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The purpose of this study is to evaluate the impact of research and development (R&D) subsidies and tax credits on the innovative processes of Chilean firms.

Probit and tobit models for pseudo-panel with instrumental variables are estimated using data from different versions of the Innovation Survey covering the period 2007–2016.

The results show that R&D subsidies and tax credits have a statistically significant and positive effect on the probability of performing internal and external R&D, but do not affect the intensity of R&D spending, reflecting a crowding-out effect on private funds of both instruments. On the other hand, firms that simultaneously receive R&D subsidies and tax credits have a lower percentage of innovative sales. Furthermore, there are not effects statistically significant of the R&D subsidies and/or tax credits on the number of intellectual property rights applications.

It is concluded that both instruments have not been effective to encourage innovative outputs in Chilean firms.

Este estudio evalúa el impacto de los subsidios e incentivos tributarios para investigación y desarrollo (I&D) sobre los procesos innovativos de las firmas chilenas.

Se estiman modelos Probit y Tobit con variables instrumentales para pseudo-panel a partir de datos provenientes de diversas versiones de la Encuesta de Innovación que cubren el periodo 2007–2016.

Los resultados muestran que los subsidios e incentivos tributarios para I&D tienen un efecto positivo y estadísticamente significativo sobre la probabilidad de realizar I&D interna y externa, pero no afectan la intensidad del gasto en I&D lo que refleja un efecto expulsión sobre los fondos privados de ambos instrumentos. Por otro lado, las firmas que reciben simultáneamente subsidios e incentivos tributarios para I&D tienen menor porcentaje de ventas innovativas. Además, no se detecta un impacto significativo de los subsidios y/o incentivos tributarios sobre los derechos de propiedad intelectual solicitados por las firmas.

Así, se concluye que ambos instrumentos no han sido efectivos para incentivar los outputs innovativos en las firmas chilenas.

Polymeric parts produced by 3D stereolithography (SL) process have poorer mechanical properties as compared to their counterparts fabricated via conventional methods, such as injection or compression molding. Adding nanofillers in the photopolymer resin for SL could help improve mechanical properties. This study aims to achieve enhancement in mechanical properties of parts fabricated by SL, for functional applications, by using well-dispersed nanofillers in the photopolymers, together with suitable post-processing.

Carbon nanotubes (CNTs) have high strength and Young’s modulus, making them attractive nanofillers. However, dispersion of CNTs in photopolymer is a critical challenge, as they tend to agglomerate easily. Achieving good dispersion is crucial to improve the mechanical properties; thus, suitable dispersion mechanisms and processes are examined. Solvent exchange process was found to improve the dispersion of multiwalled carbon nanotubes in the photopolymer. The UV-absorbing nature of CNTs was also discovered to affect the curing properties. With suitable post processing, coupled with thermal curing, the mechanical properties of SL parts made from CNTs-filled resin improved significantly.

With the addition of 0.25 wt.% CNTs into the photopolymer, tensile stress and elongation of the 3D printed parts increased by 70 and 46 per cent, respectively. With the significant improvement, the achieved tensile strength is comparable to parts manufactured by conventional methods.

This allows functional parts to be manufactured using SL.

In this paper, an improved procedure to incorporate CNTs into the photopolymer was developed. Furthermore, because of strong UV-absorption nature of CNTs, curing properties of photopolymer and SL parts with and without CNT fillers were studied. Optimized curing parameters were determined and additional post-processing step for thermal curing was discovered as an essential step in order to further enhance the mechanical properties of SL composite parts.

This paper aims to provide a review on the process of additive manufacturing of ceramic materials, focusing on partial and full melting of ceramic powder by a high-energy laser beam without the use of binders.

Selective laser sintering or melting (SLS/SLM) techniques are first introduced, followed by analysis of results from silica (SiO₂), zirconia (ZrO₂) and ceramic-reinforced metal matrix composites processed by direct laser sintering and melting.

At the current state of technology, it is still a challenge to fabricate dense ceramic components directly using SLS/SLM. Critical challenges encountered during direct laser melting of ceramic will be discussed, including deposition of ceramic powder layer, interaction between laser and powder particles, dynamic melting and consolidation mechanism of the process and the presence of residual stresses in ceramics processed via SLS/SLM.

Despite the challenges, SLS/SLM still has the potential in fabrication of ceramics. Additional research is needed to understand and establish the optimal interaction between the laser beam and ceramic powder bed for full density part fabrication. Looking into the future, other melting-based techniques for ceramic and composites are presented, along with their potential applications.

