Purpose Since 2012, the Brazilian Stock Exchange has recommended that listed companies inform them if they have conducted voluntary disclosure. The purpose of this study is to describe the voluntary disclosure by companies listed in the B3 in Brazil and to analyze which characteristics of the board of directors influence this disclosure. Design/methodology/approach The study involves quantitative research using a sample of 285 companies and 575 reports from 2011 to 2014. A fixed-effects regression model with panel data was used for the analysis. Findings The results were statistically significant for gender and duality variables, which confirms the theory that the presence of women as members of the board positively influences voluntary disclosure and that chief executive officer and chairman of the board positions have a negative effect. The age and independence of the board variables did not present statistical significance. Research limitations/implications As a theoretical contribution, the authors aim to complement sustainability, finance and strategy research by using agency theory and measuring the variable of voluntary disclosure and the board, which is rarely studied in this context. Practical implications As social and empirical contributions, a better understanding of this theme in the context of emerging countries, which is the peculiarities of Brazil with little information transparency and well-known corruption scandals, is likely to aid investors. Increased access to company information can help investors better select their investment portfolios and assist in the choice of their board representatives in companies in which they have participation and voting rights. Originality/value The fact that Brazil is an emerging country, where the lack of transparency of information and corruption in these environments stand out the importance of studying the subject of voluntary disclosure in this context. All data were collected manually specifically for this research.

Considering that principal-principal conflicts in companies under mixed public-private ownership are substantially different from the typical agency conflict model, this paper's objective is to analyze principal-principal conflicts in mixed ownership companies in the Brazilian electric power industry. In order to expand understanding of the phenomenon which we are studying, we have integrated the assumptions that underlie agency theory and institutional theory, using a qualitative approach and collecting data during semi structured interviews with companies' board members. Data was analyzed and interpreted as per Bardin (2006), with the aid of ATLAS®ti software. Our main findings suggest that while a government stake in a firm's ownership structure can provide a useful channel for the government to seek support and resources, in counterpoint, it can also create distortions and uncertainties, and exacerbate principal-principal conflicts. The development of stronger institutions and corporate governance could bring about useful options for providing checks and balances and, in the final analysis, mitigate principal-principal conflict. The article contributes to the literature by providing additional elements that are not available in public reports. Analysis of the conflict between principal and principal, together with theoretical integration, seek to broaden the understanding of this theme.

Casos de escândalo envolvendo fracas práticas de governança corporativa (GC) são destaques em vários países, especialmente no Brasil. Este artigo tem como objetivo realçar a importância dos mecanismos externos de GC e a necessidade de se desenvolver mais estudos acerca desse tema no país. Por meio do levantamento bibliométrico, com análise de 432 artigos nacionais e internacionais, no período de 1990 a 2016, foi possível verificar que, no Brasil, há apenas seis estudos que citam os mecanismos externos de GC, mas apenas um deles operacionaliza esses mecanismos empiricamente. Em contrapartida, nos Estados Unidos, na China e na Inglaterra, há um avanço nos artigos a respeito do tema, justamente pelo comprometimento com as práticas de GC das empresas. Com os achados desta pesquisa, pretendeu-se contribuir, teórica e empiricamente, com a descrição do estado da arte das pesquisas referentes aos mecanismos externos de GC no Brasil e no mundo, a síntese do papel dos mecanismos externos como ferramentas complementares da transparência e da boa GC, e a indicação de futuras possibilidades de pesquisas que aprofundem a avaliação dos mecanismos externos e da interação deles com os mecanismos internos na redução de assimetrias de informação e de interesse entre os agentes envolvidos.

The study analyzes how the Gama Park articulates Knowledge Management, Market Orientation and Innovation in the development processes of incubated companies. The methodology used was qualitative, exploratory, through a case study. The main findings were that the Park is directed to innovation, and its greatest difficulty is the lack of resources at national level and of public policies, as supporters of this innovation. It was stressed that knowledge management, when aligned with the goals of the organization, enhances market orientation, resulting in innovation, supporting the research of Ferraresi et al. (2012 andOzkaya et al. (2015).

