ÁNGELA SÁNCHEZ SÁNCHEZ-MANJAVACAS, M. CARMEN … · Exploring Data Collection Innovations by Examining the Effects ... BERNABÉ HERNANDIS ORTUÑO, KARLA MAZARELO MACIEL PACHECO

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ESCUELA DE ADMINISTRACIÓN Y CONTADURÍA PÚBLICA

U N I V E R S I D A D N A C I O N A L D E C O L O M B I A

R E V I S T A D E C I E N C I A S A D M I N I S T R A T I V A S Y S O C I A L E S

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INBAM 2013Internal Employability As A Strategy for Key Employee Retention

ÁNGELA SÁNCHEZ SÁNCHEZ-MANJAVACAS, M. CARMEN SAORÍN-IBORRA & MICHAEL WILLOUGHBY

The Effects of the Global Financial Crisis On Brazilian Banking EfficiencyMARK EDWARD WOLTERS, EDUARDO BARBOSA DO COUTO & JOSÉ AUGUSTO FELÍCIO

The Role of Intellectual Capital and Entrepreneurial Characteristics as Innovation Drivers

NADIA UGALDE-BINDA, FRANCISCO BALBASTRE-BENAVENT, M. TERESA CANET-GINER & NAIARA ESCRIBÁ-CARDA

Corporate Risk in Family Businesses Under Economic CrisisELISABETE S. VIEIRA

Exploring Data Collection Innovations by Examining the Effects of Relationship Marketing on Performance in Times of Crisis

ARMANDO LUÍS VIEIRA

Corporate Governance and Performance in the Largest European Listed Banks During the Financial Crisis

J. AUGUSTO FELÍCIO, IRINA IVASHKOVSKAYA, RICARDO RODRIGUES & ANASTASIA STEPANOVA

MarketingAntecedentes del éxito de la relación entre restaurantes y sus clientes

MARIA FUENTES-BLASCO & BEATRIZ MOLINER-VELÁZQUEZ

Un enfoque de marketing de relaciones a la educación como un servicio: aplicación a la Universidad de Valencia

MARÍA WALESSKA SCHLESINGER, AMPARO CERVERA TAULET, MARÍA ÁNGELES INIESTA BONILLO & RAQUEL SÁNCHEZ FERNÁNDEZ

Alimentos tradicionales en Sonora, México: factores que influyen en su consumo

JOEL ENRIQUE ESPEJEL BLANCO, DENA MARÍA JESÚS CAMARENA GÓMEZ & SERGIO ALFONSO SANDOVAL GODOY

The Effects of Visual Information On Willingness to Pay for A Recreational Site Improvement in Chile

ARCADIO A. CERDA, LEIDY Y. GARCIA, ROBERTO A. PASTÉN, IVÁN A. DAMINO & MÓNICA T. DIAZ

Empresas de menor tamañoAcceso a la financiación en Pymes colombianas: una

mirada desde sus indicadores financierosMARY A. VERA-COLINA, ZURAY A. MELGAREJO-MOLINA & EDWIN H. MORA-RIAPIRA

Antecedentes y dinamismo de la ambidestreza organizativa en las PymesCONSUELO DOLZ, VICENTE SAFÓN, MARÍA IBORRA & ANGELS DASÍ

Organizaciones y culturaAgility Path Through Work Values in Knowledge-based

Organizations: A Study of Virtual UniversitiesYASHAR SALAMZADEH, MEHRAN NEJATI & AIDIN SALAMZADEH

The impact of a Paternalistic Style of Management and Delegation of Authority on Job Satisfaction and Organizational Commitment in Chile and the US

LEONARDO LIBERMAN

Medio ambiente y desarrolloLa nueva gobernanza política y las colaboraciones

intersectoriales para el desarrollo sosteniblePABLO RODRIGO & DANIEL ARENAS

Gestión de producción y tecnologíaIntegración del diseño en las empresas portuguesas, del sector de

la transformación de la Piedra Natural: definición de un perfilSUSANA PAIXÃO-BARRADAS, BERNABÉ HERNANDIS ORTUÑO, KARLA MAZARELO

MACIEL PACHECO & BEGOÑA AGUDO VICENTE

Narcotráfico y sociedadLos colombianos y las redes del narcotráfico en Nueva York durante los años 70

EDUARDO SÁENZ ROVNER

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innovarRevista de CienCias administRativas y soCiales · Vol. 24, núm. 53 · julio-septiembre de 2014 · issn 0121-5051 e-issn 2248-6968

