Purpose: The purpose of this paper is to test if companies with a greater concentration of management ownership (and thus more risk-averse managers) avoid less tax.Design/methodology/approach: The authors use a regression analysis with panel data, using as a sample of Brazilian companies from 2001 to 2015. The authors investigate the impact of insider ownership on tax avoidance, testing how and how much different ownership levels of inside owner are associated with tax avoidance measured by effective tax rates and book-tax differences.Findings: The results indicate that different levels of management ownership are associated with different levels of tax avoidance behavior.Originality/value: This paper contributes to the literature showing that ownership and decision making are not always focused on only a few decision makers. The owners are likely to be more risk averse and therefore less willing to invest in risky projects such as tax avoidance.

Purpose: This research examines the superiority of analysts over random walk models in forecasting the results of publicly-traded Brazilian companies in the short and long term. Originality/value: The literature indicates the uncontested superiority of market analysts because of their temporal and informational advantages. However, recent international studies call for a re-evaluation of this superiority, indicating that, for certain company characteristics, and primarily for long-term estimates, the superiority of analysts is not confirmed. Design/methodology/approach: This work evaluates the profit forecasting of analysts and simple and growth random walk models over the short and long term over 2010-2015 for publicly traded Brazilian companies, using the information available for the period with annual intervals. Findings: The results indicate: 1. the greater forecasting accuracy of simple random walk models compared to the growth random walk models; and 2. the greater forecasting accuracy of random walk models overall, with analyst forecasts only being superior for cases with three months of lag. The evidence suggests the forecasting superiority of the random walk models when compared to the market analysts' forecasts. The results suggest low efficiency of the forecasts of market analysts for the forecast of future results of publicly traded Brazilian companies in the analyzed period.

Purpose: This study investigates the impacts of the Russia–Ukraine conflict on the cross-correlation between agricultural commodity prices and crude oil prices.Design/methodology/approach: The authors used MultiFractal Detrended Fluctuation Cross-Correlation Analysis (MF-X-DFA) to explore the correlation behavior before and during conflict. The authors analyzed the price connections between future prices for crude oil and agricultural commodities. Data consists of daily futures price returns for agricultural commodities (Corn, Soybean and Wheat) and Crude Oil (Brent) traded on the Chicago Mercantile Exchange from Aug 3, 2020, to July 29, 2022.Findings: The results suggest that cross-correlation behavior changed after the conflict. The multifractal behavior was observed in the cross correlations. The Russia–Ukraine conflict caused an increase in the series' fractal strength. The study findings showed that the correlations involving the wheat market were higher and anti-persistent behavior was observed.Research limitations/implications: The study was limited by the number of observations after the Russia–Ukraine conflict.Originality/value: This study contributes to the literature that investigates the impact of the Russia–Ukraine conflict on the financial market. As this is a recent event, as far as we know, we did not find another study that investigated cross-correlation in agricultural commodities using multifractal analysis.

A sustentabilidade chama atenção por possibilitar a criação de valor para vários stakeholders no âmbito empresarial e torna-se parte das preocupações mercadológicas de corporações dos mais variados segmentos e tamanhos. O presente artigo tem como objetivo avaliar o impacto de investimentos em atividades de sustentabilidade (ambientais, sociais e econômicas) no desempenho mercadológico das empresas. Para tanto, desenvolveu-se uma pesquisa quantitativa descritiva com 1.231 empresas presentes no banco de dados Asset4 do Refinitiv (Thomson Reuters) que possuem classificações no índice ESG - Environmental, Social and Governance, utilizando-se da técnica de dados em painel com modelo hierárquico multinível. A partir dos modelos gerados com as variáveis dependentes: retorno sobre as vendas, retorno sobre o investimento em marketing, vendas e marketing e despesas com publicidade, encontrou-se neste estudo que ações específicas e direcionadas promovem mais resultados mercadológicos do que ações combinadas, destacando-se os efeitos no pilar social. A contribuição dos achados permite compreender as nuances das dimensões da sustentabilidade sob o olhar mercadológico, com implicações aos investidores, empresas e pesquisadores.