FGV - RAE Revista de Administração de Empresas, 2015. Volume 55, Número 4

ISSN0034-7590
9770034759007
00554
FÓRUM
Social entrepreneurship and social business: retrospective and prospective research
Edgard Barki, Graziella Comini, Ann Cunliffe, Stuart Hart e Sudhanshu Rai
Social business dilemmas in Brazil: Rede Asta case
Edson Sadao Iizuka, Carmen Augusta Varela e Elisa Rodrigues Alves Larroudé
Microfinance and climate change impacts: the case of Agroamigo in Brazil
Rafael Magnus Barbosa Moser e Lauro Gonzalez
Cause-fit, positive attitudes and behaviors within hybrid Colombian organizations
Juan Pablo Román-Calderón, Carlo Odoardi e Adalgisa Battistelli
ARTIGOS
Um outro olhar sobre a eficiência dos mercados: o caso das bolsas de apostas de tênis
Júlio Lobão e Nuno Marques Rolla
The brand equity of Lahore Fort as a tourism destination brand
Muhammad Kashif, Siti Zakiah Melatu Samsi e Syamsulang Sarifuddin
The international growth of a social business: a case study
Anita Maria de Moura, Graziella Comini e Armindo dos Santos de Sousa Teodósio
Strategic decisions of family firms on cash accumulation
Maria Belen Lozano
PENSATA
Garantias governamentais e competitividade no setor financeiro
Rafael Schiozer
INDICAÇÕES BIBLIOGRÁFICAS
Ação coletiva e ação pública
Zilma Borges
Os negócios e a gestão do social
Andrea Leite Rodrigues
R$50,00
PESQUISA E
CONHECIMENTO
V. 55, N. 4,
Julho–Agosto 2015
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ISSN 0034-7590
www.fgv.br/rae
REDAÇÃO
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Copidesque e revisão (Português): Paula Thompson
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Assistente de Marketing: Andréa Cerqueira Souza
DISTRIBUIÇÃO
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PONTOS DE VENDA: Livrarias da FGV e Livraria Cultura
ARTE/EDITORAÇÃO ELETRÔNICA
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INDEXADORES
DOAJ - Directory of Open Access Journals
www.doaj.org
Ebsco Publishing: Business Source Complete, Economia
y Negocios, Fonte Acadêmica
www.ebscohost.com
e-Revistas
Plataforma Open Access de Revistas Científicas
Electrónicas Españolas y Latinoamericanas
http://www.erevistas.csic.es
Gale Cengage Learning
www.gale.cengage.com
Google Scholar
scholar.google.com.br
Portal de Periódicos CAPES
www.periodicos.capes.gov.br
ProQuest Information and Learning
www.proquest.com.br
RePEc
www.repec.org
Sistema de Información Científica Redalyc - Red de
Revistas Científicas de América Latina y el Caribe,
España y Portugal
redalyc.uaemex.mx
SciELO - Scientific Electronic Library Online
www.scielo.org
Scopus | Elsevier
www.info.sciverse.com/scopus
SHERPA/RoMEO
http://www.sherpa.ac.uk/romeo
SPELL – Scientific Periodicals Electronic Library
www.spell.org.br
Sumários Brasileiros de Revistas Científicas
www.sumarios.funpeerp.com.br
Thomson Reuters
SSCI, JCR
www.thomsonreuters.com
DIRETÓRIOS
10th
Edition of Cabell’s Directory of Publishing
Opportunities in Management
www.cabells.com
CLASE – Citas Latinoamericans en Sciencias Sociales y
Humanidades
www.dgbiblio.unam.mx/index.php/catalogos
Diadorim
diadorim.ibict.br
IBSS - International Bibliography of the Social Science
www.lse.ac.uk
HAPI-Hispanic American Periodicals Índex
hapi.ucla.edu
Latindex - Sistema Regional de Información en Línea
para Revistas Científicas de América Latina, el Caribe,
España y Portugal
www.latindex.org
Ulrichs Periodical Directory
www.ulrichsweb.com
SAC / ASSINATURAS
AssinaJá
Telefones: + 55 (11) 3512-9442 | + 55 (21) 4063-6989
Horário de atendimento: segunda a sexta das 9 as 18h, exceto feriados.
www.fgv.br/rae
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de madeira certificada FSC e de outras fontes controladas. A certificação FSC é uma
garantia ao meio ambiente e aos trabalhadores florestais.
CORPO EDITORIAL CIENTÍFICO
Alexandre de Pádua Carrieri (UFMG - Belo Horizonte - MG, Brasil), Allan Claudius Queiroz Barbosa (UFMG - Belo
Horizonte - MG, Brasil), Ana Maria de Albuquerque Vasconcellos (UNAMA - Belém - PA, Brasil), Ana Paula Paes
de Paula (UFMG - Belo Horizonte - MG, Brasil), Anatalia Saraiva Martins Ramos (UFRN - Natal - RN, Brasil), André
Lucirton Costa (USP/FEA-RP - Ribeirão Preto - SP, Brasil), Andre Luis de Castro Moura Duarte (INSPER - São
Paulo - SP, Brasil), Andre Ofenhejm Mascarenhas (Centro Universitário da FEI - São Paulo - SP, Brasil), Andrea
Lago da Silva (UFSCAR – São Carlos – SP, Brasil), Anielson Barbosa da Silva (UFPB - João Pessoa - PB, Brasil),
Antonio Díaz Andrade (AUT University - Auckland, Nova Zelândia), Antonio Domingos Padula (UFRGS - Porto
Alegre - RS, Brasil), Antonio Lopo Martinez (FUCAPE - Vitoria - ES, Brasil), Antonio Moreira de Carvalho (PUC
Minas - Belo Horizonte - MG, Brasil), Antonio Navarro-García (Universidad de Sevilla - Sevilha, Espanha), Bento
Alves da Costa Filho (Ibmec-DF - Brasília - DF, Brasil), Bill Cooke (University of York - Heslington, Reino Unido),
Carlos Jesús Fernández Rodríguez (Universidad Autónoma de Madrid - Madrid, Espanha), Carlos L. Rodriguez
(UNCW - Wilimigton - NC, Estados Unidos), Cesar Alexandre de Souza (USP-FEA - São Paulo SP, Brasil), Claudio
R. Lucinda (USP/FEA-RP - Ribeirão Preto - SP, Brasil), Dario de Oliveira Lima Filho (UFMS - Campo Grande - MS,
Brasil), Delane Botelho (FGV-EAESP - São Paulo - SP, Brasil), Denise Del Prá Netto Machado (FURB - Blumenau
- SC, Brasil), Diego Rene Gonzales Miranda (Universidad EAFIT - Medellín, Colômbia), Diogo Henrique Helal
(UFPB - Joao Pessoa - PB, Brasil), Domingo Garcia-Perez-de-Lema (UPCT - Cartagena, Espanha), Edgard Barki
(FGV-EAESP - São Paulo - SP, Brasil), Edmilson de Oliveira Lima (UNINOVE - São Paulo - SP, Brasil), Eduardo
Andre Teixeira Ayrosa (FGV-EBAPE - Rio de Janeiro - RJ, Brasil), Ely Laureano de Paiva (FGV-EAESP - São Paulo
- SP, Brasil), Eric David Cohen (Ibmec-Rio - Rio de Janeiro - RJ, Brasil), Eric van Heck (Erasmus University -
Rotterdam, Holanda), Fábio Frezatti (USP-FEA - São Paulo - SP, Brasil), Fernanda Finotti Perobelli (UFJF - Juiz
de Fora - MG, Brasil), Francisco Javier Rondán Cataluña (Universidad de Sevilla - Sevilla, Espanha), Gláucia
Maria Vasconcellos Vale (PUC-Minas - Belo Horizonte - MG, Brasil), Glicia Vieira (UFES - Vitoria - ES, Brasil),
Graziela Comini (USP-FEA - São Paulo - SP, Brasil), Graziela Dias Alperstedt (UDESC - Florianópolis - SC, Brasil),
Heitor Almeida (College of Business at Illinois - Champaign, Estados Unidos), Henrique Luiz Côrrea (CRUMMER
- Flórida - FL, Estados Unidos), Janete Lara de Oliveira (UFMG - Belo Horizonte - MG, Brasil), João Luiz Becker
(UFRGS - Porto Alegre - RS, Brasil), Jorge Verschoore (São Leopoldo – RS, Brasil), José Antônio Gomes Pinho
(UFBA - Salvador - BA, Brasil), José Henrique de Faria (UFPR - Curitiba - PR, Brasil), José Mauro C. Hernandez
(USP-EACH - São Paulo - SP, Brasil), Luciano Barin Cruz (HEC-Montréal - Québec, Canada), Luiz Artur Ledur Brito
(FGV-EAESP - São Paulo - SP, Brasil), Maria Alexandra Cunha (FGV-EAESP - São Paulo - SP, Brasil), Maria Ceci
Araújo Misoczky (UFRGS - Porto Alegre - RS, Brasil), Mário Aquino Alves (FGV-EAESP - São Paulo - SP, Brasil),
Mario Sacomano Neto (UNIMEP - São Paulo - SP, Brasil), Marlei Pozzebon (HEC-Montréal - Québec, Canada e
FGV-EAESP - São Paulo - SP, Brasil), Mateus Canniatti Ponchio (ESPM - São Paulo - SP, Brasil), Mauricio Reinert
(UEM - Maringá - PR, Brasil), Patricia Mendonça (USP-EACH - São Paulo - SP, Brasil), Paulo Bastos Tigre (UFRJ
- Rio de Janeiro - RJ, Brasil), Paulo Roberto Barbosa Lustosa (UnB - Brasília - DF, Brasil), Rafael Alcadipani (FGV-
EAESP - São Paulo - SP, Brasil), Rafael Goldszmidt (FGV-EBAPE - Rio de Janeiro - RJ, Brasil), Ramón Valle Cabrera
(Universidad Pablo de Olavide - Sevilha, Espanha), Rebecca Arkader (UFRJ - Rio de Janeiro - RJ, Brasil), Ricardo
Ratner Rochman (FGV-EAESP - São Paulo - SP, Brasil), Roberto Patrus Mundim Pena (PUC-Minas - Belo Horizonte
- MG, Brasil), Rodrigo Bandeira-de-Mello (FGV-EAESP - São Paulo - SP, Brasil), Rodrigo Ladeira (UNIFACS -
Salvador - BA, Brasil), Salomão Alencar de Farias (UFPE - Recife - PE, Brasil), Sérgio Bulgacov (FGV-EAESP - São
Paulo - SP, Brasil), Sérgio Giovanetti Lazzarini (INSPER - São Paulo - SP, Brasil), Silvana Anita Walter (FURB
- Blumenau - SC, Brasil), Sônia Maria Fleury (FGV-EBAPE - Rio de Janeiro - RJ, Brasil), Tales Andreassi (FGV-
EAESP - São Paulo - SP, Brasil), Teresia D. L. van Ad. de Macedo-Soares (PUC-Rio - Rio de Janeiro - RJ, Brasil),
Thomas Brashear Alejandro (University of Massachusetts Amherst - Amherst - MA, Estados Unidos), Vinicius
Brei (UFRGS - Porto Alegre - RS, Brasil), Wilson Toshiro Nakamura (MACKENZIE – São Paulo – SP, Brasil).
COMITÊ DE POLÍTICA EDITORIAL
Carlos Osmar Bertero, Eduardo Diniz, Flávio Carvalho de Vasconcelos, Francisco Aranha, Luiz Artur Ledur Brito,
Maria José Tonelli, Maria Tereza Leme Fleury, Tales Andreassi, Thomaz Wood Jr.
EDITOR CHEFE
Eduardo Diniz
EDITOR ADJUNTO
Felipe Zambaldi
EDITORA DE LIVROS
Roseli Morena Porto

