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This study’s goal was to identify how several markets have developed over time and what determinants have influenced this process, based on adaptive markets hypothesis (AMH). In this regard, the authors consider that agents are driven by the seeking for abnormal returns to stay “alive” and their environment could somehow modify their decision-making processes, as well as influence the degree of efficiency of the market.

The authors collected the daily closing-of-the-market index from 50 countries, between 1990 and 2022. The sample includes emerging countries, developed countries and frontier markets. Then, the authors ran multilevel modeling using Hurst exponent as an informational efficiency metric estimated by two different moving windows: 500 and 1,250 observations (approximately 2 and 5 years).

The results indicate that the efficiency of the markets is not constant over time. The authors also have identified that markets follow a cyclical pattern of efficiency/inefficiency, and they are currently in a period of convergence to efficiency, possibly explained by the increase in computational capacity and speed of the available information to agents. In addition, this study identified that country characteristics are associated with market efficiency, considering institutional factors.

Studies of this nature contribute to the literature, considering the importance of better comprehension of market efficiency dynamics and their determinants, specially observing other theories on the relationship between information and markets (like AMH), which work with other investor assumptions than those used by efficient market hypothesis.

Branching is not the only way for foreign banks to enter a national market, and it is impractical when there are informational and cultural barriers and asymmetries among countries. The purpose of this paper is to analyze the determinants of cross-border branching in the Latin American banking sector, a region with regulatory disparity and political and economic instability, offering elements to a grounded strategic decision.

This study uses data from six Latin American countries. To account for the preponderance of zero counts, classes of zero-inflated models are applied (Poisson, negative binomial, and mixed). Model fit indicators obtained from differences between observed and estimated counts are used for comparisons, considering branches in each region established by banks from every other foreign region of the sample.

Branching by foreign banks is positively correlated with the population, GDP per capita, household disposable income, and economic freedom score of the host country. The opposite holds for the unemployment rate and entry regulations of the host country.

Few paper address cross-border banking in emerging economies. This paper analyzes cross-border branching in Latin America in the context of the current financial integration and bank strategy. Econometrically, its pioneering design allows modeling of inflation of zeros, over-dispersion, and the multilevel data structure. This design allowed testing of a novel country-level variable: the host country’s economic freedom score.

The purpose of this paper is to analyze the influence of firm-, industry- and country-level determinants on real annual sales growth in the context of a cross-classified multilevel perspective.

The authors studied 11,381 firms from 17 industries in six Latin American countries based on the data collected up to 2015. Since the data are nested in two levels (level 1: firms; level 2: cross-classification of industries and countries), the authors use a cross-classified multilevel model. The significant variability in all levels of analysis confirms the option for the multilevel model.

Differences in industries account for the largest proportion of variance (77.2 percent). This finding indicates that industry-level characteristics should be explored in the sales growth literature (it seems to the authors that they were neglected). This finding also calls attention to the roles of policy-makers in facilitating firm growth. The final model indicates that the considered variables explain approximately 55 percent of the differences in real annual sales growth in the same industry and country after having accounted for the impacts of the differences in firms. After accounting for the impacts of the differences in firms’ and countries’ characteristics, 43 percent of the variation in average real annual sales growth is due to differences in industries. The obtained results indicate that while firms from countries with higher GDP growth and more effective corporate boards present higher real annual sales growth, firms that operate in commodity producer industries have worse performance in this indicator. With respect to firm’s characteristics, larger firms (contradicting Gibrat’s law) and exporters grew less. Some results could be explained by the decrease in commodities’ prices and global purchases between 2012 and 2015.

The paper fills some gaps in the firm growth literature by testing Gibrat’s law in non-developed countries (not yet done, to the best of the authors’ knowledge) and exploring variables other than size in the explanation of firm growth (rarely used, to the best of the authors’ knowledge). Moreover, the adopted model correctly estimated the origin of the variability in firm growth in its natural cross-classified distinct levels.

The purpose of this paper is to evaluate investor behaviour related to the timing of selling financial assets based on an intuitive evaluation of the current market trend and growth expectation.

The experiment involved 1,052 volunteer participants who made decisions about stock sales in an environment that simulated a home broker platform to negotiate stocks. Zero-inflated regression models were used.

