Search

As Bagus and Howden (2010) highlighted, one of the paths to achieve a more fruitful understanding of the business cycle involves examining saving as a heterogeneous analytical category. The aim of this paper is to continue this line of inquiry using the capital-based framework developed by Garrison (2001). This paper contributes to the literature by studying the impact of heterogenous savings on economic growth and business cycles in a capital-based macroeconomics framework. With this aim the implications of disaggregated saving is analysed by means of the differential market signals that are generated by cash-build savings (Pătruți, 2017) and loanable funds accessible through the credit markets.

This paper investigates factors that motivate entrepreneurs to completely operate within informality and the drivers of formal companies to underreport revenues. In particular, this work identifies and organizes the determinants of firm informality through a systematic literature review in Scopus and Web of Science databases. The article presents several contributions. First, it examines the two main frameworks of informality (structuralist/exclusion and legalistic/exit dimensions) and links this with the different roles of unregistered firms in economic development (survival, De Soto, and parasite views). It also studies the theoretical basis of informality, including economic, institutional, psychological, and sociological aspects. Second, the paper summarizes business informality determinants based on studies with different methodological approaches (macro, microeconomic), contexts (developed, emerging, transition economies), and periods (1983-2018). Our results show that firm informality is mostly addressed in the examined literature as a decision or voluntary choice by companies and entrepreneurs (legalistic vision). Third, the article proposes an integral theoretical model, according to which the firm informality level is determined by structural elements (company and entrepreneur’s characteristics) and environmental factors (corruption, bureaucracy, taxes, etc.). The analysis is relevant for researchers studying this subject and for policymakers as well.

We analyse gender gaps in published works on economics in Uruguay. First of all, we describe the evolution of the professional context and female participation in the discipline. We then provide an empirical analysis of the research output based on two databases: one containing working papers and technical documents and the other including articles published in journals. The main results are: a) men produce more published articles than women but there is no gender gap in working papers; b) women and men are unevenly represented throughout different fields; c) collaboration with non-local authors is more likely among men than women; d) non-local co-authorship is strongly associated with the gender gap in journal articles production.

Workforce agility has been described as a management strategy that allows companies to respond quickly and effectively to threats and opportunities arising from a competitive and unstable business environment. In the current literature, there is still a lack of efforts to systematically review the state of the art on this subject. The aim of this paper is to address this gap by studying the academic progress on workforce agility. A systematic literature review was carried out to analyze the academic articles within the workforce agility topic that were published online until the end of June 2020 in three electronic databases: Web of Science (WoS), Scopus, and Science Direct. The bibliometric indicators present how the field has developed and which actors (authors, institutions, countries, journals) are the most relevant. Regarding the conceptual aspects, the findings allowed us to identify that an agile workforce consists of four interrelated and interdependent dimensions: proactivity, flexibility and adaptability, resilience, and competence. These attributes can be promoted through strategies related to i) learning and training, ii) forms of work organization, iii) human resource management; and iv) culture and organizational structure. Our findings also allowed us to propose an agenda for future studies on workforce agility and other related topics. This paper contributes by promoting a debate on a subject still incipient in the literature, especially in Latin America, and by highlighting the potential competitive advantage associated with workforce agility for companies.

The loosely coupled systems (LCS) perspective emerged as a new way to understand the organizational structure from the field of Organization Studies. The purpose of this article is to pres­ent the main features of previous research studies that have addressed the perspective of loosely coupled systems. This article is based on a systematic literature review of 76 papers published dur­ing a 36-year period (1983-2019). The findings indicate that the main concepts studied around this perspective have been loose coupling, tight coupling, decoupling, degree of coupling, and coupling mechanisms, which are analyzed considering the dialectical relationship between distinctiveness and responsiveness. Likewise, the study of organizational couplings has been extensively devel­oped through qualitative methodology with case studies, interviews and documentary reviews. In particular, there are two theoretical frameworks broadly used along with this perspective, the sociological new institutionalism and the theory of normal accidents, which give rise to future research on topics such as decoupling and the normality of accidents, among others. This article contributes to the discussion of organizational ties by highlighting the contemporary relevance of the LCS perspective, its usefulness for understanding current and future organizational issues in the field of Organization Studies, and encouraging greater adoption of LCS analysis in Latin America. Additionally, this paper provides conceptual clarity on the main categories of organizational cou­plings and its operationalization.

This paper evaluates the real capacity of the customer service system in a Health Care Service Provider (HCSP) in which users request a service using a multi-channel M/M/n queueing system with Poisson arrivals and exponential times. The assistance process shows that an individual who wants to request a diagnostic test must wait his/her turn in several cubicles. The aim of this paper is to develop a methodology that generates two-way results in improving not only HCSP performance, but also in implementing strategies that lead to better service perception. A discrete-event simulation model is presented to determine the times for processes and forecast the demand. The entire process in HCSP takes up to four hours, although, based on our results, waiting times could be 50% shorter by decreasing the number of operative tasks that physicians and nurses should perform and implementing an electronic ticket dispenser. Improving customer service is relevant for a HCSP organization. Therefore, our simulation process could be implemented in different scenarios in order to integrate results in planning and decision-making processes.

The past twenty years have seen increased importance attached to high growth firms (HGFs). Despite decades of research, our knowledge of HGFs remains limited. Scholars have asserted that a key differentiator of HGFs is their ability to create value for their customers, yet this relationship has gone untested. This paper makes an important contribution to the literature by empirically exploring this relationship. Drawing on comparative cohorts of HGFs and non-HGFs, this paper finds that HGFs were found to be much more likely than their non-HGF counterparts to be positively influencing customer perceived value, the creation of which is considered to be an important enabler of firm performance and growth. In addition to its empirical contribution to the high growth entrepreneurship literature, this paper raises issues for future research.

In this paper I discuss and develop measures of upstreamness and downstreamness to describe the position of countries and sectors in global value chains. Both measures are defined as the distance between exports and either final demand (upstreamness) or primary factors (downstreamness). When added together, they create a single measure of chain length, and reveal the position of the chain in international trade. I show the usefulness of these measures for highlighting aspects of international participation in value chains that cannot be deduced from measures developed previously. In particular, the measures proposed here better describe the specialization of countries along value chains.

The aim of this paper is to assess the stability of the impacts of real exchange rate undervaluation and domestic technological capabilities on growth across development levels. Panel regressions with development-level interactions are used to test the stability of these variables’ impact on growth. The results show that real undervaluation is a driver of growth across all development levels, once technological capabilities are accounted for; however, it is more important for developing and developed countries than for emerging countries.

The aim of this paper is to verify whether Peru has suffered from Dutch disease. To do this, a VARX model with monthly data from 2003 to 2020 is used to analyze whether the mining boom prices of the 2000s and 2010s have had a negative impact on the real sector, especially on non-primary manufacturing. Results show that a real exchange rate shock explains 8.2% of the variation in non-primary manufacturing. Even though the effect is significant, it is relatively small, and this is due to the Peruvian Central Bank intervening to reduce exchange rate volatility

The purpose of this reflection paper is to provide a Foucauldian view of the influence of the neoliberal ethos on the rational choices of agents in organizations and how this impacts the tendency to make decisions about deviant behavior. We propose that practices of codes of ethics have less substantive effects and more symbolic effects. The control of corruption occurs in three dimensions: egoism, utilitarianism and opportunism. Codes of ethics and compliance systems, in this sense, possess only the capacity to partially meet each of these requirements, not being enough measure for business integrity assurance. We believe it is essential to distinguish the arguments presented in this paper from the dominant thinking on theories about ethics in organizations. Our interest is to give a politicized response to the discussions raised in the field. The originality of the article resides in the transposition of Foucauldian concepts for practices of control of conducts in the contemporary management. The inadequacy of the normative measures is worked out. Besides, alternative perspectives are proposed to the practices of management for ethical behavior in or­ganizations.

This paper analyses the scope, origins, justification, and commitments of the extended fund arrangement (EFA) signed by the Ecuadorian government and the IMF in March 2019. This agreement, which represents a little more than a third of Argentina’ Stand-By Agreement, promotes Central Bank independence, austerity, as well as structural adjustment policies, but its basic’ diagnosis omits external sector problems. This paper presents the implications and contradictions of the agreement to promote structural changes in the real sector and how these foster policies that protect the interests of bondholders and bankers.

This paper investigates the impact of the unprecedented climate shocks of the 2010 in Colombia on the results of the Saber 11 standardized test for the 2010- 2012 period. By using two unique datasets, this paper contributes to the literature by providing a better estimate of the human capital costs of climate shocks. The findings indicate that the climate shocks occurred on 2010 decreased Saber 11 test scores. The impact was stronger for female students, students from rural areas and students from low-income families. A possible channel of transmission is identified: the destruction of schools.

Offshore outsourcing by organizations has been gaining momentum, powered by advances in information technology and costs differentials. A review of the literature on the subject, though, shows that those scholars who have focused on offshore outsourcing have centered their attention on the activities of multinational enterprises (MNEs) in the manufacturing and services sectors, leaving behind small and medium enterprises (SMEs). Through a number of propositions, this paper suggests that SMEs could also benefit from offshore outsourcing given their particular characteristics and needs. The paper also discusses the similarities and differences in the motivations that SMEs might have in subcontracting their activities outside their boundaries in comparison to MNEs. Knowing this information is important for foreign suppliers in order to adapt and expand their offerings to the needs of these particular firms.

This paper studies the effect of economic instability, income inequality and openness in the transition to different growth regimes for 18 Latin American countries during the 1980-2014 period. The study is carried out determining three different levels: low, middle and high economic growth. The countries are categorised according to the method of k-median clustering. We use panel data estimation applying random effects model and ordered logit. The results indicate that instability and inequality negatively affect the economic performance of the region, while openness is not a significant factor in explaining economic growth.

The paper aims to design and apply a Knowledge Management (KM) model within the context of a Higher Education (HE) institution in Mexico. The model is composed of six enablers: leadership, culture, structure, human resources, information technologies and measurement, which facilitate the processes of knowledge creation, storage, transfer and application. A 53-question survey applied to thirty-six (36) people allowed to evaluate the degree of development and implementation of knowledge enablers and processes. Objectivity, reliability and overall model fit were assessed. The application of the Model serves to highlight the core role that cultural, human and structural aspects play in Knowledge Management processes. Whereas Information Technologies are the least influential to Knowledge Management processes. This paper was limited to examine the perceptions of the Board of Directors of a single university. It is yet to be tested in other institutions. Moreover, the resulting model can be used as an assessment tool in Higher Education Institutions to identify the key elements during a KM initiative as well as to define actions to obtain the greatest benefits from these initiatives.

In this paper we conduct a systematic literature review with the aim of understanding the effectiveness of environmental policy instruments, in particular, command and control, marketbased instruments and voluntary schemes, in promoting eco-innovation. This study analyzes the information presented in selected papers, mainly from peer-reviewed journals, covering the period 2005-2012. The sample is based on 40 papers traced through a keyword search in Scopus database, representing the main academic journals related to the subject. A few more sources were added after reviewing the list of references from the main papers. The literature reviewed adopts different approaches and pursues several objectives to understand the relationship between policy instruments and eco-innovation. We find overall evidence that stringency is a key feature of policies for determining the effects of environmental technological change. It is argued that command and control instrument boosts eco-innovation, but continuity in investments depends more on the expected severity of future regulation. Empirical studies confirm that market-based instruments promote more incremental innovation and diffusion of existing technologies than radical innovation. In general, instruments based on economic incentives need to be complemented with stringent controls to be more effective. We conclude that complementarities between measures focused on developers and demanders are necessary in order to foster eco-innovation

This paper aims at exploring how social and environmental (SE) labels influence purchasing. By drawing on the information processing and the systematic-heuristic models, this study tests the process followed by consumers when purchasing SE labeled-products. Information was gathered through a structured questionnaire in personal interviews with 400 consumers responsible for household shopping of Fast-moving Consumer Goods (FMCG), who were randomly approached at shopping malls in four areas of Madrid, Spain. They were asked about recognition, knowledge, credibility, perceived utility and purchases on 12 different labels; the influence of these variables on purchase is modeled and tested by path analysis. This study suggests that a systematic-heuristic information processing occurs when consumers buy SE-labeled FMCG products, as the purchase of this type of goods depends on the recognition of a label, knowledge of the issue/issuer, as well as the credibility and the perceived utility of SE labels. Motivation for being informed influences the process, being an antecedent of awareness, comprehension and perceived utility. This model shows a dual processing mode: systematic and heuristic, where the lack of cognitive capacity could explain why these two processing modes co-occur. This paper adds value to existing literature on SE labels and consumption by applying the information processing model, which has not been used before in the field of responsible consumption, in addition to open a promising avenue for research, by offering complementary theories to the existing ones, based on attitudes.

This article analyzes the adoption of project management practices in development cooperation NGOs and their influence on project performance. This paper illustrates the impact in the implementation of methodologies, techniques and tools on outcomes, measured by success criteria of several projects recently implemented. Information from the project managers of the organizations was collected, and complemented by a literature review. We analyzed the correlation among the variables that determine the adoption of a project, and the criteria that determine its success. The positive effect of project management adoption in the performance of cooperation projects is demonstrated, in spite of the low use of methodologies, techniques and tools within the sector. The article shows the importance of project management in cooperation and aid projects, with the purpose of increasing researchers’ awareness about the field as applicable knowledge and about the benefits of its use in the sector. The paper shows that project management can improve project efficiency and accountability in other sectors.

There are controversies regarding the applicability of Modern Money Theory (MMT) to emerging countries. In this paper, we shed light on this debate by analyzing the monetary sovereignty and fiscal policy regime in Brazil from 1999 to 2019. An empirical assessment shows the government has a considerable ‘degree’ of monetary sovereignty. However, fiscal rules imposed many restrictions on the State’s capacity to spend, subordinating fiscal policy to austerity. As there are no major macroeconomic constraints to Brazilian monetary sovereignty, it is necessary to change fiscal rules to reorient fiscal policy towards full employment in line with MMT prescriptions.

This paper studies the effects of fixed-term contracts on workers. Specifically, the paper analyzes their impact on wages and on satisfaction levels. Regulations governing fixed-term and indefinite contracts in Colombia and the main labor reforms related to these two types of contract are analyzed. Women, young and low-educated workers, who work in small firms, in the private sector and in construction or manufacturing are most likely to have fixed-term contracts. In terms of wages, we found a significant raw and adjusted wage gap against workers with fixed-term contracts. Finally, we found, as expected, evidence that fixed-term contracts reduce the level of worker satisfaction.

This paper uses an institutional approach to examine the effect of regulations on entrepreneurial activity, comparing developed and developing countries. Through an unbalanced panel data set of 49 countries over the period 2001-2010 and using a combination of international databases we find a positive influence of government spending and entrepreneurship legislation on entrepreneurial activity. It was also found that regulations may have different impacts on entrepreneurship according to the country’s economic development. Thus, in developed economies unemployment legislation is positively related to entrepreneurship, while this relationship is negative in other cases. This paper offers new insights both from a conceptual perspective (advancing theory concerning the factors that influence entrepreneurial activity) and a practical viewpoint (for the design of government policies to foster entrepreneurship).

The principal purpose of this paper is to analyze different methods for decision making, with a focus on entrepreneurship in Latin America. Decision-making methods may be informed by aggregation operators that are based on the use of probabilities, weighted averages (WAs) and generalized aggregation operators. The paper presents a new generalized probabilistic weighted averaging (GPWA) operator that unifies WAs and probability in the same formulation, considering the degree of importance of each concept used in the analysis. The fundamental advantage of this approach is that it includes a wide range of particular cases including the probabilistic weighted averaging (PWA) operator, the probabilistic weighted geometric averaging (PWGA) operator and the probabilistic weighted quadratic averaging (PWQA) operator. Quasi-arithmetic means are used to obtain the Quasi-PWA operator and to generalize the approach, which is then applied to a set of hypothetical entrepreneurial investment decisions in a politically unified Latin American region.

The aim of this paper is to contribute to an increased knowledge of the cultural values and the entrepreneurial activity that are present in countries with different levels of development. Within the group of developing countries, we focus our analysis on the case of Latin America. The study uses data from the Schwartz Value Survey (SVS) to measure cultural values, and Global Entrepreneurship Monitor (GEM) for information regarding entrepreneurship. The results show that cultural variables, together with the rate of entrepreneurial activity, clearly distinguish developing countries from developed ones. Higher entrepreneurial activity is found in countries with lower levels of development; however, the cultural value dimensions of Autonomy and Egalitarianism are associated with higher development levels. In the specific case of Latin America, the results reveal the existence of two groups of countries. Firstly, Bolivia, Peru and Venezuela have higher rates of entrepreneurship and, at the same time, a greater prevalence of some cultural values (notably Embeddedness, but also Hierarchy). In contrast, another group of countries in the region—Argentina, Brazil, Chile, Costa Rica and Mexico—is characterized by the presence of opposing cultural values (Autonomy and Egalitarianism), more in line with those corresponding to developed countries. The paper concludes with a discussion of the results, including some interesting implications, from both academic and policy perspectives. In the case of Latin America, a certain combination of cultural values (Embeddedness and Egalitarianism) may be leading to higher start-up rates. Thus, promoting these values could contribute to entrepreneurship and economic development.

This paper contributes to the important body of research on entrepreneurship and social capital. Most previous work on social capital and business incubators has analyzed how the structure of personal networks (measured by network size or density) and their quality (measured by tie strength) influence venture performance. However, few studies have focused on the mobilization of partners’ resources. This paper analyses how these three dimensions of social capital —defined in this article as the structural dimension, the relational dimension and the resource dimension— are closely linked to the three types of interactions in a business incubator: networking, counseling and resourcing. An Ordinary Least Squares regression was applied to a sample made up of incubating firms in Colombia. Results from the data analysis show that resourcing interactions constitute the most significant aspect of business incubators for entrepreneurs.

This paper aims to investigate the link between business regulations, pillars of competitiveness, and new firms at country level using a structural equation model. The research developed to support this paper is based on the idea that entrepreneurship, measured as the process of new firm formation, is a vital link to the economic growth of countries. The data used belongs to a sample of 41 countries with emerging and advanced economies that appear simultaneously in three databases: The Global Entrepreneurship Monitor (GEM), the Global Competitiveness Report (GCR), and the Doing Business Report (DBR). At country level, the process is hindered by the competitiveness conditions of the country’s phase of economic development, and by the regulation and institutional arrangements that shape economic activity.

