El sistema financiero y su efecto en la dinámica sector privado

In the framework of a closed economy, identical agents, constant returns to scale and introducing a financial market, through a model of endogenous growth the macroeconomic equilibrium is characterized and it is shown that capital distribution is perfect with the existence of an efficient financial market. Nevertheless, the capital distribution is ineffective when the financial market is not efficient, which generates distortions that increase the cost of capital and hence rate of growth decreases. At the same time, a welfare analysis is carried out to verify the impact due to both types of financial markets, an efficient one and an inefficient one.     

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.     

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.     

Atributos relevantes de calidad en el servicio y su influencia hacia la lealtad de marca en la industria aseguradora de automóviles en México

The objective of this study is to identify key quality service attributes in the automobile insurance business and determine their influence on brand loyalty. In this study distinction is made between the service during the hiring of the service and the service provided after an accident. In a preliminary exploratory inquiry quality service attributes were identified with the application of in-depth interviews. In an empirical study, hypothesis related to a direct relationship between the attributes and several measures of brand loyalty are contrasted. A sample of n = 210 of automobile insurance clients was conformed. Five regression models were developed for the data analysis, one for each loyalty measure. These analyses allowed a specific detection of significant attributes for each case. Though it is concluded that attributes related to the service after the accident have a higher degree of influence on the customer loyalty, it is found that a particular attribute during hiring (reputation of the insurance company) also has an important role.     

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.     

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.     

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.     

Análisis de costos y estrategias productivas en la lechería de pequeña escala en el periodo 2000–2012

An accounting analysis was performed on the evolution and performance of productive, economic and marketing strategies implemented by small-scale dairy farmers in the peri-urban area of Texcoco, Mexico. Economic and production records for 1 023 lactation were obtained in two periods, 2000 and 2012. The general cost methodology was used to establish the accounting structures of these production systems, and the re-adjustment of values financial methodology through calculating deflated values based on data from the Mexican National Index of Consumer Prices. Evidence is presented that farmers in Stratum I defined as strategies not hiring temporary or permanent labour, as well as independence in the purchase of inputs (this Stratum produces 90% of its inputs). Stratum II reduced 3 of the main 4 items of the total production cost (feeding, medicines and breeding) and increased the mean profit per litre of milk ($ 2.00 MXN) through selling strategies. Stratum III defined as their strategies increased productivity (59%), a reduction in the cost (29%) of the main input (feed) and taking advantage of their productive scale to obtain a higher receipt of revenues for the farm.     

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.     

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.     

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.     

¿Hay evidencia de ciclo político-económico en el empleo sectorial de México, 1998-2013?

This paper looks for evidence of political-business cycles associated to the presidential elections in the Mexican sectorial employment over the period 1998-2013. By estimating panel data models, and controlling for the effects of the major determinants of employment, no evidence consistent with the predictions of the theoretical opportunistic model is found, i.e. whereas employment shows an expansion before and during the elections periods, the estimates are neither statistically significant nor robust. Furthermore, employment does not experience contractions after the elections or the office taking periods. Notwithstanding, the evidence suggests that employment is positively and negatively affected by output and real wages, respectively.     

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.     

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.     

Validez y confiabilidad de la escala de justicia organizational de Niehoff y Moorman en población mexicana

The objective of this research was to perform the adaptation to Spanish of the organizational justice scale of Niehoff and Moorman (1993) focused on measuring three factors of justice: distributive, procedural and interactional. The method used to adaptation the scale consisted of eight stages: translation of the items by reverse translation method, validation by judges, scale integration, application of the scale to a sample of 1296 workers (45.45% female and 54.6% male), items analysis, reliability analysis, construct validity using confirmatory factor analysis and structural equation analysis, and integration of the adapted version of the scale. The results confirm the three-dimensional factor structure of the scale: distributive justice, procedural and interactional, with high internal consistency which ensures the psychometric quality of the scale.     

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.     

El coeficiente de Hurst y el parámetro α-estable para el análisis de series financieras Aplicación al mercado cambiario mexicano

This paper addresses the utility of estimating the parameter α of α-stable distribution and the Hurst coefficient for financial series in periods of high volatility. By estimating the Hurst coefficient and the parameter α we seek to explore the violation of two assumptions in modeling financial series, the assumption that the series are normally distributed and that the successive returns are independent. We present the case of the peso dollar Fix Mexico exchange rate in the 1992–2011 period. One of the main results is the identification of fractal characteristics and heavy tails in the series for some periods in different magnitudes, such differences are accentuated during crisis periods. Characterizing the series by these parameters through an index will improve decision-making on the type of analysis that is methodologically correct to apply in a specific time window for asset pricing and risk management.     

La medición del capital intelectual y su impacto en el rendimiento financiero en empresas del sector industrial en México

Currently knowledge is considered an essential resource to contribute to the creation and generation of competitive advantage in organizations. The human factor as an intangible resource of a company has become a main value generator, and even though both knowledge management and intellectual capital are intangibles that can be measured in the financial reports of companies, their position as main value generators is not reflected in financial information. In Mexico, industrial sector companies need to promote the creation of intellectual added value based on its own abilities, which reside on their intellectual capital. The value added intellectual coefficient (VAIC?), with its components, is a tool that contributes to achieving this goal, and helps to identify the positive impact on key factors such as financial profitability, market capitalization and level of share value.     

La oralidad y la escritura en el proceso de aprendizaje Aplicación del método aprende a escuchar,pensar y escribir

Research design is quasi-experimental, field, with four longitudinal assessments for two groups (one experimental and one control) of students with irregularity student. Intervention, learns listen-think-write (lltw) method. population, 488 students. With a sample conditioned (students with irregular registration) of 170 students from two university careers of accounting and administration, both manner, 24.3 years old. Material, Raven’s Progressive Matrices test and Learning strategies ACRA test. The impact obtained by the intervention (LLTW) was 23%, significant difference between follow-up evaluation 6 and 12 months. Regarding the improvement of learning skills in post-test measurement showed a general increase in average by 28%. Also it is necessary to say, the decline was failed subjects in the two groups evolving 12 months in control group was 3 to 4 and the experimental group was 1 to 2.     

Avances en la cantidad de la información financiera del sector público en México a raíz de la LGCG

We evaluate the quantity, quality and harmonization of the financial information published by the states, the Federal District and the federal government during the period 2008 to 2012, following the approval of the General Law on Government Accounting (LGCG). First, the requirements identified by the CONAC and subsequently the International Accounting Standards Public Sector 1 (IPSAS) are used to assess the publication of the financial statements. Second, we presente the rate of compliance with the publication of accounts pointing IPSAS 1, 2 and 17. Finally, the harmonization of financial statements is studied by the Herfindahl-Hirschman index to determine whether the financial statements are comparable between them. The results indicate that the public sector has increased the quantity, quality and harmonization of the financial information published.