Impacts of Selic rate hike cycles on working capital management

Giro, Impactos dos Ciclos de Alta da Taxa Selic sobre a Gestão do Capital de

doi:10.22167/2675-6528-202602931

Article

October 05, 2026

Impacts of Selic rate hike cycles on working capital management

Impacts of Selic Rate Hike Cycles on Working Capital Management

Gabriel Branquinho Gobbo Silva; Anderson Cesar Gomes Teixeira Pellegrino

DOI: 10.22167/2675-6528-202602931

Article derived from a Final Course Work (TCC), with content based on the student’s original work and adapted to the editorial format of the E&S Magazine with the support of the ResumeAI tool, an artificial intelligence solution developed by the Pecege Institute for textual synthesis and organization.

Abstract

The volatility of Brazilian monetary policy, marked by two significant cycles of Selic rate hikes between 2021 and 2025, has had relevant impacts on the cost of working capital for companies, especially in the retail sector. This study analyzed the effects of the Selic rate increase cycles on the working capital management of Magazine Luiza S.A. during the period from 2021 to 2025 and identified the strategies adopted by the company to mitigate these effects. The research adopted a quantitative approach, exploratory in nature, and a single case study design, based on secondary data from Magazine Luiza’s financial statements and historical Selic series from the Central Bank. Working capital indicators (Working Capital Requirement [WCR], Cash Conversion Cycle [CCC], and opportunity cost of WCR) were calculated, Pearson correlation was applied between the Selic rate and these indicators, and a counterfactual analysis was performed to isolate the effects of active WCR management. The results revealed that the WCR decreased by 49.07%, the CCC was compressed from 104.3 to 39.4 days, and the opportunity cost of WCR in 2025 was lower than in 2022, even with the Selic rate at its highest average for the period, thanks to the active reduction of WCR. The counterfactual analysis quantified accumulated savings of R$ 1.36 billion between 2022 and 2025. Pearson correlations indicated a very strong negative relationship between the Selic rate and PMRE (r = -0.99) and a strong positive relationship between the Selic rate and PMPF (r = +0.72). It was concluded that active and proactive working capital management was able to significantly cushion the effects of monetary tightening, demonstrating that operational and financial adaptability constitutes a strategic competitive advantage for working capital-intensive companies.

Keywords: Working capital; Magazine Luiza; Monetary policy; Selic rate; Retail.

1. Introduction

The evaluation of business performance is a central theme in contemporary corporate management, driven by a global economic scenario characterized by uncertainties, high volatility, intense competition, and rapid technological transformations. Although the financial perspective is prominent, a company’s performance is multidimensional and cannot be understood solely by isolated numbers (Gitman, 2010). In this context, financial indicators act as essential tools to translate the complexity of operations into comparable metrics, aiding in the analysis of the present and the projection of future scenarios (Payoneer, 2025).

Within this complexity, the cost of working capital emerges as a crucial factor for the analysis of business performance, being fundamental for obligations and the maintenance of daily operations (BNDES, 2018). In Brazil, this cost is directly influenced by the basic interest rate, known as the Selic rate, which is the Special System for Settlement and Custody (BACEN, 2026). Defined by the Central Bank of Brazil, the Selic rate serves as the floor for other interest rates in the economy, impacting investments, access to and cost of credit, exchange rates, and public debt, thus becoming the main monetary policy tool for inflation control (BACEN, 2026).

Recently, the global economy faced a period of great turbulence, initiated by the COVID-19 pandemic. The abrupt interruption of global economic activity resulted in a severe reduction in consumption, trade, and investments, generating deflationary pressure and the risk of deflation (International Monetary Fund Blog, 2020). In response, central banks around the world, including the Fed in the United States, the European Central Bank, and the Central Bank of Brazil, implemented policies to reduce key interest rates to their lowest historical levels, aiming to make credit cheaper and support the economy (CNN, 2020; BACEN, 2026).

