The Journal of Globalization, Competitiveness, and Governability, published by Georgetown University and Universia, aims to become a source of new ideas about the effects of globalization on the competitiveness and governability of businesses and countries in Latin America, and particularly on the tools available to managers and politicians to design better strategies to benefit their respective businesses and countries.
Editor in Chief (Director):
Professor Ricardo Ernst, Georgetown University, USA
Senior Editor (Subdirector):
Professor Jose Ignacio Lopez-Sanchez, Complutense University of Madrid, Spain
GCG Journal Volume 14 Number 3
Author: Ricardo Ernst
We start off Volume 14 Number 3 with analysis of the existence of cointegration in the Latin American Integrated Market (MILA) following the entry of Mexico. In the opinion of Eduardo Sandoval Álamos (Tecnológica Metropolitana University, Chile) and Fernando Olea Rodríguez (LVA Índices), methodological tests do not show a long-term equilibrium relationship among the four members. Such a relationship is, however, observed in the case of Chile-Colombia-Mexico, and for Chile-Colombia and Colombia-Mexico. The authors conclude that Colombia and Chile have benefited through their issuer companies, based on the number of cointegration relationships and the net financial position in each market. Considering local investors, who diversify their assets in the other markets, these are followed by Mexico. Peru is the country that benefits least, with no cointegration.
Nayara Gonçalves Lauriano and Gustavo Bastos Braga (Federal University of Viçosa, Brazil) set out to ascertain the influence of the level of innovation on levels of economic development, considering disparities in development in the global scenario. Their research draws on secondary data, particularly the Global Innovation Index and the classification of countries by income used by the World Bank. The authors verified the relationship between innovation and income in these countries statistically, identifying the distinctive characteristics of the conditions of innovation among income groups, reiterating the comparison of the respective "starting points" through which countries deploy their own innovation processes.
In the next article, Iuri Ribeiro Nobre and Otávio Ribeiro de Medeiros (University of Brasília - UnB, Brazil), analyse the performance of the unit trusts active in Brazil between 2005 and 2018, testing the semi-strong efficient market hypothesis (EMH) over this period. They analysed a sample of 106 investment funds with portfolios listed on the Brazilian securities market (B3). The methodology calculated CAPM regression estimates for each fund with analysis of their intercepts and Jensen's alpha. The authors believe that the results for gross and net returns demonstrate that only one fund beat the market, thus corroborating the semi-strong version of the EMH.
The next article seeks to understand the main factors influencing the attitude of business undergraduates in relation to corporate social responsibility (CSR). Pedro Henrique da Silva Melo Pereira (Federal University of Mato Grosso do Sul – UFMS, Brazil), Edicreia Andrade dos Santos (Federal University of Paraná – UFPR, Brazil), Jonatas Dutra Sallaberry and Januário José Monteiro (Federal University of Santa Catarina - UFSC, Brazil) surveyed 340 students, using structural equations and analysis of variance to analyse the data. The authors believe the results show that personal values affect aspects of attitudes to CSR. Specifically, they found that female students are more inclined towards the philanthropic aspect of CSR. The other factors were not sufficiently statistically significant to infer patterns of behaviour among other groups, whether political, religious or voluntary.
Fabricia Silva Rosa, Rogério João Lunkes, Alcindo Argolo Cipriano Mendes and Januário José Monteiro (Federal University of Santa Catarina, Brazil) studied the effects of investment, globalisation and economic conditions on food waste. They analysed data for 172 countries from the United Nations Food and Agriculture Organization's FAOSTAT database, using structural equation models. The authors say their results show that investment, whether from domestic or foreign sources, eventually has an impact on reducing food waste. Globalisation and the economic conditions of the country have a positive impact, reducing waste in the early stages of the production process.
The paper sets out to analyse the factors that influence decisions to donate to Santas Casas de Misericórdia do Brasil. Inácio Raoni de Oliveira, Harrison Bachion Ceribeli, Israel José dos Santos Felipe and André Luiz De Abreu Ovídio (Federal University of Ouro Preto, Brazil) carried out this study using a structural equation model to analyse data from a survey. The authors conclude that credibility, trust, commitment, typical characteristics and empathy are factors that confirm a tendency to make donations. They found typical characteristics to be the main variable encouraging a person to donate.
I would once again like to thank all those who help make this magazine possible: members of the Advisory Council, the Editorial Council, Editors and Associated Editors, assessors, authors and, last but not least, the readers.