Determinantes do investimento em impacto socioambiental por famílias empresárias brasileiras
DOI:
https://doi.org/10.23925/2179-3565.2024v15i3p45-65Palavras-chave:
Investimento de impacto, Família empresária, Empresa familiar, Riqueza socioemocional, Pesquisa onlineResumo
A classe de ativos financeiros dos investimentos de impacto encontra nas famílias empresárias um de seus usuais alocadores de recursos. Dados o crescente interesse nesse tipo de investimento e o volume de recursos envolvidos, o objetivo deste artigo é entender quais as características de famílias empresárias/empresas familiares que influenciam essa alocação de recursos. Tendo em vista o desenvolvimento de uma exploração de natureza hipotética e quantitativa, este trabalho foi desenvolvido através da aplicação de um survey online com integrantes de famílias empresárias no Brasil. Encontrou-se uma relação significante e positiva entre um maior nível de riqueza socioemocional (socioemotional wealth ou, simplesmente, SEW) e o valor alocado em investimentos de impacto. A dimensão de proeminência da família mostrou-se ser aquela componente da SEW responsável pela relação encontrada. Os resultados permitem o avanço da fronteira do conhecimento sobre o tema e revelam inúmeras possibilidades de explorações futuras, bem como têm valor para a indústria de serviços voltados às famílias empresárias/empresas familiares.
Referências
Agrawal, A. & Hockerts, K (2019a). Impact investing: review and research agenda. Journal of Small Business & Entrepreneurship, p. 1-29.
Agrawal, A., & Hockerts, K. (2019b). Impact investing strategy: Managing conflicts between impact investor and investee social enterprise. Sustainability, 11(15), 4117.
Barber, B. M., Morse, A. & Yasuda, A. (2019). Impact investing. National Bureau of Economic Research.
Bass, R., & Dithrich, H. (2020). The State of Impact Measurement and Management Practice. Global Impact Investing Network (GIIN).
Berrone, P., Cruz, C., Gomez-Mejia, L. R., & Larraza-Kintana, M. (2010). Socioemotional wealth and corporate responses to institutional pressures: Do family-controlled firms pollute less?. Administrative science quarterly, 55(1), 82-113.
Bettinelli, C., Fayolle, A., & Randerson, K. (2014). Family entrepreneurship: a developing field. Foundations and Trends® in Entrepreneurship, 10(3), 161-236.
Biasin, M., Cerqueti, R., Giacomini, E., Marinelli, N., Quaranta, A. G., & Riccetti, L. (2019). Macro asset allocation with social impact investments. Sustainability, 11(11), 3140.
Bierl, P., & Kammerlander, N. H. (2019). Family equity as a transgenerational mechanism for entrepreneurial families. Journal of Family Business Management, (ahead-of-print).
Biernacki, P., & Waldorf, D. (1981). Snowball sampling: Problems and techniques of chain referral sampling. Sociological methods & research, 10(2), 141-163.
Biswas, P. K., Roberts, H., & Whiting, R. H. (2019). The impact of family vs non-family governance contingencies on CSR reporting in Bangladesh. Management Decision, 57(10), 2758-2781.
Boyd, B. K., & Solarino, A. M. (2016). Ownership of corporations: A review, synthesis, and research agenda. Journal of Management, 42(5), 1282-1314.
Browne, K. (2005). Snowball sampling: using social networks to research non‐heterosexual women. International journal of social research methodology, 8(1), 47-60.
Brulhart, F., Gherra, S., & Quelin, B. V. (2019). Do stakeholder orientation and environmental proactivity impact firm profitability?. Journal of Business Ethics, 158, 25-46.
Bugg-Levine, A., & Emerson, J. (2011). Impact investing: Transforming how we make money while making a difference. John Wiley & Sons. (6)3, p. 9-18.
Chang, Y. C., Kao, M. S., & Kuo, A. (2014). The influences of governance quality on equity-based entry mode choice: The strengthening role of family control. International Business Review, 23(5), 1008-1020.
Bruce, K., Khan, M., Vandelanotte, J., Mannino, C. A., MacPherson, N., & Dickman, J. (2014). Reshaping development evaluation: Meeting the challenges of a changing context. African Evaluation Journal, 2(1), 6.
