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.     

Análisis del riesgo de mercado de los fondos de pensión en México Un enfoque con modelos autorregresivos

The aim of this paper is to analyze the market risk of two types of investment funds, Basic SIEFORE 1 (SB1) and Basic SIEFORE 2 (SB2). To do this, we propose a performance index that will be used in ARIMA-GARCH models and some of its extensions, with the purpose of examining the dynamic behavior of the returns and their volatility on such investment funds. Moreover, the risk premium of both types of funds is analyzed. One of the relevant research results is that yields obtained by these funds in the period studied, are not sufficient to offset the additional risk assumed by the pension funds including equity components. Finally, some remarks are made, on investment policy, about the market risk and how it is being measured and managed in these funds.     

Evaluación del comportamiento de los indicadores de productividad y rentabilidad financiera del sector petróleo y gas en Colombia mediante el análisis discriminante

This research paper presents the results of the behavior of productivity and profitability indicators in the oil and gas sector in Colombia in the years 2008 and 2010 by means of discriminant analysis. Initially there is an analysis of the sector and a theoretical review of the financial management assessment, strategic leverage, stakeholders, agency theory, productivity and profitability indicators and basic concepts of discriminant analysis. In the methodology used, productivity and profitability indicators were calculated for 116 companies in the oil and gas sector from the financial statements in the periods of study. Then, the discriminant analysis technique was used to explain the belonging and discrimination of the indicators studied. From the discriminant function and the means obtained it can be concluded that the analyzed indicators do not present significant differences, which shows a period of stagnation in the periods studied. With the research work it was concluded, by discriminant analysis, that there is a significant difference just for the indicator gross margin. The discriminant function model allows an effective classification of 57.3%.     

El estado del arte de la orientación al mercado en las organizaciones culturales

A diversity of studies in previous literature has focused on determining the contribution of market orientation in the companies' performance. However, the research on the effects of market orientation in the performance of cultural organizations is an incipient area of research. In this sense, the present study has the purpose of presenting a review of the main aspects of market orientation in nonprofit organizations, specifically in cultural organizations, and identifies future research directions for this still fertile field of study.     

La cadena de suministro del mezcal del estado de Zacatecas Situación actual y perspectivas de desarrollo

Mezcal is a distilled alcoholic beverage made from the agave plant native from Zacatecas, Mexico, one of the seven States in Mexico which owns mezcal designation of origin (DO) and it is the second agave producer in the country; therefore; the agave-mezcal industry is a strategic activity in the State. Since several agents interact in a non-articulated way in the industry, the main objectives of this study are: 1) to get reliable information of the whole process, and 2) to develop a supply chain tactical planning model of this industry. Initially, an preliminary research identifies basic information related to business processes, using structured primary data: interviews and surveys. Taking into account the gathered basic information, the tactical planning model of the supply chain is developed. This analysis considers the relationships among small-to medium sized enterprises (SMEs). The results of this study allowed obtaining information related to the industry; the identification of specific opportunity areas in the agents' interaction, and the evaluation of the potential and constraints that the Zacatecas' agave-mezcal supply chain has.     

Reflexiones teóricas en torno a la propuesta de recuperación del poder de compra del salario mínimo en México

Regarding the recent proposal made by the Mexico City Government about the recovery of the purchasing power of the minimum wage, some reflections on the theories of production and distribution are proposed. We first review the seminal paper written by Cobb and Douglas (1928). Some obstacles in measuring the marginal factor products, and a pair of inconsistencies between the theories of production and distribution on the one hand, and some exercises of quantifying “productivities” on the other hand, are presented. Finally, a model of imperfect competition, which displays the dispute over income between economic agents, is included. One conclusion is that income distribution does not follow a simple rule, but a bargaining process based on market power in a historical context that provides inertia and in which institutions play a key role.     

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.     

