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

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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.     

Consumer reaction to product recalls: factors influencing product judgement and behavioural intentions

In order to evaluate the factors influencing consumers’ responses to product recalls, two surveys were conducted among Brazilian automobile owners and two regression models tested. Results indicated that (i) product judgement was significantly affected by corporate social responsibility (CSR), blame attributed to the company and whether or not consumers had a car made by the brand considered; and (ii) behavioural intentions were significantly affected by CSR, consumers’ involvement with the message, perceived danger, product judgement and whether or not consumers had a car made by the brand considered. Findings revealed, however, that CSR is a better predictor of the product judgement than of the behavioural intentions, in accordance with recent studies indicating that CSR affects consumer judgements and behaviour differently. Finally, these two models are discussed and compared with previous research.     

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.     

Ethical Ideology and Ethical Judgments in the Portuguese Accounting Profession

The purpose of the present study is to examine the attitudes of Portuguese chartered accountants with respect to questions of ethical nature that can arise in their professional activity. Respondents were asked to respond to the Ethics Position Questionnaire developed by Forsyth (Journal of Personality and Social Psychology 39(1), 175–184, 1980), in order to determine their idealism and relativism levels. Subsequently, they answered questions about five scenarios related to accounting practices, with the objective of measuring their ethical judgments. Based on the idealism and relativism levels of our respondents, they were classified into one of four groups, representing different ethical ideologies (absolutism, exceptionism, subjectivism, and situationism). The results indicated that age was the major determinant of relativism. Contrary to previous research, older respondents revealed themselves significantly more relativistic than younger ones. Gender seems to be the most important determinant of ethical judgments; against expectations, men evidenced significantly stricter judgments than women in two of the five scenarios. Findings also indicated that respondents’ ethical judgments did not differ significantly based on their ethical ideology, supporting the idea that ethical ideology is not an important determinant of ethical judgments.     

Team Management： A Reflection on Leadership to Achieve Success

This study aims at rethinking the posture and attitude of professionals in, managerial and leadership positions, regarding the organizational management, showing that it is possible to motivate a team, valuing the human and maintaining a good working environment, with respect and collective participation towards a common good by focusing on problem solving regardless the resources that the company can offer to encourage and satisfy its employees. In order to prepare this study, survey was conducted from empirical studies, literature surveys, and qualitative and quantitative approaches were used in a company linked to the tobacco sector. The results show that companies are still adapting to new paradigms of the market and seek to achieve greater productivity with the accomplishment of teamwork, considering aspects such as leadership, motivation, and interpersonal relationships.     

Stock market development under globalization: Whither the gains from reforms?

Over the past decades, many countries have implemented significant reforms (including financial liberalization, privatization, and regulatory and supervisory improvements) to foster domestic capital market development. Despite these policies, the performance of capital markets in several countries has been disappointing. To understand the effects of reforms, we study the impact of six capital market reforms on domestic stock market development and internationalization. We find that reforms tend to be followed by increases in domestic market capitalization and trading. But reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects.