this regard, the authors indicate that fintechs can play an important role in providing education and training to promote understanding of digital literacy among stakeholders of MSMEs. Link:

The next paper aims to investigate the performance of low-volatility portfolio strategies representing risk aversion after the 2008 global financial crisis. In this regard, Torga, Roma, Roma and Ferreira built five investment portfolios by taking into consideration several weight distribution criteria. Results have evidenced that, together, risk-based portfolios using 12-month rolling window or conditional volatility were superior to the tangent portfolio, as well as that the minimum variance portfolio was competitive to other alternatives. The main contribution of the current study lies in the fact that risk aversion was relevant to portfolios’ performance in the post-crisis period. Link:

Closing the issue, Gamelli and Closs discuss, through the Private Higher Education Teaching Work Precariousness Scale (EPTDESP), the precarization of teaching work in private Brazilian higher education institutions (HEIs). For this purpose, they analyzed 07 private HEIs professors from the South and Southeast regions of Brazil. Their findings corroborated recent discussions that show the intense process of precariousness suffered by private HEIs professors in Brazil, signaling that the type of employment bond significantly affects the perception of the degree of precariousness in these HEIs, and that the degree of precariousness significantly affects the interest of the professor in entering the teaching career in public HEIs. Link:

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

How to Cite
Brugni, T. V. (2023). Editorial. Brazilian Business Review, 20(3). Retrieved from
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