Resumen El objetivo es analizar la relación entre la contabilidad del carbono y los comités ambientales en las empresas que cotizan en la BMV. Mientras la literatura sobre la contabilidad del carbono explica ampliamente la existencia de varios niveles de implementación, desde el simple registro de la huella de carbono hasta métodos de contabilidad más sofisticados para expresar las responsabilidades de las empresas, aún permanece un debate continuo sobre cómo estos diferentes niveles de contabilidad de carbono se relacionan con el establecimiento de comités ambientales dentro de las empresas. Dentro del método de investigación se utilizó la regresión logística para probar el efecto de los niveles de contabilidad de carbono (variable independiente) sobre la presencia de comités ambientales (variable dependiente) controlando por tipo de industria y tamaño de la empresa. Los resultados muestran que no todos los niveles de contabilidad del carbono aumentan la probabilidad de que exista un comité medioambiental. Los hallazgos sugieren que los niveles más superficiales de contabilidad del carbono que se aplican en México aumentan la probabilidad de que las empresas cuenten con comités medioambientales para fomentar la actividad relacionada con el carbono. La originalidad radica en la medición de la contabilidad de carbono, la cual carece de exploración en estudios que aborden contextos latinoamericanos. Las limitaciones del estudio vislumbran la necesidad de realizar estudios longitudinales para observar el efecto de la relación entre las variables en el tiempo.

Abstract The objective is to analyze the relationship between carbon accounting and environmental committees in companies listed on the BMV. While the carbon accounting literature amply explains the existence of various levels of implementation, from simple carbon footprint recording to more preferred accounting methods for expressing companies' responsibilities, there remains an ongoing debate about how these different Carbon accounting levels are related to the establishment of environmental committees within companies. Within the research method, logistic regression was used to test the effect of carbon accounting levels (independent variable) on the presence of environmental committees (dependent variable), controlling for type of industry and company size. The results show that not all levels of carbon accounting increase the probability that an environmental committee exists. The findings suggest that the more superficial levels of carbon accounting applied in Mexico increase the likelihood that companies have environmental committees to encourage carbon-related activity. The originality lies in the measurement of carbon accounting, which lacks exploration in studies that address Latin American contexts. The limitations of the study point to the need to carry out longitudinal studies to observe the effect of the relationship between the variables over time.

Resumen Este trabajo compara el desempeño de la memoria de corto y largo plazo (LSTM, por sus siglas en inglés) univariada y multivariada en la predicción de los precios de cierre del día siguiente de cuatro acciones del sector de consumo minorista en la Bolsa Mexicana de Valores. El error absoluto medio (MAE, por sus siglas en inglés), el error porcentual absoluto medio (MAPE, por sus siglas en inglés), la mediana del error porcentual absoluto (MdAPE, por sus siglas en inglés) y la raíz del error cuadrático medio (RMSE, por sus siglas en inglés) se utilizan para probar el desempeño de las redes. Por un lado, los resultados muestran un mejor desempeño en el pro nóstico multivariado de precios cuando se utilizan secuencias de 20 y 15 días de duración, generando resultados coherentes para la muestra, incluidas las acciones líquidas e ilíquidas. Por otro lado, la LSTM univariada revela un desempeño de pronóstico menor para la predicción del precio de acciones ilíquidas.

Abstract This study compares the performance of univariate and multivariate Long Short-Term Memory (LSTM) to predict next-day closing prices on four stocks in the consumer retail sector of the Mexican Stock Exchange. Mean Absolute Error (MAE), Mean Absolute Percentage Error (MAPE), Median Absolute Percentage Error (MdAPE), and Root Mean Squared Error (RMSE) are used to test the networks’ performance. Results show a better performance on multivariate price forecasts when using 20-day and 15-day length sequences, generating consistent results for the sample, including illiquid and liquid stocks. On the other hand, univariate LSTM discloses lower forecast performance when predicting the price of illiquid stocks.

Abstract Purpose: The objective of this paper is to investigate the direction of the causal relationship between dividend policy (DP) and earnings management (EM). Design/methodology/approach: This research utilizes the panel data analysis to investigate the causal relationship between EM and DP. It provides empirical insights based on a sample of 280 French nonfinancial companies listed on the CAC All-Tradable index during the period of 2008-2015. The study initiates with a Granger causality examination on the unbalanced panel data and employs a dynamic panel approach with the generalized method of moments (GMM). It further estimates the empirical models simultaneously using the three-stage least squares (3SLS) method and the iterative triple least squares (iterative 3SLS) method. Findings: The estimation of our various empirical models confirms the presence of a bidirectional causal relationship between DP and EM. Practical implications: Our study highlights the prevalence of EM in the French context, particularly within DP. It underscores the need for regulatory bodies, the Ministry of Finance, external auditors and stock exchange organizers to prioritize governance mechanisms for improving the quality of financial information disclosed by companies. Originality/value: This research is, to the best of our knowledge, the first is to extensively investigate the reciprocal causal relationship between DP and EM in France. Previous studies have not placed a significant emphasis on exploring this bidirectional link between these two variables.

Abstract Based on the reading of Moore (2015) and the concepts of neo-extractivism and land grabbing, this paper characterizes an emblematic form of the realization of capitalism in Latin America, particularly in the Brazilian state of Mato Grosso. As concrete expressions of land grabbing, the recently established Investment Funds in Agroindustrial Productive Chains (Fiagro) are discussed, and companies listed on the stock exchange directly linked to land speculation and/or monoculture are also presented. The geolocation is also revealed of the farms managed by Fiagro and their proximity to water conflicts in the state of Mato Grosso, together with a map presenting the geoenvironmental compartments of Mato Grosso and the indigenous lands. The objective is to discover clues on how - in response to the general movement of circulation and appreciation of capital on a global scale - the construction and operationalization of these renewed financial instruments may have a concrete impact on the existence of territories of peoples and communities that insist on operating with another logic. 2015 (2015 neoextractivism neo extractivism grabbing America (Fiagro discussed andor or presented lands logic 201 (201 20 (20 2 (2 (

Resumo Calcado na leitura de Moore (2015) e nos conceitos de neoextrativismo e land grabbing, este trabalho caracteriza uma forma emblemática de concretização do capitalismo na América Latina, especialmente no estado brasileiro do Mato Grosso. Como manifestações concretas do land grabbing são discutidos os recentemente instituídos Fundos de Investimento do Agronegócio (Fiagro) e apresentadas as empresas listadas em bolsa vinculadas diretamente à especulação de terras e/ou ao monocultivo. Apresentam-se a geolocalização das fazendas administradas pelos Fiagro e sua proximidade dos conflitos por água no estado do Mato Grosso, além do mapa dos compartimentos geoambientais desse estado e o das terras indígenas. O objetivo é encontrar pistas de como - em resposta ao movimento geral de circulação e de valorização do capital em escala global - a construção e a operacionalização desses renovados instrumentos financeiros podem repercutir concretamente na existência de territórios de povos e comunidades que teimam em funcionar com outra lógica. 2015 (2015 Latina Grosso (Fiagro eou ou monocultivo Apresentamse Apresentam se indígenas lógica 201 (201 20 (20 2 (2 (

RESUMEN Los diferentes grupos de interés y sus aspectos de influencia con respecto a la asignación de valor han ganado una creciente demanda por parte de las organizaciones y la academia. En la literatura reciente sobre stakeholders, existe un desarrollo teórico sobre la distribución de valor considerando atributos de importancia estratégica y poder; sin embargo, la literatura aún carece de estudios empíricos para analizar y comprender la relación. Este artículo tiene como objetivo verificar la asociación entre el poder y la importancia estratégica de los stakeholders y la distribución de valor a ellos por parte de las empresas que cotizan en la Bolsa de Valores de Toronto (TSX). Para obtener la información relevante sobre el trato que las empresas dan a sus grupos de interés, analizamos el contenido de 104 prospectos del proceso de OPI de la TSX de 2008 a 2019. Los resultados revelaron que el poder y la importancia estratégica son relevantes para la distribución de valor a los grupos de interés y que la importancia estratégica de los stakeholders tiene una influencia más significativa en comparación con su poder. En cuanto a las contribuciones, nuestro estudio enriquece los debates previos en la literatura sobre stakeholders en términos teóricos y prácticos. academia embargo relación TSX. . (TSX) 10 200 2019 contribuciones prácticos (TSX 1 20 201 2

ABSTRACT The different stakeholder groups and their influence on value distribution have received increasing attention from organizations and academia. In the recent stakeholder literature, there has been a theoretical development on value distribution, considering the attributes of strategic importance and power; however, the literature still lacks empirical studies to analyze and understand the relationship. This paper examines the association between stakeholders’ power and strategic importance and the value distribution to them by publicly traded companies on the Toronto Stock Exchange (TSX). To obtain relevant information on companies’ treatment of their stakeholders, we analyzed the content of 104 prospectuses for the TSX IPO process from 2008 to 2019. The results reveal that power and strategic importance are relevant to the distribution of value to stakeholders and that the strategic importance of stakeholders has a more significant influence than their power. Regarding contributions, our study advances previous debates in stakeholder literature in theoretical and practical terms. academia however relationship TSX. . (TSX) 10 200 2019 contributions terms (TSX 1 20 201 2

RESUMO Os diferentes grupos de stakeholders e seus aspectos de influência na alocação de valor vêm ganhando crescente demanda por parte das organizações e da academia. Na literatura recente de stakeholders, há um desenvolvimento teórico sobre distribuição de valor considerando atributos de importância estratégica e poder; no entanto, a literatura ainda carece de estudos empíricos para analisar e compreender a relação. Este trabalho tem como objetivo verificar a associação entre poder e importância estratégica dos stakeholders e a distribuição de valor a eles por empresas de capital aberto na Bolsa de Valores de Toronto (TSX). Para obter as informações relevantes sobre o tratamento dado pelas empresas aos seus stakeholders, analisamos o conteúdo de 104 prospectos para o processo de IPO da TSX de 2008 a 2019. Os resultados revelaram que o poder e a importância estratégica são relevantes para a distribuição de valor aos stakeholders e que a importância estratégica dos stakeholders tem uma influência mais significativa quando comparada ao seu poder. Quanto às contribuições, o nosso estudo avança debates anteriores na literatura de stakeholders em termos teóricos e práticos. academia entanto relação TSX. . (TSX) 10 200 2019 contribuições práticos (TSX 1 20 201 2

Resumen El objetivo de este artículo es discutir las diversas estrategias de financiarización del sector sucroenergético en Brasil, como la adquisición de crédito bancario, la emisión de títulos de deuda, la salida a bolsa y la especulación en el mercado de commodities. En los últimos años, los agentes del sector sucroenergético han apostado cada vez más por acceder a distintas formas de capitalización para inflar sus activos y realizar inversiones productivas y especulativas. El contexto se enmarca en la hegemonía del capital financiero sobre la economía política de mercado y las grandes empresas, lo que se traduce en una creciente influencia en las decisiones empresariales. Así, se observa que la agroindustria globalizada es una de las actividades económicas que viene teniendo estrechas relaciones con los agentes financieros para ampliar el proceso de acumulación de capital, aumentando aún más los niveles de riqueza de los inversionistas. Brasil bancario deuda commodities años especulativas empresas empresariales Así inversionistas

Abstract This article aims to discuss the several financialization strategies used by sugarcane industry in Brazil, such as banking credit acquisitions, issuance of debt securities, IPO on the stock exchange and speculation in the commodities market. In recent years, agents of the sugarcane sector have been increasingly to access different ways of capitalization to inflate their assets and make productive and speculative investments. The context is part of the hegemony of financial capital over the political economy of the market and large firms, resulting in growing influence on corporate decisions. Thus, it is observed that globalized agribusiness is one of the economic activities that has been having narrow relations with the financial agents to expand the process of capital accumulation, increasing even more the investors’ wealth levels. Brazil acquisitions securities years investments firms decisions Thus accumulation investors levels

Resumo O objetivo do presente artigo é discutir as várias estratégias de financeirização do setor sucroenergético no Brasil, como a aquisição de crédito bancário, emissão de títulos de dívida, abertura de capital em bolsa de valores e especulação no mercado de commodities. Nos últimos anos, os agentes do setor sucroenergético têm se empenhado cada vez mais em acessar diferentes formas de capitalização para inflacionar seus ativos e realizar investimentos produtivos e especulativos. O contexto se insere na hegemonia do capital financeiro sobre a economia política do mercado e das grandes empresas, resultando em crescente influência sobre as decisões corporativas. Sendo assim, observa-se que o agronegócio globalizado é uma das atividades econômicas que vem tendo estreitas relações com os agentes financeiros para ampliar o processo de acumulação do capital, aumentando ainda mais os níveis de riqueza dos investidores. Brasil bancário dívida commodities anos especulativos empresas corporativas assim observase observa investidores

Abstract This study examines the influence of family control on firm performance, taking into consideration the moderating variable of the proportion of independent commissioners. The sample for this research consists of manufacturing sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2012-2018, with 477 observations. Ordinary Least Squares (OLS) regression analysis and Moderated Regression Analysis (MRA) techniques were employed to test the hypotheses. The findings of this research indicate that family control has a significant negative impact on firm performance. Additionally, it was found that the proportion of independent commissioners significantly weakens the negative influence of family control on firm performance. performance IDX (IDX 20122018, 20122018 2012 2018, 2018 2012-2018 47 observations OLS (OLS MRA (MRA hypotheses Additionally 2012201 201 2012-201 4 201220 20 2012-20 20122 2 2012-2 2012-

Resumo Esta pesquisa analisa o efeito do controle familiar no desempenho corporativo tendo a proporção de conselheiros independentes como variável moderadora. A amostra desta pesquisa são empresas do setor manufatureiro listadas na Bolsa de Valores da Indonésia para o período 2012-2018, com 477 observações. Este estudo utiliza técnicas de mínimos quadrados ordinários (OLS) e análise de regressão moderada (MRA) para chegar aos resultados. Esta pesquisa descobriu que o controle familiar tem um efeito negativo significativo no desempenho corporativo. O outro resultado concluiu que a proporção de comissários independentes enfraquece significativamente o efeito negativo do controle familiar no desempenho empresarial. moderadora 20122018, 20122018 2012 2018, 2018 2012-2018 47 observações OLS (OLS MRA (MRA resultados empresarial 2012201 201 2012-201 4 201220 20 2012-20 20122 2 2012-2 2012-

Resumo Objetivo Este artigo procurou identificar o impacto das classificações ambientais, sociais e de governança (ESG) de empresas do ramo de educação, tais como: faculdades, universidades e escolas profissionais com fins lucrativos nos seus resultados financeiros. Metodologia Foram utilizados como amostra os dados de 50 empresas de todo o mundo, listadas em bolsa e com dados ESG disponíveis para o período de 2012 a 2021 contidos na base de dados REFINITIV-EIKON. Como variáveis dependentes, foram utilizados o Q de Tobin e o Market-to-Book (MTB), variáveis amplamente adotadas em estudos econômicos similares. Como variáveis de desempenho financeiro foram utilizadas a Rentabilidade do Ativo (ROA) e a Rentabilidade sobre o Capital Próprio (ROE). Como variáveis explicativas foram usados os índices ESG-combinado, Pilar-Social, Pilar-Ambiental e Pilar de Governança. O método de regressão utilizado foi o método de momentos generalizados (GMM). Conclusões Como resultado, foi encontrada uma relação significativa e positiva entre as pontuações do ESG-combinado e Pilar-Social com o desempenho financeiro, representado pelo ROE e ROA. Este resultado é semelhante aos de outros estudos que encontraram a mesma relação positiva. Por outro lado, verificou-se uma relação significativa e negativa entre as pontuações ESG-combinado e Pilar-Social com os indicadores de mercado Q de Tobin e MTB. Implicações práticas Os resultados indicam que, apesar de as pontuações do ESG-combinado e do Pilar-Social estarem positivamente relacionados com os resultados financeiros, o mercado não reconhece positivamente nem fixa o preço das ações devido a essas pontuações. Originalidade Estes resultados ainda não tinham sido observados para o sector de educação. ambientais (ESG educação faculdades financeiros 5 mundo 201 202 REFINITIVEIKON. REFINITIVEIKON REFINITIV EIKON. EIKON REFINITIV-EIKON dependentes MarkettoBook Market to Book MTB, MTB , (MTB) similares ROA (ROA ROE. . (ROE) ESGcombinado, ESGcombinado combinado, combinado PilarSocial, PilarSocial Social, Social PilarAmbiental Ambiental Governança GMM. GMM (GMM) lado verificouse verificou se 20 (MTB (ROE (GMM 2