Chyung, S. Y., Roberts, K., Swanson, I., & Hankinson, A. (2017). Evidence‐based survey design: The use of a midpoint on the Likert scale. Performance Improvement, 56(10), 15-23.
Congdon, W. J., Kling, J. R., Ludwig, J., & Mullainathan, S. (2017). Social policy: Mechanism experiments and policy evaluations. In Handbook of economic field experiments (Vol. 2, pp. 389-426). North-Holland.
Creswell, J. W. (2010) Research design: qualitative, quantitative and mixed methods. Porto Alegre: Artmed.
Cruz, C., Justo, R., & Roche, J. (2021). Engaging in a new field: business-owning families’ differential approach to impact investing. European Journal of Family Business, 11(1), 21-32.
Debicki, B. J., Van de Graaff Randolph, R., & Sobczak, M. (2017). Socioemotional wealth and family firm performance: a stakeholder approach. Journal of Managerial Issues, 82-111.
Emerson, J. (2003). The blended value proposition: Integrating social and financial returns. California management review, 45(4), 35-51.
Etikan, I., Alkassim, R., & Abubakar, S. (2016). Comparison of snowball sampling and sequential sampling technique. Biometrics and Biostatistics International Journal, 3(1), 55.
Gaska, M. (2018). The Family Office: An Agency View on a Secretive Organization (Doctoral dissertation, Universität St. Gallen).
Gentry, R., Dibrell, C., & Kim, J. (2016). Long–term orientation in publicly traded family businesses: Evidence of a dominant logic. Entrepreneurship Theory and Practice, 40(4), 733-757.
Geobey, S. E. A. N., & Callahan, J. E. N. N. I. F. E. R. (2017). Managing impact portfolios: A conceptual view of scale. ACRN Oxford Journal of Finance and Risk Perspectives, 6(4), 17-36.
Gomez-Mejia, L. R. (1984). Effect of occupation on task related, contextual and job involvement orientation: A cross-cultural perspective. Academy of Management Journal, 27(4), 706-720.
Graafland, J. (2020). Family business ownership and cleaner production: Moderation by company size and family management. Journal of Cleaner Production, (255)1.
Hart, S. L., & Milstein, M. B. (2003). Creating sustainable value. Academy of Management Perspectives, 17(2), 56-67.
Hochheimer, C. J., Sabo, R. T., Perera, R. A., Mukhopadhyay, N., & Krist, A. H. (2019). Identifying attrition phases in survey data: applicability and assessment study. Journal of medical Internet research, 21(8), e12811.
Jiang, D. S., Kellermanns, F. W., Munyon, T. P., & Morris, M. L. (2018). More than meets the eye: A review and future directions for the social psychology of socioemotional wealth. Family Business Review, 31(1), 125-157.
Kalkbrenner, M. T. (2021). A practical guide to instrument development and score validation in the social sciences: The MEASURE Approach. Practical Assessment, Research, and Evaluation, 26(1), 1.
Karam, P. B. S., Machado, C. A. P., & Abib, G. (2019). Conflicts in boards of family firms: A theoretical framework for strategic decision-making. Revista de Administração Contemporânea, 23, 703-720.
La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The journal of finance, 54(2), 471-517.
Lazzarini, S. G.; Rotondaro, A.; Cabral, S.; Pongeluppe, L.; Schmithausen, E.; Pereira, T. C.; Beckmann, T. K. G.; Oshima, F. H. I.; Cruz, G. S. L.; Reis, B. S. & Lima, F. L. (2019) Contracting for Socio-Environmental Outcomes throughout the World: Database. Insper Metricis, São Paulo.
Lin, N. (2017). Building a network theory of social capital. Social capital, p.3-28.
Liu, M., & Wronski, L. (2018). Trap questions in online surveys: Results from three web survey experiments. International Journal of Market Research, 60(1), 32-49.
Martins, J. G. F., Leone, R. J. G., & Guerra, N. M. D. C. P. (2016). Proposta de método para classificação do porte das empresas. Connexio, 6(1), 139-155.
Matsuo, K. (2022). When a dominant CEO hinders exploration in a firm: A longitudinal case study from Japan. Journal of Business Research, (140)1, 143-154.
