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Article
Publication date: 5 March 2018

Urbi Garay

The purpose of this paper is to present the progress and trends of the literature on art as an investment and to outline potential research lines to be developed.

Abstract

Objective

The purpose of this paper is to present the progress and trends of the literature on art as an investment and to outline potential research lines to be developed.

Design/methodology/approach

This work gathers, analyses and critically discusses the attributes of investments in art in general, and in Latin American art in particular.

Findings

Most studies report that art (art in general, and Latin American in particular) has offered relatively low but positive real returns, which have tended to be below those offered by stocks and similar to those realized by bonds. Art has a low correlation with other investments.

Research limitations and implications

The literature on the attributes of Latin American art as an investment is limited and new research would help to close the knowledge gap with respect to this segment of the art market as it continues to grow.

Practical implications

Similarly to the research carried out into other segments of the art market, studies on Latin American art suggest that the works of art are worth more, ceteris paribus: the more renowned the artist, the larger the work, whether they were executed in oil, and if they were auctioned at Sotheby’s or Christie’s. The paper also details a series of practical implications for those who participate in the art market.

Originality/value

To the best of the authors’ knowledge, this is the first exhaustive review of the literature on the attributes of Latin American art as an investment. The findings of this study are useful for academics, art collectors, auction houses, gallerists and others who take part in the arts market.

Propósito

Presentar los avances y las tendencias de la literatura sobre el arte como inversión, y delinear líneas de investigación a ser desarrolladas.

Diseño/metodología/enfoque

Este trabajo reúne, analiza y discute críticamente los atributos de inversión del arte, en general, y latinoamericano, en particular.

Hallazgos

La mayoría de los estudios reportan que el arte (tanto el arte, en general, como el arte latinoamericano, en particular) ha ofrecido rendimientos reales positivos, aunque relativamente bajos, los cuales tienden a ser inferiores de los de las acciones y a ser similares a los de los bonos. El arte tiene una baja correlación con otras inversiones.

Limitaciones e implicaciones de la investigación

La literatura sobre los atributos del arte latinoamericano como inversión es limitada. Es de esperar que nuevas investigaciones permitan ir cerrando la brecha del conocimiento con respecto a esta parte del mercado del arte a la par que éste continúe creciendo.

Implicaciones prácticas

Los estudios de arte latinoamericano sugieren, similar a las investigaciones sobre otros segmentos del mercado del arte, que las obras de arte valen más, ceteris paribus: cuando el artista es más reputado, a medida que el área de las obras es mayor, si han sido ejecutadas en óleo, y cuando son subastadas en las casas de subastas Sotheby’s o Christie’s. En el trabajo se detallan, además, una serie de implicaciones prácticas para los participantes del mercado de arte.

Originalidad/valor

Hasta donde se ha podido comprobar, esta es la primera revisión exhaustiva acerca de los atributos del arte latinoamericano como inversión. Los resultados de esta investigación son de utilidad para: académicos, coleccionistas de arte, casas de subastas, galeristas, y demás participantes en el mercado del arte.

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Article
Publication date: 23 August 2013

Veneta Andonova, Alexandina Stoyanova, Carlos Valencia and Jorge Juliao‐Rossi

The purpose of this paper is to systematize the strategic capabilities of seven surviving industrial Catalan companies which were going through explosive growth in 1999.

Abstract

Purpose

The purpose of this paper is to systematize the strategic capabilities of seven surviving industrial Catalan companies which were going through explosive growth in 1999.

Design/methodology

We use the comparative case studies method to draw on the common features among the seven in‐debt cases we built. We are well aware that the method of comparative case studies does not provide a sufficient base for bold generalizations. However, the qualitative approach adopted here allows for the first in‐depth look at the strategies that bring surviving entrepreneurs from explosive growth to a more balanced growth path.

Findings

We identify four organizational capabilities as key to the survival of these businesses ten years later: first, ability to prioritize product and market development, including internationalization, over operations; second, ability to reorganize internally and delegate in a timely manner; third, ability to manage innovation and support creativity linked to productivity; and finally, ability to manage economic and financial resources.

Social implications

Implications for the culturally proximate and less‐studied Latin‐American gazelles are presented.

Propósito

El propósito de este artículo es sistematizar las capacidades estratégicas de siete empresas catalanas sobrevivientes y consideradas gacelas en 1999.

