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This study analyzes the influence of institutional and macroeconomic factors, in addition to firm-level factors, on the capital structure of listed industrial Latin American (LATAM) companies. The objective is to provide empirical evidence on LATAM firms from (1) the perspective of the traditional trade-off and pecking order theories and (2) from approaches that introduce the impact of institutional and macroeconomic factors into the analysis.

The empirical analysis adopts an econometric methodology using panel data on companies from Argentina, Brazil, Chile, Colombia, Mexico and Peru from 2008 to 2018.

The results indicate that, in addition to the firm-level characteristics, the institutional and macroeconomic characteristics of the countries influence the capital structure of LATAM companies.

The study presents some limitations. It is mainly focused on listed companies sourced from only six LATAM countries due to a lack of data. It would be advisable to carry out similar studies with corporate governance factors, family businesses and small and medium-sized enterprises (SMEs).

The results can serve as a reference for economic agents and professionals, encouraging them to consider the evolution of institutional and macroeconomic variables when making decisions. Academically, our findings verify the validity of conventional theories and the relevance of incorporating external institutional variables into the capital structure framework.

The importance of this research lies in analyzing the capital structure of companies in a little-explored geographic area, LATAM, including institutional and macroeconomic factors and using the new Orbis database.

Este estudio analiza la influencia de los factores institucionales y macroeconómicos, además de los factores a nivel de empresa, en la estructura de capital de las empresas industriales cotizadas latinoamericanas (LATAM). El objetivo es proporcionar evidencia empírica sobre las empresas latinoamericanas desde (1) la perspectiva de las teorías tradicionales trade-off y pecking order, y (2) desde los enfoques que introducen el impacto de los factores institucionales y macroeconómicos en el análisis.

El análisis empírico adopta una metodología econométrica, utilizando datos de panel de empresas de Argentina, Brasil, Chile, Colombia, México y Perú, de 2008 a 2018.

Los resultados indican que, además de las características a nivel de empresa, las características institucionales y macroeconómicas de los países influyen en la estructura de capital de las empresas latinoamericanas.

El estudio presenta algunas limitaciones, principalmente se centra en empresas cotizadas provenientes de solo seis países de LATAM, debido a la falta de datos. Sería recomendable realizar estudios similares con factores de gobierno corporativo, con empresas familiares y PYMES.

Los resultados pueden servir de referencia para los agentes económicos y profesionales, animándolos a considerar la evolución de las variables institucionales y macroeconómicas a la hora de tomar decisiones. Académicamente, nuestros hallazgos verifican la validez de las teorías convencionales y la relevancia de incorporar variables institucionales externas en el marco de la estructura de capital.

La importancia de esta investigación radica en analizar la estructura de capital de empresas en un área geográfica poco explorada, LATAM, incluyendo factores institucionales y macroeconómicos y utilizando la nueva base de datos Orbis.

This study aims to analyze the responsible consumption of Generation Z and millennials in the Latin American market, with special emphasis on the Peruvian case, to identify their differences with consumers born in 1980 and earlier and to evaluate their contribution to Sustainable Development Goal 12.

The study was conducted on a sample of 309 persons living in Lima. After developing and validating an instrument, an online questionnaire was used to collect data. These data were analyzed descriptively and inferentially, using chi-square tests to validate the relationship between variables.

The study identifies and explains the new trend of responsible consumption among Generation Z and millennials in emerging markets, where end consumers interact with and prefer products and services from companies that demonstrate responsible behavior and offer trust. It identifies new consumption variables that go beyond the traditional ones.

The study reveals a trend in the responsible consumption of Generation Z and millennials in Peru. However, it is necessary to complement the study in other countries in the region, as well as to study the new generations, such as the alpha generation and their consumption patterns.

The new trend of responsible consumption among Generation Z and millennials is forcing companies to implement strategies and develop corporate social responsibility programs. These companies must demonstrate ethical, environmental, socially responsible and sustainable behaviors in their daily operations to satisfy their stakeholders.

