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The purpose of this paper is to present the progress and trends of the literature on art as an investment and to outline potential research lines to be developed.

This work gathers, analyses and critically discusses the attributes of investments in art in general, and in Latin American art in particular.

Most studies report that art (art in general, and Latin American in particular) has offered relatively low but positive real returns, which have tended to be below those offered by stocks and similar to those realized by bonds. Art has a low correlation with other investments.

The literature on the attributes of Latin American art as an investment is limited and new research would help to close the knowledge gap with respect to this segment of the art market as it continues to grow.

Similarly to the research carried out into other segments of the art market, studies on Latin American art suggest that the works of art are worth more, ceteris paribus: the more renowned the artist, the larger the work, whether they were executed in oil, and if they were auctioned at Sotheby’s or Christie’s. The paper also details a series of practical implications for those who participate in the art market.

To the best of the authors’ knowledge, this is the first exhaustive review of the literature on the attributes of Latin American art as an investment. The findings of this study are useful for academics, art collectors, auction houses, gallerists and others who take part in the arts market.

Presentar los avances y las tendencias de la literatura sobre el arte como inversión, y delinear líneas de investigación a ser desarrolladas.

Este trabajo reúne, analiza y discute críticamente los atributos de inversión del arte, en general, y latinoamericano, en particular.

La mayoría de los estudios reportan que el arte (tanto el arte, en general, como el arte latinoamericano, en particular) ha ofrecido rendimientos reales positivos, aunque relativamente bajos, los cuales tienden a ser inferiores de los de las acciones y a ser similares a los de los bonos. El arte tiene una baja correlación con otras inversiones.

La literatura sobre los atributos del arte latinoamericano como inversión es limitada. Es de esperar que nuevas investigaciones permitan ir cerrando la brecha del conocimiento con respecto a esta parte del mercado del arte a la par que éste continúe creciendo.

Los estudios de arte latinoamericano sugieren, similar a las investigaciones sobre otros segmentos del mercado del arte, que las obras de arte valen más, ceteris paribus: cuando el artista es más reputado, a medida que el área de las obras es mayor, si han sido ejecutadas en óleo, y cuando son subastadas en las casas de subastas Sotheby’s o Christie’s. En el trabajo se detallan, además, una serie de implicaciones prácticas para los participantes del mercado de arte.

Hasta donde se ha podido comprobar, esta es la primera revisión exhaustiva acerca de los atributos del arte latinoamericano como inversión. Los resultados de esta investigación son de utilidad para: académicos, coleccionistas de arte, casas de subastas, galeristas, y demás participantes en el mercado del arte.

The purpose of this paper is to analyse the adaptive market efficiency in the price–volume (P–V) relationship of the stocks listed in the Mexican Stock Exchange. The period under study goes from 1982 to 2015. In order to detect causality and, thus, determine adaptive efficiency in the market, one linear and two non-linear tests are applied. There are few papers in the literature that study the P–V relationship in Latin American markets; as such, this paper may be of interest and importance to financial academics and practitioners alike.

The Diks and Panchenko (DP) non-parametric Granger causality and the Brooks and Hinich (BH) cross-bicorrelation tests are applied.

Derived from the DP test, the findings show that there exists bi-directional non-linear Granger causality in 25.71 per cent of the firms studied, compared to 8 per cent when applying the linear Granger causality test. Therefore, there is evidence of weak-form efficiency in the market. From the BH test, evidence is shown of the adaptive market efficiency, since 71.42 per cent of firms exhibited some form of non-linear dependence in certain periods of time. With these results, the information process should be better studied for a greater comprehension of regulatory policies in the market and better decision-making tools for the investors.

This paper complements studies on the P–V relationship and efficiency in a Latin American market.

Este documento analiza la eficiencia adaptativa del mercado para la relación precio-volumen de las empresas que cotizan en la Bolsa Mexicana de Valores. El periodo bajo estudio es de 1982 a 2015. Para detectar causalidad y determinar la eficiencia adaptativa del mercado, se aplicó una prueba lineal y dos no-lineales. Existen pocos documentos en la literatura que estudien la relación precio-volumen en mercados latinoamericanos. Como tal, este documento puede ser de interés e importancia tanto para académicos como para profesionales de las finanzas.

Se aplicó la prueba de causalidad no-paramétrica de Diks y Panchenko y la prueba de bicorrelación cruzada de Brooks y Hinich.

