Search results
1 – 5 of 5Ismael Luiz dos Santos, Sidnei Vieira Marinho and Ruan Carlos dos Santos
Family businesses gain notoriety in academic research because they have peculiarities found only in this type of organization, and it is because of these attributes that this work…
Abstract
Purpose
Family businesses gain notoriety in academic research because they have peculiarities found only in this type of organization, and it is because of these attributes that this work aims to analyze, through an epistemological look, the results of a systematization that sought for works that use the unique characteristics of family businesses, called familiness, as well as two other constructs that showed attractive adherents and little researched in parities with familiness, organizational entrepreneurship, better known as entrepreneurial orientation and the ability to adapt, called absorption capacity.
Design/methodology/approach
To achieve this goal, an investigation of national and international academic production was carried out through a systematization called Proknow-C, being possible to identify the main categorical groups of authors in the area, main journals, besides identifying and analyzing the main objectives and contributions of selected scientific articles.
Findings
Among the results obtained, it was possible to consolidate some research intentions inherent to the junction of such constructs, besides directing, which can be the best and most promising fields of research for the application of these constructs and the most indicated methods, based on the three epistemological positions, subjectivism, objectivism and constructivism.
Originality/value
This study adds value to the literature on familiness, pointing to a relationship between entrepreneurial orientation and absorption capacity, in contrast to studies focused on other dimensions of social capital, which obtained divergent results. In addition, this study reinforces the unique characteristics of family enterprises, in which this work intends to consolidate a methodological proposal with arguments linked to positivism or interpretativism in the midst of epistemology. The study provides a valuable theoretical framework of familiness determinants connecting the cognitive perspective of the entrepreneur theory to a view of the absorptive capacity.
Details
Keywords
Ruan Carlos dos Santos, Lidinei Éder Orso, Mônica Cristina Rovaris Machado and Antonia Márcia Rodrigues Sousa
This paper aims to contribute to research on corporate governance in regulated sectors, with emphasis in the field of activity of foreign investors through the ownership structure…
Abstract
Purpose
This paper aims to contribute to research on corporate governance in regulated sectors, with emphasis in the field of activity of foreign investors through the ownership structure and legal system that regulates companies in Brazil.
Design/methodology/approach
In the first moment, the investigation had a quantitative approach of relational nature. Based on the data about the valuation of actions, statistical methods were applied to a secondary database containing measurable information provided by the organizations that operate the Brazilian stock-market and documentary evidence provided by the companies. In the second moment, a qualitative approach was adopted, resorting on the use of semi-structured interviews with investors and agents of the sector.
Findings
The results lead to two paths: presenting the perspective that foreign investors play a key role in improving governance practices because foreign ownership mitigates agency problems, provides adequate follow-up and optimizes the use of corporate resources; and evidencing the existence of a mitigation of operational risks in the face of the various obligations imposed by the concession contract with the regulatory agency, without direct interference under the ownership structure of regulated companies.
Research limitations/implications
The literature portrays a distinct economic scenario in Brazil, where stock control is pulverized and mechanisms of corporate governance and scope of action of investors and regulated sectors are well-defined and implemented.
Practical implications
A great part of the studies from this field discusses the same object: the impact of the adoption of corporate governance mechanisms on selected efficiency indicators or on the value of the companies' actions. This investigation, on the other hand, targeted a differentiated approach so that its contribution would lie in the investigation under the influence of the regulation on the legal attributions and the performance of the investors how many conflicts between the other shareholder/regulatory body, as the control measures import by the regulatory agent the concessionaires of the Brazilian highways and transportation sector.
Social implications
The identification of the presence of foreign investors as a determinant for: better performance of companies in Brazilian regulated sector in terms of market valuation; better mitigation of requirements with the regulatory framework for the agencies that regulate the concession sector, targeting a reduction in the asymmetry of information and transparency among all stakeholders.
