ABSTRACT. In this panel we will have the presence of three experts from different perspectives, making an assessment of how to develop more dynamic and innovative entrepreneurship ecosystems. Julio de Castro will give the perspective of the relevance of education and training in entrepreneurship and the role played by higher education institutions. David Urbano will discuss, based on his research, how the institutional context influences the entrepreneurship dynamics. Finally Hernán Cheyre will give his vision from the public policy point of view of and from his experience in different pro-entrepreneurship programs in Chile.

ABSTRACT. The notion of perceived environmental uncertainty figures prominently in management research. However, the relationships among the types of perceived uncertainty remain equivocal. We theorized a moderated mediating model of state, effect and response uncertainty, with openness to experience as the moderator, and tested with a sample of 251 founder-CEOs. Our results help explain the mechanisms of environmental contingencies through the perception of management – how they becomes more or less uncertainty on their decisions under environmental uncertainty.

ABSTRACT. Organizations face an increasingly complex and dynamic environment that requires drawing upon the skills and knowledge of a diverse workforce in order to adapt and survive. This study extends existing research on employee voice and inclusion by examining the circumstances under which employee inclusion leads to higher levels of engagement and retention. Using a sample of participants from three large multinational organizations, the role of inclusion behavior frequency, importance, and cultural communality were investigated. The results suggest that these three factors play a role in enhancing the impact of employee inclusion on engagement and turnover. Implications and directions for future research are discussed.

ABSTRACT. This paper aims to study the possible relationship between leadership development and mental models. It also aims to explore how individuals’ mental model influences the type of leadership style they prefer to deal with team members. The relationship between mental model and leadership development is done theoretically by examining the mental model under temperament proposition. The paper presents an exploratory comparison between transformational and transactional leadership and mental model. This study provides some theoretical evidence of the role mental model plays in determining leader preferences and in leadership styles. The mental model is a measure of the usual way in which individuals perceives, organize and use information gathered. It also discusses the need for developing the strategic mental model as a way to improve leadership development results, and proposes some cues to the strategic mental model development. Mental models may be a new way to explain why some leader are more effective than others. By developing leadership development programs and by addressing the strategic mental model development HR professionals may improve these programs results and the leadership behavior. This proposal may inspire others researchers to design research projects to address the impact of the mental model on the leaders’ success.

ABSTRACT. This paper contributes to the family firms’ literature clarifying the role of HRM bundles and the interactions among them in the relationship with the manufacturing performance. Using a unique data set from a survey of a representative sample of manufacturing companies with more than 20 workers from Uruguay and Argentine, several hypotheses related to interactions between ability–motivation–opportunity bundles of HRM practices in family and non-family firms to explain manufacturing performance are tested. Results highlight that bundles of HRM practices are contingent to the type of company.

ABSTRACT. Explotamos un “experimento natural” observado en Uruguay. Desarrollamos un método empírico para analizar los resultados de empresas de propiedad estatal que operan sin una clara definición del ejercicio de la propiedad. Comparamos los resultados en un periodo en donde existió coordinación entre las empresas del Estado con los resultados en otro periodo en donde no existió tal coordinación.

ABSTRACT. Este estudio examina cómo se relaciona el bricolaje con el desempeño de organizaciones de emprendimiento social (OES) y cómo la diversidad del equipo directivo referida al género, nivel de estudios y antigüedad en la organización condiciona dicha relación. A partir de una muestra de 104 OES mexicanas, los resultados del análisis señalan que el bricolaje tiene una relación positiva con el desempeño organizativo y que los tres tipos de diversidad considerados moderan negativamente dicha relación. Adicionalmente, encontramos también que la diversidad en la antigüedad en la organización tiene una relación directa y positiva con el desempeño de la organización. Frente a otras investigaciones que han tratado de encontrar una relación directa entre distintas medidas de diversidad del equipo directivo y resultados organizativos, este trabajo pone de manifiesto la relevancia de explorar también los efectos indirectos y las contingencias de dicha relación.

ABSTRACT. El objetivo del artículo consiste en analizar el cambio de estrategia competitiva y su relación con los resultados empresariales. Metodología: El contraste se realiza sobre un panel completo de empresas industriales españolas, utilizando la Encuesta sobre Estrategias Empresariales (ESEE) para el periodo 2000-2008. Con análisis descriptivos se descubre que el 24% de las empresas realiza cambio de su estrategia competitiva y aplicando un análisis longitudinal a un subpanel de empresas que realiza cambio de su estrategia competitiva, se descubre que el 43% de la submuestra pasa principalmente desde la estrategia de diferenciación hacia la estrategia competitiva de liderazgo en costo, lo que permite lograr mejores resultados empresariales. Se concluye que el cambio de estrategia competitiva permite obtener mejores resultados empresariales

ABSTRACT. El objetivo del artículo consiste en estudiar el impacto que se produce sobre los resultados empresariales derivado de la presencia de hombres y mujeres, en la propiedad y dirección de las empresas. Por lo anterior, en primer lugar, se realiza una breve revisión bibliográfica del enfoque de género y la teoría de agencia, y en segundo lugar, se contrasta si la diversidad de género de los directivos o los dueños de las empresas impacta sobre los resultados obtenidos por las organizaciones. El contraste se realiza sobre dos paneles de empresas industriales chilenas, utilizando la Encuesta Nacional Industrial Anual (ENIA) para el periodo 2001-2007. Con análisis descriptivos se descubre que los resultados alcanzados por las empresas en el periodo analizado son similares entre hombres y mujeres, ya sean propietarios o directivos, y aplicando técnicas de datos de panel, a través de un modelo de efecto aleatorio, se descubre que el género del propietario impacta sobre los resultados obtenidos. Este estudio contribuye aplicando los principios fundamentales del enfoque de género y de la teoría de agencia, a una muestra de empresas de un país en vías de desarrollo, considerando que la mayoría de estos estudios ha sido aplicado en países desarrollados.

ABSTRACT. Analizamos el papel de la calidad en la efectividad de diferentes estímulos comerciales en el punto de venta sobre las ventas de productos con una alta implicación de compra y riesgo percibido. Consideramos dos tipos de calidad: la calidad objetiva asociada a las características técnicas de los productos y la calidad subjetiva atribuida a la marca. Además, tenemos en cuenta diferentes estímulos comerciales como las técnicas de merchandising o la aparición en folleto publicitario. El análisis empírico se centra en productos informáticos que comercializa uno de los mayores distribuidores especializados en Europa. Para llevar a cabo este análisis, combinamos datos de escáner sobre las ventas, datos de observación sobre la utilización de los estímulos comerciales y datos de encuesta sobre la calidad percibida por los consumidores. Los resultados muestran que ambas dimensiones de calidad, la objetiva y la subjetiva, matizan la influencia de los estímulos comerciales sobre las ventas y nos permiten aconsejar a los gerentes sobre su utilización en función de la calidad del producto.

