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La cuarta hélice y la financiacion de la innovacion
Get PDFPropósito. 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 reestructurar 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.
Doi: https://doi.org/10.1108/JEFAS-01-2018-001
Size premium, value premium and market timing: evidence from an emerging economy
Get PDFPurpose. This study aims to investigate the market timing strategy in different market conditions (i.e. up, down, normal and in-financial-crisis situation) in the emerging market of Pakistan over the period 1995 to 2015. Furthermore, this study tests the validity of the capital asset pricing model (CAPM) and Fama and French model.
Design/methodology/approach. This study considers monthly stock returns of 167 firms and constructs six different portfolios on the basis of different size and book to market ratio. The Treynor and Mazuy model is used to capture the market timing strategy.
Findings. The results indicate evidence of the market timing in normal market conditions. However, there is less supportive evidence of market timing in up-market, down-market and in-financial-crisis situations. This study also confirms the validity of the capital asset pricing model and Fama and French three-factor model with strong support of value premium and size premium in the stock market.
Practical implications. The findings of this study are helpful to companies in estimating the cost of issuing equity more accurately. The investors can use market timing to make their investment in a more better and profitable manner.
Originality/value. Unlike other previous studies, this study considers an extended period to test the validity of the capital asset pricing model and Fama and French model. In addition, this study is novel in testing the marketing timing of the firms in the context of emerging economy of Pakistan.
Doi: https://doi.org/10.1108/JEFAS-09-2017-009
Estrategias competitivas y gestión deportiva: Una perspectiva de la Teoría Basada en Recursos aplicada al sector del fútbol
Get PDFPropósito. Esta investigación utiliza la Teoría Basada en Recursos como base para un modelo que permite integrar las acciones organizacionales con las variables que pueden moderar, directa o indirectamente, su impacto en el alto desempeño de los clubes de fútbol.
Diseño/metodología/enfoque. Se desarrolla una contrastación empírica en tres fases. La primera fue la técnica de regresión lineal. En segundo lugar, un análisis multivariado de covarianza (MANCOVA) y el tercer procedimiento, una regresión por mínimos cuadrados en dos fases. El objetivo de usar estos dos últimos procedimientos fue evaluar el efecto conjunto de las variables independientes sobre las variables dependientes, así como los efectos de interacción entre las mismas.
Hallazgos. Se validan las relaciones, directas e indirectas, entre las variables organizacionales y decisionales previstas en el modelo. También se valida la importancia de las acciones promocionales del club, para lograr competitividad basada en su desempeño o resultados.
Limitaciones de la investigación/implicaciones. Investigaciones futuras se podrían replicar en otros países, usando muestras más grandes con técnicas estadísticas más complejas. También, se podría contrastar si las relaciones encontradas pueden variar según las culturas, o pueden usarse otras variables no contempladas en este estudio.
Implicaciones prácticas. El cuestionario usado es una fuente de información fiable para los directivos de marketing de los clubes de fútbol, puesto que las escalas pueden ser usadas como guías para evaluar y diagnosticar su potencial de competitividad basada en el desempeño.
Implicaciones sociales. Los clubes de fútbol tienen un desarrollo e impacto directo en la sociedad. Por ello, las implicancias en el club recaerán en el entorno cercano (aficionados y sociedad) a este.
Originalidad/valor. Esta investigación aporta varias contribuciones fundamentales a la literatura sobre la competitividad organizacional en el sector deportivo, con aplicación específica a los clubes de fútbol. Este es uno de los escasos estudios que muestran que la competitividad es el resultado de una dinámica motivacional y organizativa, y que el éxito de los clubes se basa en un fenómeno más complejo que solo la asistencia a los eventos. También, es una investigación en un país emergente, lo cual extiende la aplicabilidad teórica y práctica del fenómeno estudiado.
Doi: https://doi.org/10.1108/JEFAS-05-2017-006
Effects of institutional quality and the development of the banking system on corporate debt
Get PDFPurpose. This study aims to determine if the quality of national institutions and banking development condition the maturity of debt depending on the horizon of short or long term.
Design/methodology/approach. Analysis is performed on a sample of 116 nonfinancial companies from Peru and Brazil. The measures of quality of national institutions and banking development were obtained from World Bank data and included factorial analysis for dynamic considerations.
Findings. The findings, through the treatment of pointed indicators, the factor analysis and the subsequent estimation of a dynamic econometric model, called GMM-SYS, show that institutional quality fosters the maturity of long-term debt and banking development boots short-term financial relations.