Publicação bimestral da Fundação Getulio Vargas
Escola de Administração de Empresas de São Paulo
Apoio:
PESQUISA E CONHECIMENTO | V. 55, N. 4, JULHO-AGOSTO 2015

RAE – Revista de Administração de Empresas / Fundação Getulio Vargas.
Vol. 1, n. 1 (maio/ago. 1961) - . - Rio de Janeiro: Fundação Getulio Vargas, 1961 - v.; 27,5cm.
Quadrimestral: 1961–1962. Trimestral: 1963–1973. Bimestral: 1974–1977.
Trimestral: 1978–1992. Bimestral: 1992–1995. Trimestral: 1996–2010.
Bimestral: 2011–.
Publicada: São Paulo: FGV-EAESP, 1988–
ISSN 0034-7590
1. Administração de empresas – Periódicos. I. Fundação Getulio Vargas. II.
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(BY-NC) do Creative Commons (http://creativecommons.org/licenses/by-nc/2.0)
em todos os trabalhos publicados, exceto, quando houver indicação específica
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RAE-Revista de Administração de Empresas | FGV-EAESP
© RAE | São Paulo | V. 55 | n. 4 | jul-ago 2015
EDITORIAL
E
m breve, conheceremos a nova lista do Qualis. Na última vez
que tratamos desse tema em um editorial (RAE, 52(3), 279),
comemorávamos o resultado positivo dos periódicos brasilei-
ros na lista, relacionando essa melhora geral à evolução “tanto na
qualidade dos processos de avaliação quanto na padronização de
critérios editoriais, adotando práticas operacionais e éticas reco-
nhecidas internacionalmente”. Comentávamos, também, o fato de
alguns periódicos nacionais terem sido avaliados pela sua relevân-
cia para a nossa comunidade e “classificados em estrato acima do
estabelecido apenas pelos critérios objetivos”, ressaltando a “res-
ponsabilidade daqueles que, como a RAE, foram premiados” em
“evoluir mais ainda”, rumo a uma maior internacionalização.
Três anos talvez não seja muito para uma avaliação definiti-
va, mas, no geral, evoluímos menos nestes últimos anos do que no
período entre o Qualis 2008 e o Qualis 2012. Particularmente no que
diz respeito à internacionalização dos nossos periódicos mais bem
classificados, pouco se evoluiu. Há várias medidas para avaliar esse
avanço da internacionalização, como submissões de fora do País ou
publicação de artigos de autores de instituições estrangeiras, mas
vamos considerar apenas a participação nos dois indexadores mais
emblemáticos, Scopus e Web Of Science, não por acaso exatamente
os que são a principal referência para elaboração do Qualis.
Após 2012, nenhum periódico nacional da área de Administra-
ção entrou no pequeno grupo dos que já faziam parte de um desses
dois indexadores, quase todos estreantes do período imediatamente
anterior. Longe de culpar os periódicos por esta situação, até porque
vários tentaram entrar nesses indexadores e não obtiveram sucesso,
a questão é que não conseguimos evoluir como esperado. E, repetin-
do o que já temos dito em muitas outras oportunidades, o problema
não é de um ou outro periódico individualmente, mas de todo o nos-
so conjunto de periódicos nacionais, pois o impacto de cada um de-
pende das citações que recebe dos outros. Enquanto formos poucos
periódicos nesses indexadores, continuaremos pouco relevantes nes-
sas bases, pois ninguém nos cita mais do que nossos pares nacionais.
Dito isso, resta discutirmos coletivamente a saída para o
problema da nossa relevância internacional. Volta a questão da
estrutura de publicação que temos à disposição de nossos perió-
dicos científicos, em geral precária e amadora, ainda que muitas
vezes heroica, na concorrência com multinacionais poderosas e
muito mais bem estruturadas, apesar de baseadas em modelos de
negócio fechados em contraponto com nosso modelo brasileiro de
acesso aberto. Se vamos perseguir alguma solução, melhor buscar
inspiração em alguma iniciativa que tenha obtido algum sucesso
nesse percurso de confronto com as grandes editoras que domi-
nam nosso mercado.
Liderados pela Associação Nacional de Pós-Graduação e
Pesquisa em Administração (ANPAD), já propusemos e construímos
o SPELL, que, se infelizmente ainda não conseguiu se firmar a pon-
to de ser considerado na elaboração do Qualis, pelo menos mos-
trou-se efetivo operacionalmente e, em breve, deve começar a pro-
duzir os indicadores necessários para servir de referência para a
nossa comunidade. Outro exemplo que pode ter algum efeito inspi-
rador é o Public Library of Science (PLOS), editora de acesso aber-
to que teve seu início com um conjunto de renomados e laureados
cientistas californianos. Decididos a enfrentar o domínio das gran-
des editoras científicas, formaram, na área de Saúde, um grupo que
hoje edita cerca de 10 periódicos sobre os princípios da dissemi-
nação ampla e aberta do conhecimento científico. Para isso, firma-
ram-se com o modelo de negócio que ainda é tabu em nossa co-
munidade, no qual os autores pagam para que os leitores tenham
acesso gratuito ao conteúdo científico.
Independentemente de qual modelo venhamos a seguir,
não é possível acreditar que possamos sair da estagnação em que
estamos contando cada periódico exclusivamente com sua capaci-
dade. A solução, qualquer que seja, só vai acontecer quando efe-
tivamente estivermos atuando de maneira coletiva para robustecer
nossa infraestrutura de publicação, preservando as identidades in-
dividuais de cada periódico em seu processo de certificação cien-
tífica. Quando conseguirmos isso, o Qualis vai, então, retratar a
relevância de nossos periódicos, considerando a sua verdadeira
contribuição para a ciência do País.
Nesta edição, publicamos o fórum internacional “Social Bu-
sinesses”. O artigo “Social entrepreneurship and social business:
retrospective and prospective research”, escrito pelos organizado-
res, traz um panorama sobre a pesquisa na área de Negócios So-
ciais e apresenta os três artigos aprovados no processo de avalia-
ção. Além do fórum, há quatro artigos inéditos: “Um outro olhar
sobre a eficiência dos mercados: o caso das bolsas de apostas
de tênis” investiga a eficiência no mercado de apostas de mate-
rial esportivo; “Brand equity of Lahore Fort as a tourism destina-
tion brand” utiliza o modelo de Customer-Based Brand Equity para
medir o valor da marca em um destino turístico no Paquistão; “The
international growth of a social business: a case study” discute a
influência dos resultados de negócios sociais em três países em de-
senvolvimento; e “Strategic decisions of family firms on cash accu-
mulation” analisa o impacto que as decisões nas empresas familia-
res acarretam para a sustentabilidade financeira de seus negócios.
Completam esta edição a pensata “Garantias governamen-
tais e competitividade no setor financeiro”, assinada pelo profes-
sor Rafael Schiozer; e indicações bibliográficas sobre Ação Coletiva
e Ação Pública e Os Negócios e a Gestão do Social.
Tenham todos uma boa leitura!
EDUARDO DINIZ | EDITOR CHEFE
DOI: http://dx.doi.org/10.1590/S0034-759020150401

ISSN 0034-7590© RAE | São Paulo | V. 55 | n. 4 | jul-ago 2015
Julho/Agosto 2015
FÓRUM
380 EMPREENDEDORISMO SOCIAL E NEGÓCIO SOCIAL: PESQUISA RETROSPECTIVA E PROSPECTIVA
Apresentação do Fórum Social Businesses.
Edgard Barki, Graziella Comini, Ann Cunliffe, Stuart Hart e Sudhanshu Rai
385 DILEMAS DE NEGÓCIOS SOCIAIS BRASILEIROS: CASO REDE ASTA
Pesquisa qualitativa sobre as principais tensões e dilemas que ocorreram ao longo da história
da Rede Asta, pioneira em negócios sociais de vendas de produtos artesanais por meio de
catálogo no Brasil.
Edson Sadao Iizuka, Carmen Augusta Varela e Elisa Rodrigues Alves Larroudé
397 MICROFINANÇAS E IMPACTOS DAS MUDANÇAS CLIMÁTICAS: O CASO DO AGROAMIGO NO BRASIL
Estudo de caso sobre a interface entre microfinanças e ações de mudanças climáticas, com
contribuições acerca de oportunidades para iniciativas que envolvam os dois campos.
Rafael Magnus Barbosa Moser e Lauro Gonzalez
408 ADESÃO À CAUSA, ATITUDES E COMPORTAMENTOS POSITIVOS NAS ORGANIZAÇÕES HÍBRIDAS
COLOMBIANAS
Estudo empírico sobre os efeitos da adesão à causa nos comportamentos e atitudes de diversos
colaboradores de uma organização híbrida na Colômbia.
Juan Pablo Román-Calderón, Carlo Odoardi e Adalgisa Battistelli
ARTIGOS
418 UM OUTRO OLHAR SOBRE A EFICIÊNCIA DOS MERCADOS: O CASO DAS BOLSAS DE APOSTAS DE TÊNIS
Investigação da eficiência do principal mercado de apostas de tênis em nível mundial com uso de
dados provenientes da bolsa de apostas Betfair.
Júlio Lobão e Nuno Marques Rolla
432 BRAND EQUITY DO FORTE LAHORE COMO UMA MARCA DE DESTINO TURÍSTICO
Investigação sobre o branding do Forte Lahore como destino turístico, com uso do modelo
de construção da marca como ativo com base no cliente no contexto de um país em
desenvolvimento.
Muhammad Kashif, Siti Zakiah Melatu Samsi e Syamsulang Sarifuddin
444 O CRESCIMENTO INTERNACIONAL DE UM NEGÓCIO SOCIAL: UM ESTUDO DE CASO
Discussão sobre fatores que influenciam os resultados de negócios sociais, suas naturezas e
realidades sociais em três países em desenvolvimento: Botsuana, Brasil e Jordânia.
Anita Maria de Moura, Graziella Comini e Armindo dos Santos de Sousa Teodósio
461 DECISÕES ESTRATÉGICAS DE EMPRESAS FAMILIARES SOBRE ACÚMULO DE DINHEIRO
Análise das características e estratégias distintas de empresas familiares em relação à quantidade
de dinheiro que mantêm.
Maria Belen Lozano
PENSATA
467 GARANTIAS GOVERNAMENTAIS E COMPETITIVIDADE NO SETOR FINANCEIRO
Reflexão sobre a relação entre o uso de garantias governamentais e suas variações e a
competitividade do setor financeiro.
Rafael Schiozer
INDICAÇÕES BIBLIOGRÁFICAS
474 AÇÃO COLETIVA E AÇÃO PÚBLICA
Zilma Borges
475 OS NEGÓCIOS E A GESTÃO DO SOCIAL
SUMÁRIO