UniVersidad nacional de colombiaignacio mantilla Prada

rector general/chancellor

FacUltad de ciencias económicasJosé Guillermo García isaza

decano /dean

escUela de administración y contadUría pública

Gloria isabel Rodríguez lozano director/Head of the school

maestría en administraciónluis alejandro Rodríguez Ramírez

coordinador académico/academic coordinator

maestría en contabilidad y FinanZasmauricio Gómez villegas

coordinador académico/academic coordinator

innoVar reVista de ciencias administratiVas y socialesdra. Gloria isabel Rodríguez lozanodirectora y editora general/editor in chief proceso editorial /editing processeditor asociado/associate editor alejandro Peña Bello ([email protected])

coordinadora editorial/editorial coordinator Carolina Gutiérrez Rozo ([email protected])

asistente editorial/ editorial assistant ana ma. Castillo montaña ([email protected])

corrección de estilo/copyediting and proofreading edwin algarra suárez ([email protected])Proceditor ltda. ([email protected])

traducciones/translations: Proceditor ltda. ([email protected])

diagramación y diseño/typesetting and design: Proceditor ltda. ([email protected])

ilustraciones/ilustrations iván Benavides Carmona ([email protected])

impresión y acabados/printing and final art Proceditor ltda. ([email protected])

sUscripciones y canje internacional: Por favor comuníquese con la Coordinación de innovaR al correo electrónico: [email protected] Página web: www.innovar.unal.edu.co teléfono (57) (1) 3165000 ext. 12308, 12367.

3 editorial

INBAM 20137 internal employability as a strategy for Key employee Retention

ÁNgelA SÁNchez SÁNchez-MANjAvAcAS, M. cArMeN SAoríN-IBorrA & MIchAel WIlloughBy

23 the effects of the Global Financial Crisis on Brazilian Banking efficiencyMArk edWArd WolterS, eduArdo BArBoSA do couto & joSé AuguSto FelícIo

41 the Role of intellectual Capital and entrepreneurial Characteristics as innovation driversNAdIA ugAlde-BINdA, FrANcISco BAlBAStre-BeNAveNt, M. tereSA cANet-gINer & NAIArA eScrIBÁ-cArdA

61 Corporate Risk in Family Businesses Under economic CrisiselISABete S. vIeIrA

75 exploring data Collection innovations by examining the effects of Relationship marketing on Performance in times of CrisisArMANdo luíS vIeIrA

83 Corporate Governance and Performance in the largest european listed Banks during the Financial Crisisj. AuguSto FelícIo, IrINA IvAShkovSkAyA, rIcArdo rodrIgueS & ANAStASIA StepANovA

Marketing99 antecedentes del éxito de la relación entre restaurantes y sus clientes

MArIA FueNteS-BlASco & BeAtrIz MolINer-velÁzquez

113 Un enfoque de marketing de relaciones a la educación como un servicio: aplicación a la Universidad de valenciaMAríA WAleSSkA SchleSINger, AMpAro cerverA tAulet, MAríA ÁNgeleS INIeStA BoNIllo & rAquel SÁNchez FerNÁNdez

127 alimentos tradicionales en sonora, méxico: factores que influyen en su consumojoel eNrIque eSpejel BlANco, deNA MAríA jeSúS cAMAreNA góMez & SergIo AlFoNSo SANdovAl godoy

141 the effects of visual information on Willingness to Pay for a Recreational site improvement in ChileArcAdIo A. cerdA, leIdy y. gArcIA, roBerto A. pAStéN, IvÁN A. dAMINo & MóNIcA t. dIAz

empresas de menor tamaño149 acceso a la financiación en Pymes colombianas: una

mirada desde sus indicadores financierosMAry A. verA-colINA, zurAy A. MelgArejo-MolINA & edWIN h. MorA-rIApIrA

161 antecedentes y dinamismo de la ambidestreza organizativa en las PymescoNSuelo dolz, vIceNte SAFóN, MAríA IBorrA & ANgelS dASí

organizaciones y cultura177 agility Path through Work values in Knowledge-Based

organizations: a study of virtual UniversitiesyAShAr SAlAMzAdeh, MehrAN NejAtI & AIdIN SAlAMzAdeh

187 the impact of a Paternalistic style of management and delegation of authority on Job satisfaction and organizational Commitment in Chile and the UsleoNArdo lIBerMAN

