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This paper aims to examine the relationship between control mechanisms and marketing performance based on a sample of marketing managers. To that end, this paper focuses on the relationship between the types of controls used in marketing and the market and business results.

This study collected the data through a survey among marketing professionals with experience and decision-making capacity involving marketing budgets and plans, in practical terms a sample of 97 marketing managers and analyzed the data via a structural equation model using Smart PLS 3.

The findings confirm that marketing control mechanisms have a significant impact on business results, demonstrating the relationship of formal controls with market results and the relationship between informal controls with financial results. Likewise, the authors were able to prove that there is a relationship between formal and informal control.

The implementation of the control mechanisms should be based on the development of a detailed evaluation system of the activities carried out by the marketing employees and an analysis of their capabilities and abilities. In addition, managers should integrate formal control decisions into their marketing strategy to improve organizational results.

The results of this study help explain the relationship between marketing control mechanisms and organizational results and allow to understand what the level of influence is that marketing control mechanisms have on market and financial results.

Examinar la relación entre los mecanismos de control y los resultados a partir de una muestra de directores de marketing. Con ese fin, el documento se centra en la relación entre los tipos de controles utilizados en marketing y los resultados de mercado y financieros.

Los datos fueron recolectados a través de una encuesta entre profesionales del marketing con experiencia y capacidad de toma de decisiones sobre presupuestos y planes de marketing. Contando con una muestra de 97 gerentes de marketing. Los datos se analizaron mediante un modelo de ecuación estructural (SEM) utilizando Smart PLS 3.

Se confirma el impacto significativo de los mecanismos de control de marketing sobre los resultados organizacionales, demostrando la relación del control formal con los resultados de mercado, y la relación entre el control informal con los resultados financieros. Asimismo, se pudo comprobar que existe una relación entre el control formal e informal.

Los resultados ayudan a explicar la relación entre los mecanismos de control de marketing y los resultados organizacionales, y permiten comprender cuál es el nivel de influencia que tienen los mecanismos de control de marketing sobre los resultados de mercado y los financieros.

La implementación de los mecanismos de control debe basarse en el desarrollo de un sistema de evaluación detallado de las actividades realizadas por los empleados de marketing y un análisis de sus capacidades y habilidades. Además, los gerentes deben integrar las decisiones de control formal en su estrategia de marketing para mejorar los resultados organizacionales.

Control formal, Control informal, Resultados de mercado, Resultados financieros, Departamento de marketing, Calidad del producto, Cobertura de mercado, Precio relativo, Valor de la marca, Lealtad, Marketing digital

Tipo de artículo – Trabajo de investigacion

基于对营销经理的抽样调查, 研究控制机制与营销业绩之间的关系。为此, 本文着重研究了市场营销中使用的控制类型与市场和经营结果之间的关系。

我们通过对具有涉及营销预算和计划的经验和决策能力的营销专业人员的调查来收集数据, 实际上是对97名营销经理的抽样调查, 并通过使用Smart PLS 3的结构方程模型（SEM）来分析数据。

研究结果证实, 营销控制机制对商业结果有重大影响, 证明了正式控制与市场结果的关系, 以及非正式控制与财务结果的关系。同样, 我们也能够证明正式控制和非正式控制之间存在着关系。

本研究的结果有助于解释营销控制机制与组织结果之间的关系, 使我们能够了解营销控制机制对市场和财务结果的影响程度如何。

控制机制的实施应该建立在对营销员工所进行的活动制定详细的评估体系, 以及对他们的能力和水平进行分析的基础上。此外, 管理者应将正式的控制决策纳入其营销战略, 以提高组织结果。

正式控制；非正式控制；市场结果；财务结果；营销部门；产品质量；市场覆盖率；相对价格；品牌价值；忠诚度；数字营销

纸张类型 – 研究论文

The purpose of this paper is to examine how shocks suffered by rural households in Ethiopia influence their decision to borrow and the source of credit.

First, suppose a household faces a set of four borrowing alternatives: only formal borrowing, only informal borrowing, both formal and informal borrowing, and non-borrowing. Second, the paper assumes that the random component is independently and identically distributed in accordance with the extreme value distribution. These assumptions lead to the multinomial logit model. The paper estimates the model using data from a survey of 350 rural households in Southern Ethiopia.

The paper finds that shocks are important factors in explaining both the decision to borrow and the source of credit. In particular, negative shocks that affect household's assets, such as the seizing of farmland and theft, or human capital, such as the death of the family head, reduce the probability of borrowing from formal lenders or from both formal and informal lenders at the same time. The study supports only to some extent the assumption that informal credit contributes to smooth consumption. Last, networking effect is very significant and demonstrates how the two markets interact.

