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Purpose: Social enterprises are embedded in ecosystems with multiple actors interested in the field's growth. One way to enhance social enterprises is through public policies and developing countries like Brazil included this in the public agenda. After an important mobilization of private organizations and public managers, the Brazilian federal government implemented in 2017 the National Impact Investment and Business Strategy (ENIMPACTO) renamed in 2023 to National Impact Economy Strategy with the same abbreviation. Since its creation, ENIMPACTO saw significant modifications leading to a decree in 2023 extending its mandate, amplifying membership and changing its name to the National Impact Economy Strategy while maintaining the same acronym. This experience leads us to the following question: How was ENIMPACTO created and developed? Design/methodology/approach: We used institutional arrangements and advocacy coalition theory to analyze the key elements that contributed to ENIMPACTO's creation and its evolution through time. A qualitative, single-case study on the Brazilian experience implementing ENIMPACTO was conducted through semi-structured interviews with national strategy members, participant observation, document and data analysis. Findings: We argue that advocacy coalition and institutional arrangements frameworks combined are needed to understand Enimpacto's complexity. The strategy presented an extensive multiple-actor articulation involving shared beliefs that were also important to gather support on recreating and expanding Enimpacto when external events threatened its continuity. Yet, it presented important challenges on how to achieve consensus and alignment regarding important concepts and regulation strategy among the actors and manage the public policy governance and activities implementation. Originality/value: We combine institutional arrangements and advocacy coalition frameworks and apply them to analyze a public policy composed of actors of multiple sectors that play an active advocacy coalition role. We also present empirical evidence that elements of the advocacy coalition framework add analytical elements to institutional arrangements literature and how they affect each other. We point to two important elements of the institutional arrangements framework (territoriality and subsidiarity) that were not initially considered by ENIMPACTO and were later incorporated because of tensions in the field. We provide empirical evidence of the incipient role that public administration can play in promoting social enterprises' agenda that might base similar strategies to boost social enterprises in other locations. [ABSTRACT FROM AUTHOR]

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In view of the economic impact and the changes in life habits caused by the Covid-19 pandemic in Brazil, the main objective of this article refers to the application of the fundamentalist valuation method of companies, called discounted cash flow, during the beginning, the course and the end of the pandemic period. The company in question is Magazine Luiza SA, given the positive variation in the value of the company's shares during this interval, as well as the investments made in digital transformation and the consequent significant increase in sales. The methodology adopted consists of collecting data disclosed by the company itself and, through the application of FCFF, performing the company's evaluation during the years 2019 to 2022, which characterized the duration of the pandemic, in addition to performing a projection based on the analysis performed until the year 2028. The analysis obtained showed slow and steady growth in the pre-pandemic period, that the initial pandemic period, between the years 2019 and 2020 represented for Magazine Luiza, contrary to what is expected for a retail company, a period of accelerated growth, which can be associated with the investments made for the digital transformation. Moreover, the projection obtained indicates, for the company, an initial crisis in the post-pandemic period, given the current political-economic environment. However, it presents trends for a recovery followed by subsequent accelerated growth. [ABSTRACT FROM AUTHOR]

Copyright of REGEPE Entrepreneurship & Small Business Journal is the property of Revista de Empreendedorismo e Gestao de Pequenas Empresas (REGEPE) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study sought to identify the main drivers of and barriers to attracting capital market investments to the infrastructure sector in Brazil. The research findings indicate that the incentives vary according to the type of investor. Individual investors are strongly attracted by the tax exemption provided for in Statute 1,2431/2011 to purchase incentivized debentures, and, today, they represent one of the main investors in infrastructure in the country. On the other hand, domestic pension funds have no incentives based on this piece of legislation (their investments are exempt from income tax). For these pension funds, the spread paid by the issuers of incentivized debentures is low. Foreign investors consider the investment environment in the country to be unfavorable due to factors such as high exchange rate volatility and political instability. Therefore, broader institutional reforms are needed to fill the gap in infrastructure investments and attract long-term investors. Green certification of infrastructure projects represents another interesting strategy for attracting investments, especially foreign investors. [ABSTRACT FROM AUTHOR]

Despite being launched in 2011, the social impact bond (SIB) is an instrument under development that faces numerous challenges. This article presents the characteristics of SIBs and challenges related to their implementation as mechanisms to finance public projects with a social purpose. After a bibliographical and documentary review, three international cases of SIBs that have completed their maturity cycles, relevant for critical analysis of possible projects in Brazil, were selected. Ethical, methodological, metrics, results, and actor networks are analyzed in the three SIBs. Implications for projects in Brazil were considered from the analysis of these international cases. [ABSTRACT FROM AUTHOR]

Brazil is a country that has a vast territory and contains many natural landscapes features and immense variety of rocks, shapes and structures of great aesthetic and scientific value. Geosites are areas that have numerous geological potentials, where these characteristics are notable from a scientific, didactic or touristic point of view. In this sense, this work carried out a cataloguing of geosites in the municipality of Conceição da Aparecida, in the south of Minas Gerais state aiming at the geoconservation of the geological heritage, the balanced use of natural resources and the identification of geosites. The lands of the study area belong to several units of the crystalline basement entitled Campos Gerais Formation, Carrancas Group, Petunia Complex, Varginha-Guaxupé Complex and Andrelândia Complex composed essentially by gneissic rocks. The development of this work consisted in the construction of a qualitative base on the studied area from the analysis of topographic maps, the use of GIS and later field activity, laboratory analysis and the elaboration of the results. In this way, the relationship between man and nature can be evidenced from the proposals for geoconservation and the identification of these areas for future generations. Thus, the integrity of nature and the best quality of life for man will be maintained. he scientific and local community will be informed about the issues of geographic space, enabling investments and better management practices in the area. [ABSTRACT FROM AUTHOR]

Copyright of Turismo: Visão e Ação is the property of Turismo-Visao E Acao and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Carta Internacional is the property of Associacao Brasileira de Relacoes Internacionais and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Objectives: This study aimed to analyze the development stage of the oral health care network of the Brazilian Unified Health System in the state of Minas Gerais, Brazil.Methods: A cross-sectional descriptive and analytical study was conducted with 205 municipal oral health coordinators from the state. Data collection was carried out through a validated questionnaire to analyze the state of development of the oral health care network. Descriptive and cluster analysis were performed, and two clusters were generated.Results: The total median score of the questionnaires classified Minas Gerais as a state with incipient oral health care networks and a minimal capacity to operate such networks, reflected in the predominance of cluster 1 in the sample. There was no statistical association between age, time since graduation, and time spent working as a coordinator and the clusters (Mann-Whitney test). The coordinators' gender and educational level were also not statistically associated with the clusters (Pearson's chi-square and Fisher's exact, respectively).Conclusion: There is a great need to improve the organization of services of the oral health care network in Minas Gerais. This can be done through improvements in its operational structure, as well as investment in management training. [ABSTRACT FROM AUTHOR]

Objective: Analyze the relation between the management fee and the risk-adjusted performance before fees of active investment funds classified as Ibovespa and investigate if the difference in fees reflects differences in the value the funds create for the investor. Method: Therefore, a panel regression was applied, using a pooled model in which the funds' risk-adjusted performance served as the dependent variable and the management fee as the explanatory variable. Then, other control variables were included in the regression. To measure the fund performance, the models of Carhart (1997) and Fama and French (1993, 2015) were used. Results: The results appointed a negative relation between management fee and performance. This indicates that the funds in the sample that cover high fees generally perform worse for the investor. Hence, the different fees also reflect differences in the value the funds create for the investor. In addition, the net equity of a fund is positively related with its performance, while age is negatively related and the Anbima seal did not reveal statistical significance. Contributions: This research adds to the results in the literature as follows: a negative relation is shown between management fee and performance, even when controlling for variables such as size, age and quality in terms of corporate governance. In addition, this relation exists independently of the model used to measure the fund performance; in addition, more current evidence is presented and for an emerging market. Also, evidence is provided that the best corporate governance practices are not related with the achievement of good performance. [ABSTRACT FROM AUTHOR]

