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This paper aims to analyze how the internationalization process of Brazilian microbreweries takes place, especially in factors of propensity to internationalization, competition and survival in the national and international market.

The authors adopted qualitative approach research, using a multiple case study strategy, analyzing seven Brazilian craft breweries. The authors developed this study through documentary research, semi-structured interviews and nonparticipant observation.

The research findings made it possible to characterize the internationalization process motivated by the background and international experience of entrepreneurs that adopted different strategies for expansion in the international market. The authors noticed that the networks developed in production partnerships, festivals and international missions represent an increase in the ease of internationalization and helps to reduce the risk perception.

The contributions refer to the conjecture that the born global's evolution related to the high competitiveness of the market is influenced by the international background of the founders and by the influence of the international network, overcoming institutional and market challenges in emerging countries, assuming risks associated with rapid and early entry into the international arena.

The paper is potentially useful for managerial practice and policymakers by providing insights into the characteristics of entrepreneurs and companies considering their propensity to internationalize, presenting how entrepreneurs and managers can seek resources and develop their skills and capacities to manage such companies and processes of internationalization.

The research is presented as a complementary study to the limited number of studies examining born globals from emerging markets, also challenging the arguments of the dominant theory regarding gradual and nonlinear internationalization.

The authors extend the recent research using the risk component of human resource’s (HR’s) compensation plans to examine the effects of risk components on two strategic outcomes: within-firm temporal change, or strategic variation, and firm strategic divergence from the industry, or strategic deviation. In addition, the authors examine the role of previous financial performance as a boundary moderator condition of the effects of risk components in the compensation plan and firm strategic outcomes.

To examine the effects of low- and high-risk components of executive compensation on strategic variation and deviation over time, the authors collected data from 2,510 companies listed in the Standard and Poor’s 500 index in a panel data format of a 12-year period. The authors gathered financial and other firm-level data from COMPUSTAT, and executive compensation and executive-level data from ExecuComp.

The findings support the main effects of risk components on strategic change, while both high- and low-risk components act on strategic deviation contingent on the moderating role of total shareholder return (TSR). In the theoretical framework, the authors test the moderating role of total shareholder return (TSR) as a boundary condition of the effects of risk components in the compensation plan. In doing so, the authors provide a fine-grained understanding of the influence of compensation plan risk components on outcomes proximal to executives, such as the maintenance of the status quo and the search for financial gains.

New studies can explore a three-way moderating effect on performance indicators, such as TSR, Tobin’s Q and return on asset. The authors addressed this limitation and did a comparative analysis, but the authors did not include additional moderating mechanisms in these interactive effects.

By disaggregating the executive’s compensation based on the risk components, boards of directors can mitigate any possible unwanted biases in the relationship between principal and agent.

By considering the influence of both low- and high-risk components of compensation plans on strategic outcomes –instead of firm performance – this study expands strategy literature supporting the influence of compensation schema on a firm’s outcomes. This path is new because it offers a moderating perspective to understand the strategic deviations and changes that chief executive officers imprint in their firms.

Los autores amplían la investigación reciente usando el componente de riesgo de los planes de compensación de RH para examinar los efectos de los componentes de riesgo en dos resultados estratégicos: cambio temporal dentro de la empresa, o variación estratégica, y divergencia estratégica de la empresa de la industria, o desviación estratégica. Además, examinamos el papel del desempeño financiero anterior como una condición moderadora límite de los efectos de los componentes de riesgo en el plan de compensación y los resultados estratégicos de la empresa.

Para examinar los efectos de los componentes de alto y bajo riesgo de la compensación ejecutiva en la variación y desviación estratégica a lo largo del tiempo, recopilamos datos de 2510 empresas que figuran en el índice Standard & Poor's 500 en un formato de datos de panel de un período de 12 años. Los autores recopilaron datos financieros y de otro tipo a nivel de empresa de COMPUSTAT, y compensación de ejecutivos, y datos a nivel ejecutivo de EXECUCOMP.

Nuestros hallazgos respaldan los efectos principales de los componentes de riesgo en el cambio estratégico, mientras que los componentes de alto y bajo riesgo actúan sobre la desviación estratégica dependiendo del papel moderador del rendimiento total del accionista. En el marco teórico, los autores prueban el papel moderador del Retorno Total del Accionista como condición límite de los efectos de los componentes de riesgo en el plan de compensación. Al hacerlo, brindamos una comprensión detallada de la influencia de los componentes de riesgo del plan de compensación en los resultados próximos a los ejecutivos, como el mantenimiento del statu quo y la búsqueda de ganancias financieras.

al considerar la influencia de los componentes de bajo y alto riesgo de los planes de compensación en los resultados estratégicos, en lugar del desempeño de la empresa, este estudio amplía la literatura de estrategia que respalda la influencia del esquema de compensación en los resultados de una empresa. Este camino es nuevo porque ofrece una perspectiva moderadora para entender las desviaciones y cambios estratégicos que los CEOs imprimen en sus firmas.

los nuevos estudios pueden explorar un efecto moderador de tres vías en los indicadores de rendimiento, como TSR, Tobin's Q y ROA. Abordamos esta limitación e hicimos un análisis comparativo, pero no incluimos mecanismos moderadores adicionales en estos efectos interactivos.

al desagregar la compensación del ejecutivo en función de los componentes de riesgo, las juntas directivas pueden mitigar cualquier posible sesgo no deseado en la relación entre el principal y el agente.