However, the subsequent economic reopening, driven by robust demand, weakened supply chains, and high accumulated liquidity due to stimulus measures, culminated in an inflationary crisis of historical proportions (Agência Brasil, 2022). To combat this new crisis, the Central Bank of Brazil initiated two cycles of Selic rate hikes. The first occurred between March 2021 and August 2022, raising the rate from two percent to 13.75% per year. After a period of stability and cuts, a second cycle of increases began in September 2024, reaching 15% per year in June 2025 and remaining at this level until the end of the analysis period (BACEN, 2026).

These Selic rate high cycles exert significant impacts on all sectors of the economy, with special relevance for the retail sector. Retail, being the final link in the economic chain and depending intensely on installment credit and operational financing, is directly affected by the reduction in access to credit and consumer income, which compresses its revenues, and by the increase in the cost of inventory and working capital, impacting profit margins (Fecomercio SP, 2025). Working capital management is, therefore, vital for the financial health, growth potential, and operational efficiency of organizations (SAP, 2024).

Given this scenario, the analysis of Magazine Luiza S.A. becomes particularly relevant. The company is one of the largest representatives of Brazilian retail, standing out for the integration between physical and digital operations. Its status as a publicly traded company (MGLU3) ensures the publicity and traceability of its financial statements, allowing reliable access to the data necessary for this study (Investing, 2025). The peculiarity of the object of study and the relevance of the temporal scope, which covers the two monetary tightening cycles between 2021 and 2025, justify the choice of the company for an in-depth analysis of the impacts of monetary policy.

This study is justified by the need to understand how companies in the retail sector can mitigate the effects of a high-interest rate environment, demonstrating that operational and financial adaptability constitutes a strategic competitive advantage. Thus, the objective of this work is to analyze the effects of the Selic rate’s high cycles on the working capital management of Magazine Luiza S.A. in the period from 2021 to 2025 and to identify the strategies adopted by the company to mitigate these effects.

2. Material and Methods

This research was conducted using an applied methodological approach, structured according to the definitions proposed by Gil (2017) and other authors cited in the Manual of Methodologies (MBA ESALQ/USP, 2025). A quantitative approach was adopted, which considers the collected data and information as quantifiable, analyzed, and numerically interpreted (Turrioni and Mello, 2012; Godoy, 1995), using statistical techniques to measure relationships between variables (Prodanov and Freitas, 2013).

Regarding the objectives, the research was classified as exploratory, aiming to enable greater familiarity with the analyzed issue and facilitate the consolidation of objectives and the development of hypotheses (Gil, 2010). The chosen design was the single case study, characterized by rigorous and meticulous analysis of a specific object, being indicated for descriptive or exploratory studies and for the explanation of phenomena in their real context (Gil, 2017; Yin, 2015).

The choice of a single case was justified by the peculiarity of the object investigated, Magazine Luiza S.A., one of the largest representatives of Brazilian retail. Its condition as a publicly traded company (MGLU3) guarantees the publicity and traceability of its financial statements, allowing reliable access to the data necessary for this study (Investing, 2025). The temporal scope covered the period from 2021 to 2025, encompassing two monetary tightening cycles of the Selic rate.

The data were collected from secondary sources, obtained from publicly accessible financial statements, such as balance sheets and financial reports from Magazine Luiza S.A., disclosed quarterly and annually. Additionally, historical Selic rate data, disclosed by the Central Bank of Brazil (BACEN, 2026) through the Time Series Generator System (SGS), as well as publications from the Brazilian Institute of Geography and Statistics (IBGE) and scientific articles on monetary policy and working capital, were used. The use of secondary data was justified by its wide availability, reliability, and speed of collection (Malhotra, 2004).

The financial variables collected from the consolidated financial statements of Magazine Luiza S.A. were: Accounts Receivable from Customers, Inventories, Merchandise Suppliers, Net Revenue, and Cost of Goods Sold (COGS). All values were expressed in thousands of reais (R$ thousand). The methodological structure of the work was organized based on the guidelines of Gil (2017), Yin (2015), and Miguel (2007).

