Contaduría y Administración

The study aims to analyze the moderating effect of financial slack on the relationship between conservative leverage and the economic performance of Brazilian companies. The sample consisted of 160 publicly traded companies and 871 privately held companies. An 8-year period (2012-2019) was analyzed, totaling 5.889 observations. The data was collected from the Refinitiv Eikon® database. For data analysis, descriptive statistics and multiple linear regression were employed using the STATA® software. It was found that for companies in general, having zero or almost zero leverage reduces economic performance. Specifically analyzing publicly traded and privately held companies, having almost zero leverage increases and decreases performance, respectively. Regarding financial slack, the results indicate that regardless of whether the company is publicly traded or privately held, financial slack increases performance, specifically return on assets. In terms of moderation, a negative effect of financial slack on the relationship between conservative leverage and performance was identified.

The purpose of the research is to examine the relationship between profitability measures, cash flow, and financial management, firm characteristics, and external factors, and their influence on Stock Return (SR) for listed industrial companies on PEX and ASE for the period 2015 to 2023. The research utilized a panel data analysis using STATA software to examine the relationship between independent and dependent variables in 45 manufacturing firms listed on the Palestine Exchange (PEX) and the Amman Stock Exchange (ASE). The sample was drawn from a population of 55 industrial firms in Palestine and Jordan. Data was extracted from the financial statements of these businesses for the years 2015 to 2023, excluding firms that entered or exited the market during this period. The study revealed that these factors collectively explain 34% of the Stock Return (SR) variability. The findings indicate statistically significant positive correlations between Dividends Per Share DPS, Earnings per Share (EPS), and COVID with SR. Conversely, negative correlations were observed between SR and Operating Cash Flow OCF. This paper's originality lies in the linkage between financial measures and external factors influencing stock returns. This study employs a fixed-effect regression model to identify positive and negative correlations between stock returns and various independent variables, providing a nuanced understanding of what drives stock returns in two markets that share legal and social attributes.

La tercera revisión al código de mejores prácticas del gobierno corporativo realizada en 2018, generó recientes cambios y la implementación de un nuevo órgano denominado riesgo y cumplimiento. El presente artículo de tipo descriptivo y observacional busca determinar, cuáles fueron los principales cambios al código, si las nuevas mejores prácticas han sido adoptadas por las emisoras y si el cumplimiento de las nuevas disposiciones realizadas al código, mantienen una correlación positiva en la rentabilidad financiera de las empresas que cotizan en la Bolsa Mexicana de Valores. Para precisar la correlación se estableció una muestra de 92 emisoras y su adhesión al cumplimiento de las mejores prácticas que sufrieron cambios. Para precisar la correlación se utilizaron indicadores de rentabilidad y modelos semilogarítmicos, encontrando una relación entre la Utilidad por acción y la incorporación de la mujer en el Consejo de Administración.

The aim of this study is to identify forecasting models that relate the main financial, value, an environmental, social, and governance (ESG) indicators to the periods during which Brazilian companies were in judicial reorganization or went bankrupt between 2010 and 2020. A database comprising 73 open capital companies was constructed, with 34 undergoing judicial recovery (JR) or bankruptcy during the analyzed period, and 39 selected for the control base. A total of 2,954 observations were obtained. Logistic regression, the most utilized methodology in surveyed studies, was employed to assess the significance of each variable group in the model. A total of 73 variables were calculated, including capital structure, profitability, liquidity, investment, value, and ESG indicators. Analysis revealed that, in cases of companies in JR, significant variables were bank debt, working capital, and spread. For companies that went bankrupt, the most significant variables were bank debt and working capital. This proposed model is anticipated to contribute notably to academia and the market by incorporating various variables and indicators not previously analyzed together. It aims to enhance the understanding of corporate insolvency. In conclusion, these findings may inform strategic decision-making and risk management practices within the corporate sector.

Objective: To assess the antecedents of internal and interorganizational cost management and their effects on organizational performance. The antecedents considered include internal electronic integration, external electronic integration, and higher-quality information. Originality/value: This investigation advances the literature by demonstrating that when companies extend their electronic integration to partner companies, external electronic integration improves, enabling access to higher-quality information. This study contributes a new perspective to the literature by showing that integrated systems allow companies to achieve internal controls that enable more effective internal and interorganizational cost management. However, external electronic integration alone was not sufficient to enhance interorganizational cost management. Methodology: To measure the data in this research, the structural equation modeling technique was used with the SmartPLS 4 software. The sample comprised 107 cost managers or coordinators from Brazilian companies. Findings: The findings of this research demonstrate that internal electronic integration allows companies to achieve more effective external electronic integration. Internal and external electronic integration, as well as access to high-quality information, positively impact internal and interorganizational cost management control. Furthermore, internal and interorganizational cost management, coupled with access to high-quality information, enables companies managing costs jointly to achieve better organizational performance. However, external electronic integration alone was not sufficient to improve interorganizational cost management.