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The aim of the research was to identify the capitals in the integrated report published by the company Natura Cosmeticos S/A, listed on the stock exchange in 2020. The research deals with a single, descriptive case study and has a qualitative approach and analyzed using the discourse analysis method. The study is justified by the fact that the company participated in a pilot project of non-financial information. The results demonstrated the presence of the six capitals that make up the integrated report: financial, manufactured, intellectual, human, social, relationship and natural, which were evidenced through excerpts of paragraphs taken from the integrated report. The research contributed to the analysis of the dissemination of Integrated Reports in Brazil, as well as its evolution in the phase of overcoming adherence to the international structure of Integrated Reporting, corroborating the analysis of the dissemination index of integrated reporting reports, being a relevant and with potential for discussion and contribution to improving company disclosure. Keywords: Integrated Report; Signaling Theory; Natura Cosmetico S/A; Voluntary Disclosure A pesquisa buscou identificar os capitais no relato integrado divulgado pela empresa Natura Cosmeticos S/A, listada na bolsa de valores no periodo de 2020. A pesquisa trata de um estudo de caso unico, descritivo e tem abordagem qualitativa e analisadas pelo metodo de analise do discurso. O estudo se justifica pelo fato de a empresa ter participado de um projeto piloto de informacoes nao financeiras. Os resultados demonstraram a presenca dos seis capitais que integram o relato integrado: financeiro, manufaturado, intelectual, humano, social, de relacionamento e natural, no qual foram evidenciados por meio de recortes de paragrafos retirados do relato integrado. A pesquisa contribuiu para a analise da divulgacao dos Relatos Integrados no Brasil, bem como sua evolucao na fase de superacao da adesao a estrutura internacional do Relato Integrado, corroborando com a analise do indice de divulgacao dos relatorios de relato integrado, sendo um tema relevante e com potencial de discussao e contribuicao para melhorar o disclosure das empresas. Palavras-chave: Relato Integrado; Teoria da Sinalizacao; Natura Cosmetico S/A; Divulgacao Voluntaria.

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The relevance of the private health sector, its expansion, and concentration, especially during the pandemic period, bring new opportunities and challenges to stakeholders' decisions. In this context, this study aims to analyze whether the disclosure of the first case of Covid-19 in Brazil (February 26, 2020) and the crisis caused by the lack of oxygen in Manaus (January 14, 2021) influenced the returns of healthcare companies' stock prices. Under the market efficiency perspective, the event study technique was used to measure normal and unexpected returns, considering the five-day trading window of stocks on the B3 and the Ibovespa as the market benchmark. The first event window refers to the period of the first case of Covid-19 in Brazil, and the second to the crisis generated by the lack of oxygen in Manaus. The research techniques employed were quantitative, descriptive, documentary, with a sample consisting of twelve companies representing each of the subsectors. The results indicate that in the first study, both healthcare subsectors and the market showed negative returns, with abnormal returns indicating worse performance for the subsectors. In the second event, both normal and abnormal returns indicated that the disclosure of the oxygen crisis had a less significant impact on stock selling decisions. This research contributes in a practical way by showing stakeholders that the disclosures of the two events affected stock price returns, but not in a statistically significant way, suggesting that price volatility followed the market. It is noteworthy that in the second event (the moment of greatest human loss), stock prices were less affected than in the first event, at which time the results of the pandemic were still unknown. Keywords: Covid-19. Ibovespa. Pandemic. Stock Exchange. A relevancia do setor privado de saude, a sua expansao e concentracao principalmente no periodo de pandemia traz novas oportunidades e desafios as decisoes dos stakeholders. Nessa direcao, este estudo tem por objetivo analisar se a divulgacao do primeiro caso de Covid-19 no Brasil (26 de fevereiro de 2020) e a crise gerada pela falta de oxigenio em Manaus (14 de janeiro de 2021) influenciaram os retornos dos precos das acoes das companhias do setor de saude. Sob o enfoque da eficiencia de mercado, utilizou-se a tecnica de estudos de eventos para mensurar os retornos normais e nao esperados, considerando a janela de evento com cinco dias de negociacoes das acoes pela B3 e o Ibovespa como parametro de mercado. A primeira janela de evento refere-se ao periodo do primeiro caso de Covid-19 no Brasil, e, a segunda a crise gerada pela falta de oxigenio em Manaus. As tecnicas de pesquisa empregadas foram: quantitativa, descritiva, documental, com amostra composta por doze companhias, representando cada um dos subsetores. Os resultados indicam que no primeiro estudo tanto os subsetores de saude, quanto o mercado apresentaram retornos negativos, com os retornos anormais indicando pior desempenho para os subsetores. No segundo evento, tanto os retornos normais quanto anormais indicaram que a divulgacao da crise de oxigenio afetou menos a decisao de vendas das acoes. Esta pesquisa contribui de forma pratica evidenciando aos stakeholders, que as divulgacoes dos dois eventos afetaram os retornos dos precos das acoes, porem nao de forma estatisticamente significativa, sugerindo que a volatilidade dos precos acompanhou o mercado. Ressalta-se que no segundo evento (momento de maior perda humana), os precos das acoes foram menos afetados do que no primeiro evento, momento o qual ainda os resultados da pandemia eram desconhecidos. Palavras-chave: Covid-19; Ibovespa; Pandemia; Bolsa de Valores.