July/August 2015
CONTENTS
FORUM
380 SOCIAL ENTREPRENEURSHIP AND SOCIAL BUSINESS: RETROSPECTIVE AND PROSPECTIVE RESEARCH
Presentation of the Social Businesses Forum.
Edgard Barki, Graziella Comini, Ann Cunliffe, Stuart Hart and Sudhanshu Rai
385 SOCIAL BUSINESS DILEMMAS IN BRAZIL: REDE ASTA CASE
Qualitative research into the main tensions and dilemmas that have occurred throughout the
history of the Rede Asta, a social business pioneer that sells handmade products via a catalogue
in Brazil.
Edson Sadao Iizuka, Carmen Augusta Varela and Elisa Rodrigues Alves Larroudé
397 MICROFINANCE AND CLIMATE CHANGE IMPACTS: THE CASE OF AGROAMIGO IN BRAZIL
A case study into the interface that exists between microfinance and climate change actions, with
contributions relating to opportunities for initiatives that involve both fields.
Rafael Magnus Barbosa Moser and Lauro Gonzalez
408 CAUSE-FIT, POSITIVE ATTITUDES AND BEHAVIORS WITHIN HYBRID COLOMBIAN ORGANIZATIONS
An empirical study into the effects that joining the cause has on the behaviors and attitudes of
different employees of a hybrid organization in Colombia.
Juan Pablo Román-Calderón, Carlo Odoardi and Adalgisa Battistelli
ARTICLES
418 ANOTHER LOOK AT THE EFFICIENCY OF MARKETS: THE CASE OF THE TENNIS BETTING EXCHANGES
An investigation into the efficiency of the main, global tennis betting market, using data from the
Betfair tennis betting exchange.
Júlio Lobão and Nuno Marques Rolla
432 BRAND EQUITY OF LAHORE FORT AS A TOURISM DESTINATION BRAND
Investigation into the branding of Lahore Fort as a tourism destination, using the customer-based,
brand equity construction model within the context of a developing country.
Muhammad Kashif, Siti Zakiah Melatu Samsi and Syamsulang Sarifuddin
444 THE INTERNATIONAL GROWTH OF A SOCIAL BUSINESS: A CASE STUDY
Discussion of the factors that have an influence on the results of social businesses, their natures
and social realities in three developing countries: Botswana, Brazil and Jordan.
Anita Maria de Moura, Graziella Comini and Armindo dos Santos de Sousa Teodósio
461 STRATEGIC DECISIONS OF FAMILY FIRMS ON CASH ACCUMULATION
Analysis of the characteristics and different strategies of family firms with regard to the amount of
money they keep.
Maria Belen Lozano
ESSAY
467 GOVERNMENT GUARANTEES AND COMPETITIVENESS IN THE FINANCIAL SECTOR
Reflection on the relationship between the use of government guarantees and their variations and
the competiveness of the financial sector.
Rafael Schiozer
BOOK RECOMMENDATION
474 COLLECTIVE ACTION AND PUBLIC ACTION
Zilma Borges
475 BUSINESS AND SOCIAL MANAGEMENT

SUMARIO
Julio-Agosto 2015
FÓRUM
380 EMPRENDEDORISMO SOCIAL Y NEGÓCIO SOCIAL: ESTUDIO RETROSPECTIVO Y PROSPECTIVO
Presentación del Foro Social Businesses.
Edgard Barki, Graziella Comini, Ann Cunliffe, Stuart Hart y Sudhanshu Rai
385 DILEMAS DE NEGOCIOS SOCIALES BRASILEÑOS: CASO REDE ASTA
Estudio cualitativo sobre las principales tensiones y dilemas que suceden a lo largo de la historia
de la Rede Asta, pionera en negocios sociales de ventas de productos artesanales por medio de
catálogo en Brasil.
Edson Sadao Iizuka, Carmen Augusta Varela y Elisa Rodrigues Alves Larroudé
397 MICROFINANZA Y LOS IMPACTOS DE LOS CAMBIOS CLIMÁTICOS: EL CASO DEL AGROAMIGO EN BRASIL
Estudio de caso sobre la interfaz entre microfinanzas y acciones de cambios climáticos, con
contribuciones acerca de oportunidades para iniciativas que involucran los dos campos.
Rafael Magnus Barbosa Moser y Lauro Gonzalez
408 ADHESIÓN A LA CAUSA, ACTITUDES Y COMPORTAMIENTOS POSITIVOS EN ORGANIZACIONES
HÍBRIDAS COLOMBIANAS
Estudio empírico sobre los efectos de la adhesión a la causa en los comportamientos y actitudes
de diversos colaboradores de una organización híbrida en Colombia.
Juan Pablo Román-Calderón, Carlo Odoardi y Adalgisa Battistelli
ARTÍCULOS
418 OTRA MIRADA SOBRE LA EFICIENCIA DE LOS MERCADOS: EL CASO DE LAS BOLSAS DE
APUESTAS DE TENIS
Investigación de la eficiencia del principal mercado de apuestas de tenis a nivel mundial usando
datos provenientes de la bolsa de apuestas Betfair.
Júlio Lobão y Nuno Marques Rolla
432 BRAND EQUITY DEL FUERTE LAHORE COMO UNA MARCA DE DESTINO TURÍSTICO
Investigación sobre el branding del Fuerte Lahore como destino turístico, con uso del modelo de
construcción de la marca como activo con base en el cliente en el contexto de un país en desarrollo.
Muhammad Kashif, Siti Zakiah Melatu Samsi y Syamsulang Sarifuddin
444 EL CRECIMIENTO INTERNACIONAL DE UN NEGOCIO SOCIAL: UN ESTUDIO DE CASO
Discusión sobre factores que influyen los resultados de negocios sociales, sus naturalezas y
realidades sociales en tres países en desarrollo: Botsuana, Brasil y Jordania.
Anita Maria de Moura, Graziella Comini y Armindo dos Santos de Sousa Teodósio
461 DECISIONES ESTRATÉGICAS DE EMPRESAS FAMILIARES SOBRE ACUMULACIÓN DE EFECTIVO
Análisis de las características y las diferentes estrategias de empresas familiares en relación con la
cantidad de efectivo que guardan.
Maria Belen Lozano
ENSAYO
467 GARANTÍAS GUBERNAMENTALES Y COMPETITIVIDAD EN EL SECTOR FINANCIERO
Reflexión sobre la relación entre el uso de garantías gubernamentales y su barrido y la competitividad
del sector financiero.
Rafael Schiozer
INDICACIONES BIBLIOGRÁFICAS
474 ACCIÓN COLECTIVA Y ACCIÓN PÚBLICA
Zilma Borges
475 LOS NEGOCIOS Y LA GESTIÓN DE LO SOCIAL

