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This study examines the relationship between corporate environmental policy disclosures and firms' environmental investments. Using an endogenous switching probit (ESP) model to mitigate potential endogeneity issues, this study serves two purposes. Initially, it estimates the influence of six organizational characteristics--size, age, manager gender, export orientation, family ownership, and corporate group affiliation--on the probability of firms declaring pro-environmental policies. Subsequently, we test whether such policy disclosures are reliable predictors of environmental investment. We use the retail sector as a case study because of its pivotal role as an intermediary between primary producers, manufacturers, and consumers, thereby holding a uniquely influential position in driving sustainable consumption and production. Our results show a positive relationship between size, manager gender, export orientation, family ownership, and corporate group affiliation. In addition, we find that declaring an environmental policy positively affects the likelihood of businesses investing in environmental protection. This study contributes to the existing literature in three significant ways: it increases the evidence supporting a causal relationship between environmental policy disclosure and environmental investments; it is the first to explore this relationship within the retail industry; and it broadens our understanding of this dynamic in the context of developing countries. [ABSTRACT FROM AUTHOR]

The growth of traditional crops could be a primary resource for adapting to climate change and strengthening agrosystems' resilience. However, these crops tend to be replaced by non-traditional crops with higher productivity, higher market values, and higher short-term income. In this context, smallholders face trade-offs between maximizing short-term income and ensuring resilience to face likely future climate adversities. The economic assessment of such trade-offs has been commonly neglected in the literature. Most studies are conducted using agronomic or anthropological frameworks to recognize the value of traditional agriculture to increase adaptive capacity and reduce vulnerability. This study fills this gap by assessing economic and agronomic trade-offs between traditional and non-traditional crops triggered by climate-induced changes in water availability. We also simulate the effectiveness of a water policy. Our results suggest that farmers growing traditional crops may get lower profits, but their portfolio is more resilient to climate change, whereas the water policy proves to be an effective adaptation strategy to climate change. However, the policy implementation could hinder the development of traditional crops. Based on our results, we suggest implementing smart agricultural policies to balance economic, cultural, and adaptation goals. [ABSTRACT FROM AUTHOR]

Comparison between the performance of female and male-managed firms has long been a subject of research interest. Although the argument is that firms run by women have lower performance than those run by men, there is no agreement on the effects of managerial gender on companies' financial outcomes. This study conducts a methodological review of quantitative research on the relationship between female business leadership and firm performance from 2010 to 2020. This review identifies the most frequently used dependent and explanatory variables and econometric models in the literature. Most studies have not considered endogeneity bias in their model specifications; therefore, these results could be biased and unreliable. We select empirical models to test the female underperformance hypothesis using a sample of Chilean firms. Our findings suggest that managers' gender does not significantly affect business performance when endogeneity is addressed. Our methodological review reveals a significant gap in the research on female managers and firm performance in the Latin American context, and the empirical test provides new evidence in this vein. Plain Language Summary: A Fresh Look at the Female Underperformance Hypothesis Comparison between the performance of female and male-managed firms has long been a subject of research interest. Although the argument is that firms run by women have lower performance than those run by men, there is no agreement on the effects of managerial gender on companies' financial outcomes. This study conducts a methodological review of quantitative research on the relationship between female business leadership and firm performance from 2010 to 2020. This review identifies the most frequently used dependent and explanatory variables and econometric models in the literature. Most studies have not considered endogeneity bias in their model specifications; therefore, these results could be biased and unreliable. We select empirical models to test the female underperformance hypothesis using a sample of Chilean firms. Our findings suggest that managers' gender does not significantly affect business performance when endogeneity is addressed. Our methodological review reveals a significant gap in the research on female managers and firm performance in the Latin American context, and the empirical test provides new evidence in this vein. [ABSTRACT FROM AUTHOR]

This study uses a choice experiment to characterize market segments (consumer preferences heterogeneity) based on three attributes of seafood (mussels) that are affected by ocean acidification: shell appearance, meat color, and nutritional composition. Using a sample of 1,257 individuals from two main cities in Chile, we estimate both the Mixed Logit model and the Latent Class model. We use the individual-specific posterior (ISP) parameters' distribution to categorize consumers' heterogeneity based on the signs and intensity (i.e., like or dislike dimension) of these ISPs. We compare the pattern of preferences and whether people are classified within the same preference pattern in both models. In general, we observed that the models identify a different number of segments with various patterns of preferences. Moreover, the models classify the same people into different groups. Since the segmentation is sensitive to the chosen model, we discuss strengths, inconsistencies, biases, and best practices regarding methodological approaches to establishing market segments in choice experiments and future ocean acidification conditions. [ABSTRACT FROM AUTHOR]

Tourism to Cozumel Island generates USD 762 million annually in local economic activity, and 111 visitors stay in local hotels for each inhabitant. The island's coast is its principal attraction, yet water quality and reef health are threatened. This paper studies the link between the local economy and management of Arrecifes de Cozumel National Park, using a choice experiment to assess the economic value visitors assign to underwater visibility, biodiversity, and visitor congestion in reef areas. We found that, on average, tourists are willing to pay USD 190 per visit to avoid a projected decrease in biodiversity, USD 120 per visit to prevent a projected decline in visibility, and USD 98 to avoid high congestion during reef visits. We find high heterogeneity in willingness to pay estimates, which may be useful for targeting both conservation and marketing efforts. On the other hand, increasing the reef access fee from USD 2 to USD 6 could fully fund effective protected area management, with no substantial effect on visitors' consumer surplus. Results suggest that a conservation surcharge could be added to all tours, with little impact on visitation, and that significantly increasing private sector collaboration and government spending on conservation would be good economic choices. [ABSTRACT FROM AUTHOR]