Thomaz Martins de Aquino, Luciano Thomé e Castro
Sugestão de etapas para a estruturação de gestão empresarial de pequenas empresas ................ 39
Henrique Correa da Cunha, Iara Regina dos Santos Parisotto, Andreia Carpes Dani, Vilmar Siewert
….... ............................................................................................................................................. 25
CSR, local embeddedness and the performance of mncs in brazil during the 2008 financial crisis
Daniel Penido de Lima Amorim
Financing Acquisitions and Growth: The Ambev Case .............................................................. 17
Vanessa Edy Dagnoni Mondini, Silvana Silva Vieira Tambosi, Carlos Eduardo Facin Lavarda
Accounting Sciences ................................................................................................................... 7
Controllers' Role and Controller's Role in Organizations: Perception of Graduates of
Articles
Marianne Hoeltgebaum ................................................................................................................. 6
Editorial
me 21, Number 3-4, July, 2016
VoluContents
countries. The topic of innovation and
strategic organization in emerging The Editor
innovation and competitiveness and
researches on two specific topics: EDITORIAL STRUCTURE
contributions to the debate about
Journal looks and reviews for knowledge on business management.
studies on Emerging Countries. The academic community in related fields of
Management Organization, to promote Negócios is the Brazilian international
under the perspective of Strategic The target audience of Revista de
intellectual and academic platform,
Revista de Negócios aims to create an TARGET AUDIENCE
SCOPE AND FOCUS from emerging countries.
understand the role of organizations
market. innovative approaches on how to
from emerging countries in a globalized methodological perspectives and
understand the role of organizations Negócios is open to different
and innovative approach on how to and case studies. The Revista de
different methodological perspectives theoretical essays, empirical studies,
defines its constituents to include working on such topics to submit
interdisciplinary journal that broadly It is welcome scholars particularly
countries. Revista de Negócios is an strategic management of organizations.
conceived with studies on emerging innovations and competitiveness and
on any substantive topic that is advance of theories related to
critique, exchanges and retrospectives economies may contribute to the
views, mainly quantitative research, empirical studies on emerging
publishing theoretical models and re-contributions of how theoretical and
learning and education. It does it by countries. It intends to promote specific
knowledge and practice of management strategic management in developed
Revista de Negócios advances the with experiences and theories on
emerging countries and in comparison
MISSION differences and similarities among
seeking for the understanding of the
Department: PPGAD/FURB - D102. articles with critical perspectives
Blumenau - SC, 89012-900. editorial policy is based on promoting
Antônio da Veiga, 140 - Victor Konder, market, and marketing approach. The
Regional de Blumenau-FURB, Rua competitive strategies in international
POSTMASTER: Universidade external context, supply chain,
level looking mainly but not only to
furb.br/rn. companies can or should act at strategic
July and October on the website organizations, more specifically on how
published quarterly in January, April, researches on strategic management of
Administration. Revista de Negócios is second topic covers studies and
graduate programme in Business entrepreneurship and performance. The
Regional de Blumenau—FURB, post-particularly focusing on innovations,
Brazil, in the campus of Uni-versidade can sustain their competitiveness,
Blumenau, state of Santa Catarina, researches related to how organizations
Revista de Negócios is located in competitiveness covers all studies and
PRESENTATION
Regional University of Blumenau - Udo Schroeder
FURB Language Center
Prof. Marta Helena Caetano, MA. reitoria@furb.br
English Language Editor Blumenau - FURB
Rector of Regional University of
rn@furb.br João Natel Pollonio Machado, Prof, Dr.
FURB
Regional University of Blumenau – University of Blumenau - FURB.
and Business Administration the academic community of Regional
Postgraduate Program of Accounting The Institutional Board is consisted by
Cinara Gambirage, Msc.
Communication Editor Institutional Board
marianne@furb.br tales.andreassi@fgv.br
FURB Getúlio Vargas Institution SP –
FGV
Regional University of Blumenau - Administration
Administration Postgraduate Program of Business
Postgraduate Program of Business Tales Andreassi, Dr.
pol.
Marianne Hoeltgebaum, Prof. Dr. rer. Minnessotazahra004@umn.edu
Coeditor University of
Carlson School of management -
amal@furb.br entrepreneurship department
FURB Strategic Management and
Regional University of Blumenau - Shaker A. Zahra, Prof, Dr.
Administration
Postgraduate Program of Business amal@furb.br
Mohamed Amal, Prof. Dr. rer. pol. FURB
Editor Regional University of Blumenau -
Administration
Executive Board Postgraduate Program of Business
Mohamed Amal, Dr.
EDITORIAL COMPOSAL BOARD
luciana.lazzeretti@unifi.it
marianne@furb.br University of Firenze
FURB Department of Management
Regional University of Blumenau - Luciana Lazzeretti, Prof, Dr.
Administration
Postgraduate Program of Business Academic Board
pol.
Marianne Hoeltgebaum, Prof. Dr. rer. mcardoso@furb.br
FURB
The Coeditor Regional University of Blumenau -
Cardoso da Veiga
amal@furb.br University Library Prof. Martin
FURB Marcos Rogério Cardoso,
Regional University of Blumenau - System Suport
Administration
Postgraduate Program of Business mhelena@furb.br
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Periodicals Support
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1996 - 1997 Denise Del Prá Netto
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Martin Cardoso da Veiga 2000 - 2001 Emerson Maccari
Director of University Library Prof.
Darlan Jevaer Schmitt, Ms. and Paloma Zimmer
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Regional University of Blumenau –
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Department 2008 - 2009 Denise del Prá Netto
Head of Business Administration
2010 - 2011 Leomar dos Santos
Dr.
Ciel Antunes de Oliveira Filho, Prof, 2012 - 2013 Edson Roberto Scharf
Marianne Hoeltgebaum
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FURB 2014 - 2016 Marianne Hoeltgebaum
Regional University of Blumenau -
Program of Business Administration Past Editors
Coordinator of the Postgraduate
Gérson Tontini, Prof., Dr.
ccm@furb.br
ccsa@furb.br FURB
FURB Regional University of Blumenau -
Regional University of Blumenau - - FURB
Director of Applied Social Sciences Head of Marketing and Communication
Valter Augusto Krauss, Prof. Márcia Regina Bronnemann, Prof.
propex@furb.br cri@furb.br
FURB FURB
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and Culture - PROPEX FURB
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Alexander Christian Vibrans, Prof. Dr. David Colin Morton Bilsland, Prof.
reitoria@furb.br gel@furb.br
Blumenau - FURB FURB
Vice - Rector of Regional University of Regional University of Blumenau -
Editora
Marianne Hoeltgebaum
contribute with our Journal in future issues on business strategies and emerging economies.
To our readers, we hope you will enjoy reading the articles, and expect you to
continue to count on your contributions to our Journal in future issues.
reviewers that helped us to achieve this current issue. We thank you and hope we can
Before concluding this Editorial, as always, we want to express our gratitude to all
Delivery, Assignment of Liabilities, Resource Control and Long-Term Growth.
activities are related to the logic phases of business management: Future Vision, Value
case of small sized firms. The main results of the study suggest that five main groups of
has the purpose to propose and discuss a general framework of business management in the
pequenas empresas, authored by Thomaz Martins de Aquino and Luciano Thomé e Castro,
The fourth article Sugestão de etapas para a estruturação de gestão empresarial de
the financial crisis of 2008
was a positive relationship between CSR and the performance of these organizations during
Financial Global Crisis of 2008. The results suggest that re
gardless of the firm’s size, there
strategies of CSR adopted by foreign subsidiaries in Brazil to overcome the effects of the
dos Santos Parisotto, Andreia Carpes Dani, Vilmar Siewert, has the objective to address
Brazil during the 2008 financial crisis, authored by Henrique Correa da Cunha, Iara Regina
The third article CSR, local embeddedness and the performance of MNCs in
growth that can be adopted strategically by other companies.
increased self-financing refer to the Free Cash Flow Theory. These results unveil a model of
2008, growth refers to leveraged buyouts, after 2008, the strong reduction of indebtedness and
theoretical perspective of finance, the AMBEVE case suggests that while the period before
of M&A
on firm’s growth during the period between 1999
and 2015. Based on different
authored by Daniel Penido de Lima Amorim, provides a longitudinal analysis of the impacts
The second article Financing Acquisitions and Growth: The Ambeve Case,
strategic position in the organizations
undergraduates in the accounting sciences that the controllership has assumed an increasingly
management activities. This indicates that there is already a perception on the part of
However, higher averages were found in the issues that related control to more strategic
the empirical study suggest that the control functions are related to operational activities.
responsibilities of Controllership and the role of the Controller in organizations. The results of
to investigate and discuss the students' perception in Accounting Sciences about the
Mondini, Silvana Silva Vieira Tambosi, and Carlos Eduardo Facin Lavarda, has the purpose
Perception of graduates in Accounting Sciences, authored by Vanessa Edy Dagnoni
The first article Controll
ers’ role and Controller’s role in Organizations:
management in emerging economies.
theoretical and empirical contributions in the field of strategy and entrepreneurial
line with our editorial policy, we attempted to provide contributions that attempted to make
strategy of acquisition and the strategic management by small and middle-sized companies. In
analyses of topics related to organizational controlling, corporate social responsibility,
In this current issue, we organized four articles that provide insights and empirical
Editorial Letter
Revista de Negócios, v. 21, n. 3-4, p. 7-16, July, 2016.
concepts and attributions proper to the function are economic reality of the organization (Figueiredo &
of activity, however, makes it fundamental that involve, besides the patrimonial, financial and
strategic planning (Lunkes, 2011). This ascension secure to participate effectively in decisions that
participation in the development of the company's recognize this new status of the function and feel
(Calijuri et al., 2005), as well as the active Rodrigues, 2011). It is necessary that graduates
models, the recognition of potential businesses (Castelo, Albuquerque, Peter, Machado, &
future scenarios, the development of predictive decision-making and not just technical executors
Responsibilities such as the simulation of professionals able to contribute in the process of
Beuren, 2011). curricular matrices, contents that will make future
Machada, Rosa, & Telles, 2011; Lourensi & contemplating in their pedagogical projects and
(Calijuri, Santos & Santos, 2005; Lunkes, monitor and attend to this evolution of the function,
an increasingly strategic position in organizations requires that Higher Education Institutions (IES)
only with accounting functions, has been assuming assume strategic positions such as that of controller
The role of controllership, initially associated The demand for professionals prepared to
(Lourensi & Beuren, 2011).
1 Introduction known by the professionals who perform it
has assumed an increasingly strategic position in the organizations.
on the part of undergraduates in the accounting sciences that the controllership
trategic management activities. This indicates that there is already a perception
s
However, higher averages were found in the issues that related control to more
agreement that the control functions are related to operational activities.
Double blind review samples and non-parametric test sample. The results indicated that there is
ISSN 1980-4431 statistical techniques such as mean analysis, Kruskal-Wallis test of independent
Catarina, were evaluated through descriptive linear regression analysis and
Accepted 28.11.2017 dergraduate students of accounting sciences from 10 universities in Santa
un
Revised 11.10.2017 control were defined as Borineli (2006). The data, collected from 233
Received 01.07.2017 organizations. For this, the definitions and attributions pertinent to the area of
about the responsibilities of Controllership and the role of the Controller in
way, this study aims to verify the students' perception in Accounting Sciences
Accounting assignments. to the function are known by future professionals who will exercise them. In this
Controller; that of controller makes it fundamental that concepts and attributions proper
Controllership; The demand for professionals prepared to assume strategic positions such as
KEYWORDS ABSTRACT
³ Universidade Federal de Santa Catarina (UFSC) - elavarda@gmail.com
² Universidade Regional de Blumenau (FURB) - profa.silvana.vieira@gmail.com
¹ Instituto Federal de Santa Catarina - prof.vanessa@ymail.com
Lavarda³
Vanessa Edy Dagnoni Mondini¹, Silvana Silva Vieira Tambosi², Carlos Eduardo Facin
Accounting Sciences
Organizations: Perception of Graduates of
Controllers' Role and Controller's Role in
7 Revista de Negócios, v. 21, n. 3-4, p. 7-16, July, 2016.
2 Literature Review managing the company's information flow. In a
(Catelli, 2001) define it as a line organ capable of
of the students of this course becomes relevant. organ, and the proponents of the GECON system
way, studying the understanding and conceptions traditional literature perceives control as a staff
area of controllability to act (Martin, 2002). In this Bonzanini (2003) point out that the more
accounting sciences the main public to choose the simultaneously and in a balanced way. Chagas and
statements, makes the graduates and graduates of investors / shareholders, gathering information
with familiarity with accounting reports and to satisfy stakeholders, such as clients / users and
legal status of the accountant profession, coupled attributions, it is the responsibility of the controller
sciences (Amaral & Rodrigues, 2006). The very understands that in addition to the internal
of which are in the disciplines of accounting organizational processes. Martin (2002)
composed of multidisciplinary knowl
edge’s, most even be responsible for decisions that permeate the
It is known that this is an area of knowledge that the control is more autonomous, being able to
in the labor market. Peleias (2002), on the other hand, believes
dissonance regarding control, both in academia and regarding the performance of all sectors.
the discussions aimed at solving the conceptual advice to managers, based on information
that the findings of this research may contribute to controller has the function of staff, providing
controller theme (Lunkes et al., 2010). It is hoped emphasizes that, as an administrative body, the
fundamental requirement in studies on the sciences. Complementarily, Beuren (2002)
Knowing the functions of the controller is a based on foundations and methods of diverse
organizations? administration; and that of the field of knowledge,
and about the role of the controller in administrative organ with processes defined by the
the attributions pertinent to the Controllership area controller can assume two positions, that of
of the accounting sciences undergraduates about For Mosimann and Fisch (1999) the
research question is raised: What is the perception will assume in the labor market.
inherent in the area of controllership, the following ignorance about the real responsibilities that they
knowledge of the concepts and attributions generating in the future professionals and
efficient performance of the controller to his area to reach consensus (Borinelli, 2006),
From this perspective, which relates the allowed concepts and attributions relevant to the
common baseline principles guide the area. responsibilities of controllership has not yet
organization. However, it is imperative that However, the recent increase in the
according to the characteristics of each Rodrigues, 2006).
functions of the controlling position may vary controllership reached a new level (Amaral &
according to Borinelli (2006), which the inherent countries, also collaborating so that the
comprehensive attributions, it is understandable, practices capable of serving users from different
Because it is an area with emergent and companies introduced new theories and accounting
market. In Brazil, the entry of multinational
confused about their attributions in the labor (Calijuri et al., 2005).
making future professionals unprepared or provoking changes in the control functions
practice adopted in the organizational daily life, increased the need for control in organizations,
the theory advocated in the academy and the upstream and downstream productive chains, have
contribute to the already frequent trade-off between ventures and alliances, as well as the expansion of
(Borinelli, 2006). These conceptual dissonances globalization. Mergers, incorporations, joint
accounting function for external purposes organizational arrangements unleashed by
support function, others understand it as an Much of this rise is due to the more complex
some classify controllership as a managerial organizations (Lourensi & Beuren, 2011).
inconsistency of the literature on the subject. While began to assume more strategic responsibilities in
Schnorrenberger, 2010) contribute to the statements (Figueredo & Caggiano, 1997), the area
(Borinelli, 2006; Lunkes, Gasparetto & responsible only for the preparation of financial
divergent views of researchers in the field corporate management process. Initially
In addition to these implications, the Controllership has reached new status in the
Caggiano, 1997), long-term guidelines.