ABSTRACT. This paper investigates the relation between age and perceptions of luxury. In particular, we explore the respondents’ sensitivity to ‘new luxury’ and ‘old luxury’. We empirically investigate these relationships using data from a Brazilian sample. Our total sample consists of 671 respondents mostly between 12 and 24 years of age. Our findings reflect the conventional wisdom that the older the person the closer their perceptions are to ‘old luxury’ and that younger people’s perceptions more closely align with ‘new luxury’. Furthermore, when examining in the context of gender, we realized that these differences in perceptions are more significant for women, while almost nonexistent amongst male respondents. We analyzed our data using Anova and Tukey test.

ABSTRACT. Notwithstanding many studies have been conducted to unravel the relationship between Export Marketing Strategy (EMS) and Export Marketing Performance (PERF), the majority of them have taken into account both medium- and large-sized companies based in developed countries. Moreover, the role of managers in laying down marketing strategies (concerning standardization and adaptation of marketing-mix variables) has not been comprehensively assessed. Therefore, for the purpose of refining this analysis, a number of researches have been carried out, aiming at defining the empirical correlation between micro and small enterprises based in emerging countries. Nevertheless, the role of entrepreneurs has not yet been thoroughly appraised. In order to fulfill this gap, the theoretical model used in the present study has been revised, for the purpose of assessing the EM and its influence on both EMS and PERF. Thus, we developed a survey and analyzed the respective data with a structural equation modeling. We identified the relevant role played by EM positively influencing promotion and price adaptation. EM weakly influenced the support to intermediaries, but the latter showed a strong and positive effect on PERF, reinforcing the importance of host country’s intermediary as a key success factor to the internationalization of micro and small enterprises.

ABSTRACT. The present study explored the relationships among Website interactivity, brand awareness and brand image in the context of business Websites. We designed a theory-driven model and tested five hypotheses. The study employed an empirical study based on a survey design, and gathered data via a marketing company. Four hundred twenty two (422) respondents completed the questionnaire. We conducted the analysis in two phases: (1) Confirmatory Factor Analysis and (2) Structural Equation Modeling. The results suggested that Website interactivity positively impacted online brand awareness and brand image. The study also offered theoretical and practical implications for considering Website interactivity as a branding tool.

ABSTRACT. Doctoral programs are primarily intended to train new professors and researchers to take positions requiring research competency. In this article, we observe the level of scientific production of 734 new PhDs, and the possible link between the scientific output of the graduates and doctoral program rank. Methodologically, we built a database collecting the journal publications of the first six years after their degree of all PhDs in management graduated by Brazilian doctoral programs during the period 1998 to 2008. Results show that a mere 10% of all new PhDs account for most of the Brazilian research productivity while most of the PhDs have a very low performance. FEA/USP proved to be the “cellar” of the main “stars” – new PhDs with the highest potential – and that the CAPES qualification of a program is not a predictor of the performance of the future graduates.

ABSTRACT. The objective of this paper is to determine the dynamics of the evolution of management as an academic research discipline in Latin America and the Caribbean (LAC) in the past 25 years. The methodology used in the research comprises a combination of co-word analysis with Social Networks Analysis organised in a sixth-step procedure. The results show how the research lines Strategic Management Process and Innovation and Technology Management have formed the backbone of the development of management as academic discipline in LAC. We also present how research lines that are necessary for the economic and social development of the region such as: Entrepreneurship, Cooperative Strategy and Public Sector Management appear as periphery underdeveloped lines. Finally, we addressed possible strategies for future development of the management discipline in LAC.

ABSTRACT. Latin-American universities are experiencing an important growth during the last decades. This study analyzes the most productive and influential institutions in Latin America in business and management research between 1990 and 2014. The results indicate that Brazilian and Chilean institutions are the most relevant ones in the region although some top universities from other Latin-American countries do also appear in the rankings. Finally, the results available in Web of Science indicate that Latin-American institutions are very productive in four main areas: general management journals, innovation and entrepreneurship, operations research and finance.

ABSTRACT. In a report recently produced by the National Council for Graduate Entrepreneurship (NCGE), the National Endowment for Science, Technology and the Arts (NESTA) and the Council for Industry and Higher Education (CIHE) concluded that ‘Entrepreneurship education is currently taught primarily through modules in business school courses and extra-curricular activities. HEIs need to enhance the perception and relevance of entrepreneurship education, so students and staff recognise the value of its combination of innovation, creativity, collaboration and risk-taking skills to a wide range of disciplines’.

In this paper we focus on a ground breaking programme specifically designed to address these criticisms of the way in which enterprise and entrepreneurship is taught in universities. There are a huge number of programmes on offer across within European Higher Education with the words ‘enterprise’ and ‘entrepreneurship’ in the title, but what makes the BA (Hons) Enterprise and Entrepreneurial Management unique is the close involvement of entrepreneurs right from the outset, including course design, module content and delivery. This is achieved through an ‘entrepreneur in residence’ network, with Walter Herriot, Managing Director of St John’s Innovation Centre, Cambridge, one of the world’s leading incubation centres, as Director.

This paper will firstly explore the key issues raised by the policy community and others calling into question the appropriateness of the way in which enterprise and entrepreneurship is taught. It will then look at the way in which universities are responding to these comments. The paper will call for a change in the way universities around the globe respond to the challenges of the 21st century in terms of entrepreneurship education and will conclude with a number of examples of both pedagogical and projects delivered by academics and entrepreneurs by way of an example of best practice.

ABSTRACT. O papel desempenhado pela Tecnologia da Informação e Comunicação (TIC) no contexto educacional tem mudado o seu panorama, ocorrendo assim a criação de Ambientes Virtuais de Aprendizagem (AVA) como novas formas de ensino, tanto para Ensino a Distância, como também de apoio as aulas presenciais. O uso do AVA no ensino universitário também teve crescimento, sendo necessário observar que a identificação da aceitação da tecnologia pelos seus usuários, seu comportamento e o seu sucesso está diretamente relacionado com a adoção de docentes e discentes. A aceitação do indivíduo e a utilização de novas tecnologias têm sido estudadas durante as últimas duas décadas, e muitos modelos de aceitação da tecnologia têm sido criados. Este estudo terá como base a Teoria Unificada de Aceitação e Uso da Tecnologia (Unified Theory of Acceptance and Use of Technology - UTAUT). Apesar de o modelo UTAUT ser uma reunião de constructos de outras teorias e modelos, a revisão da literatura apontou lacunas não abordadas e aspectos não analisados em alguns contextos. Este artigo objetiva propor uma extensão do modelo UTAUT para análise da adoção AVA como suporte ao ensino presencial, incluindo elementos como a interatividade, acompanhamento e continuidade de uso.