The data analysis was performed with the support of descriptive statistics, including trend analysis and the creation of comparative tables. Relevant financial indicators for working capital were calculated, such as the Working Capital Requirement (WCR), the Cash Conversion Cycle (CCC), and the opportunity cost of the WCR. The WCR was determined by the functional balance sheet method, which reorganizes accounts into operating assets, operating liabilities, and financial accounts (Assaf Neto, 2020). The formula used was WCR = Accounts Receivable + Inventory – Accounts Payable (Merchandise).

Additionally, the NCG/Net Revenue index was calculated, according to Assaf Neto (2020), to neutralize the effect of expansion and identify whether the company consumed more or fewer operational resources proportionally to its revenue. The Cash Cycle, which measures the time capital remains tied up in operations, was calculated from three periods: Average Accounts Receivable Period (PMRV), Average Inventory Turnover Period (PMRE), and Average Accounts Payable Period (PMPF) (Assaf Neto, 2020; Assaf Neto and Lima, 2017).

The formulas applied for the calculation of the deadlines were: AR = Accounts Receivable / (Net Revenue/360); INV = Inventories / (COGS/360); and AP = Suppliers / (COGS/360). The Cash Cycle was determined by the equation CCC = AR + INV – AP. To quantify the financial impact of the Selic rate hikes on the NWC, the annual opportunity cost of NWC was calculated by the formula: NWC Cost = NWC x Average Annual Selic.

Complementarily, a counterfactual analysis was performed, which compared the NCG’s cost-effectiveness identified each year with a hypothetical cost that the company would have incurred had the NCG remained at the 2021 level. This analysis aimed to isolate the consequences of the interest rate variation from the effects of active NCG management on the company’s total financial cost. Pearson’s correlation analysis was applied between Selic and the company’s main working capital indicators, such as the financial cycle, NCG, and the current liquidity ratio (Figueiredo Filho and Silva Júnior, 2009).

3. Results and Discussion

The analysis of the financial data of Magazine Luiza S.A. from 2021 to 2025, along with the historical series of the Selic rate, revealed the significant impacts of monetary tightening cycles on the company’s working capital management. The results demonstrate that, despite an environment of high interest rates, the company implemented effective strategies that mitigated adverse effects, highlighting proactive and adaptive financial management. The research focused on the Working Capital Requirement (WCR), the Cash Conversion Cycle (CCC), and the opportunity cost of WCR, in addition to employing Pearson correlations and counterfactual analysis to isolate the effects of active management.

The Brazilian macroeconomic scenario between 2021 and 2025 was marked by intense volatility in monetary policy, with two cycles of Selic rate hikes. The first cycle, initiated in March 2021, raised the rate from 2% to 13.75% per year until August 2022. After a period of stability and cuts, a second upward cycle began in September 2024, reaching 15% per year in June 2025 and remaining at this level until the end of the analyzed period. These increases were responses by the Central Bank of Brazil to post-pandemic inflationary pressures, according to the deliberations of the Monetary Policy Committee (BACEN, 2026).

Magazine Luiza S.A. stands out as one of the main players in Brazilian retail, with a robust operation that integrates physical and digital channels. Founded in the late 1950s, the company expanded organically and, after its IPO in 2011, consolidated its digital and financial strategy, carrying out important acquisitions such as Netshoes and KaBuM!. The company operates in four segments – retail, financial operations, insurance, and other services – and has about a thousand physical stores in 17 states, in addition to a vast digital platform. Its ability to use physical stores as mini-distribution centers provides a competitive advantage over purely digital competitors (Magazine Luiza, 2026).

Despite its market relevance, Magazine Luiza operates in a sector sensitive to high interest rates and consumption capacity, especially among low to middle-income families, who depend on installment credit (Investing, 2026). The Selic rate, as the main monetary policy instrument, directly influences the cost of credit and companies’ working capital, impacting their revenues and profit margins (Fecomercio SP, 2025). A detailed analysis of Magazine Luiza’s financial indicators, extracted from its consolidated financial statements, allowed for the quantification of these impacts and management’s responses.

