Vol 10 No 2 (2016): MAY-AUGUST

The impact indices for 2015 SCOPUS (Elsevier Bibliographic Databases Scimago Journal Rank 2015, SJR), were published in June 2016. GCG continues to cement its academic impact, with its impact index receiving: 0.159 Q3 in the following categories: Business, Management and Accounting (ranked 177 out of 285) and Economics, Econometrics and Finance (ranked 170 out of 269). This drive for quality has seen GCG categorised as magazine A, ranking 56 out of 233 (7/26 for the Economy and Company magazines) of all the Spanish human and social science magazines in Web of Science and/or SCOPUS (ISOC-CSIC). We encourage the authors to submit articles, in accordance with the established guidelines, which offer executives and business people answers to their queries, concerns and problems.

In the first article, Danielle Montenegro, Salamone Nunes and Otávio Ribeiro de Medeiros, from the University of Basle, try to analyse what impact political uncertainty has on the capital markets in nine countries. The authors set their research in the financial crisis which was triggered by the US real estate crash at the end of 2007. For the authors, the uncertainty surrounding the policies adopted were cause for concern among academics, leading many to question the effect they would have on the capital markets. They carried out an empiric study using monthly data from the US, Canada, UK, Germany, Spain, Italy, France, India and China between January 2003 and December 2013. The results of the regressions show that political uncertainty increased the results' volatility and the markets were demanding a risk premium due to political uncertainty, meaning the association between these variables was higher in adverse economic situations.

Juan Andrés Bernal-Conesa (San Javier Defence University Centre), Carmen de Nieves-Nieto and Antonio Juan Briones-Peñalver from the Cartagena Polytechnic University propose a structural equations model which explains what motivates Spanish tech companies to introduce Corporate Social Responsibility (CSR) measures and how these affect competition in the sector.  The analysis of CSR at tech companies is still in its early stages, as borne out by the literature studied. According to the results, the relationship between the reasons, CSR policy and competition is positive, direct and statistically significant, having both theoretical and practical implications for CSR management at tech companies.

Internal communication and marketing are important tools in the management process and these practices have been studied at large institutions and companies in various sectors. This article aims to analyse marketing communications and sales practices, particularly internal, at small companies in Paranagua, Brazil. Using a qualitative investigation methodology, Acácia Lopes Freire, Sidele Woehl (Pontifical Catholic University of Paraná), Anderson Catapan (Federal University of Technology - Paraná) and Barbara Luzia Sartor Bonfim (Braz Cubas University) interviewed the heads of small companies there. The authors identified the internal sales practices adopted by these companies and found that they are aware of the importance of internal communication and internal marketing, although not everyone uses these tools.


In this article, Christian Martín García (Salvador University) tries to investigate the impact on poverty of commercial openness in 13 Latin American countries between 2002-2012. To do so, he build a data panel and carried out a series of econometric estimates using both fixed and random effects which were then corroborated using the Hausman test. A robustness check was then carried out using different poverty models and three linear predictions controlled by internal financing, human capital and the effectiveness of governance. The purpose was to determine whether there are differences when these variables are controlled. For the author there is a negative association between poverty and commercial openness. That said, when it is controlled by covariables, the coefficient of commercial openness improves and the slope rises. This could indicate that commercial policies should go hand in hand with other complementary policies to improve the results of reducing poverty levels.

Anna Paola Fernandes Freire, Aline Moura Costa da Silva (Multi-institutional and Inter-regional postgraduate programme in Accounting Science at the University of Brasilia, Federal University of Paraíba, Federal University of Rio Grande do Norte) and Otávio Ribeiro de Medeiros (University of Brasilia) investigate co-movements in the stock markets of seven Latin American countries: Argentina, Brazil, Chile, Colombia, Mexico and Peru. The authors use the CoVaR method to identify the contagion effect between these countries' exchanges, estimated by quantile regression, making it possible to see which country suffers the most and which one exerts the most contagion on the others. The results show that Peru was the most vulnerable to risk and Argentina was the least affected, while Mexico, followed by Brazil, are the countries which exert the most contagion.

For Jaime Bandrés de Lucas (Rey Juan Carlos University and Martínez Echevarría Law Firm), umbrella clauses were designed to allow disputes on breaches of contract to be resolved by a court of arbitration. However, as jurisprudence in this matter has evolved, investors cannot be certain that their claims will succeed. Legal security is essential for investment law. As the author states, constant jurisprudence is vital so that investors can be safe in the knowledge that they have that support if it is needed. Alternatively if no standard interpretation is achieved, countries will have to decide if these clauses should be included in the BITs or removed.

I would once again like to thank all those who have made this magazine possible: members of the Advisory Council, the Editorial Council, Editors and Associated Editors, assessors, authors and, last but not least, the readers.


Editor in Chief