This paper analyses corporate risk in family businesses in conjunction with generalized economic adversity. Using data from Portuguese family-controlled firms for the period of time between 1999 and 2010, we focus on the possibility of asymmetrical corporate risk effects between periods of stability and economic adversity. Overall, the results suggest that the evidence concerning the family firms’ risk is sensitive to the different types of risk considered. Comparing family businesses with their counterparts, we find evidence that the former have lower levels of operational risk and are more indebted. The results indicate that the systematic risk is negatively related to age and positively related to size, the former relationship being stronger for family firms and the latter for non-family firms than for their counterparts. The evidence supports the hypothesis that risk for family controlled firms is less positively related to the proportion of independent directors on the board than non-family controlled firms, suggesting that founders are concerned about the survival of their firms. Finally, the results show that crises affect the operational risk in family businesses, suggesting that family firm managers are more reluctant to assume risk in periods of crisis. This paper offers some insights on the literature concerning family firms. To our knowledge, this is the first study to analyse corporate risk in the context of family firms. In addition, it examines corporate risk in combination with generalized economic adversity.

This research focuses on the relationship between corporate governance and performance in the largest European listed banks, which have been studied to a lesser extent within this field. The study is based on agency theory and we use a sample of 404 observations referring to 97 banks selected from the annual ranking of the 2,000 biggest companies in the world prepared by Forbes. The paper covers the period from 2006 to 2010, thus, examining the changes in the performance drivers in the recent financial crisis. On the basis of the panel data analysis, we confirm that the variety of governance factors including board size, insider appointed, directors’ age, board meetings and affiliated committees influence the performance of the banks. This paper contributes to a better understanding of the effect of corporate governance on the financial performance of the financial companies in times of high capital market volatility.

This paper analyzes the lines of research derived from the implementation and development of the organizational culture of innovation in order to identify the trends followed within this field of study. In doing so, we identified potential and recent-interest trends that could contribute both to the development of this scientific field and to the search of companies for competitive advantages. The most productive authors, journals and countries were also identified, thus offering a solid basis for future research. The methodology consisted of the analysis of bibliometric indicators from scientific articles in Scopus database published between 1980 and 2000. The Web of Science was not considered since the results obtained in both databases were similar. Among the relevant findings related to administration, in publishing terms, the United States is the most productive country, followed by the United Kingdom and Australia. The analysis of topological data between keywords and science areas shows that the analyzed sample focuses on inter- and multidisciplinary studies, and that most theories and basic frameworks were created between 1980 and 2000. These findings provide a basic framework for qualitative and quantitative research that could be applied by experts in the field of management.

This paper analyzes the lines of research derived from the implementation and development of the organizational culture of innovation in order to identify the trends followed within this field of study. In doing so, we identified potential and recent-interest trends that could contribute both to the development of this scientific field and to the search of companies for competitive advantages. The most productive authors, journals and countries were also identified, thus offering a solid basis for future research. The methodology consisted of the analysis of bibliometric indicators from scientific articles in Scopus database published between 1980 and 2000. The Web of Science was not considered since the results obtained in both databases were similar. Among the relevant findings related to administration, in publishing terms, the United States is the most productive country, followed by the United Kingdom and Australia. The analysis of topological data between keywords and science areas shows that the analyzed sample focuses on inter- and multidisciplinary studies, and that most theories and basic frameworks were created between 1980 and 2000. These findings provide a basic framework for qualitative and quantitative research that could be applied by experts in the field of management.

This study sought to understand the factors behind the intention towards buying organic products mentioned in the existing literature and provide conceptual and theoretical guidelines for future research on the subject. A systematic revision of original research papers included in Scopus and Web of Science databases during the period 2011-2021 was conducted, resulting in a sample of 162 articles. The results show that the attitude, values, and confidence of the consumer were the main factors in the intention to buy organic foods. Moreover, it was found that the theory of planned behavior was the most used theoretical framework in the analysis of organic foods purchasing. The changes brought by the covid-19 pandemic are manifested in consumers’ values and their implications to the sale of this type of foods. We propose to consider consumers’ values as variables that intertwine the rational and motivational approaches to consumption analysis. It is also proposed to understand the purchase intention underlying the stimulation of attitudes and the confidence of consumers due to their values. Finally, it is suggested to consider the analysis of the mediating effect of attitudes and trust in the relationship between values and purchase intention.

Higher education institutions (heis), especially during the pandemic crisis, have faced the challenge of designing a sustainable competitive advantage strategy to attract and retain students. However, since constructing a sustainable brand requires successfully building its legitimacy, sustainability messages must be presented appropriately by using suitable communication channels, such as social networks, that attract younger generations of students and become the only form to communicate with them during the confinement. Hence, this paper investigates if Colombian heis effectively use marketing communication tools to inform their sustainability strategies. For this purpose, a literature review of the terms “university sustainability” and “marketing” was initially conducted, applying a mixed-methods approach. Then, an exploratory analysis with the web scraping technique that considered Facebook® messages posted by five private heis in Medellín city (Colombia) was developed during a ten-month period. Finally, an examination approach was applied to summarize data, find hidden relationships, and make predictions through Python programming language. Despite good intentions and reasonable efforts, results indicate that heis do not seem to have a systematic strategy for communicating sustainability issues. Instead, they give the impression of managing sustainability issues mainly from an economic point of view. As a result, universities’ communication of sustainable practices that enhance institutional reputation and increase student retention still appears to be sporadic and insufficient.

