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Housing prices in Brazil have displayed an impressive growth in recent years, raising some concerns about the existence of a bubble in housing markets. In this paper, the authors implement an empirical methodology to identify whether or not there is a bubble in housing markets in Brazil.

Based on a theoretical model that establish that, in the absence of a bubble, a long-run equilibrium relationship should be observed between the market price of an asset and its dividends. The authors implement two methodologies. First, the authors assess whether there is a cointegration relationship between housing prices and housing rental prices. Second, the authors test whether the price-to-rent ratio is stationary.

The authors’ results show that there is evidence of a bubble in housing prices in Brazil. However, given the short span of the data, the authors perform a Monte Carlo simulation and show that the cointegration tests may be biased in small samples. Therefore, the authors should be caution when assessing the results.

The results obtained from the cointegration analysis can be biased for small samples.

The information on the excessive increase of the prices of the properties in relation to their fundamental value can help in the decision-making on investment of the economic agents.

These results corroborate the hypothesis that Brazil has an excessive appreciation in housing prices, and, as Silva and Besarria (2018) have suggested, this behavior explains, in part, the fact that the central bank has taken this issue into account when deciding about the stance of monetary policy of Brazil.

The originality is linked to the use of the Gregory-Hansen method of cointegration in the identification of bubbles and discussion of the limitations of the research through Monte Carlo simulation.

This paper aims to investigate the dynamic relationship between economic growth and income inequality, an issue that has not found a clear consensus in the literature.

The paper uses a Panel VAR approach, using state-level data for Brazil, to assess the dynamic effects of inequality on economic growth and vice versa.

The paper shows that inequality shocks lead to higher economic growth, therefore supporting the view that, in poor countries, higher inequality does benefit economic growth. The paper also presents evidence that higher growth leads to lower income inequality. The results are robust to different inequality measures and when a measure of human capital accumulation is included in the estimation.

Recent evidence has favored the idea that higher inequality hurts economic growth. This paper shows that this might not be the case when the dynamic relationship between growth and inequality is examined in a developing country with high inequality and capital market imperfections.

We present a critical literature review debating Brazilian research on social and environmental accounting (SEA). The aim of this study is to understand the role of politics in the construction of hegemonies in SEA research in Brazil. In particular, we examine the role of hegemony in relation to the co-option of SEA literature and sustainability in the Brazilian context by the logic of development for economic growth in emerging economies. The methodological approach adopts a post-structural perspective that reflects Laclau and Mouffe’s discourse theory. The study employs a hermeneutical, rhetorical approach to understand and classify 352 Brazilian research articles on SEA. We employ Brown and Fraser’s (2006) categorizations of SEA literature to help in our analysis: the business case, the stakeholder–accountability approach, and the critical case. We argue that the business case is prominent in Brazilian studies. Second-stage analysis suggests that the major themes under discussion include measurement, consulting, and descriptive approach. We argue that these themes illustrate the degree of influence of the hegemonic politics relevant to emerging economics, as these themes predominantly concern economic growth and a capitalist context. This paper discusses trends and practices in the Brazilian literature on SEA and argues that the focus means that SEA avoids critical debates of the role of capitalist logics in an emerging economy concerning sustainability. We urge the Brazilian academy to understand the implications of its reifying agenda and engage, counter-hegemonically, in a social and political agenda beyond the hegemonic support of a particular set of capitalist interests.

The contribution of the present case lies in the critical view that every business actor should exercise – be it general manager, middle management, supervisor or executive – when building a strong organizational culture in corrupt political environments.

The purpose of this case study is to explore the dilemma in which Marcelo Odebrecht, once CEO of Odebrecht, found/determined whether to continue with the business model established by the founders of Odebrecht or take a new path for the organization. After exploring the corrupt acts of Odebrecht and the scope of Operation Lava Jato, the reader can reflect on the importance of organizational culture (according to the three levels proposed by Schein) in the face of the emergence of corruption. By generating discussions about organizational culture, business ethics, political culture and corruption, the organizational culture of Odebrecht is problematized in relation to its real behavior.

Students of administration, business and international business undergraduates and graduates, as well as members of senior management in companies in the infrastructure sector. Also, given the plurality of possible readings, it is recommended that the case also be used in courses or specializations in organizational psychology, organizational sociology or organizational anthropology.

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CSS 5: International Business.

The purpose of this paper is to present eight papers selected from ALTEC 2015 that provide an overview of innovation in Latin America.

This editorial seeks to define innovation by examining its conceptual foundations. It considers innovation beyond firms and technology to address other forms, such as social and institutional innovations. Thereafter, it discusses innovation in the context of Latin America and suggests means by which to stimulate it in the region. Finally, the authors present the eight papers included in this “special edition.”

The major findings of the paper are that it considers non-technological innovation within firms, innovation beyond the firm and innovation beyond technology. Moreover, it helps to better understand a core issue of innovation in Latin America, which is the focus on macroeconomic policy instead of microeconomic stimuli.

A broader understanding of the concept of innovation is of notable importance. Innovation implies the recognition of issues related to the market (firm), but also to the community (society) and to humanly devised constraints (institutions). Technology is only one part of it. For this special issue, the selected articles highlight the efforts made by different authors to contribute to innovation studies in the editors’ region.

Este número presenta ocho manuscritos seleccionados del ALTEC 2015, que ofrecen un panorama de la innovación en América Latina.

Esta editorial busca definir la innovación mediante la examinación de sus fundamentos conceptuales. Esto considera que la innovación va más allá de las firmas y la tecnología para abordar otros tipos, tales como innovación social e institucional. Posteriormente, se analiza la innovación en el contexto de América Latina y se sugieren medios para su estimulo en la región. Finalmente, presentamos los ocho artículos incluidos en esta Edición Especial.

Las principales conclusiones de esta editorial son que se considera la innovación no tecnológica dentro de las firmas, la innovación más allá de la firma y la innovación más allá de la tecnología. Además, esto ayuda a comprehender mejor una cuestión central de la innovación en América Latina, que es el enfoque en política macroeconómica en lugar de los estímulos microeconómicos.

Un mayor entendimiento del concepto de innovación es de gran importancia. La innovación implica el reconocimiento de las cuestiones relacionadas con el mercado (firma), pero también con la comunidad (sociedad) y con las restricciones humanamente concebidas (instituciones). La tecnología es solo una parte de esta. Para esta Edición Especial, los artículos seleccionados destacan los esfuerzos realizados por diferentes autores para contribuir a los estudios de innovación en nuestra región.