Working Capital Requirement

The Need for Working Capital (NWC), which represents the amount of resources needed to finance the company’s operational cycle, was calculated using the functional balance sheet method (Assaf Neto, 2020). This method reorganizes accounts into operational assets, operational liabilities, and financial accounts, providing a clear view of working capital. The analysis of NWC in absolute terms and in relation to Net Revenue provided insights into management efficiency during a period of high interest rate volatility.

The results demonstrated an expressive reduction in Magazine Luiza’s NCG, which fell 49.07% in the analyzed period, going from R$ 9.124 billion in 2021 to R$ 4.646 billion in 2025. The most significant drops in NCG were observed in 2023, with a reduction of 27.16%, and in 2025, with 25.79%, periods that coincided with the peaks of the average annual Selic. This temporal correlation suggests an active response from the company’s management to periods of greater monetary tightening, seeking to optimize capital usage.

The efficiency in working capital management was also confirmed by the drop in the NWC/Net Revenue index, which decreased from 25.86% in 2021 to 12.01% in 2025. This 53.58% reduction indicates a structural improvement in the company’s ability to sustain its revenue with fewer operational resources, neutralizing the natural effect of business expansion on NWC (Assaf Neto, 2020). The main factor driving this decrease was the 44.43% growth in supplier balances, which advanced from R$ 5.638 billion to R$ 8.143 billion, reflecting a deliberate strategy of extending payment terms.

Cash Cycle

The Cash Conversion Cycle (CCC) is a crucial metric that measures the time the company’s capital remains tied up in operations. It is calculated from three components: the Average Collection Period (ACP), the Average Inventory Period (AIP), and the Average Payment Period (APP) (Assaf Neto, 2020). Optimizing these periods is fundamental to reducing the need for external financing and, consequently, the cost of working capital.

The analysis revealed a significant compression of Magazine Luiza’s Cash Conversion Cycle, which decreased by 62.2%, from 104.3 days in 2021 to 39.4 days in 2025. This reduction of 64.9 days in the period demonstrates effective management to free up capital. The Average Inventory Turnover Period (PMRE) was the component that contributed most to this compression, shrinking by 27.2 days, a reduction of 22.2%. This movement reflects a higher inventory turnover, indicating greater efficiency in inventory management and the speed of the commercial cycle (Assaf Neto, 2020).

The Average Payment Period to Suppliers (PMPF) also played a crucial role in reducing the Cash Conversion Cycle, expanding from 75.8 days in 2021 to 108.0 days in 2025, an increase of 32.2 days. This extension of payment terms represents a source of free operational financing, which contributes to the reduction of Working Capital and CCC (Assaf Neto and Lima, 2017). In contrast, the Average Sales Receipt Period (PMRV) showed a more modest reduction of 5.4 days, indicating that the consumer credit policy remained relatively stable throughout the period, without major changes that could impact the receipt of installment sales.

Cost of Working Capital Needs

To quantify the financial impact of Selic’s high cycles on NCG, the annual opportunity cost of NCG was calculated, which is the product of NCG and the Annual Average Selic. This indicator allows us to assess how variations in the interest rate and working capital management influence the company’s financial cost. The analysis of this cost is essential to understand the effectiveness of the mitigation strategies adopted by Magazine Luiza.

The opportunity cost of Magazine Luiza’s NCG showed a complex variation over the period. Between 2021 and 2022, the cost jumped 166.9%, driven exclusively by the tripling of the Selic rate, as the NCG fell only 3.5% in this interval, which was insufficient to offset the increase in interest rates. In 2021, the cost was R$ 414.256 million, rising to R$ 1.105 billion in 2022, reflecting the direct impact of the first Selic rate hike cycle.

Starting in 2023, active NCG management began to offset the effect of high interest rates. Even with the average Selic at 13.30% in 2023, the NCG cost decreased to R$ 853,430 million, a drop of 22.81% compared to the previous year. In 2025, despite the Selic reaching the highest average of the period (14.42% per year), the NCG cost was R$ 670,081 million, lower than in 2022, thanks to an NCG 47.3% smaller. This dynamic shows that the active reduction of NCG was crucial to cushion the impact of the cost of capital.