This paper studies the visibility, environmental sustainability practices, and public recognition of Costa Rican organizations participating in the Carbon Neutrality (cn) Program. Through a review of Costa Rican online newspapers, we conclude that the three main actions performed by cn firms are the offsetting of carbon emissions, the replacement of polluting inputs by cleaner substitutes, and employees’ training. The main benefits perceived by these firms include reducing production costs, improving the organizations’ image, and achieving market differentiation. In addition, by using non-parametric statistic procedures, we conclude that “highly cited organizations” tend to achieve the cn certification earlier and have a larger number of environmental certifications than “scarcely cited organizations.” By analyzing newspaper coverage data in conjunction with a consumer recognition survey, we determined that “recognized organizations” tend to be the oldest, the largest, and the most cited in the press. In addition, “recognized entities” also tend to obtain the cn certification sooner than unrecognized entities, which means that there is a reward in terms of public recognition for companies that took the risk of being innovative in reducing their carbon footprint.

This paper investigates differences in the behaviour and performance of listed Spanish family and non-family firms resulting from the interaction of differences in productive efficiency and in preferences for control between the two groups of firms. We find that family firms grow at a smaller rate, choose less capital-intensive productive technologies and are more efficient in production than non-family firms are. The evidence is consistent with institutional theories of the firm that predict competition among governance forms for the transactions to be governed to minimize production and transaction costs. The results of the paper highlight the relevance of using measures of productive efficiency, instead of measures of profitability, to test the effect of ownership in the performance of firms.

This paper describes the experience of a Spanish manufacturing firm that implemented the UNE 166002:2006 standard, which is the first in the world to offer a certifiable standardised management system for innovation. After a brief review of innovation management in general, the paper describes the history, objectives, and content of the UNE 166002:2006 Spanish standard and the family of standards to which it belongs. The paper then presents a case study of the implementation of the standard in a manufacturing company, describing the benefits and difficulties of the implementation as detected by the company personnel involved. The paper concludes with a discussion of the desirability and feasibility of creating an international innovation management standard and a new generation of innovation management processes based on a standard for innovation

The economic discipline is characterised by hierarchical dualisms. This paper examines formal/informal and productive/reproductive binary categories by means of a dialogue between the social reproduction theory and the popular economy. A starting point is the wealth of feminist contributions that highlight both reproduction and work as the heart of socioeconomic phenomena. Based on formalization processes in Latin America, the article explores how public policy interventions focus on the productive sphere. However, upon closer examination, these policies seem to neglect reproductive activities, as well as the demands of popular sectors. We argue that the contributions of feminism are necessary to broaden the economic field.

En este artículo formulo una relación teórica de fundamento microeconómico entre un Banco privado monopólico y la tasa óptima de inflación. La relación propuesta es la base para establecer una condición suficiente para la independencia de la Banca Central. La parte central del artículo lo consti tuye un modelo que expone las condiciones que se requieren para igualar las tasas óptimas, social y privada, de la inflación. A pesar de la sencillez del argumento, se pueden deducir algunas proposiciones de "Economía Constitucional".In this paper I propose a microeconomic based theoretical relation between a private monopolist bank and the optimal intlation rateo The proposed relation is the basis to establish a sutficient condition for the central bank independence. The core of this paper is a model showing the conditions required to equalize the optimal social and private rates of inflation. Notwithstanding the very simple nature of the argument, we can deduce from it some propositions of "Constitutional Economics".

Personnel selection represents a valuable decision-making process that determines, in some way, the competitiveness and performance of an organization. The essential elements of the personnel selection task are the position requirements and the accessible information related to candidates. In this paper, the personnel selection task is modeled as a multicriteria decision-making problem, considering varied competencies and skills to assess the applicants for a specific position. We used this multicriteria model to solve personnel selection cases using sadgage, a decision support system that solves examples of the multicriteria ranking problem in decreasing order based on the preferences of the decision-maker. The electre-iii method is embedded in the software in order to construct a fuzzy outranking relation and a multi-objective evolutionary algorithm to exploit such relation and generate a ranking as a recommendation. This work presents a practical application to a personnel selection problem that evaluates a group of applicants to a software developer job in an enterprise based in northwestern Mexico. We show how the proposed multicriteria procedure offers a recommendation to the decision-maker about the applicants in decreasing order of preferences.