Medio ambiente y desarrollo197 la nueva gobernanza política y las colaboraciones

intersectoriales para el desarrollo sosteniblepABlo rodrIgo & dANIel AreNAS

gestión de producción y tecnología211 integración del diseño en las empresas portuguesas, del sector de

la transformación de la Piedra natural: definición de un perfilSuSANA pAIxão-BArrAdAS, BerNABé herNANdIS ortuño, kArlA MAzArelo MAcIel pAcheco & BegoñA Agudo vIceNte

Narcotráfico y sociedad 223 los colombianos y las redes del narcotráfico en nueva york durante los años 70

eduArdo SÁeNz rovNer

Información editorial235 información editorial237 Pautas para colaboradores

innovar Vol. 24 núm. 53 incluye en su portada la obra de Carlos Jacanamijoy. Cantos amarillos. Óleo sobre lienzo. 2013. 120 x 120.

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estrategia y organiZacionesali smida, Universidad Paris 13, FranciaJosé ernesto amorós, Universidad del desarrollo, ChileJosé Gabriel aguilar Barceló, Universidad autónoma de Baja California, méxicoluis m. silva domingo, Universidad oRt, Uruguayvíctor Raúl lópez, Universidad de Castilla la mancha, españaRicardo Gouveia Rodrigues, University of Beira interior, PortugalPablo Rodrigo Ramírez, Universidad adolfo ibáñez, Chileluis arturo Rivas tovar, instituto Politécnico nacional, méxicoGregorio Calderón, Universidad nacional de Colombia (sede manizales), ColombiaFrancisco lópez Gallego, Universidad eaFit, Colombia

contabilidad y FinanZasCrawford spence, United arab emirates University, emiratos ÁrabesJavier de león ledesma, Universidad de las Palmas de Gran Canaria, españaJosé Juan déniz mayor, Universidad de las Palmas de Gran Canaria, españamaría Concepción verona, Universidad de las Palmas de Gran Canaria, españamiguel Ángel martínez sedano, Universidad del País vasco, españaRamón alfonso Ramos, Universidad de santiago de Chile, Chilemary a. vera, Universidad nacional de Colombia, Colombiamarysela Coromoto morillo moreno, Universidad de los andes, venezuela

economía y organiZacionesarturo vásquez Párraga, University of texas- Pan american, estados Unidos de américa

Francisco José delgado Rivero, Universidad de oviedo, españa

gestión de operacionesGabriel aramouni, Universidad de san andrés, argentina

manuel Francisco suárez Barraza, tecnológico de monterrey, méxico

gestión del talento HUmanolorenzo Revuelto taboada, Universidad de valencia, españa

marKetingamparo Cervera taulet, Universidad de valencia, españa

ana isabel Jiménez Zarco, Universidad oberta de Catalunya, españa

Hernán talledo Flores, Grupo episteme, Perú

Joaquín sánchez Herrera, Universidad de valencia, españa

maría del Pilar martínez Ruiz, Universidad de Castilla la mancha, españa

sergio olavarrieta, Universidad de Chile, Chile

sergio moreno Gil, Universidad de las Palmas de Gran Canaria, españa

Héctor augusto Rodríguez orejuela, Universidad del valle, Colombia

don sexton, Columbia Business school, estados Unidos de américa

comitÉ editorial/editorial committeedra. Gloria Rodríguez lozano, Facultad de Ciencias económicas, Universidad nacional de Colombia, sede Bogotádr. Francisco Rodríguez vargas, Universidad París viii, Franciadr. Óscar Castellanos, Facultad de ingeniería, Universidad nacional de Colombia, sede Bogotádra. liliana Chicaíza, escuela de administración y Contaduría Pública, Universidad nacional de Colombia, sede Bogotádr. Jorge Hernando molano, escuela de administración y Contaduría Pública, Universidad nacional de Colombia, sede Bogotádr. ernesto sierra, Facultad de Ciencias administrativas, económicas y Contables, Universidad Central, Bogotádr. Carlos alberto Rodríguez Romero, escuela de administración y Contaduría Pública, Universidad nacional de Colombia, sede Bogotádr. eduardo sáenz Rovner, escuela de administración y Contaduría Pública, Universidad nacional de Colombia, sede Bogotádr. Carlo tognato, the University of adelaide, australia

dr. Carlos eduardo maldonado, Universidad del Rosario, Bogotá

resumida, indexada o referenciada /summarized, indexed or referenced: Sociological Abstracts (CSA) - USA • Public Affairs Information Service (PAIS) - USA • Thomson Gale. Informe Académico (Texto completo/Full text) - México • Citas Latinoamericanas en Ciencias Sociales y Humanidades (CLASE) - México • Sistema Regional de Información en Línea para Revistas Científicas de América Latina, el Caribe, España y Portugal (Latindex) - México • Redalyc - México • SciELO Colombia - Colombia • Directorio Ulrich’s - USA • Índice Nacional de Publicaciones Seriadas Científicas y Tecnológicas Colombianas (Publindex - Máxima categoría A1) - Colombia • Scopus (Elsevier B.V.) - USA.