ABSTRACT. Os modelos de educação dos cursos de graduação e pós-graduação em administração tem sido muito discutidos. Práticas vivenciais e baseadas na problematização são sugeridas para aproximar a teoria à prática da profissão de administrar. O uso dos jogos de empresas tem sido sugeridos nesse sentido e estudado com a combinação de outras técnicas, como o método do caso. Ambas são técnicas citadas são usadas nesse estudo com o objetivo de identificar se existe diferença na assimilação de conteúdo em dois grupos de estudantes de administração ao combinar as técnicas jogo de empresas e método do caso. Para isso, foi realizado um quase- experimento, avançando o estudo realizado por Silva, Oliveira e Motta (2013). O quase-experimento comparou a aplicação conjunta dos jogo de empresas com o método do caso versus à aplicação exclusiva do jogo de empresas em duas turmas do curso de administração numa Universidade Pública no Estado do Rio de Janeiro. Foram realizados alguns ajustes na condução do quase-experimento e no tratamento dos dados, sendo realizados neste estudo métodos não paramétricos como os testes Wilcoxon e Mann-Whitney. Pôde-se perceber diferenças estatísticas ao comparar os resultados das turmas, tanto nos testes de conteúdo quanto no desempenho da prática gerencial simulada.

ABSTRACT. The Brazilian Government is being pressured to provide services with quality. Therefore, following the trend of new public management, it was created in 2004 the National Assessment of Higher Education to regulate high level education institutions and evaluate the quality of education in Brazil. The objective of this study is to analyze the meanings attributed to institutional evaluation by administrative tecnicians at Universidade Federal de Uberlândia, considering the perspective of integration, differentiation and fragmentation. More specifically it aimed at making a history of institutional reviews at the Universidade Federal de Uberlândia: identifying the meanings assigned by the administrative tecnicians at Universidade Federal de Uberlândia about the institutional assessment and group them according to the theoretical perspective of integration, differentiation and fragmentation; identify potential changes in the process and results in comparing two evaluation periods. Through case study method and in-depth interviews several speeches of public employees were collected in 2009 and 2013. Therefore, it was possible to identify the meanings attributed to Institutional Self-assessment at different times. The content analysis showed that Universidade Federal de Uberlândia does not have an evaluative culture and one of the reasons for this is the lack of practical results arising from the evaluation process.

ABSTRACT. Este estudo objetiva averiguar a influência de fatores contingenciais no desempenho acadêmico de discentes do curso de Ciências Contábeis de uma Instituição Federal de Educação Superior (IFES). Para tal, pesquisa descritiva foi realizada por meio de um levantamento junto aos discentes de uma IFES do Sul do Brasil, com uma amostra de 295 respondentes. Os resultados do teste KrusKal-Wallis apontam que dos fatores contingenciais externos pesquisados, nível de instrução do pai, horas de estudo semanal extra-classe e experiência profissional mostraram-se influenciadores do desempenho acadêmico. Em relação ao ambiente institucional da IFES pesquisada, as variáveis latentes ambiente interno, sistema técnico e estratégia do Projeto Pedagógico do Curso indicaram influenciar positivamente no desempenho acadêmico. Já as variáveis latentes estrutura e estratégia do corpo docente não apresentaram relação estatisticamente significativa. Esses resultados provocaram inquietações e são um alento para testar a validade dos construtos em outros ambientes institucionais.

ABSTRACT. The experience promoted by the business game reduce the gap between theory and practice, contributing to the development of skills and a better understanding of complex concepts. However, studies show that the time in which a business game is introduced, can influence student learning. Thus, the purpose of this paper, with quantitative approach, focused on analyzing the acquisition of knowledge of students, while conducting an educational program for the discipline of the securities market, supported by a business game facing the stock market. Thus, a quasi-experiment was conducted in two classes of an undergraduate degree in Business Administration from a federal university in the state of Rio de Janeiro, and the game concurrently introduced with theoretical content in a class and after the contents of the approach theoretical, in another class. Data were compared using statistical test nonparametric Mann-Whitney. The results showed significant differences in the acquisition of knowledge among participating groups, leading to the conclusion that the moment of introduction of business game, affected student learning.

ABSTRACT. En los últimos años han acontecido cambios en la sociedad y en el mercado laboral, que en la actualidad impactan directamente en el individuo causando conflictos entre la vida laboral y personal. Estos conflictos han generado resultados negativos para el individuo (como altos niveles de estrés e insatisfacción) y para la organización (como incremento de las tasas de ausentismo y rotación). La literatura ha abordado esta temática tratando de dar respuesta a esta problemática, sin embargo, una de las mayores debilidades es la falta de conocimiento generado para orientar a los empleadores, pero más aún a los empleados sobre las acciones que deben tomar para lograr el equilibrio trabajo-vida. El objetivo de este trabajo es proporcionar, a través del análisis de la literatura, una reflexión sobre las estrategias utilizadas por los individuos para lograr el equilibrio trabajo-vida, identificando sus implicancias tanto para los propios individuos como para la organización que los emplea. De esta manera, se analizaron publicaciones en revistas de alto impacto en el campo del Management, entre 2000-2014, integrando las perspectivas estudiadas hasta el momento. Finalmente, se concluye con una discusión sobre las implicancias de las estrategias individuales de equilibrio trabajo-vida para la gestión de los Recursos Humanos.

ABSTRACT. Benefits are increasing in importance within the compensation systems for employees. However, although previous studies have analyzed the affective reaction of employees toward those benefits, results remain inconclusive. In this paper, we pay specific attention to the flexibility of benefits systems and analyze whether the effect of this flexibility on employees’ benefits satisfaction is moderated by employees’ personality traits, specifically self-efficacy and internal locus of control. We used a sample of 874 employees working in Spanish firms. The results of this paper show how self-efficacy has a negative moderating effect on the relation between benefit flexibility and benefit level satisfaction. Similarly, and contrary to our prediction, we find a negative moderating effect of internal locus of control on the relation between benefit flexibility and benefit determination satisfaction.

ABSTRACT. The sport career of a higher performance athlete encompasses special features because it is more dynamic and the cycle is shorter when compared to more traditional careers. In this context, the general goal of this study was to identify and analyze factors that influence the transition process by the end of the higher performance athlete’s sport career. It aimed at understanding the characteristics of such factors and their resulting outputs. In order to meet this goal, a qualitative research was conducted based on theoretical models of career transition to retirement. The sample encompassed 13 former individual sport athletes—10 played the olympic games and 6 of which received medals—who have ended the athletic careers within the last ten years. In-depth interviews were conducted in addition to secondary data collected from the Internet. Data analysis was performed through content analysis. Regarding results, career transitions were well performed, as former athletes proceeded to activities both inside and outside the sport field. They were satisfied both before and after the end of their athletic career. A strong development network—diverse or not—showed to be important for the transition process to be positive and such transition begun during the athletic career itself.