This paper analyses the regional economic differences in the impact of lockdown measures to prevent the spread of COVID-19 ordered by Colombia’s national gov­ernment. Using an input-output model, we estimate regional economic losses by extracting a group of formal and informal workers from different sectors of the economy. Results show regional differences in the impact of lockdown measures on their labour markets, local economies, and productive sectors. We also find that peripheral regions consolidate a higher number of informal workers in isolation than the interior regions. Regarding the economic impact, regional losses range between 5,4% of the GDP (Amazonia) and 6,3% (the Coffee Area and Antioquia).

The electronics industry in Guadalajara, Mexico, experienced significant growth dur­ing the 1990s. However, the development of electronic design technological capabilities in the Guadalajara Metropolitan Area (GMA) is reduced compared to the growth of the electronics sector. Furthermore, in local small and medium-sized businesses (SMBS) performing electronic design activi­ties the number of employees working in this type of work is low, compared to the size of the local electronics sector. This paper tries to understand how social capital and core competencies contrib­ute to developing electronic design capabilities in SMBS in this region. A multiple case study of seven local businesses that execute or provide electronic design services in the GMA was conducted. The findings include the role social capital plays in attracting talent, acquiring knowledge and creating a network of customers, along with its longevity; they also include the importance of identifying core capabilities that generate sustained technological advantage and the role played by Regional Innovation Systems (RIS).

This paper analyses the dynamics related to the representation of African Americans and Hispanics in every level of economics within U.S. post-secondary institutions from 1995 to 2019. I show that there is underrepresentation of Hispanics and African Americans in economics and evaluate some of the possible reasons for the persistence of socioeconomic barriers, including discrimination and attitudes of self-isolation, which block minorities from advancing in academia and professional areas. I discuss some of the advances in economics that address the discrimination problem and some models that try to explain its existence. I present ways in which each member of the economics community could help to alleviate the underrepresentation of minorities in the field and relate some of the posible effects of this problem to non-U.S. institutions that teach economics. Finally, I discuss why addressing underrepresentation and discrimination in economics is important.

In this paper, we study the underrepresentation of women in economics in Brazil by analysing the evolution of their academic careers and their participation in two leading national economics conferences. To depict the path of women in the profession, we use novel data collected from annual surveys carried out by the Brazilian Women in Economics research group, data from the ANPEC exam, the unified admission exam for graduate programmes in economics and secondary data provided by the two main economics associations in Brazil. We find that it is more difficult for women to progress to tenure, and, therefore, there are “leaks in the academic career pipeline”. There are also persistent gender differences in the choice of research fields, as women mostly research on applied microeconomics.

There is a socially constructed perception that people with mental illnesses do not have the resilience to endure the pressures of the capitalist model of work. Solidarity economy (SE) appears as an alternative for the inclusion of mentally ill people in the realm of work and productivity, enabling them to (re)produce their subjectivities. In this study, we develop a critical reflection on the possibilities of entrepreneuring, solidarity economy, and financial/accounting literacy as tools towards a health promotion strategy that empowers and allows the emancipation of the individuals, so that they may (re)write their stories and give society an account of themselves other than their mental illness. This paper starts from the analysis of the experience of two Brazilian se ventures engaged in mental health promotion, in which we proposed and conducted a financial education program aimed at providing SE worker-members with tools to actively participate in discussions about financial and accounting-related decisions. Afterwards, we engaged in an action research exercise, building on lessons learned: the importance of abandoning preconceived ideas of mental illness and relying on sharing experiences and participation; and how real-life struggles are a source of knowledge, as discussed through the concept of “learning by doing.”

This paper investigates the dynamics of complexity and expertise in the context of compensation committees (ccs). Drawing on semi-structured interviews, mostly with cc members and consultants, we bring to light two axes of subordination that impact the mindset of corporate governance participants, and may ultimately undermine directors’ degree of accountability to shareholders. The first axis involves cc members’ subordination to consultant expertise, which tends to be considered as an indispensable ally in dealing appropriately with the webs of complexity that allegedly characterize executive compensation. Nourished partially by the first axis, the second implies subservience to these webs of complexity, which are widely presumed and naturalized by cc members and the consulting experts they employ. One of our main contributory statements is to question the ascendancy of complexity in the boardroom, casting doubt on one of the key assumptions upon which practices and expertise in contemporary corporate governance institutions are built and promoted. We also question the extent of epistemic dependency in many compensation committees, where much of the knowledge necessary to properly operate the repertoire of practices (deemed necessary to address the problem of executive compensation determination) is not primarily in the hands of cc members, but rather in those of consultants.

