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This study aims to explore the role of board gender diversity in mitigating chief executive officer (CEO) luck. CEOs are “lucky” when they receive stock option grants on days when the stock price is the lowest in the month of the grant, implying opportunistic timing.

This study uses a logistic regression analysis and an instrumental-variable analysis. The sample consists of 3,249 firm-year observations from 2010 through 2015.

The results show that female directors significantly deter the opportunistic timing of option grants. This study finds that gender diversity – as measured by the percentage of women on the board, the percentage of female independent directors and the percentage of female directors on the compensation committee are likely to reduce the odds that CEOs receive opportunistically timed lucky grants. The results are consistent with those in prior research that documents the benefits of board gender diversity.

The research findings are beneficial to policymakers and regulators, as it allows them to assess the importance of diversity on boards in the monitoring of the managers, particularly as it pertains to the design of CEO compensation packages. Furthermore, these findings have implications for Ibero-American countries as they shed light on the importance to undertake measures and reforms to promote board effectiveness by the introduction of gender diversity.

While prior research has examined the effect of board gender diversity on firm performance, the study is the first to investigate the effect of female directors on the opportunistic timing of option grants, using a rigorous empirical framework that explicitly accounts for endogeneity.

Este estudio busca explorar el papel de la diversidad de género en la junta directiva para mitigar la suerte del CEO. Los directores ejecutivos tienen “suerte” cuando reciben subvenciones de opciones sobre acciones en los días en que el precio de las acciones es el más bajo en el mes de la subvención, lo que implica un momento oportunista.

Empleamos un análisis de regresión logística, así como un análisis de variables instrumentales (IV). La muestra consta de 3249 observaciones de las firmas desde 2010 hasta 2015.

Nuestros resultados muestran que las directoras disuaden significativamente el momento oportunista de la concesión de opciones. Descubrimos que la diversidad de género, medida por el porcentaje de mujeres en la junta directiva, el porcentaje de directoras independientes y el porcentaje de directoras en el comité de compensación probablemente reduzcan las probabilidades de que los directores ejecutivos reciban subvenciones afortunadas en el momento oportuno. Nuestros resultados son consistentes con los de investigaciones anteriores que documentan los beneficios de la diversidad de género en la junta.

Los resultados de la investigación son relevantes para los responsables de la formulación de políticas y los reguladores, ya que les permite evaluar la importancia de la diversidad en los directorios en el seguimiento de los gerentes, particularmente en lo que respecta al diseño de paquetes de compensación de los directores ejecutivos. Además, estos hallazgos tienen implicaciones para los países iberoamericanos, ya que arrojan luz sobre la importancia de emprender medidas y reformas para promover la efectividad de los directorios mediante la introducción de la diversidad de género.

Si bien investigaciones anteriores han examinado el efecto de la diversidad de género de la junta en el desempeño de la empresa, nuestro estudio es el primero en investigar el efecto de las directoras en el momento oportunista de las concesiones de opciones, utilizando un marco empírico riguroso que explica explícitamente la endogeneidad.

Este estudo busca explorar o papel da diversidade de gênero no conselho de administração para mitigar o destino do CEO. Os CEOs têm “sorte” de receber opções de compra de ações nos dias em que o preço das ações é mais baixo no mês de concessão, o que é um momento oportunista.

Foi utilizada uma análise de regressão logística, bem como uma análise de variáveis instrumentais (IV). A amostra é composta por 3.249 observações de empresas de 2010 a 2015.

Nossos resultados mostram que as diretoras inibem significativamente o momento oportunista de outorga de opções. Descobrimos que a diversidade de gênero, medida pela porcentagem de mulheres no conselho de administração, a porcentagem de conselheiros independentes e a porcentagem de diretoras no comitê de remuneração, provavelmente reduz as chances de CEOs receberem subsídios da sorte em tempo hábil. Nossos resultados são consistentes com pesquisas anteriores que documentam os benefícios da diversidade de gênero no conselho.

