This research aims at identifying the impact of short-term funding methods of organizations (bank funding or commercial funding) on the systematic risk of Latin American companies. The proposal is based on the ideas provided by Hamada (1972) and Modigliani and Miller’s theory (1958, 1963), evidencing the relationship between the funding structure of companies and the systematic risk. Multiple linear regression econometric models were estimated. The systematic risk was measured by levered beta (β) and the respective disaggregation of unlevered beta (βD) and residual beta (βR). The sample under study belonged to Latin American companies from 2009 to 2022. The main findings evidence a negative relationship between short-term commercial and bank debt and unlevered beta from Latin American companies, resulting in higher intensity and significance for commercial debt. The study includes e...

Esta investigación tuvo como objetivo analizar los recursos de rendimiento, de mercado y financiera explicar la ventaja competitiva del negocio de acuerdo con la teoría de las ventajas de recursos (RA Teoría) de las empresas textiles enumerados en la BM&FBovespa. Ellos analizaron un total de 21 empresas del sector textil se divide en cuatro segmentos. Para la medición de los métodos de rendimiento fueron adoptadas para apoyar la toma multicriterio basado en ideal yescenarios, Topsis y Vikor. Se analizaron las actuaciones sobre la base de cuatro indicadores de recursos, tres para el mercado y cuatro para la dimensión financiera. Los resultados de la encuesta apuntan a la no verificación de la RA Teoría en las empresas textiles, teniendo en cuenta lo que se recomienda que una ventaja de negocio en recursos y el mercado tiende a ser mayor en la dimensión financiera. Por lo...

The main motivation of this paper is to explore merger and acquisition (M&A) operations from the perspective of the corporate social responsibility impact, specifically regarding financial and sustainable performance in the short-term post-merger. This research aims to fill the gap in the literature on capital stock and sustainability within the M&A context in two manners: analyzing the short-term effects in companies acquired in the technology sector in Brazil and appraising the influence of sustainability practices in the environmental, social and governance (ESG) criteria. The aim is to study the relationship between M&A implementation and the economic-financial performance in ESG practices by Brazilian companies acquired in the technology sector. Based on data from 2018 to 2023, the appraisal was conducted through a panel data model considering Brazilian technology companies involved...