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Did Environmental, Social, and Governance (ESG) Practices Affect Abnormal Returns During the COVID-19 Pandemic? Evidence From Brazil 环境、社会和治理(ESG)实践是否影响COVID-19大流行期间的异常回报?来自巴西的证据
Q3 Business, Management and Accounting Pub Date : 2023-10-27 DOI: 10.1080/10978526.2023.2266997
Andre Carvalhal, Sidney Nakahodo
Abstract This study examines the effect of environmental, social, and governance (ESG) practices on Brazilian stock returns during the COVID-19 pandemic. Brazil provides interesting insights because it has a crucial role in the ESG agenda worldwide and was the second most severely affected country in terms of number of deaths due to COVID-19. We provide evidence that Brazilian companies with good ESG practices had higher returns during the COVID-19 crisis. This superior performance is associated with ESG broadly, but not with governance separately. Our findings are robust to several industry and firm characteristics and support the hypothesis that ESG companies are more resistant during crises.
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引用次数: 0
The Home Country Institutional Environment as an Internationalization Driver for the Large Brazilian Pharmaceutical Companies 巴西大型制药公司国际化的母国制度环境
Q3 Business, Management and Accounting Pub Date : 2023-10-02 DOI: 10.1080/10978526.2023.2263390
Fernanda Steiner Perina, Julia Paranhos
AbstractThis study analyses the internationalization characteristics of Large Brazilian Pharmaceutical Companies. It contributes to the international business and evolutionary literature by showing how the home country institutional environment affects the firms’ internationalization at a country- and industry-level. The methodology is a multiple case study with eight companies, exploring their competitive advantages, strategies, and obstacles to international expansion. Findings reveal that home country institutional environment constraints pushed companies to build capabilities to survive and compete in the domestic market, which served as advantages when going international. Companies’ internationalization is driven by the exploitation and exploration of assets and capabilities.Keywords: Brazilemerging markets multinational enterprisehome country institutional environmentinternationalization driverspharmaceutical industryJEL CLASSIFICATION CODES: F23L65O32 Notes1 It only includes Brazilian residents-owned companies. It does not include foreign-owned companies based in Brazil.2 Firms classified in division 21 of CNAE. CNAE’s structure is based on the International Standard Industrial Classification of All Economic Activities (ISIC) of the United Nations Industrial Development Organization (UNIDO). The manufacture of pharmaceuticals is classified in section C, division 21 of ISIC, Rev.4.3 Exchange rate (31/12/2018): 1.00 US dollar = 3.87 Brazilian Real.4 According to the Brazilian Development Bank (BNDES, Citation2018) classification.5 Revenue from two of the sample companies is omitted for confidentiality reasons.6 It does not comprise revenue from two of the sample companies because of confidentiality reasons.7 Apex-Brazil is an entity governed by private law with a council formed by