el contenido de los artículos y reseñas publicadas es responsabilidad de los autores y no refleja el punto de vista u opinión de la escuela de administración de Empresas y Contaduría Pública de la Facultad de Ciencias Económicas o de la Universidad Nacional de Colombia. /The contents of all published articles and reviews are the authors’ responsibility and do not reflect whatsoever the point of view or opinion of the School of Business and Public Accounting of the Faculty of economic sciences or of the Universidad nacional de Colombia.

El material de esta revista puede ser reproducido o citado con carácter académico, citando la fuente. /All published contents can be quote or reproduce for academic purposes, acknowledging the source.

dirección innoVardirectora y editora general/editor in chief: dra. Gloria isabel Rodríguez lozano

editores cientíFicos /scientiFic editors

comitÉ cientíFico/scientiFic committeedr. J. david Cabedo semper, Universitat Jaume i de Castellón, españa

dra. amparo Cervera taulet, Universidad de valencia, españa

dr. sebastián donoso, Universidad de talca, Chile

dra. irene Gil saura, Universidad de valencia, españa

dr. Javier sánchez, Universitat Jaume i de Castellón, españa

dr. eduardo torres moraga, Universidad de Chile, Chile

dr. Gregorio martín de Castro, Universidad Complutense de madrid, españa

dr. Joaquín alegre vidal, Universidad de valencia, españa

dra. teresa García merino, Universidad de valladolid, españa

dra. ma. valle santos Álvarez, Universidad de valladolid, españa

dra. mónica Gómez suárez, Universidad autónoma de madrid, españa

dr. José Humberto ablanedo Rosas, University of texas at el Paso, Usa

dr. lorenzo Revuelto taboada, Universidad de valencia, españa

dr. José solana ibáñez, Universidad de murcia, españa

dr. José enrique devesa Carpio, Universidad de valencia, españa

dr. Javier de león ledesma, Universidad de las Palmas de Gran Canaria, españa

colaboradores en este número/contribUting aUtHors For tHis issUe:

Leonardo Solarte Pazos • Angela Sanchez • Mark Edward Wolters • Teresa Canet • Elisabete Vieira • Armando Luís Vieira • María Fuentes Blasco • Beatriz Moliner Velázquez • María Walesska Schlesinger Díaz • Amparo Cervera Taulet • María Ángeles Iniesta Bonillo • Raquel Sánchez Fernández • Joel Enrique Espejel Blanco • Dena María Camarena Gómez • Sergio Sandoval Godo • Arcadio Cerda • Ivan A. Damino • Leidy Y. García • Mónica T. Diaz • Roberto A. Pasten • Mary A. Vera Colina • Zuray A. Melgarejo Molina • Edwin H. Mora Riapira • Vicente Safón • María Iborra • Angels Dasí • Consuelo Dolz • Seyed Ali Akbar Ahmadi • Yashar Salamzadeh • Mehran Nejati • Mohammadreza Daraei • Leonardo Liberman • Pablo Rodrigo • Daniel Arenas • Susana Paixão Barradas • Bernabé Hernandis Ortuño • Karla Mazarelo Maciel Pacheco • Begoña Agudo Vicente • Eduardo Sáenz Rovner.