Doi: alcance.v23n2.p142-155 RESUMOAs organizações são geridas, em sua maior parte, por pressupostos que reforçam a sua masculinidade e nelas, a produtividade, o desempenho, o lucro, a observância, a competência e a competitividade são representações de êxito e daquilo que se espera dos seus profissionais. Por outro lado, a feminilidade carrega em si características como a capacidade de compreender os outros, resolver problemas sem criar conflitos, o jogo de cintura, a emotividade, a flexibilidade, a humanização das relações, a habilidade de cativar os outros, a confusão entre o pessoal e o profissional que podem afetar uma organização de forma positiva ou negativa (CARRIERI et al., 2013). O objetivo deste artigo foi analisar a sensibilidade e a sensualidade femininas na percepção de gestoras em uma instituição financeira. De abordagem qualitativa, a pesquisa constituiu-se em um estudo exploratório com participação de onze gerentes por meio de formulário eletrônico e entrevistas. Os resultados apontam que elas percebem como mais positivos do que negativos os atributos da sensibilidade e da sensualidade no ambiente organizacional. Elas não deixam de apontar, entretanto, que o lado negativo pode prejudicar suas carreiras. Nota-se que, apesar de serem maioria nos cargos de gestão da organização estudada, elas ocupam somente cargos de média gerência.Palavras-Chave: Feminilidade. Sensibilidade. Sensualidade. Mulheres Gestoras.Disponível em: www.univali.br/periodicos

Purpose The purpose of this paper is to explore how a politically connected firm moderates the relationship between media coverage and market value. More specifically, the authors are interested in the interplay of an external corporate governance (CG) mechanism with an internal one. By interacting different mechanisms, this paper advances the empirical setting of application and functions of the corporate governance. Design/methodology/approach This paper tests the hypotheses presented using panel data with a fixed-effect model, by assembling and exploiting a unique, hand-collected set of data on media coverage consisting of over 164,000 media reports and a politically connected board of directors comprising over 12,000 CVs tracked from 2010 to 2014. Data is originally from Brazil, a country where political connections are highly used by firms and that has been a place of much research on corporate political activity. Findings The results of this paper suggest that a politically connected board of directors can mitigate the negative effects of media coverage on market value. Overall, the results imply that the validity of a CG mechanism might be affected by other mechanisms. Research limitations/implications The findings of this paper imply the need for research focusing on the mutual effects of different CG mechanisms. While CG is understood as a set of mechanisms, new research could focus on the interplay of these mechanisms. Practical implications The findings suggest that the presence of former politicians and government officers on the board dissipates bad news reported by the media and boosts market value when media is positive. To maximize investment returns, investors should analyze firms' political human capital. Originality/value To the best of the authors’ knowledge, this paper is the first to develop hypotheses on the moderation effects of a politically connected board on the relation between media coverage and market value. This is relevant because this brings insights on how firms could jointly manage these mechanisms.

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RESUMO O caso de ensino aborda a questão da Responsabilidade Social Corporativa (RSC) em um negócio no setor do turismo, o Parque Beto Carrero World (BCW), localizado no sul do Brasil. É relatado por Alexandra, coordenadora do instituto dessa empresa, que vem realizando ações voltadas para a comunidade local. A coordenadora se pergunta se tais ações correspondem às necessidades reais das partes interessadas (stakeholders), bem como se essas ações estão de acordo com as dimensões de RSE modelos Carroll (1991) e Schwartz e Carroll (2008). O caso usa dados coletados de fontes secundárias (análise de documentos) e de fontes primárias (entrevistas, observação in loco e questionários aplicados a diferentes públicos). O objetivo do caso é aplicar os fundamentos teóricos da CSR para uma situação real vivida pela gestão de uma organização, com base em resultados de uma pesquisa científica. Ele pode ser usado nas disciplinas de Gestão Ambiental, Ética Empresarial e Responsabilidade Social Corporativa, em cursos de graduação e pós-graduação. Ao abordar os problemas vividos em uma empresa real com um forte impacto económico, este caso oferece aos estudantes a oportunidade de relacionar os conhecimentos teóricos com a prática empresarial. Além disso, é o tema da RSE que tem sido amplamente estudado e praticado por empresas e que ainda não está presente, na forma de caso, no ensino de administração