Abstract Purpose This study develops and validates a measurement scale for assessing the corporate image of companies that use data-driven marketing in their decision-making and actions in online retailing. Theoretical framework The study is grounded in theories of corporate image and consumer behaviour, integrating concepts of data-driven marketing and privacy to develop the DDMI scale. Design/methodology/approach A mixed methods approach is employed, beginning with a deductive literature review and qualitative expert interviews to generate scale items, followed by a pilot study and a large-scale survey of 301 consumers via Amazon MTurk. Exploratory and confirmatory factor analyses are conducted to validate the scale. Findings DDM strategies significantly affect how customers perceive a company’s image. The DDMI provides a validated scale that measures aspects that are important to customers, such as privacy concerns and personalised customer experience. It reveals that effective communication, efficient payment processes and robust customer support are vital for a positive corporate image. Practical & social implications of research The study offers a novel tool to assess corporate image in environments characterised by high data usage. It enables companies to refine their DDM strategies by identifying how specific practices affect consumer perceptions. Originality/value This research introduces the first validated scale to measure consumer perceptions of corporate image in DDM contexts. It advances marketing theory by capturing key dimensions of the digital era, personalisation, privacy and support.

Abstract Purpose This study aims to investigate the integration of climate change risk factors into asset portfolio optimization. Specifically, it seeks to evaluate the impact of maximizing sustainability on portfolio performance, and whether a balanced approach between profitability and sustainability can be achieved. Theoretical framework The research is based on the Markowitz portfolio selection model combined with the principles of sustainable finance. A genetic algorithm is used to optimize asset allocation while incorporating sustainability metrics. Design/methodology/approach A quantitative research method using a genetic optimization algorithm is employed to assess the effects of integrating a sustainability index into portfolio selection. The study compares traditional financial performance metrics with results incorporating climate change risk factors. Findings The findings reveal that while maximizing sustainability may lead to short-term reductions in profitability, a balanced approach that integrates sustainability considerations can enhance long-term profitability. This balance enables investors to meet both financial goals and environmental responsibilities. Practical & social implications of research The research contributes to the sustainable finance literature by offering insights into optimizing portfolios with ESG integration. Practically, it provides investors with strategies for aligning profitability and sustainability to promote economic growth while supporting environmental and social well-being. Future research could explore sector-specific implications and the different impacts of sustainability criteria. Originality/value This study presents an innovative approach to asset portfolio optimization, advancing both the theoretical understanding of sustainable finance and providing practical tools for investors seeking to integrate climate change factors without compromising financial performance.

Abstract Purpose Although virtuous practices enhance organizational excellence, the virtue and culture of humility are little studied in the field of management due to their conceptual challenges. In order to cover this gap, and considering that the virtue of humility is increasingly evolving as a cultural value, this study proposes a typology of humility culture maturity (THCM) that signals a progressive path of this virtue as a value in organizations. Theoretical framework This theoretical-exploratory study is derived from Schein’s (2010) organizational culture models, Galbraith’s (1983) concepts, Maldonado et al.’s (2018) organizational humility model, and Owens et al.’s (2013, 2015) individual humility model. Design/methodology/approach The typology design is based on the procedures for configuring culture maturity models, such as those of Parker (2006) and Rocha et al. (2024). Findings The combination of these theories makes it possible to propose a continuum of five stages of culture maturity: rhetorical, embryonic, stimulated, full and virtuous, with each stage reflecting different behavioral regimes respectively, progressing from unconcerned, reactive, obligatory, voluntary to unconscious, where humility practices are performed in an organic way and internalized in virtuous actions, in a demonstration of culture maturity. Practical & social implications of research The study broadens the understanding of the humility culture, making its analysis more useful, since it indicates specific descriptions and behaviors of humility related to each stage of cultural progression towards maturity. This theoretical study makes the examination of humility in organizations more utilitarian, opening space for further design and empirical testing of both functional models of organizational culture and humility culture maturity, which are instrumentally lacking in the literature and so important for organizational excellence. Originality/value The THCM represents an original proposal that fills a gap in the literature in management studies dedicated to organizational humility and humility culture maturity.

Abstract Purpose This study investigates the impact of intellectual capital readiness on the performance of village-owned enterprises. The study discovered a new index to measure intellectual capital readiness and also looked into whether the relationship is mediated by entrepreneurial knowledge. Theoretical framework The relationship between intellectual capital readiness and the performance of village-owned enterprises is still rare. Design/methodology/approach This research used a quantitative study with 148 management respondents from village-owned enterprises in Indonesia. The data were collected using an online survey. Findings The findings show significant results. First, the Intellectual Capital Readiness Index (ICRI) shows a reasonable level of readiness. Second, the performance of village-owned enterprises is influenced by intellectual capital readiness. Third, entrepreneurial knowledge has a positive impact on the performance of village-owned enterprises. Finally, entrepreneurial knowledge moderates the impact of intellectual capital readiness on the performance of village-owned enterprises. Practical & social implications of research The development of the ICRI offers a valuable tool for managers and policymakers to evaluate and improve the readiness of these enterprises to effectively leverage their intellectual capital. Originality/value This research brings a fresh perspective to the field by introducing innovative methods and concepts to assess and enhance the performance of village-owned enterprises.