7 Revista de Negócios, v. 21, n. 3-4, p. 7-16, July, 2016.
specialization in accounting sciences, in Paraná. required by Brazilian organizations. They found
with the theory recommended in courses of professional profile of the controlling profession
relate the functions exercised by the controllers on professional recruitment sites to identify the
Amaral and Rodrigues (2006) sought to Gomes et al., (2014) analyzed ads published
Cavalcanti, 2014; Gomes, Souza & Lunkes, 2014). organizations.
al., 2010; Paiva & Facci, 2014; Araújo, Callado & associated with the strategic planning of the
2008; Carvalho Júnior & Rocha, 2009; Lunkes et accounting and economic skills, as well as the skills
Amaral & Rodrigues, 2006; Grande & Beuren, worked in the courses were the financial,
for the exercise of the function (Borinelli, 2006; João Pessoa / PB. They verified that the skills most
and identify the skills and competencies required a questionnaire to students of MBA's in the city of
have already proposed to define their attributions the professional controller. Therefore, they applied
literature on controllability, several researchers them to the profile propagated in the literature on
Aware of the importance of consolidating the courses with emphasis on controllability, relating
professionals. skills and competences developed in specialization
discipline in training of future accounting Araújo et al. (2014) sought to identify the
Accounting Sciences, ratifying the importance of subject of control.
integrated into the curricula of the higher course of contents and the workload allocated to work on the
the discipline of Controllership should be topics covered, nor compliance with the specific
16, 2004, recognized this need and determined that no uniqueness between the HEIs in relation to the
based on Resolution CNE / CES 10 of December management. However, they verified that there is
The Federal Council of Education itself, relate them to aspects of organizational
2014). and basic attributions of the area of control and still
management of companies (Oro, Beuren & Carpes, interest of all in providing to the students, concepts
competent to participate in the strategic state of Paraná. They verified that there is the
demands and organizational challenges, and courses in accounting sciences of some HEIs in the
academic background, capable of attending to the content addressed in the discipline of accounting in
essential that qualified professionals with a solid Paiva and Facci (2014) sought to identify the
Faced with this multiplicity of tasks, it is in organizations.
processes (Roehl-Anderson & Bragg, 2004). expanding its activities for purposes more strategic
skilled in financial statements and transaction performs quite informative functions, but has been
assume such a function, the controller needs to be showing that, in practice, the controllership still
management of formal financial information. To and control functions and accounting, respectively,
accounting, taking responsibility for the interpretation of reports, followed by the planning
(1997), that this act as head of organizational cited were those for the preparation and
expected, according to Figueredo and Caggiano The findings indicated that the attributions most
As for the specific role of the controller, it is the functions relevant to the area in three countries.
actively in the strategic planning process. attributions. Therefore, they proposed to compare
the information, the controller also participates is an area lacking consolidated concepts and
(2011), in turn, affirm that, in addition to managing Lunkes et al. (2010) argue that controllership
and management of information. Lunkes et al. knowledge area and managerial function.
performance of organizations through the control perspectives: administrative organ, human
responsibility of the controller to demonstrate the there is a linkage of the term control to three basic
Already, for Padoveze (2009) it is the uniqueness regarding the term control, however,
protection and internal control of assets and risks." they identified that there is no conceptual
strategic, costs, tax, information management, the controller theme. In the 36 analyzed articles,
of control the functions: "accounting, managerial-different definitions proposed by the researchers to
Borinelli (2006, p.135) attributes to the area map the Brazilian researches in search of the
than they would reach in isolation. Carvalho Júnior and Rocha (2009) aimed to
so that together they achieve a greater performance the classroom and the practice of the organizations.
coordination of the different areas of the company is a significant correlation between the theory of
(2004) attribute to the controllership the and teachers of the courses, they verified that there
more holistic way, Figueiredo and Caggiano After questioning and interviewing coordinators
8 Revista de Negócios, v. 21, n. 3-4, p. 7-16, July, 2016.
defended in the FEA / USP doctorate between 1997 Software.
analyze the insertion of the controller in the theses imported into the SPSS® Version 22 Statistical
perspectives proposed by Borinelli (2006) to Microsoft Excel® spreadsheet database was
Lourensi and Beuren (2011) used the three of each dimension of the questionnaire. The
management processes and costs. respondent and divided by the number of questions
control, especially those related to information answers of the questions, divided by size and per
national works is on the attributions of the area of reached an average corresponding to the sum of the
explored in Brazilian books. The focus of the dimensions described in Table 1. Each dimension
controller, as an area of knowledge, is little The questions were grouped to the
national books. As a result, they verified that the were tabulated in Microsoft Excel® software.
identify the approaches related to the topic in attended by 233 respondents. The data obtained
perspectives suggested by Borinelli (2006) to between July and September 2014 and was
Grande and Beuren (2008) used the control names. The data collection period occurred
(2011). (IES 1, IES 2, IES N) for the preservation of their
Grande and Beuren (2008); Lourensi and Beuren emphasized that HEIs were represented by codes
perspectives proposed by Borinelli (2006), such as: already taken the Controlling course. It should be
the conceptual, procedural and organizational Accounting Sciences who were studying or had
Other studies supported their objectives in (IES), so that they could pass on to the students of
organizational sectors. the professors of 10 Higher Education Institutions
activities and functions in the various available via Google Docs and in printed version to
the area. Finally, it analyzes the distribution of The structured questionnaire was made
controller, linking them to the peculiar functions of and if the student works in the area of controller.
author summarizes the attributions pertinent to the attended or are studying the discipline of controller
process." Then, also based on the literature, the Semester the student is taking; if you have already
to the control of the organizational management such as: Gender; Age; Educational institution;
economic, financial and patrimonial orders related questions related to the profile of the respondents,
theoretical and conceptual bases of operational, the four dimensions, the questionnaire had 6
p.105) "is a set of knowledge that constitute In addition to the questions that comprised
out. Controllership, according to Borinelli (2006, indicators used in this study.
controller, based on the theoretical survey carried agree. Table 1 presents the dimensions and
Initially, the author presents a definition of between 1, for totally disagree, and 7, I totally
organizational. Likert 7-point measurement scale, with a variance
perspectives: conceptual, procedural and questions divided into 4 dimensions, using the
knowledge about controllability in three used as a basis. The instrument consisted of 47
organizations, the author set out to systematize perspectives proposed by Borinelli (2006) were
controllership and the role of controller in conceptual, procedural and organizational
lack of consensus in the literature related to As for the data collection instrument, the
attributions in a systematized way. Identifying the Controller in organizations.
for having discussed the definitions and the responsibilities of Controllership and the role of
control, Borinelli's thesis (2006) was highlighted students' perception in Accounting Sciences about
conceptual discrepancy pertinent to the area of analysis. In this study, we sought to verify the
Among the studies that verified the techniques (Hair Jr. et al., 2009) and descriptive
the treatment of them by means of statistical
2.1 Studies Related to the Adopted Research Model both in the mode of information collection, and in
The method is characterized as quantitative,
management in a systematic way.
analytical capacity and that participate in 3 Methodology
characteristics such as: leadership, proactivity,
They also want professionals to present in the analyzed theses.
knowledge of IT and international accounting. the controller has a weak and insignificant insertion
preferably in accounting sciences, who have conceptual, procedural and organizational aspects,
that companies require trained professionals, and 2006. They verified that, regarding the
9 Revista de Negócios, v. 21, n. 3-4, p. 7-16, July, 2016.
D3Q32 Tactical Planning.
Participate in the process of preparing the
D3Q31 Planning
Participate in the control of Strategic Table 2. Profile of students
D3Q30 Strategic Planning.
Participate in the process of elaboration of controller.
Functions Related to the Management Process
controller and if the student works in the area of
Dimension 3: Controlling Activities and
D2Q29 Relate to customers. already attended or is studying the discipline of
D2Q28 Relate to suppliers. age, HEI that studies, the semester that is taking, if
D2Q27 Relate to financial institutions. respondents, covering questions such as: gender,
D2Q26 Relate to class entities. analysis was carried out regarding the profile of the
D2Q25 Relate to external audit. Then, in Tables 2 and 2.1, a descriptive
D2Q24 Relate to tax authorities.
D2Q23 Relate to government. Source: Survey data.
D2Q22 owners. Dimension 4 0,71
Relate to shareholders, investors and Dimension 3 0,86
Controller of an Organization Dimension 2 0,85
Dimension 2: Primordial Assignment of the Dimension 1 0,90
D1Q21 Acting as a system user. Dimensions Cronbach alpha
ID1Q20 Manage information systems (except IT). Table 1. Reliability Analysis
NDIC
D1Q19 systems.
Manage IT infrastructure for information 2009).
ADO
D1Q18 Exercise Management Accounting.
indicating good data reliability (HAIR JR. et al.,
RED1Q17 Conduct feasibility studies of projects. (Cronbach's alpha) all values were higher than 0.7,
(accounts payable).
SD1Q16 Make control of payments to be made Table 1. Regarding the reliability indicator
D1Q15 Perform and control cash flow. that of reliability (Cronbach's alpha), according to
D1Q14 Perform financial controls. presented and interpreted. The first analysis was
D1Q13 (financial and treasury management). In this chapter the results of the research are
Apply and raise financial resources
D1Q12 Hire and manage insurance.
D1Q11 Perform internal audit. 4 Analyses
D1Q10 Perform internal control.
D1Q9 Elaborate the Tax Planning. Source: Adapted from Borinelli (2006).
D1Q8 Guide the units regarding taxes. D4Q47 Administration.
D1Q7 Check, bookkeeping and collect taxes. Internal spokesperson of the High
D4Q46 Audit.
D1Q6 financial statements. D4Q45 Controllership.
Carry out an analysis of the company's
D1Q5 Disclose the accounting information. D4Q44 Consulting.
D1Q4 Prepare the financial statements. D4Q43 Advisory.
D1Q3 Consolidate the financial statements. Organizations
D1Q2 Carry out the equity control (fixed assets). Dimension 4: Posture of Controllership in
D3Q42 Participate in the Tax Planning process.
D1Q1 transactions. selling price.
Maintain accounting records of company D3Q41
Controllership Participate in the process of setting the
Dimension 1: Primary Attribution of D3Q40 pricing process.
organizations Participate in the management transfer
Table 1. Controlling dimensions and indicators in D3Q39 management costs.
Participate in the process of measuring
independent sample test. D3Q38 process.
test of independent samples and nonparametric Participate in the performance appraisal
environmental analysis.
linear regression, mean analysis, Kruskal-Wallis D3Q37 Participate in the process of internal
Afterwards, statistical techniques were performed: environmental analysis.
acceptability limits (Hair Jr. et al., 2009). D3Q36 Participate in the process of external
values from 0.60 to 0.70 estimated as minimum D3Q35 Participate in the budget control process.
a measure of reliability ranging from 0 to 1, with D3Q34 Budget.
reliability test (Cronbach's Alpha). This indicator is Participate in the process of preparing the
Tactical Planning.
The first analysis performed was the D3Q33 Participate in the process of control of
10 Revista de Negócios, v. 21, n. 3-4, p. 7-16, July, 2016.
those who were studying and those who had HEI 2 6,00 1,24262
HEI 1 5,30 1,20963
Then, the students who had already studied, Mean Standard deviation
Controllership in Organizations).
the Management Process, D4 - Posture of HEI Dimension 3
Controllership Activities and Functions Relating to Tabela 4. HEIs and Functions in the Management Process
Attribution of Controller of an Organization, D3 -
Attribution of Controllership, D2 - Primordial each HEI are presented in Table 4.
proposed in the questionnaire (D1 - Primordial Dimension 3 as well as the standard deviations for
HEIs were correlated with each dimension between Universities was rejected. The averages of
In the sequence, the students separated by equality of averages in relation to Dimension 3
offered in the Science course Accounting. this way, the null hypothesis dealing with the
have already studied the subject in other courses to the management process in the organizations, in
semester (2014/2) and 13.7% have not studied, but students about the activities and functions related
already attended, 34.2% are studying in this Dimension 3 that refers to perception of the
to Controllership, 51.7% answered that they have (1999) at the level of 0.05, among HEIs was
were HEIs 5 (2.6%) and IES 2 (3%). With regard significant difference, according to Koufteros
(18.8%), and those with the lowest participation observed that the only dimension that presented
students) were HEIs 4 (20.5%) and HEIs 9 Kruskal-Wallis test of independent samples, it was
that had the greatest participation (respondent According to Table 3, after performing the
old (85%). As for the participating HEIs, the ones
(56%) of the students is female and 18 to 28 years Source: Survey data.
It can be seen from Table 2 that the majority * Asymptotic significance
D4 ,182 Hold null hypothesis
Source: Survey data. D3 ,651 Hold null hypothesis
D2 ,442 Hold null hypothesis
89,7% D1No
,207 Hold null hypothesis
Yes 10,3% Sig. Decision
Works in the Controllership Area (%) Kruskal-Wallis tests
within another course discipline. mensions
13,7% Diarea
He studied the Controlling theme
Already gone 51,7% Work or not work in the controller
You are taking this semester. 34,2% D4 ,249 Hold null hypothesis
,633 Hold null hypothesis
Controlling discipline (%) D3About
D2 ,639 Hold null hypothesis
Table 2.1. Student’s
profile D1 ,189 Hold null hypothesis
Sig. Decision
Source: Survey data. Kruskal-Wallis tests
HEI 10 13,2% 10º Sem.= 0% Dimensions discipline of Controlling
HEI 9 18,8% 9º Sem.= 13,7% Have you studied or are studying the
D4 ,273 Hold null hypothesis
HEI 8 6% 8º Sem.= 65,4%
D3 ,030 Reject null hypothesis
HEI 7 1,3% 7º Sem.= 12,8% D2 ,460 Hold null hypothesis
HEI 6 12% 6º Sem.= 4,3%
HEI 5 2,6% 5º Sem.= 0% D1 ,087 Hold null hypothesis
HEI 4 20,5% 4º Sem.= 0% Dimensions Sig. Decision
HEI 3 10,3% 3º Sem.= 4% Kruskal-Wallis tests
HEI 2 3% 2º Sem.= 3% Institutions of Higher Education (HEI)
HEI 1 12,4% 1º Sem.= 4%
HEI (%) Semester Tabela 3. Kruskal-Wallis tests of independent samples
Above 61 4%
51-61 9% presented in Table 3
40-50 1,3% Wallis test of independent samples was applied,
12,4% 4 dimensions proposed. Finally, the Kruskal-29-39
18-28 85%
Age (years in %) not work in the area of control were related to the
56% 44% Finally, students who worked and those who did
Female Male with the 4 dimensions proposed were listed.
Gender (%) studied the subject of control in another discipline
11 Revista de Negócios, v. 21, n. 3-4, p. 7-16, July, 2016.
HEI 8 5,08 1,10871
HEI 7 4,52 1,03783 more strategic purposes in organizations.
HEI 6 4,97 1,36100 functions, but has been expanding its activities for
HEI 5 4,85 0,99450 controllership still performs quite informative
HEI 4 4,69 0,98647 three countries, have verified that the
HEI 3 4,35 1,34012 comparing the functions of the controlling area, in
HEI 2 5,35 1,39301 all sectors. Similarly, Lunkes et al. (2010), when
HEI 1 4,53 1,08732
based on information regarding the performance of
Mean Standard deviation
HEI Dimension 1 function, providing advisory services to managers,
Table 5. Mean of model dimensions body, as an administrative body, assumes this staff
As Beuren (2002) asserted, the controlling
- Posture of Controllership in Organizations. among other functions.
Functions Related to the Management Process; D4 out financial controls; perform internal auditing,
Organization; D3 - Controlling Activities and verifying, recording and collecting taxes, carrying
Primordial assignment of the Controller of an disclosing accounting information, ascertaining,
the Primordial Attribution of Controllership; D2 - equity control; preparing financial statements,
and Dimension 4). Emphasizing that D1 refers to of the company's transactions, performing the
proposed in the article (Dimension 1, Dimension 2, activities, such as: keeping the accounting records
and the standard deviation of the other dimensions of the Controllership are related to operations
calculated. Table 5 shows the result of the mean the students, there is agreement that the functions
The mean and standard deviation were then 5.35. This data indicates that, in the perception of
who did not work in the area. questions that represent it varied between 4.35 and
the responses of students who worked and those Attribution of Controllership, the average of the
course. Likewise, there was no difference between be noticed that in Dimension 1 - Primordial
the subject of control within another subject of the standard deviation of the model dimensions. It can
who have already studied, and those who studied the result obtained by calculating the mean and
the students who are attending this semester, those By means of Table 5 it is possible to verify
significant difference in the level of 0.05, among
It was also verified that there was no Source: Survey data.
* 95% confidence interval for mean
process. HE
I 10 5,63 1,01993
functions are more related to the management HEI 9 5,54 1,02596
greater agreement in relation to the activities and HEI 8 5,44 1,38826
among the data, that is, the students of IES 5 show HEI 7 5,07 1,52753
(0.73414), demonstrating greater homogeneity HEI 6 5,53 1,22087
(5.62), but with the standard deviation also lower HEI 5 6,00 0,79415
the other hand, the IES 5 presents a lower mean HEI 4 5,19 0,97587
HEI 3 5,73 1,21601
related to the Management of Organizations. On HEI 2 5,77 1,29835
regarding the role of Controllership in the functions HEI 1 5,38 1,12368
In other words, the data are heterogeneous Mean Standard deviation
(1.24262), meaning a high dispersion of the data. HEI Dimension 4
however, the standard deviation is higher HEI 10 5,02 1,12226
Dimension 3 in IES 2 has the highest mean (6.00), HEI 9 5,09 1,41784
I 8 5,25 0.97073
According to Table 4, it can be seen that HE
HEI 7 3,96 1,37689
HEI 6 4,97 1,27401
Source: Survey data. HEI 5 5,87 0,64226
HEI 10 5,60 0,86818 HEI 4 4,87 1,24800
HEI 9 5,23 0,97041 HEI 3 4,80 1,22913
HEI 8 5,01 0,77116 HEI 2 4,89 1,65269
HEI 7 5,32 1,77605 HEI 1 4,88 1,32007
HEI 6 5,77 0,76621 Mean Standard deviation
HEI 5 5,62 0,73414 HEI Dimension 2
HEI 4 5,32 0,81546 HEI 10 5,00 0,89904
HEI 3 5,75 0,96450 HEI 9 5,17 1,17411
12 Revista de Negócios, v. 21, n. 3-4, p. 7-16, July, 2016.
dimension 4, which refers to "Posture of
found that companies are already demanding from the highest score on the Likert scale was Q 45, of
regard to the labor market, Gomes et al. (2014) Table 7 shows that the question that obtained
with the strategic planning of organizations. With
the courses already include the skills associated Source: Survey data.
controllership that among the skills most worked in D4 Q45 7 70,5%
(2014) identified with MBA's students in D3 Q32 7 52,8%
management. Araújo, Callado and Cavalcanti Q31 7 53,6%
the area of control, and aspects of organizational D2 Q22 7 53,4%
Q10 7 56,4%
in addition to the basic concepts and attributions of D1 Q1 7 50,4%
interest on the part of HEIs in providing students, Dimensions Questions Likert Frequency
Paiva and Facci (2014) affirm that there is an size.
price definition and tax planning process. Table 7. Ranking of the questions with the highest score, by
costs measurement, managerial transfer price, sales
environmental analysis, performance, management of each dimension.
elaboration and control, internal and external the ranking of the questions with the highest score,
and participation of the processes of: budget the most cited. To conclude, Table 7 will present
elaboration and control of the strategic planning controlling company, the audit position was one of
related to the management processes, such as the Brazil, found that among the roles assumed by the
incorporated into the most strategic decisions of the 100 (100) largest private companies in
participation of the Comptroller should be investigating the reality of Controllership practices
of Dimension 1 (Table 4). For the respondents, the (37.2%). On the other hand, Borinelli (2006), when
consider them important, as verified in the results internal spokesperson of the top management
as a set of operational functions, although they also "Controller" (70.5%), followed by the role of
academics recognize the Controllership is not only company assumes in the organizations is that of
In this regard it is possible to infer that indicated that the role / position that the controlling
dimensions (variations between 5.01 and 6.00). According to Table 6, the students
second highest average among the proposed
was verified that this dimension presented the Source: Survey data.