This case can be used to help students achieve the following objectives: To project financial statements and assemble different pieces of financial information to create a valuation model (objective #1, create), To calculate a value for Arcor shares, supporting the estimated value with the chosen assumptions and methodologies (objective #2, evaluate), To draw connections between four different approaches to valuation (DCF, EVA, RV and VI), contrasting them and weighting their advantages and limitations (objective #3, analyze), To examine the relationship between forecasted financial statements and valuation (objective #3, analyze), To discuss the calculation of the Weighted Average Cost of Capital in a new situation as is an emerging economy, with the corresponding country-risk adjustment (objective #4, apply), To discuss the sources of value creation in a family-owned private company in a developing economy (objective #4, apply), To understand the dilemma that the head of a company was facing, identifying the three possible financing alternatives discussed in the text as follows: corporate bonds, earnings reinvestment and an IPO (objective #5, understand). To recall basic facts, as the main character’s opinion on the direction of the local economy or the fact that Arcor already complies with the information requirements of a public company (objective #7, remember).

This case is based on the valuation of the world’s largest candy maker, Arcor S.A.I.C., originally a Latin American company, which remains a private family business. The key problem presented by the case is the use of different valuation approaches to price Arcor shares, in view of a possible Initial Public Offer. The case illustrates the application of four main valuation approaches as follows: Discounted Cash Flow (DCF), Economic Value Added (EVA), Relative Valuation (RV) and Value Investing (VI). Additionally, it includes a fundamental analysis of eight years of historical financial information and the preparation of forecasted financial statements. Set in a developing economy, the Arcor case introduces the complexities of calculating the cost of capital with the inclusion of country risk, as well as the financial analysis distortions caused by an environment of high inflation.

The Arcor case is appropriate to be used in graduate courses of Corporate Finance, Valuation or Private Equity.

Teaching notes are available for educators only.

CSS 1: Accounting and Finance.

The purpose of this study is to propose a new mapping tool called Circular Value Stream Mapping (C-VSM) that combines Circular Economy principles with Lean tools to enhance sustainability performance in operations.

To develop the C-VSM tool, the researchers conducted a literature review and a focus group. The tool was then applied to two real case studies in the agri-food sector, specifically analyzing an artichoke and olive oil producer, to assess its validity and effectiveness.

The study introduces the Circular Resource Box (CRB) as a key innovation in the C-VSM tool. This visual representation effectively captures resource circularity and how resources and wastes are managed, making it easy to identify circularity in the production process. By combining qualitative and quantitative information with this visual representation, companies can identify improvement opportunities aligned with the CE.

The research is limited in scope as it focuses on the application of the C-VSM tool in the agri-food sector. Further research could explore its applicability in other industries and settings to understand its broader impact.

The C-VSM tool provides practical benefits to companies seeking to transition from linear to circular production processes. It enables practitioners to identify opportunities to reduce environmental impacts and optimize production operations in line with CE.

The introduction of the C-VSM tool is a novel approach that bridges the gap between Lean Manufacturing and CE concepts, advancing the understanding of how CE thinking can be effectively implemented in operations.

The current research aimed to examine the prevalence of Instagram posts featuring ultra-processed products targeted at adolescents in Uruguay and hence investigate the frequency of such posts among a vulnerable consumer segment in a country that cannot be classified as WEIRD (i.e. Western, educated, industrialized, rich and democratic).

The study relied on a cross-sectional content analysis. A total of 2,014 Instagram posts promoting ultraprocessed products or brands commercializing such products, generated by 118 Instagram accounts between August 15th, 2020, and February 15th, 2021, were analyzed. Nine indicators of food marketing targeted at adolescents were selected to identify posts targeted at this age segment. Inductive coding was used to describe the content of the posts. Descriptive statistics and generalized linear models were used to analyze the data.

In total, 17.6% of the posts were identified as targeted at adolescents. Graphic design and adolescent language were the most prevalent indicators of marketing targeted at adolescents, followed by explicit references to adolescents or young adults and memes. Posts identified as targeted at adolescents mainly promoted snacks and discretionary foods. Differences in the content of posts identified as targeted and not targeted at adolescents were observed.

The analysis was restricted to one social media platform in one country during a limited period of time, which limits the generalizability of the findings to other media platforms, samples and settings.

Results stress the need to implement digital food marketing regulations to reduce exposure of adolescents to the deleterious effects of stemming from marketing of unhealthy foods and provide empirical evidence to inform their development.

The study breaks new ground by analyzing the prevalence and exploring the characteristics and content of Instagram posts promoting ultra-processed products to adolescents in an under-researched geographic area of the world.

The purpose of this paper is to report on the implications of new and unfamiliar roles for educators, students and employers generated by experiential learning (EL) activities. It considers how a series of tensions and instabilities in traditional role identities for each group arise from an expanded definition of university learning environments.