Metodología

Se usa el método de estudio de casos comparativos para identificar las características de interés investigativo. Se es consciente de que el método de estudio de casos empleado, no proporciona una base suficiente para hacer generalizaciones de los hallazgos. No obstante, el enfoque cualitativo adoptado proporciona una primera mirada en profundidad de las estrategias que permitieron a los empresarios que sobrevivieron al crecimiento explosivo, seguir una senda de crecimiento más equilibrada.

Resultados

Se identificaron cuatro capacidades organizacionales consideradas clave para la supervivencia de la empresa diez años después del crecimiento explosivo: 1) capacidad para priorizar dentro de sus operaciones el desarrollo de productos y mercados, incluyendo la internacionalización, 2) capacidad de reorganizar internamente y delegar de manera oportuna, 3) capacidad de gestión de la innovación y apoyar la creatividad ligada a la productividad y 4) capacidad de gestionar los recursos económicos y financieros.

Consecuencias (Implicaciones) sociales

Se presentan implicaciones para las gacelas localizadas en países latinoamericanos, las cuales son culturalmente próximas y escasamente estudiadas.

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Article
Publication date: 3 August 2015

Enrique Ogliastri and Elvira Salgado

This issue is dedicated to the memory of Luis J. Sanz and this editorial is made up of three parts: an account of his work with the journal, words from the editor…

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Abstract

This issue is dedicated to the memory of Luis J. Sanz and this editorial is made up of three parts: an account of his work with the journal, words from the editor (2001-2013), and a brief CV which he had written shortly before his passing.

Resumen

Este número se dedica a la memoria de Luis J. Sanz y este editorial consta de tres partes. Un recuento de su trabajo con la revista, el recuerdo de la editora 2001-2013, y un breve CV que él mismo escribió poco antes de su muerte.

Details

Academia Revista Latinoamericana de Administración, vol. 28 no. 3
Type: Research Article
ISSN: 1012-8255

Open Access
Article
Publication date: 17 May 2018

Jaime Sierra

Este artículo aborda la relación emergente entre la sociedad civil y el sistema de innovación en América Latina y el Caribe –la financiación de la innovación, en…

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Abstract

Propósito

Este artículo aborda la relación emergente entre la sociedad civil y el sistema de innovación en América Latina y el Caribe –la financiación de la innovación, en particular– con la intención de sugerir una perspectiva conceptual diferenciada y plantear algunos de los interrogantes más relevantes en la actualidad.

Enfoque

Existe una desconexión estructural entre la sociedad civil y el mundo de la innovación. Empero, la exploración de las divergencias entre las perspectivas neo-institucional y neo-evolucionista de la triple hélice permite plantear que la evolución de los financiadores en distintos contextos puede generar una articulación emergente. Los efectos sobre la “sistematicidad” existente, en particular en América Latina y el Caribe, dependerán en buena medida del enfoque conceptual adoptado y de su institucionalización en términos de reestructuración de la sistematicidad de los sistemas de innovación y su governance.

Hallazgos

La evolución de las relaciones entre los mecanismos de financiación emergentes y los proyectos innovadores en América Latina y el Caribe constituye tanto una oportunidad como un peligro. Si se logra re-estructurar la “sistematicidad”, la región podría seguir una senda con altas expectativas; si persisten las sub-dinámicas tradicionales, el fenómeno emergente podría verse despojado de todo su potencial.

Contribución

Se propone un análisis conceptual y práctico diferente del tema de la financiación de la innovación, con énfasis en el caso latinoamericano y caribeño. Adicionalmente, se sugieren vías de investigación que permiten reducir la incertidumbre sobre la relación entre los actores del sistema de innovación y la sociedad civil y su impacto potencial.

Palabras clave

Crowd-funding, América Latina y el Caribe, Cuarta hélice, Financiación de la innovación, Sistemas de innovación

Tipo de artículo

Trabajo de investigación

Purpose

The purpose of this paper is to deal with the emerging relationship between civil society and the innovation system in Latin America and the Caribbean – the financing of innovation, particularly – with the intention of suggesting a differentiated conceptual perspective and raising some of the most relevant questions presently.

Approach

There is a structural disconnect between civil society and the world of innovation. However, the exploration of the divergences between the neo-institutional and neo-evolutionist perspectives of the triple helix makes it possible to state that the evolution of funders in different contexts can generate an emerging articulation. The effects on the existing "systemness", particularly in Latin America and the Caribbean, will depend to a large extent on the conceptual approach adopted and on its institutionalization in terms of restructuring the systemness of innovation systems and their governance.