Functions Related to the Management Process, it management
Internal spokesperson for top 37,2%
Dimension 3 - Controllership Activities and Auditor 23,5%
Also, according to Table 4, in relation to Parent company 70,5%
external auditors." Consultant 32,1%
regulatory agencies, collecting agencies and Advisor 32,5%
investors or owners, with government and in Organizations
various stakeholders, relating to shareholders, Role / Position of Controllership Frequency
Organizations
organizational unit meets the demands of the Table 6. Classification of Role / Posture of Controllership in
(2006) confirms that the controller, "as an
simultaneously and in a balanced way. Borinelli that excelled.
shareholders, gathering this information is possible to identify the roles of the controllership
such as customers / users and investors / from the frequency counts indicated in Table 6, it
the controlling shareholder to satisfy stakeholders, (5.07 - 6.00) among all those surveyed. However,
the internal attributions, it is the responsibility of This dimension was the one with the highest mean
Martin (2002) corroborates that in addition to and internal spokesperson of senior management.
function of a Controller. several roles, including advisory, consulting, audit
Stakeholders of an organization is an important Accounting Sciences, the Controllership assumes
understand that the relationship with the be observed that in the conception of graduates of
5.87. This data reflects that the academics Controllership in Organizations" (Table 4), it can
dimension presented variations between 3.96 and Dimension 4, which refers to "Posture of
that the average of the variables representing this Confirming the result of Dimension 3, in
of the Controller of an Organization, Table 4 shows in a systematic way.
As for Dimension 2 - Primordial Assignment the controllers that they participate in management
13 Revista de Negócios, v. 21, n. 3-4, p. 7-16, July, 2016.
high degree of collinearity or multicollinearity
When the FV values are above 10, it indicates a Lunkes et al., (2011); Lourensi and Beuren, (2011).
independent variables on the regression coefficient. organizations, as affirmed by Calijuri et al. (2005);
inflation factor (VIF) that measures the effect of the an increasingly strategic position in the
Another analysis observed was the variance accounting sciences that the controller is assuming
D3Q36, D3Q42, D4Q46, with indices of 0.000. a perception on the part of the graduates in
D1Q19, D2Q23, D2Q28, D3Q33, D3Q34, D3Q35, activities. This result indicates that there is already
D1Q9, D1Q9, D1Q11, D1Q12, D1Q13, D1Q17, that related control to more strategic management
questions D1Q2, D1Q3, D1Q5, D1Q7, D1Q7, However, higher averages were found in the issues
after the debugging of the model, in which the the controller are related to operational activities.
significance in the variables presented in the table, perception, there is agreement that the functions of
According to Table 8, the regression showed It was observed that in the students'
opinions.
Source: Survey data. area, did not cause significant divergence in
in the model. controllership and the fact of working or not in the
already studied or are undergoing the discipline of
e 3,420. multicollinearity
Multicollinearity between 1,351 problem of Likewise, the fact that the students have
VIF = values that there is no Organizations).
than 10 indicate
Values smaller Management Posture of Controllership in
variables and R2. Activities and Functions of the Process
dependent Controller of an Organization, Controlling
Explanation 0,530 independent and Controllership, Primordial Attribution of the
R square =
between addressed (Primordial Attribution of
Correlation
difference of opinion regarding the dimensions
residues.
1,745 among the 10 HEIs investigated did not present significant
Randomness Watson = autocorrelation students of the Accounting Sciences course of the
Durbin-order The main results indicated that the 233
There is no first-and nonparametric test of independent sample.
D4Q48) means, Kruskal-Wallis test of independent samples
D4Q44, D4Q47,
D3Q41, D3Q43, analysis and the statistical techniques of analysis of
D3Q39, D3Q40, perspectives of Borinelli (2006), descriptive
D3Q32, D3Q37, approach was adopted based on the theoretical
D2Q29, D3Q31, Controller in organizations. For this, a quantitative
D2Q25, D2Q26, model the responsibilities of Controllership and the role of
D2Q22, D2Q24, Sig. = 0,000 significance in the
D1Q20, D1Q21, There is the students' perception in Accounting Sciences of
D1Q16, D1Q18, The main objective of this study was to verify
D1,Q14, D1,Q15,
D1Q6, D1Q10, 5 Conclusions
(D1Q1, DIQ4,
significance
Statistical (KOUFTEROS, 1999).
Assumption Tests Hypotheses which is an adequate level, since it is above 0.5
Table 8. Linear Regression possible to verify that the correlation was 53%,
degree of explanation (R2), in which it was
representative variable in the students' perception. independent variables already mentioned, and its
using as a dependent variable the Q45, the most Controllership in Organizations", with the other
that the variables have for the regression model, the dependent variable D4Q45 "Posture of
index (Sig.) And the variance inflation factor (VIF) Finally, we verified the correlation between
top management. Table 8 presents the significance correlation between the independent variables.
auditing and can act as internal spokesperson for FIV, and it was verified that all variables had a low
have a position aimed at advising, consulting, Table 8, the collinearity test was performed using
students perceive that the controller has or should problem in the model. Thus, in agreement with
Controllership in Organizations". 70.5% of the between the independent variables, assuming a
14 Revista de Negócios, v. 21, n. 3-4, p. 7-16, July, 2016.
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where the company was not yet active (Santos, seminal paper by Jensen (1986) provide a basis
implemented to penetrate markets in countries Two theoretical constructs disseminated in a
1994). As for Ambev, M&As were mainly indebtedness.
2003, Camargos & Coutinho, 2008, Kloeckner, analyzing the compan
y’s self-financing and
reasons that justify them (Camargos & Barbosa, result, this case study focuses primarily into
The literature on M&As presents several history of transactions carried out by Ambev. As a
Brahma brewery with Antarctica company. Brazil (Camargos & Barbosa, 2003) and in the
starting with its origin in 1998, from the merger of not very regular, both in the set of M&As in
mergers and acquisitions (hereafter, M&As), usually occur in mergers. However, mergers are
Ambev’s history was cha
racterized by many recurrent in acquisitions, while stock exchanges
Before reaching this prominence position, originated from self-financing or from debt are
highest market value in Brazil and Latin America. of these financial resources, payments with those
ranked among the companies which had the Although it is possible to use combinations
world, Anheuser-Busch InBev. By 2015, Ambev 1986).
the largest conglomerate of this industry in the Weishcelbaumer & Yortoglu, 2012; Jensen,
headquartered in Brazil, currently participating in (Damodaran, 2001; Gugler, Mueller,
(Ambev) is a multinational beverage company debt, and exchange of shares may also occur
The Companhia de Bebidas das Américas resources are used for such purposes, as well as
through M&As? In general, self-financing
1 Introduction 2012). But which resources financed this growth
strategically by other companies.
Theory. These results unveil a model of growth that can be adopted
of indebtedness and increased self-financing refer to the Free Cash Flow
Double blind review first, this growth refers to leveraged buyouts. After 2008, the strong reduction
ISSN 1980-4431
theories bears similarities to a specific period of growth of the company. At
Accepted 18.10.2017 flows and the company's indebtedness. The results show that each of these
Revised 05.09.2017 constructions is consistent with the Ambev case, were analyzed the free cash
Received 28.07.2017 the so-called leveraged buyouts. To verify if any of these theoretical
acquisitions. On the other hand, companies could incur on debts to perform
Ambev. postulates that managers would apply resources generated by self-financing in
Leveraged buyouts;
addressed in Jensen (1986). On the one hand, the Free Cash Flow Theory
Theory of Free Cash Flows;
Financing; the period between 1999 and 2015, emphasizing two sources of financing
Mergers and acquisitions; This case study aimed to investigate the growth driven by M&As of Ambev in
KEYWORDS ABSTRACT
¹ Fundação Dom Cabral - daniel.amorim@fdc.org.br
Daniel Penido de Lima Amorim¹
The Ambev Case
Financing Acquisitions and Growth:
17 Revista de Negócios, v. 21, n. 3-4, p. 17-24, July, 2016.
(Jensen, 1986); or even in companies that have
there would be reasons to believe that the manager not strong enough to reduce extraordinary profits
However, if both parties were utility-maximizing, economic sectors where competitive pressure is
granting him certain authority to make decisions. to be a considerable amount in companies in
would regulate the manager's acting, while also that is, the self-financing. These cash flows tend
relationship would be governed by contracts that resulting from the company's operating activities,
shareholders’ wealth (Berle & Means, 1932). This Free cash flows are the surplus of resources
maximize financial performance and hence (Fama 1980; Tirole, 2001, 2006).
agent would be hired to lead the company so as to takeovers, which would jeopardize their positions.
figure of the professional manager appeared. Such manage from becoming the target of hostile
management in publicly traded companies, the a way for managers to prevent the companies they
With the separation between ownership and Barbosa, 2003; Jensen, 1986). Such growth is also
distributing them to shareholders (Camargos &
2.1 The Agency Theory of making the company grow rather than
managers to use these resources with the purpose
2 Theoretical Framework Thus, acquisitions would be one way for
and Murphy 1985).
contains the final considerations. compensation (Easterbrook 1984, Marris 1963
theoretical constructions. Finally, Section 5 would imply an increase in his prestige and
verifying if the information refers to the seeking the growth of the company, since this
financial analysis of the company, empirically control more resources to fulfill his interest in
Ambev case. Section 4 presents, in fact, the 1986). On the other hand, a manager wishes to
theoretical construction is consistent with the resources controlled by the manager (Jensen,
which analyzes were used to verify if any of the dividends to shareholders reduces the financial
methodology, describing the data origin and occurs: the payment of dividends. Distributing
leveraged buyouts. Section 3 addresses the interests between managers and shareholders
Agency Theory, Free Cash Flow Theory and specific circumstance in which the conflict of
After this introduction, Section 2 discusses The Free Cash Flow Theory refers to a
adopted by other companies.
which shows a growth strategy that can be 2.2 The Free Cash Flow Theory
companies in terms of market value are analyzed,
addition, data from one of the largest Brazilian 2006).
were published in Brazilian scientific journals. In power is highly concentrated in managers (Tirole,
financing in Brazil. No other studies on this topic capital is widely dispersed, while decision-making
pioneering approach to M&As oriented growth be more intense in companies whose ownership of
The importance of this study is its (Jensen & Meckling, 1976). These conflicts would
indebtedness based on Ambev’s financial d
ata. would put his private interests as a priority
it was analyzed the free cash flows and to act in order to maximize shareholder wealth,
addressed in Jensen (1986). To fulfill this purpose, manifested when the manager, despite being hired
2015, emphasizing two sources of financing as reports (Tirole, 2006). Conflicts of interest are
M&As of Ambev in the period between 1999 and much beyond what is published in financial
study aimed to investigate the growth driven by company, whereas the shareholders do not know
Given this theoretical framework, this case internal resources, which are strategic to the
companies could incur debts to make acquisitions. fact that managers are well aware of confidential
the so-called leveraged buyouts proposes that asymmetry of information can be illustrated by the
other hand, the theoretical construction addressing interests between managers and shareholders. The
by self-financing to make acquisitions. On the asymmetries of information and conflicts of
behavioral reasons, using the resources generated relationship, brought to light the existence of
manager would pursue the company’s g
rowth for and Meckling (1976) for the context of this
Free Cash Flow Theory advocates that the The Agency Theory, formalized by Jensen
funds as a form of financing. On the one hand, the interests (Jensen & Meckling, 1976).
for acquisitions that use these two sources of would not act according to the shareholders'
18 Revista de Negócios, v. 21, n. 3-4, p. 17-24, July, 2016.
are reduced when companies have low values in In this study, the texts used for the
stipulate bankruptcy costs. However, these costs conducting their M&A oriented growth strategy.
acquiring company and, based on this, would analyzing the funding sources used by firms in
would observe the level of indebtedness of the explored in the scope of M&As studies in Brazil:
the approval of the creditor institution, which to the fact that it follows an approach little
Performing a leveraged buyout depends on Ambev. It is also characterized as exploratory, due
completed (Damodaran, 2006). growth driven by M&As of a single company,
privately held company after the transaction is study of a descriptive nature, as it investigates the
target company, which usually becomes a This research is characterized as a case
raise up most of the resources used to purchase the
operations, the acquiring company uses debt to 3 Methodology
occurs in so-called leveraged buyouts. In these
Another form of acquisition financing
urce: Own elaboration.
So
2.3 Leveraged Buyouts Company unsatisfactory. free cash flows.
the Target It may even be large volume of
erformance of Satisfactory, with
managers, tend to be inefficient. P
concentration of decision-making power in company acquisitions. acquisitions.
levels of governance, in which there is a greater the acquiring resources to finance finance
performed by companies ranked in the lowest Performance of Ensures surplus Not sufficient to
Brazilian publicly traded companies, acquisitions Financing financing. come from debts.
Nardi (2016) showed that, in the scope of M&As resources, self-Most of the funds
destruction of shareholder value. Silva, Kayo and Internally generated
interests in corporate decisions, even causing the Theory Buyout
Free Cash Flow Leveraged
recurrent to consider the manager's personal Table 1. Free Cash Flow Theory and Leveraged Buyouts
US companies and concluded that it is very
survey to about 400 financial managers of large constructions addressed in this study.
behavioral motivation. These authors applied a differentiation between the two theoretical
conducted a survey that strongly corroborates this Table 1 lists some important aspects for the
Graham, Harvey, and Rajgopal (2006) generation of free cash flows.
wealth for the shareholder. buyouts than levels of indebtedness or the
interests, disregarding the creation or not of credit have a greater influence on leveraged
transactions comes from the manager's particular (2013) conclude that the cost and availability of
when the decision-making in relation to the Axelson, Jenkinson, Stromberg & Weisbach
targets (Jensen, 1986). This seems reasonable persistence of debts contracted by acquiring firms.
used even in the acquisitions of underperforming over the past two decades and found strong
these operations. In addition, such capital could be analyzed leveraged buyouts in the United States
regarding the free cash flows generation before (1986) theory. Cohn, Mills & Towery (2014)
in this theory, they should perform very favorably More recent studies contrast with Jensen's
order for the acquiring companies to be included (Cohn, Mills & Towery, 2014).
Camargo & Coutinho, 2008; Kloeckner, 1994), in sense, this approach has a transactional character
acquisitions (Camargos & Barbosa, 2003; permanent, was reached (Jensen, 1986). In this
that there are several reasons that justify until a capital structure, which would be
through acquisitions (Jensen, 1986). Considering the debt contracted to carry out the transaction
used by managers to promote company growth from the target company, would be used to pay
distributed in the form of dividends, it would be flows. For this author, the surplus cash flows,
although shareholders claim that this capital be historically presented high volumes of free cash
The Free Cash Flow Theory postulates that, leveraged buyouts would be companies that
(Camargos & Barbosa, 2003, Jensen, 1986). According to Jensen's (1986), the targets of
present value after discounting the cost of capital debt (Jensen, 1986; Tirole, 2001).
new available projects that have positive net opportunities, which would justify contracting the
more than the necessary capital to finance all the free cash flows and excellent investment
19 Revista de Negócios, v. 21, n. 3-4, p. 17-24, July, 2016.
e Conexos (Antarctica) in September 1998, and which Ambev became involved during its growth
Antarctica Paulista Indústria Brasileira de Bebidas Table 2 illustrates several transactions in
Cervejeira Brahma (Brahma) with Companhia (Santos, 2012).
(Ambev) was created by the merger of Companhia that would be new products in these countries
The Companhia de Bebidas das Américas possibility of introducing products of its portfolio
already present in the countries, as well as the
Ambev commercialization and distribution of the products
4 Growth through mergers and acquisitions of through the continuity of production,
M&As, the company considered access to markets
distortions. relevance to Ambev. In order to evaluate the
growth trajectory, which could imply some were one of these strategic resources of great
to the size of the company, since it follows a decisions. Rights in the production of trademarks
protect the proportion of the variables in relation competences by the company also impacted the
by total assets. Such indexes were necessary to strategic resources and the acquisition of
two indexes in which these variables were divided markets. Nevertheless, decisions on access to
flows of the operations were analyzed, as well as growth driven by M&As, was to have access to
company. Both the gross debt and the free cash internationalization, a process seen here as a
to the indebtedness and the self-financing of that The main reason that led Ambev to
of M&As was verified through the data referring (Ambev, 2015).
theoretical constructions regarding the financing Nicaragua, Saint Vincent, Dominica and Antigua
congruence between the growth of Ambev and the Republic, Cuba, Ecuador, Peru, El Salvador,
The verification of the existence of Uruguay, Colombia, Guatemala, Dominican
Requirement (NCG) and fixed assets (AI). Canada, Argentina, Bolivia, Chile, Paraguay,
subtracted from the variations in Working Capital was operating in the following countries: Brazil,
percentage referring to Income Tax (IR) and agreement in the Caribbean. In 2015, the company
from the operating profit (LOP) deducted from the Canada and establishing an important marketing
In the formula, the Free Cash Flow (FCL) results participating in the control of companies in
Peru, Ecuador, and Dominican Republic,
FCL = LOP (1 – %IR) –
∆NCG – ∆AI (4) acquisitions of companies in Central America,
Since then, Ambev has performed several
(2015), which is shown below: internationalization (Camargos & Barbosa, 2005).
to the formula proposed by Fleuriet and Zeidan increased its leverage as a way of financing its
flows from transactions were calculated according (Ambev, 2015). Until that year, the company had
financial statements were collected. The free cash Argentina, Bolivia, Paraguay and Uruguay
evaluate the indebtedness, the data of Ambev's has led the beverage markets in countries such as
seen as an indicator of self-financing, and to with the Quinsa Brewery, and from this point it
To calculate the free cash flows from operations, acquisitions. In 2003, it undertook a transaction
by the Extended Consumer Price Index (IPCA). accelerated through partnerships and, mainly,
Comdinheiro® [sic] database and were adjusted creation of Ambev, its internationalization was
analysis shown in Section 5 are from the Argentina, Paraguay and Venezuela. After the
The data used to perform the financial commercializing its beverages in countries such as
from other studies quoting Ambev's M&As. from Brahma's operations, which was already
section was also supplemented with information Ambev's international expansion comes
specific events involving the company. This beverages market (Ambev, 2015).