China’s green growth has shown a trend of fluctuation year by year. Simultaneously, Chinese local governments have pursued simple economic growth driven by the interests of “political competition” for a long time, while the supervision of the ecological environment has been loosened and tightened. In this environment, financial development and technological innovation may easily become the accelerator of this phenomenon, thus exacerbating the fluctuation of green growth. To deeply excavate the key factors to achieve stable and sustained growth of green economy, based on the annual panel data of 30 provinces in China from 2011 to 2018, this paper studies the impact of financial development and technological innovation on the volatility of green growth using dynamic system GMM method. The findings of this paper are shown as follows: First, the expansion of financial institutions’ scale will significantly enhance the volatility of green growth. Second, the increase in the scale of the stock market will also significantly cause green growth fluctuations. Third, the interaction between financial development and technological innovation can significantly weaken the volatility of green growth. Fourth, financial development measured by stock market indicators is more efficient than financial development measured by financial institutions indicators to curb the volatility of green growth. Fifth, the fluctuation of green growth in the previous period will reduce the volatility of green growth in the current period. This study provides new evidence for exploring the power source to promote the stability and sustainable growth of the green economy in the special stage of financial and technological integration. Controlling the development scale of financial institutions and removing their state preferences, expanding the development of capital markets, and deepening the integration of financial development and technological innovation are conducive to achieve stable green growth.

This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings, banking sector development, and political risk are the main determinants of stock market development. We also find that liberalizing the capital account promotes financial market development only in countries with high incomes, well- developed institutions, or both. The powerful impacts of political risk on both banking sector and stock market development suggest that resolution of political risk may be important to the development of African financial markets.

It is argued that managers took advantage of Covid-19 pandemic lockdowns and remote auditing and used earnings management (EM) practices extensively. Furthermore, the Covid-19 pandemic created new unsearched crisis-related incentives. This study, therefore, tests whether Covid-19 created a new incentive for managers to manipulate earnings. It also examines the association between corporate social responsibility (CSR) and board independence and EM during Covid-19. A data set of 384 firm-year observations from 2018 to 2021 of non-financial firms listed on the Amman Stock Exchange (ASE) was investigated. Results indicate that Jordanian firms engaged in EM during Covid-19 considerably more than when compared to pre-Covid-19, suggesting that Covid-19 created a new incentive for managers to manipulate earnings. Furthermore, Jordanian firms used income-increasing EM much more when compared to income-decreasing EM. However, when taking Covid-19 into account, no significant association was found between board independence and EM. In addition, the ability of CSR to constrain EM decreased. This adds to the current debate in the literature that even well-established monitoring mechanisms like board independence and CSR are unable to constrain EM practices in a unique business environment caused by Covid-19.