RAE-REVISTA DE ADMINISTRAÇÃO DE EMPRESAS
(JOURNAL OF BUSINESS ADMINISTRATION)
ISSN 0034-7590, printed issue; ISSN 2178-938X online issue
CALL FOR PAPERS
Transnational Governance regimes in the Global South:
Multinational, States and NGOs as political actors
Deadline: August 31 2015
Guest editors: Glenn Morgan (Cardiff Business School), Marcus Vinícius P. Gomes (FGV-EAESP)
and Paola Perez-Aleman (McGill University)
PURPOSE OF THE SPECIAL ISSUE
Polanyi’s ‘double movement’ described how social actors construct institutions
that confine and regulate markets. In his view, the history of capitalism in the 19th
and early 20th
centuries could be understood in terms of when and how certain
key aspects of life were taken out of the market sphere and placed predominantly
within the state. The state needed to intervene as a counterweight to the power
of the market. In recent decades, neo-liberalism and globalization have changed
this terrain and undermined the capability of states to perform such a role. Under
conditions of free movement of capital, multinationals’ ability to move locations
and shop for more favorable regimes has been massively enhanced. States com-
pete against each other for multinational investment by offering incentives, tax
concessions, etc. and labor movements, where they still exist, are also drawn into
these processes. On top of this, states have also tended to be absent from or
neglectful of a whole range of issues around environment and sustainability which
have increased in saliency and importance for their electorates, leaving multina-
tionals operating in these areas with limited monitoring or supervision of their ac-
tivity. The result in many countries has been disillusion amongst electorates with
the prevailing political parties and the rise, on the one hand, of extremist populism
and on the other hand, of transnational social movements and NGOs using new
forms of activism as an alternative way to fetter the unrestrained market power
exercised by MNCs and local elites.
States are increasingly having to find new ways to shape markets for social
purposes and foster development in these contexts. In a number of areas such
as human rights, labor rights (concerning trade unions, wages and overtime,
health and safety at work, child labor, human slavery), indigenous land rights
and environmental issues (in forestry, marine life, biodiversity, climate change,
among others), states have increasingly negotiated with large multinationals,
social movements, international organizations and NGOs to develop transnatio-
nal governance systems that set transparent standards and codes of conduct
for corporations. These multi-stakeholder initiatives are emerging to identify,
discipline and reconstitute naked market mechanisms so that a wide range
of social and environmental standards of production have to be taken into ac-
count and implemented by firms. This form of taming the market depends on
corporations’ fear that failure to abide by standards will lead to reputational
damage that in turn will impact on markets through activist and aware consu-
mers boycotting products. More recently states have been using these systems
as the basis for denying entry to their markets to products that do not conform
to these standards, e.g. as in the EU’s FLEGT system for forestry products.
The result has been the rise of transnational communities of technical experts
(in creating certification systems and monitoring and auditing them) connecting
states, social movements and NGOs and multinational firms into a sphere of
negotiated orders that aims to institutionalize soft law regimes based on cor-
porate codes, reputation management and responsible consumption. These
developments constitute challenges for state regulation in terms of how the
state connects to the issues raised by NGOs and social movements and how
far states, particularly in the Global South and in big and powerful economies
such as the BRICs are willing to sacrifice areas of sovereignty to transnational
governance regimes promoted mainly from the Global North and often driven
by the interests of consumers and MNCs from the Global North. Finally these
processes also create tensions in social movements and NGOs with more ra-
dical agendas that challenge the fundamental principles of global capitalism
– how do they reconcile their goals with pragmatic involvement in soft law trans-
national governance regimes?
In this Call therefore we are interested in both the limits to transnational governan-
ce as well as how it has grown and developed.
THEMES AND TOPICS
The guest editors welcome submissions related, but not limited to, the following issues:
• The impact of transnational governance mechanisms on issues of sustainability, human rights and inequality.
• The partnership between global and local social movements to address issues of inequality and sustainability.
• The interaction of global social movements with local indigenous communities and grassroots’ movements in limiting the power of
MNCs and in opening governance to previously excluded groups.
• The role of states in relation to transnational governance and soft law processes.
• The processes whereby transnational communities of experts are formed and maintained.
• The impact of social media networks in the transnational governance arena.
• The different repertoires NGOs use to different audiences in order to legitimate their role, e.g. as ‘guerrilla’ for their radical supporters,
as ‘research’ for their policy making community or as ‘consultancy’ when taking on monitoring and auditing tasks for MNCs.
SUBMISSION OF PAPERS
Papers submitted must not have been published, accepted for publication, or presently be under consideration for publication elsewhere.
To be eligible for review the paper must be set up according to the RAE’s guidelines (available at www.fgv.br/rae). The papers must be wri-
tten in English. The submission must be made through the ScholarOne system at http://mc04.manuscriptcentral.com/rae-scielo. Suitable
papers will be subjected to a blind review. Please address questions to Marcus Vinícius P. Gomes (marcus.gomes@fgv.br).
RAE-REVISTA DE ADMINISTRAÇÃO DE EMPRESAS
(JOURNAL OF BUSINESS ADMINISTRATION)
ISSN 0034-7590, printed issue; ISSN 2178-938X online issue
CALL FOR PAPERS
ICT for Development in Ibero-America
Deadline: November 30 2014
Guest editors: Antonio Díaz Andrade (Auckland University of Technology/ New Zealand) and
Nicolau Reinhard (FEA-USP/Brazil)
PURPOSE OF ThE SPECIAL ISSUE
Ibero America is a vast region that spans two continents and is home of close to 10% of the world population. Established in the 16th
century, Latin America has a long history of cultural connections with Portugal and Spain. The Latin American region is immensely
rich in natural resources, yet it has the world’s most unequal wealth distribution (de Ferranti, Perry, Ferreira & Walton, 2004). A sizable
portion of its inhabitants has limited or no access at all to health care and education services. Portugal and Spain, while being part of
the countries with very high human development indexes, lag behind most of their European neighbours (UNDP, 2013) and have been
severely affected by the euro crisis since early 2009.
It is against this background that governments, international donors and local non-governmental organisations have implemented a
number of information and communication technology (ICT) initiatives aiming at increasing economic development, enhancing social
opportunities and expanding political liberties on both sides of the Atlantic. This special issue calls for theoretical and practical contributions
on how access to relevant information and the provision of critical services using ICT tools influence people’s living conditions.
ThEMES AND TOPICS
This special issue welcomes theoretical and empirical submissions with a focus on the Ibero-American region in the
following areas (but not limited to):
• Unequal Access to ICT • Local identities
• Conceptual frameworks • Methodological approaches to ICT4D
• Diffusion and adoption of IT • Open business models and ICT4D
• Educational applications • Policy issues and legal frameworks
• Ethical aspects of ICT4D • Political implications of ICT4D
• Health informatics • Social innovations
• ICT and micro-entrepreneurship • Social movements
• ICT for economic development • Stakeholders engagement
• ICT4D and social inclusion • Urban issues and ICT
• ICT4D applications • Telecentres
SUBMISSION OF PAPERS
Papers submitted must not have been published, accepted for publication, or presently be under consideration for publication
elsewhere. To be eligible for review the paper must be set up according to the RAE’s guidelines (Available at www.fgv.br/rae). The
papers must be written in English. The submission must be made through the ScholarOne system at http://mc04.manuscriptcentral.
com/rae-scielo. Suitable papers will be subjected to a blind review.
Please address questions to Antonio Díaz de Andrade (antonio.diaz@aut.ac.nz).

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ISSN 0034-7590© RAE | São Paulo | V. 55 | n. 4 | jul-ago 2015 | 380-384
EDGARD BARKI
edgard.barki@fgv.br
Professor at Fundação Getulio Vargas,
Escola de Administração de Empresas
de São Paulo – São Paulo – SP, Brazil
GRAZIELLA COMINI
gcomini@usp.br
Professor at Universidade de São
Paulo, Faculdade de Administração,
Economia e Contabilidade – São
Paulo – SP, Brazil
ANN CUNLIFFE
a.cunliffe@bradford.ac.uk
Professor at University of Bradford,
School of Management – Bradford –
Yorkshire, United Kingdom
STUART HART
stuart.hart@uvm.edu
Professor at University of Vermont,
Business School – Burlington –
Vermont, United States of America
SUDHANSHU RAI
sra.ikl@cbs.dk
Professor at Copenhagen Business
School, Department of Intercultural
Communication and Management –
Frederiksberg, Denmark
FORUM
Invited article
SOCIAL ENTREPRENEURSHIP AND
SOCIAL BUSINESS: RETROSPECTIVE AND
PROSPECTIVE RESEARCH
Social Entrepreneurship and Social Business (SE/SB), inclusive business, businesses with social
impact and a higher purpose are becoming increasingly important both in academia and the busi-
ness world (Sassmannshausen & Volkmann, 2013). Since the influential article by Dees (1998),
many different perspectives about social entrepreneurship and social business have been dis-
cussed in academia. On the management side, these types of businesses have also proliferated
in the last decades. Yunus with his work leading Grameen Bank has inspired many other entrepre-
neurs and organizations to create a new kind of business more embedded with a social purpose.
The main purpose of the Social Entrepreneurship and Social Business (SE/SB) field is to
diminish vulnerabilities and social inequalities in the world. Indeed, SE/SB are emerging as prac-
titioners of market forces that play an integrative role in bridging sustainable business models
with society needs, that still exist because of opportunities arising from government gaps.
According to Yunus (2010), one of the goals of SE/SB is to reduce poverty. Therefore, another
stream of thought that is aligned with SE/SB is the Base of the Pyramid (BoP). From the semi-
nal article by Prahalad and Hart (2002) much has been debated about BoP and how businesses
might have a social impact. From a first approach based on the idea of a market base, the BoP
field has evolved to a more inclusive perspective that has some relations to the concepts of SE/
SB and currently has some of the same challenges of creating more inclusive approaches.
The purposes of this article are twofold: firstly to examine some of the main themes dis-
cussed about SE/SB up to the moment and secondly to present some major themes that we
believe will be the focus in the next years.
RETROSPECTIVE VIEW
In a retrospectiveview, the field ofSE/SB hasevolved in manydimensionsin the lastdecade. A quali-
tative analysisofthe field, based on perceptionsfrom the literature and from the ecosystem ofSE/SB,
indicatesfour centralthemes(for a quantitative analysisseeSassmannshausen & Volkmann, 2013).
The first theme is about conceptualization, which is important for any new field. There are
many different perspectives to define social businesses (Comini, Barki, & Aguiar, 2012). Currently,
the sector presentsseveralconcepts: including business, socialentrepreneurship, and businesswith
social impact, among others. Although different, they all have in common the notion of using a busi-
nessmodelwith a higher purpose, financiallysustainable and thathasa socialimpact(Young, 2007).
Yunus (2010) is one of the leading advocates of the social business concept, with his argu-
ment of “no loss, no dividend”. He believes that social businesses have the social impact as their
main objective and that all profits should be reinvested in the organization. For Yunus (2010)
there is another type of social business: the one owned by the poor and that the profitability of
the organization goes to them as a means to alleviate poverty.

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© RAE | São Paulo | V. 55 | n. 4 | jul-ago 2015 | 380-384
However, this is not the only perspective. Chu (2007), for
instance, argues that, in order to have a higher impact, social
business should distribute dividends to shareholders. This would
be the best way so as to attract more investments.
Moreover, in Europe, social enterprise is recognized as a
legal form of organization in most countries and tends to include
nonprofit organizations. It is also often based on cooperatives,
with beneficiary participation and that intend to address issues
as social inclusion and employment (Comini et al., 2012; Kerlin
2006; Travaglini, Bandini, & Mancinone, 2009).
When defining social businesses, it is important to dif-
ferentiate them from traditional businesses. Although similar in
many venues, these two types of organizations have some dif-
ferences. The most accepted difference regards their purpose
(Austin, Stevenson, & Wei-Skillern, 2006; Martin & Osberg 2007).
Social entrepreneurs are similar to traditional entrepreneurs, but
they tend to focus on filling a gap or a basic need of society. Basi-
cally, social entrepreneurs attempt to create and sustain a social
value as their main drivers (Dees, 1998). In the words of Martin
and Osberg (2007, p. 35),
Unlike the entrepreneurial value proposition that
assumes a market that can pay for the innovation,
and may even provide substantial upside for in-
vestors, the social entrepreneur’s value proposi-
tion targets an underserved, neglected, or highly
disadvantaged population that lacks the finan-
cial means or political clout to achieve the trans-
formative benefit on its own.
The second important discussion is about the dilemmas
inherited by the definition. Social businesses bring within the
concept a dichotomy that is difficult to deal. How can businesses
be more social? Despite some good examples of this possibil-
ity, there is still a big discussion about the positive impact that
traditional businesses or even social businesses might create.
On one side, authors such as Porter and Kramer (2011),
Mackey and Sisodia (2013) and London and Hart (2011) claim
that traditional businesses might have a higher purpose and
not seek only profits. In this perspective, instead of a trade-off
between profits and social impact, there could be a win-win sit-
uation, in which investments in the social arena could benefit
the businesses. The concept of social business by Yunus (2007,
2010) goes beyond in the sense that these organizations have
as their main goal the social impact, and business models are
the engine to foster it.
On the other hand, Crane, Palazzo, Spence, and Matten
(2014), for instance, believe that most of the time there is ten-
sion between the social impact and the profit generation than a
win-win possibility. Moreover, according to Epstein and Yuthas
(2010) even organizations with a social mission and working with
microfinance suffer from the tension between social and finan-
cial objectives.
One third issue is related to social innovation. Many
authors believe that social businesses need to do things differ-
ently and therefore it is important to understand the processes
and challenges of social innovation (Dees & Anderson, 2003;
Lettice & Parekh, 2010; Mulgan, 2006). Social innovation might
be defined as new ideas that seek to develop ways to improve
the society (Mulgan, 2006; Murray, Caulier-Grice, & Mulgan,
2010). The research on social innovation is mostly based on the
processes of creating a social innovation and how social entre-
preneurs and private organizations could benefit from it.
Finally, a fourth aspect that is being researched with more
emphasis is how to measure social impact, an obvious step for
organizations that aim at a social purpose. Although the litera-
ture on social impact is vast (Khandker, Koolwal, & Samad, 2010),
there is not an easy way to perform it.
One of the main issues is to define clearly cause-effect
relationships and isolating other causes that might have been
the cause of the social impact (Khandker et al., 2010). Moreover,
when measuring social impact it is easier to evaluate the outputs
than the outcomes, that is, most of the times, the real objective
of the organization. Figure 1 presents the main research topics
of SE/SB in a retrospective view.
Figure 1. Retrospective view of main research topics SE/SB
Conceptualization
Social innovation
Dilemmas
business x social
Evaluation of social impact
PROSPECTIVE VIEW
In our view, some of the previous discussions will still be import-
ant, but the field is fluid and some will diminish and new ones
will appear. As the field of SE/SB becomes more mature, the
two first issues will be better articulated: both conceptualization

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FORUM | Social entrepreneurship and social business: retrospective and prospective research
and the dilemma of the tension between social and financial will
probably move to the background and give place to other more
complex subjects.
On the other hand, the process of social innovation and
mainly the measurement of the social impact are themes that must
gain more importance due to their central role in the sector that
is seeking a higher level of professionalism and impact. Inves-
tors, entrepreneurs and researchers have still a long way to go to
define processes of social innovation and to advance in method-
ologies to measure social impact.
Due to the need to replicate and scale good experiences,
one question that still must be better explored is how to foster
SE/SB? Indeed, few researchers have analyzed strategies and
business models that might be used more successfully by SE/SB.
Getting insights from other literatures, like the Resource Based
View (RBV) from strategy, culture organization, or brand commu-
nity might be an opportunity for new research venues.
Aligned with this question is the problem of how to create
and define social impact? Embedded in this issue there is the idea
of how to better define the possible benefits of a SE/SB and how
to create a social impact in a deeper way. There is also a discus-
sion in the tension between relevance of the impact and number
of people impacted. Some organizations impact many people,
but in a smooth manner. On the other hand, some organizations
are very impactful to fewer people. The discussion is how and to
what extent it is possible to impact many people in a deep way.
Moreover, few researchers have discussed the possibili-
ties and difficulties of linking social and environmental impact.
As Hart argues “what happens if companies today think about
taking a great leap all the way to the base of the pyramid and
vetting technologies and business models there?” (Hart, 2005, p.
27). There is a huge avenue to analyze innovations that take into
account simultaneously social, environment and business models.
Another stream of thought is the role of Multinational Cor-
porations (MNCs). In this case, at least three research possibilities
appear: the first one is how MNCs can include social businesses
in their supply chain and therefore foster these organizations
in a more sustainable way. Private companies are dominant in
marketplace and their buying power makes all the difference for
social entrepreneurs that are willing to gain some opportunities
in these large companies.
The second issue is how MNCs can incorporate the learning
and innovation brought from the social business arena to their
own businesses. In other words, how the business might have a
higher purpose and embed the concept that “doing good might
be good for the business”.
The third point regarding MNCs is the importance of the
social intrapreneur. Besides some exceptions (Grayson, McLaren,
& Spitzeck, 2014; Sustainability Report, 2008), few researchers
have addressed this subject. However, this is a theme that will
probably grow. One of the reasons is that there is a new gener-
ation of employees in large companies that want to perceive a
different purpose for their work.
A final point is the possibilities of researches on the eco-
system. Besides analyzing the business models, a different
perspective is to analyze the environment in which SE/SBs are
inserted. What is the role of the Government, incubators, accel-
erators, investors and other agents? Moreover, there is a growing
field of social finance that has a direct impact in SE/SB. In these
cases, for instance the literature of relationship, agency theory,
cooperation and collaboration might be the basis for this dis-
cussion. Figure 2 presents the main research topics of SE/SB in
a prospective view.
Figure 2. Prospective view of main research topics SE/SB
How to create/define
social impact
Social innovation
SE/SB ecosystem
Evaluation of social
impact
How to foster SE/SB
(ex: strategy literature)
Role of MNCs
Environmental
x social impact
SE/SB FORUM
This forum presents three articles that discuss some of the issues
raised before: the dilemmas of SE/SB, the link between social
and environment impact and how to foster SE/SB.
Iizuka, Varela, and Larroudé’s (2015) article on “Social
business dilemmas in Brazil: Rede Asta case” examines the ten-
sions and dilemmas faced by social business in Brazil as they try
to balance a social and ethical goal with the need to develop a
business venture. Based on an exploratory qualitative case study
of Asta, a network selling artisan products made by low-income
groups by catalogue, they identify and analyze a number of ten-
sions faced by the organization, in particular how to: measure
business performance, maximize sales channels, value diversity,
develop a brand name, manage the various structures, cultures
and practices used by different production groups, and finally
how to balance results/income generation/growth/and respon-
sible environmental practices.
The article makes a theoretical contribution by building
on Smith, Gonin, and Besharov’s (2013) four variables of per-

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AUTHORS | Edgard Barki | Graziella Comini | Ann Cunliffe | Stuart Hart | Sudhanshu Rai
formance, organization, belonging and learning by arguing that
tensions tend to generate dilemmas, which contribute to the
meaning and understanding of social businesses through an
ongoing process of creating meanings and understandings.
In “Microfinance and climate change impacts: The case
of Agroamigo in Brazil”, Moser and Gonzalez (2015) explore the
relationship and potential impact of climate change on microfi-
nance through a study of Agroamigo, the largest rural microcredit
program in Brazil. Natural disasters such as droughts and storms
affect assets and therefore the ability of microfinance clients to
repay loans. Using document analysis of Agroamigo’s financial
reports, field observation and interviews with national manag-
ers, a regional manager, coordinators, credit agents, and clients,
they gathered data on the design and performance of products
for extreme weather events, along with client experiences of
such events. Findings indicate that Agroamigo aims to enhance
community resilience to climate change by offering lending mech-
anisms that help clients in poor areas respond to the impact of
climate change. However, the authors argue that these do not go
far enough, and make recommendations for improvement and
possible adaptive actions, including playing a more proactive
role by diversifying its portfolio and assessing renewable energy
sources as a new market opportunity.
Román-Calderón, Odoardi, and Battistelli (2015) use the
concept of the psychological contract to examine whether employ-
ees’ perceptions of the fit between their values and the social
mission of the organization led to greater identification. They
argue that employees of such organizations are often driven by
a social cause, and therefore a match between the ideological
values of the employee and those of the organization is important
in establishing productive and cooperative relationships. Based
on a survey carried out in a Columbian socially-oriented, for-
profit hybrid organization aiming to help disadvantaged women,
the authors assess workers feelings of being respected, their
job satisfaction, organizational citizenship behavior, and turn-
over intentions. They conclude that a perceived fit has a positive
impact on identification, and that employers need to recognize
the need to align the organization mission with personal values
through improved communication strategies.
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Román-Calderón, J. P., Odoardi, C., & Battistelli, A. (2015). Cause-
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Schumpeter School of Business and Economics.
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Travaglini, C., Bandini, F., & Mancinone, K. (2009, July 1-4). Social
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Affairs.

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ISSN 0034-7590 © RAE | São Paulo | V. 55 | n. 4 | jul-ago 2015 | 385-396
EDSON SADAO IIZUKA
esadao@fei.edu.br
Professor at Centro Universitário da
FEI, Departamento de Administração –
São Paulo – SP, Brazil
CARMEN AUGUSTA VARELA
cvarela@fei.edu.br
Professor at Centro Universitário da
FEI, Departamento de Administração –
São Paulo – SP, Brazil
ELISA RODRIGUES ALVES LARROUDÉ
elisa.larroude@fgv.br
Professor at Fundação Getulio Vargas,
Escola de Administração de Empresas
de São Paulo – São Paulo – SP, Brazil
FORUM
Submitted 12.10.2013. Approved 06.09.2014
Evaluated by double blind review process. Scientific Editors: Edgard Barki, Graziella Comini, Ann L Cunliffe, Stuart Hart
and Sudhanshu Rai
SOCIAL BUSINESS DILEMMAS IN BRAZIL:
REDE ASTA CASE
Dilemas de negócios sociais brasileiros: caso Rede Asta
Dilemas de negocios sociales brasileños: caso Rede Asta
ABSTRACT
Social businesses seek financial, social and even environmental results. Academic knowledge
on how such organizations operate, however, has emerged more recently. This article sought to
investigate qualitatively the main tensions and dilemmas occurring throughout the history of Rede
Asta, a pioneer social business in direct catalog sales of artisanal products in Brazil. Results indicate
the Rede Asta managers have experienced tensions and dilemmas in three of the four categories
identified by Smith, Gonin, and Besharov (2013): social and financial performance, organizational
aspects and learning. One of the dilemmas involves organizational aspects and learning, since Asta
achieves feasibility with two organizations: a nonprofit association and a for-profit corporation. On
perceptions of belonging, stakeholders declared they felt they were a part of the organization’s social
and environmental goals; some even as activists.
KEYWORDS | Social entrepreneurship, social businesses, tensions, dilemmas, Rede Asta.
RESUMO
Negócios sociais buscam, simultaneamente, resultados financeiros, sociais e até mesmo ambientais.
Contudo, o conhecimento acadêmico sobre o funcionamento dessas organizações é incipiente. Este
artigo buscou investigar as principais tensões e dilemas vividos na trajetória da Rede Asta – um
negócio social pioneiro na venda direta por catálogo de produtos artesanais no Brasil – utilizando
métodos qualitativos de pesquisa (entrevistas, observação direta e estudo de caso). Os resultados
indicaram que as gestoras da Rede Asta têm convivido com tensões e dilemas em três dos quatro
aspectos identificados por Smith, Gonin, e Besharov (2013): desempenho financeiro e social, aspectos
organizacionais e de aprendizado. Um dos dilemas envolve aspectos organizacionais e aprendizagem,
pois legalmente a Rede Asta viabiliza o negócio com duas organizações: uma associação não-
lucrativa e uma empresa com fins lucrativos. Já no aspecto de pertencimento à organização, as
pessoas declaram-se pertencentes aos objetivos sociais e ambientais da Rede; algumas inclusive
como ativistas.
PALAVRAS-CHAVE | Empreendedorismo social, negócios sociais, tensões, dilemas, Rede Asta.
RESUMEN
Los negociossociales buscan resultadossociales, financierosy hasta medioambientales. Sin embargo,
el conocimiento académico en cómo tales organizaciones operan ha emergido recientemente. Ese
artículo tiene como objetivo investigar cualitativamente las principales tensiones y dilemas que
ocurrieron a lo largo de la historia de la red Asta, un negocio social pionero en ventas por catálogo
directo de productos artesanales en Brasil. Los resultados indican que los gerentes de la red Asta han
experimentado tensiones y dilemas en tres de las cuatro categorías identificadas por Smith, Gonin, y
Besharov (2013): performance financiera y social, aspectos organizacionales y aprendizaje. Uno de
los dilemas involucra aspectos organizacionales y aprendizaje, una vez que Asta alcanza viabilidad
con dos organizaciones: una asociación sin ánimo de lucro y una corporación con fines lucrativos.
En la percepción de pertenencia los accionistas declararon sentirse como una parte de los objetivos
medioambientales y sociales de la organización; algunos hasta como activistas.
PALABRAS-CLAVE | Empresariados sociales, negocios sociales, tensiones, dilemas, Rede Asta.

