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The purpose of this paper is to analyse the Spanish business sector’s economic exposure to currency risk in Latin America between 2010 and 2016, testing the effectiveness of hedging with derivatives for the reduction of this risk.

Economic exposure is tested with the Jorion model (1990) using both a currency basket and an individualised analysis for the main currencies sustaining business activities between Spain and Latin America: the Mexican peso, Brazilian real, Argentine peso, Chilean peso, and Colombian peso. For the hedging analysis, dynamic panel data models were estimated using a generalised method of moments.

The results reveal that the number of firms with significant economic exposure is sensitive to the temporal frequency of the observations. The evidence denotes that the firms’ export profile is predominant, both when considering a basket of Latin American currencies and when individually considering the five main pairs of currencies. The only exception is the Argentine peso, where firms’ import profile is slightly higher. The Chilean peso stands out as the currency with the greatest number of firms with significant exposure.

This work provides unpublished evidence on economic exposure to currency risk in Latin America in a recent period characterised by two main aspects: an important devaluation of some Latin American currencies with respect to the euro; and an enhancement of Spanish business activities in the region to favour growth during the recent recession of the Spanish economy.

este trabajo analiza la exposición económica al riesgo cambiario en Latinoamérica por parte del sector empresarial español entre 2010 y 2016. Asimismo, evalúa la efectividad de la cobertura con productos derivados en su reducción.

la exposición económica es estimada a través del modelo de Jorion (1990), utilizando tanto una cesta de divisas como un análisis individualizado para las principales divisas que sustentan la actividad entre España y Latinoamérica, a saber, Peso mexicano, Real brasileño, Peso argentino, Peso chileno, y Peso colombiano. Respecto al análisis de la cobertura, se estiman modelos dinámicos con datos de panel a través del método generalizado de momentos.

los resultados muestran que el número de empresas con exposición económica significativa es sensible a la frecuencia temporal de las observaciones. Asimismo, la evidencia denota que el perfil exportador de las empresas es mayoritario, tanto al considerar una cesta de divisas latinoamericanas como, individualmente, los cinco principales pares de divisas. La única excepción es el peso argentino, donde el perfil importador de las empresas es levemente superior. Asimismo, el peso chileno destaca como la divisa con mayor número de empresas con exposición significativa.

este trabajo aporta evidencia inédita sobre la exposición económica al riesgo cambiario en Latinoamérica en un período reciente caracterizado por dos aspectos principales: i) una importante depreciación de algunas divisas latinoamericanas respecto al euro; ii) una potenciación de la actividad empresarial española en esa región para favorecer su crecimiento durante la reciente recesión de la economía española.

This paper aims to operationalize and to test the ARCTIC (A – Advantage, R – Relatedness, C – Complexity of Competence, T – Time of Integration, I – Implementation Plan, C – Cultural Fit) framework to assess the prerequisites of competence-based synergy in the acquisition process. The current research provides new analyses of recent acquisitions in the global beauty industry where the ARCTIC framework was satisfied and where the ARCTIC model was NOT satisfied by decisive factors to get the acquisition's synergies. It allows readers to contrast two case studies and grasp how the framework works in greater detail.

The current research relies on an extensive archival search that included financial statements, annual reports, internal documents, industry publications and CEO statements to get at a micro-level understanding. This boosts research data and the operationalization of the ARCTIC framework.

The research identified four steps for investigating whether core competence transfer in an acquisition process would be a source of competence-based synergies. The incorporation of real options into the synergy valuation measures market value-added arising from M&A deals.

The current paper contributes to theoretical and practical issues of global M&As as part of the existing literature of international business and strategic management. The impact on reciprocal synergies of agency problems, external interaction between CEOs in M&A deals, corporate governance systems and an executive compensation theory are promising areas of future research.

El presente artículo pretende poner en práctica y a prueba el esquema ARCTIC a fin de evaluar los requisitos previos de la sinergia basada en las competencias en el proceso de adquisición. Este estudio ofrece nuevos análisis de las recientes adquisiciones acontecidas en el sector de la belleza a nivel mundial en las que se siguió el esquema ARCTIC y en las que NO se siguió por factores decisivos para conseguir las sinergias de la adquisición. Permite a los lectores contrastar dos casos prácticos y comprender con mayor detalle cómo funciona el esquema.

