Liana Holanda Nepomuceno Nobre

Apesar da sua extensa investigação na literatura internacional, os Modelos de Negócios Sustentáveis (MNS) ainda carecem de estudos devido à falta de uma caracterização mais holística, o que acarreta na dificuldade de transição de modelos tradicionais para modelos mais sustentáveis. Desse modo, o Environmental, Social and Corporate Governance (ESG) surge como forma de impulsionar esse processo de transição. Assim, este estudo se propõe a caracterizar os Modelos de Negócios Sustentáveis (MNS) de empresas industriais que compõem a carteira do Dow Jones Sustainability World Index e a partir disso, propor um framework integrando as estratégias e divulgação em ESG necessárias nesse processo. Essa caracterização foi realizada em 60 indústrias por meio do método de clusterização. Os resultados evidenciam dois perfis de empresas, que indicam uma tendência de diferentes cenários de práticas e investimentos ESG, com níveis médio e alto de maturidade, influenciados principalmente por quatro fatores: (i) porte, (ii) localização geográfica (iii) setor e nível de impacto e (iv) período temporal, sendo retratado no framework. Logo, o framework proposto, trouxe implicações teóricas voltadas para análise e caracterização de MNS no mercado de ações, com foco na maturidade em ESG. Bem como, fornece implicações gerenciais, de modo a orientar os gestores na formulação de estratégias para melhorar a implementação dos MNS.

This study examines the relationship between financial risk tolerance and organizational resilience among small business managers in the Brazilian Northeast, a region strongly affected by economic fragility and intensified uncertainty during and after the COVID-19 pandemic. Using a positivist, quantitative, cross-sectional design, data were collected from 218 managers through validated scales of financial risk tolerance and organizational resilience and analyzed using confirmatory factor analysis, cluster analysis, ANOVA, and correlation techniques. Results indicate that most managers exhibit medium to high financial risk tolerance and that higher tolerance is positively associated with greater organizational adaptability, especially in dimensions related to teamwork, knowledge sharing, and leadership. In contrast, no significant association was found between financial risk tolerance and organizational planning capacity, suggesting that planning routines operate independently of individual risk attitudes. The findings underscore the role of behavioral characteristics in shaping resilience and highlight innovation, internal resources, and leadership as critical factors supporting organizational adaptation in resource-constrained environments. This study contributes to the limited empirical literature connecting behavioral finance and organizational resilience in emerging economies and offers practical implications for strengthening entrepreneurial training and resilience culture in small firms. Future research should expand geographic coverage and explore team-level perspectives and mixed-method approaches.

O mercado de milhas permite ganhos reais em pequena escala sem aportes financeiros, especialmente no transporte aéreo nacional. Este estudo explora o mercado de milhagens entre empresas brasileiras participantes de programas de fidelidade de companhias aéreas, considerando apenas essas empresas por conveniência na coleta de dados e para um comparativo mais realista. Dada a relevância econômica do tema, o estudo tem por objetivo O estudo busca compreender a relação existente entre os programas de fidelidade das companhias aéreas e os cartões de crédito, analisando a conversão de pontos e os benefícios financeiros associados. A pesquisa investiga a percepção de valor e consumo de milhas. Foram analisados programas e preços detalhados das milhagens. A metodologia incluiu a descrição dos métodos aplicados, destacando conceitos, procedimentos e variáveis relevantes. Os resultados indicam que a variável tempo, por si só, não demonstra diferença estatisticamente significativa entre companhias aéreas na aquisição de passagens com milhas. No entanto, ao considerar o horário da compra (madrugada, manhã, tarde e noite), há diferenças estatisticamente significativas, especialmente em compras antecipadas. Além disso, identificou-se uma expressiva variação de preços entre os programas de fidelidade Smiles, TudoAzul e Latam Pass, permitindo ganhos médios de 15% ao considerar o melhor momento para a tomada de decisão, reforçando a importância do fracionamento de variáveis no estudo.

