Advantages of the social stamp for the biodiesel producer companies： The BSBIOS and OLEOPLAN cases

Biofuel has become an alternative source of energy in response to the change of the world＇s energy matrix. In Brazil, biodiesel has a highlighted status because it is obtained from different raw materials including animal or vegetable origins. In this context, trying to stimulate the social inclusion and the regional development, the federal government has been allowing some tax benefits through the Social Fuel Stamp （SCS） to the producer companies of biodiesel, since the purchasing of the raw material is from small farmers. Taking this into account, this article aims at the identification of the advantages perceived between the BSBIOS and the OLEOPLAN-two producer companies of biodiesel, located, respectively, in Rio Grande do Sul, in relation to the use of the social fuel stamp. In this case study, classified as a qualitative and of exploratory style, the data collection was done through the observation of informal conversations, visits in the companies named above, through interviews made with a pre-determined guide that allowed the application of the subject analysis technical. The analysis of the results is organized through the profile of these companies and by the identification of the advantages provided by the social fuel stamp. The results of this study show that the companies consider the social fuel stamp as fundamental and that it provides four advantages： the access to better financial conditions through the BNDES and other financial institutions; the right to compete in auctions for the biodiesel purchasing by the Petroleum National Agency, Natural Gas and Biofuel （ANP）; the exemption of taxes; and, the use of the logo of the stamp showing the social role of the company that does not represent a differentiated factor concerning the marketing strategy.     

Is hedging successful at reducing financial risk exposure?

This article analyses whether firms use risk management instruments for hedging or speculative purposes. First, by analysing the relationship between the firm’s stock returns and financial risks in 567 Euronext firms, we measure the firm’s exposure to risk. Next, we investigate the effect of hedging in such exposures, addressing simultaneously the endogeneity of hedging decision through a treatment effect methodology. We have found that firms in our sample display higher percentages of exposure, when weighed against preceding studies, and confirmed that hedging reduces the level of the underlying financial exposure, concluding that firms use risk management instruments with hedging purposes.     

小鱼，大池塘

在过去的30年中，伴随着与日剧增的金融深化、多样化以及全球化，世界金融体系——特别是资本市场——经历了巨大的变化。尽管这种变化的大部分发生在金融中心和发达国家，但其在发展中国家也已发展到重要的程度。许多发展中国家试图通过引入重大的改革来深化其证券市场，特别在20世纪90年代期间。这些国家实施金融系统自由化，     

Financial hedging with derivatives and its impact on the Colombian market value for listed companies

The financial theory (Modigliani & Miller, 1958) presents risk management as a matter without importance in companies, given that the shareholders themselves managed their hedges, diversifying their portfolios. However, subsequent studies dispute said premise and present evidence that business financial hedging improves performance and increases the value of the same (Ahmed, Azevedo, & Guney, 2014; Allayannis & Weston, 2001; Kapitsinas, 2008). The efficient market risk management is supported in the financial derivatives, and demands strategic and efficient administrators in hedges that add value, especially in the face of clashes and macroeconomic and financial imbalances. The empirical evidence analyzes the behavior of the Q-Tobin as an indicator of the effect of the hedge strategies for the exchange rate associated to the market value. The aim of this work is to find evidence in Colombia on the effect of the use of derivatives in the market value of the company. Its added value lies in the analysis that is done by economic sectors, identified by ISIC codes and grouped into five (5) macro sectors (Agriculture and livestock, Commercial, Industrial or Manufacture, Services, and Construction). The methodology used includes the estimation of several regression models in data panels, using a Pooled regression model with fixed and random effect estimators through the maximum likelihood estimator. In general, a statistical and financially significant premium for hedges was found for companies exposed to exchange rate risks that use derivatives of a 6.3% average on the market value. Additionally, mixed results were found in relation to the variables analyzed in the model.     

Global mindset and the internationalization of small firms: The importance of the characteristics of entrepreneurs

Despite being a relatively new concept, the importance of the global mindset is already well-documented. So far research has primarily focused on multinational companies and therefore the operationalization of the concept is still a work in progress. Recognizing the importance of entrepreneurs in small companies, yet mindful of the gaps that exist, this paper addresses the factors that constitute the global mindset and their influence on the internationalization of small Portuguese companies. Using information-processing theory through a quantitative, survey-based study and Structural Equation Modeling (SEM), the results show the importance of the characteristics of both entrepreneurs and firms in explaining the global mindset, and confirm the impact they have on internationalization behavior. The entrepreneur??s level of education, their satisfaction with company performance in the domestic market and the potential for growth in the domestic market all affect the global mindset model. The conclusions are useful for entrepreneurs and national authorities aiming to successfully implement internationalization practices, given the role of the global mindset in exploring global business opportunities and in the global success of companies. Replication of the research in different contexts is essential for the wider generalization of the results.     