Abstract Purpose This paper examined the impact of Environmental, Social and Governance (ESG) scores of for-profit colleges, universities, and professional schools on their market and financial results. Design/methodology/approach Sample data from 50 companies, national and international, listed on a stock exchange and with ESG data available from 2012 to 2021 was obtained on the EIKON-REFINITIV information database. Performance variables comprised Tobin’s Q and Market-to-Book (MTB), widely adopted in similar economic studies. Return on Assets (ROA) and Return on Equity (ROE) conformed to the financial performance variables. Explanatory variables consisted of ESG combined, ESG Social Pillar, Environmental Pillar, and Governance Pillar indexes. The analysis used the Generalized Method of Moments regression (GMM). Findings ESG combined showed a significant positive relationship with Social Pillar scores and financial performance, represented by ROE and ROA, as found by other studies. Conversely, we observed a significant negative relationship between ESG combined and Social Pillar scores and market indicators (Tobin’s Q and MTB). Practical implications Results indicate that although ESG combined, Social Pillar scores, and financial performance are positively related to financial results, these do not reflect positive market recognition or price shares. Originality First-time results for this sector. (ESG forprofit profit colleges universities Designmethodologyapproach Design methodology approach 5 companies international 201 202 EIKONREFINITIV EIKON REFINITIV database Tobins Tobin s MarkettoBook Market Book MTB, MTB , (MTB) studies ROA (ROA (ROE indexes GMM. GMM . (GMM) Conversely MTB. MTB) shares Firsttime First time sector 20 (MTB (GMM 2

ABSTRACT Purpose The paper aims to present a new framework for ESG integration strategies in portfolio optimization problems. The optimization in the new structure focuses on the portfolio level, and the procedure is not focused on utility functions or on preliminary weights applied to the asset level. It applies the resampling technique, and all the portfolios are optimal portfolios in the mean-variance space. It uses a filtering process where only optimal portfolios with lower ESG risks are considered. Therefore, this technique works only with optimized portfolios, avoids concentration bias, and considers estimation errors in the expected returns and in the covariance matrix. Design/methodology/approach: The sample mean returns and covariance matrices generated by a multivariate normal distribution are applied in mean-variance optimization to generate several portfolios in the efficient frontiers. An ESG filtering process is used to select portfolios with lower ESG risks from a sample of 42 companies listed on the Brazilian stock exchange with returns from the period of 2018/01/01 to 2024/04/22. Findings Integration strategy costs may be lower than the best-in-class strategy costs and may be similar to the costs of a negative screening strategy. Social implications The paper presents a framework that considers social, environmental, and governance factors in the portfolio optimization process. Originality The main contribution of this paper is to present a new framework that combines resampling of returns’ mean and covariance based on a multivariate normal distribution with an ESG portfolio filtering process. problems level meanvariance variance space considered Therefore bias matrix Design/methodology/approach Designmethodologyapproach Design methodology approach frontiers 4 20180101 2018 01 2018/01/0 20240422 2024 04 22 2024/04/22 bestinclass best class social environmental 2018010 201 0 2018/01/ 2024042 202 2 2024/04/2 201801 20 2018/01 202404 2024/04/ 20180 2018/0 20240 2024/04 2018/ 2024/0 2024/

RESUMO Finalidade Este artigo apresenta uma abordagem para a estratégia de integração ESG no problema da otimização usando a técnica de reamostragem. A abordagem não utiliza funções de utilidade ou pesos preliminares no nível do ativo, focando nas carteiras. As carteiras são ótimas no espaço de média-variância, para cada amostra de retornos esperados e matriz de covariância. No processo de filtragem, são selecionadas as carteiras com menor risco ESG. Essa técnica trabalha somente com carteiras otimizadas, evita o viés de concentração (poucos ativos na carteira) e considera erros de estimativa nos retornos esperados e na matriz de covariância. Desenho/metodologia/abordagem: As amostras de retornos médios e matrizes de covariância geradas por uma distribuição normal multivariada são aplicadas na otimização média-variância para gerar várias carteiras nas fronteiras eficientes. É utilizado um processo de filtragem ESG para selecionar carteiras com menores riscos ESG de uma amostra com 42 empresas listadas na B3 com retornos no período de 2018/01/01 a 2023/12/31. Constatações Os custos da estratégia de integração podem ser inferiores aos custos da estratégia “best-in-class” e podem ser semelhantes aos custos de uma estratégia de “negative screening”, dependendo dos parâmetros de ambas as estratégias. Implicações sociais O artigo apresenta uma abordagem que considera fatores sociais, ambientais e de governança no processo de otimização de carteiras. Originalidade A principal contribuição deste artigo é a apresentação de uma nova abordagem que combina a reamostragem da média e covariância dos retornos com base numa distribuição normal multivariada com um processo de filtragem de carteiras ESG. ativo médiavariância, médiavariância variância, variância otimizadas poucos carteira Desenho/metodologia/abordagem Desenhometodologiaabordagem Desenho metodologia eficientes 4 B 20180101 2018 01 2018/01/0 20231231 2023 12 31 2023/12/31 bestinclass best in class “best-in-class negative screening, screening , screening” estratégias 2018010 201 0 2018/01/ 2023123 202 1 3 2023/12/3 201801 20 2018/01 202312 2023/12/ 20180 2 2018/0 20231 2023/12 2018/ 2023/1 2023/