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FORUM | Social business dilemmas in Brazil: Rede Asta Case
INTRODUCTION
Rede Asta is a social business in direct catalog sales of artisanal
products in Brazil, with sales over US$ 500,000 in 2012. With offices
in Rio de Janeiro andSão Paulo, the networkinvolves 50 low-income
production groups (mostly in Rio de Janeiro), a 19-person staff and
activist salespeople throughout the country, as well as two legal
entities: a non-profit association and a for‑profit corporation. As
an example of social entrepreneurship, Asta is a valuable case
study with its pioneering social business model.
Social entrepreneurship has been increasingly garnering
more attention from both the academic and executive arenas,
particularly in face of social and economic inequalities. Although
social entrepreneurship is an old phenomenon, it is conceptually
still under construction (Dees, 2001; Gawell, 2013; Mair & Martí,
2006; Sassmannshausen & Volkmann, 2013).
Over time, many organizations have sold goods or services
and simultaneously sought a social impact through their activities.
These initiatives belong to the field of social entrepreneurship.
Profit seeking is not the main focus of these organizations; it is
merely necessary for survival. Organizations that specifically seek
to generate profit while producing social and even environmental
impact, however, are deemed social businesses – which are
a specific type of social entrepreneurship, and are a more
recent phenomenon. In this context, social businesses may be
considered an alternative within the capitalist system, in which
the expansion of its activities tends to generate economic, social
and sometimes even environmental benefits.
Researchers are simultaneously using multiple theoretical
approaches as lenses in seeking explanatory and analytical
models for social businesses (Comini, Barki, & Aguiar, 2012;
Dacin, Dacin, & Matear, 2010; Mair & Martí, 2006; Teodósio
& Comini, 2012). Less attention has been given, however, to
investigating how these organizations function. Smith, Gonin,
and Besharov (2013) theorize on the tensions related to social
businesses; another approach yet to be explored concerns the
practical dilemmas arising from those tensions.
The double or triple bottom line is (or should be) typical
of social businesses. One of the main difficulties is to precisely
ascertain the results obtained by the social business, its impact
and how to distribute the profits. A superior financial result often
requires partly waiving the social impact (Smith et al., 2013).
While financial results are relatively easy to measure, the social
and environmental ones are much harder to determine – achieving
the balance demanded by the double or triple bottom line can
be quite challenging.
Social businesses often partner with varying types of
organizations, and their distinct practices and processes, derived
from their cultures and structures, are not easy to combine (Smith
et al., 2013; Williams & Taylor, 2013).
In addition, social businesses, particularly those still under
construction, present tensions and dilemmas related to their
learning and their perceptions of belonging. Building a social
business commonly requires an ongoing learning process, in
which traditional assumptions must be cast aside (Smith et al.,
2013). Community organizations are not always able to serve the
scale demanded by the market; the mere adoption of tools and
techniques successful in the private sector is often not enough to
reach satisfactory results. Some of the people and groups involved
in a social business will tend to value the social role, while others
will value the organization’s financial results. The degree to which
these expectations are met will influence the groups’ and people’s
perceptions of belonging to the social business.
This study is inspired by the theoretical essay by Smith et
al. (2013), which identified four types of tension present in a social
business: performance, organizational, belonging and learning. We
proposeacomplementaryanalysismodel,byincludingthefollowing
analytical elements: (i) tensions tend to generate dilemmas, (ii)
tensionsanddilemmascontributetothemeaningandunderstanding
ofsocialbusinessesand(iii)suchconflictsleadtoanongoingprocess
of meanings and understandings. We seek to learn whether our
proposedmodel(ofbuildingmeaningsandunderstandings)effectively
makes sense, as per Weick’s (1995) sense-making approach.
Thus, we aim to investigate a social business using the
following research question: what are the main tensions and
dilemmas experienced by Rede Asta throughout its history? The
resulting analysis will hopefully elucidate issues that other social
businesses are likely to face as they build and consolidate their
companies. In this manner, this research aims to contribute to
the advancement of theoretical and empirical knowledge of social
businesses, by adopting a theoretical approach that has been
little explored, and by investigating the history and the operation
of a pioneer social business.
To fulfill this goal, we have selected to use qualitative
methodology of an exploratory nature. After collecting documents
and information on Rede Asta and conducting in-depth interviews
with two managers, two salespeople (also known as “advisers”)
and four coordinators of production groups, we systematized the
data into a case study.
The article is organized in six sections, in addition to this
introduction. A literature review on social entrepreneurship
and social business is followed by a detailed description of
the methods. The fourth section contains the Rede Asta case
description and the fifth presents analysis and results, based on
the variables established in the literature review. We conclude
with our final considerations and suggestions for further research.

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AUTHORS | Edson Sadao Iizuka | Carmen Augusta Varela | Elisa Rodrigues Alves Larroudé
LITERATURE REVIEW
Social entrepreneurship
Theoretical definitions of social entrepreneurship initially
encompassed governmental and civil society organizations aiming
at improving quality of life in local contexts, so as to increase
opportunities for the poorest and most disenfranchised portion
of the population (Albagli & Maciel, 2002).
Along the same line, David (2004, p. 51) has argued: “[…]
in social entrepreneurship, economics are serving the community,
[…] multiplying […] projects such as the sugar and salt solution for
rehydration, a school-stipend, family doctors, solidary university
and many others”. In this perspective, the focus is on interaction
between governments and Brazilian civil society in seeking to
improve the social and economic conditions of the poor.
Other authors, meanwhile, have sought to highlight
the different dimensions related to social entrepreneurship.
Oliveira (2003, p. 408) described it as: “a new rationality for
managing human life; […] a paradigm of socially transforming
reality; […] seeking sustainable development and social
change; it is a new profession”. There appears, therefore, to
be a consensus regarding the social impact on the lives of the
poor through social entrepreneurship (Bornstein, 2004; Dees,
2001; Yunus, 2007).
According to Roper and Cheney (2005, p. 98), “non-
profits that assume an entrepreneurial posture are less hesitant
to implement concepts and practices from marketing, strategic
planning and systems for the analysis and control of costs”.
Borzaga, Depedri, and Galera (2012, p. 399) argue that
the term ‘social entrepreneurship’ is used in the United States
to refer to initiatives relatively different from those in Europe.
According to them, “the term referred mainly to profit-generating
activities carried out by non-profit organizations to find the pursuit
of social goals”.
For the purposes of this study, we understand that the
definition by Austin, Stevenson, and Wei-Skillern (2012, p. 2)
is the most comprehensive and inclusive: “We define social
entrepreneurship as innovative, social value creating activity that
can occur within or across the nonprofit, business, or government
sectors”. This definition may be deemed pertinent because the
creation of social value is not restricted to a single sector, but to
several initiatives developed by public, private and civil society
organizations. There are social entrepreneurism initiatives that do
not arise from organizations, nor are they connected to a specific
sector, but rather they occur because of the joint efforts of people
interested in improving their community or institution. Figure 1
seeks to translate the definition by Austin et al. (2012).
Figure 1. Actors in social entrepreneurship: government,
enterprises, civil society and social businesses
Civil
society
Government
1 3
2
2,5
Enterprises
Social
businesses
Legend:
1: Government
2: Enterprises
3: Civil society
2,5: Social businesses
Social entrepreneurship: includes enterprises, government
and civil society initiatives with social impact.
Source: Based on Austin et al. (2012).
Complementing Austin et al. (2012), within the field of
organizational theory, the phenomenon of social entrepreneurship
has been established as a new analytical perspective, for it
included organizations that simultaneously seek profits and
social impact (Godói-de-Sousa & Fischer, 2012): social businesses.
Social businesses
Several theoretical fields have been used to understand social
businesses.Amongothers,theeconomicapproach(Sen,2000;Yunus,
2007)valueshumancapabilities,aswellasthepossibilityofaworld
withoutpoverty;thecorporatestrategyfield(Prahalad,2005)pointsto
wealthatthe“bottomofthepyramid”,servinglow-incomeconsumers;
organizationalstudies,morespecificallyonorganizationalhybridism
(Billis,2010;Grassl,2012;Trexler,2008),examineorganizationsthat
address both social and financial goals. Some authors, like Gaiger
(2011), believe that stimulating income-generating alternatives can
contributetoreducinginequalitiessufferedbythepoorestpopulation,
situated at the bottom of the pyramid.
According to Comini et al. (2012), social businesses have
been addressed through three basic perspectives: the North-
American, which tends to relate social businesses to corporations
thatservethebottomofthepyramid(Prahalad,2005);theEuropean,
in which collective action and associativism are highlighted and,
finally, the perspective of developing countries, in which social
businesses tend to aim at including the poor and disenfranchised.
These distinct approaches lead to different definitions of
social businesses. Nobel laureate Muhamad Yunus – the “Banker
to the poor”, who brought microcredit to fame via the Grameen
Bankand has started corporations such as Grameen Danone, which
providesyogurt at low prices – understands that social businesses
should generate wealth, to be reinvested in the business, and that

