Abstract Purpose This paper demonstrates that the effects of the presence of outside directors on the board of directors can be different across family vs. non-family firms, regarding the financial performance. We propose that the presence of outside directors in the board is relevant to explain the performance of family firms, because they better deal with mechanisms that reduce the type II agency conflicts. Theoretical framework Based on agency theory and its derivatives, we capture the specificities of family firms relative to non-family firms. Design/methodology/approach Drawing from an extensive and updated database of over 370 publicly listed companies in Brazil, this study conducted panel data regressions with fixed effects on three different response variables, in order to have a broader perspective and reduce the bias of the results. Moreover, we performed robustness tests with different measurement methods. In addition, we tested the selection of variables by addressing both internal and external validity criteria, in addition to convergent and nomological validity, according to the literature. Findings The empirical results indicate that there is a relationship between board independence and short-term financial performance for a cohort of family firms. Practical & social implications of research This research contributes to various stakeholders by providing relevant insights about an important ESG criterion, which opens up a path for further studies. Originality/value - This is a novel approach to relevant phenomena from the perspective of family firms compared to non-family firms. Also, this paper deepens the study of family businesses and considers different cohorts of firms.

RESUMO Este artigo tem como objetivo compreender como as empresas desenvolvem capacidade dinâmica para implementar estratégias sociais a fim de gerenciar as pressões de stakeholders locais e globais. Portanto, realizamos um estudo de caso múltiplo com quatro multinacionais brasileiras do setor de papel e celulose. Essas empresas desenvolvem uma capacidade dinâmica que lhes permite se adaptar a um ambiente em mudança, monitorando-o e aprendendo com seus stakeholders, cultivando relacionamentos e parcerias mutuamente benéficas com outras organizações e constantemente adotando ou influenciando práticas sustentáveis. Os resultados deste artigo estendem a literatura que converge estratégias sociais e capacidades dinâmicas, apresentando evidências de que essas empresas estão desenvolvendo e implantando uma capacidade dinâmica que permite a implementação de estratégias sociais. Os resultados também mostram que essas empresas podem desenvolver capacidades complexas e dinâmicas para gerenciar as demandas dos stakeholders em níveis local e global. Este artigo contribui para a literatura de capacidade dinâmica e estratégias sociais, demonstrando que tal capacidade é crítica no gerenciamento de múltiplos stakeholders. globais Portanto celulose mudança monitorandoo monitorando o sustentáveis global

RESUMEN Este trabajo tiene como objetivo comprender cómo las empresas desarrollan una capacidad dinámica para implementar estrategias sociales para gestionar las presiones de los stakeholders locales y globales. Se realizó un estudio de caso múltiple con cuatro multinacionales brasileñas del sector de celulosa y papel. Estas empresas desarrollan una capacidad dinámica que les permite adaptarse a un entorno cambiante al monitorear y aprender de sus stakeholders, cultivar relaciones y asociaciones mutuamente beneficiosas con otras organizaciones, y adoptar o influir constantemente en prácticas sostenibles. Los resultados de este artículo amplían la literatura en la que convergen estrategias sociales y capacidades dinámicas al presentar evidencia de que estas empresas están desarrollando y desplegando una capacidad dinámica que permite la implementación de estrategias sociales. Los resultados también muestran que las empresas pueden desarrollar capacidades complejas y dinámicas para gestionar las demandas de los stakeholders a nivel local y mundial. Este artículo contribuye a las literaturas sobre capacidad dinámica y estrategias sociales, al demostrar que dicha capacidad es fundamental en la gestión de múltiples stakeholders. globales papel organizaciones sostenibles mundial

ABSTRACT This paper aims to understand how firms develop a dynamic capability to implement social strategies and manage pressures from local and global stakeholders. A multiple case study was conducted with four Brazilian multinationals in the pulp and paper industry. These firms develop dynamic capabilities to adapt to a changing environment by monitoring it and learning from their stakeholders, nurturing mutually beneficial relationships and partnerships with other organizations, and constantly adopting or influencing social strategies. This paper’s findings extend the literature that converges social strategies and dynamic capabilities by presenting evidence that these firms are developing and deploying a dynamic capability to implement social strategies. The findings also show that firms can develop complex and dynamic capabilities to manage stakeholder demands at local and global levels. Finally, this paper contributes to the dynamic capability and social strategy literature by demonstrating that such capability is critical in managing multiple stakeholders. stakeholders industry organizations papers s levels Finally

ABSTRACT Objective: our study verifies the panorama of scientific publications on nonmarket strategy (NMS) in the management area. We analyze the theoretical perspectives, nonmarket actions, and empirical contexts of the publications. Method: the research includes 10 databases, which resulted in 19,685 papers. We used alignment, duplication, and qualification filters, leaving 144 studies from the best journals in the world, according to the Academic Journal Guide (ABS). Results: we observed the predominance of a single theoretical perspective per publication; there were few that applied more than one theory concomitantly. These publications explore different nonmarket actions, such as lobbying, political donations, advocacy, and philanthropy, with 58% considering the context of developed countries, 26% of emerging countries, and 16% depicting more than one country with different levels of development. Conclusions: we perceive inconsistencies between recurrent calls in the field and empirical studies carried out, highlighting the lack of interaction of market strategies and NMSs and exploration of the relationships between corporate political activity (CPA) and corporate social responsibility (CSR). Thus, we contribute to the understanding of the evolution of NMS, through the description of the schematic model of previous research and understanding of theories, actions, and contexts studied.

