Nominata de Revisores que atuaram em 2018 na Revista de Administração Contemporânea

ID: 55114

Authors: Wesley Mendes-da-Silva.

Source: Revista de Administração Contemporânea, v. 23, n. 6, p. 1-5, November-December, 2019. 5 page(s).

Document type: Other (Portuguese)

Relatório de Gestão da Revista de Administração Contemporânea 2018-2019

ID: 55106

Authors: Wesley Mendes da Silva.

Source: Revista de Administração Contemporânea, v. 23, n. 6, p. 1-9, November-December, 2019. 9 page(s).

Document type: Editorial (Portuguese)

Research Perspectives in Corporate Governance of Brazilian Family Firms

ID: 55107

Authors: Aureliano Angel Bressan, Eduardo Schiehll, Jairo Laser Procianoy, Luiz Ricardo Kabbach de Castro.

Source: Revista de Administração Contemporânea, v. 23, n. 6, p. 696-702, November-December, 2019. 7 page(s).

Keyword: corporate governance , emerging markets , family firms

Document type: Article (Portuguese) Show Abstract

This article presents an editorial perspective of corporate governance in Brazilian family firm as a result of the call for papers and this special issue of the RAC to address this research topic. The two accepted articles tackle relevant issues in the academic debate, namely: the need for a theoretical framework for the evaluation of strategic decision-making processes of family businesses, and the importance of gender diversity on the boards of directors of family firms. The theoretical proposition and empirical evidence documented in these two studies open a new line of research in corporate governance of Brazilian family firms. More specifically, these two articles provide new insights on the conciliation of the heterogeneity in the composition of the board of directors and its relationship with the value creation process in family firms.

Conflicts in Boards of Family Firms: A Theoretical Framework for Strategic Decision-Making

ID: 55108

Authors: Pedro Braga Sotomaior Karam, Cláudio Antonio Pinheiro Machado Filho, Gustavo Abib.

Source: Revista de Administração Contemporânea, v. 23, n. 6, p. 703-720, November-December, 2019. 18 page(s).

Keyword: boards of directors , family business , strategic decision-making

Document type: Article (English) Show Abstract

Conflicts are social phenomena liable to occur in any organizational type; however, they´re more intense (and less understood) in the family business dynamics, due to the unique psychodynamic effects of the interaction between family, management, and property. At the same time, conflicts can also be particularly salient in the ambiguous and complex context of boards (the black box of corporate governance), by the intimate connection with strategic decisions. Intersecting both areas, this study proposes a theoretical framework connecting antecedents and consequences of intragroup conflicts in the strategic decisionmaking process (especially in the decision quality), in the particular and favorable context of family firms board of directors. Based on deductive logic, relationships are built in view of the director' strategic counseling function, potentially raising the quality of strategic decisions by reducing the relational dimension and stimulating the organizational task-oriented discordance. Variables and constructs, suited to the specificities of the context under investigation, are proposed in direct and moderation relations under a contingency perspective.

Gender Diversity in Board of Directors and the Relationship between Performance and Financial Risk in Family Firms

ID: 55109

Authors: Lilian Costa, Joelson de Oliveira Sampaio, Eduardo Silva Flores.

Source: Revista de Administração Contemporânea, v. 23, n. 6, p. 721-738, November-December, 2019. 18 page(s).

Keyword: board of directors , financial performance , firms with family control , gender diversity , risk

Document type: Article (Portuguese) Show Abstract

This paper analyzes the influence of female participation on the performance and financial risk considering a sample of 218 public companies traded on B3 (Bovespa) from 2010 a 2016. The study also analyzes the influence of female participation on family control companies. Using a random effects methodology and family control dummy and percentage of female presence in boards of director, the study sought to analyze how theses variables and their interactions affect the financial performance of companies. Although the female representation has grown more than 50% in recent years, this share, however, in the board of directors of Brazilian companies is still a minority, close to 9% of the total surveyed. The ownership structure in the family firms is very relevant, with the percentage of 63%. The results suggest a positive relation between female participation and the Tobin-Q, used by value’s proxy, however, this relationship is weaker for firms with a family control. Another result found is that volatility, taken here as a risk’s proxy, is reduced in family run-business.

The Employee Is Always Right: Employee Satisfaction and Corporate Performance in Brazil

ID: 55110

Authors: Alexandre Di Miceli da Silveira.

Source: Revista de Administração Contemporânea, v. 23, n. 6, p. 739-764, November-December, 2019. 26 page(s).