Abstract Purpose This paper explores the role of multiple large shareholders to provide evidence of their influence on a firm’s bank debt. Theoretical framework We introduce agency theory to support our study. Design/methodology/approach Empirical research (including the FE model, PSM method, and IV method) is used in our study. Moreover, this paper selects the non-financial A-share companies listed in the Shanghai and Shenzhen stock markets from 2007 to 2022 as the sample. Findings We find that bank debt is positively and significantly related to tunneling, and negatively and significantly related to Tobin’s Q. Moreover, it is found that multiple large shareholders’ contestability reduces firms’ bank debt. Furthermore, we document that the influence of multiple large shareholders on bank debt would be reduced in state-owned firms. Practical & social implications of research Our findings contribute to the literature by highlighting the role of multiple large shareholders, who can reduce the agency cost of a firm’s bank debt. Originality/value This study contributes to the literature in several important ways. First, it adds to the research on the governance role of multiple large shareholders. Second, this paper offers the first attempt to examine the impact of the contestability of multiple large shareholders on bank debt, and we find a negative relationship between them.

Abstract Purpose This study examines a zero-beta portfolio strategy that accounts for the uncertainties in expected returns and betas, with the goal of improving investment performance by incorporating parameter uncertainty into the optimization process. Theoretical framework The research is grounded in modern portfolio theory and robust optimization, drawing on the multifactor asset pricing model of Chen, Roll, and Ross (1986). It leverages the Kalman filter to estimate dynamic betas and their uncertainties, and incorporates analysts' forecasts to assess expected returns and their associated uncertainties. Design/methodology/approach The study constructs two types of zero-beta portfolios: a long-short stochastic portfolio that maximizes the ratio of expected return to parameter uncertainty, and a long-short normal portfolio that focuses solely on maximizing expected return. Portfolio performance is evaluated using data from 2015 to 2022. Findings The results indicate that the long-short stochastic portfolios outperform the normal portfolios on several performance metrics. Specifically, they exhibit higher realized returns, lower drawdowns, and a superior realized Sharpe ratio. In addition, the stochastic approach yields more accurate predictions with a significantly lower root mean square error. Practical & social implications of research The findings provide insights for investors, fund managers, and practitioners seeking to improve portfolio stability and performance under uncertainty. However, reliance on analysts' estimates should be approached with caution, as deviations from expected values can still occur. Originality/value This study contributes to the existing literature by empirically validating the benefits of incorporating parameter uncertainty into portfolio optimization.

Abstract Purpose This research had two objectives: first, to analyze the effect of perceived financial security of neobanking applications on trust, customer retention, and the cost of switching to a traditional bank; second, to analyze the mediating role of trust in neobanks between perceived financial security in the application and customer retention, as well as between trust and the cost of switching to a traditional bank. Theoretical framework This research used the stimulus-response (S-R) and stimulus-organization-response (S-O-R) models to study perceived financial security in the application as a stimulus and its effect on trust as an organism and customer retention and switching costs as behavioral responses. Design/methodology/approach A quantitative cross-sectional study was conducted. Online surveys were used to collect data from 305 neobank customers in Mexico. Furthermore, the partial least squares approach and bootstrapping resampling method were used to test seven hypotheses. Findings The results supported six hypotheses and confirmed that perceived financial security in the neobank application affected customer trust and retention, but did not affect the cost of switching to a traditional bank. In addition, trust was found to play a mediating role between perceived financial security and both customer retention and switching costs. Practical & social implications of research This study shows that neobanks need to ensure and communicate to customers the perceived security of their applications for financial transactions, as it has a direct impact on customer retention. Moreover, the development of mechanisms that increase customer trust is key to retaining customers and building barriers to prevent the loss of users to traditional banking. Originality/value This research contributes to the advancement of knowledge in the field of neobank management, as it deepens the understanding of perceived financial security and trust as key aspects of customer retention and switching costs.

