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This study aims to investigate the use of convertible securities and control rights covenants for a sample of 53 Portuguese, Spanish and German venture capital (VC) firms.

A relatively new methodology in business sciences – a fuzzy set qualitative comparative analysis – that considers both quantitative and qualitative factors is used for obtaining a solution that best fits the empirical data.

The results show that the use of convertible securities is affected by agency predictions, namely, the anticipated severity of double-sided moral hazard problems. On the other hand, a mixed support is provided to the agency predictions regarding the use of control right covenants. The results seem to suggest that control right covenants tend to play a different role from convertible securities in the optimization of contract design for VC-backed investments.

Existing literature on VC contract design is extended by providing a cross-border analysis to VC financing decision.

The main purpose of this research is to understand if customers from countries with alleged similar culture expect services dimensions equally and to understand the level of proximity among those countries.

Quantitative methodology was used to test the level of proximity in customers' expectations about a service among different countries with alleged similar cultural patterns and if these customers share similar expectations about a set of service dimensions. This transnational research regarded the hotel service and data were collected from ten Latin countries: Portugal, Spain, France, Italy, Romania, Brazil, Mexico, Uruguay, Bolivia and Chile. About 1262 customers answered a questionnaire about their expectations about service dimensions of the hotel service.

Findings show that Latin customers' expectations about services are not equal and that there is a low level of proximity or similarity of customers' expectations about service among Latin countries.

Research was applied in one group of Latin countries that revealed a low level of proximity of customer's expectations about the hotel service. Further attempts should be made to expand research to additional Latin countries in order to allow understanding if the proximity level rises, decreases or maintains.

The major contribution was to use a cross-cultural approach to understand the level of proximity between the Latin countries in terms of customer's expectations about service dimensions, as these countries are frequently clustered into one group and customer's expectations are presumed to also be similar.

This study aims to investigate the dynamic nature of local economies through the lens of cluster life cycle (CLC) theory. The authors offer an original perspective on the comparison of the mature Old World wine industry and the growing New World one, viewed through the lens of the CLC aiming to understand the specific stage of cluster development for these regions. The authors aim to define the CLC dynamics of two world-renowned wine clusters, symbolizing these old and new world wine industries: Napa and Bordeaux.

The research adopts a case study approach, specifically analyzing the Bordeaux and Napa Valley wine clusters, using a CLC identification framework. This study integrates recent conceptual advances from evolutionary and institutional economic geography, incorporating a dynamic “path” approach to cluster development stages.

In examining Bordeaux, despite indications of maturity in the wine industry, the cluster displays signs of transformation, marked by reorganization, diversification and adaptation to new conditions, such as enotourism and technological clusters. In contrast, Napa Valley, while well established, exhibits characteristics of sustainment with stabilized business dynamics.

This study acknowledges its exploratory nature and the need for future empirical studies on various clusters to fully validate and refine the CLC identification framework.

The proposed CLC identification framework serves as a valuable tool for policymakers and companies by facilitating precise identification of cluster development stages. This tool enables stakeholders to better understand and address the specific needs and characteristics of clusters at different stages, enhancing the effectiveness of targeted interventions and support measures.

This research advances CLC theory by introducing the development trajectories of the Napa and Bordeaux clusters, analyzed independently of their dominant industries, using the CLC path identification model. This approach provides a fresh perspective on cluster evolution, enriching the theoretical framework with insights that transcend traditional industry-specific analysis. By enhancing the precision and relevance of cluster stage identification, this research offers a valuable guide for policymakers and cluster stakeholders, enabling them to better understand the dynamics of cluster development and intervene effectively at critical stages.

This study aims to further develop the CLC stage/path’s identification model that distinguishes between path’s emergence (emergence stage), path’s development (growth stage), path’s sustainment (maturity stage), path’s decline (decline stage) and path’s transformation (renewal stage), and by applying it, define the current stage/path of the Demarcated Douro Region (DDR) cluster. The Port wine industry, which is the dominant industry of the DDR cluster, is at the maturity/decline stage – is the same for the cluster itself?