The results show that investors’ attitudes, or beliefs, determine whether they will buy or keep risky assets in their investment portfolios; they may decide to sell such assets, even though market shows an upward trend. Such results make a new contribution to behavioural finance within the context of prospect theory and the disposition effect.

The originality of this paper lies in the use of new and innovative techniques (zero-inflated Poisson and negative binomial regression models) applied to real data obtained experimentally.

Este artigo estuda o comportamento de investidores relacionado ao momento da venda de ativos financeiros com base em uma avaliação intuitiva da tendência atual do mercado e da expectativa de crescimento.

Nosso experimento envolveu 1,052 participantes voluntários que tomaram decisões sobre a venda de ações em um ambiente que simulava uma plataforma de corretagem para negociação. Foram utilizados modelos de regressão inflacionados de zeros.

Os resultados mostram que as atitudes ou crenças dos investidores determinam se eles comprarão ou manterão ativos de risco em suas carteiras de investimento; eles podem decidir vender esses ativos, mesmo que o mercado mostre uma tendência ascendente. Tais resultados constituem uma nova contribuição para o campo das finanças comportamentais, dentro do contexto da teoria do prospecto e do efeito disposição.

A originalidade deste artigo reside no uso de técnicas novas e inovadoras (modelos de regressão Poisson e binomial negativo inflacionados de zeros) aplicadas a dados reais obtidos experimentalmente.

The purpose of this paper is to evaluate the influence of the informational environment on the relevance of accounting information in companies traded in stock exchanges of emerging markets.

For this purpose, the authors calculated indicators based on figures derived from the financial statements and variables that sought to capture the influence of the economic and institutional environment. The sample consisted of publicly traded companies from 20 countries classified as emerging by Standard & Poors. Macroeconomic information was obtained through the International Country Risk Guide database. The analysis period ranged from 2004 to 2013, excluding missing data, variables considered as outliers, besides the exclusion of data from companies that presented negative equity.

It was observed that the financial variables presented signs consistent with the literature, except for the price-to-book variable and the asset change variable. The inclusion of variables related to the accounting informational environment offered evidence that the more opaque the accounting environment in the country, the lesser the ability of the profits to portray the variations of stock returns. The variable that captured the adoption of international standards was consistent with expectations, i.e. the adoption of international standards would increase the quality of accounting information, showing a positive signal. Moreover, the variable aggressiveness of the earnings was statistically significant and negative, consistent with the literature.

The variables earnings smoothing and aversion to losses did not show the expected behaviour though, highlighting the possible limitations of these proxies used to capture the opacity of the earnings.

When institutional moderators were included, it was observed that the adoption of the IFRS standards positively affected the relationship, which is more relevant when the accounting figures were under its aegis. Recently, countless nations’ transition to international accounting standards has been justified by the need to use high-quality reporting standards. The research sought to contribute to strengthen this dimension, presenting evidence that the dummy variable included to capture the adoption of international standards had a positive effect on the relationship.

This study aims to analyse the relationship between diversity practices and employee engagement in the specific context of a telecommunications company.

Using simple and multiple linear regressions, the authors test the mediating effect of the perception of inclusion and the moderating role of inclusive leadership, as well as whether this style of leadership promotes the perception of inclusion among employees.

The results are based on a sample of 238 responses and show that a positive correlation exists between the perception of diversity practices and engagement which is mediated by the perception of inclusion. However, inclusive leadership fails to moderate this relationship, although it does positively influence employees’ perception of inclusion.

The study emphasises: the importance of employees’ perceptions of diversity and inclusion as a strategic priority of their organisations and the importance of its embeddedness in the organisational culture and daily practices and the role of inclusive leaders in shaping employees’ perceptions, as this leadership may have significant implications for their engagement and performance.

This research offers a better understanding of what contributes to an inclusive workplace and the role of inclusive leaders in building up employees’ perception of inclusion that, thus, enhances their engagement.

Neste estudo analisamos a relação entre práticas de diversidade e engagement dos colaboradores no contexto específico de uma empresa de telecomunicações.

Mediante regressões lineares simples e múltiplas, avaliamos o efeito mediador da perceção de inclusão e o papel moderador da liderança inclusiva, bem como se este estilo de liderança promove a perceção de inclusão dos colaboradores.

