RPCA | Rio de Janeiro | v. 9 | n. 2 | abr./jun. 2015 | 70-83 | 70Resumo Este estudo buscou analisar o desenvolvimento do volume de Fusões e Aquisições (F&A) no Brasil e sua relação com fatores macroeconômicos que possivelmente explicam seu comportamento. Nesse sentido, realizou-se uma revisão de literatura relacionada a temática e análises de dados secundários disponibilizados pela KPMG referentes ao período de 2002 a 2014. As reflexões exploraram os fatores influenciadores desempenhados pelo governo brasileiro e o mercado externo considerando-se duas perspectivas: a origem do capital e setor de atuação das empresas envolvidas. Os dados sugerem que o mercado brasileiro apresentou um amadurecimento, visto que se observou uma tendência de crescimento de forma sustentável no período, mesmo com diferentes forças macroeconômicas internas e externas atuando. Destaca-se como contribuições deste estudo, a ampliação da compreensão das mudanças econômicas que expliquem a evolução das F&A no Brasil em um período que abrange significativas turbulências e instabilidades econômicas mundialmente.Palavras-chave: Fusões e Aquisições. Brasil. Fatores Macroeconômicos. AbstractThis study analyze the development of Merger and Acquisitions (M&A) volume in Brazil and its relation with macroeconomic factors that can possible explain its behavior. In these direction, it was performed a literature review and analysis based on secondary data from 2002 to 2014 provided by KPMG. The reflections explore the contributing factors implemented by the Brazilian government and the external market taking into account two perspectives: the origin of the capital and company's activity sector. The data suggests that the Brazilian market had a ripening due to an observable sustainable growth trend in the period even with the impacts of different internal and external macroeconomic forces. It stands out as contributions of this study the comprehension expansion of the economic changes that explain the M&A evolution in Brazil in a period with significant turbulences and economic instability worldwide.

Purpose: This study sought to examine the extent to which the internet it is utilized as a tool for the disclosure of corporate information, facilitating the transparency of companies in relation to their stakeholders. Originality/gap/relevance/implications: This study differs from previous as it fills a gap in the literature to relate a disclosure measure on the internet with the risk and return of companies in Latin America, since this literature is only possible to identify studies that analyze these variables independently or with respect to other factors. Key methodological aspects: The sample included 758 companies listed on four major exchanges in Latin America (Argentina, Chile, Brazil and Mexico), and its disclosure level was quantified and its relationship with risk and return were verified by Tobit regressions. Summary of key results: The results show that it is possible to observe that the issue of ADRs, the size and liquidity affect the relationship between disclosure, risk and return. Also, the disclosure has advanced in the region over the years, especially in Brazil. However, no significant differences were identified between the countries, to the point of impact relations with the risk and return of companies. Key considerations/conclusions: The main contributions are the expansion of evidence on these variables, relating them to each other in emerging markets.

Purpose: The purpose of this study was to analyze the effect of investor sentiment on the volatility of the Brazilian stock market. Specifically, it aimed to identify if the asymmetric behavior of sentiment could be observed in emerging markets, considering companies that have characteristics that are difficult to price. Originality/value: Unlike most studies on investor sentiment, this study focuses on its impact on the stock market volatility, as well as on the characteristics of companies associated with difficult pricing. Design/methodology/approach: The volatility of the IBRX100 index was used to represent the Brazilian stock market, and as a proxy for investor sentiment it was selected Miranda's index (2018), based on market data. Data were estimated using the two-stage least squares (MQ2E) technique to address endogeneity problems. Finally, the volatility of companies with difficult-to-price characteristics was segregated to analyze their sensitivity to sentiment. Findings: The results indicate that sentiment has a negative and sig nificant relationship with the volatility of the Brazilian market, as well as evidences an asymmetrical behavior, being statistically stronger in pessimistic periods. Additional analyzes evidence that the explanatory sentiment capacity is sensitive to companies' characteristics, but only companies with a high book-to-market ratio showed asymmetric behavior, as expected by the literature. The portfolios segmented by size and illiquidity maintained an asymmetric behavior, but it was the volatility of the large companies and the less illiquid ones that were best explained by sentiment, indicating that the Brazilian market has distinctive characteristics in relation to developed markets.

A cultura nacional brasileira possui uma série de características marcantes que tem o potencial de alterar a forma como as organizações atuam em seus mercados. Dessa forma, o presente artigo objetiva verificar se os traços culturais nacionais podem ser identificados em um grupo de organizações específico: as Sociedades de Agentes Autônomos (SAAs) do estado da Paraíba. Em termos metodológicos, essa pesquisa é de natureza exploratória, descritiva e qualitativa em que se utilizou o método da etnografia. A análise foi realizada por meio da observação participante e de entrevistas com os funcionários dessas empresas. Em seguida foi efetuada uma análise do impacto da cultura nacional em cada uma das quatro dimensões de Hofstede a partir das respostas obtidas. De acordo com os dados da amostra, foi possível observar que todas as SAAs na Paraíba possuem traços da cultura nacional nas dimensões delineadas por Hofstede em sua cultura organizacional. Por fim, destaca-se como contribuições deste estudo a compreensão do desenvolvimento da cultura organizacional das SAAs em uma região brasileira que apresenta forte expectativa de crescimento e investimento acima da média nacional.