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PurposeIn this paper the authors study how sociodemographic characteristics and personality traits of the Chief Executive Officer (CEO) impact financial performance in small and medium enterprises (SMEs) in an emerging economy such as Chile.Design/methodology/approachThe authors applied a questionnaire to 185 Chilean SME CEOs during 2017 concerning sociodemographic characteristics (gender, age, experience and marital status), personality traits (extraversion, responsibility, openness to experience, agreeableness, and neuroticism) and firm characteristics.FindingsThe authors find that some sociodemographic characteristics (gender and age) significantly impact SME performance. The authors find no significant connection between personality traits and firm performance.Originality/valueThis paper contributes to the business literature by investigating how sociodemographic variables and personality traits of the CEO are related to SME financial performance; by providing new evidence on the relationship between CEO characteristics and firm performance, mostly centered on developed economies, in the context of an emerging economy; and allowing for a better understanding of how CEO decisions impact firm performance.

PurposeThe purpose of this paper is to investigate how chief executive officer (CEO) gender relates to financial performance in small and medium enterprises (SMEs) in a Latin American emerging economy like Chile.Design/methodology/approachThe authors apply a questionnaire on a sample of 188 SMEs in Chile in 2017. The authors apply multiple ordinary least squares regression models to test the effects of CEO gender on SME performance using the industry location indicators to account for unobserved heterogeneity in the sample. As a robustness test the authors use hierarchical regression analysis.FindingsThe authors find a positive relationship between the presence of female CEOs and firm performance. Then, when probing whether the sociodemographic characteristics of the CEO are related to firm performance or moderate the gender-performance relationship, the authors do not find statistically significant evidence that these types of characteristics affect the performance of SMEs.Originality/valueTo the best of the authors' knowledge, the present study is the first to investigate the relationship between CEO gender and financial performance of SMEs in an emerging Latin American economy. The study contributes to the general literature by reporting comparable evidence with studies in developed economies.

AbstractThe link between the financial success of family companies during COVID-19 and their environmental, social, and governance (ESG) performance is examined for the first time in this research. We have a natural setting in the COVID-19 era to see if the market rewards family-run firms that integrate social and environmental concerns into their goals during uncertain times. Since they can enhance their image and reputation, which the market values, these companies are likely to pursue broader social objectives, such as environmental improvement (socioemotional wealth perspective); alternatively, managers can act as stewards of the family's interests by using these initiatives to increase the company's value (stewardship perspective). However, it is also possible that in this type of companies economic interests prevail over social wellness ("amoral familism"). Therefore, family-owned firms could be reluctant to implement ESG practices unless they yield certain socioemotional benefits, including enhancing or maintaining their reputation in the public eye. In light of the above, we use an international display of the 500 biggest family firms in the world from 2015 to 2021. Taking into account an endogenous relationship between ESG performance and family business value, the study uses generalized moments to construct a dynamic panel (GMM). The primary conclusion is that there is a positive correlation between corporate valuation and ESG performance. Nonetheless, it has been noted that the performance of the companies is negatively impacted during the COVID-19 period. However, for firms with superior ESG performance, this negative impact did not exist over this period, supporting the idea that investors view better ESG performance as a prediction of future good stock performance. The results have a variety of implications. To begin with, this study adds to the body of knowledge on the environmentally friendly and sustainable expansion of family companies by providing recommendations for investors and businesses to better understand the influence of ESG on the profitability of family businesses. Furthermore, managers have to concentrate on enhancing the ESG performance of their organizations as it has the potential to increase value, draw in investments, encourage sustainability, control risks, affect earnings, and interact with the ownership structure. Additionally, managers need to consider how important it is to have a strong ESG performance in order to mitigate the negative effects of external crises like the COVID-19 epidemic. It's crucial to remember that the precise impact might change based on the sector and other aspects unique to each company.

