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A debate on whether new ventures should be supported with public funding is taking place. Adopting a position on this discussion requires rigorous assessments of implemented programs. However, the few existing efforts have mostly focused on regional cases in developed countries. To fill this gap, this paper aims to measure the effects of a regional acceleration program in a developing country (Medellin, Colombia).

The economic notion of capabilities is used to frame the analysis of firm characteristics and productivity, which are hypothesized to be heterogeneous within the program. To test these relationships, propensity score matching is used in a sample of 60 treatment and 16,994 control firms.

This paper finds that treated firms had higher revenue than propensity score-matched controls on average, confirming a positive impact on growth measures. However, such financial growth is mostly observed in service firms rather than other economic sectors.

Further evaluations, with a longer period and using more outcome variables, are suggested in the context of similar publicly funded programs in developing countries.

These findings tip the balance in favor of the literature suggesting supportive programs for high-growth firms as opposed to everyday entrepreneurship. This is an insight, especially under the context of an emerging economy, which has scarce funding to support entrepreneurship.

This study examines the factors that influence the ecotourist behavior of university students. The understanding of what motivates these students can inform future suggestions for strategies and actions in ecotourism.

The study was applied to university students of the University of Medellín, Colombia. It was an exploratory empirical study that surveyed a total of 696 students.

The results show that students with a positive attitude toward ecology tend to be interested in nature-related activities, therefore generating an intention to engage in ecotourism. The authors found that those who view ecotourism as an activity that promotes fun and happiness tend to engage more frequently in these activities.

This study is of great interest for research in motivational theory, specifically the analysis of personality profiles and how these relate to specific tourism behaviors. The findings of this study strongly suggest that those interested in the management and development of ecotourism should establish practices and programs that consider factors such as tourist segmentation, effective communication of the positive qualities of ecotourism and environmental stewardship involved in these activities.

Service-learning (SL) shows potential to respond to the global policy agenda of education for sustainable development (ESD) by increasing pro-sustainability competences through direct involvement of students in projects that satisfy identified community needs. Nevertheless, there is a scarcity of studies that attempt to measure the impact of SL on students’ sustainability competences, especially the action competence. This study aims to address this gap by examining the experiences of higher education students.

A pre-post survey design based on the Self-Perceived Action Competence for Sustainability Questionnaire was conducted on an interdisciplinary group of 219 students of two courses (Sustainable Development and Ecology) in Medellin, Colombia, half of which (109) participated in SL projects.

Sufficient empirical evidence was found to suggest that SL boosts the impact of academic courses regarding action competences in students (specially their willingness to act).

The statistical analysis shows some contradictions that should be addressed in further research.

These results can encourage more educators and universities to implement strategies such as SL to move forward with ESD and thus help overcome the current socioecological crisis.

This paper not only discusses the theoretical potential of SL but also contrasts theory with empirical observations of 13 SL projects assessed in terms of self-perceived action competence for sustainability.

The purpose of this paper is to analyze the evidence-based research strategy (EBRS) used to evaluate eight projects that applied the neighborhood approach for disaster risk reduction (NA-DRR) in informal urban settlements in Colombia, Guatemala, Haiti, Honduras, Jamaica and Peru, between 2012 and 2017.

The study covers the first five of the seven EBRS stages: first, identify relevant interventions; second, prepare evaluation questions; third, select evidence sources and implement a search strategy; fourth, appraise evidences and identify gaps; fifth, create an evaluation design to include an extensive literature review, followed by a mixed research method with surveys, focus groups and interviews; disaster risk modeling; georeferencing analysis; and engineering inspections. The last two stages: sixth, apply the evidence, and seventh, evaluate the evidence application, will be addressed in a near future.

Even though the reference to “evidence” is frequent in the DRR field, it is largely based on descriptive processes, anecdotal references, best practices, lessons learned and case studies, and particularly deficient on the subject of informal and precariousness settlements. The evaluation allowed a deep and broad analysis of NA-DRR in urban informal settlements, comparing it with other DRR strategies implemented by different stakeholders in fragile urban settings, assessing the effectiveness and sustainability of the various DRR interventions.

