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Publication date: 9 January 2017

Klender Cortez Alejandro and Martha del Pilar Rodríguez García

This paper aims to analyse the differences in financial performance portfolios between sustainable and non-sustainable firms through the use of portfolio theory and OptQuest…

475

Abstract

Purpose

This paper aims to analyse the differences in financial performance portfolios between sustainable and non-sustainable firms through the use of portfolio theory and OptQuest algorithms from 2007 to 2013.

Design/methodology/approach

The sample consists of 1,078 firms from 15 Organisation for Economic Cooperation and Development countries. A maximisation weighted ratio is estimated by applying OptQuest algorithms to measure the portfolio performance considering a fuzzy Jensen’s alpha and the percentage of the portfolio’s performance that exceeds the market.

Findings

The results show a similar financial performance in sustainable portfolios (SP) and non-SP, but considering the uncertainty, the performance in sustainable firms was better than that of non-sustainable ones. Uncertainty was reduced, as it passed the beginning of the crisis from 2008-2009 to 2012-2013.

Research limitations/implications

The main limitation is the different assessments of sustainability indexes in each of the countries.

Practical implications

The results help investors assess their decisions in an uncertain economic environment and allocate their investment in not only financial terms but also social character.

Social implications

Countries with higher financial performances in SP show the efficiency in their legal environmental regulations. On the other hand, the degree of uncertainty is lower in the SP than non-SP, suggesting that sustainable firms in financial crisis could be more responsible in social claims such as good working conditions.

Originality/value

This study contributes to existing research in two ways. First, the paper studies corporate social responsibility by different continents and countries in an uncertain economic timespan. For this, the legal, cultural and socioeconomic divergences and convergences were explored. Second, the research presented an analysis of the financial performance differences between sustainable and non-SP by applying a hybrid methodology with fuzzy regression and OptQuest algorithms.

Details

Kybernetes, vol. 46 no. 1
Type: Research Article
ISSN: 0368-492X

Keywords

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Article
Publication date: 31 January 2024

Samuel Mongrut, Luis Berggrun, Klender Cortez Alejandro and Martha del Pilar Rodríguez García

The study aims to examine the impact of intellectual and social capital in funding businesses.

182

Abstract

Purpose

The study aims to examine the impact of intellectual and social capital in funding businesses.

Design/methodology/approach

The study made use of fixed-effects panel data models with a sample of 142 countries from the five continents during the period 1998–2018.

Findings

It was found that human capital (HC), relational capital, structural capital and social capital play a role in investors’ decisions to fund a business. The study revealed that investors’ funding decisions in low human development index countries are based mainly on education, while those in high human development index countries are based mainly on the creativity component of HC and on relational, structural and social capital.

Research limitations/implications

The study needs to be replicated using firm-level data within each country. Moreover, the search for new proxies for intellectual and social capital (although the list of variables is exhaustive) both at the country and firm level, constitutes an interesting avenue for future research.

Practical implications

Countries should pay attention to intellectual and social capital to encourage business activity. In particular, low human development countries should strengthen HC, such as the school enrollment rate, with early entrepreneurial training and increase research and development investments, while high human development countries should continue to foster strategic alliances, protect intellectual property and maintain or increase the level of trust in the country.

Originality/value

The study contributes to literature by being the first to explore such a variety of intellectual and social capital variables from a country-level perspective.

Objetivo

El estudio tiene como objetivo examinar el impacto del capital intelectual y social en la financiación de las empresas.

Diseño/metodología/enfoque

Utilizamos modelos de datos de panel de efectos fijos con una muestra de 142 países de los cinco continentes durante el periodo 1998-2018.

Resultados

Encontramos que el capital humano (CH), el capital relacional, el capital estructural y el capital social juegan un papel en las decisiones de los inversionistas para financiar un negocio. Encontramos que las decisiones de financiamiento de los inversionistas en los países con bajo índice de desarrollo humano se basan principalmente en la educación, mientras que las de los países con alto índice de desarrollo humano se basan principalmente en el componente de creatividad del CH y en el capital relacional, estructural y social.

Limitaciones/implicaciones de la investigación

Sugerimos replicar el estudio utilizando datos a nivel de empresa dentro de cada país. Por otra parte, la búsqueda de nuevos indicadores de capital intelectual y social (aunque nuestra lista de variables es exhaustiva) tanto a nivel de país como de empresa, constituye una vía interesante para futuras investigaciones.

Implicaciones prácticas

Los países deben prestar atención al capital intelectual y social para fomentar la actividad empresarial. En particular, los países con bajo desarrollo humano deberían fortalecer el CH, como la tasa de matriculación escolar, con una formación empresarial temprana y aumentar las inversiones en investigación y desarrollo, mientras que los países con un alto nivel de desarrollo humano deberían seguir fomentando las alianzas estratégicas, proteger la propiedad intelectual y mantener o aumentar el nivel de confianza en el país.

Originalidad/valor

El estudio contribuye a la literatura al ser el primero en explorar tal variedad de variables de capital intelectual y social desde una perspectiva a nivel de país.

Details

Academia Revista Latinoamericana de Administración, vol. 37 no. 1
Type: Research Article
ISSN: 1012-8255

Keywords

Available. Content available
Article
Publication date: 9 January 2017

José M. Merigó, Salvador Linares-Mustarós and Joan Carles Ferrer-Comalat

626

Abstract

Details

Kybernetes, vol. 46 no. 1
Type: Research Article
ISSN: 0368-492X

Available. Content available
Book part
Publication date: 30 May 2019

Abstract

Details

Regional Integration in Latin America
Type: Book
ISBN: 978-1-78973-159-0

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Article
Publication date: 29 January 2019

Nimet Yapıcı Pehlivan and Zeynep Gürsoy

This study aims to determine the ranking of the 81 provinces at the NUTS-3 level in Turkey with respect to the personal satisfaction and public services satisfaction by applying…

320

Abstract

Purpose

This study aims to determine the ranking of the 81 provinces at the NUTS-3 level in Turkey with respect to the personal satisfaction and public services satisfaction by applying Fuzzy Multi-Criteria Decision-Making methods to the Life Satisfaction Survey Results.

Design/methodology/approach

Fuzzy TOPSIS, Fuzzy MULTIMOORA and Fuzzy ARAS are implemented to assess life satisfaction of the individuals who lived in provinces, based on Life Satisfaction Survey 2013 for Turkey’s national comparison. In the solution process, 14 indicators for personal satisfaction and 38 indicators for public services satisfaction were considered.

Findings

The results showed that personal health satisfaction, earnings from work satisfaction and monthly income satisfaction are the most important criteria in terms of personal satisfaction. Also, healthcare services satisfaction, judicial services satisfaction and education services satisfaction have the highest importance in terms of public services satisfaction. The final ranking of the 81 provinces is obtained by considered methods. According to the ranking results, there is no significant difference between the east and the west part of Turkey in terms of personal satisfaction, whereas there is a distinct difference between them in terms of satisfaction with public services.

Originality/value

This study is the first research for evaluating the ranking of the provinces at the NUTS-3 level in Turkey according to the Life Satisfaction Survey 2013 results considering 14 indicators for personal satisfaction and 38 indicators for public services satisfaction by using FMCDM approaches that have not been applied before.

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