Book Reviews

Louis Baeck. The Mediterranean Tradition in Economic Thought. London and New York: Routledge, 1994. Pp. IX, 241. £40. ISBN 0–415–09301–5.

Vivienne Brown. Adam Smith's Discourse. Canonicity, Commerce and Conscience. London and New York: Routledge, 1994. Pp. 243. £13.99. ISBN 0–415–09593.

Peter Groenewegen (ed.). Feminism and Political Economy in Victorian England. Aldershot: Edward Elgar, 1994. Pp. 208. £39.95. ISBN 1–85278–928‐X.

Terence Hutchison. The Uses and Abuses of Economics. Contentious Essays on History and Method. London and New York: Roudedge, 1994. Pp. XIII, 314. £45. ISBN 0–415–09404–6.

Jan Keppler. Monopolistic Competition Theory. Origins, Results, and Implications. Baltimore and London: The Johns Hopkins University Press, 1994. Pp. x, 220. US$45. ISBN 0–8018–4813‐X.

Lars Magnusson (ed.). Evolutionary and Neo‐Schumpeterian Approaches to Economics. Boston, Dordrecht, London: Kluwer Academic Publishers, 1994. Pp. VIII, 326. £74.95. ISBN 0–7923–9385–6.

Alessandro Marzola and Francesco Silva (eds). John Maynard Keynes. Language and Method. Aldershof. Edward Elgar, 1994. Pp. XY 247. £39.95 ISBN 1–85278–923–9.

Ferdinando Meacci. Luigi Einaudi e i Principi del Capitate. Turin: Giappichelli, 1993. Pp. x, 176. IL. 28,000. ISBN 88–348–3093–8.

Gerald M. Meier (ed.). From Classical Economics to Development Economics. New York: St Martin's Press, 1994. Pp. xiii, 262. US$45. ISBN 0–312–12033–8.

Takashi Negishi. The History of Economics. The Collected Essays of Takashi Negishi, vol. 2. Aldershot: Edward Elgar, 1994. Pp. XXIV, 242. £45. ISBN 1–85278–938–7.

Cosimo Perrota and Vitantonio Gioia (eds). Where is Economics Going? Historical Viewpoints. Lecce: Università degli Studi di Lecce and Congedo Editore, 1994. Pp. 131. Price not indicated. ISBN 88–808–6079–8.

Warren J. Samuels, Jeff Biddle and Thomas W. Patchak‐Schuster. Economic Thought and Discourse in the 20th Century. Aldershot: Edward Elgar, 1993. Pp. x, 288. £45. ISBN 1–85278–724–4.

Mario Sebastiani. Kalecki and Unemployment Equilibrium. London: Macmillan, 1994. Pp. 213, ISBN 0–312–10585–1

John Vint. Capital and Wages. A Lakatosian History of the Wages Fund Doctrine. Aldershot: Edward Elgar, 1994. Pp. x, 278. £45. ISBN 1–85278–864‐X.     

Financial Development: Maturing and Emerging Policy Issues

In recent decades, financial development policies in emergingmarket economies have been shaped by a fundamental shift towardmarket-based financial systems and the lessons from financialcrises. Today, there is consensus that financial developmentdepends on financial stability and convergence toward internationalstandards. While the debate on some issues has matured, policythinking in other areas is changing, fueled by recent experiences.This article analyzes the evolution of policy thinking on financialdevelopment and discusses three areas that are important toachieving deeper financial systems: stock market development,small- and medium-size enterprise financing, and defined-contributionpension systems. The main emerging issues in these areas areillustrated using recent experiences in Latin America. The articleconcludes that there is a need to take a fresh look at the evidence,improve diagnoses, and revisit expectations. JEL codes: F36, G15, G18, G20     

New perspectives for the managerial entrepreneurship

Is the purpose of this speech to build in an eclectic and holistic way the bases of a theoretical mark that it describes, analyze and do interpret the phenomenon of the managerial entrepreneurship from the interdisciplinary point of view in such a way that the foundation is to respond to the question how to understand the entrepreneurship?, to build starting from their evolution diverse perspectives that you/they enrich their analysis and study that make understand that the entrepreneurship is a practical, simple and complex phenomenon that the managers experience directly in their activities and functions, as a breaking act and improvement of the conditions of life of the society. It is sought to analyze and to propose perspectives of study of the entrepreneurship of the managers, their personal characteristics, as their social, political, economic and cultural implications, from the interdisciplinary point of view in the mark of the investigation line entrepreneurship and Managerial Mentality that he/she interprets their purpose action, administration, innovation and mainly their relationship with the environment, so momentous for the growth of the companies.