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Article
Publication date: 23 August 2021

Diana Kolbe, Marta Frasquet and Haydee Calderon

This study aims to extend the existing base of knowledge of proactive and reactive market orientation and innovation capability by testing their impact on the export performance…

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Abstract

Purpose

This study aims to extend the existing base of knowledge of proactive and reactive market orientation and innovation capability by testing their impact on the export performance of emerging-market small- and medium-sized enterprises (SMEs) in a Latin American context.

Design/methodology/approach

This paper is a replication study, and its data were collected through a survey answered by general, marketing, sales or export managers at 155 Mexican SMEs. The research model was tested using partial least squares.

Findings

The study results indicate that innovation capability and reactive market orientation are drivers of export performance in Latin American SMEs. Moreover, proactive market orientation has been found to have an indirect effect on export results.

Practical implications

This study highlights to managers of Latin American SMEs the importance of capability development and deployment to improve export performance.

Social implications

SMEs enabled by strategic and technological innovation based on current and latent customer needs can advantageously perform in foreign markets and can drive economic growth and social and human development in Latin America.

Originality/value

Recent studies have focused on emerging-market enterprises and the necessity of developing dynamic capabilities to achieve internationalisation. This study extends previous research by assessing the robustness and generalizability of drivers in export performance for manufacturing SMEs in Latin America. In particular, it provides empirical insights on the capabilities to develop by Latin American SMEs to achieve better export performance.

Details

Multinational Business Review, vol. 30 no. 2
Type: Research Article
ISSN: 1525-383X

Keywords

Article
Publication date: 9 March 2015

Mohamed El Hédi Arouri, Amine Lahiani and Duc Khuong Nguyen

This paper aims to investigate the return links and volatility transmission between five major equity markets of the Latin American region and the USA over the period 1993-2012…

Abstract

Purpose

This paper aims to investigate the return links and volatility transmission between five major equity markets of the Latin American region and the USA over the period 1993-2012.

Design/methodology/approach

The authors employ a multivariate vector autoregressive moving average – generalized autoregressive conditional heteroskedasticity (VAR-GARCH) methodology which allows for cross-market transmissions in both return and volatility. Moreover, we show how the obtained results can be used to design internationally diversified portfolios involving the Latin American assets and to analyze the effectiveness of hedging strategies.

Findings

The results point to the existence of substantial cross-market return and volatility spillovers and are thus crucial for international portfolio management in the Latin American region. However, the intensity of shock and volatility cross effects varies across the studied markets.

Research limitations/implications

The optimal weights and hedging ratios that we compute from the observed return and volatility spillovers, suggest that adding the Latin American assets helps improve the risk-adjusted return of the internationally diversified portfolios as well as reduce their risk exposure. For policymakers and market authorities, an increase in the level of shock interactions and volatility transmission between the US and Latin American equity markets as well as among these Latin American markets implies that the stability of the financial system in one country can be deeply affected by the disturbances in another country.

Originality/value

The authors extend the previous works on Latin American emerging markets by examining the extent of shock and volatility transmission as well as portfolio design and management from the point of view of both the US (global) and Latin American investors.

Details

European Business Review, vol. 27 no. 2
Type: Research Article
ISSN: 0955-534X

Keywords

Article
Publication date: 14 January 2014

Constanza Bianchi

This paper aims to explore how firms from a Latin American market internationalise using the resource-based view of the firm as a theoretical foundation. Specifically, it examines…

2457

Abstract

Purpose

This paper aims to explore how firms from a Latin American market internationalise using the resource-based view of the firm as a theoretical foundation. Specifically, it examines the internationalisation process of three Chilean companies that have become relevant international players.

Design/methodology/approach

Drawing on interviews with company managers, as well as industry data and corporate reports, this paper provides insights into the successful internationalisation process of emerging market firms.

Findings

The findings of this study suggest that specific capabilities and resources, such as belonging to a family conglomerate, domestic and foreign partnerships and networks, innovation and market orientation, and an experienced management team, are required for emerging market firms to internationalise and improve their performance in foreign markets.

Originality/value

This study is one of the few to address the internationalisation process of Chilean companies.

Details

International Journal of Emerging Markets, vol. 9 no. 1
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 8 November 2018

Marta Olivia Rovedder de Oliveira, Aline Armanini Stefanan and Mauri Leodir Lobler

This study aims to compare the performance of stocks of companies with high brand equity with the stocks of other companies listed on the stock market of emerging countries of…

Abstract

Purpose

This study aims to compare the performance of stocks of companies with high brand equity with the stocks of other companies listed on the stock market of emerging countries of Latin America: Brazil, Chile, Colombia, Mexico and Peru.