The abundant data, information and knowledge generated will serve as foundation for forthcoming thematic peer-reviewed publications informing evidence-based DRR research, policy and practice, with emphasis on informal and precariousness settlements in particular.

This paper aims to study the influence of innovation on micro, small and medium-sized enterprises (MSME) performance in Colombia through the 403 MSMES survey analysis. In particular, this paper measures the effect of participation in R&D alliances, product innovation and process innovation on it.

MSME performance is measured through a composite index, estimated through principal components analysis using polychoric correlations, which is based on eight self-reported assessments of MSME performance. Then, this measure of performance is related to MSME participation in R&D alliances and the product and process development stance of the MSME based on an adaptation of the Miles and Snow business classification scheme, by means of an ANOVA and a linear regression.

Colombian SMEs are not significantly benefitted from participation on R&D alliances. Instead, their performance appears to be dependent upon their internal innovation efforts directed to product development. Moreover, the results suggest that imitators get a performance almost as high as innovators.

Innovation activities in Colombian SMEs are carried out informally, as they are mostly uninterested to engage in R&D activities and to develop new products by own initiative. Moreover, few of them have an R&D department. In regard to technology, results suggest that almost half of SMEs are classified as followers, namely, they use the same technology as competitors.

In this exploratory multiple case study, we aim to compare the internationalization of two state-owned enterprises (SOEs) owned by subnational governments with three owned by central governments in Latin America. This study provides a contextualized answer to the question: What are the differences in the internationalization of subnationally owned SOEs compared to central SOEs? This study finds that the speed and diversification of these two types of SOEs’ internationalization differ because they have a different expansion logic. Subnationally owned SOEs have a gradual and diversified expansion following market rules. Central government’s SOEs are specialized and take more drastic steps in their internationalization, which relates to non-market factors.

This study builds an exploratory qualitative comparative case analysis that uses multiple sources of data and information to develop a comprehensive understanding of SOEs through process tracing.

The study posits some assumptions that are confirmed in the case analysis. This study finds relevant differences between sub-national (SSOEs) and central authority (CSOEs’) strategies. SSOEs’ fewer resources and needs to increase income push them to follow a gradual market-driven internationalization and to diversify abroad. CSOEs non-gradual growth is justified by non-market factors (i.e. national politics). CSOEs do not diversify abroad due to the broader set of constituencies they have to face.

Given the exploratory comparative case study of this research, the findings are bounded by the particularities of the cases and their region (Latin America). This paper and its findings can be useful for theory building but it does not claim any generalization capacity.

This study adds complexity into the SOEs phenomenon by distinguishing between different types of SOEs. This paper contributes to the study of subnational phenomena and its effect in SOEs’ internationalization process, which is an understudied topic. To the authors’ best knowledge, this is among the first studies that explore subnational SOEs in Latin America.

The purpose of this article is to propose a detailed methodology to estimate, model and incorporate the non-constant volatility onto a numerical tree scheme, to evaluate a real option, using a quadrinomial multiplicative recombination.

This article uses the multiplicative quadrinomial tree numerical method with non-constant volatility, based on stochastic differential equations of the GARCH-diffusion type to value real options when the volatility is stochastic.

Findings showed that in the proposed method with volatility tends to zero, the multiplicative binomial traditional method is a particular case, and results are comparable between these methodologies, as well as to the exact solution offered by the Black–Scholes model.

The originality of this paper lies in try to model the implicit (conditional) market volatility to assess, based on that, a real option using a quadrinomial tree, including into this valuation the stochastic volatility of the underlying asset. The main contribution is the formal derivation of a risk-neutral valuation as well as the market risk premium associated with volatility, verifying this condition via numerical test on simulated and real data, showing that our proposal is consistent with Black and Scholes formula and multiplicative binomial trees method.