Os autores estendem a pesquisa recente usando o componente de risco dos planos de remuneração de RH para examinar os efeitos dos componentes de risco em dois resultados estratégicos: mudança temporal dentro da empresa, ou variação estratégica, e divergência estratégica da empresa do setor, ou desvio estratégico. Além disso, examinamos o papel do desempenho financeiro anterior como uma condição moderadora dos efeitos dos componentes de risco no plano de remuneração e nos resultados estratégicos da empresa.

Para examinar os efeitos dos componentes de baixo e alto risco da remuneração executiva na variação e desvio estratégico ao longo do tempo, coletamos dados de 2.510 empresas listadas no índice Standard & Poor's 500 em um formato de dados de painel de um período de 12 anos. Os autores coletaram dados financeiros e de outros níveis da empresa da COMPUSTAT, remuneração executiva e dados de nível executivo da EXECUCOMP.

Nossos resultados suportam os principais efeitos dos componentes de risco na mudança estratégica, enquanto os componentes de alto e baixo risco atuam no desvio estratégico contingente ao papel moderador do Retorno Total ao Acionista. No referencial teórico, os autores testam o papel moderador do Total Shareholder Return como condição limite dos efeitos dos componentes de risco no plano de remuneração. Ao fazer isso, fornecemos uma compreensão refinada da influência dos componentes de risco do plano de remuneração nos resultados próximos aos executivos, como a manutenção do status quo e a busca por ganhos financeiros.

ao considerar a influência dos componentes de baixo e alto risco dos planos de remuneração nos resultados estratégicos -em vez do desempenho da empresa- este estudo expande a literatura de estratégia que apoia a influência do esquema de remuneração nos resultados de uma empresa. Esse caminho é novo porque oferece uma perspectiva moderadora para entender os desvios e mudanças estratégicas que os CEOs imprimem em suas empresas.

Novos estudos podem explorar um efeito moderador de três vias em indicadores de desempenho, como TSR, Q de Tobin e ROA. Abordamos essa limitação e fizemos uma análise comparativa, mas não incluímos mecanismos moderadores adicionais nesses efeitos interativos.

Ao desagregar a remuneração do executivo com base nos componentes de risco, os conselhos de administração podem mitigar possíveis vieses indesejados na relação entre principal e agente.

Human resources (HR) department managers play an important role in the processes of defining and implementing organizational strategies. From this perspective, decisions made by HR managers directly influence organizations’ competitiveness. There is a gap in the literature related to decision-making processes by these managers, particularly with respect to the subjective elements involved in them. This paper’s aim is to analyze HR managers’ strategic decision-making processes from the perspective of reflective practice.

A qualitative study was conducted based on an analysis of five HR department managers’ strategic decision-making processes.

The results indicate that reflection-in-action is one possibility for narrowing the gap between action and reflection in management practice, as this could contribute to improving strategic decisions; HR managers’ decisions are delimited by internal and external organizational issues; and these decisions involve intensive information sharing.

The results of this research contribute to extend the existing knowledge on reflection, one of the subjective elements that influences decision-making processes, and which has been identified as a subject in need of research by several authors (Eisenhardt and Zbaracki, 1992; Hambrick, 2007; Langley et al., 1995; Nutt, 2010).

A better understanding of HR managers’ decision-making processes, particularly in the Brazilian context, which other organizations can use as examples of alternative choices for HR departments strategic management. For managers, reflection-in-action facilitates an effective decision-making process, increases self-knowledge, contributes to the processes of individual and organizational learning and improves managers’ global overview of their organizations.

These results represent a development in understanding one of the subjective elements of HR department managers’ decision-making processes – reflection – and should help to improve the results of strategic decisions by these managers and by managers of other organizational departments.

This study aims to analyse value co-creation in innovative firms within innovation environments (IEs) in the south region of Brazil from a processual and dynamic perspective, including its antecedents, initiatives and its outcomes in the multiple facets of the firms’ performance.

A qualitative and quantitative multi-method study was carried out with the management and support teams of these IEs, as well as with a sample of 91 companies installed.

The results helped clarify the value co-creation process in IEs of an emerging economy, suggesting under which conditions and how value co-creation practices are performed and its significant role in specific performance dimensions of companies.

The study contributes to companies and IEs within emerging economies to prioritize practices related to the co-creation of value to enhance their results.

In emerging countries, IEs struggle to apply their scarce resources to the development of hosted firms. Having value co-creation as a concept that presupposes the involvement of the beneficiary and other actors to improve the companies’ value proposition, its practice may constitute a valuable ally in this effort. However, the dynamics of value co-creation in such environments, its antecedents and specific outcomes are still unclear.