Abstract Purpose This study proposes a model in which online shopping intention is a consequence of the online shopping experience in an omnichannel environment. Theoretical framework The experience is shaped by the interaction between a consumer's cognitive and emotional experiences, with omnichannel shopping trust playing a crucial mediating role in the relationship between online shopping experience and purchase intention. The theoretical model is based on the Stimulus-Organism-Response (S-O-R) framework. Design/methodology/approach Data analysis was performed using structural equation model analysis. Systematic random probability sampling was used to recruit 600 consumers, all of whom had experience with omnichannel shopping in Chilean retail settings. Findings Online shopping intention results from the interaction between cognitive and emotional experiences. Omnichannel shopping trust partially mediates the effect of the online shopping experience on purchase intention. Practical & social implications of research This study has important implications for digital platform managers and retailers who want to deliver an optimal omnichannel experience. Originality/value In an omnichannel environment, the retailer needs to establish a strong connection through the cognitive and emotional experience of the shopper.

Abstract Purpose To investigate the influence of transformational leadership for the environment (TLE) in the context of Brazilian industries, testing the hypothesis that workers engage in organizational citizenship behaviors (OCBs) through organizational citizenship behaviors for the environment (OCB-Es). Theoretical framework Transformational leadership for the environment and voluntary behaviors are essential elements for developing more efficient environmental management. Design/methodology/approach Using the perceptions of 1068 workers, a structural equation model (SEM) was created to test the hypotheses. Findings The results obtained in this study reveal four main findings. (1) TLE significantly influences OCB-Es; (2) TLE has a direct influence on OCBs; (3) OCB-Es significantly influence OCBs; (4) OCB-Es moderate the indirect influence of TLE on OCBs. Practical & social implications of the research It was noted that there is a need for Brazilian organizations to develop policies and practices aimed at people management and its interface with environmental management, enabling the qualification of workers in the topics and pointing to sustainability in the work environment. In addition, the constructs studied are useful for understanding workers’ perceptions of environmental performance, stimulating actions aimed at environmental improvement and providing opportunities for training that leads to the resolution of problems related to the environment. Originality/value The study offers suggestions to help leaders promote voluntary cooperative behavior among their subordinates, thereby reducing the pollution caused by Brazilian industries.

Abstract Purpose This study examines how different dimensions of board diversity influence the financial performance of non-financial Brazilian companies, focusing on Brazil's institutional and cultural particularities. Theoretical framework The study combines Resource Dependence Theory (RDT), Agency Theory, and Upper Echelons Theory to emphasize the mechanisms through which board diversity may affect organizational performance. Design/methodology/approach This is an empirical, longitudinal study that analyzes data from 367 companies listed on the B3 between 2011 and 2021. We applied panel data regression models with fixed effects, and we constructed diversity variables using indices such as Blau's, as well as dummy variables. Findings The results indicate statistically significant associations between some dimensions of diversity and financial performance, highlighting the positive impact of academic background diversity and previous board experience, as well as negative effects associated with female participation and positive effects from family ties. Practical & social implications This research offers important recommendations for improving governance practices in Brazil, suggesting that diversity should be promoted strategically and effectively to overcome tokenism and align with national contextual specificities. Originality/value The study contributes to the literature by conducting a comprehensive analysis of board diversity in Brazil, incorporating multiple dimensions beyond gender, such as academic background, experience, independence, and family ties, based on an unprecedented dataset for Brazil.

Abstract Purpose The aim of this study was to evaluate the impact of post-pandemic changes to human resource management policies and practices (HRMPP) on work performance (WP), as well as the role of sustainability concerns (SC) in mediating the relationship between HRMPP and WP. Theoretical framework The research model was based on the concept of sustainable human resource management as a new paradigm of HRM and on a three-dimensional conceptualization of WP: task performance (TP), contextual performance (CP), and counterproductive work behavior (CWB). Design/methodology/approach Data were obtained through a convenience survey of 190 employees who had more than two years of seniority and experience working remotely during the pandemic. Multiple linear regression and mediation analysis were employed. Findings WP and the TP, CP, and CWB dimensions were significantly affected by specific HRMPP variables. However, SC did not mediate the relationship between HRMPP and WP, indicating that sustainability must be more fully integrated into organizational policies. Practical & social implications of research This research underscores the pivotal role of HRM practices in their differential impact on specific performance dimensions, offering clear guidance on enhancing people management in post-pandemic settings. Originality/value As no studies focusing on the proposed model were found, this study is pioneering in considering WP as a three-dimensional construct, in highlighting how different HRMPP impact different dimensions of WP, and in analyzing the mediating effect of SC in the relationship between HRMPP and WP in a post-crisis and digital transformation context. It developed measurement scales for HRMPP and SC.

