Moacir de Miranda Oliveira

INTERNATIONALIZATION OF BRAZILIAN FRANCHISE CHAINS: A COMPARATIVE STUDY

El principal objetivo del articulo es comprender las diferencias organizacionales fundamentales entre redes de franquicias brasilenas solo con operaciones domesticas en comparacion con las redes que tienen operaciones internacionales. Como criterio para la seleccion de la muestra fueron elegidas 96 redes de franquicias con operaciones domesticas y 67 redes de franquicias brasilenas con operaciones internacionales. En los analisis de datos se utilizo la regresion logistica. Los resultados sugieren que es estrategico el desarrollo de una marca en las operaciones internacionales. Parece ser un recurso escaso para muchas redes de franquicias que pueden ser desarrolladas por medio de operaciones internacionales. Con relacion a las tasas cobradas, los resultados muestran que las cadenas brasilenas con operaciones internacionales cobran tasas mas bajas para sus franquiciados para la instalacion. Con relacion al monitoreo y control de franquicias se verifica que la capacidad de monitoreo es uno de los factores determinantes para las franquicias brasilenas con operaciones internacionales.The primary goal of this paper is to comprehend the fundamental organizational differences between Brazilian franchise chains that only operate in the home market and Brazilian franchise chains that operate internationally. The sample chosen for this study comprehends 96 Brazilian franchises operating in the home market and 67 franchises with international operations; logistic regression was used to analyze data obtained from these sources. Our findings suggest that the development of a brand in international operations can be strategic for certain Brazilian franchise chains; this seems to be, however, a scarce resource for many franchises and it could be developed through international operations. With regard to the fees charged, the outcomes demonstrate that Brazilian franchises with international operations tend to charge lower fees from its franchisees to install new units. Regarding the monitoring and control of franchises, there is evidence that the monitoring capability is one of the determining factors in the development of Brazilian franchises international operations.

Strategic assets in technology-based incubators in Brazil

Purpose The purpose of this paper is to analyze the relationship between strategic assets and the launch of new products in technology-based incubators (TBIs) in Brazil. Design/methodology/approach The authors applied two surveys, one for the universe of TBIs’ managers in the state of Sao Paulo, Brazil, and the other to the incubated firms’ managers/owners. Two statistical techniques were used: correlation analysis and multiple linear regression. Findings The main finding of this paper is that TBIs’ strategies focusing on the supply of knowledge assets and the creation of relationship assets are more effective than strategies focused only on the supply of physical infrastructure for firms located in incubators. Research limitations/implications Because the sample of 100 respondents of incubated companies was the result of a non-probabilistic convenience sampling, the outcomes also cannot be generalized. Practical implications For managers of TBIs, there is a challenge to focus on the supply of intangible and high value added assets for incubated firms. For managers/owners of incubated firms, the authors provide an orientation to what they should seek or demand when deciding where to place their business in a TBI. For the government, the results of this research may help to formulate public policies to support and incentivize TBIs. For investors, the results can help to define where to seek the most innovative projects. Social implications Innovation and entrepreneurship are understood as sources of wealth creation and social development. Originality/value The authors propose in this paper that there is a theoretical gap between traditional theories of innovation and entrepreneurship and the strategic behavior and performance of business incubators and their interconnected stakeholders. Here the authors seek to bridge this gap.

Internacionalización de las redes de franquicias brasileñas: un estudio comparativo