3rev. innovar vol. 24, núm. 53, Julio-septiembre de 2014

este tercer volumen de 2014 de innovar se divide en siete secciones, con la peculiaridad de que su prime-ra sección está dedicada al iii Congreso de la inter-

national network of Business and management Journals (inBam), que tuvo lugar en lisboa, Portugal, entre el 17 y el 19 de junio de 2013. innovar fue una de las 17 revis-tas internacionales que contaron con un track específico en dicho evento. Fueron recibidas veinte propuestas de las cuales sólo diez fueron seleccionadas y presentadas duran-te el congreso. Finalmente, tras una rigurosa evaluación (agradecemos profundamente la colaboración de mª Cris-tina Baptista y João J. mota de la Universidad técnica de lisboa, iseG), seis de estos trabajos fueron aceptados con ajustes de menor o mayor entidad, eficazmente llevados a cabo por los autores.

el primero de estos artículos, Internal Employability as a Strategy for Key Employee Retention, analiza la relación de la empleabilidad interna percibida con la predisposi-ción a abandonar la empresa y la conducta colaborativa en la organización, proponiendo la satisfacción laboral y el compromiso organizativo como variables mediadoras, y utilizando modelos de ecuaciones estructurales (lisRel). el segundo trabajo, The Effects of the Global Financial Cri-sis on Brazilian Banking Efficiency, se centra en la historia reciente de la estructura de mercado del sector bancario brasileño, así como en los efectos de la crisis financiera global de finales del 2000 en su eficiencia relativa glo-bal, utilizando el análisis envolvente de datos. el tercer artículo, intitulado The Role of Intellectual Capital and En-trepreneurial Characteristics as Innovation Drivers, ana-liza la influencia del capital intelectual así como de las características personales de los emprendedores sobre los resultados de las empresas en términos de innovación, uti-lizando metodologías tanto cualitativas como cuantitati-vas. el cuarto trabajo, Corporate Risk in Family Businesses Under Economic Crisis, se centra en la posibilidad de la existencia de efectos asimétricos de riesgo corporativo en-tre periodos de estabilidad y crisis; su análisis empírico se lleva a cabo utilizando un modelo de regresión con datos de panel. el quinto artículo, Exploring Data Collection In-novations by Examining the Effects of Relationship Marke-ting on Performance in Times of Crisis, presenta un doble

Editorial

objetivo: a) probar un modelo que relaciona el esfuerzo en marketing relacional con los resultados, utilizando un mo-delo de ecuaciones estructurales, y b) explorar herramien-tas de recolección de datos más innovadoras y eficaces para emplearlas en un contexto de investigación de mercados. Finalmente, el último artículo de esta sección especial, Cor-porate Governance and Performance in the Largest, utiliza el análisis de datos de panel para examinar los cambios en los impulsores de los resultados de los mayores bancos euro-peos, durante la reciente crisis financiera.

en la segunda sección, dedicada al marketing, se encuen-tran los artículos Antecedentes del éxito de la relación en-tre restaurantes y sus clientes, Un enfoque de marketing de relaciones a la educación como un servicio: aplicación a la Universidad de Valencia, Alimentos tradicionales en el noroeste de México: factores que influyen en su consumo y The effects of visual information on willingness top ay for a recreational site improvemen in Chile. el primero de es-tos artículos analiza, a partir de una muestra de 150 res-taurantes, la relación restaurante-cliente, partiendo de la secuencia causal (a) dimensiones del valor entregado, (b) confianza y compromiso, (c) éxito de la relación. el segun-do artículo de la sección, plantea una aproximación explo-ratoria a través de la construcción de un modelo integrado de relaciones entre el egresado y la universidad, median-te la utilización de ecuaciones estructurales, con el fin de contrastar las relaciones planteadas en el estudio; así, lo-gra conceptualizar y medir variables relativas al comporta-miento y la percepción de los egresados de la Universidad de valencia. en cuanto al tercer artículo, analiza la influen-cia ejercida por diferentes atributos de los alimentos tradi-cionales de sonora, sobre la satisfacción del consumidor, teniendo en cuenta no una visión nacional sino regional; este estudio se llevó a cabo a partir de una encuesta sobre 1129 consumidores, llevando a cabo análisis descriptivos y bivariantes. el artículo que cierra esta sección examina el efecto que tiene la información visual sobre la disposición a pagar por mejoras en la infraestructura y la calidad del agua en un lugar de recreación urbana, mediante la valora-ción contingente, aplicada sobre dos grupos de personas.