Findings

The evolution of the relationships between emerging financing mechanisms and innovative projects in Latin America and the Caribbean constitutes both an opportunity and a risk. If "systemness" is restructured, the region could follow a path with high expectations; if traditional sub-dynamics persist, the emerging phenomenon could be stripped of its full potential.

Contribution

A different conceptual and practical analysis of the topic of financing innovation is proposed, with emphasis on the Latin American and Caribbean case. Additionally, research paths are suggested that reduce uncertainty about the relationship between the actors of the innovation system and civil society and its potential impact.

Details

Journal of Economics, Finance and Administrative Science, vol. 23 no. 45
Type: Research Article
ISSN: 2077-1886

Keywords

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Article
Publication date: 10 June 2013

Santiago Mingo

Institutional voids – the lack of institutions that can facilitate the functioning of markets – are ubiquitous in emerging markets. Because of their newness…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Propósito

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.

Disenño/Metodología

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.

Resultados

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.

Originalidad/Valor

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.

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Book part
Publication date: 23 August 2021

Martha Ríos Manríquez

Abstract

Details

Empowerment, Transparency, Technological Readiness and their Influence on Financial Performance, from a Latin American Perspective
Type: Book
ISBN: 978-1-80117-382-7

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Article
Publication date: 10 June 2013

Cristian Geldes and Christian Felzensztein

The purpose of this article is to analyse the characteristics and determinants of marketing innovation in companies, using the agribusiness sector as a case study due its…

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12136

Abstract

Purpose

The purpose of this article is to analyse the characteristics and determinants of marketing innovation in companies, using the agribusiness sector as a case study due its economic and social importance in Latin America.

Design/methodology/approach

Data refer to the VI Innovation Survey undertaken in Chile (2010), based on the OECD guidelines. The authors compare the determinants of innovation in marketing, first among the agribusiness sector and other sectors of the economy, and then comparing their determinants using logistic regressions on other types of innovations in the agribusiness sector.

Findings

There are differences in the determinants of marketing innovation between agribusiness and other economic sectors. Also, there are differences in relation to the organisational, process and product innovations in the agribusiness sector.

Research limitations/implications

The results imply the need for further study of marketing innovation and its relationship to other innovations considering different economic sectors and territories.

Practical implications

Business strategies and public programs that promote innovation should consider the differences between types of innovations.

Originality/value

This paper highlights and differentiates the marketing innovation with respect to other types of innovations—a topic not widely developed, especially in the agribusiness sector and in emerging countries.

Propósito

El propósito de este artículo es analizar las características y determinantes de la innovación de marketing en empresas, tomando como estudio de caso el sector de agronegocios, de importancia económica y social en Latinoamérica.

Diseño/metodología/enfoque

Los datos corresponden a la VI Encuesta de Innovación de Chile (2010), basada en los lineamientos de la OECD. Se comparan los determinantes de las innovaciones en marketing, primero entre el sector de agronegocios y conjunto de otros sectores de la economía, para luego comparar mediante regresiones logísticas sus determinantes respecto de otros tipos de innovaciones en el sector de agronegocios.

Hallazgos

Se establecen diferencias en los determinantes de la innovación en marketing entre el sector de agronegocios y conjunto de otros sectores de la economía, así como respecto de las innovaciones organizacionales, de procesos y productos para el sector de agronegocios.

Limitaciones/implicancias de la investigación

Los resultados implican la necesidad de profundizar el estudio de la innovación en marketing y sus interrelaciones con otras innovaciones considerando distintos sectores económicos y territorios.

Implicaciones prácticas

Las estrategias empresariales para fomentar la innovación, así como los programas públicos debieran considerar las diferencias entre tipos de innovaciones.

Originalidad/valor

Este artículo destaca y diferencia la innovación en marketing de otros tipos de innovaciones, que es un tópico con poco desarrollo, especialmente en el sector de agronegocios y en países emergentes.