The study reveals a new trend in Peru, a developing country, where the market – the end consumer – is more informed and therefore demands better corporate performance from companies, including care for the environment and a contribution to society that includes a good relationship with its stakeholders.

Analizar el consumo responsable de la Generación Z y Millennials en el mercado latinoamericano, con especial énfasis en el caso peruano, con el fin de identificar sus diferencias con los consumidores nacidos en 1980 y antes y evaluar su contribución al Objetivo de Desarrollo Sostenible (ODS) 12.

El estudio se realizó sobre una muestra de 309 personas residentes en Lima. Después de desarrollar y validar un instrumento, se utilizó un cuestionario en línea para recopilar datos. Estos datos fueron analizados de forma descriptiva e inferencial, utilizando pruebas de chi-cuadrado para validar la relación entre variables.

El estudio identifica y explica la nueva tendencia de consumo responsable entre los Millennials y la Generación Z en los mercados emergentes, donde los consumidores finales interactúan y prefieren productos y servicios de empresas que demuestran un comportamiento responsable y ofrecen confianza. Identifica nuevas variables de consumo que van más allá de las tradicionales.

El estudio revela una nueva tendencia en Perú, un país en desarrollo, donde el mercado -el consumidor final- está más informado y por tanto exige a las empresas un mejor desempeño corporativo, incluido el cuidado del medio ambiente y un aporte a la sociedad que incluye una buena relación con sus clientes y partes interesadas.

El estudio revela una tendencia en el consumo responsable en la Generacion Z y Millennials en el Perú. Sin embargo, es necesario complementar el estudio en otros países de la región, así como estudiar las nuevas generaciones, como la generación alfa, y sus patrones de consumo.

La nueva tendencia de consumo responsable entre la Generación Z y Millennials y obligando a las empresas a implementar estrategias y desarrollar programas de responsabilidad social corporativa. Estas empresas deben demostrar comportamientos éticos, ambientales, socialmente responsables y sostenibles en sus operaciones diarias para satisfacer a sus grupos de interés.

Corporate digital responsibility is a challenge for companies as it recognizes that the use of technology can have a significant impact on society. In addition, a whole philosophy of nonfinancial disclosure has recently been developing and has become a priority for organizations seeking to be transparent and accountable. While some companies have already adopted this approach, practices related to information transparency in corporate digital responsibility are still in their early stages, creating a need to improve reporting and promote greater understanding in this evolving field. Based on a study analyzing the disclosure of information on digitization and taking into account that the board of directors is the body in charge of companies’ disclosure policy, the study aims to identify the factors that favor this disclosure.

As established by Ponce et al. (2022), IBEX-35 companies are Public Interest Companies subject to European and international regulations and are required to provide information on economic efficiency indicators and nonfinancial indicators. In relation to the proposed objectives, the aim is to analyze the possible factors that condition the degree of dissemination of information on digitization. To this end, a multiple linear regression of the dissemination index has been proposed following the works of Gil et al. (2018), Rodríguez-Ariza et al. (2014) and Briano-Turrent & Rodríguez-Ariza (2013). The estimation will be performed using the SPSS software (version 27).

The results show that the number of independent directors has a positive influence on the level of information disclosed by companies online. Conversely – and in line with previous studies – board size does not have a significant impact on the level of information transparency.

This study has a few limitations that adversely impact the generalizability of the results. First, the subjective problem inherent in the rating and evaluation of information collected in the annual reports of sample companies cannot be excluded. Second, the consideration that each element that constitutes the IDT has the same weight, there being no weighting criteria. Finally, the study population is limited to 35 listed companies, not considering medium and small companies. Nevertheless, despite these limitations, the results are sufficiently interesting to justify and extend the research to a larger number of companies and, of course, to other stock market indices. Another interesting future line of research would be to include more independent variables to analyze what other factors determine the degree of digital transparency of companies.

The study may be useful for organizations to take into account when identifying the corporate governance characteristics that will improve the disclosure of information on digitalization, which is still incipient and voluntary. Similar considerations could be made with respect to the competent authorities in regulating the disclosure of information by companies, insofar as they should promote policies that, in general, favor corporate transparency.

