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Corporate social responsibility (CSR) rating agencies have arisen with the aim of providing external and reliable information about business behaviour. The purpose of this paper is to present a multi-criteria methodology for integrating CSR valuations with the financial performance of companies in a unique measure of global sustainability performance.

The authors present a hybrid TOPSIS methodology on transformed scores of both the CSR valuations and the financial ratios. The “attribute-specific evaluation” approach into Multi-attribute Prospect Theory (PT) has been applied and the Design of Experiments (DoE) is used with the TOPSIS value of the firm as the response variable.

The proposal has been applied to 118 companies evaluated by Vigeo and Covalence CSR agencies. The authors also have considered five financial ratios of the companies in order to assess their financial performance. Consistent aggregation for firms has been achieved. Relationships between the different rankings, both those of Vigeo and Covalence and the ones constructed in this research, have been analysed. All top 10 Global sustainable firms rank among the top 10 positions in at least one of the remaining rankings. The results show that Vigeo and Covalence provide different information about the CSR behaviour of the companies.

Another interesting question is to study the discrepancies between Vigeo and Covalence, for example, in which areas there is the greatest divergence between the two agencies and what could be the reasons for this.

The results of this research could be of interest for both investors who want a global picture of companies in their selection process and stakeholders concerned with CSR issues who want to take advantage of different CSR ratings.

The application of PT softens the compensatory behaviour of the classical TOPSIS that may prove unsuitable for social evaluation. The DoE allows the aggregation of the weight sets from various decision markers. The combined methodology facilitates the scoring of new firms and the rank reversal problem can be mitigated with this methodology.

The purpose of this paper is to analyze the Brexit effect – pre-Brexit and post-Brexit referendum periods – on the co-movements between the British pound (GBP), the euro (EUR) and the yen (JPY) against the US dollar (USD).

To ascertain the asymmetric behavior of dynamic correlations, the authors use the dynamic conditional correlation (DCC) model, the asymmetric dynamic conditional correlation (A-DCC) model and the diagonal BEKK model assuming Gaussian and Student’s t distribution. Several dummy variables have been included in order to identify the main periods related to Brexit.

Findings show a negative impact of the pre-Brexit referendum period on the correlation between GBP and EUR, while there is no significant effect on GBP–JPY and EUR–JPY pairs. The loss of correlation in the GBP–EUR pairing has not recovered during the post-Brexit referendum period, which could be attributed to the uncertainty about the final impact of Brexit on British and Eurozone economies.

The loss of correlation in the GBP–EUR pair has important implications for individual investors, portfolio managers and traders with respect to hedging activities, international trading and investment strategies.

The results are the first to address how Brexit has impacted on the co-movements between exchange rates using different multivariate models that allow for correlations to change over time.

The purpose of this paper is to critically analyze the common assumption, made by many credit risk models such as the Moody's KMV Loss‐Calc model, of a β distribution for the loss‐given default (LGD). The paper shows that this assumption does not perform well in constructing analytic prediction intervals for LGD.

Simulation experiments were conducted to highlight the potential problems associated with this distributional assumption in constructing prediction intervals for LGD.

The simulation experiments show that, when starting from a different assumption concerning the shape of the population distribution, the beta distribution does not perform well in constructing prediction intervals for LGD.

The analysis performed in this study addresses a relevant subject. Indeed, a correct estimate of a credit exposure LGD is particularly relevant not only for internal risk management and management purposes, but also for regulatory reasons within the context of the internal ratings based approach of the recently approved capital regulation framework (Basel II).

The purpose of this paper is to, first, analyse to what extent the default probability based on structural models provides additional information and that accounting ratios do not contemplate. Second, to design hybrid models by including the default probability from structural models as explanatory variable, in addition to accounting ratios, in order to evaluate the differences in the accuracy of default predictions using an accounting‐based model and a hybrid model.

The authors calculated the scores from the accounting models annually during the period from 2003 to 2007 and estimated several structural models.

The results show that the market information obtained from the structural models includes additional information not reflected in the accounting information. Also, it can be concluded that including default probability from structural models as an explanatory variable allows the out‐sample predictive capacity of accounting‐based models to be improved.

The study highlights the importance of combining a structural model with an accounting model rather than expending energy on determining which of the two provides a greater predictive capacity. In fact, recent literature demonstrates no superiority of one approach over the other because both approaches capture different aspects related to the risk of bankruptcy in companies and they should be combined to improve credit risk management.

This study expands on the existing literature on the probability of business failure in the real estate sector. The authors present a comparative analysis of the accuracy of default predictions using accounting‐based models and hybrid models which will consider the default probability implicit in market information.