Between 1500 and 1840, ships under Portuguese colors embarked more than 5 million enslaved men, women and children from the coasts of Africa. Despite its position as the preeminent slave trading empire in the Atlantic World, no studies have systematically traced the evolution in maritime investment practices in Portugal and its American colonies which propelled this massive forced transportation of captive Africans. Beginning with Portuguese merchants' earliest forays into Atlantic trade, on the West African island of Cabo Verde in the fifteenth century, maritime cargoes were collectively owned through the distribution of small shares. Drawing on medieval Mediterranean precedents, these collective, legally constructed partnerships opened early transoceanic trading opportunities to a diverse group of traders, colonists, and mariners, creating a decentralized mercantile trade which diffused profits throughout slave trading communities. Slaving merchants in Salvador da Bahia adopted this collectivist model of investment by the early eighteenth century, converting commercial disadvantages into a prosperous and durable trade which wove together the economic interests of a heterogeneous cross-section of Salvador's inhabitants—including merchants, their families and slaves, and mariners—within the business of slaving. This article traces the persistence of this financial strategy, and argues that it enabled the longevity of the transatlantic slave trade in Salvador. [ABSTRACT FROM AUTHOR]

The intention of this article is to perform a brief analysis of portfolio management in Brazil, using research conducted by the Project Management Institute through pmsurvey.org, which provides consolidated information on how companies plan and manage their portfolios and projects. Based on the identification of latent need for improvement in the portfolio management process, this study proposes to assess and balance a portfolio of projects with a support tool for multi-criteria decision by the French School, the ELECTRE TRI. Different from some proposals, in this article we discuss the evaluation and portfolio balancing as a sorting problem. Furthermore, in order to make the process viable for any type of companies, we use the IRIS tool that implements the ELECTRE TRI and is extremely user-friendly. [ABSTRACT FROM AUTHOR]

This article uses a fine-grained anthropological and linguistic analysis to expose the routine negotiating practices and power games behind the conclusion of paragraph 115 on responsible agricultural investments during the Rio+20 Conference in June 2012. These negotiations are simultaneously a telling example for the quotidian stuff of international governance-an arena in which much larger forces are played out through small language-based tactics, and they are representative of an exceptional moment when global multilateral policy making in the frame of the United Nations was challenged by the legitimation of private authority and corporate self-regulation. Combining anthropological and linguistic methods, the article focused on language use, analyzing the ways in which people interact in a highly coded language, how they 'perform,' by exploring, playing with, and twisting the grammatical structures of the spoken language. At issue is the large-scale appropriation of agricultural land all over the world by multinational corporations, investment funds, and foreign governments. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Gestão, Finanças E Contabilidade is the property of Universidade do Estado da Bahia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article informs that a circular has been issued by Supervision of Relations with Institutional Investors of the Brazilian Securities & Exchange Commission which aims to guide managers of securities portfolios as to the recommended procedures regarding the investment of third-party resources.

• Brazil invested only 15.5 % of the funds required in its protected areas. • 76.5 % of Brazil's federal protected areas have funding deficits. • Funding deficits vary geographically. • Protected areas in the Brazilian Amazon are mostly underfunded. • The total annual funding deficit in Brazil's protected areas increased. Protected areas (PAs) are the most effective public policy instruments to protect natural ecosystems and the services these ecosystems provide. Nevertheless, several PAs present a funding deficit because governments allocate fewer financial resources than those required to cover PA management costs. The variation in funding deficits within countries is not well documented because information about PA public investments and management costs are seldom available. We describe the variation in funding deficits across Brazilian federal PAs and propose a model that explains such variation by using PAs' characteristics and their zones of influence as predictors. We estimated that the 282 Brazilian federal PAs needed US$ 468 million to cover their management costs in 2016. However, the Brazilian government allocated only 15.5 % of these costs. Approximately 76.5 % of the PAs had funding deficits. Our model showed that: (1) funding deficit is negatively associated with PA age and the human development index but positively associated with PA size, (2) PAs in the Atlantic Forest and the Savannas and Drylands have lower funding deficits than PAs in the Amazon, and (3) PAs in the Atlantic Forest have lower funding deficits than PAs in the Savannas and Drylands. We found that the proportion of PAs with a funding deficit in Brazil is high and is comparable to the high percentage of PAs (75 %–100 %) with a funding deficit found in sub-Saharan Africa. Moreover, there is evidence that the total annual funding deficit in the Brazilian PAs increased in the last decade. New policies, public-private partnerships, and innovative funding mechanisms need to be set to close the large funding gap in the Brazilian federal PA system. [ABSTRACT FROM AUTHOR]

The article informs that the Institutional Investor Relations Superintendence of the Brazilian Securities & Exchange Commission (CVM) issued official letter that CVM Board's decision regarding the application by investment funds in units of other indices funds established in foreign jurisdictions.