ABSTRACT Purpose: This study analyzes how political-economic events have affected the Brazilian capital market over 13 years by evaluating the abnormal returns of the five most liquid stocks (Top-5). Originality/value: This research proceeds from previous studies by analyzing various political-economic events that impacted, to some extent, the prices of companies listed on the Brazilian Stock Exchange over 13 years. Considering both favorable and opposing evidence to the efficient market hypothesis (EMH), this study provides an original and robust test to evaluate market efficiency, considering various events and companies. Design/methodology/approach: We used the event study methodology to measure the impact of each event on stock prices by using the day before and after the event analyzed. We performed capital asset pricing model (CAPM) estimations with 110 observations before the event to assess abnormal returns. To assess the research hypotheses, we used the average abnormal return test around the event (Window – 1.1). Findings: We found that the five major companies in the Brazilian stock market were efficient in the EMH semi-strong form test despite 13 years of extreme events. Their returns did not change significantly after the events, differentiating themselves from studies that question market efficiency. Therefore, market participants should not expect abnormal returns in similar events. Purpose politicaleconomic political economic 1 Top5. Top5 Top 5 . (Top-5) Originality/value Originalityvalue Originality value impacted extent EMH, , (EMH) efficiency Design/methodology/approach Designmethodologyapproach Design approach analyzed CAPM (CAPM 11 hypotheses Window 1.1. 1.1 1.1) Findings semistrong semi strong Therefore (Top-5 (EMH 1. (Top- (Top

RESUMO Objetivo: Este artigo visa analisar como os eventos político-econômicos afetaram o mercado de capitais brasileiro ao longo de 13 anos, avaliando os retornos anormais das cinco ações mais líquidas (Top-5). Originalidade/valor: Este estudo avança sobre pesquisas anteriores ao analisar vários eventos político-econômicos ocorridos ao longo de 13 anos que impactaram, em alguma medida, os preços de empresas listadas na Bolsa de Valores Brasileira. Considerando evidências favoráveis e contrárias à Hipótese de Eficiência de Mercado (HEM), esta pesquisa oferece um teste original e robusto para avaliar a eficiência de mercado, considerando diversos eventos e empresas. Design/metodologia/abordagem: Utilizamos a técnica de estudo de eventos para medir o impacto de cada evento nos preços das ações utilizando o dia que precede e que sucede o evento analisado. A análise do retorno anormal das empresas foi realizada por meio de estimações do modelo de precificação de ativos de capital (CAPM) com 110 observações anteriores ao evento. Os testes das hipóteses de pesquisa foram realizados por meio do teste de médias do retorno anormal em torno do evento (Janela – 1,1). Resultados: Verificamos que as cinco principais empresas do mercado acionário brasileiro foram eficientes na forma semiforte da HEM diante de 13 anos de eventos extremos. Seus retornos não sofreram mudanças significativas após os eventos, diferenciando-se de estudos que questionam a eficiência do mercado. Diante dos resultados encontrados, participantes do mercado não devem esperar retornos anormais diante de eventos similares. Objetivo políticoeconômicos político econômicos 1 Top5. Top5 Top 5 . (Top-5) Originalidade/valor Originalidadevalor Originalidade valor impactaram medida Brasileira HEM, , (HEM) Design/metodologia/abordagem Designmetodologiaabordagem Design metodologia abordagem analisado CAPM (CAPM 11 Janela 1,1. 1,1 1,1) Resultados extremos diferenciandose diferenciando se encontrados similares (Top-5 (HEM 1, (Top- (Top

