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Due to the mixed evidence regarding politically connected (PCON) firms and voluntary disclosure, the authors seek to investigate the direction of the association between Brazilian PCON firms and their level of information disclosed in the fight against corruption. This study is conducted in a developing country with a weak judicial system where board members or directors with political connections can operate without any oversights.

The authors empirically test our hypothesis that voluntary anti-corruption disclosure is negatively associated with political connections. Content analysis, Wilcoxon Rank and Pearson Correlation were employed in a sample of 30 companies that belong to sectors with the highest risk of corruption, between 2014 and 2016, the period of Brazilian elections. A sample of 90 observations is used with data collected from annual reports of companies listed on the São Paulo Stock Exchange in Brazil.

The study’s results indicate a positive and significant association between the level of voluntary anti-corruption disclosure and corporate political connection, confirming our second hypothesis. PCON firms could seek to improve their legitimacy after recent corporate corruption scandals discovered in Brazil where government members participated in the schemes of bribe and money laundering and embezzlement. Although our sample is composed of firms in industries of high corruption risk, which could increase bias, the results improve the literature with empirical contribution that has given little attention to the issue.

The latest corruption scandals in Brazil showed that companies were involved with government officials, corruption is one of the country's biggest issues for diverting public resources to basic needs such as education and health. The relationship between political connections and voluntary disclosure is an open empirical question, particularly dealing with anti-corruption. The study’s findings bring light on the subject, which deserves greater attention not only from researchers but from the society that is most affected by corruption.

The present paper assesses the decision problem of selecting Unmanned Aerial Vehicle Systems (SARP) by the hybrid MPSI-SPOTIS approach for deployment in border control and transborder illicit combat.

By the hybrid MCDA MPSI-SPOTIS approach, and from the database available in Gettinger (2019), models were filtered by Endurance, Range, Maximum Take-Off Weight (MTOW), and Payload, fitting within the classification of Categories EB 0 and 2. Category EB 1 was not considered in this study due to the limited number of models in the data source.

The use of the Multi-Criteria Decision Analysis (MCDA) tool MPSI-SPOTIS allowed the determination of weights by stochastic criteria, applied in a ranking method resistant to reverse ordering. The application of the method identified the Raybird-3 (Cat EB 0) and Searcher (Mk3) (Cat EB 2) models as the best alternatives. From a proposed clustering, other selection possibilities with close performance in the evaluation were presented. The cost criterion was not taken into consideration due to the absence of information in the data source employed. Future studies are suggested to include criteria related to the life cycle and acquisition cost of the models.

The cost criterion was not taken into consideration due to the absence of information in the data source used. Future studies are suggested to include criteria related to the life cycle and acquisition cost of the models.

This paper aims to propose a technology selection method applied to complex defense acquisitions when multiple factors influence the decision makers and it is hard to obtain a major optimum solution in multitask and multi-mission platform.

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.

This paper aims to mitigate the subjective nature of wine rating by introducing statistical and optimization tools for analysis, providing a unique approach not found in existing literature.

The research uses an unsupervised machine learning algorithm, k-means, to cluster wines based on their chemical characteristics, followed by the application of the PROMETHEE II multicriteria decision-making model to rank the wines based on their sensorial characteristics and selling price. Lastly, a linear programming model is used to optimize the selection of wines under different scenarios and constraints.

The study presents a method to rank wines based on both chemical and sensorial characteristics, providing a more comprehensive assessment than traditional subjective ratings. Clustering wines based on their characteristics and ranking them according to sensorial characteristics provides the user/consumer with meaningful information to be used in an optimization model for wine selection.

The proposed framework has practical implications for wine enthusiasts, makers, tasters and retailers, offering a systematic approach to ranking and selecting/recommending wines based on both objective and subjective criteria. This approach can influence pricing, consumption and marketing strategies within the wine industry, leading to more informed and precise decision-making.

The research introduces a novel framework that combines machine learning, decision-making models and linear programming for wine ranking and selection, addressing the limitations of subjective ratings and providing a more objective approach.

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.

This paper aims to comprehensively analyze renewable energy alternatives in Brazil, focusing on identifying the most suitable option for investment in the country’s sustainable development.

The study adopts the step-wise weight assessment ratio analysis-multiobjective optimization by ratio analysis −3NAG (a combination of three normalization methods) methodology, a multicriteria decision-making approach, to evaluate and rank renewable energy sources based on key criteria such as resource availability, cost-effectiveness, job creation potential and environmental impact.

The analysis reveals that solar energy emerges as the preferred choice for Brazil, offering significant advantages over other alternatives such as hydroelectric, wind and biomass energy. Solar energy’s distributed generation capability, cost reduction trends and positive environmental impact contribute to its favorable position in meeting Brazil’s energy needs.

While the study provides valuable insights into renewable energy selection, there are limitations regarding the criteria’ scope and the exclusion of specific renewable energy options. Future research could explore sensitivity analyses and incorporate additional criteria to enhance the study’s comprehensiveness.

This research contributes to the existing literature by thoroughly analyzing renewable energy alternatives in Brazil using a robust multicriteria decision-making methodology. The study’s findings provide actionable guidance for policymakers, businesses and stakeholders seeking to promote sustainable energy development in the country.

