RESUMO Contexto: houve no Brasil uma expansão de captações privadas via debêntures, especialmente a partir de 2017. Antes disso, as fontes de financiamento de longo prazo se concentravam na captação via recursos estatais. Objetivo: o estudo examina as possíveis razões dessa expansão e como ela poderia sugerir uma nova tendência de financiar uma maior parcela de projetos de infraestrutura com capital privado. Métodos: por meio de uma abordagem de pesquisa mista, envolvendo testes econométricos de quebra estrutural em séries temporais e análises qualitativas de entrevistas com profissionais do mercado financeiro. Resultados: foi confirmado que houve uma mudança na tendência de emissão de debêntures a partir de 2017, mais pronunciada em alguns setores específicos, como o elétrico. Utilizando entrevistas, sugerimos que os fatores determinantes estão relacionados ao crescimento da demanda por esses títulos de dívida e à redução nas taxas de juros no Brasil. Conclusões: assim, o estudo reforça a ideia da importância das condições do mercado local e das políticas governamentais e seu efeito na atratividade relativa entre o capital privado e o capital público no financiamento corporativo.

ABSTRACT Context: in Brazil, there was an expansion of private funding via bond issuances, especially since 2017. Before that period, the sources of long-term financing were concentrated on public funding. Objective: this study aims to explore the main factors that could have positively affect Brazilian bond market and if it would be possible to improve project financing through this debt instruments. Methods: using mixed methods with econometric tests and qualitative interview analysis, this study assesses which were the factors that supported this growth and if there is any difference across industries. Results: we found that a change in the market trend has indeed happened around 2017, and it was more pronounced in specific industries such as electricity. Interviewees suggested that increases in demand (possibly triggered by the reduction of public sources of funding and the fall in local interest rates) could be the main factors that supported this change in trend. Conclusions: therefore, this study reinforces the importance of local market conditions and government policies affecting the relative attractiveness of private versus public sources of corporate investment.

Abstract Purpose This paper aims to present a new trend in management research: the Insider Econometrics approach. Design/methodology/approach The authors argue that the use of internal organizational data not available in public sources can benefit both researchers interested in advancing theories and practitioners interested to improve the decision-making toward more solid and evidence-based grounds. Findings The authors demonstrate the subjects involved in Insider Econometrics realm and provide a framework to guide management scholars to successfully engage in research involving strong partnerships between academia and real world organizations. Originality/value This paper introduces a guide to Insider Econometric research to management scholars.

Resumo Analisa-se a influência do capital humano do empreendedor, o seu capital social e a adoção de práticas gerenciais na sobrevivência de empresas em seus primeiros anos de atividade. De forma inédita, verifica-se como o efeito desses fatores varia de acordo com o gênero, masculino ou feminino, do empreendedor. Usando uma base de 2.000 empresas cadastradas na Junta Comercial do Estado de São Paulo (Jucesp), entre 2003 e 2007, foram ajustados dois modelos econométricos para mensurar o efeito dessas variáveis na sobrevivência de empresas nascentes. Os resultados sugerem que a adoção de práticas gerenciais e alguns aspectos ligados ao capital humano do empreendedor podem favorecer a sobrevivência da empresa. O efeito de competências superiores e capital social sobre a sobrevivência foram maiores para mulheres do que para homens. Os resultados sugerem que empreendedoras enfrentam mais barreiras à constituição de novos negócios, exigindo, portanto, configurações distintas de recursos para atenuar essas barreiras e aumentar a probabilidade de sobrevivência das empresas nascentes.

Abstract In this article, we assess the impact of an entrepreneur’s human capital, social capital, and adoption of management practices on the survival of firms in their first years of life. We innovate by assessing how the effect of those factors varies according to gender: whether the entrepreneur is male or female. Using a database of 2,000 firms registered in the Junta Comercial do Estado de São Paulo (Jucesp), between 2003 and 2007, we employed two distinct econometric models to measure the effect of those variables on the survival of new firms. Our results suggest that the adoption of management practices and some traits related to human capital positively affect firm survival. The effect of competencies and social capital on firm survival was higher for female than for male entrepreneurs. These results suggest that female entrepreneurs face higher barriers to launch new firms, thus require distinct resource configurations to overcome these barriers and increase the probability of survival.

