Contratos de riesgo de petróleo,patrones de conducta y desempeño de empresas: Análisis de panel de datos

Using data from financial and economic performance of International Oil Companies (IOCs) in the exploration-extraction (E&E) business, along with institutional and market orientation of governments and National Oil Companies (NOCs) that receive project offers, the international E&E market is analyzed in both institutional development and behavioral patterns of type of E&E contract following an agency theory approach. Additionally, given Mexico's recent energy reform being launched between 2015 and next 2019, the various types of E&E contracts are analyzed, comparing license contracts with production sharing and risk service ones. Next, using panel data methods an analysis of 17 enterprises between 2005 and 2015 is presented, where so-called global IOCs show higher returns and commitment than specialized ones, demonstrated by their net income and return on equity, or ROE.     

Estudio de los factores de compra de productos retro y segmentación del mercado potencial retro

This paper aims to analyze the behavior of potential retro products buyers. A bibliographical review has allowed defining the motives to buy this type of products. However, it should be emphasized that there is scarcely any quantitative information on the reasons to purchase and the segmentation of the potential retro product market. Using the data collected by means of a survey, a factor analysis and a cluster analysis have been performed. As a result, there are three factors of retro product purchase: characteristics of product, present differentiation feelings and past feelings. Furthermore, the existence of two differentiated segments has been detected: emotive consumer and commercial consumer.     

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.     

Responsabilidad social de las empresas agrícolas y agroindustriales aguacateras de Uruapan,Michoacán,y sus implicaciones en la competitividad

In Michoacán farming and agribusiness are great economic and social activities. Uruapan is the main avocado producer municipality in the state and avocado industry is the basis for the economy of this municipality. Despite the economic benefits, avocado industry has also caused damage, mainly in the environmental aspect. This research focuses on Corporate Social Responsibility (CSR) as a way to contribute to solve this problem. The aim of this paper is to determine the CSR level of avocado companies from Uruapan. In order to know this level, a CSR index was built based on the Cemefi model and the analytic hierarchy process (AHP). Twelve avocado companies were interviewed and evaluated during july and december 2010. As results we find a CSR level of 51.58%, which is translated as a medium level. We also find a high quality of life level (63.22%), a medium business ethics level (47.85%), a low involvement with the community level (22.95%) and also a low environmental level (24.15%). It has also been identified, from each variable, the main issues that generate competitiveness or that inhibit it. Finally, we give some recommendations in order to develop a CSR strategy to be applied in the sector.     

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.     

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.     

Análisis de contagio en el sistema financiero mexicano combinando el modelo de Merton y redes aleatorias

The control of systematic risk and the contagion effect are very important on the regulation and Basilea context. This paper presents a two phase model (Merton Model on the first part and Random networks Erdös-Rényi in the second part) in order to analyze the contagion effect on the Mexican bank system. The conclusions are that the Banks could not be infected or fall into default depending of the behavior of liabilities, the structure of the network and (external asset/interbank asset) ratio and (capital/asset) ratio. The results are consistent with the regulation politics in order to avoid the contagion in Mexico Financial System.     

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.     

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.     

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 gobierno corporativo y el comité de auditoría en el marco de la responsabilidad social empresarial

The purpose of this paper is to study the principles of the international standard ISO 26000, and the relation between social responsibility and internal control rules management organizations establish their business and relationship with Corporate Social Responsibility the board of directors and the audit committee to strengthen corporate trust and manage corporate risk. The research is based on a survey of companies listed on the Mexican stock market, in 2011. The variables have been studied using a correlational analysis and the chi-square method. Among the main findings of this work we have companies in this study show high levels of compliance with the principles that are directly related to the legal regulations and the rules of this market, but not with those principles which are voluntary adoption. Also, it was found that compliance has nothing to do with the industry or the age of the company, but rather with the fact it is a stock corporation. On the other hand, companies that care about the observance of the laws, are also those that strengthen governance aspects within them.     

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.     

Internacionalización de las pymes: análisis de recursos y capacidades internas mediante lógica difusa

SMEs in the textile and apparel sector face major internationalization challenges arising from the dynamics of globalization and the signature of free trade agreements during the last decade. It is then necessary to analyze the export capability of these enterprises in terms of the resources, skills, and abilities needed to participate successfully in the international scene. A fuzzy inference system is proposed to model the resources, skills, and capabilities that determine export success. Linguistic variables, collected from entrepreneurs, experts, consultants, and researchers in the field, were used to define the internal factors that explain export capabilities. The proposed model is validated by using the textile and clothing cluster in Medellin, Colombia, as a case study. The model reports a particular global index of 26.7 for export capabilities. On the one hand, the result confirms the hypothesis that the capabilities and resources currently available to the sector are not sufficient for a successful integration into the international market, and most importantly, on the other hand, it specifies which factors and variables are important to improve the export capability of the sector.     

Relación de causalidad entre el índice de precios del productor y el índice de precios del consumidor incorporando cambios estructurales El caso de México

This paper analyzes the causal relationship between producer and consumer prices in the case of Mexico during the period 1994:01–2012:02. To do this, we use three unit root tests (Dickey-Fuller, 1979 y 1981; Phillips-Perron, 1988; Lee-Strazicich, 2003) and two tests of causality (Granger,1969; Toda y Yamamoto,1995). The results indicate that taking into account structural changes and the deterministic trend, both price indexes are stationary. We find unidirectional causal relationship running from CPI to IPP.     

Gobierno corporativo,financiamiento y género: un estudio de las pymes emisoras de títulos en los mercados de valores argentinos

The aim of this work is to study corporate governance (CG) in small and medium enterprises (SMEs) from a gender perspective. In particular, we study the participation of women in ownership, management (board and senior management) and external audit in SMEs participating in the Argentinean Securities Market. The results show that participation of women in ownership and in external audit has a significant relationship with financing decisions. However, we do not find evidence of relations among different levels of GC and gender.     

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.     

Aprendizaje,innovación y gestión tecnológica en la pequeña empresa: Un estudio de las industrias metalmecánica y de tecnologías de información en Sonora

In the industrial development in Northwestern Mexico stands out the limited capacity of local firms to integrate into the global value chains and there is an emergent participation of the metalworking sector and information technology as suppliers of goods and services for large exporters. Recent local researches analyze the accumulation of technological capabilities, but they have not researched the relationship with technology management strategies. This paper presents the results of an empirical study of micro, small and medium enterprises in such areas, which allows the guessing of a direct correlation between the level of accumulated skills and the level of technology management.     

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.     

Lógica difusa y el riesgo financiero. Una propuesta de clasificación de riesgo financiero al sector cooperativo

Apply fuzzy logic in financial indicators is a proposal not widespread in the accounting field. This methodology allows us to observe the results of financial ratios with a broader perspective, showing not completely true nor completely false results, because they can take an indeterminate truth value within a set of values, applying the theory of fuzzy logic. The aim of this paper is to present the reader with the application of fuzzy logic in indicators of financial risk, using ratios of the cooperatives segment each Ecuador, and thus validate the level of relevance that has this indicator to compared with the standard meta model and CAMEL ratings. To apply these theory linguistic variables were used, which were valued at scales ranges from 0 to 1. It is determined that the diffuse methodologist applied to financial risks presented a higher level of membership to good credit rating by ensuring a level of low risk and very good solvency. However, in periods of low economic activity it would stagnate at this level for the increased risk.     

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.