Relations website was used, including reports on also with a strong presence in the nonalcoholic
of Ambev, the information on the Investor leading company in the Brazilian beer market and
deals with the growth trajectory driven by M&As operation resulted in the establishment of a
searches. For the preparation of Section 4, which internationalize (Camargos & Barbosa, 2015). The
were articles, and through print, in some book increase competitiveness, gain scale and
congregate publications in journals, when they by the two competing companies in order to
2, were accessed through databases that (Ambev, 2015). This transaction was performed
elaboration of the theoretical framework, Section the process took place throughout 1999 and 2000
20 Revista de Negócios, v. 21, n. 3-4, p. 17-24, July, 2016.
possible to verify that, initially, this company used
According to Ambev data (Figure 1), it is
free cash flows, which are also divided by TA.
The same criterion was adopted to analyze the
analysis, along with the company's gross debt.
2014 leader in the beer sector in Cuba. divided by total assets (TA), was also used in this
• Establishment of joint venture with Bucanero,
company's growth, the debt ratio, gross debt
did not yet own.
(Corona), from Mexico, with purchase of half that it that indebtedness was not distorted by the
AB InBev completes acquisition of Grupo Modelo cash flows and indebtedness. In order to ensure
2012 •
S.A. (CDN), from Dominican Republic; under the perspective of two funding sources: free
• Acquisition of Careceria Nacional Dominicana investigates the growth strategy oriented to M&As
As already mentioned, this study
2010 from Venezuela.
• Purchase of 15% of Cerveceria Regional S.A.,
Flows of Ambev
brewer in the world.
Anheuser-Busch InBev (AB Imbev), the largest 5 Analysis of Indebtedness and Free Cash
Inbev buys American Anheuser-Busch and creates
2008 •
its participation in the company; respectively, in the period of 15 years.
Industrial S.A. (Quinsa) after gradually increasing and 449% of total assets and market value,
• Ambev completes the acquisition of Quilmes M&As. It should be noted the growth of 289%
continued with the strategy to grow through
2007 in Canada through the subsidiary Labatt.
• Acquisition of the Lakeport Brewing Income Fund periods of the company's operations when it
The other years correspond to the most recent
2004 Imbev.
• Merger with Belgian Interbrew, creating the giant important transactions on the trajectory of Ambev.
• Acquisition of Embotelladora Rivera, from Peru. brewery Interbrew, considered one of the most
2003 (Cervesursa), from Ecuador; it is the year after the merger with the Belgian
• Acquisition of Cerveceria Suramericana operations. The year of 2005 is important because
representing the beginning of the company's
(Quinsa), headquartered in Argentina.
• Purchase of a 36% stake in Quilmes Industrial S.A. Antarctica, which gave rise to Ambev,
2002 Guatemala; the end of the merger between Brahma and
America Bottling Corporation (CabCorp), in In this table, the year 2000 corresponds to
• Formation of the joint venture with Central
S.A. (Cympay), from Uruguay. Source: Own elaboration with Comdinheiro data.
Acquisition of Cerveceria y Malteria Paysandu Note. Amounts in billions of R$, adjusted by the IPCA.
Value
2001 •
Paraguay; 49.3 96.2 205.9 270.5 449%
Market
• Acquisition of Cerveceria Internacional S.A., from
Assets
Uruguay. Total 23.2 59.6 60.4 90.2 289%
Acquisition of Salus Sociedad Anónima, from 2000-2015
Date 2000 2005 2010 2015
2000 •
Uruguay; Growth
bev’s Total Assets and Market Value
• Formation of a joint venture with Grupo Danone in Table 3. Am
Paulista (Antarctica).
1999 Brahma (Brahma) with Companhia Antarctica total assets and market value.
• Ambev originates from the merger of Companhia Table 3 shows Ambev's growth in terms of
Year M&A Transactions
website and the reports disclosed therein.
Table 2. Ambev’s Mergers and Acquisitions
(2012), as well as those from Ambev's Investor Relations
Source: Own elaboration with information from Santos
take more than a year to be completed.
Colombia.
be noted that the process of an acquisition may •
Acquisition of Bogotá Beer Company (BBC) in
group, over which Ambev has control. It should Banks Holdings Company (BHL) of Barbados;
acquisitions made by other companies of the 2015 controls the beverage manufacturer and distributor
Takeover of Banks Holdings Company, which
involving Ambev itself or, in less recurring cases, •
Acquisition of the Colorado brewery in Brazil;
driven by M&As. It describes the transactions •
21 Revista de Negócios, v. 21, n. 3-4, p. 17-24, July, 2016.
yet acted. The purpose of this case study was to
Source: Own elaboration. in several countries where this company had not
Construction was followed mainly in order to penetrate markets
Theoretical Leveraged Buyouts Theory growth strategy oriented to M&As. This practice
Related Free Cash Flow
and more stable. Since its origin, Ambev has adopted a
Free Cash Flows variable volume. previous period
Smaller, more
Higher than the 6 Final Considerations
Indebtedness company. reduction.
Leveraged Strong debt financing.
First moment Second moment significant increase in the generation of self-
Indebtedness at Different Moments this period, the debt was reduced along with a
Table 4. Characteristics of Ambev's Free Cash Flows and refers to the Free Cash Flow Theory, since, during
Meanwhile, the second moment, starting in 2008,
self-financing. the growth driven by M&As of Ambev.
drastically reduced with a larger generation of indebtedness to raise the resources that financed
Barbosa (2005), while after 2008, indebtedness is leveraged buyouts by making use of higher
resources, in agreement with Camargos and Theory, one can relate the first moment with
M&As was financed, in large part, by borrowing about leveraged buyouts and Free Cash Flow
Initially, the growth driven by Ambev's Looking at the theoretical constructions
Source: Own elaboration from Ambev financial data adjusted by the IPCA.
Free Cash FlowGross DebtGross Debt / TAFree Cash Flow / TA
19992000200120022003200420052006200720082009201020112012201320142015
0%0
3%
1.14%4%4%4%2
1.91.61.76%6%5%
2.99%8%7%
3.69%9%4
4.04.03.410%11%10%
4.512%
13%
5.55.75.414%15%15%13%6
5.85.915%
18%16%8
19%
20%
9.19.19.022%10
9.69.89.624%
10.210.210.125%
25%
11.311.410.927%28%12
12.130%
12.830%
14
14.835%
36%16
16.516.339%B
17.240%40%18il
41%l
i
o
n
45%20s
Figure 1. Free Cash Flows and Indebtedness in Ambev
generation of free cash flows from operations,
2008 was characterized by variations in the leveraged buyouts.
synergies. If, on the one hand, the period prior to indebtedness in the acquiring companies after
in terms of operational and/or managerial Towery (2014), which verified a persistence of
relation to the company's TA, which shows gains and contrasts with the results of Cohn, Mills &
financing, there was a growth trend, even in with the transactional character of Jensen (1986)
indebtedness rate of only 4% in 2015. As for self-This change in capital structure is in line
company had, then, a lean structure, reaching an to rise in relation to the past.
a drastic debt settlement starting in 2008, the relation to the TA, being that these flows tended
around 40% of third-party capital until 2003. With terms of amounts and in terms of percentages in
a more leveraged capital structure, presenting after that year there was greater stability both in
22 Revista de Negócios, v. 21, n. 3-4, p. 17-24, July, 2016.
7 Implications on Future Researches
teórico dos motivos, hipóteses testáveis e
matter. Fusões, aquisições e takeovers: um levantamento
further towards generating knowledge on this Camargos, M. A., & Barbosa, F. V. (2003).
hoped, then, that future researches may go even
there is room for several other analyzes. It is MacMillan.
financing oriented to M&As in Brazil. Given this, corporation and private property. New York:
study introduces the subject of the growth Berle, A. A., & Means, G.C. (1932). The modern
that can be applied by corporate managers, this
In addition to help bring light to a strategy 2267. doi:10.1111/jofi.12082
grows: driven by M&As. buyouts. The Journal of Finance, 68(6), 2223-
this other approach lies on how the company the determinants of leverage and pricing in
difference from the present study in relation to Weisbach, M. S. (2013), Borrow cheap, buy high?
which the company may find itself. The main Axelson, U., Jenkinson, T., Stromberg, P., &
between the capital structure and certain stages in &conta=28&tipo=43349
Corporate Life Cycle makes a similar association http://ri.ambev.com.br/conteudo_pt.asp?idioma=0
debt. The theoretical construction called from
supporting that companies grow, initially, through Ambev (2015). Histórico: Visão geral. Retrieved
The present study is not unanimous in
some of them to reduce its indebtedness. References
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competitive advantage. In a second moment the The author thanks Fundação de Amparo à
productive factors, which would give it a
expanding its market share, as well as obtaining Acknowledgements
financial leverage to perform acquisitions,
In this model, initially, the company would use considered as well.
can be strategically adopted by other companies. recommended that this form of financing be
This case study unveils a growth model that However, from a broader perspective, it is
growth. address M&As financed by issuance of shares.
bears similarities to a specific period of Ambev's The approach of Jensen (1986) does not
these results show that each of these approaches information publicly available.
referring to the Free Cash Flow Theory. Thus, held and therefore did not make their financial
greater generation of self-financing occurred, number of the acquired companies were privately
indebtedness was drastically reduced, while a this analysis was not possible since a large
leveraged buyout approach. From 2008 onwards, show poor performance. In the case of Ambev,
from indebtedness, which is in line with the Theory, acquisitions may include targets that
Ambev was financed mainly by funds originated significant free cash flows, in the Free Cash Flow
that, initially, the growth driven by M&As of targets of leveraged buyouts should present
The results found in this study point out companies. According to Jensen (1986), while the
leveraged buyouts. acquiring companies, but also in the target
be based on the theoretical constructions on the generation of free cash flows not only in the
through debt. In this case, such transactions could A breakthrough would be the observation of
would be to finance them with resources raised transactions belong.
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purpose, the free cash flows generated by self-M&As according to the different economic
company through acquisitions, applying, for this methods. Another possibility is to group the
the manager would seek the growth of the should be analyzed by means of statistical
The Free Cash Flow Theory postulates that representative sample of these operations, which
financing. financing of M&As considering a diversified and
Ambev, emphasizing two sources of the company Studies are encouraged to investigate the
investigate the growth driven by M&As of
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24 Revista de Negócios, v. 21, n. 3-4, p. 25-38, July, 2016.
organizations. global value chain resources at the same time as it
foreign companies when compared to indigenous condition allows MNCs to take advantage of the
host country create additional challenges for integration and local responsiveness. This
environments between the company`s home and implement strategies that provide global
differences in formal and informal institutional (embedded) with the foreign markets. MNCs
(Zaheer, 1995). This condition suggests that the order to get more involved and integrated
condition known as the liability of foreignness subsidiaries in the foreign markets. In that sense, in
companies in foreign markets is affected by a and promote the local embeddedness of
The performance of the multinational implement strategies that facilitate the insertion
multinational companies need to identify and
1 Introduction In order to overcome such a condition,
during the financial crisis of 2008.
positive relationship between CSR and the performance of these organizations
and performance. The results indicate that regardless of the size, there was a
Granger Causality test to confirm the causal relationship between CSR practices
companies active in Brazil during 2008, 2009 and 2010. We perform a Pairwise
present study utilizes a panel data with 110 subsidiaries of multinational
multinational subsidiaries in Brazil during the financial crisis of 2008, the
Double blind review In order to verify the implications of CSR practices to the performance of
ISSN 1980-4431 subsidiaries of multinational companies adopt CSR and governance practices.
order to relate to different stakeholders needs in foreign markets, the
Accepted 28.11.2017
it provides a mutual support during challenging moments. In that sense, in
Revised 11.10.2017
reciprocal commitment between the company and the network in a sense that
Received 15.08.2017
organizations that increase local embeddedness which in turn creates a
crisis. One explanation for that could be related to strategies adopted by these
some companies were better able to overcome the challenges imposed by the
Subsidiary Performance. multinational subsidiaries operating in Brazil during this period it is clear that
Relational Embeddedness; evaluating the implications of the 2008 financial crisis for the performance of
Corporate Governance; industries, not all organizations were affected in the same manner. When
Corporate Social Responsibility; Although the effects of the financial crisis of 2008 affected companies in several
KEYWORDS
ABSTRACT
4 Universidade Regional de Blumenau (FURB) - siewert.vilmar@outlook.com
³ Universidade Regional de Blumenau (FURB) - andreiacarpesdani@gmail.com
² Universidade Regional de Blumenau (FURB) - iaraparisotto@furb.br
¹ Universidade Regional de Blumenau (FURB) - henriquecorreadacunha@gmail.com
Vilmar Siewert
4
Henrique Correa da Cunha¹, Iara Regina dos Santos Parisotto², Andreia Carpes Dani³,
MNCs in Brazil during the 2008 financial crisis
CSR, Local Embeddedness and the performance of
1 Revista de Negócios, v. 21, n. 3-4, p. 25-38, July, 2016.
impose additional challenges but also opportunities company and its stakeholders.
complying with CSR and governance practices can reciprocal commitment relationship between the
Yelkikalan and Kose (2012) indicate that implementing CSR, companies are rewarded by a
all companies were affected in the same manner. condition should validate the hypothesis that by
impacted many industries in several countries, not to companies that do not have these initiatives. This
Although the financial crisis of 2008 should have superior performance when compared
years of 2008, 2009 and 2010. efforts related to governance and CSR initiatives
global financial crisis were more severe during the in Brazil who practice and communicate their
(IBGE) indicate that in Brazil the effects of the subsidiaries of multinational companies operating
Instituto Brasileiro de Geografia e Estatística periods of economic and financial crisis, the
happened in many other countries, data from In that sense, it is suggested that during
for the origins of the 2008 financial crisis. As it financial crisis?
procedures were considered the main explanation companies operating in Brazil during the 2008
suggests that the lack of CSR and governance performance of subsidiaries of multinational
causes for the crisis. In that sense, Souto (2009) between corporate social responsibility and
ethics, principles and values as being the main research question: Is there a positive relationship
there was a worldwide trend that linked the lack of Then, we seek to answer the following
competitiveness of organizations. At that period Brazil during the crisis of 2008.
adopting CSR and governance mechanisms for the subsidiaries of multinational companies active in
a good example for exploring the implications of responsibility (CSR) and performance of
The economic and financial crisis of 2008 is relationship between corporate social
company`s business network. following objective: To determine whether there is
behavior inside the organization and throughout the Given the above, the present study has the
mechanisms which limits the opportunistic opportunity and not a cost (Souto, 2009).
for companies to implement governance In this sense CSR should be perceived as a business
such as Brazil, the institutional voids create a need crises affecting the market in which they operate.
company with its network. In a developing country, an advantageous position to overcome financial
mechanisms that promote the integration of the that adopt governance practices and CSR will be in
to be legitimated needs to include governance policies. Considering these elements, companies
levels of commitment. In that sense CSR in order business processes with corporate governance
guarantee the perpetuation of the relationships and company; investor confidence; and compliance of
with the community, network governance forces strategy; strengthening the market position of the
verify the level of commitment of the company support of stakeholders; strengthening of business
that are put in place such as laws and regulations to such as motivation and corporate culture; the
that although there may be no formal mechanisms favored by positive effects on internal variables,
Jones, Hesterly and Borgatti (1997) suggest the core value of the company, which will be
business environment. perspective should be the result of a reflection on
development, and business that needs a supportive the company's strategy. The change in attitude and
society that needs business for economic and social stakeholders` needs and include these concerns in
responsibility is a pact for mutual benefit between redefine business objectives addressing
Davies (2003) indicates that corporate social developing CSR policies, organizations must
to corporate social responsibility. Therefore, In order to become effective when
companies are legitimated by their efforts related challenges that arise in times of crisis.
