小鱼，大池塘

在过去的30年中，伴随着与日剧增的金融深化、多样化以及全球化，世界金融体系——特别是资本市场——经历了巨大的变化。尽管这种变化的大部分发生在金融中心和发达国家，但其在发展中国家也已发展到重要的程度。许多发展中国家试图通过引入重大的改革来深化其证券市场，特别在20世纪90年代期间。这些国家实施金融系统自由化，     

Financial hedging with derivatives and its impact on the Colombian market value for listed companies

The financial theory (Modigliani & Miller, 1958) presents risk management as a matter without importance in companies, given that the shareholders themselves managed their hedges, diversifying their portfolios. However, subsequent studies dispute said premise and present evidence that business financial hedging improves performance and increases the value of the same (Ahmed, Azevedo, & Guney, 2014; Allayannis & Weston, 2001; Kapitsinas, 2008). The efficient market risk management is supported in the financial derivatives, and demands strategic and efficient administrators in hedges that add value, especially in the face of clashes and macroeconomic and financial imbalances. The empirical evidence analyzes the behavior of the Q-Tobin as an indicator of the effect of the hedge strategies for the exchange rate associated to the market value. The aim of this work is to find evidence in Colombia on the effect of the use of derivatives in the market value of the company. Its added value lies in the analysis that is done by economic sectors, identified by ISIC codes and grouped into five (5) macro sectors (Agriculture and livestock, Commercial, Industrial or Manufacture, Services, and Construction). The methodology used includes the estimation of several regression models in data panels, using a Pooled regression model with fixed and random effect estimators through the maximum likelihood estimator. In general, a statistical and financially significant premium for hedges was found for companies exposed to exchange rate risks that use derivatives of a 6.3% average on the market value. Additionally, mixed results were found in relation to the variables analyzed in the model.     

Global mindset and the internationalization of small firms: The importance of the characteristics of entrepreneurs

Despite being a relatively new concept, the importance of the global mindset is already well-documented. So far research has primarily focused on multinational companies and therefore the operationalization of the concept is still a work in progress. Recognizing the importance of entrepreneurs in small companies, yet mindful of the gaps that exist, this paper addresses the factors that constitute the global mindset and their influence on the internationalization of small Portuguese companies. Using information-processing theory through a quantitative, survey-based study and Structural Equation Modeling (SEM), the results show the importance of the characteristics of both entrepreneurs and firms in explaining the global mindset, and confirm the impact they have on internationalization behavior. The entrepreneur??s level of education, their satisfaction with company performance in the domestic market and the potential for growth in the domestic market all affect the global mindset model. The conclusions are useful for entrepreneurs and national authorities aiming to successfully implement internationalization practices, given the role of the global mindset in exploring global business opportunities and in the global success of companies. Replication of the research in different contexts is essential for the wider generalization of the results.     

Book Reviews

Louis Baeck. The Mediterranean Tradition in Economic Thought. London and New York: Routledge, 1994. Pp. IX, 241. £40. ISBN 0–415–09301–5.

Vivienne Brown. Adam Smith's Discourse. Canonicity, Commerce and Conscience. London and New York: Routledge, 1994. Pp. 243. £13.99. ISBN 0–415–09593.

Peter Groenewegen (ed.). Feminism and Political Economy in Victorian England. Aldershot: Edward Elgar, 1994. Pp. 208. £39.95. ISBN 1–85278–928‐X.

Terence Hutchison. The Uses and Abuses of Economics. Contentious Essays on History and Method. London and New York: Roudedge, 1994. Pp. XIII, 314. £45. ISBN 0–415–09404–6.

Jan Keppler. Monopolistic Competition Theory. Origins, Results, and Implications. Baltimore and London: The Johns Hopkins University Press, 1994. Pp. x, 220. US$45. ISBN 0–8018–4813‐X.

Lars Magnusson (ed.). Evolutionary and Neo‐Schumpeterian Approaches to Economics. Boston, Dordrecht, London: Kluwer Academic Publishers, 1994. Pp. VIII, 326. £74.95. ISBN 0–7923–9385–6.

Alessandro Marzola and Francesco Silva (eds). John Maynard Keynes. Language and Method. Aldershof. Edward Elgar, 1994. Pp. XY 247. £39.95 ISBN 1–85278–923–9.

Ferdinando Meacci. Luigi Einaudi e i Principi del Capitate. Turin: Giappichelli, 1993. Pp. x, 176. IL. 28,000. ISBN 88–348–3093–8.

Gerald M. Meier (ed.). From Classical Economics to Development Economics. New York: St Martin's Press, 1994. Pp. xiii, 262. US$45. ISBN 0–312–12033–8.

Takashi Negishi. The History of Economics. The Collected Essays of Takashi Negishi, vol. 2. Aldershot: Edward Elgar, 1994. Pp. XXIV, 242. £45. ISBN 1–85278–938–7.

Cosimo Perrota and Vitantonio Gioia (eds). Where is Economics Going? Historical Viewpoints. Lecce: Università degli Studi di Lecce and Congedo Editore, 1994. Pp. 131. Price not indicated. ISBN 88–808–6079–8.

Warren J. Samuels, Jeff Biddle and Thomas W. Patchak‐Schuster. Economic Thought and Discourse in the 20th Century. Aldershot: Edward Elgar, 1993. Pp. x, 288. £45. ISBN 1–85278–724–4.