public bodies, created in 2003. The Agency promotes Brazilian products and services abroad through prospective and commercial missions, business roundtables, support for the participation of Brazilian companies in international fairs and developing sector-specific programs, among other functions. Abiquifi, founded in 1983, is a class association of the pharmaceutical sector that brings together pharmaceutical companies and producers of pharmaceutical raw materials (e.g. API). The Association undertakes actions aimed at developing the Brazilian pharmaceutical sector, such as the internationalisation project ‘Brazilian Pharma Solutions’, renamed in 2018 ‘Brazilian Pharma & Health’, in partnership with Apex-Brazil.8 In 2016, Anvisa became a member of the International Conference on Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use (ICH), formed by the world's leading regulatory authorities, such as the FDA, EMA and Japan's Pharmaceuticals and Medical Devices Agency (PMDA). As a participant in the ICH working groups, Anvisa had 5 years (2016–2021) to adapt, within ICH’s guides—Pharmacovigilance, Clinical Research, implementation
摘要本研究分析了巴西大型制药公司的国际化特征。它通过展示母国制度环境如何影响公司在国家和行业层面的国际化,为国际商业和进化文献做出了贡献。该方法是对八家公司的多个案例进行研究,探索他们的竞争优势、战略和国际扩张的障碍。研究发现,母国制度环境的约束促使企业建立在国内市场生存和竞争的能力,这是企业走向国际的优势。公司的国际化是由对资产和能力的开发和探索驱动的。关键词:巴西新兴市场跨国企业母国制度环境国际化驱动因素医药行业jel分类代码:F23L65O32注1仅包括巴西民营企业它不包括总部设在巴西的外资公司。2 . CNAE第21部门的公司。CNAE的结构基于联合国工业发展组织(UNIDO)的所有经济活动国际标准工业分类(ISIC)。根据巴西开发银行(BNDES, Citation2018)的分类,汇率(2018年12月31日):1.00美元= 3.87巴西雷亚尔出于保密原因,其中两家样本公司的收入被省略由于保密原因,它不包括两个样本公司的收入apex -巴西是一个由私法管辖的实体,由公共机构组成委员会,成立于2003年。该机构通过前瞻性和商业代表团、商业圆桌会议、支持巴西公司参加国际博览会和制定部门特定计划等职能,在国外推广巴西产品和服务。Abiquifi成立于1983年,是制药行业的一个行业协会,汇集了制药公司和医药原料(如原料药)生产商。该协会与apex - brazil合作开展旨在发展巴西制药行业的行动,例如国际化项目“巴西制药解决方案”,于2018年更名为“巴西制药与健康”2016年,安维泽成为人用药品注册技术要求国际协调会议(ICH)的成员,该会议由FDA、EMA和日本药品和医疗器械厅(PMDA)等世界领先的监管机构组成。作为ICH工作组的参与者,Anvisa有5年(2016-2021)的时间来适应ICH指南——药物警戒、临床研究、通用技术文件(CTD)和医学术语词典(MedDRA)词汇的实施。因此,Anvisa需要根据这些国家的监管机构规范其手册(Anvisa, Citation2016)。这项工作得到了高等教育人员改善协调(CAPES)(批准号001)和卫生部通过国家科学和技术发展委员会(CNPq)的支持,作为“巴西卫生工业和技术政策对统一卫生系统(SUS)本地生产和供应的反思”项目(批准号41/2013)的部分结果。
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引用次数: 0
The Impact of Audit Committee Quality on Best Practices of Whistleblowing: Evidence From Brazilian Companies 审计委员会质量对举报最佳实践的影响——来自巴西公司的证据
Q3 Business, Management and Accounting Pub Date : 2023-07-03 DOI: 10.1080/10978526.2023.2240253
Lucas Martins Dias Maragno, Jose Alonso Borba
Abstract This study examines the influence of audit committee quality on best practices in whistleblowing channels in Brazilian companies. Using a tobit regression analysis on a unique hand-collected sample from 397 B3-listed firms, the study finds a positive association between audit committee quality and best practices in whistleblowing. This finding indicates an effort on the part of audit committees to implement a set of practices to encourage and protect whistleblowers. In contrast, we find a negative association with firms in the financial industry and the percentage of ownership attributable to the largest shareholder. These findings indicate that firms in the financial industry and ownership concentration could discourage whistleblowers.