Research limitations/implications. Evaluating different measures of the quality of national institutions and banking development is necessary to demonstrate the robustness of the results beyond the sample evaluated in Latin America.
Practical implications. The research allows to understand the interaction between national institutions and system banking through debt maturity, and this is useful for establishing common target between both groups.
Social implications. It is important for corporate finance to understand the mechanisms of the interaction between national institutions and system banking, because this affects internal decisions of firms regarding financial implications.
Originality/value. The treatment of measures of national institutions and banking development include dynamic considerations, and the application of this study in Latin America provides new findings regarding these kind of indexes and their interaction with firms¨ features such as debt maturity.
Doi: https://doi.org/10.1108/JEFAS-03-2017-005
Using a naive Bayesian classifier methodology for loan risk assessment: Evidence from a Tunisian commercial bank
Get PDFPurpose. Loan default risk or credit risk evaluation is important to financial institutions which provide loans to businesses and individuals. Loans carry the risk of being defaulted. To understand the risk levels of credit users (corporations and individuals), credit providers (bankers) normally collect vast amounts of information on borrowers. Statistical predictive analytic techniques can be used to analyse or to determine the risk levels involved in loans. This paper aims to address the question of default prediction of short-term loans for a Tunisian commercial bank.
Design/methodology/approach. The authors have used a database of 924 files of credits granted to industrial Tunisian companies by a commercial bank in the years 2003, 2004, 2005 and 2006. The naive Bayesian classifier algorithm was used, and the results show that the good classification rate is of the order of 63.85 per cent. The default probability is explained by the variables measuring working capital, leverage, solvency, profitability and cash flow indicators.
Findings. The results of the validation test show that the good classification rate is of the order of 58.66 per cent; nevertheless, the error types I and II remain relatively high at 42.42 and 40.47 per cent, respectively. A receiver operating characteristic curve is plotted to evaluate the performance of the model. The result shows that the area under the curve criterion is of the order of 69 per cent.
Originality/value. The paper highlights the fact that the Tunisian central bank obliged all commercial banks to conduct a survey study to collect qualitative data for better credit notation of the borrowers.
Doi: https://doi.org/10.1108/JEFAS-02-2017-003
Dependencia serial de largo plazo en el índice bursátil chileno, a través del coeficiente de Hurst y Hurst ajustado
Get PDFPropósito. La presente investigación examina la existencia de memoria de largo plazo por medio del cálculo del coeficiente de Hurst y Hurst ajustado, y del análisis de características de estructuras caóticas en la serie del mercado bursátil de Chile, específicamente a través del Índice de Precios Selectivo de Acciones.
Diseño/metodología/enfoque. Se desarrolló un breve análisis del mercado, según la metodología de Box y Jenkings. La validez de los resultados se realizó por medio de la prueba propuesta por Brock, Dechert y Scheinkman. En segundo lugar, se procedió a analizar la dinámica y patrones del índice y de su rendimiento, para observar si existía evidencia de memoria de largo plazo.
Hallazgos. Los resultados demuestran la presencia de esta memoria en el mercado bursátil chileno, determinado a través del índice accionario en dos escalas, diaria y trimestral, lo que además corrobora resultados obtenidos por otros autores, confirmando el uso de la metodología de Rango Re escaldo para la identificación y determinación de memoria de largo plazo en una serie temporal.
Originalidad/valor. Este estudio permitirá a futuros investigadores realizar análisis similares en otros mercados, aportando un nuevo enfoque al analizar la memoria de la largo plazo y los factores que inciden en ella.
Doi: https://doi.org/10.1108/JEFAS-02-2017-004
The financial services industry and society The role of incentives/punishments, moral hazard, and conflicts of interests in the 2008 financial crisis
Get PDFPurpose. This paper aims to present an analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis.
Design/methodology/approach. The study’s analysis has identified common structural flaws throughout the securitization food chain. These structural flaws include inappropriate incentives, the absence of punishment, moral hazard and conflicts of interest. This research sees the full impact of these structural flaws when considering their co-occurrence throughout the financial system. The authors address systemic defects in the securitization food chain and examine the inter-relationships among homeowners, mortgage originators, investment banks and investors. The authors also address the role of exogenous factors, including the SEC, AIG, the credit rating agencies, Congress, business academia and the business media.
Findings. The study argues that the lack of criminal prosecutions of key financial executives has been a key factor in creating moral hazard. Eight years after the Great Recession ended in the USA, the financial services industry continues to suffer from a crisis of trust with society.