Counterfactual Analysis

Counterfactual analysis was performed to isolate the effects of active NCG management, comparing the effective cost of NCG in each year with a hypothetical cost the company would have incurred if NCG had remained at the 2021 level. This methodology allowed for the quantification of savings generated by Magazine Luiza’s proactive management, separating them from variations due to interest rates. The counterfactual approach is fundamental to demonstrating the value of managerial intervention in scenarios of monetary tightening.

The results of the counterfactual analysis revealed an accumulated saving of R$ 1.36 billion between 2022 and 2025, generated by the active management of NCG. This saving grew each year, with a highlight in 2025, when the difference between the actual cost of NCG and the hypothetical cost (with NCG fixed at 2021) reached R$ 645.7 million. This finding shows that Magazine Luiza’s operational and financial adaptability was able to more than offset the contractionary effect of interest rates on the company’s operational cycle, transforming a potential liability into a substantial financial gain.

Correlations

The application of Pearson’s correlation between the Selic rate and working capital indicators provided a deeper understanding of the relationships between monetary policy and Magazine Luiza’s financial management. Pearson’s linear correlation coefficient measures the strength and direction of the linear relationship between two variables (Figueiredo Filho and Silva Júnior, 2009). The results corroborated previous observations, highlighting the mitigation strategies adopted by the company.

A strong negative correlation was found between the Selic and NCG (r = -0.69), CCC (r = -0.75), and the NCG/Net Revenue index (r = -0.74). These results indicate that periods of higher interest rates coincided with greater reductions in working capital needs and cash cycle duration, suggesting a direct managerial response to the increased cost of money. Magazine Luiza’s management adjusted its operations to minimize working capital exposure during times of higher financial cost.

The most expressive correlation was observed between the Selic and the Average Stock Renewal Period (PMRE), with a very strong negative coefficient (r = -0.98). This suggests that the interest rate hike cycles induced the company to accelerate stock turnover in an almost linear fashion, likely due to increased pressure on carrying costs. In contrast, the Average Supplier Payment Period (PMPF) showed a strong positive correlation with the Selic (r = +0.65), confirming that extending payment terms was a consistent and strategic response to monetary tightening cycles, utilizing supplier financing as a cash management tool.

The cost of NCG showed a moderate positive correlation with Selic (r = +0.68), which is below expectations if NCG remained stable. This result reinforces the conclusion that active NCG management mitigated the full pass-through of interest rates to the company’s operating cost. Finally, the Average Sales Receipt Period (PMRV) demonstrated a practically null correlation with Selic (r = -0.09), indicating that Magazine Luiza’s consumer credit policy was not significantly affected by interest rate cycles, remaining stable throughout the analyzed period.

In summary, the results obtained confirm that the two Selic rate hike cycles exerted significant pressure on Magazine Luiza’s working capital cost. However, the active and proactive management of NWC, manifested by a 49.07% reduction in total NWC and a 62.2% compression in the Cash Conversion Cycle, was able to significantly cushion these effects. The extension of payment terms to suppliers and the acceleration of inventory turnover were the main drivers of this reduction, resulting in accumulated savings of R$ 1.36 billion between 2022 and 2025, according to the counterfactual analysis. These findings demonstrate that operational and financial adaptability constitutes a strategic competitive advantage for companies intensive in working capital, allowing them to navigate environments of high monetary volatility.

4. Conclusion

This study analyzed the effects of high Selic rate cycles on the working capital management of Magazine Luiza S.A. between 2021 and 2025, seeking to identify the strategies adopted by the company to mitigate such impacts. It was found that the company’s Working Capital Requirement (WCR) decreased by 49.07% during the period, from R$ 9.124 billion to R$ 4.646 billion. Concurrently, the Cash Conversion Cycle (CCC) was significantly compressed by 62.2%, decreasing from 104.3 to 39.4 days. This optimization was mainly driven by the extension of the Average Payment Period to Suppliers (APTS), which expanded by 32.2 days, and by the reduction of the Average Inventory Turnover Period (AITP) by 27.2 days, indicating an active and deliberate management of inventory and payment terms. The analysis of the opportunity cost of WCR revealed that, despite the Selic reaching its highest annual average in 2025, the cost was lower than in 2022, evidencing the effectiveness of the active reduction of WCR. The counterfactual analysis quantified an accumulated saving of R$ 1.36 billion between 2022 and 2025, generated by this proactive management. Pearson correlations corroborated these observations, indicating a very strong negative relationship between the Selic and the AITP (r = -0.98) and a strong positive relationship between the Selic and the APTS (r = +0.65), confirming that Magazine Luiza’s management adjusted its operations in direct response to the increase in the cost of money.

