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This study aims to formulate a mechanism design in the derivatives market, summarizing a framework to set up the Brazilian electricity futures market.

This exploratory study formulates a mechanism design in the derivatives market, summarizing a framework to set up the Brazilian electricity futures market.

The results show a positive economic outcome for the creation of the Brazilian futures electricity market.

The main feature in this work is to summarize a framework to set up the Brazilian electricity futures market applying mechanism design, applicable in other countries. The features of the mechanism are the space of expected results (Z), the strategies to survey the environmental space (θ) and the mechanism design – messages space (M).

Entrepreneurship, Money, and Coordination begins with a single page introduction by the editor, Jurgen Backhaus, a well known economist now at the University of Erfurt, in which we learn that the contribution by Horst Feldmann (Hayek's theory of cultural evolution: A critique of the critiques) provided the impetus for the book's remaining six chapters, a mélange of papers by Brian J. Loasby,¹ Jurgen G. Backhaus, Christian Schubert, Alexander Ebner, Martin T. Bohl and Jens Holscher, and Walter W. Heering. Unfortunately, the papers assembled here do not cohere well and in some instances are not altogether “reader-friendly.” The papers by Bohl and Holscher (a six-page overview and econometric analysis of Hayek's theory of competing currencies) and Heering (on monetary theory) seem rather disconnected from the main theme of the book. Surprisingly, Backhaus’ “Introduction” does not provide a useful integrating overview of the book's subject matter and papers, something readers surely would have appreciated from so eminent a scholar.

Companies are often accused of using sustainability disclosures as public relations tools to manage financial and non-financial stakeholders' impressions. The purpose of our study was firstly to determine how comprehensive the human rights disclosures of a sample of large international companies were and secondly, whether different narrative styles are associated with levels of disclosure to manage readers' impressions about the company. We analysed the public human rights disclosures for 154 large, international companies obtained from the UN Guiding Principles Reporting website. On average, companies complied with only one-third of the UN Guiding Principles Reporting Framework criteria. Communication about policies has the highest compliance, whilst communication about determining which human rights aspects are salient to the company, remedies for transgressions and stakeholder engagement have the lowest disclosure. When we split the sample between high disclosure and low disclosure companies, we found that the readability of the human rights disclosures is exceptionally low and even more so for low disclosure companies. Low disclosure companies used words implying Satisfaction significantly more than high disclosure companies, which provides some support for suspecting that low disclosure companies practise impression management by only presenting a ‘rosy picture’, as well as obfuscation via low readability. We add to the literature on impression management by large corporations in their sustainability reporting, and specifically human rights disclosures, by revealing how the interplay of low disclosure, low readability and overuse of words signalling Satisfaction contributes to impression management, rather than sincere attempts at accountability to all stakeholders.

This study seeks to collaborate with the discussions on the usefulness of the narrative approach in accounting. In this context, this study aims to elaborate small collective stories, developed from interviews, to expose the population’s perception of the social and environmental impact (positive and negative externalities) resulting from iron ore mining in the city of Congonhas-Minas Gerais (MG).

This research, using counternarratives, aims to elaborate small collective stories, developed from 52 interviews, to expose the population’s perception of externalities resulting from the exploitation of iron ore in the city of Congonhas-MG, Brazil, to give more insight for social and environmental accounting reporting. A qualitative investigation is used with a narrative approach that focuses on a specific event in the participants’ lives.

The authors sought to create a sense of collective experiences of the interviewees through narratives representative of the residents’ perception of externalities in the form of small collective stories. However, it can be observed that the local population recognizes the impact of numerous externalities. Likewise, the use of narratives allows the reader to experience another reality – a reflection on the impact of business activities in a given context. Unlike conventional corporate social reporting, models based on qualitative information can be inclusive, produced by/for the community toward action that transforms the local reality.

This study intends to contribute to the debate on reporting models that are developed by and for external stakeholders. This approach has the potential to improve participants’ both awareness and engagement, supporting transformative social action. This study makes several contributions. It contributes to the literature with a narrative approach, which is not often used in the accounting literature; it brings insights from the Latin American context, which is especially valuable given how the Anglo-American accounting literature includes few papers addressing this context; it presents the view of marginalized communities that are too often overlooked (this narrative approach offers important insights into the lived experience of people at a very granular level).

The seventh United Nations' Sustainable Development Goal (SDG 7) is broadly characterised by ensuring affordable and clean energy for all. Considering the need for research associated with SDGs in developing countries, the Brazilian economy importance and its energy matrix, the purpose of this study is to evaluate how Brazil has been acting in favour of 7th SDGs targets.

The methodological strategy used was a survey conducted with 42 energy planning specialists who know the Brazilian reality. Data were analysed via averages and the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) technique.

The results show that, in general, the actions taken by Brazil to achieve the goals related to SDG 7 have been developed in a simply and punctually form, needing to move considerably towards developing more planned activities; with this, satisfactory and consolidated results are expected on a national scale.