Melo, C., & Cabral, S. (2020). Pandemics and communication: an experimental assessment. Revista de Administração Pública, 54, 735-757.
Migliori, S., De Massis, A., Maturo, F., & Paolone, F. (2020). How does family management affect innovation investment propensity? The key role of innovation impulses. Journal of Business Research, (113)1, 243-256.
Mudaliar, A., Bass, R. & Dithrich, H (2018). Annual Impact Investor Survey 2018. Global Impact Investing Network (GIIN).
Mudaliar, A. & Dithrich, H. (2019). Sizing the impact investing market. Global Impact Investing Network (GIIN).
Nason, R., Mazzelli, A., & Carney, M. (2019). The ties that unbind: Socialization and business-owning family reference point shift. Academy of Management Review, 44(4), 846-870.
Parente, T. C. (2018). Decision Effectiveness in Family Business Boards: a configurational approach. (Doctoral dissertation, Universidade de São Paulo).
Pearson, A. W., Carr, J. C., & Shaw, J. C. (2008). Toward a theory of familiness: A social capital perspective. Entrepreneurship theory and practice, 32(6), 949-969.
Prahalad, C. K. & Hart, S. L. (2002) The fortune at the bottom of the pyramid. Strategy + Business, (26)1, p. 2-14.
Ramadani, V., & Hoy, F. (2015). Context and uniqueness of family businesses. Family businesses in transition economies: Management, succession and internationalization, Springer, 9-37.
Rivo-López, E., Villanueva-Villar, M., Vaquero-García, A., & Lago-Peñas, S. (2017). Family offices. Organizational Dynamics, 4(46), 262-270.
Rodrigues, J., & Marques, M. A. (2016). Órgãos de governo da família empresária. Governing bodies of family business. Working Paper.
Sauermann, H., & Roach, M. (2013). Increasing web survey response rates in innovation research: An experimental study of static and dynamic contact design features. Research Policy, 42(1), 273-286.
Schulze, W. (2016). Socio-emotional wealth and family: revisiting the connection. Management Research: Journal of the Iberoamerican Academy of Management. (14)3.
Schulze, W. S., & Gedajlovic, E. R. (2010). Whither family business? Journal of Management Studies, 47(2), 191-204.
Serrano, C. C., Habbershon, T. G., Nordqvist, M., Salvato, C., & Zellweger, T. (2006). A conceptual model of transgenerational entrepreneurship in family-influenced firms. HEC Family Business, 1, 1-22.
Suess-Reyes, J. (2017). Understanding the transgenerational orientation of family businesses: the role of family governance and business family identity. Journal of Business Economics, (87)1, 749-777.
Tekula, R., & Andersen, K. (2019). The role of government, nonprofit, and private facilitation of the impact investing marketplace. Public Performance & Management Review, 42(1), 142-161.
Welch, S., & McIntyre, J. (2015). A Multi-Family Office (MFO)‘Investment Manifesto’. The Journal of Wealth Management, 17(4), 9-20.
Woodridge, J., (2010). Econometria: uma abordagem moderna. 4. ed Cenage Learning.
Downloads
Publicado
Edição
Seção
Licença
Esta obra está licenciada sob uma licença Creative Commons Atribuição - No comercial - Sin derivaciones 4.0 Internacional
1.O(s) autor(es) autoriza(m) a publicação do artigo na revista;
2.O(s) autor(es) garante(m) que a contribuição é original e inédita e que não está em processo de avaliação em outra(s) revista(s);
3.A revista não se responsabiliza pelas opiniões, ideias e conceitos emitidos nos textos, por serem de inteira responsabilidade de seu(s) autor(es);
4.É reservado aos editores o direito de proceder ajustes textuais e de adequação do artigos às normas da publicação.
1.1 Copyright Statement
This journal is licensed under a Creative Commons Attribution-Non Commercial-No Derivers 4.0 International license.
1. The author (s) authorize the publication of the article in the journal;
2. The author (s) warrant that the contribution is original and unpublished and is not in the process of being evaluated in other journal (s);
3. The journal is not responsible for the opinions, ideas and concepts emitted in the texts, as they are the sole responsibility of its author (s);
4. The editors are entitled to make textual adjustments and to adapt the articles to the standards of publication.