Design/methodology/approach

The valuable brands (brands with high brand equity) considered were the most valuable Latin America brands according to the Millward Brown reports. Carhart four-factor model was used to analyze performance and the total sample included 732 stocks in the Latin American market collected at Economatica, monthly, for a period of 10 years.

Findings

The Valuable Brands Portfolio presents the lowest investment risk, suggesting that stocks of companies with valuable brands ensure lower risk investment to shareholders in these emerging markets.

Originality/value

This study is the first to associate brand equity with the creation of shareholder value in the context of emerging Latin American countries. In addition, the proposed method has also not been used previously to study emerging countries. The association found between a marketing asset (brand equity) and stock market performance contributes to improve the relationship between marketing and finance areas. The results of this study in emerging markets corroborate previous studies in developed markets, strongly suggesting the confirmation of the effect of brand equity on the reduction of risk stock.

Details

Journal of Product & Brand Management, vol. 27 no. 5
Type: Research Article
ISSN: 1061-0421

Keywords

Article
Publication date: 7 October 2014

Gaston Fornes and Alan Butt-Philip

This paper aims to analyse the characteristics of Chinese multinational corporations in other emerging economies using evidence from Latin America (LA) vis-à-vis the features…

Abstract

Purpose

This paper aims to analyse the characteristics of Chinese multinational corporations in other emerging economies using evidence from Latin America (LA) vis-à-vis the features found in previous studies of Chinese companies operating in developed countries.

Design

It does this by studying the fit of theoretical frameworks recently developed for Chinese firms, the support from the government and the strength of their capabilities in relation to those of local competitors. The analysis is based on case studies with data collected from a theoretical sample of Chinese companies operating in LA.

Findings

The results show that these companies seem to be following a pattern similar to that described by Mathews’s (2006) Linkage–Leverage–Learning, that the support from the government does not seem to play an important role in their internationalisation process, that they appear to have developed a set of capabilities strong enough to compete in the host market (in particular how to combine their strengths with those of local partners) and that they are engaged in a positive cycle of development that helps them to overcome some of the challenges and barriers of operating in Latin American emerging markets by complementing/leveraging their strengths with those of local firms.

Originality/value

The findings indicate that Chinese companies are following patterns in their internationalisation to Latin American emerging markets that seems to be a combination of conventional theories (including previous studies on emerging markets-based firms) with idiosyncratic elements.

Details

European Business Review, vol. 26 no. 6
Type: Research Article
ISSN: 0955-534X

Keywords

Book part
Publication date: 4 April 2005

Alejandra Cabello and Edgar Ortiz

Deviations from efficiency widely documented for the case of developed capital markets include the presence of seasonal patterns. These anomalies, fairly well known by investors…

Abstract

Deviations from efficiency widely documented for the case of developed capital markets include the presence of seasonal patterns. These anomalies, fairly well known by investors, could possibly lead to obtaining extraordinary gains. Although markets from the developing and transitional economies have grown significantly during the last decades, research concerning their seasonal behavior is limited. This paper examines the day-of-the week and month-of-the year effect for the seven Latin American stock exchanges: Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela. Returns derived from the local nominal indexes, adjusted for inflation indexes, and dollar adjusted indexes are analyzed to identify the behavior of each exchange and draw some comparisons.

Details

Latin American Financial Markets: Developments in Financial Innovations
Type: Book
ISBN: 978-1-84950-315-0

Article
Publication date: 1 March 1999

Gustavo Cañonero and Liliana Rojas Suárez

Latin America's contagion from the Asian shock was limited because: a) the region had successfully implemented structural reforms in recent years; b) policymakers acted swiftly to…

Abstract

Latin America's contagion from the Asian shock was limited because: a) the region had successfully implemented structural reforms in recent years; b) policymakers acted swiftly to make appropriate changes in fiscal and monetary policy; and c) abundant reserves facilitated a relatively smooth adjustment. The Russian shock proved much harder to weather, as it adversely affected risk perception about emerging markets as an asset class resulting in an abrupt halt of capital inflows and a deep recession. Recent developments in international capital markets suggest a more benign environment for growth. This, however, provides no guarantee of a sustainable recovery for all economies in the region.

