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This study aims to investigate the relationship between business group affiliation and CO2 emissions in Chile, providing insights into the pollution externalities associated with business group structures and their implications for environmental performance.

A hand-matched sample of industrial facilities and subsidiaries of listed firms in Chile was utilized to analyze the CO2 emissions of business group-affiliated firms compared to stand-alone firms. Fixed-effect regression analysis and propensity score matching were employed to examine the differences in emissions levels.

The results suggest that firms affiliated with business groups have higher CO2 emissions in comparison to similar stand-alone firms. This suggests that business group structures may weaken the pressures for emission reduction and maintenance of public legitimacy among affiliated firms.

The findings of this study are subject to certain limitations, such as the use of a specific dataset from Chile and the inability to explore certain factors due to data constraints. For instance, we were unable to examine the separation between control and cash-flow rights as well as the influence of manager characteristics on pollution levels. Future research should address these limitations and expand the analysis to other emerging market countries to further investigate the impact of lax or ineffective environmental regulations on pollution outcomes.

The research findings have practical implications for investors and policymakers. Investors interested in environmentally sustainable investments should consider the higher pollution levels associated with business group-affiliated firms. Policymakers can use these findings to design more effective regulations and incentives to encourage emission reduction efforts within business group structures.

The study’s results emphasize the need for a comprehensive understanding of the environmental implications of business group affiliation. By recognizing the potential for higher emissions in business group structures, stakeholders can advocate for sustainable practices, encourage transparency and promote responsible environmental management within corporate entities.

This study contributes to the literature on corporate governance, climate risks and pollution externalities by providing an empirical evidence on the relationship between business group affiliation and CO2 emissions. It highlights the importance of considering the influence of corporate structures on environmental performance, particularly in the context of emerging market economies.

Este estudio tiene como objetivo investigar la relación entre la afiliación a grupos empresariales y las emisiones de CO2 en Chile, proporcionando información sobre las externalidades de contaminación asociadas con las estructuras de grupos empresariales y sus implicaciones para el desempeño ambiental de las empresas.

Se utilizó una muestra recolectada de manera manual de instalaciones industriales y subsidiarias de empresas listadas en Chile para analizar las emisiones de CO2 de empresas afiliadas a grupos empresariales en comparación con empresas independientes. Se emplearon análisis de regresión de efectos fijos y modelos de emparejamiento por puntaje de propensión para examinar las diferencias en los niveles de emisiones.

Los resultados sugieren que las empresas afiliadas a grupos empresariales tienen mayores emisiones de CO2 en comparación con empresas independientes similares. Esto sugiere que las estructuras de grupos empresariales pueden debilitar las presiones para la reducción de emisiones y el mantenimiento de la legitimidad pública entre las empresas afiliadas.

Este estudio contribuye a la literatura sobre gobierno corporativo, riesgos climáticos y externalidades de contaminación al proporcionar evidencia empírica sobre la relación entre la afiliación a grupos empresariales y las emisiones de CO2. Destaca la importancia de considerar la influencia de las estructuras corporativas en el rendimiento ambiental, especialmente en el contexto de las economías de mercados emergentes.

Los hallazgos de este estudio están sujetos a ciertas limitaciones, como el uso de un conjunto de datos específico de Chile y la incapacidad para explorar ciertos factores debido a restricciones de datos. Por ejemplo, no pudimos examinar la influencia de las características de los ejecutivos de las empresas en los niveles de contaminación. Investigaciones futuras deberían abordar estas limitaciones y ampliar el análisis a otros países de mercados emergentes para investigar más a fondo el impacto de regulaciones ambientales laxas o ineficaces en los resultados de contaminación.

Los hallazgos de la investigación tienen implicaciones prácticas para inversores y responsables políticos. Los inversores interesados en inversiones ambientalmente sostenibles deben tener en cuenta los niveles más altos de contaminación asociados con empresas afiliadas a grupos empresariales. Los responsables políticos pueden utilizar estos hallazgos para diseñar regulaciones más efectivas e incentivos para fomentar los esfuerzos de reducción de emisiones dentro de las estructuras de grupos empresariales.

Los resultados del estudio enfatizan la necesidad de comprender de manera integral las implicaciones ambientales de la afiliación a grupos empresariales. Al reconocer el potencial de mayores emisiones en las estructuras de grupos empresariales, los interesados pueden abogar por prácticas sostenibles, fomentar la transparencia y promover una gestión ambiental responsable dentro de las entidades corporativas.