El artículo hace un breve análisis de los flujos de capital hacia América Latina durante el último lustro, atraídos por economías menos intervenidas por el Estado, más abiertas al comercio internacional, más estables y equilibradas en sus variables macroeconómicas fundamentales. Seguidamente se examina la economía colombiana en los aspectos de crecimiento, inflación, agregados externos, monetarios y fiscales para concluir la apreciación del peso causada por la repatriación de capitales y las expectativas sobre una nueva bonanza petrolera hacen más difícil el desarrollo de la producción de bienes transables en el país.This paper analyses briefly capital inflows in Latin America duringthe last five years which were attracted by less state intervention,more openness to international trade and more stable economies in their macro variables.Next, the paper examines the Colombian economy in themes such asgrowth, inflation, external and fiscal balances, to conclude that the appreciation of the peso, caused by the capital inflow and the expectations of a new oil boom, makes it more difficult to developthe development of tradable within the country.

Currie, Lauchlin, " The Theory of Growth", Cuadernos de Economía, Vol. XIII, numbers 18-19, Bogota, 1993, pp. 377-390. This paper is an attempt to develop an hypothesis on what Lucas has called the "mechanics" of growth. It is largely an endogenous theory, modelled on Allyn Young's famous paper, but also attempts to incorporate the impact of exogenous phenomena on growth. It treats business investment as following rather than as a leading sector. If valici, the hypothesis has important implications for both theory and policy.Currie, Lauchlin, "La teoría del crecimiento", Cuadernos de Economía, Vol. XIII, números 18-19, Bogotá, 1993, pp. 377-390. Con este artículo se pretende desarrollar una hipótesis con base en la cual Lucas se refirió al "mecanismo" del crecimiento. Esta es una vasta teoría endógena del crecimiento, cuyos esbozos originales se encuentran en los famosos trabajos de Allyn Young, pero que a la vez se propone incorporar el impacto de los fenómenos exógenos sobre el crecimiento. La teoría trata de la inversión comercial como un resultado más que como un sector líder. De ser válida esta hipótesis, sus implicaciones serán importantes tanto para la teoría como para la política económica.

This paper seeks to examine transformational and transactional leadership, employees’ organizational citizenship behavior, employees’ job satisfaction and perceived organizational sup­port; which are employees' organizational citizenship behavior associations. In addition, this study explores the mediating role of employees’ job satisfaction and perceived organizational support in the relationship between transformational and transactional leadership styles and employees’ organizational citizenship behavior. The study was conducted at the University of Birjand, Iran, on a sample of 250 employees. This research follows a descriptive and correlational approach. Our findings show that transformational leadership and employees’ job satisfaction and perceived organizational support positively and significantly influence employees’ organizational citizen-ship behavior. Additionally, results revealed that employees’ job satisfaction mediates the asso­ciation between transformational and transactional leadership and employees’ organizational citizenship behavior. Moreover, employees perceived organizational support mediates the asso­ciation between transformational and transactional leadership and employees’ organizational citi­zenship behavior. Iranian organizations, especially universities, should invest in transformational leadership and job satisfaction, as well as in the selection of managers with transformational lead­ership styles and employees who are eager to work at the university, in order to enrich the organi­zational citizenship behavior of employees.

The purpose of this paper is to consolidate the measurement of a lovemark and unify a set of elements that form a lovemark in university institutions by considering the differences between students and graduates. Based on a review of factors that build a lovemark, brand loyalty relationships were explored. In addition, an empirical study was carried out and applied to a sample of 257 participants at the National University of Colombia (UNAL), one of the most important uni­versities in this country. The results validated the positive effects of brand love, brand experience, and brand involvement on brand loyalty, the determining factor of a university lovemark. This article is one of the first works integrating all the constructs proposed by prior research studies, which, until now, have approached lovemark and brand loyalty separately.

Currently, the list of most violent cities in the world is dominated by Latin American cities. In 2015, Cali registered 65 homicides per 100,000 inhabitants. In Bogotá, the rate was 17 per 100,000 inhabitants. However, crime is not homogeneously distributed within the urban area, and literature indicates that the local response to crime affects the housing market. The objective of this paper is to estimate the relationship between housing prices and homicide rates in two Colombian cities: Cali and Bogotá. With the use of diverse sources of information and different econometric methodologies, we found that a 10% increase in homicide rates provokes a 2% decrease in housing prices in Cali and 1.8% in Bogotá.

One of the main challenges for the Colombian post-conflict is to develop sustainable proposals for peasant families that were affected by the armed conflict. With the purpose of analyzing this challenge, after the introduction, the second part of the paper presents the land possession dynamics in Colombia, criticizes the Green Revolution approach and discusses theoretical concerns about agroecology. The third section highlights the importance of combined microfinance in comparison to financialized microfinance, for financing rural projects and agroecology. Furthermore, this part argues that the combination of agroecology and combined microfinance is a powerful tool to make scenarios sustainable for small producers. Finally, the fourth section concludes.