Editorial

4 rev. innovar vol. 24, núm. 53, Julio-septiembre de 2014

en la tercera sección, dedicada a las empresas de menor tamaño, se encuentra el artículo Acceso al financiamiento en PYMES colombianas: una mirada desde sus indicadores financieros, donde los autores analizan las fuentes de fi-nanciación de las pequeñas y medianas empresas, buscan-do identificar las causas de problemas en el desempeño de las mismas. a continuación, en el artículo Antecedentes y dinamismo en la ambidestreza organizativa en las PYMES, se analizan algunas de las capacidades que permiten a las empresas obtener un elevado nivel de desempeño en situa-ciones que requieren una alineación con su entorno; para esto, se adelantaron regresiones multivariables sobre una muestra de 117 Pymes industriales.

el cuarto apartado, llamado organizaciones y cultura, cuenta con los artículos Agility path through work values in knowledg-based organizations: A study of virtual univer-sities y The effect of paternalism and delegation of autho-rity on job satisfaction and organizational commitment in two samples from Chile and the U. S. el primero de ellos propone un medio para llegar a la agilidad en las orga-nizaciones a través de los valores laborales, enfocado en las universidades virtuales como organizaciones basadas en el conocimiento. el segundo trabajo compara el estilo gerencial paternalista y de las prácticas de delegación en dos contextos organizacionales culturalmente distintos, así como los efectos de los mismos en la satisfacción laboral y el compromiso organizacional.

el apartado de medio ambiente y desarrollo contiene el artículo La nueva gobernanza política y las colaboracio-nes intersectoriales para el desarrollo sostenible, donde los autores plantean que el modelo Relacional de estado de

Bienestar promueve, en mayor medida, la pluralidad de es-tructuras sociales y políticas y de perspectivas teórico-polí-ticas enmarcadas en la Responsabilidad social Corporativa y el desarrollo sostenible, analizando las características y riesgos del modelo. en la sección de Gestión de produc-ción y tecnología, el artículo Integración del diseño en las empresas portuguesas, del sector de la transformación de la Piedra Natural: definición de un perfil evalúa los diferen-tes aspectos del diseño que más valoran las empresas del sector, buscando la relación existente entre la gestión del diseño y los valores de innovación, diferenciación y com-petitividad. Finalmente, cerrando la edición, en la sección de narcotráfico y sociedad, el artículo Los colombianos y las redes del narcotráfico en Nueva York durante los años 70 desafía la idea generalizada de que el narcotráfico des-de Colombia ha sido manejado por los llamados “carteles”, utilizando información de archivos estadounidenses, evi-denciando que éste es un negocio abierto con múltiples participantes de sendas nacionalidades.

GLORIA I. RODRÍGUEZ L. Ph. D.

directora y editora general – innoVarProfesora asociada de tiempo completo

Escuela de Administración y Contaduría Pública Facultad de Ciencias Económicas

Universidad Nacional de Colombia, sede Bogotá

loRenZo RevUelto-taBoada

miembro del comité científico - innoVarProfesor Titular

Departamento de Dirección de EmpresasUniversidad de Valencia

5rev. innovar vol. 24, núm. 53, Julio-septiembre de 2014

this third volume of innovar in 2014 is divided in seven sections, with the peculiarity that its first section is devoted to the iii inBam conference that took place

in lisbon, Portugal, from June 17 to 19, 2013. innovar was one of the 17 international Journals with a specific track in this event. twenty proposals were submitted to our track but only ten of them were selected and presented during the conference. Finally, after a thorough evaluation (we greatly appreciate the support of mª Cristina Baptista and João J. mota from technical University of lisbon, iseG), six of these papers were accepted with minor or major revision effectively carried out by the authors.

the first one, “internal employability as a strategy for key employee retention”, analyze the relationship of internal employability with turnover intention and organizational citizenship behavior, proposing labor satisfaction and com-mitment as intermediating variables, by using structural equation modeling (lis Rel). the second one, “the effects of the global financial crisis on Brazilian banking efficien-cy”, focuses on the recent history of the market structure of the Brazilian banking sector, as well as the effects of the global financial crisis of the late 2000s on its over-all relative efficiency, by using data envelopment analysis. the third article, entitled “the role of intellectual capital and entrepreneurial characteristics as innovation drivers”, analyze the influence of intellectual capital as well as per-sonal characteristics of entrepreneurs on firms innovation results, using both qualitative and quantitative method-ologies. the fourth paper, “Corporate risk in family busi-nesses under economic crisis”, focuses on the possibility of asymmetrical corporate risk effects between periods of stability and economic adversity. empirical analysis was carried out using a regression model with panel data. the aim of the fifth article, “exploring data collection innova-tions by examining the effects of relationship marketing on performance in times of crisis”, is twofold: a) to test a model that relates relationship marketing (Rm) efforts with performance using structural equation modelling; and b) to explore innovative and more effective data collec tion tools to be employed in a marketing research context. Fi-nally, the last article in this special section, “Corporate gov-ernance and performance in the largest european listed banks during the financial crisis”, uses panel data analysis

to examine the changes in the performance drivers of the biggest european banks in the recent financial crisis.