Originality/value
The fact that Brazil is an emerging country that lacks a rigid legal system and corruption-control measures in corporate environments and public sectors, stresses the importance of the application of the “Best Codes of Corporate Governance Practices” in the main developed countries. This also stresses the need for effective supervisory bodies that contribute to a better financial performance of companies, guaranteeing investors the legal system.
Details
Keywords
Francisco Elder Escossio de Barros, Ruan Carlos dos Santos, Lidinei Eder Orso and Antonia Márcia Rodrigues Sousa
From the agency theory’s point of view, this paper aims to analyze corporate governance mechanisms about the characteristics of the companies quoted in the segments Bovespa Mais…
Abstract
Purpose
From the agency theory’s point of view, this paper aims to analyze corporate governance mechanisms about the characteristics of the companies quoted in the segments Bovespa Mais and Bovespa Mais 2 and their influence on the creation of value in preparation for the opening of the initial public offering (IPO).
Design/methodology/approach
A quantitative approach was adopted to achieve the proposed objective using the panel data with fixed effects and secondary data collected on the Comissão de Valores Mobiliários website, using statistical software Stata® 13.0 for statistical tests. The population comprises non-financial companies belonging to the Bovespa Mais and Bovespa Mais Level 2 groups, as the survey sample took into account the period of adhesion of the companies, totaled in 15 companies, which cover the period from 2008 to 2019. The selected variables correspond to the ownership structure’s characteristics, then the board’s composition and the fiscal council as the body responsible for supervising the administrators’ acts.
Findings
The main results indicate that the number of independent members on the board of directors and the supervisory board’s participation positively influence market performance. However, it also reveals that the concentration of ownership brings fundraising for other companies’ acquisitions, risk reduction concerning information asymmetry between investing powers.
Research limitations/implications
The main results indicate that the number of independent members on the board of directors and the supervisory board’s participation positively influence market performance. Despite this, it also reveals that the concentration of ownership brings fundraising for other companies’ acquisitions, risk reduction concerning information asymmetry between investing powers.
Practical implications
This paper advances a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market. This paper finds that internal governance characteristics (founder-chief executive officer, executive incentives and board independence) and external network characteristics (prestigious underwriters, degree of venture capitalist syndication and board interlocks) are significant predictors of foreign capital market choice by foreign IPO firms.
Social implications
While product market choices have been central to strategy formulation for firms in the past, financial markets’ integration makes capital markets an equally crucial strategic decision. This paper advances a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market.
Originality/value
This situation generates value to shareholders and is perceived by the market and, ultimately, generates a direct relationship with the market performance of companies. While product market choices have been central to strategy formulation for firms in the past, financial markets’ integration makes capital markets an equally major strategic decision.
Details
Keywords
Guilherme Paulo Andrade, Júlio César Andrade de Abreu and Ruan Carlos dos Santos
This paper aims to explore the impacts of a blockchain network implementation to support purchasing processes of a Brazilian public organization.
Abstract
Purpose
This paper aims to explore the impacts of a blockchain network implementation to support purchasing processes of a Brazilian public organization.
Design/methodology/approach
The Grumbach method was used to build the scenarios. Five experts with knowledge in blockchain and experience in public procurement were consulted on 20 possible preliminary events, defining their probability of occurrence and relevance. The data obtained were processed in Puma software, which returned a selection of ten definitive events, based on probability, relevance and standard deviation indicators, generating a map of prospective scenarios.
Findings
Three following scenarios are shown, the ideal scenario, the one with greater implantation benefits and fewer complications; the trend scenario, more likely to occur under current conditions; and the most likely scenario of occurrence, according to experts. The results indicated which simulated events are drivers (motives), and which are influenced (dependent). They were categorized as opportunities or threats to the deployment of the technology.
Research limitations/implications
Although public procurement processes are standardized by Brazilian legislation, new events may arise from the replication of the model in different organizations. The research revealed the need for practical testing in a simulated public procurement environment.
Originality/value
The article explores the interaction between disruptive network technology and processes linked to public sector efficiency. Studies on electronic government point to the future of public management.
Details