Doh, 2005; Porter and Kramer, 2002) indicate that practices help organizations to overcome the
authors (Davies, 2003; Porter, 2006; Pearce and mechanisms and transparency of a company, these
legitimating the company. Accordingly, some that in addition to improving the control
build reputation, status which contributes for governance policies and CSR practices are actions
resources in a particular market, companies need to of 2008. Jacob (2012) also suggests that
in order to attract and gain access to valuable of the causes for the economic and financial crisis
Deephouse and Suchman (2008) suggest that attributing the lack of CSR practices as being one
opportunities. the same manner Jacob (2012) complements by
is able to effectively respond to market needs and for companies during periods of economic crisis. In
26 Revista de Negócios, v. 21, n. 3-4, p. 25-38, July, 2016.
of a country, it is clear that countries with a more companies listed in Fortune magazine, found that
condition relating to the institutional environment Karaibrahimoglu (2011) when analyzing the 100
access to scarce and valuable resources. This cancellation of social projects. Similarly to that,
the reputation, status and legitimacy facilitate the which include, for example, the postponement or
Deephouse and Suchman (2008) suggest that crisis on corporate responsibility of companies,
society. found that there was a negative influence of the
regarding the behavior of the individuals in the multinational companies in Kenya, Njoroge (2009)
beliefs and values which create expectations affects corporate social responsibilities of
relate to things. The normative pillar refers to To examine how the global financial crisis
in the society, that is, how people understand and various sectors of the Brazilian economy.
relates to the cultural and shared values embedded country, which consequently impacted negatively
monitored and enforced. The cognitive pillar lower consumption of commodities produced in the
regulations and to what extent these rules are crisis in the developed countries which reflected in
pillar represents the quality of the laws and president did not recognize the implications of the
sense, Scott (1995) indicates that the regulatory crisis in Brazil was only a "wake". At the time the
governance procedures of these regions. In that by president Luiz Inacio Lula da Silva, that the
safety related to the control mechanisms and In Brazil the statement made in October 2008
environment of a country that imply the quality and mineral commodities.
three dimensions (pillars) of the institutional strong dependence on the export of agricultural and
(Karaibrahimoglu, 2011). Scott (1995) identifies 2008 to 2010. Brazil was impacted because of its
given to CSR has grown significantly 2008 impacted the economy during the period from
and the collapse of large corporations, the attention (2014), the effects of the global financial crisis of
dramatically, in addition, recent financial scandals mentioned earlier, in Brazil, according to IBGE
the role of organizations have changed which also reflected in European countries. As
In this fast changing business environment, result of the North American real estate crisis
needs of the markets serviced by the company. 2008, it can be said that the global crisis was a
resources in global value chains with the particular As far as it concerns the financial crisis of
need to balance the opportunities of locating 1990; Karaibrahimoglu, 2011).
value chain. In this complex scenario, companies crucial activity during these periods (Cheney et al.,
performance of each activity in the organization companies perceive CSR initiatives as not being a
mechanisms needed to coordinate and monitor the focusing on what it essential. In that sense, many
increases the complexity related to the control of organizations becomes more conservative
synergy of organizational resources but it also argued that during a financial crisis, the positioning
strategic location of resources which promote situation and the possibility of a collapse. It is also
Globalization creates opportunities related to signal to the various stakeholders a vulnerable
environments in which organizations operate. indicates that reducing commitment to CSR can
becomes a huge challenge due to the complexity of responsibility of the organization. The same author
determine the competitiveness of organizations economic crisis, priority becomes the financial
Nowadays identifying the elements that rational, as indicated by Carroll (1996), during
economic and financial crisis these practices are
2.1 CSR and the Financial Crisis of 2008 practices (Njoroge, 2009). Although in times of
2 Theoretical Framework and Hypothesis related to the corporate social responsibility
were forced to cut spending including expenses
(embedded) with foreign markets. companies, including multinational companies
foreign companies to get better integrated recession in various countries around the world. All
initiatives could be a viable strategy that helps The global financial crisis led to economic
results could indicate that implementing CSR scarce resources.
during the financial crisis of 2008. In that sense, the markets may gain facilitated access to valuable and
multinational subsidiaries operating in Brazil governance and more committed to the local
implications of CSR to the performance of In the same sense, companies with better
increasing the knowledge regarding the institutionally favors attracting foreign investment.
This study intends to contribute for stable environment and more developed
27 Revista de Negócios, v. 21, n. 3-4, p. 25-38, July, 2016.
These goals must be achieved respecting the
the stockholders (investors) have for the business.
to meet the economic objectives and expectations
competitiveness and perpetuation of the business is
the impact of the crisis on CSR. indicates that the basic condition for promoting the
Yelkikalan and Kose (2012) presented in Figure 1, needs of for-profit organizations. The pyramid
(Yelkikalan and Kose, 2012). Therefore CSR Pyramid highlights the prioritization of the
company involvement with its stakeholders The hierarchy suggested in Carroll (1991)
opportunities created by the crisis to increase the
activities could be a good way of identifying Embeddedness
organization and for the society. Engaging in CSR 2.2 Institutional Theory, Legitimation and Local
CSR can produce useful results for both the
(2003) indicates that it is possible to propose that interruption in times of crisis.
some social problems caused by the crisis. Davies same time remain their CSR activities without
CSR activities are important for overcoming economic activities and take precautions, but at the
initiatives (Miras and Carrasco, 2013). companies who see the crisis as a threat to their
influence the reduction of the number of these be useful for understanding the behavior of
the disappearance of CSR actions, though it can impacts for each element. Such a perspective might
Therefore, the present crisis cannot directly mean the pyramid components, as there may be different
an opportunity rather than considering it as a threat. activities" must be analyzed from the standpoint of
strategy, they could take advantage of the crisis as positive or negative effect on social responsibility
to CSR and have it integrated to their business activities. The dilemma that "the crisis has a
that sense, organizations that are really committed crisis, supporting various social and artistic
CSR should be drastically affected by the crisis. In without interruption, even in times of economic
legitimacy or direct benefits (short-term view), the large companies continue their CSR activities
companies implement CSR actions seeking Yelkikalan and Kose (2012) indicate that
the real commitment of companies to CSR. If CSR.
businesses and offer a perfect opportunity to test located on the top of the pyramid, that is, for the
of carrying out social or environmental policies for poses a threat to the responsibility dimensions
possible to verify the true motivations or interests priority of such initiatives. Thus, economic crisis
(2013) argue that these circumstances make it will depend on the dimensions of CSR and the
governance and CSR policies. Miras and Carrasco CSR practices during periods of economic crisis
additional pressure for the company to adopt better suggests that the organizations commitment to
followed by investors and customers putting different perspectives (opportunities and threats). It
had been affected by the crisis were involved, the effects of an economic crisis to CSR under
and compensation policies. Key stakeholders who Carroll (1991) CSR Pyramid and seeks to explain
governance, organizational environmental policies, The model presented in Figure 1 builds upon
greater attention after the crisis, such as
However, some efforts related to CSR gained Source: Yelkikalan e Kose (2012).
involvement.
spending cuts in programs with community CSR Pyramid
to survive, which also related to mass layoffs and es
initiatives in many companies, due to the struggle EconomicResponsibiliti
the 2008 financial crisis had a clear impact on CSR
hreat
during a period of crisis. The results showed that TLegal Responsibilities
the reputation risk management of the companies CRISIS
Responsibility initiatives and their implications for E
ortunity thicalResponsibilities
the financial crisis of 2008 on Corporate Social Op
ilities
Jacob (2012) sought to analyze the impact of DiscretionaryResponsib
extent of CSR projects in times of financial crisis.
there is a significant decrease in numbers and Figure 1. The impact of crisis to CSR
28 Revista de Negócios, v. 21, n. 3-4, p. 25-38, July, 2016.
Status is a social construct which involves the specific groups of stakeholders.
element for the competitiveness of organizations. or favor the acceptance of the organizations for
and Suchman (2008) indicate that status is a central activities and other types of initiatives that increase
In the new institutional theory, Deephouse seeking legitimacy through certification, social
1996). Examples of this interaction include organizations
Deephouse, Ferguson 2000; Fombrun, Rindova, to resources from specific groups of stakeholders.
past behavior and performance (Ferguson, decisive factors for the organization to gain access
performance based on collective perceptions of indicates that reputation, legitimacy and status are
a widespread expectation of the company's future governments, customers, suppliers and markets). It
the business context, it is argued that reputation is different stakeholders groups (communities,
creating a good reputation for the organization. In interactive process between organizations and
demonstrate a rational behavior contribute for Suchman (2008) indicates a dynamic and
society's expectations and the discipline to The model proposed by Deephouse and
Both the compliance of the organization with
the organizational environment. Source: Deephouse and Suchman (2008).
also compliance with the institutionalized myths in
depends not only on efficient use of resources, but
authors indicate that organizational performance
competitiveness of an organization. The same
suggesting that this feature is crucial to promote the
resource ranked in the same level as tangible assets
legitimacy as being an organization valuable
Meyer and Rowan (1977) present the
Rowan, 1991).
operate (DiMaggio & Powell, 1991; Meyer and
cognitive forces of the market in which they
better able to adapt the coercive, normative and
the perpetuation of organizations who conform are
same authors indicate that these elements promote
resources (Deephouse and Suchman, 2008). The
legitimacy by gaining access to valuable and scarce resources
Figure 2. Status, reputation and legitimation and flow of
that organizations are socially rewarded for their
In this sense, the institutional theory indicates legitimation of organizations.
companies. advantages generated by status, reputation and
stakeholders which in turn support these model in Figure 2 which suggests the competitive
address the needs of a broader range of Deephouse and Suchman (2008) present the
organizations are more competitive because they industry standards).
and Suchman (2008) argue that legitimated (adaptation and compliance with regulations and
needed to legitimate the organizations. Deephouse and control of a unique resource) or isomorphic
the creation of status and reputation which are since it can involve the differentiation (possession
ethical and voluntary responsibilities contribute to legitimation should be regarded as a strategic effort
Deephouse and Suchman (2008) indicate that scarce resources on the market. In that sense,
premises to promote the other responsibilities, enable companies to gain access to valuable and
meeting the economic and legal responsibilities are suggests that reputation, status and legitimation
responsibilities of Carroll (1991) suggests that In that sense, the new institutional theory
Although the hierarchy pyramid of corporate Podolny, 1999; Weber, 1946).
place. that distinguish the individuals (Benjamin and
stages of the pyramid in which CSR initiatives take values, characteristics and different capabilities
criteria, the organization may proceed to the higher membership to a group or groups of practices,
the company operates. After meeting these basic rank that each may possess depending on the
institutional environment (Scott, 1995) in which (Washington and Zajac, 2005: 284) based on the
regulatory requirements imposed by the formal ordering or the classification of social actors
29 Revista de Negócios, v. 21, n. 3-4, p. 25-38, July, 2016.
of a transaction, Granovetter (1985) indicates that The differences in political, social and
will act in a manner that maximizes utility or profit
indicate that in an economic setting, individuals 2.3 Size and Performance
Although Gimeno, Baum and Dutton (1996)
Problem of Embeddedne
ss”. the financial crisis of 2008.
“Economic Action and Social Structure: The
initiatives have superior performance during
to the embeddedness concept in his essay titled H1: Foreign subsidiaries in Brazil with CSR
Mark Granovetter made a significant contribution
Great Transformation. Several years later in 1985 present the following hypothesis:
introduced by Karl Polanyi in 1944 in his book The performance during the financial crisis of 2008 we
The concept of embeddedness was companies that promote CSR have superior
operates. moments. Therefore, in order to verify if
among the network in which the organization should support the company during these difficult
and Schulz (2003) facilitate the knowledge sharing reciprocal commitment from the market which
1944). This condition, according to Hansen (1999) financial crisis should have the benefit of a
develops ties in the foreign country (Polanyi, commitment to local CSR even during periods of
described as a condition in which the subsidiary for such initiatives. Companies that continue their
the MNC context, local embeddedness could be corporate social responsibility should be rewarded
multinational subsidiary in the foreign country. In efforts related to corporate governance and
contribute for the local embeddedness of the that companies that address and communicate their
addressing stakeholders` needs is that it may In this sense, the literature review indicates
Another important consideration related to the liability of foreigners.
advantage (Kilkenny, Nalbarte and Besser, 1999). an important element for companies to overcome
practices as these initiatives create competitive the foreign market. This condition could represent
condition favors organizations that adopt CSR an increased embeddedness of the subsidiary with
organizations are rewarded by local support. This multinational organization, the result could lead to
local community and market concerns these initiatives in the strategic planning of a
issues. By adopting CSR initiatives that address opportunities of the foreign market. By including
indicate that companies can address global or local involved with the specific demands and
of CSR initiatives, Logsdon and Wood (2002) pra
ctic
es’ focused on local needs, MNCs get more
markets they operate. When considering the scope (1999), by adopting governance and CSR
the greater acceptance of these organizations in the According to Kilkenny, Nalbarte and Besser
increases the chances of businesses survival due to supporting each other.
(1983) suggest that institutional legitimacy collaboration which includes problem solving and
Similarly to that, DiMaggio and Powell and embedded companies engage in mutual
initiatives. quality and facilitates the sharing of information,
communicate internally and externally these it builds trust among the members, it improves the
Responsibility reports that intend to legitimate and organizations and markets in three different ways:
provide Corporate Governance and Social indicates that firm embeddedness creates value to
company operates. Therefore, many companies actions in the business chain. Uzzi (1996, 1997)
suppliers, government and community in which the communications and monitoring the partner`s
mission for the company`s employees, customers, and increases the costs associated with
through communicating the company's values and This condition favors for opportunistic behavior
stakeholders. In that sense, legitimacy is created membership relationships among organizations.
which should include the interests of different impersonal, diffuse and volatile (shifting)
communicate the mission of the organization transaction, Uzzi (1996, 1997) highlights the
resources, both internally and externally, to organizational ties. For the arm`s length
in committing the organization's efforts and which are the arm`s length and the embedded inter-
the leaders of the organizations have a decisive role market transactions into two different categories
institutionalization. For Meyer and Rowan (1977), markets. Uzzi (1996, 1997) for instance, separates
present the symbolic meaning of further explains the dynamics of competitive
In this context, Meyer and Rowan (1977) the embeddedness concept complements and
30 Revista de Negócios, v. 21, n. 3-4, p. 25-38, July, 2016.
company size and its commitment to CSR even compared to those that do not take CSR initiatives
When evaluating the relationship between offer different returns to shareholders when
of stakeholders. Therefore, companies listed on the ISE did not
organization to lose the support of different groups even in times of crisis that occurred in 2008.
suggests that the loss of legitimacy makes the average daily return of the ISE and the Ibovespa,
Deephouse and Suchman (2008) indicate, which statistically significant difference between the
the market. These findings confirm what Miura, Marcon and Souza (2011) found no
as a consequence of the reciprocal response from characterized by the global financial crisis of 2008.
recovery, cause an ever greater decline in revenues January 2008 to December 2010 which was
actions rather than contributing to the company's Bovespa Index (Ibovespa) in the period from
Bomberger and Meer (2009) indicate that these Sustainability Index (ISE) and compared it to the
many cases include CSR initiatives. Favaro, the average profitability of the Corporate
sales decline, companies cut down costs which in Miura, Marcon and Souza (2011) analyzed
During periods of economic crisis, when organizations.
and the expectations of its stakeholders. and create new opportunities for these
only desired but are necessary to meet the demands the long term, leading to a competitive advantage
decisions) by eliminating activities which are not CSR practices generate benefits for the business in
survive, many companies make mistakes (wrong Simionescu and Dumitrescu (2014) suggest that
opportunities to cut down costs. In their struggle to practices and financial performance of companies.
volumes, companies immediately search for suggest a positive relationship between CSR
authors suggest that when there is a drop in sales recession, between 2006 and 2012 . The results
drop in sales volumes for the companies. The same the financial performance during the economic
one of the first effects of a financial crisis is the determine whether CSR practices can be related to
Favaro, Bomberger and Meer (2009) indicate that Bucharest Stock Exchange (BSE) in order to
companies during periods of financial crises. analyzed 81 Romanian companies listed on the
evaluate the indicators and the conditions faced by Simionescu and Dumitrescu (2014)
Favaro, Bomberger and Meer (2009) about this condition.
suppliers and inputs and superior technology. organizations, there are still no conclusive results
better trained human resources, more competitive relationship between CSR and the performance of
resources. These include more experienced and Nossa and Funchal, 2015) attempted to analyze the
to gain access to distinct and more competitive 2011; Giannarakis and Theotokas, 2011; Freguete,
suggest that increasing the company's size allows it Dumitrescu, 2014; Miura, Marcon and Souza,
entities get bigger. Hannan and Freeman (1984) Although several studies (Simionescu and
the organizations` failure rates decline as these
Freeman et al. (1983) also recommended that 2.4 Similar Studies
smaller firms should respond faster.
longer to respond to external conditions while the crisis of 2008.
Therefore large firms could be less affected or take subsidiaries in Brazil during the financial
organizations which are already operating. size and the performance of MNCs
condition that creates resistance to change in H2: There is a positive relationship between
introduce the concept of organizational inertia as a
organizations, Hannan and Freeman (1977, 1984) 2008, we present the following hypothesis:
economic conditions and changes to the operating in Brazil during the financial crises of
explore the implications of political, social and subsidiaries of multinational organizations
by organizations over the years. In order to further company size to the performance of the
and present explanations for the changes suffered In order to evaluate the implications of
models and structures in the light of these elements the greater size of the organizations.
attempts to explain the abundance of organizational (1983) indicate that the failure rates decline with
presented by Hannan and Freeman (1977, 1984) challenging moments. In that sense, Freeman et al.
develop and operate. The organizational ecology continue their CSR efforts even during these
diversity in the conditions in which organizations Kose (2012) indicate that larger companies tend to
economic environments generate an enormous during periods of economic crisis, Yelkikalan and
31 Revista de Negócios, v. 21, n. 3-4, p. 25-38, July, 2016.
sustainability reports published in the company`s testing the causal relationship between variables.
independent variable, was collected from the Granger (1969) presented a methodology for
which for the present study represents an performed a Pairwise Granger Causality test.
from Exame magazine website. The CSR variable, Brazil during the period from 2008 to 2010 we
of the multinational subsidiaries were collected foreign multinational subsidiaries operating in
The data related to the financial performance between CSR practices and the performance of
resulted in a total of 330 observations. In order to verify the causal relationship
active in Brazil during 2008, 2009 and 2010. This
for 110 subsidiaries of multinational companies Pairwise Granger Causality Test
employing these criteria, there were data available
affected by the global financial crisis of 2008. By throughout the period.
the period from 2008 and 2010 which was the most cases, companies did not provide CSR reports
multinational companies operating in Brazil during the period. It is important to note that in many
study, we selected subsidiaries of foreign dummy variable were attributed for each year of
cataloged over 2,000 companies, for the present comprised by the present study, data for the CSR
Although theExame magazine database has companies in Brazil during the three years
500Maiores e Melhoresfrom the Exame magazine. between CSR and the performance of multinational
of multinational subsidiaries included in the In order to better analyze the relationship
For the present study, it was employed the list
Source: Elaborated by authors.