ABSTRACT. La perspectiva de tiempo es una disposición (característica individual relativamente estable) con el potencial de impactar las actitudes y el comportamiento humano en las organizaciones. En este trabajo de investigación, se aborda el efecto que las perspectivas de tiempo futura y pasado negativa tienen en una actitud organizacional importante: la satisfacción laboral. Además, en el contexto de las diferencias culturales entre México y Estados Unidos, se explora si la cultura nacional altera la relación entre los conceptos de interés. Los resultados indican que las perspectivas de tiempo bajo análisis tienen efectos de diferente magnitud y sentido en la satisfacción laboral y que la fuerza de este impacto varía entre los países involucrados.

ABSTRACT. El liderazgo puede ser explicado desde diferentes corrientes, algunas de ellas desde la posición de los seguidores. El presente trabajo explora la posibilidad de entender al liderazgo como un proceso de selección, donde son los seguidores los que otorgan la condición de líder de un agente en particular. La simulación basada en agentes proporciona un espacio experimental para mostrar esta selección de los seguidores independiente del estatus y la jerarquía de líder.

ABSTRACT. The contribution firms make to sustainable development involves the introduction of new practices into supply chain management. Numerous studies have analysed the relationship between the environmental management of purchases and various indicators of functional or firm performance, although very few have applied a contingent approach. The aim of this research is to help understand that relationship by analysing the moderating role played by two variables, the establishment of long-term relationships with suppliers and the strategic integration of the purchasing function. An empirical study conducted on a sample of one hundred Portuguese firms reveals that green purchasing management improves the performance of the purchasing function, although the impact is greater when the organisation forges lasting alliances with its suppliers. Nevertheless, no moderating effect of the strategic integration of the purchasing function has been detected.

ABSTRACT. The objective of this research is twofold. First, we try to describe how employees, perceive their internalisation of quality management practices (IQM). Second, the objective is to analyze the relationship between this “internalisation” and two measures of employee-level outcomes, job satisfaction and job performance from the perspective of production workers. For this purpose, our research uses data from a sample of 329 employees belonging to 11 Spanish companies in the automotive parts industry. The low perception is more accused in the following activities: documentation, internal audits and quality control. The results obtained clearly show that the IQM has a strong and positive impact on job satisfaction and job performance.

ABSTRACT. Recent years have seen firms improve their environmental practices, although the question still remains as to whether or not investing in such practices is or is not beneficial or simply a matter of image. This study focuses on labour productivity as a measure of performance, and we argue that the impact of greater environmental performance on that productivity is moderated by capital intensity. The data on environmental performance were gathered from the UE Emissions Trading System and financial data were collected from the database of Thomson Financial. A sample of 358 plants in 15 European countries provides empirical evidence to support our approach. Specifically, the analyses, making use of estimates based on multiple regression models, reveal that environmental management has a positive impact on labour productivity in organisations with low capital intensity, although that impact becomes negative in cases of high capital intensity.

ABSTRACT. This article ...

ABSTRACT. Speediness in new product development (NPD) has been singled out in academic and professional circles as a source of competitive advantage. Suitable functional integration during such development is one of the main ways of achieving it. Within the current scenario, where in order to satisfy their customers firms are becoming increasingly dependent on outside resources and capabilities, the integration of the purchasing and marketing functions is especially important for streamlining NPD. With a view to understanding and confirming this streamlining effect, our study identifies the key elements of the functional integration of purchasing and marketing, and argues how one of these elements mediates the effect of the others on the speed of NPD. Our model is tested over the data provided by a sample of 141 Spanish firms by using both multiple regression and SEM methodology. Our findings show that an understanding of the effect that purchasing-marketing functional integration has on swifter product development requires (1) distinguishing between three different aspects: shared information on purchasing, shared information on marketing, and the alignment of decisions; and (2) taking into account the complete mediation of the aligned decisions on the effect of shared information on speediness in NPD.

ABSTRACT. This study analyzes the determinants of firm size using Ecuadorian firm data for the period 2007-2011. We particularly focus on the role of industry-level foreign direct investment on Ecuadorian firms’ size. We argue that FDI acts as an external economy of scale and thus generates spillover effect on other firms. We find a significant positive effect of industry-level FDI on firm size, when using assets as a measure for size.

ABSTRACT. The central objective of this paper is to present the process of going abroad of ten Brazilian retail firms, with special focus on two food retailers, against the backdrop of the teachings of internationalization theories. One of these two food retailers is a chain of groceries that commercialize organic foodstuff; the other firm is a chain of rapid food restaurants. The other eight firms of the sample operate in the following fields: woman shoes (two), eyewear, children’s clothes, bijoux, bookstores, cosmetics, and leather goods. Comparisons between the processes of internationalization of food companies and other firms are presented. The way to go international of the two food retailers shows more differences than similarities.

ABSTRACT. This research examines the different internationalization patterns followed by Argentina, Brazil and Chile. The in depth systematic comparative analysis of these cases is useful for any scholar or practitioner, becoming a salient point of this article. Still, the most important and novel contribution of this paper is that it develops a state-centered explanation to analyze firms’ internationalization in Latin America. I test and argue that the central mechanisms by which the state influences the internationalization process relate to public policies aiming to improve capital availability and an inter-temporally consistent set of additional policies –including those connected to privatizations and firms’ expansion abroad as a specific target-.

ABSTRACT. This article analyzes the determinants of the spatial distribution pattern of fast food franchising in Latin America. We explore this research question from the perspectives of agglomeration economics and institutional quality impacts. More specifically, we explore the interplay between agglomeration and quality of institutions. We approach the research questions through an analysis of three global fast food franchise networks in 45 Latin American cities, which are the largest metropolitan areas in the region. We analyzed the geographic dispersion of these franchise networks through OLS regression with controls for city population and levels of economic power. We found that the investment location choice of fast food networks is driven principally by market conditions and horizontal agglomeration. Fast food multinationals seem to mitigate the risks of weak institutional environments and inefficient supply linkages (vertical agglomeration) by co-locating their stores in cities where there is some presence of other multinationals and financial institutions. Theory and policy implications suggest that positive reinforcements of agglomeration and strong institutional are important for the investment location decision of fast food multinationals. Vertical agglomeration is not as important but helps with the decision.

ABSTRACT. The evolution of emerging market multinationals is a topic of increased interest on the part of international business researchers (Ramamurti 2012, Peng 2012, Cuervo-Cazurra 2007, Luo & Tung 2007). Most specifically, how is it that firms from Emerging Markets evolve to become Emerging Market Multinationals (EMMs) when extant IB theory argues that firms from Emerging Markets do not have the requisite competitive advantages that would allow them to expand globally. The purpose of this paper is to explore this phenomenon within the context of a number of EMMs from Brazil and to place their internationalization evolution within the contexts of operational flexibility constructs that have been neglected in the literature (Kogut 1985). We hope to find a better explanation and provide an alternative framework for EMM internationalization activity.