The main contribution of this work lies in demonstrating, empirically and methodologically structured, that active and proactive working capital management is capable of significantly cushioning the effects of a high interest rate environment on the operational costs of a large retailer. However, it is important to emphasize that business performance is a multidimensional phenomenon, and the conclusions presented here specifically reflect the effects of high Selic cycles on the operational management of Magazine Luiza’s working capital, not constituting a comprehensive assessment of the company’s performance. The results obtained, being from a single case study, cannot be directly generalized to other companies in the retail sector or other segments, given the particularities of each organization. Nevertheless, the study serves as a reference for future investigations on companies with similar profiles and for managers facing analogous monetary tightening scenarios, reinforcing that operational and financial adaptability represents an invaluable strategic competitive advantage for working capital-intensive companies.

Bibliographic References

Banco Central do Brasil [BCB]. 2026. Sistema Gerenciador de Séries Temporais. Disponível em: <https://www3.bcb.gov.br/sgspub/localizarseries/localizarSeries.do?method=prepararTelaLocalizarSeries>. Acesso em: 19 abr. 2026.

Banco Nacional de Desenvolvimento Econômico e Social [BNDES]. 2018. Capital de giro: entrevista. Disponível em: <https://www.bndes.gov.br/wps/portal/site/home/conhecimento/noticias/noticia/capital-giro-entrevista>. Acesso em: 19 abr. 2026.

Fundo Monetário Internacional [FMI]. 2020. Global rebalancing and the Covid-19 crisis. Disponível em: <https://www.imf.org/pt/blogs/articles/2020/08/04/blog-global-rebalancing-and-the-covid19-

Gitman, L. J. 2010. Princípios de Administração Financeira. Pearson, São Paulo, SP, Brasil.

Payoneer. 2026. Indicadores financeiros: guia completo. Disponível em: <https://www.payoneer.com/pt/resources/business/indicadores-financeiros/>. Acesso em: 19 abr. 2026.

Article originating from the Final Course Work of the Specialization in Finance and Controllership of the MBA USP/Esalq

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The selection of suppliers in public procurement demanded instruments to enhance transparency and strengthen compliance in the face of legal and reputational risks. The objective was to apply the AHP-Gaussian method in supplier selection, based on quantitative criteria of integrity and operational capacity. The investigation, of an applied, documentary, and quantitative nature, used secondary data from the National Register of Unfit and Suspended Companies (CEIS), available on the Transparency Portal. Ten suppliers from the cleaning and maintenance segment were evaluated, according to six criteria: resources received, current sanctions, contracts signed, parliamentary amendments, services, and participation in tenders. The AHP-Gaussian method processed the data, calculated the weights of the criteria, aggregated the performances, and generated the final ranking of alternatives. The results indicated that the parliamentary amendments criterion showed the highest relative weight in the model, followed by participation in tenders and contracts signed. Alternative A4 was the best positioned in the final ranking, followed by A5 and A6. A sensitivity test confirmed the model’s coherence and robustness. It was concluded that AHP-Gaussian constituted an adequate tool to support supplier selection in the public sector, contributing to more consistent, traceable decisions aligned with the principles of integrity and governance.

Keywords: AHP-Gaussian; Multicriteria Decision Aid; Compliance; Public Procurement; Suppliers.