3 Methodology and Data 0 when not).
CSR report is available and
the 2008 crisis for the Brazilian economy. Report website (coded as 1 when
performance, it demonstrates a significant effect of CSR CSR provided on the subsidiary
and Sustainability Report
significant relationship between CSR and existence of a Governance
Although the study did not identify a statistically Dummy indicating the
performance compared to other firms in the market. Equity
Total stockholders` equity.
firms do not have a differential financial Size Total
indicate that during crises, socially responsible Employees Number of Employees.
over Sales total sales.
period of financial crisis of 2008. The results E
xport Export as a proportion of
performance of Brazilian companies during a Productivity Employee of employees.
corporate social responsibility and financial Sales by Sales divided by the number
analyzed the relationship between the practice of Performance change Sales change.
Freguete, Nossa and Funchal (2015) Sales
economic crisis. Criteria
Analysis Variable Description
initiatives even during the difficult times of Table 1. Variables description
companies remained committed to their CSR
legitimacy and community support, these sales during the period.
could be an indication that in order to retain their order to verify if they help explaining the change in
crisis, except for the period 2009 and 2010. This variables were included in the panel data model in
CSR performance before and during the financial percentage of sales and sales per employee. These
2008, 2009 and 2010. The results indicate a better measurement variables such as export as a
companies included in the GRI report list in 2007, present study it was included productivity
Giannarakis and Theotokas (2011) analyzed 112 sales change as a performance indicator, for the
corporate social responsibility performance (CSR). period. In order to verify the adequacy of using
evaluated the effect of the financial crisis on be measure regarding its sales change during the
Likewise, Giannarakis and Theotokas (2011) that sense, the performance of the subsidiaries will
the competitiveness of these organizations. organizations is related to the volume of sales. In
crisis, but it also suggests that CSR does not hinder indicators that signal the fall of performance in
superior performance during periods of economic recommend that in times of crisis one of the first
indication that CSR does not contribute for Favaro, Bomberger and Meer (2009)
as part of their strategies. This could be an websites.
32 Revista de Negócios, v. 21, n. 3-4, p. 25-38, July, 2016.
estimator. The Hausman test indicated that Fixed
a Hausman test in order to verify the best suited
Table 2. Pairwise Granger Causality Test for 1 time lag proposed for the present study. First we performed
panel data model used to test the hypotheses
Tables 2. Table 4 presents the results obtained for the
implications of 1 time period lag are presented in sales change in the subsequent period.
Pairwise Granger Causality tests for verifying the initiatives will face the consequences in terms of
Causality test using EViews. The results for the CSR practices by either adopting or dropping these
years period we performed the Pairwise Granger results indicate that companies that changed their
measured in terms of sales change during the 3 Y (Performance) happen in a short term. The
between CSR practices and the performance it is clear that the effects of X (CSR practices) on
In order to test the causal relationship By comparing the results from Table 2 and Table 3
Pairwise Granger Causality test using 2 time lags.
4 Analysis to 2010 we present in Table 3 the results for the
subsidiaries in Brazil during the period from 2008
presented for this study. CSR practices and the performance of foreign
the EViews software which will test the hypotheses different time lags on the relationship between
The panel data tests will be performed with In order to further explore the implications of
period.
Source: Wooldridge (2006).
that CSR practices support sales growth during the
it = βo + βxit
+ αi + uit, t=1,2,...,T , i=1,2,...,I
y CSR practices. These results are a strong indication
Equation 1. Panel data equation 72% that Sales Change does not Granger Cause
the same table indicate that there is a probability of
period contemplated in this period. Cause Sales Change. Additionally the results from
the cross-section while t represents the t-th time Hypothesis that CSR Practices does not Granger
time. It also realizes that iis the i-th component of 90% confidence level, we would reject the Null
while uit is the residual error, this can change over during the 2008 to 2010 period indicate that at the
aij are unobserved factors that are fixed over time, implications of CSR practices to Sales Change
β0 is the intercept, βxit
is the dependent variable, The results from Table 2 which test the
equation suggests that yit is the dependent variable,
Source: Survey data.
data model can be described by Equation 1. This
Wooldridge (2006) recommends that a panel Sales Change does not Granger Cause CSRReport 0.05718 0.9445
period. Change 110 1.48820 0.2305
CSRReport does not Granger Cause Sales
following the same individuals throughout a time
the relationship between several variables by Null Hypothesis: Obs F-Statistic Prob.
with time series. This method permits to evaluate
Lags: 2
Raj and Baltagi (1992) combines cross-sections S
ample: 2008 2010
employed the panel data model which according to
The analysis performed in this study Table 3. Pairwise Granger Causality Test for 2 time lags
Panel Data Model using 2 time period lags.
results for the Pairwise Granger Causality tests
it takes (in terms time periods) for Y to affect X. Table 3 presented next, provides the test
allows a deeper analysis in terms of how long does
Source: Survey data.
implications of different lags to the relationship it
between the variables but also by testing the Sales Change does not Granger Cause CSRReport 0.12238 0.7268
possible to verify not only the causal relation CChange 220 2.81910 0.0946
SRReport does not Granger Cause Sales
By performing the Granger causality test it is
value of Y can be explained by past values of X. Null Hypothesis: Obs F-Statistic Prob.
whether X causes Y and how much of the present
Lags: 1
The approach intends to answer the question of Sample: 2008 2010
33 Revista de Negócios, v. 21, n. 3-4, p. 25-38, July, 2016.
hypothesis 2 and suggests that CSR leads to
Source: Survey data. of the organization size. This condition refutes
Export over Sales 0.535386 1.036110 relationship with performance occur independent
Sales by Employee 0.001004 1.030165
Total Equity 0.000185 1.138363 results from the present study indicate that the CSR
Employees 9.18E-08 1.126022 that this condition lead to superior performance, the
CSRReport 68.95559 1.272800 to superior and more competitive resources, and
C 411.5218 NA (1984) indicate that larger companies have access
crisis of 2008. Although Hannan and Freeman
Variable Variance VIF subsidiaries operating in Brazil during the financial
Coefficient Centered
performance of multinational companies`
Sample: 2008 2010 responsibility has a positive relationship with the
Date: 05/25/17 Time: 11:13 size of the organizations, corporate social
Variance Inflation Factors period. These results suggest that regardless of the
Table 5. VIF test results relationship with the sales change during the
equity did not present a statistically significant
Table 5. by the number of employees and total stockholders'
4. The results for the VIF tests are presented in The results also indicate that size, measured
variables included in the model presented in Table the effects of the crisis to these organizations.
Variance Inflation Factor (VIF) test for the cooperation during economic crises which reduces
issues in the proposed model we performed a implement CSR may have the benefit of network
Additionally, in order to verify collinearity 1995). In that sense, foreign subsidiaries that
business partners (Nalebuff and Brandenburger,
Source: Survey data. cooperate with customers, suppliers, and other
0.57643 2.11880 market it is important not only to compete but
Rho −
Durbin-Watson
competitiveness and the attractiveness of the
Schwarz criterion 946.1539 Hannan-Quinn 864.871
structures understand that in order to sustain the
351.847 809.694
Log-likelihood −
Akaikecriterion
moments. The members of these informal market
LSDV F(52, 44) 2.471564 P-value(F) 0.00129 benefiting strategies to overcome challenging
LSDV R-squared 0.744959 Within R-squared 0.56577 members who collaborate to find mutually
Sum squaredresid 8033.807 S.E. ofregression 13.5124 chains develop ties which build trust among the
Mean dependvar 0.069072 S.D. depend var 18.1142 suggests that companies embedded in their value
indicated by Uzzi (1996, 1997). The author
Export over Sales 2.494 0.65724 3.7949 0.0004 generated by being embedded in the market as
Ebitda 0.0281 0.01168 2.4100 0.0202 These findings may also confirm the benefits
Sales byEmployee 0.1114 0.03291 3.3850 0.0015 2008.
Total Equity 0.01491 0.01330 1.1213 0.2683 operating in Brazil during the financial crisis of
Employees 0.00041 0.00026 1.5568 0.1267 superior performance of multinational subsidiaries
CSRReport 27.7404 7.4047 3.7463 0.0005 CSR efforts of organizations contribute for the
support hypothesis 1 which recommends that the
const −95.144 19.025 −5.0009
<0.0001
Coeffic. Std. Error t-ratio p-value between sales change and the CSR. This results
Table 4. Panel data model results positive and statistically significant relationship
independent variables. The results indicate a
relationship with performance. change for the companies during the period and the
hypothesis 2 which suggests that size has a positive dependent variable which measures the sales
crisis. It was also verified the implications for in Table 4 shows the relationship between the
such initiatives during the 2008 global financial The panel data model tests results presented
CSR practices outperform the ones that do not have Kutner (1990).
assess whether MNCs operating in Brazil with 10.0 recommended by Neter, Wassrmann and
2008, 2009 and 2010. The period was chosen to which is much lower than the maximum value of
multinational companies operating in Brazil from inflation index (VIF) that shows values below 1.3
The sample has 110 subsidiaries of present in Table 5 the results for the variance
Effects to be the adequate estimator for our model. In order to test for multicollinearity, we
34 Revista de Negócios, v. 21, n. 3-4, p. 25-38, July, 2016.
CSR practices adopted by foreign multinationals in Although the value of CSR reporting may be
The results could also be an indication that scale).
reciprocal commitment from these parties. on the basis of these volumes (minimum efficient
groups of stakeholders may have the benefit of a competitiveness of an organization is determined
promote CSR addressing the needs of different constant concern, since the cost structure and
2008. This may indicate that companies that maintaining the levels (volume) of sales is a
superior performance during the financial crisis of Bomberger and Meer (2009) indicate that
organizations that adopt CSR practices had competitiveness of the organizations. Favaro,
results indicate that regardless of company size, consideration regarding capacity planning and the
adopted by the foreign subsidiaries in Brazil, the and production volumes are an important
investigate the peculiarities of the CSR initiatives In that sense, the ability of sustaining sales
Brazil. Although the present study does not chains.
performance of multinational subsidiaries in excess capacity through the MNCs global value
relationship between CSR practices and the in a competitive manner, but also to dispose any
The present study indicates a positive capable not only of servicing the domestic market
characteristic for the role of subsidiaries which are
5 Conclusion crisis of 2008. This could indicate an important
relation with maintaining sales volumes during the
1995). the export intensity proved to have a positive
overcoming the liability of foreignness (Zaheer, The results from the present study also indicate that
subsidiaries can lead to superior capacity for local concerns into the strategic planning of MNCs.
contributes for the local embeddedness of foreign related to the importance of including global and
explain how the adoption of CSR which These findings also bring interesting insights
multinational companies in a foreign market, may organizations.
applied to the additional challenges faced by for the superior financial performance of these
organization operates. This condition, when need to adopt management practices that contribute
sharing among the network in which the to become socially responsible, these organizations
local embeddedness facilitates the knowledge positive results for organizations, because in order
According to Hansen (1999) and Schulz (2003) Kanter (2011) suggests that CSR practices bring
commitment relationships in the Brazilian market. and its employees are rewarded by these initiatives.
embeddedness by creating stronger and reciprocal responsibility activities to meet demands of society
organizations may be able to increase their local that companies that promote corporate social
practices that address the local market needs, these recommendations of Kanter (2011) which indicates
The results indicate that by adopting CSR Findings from the present study support the
legitimacy) during times of crisis. to the change in sales in the subsequent period.
remain loyal to these organizations (which have dropping CSR practices should have implications
stakeholders are customers and suppliers that operating in Brazil in a sense that adopting or
Suchman (2008) suggest that among these aware of this condition is important for companies
different groups of stakeholders. Deephouse and affect the performance in subsequent period. Being
access to specific resource and the support of which indicate that the changes in CSR practices
of economic crisis have advantages related to project relates to the results from the causality tests
practices and maintain these efforts during periods Another important contribution of this
conclude that companies that promote CSR these organizations and the foreign market.
according Deephouse and Suchman (2008), we can of information and the communication between
superior performance of these organizations. Also (1996, 1997) may build trust and facilitate the flow
processes and practices that contribute for the organizations. This condition, as suggested by Uzzi
governance may have superior management Brazil lead to greater embeddedness of these
have concerns about CSR and corporate of foreign subsidiaries who adopt CSR practices in
The findings suggest that companies that could also indicate that the increased commitment
organization. institutional voids found in Brazil. The results
during periods of crisis regardless of the size of the liability of foreignness but also for fulfilling the
superior performance of multinational subsidiaries Brazil contribute not only for overcoming the
35 Revista de Negócios, v. 21, n. 3-4, p. 25-38, July, 2016.
Deephouse, D. L., &Suchman, M. management. Journal of Management and
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empresas (PMEs) tinham papel pe
queno sobre o consecutivamente a falta deles para a mortalidade,
meados dos anos 70, as pequenas e médias que os fatores principais para a sobrevivência, e
La Rovere (1999, p.145) a
ponta que “até realizado com 2.006 empresas o Sebrae concluiu
milhões anualmente. microempresas em 2009 (BEDÊ, 2016). Em estudo
pequenas empresas podem
faturar até R$ 2,4 mortalidade que chegou a 54% entre as
R$240 mil ao ano e, segundo mesma lei, as atividades (SEBRAE-SP, 2010). Taxa de
que possuem um faturamento anual limitado em até empresas com até dois anos encerram suas
(MPEs) as microempresas brasileiras são àquelas Apesar do crescimento das PMEs, 26,9% das
número 123/2006 das Micro e Pequenas Empresas (SEBRAE, 2014).
pelo faturamento, onde, de acordo com a Lei da metade dos empregos formais no país
a mesma (SOUZA, 1977). As empresas se diferem para 27% do PIB brasileiro em 2011, gerando mais
praticar a ação econômica, não se confundindo com participação das MPEs cresceu de 21%, em 1985,
(BARRETO, 1988). É um organismo capaz de socioculturais (ALBAGLI, 1999). Dessa forma a
desenvolvida mediante o instrumento adequado que revolucionaram as relações econômicas e
sujeito de direito, chamado empresário, e novas tecnologias da informação e comunicação
The Empresa é a atividade organizada pelo ter expressividade a partir do desenvolvimento das
do
para
digma de produção em massa”, passando a
1 Introduction de
senvolvi
mento econômico devido ao predomínio
seguido por estudo de caso para averiguar o grau de efetividade na organização.
sugere-se que um trabalho futuro interessante seria a aplicação do modelo
Responsabilidades, Controle de Recursos e Crescimento de Longo Prazo. Assim,
empresarial: Visão de Futuro, Entrega de Valor, Atribuição de
dividido em 5 grupos de atividades relacionados às fases lógicas da gestão
Double blind review
elaboração de um framework de sugestão para as boas práticas de gestão,
ISSN 1980-4431
as atividades de gestão mais recorrentes. Entre os principais resultados está a
ise comparativa entre as diferentes metodologias a fim de identificar quais
28.11.2017 análAccepted
de Excelência da Gestão, PDCA e Business Model Canvas. Seguindo por uma
Revised 11.10.2017 conhecidos, como Balanced Scorecard, Business Process Management, Modelo
Received 17.08.2017 empresas. Para tal, realizou-se uma revisão da literatura sobre métodos
necessárias para a construção de uma gestão empresarial em pequenas
Estratégia. situações diversas, este trabalho teve como objetivo identificar as etapas
Pequena empresa; vidades, conduzem seu trabalho, alcançam seus objetivos e devem agir em
ati
Modelo de gestão; Sendo a gestão compreendida como a forma que empresas organizam suas
KEYWORDS ABSTRACT
lucianothomecastro@gmail.com
² Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto (USP) -
thoomaz.martins@gmail.com
¹ Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto (USP) -
Thomaz Martins de Aquino¹, Luciano Thomé e Castro²
Gestão Empresarial de Pequenas Empresas
Sugestão de Etapas para a Estruturação da
1 Revista de Negócios, v. 21, n. 3-4, p. 39-51, July, 2016.
de pesquisa futura. Fonte: Elaborado pelos autores.
fim, uma breve reflexão sobre o trabalho e sugestão Agilidade Decisões fundamentadas
respondem a pergunta e objetivo apresentado. Por Inovação Responsabilidade social
estudados é exposta. Em quinto, os resultados que organizacional clientes e mercados valor
prendizado Conhecimento sobre Geração de
lugar uma análise individual dos modelos A
rede processos
metodologia utilizada para a pesquisa. Em quarto Atuação em Olhar para o futuro Orientação por
deva fazer. Em um terceiro momento aborda-se a da cultura
sistêmico
se espera que uma organização, de modo geral, Pensamento Liderança transformadora das pessoas e
Valorização
referencial teórico sobre modelo de gestão e o que Quadro 1. Fundamentos da Excelência
breve e introdutória. A seguir será exposto o
partes. Inicialmente apresenta-se esta explanação resultados.