It is a case study with a longitudinal perspective based on the analysis of the dynamics of the parameters of cluster evolution using available secondary sources (cluster identity/brand; number of firms; number of employees; network; innovation; policies and regulations; and external markets – exports), especially addressing the past decade, that represent the stage of maturity/decline of the cluster’s dominant Port wine industry.

The conclusion is that since the 1990s the Demarcated Douro Region has gone through a “path transformation” where during the following 20 years new “anchors” for the cluster were gradually introduced, such as Doc Douro Wines, new forms of consumption of Port wine, tourism and olive oil. Since 2010 the cluster has entered a growth stage/(new) path’s development, where these “anchors” are in steady growth. The Douro brand is becoming more internationally recognized and established, the number of firms and employees is increasing, the network is restructuring with the creation of cluster-specific official institutions, innovation is especially reflected with increasing heterogeneity through diversification of the clusters into new activities and regulations and policies are supportive for expansion – all these parameters are indicating the rise of the new cycle for the cluster. Thus, the DDR cluster represents an attractive business environment and requires attention from regional policymakers to support the cluster’s development. Especially institutions have been highlighted as internal factors driving clusters growth, European integration as an external factor and firms’ strategies of diversification and internationalization as an appropriate de-locking mechanism for new path’s development.

This research contributes to the CLC theory by further developing and applying a CLC stage/path identification model. It provides a better understanding of the dynamics of the DDR cluster that diverge from its dominant industry life cycle, which is relevant for regional policies and firms’ strategies. This study has its limitations. It provides an exploratory application of the theoretical framework proposed, and consequently, no general conclusions are possible yet. More empirical studies with different clusters in different stages are necessary to test the framework.

These findings are useful to policymakers when designing their policies for cluster development but also for clusters’ entities and actors when making their strategic decisions as it allows based on the verification of the established parameter of CLC to identify its current stage/path of development.

The paper presents a theoretically grounded model for CLC identification and for the first time to the best of the authors’ knowledge applies it to a cluster case – the DDR cluster. This case applies the proposed model and illustrates its usefulness. The model provides the tools for a better understanding of cluster dynamics.

This study aims to systematise the links between firms’ strategies (corporate and business) and the cluster dynamics (through the cluster life cycle [CLC] perspective) and propose an integrative framework bridging firms’ strategic behaviour and cluster dynamics (CLC).

The methodology used is an integrative literature review, which provides a distinctive form of research.

The study identifies several links between firms’ strategies (corporate and business) and the cluster dynamics (CLC), namely: (1) firms’ strategies as a triggering factor of cluster evolution; (2) firms’ strategies and path's decline; (3) firms’ strategies and cluster’s renewal; (4) resilience strategies and the cluster life cycle; and (5) cluster’s features and firms’ strategies.

This study contributes to developing strategic management theory and cluster theory by bridging firms' strategies and cluster dynamics (CLC). It proposes a new conceptualisation of the impact of cluster dynamics on firms' strategic choices – firstly, it proposes a specific approach to identify the CLC; and secondly, it develops an integrative framework model that relates firms' strategies and each stage of the CLC. These are theoretical tools relevant for further advancements in this area of research, as they can be applied in studies of different clusters for validation, something that was not done.

The integrative framework is expected to be helpful to company managers, allowing them to design better strategies that account for dynamic cluster environments.

This study aims to fill this gap in the literature by systematising the links between firms' strategies (corporate and business) and the cluster dynamics (CLC).

Although the concepts of family business, internationalization, and agency theory have received some attention in the relevant literature, these concepts and theories have been used independently. The purpose of this paper is to help close the gap between what is known and what needs to be known about the decision-making processes of internationalization of family managers (FM) and non-family managers (NFMs).

The paper analyzes the story of Busscar, a Brazilian firm that began internationalization under an FM and ended it under an NFM. The management transition took place suddenly, as the family CEO died in a tragic accident, and the company appointed an NFM to replace him virtually overnight. These circumstances, as well as the fact that Busscar accelerated its internationalization process after the transition only to go bankrupt a few years later makes this case critical.