Actualmente, Sol Meliá es la compañía líder en el mercado español por su oferta en hoteles urbanos, vacacíonales, y de reuniones y convenciones. Además de dominar la industria hotelera española, disfruta también de una posición de privilegio a nivel internacional. En el presente artículo se estudia su origen y su evolución durante las últimas cuatro décadas, periodo en el que ha pasado de disponer de un hotel en alquiler en Mallorca a convertirse en una compañía de servicios hoteleros que, a través de la gestión o franquicia, explota 227 establecimientos repartidos en 4 continentes y 25 países.

Institutional voids – the lack of institutions that can facilitate the functioning of markets – are ubiquitous in emerging markets. Because of their newness, entrepreneurial ventures are especially susceptible to institutional vacuums. This research seeks to shed light on the role that business groups can play in the development of entrepreneurial ventures in emerging markets.

Based on detailed fieldwork, the study describes and analyzes the creation and evolution of two biotechnology start-ups that were affiliated to a major Latin American business group. The research cov ers the period between their foundation and later acquisition by a multinational company.

The article discusses the role that the business group affiliation had in terms of helping the start-ups to interact with multiple institutional voids. The analysis shows that the start-ups benefited from the group's reputation and connections, experience and know-how in managing different types of businesses in the country, strong resource base, long-term vision, and strong organizational culture.

The main contribution of this work is to show that business group affiliation can be an interesting solution that facilitates the development of entrepreneurial ventures in emerging markets.

La presencia de vacíos institucionales – la carencia de instituciones que facilitan el funcionamiento de los mercados – es muy común en las economías emergentes. Debido a su novedad, los nuevos emprendimientos son especialmente susceptibles a los vacíos institucionales. Esta investigación trata de entender el papel que pueden desempeñar los grupos económicos en el desarrollo de nuevas empresas en economías emergentes.

Basado en trabajo de campo, el estudio describe y analiza la creación y evolución de dos start-ups biotecnológicos que estuvieron afiliados a un importante grupo económico latinoamericano. La investigación cubre el período comprendido entre la fundación de las dos empresas y su posterior adquisición por parte de una empresa multinacional.

El artículo analiza cómo la afiliación a un grupo económico ayudó a las start-ups a lidiar con múltiples vacíos institucionales. El análisis muestra que las empresas se beneficiaron de la reputación y conexiones del grupo, su experiencia y conocimiento en la gestión de diferentes tipos de negocios en el país, su sólida base de recursos, su visión de largo plazo y su fuerte cultura organizacional.

La contribución más importante de este artículo es mostrar que la afiliación a un grupo económico puede ser una solución interesante que facilita el desarrollo de nuevos emprendimientos en economías emergentes.

In this issue there are seven published research articles originating from Argentina, Spain, Chile and Mexico. The subjects of the articles are varied: first, the best performance determinants of banks in eight South American countries; second, the determinant factors of short term bank‐debt policies of companies, particularly the effect of growth opportunities, the ownership structure of companies and the institutional surrounding; third, the use of personal loans instead of institutional loans in small and medium size companies; fourth, the impact of the economic groups characteristics on the performance of its companies and the benefit of groups to the economy; fifth, the priorities of the companies in the use of logistic services within the supply chain; sixth, the impact of the corporate responsibility in the image and loyalty in hotel brands; seventh, the entrepreneurial intention when starting up a new company and the determinants of his perception on advantages and disadvantages of undertaking the venture.

En este número se publican siete artículos de investigación originados en Argentina, España, Chile y México. Los temas de los artículos son variados: 1‐ Los determinantes del mejor desempeño de los bancos en ocho países latinoamericanos. 2‐ Los condicionantes del plazo de vencimiento de la deuda bancaria de las empresas, en particular el efecto de oportunidades de crecimiento, la estructura de propiedad de la empresa, y el entorno institucional. 3‐ El uso de préstamos personales en lugar de institucionales en las empresas pequeñas y medianas. 4‐ El impacto de las características de los grupos económicos en el desempeño de las empresas y en el beneficio de la economía en conjunto. 5‐ Las prioridades de las empresas en el uso de servicios logísticos dentro de la cadena de suministro. 6‐ El impacto de la responsabilidad corporativa en la imagen y lealtad de marca de los hoteles. 7‐ La intención de emprender y los determinantes de la percepción sobre sus ventajas y desventajas.

The purpose of this article is to summarize the basic literature and concepts of innovation and entrepreneurship, emphasizing the relevant studies for Latin America. The authors aim to assess the role of Latin America in the world innovative activity utilizing the production of USPTO patents.