Para el estudio actual se ha llevado a cabo una amplia búsqueda de archivos entre los que se incluyen balances financieros, informes anuales, documentación interna, publicaciones del sector y declaraciones del director general para obtener una comprensión pormenorizada. De este modo, se potencian los datos de la investigación y la puesta en práctica del esquema ARCTIC.

En el estudio se han identificado cuatro pasos que determinan si la transferencia de competencias básicas en un proceso de adquisición sería el origen de sinergias basadas en las competencias. La incorporación de opciones reales en la evaluación de las sinergias mide el valor añadido del mercado derivado de las operaciones de fusión y adquisición.

Este artículo contribuye a los aspectos teóricos y prácticos de las fusiones y las adquisiciones mundiales como parte de la bibliografía existente sobre comercio internacional y gestión estratégica. El impacto de las sinergias recíprocas de problemas del agente-principal, las interacciones externas entre directores generales en acuerdos de fusiones y adquisiciones, los sistemas de gobernanza empresarial y una teoría de la compensación ejecutiva son campos prometedores para futuras investigaciones.

The purpose of this paper is to design a system for measuring the level of internationalisation of companies in the field of developing countries, through latent variables based on multiple indicators, external and internal orientation.

From a sample of 112 international companies in Colombia, the methodology of latent variable analysis (LPA) is applied to a series of complementary tools, such as a model of structural equations, regression models and cluster analysis of companies.

The paper allows to verify the identification of six latent variables and their relationships, as well as to identify four levels of internationalisation from the structure of latent variables identified.

This is the first application of this recent and sophisticated statistical technique to the field of measuring the level of business internationalisation, especially indicated in the Latin American area, where an increasing number of companies are advancing in their process of international expansion.

Diseñar un sistema de medición del nivel de internacionalización de las empresas en el ámbito de los países en vías de desarrollo, mediante variables latentes basadas en múltiples indicadores, de orientación externa e interna.

A partir de una muestra de 112 empresas internacionales de Colombia, se aplica la metodología de Análisis de Variables Latentes (LPA) unod a una serie de herramientas complementarias, como un modelo de ecuaciones estructurales, modelos de regresión and análisis cluster de empresas.

Que permite verificar la identificación de seis variables latentes and sus relaciones, así como identificar cuatro niveles de internacionalización a partir de la estructura de variables latentes identificadas.

Se trata de la primera aplicación de esta reciente and sofisticada técnica estadística al ámbito de la medición del nivel de internacionalización empresarial, especialmente indicada en el ámbito latinoamericano, donde un creciente número de empresas están avanzando en su proceso de expansión internacional.

The sociological and demographic reality of recent decades has meant that western companies have seen an evolution towards greater diversification among their staff members. The implementing of a diversity policy in a company cannot be reduced to a managerial fashion or fad, to professional rhetoric or to a set of superficial or illusory initiatives, but it can aim at social transformation. That is why, in this chapter, the authors have chosen to portray the deployment of such an approach from the standpoint of an organisation-changing process, which can, at the same time, alter the language, the standards and the practices of the organisation and led them at the end to identify three managerial levers capable of transforming team diversity into performance enhancers.

The purpose of this study is to build a proposal for an integrated analysis / evaluation / decision / implementation framework to suit entrepreneurial companies intending to redefine their strategic behaviours and their competitive schemes in the global environment.

A conceptual approach, based on theoretical perspectives relating to globalisation-based management and decision-making of entrepreneurs, is adopted.

The paper presents a conceptual framework useful for supporting entrepreneurial decisions for global strategies, drawing on an integrated analysis of external environment and internal components, with a specific focus on the entrepreneur's characteristics in terms of cognitive and emotional profiles. It is suggested to adopt a logical process aimed at identifying which strategic levers are available for entrepreneurial players to implement their strategies.

Entrepreneurial decision-making may benefit from an integrated framework which helps entrepreneurs, who aim to compete in the global marketplace, to explore and exploit all the key factors useful to defining their strategies.

There is a lack of decision-making frameworks that put the entrepreneur at the centre and, at the same time, present a potential balance between the external factors (globalisation drivers and local opportunities) and the resources and competences required to manage risks and difficulties of the global environment (internal factors). The originality of the proposed framework consists in filling this gap. Moreover, this framework can be useful for “re-born global” or “global-again” firms that are currently a neglected typology of studied firms.

The purpose of this paper is to examine the impact of strategic orientation (defined using the Miles and Snow’s paradigm) on the processes of strategic decision-making and organisational design in medium-sized firms (MEs) operating in the Italian family food and beverage industry (F&B). It answers the following research questions: Does the orientation towards market development lead to different strategic formulation styles and developing innovative approaches towards organisational design?

