Efectos de la contratación de exempleados de multinacionales en la capacidad de absorción en empresas locales

Attracting Foreign Direct Investment seeks, among other goals, increase productivity of local firms through knowledge spillovers. Nevertheless the empirical evidence is contradictory. One influential factor is the absorptive capacity of local firms. This article analyzes the effect of the presence of ex-employees of multinational companies, as employees of local firms in the absorption capacity of these firms. The study was conducted in Costa Rica, a country recognized for its successful strategy in this area. The data come from a survey of 1,167 companies conducted by the Costa Rican Observatory of Small and Mediums Enterprises in 2011. It was found that hiring former employees of multinational companies by local firms has a positive effect on the rate of absorption capacity. In short, this engagement of former employees of multinationals increases by nine percentage points the rate of absorption capacity, with differences for sectors and firms sizes.     

Aplicación de análisis discriminante para evaluar la productividad como resultado de la certificación BASC en las empresas de la ciudad de Cartagena

This research paper presents the evaluation of productivity in companies in the city of Cartagena as a result of the certification of said companies in the Business Anti-Smuggling Coalition (BASC). The methodology used calculated productivity indicators at 23 companies certified at BASC. Next, we used the Discriminant Analysis technique to explain the belonging and discrimination of each group of productivity indicators evaluated, resulting in the correlation between certified companies and increased productivity indices for 2008 and 2010. From the discriminant function obtained and the statistics analyzed, it can be concluded that certification in BASC standard showed no improvement in the indicators selected, but presented significant differences in the Gross Profit / Value Added (IP1), Operating Income / Operating Capital (IP5) and Net Income / Operating Capital (IP6) indicators.     

Factores que explican la extensión de revelación de activos intangibles de los bancos que cotizan en la Bolsa de Valores de Panamá

This paper analyzes the level of voluntary disclosure of intangible assets, and identifies the factors that explain the disclosure of such information by the banks listed on the Panama Stock Exchange during the period 2005-2009. The information is recorded on an index that contains 158 indicators divided into five categories: human capital, technological structural, organizational structure, relational business and social relational. Three hypotheses are posed: H₁ there is a positive relationship between the size and extent of disclosure of intangible assets; H₂ a positive relationship between the extent of incorporation and disclosure of intangible assets; H₃ there is a positive relationship between leverage and the extent of disclosure of intangible assets. The results indicate that for Panama banks it is more important to disclose information on intangibles in the following order: business relational capital, social relational, organizational structure, human and technological structural. H₁ was accepted as a size category except for the structural capital; H₂ was accepted for the years in all categories, while H₃ was rejected.     

Empleo manufacturero en la Región Centro de México. Una estimación por gran división

In this paper, the production performance by great division and its effects on formal job generation in the central region of Mexico is analyzed. The more dynamic manufacturing divisions are identified and with the estimation of an employment function with panel data for each of the nine manufacturing great divisions, it is found that divisions I. Food, beverages and tobacco, II. Textiles, clothing and leather industry, III. Wood and wood products and IX Other manufacturing industries exhibit a high income elasticity of employment (0.716, 1.035, 0.781 and 0.94) and that the more technical divisions, with greater innovation processes and highly exporting divisions such as division VIII. Metal products, machinery and equipment show a lower elasticity.     

Atributos de calidad del servicio de la telefonía móvil para clientes mexicanos y su impacto en la satisfacción y en la lealtad hacia la marca

The objective of this study is to identify relevant attributes of service quality in mobile phones for Mexican customers and to establish their impact on customer satisfaction and brand loyalty. It is being assumed that the attributes of service quality are an antecedent of satisfaction and loyalty. The study is divided in two phases. In a first qualitative phase, thirteen attributes were detected using in-depth interviews. In a second quantitative phase, these attributes were empirically contrasted with variables of satisfaction and loyalty. It was found that only six attributes are statistically related to the variables of these constructs, with two of them being the most relevant: price per minute and empathy perceived by customers from company’s employees.     

Efecto en la calidad de la información ante cambios en la normatividad contable: caso aplicado al sector real mexicano

The purpose of this paper is to examine whether changes in accounting standards improve value relevance of financial information on listed companies in Mexico. The research was conducted for the period 2000-2013 using a sample of 141 companies that report to the Mexican stock exchange using the methodology of panel data. Our findings show that changes in local regulations (generally accepted accounting principles) to internationally approved standards (financial reporting standards and international financial reporting standards) increase the value relevance and therefore the quality of information. The study shows that the accounting information with international financial reporting standards is more trustworthy for foreign and national investors.     

