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Estructura financiera y costo de capital para la creación de valor de los accionistas en las empresas agroexportadoras de Chile
No full textIn the last 200 years, Chile has come a long way through which it has moved from an Indigenous subsistence agriculture to a primary agriculture, that of the farmers of the early nineteenth century. As from 1970, emerges in this country a new type of farmer as a result of the new economic policy, with a technocentric or neoliberal position aimed at consolidating economic growth by strengthening a number of "Development Poles" [1], based on the principles of comparative and competitive advantage.
The dynamic and natural interaction of international markets opened a new scenario for the agro-export companies, which had to start acting in a manner that they could meet the new challenges posed by globalization and the scenario presented in the XXI century. This situation presents new uncertainties in the management of corporate finance of companies that trade on the primary and secondary markets, as to how much debt to incorporate in the company's financial structure, thus considering the agency problems that exist between " Main "and" Agent "for the risks involved in a bankruptcy. To determine the rate of weighted average cost of capital (WACC), which, having taking into account the aforementioned capital structure, makes it achieve a maximum economic value directly benefiting shareholders, as well as positive results in annual process of "creating value" which interests and encourages managers of agro-export companies representing the industry.
The existence of multiple empirical studies which attempt to explain similar phenomena are evidence. However, there is a lack in finding one that explains the maximization of "economic value" and the net benefit of having debt, in the case of export-oriented enterprises . From this, this doctoral thesis aims to carry out analysis and further study of other models referred to the creation and destruction of value, for companies that trade on stock exchange, based on authors who have conducted studies related to Economic Value Added (EVA) and Market Value Added (MVA) in Chile and the world.
Thus, the main focus of this research is to become a contribution to the management process of agro-export companies, helping in the process of strategic decision making, in the specific area of management and corporate finance, as this will impact growth and expansion of export-oriented companies in national and international markets in the coming years.
Among the results to be achieved with this research, we can name to identify a "Target Capital Structure" associated with certain variables which emerge from the empirical evidence arising from trials and simulations, which will represent the value that maximizes economic welfare of the export-oriented company by using combinations of bankruptcy risk, financial leverage and rate of weighted average cost of capital. This result may be used by agro-export firms so as to reach acceptable terms of economic efficiency and strengthen internal process of value creation, and thus increase the possibility to attract future investors.En los últimos 200 años Chile ha recorrido un camino a través del cual ha pasado desde una agricultura indígena de subsistencia a la primaria de los agricultores de principios del siglo XIX. Desde 1970 surge en el país un nuevo tipo de agricultor, como consecuencia de la nueva política económica de posición tecnocéntrica o neoliberal orientada a consolidar un crecimiento económico sobre la base de robustecer una decena de “Polos de Desarrollo” , basado en los principios de la ventaja comparativa y la competitiva.
La dinámica y natural interacción de los mercados internacionales, abrió un nuevo escenario para las empresas agroexportadoras, las que tuvieron que comenzar a actuar de forma tal que, pudieran hacer frente a los nuevos desafíos impuestos por la globalización y el escenario que se presenta en el siglo XXI. Esta situación, presenta nuevas incertidumbres en el manejo de las finanzas corporativas de las sociedades que tranzan en los mercados primarios y secundarios, respecto de cuánta deuda incorporar a la estructura financiera de la empresa, habida consideración de los problemas de agencia que existen entre el “Principal” y el “Agente”, por los riesgos implícitos de una quiebra. Determinar cuál es la tasa de costo promedio ponderado de capital (WACC), la que habiendo tomando en consideración la precitada estructura de capital, hace que se logre alcanzar un valor económico máximo en directo beneficio de los accionistas, como también, resultados positivos en el proceso anualizado de la “creación de valor” que interesa e incentiva a los administradores de las empresas agroexportadoras representativa de la industria.
La existencia de múltiples trabajos empíricos que intentan explicar fenómenos parecidos constituyen una evidencia, sin embargo, hay una carencia en cuanto encontrar uno que logre explicar la maximización de “Valor Económico” y el beneficio neto de tener deuda, para el caso de la empresa agroexportadora. A partir de esto, la presente tesis doctoral pretende realizar un análisis y estudio más profundo de otros modelos referidos con la creación y destrucción de valor, respecto de aquellas empresas que tranzan en Bolsa, basado en autores que han desarrollado estudios relacionados con el Valor Económico Añadido (EVA) y el Valor de Mercado Agregado (MVA) en Chile y el mundo.
Es así como, el eje principal de esta investigación es constituirse en un aporte al proceso de gestión de las empresas agroexportadoras, coadyuvando en el proceso de toma de decisiones estratégicas en el área específica de la gestión y las finanzas corporativas, ya que ello impactará en el crecimiento y expansión de la empresa agroexportadora en los mercados nacionales e internacionales en los próximos años. Entre los logros que se plantea obtener como consecuencia de este trabajo de investigación, es identificar una “Estructura de Capital Objetivo” asociado a determinadas variables, que se desprende de la evidencia empírica originada a partir de los ensayos y simulaciones, y que representará a través de combinaciones entre; riesgo de quiebra, apalancamiento financiero y tasa de costo promedio ponderado de capital el valor que maximiza en bienestar económica de la empresa agroexportadora. El resultado de esto, podrá ser utilizado por las empresas agroexportadoras para que propendan alcanzar condiciones de rentabilidad económica aceptable y robustezcan su proceso de creación de valor, y así aumentar el nivel de atracción de futuros inversores.Tesi
Estructura financiera y costo de capital para la creación de valor de los accionistas en las empresas agroexportadoras de Chile
No full textIn the last 200 years, Chile has come a long way through which it has moved from an Indigenous subsistence agriculture to a primary agriculture, that of the farmers of the early nineteenth century. As from 1970, emerges in this country a new type of farmer as a result of the new economic policy, with a technocentric or neoliberal position aimed at consolidating economic growth by strengthening a number of "Development Poles" [1], based on the principles of comparative and competitive advantage.