PurposeThis study focuses on how China EPU may impact copper-firms stock returns and also how China EPU mediates between stock returns and copper prices returns.Design/methodology/approachThe sample consists of 44 copper firms from January 2011 to March 2022. The study also considers a subsample of 29 net-exporters countries. Panel data methodology is used, allowing to control for unobservable heterogeneity and endogeneity problems. The equations are estimated through a dynamic panel using the generalized methods of moments (GMM).FindingsChina EPU has a negative and statistically significant relationship with stock returns. Copper price returns are positively associated with stock returns. This research also considers two scenarios: high and low levels of China EPU. For high levels of China EPU states it is reported a negative relationship between stock returns and China EPU and copper price returns show a positive relationship with stock returns.Research limitations/implicationsThere is need to explore other metals for what China exhibits a high demand and observe if China EPU and Global EPU have similar impacts on stock returns. It will be useful to identify main firm's consumers of copper and these other metals to explore the relationship between EPU and stock returns.Originality/valueTo the best of the authors' knowledge, this is the first paper that analyzes China EPU index and its impact on both copper-firms stocks returns and on changes in copper prices. This is done using all public copper firms worldwide.

This paper studies how the nature and shape of the relationship between inter- national diversification (ID) and performance (P) may vary according to a firm's geographical focus of internationalization. Using a sample of Spanish multinational firms for the 2004—2012 period we find an M-shaped relationship. However, significant differences are found when the different geographical foci of internationalization are considered. Strong support is found when firms adopt a regional focus (an inverted S-curve when the ID measure refers to the number of foreign countries and an M-curve when it refers to the size of the network of foreign sub- sidiaries), a biregional focus (an S-curve) and a semiglobal focus (an inverted S-curve but also an M-curve with foreign subsidiaries). These findings and their pattern suggest the critical impor- tance of the country of origin and the geographical focus of internationalization in explaining the relationship between ID—P.JEL CLASSIFICATION C33; F23; G15; L25

AbstractThis article studies the relationship between environmental, social and governance (ESG) score and dividend payment for 274 large family firms in the period 2015–2021. This research has three contributions to the literature. First, to the best of our knowledge this is the first article to focus on large family firms considering their greater importance in stock ownership around the world. Second, this sample covers both developed and emerging nations. Third, our study not only establishes a connection between ESG (Environmental, Social, and Governance) criteria and dividend payments but also considers how financial constraints moderate the relationship between ESG scores and dividend payments. The results indicate a positive influence of ESG scores on dividend payments. Furthermore, financial constraints of family firms are negatively related to dividend payments. Finally, the moderating effect of financial constraints on the relationship between dividend payment and ESG show that for high levels of financial constraints that dividends are less sensitive to ESG score. The opposite effect is reported when firms show low levels of financial constraints. Practically speaking, the study demonstrates the value of creating a dividend policy that is in line with the ESG score because they are complementary signals. Additionally, it is important to consider financial limitations when planning financial reserves in family firms. This is due to the diminished correlation between ESG score and dividend payments in the presence of financial constraints.

En este artículo se emplea la prueba de Hinich para detectar ventanas de no linealidad sobre las series de rendimientos diarios de los productos primarios cobre, oro, paladio, petróleo Brent, plata, platino y petróleo WTI. Además, se utiliza la teoría de wavelets para estudiar la escala o las escalas temporales en que se produce o acumula el proceso de no linealidad.En cuanto a la prueba de Hinich los resultados obtenidos son compatibles con los encontrados en investigaciones anteriores, lo que confirma el fenómeno de omportamiento no lineal en series de activos financieros. Sin embargo, al descomponer la serie completa usando wavelets se encontró evidencia que existen periodos de no linealidad que se producen con anterioridad a la ventana no lineal detectada por la prueba de Hinich. Además, encontramos pruebas de que después de una ventana no lineal el fenómeno de no linealidad no se disipa por completo sino que sigue en ventanas del próximo periodo a escalas distintas de tiempo. Los resultados indican que no se pueden construir modelos lineales predictivos de precios, con lo cual podría hacer aconsejable gestionar el riesgo financiero, tanto para empresas pertenecientes al sector privado como aquellas en manos del Estado, de una manera distinta.