To achieve the first objective, the authors review and summarize the relevant literature for innovation and entrepreneurship in Latin America. They also introduce each of the papers included in the current special issue of Academia. To achieve the second objective, the authors use the production of USPTO patents by Latin American residents, and examine those levels to the rest of the world.

The authors find Latin America to be a marginal contributor to the world innovative activity. Although the region represented 8.7 per cent of world GDP in 2011, it only generated 0.19 per cent of the world patents registered at the USPTO between 2008 and 2012, and only 0.17 per cent of all patents registered since 1976. However, countries such as Costa Rica and Uruguay have larger levels of patent production by 100,000 inhabitants with 7.05 and 4.72 for 1976-2012.

This introduction introduces work that continues the intense discussion on innovation and entrepreneurship in Latin America. It is to the extent of the authors' knowledge, one of the first attempts to measure the level of innovation at the regional level, and compare the performance of different countries. This special edition has implications for individuals, firms and governments striving to introduce new products, services and processes in a region that has historically confronted important barriers to innovation.

En esta introducción presentamos algunos conceptos básicos sobre innovación y empresariado, y hacemos énfasis en la literatura que ha estudiado estos fenómenos en América Latina. Evaluamos, además, el papel de América Latina en la actividad innovadora mundial, utilizando la producción de patentes registradas en la Oficina de Patentes y Marcas de Estados Unidos (USPTO), y encontramos que América Latina desempeña un papel marginal con relación a otros centros mundiales de innovación. Finalmente, se presentan los artículos de este número de la revista Academia. Esta edición especial tiene implicaciones prácticas para individuos, empresas y gobiernos, que quieran introducir nuevos productos, servicios, y procesos desde una región que históricamente ha tenido que enfrentar barreras a la innovación.

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.

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.

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.

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

Research on international retailing has generally emanated from Europe and North America. Nonetheless, retailers from emerging countries can also be important players in regional markets. The purpose of this paper is to explore how retailers from emerging markets can become strong enough to compete internationally.

The study examines a longitudinal case study of the internationalisation process of Falabella, a Chilean retailer that has recently become an important player in the Latin America retail industry. Drawing on 32 interviews with company managers, as well as industry data and corporate reports, this paper provides insights into the successful internationalisation process of a retailer from an emerging country.

The paper offers insights into emerging market internationalisation. In particular, these findings suggest that specific capabilities and resources, such as local and regional partnerships, organisational learning, innovation orientation, adaptation to the local markets, and an experienced management team, are required for emerging market retailers to internationalise and improve their likelihood of success in foreign markets.

This paper explores an underdeveloped topic through the analysis of a longitudinal case study. Thus, it is necessary to further expand this line of research and investigate other emerging market retailers.

This study raises a number of important issues for emerging market retail managers that are reluctant to expand abroad and compete with large multinationals from developed markets, or that are struggling with their actual internationalisation process.

To date, the retail internationalisation literature has focused on the international experiences of firms from developed nations. However, there is a gap in the literature as to how retailers from emerging countries can become strong enough to compete internationally.

The purpose of this paper is to develop a systematic literature review on the subject of multilatinas during 2007-2017, through a review of 55 papers published in 35 journals.

A qualitative technique for conducting a systematic literature review was used. To systematize and make the literature review more accurate, it was divided in four stages: data collection, coding, analysis and interpretation of data. Several tables and figures were developed to provide a better interpretation of the literature.

The phenomenon of multilatinas is still a regional topic. Nine specific gaps in the literature were identified: the role of the state; impact of “home-country reputation”; the role of the host country in the expansion of multilatinas; multilatina selection of markets with geographical closeness and cultural affinity; multilatinas from small economies (mainly Central American countries); studies of multilatinas operating in the service sector; the role of family ownership; studies analysing the multinationality–performance relationship; and the study of collaboration networks between researchers.

The access of academic databases, where more published studies may have been available, and the level of precision in the search for papers that meet the necessary characteristics were included in the review.

This paper contributes to not only the body of knowledge about multilatinas but also, in a wide scope, to the knowledge of multinationals from emerging countries. Furthermore also this paper provide some research directions for academics interested in multinationals.

The general contribution of this paper is in its addressing the topic of multinationals from emerging economies such as Latin America, a less-studied emerging region. Moreover, this work specifically contributes to understanding multilatinas and identifies research gaps and characteristics of the scientific papers on this phenomenon, potentially increasing knowledge about multinationals from emerging countries, and specifically Latin America.