The information presented can significantly contribute to the broadening of debates associated with sustainable development and energy planning, for both academic and political-economic spheres. Information present here can support future more profound studies, and these, in turn, support the Brazilian government in better actions to achieve the SDG 7 targets.

The purpose of this paper is to illustrate the practical application of dynamic capabilities theory to improve investment decisions in customer relationship management (CRM).

Action research (AR) allows managers to raise the tacit knowledge of their dynamic capabilities to a level where they can be identified and developed. A framework and a process for managing dynamic capabilities in marketing are presented.

The findings relate to the nature of dynamic capabilities in marketing and how they are managed.

Marketing managers can improve the return on investments in CRM.

The paper presents a method for applying dynamic capabilities drawn from the resource‐based view (RBV) to practical marketing problems.

This chapter offers a brief comparative and socio-educative overview of Latin America and the Caribbean, elaborated with the purpose of guiding reflection on the diversity of contexts that constitute the region. This overview highlights economic, social, political and cultural aspects that characterize the region and that, consequently, indicate points of departure and arrival for the design and implementation of educational policies aimed at satisfying the socio-historical needs of each of the Latin American countries.

This abbreviated study includes a systematic review and contrast of basic aspects of regional education systems, focused on achieving the formation of an integral citizen, capable of applying the acquired competencies in the resolution of problems that will prepare them for insertion in the labor market once their schooling is completed. In this sense, the countries and dependencies that integrate the Latin American and Caribbean region still face complex challenges closely related to the quality that educational services have achieved, in addition to the conditions of equality and equity so necessary to integrate the broad sectors of the population located on the thresholds of poverty and marginalization, of the secular horizon that has characterized the Latin American socioeconomic reality.

Due to rising obesity levels, declining fitness levels, an aging population, and shopper lethargy, retail planners must give serious consideration to the physical demands retail centres place on their patrons. The purpose of this paper is to determine the importance consumers assign to spatial convenience, measure how consumers perceive shopping malls and shopping strips (also referred to as the downtown area, central business district, Main Street or the High Street) in relation to it, and compare them in their provision of it.

The study utilises a household survey of consumers and as well as a retail audit. The survey was used to identify the importance consumers assign to spatial convenience, while the retail audit was used to establish how malls and strips compare in their provision of it.

The results of the survey indicate that consumers regard spatial convenience as important and believe that malls are superior in providing it. The retail audit confirmed the accuracy of these perceptions, with the mall providing greater store compatibility, and a more compact shopping environment.

The influence of spatial convenience on shopping behaviour has been largely overlooked at the level of the retail centre. Moreover, those studies that have focused on this topic, have typically done so from the singular focus of either malls or strips. This study incorporates both, and does so via an empirical analysis of consumer attitudes and a spatial comparison of both retail formats.

Focusing on the spillover effects between the CSI 500 stock index futures market and its underlying spot market during April to September 2015, the purpose of this paper is to explore whether Chinese stock index futures should be responsible for the 2015 stock market crash.

Using both linear and non-linear econometric models, this paper empirically examines the mean spillover and the volatility spillover between the CSI 500 stock index futures market and the underlying spot market.

The results showed the following: the CSI 500 stock index futures market has significant one-way mean spillover effect on its spot market. The volatility in CSI 500 stock index futures market also has a significant positive spillover effect on its spot stock market, and the mean value of dynamic correlation coefficient between the two market volatility is 0.4848. The spillover effect of the CSI 500 stock index futures market on the underlying spot market is significantly asymmetric, characterized by relatively moderate and slow during the period of the markets rising, yet violent and rapid during the period of the markets falling. The findings suggest that although the stock index futures itself was not the “culprit” of Chinese stock market crash in 2015, its existence indeed accelerated and exacerbated the stock market’s decline under the imperfect trading system.

Different from the existing literature mainly focusing on CSI 300 stock index futures, this paper empirically examines the impact of the introduction of CSI 500 stock index futures on 2015 Chinese stock market crash for the first time.

The purpose of this paper is to determine if hedge fund variables (HFVs) are associated with short-run daily buy and hold abnormal returns (BHARs) for a 30-day window around announcement dates for seasoned equity offerings (SEOs).

This paper utilizes the event study metric that computes BHARs. These BHARs are used in a regression model as dependent variables with HFVs and nonhedge fund variables (NFVs) as independent variables. For regression tests, standard errors are clustered at the month level.

This paper offers three new findings. First, HFVs are significantly associated with SEO BHARs. Second, HFVs are capable being associated with stronger statistical significance compared to NFVs. Third, not using HFVs can produce an omitted-variable bias.

This paper does not have information on which individual hedge funds use a strategy during the month of the offering but only the proportion of hedge funds that do. A research implication is the proportion can be associated with SEO BHARs in a fashion predicted based on a long or short position.

Hedge funds can use trading strategies to capitalize on established patterns of price behavior.

Hedge funds enjoy a trading advantage over smaller investors.

This paper is the first study to document the association between hedge fund stratagems and stock returns around a major corporate event. It shows researchers should consider institutional trading strategies when studying the market response to a major corporate event.