Details

Journal of Financial Regulation and Compliance, vol. 7 no. 3
Type: Research Article
ISSN: 1358-1988

Article
Publication date: 10 August 2015

Mbaye Fall Diallo, Steve Burt and Leigh Sparks

The purpose of this paper is to investigate the role of image and consumer factors in influencing store brand (SB) choice between two retail chains (Carrefour and Extra) in a Latin

1922

Abstract

Purpose

The purpose of this paper is to investigate the role of image and consumer factors in influencing store brand (SB) choice between two retail chains (Carrefour and Extra) in a Latin American market, Brazil. SBs are increasingly offered by retailers in emerging markets. What is less clear, however, is how emerging market consumers make their choices between the SBs on offer from different retail chains.

Design/methodology/approach

A mall-intercept survey conducted by a Brazilian market research company generated 600 usable questionnaires collected in two retail chains. Structural equation modelling was used to test a series of proposed hypotheses.

Findings

The results revealed that SB attitude, SB price-image, store image perceptions, SB perceived value and SB purchase intention have significant and positive direct or indirect effects on SB choice overall, and for each retail chain. However, for price-related constructs, the relationships are stronger for the Extra chain compared to the Carrefour chain. Results show that the Brazilian market presents some departures from both developed and other emerging countries.

Research limitations/implications

Respondents were consumers in only one Latin American market (Brazil) and shoppers of only two retail chains. Caution should therefore be exercised when generalising the results to other markets in Latin America.

Practical implications

Understanding which factors influence consumer choice of SBs in an emerging market while taking into account the presence of different operators allows retailers to launch new SB programs and implement the appropriate strategies to increase SB sales in this market.

Originality/value

The main contribution of this research lies in clarifying consumer behaviour towards SBs in an emerging Latin American market. It fills a major gap in the marketing literature and research in stressing the need to rethink the application of conventional business models to Latin America.

Details

European Business Review, vol. 27 no. 5
Type: Research Article
ISSN: 0955-534X

Keywords

Article
Publication date: 12 April 2011

Gaston Fornes and Alan Butt‐Philip

This paper aims to review and analyse the literature on the internationalisation of companies from China to Latin America (LA).

1841

Abstract

Purpose

This paper aims to review and analyse the literature on the internationalisation of companies from China to Latin America (LA).

Design/methodology/approach

The approach taken is that of a general review.

Findings

The analysis shows that: the vast majority of academic literature relates to the characteristics of Chinese MNCs and their expansion into developed countries; the available evidence tends to suggest that China's MNCs already possess some competitive capabilities that, although not yet completely developed and consolidated to compete against companies in developed countries, seem to have achieved a certain level that allows them to successfully compete in Latin American markets; the Chinese Government has directly participated by committing most of the investments itself and also by signing treaties and trade and investment agreements with more than 20 developing countries; and the current trade and investment figures hint that, in the medium term, Chinese MNCs may be involved in market‐seeking FDI in LA.

Originality/value

These findings seem to question the fit of existing theories with the reality of China's firms and the need for further studies in this area.

Details

International Journal of Emerging Markets, vol. 6 no. 2
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 10 January 2018

Constanza Bianchi, Jorge Carneiro and Rumintha Wickramasekera

Enhancing firm commitment towards internationalisation is an important step towards ensuring successful international performance. However, there is limited research on this topic…

1101

Abstract

Purpose

Enhancing firm commitment towards internationalisation is an important step towards ensuring successful international performance. However, there is limited research on this topic for emerging market firms. The purpose of this paper is to investigate the factors that influence the internationalisation commitment of emerging market firms located in two Latin American countries with different institutional environments.

Design/methodology/approach

This study proposes and tests a conceptual model that includes drivers and barriers of internationalisation commitment. Data were collected from Chilean and Brazilian firms. The model uses confirmatory factor analysis to develop the underlying multi-item constructs and structural equation modelling to test the model.

Findings

The results show that managers’ perceptions of firm resources and capabilities are significant drivers of internationalisation commitment in both countries. In addition, perceptions of internal firm-specific barriers, such as a manager’s lack of international experience and knowledge, are negatively related to internationalisation commitment in Chile, but not in Brazil. Finally, external environmental barriers are negatively related to internationalisation commitment in Brazil, but not in Chile.

Practical implications

The context for the study is Chile and Brazil. Both are important emerging markets in Latin America, with a strong focus on firm internationalisation. The research design is cross-sectional and so does not allow for any causal claims to be made. The findings have important implications for internationalisation efforts of managers and export promotion agencies of emerging markets with different institutional environments.

Originality/value

This research contributes to the relatively scant but increasing number of empirical studies which investigate emerging market internationalisation in Latin America.

Details

Journal of Small Business and Enterprise Development, vol. 25 no. 2
Type: Research Article
ISSN: 1462-6004

Keywords

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