We present a critical literature review debating Brazilian research on social and environmental accounting (SEA). The aim of this study is to understand the role of politics in the construction of hegemonies in SEA research in Brazil. In particular, we examine the role of hegemony in relation to the co-option of SEA literature and sustainability in the Brazilian context by the logic of development for economic growth in emerging economies. The methodological approach adopts a post-structural perspective that reflects Laclau and Mouffe’s discourse theory. The study employs a hermeneutical, rhetorical approach to understand and classify 352 Brazilian research articles on SEA. We employ Brown and Fraser’s (2006) categorizations of SEA literature to help in our analysis: the business case, the stakeholder–accountability approach, and the critical case. We argue that the business case is prominent in Brazilian studies. Second-stage analysis suggests that the major themes under discussion include measurement, consulting, and descriptive approach. We argue that these themes illustrate the degree of influence of the hegemonic politics relevant to emerging economics, as these themes predominantly concern economic growth and a capitalist context. This paper discusses trends and practices in the Brazilian literature on SEA and argues that the focus means that SEA avoids critical debates of the role of capitalist logics in an emerging economy concerning sustainability. We urge the Brazilian academy to understand the implications of its reifying agenda and engage, counter-hegemonically, in a social and political agenda beyond the hegemonic support of a particular set of capitalist interests.

Based on the Theory of Planned Behaviour, the purpose of this paper is to analyse the influence of the advantages and disadvantages of entrepreneurship surrounding the entrepreneurial intention on a university context.

To test the hypothesis it is used a quantitative research. With a structural equations approach, it is explored the psychological mechanisms that could affect to the entrepreneurial intentions of university students.

The results obtained show that the advantages related to entrepreneurship, in particular personal rewards, influence positively on the entrepreneurial attitude. However, the disadvantages, in particular economic aspects, have a negative effect. Additionally, the authors test that the gender and the academic training have a moderate effect on the variables which influence on the entrepreneurial intention.

This paper contributes to the literature on entrepreneurship in two important aspects. First, it goes into detail about the influence that perceived advantages and disadvantages of starting a new business has on entrepreneurial intentions. Second, the authors examine relevant and special collective, university students that try to decide their professional future and, hence, it is a critical period to decide the startup of a new business.

Con la Teoría de Comportamiento Planificado como marco de referencia este trabajo analiza la influencia de las ventajas e inconvenientes asociados al emprendimiento sobre la intención emprendedora en un contexto universitario.

Para la contrastación empírica de las hipótesis planteadas se realiza una investigación de naturaleza cuantitativa mediante la cual se exploran los mecanismos psicológicos que podrían guiar las intenciones de emprendimiento de los estudiantes universitarios.

Los resultados obtenidos ponen de manifiesto que las ventajas asociadas al emprendimiento, en especial las recompensas personales, influyen positivamente en la actitud emprendedora, mientras que los inconvenientes asociados al emprendimiento, y en particular los aspectos económicos, ejercen un efecto negativo. Asimismo, se constata que el sexo y los estudios cursados tienen un efecto moderador en las variables que afectan a la intención emprendedora.

El presente trabajo aporta dos contribuciones fundamentales a la literatura sobre emprendimiento. Por un lado, profundiza en la comprensión de la influencia que tienen en la decisión de emprender las percepciones de los individuos respecto a las ventajas e inconvenientes de crear un negocio propio. Por otro lado, se examina un colectivo de especial relevancia en el ámbito del emprendimiento, como son los estudiantes universitarios, que se encuentran en situación de encaminar su futuro profesional y, por tanto, en un momento crítico para la decisión de crear una empresa propia.

The purpose of this article is to identify whether there is happiness in the consumption of brands and product categories and to clarify which provides more happiness: consuming the product itself or consuming the branded product.

The research was a survey with 528 Brazilian consumers. Data were analyzed and interpreted through content analysis and regressions: linear, quantile and logistic.

The results show that there is happiness in the consumption of brands and product categories, with culture being the category that most provides happiness; also confirming that individuals who consume branded products are happier than those who consume the product itself.

Studies confirm that there is happiness in consumption, but when we show that there is more happiness in the consumption of branded products than in not consuming the product itself, and when we identify which are the categories of products that bring the most happiness in an emerging country of Latin America, our article deepens and expands the previous literature.

We suggest that companies associate their brands with culture to balance profit with sustainable purpose. For this, we provide a framework as a tool for this association.

The topic of our article is relevant, timely and current, its originality lies in confirming that those who consume the branded product are happier and those who consume the product itself are less happy, and also by identifying which categories provide the most happiness.

El propósito de este artículo es identificar si hay felicidad en el consumo de marcas y categorías de productos y esclarecer cuál proporciona más felicidad: consumir el producto en sí o consumir el producto de marca.

La investigación fue una encuesta con 528 consumidores brasileños. Los datos fueron analizados e interpretados mediante análisis de contenido y regresiones: lineal, cuantil y logística.

Los resultados muestran que existe felicidad en el consumo de marcas y categorías de productos, siendo la cultura la categoría que más felicidad brinda; confirmando también que los individuos que consumen productos de marca son más felices que los que consumen el producto en sí.

Sugerimos que las empresas asocien sus marcas con la cultura para equilibrar las ganancias con un propósito sostenible. Para ello, proporcionamos un marco como herramienta para esta asociación.

Los estudios confirman que hay felicidad en el consumo, pero cuando demostramos que hay más felicidad en el consumo de productos de marca que en no consumir el producto en sí, y cuando identificamos cuáles son las categorías de productos que más felicidad aportan en un mundo emergente país de América Latina, nuestro artículo profundiza y amplía la literatura anterior.

El tema de nuestro artículo es relevante, oportuno y actual, su originalidad radica en constatar que quienes consumen el producto de marca son más felices y quienes consumen el producto en sí son menos felices, y también en identificar qué categorías aportan más felicidad.