This study contributes to the literature in three main ways: 1) although there is a large body of research that has explored the impact of corporate governance dimensions on the level of nonfinancial transparency, the present study pioneers the approach to digitalization disclosure in Spanish listed companies; 2) it provides evidence that it is highly advisable to have a majority of independent directors to achieve a higher degree of digital disclosure; and 3) the results of this research show the current state of digital transparency on the websites of most of the listed companies in Spain, which could serve as a benchmark for those responsible for issuing corporate governance policies and guidelines.

Accountability and transparency represent two concepts that are gaining more and more importance in the higher education systems. Universities are increasingly called upon to provide both financial and non-financial information. This circumstance has attracted the interest of academics interested in examining the transparency levels of universities. However, limited attention has been paid to corporate governance disclosure. This study aims to bridge this important gap by analyzing the amount of corporate governance information disseminated by Italian universities through their website and the factors capable of influencing this level of disclosure.

This study uses manual content analysis on a sample of 92 Italian universities to measure the extent of corporate governance information dissemination. In addition, it uses various regression models to test the research hypotheses.

Empirical results demonstrate, first, an adequate commitment to online corporate governance disclosure and, second, a greater propensity toward the dissemination of corporate governance information by the largest and public universities.

The findings greatly enrich the academic literature and have important practical implications for universities, policymakers, and lawmakers.

The study investigates how sustainability reporting constructs a narrative about an organization that provides its members with a reality they can accept, with the consequence of producing organizational stability.

The article reports a research engagement concerning the “backstage” of sustainability reporting in one Spanish savings bank, which the researchers engaged with for more than three years.

The article describes how sustainability reporting operates as a boundary object occupying the space between the organization’s loosely coupled systems and facilitating the cooperation of members with different interpretations of the organization. Different translations of discourses and actions ensure that the sustainability report conveys a ductile narrative that can be tailored to specific interpretations. At the same time, the editing inherent in sustainability reporting ensures that any narrative that may challenge the organization’s dominant perspective is ignored and marginalized. In this way, sustainability reporting produces a discourse that inscribes a narrative of the organization and eventually ensures organizational inertia.

The article highlights the relevance of investigating sustainability reports by exploring the backstage of their production rather than solely the final document.

In contrast to prior research that has been concerned with exploring the extent to which sustainability reporting is associated with organizational change, this study applies different lenses to show how and why sustainability reporting is implicated in the construction of the organization and the maintenance of its stability and inertia.

The study aims to explore the impact of ownership concentration (OC) on bank financial distress (FD). Furthermore, the bank’s financial stability levels determine the association between the two.

Bank data of 33 Indian commercial banks are procured for ten years (2013–2022). The panel data econometrics is applied for empirical estimations. The quantile regression approach is used to determine the association between OC and FD at different quantiles of the FD. Non-normalcy of the data is checked and ensured before applying the quantile regression.

Surprisingly, it is found that promoters have a nonlinear impact on the firm’s stability. The inverted U-shape result implies that as promoters cross a threshold level, the benefit of increasing promoters’ stake takes a beating and a further increase in promoters’ stakes adversely impacts the stability of the banks. Moreover, this threshold value increases while moving from low to high levels of stability in a quantile regression application.

This study uses promoters as the proxy for OC. Other existing definitions of OC are not used in the study, which can further improve the robustness of the results. Additionally, the use of the type of ownership (private, public or foreign) is also not adopted in the present study. Both the limitations can be the study’s future scope on the topic.

The high OC is supposed to influence corporate governance adversely. Therefore, policymakers recommend low OC for better governance. However, the present study finds evidence that a higher OC (high threshold of OC as the stability increases) would be better for financial stability. This situation demands a trade-off between governance and financial stability regarding OC.

The authors do not observe any study having the nonlinear impact of OC on financial stability (opposite of FD). Moreover, the threshold of OC for the optimum level of financial stability increases as stability goes high. This evidence using quantile regression and finding the turning point using a quadratic equation is also not seen in the literature.