ABSTRACT Purpose: To analyze the behavior of the dividend distribution of publicly traded Brazilian companies according to the effects of the business cycles, comparing the stages of recovery, expansion, recession, and contraction (Schumpeter, 1935) with the stages of expansion and recession according to the National Bureau of Economic Research (NBER). Originality/value: According to Schumpeter (1935), classifying the stages of the business cycle presents greater details to the NBER method because the four stages show different characteristics that are not observed when only the two stages of the NBER model are used. Design/methodology/approach: Information was collected from 243 publicly traded companies listed on the Brazilian Stock Exchange between 1997 and 2021 to achieve the research objective. Data were obtained from the Refinitiv database, using panel data regression models with random effects to analyze two hypotheses defined in this study. The hypotheses state that the behavior of the relationship between the payment of dividends and the stages of the NBER’s bearish (high) business cycles is different from the recession and contraction stages (recovery and expansion), according to Schumpeter. Findings: The results indicated the non-rejection of the hypotheses, reinforcing the importance of the analysis of the four stages of the business cycles and complementary form by investors, analysts, managers, and other users when analyzing the payment of dividends by publicly held companies at the different levels of economic activity in the country. Purpose recovery Schumpeter, (Schumpeter 1935 NBER. . (NBER) Originality/value Originalityvalue Originality value 1935, , (1935) used Design/methodology/approach Designmethodologyapproach Design methodology approach 24 199 202 objective database study NBERs s high (high expansion) Findings nonrejection non rejection investors analysts managers country 193 (NBER (1935 2 19 20 (193 1 (19 (1 (

RESUMO Objetivo: Analisar o comportamento da distribuição de dividendos das empresas brasileiras de capital aberto de acordo com os efeitos dos ciclos econômicos, comparando as fases de recuperação, expansão, recessão e contração (Schumpeter, 1935) com as fases de expansão e recessão conforme o National Bureau of Economic Research (NBER). Originalidade/valor: O método de classificação das fases dos ciclos econômicos de acordo com Schumpeter (1935) apresenta maiores detalhes em relação ao método NBER. As quatro fases apresentam características diferentes e não são observadas quando usadas apenas as duas fases do modelo do NBER. Design/metodologia/abordagem: Para atingir o objetivo da pesquisa, foram coletadas informações de 243 empresas de capital aberto listadas na Bolsa de Valores Brasileira entre os anos 1997 e 2021. Os dados foram obtidos na base de dados da Refinitiv, e utilizaram-se os modelos de regressão de dados em painel com efeitos aleatórios para analisar duas hipóteses definidas neste estudo. As hipóteses afirmam que o comportamento da relação entre o pagamento de dividendos e as fases dos ciclos econômicos de baixa (alta) do NBER é diferente em relação às fases de recessão e contração (recuperação e expansão) conforme Schumpeter. Resultados: Os resultados indicaram não rejeição das hipóteses, reforçando a importância da análise das quatro fases dos ciclos econômicos e de forma complementar por investidores, analistas, gestores e demais usuários ao analisar o pagamento de dividendos por companhias abertas nos diferentes níveis de atividade econômica do país. Objetivo recuperação Schumpeter, (Schumpeter 1935 . (NBER) Originalidade/valor Originalidadevalor Originalidade valor (1935 Design/metodologia/abordagem Designmetodologiaabordagem Design metodologia abordagem pesquisa 24 199 2021 Refinitiv utilizaramse utilizaram se estudo alta (alta Resultados investidores analistas país 193 (NBER (193 2 19 202 (19 1 20 (1 (

BACKGROUND: Although numerous researchers have discovered a negative association between stock-market returns and changes in exchange rates, the literature does not address how external shocks may alter these correlations. AIM: This article investigates the risk synchronisation between stock returns, exchange-rate returns, geopolitical risk (GPR), and global economic policy uncertainty (GEPU) concerning countries within the Southern African Development Community (SADC). SETTING: The SADC countries over the period February 2005-August 2021. METHODS: The wavelet techniques were used to address the study's objectives. RESULTS: The bivariate results show that there was a positive interdependence between the stock market and the currency market in Botswana and Mauritius from 2007 to 2012. In South Africa, there is always significant co-movement between the two markets. The partial wavelet shows that, while both increasing GPR and GEPU influence the correlation between stock returns and exchange-rate returns, GPR has a greater impact than GEPU. Finally, the wavelet multiple correlations analysis reveals that the Botswana exchange-rate reaction to shocks is indeterminate, with the ability to lead or lag in terms of how the SADC economies respond to shocks across all-time scales. CONCLUSION: The findings from the study imply that investors should watch for changes in the GEPU, particularly the GPR, if they are concerned about the stock markets in Botswana, Mauritius, and South Africa. CONTRIBUTION: This is the first study to evaluate the conditional effect of external shocks on the co-movement of currency returns and stock returns in SADC countries using wavelet techniques.