A model that would consider dynamic consumption patterns would have been more appropriate. In fact, one of the limitations of the study is the reliance on a cross-section analysis and the data is limited to just one village. Further research would extend the data set geographically and across time.

The formal lenders are not willing to provide contingent loans, maybe because of a limited ability to assess and diversify risk. Besides, the available formal credit products are not proper to finance long term risk management strategies but pesticides, fertilizers and improved seeds that are entirely used in every agricultural cycle. In this regard, proper risk transfer strategies and instruments, as well as better tailored loan products, are needed in order to increase outreach into the rural areas.

To the authors’ knowledge, this is the first paper that investigates how shocks influence the decision to borrow and the source of credit in Ethiopia.

Finance is crucial to boosting agricultural development in developing countries. This paper aims to investigate the effects of rural formal and informal financial access on agricultural technical efficiency (TE) in China.

Based on the survey data of demonstrative family farms in Langxi county, Anhui province and Wuhan city, Hubei province in central China in 2017, this research assesses agricultural TE by using a three-stage DEA model. It adopts the tobit model to evaluate the effects of formal and informal financial access on TE, and to explore the heterogeneous effects by types, management states and scales. It uses the OLS regression and PSM method to check the robustness, and applies the IV-Tobit method to solve the endogeneity. The authors apply the mediation effect model to explore the channels through which financial access impacts TE.

Family farms' average TE reaches 13.9%, which shows much room for improvement under the given technical conditions and constant inputs. The research confirms the advantage of formal financial access in raising TE relative to informal financial access. The heterogeneous analysis documents more prominent effects of formal financial access on enhancing TE of aquaculture, hybrid, demonstration and large farms. The mediating effect model reveals that the enhancing TE effect of formal financial access derives from improved machinery investment and family labor division rather than land circulation.

The research clarifies finance into formal and informal finance. The results have considerable policy implications for rural financial policies in China.

This study simultaneously explores the nexus among formal, semiformal and informal credit markets and farm households' credit demand determinants in Vietnam.

This study uses a multistage stratified random sampling process for a survey of 648 smallholder farmers in the Red River Delta (RRD), Vietnam. The trivariate probit model (TVPM) is used to address the interdependence of farm households' credit demands in different credit markets.

The results reveal complementary relationships among two pairs of credit markets (formal versus informal and semiformal versus informal). There are dissimilarities among the determinants (household characteristics, household head's characteristics, credit history and geographic factors) of farm households' credit demands in different markets, reflecting segmentation of Vietnam credit markets.

The study's empirical findings are important for policymakers and credit providers to enhance farm households' access to credit for agriculture and to improve the operations of the three credit markets.

This is the first empirical study in Vietnam and one of few in other developing countries simultaneously exploring the determinants of credit demand in and interrelationships among all three credit markets to provide more comprehensive and accurate results.

The present study aimed to provide an understanding of the roles of community-based financial service organizations (i.e. rotating savings and credit associations [ROSCAs] as institutional pillars in facilitating low-income, unbanked consumers’ access to informal financial services).

Semi-structured interviews were conducted with 39 low-income, unbanked consumers participating in ROSCAs in Pakistan, where only 21% of adults have a bank account and almost four out of five individuals live on a low income. The obtained data were analyzed using the thematic analysis technique.

ROSCAs’ regulatory, sociocultural and cognitive aspects facilitate low-income, unbanked consumers’ utilization of informal financial services owing to their approachability by, suitability for, and fairness to such consumers. Thus, they promote such consumers’ financial inclusion.

Low-income consumers are mostly unable to access formal financial services due to the existing supply- and demand-side impediments. Understanding ROSCAs’ institutional functioning can help formal financial service providers create more transformative financial services based on the positive institutional aspects of ROSCAs to enhance poor consumers’ financial inclusion and well-being.

The inclusion of low-income, unbanked consumers in formal banking services will help them better control their finances.

Many low-income, unbanked consumers in developing countries utilize informal financial services to meet their basic financial needs, but service researchers have rarely investigated how informal financial institutions function. The present study showed that ROSCAs, as informal institutions, meet low-income, unbanked consumers’ personal, social and financial needs in a befitting manner, which encourages such consumers to use the financial services offered by ROSCAs.

This study aims to examine the multidimensional nature of institutional distance as a driver of acquisition decisions in emerging markets. Then, this study aims to offer a nuanced perspective on the role of its various formal and informal dimensions by taking into account the potential contingency role played by a firm’s context experience.