Assim, o artigo está fundamentado em seis seus processos gerenciais e consequentes
gestão. (FNQ, 2008. p.8), sendo expressos por meio de
empresas de pequeno porte e à pesquisa na área de pre
sentes
em cada atividade da organização”
deste trabalho representa uma contribuição para plenitude, estão internalizados na cultura e
presente neste estudo. Por essas razões, a realização “Os fundamentos, quando aplicados em sua
empresas é um ganho de maturidade significativo reconhecidos internacionalmente (FNQ, 2013).
grandes organizações quando por pequenas culturais das organizações de Classe Mundial e são
melhoria dos resultados entregues tanto por Excelência (Quadro 1), que revelam padrões
amplamente difundidos podem contribuir para uma O MEG apresenta 13 Fundamentos da
Entender que conceitos de gestão 2012).
construção da gestão empresarial. Modelo de Excelência da Gestão (MEG) (FNQ,
para uma sugestão consolidada das etapas de que passou a difundir o que se conhece como
fim de permitir a identificação de suas atividades 2005, na Fundação Nacional da Qualidade (FNQ)
modelos de gestão existentes, diferenciando-os a pelas empresas nacionais. Transformando-se, em
objetivo central deste trabalho é analisar os reconhecimento das boas práticas de qualidade
estrutura de gestão integrada. Dessa forma, o Nacional da Qualidade, dedicada ao
referência, não se comunicam a fim de criar uma públicas, instituiu a Fundação para o Prêmio
de gestão, e seus respectivos modelos de representantes de 39 organizações, privadas e
A suposição é que os métodos consagrados país (FNQ, 2012). Um grupo formado por
de pequeno porte? a história sobre modelos de referência de gestão no
uma estrutura de gestão empresarial em empresas gestão foi apontada na década de 90, dando início
Quais as etapas necessárias para a construção de e modelos internacionais para orientar e avaliar a
pergunta à qual essa pesquisa pretende responder é: No Brasil, a necessidade de se adotar padrões
pequenas empresas, e os conceitos de gestão, a as tarefas que precisam ser cumpridas.
Assim, vistas as particularidades das expressa a configuração organizacional e a Função
normas e regras. e
a “função” (FERREIRA et al., 2009). A Forma
de suas atividades, recursos, procedimentos, dua
s dimensões estão sempre presentes: a “forma”
apresentar etapas particulares para a organização I
ndependente do modelo de gestão adotado,
entende-se que pequenas empresas devem atendimento às estratégicas do negócio.
cada organização (FERREIRA et al., 2009), integração entre os sistemas internos e assegura o
modificações necessárias para a necessidade de forma, estruturada e organizada, como ocorre a
exemplo já existente, realizando apenas as adequado funcionamento empresarial, sendo a
Como o ato de gerir é realizado através de um existência de um modelo é necessária para o
que é realizada a gestão empresarial. 2010). Porém, Rodriguez (2010) afirma que a
críticos apresentados estão relacionados a forma algo implícito à organização (RODRIGUEZ,
(BEDÊ, 2016). Ou seja, três dos quatro aspectos costuma ser visível aos funcionários, tornando-se
e a capacitação dos donos sobre gestão empresarial O modelo de referência de gestão não
ramo), planejamento do negócio, gestão do negócio
abertura (como tipo de ocupação e experiência no 2.1 Modelo De Referência De Gestão
estavam ligados a situação do empresário antes da 2 Referencial Teórico
40 Revista de Negócios, v. 21, n. 3-4, p. 39-51, July, 2016.
processo de Melhoria Contínua pode ser produzido
De acordo com Nascimento (2011) o estratégia, ou seja, seu Tático.
modo o negócio funciona, a fim de atingir sua
onte: Hosotani (1992). forma com que tal controle é realizado e de que
FEstratégicas. O que levanta a discussão sobre a
Longo Prazo, acrescida de Objetivos e Iniciativas
empresarial como definição e controle da Visão de
profundidade, pode-se resumir a estratégia
De modo sucinto, carecendo de
2.
por relações de causa e efeito, como mostra a figura
Cada perspectiva apresenta objetivos conectados
Figura 1. Ciclo PDCA como desenvolvido no Japão. aprendizado e crescimento.
cliente; dos processos internos; e a perspectiva de
melhoria (HOSOTANI, 1992). É composto por quatro perspectivas: financeira; do
verificada deve-se tomar ações de correção ou resultados tangíveis (KAPLAN; NORTON, 2004).
remete ao fato de que depois da execução ser com processos que criam valor para gerar
ser o PDCA como conhecido hoje (figura 1), pois uma sequência que conecta os ativos intangíveis
Assim, o modelo adotado no Japão passou a onde se
u “mapa estratégico” (Figura 2) fornece
(MARANHÃO; MACIEIRA, 2008). difundido e reconhecido é o Balanced Scorecard,
representava uma ação passiva, apenas de inspeção O método de construção da estratégia mais
interpretação de que o verbo see (ver, olhar) al., 1999).
“plan, do, see
” não era adequado, pela orientam as decisões da organização (GIMENEZ et
objeções, levando a conclusão de que o original diretrizes conscientemente deliberadas que
Japão a proposta inicial de três etapas foi alvo de compreender a estratégia como um conjunto de
(SHEWHART, 1939). Com sua introdução no (ZACCARELLI, 2000). Basicamente pode-se
(plan), Produção (do) e Inspeção (see) obtenção e sustentação de vantagens competitivas
partindo de uma sequência lógica de: Especificação visão prospectiva do ambiente e da empresa, para a
repetido sobre qualquer problema ou processo, Atua
lm
ente a estratégia está orientada para uma
controle estatístico que poderia ser continuamente de princípios (MINTZBERG et al, 2006).
O PDCA teve origem como um ciclo de e
ssenciais,
até o surgimento de um grupo coerente
(PDCA). e
studar
am e testaram conceitos estratégicos
paralelo com o famoso ciclo plan, do, check, act mais compl
exos, capitães, generais e estadistas
execução, avaliação e melhoria, fazendo um sociedades cresceram e os conflitos se tornaram
FNQ segue uma sequência de planejamento, antecedentes na pré-história. Conforme as
Pode-se notar que este ciclo apresentado pela A discussão de nível estratégico possui
2008. p.10) 2.2 Conceitos e Ferramentas de Gestão
decisão, gerando um novo ciclo de gestão
”. (FNQ,
para serem utilizados no processo de tomada de
entendidos, gerando Informações e Conhecimento sua chefia, num relacionamento de causa e efeito.
Resultados, que devem ser analisados e do diretor estejam diretamente ligadas às metas de
esse ciclo, ao ser executado, deverá conduzir a tático e operacional. O que possibilita que as metas
dos Processos existentes na organização; e todo possuindo metas e melhorias a níveis estratégico,
que compõem a força de trabalho, utilizando-se
implementação é realizada por meio das Pessoas, organização é como um grande sistema de gestão,
definido por meio das Estratégias e Planos; a sua (FALCONI, 2013). Falconi (2013) aponta que uma
Liderança, ouvindo os Clientes e a Sociedade, é crescimento de longo prazo será alcançado
forma sistêmica, na organização como um todo, o
“O direcionamento da organização,
dado pela
Somente com a utilização do método de
condução de um negócio. Onde, uma melhoria constante dos processos.
ciclo capaz de reproduzir de forma lógica a deverão inferir em mudanças continuas, levando a
requisitos tangíveis que se inserem dentro de um atingir seus padrões de excelência tais padrões
Tais fundamentos são desdobrados em usando o PDCA. Pois, quando a organização
41 Revista de Negócios, v. 21, n. 3-4, p. 39-51, July, 2016.
meio dos processos organizacionais, retomando o seleção das publicações, tratando-se da
A execução do modelo de negócio ocorre por Tais revisões não adotam critérios a priori para a
que seja de uma forma visual. fontes de informação (CORDEIRO et al., 2007).
assim é difícil compreender de fato um modelo sem de critérios explícitos e preocupação em esgotar as
componentes e da inter-relação entre eles, sendo tradicional ou exploratória, onde não há a definição
conceitos complexos, compostos de vários A revisão narrativa é considerada a revisão
Segundo os autores modelos de negócios são modelos consolidados de gestão.
buscando identificar práticas utilizadas por
diagramas e Post-its™ para construção e discução.
Pensamento Visual, com utilização de figuras, narrativa de modelos presentes na literatura,
o setor uma característica pouco utilizada: o desenvolvimento se dá por meio de uma revisão
Osterwalder e Pigneur (2011) trouxeram para predominantemente qualitativa, portanto seu
modelos de negócio. Este trabalho possui natureza
PIGNEUR, 2011), ferramenta de geração de
a Business Model Canvas (OSTERWALDER; 3 Método
framework: uma tela esquemática que materializa
negócio, consolidando tal estudo em um perspectiva.
organizações enxergam a criação de um novo ferramentas não se prendem a uma única
trabalho revolucionou a forma com que importante salientar que os diversos métodos e
podendo alcançar mais de 100 páginas –
seu e que se seguirá na etapa de revisão da literatura, é
negócio. Frente aos extensos planos utilizados –
Apesar da divisão realizada neste referencial,
de doutorado os principais pontos de um modelo de e operacionais, além da melhoria contínua.
Osterwalder (2004) identificou em sua tese compreendem as perspectivas estratégicas, táticas
(OSTERWALDER; PIGNEUR, 2011. p.14). importantes para um modelo de gestão
Dessa forma, entende-se que os conceitos
captura de valor
por parte de uma organização”
de negócios descreve a lógica de criação, entrega e (KANG et al., 2012).
organização se concentra na gestão por processos
funcionamento do
próprio negócio”. “Um modelo
uma organização é mais eficaz quando a
de modelo de ne
gócio, ou “uma abstração do
A esta etapa Dias et al. (2006, p.52) chama TURNER, 2012), além disso, o desempenho de
estratégia, ou seja, seu Tático. produtividade das organizações (MINONNE;
modo o negócio funciona, a fim de atingir sua grande parte a qualidade, o grau de inovação e a
forma com que tal controle é realizado e de que clientes. Os processos de negócios determinam em
Estratégicas. O que levanta a discussão sobre a empresas, que geram algo de valor para seus
Longo Prazo, acrescida de Objetivos e Iniciativas áreas funcionais, ou mesmo de diferentes
empresarial como definição e controle da Visão de negócio são fluxos de atividades, de diferentes
profundidade, pode-se resumir a estratégia Segundo Sordi (2008) os processos de
De modo sucinto, carecendo de 2009).
geram maior valor para o cliente (NEUBAUER,
Fonte: Kaplan; Norton (2004). os esforços de gestão nas atividades do negócio que
das estratégias e táticas organizacionais, e que foca
promove o desenvolvimento e a melhoria contínua
consumidores. Trata-se de uma abordagem que
requeridas pela dinâmica do mercado e seus
adaptação à continua necessidade das mudanças
permite às organizações uma maior facilidade de
por processos é uma abordagem de gestão que
De acordo com Neubauer (2009), a gestão
Toyota de Produção.
1990, os movimentos da qualidade e pelo Sistema
passando pela reengenharia no início da década de
com a melhoria de operações (TAYLOR, 1990),
dos processos remonta ao início do século passado,
Figura 2. O modelo do Balanced Scorecard nível operacional da discussão. O foco no estudo
42 Revista de Negócios, v. 21, n. 3-4, p. 39-51, July, 2016.
(BSC) MINTZBERG (2006); qualquer organização: resultados que desejamos
3 Scorecard GIMENEZ et al. (1999); aponta a existência de dois tipos de metas em
Balanced será alcançado (FALCONI, 2013). Falconi (2013)
KAPLAN e NORTON (1997, 2004);
(MEG) somente dessa forma o crescimento de longo prazo
2 da Gestão FNQ (2008, 2012, 2013) organização como um todo, de modo sistêmico,
Excelência
Modelo de O método PDCA deve ser utilizado na
(PDCA) NASCIMENTO (2011); 4.1 Ciclo Plan, Do, Check, Act (PDCA)
1 Check, Act MARANHÃO e MACIEIRA (2008); 4 Análise Individual dos Métodos
Plan, Do, (2013); HOSOTANI (1992);
SHEWHART (1939); FALCONI
Método Autor conhecimento.
Quadro 2. Modelos Selecionados para o Estudo levantado sintetize um corpo único de
última etapa metodológica, todo o conhecimento
neste estudo foram: somente na sequência, e como proposto nesta
Assim, os modelos e ferramentas abordados existentes, bem como adequada análise, para que
(5) operacional. realiza-se uma revisão na literatura dos modelos
objetivo central desta pesquisa. Primeiramente,
enfim abordar a (3) gestão estratégica, (4) tática e –
melhoria contínua e (2) modelo de gestão. Para Sugestões de Etapas para uma Gestão Empresarial
conhecimento, inicialmente, em dois conceitos: (1) ordem lógica para se atingir a consolidação das
importante que a etapa de revisão aprofunde o As setas no diagrama significam que há
Como destacado no referencial teórico, é
empresarial. Fonte: Elaborada pelos autores.
atividades apontadas como criticas para a gestão
motivação é apontar cada uma das etapas e
conceitos, ferramentas e modelos de gestão. Sua
A primeira fase é composta pela revisão de
igura 4. Fluxograma do Procedimento Metodológico
F
3.1 Revisão da Literatura e Modelos de Gestão procedimentos metodológicos.
Fonte: Elaborada pelos autores. O diagrama abaixo mostra a sequência dos
gestão empresarial.
única sequência de etapas para estruturação da
importantes para a empresa, consolida-se uma
consecutiva identificação das atividades
Com base nas revisões da literatura, e
Conhecimento
3.2 Elaboração de um Corpo Comum de
Figura 3. Relação entre os Objetivos e Métodos de Pesquisa ser considerada uma limitação do estudo.
adotada por apenas 5 métodos e ferramentas deve
métodos utilizados. Porém, é importante salientar que a restrição
sintetiza o relacionamento entre objetivos e moderna da área e sua aderência ao mercado.
um Corpo Comum de Conhecimento. A figura 3 Selecionados pela relevância na literatura
Literatura e Modelos de Gestão; (2) Elaboração de
onte: Elaborada pelos autores.
pelos objetivos da pesquisa: (1) Revisão da F
(2008); STRNADL (2006);
fases que buscam responder às questões levantadas (BPM)
Management (2009); PAIM et al. (2008); SORDI
elaboração da pesquisa são compostos de duas 5 Process
MINONNE (2012); NEUBAUER
Assim, os procedimentos metodológicos para Business
ABPMP (2013); KANG et al. (2012);
do autor (ROTHER, 2007). (
Canvas 2016); OSTERWALDER (2004);
determinado assunto de acordo com análise crítica 4 Model (2010); DIAS et al. (2006); HSM
interpretação da literatura existente de um Business OSTERWALDER e PIGNEUR
43 Revista de Negócios, v. 21, n. 3-4, p. 39-51, July, 2016.
É preciso ressaltar que o ciclo PDCA tem lógica: o direcionamento da organização, dado pela
Figura que pode ser entendida segundo a
Fonte: Falconi (2013).
Fonte: FNQ, Critérios de Excelência (2013).
uma organização e para melhorar a operação
Figura 6. Modelo do método PDCA utilizado para operar
efeito, tangibilizados na figura 6.
(FALCONI, 2013) num relacionamento de causa e
estejam diretamente ligadas às metas de sua chefia Gestão®
operacional. Garantindo que as metas do diretor Figura 7. Representação do Modelo de Excelência da
com metas e melhorias a níveis estratégico, tático e
imagem a seguir:
a organização como um grande sistema de gestão,
O MEG pode ser representado conforme a
Ampliando este conceito é possível perceber
Fonte: Falconi (2013). 4.2 Modelo de Excelência da Gestão (MEG)
ser implementado em pequenas e médias empresas.
etapas precisa de ferramentas complementares para
que por não conter especificidades dentro de suas
modo de pensar, um conceito sobre a gestão, mas
Pode-se concluir que o método PDCA é um
demais etapas.
como não prescreve informações do tipo para as
deve traçar entregáveis ao final do ciclo. Assim
pontos deve abranger, como definir as metas ou se
planejamento dentro de uma organização, quais
trabalhadas. O modelo não prescreve o que é um
gestor sobre as áreas especificas a serem
forma consistente e melhorar a operação de uma organização uma boa aplicação, conhecimento por parte do
Figura 5. Modelo do Método PDCA utilizado para operar de entanto, essa característica abrangente exige, para
diversos níveis de maturidade e tamanho. No
padrão (de Standardize). forte: o fato de se encaixar em organizações com
SDCA; visto que na operação o plano (P) é o O modelo apresenta um ponto positivo muito
para estes que desejamos manter, denomina-se operacionais e de gestão.
imediatamente estabilizado nas operações, onde, para planejamento e melhoria de atividades
qualquer resultado de melhora deve ser Admini
stração”. Assim como tem sido utilizado
Figura 5. O autor prossegue afirmando que maté
rias intituladas “Teoria Geral da
dois casos utiliza-se o PDCA, como mostra a administração, compondo parte da ementa de
melhorar e resultados que desejamos manter. Nos sido amplamente utilizado no ensino de
44 Revista de Negócios, v. 21, n. 3-4, p. 39-51, July, 2016.
deve ser realizado para se obter determinado nível
resultados ele não se propõe a prescrever o que integração entre as diversas perspectivas de uma
causa e efeito que a gestão percorre até atingir seus entregam valor, indicando a necessidade de
Embora o modelo prescreva a ordem de uma gestão de intangíveis e processos que
prêmio nacional de excelência de gestão. financeiro como de clientes, como consequência de
utilizadas pela FNQ. Sendo base para o maior O modelo coloca o resultado tangível, tanto
remetendo a consistência das informações (KAPLAN; NORTON, 2004)
organizações de classe mundial (FNQ, 2013) acompanhamento das inciativas estratégicas.
constantemente revisado com base nas execução da estratégia é gerenciada por meio do
nesse percurso. Além disso o modelo é As iniciativas criam resultados e assim a
fundamentos que deverão ser institucionalizados
de gestão de excelência, para enfim citar os Fonte: Kaplan; Norton (1997)
organização precisa passar para possuir um modelo
Primeiro trata de critérios pelos quais uma
extremamente completa, clara e inovadora.
muito positivos em tratar o conceito de forma
Fundação Nacional da Qualidade possui aspectos
O Modelo de Gestão concebido pela
Fonte: FNQ, Critérios de Excelência (2013).
