ID: 73034
Autoria:
Talles Brugni.
Fonte:
Brazilian Business Review, v. 20, n. 1, p. 0-0, Janeiro-Fevereiro, 2023. 1 página(s).
Tipo de documento: Editorial (Inglês)
Ver Resumo
Dear readers,
After an intense 2022, we hope that 2023 will be full of wisdom, serenity, coherence, less intolerance and much more happiness, lightness, and benevolence. In this regard, to start the year we present to you the volume 20, no. 1 of 2023, of the Brazilian Business Review. We wish you all an excellent 2023, that we have pleasant readings.
Opening the issue, we present a paper that investigates the disposition effect regarding Brazilian investors, with focus on the year 2020 and database composed by more than 12,000 trades by 274 investors. In this context, Barreto, Barbedo and Camilo-da-Silva identified that investors behave in line with the disposition effect, selling winning stocks too early and holding losing stocks too long, signaling that a stock that is gaining value is more likely to be sold compared to a stock that is losing value.
Our second paper analyzes the risk-adjusted performance of 3,840 funds related to Environmental, Social and Governance (ESG-related funds), considering periods of financial constraints and the COVID-19 Pandemic. For this purpose, Guimarães and Malaquias used daily data and estimated performance based on the four-factors model. Their findings indicate that, on average, based on the four-factors model. The main results indicate that, on average, ESG-related funds presented higher risk-adjusted returns during periods of financial constraints, including COVID-19 period, suggesting that ESG-related funds achieve a better performance when compared to “conventional” funds in times of crisis.
Next, we present you the paper of Ribeiro and Clemente, whose objective was to analyze the influence of stability and intensity of the board interlocking on the accounting choices of 57 companies in the electricity sector listed in B3. Their findings reveal considerable changes in the connection structures of companies, starting with the formation of a major network in the years 2010 and 2011 and ending with five well-defined groups in 2016. Results also suggest that stability and intensity of connections favor the dissemination of accounting choices, especially for choices related to measurement and classification.
Our fourth paper uses the agency theory perspective to analyze governance, composed of a set of dimensions and measured by governance factors that influence donations to Brazilian environmental Nonprofit Organizations (NPOs). To achieve this goal, Lacruz, Rosa and Oliveira identified governance dimensions through Multiple Correspondence Analysis for 108 random observations and, subsequently, they verified through PLS-SEM whether governance affected the donations. Their findings suggest that governance helps NPOs to have easier access to the donations market and that public certifications provided to NPOs do not contribute to increasing donations, showing that governance helps NGOs to have easier access to the donation market and that the public certifications provided to the NGO do not contribute to the increase in donations.
The next paper investigated the essential elements for building a public governance model in Brazil, with the objective of proposing an analytical framework with contributions from different theoretical lenses. To do so, Raschendofer, Figueira, and Furtado analyzed the concepts and debates emerging from the literature conducted empirical research in the Brazilian Navy. Their findings suggest that external control bodies have been playing the role of giving rise to an increase in governance levels within the scope of public administration, restricting its application to the perspective of control, and involving, to a lesser extent, the concepts of governance as instruments for achieving political-administrative effectiveness. This result corroborates the need to develop more comprehensive proposals related to public value creation.
Closing the issue, Siqueira, Correia and Amaral compare the performance of Tick Rule (TR) and Bulk Volume Classification (BVC) models in classifying assets traded on the Brazilian stock exchange (B3) and indicate which one performs better as an investment decision tool. In this regard, they observed that TR presents better performance in relation to BVC for all three groups of actions, revealing that the base upon which the TR is built holds up in the Brazilian market, whereas BVC mechanics does not reflect the observed reality.
I hope you enjoy our selection of papers. Good reading to all!
Talles Vianna Brugni – Editor-in-Chief – https://orcid.org/0000-0002-9025-9440