摘要本研究考察了审计委员会质量对巴西公司举报渠道最佳实践的影响。该研究对397家B3上市公司的一个独特的手工样本进行了tobit回归分析,发现审计委员会的质量与举报的最佳实践之间存在正相关。这一发现表明,审计委员会努力实施一系列鼓励和保护举报人的做法。相比之下,我们发现金融行业的公司与最大股东的所有权百分比呈负相关。这些发现表明,金融行业的公司和所有权集中可能会阻止举报人。
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引用次数: 0
Racism in Marketing Academia: A Necessary Discussion and Call for Action 营销学中的种族主义:必要的讨论和行动呼吁
Q3 Business, Management and Accounting Pub Date : 2023-07-03 DOI: 10.1080/10978526.2023.2238640
J. Francis, Renata Souza, Ana Raquel Coelho Rocha, Denise Barros, Flávia Galindo
Abstract The management academy as a whole, and more specifically the marketing academy, have recently recognized the importance of discussions of race and racial issues, which were discussed in a panel at EnAnpad 2021, the most prominent Brazilian management conference and the world's second. The Panel's proposal emerged from reading Francis’ provocative work, which establishes new relationships between structural racism and academic socialization, in which the mechanisms of social exclusion are present. As a result of the Panel’s debate, this paper presents three perspectives on the racialized reality in which we live. The first indicates how much racism conveniently insists on naturalizing privileges mistakenly treated as individual merits for specific groups. The second perspective reminds us how the racialized gaze forces subjugated groups to react, fight, and establish political and legal means. Finally, the third perspective explores a racial landscape, forcing us to ask ourselves how long academics and practitioners in Brazil and abroad will take to recognize ourselves as part of the problem. As a result, we advocate that educational institutions are fundamental to the path of change. Additionally, we propose a non-exhaustive critical agenda for social transformation.
摘要管理学院作为一个整体,更具体地说是营销学院,最近认识到了种族和种族问题讨论的重要性,2021年EnAnpad是巴西最著名的管理会议,也是世界第二届管理会议。专家小组的建议源于阅读方济各的挑衅性著作,该著作在结构性种族主义和学术社会化之间建立了新的关系,其中存在社会排斥机制。作为小组辩论的结果,本文件对我们生活的种族化现实提出了三个观点。第一个问题表明,种族主义在多大程度上方便地坚持将被错误地视为特定群体个人优点的特权归化。第二个视角提醒我们,种族化的凝视如何迫使被征服的群体做出反应、战斗,并建立政治和法律手段。最后,第三个视角探讨了种族景观,迫使我们扪心自问,巴西和国外的学者和从业者需要多长时间才能认识到自己是问题的一部分。因此,我们主张教育机构是变革道路的基础。此外,我们提出了一个非详尽无遗的社会转型关键议程。
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引用次数: 0
Determinants of Outward FDI from Developing Economies: Evidence for a Sample of Latin American Countries 发展中经济体对外直接投资的决定因素:拉丁美洲国家样本的证据
Q3 Business, Management and Accounting Pub Date : 2023-06-30 DOI: 10.1080/10978526.2023.2222668
Rosa Forte, Mariana Ferreira
Abstract Grounded on a conceptual framework that combines contributions from the investment development path (IDP) theory, the Ownership, Location, Internalization (OLI) paradigm, and the institutional theory, this work aims to analyze the home country’s determinants of outward Foreign Direct Investments (OFDI). Based on panel data for a set of 14 Latin American countries between 2000 and 2019, the results of random effects estimations support the propositions of the IDP and institutional theories. Economic development, inward FDI, and institutional quality are strong determinants of OFDI. Results also highlight the role of the openness level and the membership of regional trade agreements in explaining OFDI from Latin America countries.
本文基于投资发展路径(IDP)理论、所有权、区位、内部化(OLI)范式和制度理论的概念框架,旨在分析母国对外直接投资(OFDI)的决定因素。基于2000年至2019年14个拉美国家的面板数据,随机效应估计的结果支持国内生产总值和制度理论的命题。经济发展、外来直接投资和制度质量是对外直接投资的重要决定因素。结果还强调了开放水平和区域贸易协定成员在解释拉丁美洲国家对外直接投资中的作用。
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引用次数: 0
Competencies for the Internationalization of Unicorn Startups 独角兽创业公司国际化的能力
Q3 Business, Management and Accounting Pub Date : 2023-06-26 DOI: 10.1080/10978526.2023.2226624
Matheus Eurico Soares de Noronha, L. Longo, Cristina Doritta Brandão Majorana, Jorge Ferreira dos Santos Filho
Abstract The purpose of this paper is to verify the main competencies developed by unicorn startups for their internationalization. We use a qualitative exploratory approach, and three case studies were developed with Brazilian unicorns. We identify 15 competencies that guide the internationalization of Brazilian unicorn startups and four new competencies not explored by the literature. We suggest a conceptual model for the study of unicorn companies around the world.