Os resultados da pesquisa são relevantes para os formuladores de políticas e reguladores, pois permitem que avaliem a importância da diversidade nos conselhos na gestão de gerentes, especialmente no que se refere ao desenho de políticas. Além disso, esses achados têm implicações para os países ibero-americanos, uma vez que lançam luz sobre a importância de empreender medidas e reformas para promover a eficácia dos conselhos por meio da introdução da diversidade de gênero.

embora a evidência científica prévia tenha examinado o efeito da diversidade de gênero do conselho no desempenho da empresa, nosso estudo é o primeiro a investigar o efeito das diretoras no momento oportunista de concessões de opções, usando uma estrutura empírica rigorosa que explica explicitamente a endogeneidade.

In this issue we present seven articles originally from Canada, Chile, Colombia and Spain. The articles are of diverse subjects: first, some herd behaviour of the institutional investors in Chile; second, the impact of growth strategies and the company's resources on the business growth method; third, the effectiveness of the norms on the directives of the remuneration committee of the board of directors on the appropriate remuneration of the directors; fourth, the incidence of the behaviour of the stakeholders in the failure of the companies; fifth, barriers and options to increase the female workforce in mining companies; sixth, the factors that impulse the exporting behaviour of companies; and seventh, the impact of the design of a product in the buying intention of the consumers. All the articles, including those written in Spanish or Portuguese, are available in English.

En este número presentamos siete artículos provenientes de Canadá, Chile, Colombia y España. Los artículos tienen temáticas muy diversas: 1) algunos comportamientos en manada de los inversores institucionales en Chile; 2) El impacto de la estrategia de crecimiento y de los recursos de la empresa en el método de crecimiento empresarial; 3) La efectividad de las normas sobre la Comisión de Remuneraciones de los Consejos directivos sobre la remuneración apropiada de los consejeros; 4) La incidencia del comportamiento de los grupos involucrados (stakeholders) en el fracaso de las empresas; 5) Barreras y opciones para incrementar la fuerza laboral femenina en las empresas mineras; 6) Los factores que impulsan el comportamiento exportador de las empresas; y 7) El impacto del diseño de un producto en la intención de compra de los consumidores. Todos los artículos, aún los escritos en español o portugués, están disponibles en inglés.

This issue includes five contributions from six countries; four of these are revised versions of the best works presented at the Business Association of Latin American Studies Congress (BALAS), in 2012. The first article is a study of the effectiveness of price promotion strategies in retail chains across Chile; a topic of growing importance in Latin America. The second is a study of the literature on the accounting treatment of the decision to buy or lease with option to buy, which is a topic that reflects international changes in accounting practices that will take place as from 2013. The third contribution is a case study of the strategy of Miss Venezuela, an organisation of the Cisneros group that has become an icon of overwhelming success in international beauty contests. The fourth article narrates the difficulties faced by a Brazilian restaurant chain in their internationalisation process through the master franchises concept. The last contribution is the Britt case study, telling the story of a Costa Rican company founded by an innovating North American businessman. The article recounts the company's interesting process of development in international business and the complex strategic decisions it faced when it came to the subsequent steps to be taken in international markets. Although all the articles are in English, Academia is multilingual. As from 2013, all its articles will be available in their original language as well as in English.

Este número incluye cinco contribuciones originadas en seis países, cuatro de las cuales son versiones revisadas de los mejores trabajos presentados en el congreso de la Business Association of Latin American Studies (Balas) de 2012. La primera contribución es un estudio sobre la efectividad de las estrategias de promoción de precios en cadenas detallistas en Chile, un tema de creciente importancia en América Latina. La segunda es un estudio de la literatura sobre el tratamiento contable de la decisión de comprar o de realizar un arrendamiento con opción de compra (lease), tema que refleja el cambio internacional en las prácticas contables que ocurrirá a partir de 2013. La tercera contribución es el caso de la estrategia de Miss Venezuela, la organización del grupo Cisneros que se ha constituido en un icono en Venezuela por su éxito avasallador en concursos internacionales de belleza. El cuarto es un caso que narra las vicisitudes de una cadena brasileña de restaurantes con la internacionalización mediante el concepto de máster de marca. La última contribución es el caso Grupo Britt N.V., empresa fundada por un empresario estadounidense en Curazao y Costa Rica, que ha tenido un interesante desarrollo de negocios internacionales y se enfrenta a decisiones estratégicas complejas sobre sus siguientes pasos en los mercados mundiales. Aunque todos los trabajos están en inglés, Academia es multilenguaje. A partir de 2013 todos los artículos de la revista están disponibles en inglés, además de su idioma original.