El principal objetivo del articulo es comprender las diferencias organizacionales fundamentales entre redes de franquicias brasilenas solo con operaciones domesticas en comparacion con las redes que tienen operaciones internacionales. Como criterio para la seleccion de la muestra fueron elegidas 96 redes de franquicias con operaciones domesticas y 67 redes de franquicias brasilenas con operaciones internacionales. En los analisis de datos se utilizo la regresion logistica. Los resultados sugieren que es estrategico el desarrollo de una marca en las operaciones internacionales. Parece ser un recurso escaso para muchas redes de franquicias que pueden ser desarrolladas por medio de operaciones internacionales. Con relacion a las tasas cobradas, los resultados muestran que las cadenas brasilenas con operaciones internacionales cobran tasas mas bajas para sus franquiciados para la instalacion. Con relacion al monitoreo y control de franquicias se verifica que la capacidad de monitoreo es uno de los factores determinantes para las franquicias brasilenas con operaciones internacionales.The primary goal of this paper is to comprehend the fundamental organizational differences between Brazilian franchise chains that only operate in the home market and Brazilian franchise chains that operate internationally. The sample chosen for this study comprehends 96 Brazilian franchises operating in the home market and 67 franchises with international operations; logistic regression was used to analyze data obtained from these sources. Our findings suggest that the development of a brand in international operations can be strategic for certain Brazilian franchise chains; this seems to be, however, a scarce resource for many franchises and it could be developed through international operations. With regard to the fees charged, the outcomes demonstrate that Brazilian franchises with international operations tend to charge lower fees from its franchisees to install new units. Regarding the monitoring and control of franchises, there is evidence that the monitoring capability is one of the determining factors in the development of Brazilian franchises international operations.

Internacionalização de Empresas Brasileiras por Meio de Aquisições e Geração de Valor para o Adquirente

INTERNACIONALIZACAO DE EMPRESAS BRASILEIRAS POR MEIO DE AQUISICOES E GERACAO DE VALOR PARA O ADQUIRENTE Objetivo Este estudo busca analisar a internacionalizacao de empresas brasileiras por meio de aquisicoes, bem como medir os retornos gerados por tais transacoes. Metodologia Realiza-se tanto uma analise descritiva como um estudo de eventos com janelas de curto e longo prazo, cuja data central e o anuncio das aquisicoes. Utiliza-se amostra composta por todas as aquisicoes internacionais realizadas por empresas listadas brasileiras entre 2003 e 2012. Resultados e Conclusoes As principais conclusoes sao que (i) as citadas aquisicoes tem volume relativamente baixo comparado com o volume total de transacoes realizadas por empresas brasileiras e se concentram em paises com similaridades culturais e geograficas; (ii) os retornos anormais de curto prazo sao negativos e (iii) tais retornos anormais se dissipam no medio e longo prazos. Implicacoes Praticas Os resultados indicam que as empresas brasileiras que fazem aquisicoes no exterior tem preferencia pelas culturalmente proximas, que provavelmente apresentarao menores riscos de integracao e maior probabilidade de efetivacao de sinergias. A dissipacao, no longo prazo, dos retornos negativos de curto prazo sugere a existencia de vies pessimista na precificacao inicial das aquisicoes internacionais por parte dos investidores. Palavras-chave Internacionalizacao, Fusoes e Aquisicoes, Estudo de Evento   INTERNATIONALIZATION OF BRAZILIAN COMPANIES THROUGH ACQUISITIONS AND VALUE CREATION FOR ACQUIRER Objective This study seeks to analyze the internationalization of Brazilian companies by means of acquisitions and to measure the returns generated by such transactions. Methodology We develop both a descriptive analysis and an event study with short and long term windows. The central date is the announcement of the acquisition. The sample consists of all international acquisitions by listed Brazilian companies be-tween 2003 and 2012. Results and Conclusions The main conclusions are (i) the cross-border acquisitions have relatively low volume compared to the total volume of transactions announced by Brazilian companies and focuses on countries with cultural and geographical similarities; (ii) short-term abnormal returns are negative and (iii) such abnormal returns dissipate on the medium and long terms. Practical Implications The results indicate that the Brazilian companies which execute cross-border acquisitions prefer businesses with cultural and geographical similarities, since they probably have a lower risk of integration and a greater likelihood of synergies. The dissipation in the long term of short-term negative returns suggests the existence of pessimistic bias in the initial pricing of international acquisitions by investors. Keywords Internationalization, Mergers and Acquisitions, Event Study.