ABSTRACT. There are few studies applying extensive qualitative and quantitative methods to address the research into Business Portfolio Restructuring (BPR). The aim of this paper is to identify the main authors, journals and studies that have informed the intellectual platform underpinning BPR, and identifying the topics that have had the greatest impact. In this study, bibliographic references cited between 1959 and 2012, are analyzed using bibliometric techniques. Three main results are found: first, the intellectual basis for this field involves a multidisciplinary and multifaceted literature, although the subjects of finance and management are the principal contributors to research into BPR. Second, authors, journals and main works are identified to track the main framework of portfolio restructuring. Finally, the main forerunners of this study area are corporate strategy, divestitures, diversification and corporate governance.

ABSTRACT. This paper raises the questions of the efforts and difficulties that we encounter when attempting to include social responsibility into the strategy of for-profit organizations. The paper consists of five parts. In the introduction, I discuss some aspects of the implementation of social responsibility in organizational strategy, the methodology adopted in this work and the main objectives of the paper. In the next section on the organization's strategy I only refer the general issues of strategy formation, aiming to generate the basic instruments of analysis, i.e. criteria of CSR analysis from the perspective of the organization's strategy. In the part related to social responsibility of organizations I discuss the evolution of this concept and some proposals for the use of CSR initiatives into the strategy of the organizations. Next, in the main part of the paper I present some theoretical proposals taken from subject literature and two of the many examples taken from practice, or how specific organizations have made the implementation of social responsibility into their organizational strategy. The paper finishes with endnotes, in which I discuss the issue of the limitations of this approach raised by different authors and a few personal reflections.

ABSTRACT. The goal of the present study is to contribute to the literature on family firms by analyzing and empirically contrasting the relevance of SEW in family firms and its evolution across generations, through the analysis of the impact of business economic performance on satisfaction with the firm for different types of family firms. We argue that because family firms emphasize SEW protection goals over pure economic goals, satisfaction of family firms with the business is less dependent of economic performance. As generations pass SEW evolves and economic goals gain relevance over SEW protection motives. The results of multivariate test conducted on a sample of small Spanish firms confirm our predictions and provide a more accurate evidence of the importance of SEW for family firms and its evolution.

ABSTRACT. Research on strategy as practice (SAP) or simply strategizing focuses on understanding the development of strategy as a situated and socially acquired activity, based on the interaction between various actors and micro activities carried out by people within the organization (Jarzabkowski, 2005 e 2010; Whittington, 2006; Johnson, Langley, Melin & Whittington, 2007). In this scenario, middle manager (MM) plays the important role of an articulator in the process of strategy formation and sensemaking (Johnson, Langley, Melin & Whittington, 2007; Balogun & Johnson, 2004; Rouleau, 2005; Lavarda, Canet-Giner & Peris-Bonet, 2010; Andersen, 2013). Since both research topics are gaining notoriety in the scientific community, we decided to conduct a bibliometric analysis on SAP and the role of the MM inside organizations, covering the scientific production related to the subject between 2005 and 2015 (in progress). This resulted in the selection of 78 relevant articles from the Web of ScienceTM Core Collection database. This set of articles may serve as a milestone to future theoretical background studies and to assist scholars conducting new researches related to SAP and the role of MM inside organizations.

ABSTRACT. Drawing on institutional theory and nonprofit sector research, we examine the institutional infrastructure and the community conditions under which antipoverty nonprofits are more likely to reduce poverty. Using longitudinal data from 246 U.S. communities, we found that the collective action of antipoverty nonprofits alone does not significantly reduce poverty within their communities. However, when nonprofits operate in communities with greater presence of unions, lower levels of educational attainment and higher percentage of immigrant population, antipoverty nonprofits are key enablers of poverty reduction. Contrary to our expectations, neither government presence nor greater racial diversity significantly enhances the effect of nonprofits in poverty reduction. Government action, however, reduces poverty independently from the action of nonprofits. Our results suggests that grand challenges such as inequality are better addressed through the joint work of different organizational actors and institutions than through the solitary efforts of nonprofit organizations, and that geographic communities represent a key unit of analysis for understanding complex social problems such as poverty.

ABSTRACT. Based on an in-depth analysis of the literature it is established that many of the generic factors facilitating the transfer of technology are of limited relevance in collaborations with rural enterprises in developing economies. At the same time, other important factors in this specific setting are not, or insufficiently, considered. In this paper the factors that facilitate the technology transfer are reviewed and a specific list of factors with a much better fit is proposed to enable the transfer of technology in the particular context of small and medium rural enterprises in developing economies.

ABSTRACT. The need for a firm’s business strategy to be responsive to the institutional contexts of emerging markets is well settled in the literature. Often, however, responsiveness is impeded by defining institutional contexts as country level aggregations (macro-level), and glossing over sub-national variations (micro-level). This paper investigates micro-level contexts that can defy macro-level assumptions of economic rationality

ABSTRACT. Entrepreneurship is the bridge between the art of innovation and a viable market. And creativity as an element linked to innovative entrepreneurship, creative entrepreneur becomes a particularly interesting being in this ecosystem. The objective of this work is to understand how creative entrepreneur perceives and deals with the ambivalence photographer x entrepreneur. From a qualitative and interpretive approach to research, a content analysis was performed - using the method of Gil Flores (1994) - on the interviews of 13 creative entrepreneurs of the main sectors that make up this industry. There are very different views about the ambivalence investigated which may vary depending on the specific industry, the size of the project or other factors. Further discuss the profile of the creative entrepreneur can assist in formatting targeted public policies, as well as incorporate this type of entrepreneur in the theoretical debate about Entrepreneurship. This paper therefore seeks to fill the gap proposed by Bendassolli et al. (2009).

ABSTRACT. “Are entrepreneurial ecosystems in Haiti, which are comprised of servant leaders and operated as for-profit ventures more or less effective in achieving their goals?” The ecosystem will be a group of stakeholders located in Les Cayes, Haiti. I look to investigate the relationship with the level of identification as a servant-leader and the eventual impact of the social enterprise as measured by their ability to mobilize resources to achieve their objectives. In the twentieth century, entrepreneurial ecosystems are able to mobilize assets and human capital faster through technology and effective leadership. Our study will advance prior research on ”wikinomics”. These concepts discuss the ability of leaders to quickly mobilize human capital and assets through “collaborative innovation”. In order for these stakeholders and resources to coalesce, there needs to be a strategic force utilizing technology and leadership to enact strategic change.

ABSTRACT. O presente estudo tem como objetivo investigar o efeito da confiança na intenção de uso do m-banking no contexto brasileiro, especificamente entre usuários da cidade do Rio de Janeiro. Para tanto, foi desenvolvido e testado um modelo que relaciona a intenção de confiar e seus antecedentes (familiaridade, facilidade de uso, utilidade percebida, segurança, privacidade e inovatividade) com a intenção de uso do m-banking. Foi obtida uma amostra de 272 usuários de aplicativos móveis financeiros e por meio da Modelagem de Equações Estruturais as hipóteses foram testadas. Os resultados confirmaram a maior parte das hipóteses, e relações significativas foram verificadas entre o construto confiança e os demais construtos, as quais influenciam significativamente a intenção de uso de serviços bancários via m-banking.

