Effect of information quality due accounting regulatory changes: Applied case to Mexican real sector

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.     

Economic integration and growth under intergenerational financing of human-capital formation

This paper examines the patterns of economic integration and endogenous growth in a two-country overlapping-generations world, in which the formation of children's human capital is financed by parents. It explores the influence of cross-border external effects in human capital on growth. Interestingly, world integration can enhance (reduce) long-run growth in both countries if cross-border external effects in human capital are sufficiently strong (weak).     

由龙舌兰酒看中墨贸易

从1900年开始,由于在西方文化的影响下,中国增加了烈性酒的产量和消费量。本文着眼点在墨西哥龙舌兰酒在中国的发展历程,以及中墨贸易关系。文章除了描述龙舌兰酒在中国市场面临的挑战及发展建议,更加关注中墨在贸易往来层面上的发展现状和美好前景的展望。     

The impact of salespeople's relational behaviors and organizational fairness on customer loyalty: An empirical study in B-to-B relationships

Although customer loyalty has proved to be a powerful determinant of firms' profits, the drivers of loyalty in B-to-B relationships are still unclear. Recognizing that both interpersonal and interorganizational level variables are needed to predict customer loyalty, the aim of this study is to investigate the combined effects of salespersons' relational behavior and organizational fairness in predicting customer satisfaction and loyalty. Results from a field survey in a B-to-B setting show that buyer loyalty is largely determined by the quality of the interpersonal relationship with the seller. Perceived fairness is central for building overall customer satisfaction and loyalty toward the supplier.     

Rethinking Worldly Possessions: The Relationship between Materialism and Body Appearance for Female Consumers in an Emerging Economy

This article investigates how women in an emerging economy relate the importance of material possessions to the importance they assign to the appearance of their body. The results of two studies demonstrate a very strong and positive relationship between materialism and several measures of body appearance. Study 1 shows strong correlations between materialism and body appearance in a sample of relatively young (m = 18.7 years) and affluent female students from a private university. Using structural equation modeling, Study 2 finds that in a sample of women averaging 40 years, more materialistic women did focus substantially more on body appearance than less materialistic women. Further, antecedents (self‐esteem, hedonic attitudes toward advertising, and skepticism toward advertising) and consequences (satisfaction with life) of materialism and body appearance were included in the model. In interpreting the results, it is assumed that individuals prone to materialism apply similar appearance‐centered mental schemata to their body as they do to material possessions.     

The Double Movement Ten Years After the Fall of Lehman Brothers

Ten years after the collapse of Lehman Brothers and the sharpest moments of panic within the global—and particularly the United States banking system—a somewhat strange dynamic has appeared. While the principal agents behind the crisis have collapsed their own institutions, the markets that they dominated, and even provoked what has been called the third crisis of economic theory, their political power has not waned. This theme has been well addressed by some academics such as Philip Mirowski (2013 Mirowski Phillip. 2013. Never Let a Good Crisis Go to Waste: How Neoliberalism Survived the Financial Crisis. London: Verso Books. [Google Scholar]), while it has flummoxed others. In this article, we will argue that Karl Polanyi’s theory of the “double movement” offers a coherent framework that is able to account for the history of the last ten years. Polanyi argues that different groups and members of society seek protection from the market, and that this search for protection has been the driving force between historical change. Polanyi does not ignore class; rather, he argues that different social classes can protect themselves in more or less effective ways. We argue that during the last ten years, the interests of globalized financial capital have been able to protect themselves with utmost effectiveness, while all other classes have been trammeled, often not even recognizing how or why actions are taken against the general interest.     

Virtuous or vicious cycles? The role of divestitures as a complementary Penrose effect within resource‐based theory

Research summary: Studies of how divestitures affect firm performance offer mixed results. This paper unpacks relationships between divestitures and subsequent performance, focusing first on the moderating role of prior performance and then on mechanisms through which divestitures by higher‐ and lower‐performing firms affect performance. The study suggests that divestitures can exacerbate weakness and reinforce strength: divestitures by lower performers improve profits but inhibit sales growth and tend to speed the firms’ exits as independent actors; by contrast, higher‐performing divesters invest in support of existing assets and gain new growth, while avoiding becoming acquisition targets. Most generally, divestitures help reduce constraints to changing a firm's resource base, which we refer to as a complementary Penrose effect. Managerial summary: Divestitures help both struggling firms and high performers free financial and managerial resources that they can reinvest in more productive uses. In doing so, divestitures reinforce the strength of high performers but may exacerbate weaknesses of struggling firms. Divestitures by lower performers improve their profits but inhibit their sales growth and increase the chances that the firms will be acquired. By contrast, higher‐performing divesters gain new growth by investing in support of existing and recently acquired assets and, by doing so, are less likely to become targets of acquirers who seek their productive assets. Thus, divestiture is part of a downward cycle for struggling firms but supports a virtuous cycle for superior firms.     

Simulador de vuelo ejecutivo como medio de aprendizaje en la planeación de recursos de nuevas empresas bajo el enfoque del marcador balanceado

A deficient strategic planning in new companies has produced that entrepreneurs initial decisions haven’t been the appropriate and, in the long term, consequences will be reflected in the failure of many new companies. The objective of this article is to propose an executive flight simulator that will help to identify and evaluate different strategies for the development of resources of a new manufacturing company, based on the four perspectives of the balanced scorecard that will help the user to become sensitive in the impact that this will have in the performance measures. The simulator is designed under the System Dynamics view for educational purposes in MBAs, entrepreneurship or executive development programs.     

Antecedents of repatriates' job satisfaction and its influence on turnover intentions: Evidence from Spanish repatriated managers

Executives in today's business world are increasingly conscious that the competitive advantage of international companies rests upon unique global knowledge and experience. Consequently, the retention of executives with these skills is one of the main concerns of international organizations. Dissatisfaction with the job assigned after expatriation is an important determinant of the repatriation failure rates. This study explores this relation as well as the antecedents of job satisfaction among a sample of 81 Spanish repatriated managers. Findings: job satisfaction relates to turnover and the position assigned to the repatriates on their return, as well as the accuracy of their expectations, influences their job satisfaction. The article discusses implications for practitioners and scholars.     

Cuba’s reform and economic growth: a comparative perspective with Vietnam

Cuban reform process lags behind the GDP growth reached by the Vietnamese. When comparing the evolution of the different sectors and demand components of GDP, Vietnam has had higher growth rates in all cases, highlighting exports first and investment second. Once the Balance of Payments Constrained Growth model has been estimated, the significant effect of the foreign exchange constraints on growth for both countries is confirmed. However, the Vietnam growth can be explained not only by its export success. International openness, which included the end of the US embargo, and institutional factors also explains the differential of results.