Evolución de la capacidad tecnológica en México. Aplicación del análisis estadístico multivariante de cluster

This paper conducts an analysis on the existence of state clusters related with technological capabilities in Mexico. An empirical study was conducted using the technique of multivariate statistical cluster analysis, based on the set of indicators proposed by Cepal (2007), collecting data from various public sources country for 2006 and 2012 in order to study the time evolution of such clusters, trying to see what states have been moving to a cluster located in positions more which have advanced and retreated over the period. The results show the existence of 7 groups of states characterized by different technological capabilities, plus states are identified in decline and progress, both in terms of absorptive capacity and innovation, and in relation to the technological infrastructure capabilities.     

Análisis del comportamiento estadístico y aproximación fractal en la recaudación del impuesto sobre nóminas y asimilados en el estado de Quintana Roo

This paper analyzes the tax collection from payroll tax on staff and non-staff in the state of Quintana Roo from 2000 to 2010. Its main contribution is to identify the statistical revenue behavior using a fractal approach, establishing iterative patterns at both state and municipal level, for the entire analyzed series of 132 months as well as shorter time periods. It serves as a trigger for application in other locations and charges in order to explore some features of taxation. Two statistical criteria were used to determine normal or abnormal series of municipal tax collection during the study period, namely, the Empirical Rule criteria and parameters using Chebyshev’s theorem. As a contrast, the Jarque-Bera test was applied on residuals, concluding that the fiscal revenue from the state of Quintana Roo (municipal data) does not follow a normal distribution, which is why the fractal approach has been used. The results with data for tax collection by municipalities throughout Quintana Roo show the presence of a fractal behavior (repetitive and cyclic) in revenue, which can be interpreted as the presence of a consolidated tax base, thus justifying the conclusion that there is strength (the observed level of collection) in local public finances. The same conclusion is obtained, with different temporal cuts, when analyzing and detecting the presence of specific fractal revenue behavior observed in municipalities of Benito Juarez (Cozumel) and Othon P. Blanco from 2000 to 2010.     

Influencia de los sistemas de información en los resultados organizacionales

Over the last years, information systems (IS) have constituted the main focus of research in the business organization literature. This has created the need to identify their entrepreneurial value. The paper presents a theory-based model that was developed to assess the degree of IS success in SMEs. The aim of the proposed model is to determine the influence of IS on organizational performance. To achieve this aim, the Partial Least Square statistical technique is used to analyze data from 133 questionnaires administered to businesses across the state of Tamaulipas, Mexico. The results show that those enterprises that are more concerned with the improvement of the systems’ quality, information quality and the informatics service enhance the organizational outcomes. The present study contributes to the body of literature on the assessment of IS success in the context of an emerging country. In particular, the study provides a thorough assessment of the IS effectiveness and their impact on organizational performance.     

Las incapacidades de aprendizaje organizacional y su relación con los estilos de aprendizaje organizacional en la Mipyme

In this study, we examined 200 micro, small and medium enterprises from Durango City, Mexico, in order to find the possible relationship between learning disabilities and organizational learning styles, and its impact on organizational learning. To achieve this we applied a measuring instrument to the aforementioned companies, it was duly adapted to the context, tested and validated, and the responses were analyzed using a linear regression model, which used the seven learning disabilities as predictors of the four learning styles. We found statistically significant evidence that there is a relationship between learning disabilities and learning styles in the studied enterprises.     

Los efectos de largo plazo de la asimetría y persistencia en la predicción de la volatilidad: evidencia para mercados accionarios de América Latina

This article proposes an extension to the CGARCH model in order to capture the characteristics of short-run and long-run asymmetry and persistence, and examine their effects in modeling and forecasting the conditional volatility of the stock markets from the region of Latin America during the period from 2 January 1992 to 31 December 2014. In the sample analysis, the estimation results of the CGARCH-class model family reveal the presence of short-run and long-run significant asymmetric effects and long-run persistency in the structure of stock price return volatility. The empirical results also show that the use of symmetric and asymmetric loss functions and the statistical test of Hansen (2005) are sound alternatives for evaluating the predictive ability of the asymmetric CGARCH models. In addition, the inclusion of long-run asymmetry and long-run persistency in the variance equation improves significantly the out of sample volatility forecasts for emerging stock markets of Argentina and Mexico.     