Objective: The objective of this study is to perform a Pearson correlation analysis between the variables “gender” and “succession”, and the non-parametric Kruscal-Wallis test, to answer which gender predominates in the succession process in family farming families in Rio Grande do Norte. Theoretical Framework: Solidarity economy is an international phenomenon with strong potential for change in population contexts, for the reinsertion and participation of workers in the means of production, bringing, in addition to the rational aspect of the economy, crucial issues to be debated in the status quo, such as fairer income distribution and the reduction of social and gender asymmetries. Method: The study included 137 family farmers from the state of Rio Grande do Norte, with more than 2 years of work experience, who answered the questionnaire with assertions organized on a Likert scale. Statistical analyses were performed using Pearson’s correlation test and the Kruskal-Wallis test. Results and Discussion: Data indicate that the male gender is predominant in the succession process in family farming in Rio Grande do Norte, with men as the main representatives in the relationship between land ownership and gender. Research Implications: This study contributes to the discussion on the importance of solidarity-based self-management models in the historical reparation of gender inequality in the world of work. Originality/Value: The research elucidates answers about the succession process in family farming from a gender perspective, helping to resolve the questions that this topic has raised.

Objective: to analyze the relationships between the constructs of perception and tolerance, perceived by rural property managers. Theoretical framework: based on literature through family farming and tolerance to risk and uncertainty in agriculture. Method: A survey was conducted with 137 farmers. This is a quantitative study of a descriptive nature. Data were collected through a questionnaire and reveal that the behavior of the interviewees is restricted to actions that do not place them in situations of financial risk. Results and conclusion: In the analysis of the averages of the risk behavior factor, the results revealed that risk perception precedes risk tolerance, and the relationship between the constructs is inverse, in which managers perceive more risk in a situation in which they have a lower tendency to incur risks. In this context, the greater the perceived risk, the less likely the manager will be to carry out the business. The findings allowed for a broader understanding of the relationships between the risk constructs within the decision-making process. In general, family farming managers show signs of the need to manage finances more efficiently and in most cases seek to improve these practices. Research implications: the implications of this study for the management of family farming show that managers perceive risk situations and have a low willingness to take this risk (risk tolerance). Originality/value: broadens understanding of the tolerance to financial risk of families who live off family farming.

Objective: This work focused on the influence of managerial entrenchment on investment decisions. The objective was to understand the main characteristics of this variable in order to develop an instrument that could measure it.. Theoretical Framework: The decision-making process in finance is influenced by several factors related to the decision maker, such as their psychological and cognitive biases, their risk tolerance, and even their intentions to entrench themselves in the management of a company. Behavioral finance began to address the complexity of the decision-making process, starting from the complexity of the individual themself, displacing the idea of the pragmatic decision of Homo economicus that traditional theory represented Method: A questionnaire was developed and applied to a sample of 154 managers. Then, the instrument was subjected to an exploratory factor analysis and a reliability test. Results and Discussion: The findings of this research pointed to three components for measuring managerial entrenchment. These components were called “Managers’ Decision Autonomy”, “Power Hierarchies” and “Freedom of action” in the use of the organization’s financial resources. As a result, the instrument was validated, which was found to be capable of measuring entrenchment with consistent reliability. Research Implications: The practical and theoretical implications of this research are discussed, providing insights into how the results can be applied or measured management entrenchment practices in investment decision-making. Originality/Value: Thus, this qualitative study contributes both to the finance literature by summarizing the main characteristics of managerial entrenchment and to behavioral finance studies by providing a validation instrument for one of its main subjects of study.