Os resultados têm por base uma amostra de 238 respostas e mostram que existe uma correlação positiva entre a perceção das práticas de diversidade e o engagement, mediada pela perceção de inclusão. A liderança inclusiva não modera, porém, aquela relação, embora influencie positivamente a perceção de inclusão dos colaboradores.

Este estudo enfatiza: (a) a importância da perceção de diversidade e inclusão dos colaboradores como prioridade estratégica nas suas organizações e a importância da sua incrustração na cultura organizacional e práticas quotidianas; e (b) o papel dos líderes inclusivos na modelação das perceções dos colaboradores, dado que este estilo de liderança tem implicações significativas ao nível dos seus níveis de engagement e desempenho.

Esta pesquisa oferece uma melhor compreensão sobre o que contribui para um ambiente de trabalho inclusivo e o papel dos líderes inclusivos na construção da percepção de inclusão dos colaboradores, que, por seu turno, melhora o seu engagement.

En este estudio analizamos la relación entre las prácticas de diversidad y el engagement de los trabajadores en el contexto específico de una empresa de telecomunicaciones.

Mediante regresiones lineales simples y múltiples, evaluamos el efecto mediador de la percepción de inclusión y el rol moderador del liderazgo inclusivo, así como si este estilo de liderazgo promueve la percepción de inclusión de los trabajadores.

Los resultados se basan en una muestra de 238 respuestas y muestran que existe una correlación positiva entre la percepción de las prácticas de diversidad y el engagement, mediada por la percepción de inclusión. El liderazgo inclusivo no modera, sin embargo, esa relación, aunque influye positivamente en la percepción de inclusión de los trabajadores.

Este estudio enfatiza: (a) la importancia de la percepción de diversidad e inclusión de los trabajadores como una prioridad estratégica en sus organizaciones y la importancia de su incrustación en la cultura organizacional y las prácticas diarias; y (b) el papel de los líderes inclusivos en la configuración de las percepciones de los trabajadores, ya que este estilo de liderazgo tiene implicaciones significativas para su engagement y desempeño.

Esta investigación ofrece una mejor comprensión de lo que contribuye a un ambiente de trabajo inclusivo y el papel de los líderes inclusivos en la construcción de la percepción de inclusión de los trabajadores, que, a su vez, mejora su engagement.

Grounded on the social exchange theory (SET), this paper aims to analyze the different networks of conditions that lead to the presence and absence of total commitment, in its affective, continuance and normative dimensions. Six conditions – competencies development, empowerment, work-family conflict, trust, transformational leadership and seniority – are studied to explore and explain the exchanges and reciprocity relationships between organizations and employees.

Using a sample of 546 employees from Portuguese large companies, the study uses the fuzzy-set qualitative comparative analysis (fsQCA) to explore how causal conditions jointly link to the outcome of organizational commitment.

The results show more causal configurations leading to the most favorable dimensions of commitment (affective, normative and the absence of continuance commitment), which is a positive sign for organizations. Employees' seniority stands out in all types of commitment, reflecting the affective and emotional themes in Portuguese culture.

This study makes an original contribution to the literature on organizational commitment by showing the alternative complementarity of the conditions in the context of the SET, only possible through fsQCA. It also provides inputs for practitioners who can adopt strategies and measures to develop the paths that lead to successful outcomes (presence of commitment) and avoid those that lead to undesired ones (absence of commitment).

This chapter deals with different perspectives and structural transformations between capitalist society and indigenous ways of life. I approach the A’uwẽ-Xavante myth of the theft of the jaguar’s fire, one of many versions of the story of the bird-nester, which Lévi-Strauss interprets as the acquisition of culture through cooking technique. I compare it with Proudhon’s study on property as the theft of collective force which he treats as the groundwork of the manufacturing process in capitalist society. This highlights the difference between Proudhon’s ideal mutualism, based on free access to means of production and polytechnic education, and the A’uwẽ-Xavante’s acquisition of power and its technical reproduction. Proudhon’s mutualism envisages auto-organization of collective force in cooperative work favoring its collective appropriation by the workers; while in the A’uwẽ-Xavante way of life, there is an off-centered collective force from which technical acquisition is redistributed. In common with Proudhon’s ideal labor mutualism, A’uwẽ-Xavante’s ways welcome outsiders to their means of production of people; but unlike Proudhon’s, this welcome is not for free: they have to prove their generosity and personal commitment to the game.