Willem F.C. Verschoor and Aline Muller
This paper aims to increase understanding of the (time‐varying) relationship between exchange rates and stock prices at the individual firm level. Rather than analyzing the impact…
Abstract
Purpose
This paper aims to increase understanding of the (time‐varying) relationship between exchange rates and stock prices at the individual firm level. Rather than analyzing the impact of exchange rate movements on firm value by regressing multinationals’ stock returns on exchange rate changes, it is proposed to examine the impact of increased exchange rate variability on the stock return volatility of US multinationals by focusing on the 1997 Asian financial turmoil.
Design/methodology/approach
In a first step, it is investigated whether the enhanced uncertainty about the future performance of US multinationals active in Asia resulted in an increased stock return variability. The second step separates the impact of increased exchange rate variability on the stock return volatility of US multinationals into systematic and diversifiable risk.
Findings
It is found that the stock return variability of US multinationals increases significantly in the aftermath of the financial turmoil. In conjunction with this increase in total volatility, there is also an increase in market risk (beta) for US multinationals. Moreover, trade‐ and service‐oriented industries appear to be particularly sensitive to these changing exchange rate conditions.
Practical implications
If the additional risk imparted to exposed firms from increased exchange rate variability is systematic in nature, it will affect the required rate of (equity) return (i.e. investors demand higher returns for holding the firm's shares). Consequently, this effect of exchange rate fluctuations increases the cost of (equity) capital for US multinationals with real foreign operations in the crisis countries.
Originality/value
This paper demonstrates the impact of increased exchange risk on stock return volatility and market risk.
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Rob Beaumont, Marco van Daele, Bart Frijns, Thorsten Lehnert and Aline Muller
The purpose of this paper is to investigate the impact of individual investor sentiment on the return process and conditional volatility of three main US market indices (Dow Jones…
Abstract
Purpose
The purpose of this paper is to investigate the impact of individual investor sentiment on the return process and conditional volatility of three main US market indices (Dow Jones Industrial Average, S&P500 and Nasdaq100). Individual investor sentiment is measured by aggregate money flows in and out of domestically oriented US mutual funds.
Design/methodology/approach
A generalised autoregressive conditional heteroscedasticity (GARCH)‐in‐mean specification is used, where our measure for individual sentiment enters the mean and conditional volatility equation.
Findings
For a sample period of six years (February 1998 until December 2004), we find that sentiment has a significant and asymmetric impact on volatility, increasing it more when sentiment is bearish. Using terminology of De Long et al., we find evidence for the “hold more” effect, which states that when noise traders hold more of the asset, they also see their returns increase, and the “create space” effect, which states that noise traders are rewarded for the additional risk they generate themselves.
Originality/value
In contrast to existing studies using explicit measures of market sentiment on low sampling frequencies, the use of daily mutual flow data offers a unique picture on investors' portfolio rebalancing and trading behavior. We propose an integrated framework that jointly tests for the effects of mutual fund flows on stock return and conditional volatility.
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The purpose of this paper is to focus on the influence of socio-economic and cultural factors and their influence on corporate social performance (CSP) (Clarkson, 1995) within…
Abstract
Purpose
The purpose of this paper is to focus on the influence of socio-economic and cultural factors and their influence on corporate social performance (CSP) (Clarkson, 1995) within developing and mature economies. It aims at identifying the characteristics of socially responsible actions within two contexts: France and Brazil.
Design/methodology/approach
Based on a case study methodology and a press database, this paper analyzes two oil companies, the French group Total SA, and the Brazilian company Petrobras.
Findings
By focusing on corporate social responsibility (CSR) actions in different socio-economic and cultural contexts, it was possible to identify a predominant CSP “proactivity” in both companies; observe a difference in CSR discourse and practice; note a heterogenic and composite CSR; and notice that companies do not choose their CSP posture, but are subjected to external classifications.
Research limitations/implications
The analysis of only one company per socio-economic and cultural context belonging to the same field could be considered as a limitation, although it allows a deeper analysis of events within both organizations.
Practical implications
Apprehending CSP within different contexts may help decision makers to better understand companies’ socially responsible postures and to observe the socio-economic and cultural factors that can influence them.
Originality/value
This paper highlights CSR practices and their CSP under different socio-economic and cultural perspectives for a more comprehensive understanding of factors that motivate and direct the actions of big corporate organizations.