Abstract In the last decades, management scholars have examined ways through which firms can build profitable operations while at the same time addressing pressing social and environmental concerns. But how can organizations ascertain whether their isolated or collaborative efforts are truly generating positive impact to their target populations? Measuring real impact requires addressing several issues related to causality, comparability, and cost (given that most methods require customized data collection and analysis). In this article, I briefly discuss alternative methods to assess impact and then suggest novel research avenues to inform the debate on how to measure impact and how impact measurement practices can help organizations blend social and economic goals.

This paper examines if a firm's alliances affect the persistence of its financial performance. The literature suggests two conflicting views concerning this effect. In particular, access to resources and innovation and the risk of imitation from alliances can have different impacts on performance. In our empirical analysis, based on a panel of 509 firms covering the years 1992 to 2002, return on assets was regressed on the number of alliances and other control variables using hierarchical linear modeling. Results support the positive view of alliances as mechanisms to sustain competitive advantage and escape from competitive disadvantage through access to external, valuable resources held by other firms. Alliances also help firms to constantly innovate and buffer themselves from external shocks that erode existing advantages. Our results, however, may be specific to the period and the institutional context under consideration and we do not distinguish between types, purposes and "strength" of alliances. We contribute to the debate about profit persistence by examining one particular factor that has been neglected in the literature: the extent to which firms engage in alliances with other actors. From a managerial perspective, our study shows that alliances can be used as an effective tool to support superior performance or avoid lock-in into inferior performance.

To date, we have only partially begun to develop an understanding of the channels through which innovation is facilitated within organizations. Although talented individuals are pivotal to supporting knowledge accumulation and renewal, they may be more willing to contribute new ideas if they expect to reap some of the gains that these ideas generate for the firm. In considering this perspective, this paper addresses whether organizational incentives affect innovation, and considers the conduits through which this link is established. In particular, this paper uses agency theory to address whether performance-based pay and performance-based promotion foster firm innovation. Our analysis relies upon a survey of 370 Brazilian manufacturing and services firms. Based on estimations of two-stage models, our results indicate that promotion is a more useful tool for encouraging innovation than pay. In addition, there seems to be a threshold above which the use of performance-based promotion is marginal.

O presente trabalho objetiva discutir os impactos decorrentes da participação de atores privados na provisão de serviços de utilidade pública, tomando como referência o processo de terceirização de prisões ocorrido no Estado do Paraná. Em meio a uma perspectiva agente-principal, a partir de uma análise comparativa entre prisões gerenciadas integralmente pelo poder público e prisões terceirizadas no período de 2001 a 2006, é possível avaliar se a delegação de atividades a atores privados contribuiu para a melhoria do desempenho do sistema prisional e, por consequência, analisar a eficácia das ações engendradas. De acordo com os referenciais teóricos de suporte, as decisões estratégicas dos governos ao envolverem a participação privada no sistema prisional, implicariam a redução dos custos em detrimento da qualidade dos serviços oferecidos. No entanto, contrariando esta previsão, os resultados obtidos apontam que as unidades prisionais terceirizadas não somente apresentam menores custos como também exibem melhor desempenho em aspectos de qualidade, em relação às prisões públicas tradicionais. O estudo discute os possíveis mecanismos organizacionais que geram este resultado.

This paper aims to discuss the impacts of private companies on public service provision by analyzing the outsourcing of prison services in Paraná State, Brazil. By using a principal-agent approach, the present work compares privately operated prisons with traditional prisons wholly managed by the state 2001 to 2006. It evaluates whether or not outsourcing impacted the performance indicators of prisons and, consequently, analyzes the effectiveness of outsourcing. In accordance with the theoretical references, the strategic decisions of governments when involving the private sector in the prison system would lead to reduced costs in detriment of the quality of services. However, the results show that outsourced prisons did not only show cost savings but also increased quality standards in comparison with traditional public prisons. The study concludes by discussing the organizational mechanisms that might generate such results.