The paper thus uses the concept of liminality, or “in-between-ness”, to explore processes of role transition via EL. This theme emerged from analysis of qualitative data gathered via focus groups and interviews with academic unit convenors, workplace supervisors and students across a range of disciplines.

Because none of the cohorts were fully supported in or securely ascribed to these new roles, the unsettled nature of EL is argued to be both a key benefit and challenge to educators.

This paper was based on a small-scale study of a specific EL programme. As such, it could be complemented by longitudinal and broader-scale research across different sites and national contexts, as well as with cohorts that the authors do not canvas here: university administrators, policy advisors and employers more broadly.

The paper reflects on how higher education institutions can support participants in these new educational settings, as well as raising the question of whether new roles are still emerging from this process.

The paper canvasses impacts of EL on individual participants as well as the sector itself.

The authors believe that understanding EL activities through the lens of liminality provides a new approach to its impact at individual, institutional and social levels.

The purpose of this paper is to identify and compare cost and carbon critical elements of two office buildings, and to help achieve an optimum balance between the capital cost (CC) and embodied carbon (EC) of buildings.

Case study approach was employed to study cost and carbon critical elements of two office buildings as it allows an in-depth and holistic investigation. Elemental estimates of CC and EC were prepared from BoQs of the two buildings by obtaining rates from the UK Building Blackbook. Pareto principle (80:20 rule) was used to identify carbon and cost critical elements of the two buildings, and the significance hierarchies of building elements were compared.

Substructure, frame and services were identified as both carbon and cost critical elements responsible for more than 70 per cent of the total CC and EC of both buildings. Stairs and ramps, internal doors and fittings, furnishings and equipment were identified to be the least carbon- and cost-significant elements contributing less than 2 per cent of total CC and EC in both buildings. The hierarchy of cost and carbon significance varies between buildings due to the difference in the specification and design.

The increasing significance of dual currency (cost and carbon) demands cost and carbon management during the early stages of projects. Hence, this paper suggests that focusing on carbon and cost-intensive building elements is a way forward to keep both cost and carbon under control during the early stages of projects.

Green Lean tools are aligned with the Circular Economy strategy as they aim at reducing waste, however, they miss the creation of value through waste. Therefore, this paper investigates whether the current implementation of the Green Lean strategy promotes the introduction of the Circular philosophy to achieve sustainable management production processes. It analyses how the resources were managed by implementing the different strategies and tools presented in Green Lean case studies under the lens of Circular Economy and highlights future research paths on the Circular Lean integration.

An analysis of the implementation of Green Lean case studies, selected through a Systematic Literature Review, from the manufacturing sector is conducted.

The majority of Green Lean implementations were aimed at minimizing waste, which is aligned with the narrowing strategy of Circular Economy and only a few cases studies aimed at closing the production cycles. Even though the main results indicate that being eco-efficient is a good starting point to move towards sustainability, from a Circular Economy point of view, this approach could remain limited. Therefore, the current contribution of Green Lean to the implementation of circular practices is limited. It can be concluded that introducing the circular philosophy in the Green Lean methodology can be achieved through redirecting Green Lean from waste reduction towards a value creation focus.

The originality of this paper is that it provides a critical review of the literature on the topic of Green Lean integration and Circular Economy.

The purpose of this paper is to understand the sustained growth of sweet cherry exports in recent years in Argentina and to what extent the coordination mechanisms between public and private institutions can explain the growth.

The research method used in the paper is descriptive and based on in-depth interviews with producers, agencies and institutions from the cherry industry. Qualitative results are complemented with analysis of key market data.

The sweet cherry industry in Argentina underwent a shake up with entry of new vertically integrated players and the technological upgrade of traditional producers that resulted in an export boom. The transformation of the industry was induced by the global market conditions and, more importantly, the promotion and complementarities achieved through a strong public–private partnership. Despite the constant increase in global demand for counter-season cherries, exports from Argentina are currently struggling to sustain growth. Among various bottlenecks, the authors find the instability of government policies (e.g. labor law, tax system, economic and trade policies) as the main cause for the slowdown in investment and expansion of the planted area.

The paper highlights the importance of understanding the growth process of an industry and the different ways in which public and private sectors can enhance export performance. The relationship between the success of private–public partnerships and the particular configuration and characteristics of the industry deserve further study. The usual limitations from single-case studies apply.

The study has two contributions. First, the study uncovers the economics underlying the development and configuration of the sweet cherry industry in Argentina. Second, the study documents a successful case of private–public partnership to boost exports and reach new markets.