摘要本文的目的是验证独角兽创业公司国际化发展的主要能力。我们使用定性探索性方法,并对巴西独角兽进行了三个案例研究。我们确定了15项指导巴西独角兽创业公司国际化的能力和四项文献未探讨的新能力。我们提出了一个研究世界各地独角兽公司的概念模型。
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引用次数: 1
Relevance of Barriers for Six Sigma Implementation in Industrial Organizations 工业组织实施六西格玛障碍的相关性
Q3 Business, Management and Accounting Pub Date : 2023-06-13 DOI: 10.1080/10978526.2023.2222080
Henrique Monte Mor Silva, R. M. Vanalle, W. C. Lucato, F. Calarge
Abstract Six sigma offers several benefits to organizations, but its implementation is frequently inhibited by numerous barriers for which there is no clear classification based on their relevance order in the literature. Moreover, there are few studies regarding the relevance of these barriers in relation to Brazilian organizations. Thus, this research aimed to identify and classify the main barriers to six sigma implementation in their order of relevance and to test if some organizational characteristics can change this classification. A survey was conducted by sending a questionnaire to 95 of the 473 Brazilian organizations in the automotive sector associated with the National Association of Auto Parts Manufacturers and 40 responses were obtained. The survey revealed that for the organizations analyzed, the most relevant barrier is the lack of skill and adequate training for implementing six sigma. It also showed that organizational characteristics, such as size or breadth (multinational or national) can influence the order of relevance of the barriers. This study is relevant due to its attempt to identify the main barriers that inhibit six sigma implementation and to order them by their level of relevance. This is important so that organizations that are in the process of implementing or want to implement six sigma can either deal with them or make efforts to overcome them.
摘要六西格玛为组织提供了一些好处,但它的实施经常受到许多障碍的阻碍,文献中没有根据它们的相关性顺序对其进行明确的分类。此外,关于这些障碍与巴西组织的相关性的研究很少。因此,本研究旨在按照相关性的顺序识别和分类六西格玛实施的主要障碍,并测试一些组织特征是否可以改变这种分类。向全国汽车零部件制造商协会下属的473个巴西汽车行业组织中的95个组织发送了一份调查问卷,获得了40份回复。调查显示,对于所分析的组织来说,最相关的障碍是缺乏实施六西格玛的技能和足够的培训。研究还表明,组织特征,如规模或广度(多国或国家),可以影响障碍的相关性顺序。这项研究之所以具有相关性,是因为它试图确定阻碍六西格玛实施的主要障碍,并根据其相关性水平对其进行排序。这一点很重要,这样,正在实施或希望实施六西格玛的组织就可以应对或努力克服这些问题。
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引用次数: 0
Sectoral Interdependence, Network Analysis, and Regional Resilience in Brazil 巴西的部门相互依存、网络分析和区域恢复力
Q3 Business, Management and Accounting Pub Date : 2022-05-25 DOI: 10.1080/10978526.2022.2074441
Luiz Carlos de Santana Ribeiro, E. Pereira, Fernando Salgueiro Perobelli, H. Pereira
Abstract This paper aims to deepen the discussion about the productive interdependence and regional resilience among the Brazilian states and regions through an input-output network analysis to identify emergent patterns or properties within the Brazilian states. We use an inter-regional IO matrix, the base year 2011, for the 27 Brazilian states and 68 sectors. The main results show that some states remain isolated in the Brazilian productive structure. Moreover, even with the spatial heterogeneity presented in the Brazilian economy, their inter-regional interdependence is situated at a level that enables the recovery even without some important links.