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Christoph Dörrenbächer, Mike Geppert and Aline Hoffmann
This paper addresses the so far hardly understood contemporary restructuring trends in European Multinational corporations (MNCs), their rationales and their labour-related…
Abstract
Purpose
This paper addresses the so far hardly understood contemporary restructuring trends in European Multinational corporations (MNCs), their rationales and their labour-related implications.
Design/methodology/approach
The paper is based on a systematic evaluation of academic and non-academic literature, as well as on more than 30 in-depth interviews with academic experts, management consultants, trade union consultants and workers’ representatives.
Findings
European MNCs continue to grow bigger, mostly through debt financed mergers and acquisitions. This triggers intensive cross-border standardization and reorganization activities that most prominently materialize as a sustained move towards global factories; a new wave of cross-border standardization in Human Resource Management, information technology and Big Data-driven, as well as compliance-induced reorganization measures.
Originality/value
This paper is the first to empirically map contemporary restructuring trends in European MNCs in a comprehensive way. Moreover, it addresses the managerial rationale underlying these restructuring trends. Based on these insights the paper assesses labour related implications that are both positive and negative.
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Aline Luiza Brusco Pletsch, Elisete Aparecida Ferreira Stenger and Simone Sehnem
This research centres on how digital technologies are revolutionizing agriculture, affording farmers improved access to information, crop forecasts, markets and innovations, in…
Abstract
Purpose
This research centres on how digital technologies are revolutionizing agriculture, affording farmers improved access to information, crop forecasts, markets and innovations, in addition to facilitating training and other benefits. The purpose of this investigation is to examine how technologies used in the Agro 4.0 industry facilitate agricultural and livestock practices.
Design/methodology/approach
A thorough examination of the existing literature on this subject was conducted, encompassing articles published between 2013 and 2023 that have been catalogued in Scopus and the Web of Science.
Findings
The analysis of these studies reveals the growing significance of innovations such as artificial intelligence, blockchain, precision agriculture, the Internet of Things (IoT) and robotics in the transformation of agriculture and livestock farming. The implementation of these technologies is occurring across various sectors of agricultural production, including livestock production, shrimp farming, vertical farming, supply chains, irrigation, grain inspection, the dairy sector and smart farms. The impacts identified include improvements in productivity, intelligent analysis systems, operational efficiency, transparency and reliability, management per square metre, optimization, environmental sustainability, animal welfare, enhancement of food security and risk reduction.
Originality/value
Therefore, the contributions of technologies are associated with data-based decision-making, digital skills to maximize agribusiness performance, digital transformation in the field and competitiveness in the global market.
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Arlindo Menezes da Costa Neto, Atelmo Ferreira de Oliveira, Aline Moura Costa da Silva and Alexandro Barbosa
The objective of the present study is to examine the value relevance of accounting information presented by Brazilian banks.
Abstract
Purpose
The objective of the present study is to examine the value relevance of accounting information presented by Brazilian banks.
Design/methodology/approach
The studied sample derived from Brazil’s Stock Exchange, B3, under the banking segment, resulting in a group of 24 publicly listed companies, whose data ranged from 2017 to 2019. The study was conducted using the disclosure index, made with the intent of evaluating the disclosure adherence of a company to the reporting standard. In this case, Comitê de Pronunciamentos Contábeis (CPC) 40, financial instruments: recognition, evaluation and disclosure, Instrumentos Financeiros: Evidenciação, Brazil’s interpretation of the International Financial Reporting Standards (IFRS) 7.
Findings
The results show that for the sample and period, the disclosure index cannot be used as an explanatory variable for the market evaluation of financial institutions.
Originality/value
While other studies have presented a similar approach to the value-relevance theme, the present work is original as it develops the methodology on financial institutions, and even more so on the financial institutions of a developing country.
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Aline Cervi Inhof, Paulo Augusto Cauchick-Miguel, Suzana Regina Moro and Thayla Tavares de Sousa Zomer
Product-service systems (PSS) are regarded as highly sustainable solutions. However, studies identifying and comparing the sustainable potential of product-service offerings by…
Abstract
Purpose
Product-service systems (PSS) are regarded as highly sustainable solutions. However, studies identifying and comparing the sustainable potential of product-service offerings by considering the three sustainability dimensions are still scarce. This paper aims to benchmark and analyse the sustainable potential of a use-oriented PSS, showing the influence of the context of implementation on the sustainable potential of the solutions.