Building on institutional economics and organizational institutionalism, this study explores the heterogeneity of institutional distance and its effects on the decision to enter emerging versus advanced markets through cross-border acquisitions. Thus, institutional distance is disentangled into its formal and informal dimensions, the former being captured by regulatory efficiency, country governance and financial development. Furthermore, our framework examines the moderating effect of an acquiring firm’s experience in institutionally similar environments, defined as context experience. The hypotheses are analyzed on a sample of 496 cross-border acquisitions by Italian companies in 41 countries from 2008 to 2018.

Findings indicate that at an increasing distance in terms of regulatory efficiency and financial development, acquiring firms are less likely to enter emerging markets, while informal institutional distance is positively associated with such acquisitions. Context experience mitigates the negative effect of formal distance and enhances the positive effect of informal distance.

This study contributes to institutional distance literature in multiple ways. First, by bridging institutional economics and organizational institutionalism and second, by examining the heterogeneity of formal and informal dimensions of distance, this study offers a finer-grained perspective on how institutional distance affects acquisition decisions. Finally, it offers a contingency perspective on the role of context experience.

In developing economies, 30% of the gross domestic product on average is undertaken by unregistered businesses. The informal economy leads to high opportunity costs by preventing gains from trade with strangers. To overcome this obstacle, sellers who usually operate in the informal economy should strive to move to formal markets. Current theories are drawn from a view of markets as institutions governed by formal and informal rules. In a nutshell, informal-formal market transitions must be met with a regulative solution. However, the overall results have been disappointing. This failure invites a re-diagnosis of the problem that informal sellers face to act in formal markets and suggesting novel solutions. This paper aims to address this gap.

This is a conceptual paper. The authors adopt MacInnis’s (2011) framework to characterize the approach to theory development.

The authors argue that extant views of formal/informal markets differences address only one of Scott’s (2014) three pillars (regulative, normative and cultural-cognitive). By drawing on Bourdieu’s legacy, the authors propose a cultural-cognitive reading of institutions and suggest it offers a lens to understand the problem as an access challenge, and thus a marketing problem. This perspective allows us to conceptualize informal/formal markets as two distinct institutional fields and argues that all individuals inhabit a particular habitus and contend that moving between markets requires a habitus shift. Thus, acting in formal markets involves bridging a habitus gap. Finally, the authors argue the need for a market-facing intermediary that takes on a market habitus bridging role.

The authors suggest future research efforts could benefit from this new conceptual lens as a means of re-diagnosing other forms of market access that have produced disappointing results.

By looking at differences between formal and informal markets as a habitus gap, the allocation of public funds to support transitions can be better targeted and spent.

The concept of market-facing intermediaries suggests that the beneficiary (e.g. informal seller) and target populations can be different. This insight could catalyze social innovation and trigger novel perspectives to design systemic solutions.

Conceptualizing the formal-informal market transition as a habitus gap suggests new directions to resolve access challenges and a new mediator solution.

The dependence of farmers on money lenders for agricultural credit despite the penetration of the formal financial sector with subsidized interest rates remains an economic puzzle. The purpose of this paper is to revisit the relationship between money lenders and farmers in the presence of trade-loan nexus.

The study provides a theoretical framework supported by empirical evidence. It uses primary survey data of farmers in a major potato producing district of West Bengal, India. For the empirical analysis, apart from descriptive statistics, the authors use a logit regression model to derive insights from some testable hypotheses.

The study finds that trade-loan nexus increases defaults on agricultural loans through two channels: first, by increasing loan requirement and repayment obligations through high input prices and interest rates, respectively; and second, by reducing income of farmers by setting low prices for the output.

The functioning of money lenders in rural areas, including their sources of finance and political control over local economy, and the existing social hierarchies in the rural context will have to be studied in detail to understand the complexities of the issue.

The findings of the study underline the need for policy initiatives to break the trade-loan nexus to reduce the dependence of farmers on money lenders.

The higher defaults help the money lender to sustain in the rural agricultural loan market as the formal sector becomes reluctant to lend in the presence of pervasive defaults.

The study is entirely original based on primary survey data of seven blocks of a major potato producing district in West Bengal, India. It could be the first such study on the subject. The findings are fresh and expected to contribute to development economics and agriculture finance literature and policy making.

The authors explore how home and host market institutions impact emerging market (EM) international entrepreneurship (IE) into developed markets.

Based on four case studies of Nigerian entrepreneurs expanding into the USA, this qualitative research adopts an institutional perspective to the study of EM IE.

The findings show home and host formal and informal institutions simultaneously enable and constrain the IE process. Weak home institutions shape the international opportunity recognition decision but seriously impede international opportunity development and exploitation activities in the developed market. EM entrepreneurs benefit from highly functioning regulation in the developed market whilst also experiencing discriminatory treatment from institutions. The findings of the study further show the positive and constraining effects of host institutions throughout the process.

Based on the findings, the paper details future research ideas, managerial implications and recommendation for policymakers.