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Dear readers,

It is with great pleasure that I present two new associate editors who are now part of BBR's editorial team, they are Profa. Lucilaine Maria Pascuci and Prof. Marcelo de Souza Bispo. Profa. Lucilaine holds a Ph.D. in Business Administration from the Pontifícia Universidade Católica do Paraná and is currently a professor in the Business Administration Department at the Universidade Federal do Espírito Santo, her areas of interest in research are strategy and organizational studies. Prof. Marcelo holds a Ph.D. in Business Administration from Universidade Presbiteriana Mackenzie and is currently a professor at the Universidade Federal da Paraíba, his research areas are school management, business education, tourism studies, and organizational theory. Both professors have extensive research experience in national and international journals with high impact research in Administration. I wish to welcome the new associate editors and I am sure that they will contribute significantly to BBR.

Opening the issue, Novaes and Almeida analyze the effects of the firm's life cycle stages on voluntary disclosure and on the cost of capital. Based on a sample of Brazilian non-financial companies between the periods 2008 and 2014, the authors find evidence that the level of disclosure is higher for companies in the stages of maturity and growth. Additionally, evidence was found that companies in the introduction and decline stages have a higher cost of equity. The results help investors, professionals, and regulators to better understand the incentives of voluntary disclosure practices.

Our second paper, by Batos, Bortolon, and Maia, analyzes whether the usefulness of fundamentalist signals to predict return is altered in contexts of high volatility. Based on a sample of Brazilian non-financial firms between the years 2011 to 2018, the authors find evidence of changes in the explanatory capacity of fundamentalist signals in different volatility scenarios and for different sensitivities to the IVol-BR index. This finding may impact the decision-making of managers and investors as it enables the design of investment strategies based on fundamentalist signals adhering to different risk scenarios. 

Next, Januzzi, Bressan and Moreira investigate whether opacity creates value for both investors and hedge fund managers. Based on a sample of 352 Brazilian hedge funds from 2010 to 2015, the authors find evidence that the level of opaque assets increases the risk of the fund, but it does not necessarily contribute to an increase in the risk-adjusted return received by the investor. The paper innovates by exploring a unique derivative database, composed of positions of swaps, options, futures, and forward markets, thus contributing to a better understanding of the hedge fund market.

Our fourth paper, by Azzari and Pelissari, analyzes the antecedent role of brand awareness in other dimensions of consumer-based brand equity and its impact on purchase intention. Based on a survey of smartphone users, the authors find evidence that brand awareness does not directly affect purchase intention, but that this relationship exists only when mediated by the dimensions of consumer-based brand equity. The results help to understand that knowing the brand is not enough to generate consumers' purchase intention.

Following, Bevilacqua, Freitas, and de Paula investigate what an innovative brand is from the perspective of business managers in a region of Brazil and describe how managers manage innovative brands. Based on a multiple case study, the authors find evidence of the predominance of companies that seek to respond to the needs of consumers over those that seek to influence market consumption; that incremental innovation is dominant; that there is a prevalence of the stage when successful innovations improve the perception of the brand, the attitude and the use of consumers.

Closing the issue, Pereira and Silva analyze a shared business model of sustainable urban mobility initiatives that integrate public and private agents in the city of Fortaleza. Based on an exploratory case study, the authors demonstrate how the integration between public and private agents is structured through the implementation of shared urban mobility initiatives. The results show that for shared and sustainable mobility to be implemented, several actors are needed, who need to play specific roles in their activities. The research contributes to the debate on the organization of actors through a structure that operationalizes and integrates multiple actors in economically viable and sustainable urban reconfigurations in shared mobility.

I hope you enjoy our selection of papers. Good reading to all!

Felipe Ramos – Editor-in-Chief -

How to Cite
Ramos, F. (2020). Editorial. Brazilian Business Review, 17(6). Retrieved from
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