Operacionais
Necessária para a Tradução da Estratégia em Termos
Figura 9. O Balanced Scorecard Fornece a Estrutura
9).
estratégias necessárias para alcançar a meta (Figura
os gerentes precisam identificar as iniciativas
Para cada indicador do Balanced Scorecard,
financiamento e capacidade –
para cada programa.
pessoas,
Figura 8. Evolução e estágios de maturidade da gestão fornecer os recursos escassos –
Ainda, segundo os autores, a organização deve
Conforme gráfico a seguir: os indicadores (KAPLAN; NORTON, 2004).
excelência das classes mundiais (FNQ, 2013). condições para que se realizem as metas de todos
gestão mais a organização caminha ao nível de deve lançar um conjunto de programas que criarão
fundamentos estiverem intrínsecos no modelo de apenas porque foram identificados, a organização
gestão. É importante salientar que quanto mais os estes objetivos e metas não serão alcançados
internalizando os fundamentos de excelência da mapa estratégico em indicadores e metas. Mas
evoluir em seu nível de maturidade da gestão, O Balanced Scorecard traduz os objetivos do
modo de interpretá-lo, como descrito a cima deve
A organização que seguir tais critérios, e o 4.3 Balanced Scorecard (BSC)
gerando um novo ciclo de gestão (FNQ, 2008).
utilizados no processo de tomada de decisão, critério.
gerando Informações e Conhecimento para serem implementar e operacionalizar cada fundamento e
Resultados, que devem ser analisados e entendidos, identificar, dentro de sua realidade, como
ciclo, ao ser executado, deverá conduzir a com direcionamentos para qualquer organização
Processos existentes na organização; e todo esse modelo de gestão a ser seguido de forma ampla,
que compõem a força de trabalho, utilizando-se dos Pode-se concluir que o MEG demonstra o
implementação é realizada por meio das Pessoas, levantados para tal perfil de organização.
definido por meio das Estratégias e Planos; a sua elenca as boas práticas dentro dos critérios
Liderança, ouvindo os Clientes e a Sociedade, é de excelência. Como não é restrito a PMEs, ele não
45 Revista de Negócios, v. 21, n. 3-4, p. 39-51, July, 2016.
Essas metas de mais alto nível são, por sua vez,
direcionam as metas de desempenho do processo.
Principais fazer um Modelo de Negócios funcionar.
cliente em torno da entre
ga do produto ou serviço
6. Recursos Recursos mais importantes exigidos para
Receita cada Segmento de Clientes.
Segundo a ABPMP (2013) as expectativas do
cliente (PAIM et al., 2008). 5. Fontes de Dinheiro que uma empresa gera a partir de
da organização, com ênfase nos interesses do com Cliente com Segmentos de Clientes Específicos.
Relacionamento
à estruturação do fluxo de trabalho de ponta a ponta 4. Tipos de relação que uma empresa estabelece
perspectiva horizontal para elas, dando prioridade uma Proposta de Valor.
não elimina as unidades funcionais, mas adota uma 3. Canais seus segmentos de Clientes para entregar
Como uma empresa se comunica e alcança
orientação a mercado (PAIM et al., 2008). O BPM específico.
com baixa capacidade de coordenação e baixa Valor valor para um segmento de clientes
2. Proposta de
funcional a organização tem característica de silos Pacote de produtos e serviços que criam
alcançar e servir.
Na abordagem conhecida como gestão Clientes organizações que uma empresa busca
organização" (ABPMP, 2013. p.26). 1. Segmento de Diferentes grupos de pessoas ou
para avaliar e gerenciar as capacidades da Componente Explicação
adequação, além
de estabelecer os fundamentos perguntas que ele busca responder
Quadro 3. Componentes de um Modelo de Negócio e as
aspectos de consistência, padronização e
executadas na organização permite melhorar quadro 3 com suas respectivas questões chave.
(ABPMP, 2013), pois, "conhecer as atividades Sendo formado por 9 componentes, descritos na
desempenho de
processos interfuncionais de valor (OSTERWALDER; PIGNEUR, 2011).
desvios com ba
se no acompanhamento do organização, a lógica de criação, entrega e captura
BPM podem responder de forma
mais rápida a maneira visual o modelo de negócio da
Organizações com capacidades robustas de A ferramenta canvas busca tangibilizar de
outros objetivos estratégicos (STRNADL, 2006).
para oferecer valor aos clientes ou para cumprir 4.5 Business Model Canvas
logicamente relacionadas que devem ser realizadas
completo, com atividades coordenadas ou tarefas dia a dia.
Um processo de negócios é um conjunto empresas abordarem metodologicamente no seu
que é um modelo bastante complexo para pequenas
4.4 Business Process Management (BPM) de atividades funcionais. Porém, pode-se afirmar
guiada, por sua cadeia de valor e resultados em vez
gestão de alto nível de uma organização. mudar a ótica de como uma organização deve ser
abrange grande parte do direcionamento e da Extremamente interessante de ser trabalhado por
embora não contemple a gestão como um todo, processos e melhoria de longo prazo.
extremamente interessante de se utilizar. E que, bastante completo. Abordando temas de estratégia,
Por fim, pode-se concluir que é um modelo Pode-se concluir que este é um modelo
entendimento para todos os colaboradores. até atingir a operação do dia a dia.
utilizar-se de conclusões que valham de passando por projetos de melhoria mais disruptiva,
necessidade de, mesmo em conceitos complexos, estratégico e seus processos de gerenciamento,
e setas para sua elaboração. Isso reforça a organização nos diversos níveis, desde o mais
utilizando de diagramas de causa e efeito, quadros organização deseja alcançar. Por fim, retrata a
conceito de interpretação visual para a gestão, estar orientados tanto ao cliente quanto ao que a
Estratégico e o Balanced Scorecard trazem um organização dizendo que seus processos precisam
É importante salientar que o Mapa modelo propõe um alinhamento com a estratégia da
a ferramenta mais famosa para gestão estratégia. expectativas com as metas internas. Segundo, o
notoriedade acadêmica e de mercado, tornando-se organização, inclusive para o alinhamento de
um modelo completo. O que justifica sua destaca a importância do cliente para a
estratégicos em seus diversos níveis, se mostrando apresenta diversos pontos positivos. Primeiro ela
implementação e acompanhamento dos objetivos Essa abordagem de gestão por processos
traz o desdobramento necessário para a e operacional.
Um segundo fator positivo é que o modelo que podem ser estabelecidos para o nível funcional
organização. decompostas em alvos de desempenho subjacentes
46 Revista de Negócios, v. 21, n. 3-4, p. 39-51, July, 2016.
Quadro 4 busca sintetizar esta discussão. Em uma análise qualitativa pode-se partir deste
e aspectos com possibilidades de melhoria. A ganhos podem ser obtidos (WERKEMA, 1995).
cada um dos modelos existem aspectos favoráveis esforços na melhoria de áreas onde os maiores
Conforme discutido individualmente, em priorização de temas. Ele permite direcionar
dispor a informação tornando evidente e visual a
5.1 Resultados referentes a Análise Metodológica priorização. O gráfico de Pareto é uma forma de
empresarial é a partir de algum método de
5 Resultados e etapas que devem estar presentes na gestão
Uma forma de se apontar os devidos aspectos
como um todo.
confundir com o modelo de gestão da organização Fonte: Elaborado pelos autores.
entrega de valor aos seus clientes não se deve
forma que uma empresa deve operacionalizar a
Embora o modelo descreva muito bem a
outros).
(cadeia de valor, lógica de receitas e despesas, entre
sobre a organização do que qualquer outro modelo
preenchimento o conjunto de informações diz mais
empresa, os nove blocos, onde a partir de seu
torno das discussões que mais contribuem para a
Este formato foca os esforços da organização em
grande fama que está atingindo ao redor do mundo.
envolvidos para sua elaboração, justificando a metodologias selecionadas
didático, intuitivo e utiliza da colaboração entre os Quadro 5. Aspectos favoráveis em comum entre as
O Business Model Canvas é extremamente como um todo.
chegar até a situação desejada. suprir as limitações apontadas para uso gerencial
um planejamento para partir da situação atual e consolidada –
proposta dessa pesquisa – deve
no futuro. Ressaltando que a mesma deverá criar da melhoria contínua. Porém, a sugestão final
hoje e outra sobre como a organização espera estar perspectivas estratégica, tática e operacional, além
etapas: uma sobre como a organização se encontra de gestão com sucesso e passando pelas
futura. O canvas pode ser preenchido em duas garantindo que a organização execute seu modelo
utilização do quadro para planejamento de visão aspectos favoráveis devem ser mantidos,
Osterwalder e Pigneur (2011) trazem uma sugestão de etapas para a gestão. Entende-se que os
recursos humanos, entre outras (HSM, 2013). modelos e ferramentas para a concepção de uma
conhecem-se aplicações na área financeira e na de Estas informações expõem os gargalos dos
em diversos departamentos da empresa –
finalidade ainda mais diferente é o uso para gestão, Fonte: Elaborado pelos autores.
da outra empresa é compatível com o delas. Uma
aquisição e querem saber se o modelo de negócio
por exemplo, veem-se em processo de fusão ou
companhias para checar a realidade, como quando,
existentes (HSM, 2013), podendo ser utilizado por
novos modelos de negócio ou revisar e atualizar os
A aplicação do canvas tem ido além de gerar
Pigneur (2011).
Fonte: Elaborado pelos autores com base em Osterwalder e
Custo Modelo de Negócios.
9. Estrutura de Custos envolvidos na operação de um
Principais Modelo de Negócio para funcionar.
8. Parcerias Fornecedores e os parceiros que põem o
Chave negócio funcionar.
7. Atividades-deve realizar para fazer seu modelo de
Ações mais importantes que uma empresa Quadro 4. Análise preliminar dos Modelos selecionados
47 Revista de Negócios, v. 21, n. 3-4, p. 39-51, July, 2016.
crescimento de longo prazo. Estes focos apenas
responsabilidades, controle de recursos e (2009) como a expressão da configuração
presenta a “forma”, concebida por Ferreira et al.
futuro, entrega de valor, atribuição de a
grandes focos nos modelos e ferramentas: visão de (figura 10). Pode-se afirmar que a Figura 10
levantadas, a existência de ao menos 5 (cinco) forma lógica e consolidada em um mesmo modelo
Percebe-se, de acordo com as etapas garantirá que tais requisitos sejam abordados de
de Recursos, Crescimento de Longo Prazo),
Fonte: Elaborado pelos autores. Valor, Atribuição de Responsabilidades, Controle
grupos de atividades (Visão de Futuro, Entrega de
Assim, o método PDCA em conjunto com os 5
pela revisão bibliográfica, garante tal crescimento.
empresarial. O formato cíclico, como apontado
longo prazo, levarão a uma estruturação da gestão
sequencial que garanta o crescimento e sustento de
Estas etapas, se alocadas em um modelo
Fonte: Elaborado pelos autores.
selecionadas
Quadro 6. Pontos em comum entre as metodologias
compõe tais aspectos (quadro 6).
O que torna fundamental averiguar o que
cliente e atinjam a visão de futuro da organização.
cadeia de eventos que geram resultados para o
compreendam sua entrega de resultados como uma
- Fazer com que todos os colaboradores
desenvolvimento organizacional; Quadro 8. Etapas para desenvolver requisitos de gestão
passar, porém sem restringir a liberdade de
atividades (requisitos) que a organização precisa gestão empresarial.
- Identificar de modo prévio as principais sua construção, e consecutivamente da sugestão de
ferramenta a parte da organização; quadro 7 é possível apontar etapas (quadro 8) para
serem internalizados de modo a não ser uma Com base nos requisitos consolidados pelo
- Fazer os fundamentos do próprio método
gradativa; Conhecimento
de ciclos de maturidade, evoluindo de forma 5.2 Consolidação em Corpo Único de
- Garantir que a organização cresça através
organização com os resultados obtidos; Fonte: Elaborado pelos autores.
ser feito até retroalimentar de informações a
gestão como um todo, desde o planejamento do que
- Abordar de forma visual e sistêmica a
empresarial deve:
um método para estruturação da gestão da gestão
modelos. Em linhas gerais, o quadro 5 aponta que
partir dos aspectos positivos em comum aos
organizacionais
suprir as limitações (apontadas no quadro 4) a Quadro 7. Focos da gestão e principais requisitos
Com este levantamento torna-se factível
serem os mais importantes. quadro 7.
modelo ou ferramenta estudado, supondo, assim, modelos e ferramentas estudados. Resumidos na
etapas (Quadro 6) recorrentes em mais de um presentes de forma conjunta em ao menos dois dos
princípio para identificar os aspectos (Quadro 5) e sintetizam pontos de gestão, ou requisitos,
48 Revista de Negócios, v. 21, n. 3-4, p. 39-51, July, 2016.
organização nada mais é do que o equilíbrio entre importante da gestão de pequenas empresas fique
Uma segunda observação válida é que, uma sobre o tema, garantindo que nenhum aspecto atual
expostas junto da sequência geral. uma revisão sistemática dos artigos mais atuais
bastante para um apontamento, de modo a ficarem aprofundamento do modelo proposto a partir de
identificadas na literatura como importantes o possui limitações. Assim, sugere-se realizar um
mesmo sendo internas as etapas numeradas foram Apesar dos resultados alcançados, a pesquisa
fornecedores, definir regras de negócio – que mercado e dos gestores.
valor aos stakeholders, garantir parcerias e conflito de interesse entre as necessidades de
atividades críticas para o negócio – comunicar que uma organização pode ser definida pelo
gestão empresarial de pequenas empresas. Há apresentados na Figura 10. Mostrando inclusive
figura que sugere as etapas para a estruturação da são os focos de gestão de uma empresa,
Cabe algumas observações acerca dessa de etapas, mas também uma compreensão de quais
os modelos atuais gerou não apenas uma sugestão
Fonte: Elaborado pelos autores. subproduto interessante, onde a comparação entre
É importante dizer que a pesquisa obteve um
forma consolidada.
11 traz a síntese do que são as Etapas sugeridas de
de gestão estudadas, e ao final do capítulo, a Figura
e as etapas utilizadas pelos modelos e ferramentas
trazem os pontos positivos, negativos, em comum
ao longo do Capítulo 5. Os quadros 4, 5, 6 e 7
estrutura de gestão empresarial? –
foi respondida
etapas necessárias para a construção de uma
se que a pergunta principal da pesquisa –
Quais as
Resgatando as discussões anteriores percebe-
organizacional.
Empresarial atividades para se atingir um resultado a nível
Figura 11. Etapas para Construção de uma Gestão vislumbrar, além das práticas, a relação entre as
estruturação da gestão empresarial, a seguir: longo prazo da empresa, visto que nele pode-se
cumpridas (FERREIRA et al., 2009), do modelo de é de extrema relevância para a continuidade no
Emergindo a “funç
ão”, tarefas que precisam ser Compreender o modelo e estrutura de gestão
empresariais fundamentais às pequenas empresas.
cobrem os diversos aspectos das decisões 6 Considerações Finais
fornecendo ao gestor um conjunto de ações que
ser organizadas de modo correlacionado, organização cresça através de ciclos de maturidade.
Assim, as atividades dentro da forma podem modelos existentes. Além de garantir que a
extremamente positivo durante a análise dos
Fonte: Elaborado pelos autores. como um todo, ponto levantado como
Abordando de forma visual e sistêmica a gestão
serem cumpridas, ou seja, a forma e a função.
configuração organizacional quanto as tarefas a
apresentar de modo consolidado tanto a
Por fim, este modelo difere dos demais por
para tal.
cliente deseja se não tiver capacidade produtiva
também não seria prudente entregar tudo que o
preocupar-se com a necessidade do cliente, porém
organização querer atingir metas internas sem
dualidade das etapas “1” e “2”. Não adianta uma
Figura 10. Comparativo entre Tipos de Gestão e Ciclo PDCA (expectativas e capacidade produtiva), exposto pela
em geral) com o interesse da organização
organizacional. os interesses do mercado (clientes e interessados
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FNQ. 20 anos da FNQ. São Paulo, 2012.
selecionados. Porto Alegre. Bookman, 2006.
stratégia: conceitos, contextos
e casos
São Paulo, 2008 e
ao Modelo de Excelência da Gestão® (MEG). MINTZBERG, Henry et al. O
processo da
FNQ. Cadernos Rumo a Excelência: Introdução
Vol. 19 No. 3, p. 111-120, 2012.
Rio de Janeiro: Editora FGV, 2009 future? Knowledge and Process Management,
FERREIRA ET AL. Modelos de Gestão. 3 ed. process management: are you ready for the
aMINONNE, C. and TURNER, G. Business
– Nova Lima: FALCONI Editora, 2013.
FALCONI, VICENTE. O Verdadeiro Poder. 2ed. Qualitymark, 2008.
de processos de trabalho. Rio de Janeiro:
Rio de Janeiro, RJ, Brasil, pp 51-60, 2006. Elisa. O processo nosso de cada dia: modelagem
WER06 - Workshop em Engenharia de Requisitos, MARANH
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