November 06, 2026

Positioning of global food brands and consumer perception in the contemporary digital market

The expansion of global markets imposed on brands the challenge of overcoming digital standardization and avoiding disconnection with consumers from different cultural contexts. The study analyzed the strategic positioning and perception of the McDonald’s, Starbucks, and KFC brands in Brazil, France, and Japan, seeking to understand how tone of voice, visual aesthetics, and communication channels were shaped to local preferences. The methodology employed a multiple case study with a mixed approach, integrating content analysis of Instagram and TikTok profiles with the application of a structured questionnaire to 63 respondents. The results demonstrated significant contrasts in digital positioning: in Brazil, communication prioritized expressiveness and emotional proximity through influencers; in France, aesthetic individualism and ironic humor predominated as vectors of engagement; and in Japan, the strategy revealed high-context communication, guided by visual refinement, seasonality, and the use of regional channels such as the LINE app. The research ratified that 88.9% of consumers demanded adapted campaigns, evidencing cultural resonance as a determining variable for brand equity sustentation. It was concluded that the effectiveness of digital positioning depended on the balance between global identity and deep localization, making consumption culturally relevant and authentic.

Keywords: Branding; Consumer Behavior; Brand Localization; Intercultural Marketing; Social Media.

Innovation

November 05, 2026

A technology park does not end within the boundaries of its land

By bringing together skills and monitoring results, your contribution also reaches organizations that are not physically located in it. A technology park is a meeting place. In it, a company can find the knowledge needed to develop a solution, a researcher can discover an application for their work, and an entrepreneur can meet the missing partner […]

Economy

October 19, 2026

End of the 6×1 scale: what do the numbers allow us to conclude?

Following the promulgation of the end of the 6×1 shift system, the debate on the shorter workday moves to implementation and requires distinguishing social benefits from economic costs. The end of the 6×1 shift system transitioned from legislative discussion to a constitutional change in Brazil. On October 16, 2026, the National Congress promulgated Constitutional Amendment No. 141/2026, originating from Proposal […]

Artificial Intelligence

October 16, 2026

Why study if AI exists?

When answers become easy, learning comes to mean more than just arriving at them. Why do I need to learn this if I can ask an artificial intelligence? This type of question has accompanied education for decades. Why learn an operation if a calculator exists? Why memorize information if it can be found […]

Tax Management

October 15, 2026

Pink tax and the gender of price

How different marketing treatments for men and women are incorporated by consumption taxation Imagine a shelf on which two razors of the same brand and intended for the same purpose are displayed side by side: one has dark packaging and promises strength, precision, and efficiency; the other comes in shades of pink or […]

Health

October 13, 2026

The missing link in health transformation

Why is innovation not enough to drive changes in organizations and health systems Digital transformation has become a strategic priority for health systems worldwide. Electronic health records, artificial intelligence, telemedicine, remote monitoring, and data analysis are now part of the strategic agenda of governments and health organizations. Paradoxically, […]

Marketing

October 09, 2026

Bitcoin or pets: what Artificial Intelligence would not see

A real-life consumer intelligence case shows what gets left out of the brief A few years ago, an American insurance company hired a specialized consumer intelligence firm to answer three questions: The insurer was also considering launching paid insurance in bitcoin. At the time, the consultancy’s workflow was as follows: the analyst created a query […]

School Management

October 06, 2026

The school is not a casino: when trading cards become currency in the playground

Why, for certain students, does school manage to offer so few experiences of achievement? The World Cup is over. Brazil left the competition, the school holidays came, the final was played and the football calendar moved on. It would be reasonable to imagine that, with the end of the tournament and the return to classes, […] would also begin

Energy Transition

September 30, 2026

Renewable energies: the Brazilian advantage

Brazil needs to invest in the capacity to transform natural resources into innovation, productivity, and development. Talking about energy is talking about development. Behind industry, transportation, services, cities, and increasingly artificial intelligence, there is an energy infrastructure that sustains the economy. Understanding a country’s energy matrix is understanding […]

Data Analysis

September 30, 2026

When the data changes, has reality changed?