Derivado de la prueba DP, los hallazgos muestran que existe causalidad no-lineal bidireccional en 25.71% de las empresas bajo estudio, comparado a un 8% cuando se aplica la prueba de causalidad lineal de Granger. Por lo tanto, existe evidencia de eficiencia en forma débil del mercado. De la pruba BH, se muestra evidencia de eficiencia adaptativa del mercado, dado que el 71.42% de las empresas exhibieron alguna forma de dependencia no-lineal en ciertos periodos de tiempo. Con estos resultados, el proceso de información debe ser mejor estudiado para una mayor comprensión de las políticas regulatorias del mercado y mejores herramientas para la toma de decisiones por los inversionistas.

Este documento complementa los estudios sobre la relación precio-volumen y la eficiencia en un mercado latinoamericano.

The challenges facing 21st-century society are becoming increasingly complex, requiring the development of new citizen competencies. This study aims to validate an educational model focused on developing complex thinking in higher education students. Current educational models lack future-ready competencies, necessitating the emergence of new models to guide future generations toward the common good.

This was an adaptation of the causal-layered analysis (CLA) applied to 415 participants from higher education institutions in Mexico, Panama and Spain. Sessions were designed to present the proposed educational model and explore participants’ perceptions of its significance and contributions to future education.

Key findings include the following: participants perceived complexity as difficult and challenging; causes of problems were linked to outdated educational models requiring replacement by those that develop students’ competencies; participants envisioned changes that would develop individuals capable of understanding and transforming society; and participants recognized the model’s transformative potential, offering a novel proposal for 21st-century education.

This research sought to gather opinions from different stakeholders using the CLA methodology, providing a deep understanding of participants’ perspectives on the proposed solution.

The study of sustainability within universities is recognized as essential for debates and research; in the long term, the “sustainable university” concepts can contribute to sustainability from a larger perspective. This study aims to propose a conceptual model for evaluating the students’ sustainability considering their interactions with the university and the environment. The proposed model is titled Sunshine model. It is applied to students of the La Salle University, Peru.

The model combines academic performance, happiness and the ecological footprint to quantify university students’ sustainability. A structured questionnaire survey was elaborated and applied to get the raw data that feeds the three methods. The students’ average grades evaluate academic performance. Happiness is quantified by the happiness index method, and the ecological footprint is measured by the demand for food, paper, electricity, transport and built-up areas. Results are evaluated under both approaches, overall group performance and clusters.

The proposed model avoids misleading interpretations of a single indicator or discussions on sustainability that lack a conceptual model, bringing robustness in assessing students’ sustainability in universities. To have a low ecological footprint, the student needs to need up to 1 planet for their lifestyle, be considered happy with at least 0.8 (of 1) for happiness index, and have good academic performance with at least a grade of 7 (of 10) in their course. Regarding the case study, La Salle students show a high academic grade degree of 7, a high level for happiness index of 0.8 and low performance for ecological footprint by demanding 1.8 Earth planets, resulting in an “environmentally distracted” overall classification for students with 2019 data. From a cluster approach, 81% of evaluated students (n = 603) have low performance for ecological footprint, whereas 31% have low performance for indicators of recreational activities of happiness. Changing lifestyles and making more recreational activities available play crucial roles in achieving higher sustainability for the La Salle students.

The happiness assessment questionnaire can be subject to criticism, as it was created as a specific method for this type of audience based on existing questionnaires in the literature. Although it can be seen as an important approach for diagnoses, the proposed model does not consider the cause–effect aspect. The decision-maker must consider the sociocultural aspects before implementing plan actions.

University managers can better understand why university students have high or low sustainability performance and provide more effective actions toward higher levels of students’ sustainability.

The proposed model, Sunshine model, overcomes the single-criteria existing tools that access the sustainability of universities. Rather than focusing on university infrastructure, the proposed model focuses on the students and their relationship with the university.

This study aims to analyze the challenges startups face in implementing business models for sustainability. In particular, the research question of this study is: How do the challenges faced by startups affect business models for sustainability in the context of an emerging country?

Startups are increasingly incorporating ways to thrive in a competitive environment with innovative sustainable business models, a key factor for competitive advantage and corporate sustainability. This paper analyses startups’ challenges in adopting business models for sustainability through a case study in two startups, using the sustainable value exchange matrix (SVEM) tool through workshops, to carry out the diagnosis of these challenges.

The barriers and challenges of business models for sustainability in startups were found in different categories, where the main barriers are linked to the institutional category, the organizational and the market and sales culture. Thus, the authors concluded that there is a need to reformulate public policies and to have greater participation of the actors involved.