the second section, dedicated to marketing, contains the articles Antecedents of Positive Relation-building between Restaurants and their Clients; A Relationship Marketing Approach to the Provision of Education as a Service: the Experience of the University of Valencia; Traditional Food-stuffs in North Eastern Mexico: Factors influencing Con-sumption; and The Effects of Visual Information on Citizen Willingness to Pay for Recreational Site Improvements in Chile. the first article employs a sample of 150 restaurants to analyze restaurant-client relationships, building on the following causal sequence: (a) the value of the service de-livered, (b) trust and commitment, (c) degree of success in the relationship. the second article in the section rep-resents an exploratory approach, constructing an integral model of the relations that emerge between graduates and university by developing structural equations to compare them. as a result, the authors are able to conceptualize and measure variables related to the behavior and percep-tions of graduates of the University of valencia. the third article analyzes the influence exerted by different aspects of traditional foodstuffs on consumer satisfaction in the state of sonora, using a regional rather than a national perspective. the study is based on a survey of 1,129 con-sumers and employs both descriptive and bivariate analy-ses. the final article in the section examines the effects of visual information on the willingness of citizens to pay for infrastructural and water quality improvements in an urban recreational site, applying the contingent valuation method to two population groups.

the first article in the third section, dedicated to smaller scale businesses, is Access to Finance for Colombian SMEs: Examining the Financial Indicators. the authors analyze the funding sources of small and medium enterprises in an effort to identify the causes of the challenges to per-formance that they face. the next article, Antecedents and Dynamism in the Organizational Ambidexterity of SMEs, analyzes some of the capabilities that enable enterprises to achieve high levels of performance in contexts that re-quire alignment with their operating environments. the study was based on multivariate regressions performed for 117 industrial smes.

Editorial

Editorial


the fourth section, on organizations and Culture, contains two articles: Developing Agility Paths by Emphasizing Work Values in Knowledge-based Organizations: a Study of Vir-tual Universities, and The Effect of Paternalism and Del-egated Authority on Job Satisfaction and Organizational Commitment: Examples from Chile and the United States. the first article proposes a course of action to create agility in organizations by emphasizing work values, focusing on virtual universities as knowledge-based organizations. the second article in the section compares paternalist manage-ment styles with others that favor the delegation of au-thority in two culturally different organizational contexts, examining the effects of the different management styles on job satisfaction and organizational commitment.

the section on environment and development contains the article The New Political Governance and Inter-sectorial Collaboration for Sustainable Development, in which the authors suggest that the Relational model of the Welfare state tends to promote plural social and political structures and theoretical-political perspectives that are framed ac-cording to the concepts of Corporate social Responsibil-ity and sustainable development. the article examines the nature of the relational model and its inherent risks. in the section on Production and technological management the article Integrating the Design Function in the Portuguese Natural Stone Sector: Defining a Profile examines the vari-

ous aspects of design that businesses in the sector value most highly, in an attempt to identify connections between the values of innovation, differentiation and competitive-ness. the final article of this edition, Colombians and New York Drugs Trafficking Networks in the 70s, which appears in the section drugs trafficking and society, challenges the widely held view that the trafficking of drugs from Colom-bia has been controlled by the so-called “Cartels”. Using in-formation from Us archives the author shows that it was in fact an open business involving multiple participants from many different countries.

dr. loRenZo RevUelto-taBoada

member of innoVar’s scientific committee Tenured Professor

Business Administration DepartmentUniversity of Valencia

GLORIA I. RODRÍGUEZ L. Ph. D.

director and general editor of innoVarFull-time Associate Professor

School of Administration and Public Accounting Faculty of Economic Sciences

National University of Colombia, Bogotá Campus

7

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correspondencia: Universitat de valència, departamento de direc-ción de Empresas. Juan José Renau Piqueras. Avda. Tarongers, s/n, 46022 valencia (spain).

citación: sánchez-manjavacas, a., saorín-iborra, m. & Willoughby, m. (2014). internal employability as a strategy for Key employee Reten-tion. Innovar, 24(53), 7-22.

clasiFicación jel: m12.

recibido: Junio 2013; aprobado: noviembre 2013.

internal employability as a strategy for Key employee retention

Ángela Sánchez-Manjavacas Phd student in management from Universitat de valència. e-mail: [email protected]