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gains should be collective. The North-American perspective tends
to understand social businesses as a traditional private corporation,
whose consumers are the population at the bottom of the pyramid.
According to Thompson and Doherty (2006, p. 362), who
integrate European and developing country perspectives, social
businesses have the following traits:
They have a social purpose; assets and wealth are
used to create community benefit; they pursue this
with (at least in part) trade in a market place; profits
and surpluses are not distributed to shareholders, as
isthecasewithaprofit-seekingbusiness;“members”
oremployeeshavesomeroleindecisionmakingand/
or governance; the enterprise is seen as accountable
to both its members and a wider community; there is
eitheradouble or triple bottom line paradigm.
In a double bottom line perspective, profit and social
impact are balanced in successful social businesses, while
organizations with an imbalance between social and financial
results tend to be less effective (Thompson & Doherty, 2006).
When considering the triple bottom line, social enterprises are
organizations intent on using the knowledge of the marketplace
to solve social and environmental problems (Borges, Borges,
Ferreira, Najberg, & Tete, 2013; Massetti, 2011).
For social businesses located at the outskirts of cities, it
is plausible that such problems are even more present (even
when partnering with organizations outside of the poorer areas).
On the plus side, social businesses also generate
improvements. Jain (2012) presented five possible positive
outcomes of this type of organization: creation of social and
economic values; employment creation; innovation / new goods
and services; social capital and equity promotion.
The fact that social businesses seek both social and
financial goals tends to favor a phenomenon of organizational
hybridism, as Trexler (2008, p. 5) describes:
Social enterprise combines values from two
seemingly distinct conceptual domains. Embedded
within the “social” component is an array of values
associated with behavior with an orientation
beyond the market, state or self; likewise, the term
“enterprise” linkstovaluesassociated with business,
commerce, purpose and corporate structure.
Despite this conceptual debate, social businesses may
be examined from different theoretical lenses. Within the field of
organizations, in addition to hybridism (Billis, 2010; Grassl, 2012;
Trexler, 2008), institutional theory and stakeholder theory are used,
fortheyemphasizethecontext,environmentandpressureofinterest
groupsthatareexternaltotheorganization.Theoriesoforganizational
identity and paradox highlight how the organization’s internal
dynamicsinfluencetensionsinasocialbusiness(Smithetal.,2013).
The organizational traits of social businesses, combined
with their dual goal of profit and social impact, contribute to the
occurrence of tensions related to performance, organizational
dynamics, perceptions of belonging and learning (Smith & Lewis,
2011; Smith et al., 2013). Exhibit 1 presents these types of tension
related to social businesses.
In terms of performance, qualitative (usually social) and
quantitative (usually financial) measurements cannot always be
combined. The goal of including poorer people often means losses
in productivity; the need for scale may entail a decrease in quality
of life for those involved in the social business. Paradoxically, an
increase in the amount of financial resources may weaken the
cohesion between members of a community, since equitable and
transparent distribution of profits is no simple task. Consequently,
managers experience dilemmas regarding stakeholder interests
that are not always convergent.
An organizational culture that has been built over years
results in singular practices and processes. For social businesses
that work with other organizations, this type of tension is even
more evident: the organizations closest to the market tend
to adopt a private management logic, while those closest to
communities seem to prefer a more social and collective logic.
The combination of these different logics may result in synergies,
but also in conflicts and tensions.
One example of diverging practices is a fair trade proposal
for a production chain: the expectation is that participating
organizations will seek a fair and transparent division of results,
but this does not always occur in practice for all members. For
some authors, such as Smith (2013) and Beiji-Becheur, Pedregal
and Ozcaglar-Toulouse (2008), fair trade is a socially constructed
concept and reaching a definition requires establishing
interactions and negotiations among the agents involved.
The groups and subgroups of a social business oscillate
regarding their feeling of belonging to an organization,
depending on the latter’s priorities. When financial results
are the priority, for instance, part of the groups may increase
their perception of belonging to a given social business, while
those who favor social and environmental aspects may feel
frustrated and, therefore, have a low feeling of belonging to
the enterprise.
Finally, the processes of growth and scaling almost always
entail learning – not just of new knowledge, but also an attitude
of casting aside preconceived ideas and concepts.

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Exhibit 1. Types of tensions in social businesses
Types of tensions
Social and financial dimensions
that explain tensions
Emerging issues for
social businesses
Related to performance:
Goals, metrics, meeting stakeholder
expectations
Social impact is generally difficult to
measure/compare; financial results,
however, tend to be simpler to measure/
compare.
How do leaders define success, given the
diverging goals (and the risk that economic
success may entail social failure)?
Related to organizations:
Diverging dynamics due to different structure,
culture, practices and processes
To reach social and economic goals, there
is a tendency to hire professionals with
different, and not necessarily convergent
capabilities.
How can hiring be managed so as to
engage different professionals to work
harmoniously?
To what degree do organizations differentiate
and integrate social mission and business?
What organizational form/structure should
the organization adopt?
Related to the feeling of belonging:
Divergent identities between groups, sub-
groups and the organization
Employees and other stakeholders are
usually divided into those who identify
more with the social mission and those who
identify with the business.
How can the organization manage diverging
identities and expectations?
Related to learning:
Timelines are different in the processes of
change, growth and scaling.
Social goals tend to aim at long-term
scenarios; as opposed to business, which
focuses on short-term results.
An increase in social impact may diminish
financial results and vice-versa.
How does the organization deal with short-
and long-term schedules?
How has the organization sought short-term
financial results so as to expand its social
results?
Source: Adapted from Smith et al. (2013).
Smith et al.’s (2013) theoretical essay presents four variables for examining the tensions in social businesses: performance,
organizational aspects, belonging and learning. In order to apply literary references to our empirical investigation phase, we propose
to adopt the analysis model illustrated in Figure 2.
Figure 2. Analysis model
Social businesses:
Hybrid organizations
that aim to combine
financial, social and
even environmental
goals.
Give rise to tensions
in four different
dimensions:
- performance
- organizational
- belonging
- learning
The tensions and dilemmas experienced lead to an ongoing
process of meanings and understandings (iii).
Tensions
tend to generate
dilemmas (i).
The process of building
and consolidating a
social business entails
dilemmas for managers
and stakeholders.
Tensions and
especially dilemmas
(ii) contribute to
the meaning and
understanding of
social businesses.
Source: Adapted from Smith et al. (2013).

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The proposed analysis model seeks to complement Smith
et al.’s (2013) approach of examining tensions with three new
analytical elements: (i) tensions tend to generate dilemmas,
(ii) both of these contribute to the meaning and understanding
of social businesses and (iii) this leads to an ongoing process of
meanings and understandings. We are seeking to determine if
this analytical model (of building meanings and understandings)
makes sense according to Weick’s (1995) sense‑making approach.
The next step in our research involves establishing the
methodological aspects to guide our investigation of Rede Asta.
METHODS
The purpose of this article is to analyze the history and operation
of Rede Asta, using a single case study, seeking to reveal its main
tensionsand dilemmas. In order to reach thisgeneralgoal, we have
undertaken the following specific goals: 1) to map and systematize
literature references regarding social entrepreneurship and social
businesses; 2) to investigate the background and functioning
of Rede Asta, as well as its relationships with salespeople and
artisans; and 3) to gather information, albeit incipiently, on the
distribution of resources obtained from the sale of products, and
its impact on low-income artisanal groups related to the business.
Using a single case study, according to Yin (2001, p. 67),
is justifiable inasmuch as the “the case constitutes a rare or
exclusive event or serves a revealing purpose”. Indeed, Rede Asta
constitutes a rare social business, for it was the first in Brazil to
work with direct sales of artisanal products – while also working
in a network with several production groups and simultaneously
seeking financial, social and environmental goals (triple bottom
line). In addition, throughout the investigation, the fact Rede
Asta is still under construction proved to be particularly helpful
for examining the social business’ tensions and dilemmas, given
that its operations are still expanding and more aspects are
undergoing change.
According to Yin (2001), a case study can be based on six
different sources of information: a) documents; b) file records;
c) interviews; d) direct observation; e) participant observation and
f) physical artifacts. This article is based on the first four sources
of evidence and their potential triangulations.
In order to achieve the first specific goal, a literature review
was performed and it is shown in section 2. For the second and
third specific goals, we applied qualitative research methods:
held interviews, analyzed documents and file records (including
reports, catalogs and websites) and made direct observations – in
the São Paulo office, by studying its operation and the distribution
of management and display spaces, as well as product quality
and variety. All seven interviews (by Skype, email or in person)
were held between September and November of 2013.
The interviews followed a semi-structured questionnaire,
the development of which was based on consulted literature and
researchers’ prior experience. The first interview was held during
a visit to Rede Asta’s representation office in São Paulo. The two-
hour in-depth interview was made with the manager of the office.
In addition, the visit enabled us to observe directly the types of
products that are marketed, as well as their variety and quality,
in order to confirm whether they corresponded to the manager’s
description and to the photographs available in the catalogs
and the organization’s website. During the interview, additional
information and documents were requested, which the manager
later sent to us by email.
The second interview (lasting approximately one hour) was
held with one of the founding partners and manager of Rede Asta,
who is based at their headquarters in Rio de Janeiro.
In order to triangulate the information obtained in the
analyzed material (catalogs, minutes and other documents)
and supplied in the interviews with the business managers,
questionnaires were sent to two salespeople: one with a large
volume of sales and one with a small amount of sales (both
from São Paulo). In addition, through Rede Asta’s website, eight
artisan groups with available contact information were selected
for interviews; three of them answered the questionnaire fully and
one partially: from Rio de Janeiro, Mulheres doSalgueiro, Mulheres
Arteiras and Bordados N´Atividade; and Bordana from Goiás.
The purpose of adopting the qualitative methods of
investigation described above is to allow a greater understanding
of Asta’s history and some of its tensions and dilemmas. Our
analysis is presented in Section 5, after the following description
of the social business and its case study.
REDE ASTA CASE
Rede Asta is a social business that works by promoting a network
for marketing artisanal products, especially items that have been
produced using a significant percentage of recycled or reused raw
materials. In addition, products are sold on a scale as customized
corporate gifts.
The idea of creating the business began in 2005, but
the network only emerged after three years. Due to several
needs that arose over time, Asta currently operates using two
legal entities: a for‑profit micro-corporation named Asta Corp
Produtos Sustentáveis Ltda-ME (Asta Corp Sustainable Products
– Micro Enterprise) and a non-profit association named Instituto
Asta (Asta Institute). The association renders capacity-building