Objective: This work aims to investigate two biases - conservatism and endowment effect - to then build an instrument capable of measuring them. Theoretical Framework: The advancement of studies in behavioral finance has led to the conclusion that individuals evaluate their gains and losses based on individual references. Thus, the perception from which they make decisions is individual and, therefore, subjective. Method: Based on a literature review, the main characteristics of both biases were collected and then a questionnaire was applied to a sample of 150 managers. The data collected from the answers to the questionnaire were subjected to exploratory factor analysis and Cronbach reliability test. Results and Discussion: The findings of this research highlighted three components to the conservatism bias. These components are: Conservatism in investment decisions, Conservatism and security, Conservatism in financing decisions. For the endowment effect, a component was identified and named with the same name as the effect. Research Implications: The indicators of the factor Conservatism in Investment Decisions show that managers are attached to information and past situations, so that they feel uncomfortable in the face of new scenarios. The indicators Conservatism and security and Conservatism in financing decisions indicated the preference for safer investments. The endowment effect indicators were lower, however, they were still able to highlight the indirect influence on the managers in the sample. This problem may arise from the nature of the assets managed by managers, in which established ownership is not perceived. Originality/Value: This study contributes to the literature by develop an instrument capable of identifying and measuring the conservatism and endowment effect biases of managers to pave the way for a discussion about the topic.

Purpose: The present research aims to analyze the organizational structure of the honey chain in the state of Rio Grande do Norte. Method/design/approach: Semi-structured interviews were conducted with eight representative subjects from the beekeeping chain in the municipalities of Rio Grande do Norte. A descriptive qualitative approach was adopted to analyze the organizational relationships within the chain. Results and conclusion: The results highlight challenges in regulating the honey production chain, suggesting improvements in governance through collaborative development of regulations. Additionally, it emphasizes the importance of associations and producer cooperatives in strengthening beekeeping, adding value, and overcoming commercial challenges. Certification was deemed more relevant for the chain links involved in honey processing and distribution. Research implications: The study reveals that the various actors involved in the honey production chain in Rio Grande do Norte have significant disagreements regarding the interpretation of the legislation governing the production of this product. Originality/value: The research contributes to understanding the organizational structure of the honey chain in Rio Grande do Norte, providing development strategies in the apiculture sector.

Este artigo apresentou a reflexão sobre os dados obtidos na primeira etapa do projeto de extensão “Relatos de vivências de mães em home office durante a pandemia do novo coronavírus (COVID 19)”. A questão que norteou o trabalho foi: como as mulheres mães e profissionais levadas ao home office relataram e deram sentido ao seu cotidiano no período da pandemia? A teoria utilizada para situar a análise dos dados foi a literatura sobre home office, que aborda as vantagens e desvantagens dessa modalidade de trabalho. A partir da literatura, elaborou-se o modelo teórico que priorizou compreender as dimensões trabalho profissional, trabalho doméstico, família e indivíduo. A pesquisa se classifica como descritiva visto que se trata de descrever as características do fenômeno, com o campo empírico composto por 17 mães. A coleta de dados ocorreu por meio da apresentação de uma questão estímulo. As assertivas destacadas das respostas das mães foram analisadas de forma interpretativa. Concluiu-se que essas mulheres passaram por transformações na sua individualidade, no seu relacionamento com a família, na sua casa e no trabalho profissional para ressignificarem suas vidas num contexto pandêmico. O modelo teórico apresentado permitiu analisar o cotidiano dessas mulheres em relação às dimensões assim como criticar a dualidade presente na literatura sobre trabalho em home office.

Purpose: Analyze the relationships between the constructs of perception and tolerance, perceived by the managers of rural properties. Method/design/approach: A research survey was carried out with 137 farmers. This is a quantitative study of a described character. Results and conclusion: In the analysis of the means of the risk behavior factor, the results revealed that risk perception precedes risk tolerance, and the relationship between the constructs is inverse, in which managers perceive more risk in a situation that has the lowest tendency to incur risks. In this context, the greater the perceived risk, the less chance the manager will have of carrying out the business. The findings made it possible to broaden the understanding of the relationships between the risk constructs within the decision-making process. In general, family farming managers show signs of the need to manage finances more efficiently and, in most cases, seek to improve these practices. Research implications: the implications of this study for the management of family farming show that managers perceive risk situations, and have a low willingness to take this risk (risk tolerance). Originality/value: expands the understanding of the tolerance to risk linked to the financial of families that live from family farming.