The main limitation of the research is the number of case studies (only two), which makes it difficult to generalize the results.

The research presents two major contributions. First, through the case studies, it is possible to verify that the barriers and challenges in business models for sustainability have relevance for startups. The second contribution is the adaptation of SVEM in conducting the debate by incorporating the barriers and challenges in value creation and delivery system.

This study contributes to the business models for sustainability literature to better understand the challenges startups face in practice and can serve as insights to help overcome them. As this is an empirical study, the information gathered can help create metrics and public policies to achieve the United Nations sustainable development goals.

The present research has as originality the analysis of the challenges in startups in implementing business models for sustainability and their relationships with the value proposition, capture and creation, as well as and delivery (adapted to the challenges found in the literature) applying the SVEM tool proposed by Morioka et al. (2018).

Companies that wish to market a global brand need to develop a greater understanding of consumers' and potential consumers' susceptibility to global consumer culture (SGCC) with a view to standardizing/adapting their brand according to the desires and preferences of the consumers who belong to specific segments of global consumers. Thus, the aim of the study is to fill a joint segmentation research gap within and between countries based on seven dimensions of SGCC while classifying consumers according to the degree of belonging to specific and hybrid (global citizenship) segments.

A questionnaire was applied online in English in five countries across the Americas and Europe resulting in a sample of 412 consumers. Based on the fuzzy C-means cluster analysis, the study segments the sample of consumers according to the degree of belonging to specific and global citizenship segments.

Analysis of survey results show three groups; two distinct groups and a third with features of both, a distinct intersection group. These findings suggest that consumers in different countries develop beliefs and attitudes about global citizenship, and this perspective coincides with the characteristics of the intersection group. Consequently, the study shows that fragmentation of the needs of consumers exists within and between countries.

This study contributes to the concept of global citizenship, helping managers of global brands improve their marketing strategy decisions by implementing strategies that are standardized or adapted to specific hybrid segments of consumers that transcend national borders. This study used a statistical method to measure the degree of belonging to each segment.

The purpose of this paper is to analyze the effectiveness of training, applied to supervisors, to face the effects of resistance to organizational change on work motivation and organizational climate of their direct employees.

A quasi-experimental design with a control group was used. The training program was applied in a public organization, which was going through a process of organizational change. The human resources unit formed two groups according to the needs of the organization. A group of seven supervisors received training (experimental group), and another group of eight supervisors received no training (control group). The effectiveness of the training was measured in the subalterns of the supervisors who formed both groups. The training was based on positive psychology and social skills and covered a period of one month and three weeks. The outcomes variables were: work motivation and organizational climate.

There was a statistically significant increase, from the pretest to the posttest, in the dependent variables registered in the experimental group, compared to the control group. The size of the change (effect size) was moderate magnitude to high.

This research shows an effective training system, applied in supervisors, to improve the work motivation and the organizational climate of the subordinates in processes of organizational change that generate resistance to change in them.

Improper levels or excess of iodine may present a greater risk to health, for this reason, this paper aims to assess the iodine content present in salt and estimate the iodine concentration in school meals in a Brazilian northeast region.

Six samples of different salt brands sold in the city of Lagarto, Sergipe, Brazil were gathered for analyzing iodate concentration. The amounts of salt added to meals of four schools in the city and the weight of the provided meals were recorded during two consecutive days of gathering, thus obtaining data to estimate the iodine content of these meals. The rest of the meals and the nutritional composition of school meals were analyzed. A questionnaire for participants on the perception of salt was applied. For data analysis, α = 5% was used.

The iodine concentration in all salt samples followed legislation (15 to 45 mg of iodine/kg of salt), with the average of iodine ranged between 26.5 ± 1.29 and 33.9 ± 2.49 mg/kg (p < 0.001). The estimated iodine content in consumed school meals was 0.025 mg (25 µg), in meals of schools A and C, it was 0.03 ± 0.02 mg, and to schools B and D, it was 0.02 ± 0.01 mg (p < 0.001). Percentages of rest of the meals greater than 10% were found and the assessed food preparation showed low caloric and nutritional values.

The iodine content is in accordance with the salt iodization policy in Brazil, and that the average iodine estimate in school meals was considered adequate for this population.

Most studies on Sentiment Analysis are performed in English. However, as the third most spoken language on the Internet, Sentiment Analysis for Spanish presents its challenges from a semantic and syntactic point of view. This review presents a scope of the recent advances in this area.