An analysis of almost 20 million teaching positions-year between 2020 and 2025 shows how changes in population composition and record production can alter the interpretation of historical series Between 2020 and 2025, the number of formal teaching employment positions identified in RAIS (Annual Relation of Social Information), from the Ministry of Labor, […]

Tax Management

September 01, 2026

Tax reform and estate planning in the countryside

Efficiency in managing taxes facilitates governance and allows for the organization of family succession. Rural wealth organization has become a strategic measure in light of the tax reform in Brazil, which came into effect this year. The planning of activities and rural wealth management, through tools such as the transition from an Individual to […]

Renata de Gaspari Valdejão Almeida

Artificial Intelligence

August 05, 2026

Inside the company and off the radar: the risks of Shadow AI

According to Microsoft, 75% of professionals already use artificial intelligence at work without company approval. The use of generative artificial intelligence is already part of the corporate routine. Tools like ChatGPT, Copilot, and other platforms help professionals produce texts, analyze data, create presentations, and accelerate tasks in practically all sectors. But this advance […]

Renata de Gaspari Valdejão Almeida

Strategy

July 02, 2026

The future as a competence

Academic interest reinforces the projection of scenarios as an essential tool for decision-making. While some companies are still trying to get the next step right, others are already working with multiple possible futures — and preparing for all of them. But after all, what does it mean to “think about the future”? Is it a trend, a strategy, or a new competence that […]

Renata de Gaspari Valdejão Almeida

Innovation

Technology

May 21, 2026

Agro SP Corridor: innovation, institutional articulation and future

Pecege commands the executive operation of the 400 km ecosystem activities that became known as the Brazilian agro Silicon Valley In 2025, in addition to taking over the management of the Piracicaba Technology Park, the Pecege Institute was also designated to command the executive operation of the State Agribusiness Innovation Corridor activities, the so-called […]

Education

April 27, 2026

How to turn a TCC into a business

New management of the Piracicaba Technology Park offers consulting to MBA graduates The new project director of the Piracicaba Technology Park (PTP), Alexandre Barreto, often says that one of the greatest rewards he has ever had in life was seeing his MBA USP/Esalq students structure companies from their final projects […]

Technology

March 20, 2026

The human repertoire in the age of AI

Critical thinking and creativity are irreplaceable in the work of a marketing professional Artificial Intelligence (AI) is capable of incredible feats, but it does not yet possess the judgment, empathy, intuition, and strategic creativity necessary to do the job of a good marketing professional. In this area, it is important to know how to use the tool to automate […]

Renata de Gaspari Valdejão Almeida

Agribusiness

Innovation

February 23, 2026

ESG as a growth strategy in a cooperative in RS

Santa Clara balances social and environmental responsibility with innovation Founded in 1911 by Italian immigrants in Carlos Barbosa, in the Serra Gaúcha region, Cooperativa Santa Clara is an example that it is possible to balance economic growth with social and environmental responsibility. From a small cheese production company, the organization has evolved into a […]

Renata de Gaspari Valdejão Almeida

Agribusiness

Innovation

January 22, 2026

Brazil free of Foot-and-Mouth Disease: what changes for Brazilian beef?

With a herd of over 200 million head of cattle, the country is currently the leader in exports. Brazil recently received, for the first time, the certification of country free of foot -and-mouth disease without vaccination, conferred by the World Organisation for Animal Health (WOAH). The seal strengthens the country’s position as a reliable supplier of meat for the […]

Renata de Gaspari Valdejão Almeida

Innovation

December 09, 2025

Innovation: the new cycle of the Piracicaba Technology Park

Instituto Pecege assumes management, betting on the creation of new businesses Starting in 2026, Instituto Pecege will assume the management of the Piracicaba Technology Park (PTP). Among its responsibilities will be the administration, operation, maintenance, and expansion of the park, in addition to fostering activities in innovation, entrepreneurship, and science and technology. The choice was made […]

Renata de Gaspari Valdejão Almeida

July 06, 2026

Large-Scale Architecture: DSR-SCRUM Change Management

Mônica Alessandra Guerios; Maria do Carmo Assis Todorov Abstract generated by ResumeAI, an artificial intelligence solution developed by Instituto Pecege focused on synthesis and writing. Architecture and urbanism are configured as essential bases in an increasingly complex and challenging urban space, where the intrinsic connection between social, environmental, and technological issues […]