ABSTRACT. As mudanças na sociedade contemporânea trouxe reflexos nos perfis de consumo, impactando o consumidor masculino, que nos últimos anos tornou-se mais preocupado com a aparência. Desta preocupação emergiu a figura do “novo homem” e levou ao surgimento do termo metrossexual. Pesquisas recentes estudaram o fenômeno considerando a influencia da mídia nesse público, mas foram encontrados poucos estudos no Brasil que procuraram pesquisar esse homem pela teoria do consumo. Este estudo buscou analisar a identidade metrossexual de homens consumidores de produtos de beleza, tendo por base o estilo de vida e a autoimagem. Buscou-se ainda analisar como estes homens lidam com a vaidade masculina. Para isso foi realizada uma pesquisa exploratória, de natureza qualitativa, por meio de entrevistas em profundidade com doze homens com características metrossexuais. Os resultados demonstram que estes homens não se sentem a vontade em declarar-se metrossexuais, devido ao preconceito da sociedade. Contudo os homens pesquisados podem ser considerados metrossexuais, uma vez que as preocupações com a autoimagem e o estilo de vida dos mesmos denotam uma rotina extensa de cuidados dedicados à aparência e à vaidade. A partir da analise deste consumidor foi possível conceituar o metrossexual como um homem perfeccionista e com características narcísicas e hedonistas.

ABSTRACT. A internet causou uma verdadeira revolução no marketing boca-a-boca. Essa comunicação, que antes demandava o contato pessoal, agora é compartilhada globalmente por meio de plataformas virtuais entre indivíduos desconhecidos e geograficamente dispersos. O objetivo deste estudo é avaliar os fatores que afetam a adoção de informações em comunidades de consumidores online. Com uma amostra de 288 respondentes, todos usuários da comunidade de turismo online TripAdvisor, os dados obtidos via survey foram analisados por meio de modelagem de equações estruturais. Os resultados apontam que a percepção de utilidade das informações se mostrou importante para o processo de adoção das opiniões, sendo a relevância e a confiabilidade da fonte os fatores que mais influenciaram a utilidade percebida.

ABSTRACT. Neste trabalho são apresentados resultados de uma pesquisa empírica cujo objetivo foi analisar os diferentes perfis de idosos quanto à percepção que eles têm do bem-estar ao comprar em shopping centers. Outro objetivo do trabalho foi trazer para o debate questões relacionadas ao construto bem-estar ao comprar do público idoso, suscitando reflexões nos pesquisadores dos campos relacionados ao consumo de idosos, à corrente de pesquisas que buscam entender a relação entre marketing e sociedade, assim como o de ambientes varejistas. Para isso, um survey foi planejado tendo como unidade de observação os indivíduos com mais de 60 anos, frequentadores de shopping centers, domiciliados em uma grande capital brasileira. Utilizou-se a escala Shopping Well-being desenvolvida por Hedhli, Chebat e Sirgy (2013). Os dados foram analisados pela técnica de Análise de Conglomerados. Os resultados indicaram três perfis de idosos nomeados Idosas Tímidas, Avessos ao Shopping e Fãs de Shoppings. Como conclusão, pode-se afirmar que há diferentes formas de percepção de significados relacionados ao bem-estar ao comprar que podem configurar diferentes grupos de idosos com gostos diversos e demandas específicas.

ABSTRACT. Nas últimas décadas, emerge nos estudos organizacionais uma nova perspectiva de análise das organizações. Nessa abordagem, Karl Weick (1969) ressalta a importância de se estudar os processos, ao invés das estruturas organizacionais, e de entender a organização não como um substantivo, mas como um verbo (organizing). Assim, na tentativa de lançar esse olhar para as organizações, analisamos, neste trabalho, um grupo de teatro belo-horizontino, o Grupo Galpão, com o objetivo de compreender como esse grupo teatral se organiza como resultado de práticas e processos. Para empreender essa tarefa, utilizamos a análise de documentos, entrevistas e observações. Ao analisarmos as ações e eventos que constituem a malha de práticas sociais do Grupo Galpão notamos que há uma tentativa de formalização dos processos, centralização das funções, verticalização das decisões e expansão do grupo. No entanto, o constante organizar das práticas faz com que a organização esteja sempre se modificando, assim, analisamos quatro dicotomias presentes no constante organizar do Grupo Galpão: Informalidade/Formalidade, Fragmentação/ Centralização, Horizontalidade/Verticalidade, Expansão/Recolhimento.

ABSTRACT. Esse estudo investigou a influência dos Estilos de Liderança Transformacional; Transacional e Laissez-Faire no desempenho do liderado. Foi selecionada uma amostra por conveniência, constituída por líderes e liderados de 3 empresas distintas. Ao todo, foram pesquisadas 300 pessoas. Os dados referentes à liderança foram coletados usando o Multifactor Leadership Questionarie (BASS e AVOLIO, 1990). Para o desempenho usou-se o questionário de Reis Neto et al. (2012). Tal instrumento foi adaptado com inclusão de questões sobre desempenho contextual, tendo como base os estudos de Brief e Motowidlo (1986) e Borman e Motowidlo (1993). Os dados foram tratados e analisados por meio da abordagem PLS (Partial Least Square). Para Modelagem de Equações Estruturais via método PLS foi utilizada função plspm do pacote plspm do software R (versão 3.0.3). O resultado da pesquisa evidenciou que na amostra global o estilo de Liderança Transformacional, ao contrário do Transacional e do Laissez-Faire, exerceu uma influência significativa e positiva sobre Desempenho de Tarefa e de Contexto. Na análise multigrupo, os resultados foram diferentes para cada contexto estudado, entretanto, para o estilo laissez-faire, o resultado manteve-se o mesmo da amostra geral.

ABSTRACT. Este estudo teve como propósito analisar a influência da percepção das políticas de gestão de pessoas no comprometimento organizacional dos docentes de uma instituição pública de ensino superior. Para tanto, realizou-se um estudo de caso que envolveu a aplicação de questionário e teve a participação de 284 docentes. O instrumento utilizado foi composto por escalas que mensuraram o modelo tridimensional do comprometimento organizacional e as percepções dos participantes acerca das políticas de gestão de pessoas da organização, além de conter perguntas sobre a caracterização da amostra. Os dados foram submetidos a análises descritivas, fatoriais e modelagens de equações estruturais. Os resultados apontam que apenas as políticas de envolvimento e treinamento, desenvolvimento & educação influenciam o comprometimento organizacional dessa categoria. Indicando, portanto, a necessidade de uma maior atenção por parte dos gestores públicos em relação às outras políticas, também relevantes, para a melhoria do vínculo estabelecido entre indivíduo-organização.