The study is based on five cases of Italian family MEs operating in the F&B industry with a focus on premium segments, following the Mediobanca and Unioncamere criteria.

The strategy formulation process and the organisational design are affected by strategic orientation, highlighting the relevance of the “prospector” orientation in modifying the behavioural models among the selected companies.

The limitations concern the number of examined case studies and the geographical location of firms.

The attitude to plan and develop new organisational designs is required by a more “prospector” strategic orientation due to the increasing level of work complexity and the process of innovation to manage the market share. Thus, the emergence of a prospector attitude must be reinforced with specific managerial competencies and suggested as necessary support for development strategies.

This study focusses on strategic and organisational profiles of MEs operating in the F&B context, where literature is still fragmented. It explores the relationship between strategic orientation, strategic formulation and organisational design by analysing all constructs simultaneously, thereby bridging the theoretical gap in the existing literature.

This work shows the importance of evaluating the efficiency of the human resource management system in the analysis of transfer/adaptation costs of human resources practices in multinational enterprises. In addition to the cost factors that have traditionally been considered, system cost and opportunity cost are examined. Concretely, I propose to estimate the latter in accordance with the quality of the human resources function and conclude that the optimum strategic option would depend on the effectiveness of the system as a source of competitive advantage.

Creative labor in the perfume industry can be identified as perfumers or perfume designers who have spent years in the industry either with formal education or firsthand practice and have developed their skills. They are skilled in matching various fragrances and work with the client's framework to produce perfumes. This chapter analyzes the literature about creative labor's living conditions and aspirations, focusing on the perfume industry and its role in producing perfumes. Perfumery is looked at from a creative and artistic perspective, and the prerequisites of becoming a successful perfumer are analyzed. In an industry where talent plays a crucial role in one's success, perfumers are identified as those who work with large brands to produce perfumes for the masses or cater to specific individuals. Bespoke perfumers such as Sylvaine Delacourte and Jean-Claude Ellena have a lot more flexibility and autonomy in their work because of their superior level of skill. They can charge soaring prices for their work. Whereas other creative workers in creative projects have to undergo a long collaborative process where they are required to work within the framework provided by their clientele to launch a new perfume product. Previous literature by Richard Florida and Brian Moeran about the creative class has been used to identify the characteristics of creative labor in the perfume industry. The creative process in perfumery in terms of high-end luxury products and mass production products is discussed. Manufacturing of perfumes today is primarily industrial, and the role of perfumers in the high-end prestige market and mass market in terms of their creativity is analyzed. Additionally, the top perfumers’ style of work and the creative process involved in making perfumes are discussed.

Purpose: Entrepreneurial teams are one of the most crystallized forms of collaboration in the generically collective dynamics underpinning social entrepreneurship. Despite their quantitative prevalence, social entrepreneurial teams (SETs) remain quite absent from the scholarly literature. This chapter aims to develop a research agenda addressing this gap. Methodology/Approach: This chapter first reviews the scarce literature dealing with this subject and develops an operationalizable definition of SETs. Next, it confronts current knowledge on entrepreneurial teams with the specific context of social entrepreneurship to introduce and discuss main topics of investigation on SETs. Findings: Six topics are suggested to have a high potential for developing knowledge on SETs: formation, size and extended team, gender, decision-making and leadership, identity, and turnover. Research Implications: This chapter frames these research avenues within a developmental stages perspective with the aim to contribute to help form and maintain effective SETs. Originality/Value of Chapter: This research has implications for scholars as it defines SETs as a distinct object for research, which allows extending knowledge on collaborative dynamics in social entrepreneurship, but also on entrepreneurial teams in general. The suggested research agenda and its orientation toward the development of effective SETs should be a springboard for future research on this subject.

The current changes and relevance of female entrepreneurship at the national and international level for economic growth, social impact and environmental degradation highlight the need for more analysis of female entrepreneurial typologies and value creations.

This chapter aims to contribute to the field of female entrepreneurship literature. It provides theoretical evidence about the main internal (personal characteristic and motivation, network) and external (women migration, crises, digitalization) drivers that trigger women entrepreneurs to undertake entrepreneurial actions in national and international contexts. Besides, this chapter conceptualizes a new untapped context of multiple value-creating entrepreneurial systems in the female entrepreneurship literature by uncovering a blended form of value creation encompassing several social, economic and environmental levels.