Practical implications. An overwhelming majority of Americans, 89 per cent, believe that the federal government does a poor job of regulating the financial services industry (Puzzanghera, 2014). A study argues that the current corporate lobbying framework undermines societal expectations of political equality and consent (Alzola, 2013). The authors believe the Singapore model may be a useful starting point to restructure regulatory agencies so that they are more responsive to societal concerns and less responsive to special interests. Finally, the widespread perception is that the financial services sector, in particular, is ethically challenged (Ferguson, 2012); perhaps there would be some benefit from the implementation of ethical climate monitoring in firms that have been subject to deferred prosecution agreements for serious ethical violations (Arnaud, 2010).
Originality/value. The authors believe the paper makes a truly original contribution. They provide new insights via their analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis.
Doi: https://doi.org/10.1108/JEFAS-02-2017-002
The valuation performance of mathematically-optimised, equity-based composite multiples
Get PDFPurpose. This paper aims to examine the valuation precision of composite models in each of six key industries in South Africa. The objective is to ascertain whether equity-based composite multiples models produce more accurate equity valuations than optimal equity-based, single-factor multiples models.
Design/methodology/approach. This study applied principal component regression and various mathematical optimisation methods to test the valuation precision of equity-based composite multiples models vis-à-vis equity-based, single-factor multiples models.
Findings. The findings confirmed that equity-based composite multiples models consistently produced valuations that were substantially more accurate than those of single-factor multiples models for the period between 2001 and 2010. The research results indicated that composite models produced up to 67 per cent more accurate valuations than single-factor multiples models for the period between 2001 and 2010, which represents a substantial gain in valuation precision.
Research implications. The evidence, therefore, suggests that equity-based composite modelling may offer substantial gains in valuation precision over single-factor multiples modelling.
Practical implications. In light of the fact that analysts’ reports typically contain various different multiples, it seems prudent to consider the inclusion of composite models as a more accurate alternative.
Originality/value. This study adds to the existing body of knowledge on the multiples-based approach to equity valuations by presenting composite modelling as a more accurate alternative to the conventional single-factor, multiples-based modelling approach.
Doi: https://doi.org/10.1108/JEFAS-02-2017-004
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Get PDFPurpose. Call centers generate stress and absenteeism in staff and the literature suggests that people-oriented leadership is the right way of supervision for such a situation. This study compared its effects versus those of other types of leadership.
Methodology. Absentee data of 379 representatives of customer services of a Peruvian call center were analyzed and the representatives answered a questionnaire about the Framework of Values in Competition and its four types of leadership. Day and night work shifts were compared.
Results. It was observed that absenteeism declines with people-oriented leadership, although only during the day shift, and the addition of leadership-oriented to change, results and control devalues models.
Limitations/implications. Future studies should cover the performance of the worker. The findings suggest a need to re-focus the theoretical focus on environmental contingencies that affect leadership effectiveness.
Originality/value. Leadership theorists will ask themselves in what circumstances the multiple leadership is effective. Call center managers will appreciate the organizational value of people-oriented leadership at the first level of supervision.
Doi: https://doi.org/10.1108/JEFAS-03-2017-0058
A behavioral analysis of the volatility of interbank interest rates in developed and emerging countries
Get PDFPurpose. This paper aims to analyse the volatility of the fixed income market from 11 countries (Brazil, Russia, India, China, South Africa, Argentina, Chile, Mexico, USA, Germany and Japan) from January 2000 to December 2011 by examining the interbank interest rates from each market.
Design/methodology/approach. To the volatility of interest rates returns, the study used models of auto-regressive conditional heteroscedasticity, autoregressive conditional heteroscedasticity (ARCH), generalized autoregressive conditional heteroscedasticity (GARCH), exponential generalized autoregressive conditional heteroscedasticity (EGARCH), threshold generalized autoregressive conditional heteroscedasticity (TGARCH) and periodic generalized autoregressive conditional heteroscedasticity (PGARCH), and a combination of these with autoregressive integrated moving average (ARIMA) models, checking which of these processes were more efficient in capturing volatility of interest rates of each of the sample countries.
Findings. The results suggest that for most markets, studied volatility is best modelled by asymmetric GARCH processes – in this case the EGARCH – demonstrating that bad news leads to a higher increase in the volatility of these markets than good news. In addition, the causes of increased volatility seem to be more associated with events occurring internally in each country, as changes in macroeconomic policies, than the overall external events.
Originality/value. It is expected that this study has contributed to a better understanding of the volatility of interest rates and the main factors affecting this market.
Doi: https://doi.org/10.1108/JEFAS-02-2017-003