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Article
Publication date: 2 May 2017

Katherina Kuschel, María-Teresa Lepeley, Fernanda Espinosa and Sebastián Gutiérrez

Women in entrepreneurship can have a significant impact on economic and social development globally and particularly in developing countries. But the challenges…

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1327

Abstract

Purpose

Women in entrepreneurship can have a significant impact on economic and social development globally and particularly in developing countries. But the challenges entrepreneurial women face are unique and multiple, pressing the need for research and policies to maximize impact. The purpose of this paper is to analyze the challenges women start-up founders face to secure funding in the technology industry. The tech industry was selected because it is a non-traditional industry for women with high potential for role models to bridge an existing gap in information on women start-up founders to secure capital financing to attain business sustainability. It covers venture capital investors’ role, Latin American cultural reasons, and gender.

Design/methodology/approach

This study is based on an inductive, qualitative approach and in-depth interviews with 20 women entrepreneurs and start-up founders from Latin American countries who received support from the Chilean Government sponsored accelerator “Start-Up Chile.”

Findings

The analysis uncovered ten aspects that impact entrepreneurial women founders’ access to capital in three categories: capital needs, networks, and individual characteristics.

Originality/value

This study identifies factors that affect women entrepreneurs in raising capital and in facing the following challenges: first, working in a non-traditional field for women as it is the technology industry, and second assuming a leadership role as start-up founders. The results offer recommendation with potential to drive public policies in Latin America, which may be scalable to other developing and also to developed countries where market systems prevail. The findings show that women entrepreneurs, but also men, seeking start-up financing and alternatives are a viable source of employment and economic sustainability to mitigate the effects of increasing levels of unemployment worldwide.

Details

Cross Cultural & Strategic Management, vol. 24 no. 2
Type: Research Article
ISSN: 2059-5794

Keywords

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Article
Publication date: 16 February 2021

Maria do Rosario Correia and Raquel F. Ch Meneses

This study aims to investigate the use of convertible securities and control rights covenants for a sample of 53 Portuguese, Spanish and German venture capital (VC) firms.

Abstract

Purpose

This study aims to investigate the use of convertible securities and control rights covenants for a sample of 53 Portuguese, Spanish and German venture capital (VC) firms.

Design/methodology/approach

A relatively new methodology in business sciences – a fuzzy set qualitative comparative analysis – that considers both quantitative and qualitative factors is used for obtaining a solution that best fits the empirical data.

Findings

The results show that the use of convertible securities is affected by agency predictions, namely, the anticipated severity of double-sided moral hazard problems. On the other hand, a mixed support is provided to the agency predictions regarding the use of control right covenants. The results seem to suggest that control right covenants tend to play a different role from convertible securities in the optimization of contract design for VC-backed investments.

Originality/value

Existing literature on VC contract design is extended by providing a cross-border analysis to VC financing decision.

Details

Studies in Economics and Finance, vol. 38 no. 1
Type: Research Article
ISSN: 1086-7376

Keywords

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Article
Publication date: 21 September 2015

Christian A. Cancino, Claudio A. Bonilla and Marcos Vergara

– The purpose of this paper is to analyze the impact on businesses in Chile of the Seed Capital Program (SCP) implemented by Chile’s Technical Cooperation Services.

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1479

Abstract

Purpose

The purpose of this paper is to analyze the impact on businesses in Chile of the Seed Capital Program (SCP) implemented by Chile’s Technical Cooperation Services.

Design/methodology/approach

In order to analyze the impact of this SCP, a counter-factual scenario was used that entailed a combination of the propensity score matching with difference in difference methods. A total of 682 businesses were surveyed (378 in the treatment group and the rest in the control group), 164 of which gave complete responses to the surveys, 89 belonging to the treatment group and 75 to the control group.

Findings

The results are mixed. On the one hand, the impact of sales is positive but its statistical significance depends on the model used. With regard to the number of employees, however, the results are positive and statistically significant regardless of the model used. The results also show that participating in the program has no incidence on the probability of later obtaining financing.

Research limitations/implications

This study highlights the importance of differentiating between opportunity-driven entrepreneurship programs and necessity-driven entrepreneurship programs.

Practical implications

It also suggests improvements in public policy to develop entrepreneurship in small businesses in Chile. These suggestions may also be interesting for other countries facing similar challenges in terms of developing private entrepreneurship as a vehicle to generate economic development.

Originality/value

This exploratory work may be interesting to those in charge of designing, implementing and evaluating public programs in support of small- and mid-sized enterprise development.

Details

Management Decision, vol. 53 no. 8
Type: Research Article
ISSN: 0025-1747

Keywords

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