The dynamic and natural interaction of international markets opened a new scenario for the agro-export companies, which had to start acting in a manner that they could meet the new challenges posed by globalization and the scenario presented in the XXI century. This situation presents new uncertainties in the management of corporate finance of companies that trade on the primary and secondary markets, as to how much debt to incorporate in the company's financial structure, thus considering the agency problems that exist between " Main "and" Agent "for the risks involved in a bankruptcy. To determine the rate of weighted average cost of capital (WACC), which, having taking into account the aforementioned capital structure, makes it achieve a maximum economic value directly benefiting shareholders, as well as positive results in annual process of "creating value" which interests and encourages managers of agro-export companies representing the industry.
The existence of multiple empirical studies which attempt to explain similar phenomena are evidence. However, there is a lack in finding one that explains the maximization of "economic value" and the net benefit of having debt, in the case of export-oriented enterprises . From this, this doctoral thesis aims to carry out analysis and further study of other models referred to the creation and destruction of value, for companies that trade on stock exchange, based on authors who have conducted studies related to Economic Value Added (EVA) and Market Value Added (MVA) in Chile and the world.
Thus, the main focus of this research is to become a contribution to the management process of agro-export companies, helping in the process of strategic decision making, in the specific area of management and corporate finance, as this will impact growth and expansion of export-oriented companies in national and international markets in the coming years.
Among the results to be achieved with this research, we can name to identify a "Target Capital Structure" associated with certain variables which emerge from the empirical evidence arising from trials and simulations, which will represent the value that maximizes economic welfare of the export-oriented company by using combinations of bankruptcy risk, financial leverage and rate of weighted average cost of capital. This result may be used by agro-export firms so as to reach acceptable terms of economic efficiency and strengthen internal process of value creation, and thus increase the possibility to attract future investors.En los últimos 200 años Chile ha recorrido un camino a través del cual ha pasado desde una agricultura indígena de subsistencia a la primaria de los agricultores de principios del siglo XIX. Desde 1970 surge en el país un nuevo tipo de agricultor, como consecuencia de la nueva política económica de posición tecnocéntrica o neoliberal orientada a consolidar un crecimiento económico sobre la base de robustecer una decena de “Polos de Desarrollo” , basado en los principios de la ventaja comparativa y la competitiva.
La dinámica y natural interacción de los mercados internacionales, abrió un nuevo escenario para las empresas agroexportadoras, las que tuvieron que comenzar a actuar de forma tal que, pudieran hacer frente a los nuevos desafíos impuestos por la globalización y el escenario que se presenta en el siglo XXI. Esta situación, presenta nuevas incertidumbres en el manejo de las finanzas corporativas de las sociedades que tranzan en los mercados primarios y secundarios, respecto de cuánta deuda incorporar a la estructura financiera de la empresa, habida consideración de los problemas de agencia que existen entre el “Principal” y el “Agente”, por los riesgos implícitos de una quiebra. Determinar cuál es la tasa de costo promedio ponderado de capital (WACC), la que habiendo tomando en consideración la precitada estructura de capital, hace que se logre alcanzar un valor económico máximo en directo beneficio de los accionistas, como también, resultados positivos en el proceso anualizado de la “creación de valor” que interesa e incentiva a los administradores de las empresas agroexportadoras representativa de la industria.
La existencia de múltiples trabajos empíricos que intentan explicar fenómenos parecidos constituyen una evidencia, sin embargo, hay una carencia en cuanto encontrar uno que logre explicar la maximización de “Valor Económico” y el beneficio neto de tener deuda, para el caso de la empresa agroexportadora. A partir de esto, la presente tesis doctoral pretende realizar un análisis y estudio más profundo de otros modelos referidos con la creación y destrucción de valor, respecto de aquellas empresas que tranzan en Bolsa, basado en autores que han desarrollado estudios relacionados con el Valor Económico Añadido (EVA) y el Valor de Mercado Agregado (MVA) en Chile y el mundo.
Es así como, el eje principal de esta investigación es constituirse en un aporte al proceso de gestión de las empresas agroexportadoras, coadyuvando en el proceso de toma de decisiones estratégicas en el área específica de la gestión y las finanzas corporativas, ya que ello impactará en el crecimiento y expansión de la empresa agroexportadora en los mercados nacionales e internacionales en los próximos años. Entre los logros que se plantea obtener como consecuencia de este trabajo de investigación, es identificar una “Estructura de Capital Objetivo” asociado a determinadas variables, que se desprende de la evidencia empírica originada a partir de los ensayos y simulaciones, y que representará a través de combinaciones entre; riesgo de quiebra, apalancamiento financiero y tasa de costo promedio ponderado de capital el valor que maximiza en bienestar económica de la empresa agroexportadora. El resultado de esto, podrá ser utilizado por las empresas agroexportadoras para que propendan alcanzar condiciones de rentabilidad económica aceptable y robustezcan su proceso de creación de valor, y así aumentar el nivel de atracción de futuros inversores.Tesi
Convenio Marco con la Universidad Bernardo O ́Higgins, Chile. 2024-2029
No full textEl presente acuerdo tiene por objeto establecer y desarrollar relaciones de cooperación internacional entre ambas Instituciones mediante la colaboración académica, científica y cultural
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
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