The implementation of control systems allows marketing managers to improve operational decisions and organizational results. This paper aims to identify the relationship between control combinations and organizational results and analyze the relationships between the variables attributed to the marketing managers and with marketing control combinations. Decisions involving marketing control combine formal and informal mechanisms and generate control systems that have a favorable relationship with organizational results.

The paper is based on 301 cross-sectional surveys among marketing managers. The classification procedure based on metric distance was implemented to identify the marketing control combinations. A hierarchical cluster analysis was carried out with perceptions about formal and informal control, to validate the control combination classifications. Finally, a discriminant analysis and ANOVA test were carried out for exploring factors associated with the managers. The data analysis was supported by IBM SPSS Statistics 24 software.

The authors found evidence that, when managers perceive high-control systems, the perception of non-financial and financial results is always better, but the presence of high-clan control also returns optimal results. In addition, the manager's satisfaction levels and work motivation are higher with high control systems than with other control systems.

This study contributes to the existing knowledge by providing a broader empirical basis to extend conceptual frameworks about marketing control combinations that emerge in practice.

企業設置營銷控制系統來進行營銷控制,這可讓市場經理能改善其營運決策和組織成果。本文擬確定控制合併與組織成果的關係;本文亦擬分析涉及市場經理的變數與營銷控制合併的關係。涉及營銷控制的決策會結合正式和非正式的機制,而這些決策會帶來與組織成果有良性關係的控制系統。

本研究乃基於對市場經理進行的301項橫斷調查。研究人員實施基於度量距離的分類程式,來確定營銷控制合併;為了證實有關的控制合併分類是正確的,研究人員就對正式控制和非正式控制的觀感和看法、進行了階層式分群法分析;最後,研究人員進行了判別分析和變異數分析 (ANOVA), 以探索與經理有關聯的因素。有關的數據分析得到IBM公司的SPSS (統計產品與服務解決方案) Statistics 24 (統計軟體) 的支持。

我們證實了、若主管感知高控制的系統,其對非財務結果和財務結果的看法必會較好的,但高社群控制亦會帶來最佳的結果。我們亦證實了高控制系統,較其它控制系統,更能提高主管的滿意程度和工作動機。

本研究提供了一個更廣闊的經驗基礎,以擴展涉及在實踐中出現的營銷控制合併的概念框架,就此,本研究豐富了這方面的知識。

This paper measures different market risk impacts on options portfolios under the new Fundamental Review of the Trading Book (FRTB) regulation, issued in Basel and coming into effect in 2023.

This paper first suggests an algorithm for implementing the FRTB standardised approach via the sensitivities-based method to estimate a portfolio's risk capital and presents an illustration applied to an option position. Second, it proposes a methodology to estimate the expected shortfall in options portfolios from the FRTB internal models approach. In this regard, an application is developed to measure expected shortfall (ES) and value at risk (VaR) impacts under FRTB versus conventional VaR in a currency option position by considering stress scenarios from the 2007–9 and 2020–1 crises and back-testing procedures.

The suggested algorithm satisfactorily captures impacts via the sensitivities-based method, and higher risk capital demands are expected for emerging economies. Also, the planned FRTB methodology to measure ES and VaR is appropriate; in particular, historical metrics perform well. Astonishingly, their revealed impacts are more significant under the 2020–1 pandemic crisis than the 2007–9 financial crisis.

The proposals developed weave a communication bridge between the standardised and internal approaches of FRTB regulation, which can be scaled up technologically and institutionally.

This study aims to validate the content of an instrument which identifies the organizational, sociocultural and technological characteristics that foster digital transformation (DT) in higher education institutions (HEIs) through the Delphi method.

The methodology is quantitative, non-experimental, and descriptive in scope. First, expert judges were selected; Second, Aiken's V coefficients were obtained. Nine experts were considered for the validation.

This study’s findings show that the instrument has content validity and there was strong consensus among the judges. The instrument consists of 29 questions; 13 items adjusted and 2 merged.

A novel instrument for measuring the DT at HEIs was designed and has content validity, evidenced by Aiken's V coefficients of 0.91 with a 0.05 significance, and consensus among judges evidenced by consensus coefficient of 0.81.