Transmisión de precios futuros de maíz del Chicago Board of Trade al mercado spot mexicano

In Mexico, the use of currency hedging program from the Agency Services for Marketing and Agricultural Market Development (ASERCA) is an instrument that has been used by producers of corn (mostly white), for the acquisition of derivatives in the Chicago Board of Trade (CBOT), whose underlying is yellow corn quality US#2. In an environment of high volatility in corn prices, CBOT prices should be adjusted with domestic spot prices to encourage Mexican producers to participate in the program, but through an analysis of multivariate stochastic volatility during the period 2007 to 2012, it showed that the market price of corn futures is not closely related to those recorded prices in some country states, so we can infer that the coverage by ASERCA program does not adequately serves the purpose of protecting domestic farmers growing white corn, although their use has increased.     

Construcción de un instrumento para medir el clima organizacional en función del modelo de los valores en competencia

The purpose of this study was to explore a model in the Mexican labor field that contextualizes organizational climate and links it with organizational culture. The Competing Values Framework (CVF), by K. S. Cameron & R. E. Quinn, was chosen due to its importance as the framework with more empirical evidence regarding corporate culture. The CVF proposes a four-quadrant structure for organizations: 1) internal focus, flexibility (clan), 2) internal focus, stability and control (hierarchy), 3) external focus, flexibility (adhocracy), and 4) external focus, stability and control (market). Likewise, it states that organizations present a mix of values from all quadrants. Overall, the findings of the study founded the model on a heterogeneous sample of 12 organizations (n = 1424) in the central region of Mexico. In addition to the model, a primer version of an instrument was designed with the intention to measure organizational climate according to the CVF. The instrument proved its capability to discriminate amongst organizations and, in general, its reliability and validity.     

Acceso y uso de los mercados financieros para el pago de los gastos de la educación básica

The aftermath of the 2008 financial crisis and the macroeconomic adjustment that followed provided higher unemployment and eroded the Mexican households’ purchasing power. Though, families had to continue financing education expenditures, sometimes borrowing in the formal or informal financial market. The hypothesis of this paper posits that access and use of formal and informal financial products can reduce the financial problems associated with basic school private expenditures. The probit model is estimated through a sample of four hundred households drawn from the municipality of San Pedro Cholula (state of Puebla). The results indicate that a worsening of working conditions and sudden unemployment are associated with an increased likelihood of difficulties in making ends meet. Moreover, accessing the formal financial market lessens the likelihood of such problems, but for the informal counterpart results depend on the characteristics of each financial intermediary.     

Anomalías en la autocorrelación de rendimientos y la importancia de los periodos de no transacción en mercados latinoamericanos

This paper aims to determine the evidence of returns autocorrelation for the main Latin American stock markets, and the influence of the day of the week effect on this phenomenon. Also, we analyze the importance of non-trading periods and their incidence on stock markets returns. We determine a high autocorrelation in most of the stock markets analyzed, both in local and global currency and the day-of-the-week effect on only some of the stock markets. Evidence of correlation between trading periods returns and those of non-trading periods is also found.     

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.     

Evaluación del efecto de la psicología del inversionista en un mercado bursátil artificial mediante su grado de eficiencia

The main objective in this paper is developing a cellular automaton model where interact more than one kind of broker, where the use and exchange of information between the investors explain the complexity through the Hurst coefficient estimation, this, represents an efficient or random market when the value is equal to 0.5. Due to the variants proposed in this research it can be determined that should exist a rational component in the simulator in order to generate an efficient behavior.     

Aplicación de bicorrelación cruzada al rendimiento diario del precio del café

This paper uses the cross bicorrelation methodology, which can capture nonlinear trascendence periods through window functions and third-order moments. It applies to the return of four sets of commodities of coffee traded on the New York market (Arabica Colombian, mild Arabica, Arabica Brazilian and Other Arabicas), during the 20/06/1997 - 27/10/2010 period. The results conclude that there is a cross bicorrelation among the four series, with Brazilian type coffee being the leader and a lower bicorrelation with other Arabicas. This complicates decisions for investors in such series.     