Mario Sebastiani. Kalecki and Unemployment Equilibrium. London: Macmillan, 1994. Pp. 213, ISBN 0–312–10585–1

John Vint. Capital and Wages. A Lakatosian History of the Wages Fund Doctrine. Aldershot: Edward Elgar, 1994. Pp. x, 278. £45. ISBN 1–85278–864‐X.     

Financial Development: Maturing and Emerging Policy Issues

In recent decades, financial development policies in emergingmarket economies have been shaped by a fundamental shift towardmarket-based financial systems and the lessons from financialcrises. Today, there is consensus that financial developmentdepends on financial stability and convergence toward internationalstandards. While the debate on some issues has matured, policythinking in other areas is changing, fueled by recent experiences.This article analyzes the evolution of policy thinking on financialdevelopment and discusses three areas that are important toachieving deeper financial systems: stock market development,small- and medium-size enterprise financing, and defined-contributionpension systems. The main emerging issues in these areas areillustrated using recent experiences in Latin America. The articleconcludes that there is a need to take a fresh look at the evidence,improve diagnoses, and revisit expectations. JEL codes: F36, G15, G18, G20     

New perspectives for the managerial entrepreneurship

Is the purpose of this speech to build in an eclectic and holistic way the bases of a theoretical mark that it describes, analyze and do interpret the phenomenon of the managerial entrepreneurship from the interdisciplinary point of view in such a way that the foundation is to respond to the question how to understand the entrepreneurship?, to build starting from their evolution diverse perspectives that you/they enrich their analysis and study that make understand that the entrepreneurship is a practical, simple and complex phenomenon that the managers experience directly in their activities and functions, as a breaking act and improvement of the conditions of life of the society. It is sought to analyze and to propose perspectives of study of the entrepreneurship of the managers, their personal characteristics, as their social, political, economic and cultural implications, from the interdisciplinary point of view in the mark of the investigation line entrepreneurship and Managerial Mentality that he/she interprets their purpose action, administration, innovation and mainly their relationship with the environment, so momentous for the growth of the companies.     

Consumer reaction to product recalls: factors influencing product judgement and behavioural intentions

In order to evaluate the factors influencing consumers’ responses to product recalls, two surveys were conducted among Brazilian automobile owners and two regression models tested. Results indicated that (i) product judgement was significantly affected by corporate social responsibility (CSR), blame attributed to the company and whether or not consumers had a car made by the brand considered; and (ii) behavioural intentions were significantly affected by CSR, consumers’ involvement with the message, perceived danger, product judgement and whether or not consumers had a car made by the brand considered. Findings revealed, however, that CSR is a better predictor of the product judgement than of the behavioural intentions, in accordance with recent studies indicating that CSR affects consumer judgements and behaviour differently. Finally, these two models are discussed and compared with previous research.     

Organization, programme and structure: an analysis of the Chinese innovation policy framework

The paper first identifies the stakeholders involved in the design and implementation of China's innovation policy and compares them with different government systems in selected Organization for Economic Co-operation and Development (OECD) countries. In order to disclose the relative strength and weaknesses inside China's innovation policy framework, we proceed to utilize policy practices in the OECD countries as a guideline to examine China's innovation policy in five categories: reform in the public S&T institutions, financial policy, business innovation support structure, human resource policy and legislative actions. Subsequently, several weak components of the Chinese innovation policy framework are identified and two of them are selected for further analysis: education and human resource policy, and protection of Intellectual Property Rights (IPR). Finally, the paper provides some priorities and possible actions for future innovation policy developments in China.     

Analysis of Competences for Innovation in Technology-Based Enterprise Incubators

ABSTRACT

Incubators are rated as public policy mechanisms driving innovation in companies. The purpose of this project was to ascertain the level of development of competences for innovation in Technology-Based Enterprise Incubators (TBEI) as perceived by businesspeople in associated companies. With regard to technological innovation, it was decided to use a neo-Schumpeterian approach, and with regard to competences, the Resource-Based View (RBV) theory was used, which evaluates internal attributes that contribute directly to the innovative capacity. Four constructs were taken into consideration for analyzing the development levels of competences for innovation, grounded on the model of François and colleagues (1999 François , J. P. , Goux , D. , Guellec , D. , Kabla , I. , and Temple , P. ( 1999 ). “Décrire lês Compétences pour l'innovation: une Proposition d'enquête.” In: Foray , D. , and Mairesse , J. (Eds.), Innovation et Performance, Approaches Interdisciplinaires , Editions EHESS . [Google Scholar]) and Munier (1999 Munier , F. Taille de ( 1999 ). La Firme et Innovation: Appoches Theóriques et Empiriques Fondées sur le Concept de Compétence , Thèse (Doctorat en Économie)—Estrasburgo: Université Louis Pasteur . [Google Scholar]). Competences for innovation were examined through a questionnaire that tries to identify and assess development levels of competences in TBEI. The findings were analyzed through construct reliability tests: summated scales and cluster analysis. It was noted that the means competences representing the basic resources needed for the development of the company were assessed favorably by the businesspeople, indicating the development of this competence. In terms of technical and relational competences, it was noted that the businesspeople assessed these aspects unfavorably, indicating that these competences are not well developed by the TBEI. It was also ascertained that corporate development levels and operating sectors also influence the assessment of these businesspeople in terms of competences for innovation. This leads to the conclusion that its effectiveness must be assessed as an agent of innovation, with indicators being defined to measure the effectiveness of its role as a mechanism driving technological innovation.