The paper concludes that under NFMs, the speed and scope of the firm internationalization processes were accelerated and the financial risks were augmented, which is in line with the agency theory hypothesis and contradicts suggestions that NFMs tend to be more structured.

Many researchers argue that it is important to professionalize the management of family firms. It is expected that an NFM leads to a more structured strategy. The study shows otherwise; changing the manager leads to opportunistic internationalization using emerging strategies rather than deliberate ones.

This study suggests that firms, networks, entrepreneurship, and ownership are not the only important variables. Manager origin (inside or outside the family) can change everything.

The purpose of this paper is to characterize the consumption of an international consumer product fad.

A literature review of the concepts that can be related to an international fad was conducted, which included the study of the product life cycle, CAGE distances, the herd behavior, the consumer behavior in social media, the conformism and perceived newness. To know more about the subject, the Gin case was studied. The quantitative study began to define an initial model with the variables that can have impact on the consumption of the Gin. Based on the initial model, a survey was built and conducted, obtaining 143 valid responses. The data were analyzed on the basis of the structural equation modeling.

The results verified the positive impact of need for group differentiation on the consumption Gin. The perceived newness had a direct impact on its consumption. An international fad lasts while it is differentiator for the consumer, so the herd behavior influence was not validated.

This study had a limitation in terms of responses. This study was made using a practical case of beverage, so its applicability to other types of products is limited.

This study is about consumer fads. It characterizes the key concepts in various moments of a fad: the implementation, the evolution of its consumption and its end. The study identifies the variables that have a positive impact on the consumption of a real fad. Data from sales geography diffusion in time are also analyzed.

The purpose of this paper is to examine the successor's perceptions of the major objective and subjective factors as well as networks that facilitate or inhibit the process of internationalisation of entrepreneurial family firms.

Based on a qualitative methodological approach, the current study relies on case study evidence from a sample of six mature entrepreneurial family firms operating in different sectors.

Relying on data collected, this study found that the perception of foreign market opportunities; international vision; successor's proactivity; innovative spirit and specific technical knowledge are relevant variables that initiate the process of internationalisation of a family firm within the context of (post-) succession. By contrast, the study did not find high evidence of the importance of speaking a foreign language and educational background. The study also confirmed that a disrupted process, such as succession, may re-position a mature domestic family firm in international markets.

A major limitation of this study relates to the sample size. Interpretation of these findings and their generalisation should therefore, be made with caution. In terms of future recommendations, an area that deserves particular attention relates to the development and transfer of social capital within family firms.

This study attempts to fill a gap in the literature, and it particularly tries to understand the successors’ perceptions regarding interrelationships between succession and internationalisation. The findings provide valuable insights for policy makers and managers.

This paper aims to contribute towards a better understanding of the partner selection process, which anticipates a successful co-opetition partnership. Co-opetition partnerships refer to developing cooperation efforts between competitors. The scarcity of studies conducted in this field to date provides limited contribution for the understanding of the partner selection process in this, particularly, paradoxical concept.

This study follows a methodology based on systematic combining for the qualitative analysis of four cases of domestic co-opetition in Portugal. A sample range of eight companies was selected for a series of semi-structured interviews. Testimonials were transcribed and data coded for content analysis.

Results indicate that prior personal relationships between decision-makers are facilitators for the implementation of cooperation partnerships with competitors. Based on these findings, this paper proposes a three-step model to explain the process of partner selection for co-opetition partnerships. According to this model, after opting to commence a new coopetitive business alliance, the manager undergoes a first unconscious selection based on his/her own prior personal relationships, followed by a conscious and judicious selection based on specific criteria related to partner’s operational skills, resources, effectiveness and trust.

Given that the sample is entirely formed by companies from one single country, further research would benefit from the inclusion of other countries expressing different business contexts and cultural environments.

The value of paper derives from the comprehensive realization of partner selection for domestic co-opetition as fundamentally a network-related process.