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ABSTRACT Purpose: To study the Brazilian bond and stock markets for testing the stock market development theory of Demirgüc-Kunt and Maksimovic (1996). Originality/gap/relevance/implications: This paper tests the substitution hypothesis of stock market development, from debt to stocks, in a context of improved corporate governance, by analyzing the data with cointegration techniques. The findings show that the rejection of substitution hypothesis, as the bond market has a positive and significant association with stock market improvements. The findings also show that improving the quality of corporate governance could lead equity capital and borrower capital sources to be complementary and not substitutes, suggesting that Brazilian stock market reform has created a virtuous development cycle. Key methodological aspects: Positivist research using quantitative methodology. Data from a sample of 171 firms during 20 years, analyzed with cointegration. The null was a negative association between bond and stock markets. Summary of key results: Null rejection, non-consistent to theoretical framework. The results have shown a positive and significant association between stock and debt in an improved corporate governance context. Key considerations/conclusions: Improving the quality of corporate governance could lead equity capital and borrower capital sources to be complementary, and not substitutes, suggesting that Brazilian stock market reform has created a virtuous development cycle.

Street running by amateurs athletes became a popular sports practice amongst adults around the world, who seeks healthy habit and a life quality. Prior evidence showed that the adoption of good practices is related to the development of an enhanced sustainable mindset. So far, few studies have examined the association between the healthy lifestyle of amateur runners and environmental values. The aim of this study was to examine the relationship between sports practice and environmental values. This investigation used survey data collected with amateur runners to examine the antecedents and consequences of healthy habits on sustainability practices using structural equation modeling. A sample of 208 amateur runners from Brazil, both male and female answered the questionnaire, with questions in a Likert scale adapted from current literature. Most participants reported a positive association between sports and sustainability, validating the proposed hypothesis. These findings provide support for additional studies on sustainability values and healthy habits, as an avenue for future research regarding consumer behavior.