Keyword: corporate culture , employee satisfaction , firm performance , human capital , intangible assets , online reviews

Document type: Article (English) Show Abstract

I investigate the effect of employee satisfaction on corporate performance based on an extensive dataset of 114,004 online reviews of Brazil’s 1,000 largest listed and unlisted firms from 2013 to 2018 posted at a local subsidiary of Glassdoor. I find that overall employee satisfaction is positively associated with firm performance and that this relationship is likely to be economically relevant. Among the four dimensions of employee well-being, the link with performance is most evident for the dimension on culture, followed by career opportunities. On the other hand, the dimension on compensation and benefits was the least connected with firm performance. Taken together, these results support the view that intrinsic motivators are more relevant for superior performance than extrinsic ones popularized by the carrot and stick approach to management. I also find that the influence of employee satisfaction on performance is likely to be asymmetrical, in the sense that workplaces characterized by low satisfaction among workers are more likely to lead to poor performance than best-in-class companies are likely to produce superior performance. To my knowledge, this is the first paper to document an asymmetrical link between firm value and employee satisfaction, as well the first one to investigate this issue in an emerging economy using online reviews.

Capital Structure and Governance Mechanisms External to the Firm: A Cross-Country Analysis

ID: 55111

Authors: Flávia F. P. Mendonça, Henrique Castro Martins, Paulo R. S. Terra.

Source: Revista de Administração Contemporânea, v. 23, n. 6, p. 765-785, November-December, 2019. 21 page(s).

Keyword: creditors rights , external governance mechanisms , leverage , shareholders protection

Document type: Article (Portuguese) Show Abstract

This study investigates whether governance mechanisms external to the firm affect leverage using a sample of 7.490 companies from 40 countries. Our contribution is to separate mechanisms that protect minority shareholders from those that protect creditors rights. Our results show that companies issue debt following the Pecking Order Theory (POT). We find that both mechanisms protecting shareholders and creditors affect corporate leverage. When protection is high, companies issue less debt. Our results are robust to several alternative specifications and variations in our model. We interpret our results as evidence that, when investors are well protected, firms issue less debt, possibly to avoid the monitoring role of debt over the discretion of insiders.

Business Model and Strategy: In Search of Dialog through Value Perspective

ID: 55112

Authors: Dimária Silva e Meirelles.

Source: Revista de Administração Contemporânea, v. 23, n. 6, p. 786-806, November-December, 2019. 21 page(s).

Keyword: business models , strategy , value appropriation , value configuration , value creation

Document type: Article (English) Show Abstract

Value is the unit of analysis for a business model, and also the main goal of strategy. From both an academic and a practical point of view, the question that guides the definition of a business model is: how to create, configure and appropriate value? Strategic management and business model theories have already progressed significantly in some aspects of value, but present major misunderstandings to answering this question, especially because they still work from a static view of value, based only in the content or result. The paper aims to develop a theoretical articulation of business model and strategy through a dynamic perspective of value, based on the combination of strategy content and strategy process. In order to accomplish this task, it tooks contributions from several fields of knowledge underpinning value, such as economics, marketing, strategic management and organizational configuration. The main proposition is that a business model is an emergent structure, defined through the interplay of strategic decisions for discovering and recognizing opportunities (value creation) but also for implementing (value configuration) and profiting from them (value appropriation).

Unlimited Corporate Governance for Limited Companies

ID: 55113

Authors: Vinícius Castanho Kleinert, Jeferson Lana, Dinorá Floriani.

Source: Revista de Administração Contemporânea, v. 23, n. 6, p. 807-811, November-December, 2019. 5 page(s).

Keyword: corporate governance , internal mechanisms , quotaholder agreement , small business

Document type: Article (Portuguese) Show Abstract

This technological paper presents the development and application of the Quotaholder Agreement - as an internal Corporate Governance (CG) mechanism - for the beginning of the activities of a small company in the software development industry. The challenge is identified on the need to apply CG mechanisms in micro and small enterprises (MPE), configuring the extrapolation of this article. The rationale behind the Quotaholder Agreement is the ability to mitigate problems of asymmetry of information and interest among (main) shareholder of a company, by converging interests on management, succession, among others. Future conflicts are anticipated in the clauses of the agreement, which provides more transparent, controlled and lasting management. Using action research as a method, we verified the initial presence of several conflicts between the future partners of the company studied here. Such conflicts prevented the realization of the beginning of corporate activities. In this way, this article contributed, in an innovative way, through the development of a CG tool, the QA, in the social relations of companies divided by limited quotas. Through this application, other MSEs can adopt the proposal to apply the QA and mitigate conflicts of asymmetry and interests by initiating the implementation of the CG within the company.