RESUMO Este caso para ensino apresenta o posicionamento estratégico do grupo Magazine Luiza (Magalu), representado pelo diretor de relações institucionais José Ribeiro e Luiza Helena Trajano, presidente do Conselho de Administração, antes e durante a COVID-19. O objetivo é promover uma reflexão sobre as estratégias empresariais adotadas em tempos de crise. Desde o início da COVID-19 no Brasil, Luiza e o Magalu engajaram-se nas discussões e praticaram uma série de ações estratégicas em benefício dos funcionários do grupo, das pequenas e médias empresas e dos mais afetados pela pandemia. Passados alguns meses dos primeiros casos, a instabilidade ainda era percebida, o número de infectados e mortes subia e pouco se sabia sobre quando o cotidiano retornaria ao ‘normal’. Muitos questionamentos persistiam sobre os próximos passos do Magalu. Assim, era necessário discutir sobre como o grupo deveria se posicionar para assegurar seu desempenho e sua reputação. A proposta é que os alunos se coloquem no lugar de José Ribeiro, diretor de relações institucionais, e do comitê de assuntos urgentes do Magalu, a fim de propiciar um debate acerca das estratégias de mercado e de não mercado que poderiam ser implementadas.

ABSTRACT This teaching case presents the strategic positioning of the Magazine Luiza group (Magalu), represented by the director of institutional relations José Ribeiro and Luiza Helena Trajano, chairman of the Board of Directors, before and during COVID-19. The case’s objective is to promote a reflection on the business strategies adopted in times of crisis. Since the beginning of the COVID-19 pandemic in Brazil, Luiza and Magalu have engaged in discussions and practiced a series of strategic actions for the benefit of the group’s employees, small- and medium-sized companies, and those most affected by the pandemic. A few months after the first case, the instability was still perceived, it was still present, the number of infected and deaths rose and little was known about when the daily life would return to ‘normal.’ Many questions persisted about Magalu’s next steps. Thus, it was necessary to discuss how the group should position itself to ensure performance and reputation. The proposal is to make students put themselves in the place of José Ribeiro, director of institutional relations and the urgent affairs commission of Magalu, in order to encourage a debate about the market and non-market strategies that could be implemented.

Resumo Como as interações entre as firmas e governo afetam as decisões de crescimento dos business groups? Evidências empíricas existentes não explicam como as estratégias políticas afetam a expansão ou diversificação dos business groups. A principal contribuição é discutir as condições que afetam o crescimento dos business groups. Para responder isso foi realizado um estudo de campo em profundidade em seis grupos empresariais e foi analisado 17 exemplos de crescimento desses seis business groups. Quatro categorias emergiram a partir das entrevistas com diretores e presidentes e 480 fontes de dados secundários (categorias: origem de crescimento, relacionamento histórico, escopo do business group e estratégia política específica). Foi aplicado o método QCA para testar as categorias como sendo condições para o crescimento. Descobrimos que ter uma relação histórica entre o grupo empresarial e o governo é uma condição necessária, mas não suficiente para o crescimento grupo empresarial por meio da diversificação. Para prever a diversificação, a relação histórica deve ser somada com o interesse político governamental ou com o uso de um ou uma combinação de táticas políticas específicas da firma. Não foi encontrado nenhum conjunto de variáveis que possa explicar plenamente o crescimento via expansão.

Abstract How do companies and government interactions affect business groups’ decisions on growth? So far, empirical evidence is based on qualitative data that do not explain how political strategies affect the expansion or diversification of business groups. Our main contribution is to discuss the conditions that affect their growth. To do this, we conducted an in-depth field study in six business groups, and examined 17 growth decisions. Four categories (origin of growth, historical relationships, business group's scope and use of specific political strategies) emerged from the analysis, based on interviews with managers and on 480 secondary data sources. We further applied the qualitative comparative method to test our categories as conditions for growth. We found that a historical relationship between the group and the government is a necessary but insufficient condition for growth through diversification. To foresee diversification, historical relationship must be aligned with government's political interest, or with the use of one or a combination of specific political tactics. We found no set of variables that can fully explain growth through expansion.