Evaluación de la percepción de la calidad de los servicios bancarios mediante el modelo SERVPERF

The purpose of this paper is to assess the quality of the services provided by two major banks in Mexico. The case study is with reference to the branches located in the four major cities of the Isthmus of Tehuantepec: Ixtepec, Juchitán, Tehuantepec and Salina Cruz. The strategic method adopted for this research was the application of a modified version of the SERVPERF model, one of the most important models in this type of study. The SERVPERF model assesses customers’ perceptions according to five criteria: reliability, responsiveness, security, empathy, and tangible factors. Strictly speaking, these criteria or dimensions combined define the quality of the services. The results indicate that the overall customers’ valuation of both banks with regard to their services is high; these results might respond to very low expectations according to specific socioeconomic variables. Additionally, significant differences in users’ perception among groups of people according to various analyzed variables such as occupation, education, and age ranges were found.     

Una medida de eficiencia de mercado. Un enfoque de teoría de la información

In this paper, based on the concept of Shannon entropy, we propose a measure of market efficiency by using the empirical density function of returns. Under certain conditions of ergodicity and stationarity, it is shown that the sample entropy converges to the entropy of the dominant state. It is also shown that the proposed measure is consistent with some of the axioms from Artzner et al. (1999) of a coherent risk measure. Bounds on the behavior of entropy as a measure of efficiency on the basis of extreme cases are also established; going from deterministic processes to pure white noise stochastic processes. Finally, for illustrative purposes, we carry out several applications of the proposed efficiency measure of capital to different markets: DJIA, S&P500, FTSE100 and IPC.     

Valuación de un producto estructurado de compra sobre el SX5E cuando la incertidumbre de los rendimientos está modelada con procesos log-estables

We report the participation level, we pricing a first generation's European call options on the Eurostoxx structured product, when returns’ uncertainty is modeled by log-stable processes, we present the basic statistics of the index's returns, we estimate the α-estable parameters, and we compare the structured products pricing by the both log-stable and log-Gaussian models using inputs of the debt markets. We conclude that investors get higher returns than debt markets using both models and returns’ differences depend of the participation level and the maturity.     

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.     

Medición de la intensidad en el uso de las tecnologías de la información y la comunicación en Escandinavia

One characteristic of the processes related to technological innovation in the Scandinavian countries is the high participation level of public and private agents. The objective of this strategy is to assimilate knowledge and to spread it out in the best possible way. Thus, in this article we identify the profile of ICT users; we try to establish how important they are for these countries, their good use of these technologies and how they impact on their communication processes. The results derived from the research prove that: 1) Swedish and Danish homes are a reference when it comes to the utilization of ICTs, 2) Finnish companies lead the way in the adoption of ICTs, followed by Danish and Swedish companies; 3) When it comes to provision and implementation of public services on a technological platform, the leading countries are Denmark, Finland and Sweden; and 4) When it comes to the utilization of ICTs in infrastructures, the EU leadership is headed by Sweden and Denmark, far ahead from the other Member States.     

Los procesos α-estables y su relación con el exponente de autosimilitud: paridades de los tipos de cambio dólar estadounidense,dólar canadiense,euro y yen

In this research we analyze the performance of the exchange rates of USA Dollar, Canadian Dollar, Euro and Yen; we estimate the basic statistics, α-stable parameters, we performed tests of goodness fit Kolmogorov-Smirnov, Anderson-Darling and Lilliefors; we estimate self-similarity exponents and we performed t y F tests, ruling that the series of the exchange rates are multi-fractal; we estimate confidence intervals of the exchange rates and we conclude that the estimated α-stable distributions are more efficient than the gaussian distribution to quantify market risks and the series are self-similar; by the ? index we infer the risk of events and we indicate that exchange rates are anti-persistent, have mean reversión, short-term memory, negative correlation and high risk in the short and medium term; the estimation and validation of α-stable distributions and the exponent of self-similarity are important for pricing and the creation of innovative investment instruments by financial engineering, risk management and derivatives pricing.