ABSTRACT. O mercado de seguros no Brasil vem crescendo substancialmente nas últimas décadas, chegando a atingir uma expectativa de crescimento anual de aproximadamente 16%. Ainda não existe no Brasil um acervo literário que aborde o tema carreira em seguros de maneira sistematizada. Considerando que a discussão sobre carreira em seguros ainda é incipiente no Brasil, é relevante analisar como os gestores desse segmento desenvolveram competências técnicas e gerenciais para atuação na carreira. O presente trabalho teve como principal objetivo analisar a escolha e planejamento de carreira de gestores do mercado de seguros. Tratou-se de uma pesquisa qualitativa, por meio um estudo exploratório não probabilístico, tendo como instrumento de coleta uma entrevista semiestruturada. As entrevistas foram analisadas sob a ótica da análise contextual (Corbin & Strauss, 2010) que levou em consideração aspectos micro e macro das escolhas e delineamento de carreira de gestores de segurso. Foram entrevistados 14 gestores, sendo sete deles jovens (até 35 anos) e sete seniores (acima de 35 anos). Embora de maneira geral a escolha pelo segmento de seguros tenha se dado de maneira circunstancial, há diferenças significativas nos discursos dos entrevistados, como por exemplo o destaque dos mais seniores às características comercias do segmento de seguros.

ABSTRACT. A gestão de/com pessoas, no âmbito global, tem se tornado vital e central para uma ampla variedade de empresas no momento de sua internacionalização, o que demanda profissionais com mindset global. O objetivo geral deste artigo é identificar o perfil requerido pelas organizações para profissionais atuarem em contextos multiculturais. Adotou-se a metodologia qualitativa e os dados foram obtidos por meio de entrevistas semiestruturadas em profundidade, sendo analisados segundo a técnica de Análise de Conteúdo Categorial. O público alvo foi de profissionais que atuavam em cargos de gestão na Área de Pessoa nos últimos cinco anos em empresas que operam neste cenário. As categorias analisadas foram: competências técnicas, competências comportamentais e traços de personalidade. Os resultados obtidos evidenciam que as competências comportamentais aparecem como o principal critério de escolha do profissional para atuar em uma missão internacional. Ainda assim, em casos de cargos estratégicos e/ou de confiança, a competência técnica foi privilegiada. Com relação aos traços de personalidade, o único aspecto não citado nas entrevistas foi “trabalho como prioridade”, demonstrando não ser esta uma especificidade da cultura latina.

ABSTRACT. Angel investment is an important source of financing for entrepreneurs in their early stages. In Chile there are five business angel networks all of them located in Santiago, the capital. Antofagasta is a region characterized by its enterprising dynamism, but many of the business ventures fail due to the lack of financing. In Antofagasta there are HNWI; however, it is not known in what they invest their resources. In this context the main objective of this paper is to characterize the HNWI from the Region of Antofagasta in order to find out their interest in becoming Angel Investors. This is an exploratory-descriptive study based on a 37 HNWI sample. The HNWI were interviewed with a questionnaire inspired in Freear, Sohl & Wetzel (1992) in the United States, adapted to the Chilean context. The results show that some HNWI have already invested in projects of people with whom they have some link as well as people with whom they have no relationship. This is a pioneering study in its area and it also provides relevant information for carrying out a project for the formation of a regional angel investor network necessary for the consolidation of the entrepreneurial ecosystem and regional innovation.

ABSTRACT. El análisis de la relación entre el gobierno corporativo, las estructuras de propiedad y capital y el resultado de la empresa cumplen las características para mantener una relación de equilibrio, donde los mecanismos de gobierno interno y el valor de la empresa contrarrestan su efecto, ya que son variables endógenas que se determinan simultáneamente. Sin embargo los resultados arrojados en el análisis autorregresivo dinámico llevado a cabo sobre una muestra de 306 empresas europeas en el periodo 2003-2008, previo a la crisis financiera, pone de manifiesto relaciones significativas entre la independencia del consejo de administración y la deuda con el valor de mercado de la empresa, por lo que existen incentivos para incrementar el número de consejeros independientes y reducir los niveles de deuda. Cuando medimos el resultado de la empresa a través del ROA aparecen nuevos desequilibrios, es decir, problemas que deben ser contrarrestados, por ejemplo, con un mayor número de comisiones en el consejo de administración o con endeudamiento. Por tanto, los años previos a la crisis ya manifestaban situaciones de desequilibrio entre las estructuras de gobierno corporativo y el resultado de la empresa.

ABSTRACT. Bibliometrics is a research field that studies quantitatively the bibliographic material. This study analyzes the academic research developed in Latin America in economics between 1994 and 2013. The article uses the Web of Science database in order to collect the information and provides several bibliometric indicators including the total number of publications and citations, and the h-index. The results indicate that Brazil, Mexico, Chile, Argentina and Colombia are the only countries with a significant amount of publications in economics in Web of Science although Costa Rica and Uruguay have considerable results in per capita terms. The annual evolution shows a significant increase during the last five years that seems to continue in the future, probably with the objective of reaching similar standards than the most competitive countries around the World. The results also show that development, agricultural and health economics are the most significant topics in the region.

ABSTRACT. This study analyses the impact of firm-level variables as well as country-level institutional factors on the firm value. The theoretical framework used to develop the research hypotheses has followed a corporate governance approach. The sample includes public firms from Argentina, Brazil, Chile, Colombia, Mexico, and Peru for the period 1997-2013. The main findings indicate that the ownership concentration, the capital structure, and the dividend policy are important drivers of the market value of the firm. At the country-level determinants, results exhibit that the legal enforcement and regulatory system impact positively the market value of the firm in the Latin American context. Concerning the development of the financial system, the findings show unexpected results.

ABSTRACT. La actividad empresarial es el motor del desarrollo económico y social de cualquier región y, por tanto, la comprensión en detalle del proceso de puesta en marcha de nuevos negocios es esencial. La literatura reconoce que los factores de necesidad y de oportunidad asociados al emprendedor son los principales antecedentes de su intención emprendedora, sin embargo todavía no están claros los mecanismos condicionantes, así como los más influyentes. A través de una muestra de 230 estudiantes universitarios este trabajo analiza si los factores de necesidad y oportunidad influyen sobre la intención emprendedora directamente o si la relación está mediada por el riesgo percibido de crear una nueva empresa. Los resultados obtenidos indican que mientras los factores de necesidad afectan negativamente a través del riesgo percibido, los factores de oportunidad sólo influyen directa y positivamente sobre la intención emprendedora, lo que a su vez, tiene un efecto positivo sobre la fase del proceso de creación de la empresa. Finalmente, este trabajo reconoce como implicaciones prácticas la necesidad de concentrar los esfuerzos educativos en incrementar el entusiasmo de los universitarios sobre los aspectos de refuerzos positivos que conlleva ser emprendedor y así hacer aflorar sus factores de oportunidad.