Estudio de la relación entre satisfacción laboral y el desempeño de los trabajadores de las ferias libres

This study analyzes and discloses the relationship between Job Satisfaction and Performance variables of a total population of 264 workers in Chilean Free Fairs. Out of the total population to which this research applies (264 individuals), the sample taken corresponds to 60% of each Fair, which is equivalent to 158 individuals. In order to obtain the objectives we applied a 54-item instrument. The first part collects general information about respondent; the second part collects average information of sales and salary to measure the workers’ productivity and the third part studies job satisfaction. Once performed the analysis of data collected, the results show that the dimensions of job satisfaction, boss relationship satisfaction and recognition satisfaction have a statistically significant relationship with productivity: daily sales/daily working hours. Good management of these can positively contribute to an increased competitiveness of Free Fairs. Another outstanding aspect included in this study is satisfaction with the physical environment, which has a statistically significant relationship between daily and monthly salary, which significantly contributes to the hours spent at work by individuals as well as the wage they perceive.     

Administración del riesgo crediticio al menudeo en México: una mejora econométrica en la selección de variables y cambios en sus características

The early prediction of bad debtors in revolving loans in Mexico is a relevant current issue. The proposed econometric model of behavioral scoring considers the changes in the characteristics of consolidated clients and produces better results than those obtained with methodology used by the CNBV on provisions. The obtained results show the possibility of replacing the current model, minimizing the expected loss and increasing the ROA of Mexican financial institutions in 2.20% complying the methodology and statistical testing criteria according to the Unique Banking Dispositions and the guidelines of Basel II on credit risk.     

Valuación de opciones de tipo de cambio asumiendo distribuciones α-estables

This paper aims to present the valuation of options using the Black-Scholes method assuming α-stable distributions as an alternative option valuation in the Mexican market. The use of α-stable distributions for modelling financial series allows to overcome the classical valuation main weakness which assumes normality, by capturing the presence of heavy tails and asymmetry in financial time series. One of the main results is the price differential between the two models and the effect of alpha and beta parameters on prices; to show the difference valuation is made of a call option and a put option for the peso-dollar exchange rate. Likewise, basic sensitivity measurements of options (delta, gamma, and rho) were made and the effect of the stability parameter (α) was made on the implied volatility of options assuming the α-stable price as the market price.     

Estructura de propiedad y su efecto en la política de dividendos en el contexto mexicano

In this paper we focus on analyzing if the ownership structure has any effect on the dividend policy in the Mexican market. The decision to pay dividends is one of the key elements within corporate policy, since that dividend policy has an influence on the company value. Therefore, decisions such as adopting a growth policy of the company through the profits reinvestment or destine these profits to dividends pay, could be influenced by the ownership structure. We base our analysis on three types of ownership structure: families, institutions (mainly banks) and small blocks of shareholders. Our results show that the concentration of ownership in families has a negative influence on the dividends payment, while the presence of institutional shareholders has an inverse effect. This indicates that the presence of large shareholders different to families have a dissimilar effect on dividend policy. Our work contributes to the literature in the context of emerging countries such as Mexico, since much of the existing research has focused primarily in environments such as Europe or the United States, where markets are well regulated with widely distributed property.     

Integración económica,crisis económicas y ciclos económicos en México

This article analyzes the peculiarity of the dynamics of economic fluctuations of the Mexican economy, within the framework of its integration with the US and Canada; the article demonstrates how the Mexican economy make endogenous the macroeconomic crises from the USA (2001 and 2007), and how the business cycles of both countries became more aligned to each other. Based on the heterodox economic theory of crises and cycles, we check the “empirical law of economic dynamics” of the Mexican capitalist system according to the logic of the Multiplier-Accelerator theory that allowed us to study the dynamics of business cycles for the period of the study (1993-2013). To do this, we construct and estimate a stationary VAR model and utilize the Granger causality tests and quarterly data.     

Análisis de la histéresis del desempleo en México ante shocks macroeconómicos

This research presents the behavior of the Mexican unemployment rate and shows the dependence with own history and macro variables. The concept of hysteresis or persistence tries to separate this inertia in the unemployment rate and some macroeconomic and endogenous factors. The results show a high inertia in the Mexican labor market, justified by the monetary levels and the dependence of the investment levels, considering the shocks of exports that affect the unemployment in the long term.     

Le calcul de la prime en réassurance d'excédent de sinistres

Abstract

Deux des rapports traitant la réassurance en excédent de sinistres présentés au XI^ème Congrès International d'Actuaires à Paris, par M. I var Hesselberg et par M. P. Dubois, ont abouti à des conclusions si divergentes au sujet de l'applicabilité de la méthode qu'il peut y avoir intérêt à les examiner de plus près.