Abstract Purpose To analyze the relationship between audit characteristics and the likelihood of fraudulent financial reporting within companies. Theoretical framework Agency theory. Design/methodology/approach A descriptive, documentary study with a quantitative approach using rough set theory, k-means clustering, and logistic regression methods. The sample consists of 211 Brazilian companies listed on the [B]3 from the Refinitiv database from 2016 to 2021. Findings The results suggest that audits by the Big Four reduce the likelihood of fraudulent-looking financial reports (FLFRs) in Brazil, providing greater security to stakeholders. However, changing auditors and the financial independence of the audit firm do not significantly impact the detection of FLFRs. Furthermore, qualified opinions increase the likelihood of FLFRs by 3.625 times and abstentions from an opinion increase the likelihood by 62.22 times. These types of opinions are thus highlighted as the main indicators for identifying FLFRs. Practical & social implications of research Considering the number of publicly traded companies that comprise the [B]3 and the volume of shares traded daily in Brazil, understanding the relationship between audit characteristics and FLFRs is crucial for navigating the Brazilian organizational landscape. Originality/value Drawing from a global trend, this article offers an in-depth analysis of the investments of the “Big Three” as shareholders in Brazilian companies. The paper also discusses the intensification of financialization and its connection to the growth of institutional investors as shareholders in large corporations.

Abstract Purpose This study aimed to analyze the impact of innovation and sustainable governance on the socio-environmental performance of companies in the Brazilian capital market by focusing on those listed on the Corporate Sustainability Index (ISE). Theoretical framework The theoretical framework of this study, designed to substantiate the research hypotheses, comprises two sections that address the influence of sustainable corporate governance and innovation on socio-environmental performance. Design/methodology/approach This descriptive, quantitative study used documentary data sources and four multiple linear regression models to analyze the relationship between the variables. Findings The results revealed that innovation and sustainable corporate governance significantly influence the social and environmental performance of the listed companies. The study demonstrated that sustainable governance and investments in innovation can improve organizational socio-environmental performance. Overall, sustainable governance and innovation had a greater impact on social performance than environmental performance, indicating a stronger alignment with the social pillar of sustainability in the context analyzed. Practical & social implications of research The contributions of this study reach different stakeholders and have the potential to help companies improve their sustainability approaches by considering governance and innovation. Furthermore, the study contributes to the state of the art in the field of research on governance, innovation, and socio-environmental performance in Brazil and other emerging economies. Originality/value Notably, no other analyses investigating the impact of innovation and sustainable corporate governance performance on socio-environmental performance in the context of the ISE were identified. In this sense, the research reinforces our understanding of the relationship between sustainable corporate governance, innovation, and socio-environmental performance.

Abstract Purpose This study aims to analyze the relationship between the adoption of Integrated Reporting and earnings quality in the Brazilian context. Theoretical framework Earnings quality may signal a more sustainable, ethical and transparent behavior of company management. Therefore, it can serve as an indicator of changes in management practices associated with the implementation of Integrated Thinking. Design/methodology/approach The study employed a panel data model, considering a sample of 630 observations from non-financial Brazilian companies from 2017 to 2020. The data for companies adopting Integrated Reporting were manually collected from the companies' corporate disclosures. Findings The analysis of Integrated Reporting quality revealed a significant relationship with earnings quality. This may indicate that these companies are making internal changes in terms of information transparency, and it is also expected that they are under less pressure to deliver short-term results. Practical & social implications of research The research findings are relevant for shareholders, as they highlight how integration can drive internal changes within the company. For regulators and society, it provides an opportunity to anticipate the effects of adopting ISSB standards, as this body has incorporated the IIRC. Originality/value It allows for indirect observation of changes in company management and managerial opportunism. Brazil represents a relevant context due to the publication of CPC 09 and the high number of Integrated Reporting adopters.

Abstract Purpose This paper evaluates the influence of corporate governance and ownership concentration on subsidized financing in Brazil. Theoretical framework The effect of governance and ownership concentration on subsidized debt is analyzed from the perspective of agency conflicts (Agency Theory) and company behavior in relation to debt (Trade off and Pecking Order Theories). Design/methodology/approach Corporate governance is approximated by an index and presence on the Novo Mercado. Models are estimated by FGLS and Logit for a panel with 1387 annual observations of 147 companies with more liquidity on B3 in the period 2010-2019. Findings Ownership concentration has a positive quadratic relationship with subsidized debt, which was not sensitive to corporate governance. There is a preference for subsidized debt by managers in companies with low ownership concentration and by controlling shareholders in companies with high concentration. The more lenient monitoring from subsidized debt’s creditor may be an explanatory factor. In addition, companies with high ownership concentration face difficulties for share issuance and consider it uninteresting. All that leads these firms to intensify debt raising. Practical & social implications of research It may be interesting for the government strengthening the analysis of corporate governance aspects in the assignment of subsidized credit. Originality/value The recent evolution and the determinants of subsidized debt in Brazil are analyzed under the agency conflicts approach. This is an innovative approach that takes into account the specialization of debt composition and an important funding source.