The purpose of this paper is to describe and analyze a teleconsultation modality based on a simple telephone call, using either landline or mobile phone, made available to more than two million people. Telecommunication systems are an increasingly common feature in modern healthcare. However, making teleconsultations available to the entire population covered by a public health system is a challenging goal.

This retrospective longitudinal observational study analyzed how this modality was used at the primary care level in Galicia, a region in the Northwest of Spain, in 2014 and 2015, focusing on demand, gender and age preferences, rural vs urban population and efficiency.

Of 28,472,852 consultations requested in this period, 9.0 percent were telephone consultations. Women requested more telephone consultations (9.9 percent of total consultations) than men (7.7 percent of total consultations). The highest demand occurred for the over 85 age group for both men and women. In both years, 2014 and 2015, the number of telephone consultations per inhabitant was higher in urban (0.53 and 0.69) than in rural areas (0.34 and 0.47). In 10.9 percent of cases, the telephone consultations required further face-to-face consultation.

Conventional voice telephone calls can efficiently replace conventional face-to-face consultations in primary healthcare in roughly 10 percent of cases. Women are more likely than men to use primary care services in both face-to-face and telephone consultation modalities. Public healthcare systems should consider implementing telephone consultations to deliver their services.

Providing higher education institutions (HEIs) with a tool for self-assessing their social responsibility (SR) that generates the information and knowledge necessary to a strategic approach to adopting the Green Paper recommendations about the SR of HEIs. Setting out the collaborative policy development process to construct the tool “Indicators of SR of HEIs” (ISRHEI).

After a literature review, including self-assessment (SA) tools and leading guidelines, a working group of 24 Portuguese HEIs was created to co-construct the ISRHEI tool, which was then subject to validation in a pilot study.

There are 34 indicators in the ISRHEI tool, structured by sequential levels according to the HEI alignment with SR (policies, procedures, practices and monitoring along a strategic continuum) hoping to achieve impacts on the organisational, educational, cognitive and social level.

This is an innovative and national policy development process for SR in Portugal. It gives insights into guiding documents, SA indicators for SR and the process of developing consensus on this topic amongst 24 HEIs in Portugal. The ISRHEI tool is tailored to the specific characteristics and level of development of HEIs.

This paper aims to explore if employee engagement (EE) influences the relationship quality of long-term partnerships between non-profit organisations (NPO) and for-profit organisations (FPO) and offer a theoretical framework for NPO and FPO long-term partnerships’ success based on the literature.

The study resorts to qualitative research, and through 45 in-depth structured interviews with NPO and FPO employees, this paper intends to investigate the theoretical framework using a hypothetico-deductive method.

The findings support the authors’ theoretical framework, where EE influences satisfaction, trust and commitment to the partnership. The results highlight that organisations creating high levels of satisfaction, trust and commitment may have a higher propensity for long-term partnerships.

This study offers a novel theoretical framework for developing long-term partnerships between NPO and FPO. However, each variable’s extent of influence still needs to be further explored, creating a fertile ground for future research in this area.

Este estudio explora si el compromiso de los empleados influye en la calidad de la relación a largo plazo entre organizaciones sin fines de lucro (NPO) y organizaciones con fines de lucro (FPO) e propone un sistema teorico para el éxito de las asociaciones a largo plazo de NPO y FPO baseado en la literatura.

El estudio recurre a la investigación cualitativa, y a través de 45 entrevistas estructuradas en profundidad con empleados de NPO y FPO, este artículo tiene la intención de examinar el sistema teorico empleando un método hipotético-deductivo.

Los resultados apoyan la afirmación de que el compromiso de los empleados influye en la satisfacción, la confianza y el compromiso con la asociación. Los resultados muestran que las organizaciones que crean altos niveles de satisfacción, confianza y compromiso pueden presentar una mayor propensión a las asociaciones a largo plazo.

Este artículo ofrece un nuevo sistema teorico para el desarrollo de asociaciones a largo plazo entre NPO y FPO. Sin embargo, el alcance de la influencia de cada variable aún debe ser explorado, lo que crea un terreno fértil para futuras investigaciones en esta área.

Este artigo explora se o envolvimento dos colaboradores influência a qualidade da relação de parcerias de longo prazo entre organizações sem fins lucrativos (NPO) e organizações com fins lucrativos (FPO) e propõe um quadro conceptual para o sucesso das parcerias de longo prazo entre NPO e FPO baseado na literatura.

Este estudo recorre à investigação qualitativa e, através de 45 entrevistas em profundidade com funcionários de NPO e FPO, este artigo pretende examinar o quadro teórico utilizando um método hipotetico-dedutivo.