摘要本文旨在通过投入产出网络分析,加深对巴西各州和地区之间生产性相互依存性和区域韧性的讨论,以确定巴西各州内部的突发模式或特性。我们使用了巴西27个州和68个部门的区域间IO矩阵,即2011基准年。主要结果表明,一些州在巴西的生产结构中仍然处于孤立状态。此外,即使巴西经济存在空间异质性,它们的区域间相互依存性也处于即使没有一些重要联系也能实现复苏的水平。
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引用次数: 0
Ethics Position of Brazilian Workers: An International Comparative View 巴西工人的伦理地位:一个国际比较的观点
Q3 Business, Management and Accounting Pub Date : 2022-03-28 DOI: 10.1080/10978526.2022.2053780
Pedro Delduque Kropf, O. Figueiredo
Abstract This article explores Brazilian workers’ ethics position and compares it to those of other nations. We surveyed 410 Brazilian workers and used the Ethics Position Questionnaire (EPQ), with idealism and relativism scales. We translated, back-translated, and adapted the scales according to Sperber and conducted exploratory factor analyses together with confirmatory factor analyses to validate them. The results show that Brazilians present, on average, high idealism and low relativism. Therefore, Brazil appears to be a well-defined “absolutist” country compared to other nations, a surprising outcome, since Brazil ranks as one of the most corrupt countries on international scales.
摘要本文探讨了巴西工人的道德地位,并与其他国家的工人道德地位进行了比较。我们调查了410名巴西工人,并使用道德立场问卷(EPQ),具有理想主义和相对主义量表。我们根据Sperber对量表进行了翻译、反翻译和改编,并进行了探索性因素分析和验证性因素分析来验证量表。结果显示,平均而言,巴西人的理想主义程度较高,相对主义程度较低。因此,与其他国家相比,巴西似乎是一个明确的“专制主义”国家,这是一个令人惊讶的结果,因为巴西在国际范围内被列为最腐败的国家之一。
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引用次数: 1
Pull Forces in Colombia for Portuguese Migrants: A Qualitative Study of Portuguese Migrants and Expatriates in Colombia 哥伦比亚对葡萄牙移民的拉动力量:对哥伦比亚葡萄牙移民和侨民的定性研究
Q3 Business, Management and Accounting Pub Date : 2022-02-28 DOI: 10.1080/10978526.2022.2041432
Joana Rooke de Lima, Maria Elo, Susana C. Silva
Abstract Migration is a topic of extreme importance today and an intrinsic part of the culture of many societies, particularly those with international/colonial ties. While there are migratory paths that cross the entire world, the present study focuses on the journey from Portugal to Colombia. We seek to study the pull forces in Colombia that motivate the migration of Portuguese citizens, starting by analyzing the migratory course between the two countries in order to gauge the motivations and challenges for this path. A qualitative method of data analysis was used, using interviews with Portuguese migrants in Colombia and other secondary materials. The results suggest that the main motivations for the exit of Portuguese from their country relate to the lack of opportunities and low quality of life, mainly at the financial level. However, one might conclude that the great pull factors in Colombia are precisely the growing volume of opportunities for professional development and entrepreneurs, the economic benefits, and Colombia’s environment and culture.
摘要移民是当今一个极其重要的话题,也是许多社会文化的固有组成部分,尤其是那些与国际/殖民地有联系的社会。虽然有穿越整个世界的迁徙路线,但本研究的重点是从葡萄牙到哥伦比亚的旅程。我们试图研究哥伦比亚推动葡萄牙公民移民的吸引力,首先分析两国之间的移民过程,以评估这条道路的动机和挑战。采用了数据分析的定性方法,使用了对在哥伦比亚的葡萄牙移民的访谈和其他次要材料。研究结果表明,葡萄牙人离开本国的主要动机与缺乏机会和生活质量低下有关,主要是在经济层面。然而,人们可能会得出结论,哥伦比亚的巨大吸引力因素正是专业发展和企业家机会的不断增加、经济效益以及哥伦比亚的环境和文化。
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引用次数: 0
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Latin American Business Review
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