A systematic literature review on Sentiment Analysis for the Spanish language was conducted on recognized databases by the research community.

Results show classification systems through three different approaches: Lexicon based, Machine Learning based and hybrid approaches. Additionally, different linguistic resources as Lexicon or corpus explicitly developed for the Spanish language were found.

This study provides academics and professionals, a review of advances in Sentiment Analysis for the Spanish language. Most reviews on Sentiment Analysis are for English, and other languages such as Chinese or Arabic, but no updated reviews were found for Spanish.

The purpose of this study is to critically review consumer knowledge in marketing and propose a future research agenda. Despite the many works that have examined this variable, given its strong influence on behaviour, it has generally been studied in association with other constructs, and no studies have focused on it in a specific way. Its definition, measurement and approaches to its role and usefulness are superficial and underdeveloped. After structuring and analysing the existing literature, the authors establish, (I) which aspects are of little use to the discipline, and (II) which research lines have the most potential and should be developed and studied in greater depth, to advance and complete the existing consumer knowledge framework.

A search was undertaken for documents in the main databases in which the term “consumer knowledge” appears in a marketing or consumer context, and a critical and reflexive approach was taken to analyse the main contributions and to structure them by content blocks.

Five main content blocks were identified. A set of research gaps were detected, mainly related to the lax conceptualisation of the topic, measurement problems and the scarcity of more useful works connected with business management, and several research lines are proposed that complement the existing framework to make it more complete and operational.

This paper offers a critical review and proposes a research agenda for one of the most used but little studied variables in the field of marketing, which may help academics and professionals in the discipline to continue developing useful theories and models.

El objetivo de este trabajo es revisar críticamente el conocimiento del consumidor en marketing y proponer una agenda de investigación futura. A pesar de los numerosos trabajos que han examinado esta variable, dada su fuerte influencia en el comportamiento, generalmente se ha estudiado en asociación con otros constructos, y ningún estudio se ha centrado en ella de manera específica. Su definición, medición y aproximaciones sobre su papel y utilidad son superficiales y poco desarrollados. Después de estructurar y analizar la literatura existente, establecemos (I) qué aspectos tienen poco uso para la disciplina y (II) qué líneas de investigación tienen más potencial y deben ser desarrolladas y estudiadas con mayor profundidad; para avanzar y completar el marco existente sobre conocimiento del consumidor.

Se realizó una búsqueda de documentos en las principales bases de datos en las que aparece el término “conocimiento del consumidor” en un contexto de marketing o consumo, y se adoptó un enfoque crítico y reflexivo para analizar las principales contribuciones y estructurarlas por bloques de contenido.

Se identificaron cinco bloques principales de contenido. Se detectó un conjunto de huecos de investigación, principalmente relacionados con la laxa conceptualización del tema, problemas de medición y la escasez de trabajos más útiles conectados con la gestión empresarial; y se proponen varias líneas de investigación que complementan el marco existente para hacerlo más completo y operativo.

Este documento ofrece una revisión crítica y propone una agenda de investigación para una de las variables más utilizadas pero poco estudiadas en el campo del marketing, lo que puede ayudar a académicos y profesionales en la disciplina a continuar desarrollando teorías y modelos útiles.

本文旨在对市场营销中的消费者知识进行批判性审视, 并提出未来的研究议程。虽然已有许多研究检验了该变量, 但由于其对行为产生强大影响, 通常会与其他结构变量一起研究, 而没有以特定方式专注于该变量。对其定义、测量以及其作用和用途的方法仍旧存在研究空白。通过对现有文献进行结构化分析后, 确定了以下两个方面：（I）哪些方面对该学科意义不大, （II）哪些研究方向最具研究潜力, 并且应该进一步深入发展和研究, 以推进和完善现有的消费者知识框架。

通过主要数据库检索市场营销或消费者背景下涉及“消费者知识”一词的文献, 采取批判性和反思性方法来分析其主要贡献, 并通过内容块对其进行结构化。

识别了五个主要内容块, 并发现存在一定程度的研究空白, 主要涉及该主题的概念松散化、测量问题以及与商业管理相关的有效研究的稀缺性。此外, 本文提出了几个研究线索, 这些线索为现有框架补充了信息, 使其更加完整且具备更强的操作性。

本文对市场营销领域中广泛使用但研究较少的变量进行了批判性评述, 并提出了相关研究议程。这一工作有助于学术界和专业人士继续发展实用的理论和模型。