Model of associativity in the production chain in Agroindustrial SMEs

This research aims to propose a model of associativity in the productive chain of the micro, small and medium-sized enterprises (MIPYMES) of citrus agroindustrial in the north of the state of Veracruz, Mexico; With the purpose of explaining the extent to which direct actors, support services, environment, relations and government policies determine the associativity in the production chain. The problem that originates this investigation is the lack of knowledge about the operation of the agro-industrial citrus MIPYMES in this area of the country. The result of this research is a model that represents the operation of these companies in associativity with the productive chain considering the elements that form it, proposing alternatives to generate a greater cooperation or coalition of the companies that interact to obtain mutual benefits.     

From a Theory to a Paradigm: Examining the Eclectic Paradigm as a Framework in International Economics

Over the course of a quarter of a century, the eclectic paradigm has derived its strength from being a general framework of analysis that explains the level and pattern of foreign value-added activities of firms, and/or of countries, and allows for the co-existence of complementary and alternative theories in the discipline of international economics in a logically consistent manner without being inextricably wedded to any one particular approach. The current study aims to support such broad theoretical appeal of the paradigm by refining its theoretical interpretations of the concepts of ownership advantages and internalisation. To support its view that asset ownership advantages are both competitive advantages and monopolistic advantages, the theoretical interpretation of asset ownership advantages in the paradigm needs to be broadened from a narrow emphasis on Bain-type monopolistic advantages which enable firms to erect barriers to entry to new competition and exercise monopoly power in final product markets. It must also accommodate the theoretical perception of asset ownership advantages as part of the rivalrous behaviour or competitive process between firms consistent with the approach of Cantillon and the classical economists starting with Adam Smith, the Austrian economists such as Schumpeter and Hayek, as well as Penrose. The eclectic paradigm must also effectively address the important distinction between 'internalisation of ownership advantages or intermediate products' and the 'internalisation of the markets for ownership advantages or intermediate products' within the context of endogenous structural market imperfections in final products and exogenous transactional market imperfections in intermediate products. In clearly distinguishing between the alternative interpretations of the concepts of ownership advantages and internalisation, the paradigm could more effectively synthesise alternative theories of the firm and the multinational corporation in one cogent framework of economic analysis.     

A Breakdown of the Valuation Effects of International Cross‐listing*

It is well known that cross‐listing domestic stocks in foreign exchanges has significant valuation effects on the listed company's shares. Using a sample of firms with dual shares, we explore the differential effects of cross‐listing on prices and we are able to separate the different sources of the benefits of cross‐listing. These sources include market segmentation, liquidity, and the bonding of controlling shareholders to lower expropriation of firm resources. Our results show that even though the market segmentation and bonding effects are both statistically significant, the economic significance of segmentation is more than double that of bonding. Furthermore, we document an economically and statistically significant increase in the liquidity of both share classes after the listing. Overall, our results explain why less and less firms are willing to list in the USA: Sarbanes Oxley has increased the cost of adopting better governance while its benefits are not substantial; and market segmentation has decreased significantly in the last years.     

UTILITY MAXIMIZATION IN AN INSIDER INFLUENCED MARKET

We study a controlled stochastic system whose state is described by a stochastic differential equation with anticipating coefficients. This setting is used to model markets where insiders have some influence on the dynamics of prices. We give a characterization theorem for the optimal logarithmic portfolio of an investor with a different information flow from that of the insider. We provide explicit results in the partial information case that we extend in order to incorporate the enlargement of filtration techniques for markets with insiders. Finally, we consider a market with an insider who influences the drift of the underlying price asset process. This example gives a situation where it makes a difference for a small agent to acknowledge the existence of an insider in the market.     

On maximum likelihood prediction based on Type II doubly censored exponential data

In this paper, the maximum likelihood predictor (MLP) of the kth ordered observation, t _k, in a sample of size n from a two-parameter exponential distribution as well as the predictive maximum likelihood estimators (PMLE's) of the location and scale parameters, θ and β, based on the observed values t _r, …, t _s (1≤r≤s<k≤n), are obtained in closed forms, contrary to the belief they cannot be so expressed. When θ is known, however, the PMLE of β and MLP of t _k do not admit explicit expressions. It is shown here that they exist and are unique; sharp lower and upper bounds are also provided. The derived predictors and estimators are reasonable and also have good asymptotic properties. As applications, the total duration time in a life test and the failure time of a k-out-of-n system may be predicted. Finally, an illustrative example is included. Received: August 1999     

Modelo de asociatividad en la cadena productiva en las Mipymes agroindustriales

This research aims to propose an associativity model in the production chain of citrus agro industrial micro, small and medium enterprises in the northern part of the state of Veracruz, Mexico. The goal is to explain to what degree direct actors, support services, environment, government relations and policies determine associativity in the production chain. The problem frame which gives rise to this study is the lack of knowledge about citrus agro industrial micro and SME's in this region of the country. The outcome of the research is a model which represents functioning of these businesses in associativity with the production chain considering elements which make it up, and the proposal of alternatives to generate a greater cooperation or coalition of interacting industries in order to obtain mutual benefits.     

Service-Dominant Logic in tourism: the way to loyalty

Many tourist destinations have focused heavily on attracting a growing number of new visitors each year. However, recent changes in the tourism market have led to the need for new strategies oriented towards retaining already existing visitors. Service-Dominant Logic (S-D Logic) is a new orientation that allows greater competitive advantage by recognising the active role of tourists in the creation of their own experiences. The main purpose of this paper is therefore to develop a theoretical model based on S-D Logic in order to increase levels of tourist loyalty. An in-depth analysis of foundational premises has allowed us to identify the key aspects of this process. The proposed model was empirically tested, using a structural equation model with partial least-squares technique, on a sample of 763 tourists visiting Spanish tourism destinations. Research findings have evidenced that tourist loyalty is achieved through the development of relationship quality in the co-creation of tourist experiences. These results will help destination managers to achieve a greater competitive advantage through the development of customer-centric strategies. The relevance of this article also lies in its being one of the first attempts to develop practical measures for S-D Logic by applying them to tourism.     

Investment and marketing strategies of Mexican companies in the United States: Preliminary evidence

Because of its geographic proximity to the United States and its favored position as a member of the North American Free Trade Agreement (NAFTA), Mexico has become an emerging player in the global marketplace, and this new position has motivated several Mexican companies to establish businesses in the United States. Attempts have been made to explain why Mexican firms have become global players, explanations that focus on several national and international factors. However, these factors omit important drivers of the process, including entry and marketing strategies. This study aims to 1) give an account of how and why Mexican companies enter the United States, and 2) identify some tendencies in the way U.S. subsidiaries of Mexican companies develop and use marketing strategies to serve U.S. markets. © 2004 Wiley Periodicals, Inc.