Impact of social metrics in decentralized finance

In our study, we have evaluated the impact of tweets, social indicators, uncertainty, and attention indices on the selected variables calculated from a pool of 51 decentralised finance entities. In so doing, we have identified some evidence that returns are impacted by tweets, but not by social indicators that appear to be more relevant for volatility. We have further confirmed that the S&P500 Index negatively influences cryptocurrency returns, which means that these two asset classes are substitutes. Uncertainty and attention indices are relevant in determining returns and the alternative measurement of volatility. However, they remain insignificant for illiquidity and our initial volatility choiceS

Green bond market and sentiment: is there a switching behaviour?

We examine the impact of Twitter sentiment on the returns of four selected bond indices via the selection of relevant threshold variables, such as the S&P 500 Index, the VIX, and the MSCI World Index. If overreaction or underreaction to significant changes in the market occur regularly (De Bondt and Thaler, 1985, 1987; Jegadeesh and Titman, 1993), it is assumed that Twitter users respond with different intensities in the case of rising, falling or rather indeterminable markets. We fail to find evidence that the S&P 500 Index and VIX are relevant in supporting the switching behaviour. However, the MSCI World Index, to a certain extent, causes this relationship to diverge from the linear one. These claims become stronger when lagged and cubic sentiment variables have been included in the panel smooth transition regression (PSTR)S

Environmental assessment through real options

Trala Segunda Guerra Mundial, os países occidentais comezaron a tomar conciencia das repercusións que os seus proxectos de desenvolvemento e industrialización tiñan sobre o medio. O rápido crecemento industrial obviara, a principios de século, os efectos que podería producir sobre as próximas xeracións. O obxecto desta análise será a consideración dunha ferramenta de xestión, como complemento das existentes e non como substituto, que nos proporcione un método de valoración global en termos económicos deses electos, tendo en canta que tanto a repercusión do tempo como a magnitude dos electos son incertosAlter World War II, westem countries began lo be aware of the repercussions their developmenT and industrial projects have on the environment. The fast industrial growth had not taken into account, at the beginning of the century, the effects il could have on future generations. The aim of this analysts will be the consideration of a management tool, complementary to not substitute for the existing ones, that will provide a global assessment method in economic terms of such effects, taking into account that both the repercussion of time and the magnitude of the effects are uncertainS

A crise nos mercados emerxentes e as implicacións financeiras

Notas breve

Reputation, Game Theory and Entrepreneurial Sustainability

This manuscript provides a novel approach to reputational management as a driver of entrepreneurial sustainability, using game theory to integrate three dimensions of reputation. First, if the entrepreneur perceives reputation as a risk source, the analysis is framed as a prisoner’s dilemma schema that is solved by protecting against reputational threats from entrepreneurial sustainability. Second, if the entrepreneur perceives reputation as a competitive advantage, the analysis is framed as an innovator’s dilemma that is solved by getting reputational opportunities from entrepreneurial sustainability. Third, if reputation is perceived as a strategic asset, the analysis is framed as a coordination game schema that results in the development of a reputational intelligence skill that has the potential to become crucial for success in entrepreneurial sustainability. Consequently, this manuscript provides an original multidisciplinary analysis of reputational management by relating well-known theoretical results from game theory to organizational realitiesS

Finance, technology, and values: a configurational approach to the analysis of rural entrepreneurship

The analysis of rural entrepreneurship (RE) at the local level requires further development. Its multidimensional nature demands theoretical and methodological approaches to navigate the complex and asymmetrical relationships that could exist between different conditioning factors. Analyses of specific contexts are also attractive for extracting more meaningful conclusions. This study takes the development of a specific type of religious tourism as reference context for the analysis of RE. Pilgrimage has shown a renewed capacity to mobilize people moved both by religious and secular motives in an interplay of values related to religion, nature, and culture. Some financial and technological factors are also relevant in this context. Integrating the Resource-Based View of firms and Resource Dependence Theory, and a fuzzy-set qualitative comparative analysis, different combinations of conditions representing values, finance, and technology are derived to explain high and low levels of entrepreneurship in two subsamples of rural municipalities. The results are relevant to preventing policymakers, researchers, and practitioners from making oversimplifying assumptions when analyzing RE. Investigating single factors in isolation lacks thoroughness, as relevant interdependencies exist between resources and agents that must be considered, which lead to diverse combinations of factors that can positively contribute to RES

Corporate Social Responsibility and Resilience

Texto dispoñible en galego e españolNunha contorna globalizada, interdependente e en constante cambio non só compiten os produtos e os servizos que desenvolven as empresas, senón tamén os modelos de negocio. O éxito empresarial non pode seguir sustentándose en bases tradicionais, e as empresas deben asumir un proceso de permanente renovación da súa estratexia e ofrecer novas respostas ás necesidades e esixencias da sociedade baixo o marco que formula o concepto de “desenvolvemento sostible”. A responsabilidade social empresarial e a resiliencia preséntanse como ferramentas complementarias para construír un novo tipo de empresa orientada á creación de valor sostible, en relación coa súa capacidade de perdurar no tempo e de crear á vez valor económico, social e ambientalEn un entorno globalizado, interdependiente y en constante cambio no solo compiten los productos y servicios que desarrollan las empresas, sino también los modelos de negocio. El éxito empresarial no puede seguir sustentándose en bases tradicionales, y las empresas deben asumir un proceso de permanente renovación de su estrategia y ofrecer nuevas respuestas a las necesidades y exigencias de la sociedad bajo el marco que formula el concepto de “desarrollo sostenible”. La responsabilidad social empresarial y la resiliencia se presentan como herramientas complementarias para construir un nuevo tipo de empresa orientada a la creación de valor sostenible, en relación con su capacidad de perdurar en el tiempo y de crear a la vez valor económico, social y ambientalIn a global, interdependent and constantly changing environment, not only products and services are competing, but also business models. Corporate success is not longer supported by traditional bases, and companies must get engaged in a process of permanent renewal of its strategy and offer new responses to the needs and requirements of society under the framework posed by the concept of Sustainable Development. Corporate Social Responsibility and Resilience are complementary tools to build a new type of enterprise oriented to the creation of sustainable value, regarding its own sustainability through time and its capacity of simultaneously creating economic, social and environmental valueS