BACKGROUND: This study investigates market reactions to the appointment of women and men as directors on the top 40 Johannesburg Stock Exchange (JSE)-listed company boards. Both the social and business rationale for the appointment of women is contextualised to evaluate the potential bias towards their appointment as directors. This research contributes to the literature by concurrently analysing both genders. AIM: The primary objective of the study was to assess market reactions to the new appointment of women and men as directors of the top 40 JSE-listed companies using an event study. SETTING: This study focussed on companies from the top 40 JSE-listed companies' index. The period analysed was from the year 2015 to 2019 METHOD: The event study methodology was used to analyse announcements of 17 women and 29 men as directors from companies across 12 sectors of the top 40 JSE-listed companies. RESULTS: The study identified a significant negative market reaction to the appointment of women as directors, potentially because of gender bias. The appointment of men as directors was met with positive market reactions, though the results were statistically insignificant. The results align with prior studies that gender bias may impact the negative reaction towards the appointment of women. CONCLUSION: The study suggests gender is relevant to shareholders because of different market reactions. Companies should not disregard the benefits of board diversity despite negative reactions in the short term. CONTRIBUTION: This study informs boards of possible market reactions to gender diversity efforts. It emphasises the economic and ethical benefits and necessitates stakeholder engagement.

BACKGROUND: Environmental, social and governance (ESG) factors have become topical in recent years because of climate change existential threat to humanity. There is, however, a limited understanding of how the firm's ESG efforts affect firm outcomes. AIM: The aim of this study was to investigate the relationship between firm's ESG indicators and the financial performance. SETTING: The sample is drawn from Johannesburg Stock Exchange (JSE) listed companies based on data availability. South Africa is not only plagued by social ills and governance failures, but it is also one of the world's largest emitters of greenhouse gases, making it an ideal laboratory for studying the ESG and firm performance nexus. METHOD: We utilized a dataset spanning the years 2012-2022, covering 67 JSE-listed firms. These panel data were analyzed using the two-step system generalised method of moments (GMM). RESULTS: We found that the disaggregated ESG indexes have a positive, albeit insignificant impact on the financial performance. These findings hold even when financial and non-financial firms are examined separately. CONCLUSION: Policymakers, including standard setters and regulators, should encourage firms to be sincere on ESG efforts and avoid greenwashing. CONTRIBUTION: The study employs a relatively robust estimation technique (two-step system GMM) over a relatively long period (2012-2012). Furthermore, the sectoral analysis of financial and non-financial firms adds to the body of literature and policy development.

BACKGROUND: In today's volatile and highly competitive business environment, the importance of knowledge capital and innovation management for multinational manufacturing firms has been widely recognised by both academia and industry. AIM: This article aims to explore the impact of transboundary investment and assimilative capacity on the association between knowledge capital and innovation management in this specific context. SETTING: A total of 217 managers and employees were selected from 19 multinational manufacturing firms listed on the Ghana stock exchange to participate in the survey. METHOD: Using a theoretical-based association existing research model, data were collected through an online electronic questionnaire survey. The collected data were then analysed using path analysis, utilising SPSS 22.0 and AMOS 24.0 software to test the formulated hypotheses. RESULTS: The study found that an organisation-wide unified system, technological, organisational resource and knowledge capital-enabling structures strongly influence multinational manufacturing firms. Besides, knowledge capital and innovation management have a positive mediating role and a significant impact on multinational manufacturing firms. However, there was no significant impact between knowledge of empirical capital and innovation management. CONCLUSION: The findings of this study highlight the importance of knowledge capital in enhancing innovation management and emphasise the role of transboundary investment and assimilative capacity in mediating this relationship. CONTRIBUTION: This research contributes to the theoretical understanding of how knowledge capital and innovation management are interconnected, as well as the relationship between transboundary investment and assimilative capacity, and their respective roles in mediating this relationship.