The purpose of this paper is to introduce the anniversary issue marking 30 years of academic publication.

This anniversary issue contains 12 articles from 11 countries and 17 academic institutions which present literature reviews, meta-analyses, and novel studies. It also contains testimonials about the history of the journal from Enrique Ogliastri (Editor and/or Director between 1998 and 2018), Elvira Salgado (Editor between 2002 and 2013), and Carlos Pombo (Chief Editor, 2013 to the present).

The history of the journal may be divided into five stages: first, the foundation at the Universidad de Chile (1988-1998); second, the move to the Universidad de los Andes (Bogotá) and the preparation of a proposal to the Institute of Scientific Information (ISI) for inclusion among the scientific journals of the world (1999-2004); third, a period of consolidation in Latin America (2004-2007); fourth, the acceptance of the journal in ISI and the development of an electronic platform with free access to the journal (2008-2013); and fifth, the entry of the Emerald group as editorial partner (2013-2018).

The 12 articles present literature reviews, meta-analyzes, and novel studies.

El propósito de este editorial es presentar el tema del aniversario.

Se publican doce artículos provenientes de once países y 17 instituciones académicas. Se presentan los testimonios de Enrique Ogliastri (editor y/o director entre 1998 y 2018), Elvira Salgado (Editora entre 2002 y 2013), y Carlos Pombo (jefe editorial 2013-2018).

Se publican doce artículos provenientes de once países y 17 instituciones académicas. Se presentan los testimonios de Enrique Ogliastri (editor y/o director entre 1998 y 2018), Elvira Salgado (Editora entre 2002 y 2013), y Carlos Pombo (jefe editorial 2013-2018). La historia de la revista de CLADEA se podría dividir en cinco etapas: la fundación en la Universidad de Chile (1988-1998); pasó a cargo de la Universidad de los Andes (Bogotá), un período de puesta a punto para presentar al Institute of Scientific Information (ISI) la solicitud de ser analizada e incluida entre las revistas científicas del mundo (1999-2004); el período de consolidación en América Latina (2004-2007); la aceptación en ISI y el desarrollo de una plataforma electrónica de acceso libre a la revista (2008-2013); y el ingreso del grupo Emerald como socio editorial (2013-2018).

Los 12 artículos presentan revisiones de literatura, metanálisis y estudios novedosos

The purpose of this paper was to evaluate the efficiency of secondary education schools in Chile. Since the early 1980s, several educational reforms have been passed with the main objective of improving the quality, equity and efficiency of the Chilean education system. This has initiated a debate about the efficient use of public educational resources. In response, this study provides insights into identifying the most efficient types of schools based on a set of different inputs and outputs.

This quantitative research study used data envelopment analysis (DEA), which estimates a single index of efficiency to identify schools performing at superior levels compared to other schools with similar characteristics. Two sets of models are created for evaluating efficiency. The first set of analyses provides a longitudinal efficiency comparison based on student performance on two national standardized tests as outputs, and the second model incorporates socioeconomic characteristics of students attending different schools as inputs in the efficiency estimation.

Based on the longitudinal models, it was found that private schools are more efficient and more consistent in maintaining their efficiency over time than other types of schools. In addition, when accounting for socioeconomic factors, publicly subsidized schools were more efficient than public schools.

The Chilean parliament is currently discussing new educational reforms that focus on more efficient use of educational resources to improve educational quality and equity. The results provided in this study generate useful evidence for policymakers and other stakeholders regarding school efficiency and the appropriate allocation of public resources to support diverse students served by different types of secondary educational institutions.

Education is a key factor affecting social mobility and socioeconomic improvement of societies. Schools are called upon to improve their performance to promote these social goals. Accordingly, more novel forms of research on efficiency are necessary to assess how well schools are transforming their inputs into performance outputs.

This study provides a longitudinal analysis of educational efficiency using DEA with a national data set of Chilean schools to evaluate how consistent the schools are in maintaining their levels of efficiency over time. In addition, one DEA model accounts for a social “vulnerability” index at the student level to better understand how efficiently secondary schools use their resources. The insights gained provide data-driven answers to support more informed educational decision-making and policy processes in Chile.