Inclusions in and exclusions from the S&P 500 environmental and socially responsible index: a fuzzy-set qualitative comparative analysis

Socially responsible investment (SRI) indices provide an interesting opportunity to analyse the links between corporate financial performance (CFP) and corporate sustainability performance (CSP). However, few studies focus on the antecedents of inclusions in and exclusions from SRI indices. Specifically, the implications of corporate sustainability disclosure (CSD) have been largely ignored in this field. Furthermore, previous literature on the CSP-CSD-CFP links shows inconclusive results that have been attributed to both methodological and measurement problems, which suggest the existence of asymmetry, equifinality and complexity amongst these links. This study targets two under-researched areas regarding the determinants of changes in the composition of SRI indices, and the effects of CSD on CSP. This study also attempts to overcome the methodological and measurement limitations of previous studies on the CFP-CSD-CSP links. The study presents a fuzzy-set qualitative comparative analysis (fsQCA) to explore how different combinations of CFP and CSD indicators are related to inclusions in an SRI index (assumed as expressions of a good CSP), and exclusions from an SRI index (equivalent to a poor CSP). The empirical results reveal that a combination of different CSD indicators is necessary, but not sufficient, to lead to the inclusion in or exclusion from an SRI index, and that CFP measures have asymmetrical effects on CSP. CSD is a relevant antecedent or precondition of CSP that can motivate changes in corporate behaviours towards an improved CSP. Poor CSP, leading to an exclusion from the index, is associated with poor CSD and a deterioration of CFP. The implications for researchers, business managers, SRI rating agencies and policymakers are derivedS

Guidelines to Orient Environmental Management Towards Corporate Value Creation

Texto dispoñible en galego e españolAínda que as interrelacións entre a economía, a empresa e o medio son cada vez máis evidentes e se constatan na toma de decisións políticas e de xestión a todos os niveis, aos xestores empresariais aínda lles resulta difícil unir o obxectivo financeiro clásico de creación de valor para o accionista coa mellora do desempeño ambiental da súa organización. Para conseguilo precísase dun marco conceptual que faga explícitos os vínculos entrambos os dous. A partir dese marco conceptual, faise posible establecer unha serie de pautas e regras que considerar polas empresas na toma de decisións operativas, de investimento e de financiamento para orientar a súa estratexia ambiental cara á creación de valorAunque las interrelaciones entre la economía, la empresa y el medio ambiente son cada vez más evidentes y se constatan en la toma de decisiones políticas y de gestión a todos los niveles, a los gestores empresariales todavía les resulta difícil unir el objetivo financiero clásico de creación de valor para el accionista con la mejora del desempeño medioambiental de su organización. Para conseguirlo se precisa de un marco conceptual que haga explícitos los vínculos entre ambos. A partir de ese marco conceptual, se hace posible establecer una serie de pautas y reglas a considerar por las empresas en la toma de decisiones operativas, de inversión y de financiación para orientar su estrategia medioambiental hacia la creación de valorAlthough the interrelations between Economy, firms and the environment are more and more obvious and verifiable on policy and management decision-making at all levels, corporate managers still find difficult to simultaneously achieve the classic financial objective of shareholder value creation and the improvement of the environmental performance of their organizations. In order to do this a conceptual framework is needed to make explicit the links between these two concepts. Basing on this conceptual framework it is possible to establish diverse guidelines and rules that firms can consider into their operating, investment and financing decisions to orient their environmental strategy towards value creationS

How Can Cultural Values and Entrepreneurship Lead to the Consideration of Innovation-Oriented or Non-Innovation-Oriented Countries?

This study provides an analysis of the existing relationship between culture, entrepreneurship, and orientation towards innovation at the national level. Drawing on the creation of an Artificial Neural Network, and using a sample of 37 countries, this paper aims to catalogue each country as innovation-oriented or non-innovation-oriented considering the six cultural dimensions proposed by Hofstede’s model and the country´s entrepreneurial activity. The results achieved suggest that three of the cultural dimensions—long-term orientation, individualism, and indulgence—are positively associated with the consideration of a country as innovation-oriented, but one of them—uncertainty avoidance—is associated with the consideration of a country as non-innovation-oriented. On the other hand, while power distance and masculinity do not seem to be significant variables in this analysis, the entrepreneurial activity rate is associated with countries classified as non-innovation-oriented. This study aims to shed light on the relationships between cultural values, entrepreneurship, and orientation towards innovation, providing valuable information for stakeholders, mainly those belonging to private sector and governments, when designing strategies aimed at creating favourable environments for the development of a country’s technology, research, and innovationS