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and training services for the artisans, while the corporation
issues sales invoices, especially for corporate gifts. In addition,
the association is qualified as a public-interest civil society
organization (Organização da Sociedade Civil de Interesse Público
– OSCIP), which requires, among other duties, that its financial
administration be overseen by a supervisory board and that its
financial reports be made available for scrutiny by any citizen
(Law nr 9.790, 1999).
According to the organization’s website, “Rede Asta is
a social business that has the mission of helping to diminish
Brazilian social inequality” (Rede Asta, 2013, p. 1) and they intend
to achieve this mission by helping small community businesses
to thrive, by facilitating their access to knowledge and markets
and by supporting the creation of networks.
In 2012, the Asta Institute had four members, of whom one
was president, one was vice-president and the other two were
members of the supervisory board. Asta Corp had two partners,
one of which is the president of the Institute and the other is a
designer not associated with the Institute.
The network involves approximately 650 artisans, of which
90% are women, mostly from low‑income communities, ranging
in age from 20 to 70. Each group wishing to become part of the
network must have at least three people, three different products
for sale and the capacity to produce at least 200 items per month.
The groups usually produce items using 70% of recycled or reused
material. One of Asta’s partners is a print fabric company that
donates tons of fabric every year.
Products are marketed through the internet, through direct
sales, at the Rio de Janeiro store (which also serves as a showroom
for exhibiting and demonstrating them) and, on a greater scale, as
customized corporate gifts. The Asta business is not yet fully self-
sustainable (revenues currently cover approximately 70% of costs)
but the network seeks to apply fair trade practices throughout
the production chain.
Rede Asta encompasses around 50 artisanal production
groups, of which 90% are in Rio de Janeiro. In São Paulo, there is
only one group, but the network keeps a representation office in
that city (with purchasable showroom items), aiming to expand
business and increase sales, especially for corporate gifts. There
is also a waiting list of 90 groups who wish to join the network,
currently awaiting triage.
Table 1 presents the evolution of each sales channel and
its contribution to total revenue. We can observe that sales
quadrupled from 2008 to 2012 and that corporate gifts correspond
to nearly 50% of revenues (although more recently internet sales
have also grown).
Table 1. Rede Asta revenues by sales channel (amounts in R$)
2008 2009 2010 2011 2012
Salespeople/catalog 52,179 122,959 295,689 215,257 237,454
Corporate gifts 126,680 155,283 188,292 268,147 337,563
Internet 0 0 0 11,740 77,695
Rio de Janeiro store 0 0 0 75,622 47,942
Total 178,859 278,241 483,981 586,957 755,812
Source: Based on Asta’s organizational records.
The sales catalogs are published quarterly and
approximately 28 groups are selected to include their products;
participating in one quarter does not entail participation in the
next quarter. On the website and at the store, there is a greater
variety of participants and exhibited products for sale.
Each group presents the items they wish to sell and set
the price they would like to receive for it; Rede Asta then doubles
the actual sales price, of which 50% goes to the artisans, 22%
to the salespeople (or advisers) and 28% to the network. The
network’s portion covers its expenses – such as the salaries
of its 19 employees, including designers, sales specialists,
financial managers and those in charge of logistics, all hired by
the corporation, as well as store and website maintenance and
logistic costs for shipping products.
Before implementing this sales compensation model, the
networks managers did some research and found that cosmetics
companies that work with direct sales usually compensate
salespeople with around 30% of the price. Given Asta’s cost
structure, however, the partners calculated that they could only
pay 22%. There are approximately 800 registered advisers, most
from income classes A and B, but only 70 are active (spread
throughout the country).
Through the sale of their products via Asta, 20% of
the artisans are able to secure an average monthly income of

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over US$400.00; 37% of them earn between US$140.00 and
US$400.00 and 43% receive less than US$140.00 a month. Most
groups, however, do not depend solely on Rede Asta to market
their products, so said amounts work more as supplementary (as
opposed to a main source of) income.
The managers hold four meetings a year with the artisans
before preparing the sales catalogs, and these meetings also
serve to award the best groups regarding quality, speed of delivery
and other aspects. At these gatherings, the network also gets
in touch with the history of each group and its members and
sometimes attempts to recover their self-esteem. Periodically,
there are also capacity‑building sessions on financial education
and product quality.
Designers will sporadicallyvisit the groups with suggestions
for new work methods or new materials. On occasion, Asta will
find that a product’s price is not feasible for marketing; in these
cases, a designer visits the group and suggests changes to the
product to reduce its production costs (with fewer hours invested
or less material used).
When the groups deliver their products to the network,
they receive their 50% up front. For internet sales, half of the
amount covers what was paid to the artisans and the other half
goes to Asta. For the advisers, the model is different: they make
their requests for products (of at least R$200,00), and within
2-3 weeks they receive their package in the mail, together with
an invoice that charges a flat rate of R$15,00 for freight and
the total cost of products minus 22%. They have 20 days to
pay the invoice.
While the advisers entail more work for the organization,
especially in terms of communication costs, they also constitute
an important channel for promoting the products, thus bringing
capillarity to the model and providing the network with feedback
regarding customer satisfaction with product quality and price.
By adopting and adapting the direct sales business model
(so their sales force also disseminates the cause), Rede Asta has
been able to establish itself as a pioneering social business in
Brazil. Its progress has not been without hiccups, as shown in
the following section.
ANALYSIS AND RESULTS
The qualitative methods of investigation adopted in the research
enabled us to understand this social business’ history and to
clarify part of the tensions and dilemmas in this social business.
See Exhibit 2.
Exhibit 2. Rede Asta stages
Stage 1 – 2002 to 2004 Stage 2 – 2005 to 2010 Stage 3 – 2011 onwards
The network began to operate in 2002 with
Instituto Realice – first as an NGO focusing
on capacity-building and training for artisans.
In 2005, Rede Asta launched sales of
corporate gifts and acknowledges the need
to issue invoices to their clients – the NGO
and a business began to coexist.
In 2010, Rede Asta had received support
from Ashoka and McKinsey for building
its strategic plan. In 2011, the network
broadened its sales channels.
Absence of tensions and dilemmas. Virtual absence of tensions and dilemmas.
Tensions and dilemmas began with the
increase in profitable activities and need for
production scale.
To begin with, it is simple to observe that Rede Asta is
a social business under construction and has not yet reached
its financial stability. The managers have been reflecting on
and analyzing their relationship with stakeholders – clients,
production groups, salespeople, among others – as they evolve
in a sort of “learning by doing”, or trial and error.
Rede Asta initially attempted to mirror the corporate model
of direct sales (in which salespeople do not necessarily consume
the products), but this led to unsatisfactory results. Over time,
the managers acknowledged the advisers to be more than mere
salespeople, for those with constant and significant results have
become activists for the network’s social and environmental cause.
Direct sales, however, have not proved sufficient to provide income
for the artisans: some of the production groups declared the need
to improve their decision processes regarding products, sales
operation and especially in increasing and maintaining financial
results.
The process of recycling and reusing materials, such as
fabrics and plastic bottles, has derived mostly from the network’s
relationship with businesses, with satisfactory results from the

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financial as well as the social and environmental perspective.
This makes the corporate gifts segment a likely candidate for
expansion, for it simultaneously boosts both the amount of
recycled material and wholesale transactions, which increases
the income for production groups.
Applying the proposed analytical model (Figure 2) to
examine Asta’s history and operations revealed its tensions
and dilemmas related to performance, organizational aspects,
perceptions of belonging and learning.
Dilemmas regarding performance appeared in more than
one instance. On the subject of evaluation, for example, one of
the founders declared that only in 2013 they began to establish
measurements for the business, aided by a consultancy firm.
Asta’s sales processes are the setting for another dilemma.
Internet sales have been growing and they cost less to Asta,
but sales by the advisers, in spite of consuming more of the
organization’s structure and thus increasing costs, are the most
stimulating channel, because the salespeople help disseminate
the network’s social and environmental cause. Numbers alone
(regarding revenue and costs) have not been sufficient to prioritize
one sales channel over another.
Another performance dilemma involves the beneficiaries.
When asked about a gender emphasis, Asta’s founder stated that
the network values diversity and does not focus exclusively on
women.Severalobservationsfailtoconfirmthisstatement,however:
their website declares women to be their partners; over 90% of
the production group members are female; Rede Asta has been
acknowledged by gender equality organizations; the managers are
female; and the founder understands that women contribute more
than men to increase social impact. This appears to demonstrate
a dilemma regarding the target audience to be prioritized by Asta.
Another category of tensions and dilemmas affects
organizational aspects, which for Rede Asta means dealing
with different structures, cultures, processes and practices.
The production groups differ not only as to the products they
offer, but also due to their history, values and cultures. Some of
the groups in the network are more structured, established by
middle-class women; others are smaller, formed by women from
low-income communities. The interviews with the production
groups revealed different practices in delivering larger requests.
Trying to balance between respecting the particular conditions
of each group and delivering large orders is a challenge, and
there are frequent delays. In other words, situations demanding
an increase in productivity illustrate part of the tensions and
dilemmas in harmonizing the organizations that make up
Rede Asta: in order to improve financial results, Asta needs to
increase scale, but artisanal production does not always follow
the market’s demand.
Given the diversity of people involved in the network, its
three-pronged goal generates a constant tension in meeting
Asta’s stakeholder expectations. After interviews with several
different actors, we were able to identify an ongoing effort to
balance results, so as to provide income‑generation, enfranchise
the artisans and support recycled or reused material. This
effort appears to be paying off, as the interviews unanimously
showed that Asta has been satisfactorily meeting stakeholder
expectations, which contributes to their feeling of belonging
with the network.
Establishing and consolidating Rede Asta has required
constant learning on behalf of managers, chiefly from practice:
each challenge led to experiments in finding solutions. A legal
issue, for instance, led to organizational duality: the path
recommended by lawyers and accountants was to simultaneously
operate with both the association and the corporation. The sale
of corporate gifts required an invoice, which only a corporation
could provide, while partnerships with companies to reuse and
recycle materials occurs through the association. Asta’s managers
explained that they operate with one organization or the other
depending on each demand.
The compensation structure is another example of
Asta’s learning tensions and dilemmas. The managers initially
researched traditional catalog and direct sales models, usually of
cosmetic companies. They found that those salespeople typically
worked with several brands; they were mostly low-income
women who did not habitually consume artisanal products and
had little adherence to the network’s social and environmental
goals. The advisers, on the other hand, claimed to identify with
Asta’s nonfinancial objectives; these are mostly middle-class
women who occasionally consume artisanal products. This
nature of Asta’s salespeople is relevant for direct sales to expand
consistently in the future.
Finally, the managers are currently learning to value Rede
Asta’s brand, with technical assistance from a French company
that boasts a worldwide household brand. The managers
understand that strengthening the brand is a necessary and
meaningful strategic path to advance the social business. Indeed,
traditional successful businesses have established brands. This
process will yield results, however, in the medium or long term,
and may require the help of investment funds. As the Asta founder
declared, the business’ financial stability will be reached only after
at least two more years – during which time there are likely to be
challenges involving learning tensions and dilemmas.
The above findings regarding the tensions and dilemmas
faced by Rede Asta involving performance, organizational aspects,
perceptions of belonging and learning have been summarized
in Exhibit 3.

FGV - RAE Revista de Administração de Empresas, 2015. Volume 55, Número 4

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