No âmbito dos serviços públicos, há uma crescente preocupação sobre como aumentar a eficácia da organização governamental, incluindo maiores níveis de transparência e responsabilização. No caso específico da segurança pública, sendo o próprio sistema policial o responsável por identificar desvios de conduta na sociedade, esse processo torna-se problemático quando as disfunções ocorrem dentro da estrutura da própria corporação. Nessa perspectiva, o presente estudo objetiva compreender a dinâmica dos processos administrativos abertos contra policiais civis na Corregedoria Geral da Secretaria de Segurança Pública do Estado da Bahia, no período 2005/2006, tomando como referência a conclusão, ou não, dos processos. O caráter hermético das organizações policiais tende a desestimular a execução de estudos que ajudem a compreender os fenômenos desse tipo de corporação, fazendo com que seja pouco comum trabalhos de pesquisadores sobre o tema. O presente artigo procura ajudar a preencher essa lacuna, primeiramente, por meio de uma discussão teórica que situa a delegação de autoridade e os mecanismos de influência nas organizações policiais. Em seguida, análises qualitativas e quantitativas realizadas em 143 processos sugerem que atributos de função, posição na hierarquia e os relacionamentos desenvolvidos ao longo do exercício da atividade policial contribuem para o retardamento da conclusão dos processos administrativos na Corregedoria Geral. Assim, os resultados indicam que policiais parecem usar de canais de influência formal ou informal do sistema, visando atenuar a ameaça de punição - uma conduta, portanto, desalinhada com o interesse público.

In the organizational structure of the police, the internal affairs division has the role of investigating professional misconduct attributed to police officers. When an improper conduct is detected, an investigation process is triggered. There is room, however, for concerns regarding whether the process will be impartial, given that police officers may attempt at influencing decisions for their own benefit or, at least, try to postpone the conclusion of the investigation. In our paper, we analyze a sample of 143 investigation processes against police officers in the General Internal Affairs Division of the State of Bahia, Brazil. We seek to identify the factors that contribute to the investigation process are concluded or not. Our econometric results show that the position that the police officer has in the organization and his tenure on the job (which should be correlated with the extent of informal relationships developed within the organization) do influence the probab ility of the investigation will concluded or not. Thus, results indicate that police officers seem to use formal and informal channels of influence to mitigate the threat of punishmenta conduct that is, therefore, misaligned with the public interest.

This study examines conditions in which alliance networks (informal webs of bilateral entanglements between firms) may or may not evolve into multilateral alliances (broad, formal multiple-firm arrangements). I offer a theory to explain the formation of multilateral alliances based on both the resource profile and the structure of existing interfirm networks, and provide an initial test of that theory in the context of the global airline industry. Using data from 75 global airlines and their alliances, I propose a methodology to retrieve samples of alliance networks and then use regression analysis to assess how the resource profile and the structure of these networks influence their formalization into multilateral alliances. I find that multilateral alliances are more likely to emerge when alliance networks exhibit high resource diversity and network structure characterized by moderate density and high centralization. Apparently, while highly sparse networks reduce actors' awareness of their potential joint collaboration, highly dense or embedded networks substitute for the need for formal controls accompanying multilateral agreements. The effect of centralization suggests that the formation of multilateral alliances tends to be triggered by leading actors directly connected to other network members.

Este estudo analisa redes de proprietários conectados entre si por meio de sua participação conjunta no capital de uma ou mais empresas, a fim de verificar mudanças nestes laços em função dos eventos de reestruturação ocorridos no Brasil entre 1995 e 2003 (privatizações e entrada de capitais estrangeiros). Utilizando metodologia de análise de redes se observa que as redes de proprietários no período analisado se comportam como "mundos pequenos": ao mesmo tempo em que existem grupos de proprietários extensivamente ligados uns aos outros, existem alguns poucos atores centrais que acabam por conectar diferentes grupos. Devido à sua posição estratégica na rede, tais proprietários - notadamente, fundos de pensão e o próprio governo - conseguiram explorar oportunidades de participação societária decorrentes da própria reestruturação da economia. Conseqüentemente, contrário a interpretações usuais na literatura, no período analisado parece ter ocorrido um aumento da influência de certos proprietários locais, em detrimento de firmas e investidores estrangeiros.

This study analyzes ownership networks, whereby ties between owners are defined by common ownership of one or several companies, in order to analyze changes in these ties due to the restructuring events that occurred in Brazil from 1995 to 2003 (privatizations and entry of foreign capital). Using network analysis, it is observed that owners’ networks are characterized as "small worlds": while there are groups of owners extensively connected with one another, there are some few central actors that help connect different groups. Due to their strategic position in the network, such owners-chiefly, pension funds and the government-could exploit acquisition opportunities resulting from the restructuring of the economy. Consequently, contrary to interpretations usually found in the literature, in the period under analysis the position of certain local owners, vis-à-vis foreign firms and investors, was apparently reinforced.