As conclusões apoiam a afirmação de que o envolvimento dos colaboradores influencia a satisfação, a confiança e o compromisso com a parceria. Os resultados mostram que as organizações que criam elevados níveis de satisfação, confiança e compromisso podem apresentar maior propensão a parcerias de longo prazo.

Este artigo oferece um novo quadro teorico para o desenvolvimento de parcerias de longo prazo entre NPO e FPO. No entanto, a extensão de influência de cada variável necessita de análise adicional, o que cria um terreno fértil para futuras investigações nesta área.

This study examines the relationships between green management, perceived barriers to sustainability and innovation performance in Latin American SMEs and how formal and informal institutional factors influence these relationships.

The study used a dataset collected by Iberoamerican small and medium-sized enterprises (SMEs) Observatory in 2022 and included 15 country-specific indicators for Latin American countries published in international data sources to address the formal and informal institutional contexts. Accordingly, the final sample comprises 11,319 SME observations from 16 countries. The analysis involved three phases. First, an R-Type Exploratory Factor Analysis (EFA). Second, a cluster analysis. Third, a testing of the mediation theoretical model between the groups identified in the second study. To this purpose, the analysis included a multigroup analysis for covariance structure by three-stage procedures conducting structural equation modeling (SEM).

The results revealed that both formal institutions (such as government policies and regulations) and informal institutions (such as social norms and cultural values) have a positive impact of green management practices on innovative outcomes in SMEs. However, the magnitude of this impact varies depending on the level of country-specific performance of the context. Additionally, the perceived barriers to sustainability do not play an intermediary role in this relationship within both institutional contexts. However, the effect of perceived barriers to sustainability on SMEs' innovation performance is diminished in the informal institutional context.

These conclusions provide valuable insights for policymakers seeking to promote sustainable development in Latin America, highlighting the importance of institutional support in fostering SMEs' adoption of ecological practices.

Este estudio examina la relación entre la gestión verde, las barreras percibidas a la sostenibilidad y el rendimiento de la innovación en las PYME latinoamericanas y cómo los factores institucionales formales e informales influyen en esta relación.

El estudio utilizó un conjunto de datos recogidos por el Observatorio Iberoamericano de la PYME y se incluyó 15 indicadores de desempeño de países de América Latina publicados en fuentes de datos internacionales para abordar los contextos institucionales formales e informales. Por consiguiente, la muestra de datos final del estudio lo conforman 11,319 observaciones de Pymes de 16 países. El análisis incluyó tres fases. En primer lugar, un análisis factorial exploratorio. Segundo un análisis de conglomerados o clústeres. En tercer lugar, una prueba del modelo teórico de mediación entre los grupos identificados en el segundo estudio. Para ello, el análisis incluyó un análisis multigrupo para la estructura de covarianza mediante un procedimiento de tres etapas por medio de un modelado de ecuaciones estructurales.

Los resultados revelaron que tanto en las instituciones formales (como las políticas y normativas gubernamentales) como en las informales (como las normas sociales y los valores culturales) las prácticas de gestión verde influyen positivamente en desempeño innovador. Sin embargo, la magnitud de este impacto varía según el nivel de desempeño del contexto de estos países. Además, el estudio mostró que las barreras percibidas a la sostenibilidad no tienen un papel de mediación en esta relación, en ambos contextos institucionales. Finalmente, se observó que el efecto de las barreras percibidas a la sostenibilidad sobre el desempeño innovador disminuye en el contexto institucional informal.

El trabajo aporta valiosas ideas para los responsables políticos que buscan promover el desarrollo sostenible en América Latina, destacando la importancia del apoyo institucional para fomentar la adopción de prácticas verdes por parte de las pymes.

Currently, higher education institutions are in charge of the complex task of connecting the knowledge that students acquire in the classroom to the requirements of the working world, preparing the students to face complex situations inherent in professional life. For this reason, the Tecnológico de Monterrey has included as part of the training of its students the modality, Semestre i, sustained through the teaching methodology of challenge-based learning. Recognizing this new way of learning, the purpose of this paper is to address the study of four basic constructs: student engagement, teacher–student relationship, teamwork and time management.

An exploratory factor analysis was performed on the factors associated with the Semestre i, as well as a correlational analysis between these and the academic achievement of the students in the 2017 August–December period.

The results indicate that the four constructs analyzed were potentialized under the modality, Semestre i – time management showing the least difference of the four when compared with the educational experience of students being traditionally taught throughout their semesters.

Semestre i is an innovative educational proposal where the undergraduate students learn in immersive, real-world contexts by experiencing semester challenges planned for them by the teaching body of the institution. Recognizing this new way of learning, this research addresses the study of four basic constructs: student engagement, teacher–student relationship, teamwork and time management.