ABSTRACT. El emprendimiento adquiere día a día mayor importancia por su impacto en el progreso económico y social de las naciones, esto hace que el interés por comprender sus determinantes este incrementándose cada vez más. Entre ellos la literatura empírica reconoce los factores perceptuales, sin embargo, aunque en el contexto internacional existen diversas investigaciones al respecto, en el caso colombiano los estudios son bastante escasos. El presente artículo estudia la influencia de variables perceptuales en la decisión de crear empresa, como son la propensión al riesgo, la percepción de oportunidades, el tener conocidos emprendedores, y la confianza en sus capacidades y habilidades; inicialmente se realizó una revisión de la teoría existente y se contrastan las relaciones propuestas a partir de los en los datos del Global Entrepreneurship Management (GEM). Los resultados muestran que existe una relación positiva entre las variables perceptuales y el emprendimiento como lo sustenta la teoría, con excepción de la percepción de oportunidades, y de otra parte, que la decisión de crear empresa se ve influenciada por la edad, el género, y el nivel educativo.

ABSTRACT. El presente trabajo tiene como objetivos mostrar las diferencias entre el perfil del emprendedor identificado por la literatura especializada y el emprendedor indígena, como un tema emergente de investigación; así como poner de relieve, en este contexto, los conceptos de capital social y arraigo, como variables clave para entenderlo. Para lograr lo anterior, se ha utilizado la metodología cualitativa del estudio del caso, a través del análisis de 3 casos de emprendimiento en comunidades indígenas de México. Los hallazgos muestran la similitud entre las características de las comunidades indígenas y una nueva forma de hacer emprendimiento; así como los posibles beneficios que éste reporta a la Comunidad Indígena en la que se produce, que inciden de manera notable en su desarrollo local y en la conservación de su cultura y tradiciones.

ABSTRACT. Este estudio busca determinar la influencia de la educación tanto a nivel de universidad como de carrera sobre la intención emprendedora para orientar la labor de quienes están encargados de fomentar el emprendimiento en universidades. La investigación se llevó a cabo realizando un cuestionario a 583 universitarios, basado en la Teoría de la Conducta Planificada, agregando dos variables vinculadas a la educación en emprendimiento. El análisis de datos consistió en medir la fiabilidad de las escalas utilizadas y la evaluación del modelo teórico mediante ecuaciones estructurales. Los resultados obtenidos permiten afirmar que la educación universitaria, considerando la labor de la institución y la de la carrera, efectivamente puede influir en la decisión de emprender de sus estudiantes si es capaz de generar una Actitud hacia la conducta más positiva. Al contrario, el Control percibido resultó ser irrelevante sobre la Intención Emprendedora. La Norma Subjetiva resulta tener un efecto indirecto en la Intención emprendedora. En consecuencia, la labor de la educación superior va más allá de la teoría y es importante dar a conocer la relevancia del emprendimiento en el entorno directo del estudiante. Finalmente, se sugiere investigar cómo la educación puede fomentar las variables relevantes del modelo.

ABSTRACT. In this paper, we analyze the moderating role of ownership and control structure in investment sensitivity to (a) cash flow; (b) firm value; and (c) risk. The results of regression models, estimated by System Generalized Method of Moments in a panel consisting of Brazilian companies, show that: the largest shareholder’s participations in voting (political rights) and cash flow rights (economic rights) increases investment-volatility sensitivity; and the accumulation of voting shares by the controller reduces investment-Tobin's Q sensitivity. This study provides empirical evidence that the high concentration in control structure is a factor that contributes to suboptimal investment decisions in Brazilian companies

ABSTRACT. Este trabajo analiza empíricamente tanto el efecto individual de la diversificación geográfica sobre los resultados como el efecto conjunto de la diversificación de producto y geográfica (seguida previamente por la empresa) sobre los resultados. A diferencia de los estudios previos, este trabajo plantea que los directivos de las empresas pueden implementar una estrategia antes que la otra. Para ello utilizamos una muestra de empresas manufactureras españolas durante el período 1994-2008. Los resultados sugieren una relación en forma de S-horizontal entre la diversificación geográfica y los resultados. También muestran un apoyo parcial a dos supuestos esenciales: 1) la diversificación de producto puede moderar los resultados de las empresas que han seguido en los últimos años una estrategia de diversificación geográfica, y 2) el efecto moderador de la diversificación de producto sobre los resultados será distinto en las empresas que se encuentren previamente en diferentes etapas de internacionalización.

ABSTRACT. Las diferentes circunstancias que se dan en el entorno (globalización, aumento de la competencia, aparición de nuevas tecnologías, etc.) provocan que las empresas decidan abrirse paso hacia nuevos mercados en busca de una demanda de mayor calidad, de un incremento en los beneficios o simplemente para poder sobrevivir. Para ello es necesario que las empresas evalúen cuáles son sus recursos y capacidades para elegir eficientemente entre los distintos modos de entrada. El objetivo principal de nuestro estudio es conocer qué diferencias existen entre las PYMES y grandes empresas al internacionalizarse. Y cuáles son los principales modos de entrada elegidos por las distintas empresas. Hemos utilizado un estudio cuantitativo de empresas que, al menos, utilicen la exportación como forma de entrada para sus productos o servicios. Se basa en un cuestionario online, con preguntas abiertas, cerradas, de escala Likert, tipo test, etc., validadas en otras investigaciones de diversos autores. Los resultados nos mostrarán si realmente existen diferencias en los modos de entrada utilizados por las PYMES y grandes empresas y si realmente las empresas llevan a cabo las estrategias en función de cuáles sean sus características, eligiendo aquellas formas de entrada que mejor se ajusten a recursos y posibilidades.

ABSTRACT. Este trabajo describe dos casos de estudio de firmas argentinas con inserción en cadenas globales de valor (CGV) orientadas a segmentos no masivos del mercado en países desarrollados. A partir de estas experiencias desarrollamos un marco teórico sobre el rol de las firmas manufactureras de países en desarrollo en las actividades de diseño de los bienes no masivos así como sobre los conocimientos, las capacidades y la interacción con los clientes internacionales que ello les exige. Estudiamos las experiencias de inserción internacional en CGV de una firma productora de bienes de alta gama en el sector de calzado y una firma productora de bienes customizados en el sector de autopartes. Pese a las diferencias entre estas industrias, encontramos elementos comunes en el proceso de diseño que son cruciales determinantes de su tipo de inserción en CGV. Primero, el diseño de estos bienes involucra la incorporación de atributos no estandarizados. Segundo, la escasa codificabilidad de atributos no estandarizados impone una fuerte demanda de interacción entre el productor y el comprador en el desarrollo de producto. Tercero, esta demanda de interacción exige que los productores posean capacidad de interpretar los diseños para realizar el desarrollo y la manufactura de los productos.