To empirically study the determinant factors of adopting work–life balance measures at the firm level.

After reviewing the main theories that explain work–life balance practices, IBEX-35 Spanish companies during 2015–2019 are studied to see whether the firm sector, the presence of female employees, qualified personnel, a company agreement and an equality plan determine these types of practices.

The results indicate a negative relationship between the firm activity sector and adopting work–life balance practices. Industrial companies offer fewer work–life balance measures than service companies. A company agreement implies more extensive adoption of work-life practices. Older companies are characterized by greater adoption of work-life practices, in contrast to their level of profitability that is associated negatively with these practices.

Since it is difficult for industrial companies to change their idiosyncrasies, it is necessary to incorporate other measures that promote work–life balance, such as timetable flexibility. Companies and policymakers should promote the advantages of a company agreement to contribute to the implementation of work–life balance practices.

The empirical evidence is scarce, especially in Spain and at the company level, given that most previous studies have focused on workers and the Anglo-Saxon sphere. Given the growing interest in this topic in the business world, the authors intend to contribute to this scarce literature by incorporating variables considered in previous studies, as well as other more innovative ones (agreement, equality plan) in a single model through a longitudinal study.

Estudiar empíricamente los factores determinantes de la adopción de medidas de conciliación a nivel de empresa.

Tras revisar las teorías que explican la adopción de prácticas de conciliación, se estudia para las empresas españolas del IBEX-35 durante el periodo 2015–2019, si el sector de actividad, la presencia de mujeres y de personal cualificado, así como la existencia de un convenio de empresa y de un plan de igualdad, determinan este tipo de prácticas.

Los resultados sugieren una relación negativa entre el tipo de sector al que pertenece la empresa y el índice de conciliación. Las compañías industriales poseen un menor índice de conciliación que las de servicios. La existencia de un convenio de empresa permite un mayor índice de conciliación. El índice de conciliación tiene mayor nivel de implantación en las empresas con mayor antigüedad si bien un mayor nivel de rentabilidad está asociado de modo negativo con las prácticas de conciliación.

En las empresas industriales es necesaria la incorporación de otras medidas que fomenten la conciliación, como, por ejemplo, la flexibilidad de entrada y salida. Animar a las empresas y policymarkers a incidir en las ventajas de un convenio de empresa puede contribuir al fomento de la implantación de medidas de conciliación.

La evidencia empírica es escasa para el caso español, y a nivel de empresa, dado que la mayoría de estudios previos han analizado al trabajador como objeto de estudio y pertenecen al ámbito anglosajón. Considerando el creciente interés de este tema en el mundo empresarial, se pretende contribuir a esta escasa literatura en España, incorporando tanto variables consideradas en estudios previos como otras más novedosas (convenio, plan de igualdad) a través de un estudio longitudinal.

This introductory paper aims to provide a contextualization of recent research and applications on work team effectiveness in organizational contexts carried out in Spain and Portugal and to describe connections between this research and the main trends in the international scene.

Since the 1990s, new occupational and organizational realities have deepened scientific interest in work teams in both Spain and Portugal. A range of recently published (1992‐2004) works in this area are reviewed. The selected sources are papers published in Spanish, Portuguese and international journals.

Reviewing this work, four major trends are identified that synthesize the key concerns of researches in both countries: work teams and new information/communication technologies; intra‐ and inter‐group conflicts in organizational contexts; definition, dimensions and measurement criteria for work team effectiveness; and teams in innovation and change processes.

This paper fulfils a panoramic vision of this research area in both Spain and Portugal, and provides an overview of the papers included in this special issue and an outlook for the future.

This chapter demonstrates how Argentine law court sentences have constructed a “legal truth” regarding the unlawfully appropriated children of people “disappeared” during the last military dictatorship (1976–1983). There are two discursive processes involved in the construction of that truth. On one hand, the courts reinterpret the crime of “abduction of minors” to emphasize the damage done to families in the exercise of their rights, and on the other hand, they link illegal appropriation to the military government’s counterinsurgency policies. Lastly, in the construction of this “legal truth,” the sentences employ other discourses, particularly those of genealogy, psychoanalysis, and human rights.