Design/methodology/approach
By adopting a competitive benchmarking approach, six bicycle-sharing systems from different countries were selected for analysis. The main sustainability-related aspects in use-oriented PSS (the systems investigated) were identified through a literature review. Multiple secondary sources were used to collect data about the analysed PSS. A qualitative analysis was conducted through triangulation of the sources to identify and compare the systems by considering the selected sustainability aspects.
Findings
The main results show that use-oriented PSS provide a range of economic, social, and environmental benefits, confirming the sustainable potential of such solutions. Several similarities between the systems have been identified, along with some differences, especially regarding their integration with other transport systems and the use of renewable energy, which can affect users' acceptance, operation efficacy, and overall sustainable potential of the solutions.
Practical implications
This study identifies best practices that can be considered by other bike-sharing businesses to improve their sustainability potential.
Originality/value
This study identifies and explores the sustainable potential of bicycle-sharing solutions using a benchmark approach. It augments existing empirical knowledge on sustainable PSS and business models by revealing best practices, including the context that may enhance the sustainability potential of the solutions regarding environmental, economic, and social benefits.
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Aline Gabriela Ferrari, Daniel Jugend, Fabiano Armellini and Bruno Michel Roman Pais Seles
This study aims to explore relationships between strategic planning and the adoption of the circular economy (CE), addressing a gap in current research about the role strategic…
Abstract
Purpose
This study aims to explore relationships between strategic planning and the adoption of the circular economy (CE), addressing a gap in current research about the role strategic planning plays in supporting the implementation of CE.
Design/methodology/approach
To achieve the objective of this research, case studies were conducted at four Canadian companies with well-established environmental sustainability strategies.
Findings
The findings highlight the importance of engaging both internal and external stakeholders in facilitating knowledge exchange, as it is essential for strategic planning in CE initiatives. Additionally, the commitment of companies to circularity principles and the use of formal strategic planning tools are identified as valuable assets in the integration process. The study also presents and analyzes the challenges of integrating CE into companies’ strategic planning.
Originality/value
This study contributes to the existing literature by shedding light on the interplay between strategic planning and CE adoption, offering insights into the complexities and opportunities involved in integrating CE principles into organizational strategies. A framework for the integration of CE into strategic planning is also proposed.
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Aline Renda and Stefano Caneppele
Criminals have quickly discovered the advantage of crypto assets, with its pseudo-anonymity, untraceability and the ability to freely exchange crypto assets across borders, which…
Abstract
Purpose
Criminals have quickly discovered the advantage of crypto assets, with its pseudo-anonymity, untraceability and the ability to freely exchange crypto assets across borders, which makes it an ideal tool for money laundering activities. Switzerland has a technology-neutral framework, and crypto assets are regulated by the existing anti-money laundering (AML) legislation. The purpose of this paper is to gain insights into the industry adoption of measurements to prevent money laundering through crypto assets and if they are compliant with national and international AML regulations.
Design/methodology/approach
Semi-structured expert interviews were conducted with participants having expertise in compliance, AML and crypto assets with focus on Switzerland. The interviews were analyzed using the thematic analysis.
Findings
The experts have a general consensus that Switzerland is a pioneer when it comes to regulating crypto assets. It is perceived that legislations are released without industry consultation and that AML processes for fiat transactions also work for crypto assets, which is not the case. The results show that the industry wants a consortium to fight money laundering in crypto assets in Switzerland. The current measures to identify money laundering are not optimal, yet, it is the best solution and according to national and international regulations the businesses are perceived to be compliant.
Originality/value
This paper offers new insights on the challenges of AML regulations in crypto assets, given the limited information available. It also provides good practice examples for addressing these challenges, benefiting policymakers, regulators and practitioners in the crypto asset ecosystem.
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Nicolas Biard, Aline Doussin and Samuel Pouplin
This paper aims to determine the long-term effect (at 15 months) of lockdown on occupational competence and values.
Abstract
Purpose
This paper aims to determine the long-term effect (at 15 months) of lockdown on occupational competence and values.
Design/methodology/approach
In total, 391 participants who participated in the first phase of the study (i.e. a previous study conducted during lockdown) were included. They completed an online version of the Occupational Self-Assessment. The results were compared with Phase 1 scores.
Findings
Occupational competence scores reduced during lockdown and increased 15 months later, but they did not return to pre-lockdown levels. The value score was lower 15 months after lockdown than pre-lockdown. The personal value system, which began to change during lockdown, was further changed at 15 months.
Originality/value
This study confirms that the spring 2020 lockdown had a long-term impact on occupational competence and values.