M. Carmen Saorín-IborraPhd in management from Universitat de valència. associate professor of strategy and business at department of dirección de empresas Juan José Renau Piqueras, Facultat d’Economia, Universitat de València. E-mail:[email protected]

Michael WilloughbyPhd in the integration of information technologies at the Universitat Politècnica de valència. Researcher at the ideas institute for Business Creation and development of the UPv. e.mail: [email protected]

abstract: economies the world over and particularly those in southern europe, are suffering the crippling effects of the extremely complex economic and financial crisis. this study looks at the impact of certain human resource policies geared towards increasing internal employability as a means of retaining valued employees and promoting job flexibility within the firm, as well as increasing positive attitudes towards organizational citizenship. satisfaction and commitment are proposed as intermediating variables of the relationship between perceived internal employability and ITQ/OCB. The proposed research model is contrasted using structural equation modeling (LIS-Rel). the results obtained from the empirical study indicate that employability should be consid-ered an essential factor in achieving the desired commitment, loyalty, adaptability and productivity from employees by strengthening the psychological contract between firm and worker through professional recognition.

Keywords: internal employability, Job satisfaction, organizational Commitment, intention to Quit, organizational Citizenship Behavior.

introduction

the current complex financial and economic crisis has been widely recog-nized and examined. despite the fact that this negative economic cycle is worldwide, it is patent that europe in general and, in particular, countries such as spain, Portugal and Greece have been markedly affected, above all, in terms of unemployment. in the last quarter, spain and Greece showed unemployment rates of 26.2% and 26%, respectively, followed by Portugal with 16.3%, with ever-increasing levels of uncertainty in the labor market.

some european countries, however, are experiencing lower levels of unem-ployment, such as norway with 3%, Germany with 5.4% and Holland with 5.5%. outside europe, considering countries that are still regarded as devel-oping nations, we can see that Brazil, for example, has and unemployment rate of 5.3%, while Venezuela’s unemployment rate is 7.3%. Despite rela-tively low unemployment rates compared to southern european countries, it might be suggested that the slowing down of these economies might equally lead to a drop in employment figures. We therefore believe that

empleabilidad interna como estrategia para la retención de empleados claVe

resUmen: las economías alrededor del mundo, en especial en países del sur de europa, están sufriendo los paralizantes efectos de la extremada-mente compleja crisis económica y financiera. este estudio examina el im-pacto de ciertas políticas de recursos humanos enfocadas a incrementar la empleabilidad interna como un medio para retener a los empleados va-liosos y para promover la flexibilidad laboral dentro de la empresa, así como para incrementar las actitudes positivas hacia la ciudadanía organi-zacional. se proponen la satisfacción y el compromiso como variables que intermedian la relación entre la empleabilidad interna percibida y la inten-ción de abandonar la empresa y sobre el desarrollo de comportamiento de ciudadanía organizativa. el modelo de investigación propuesto se con-trasta usando el modelamiento de ecuaciones estructurales (lisRel). los resultados obtenidos a partir del estudio empírico indican que la emplea-bilidad debe ser considerada un factor esencial para conseguir el compro-miso, la lealtad, la adaptabilidad y productividad deseada por parte de los empleados, pues fortalece el contrato psicológico entre la empresa y el trabajador mediante el reconocimiento profesional.

palabras claVe: empleabilidad interna, satisfacción laboral, compro-miso organizacional, intención de renunciar, comportamiento de ciuda-danía organizacional.

l’employabilitÉ interne comme stratÉgie poUr la conserVation d’emplois-clÉ

rÉsUmÉ : Partout dans le monde et en particulier dans les pays du sud de l’Europe, les économies souffrent des effets paralysants de l’extrême com-plexité de la crise économique et financière. Cette étude examine l’impact de certaines politiques de ressources humaines visant à augmenter la ca-pacité d’emploi interne comme un moyen pour retenir les employés com-pétents et pour promouvoir la souplesse de travail dans l’entreprise, ainsi que pour augmenter les attitudes positives vers une citoyenneté organ-isationnelle. La satisfaction et l’engagement sont proposés comme vari-ables qui interviennent dans la relation entre la possibilité d’emploi interne perçue et l’intention de quitter et sur le développement du comportement de citoyenneté organisationnel. Le modèle d’investigation proposé est mis en relief par l’usage du modèle d’équations structurelles (LISREL). Les ré-sultats obtenus à partir de l’étude empirique indiquent que la capacité d’emploi doit être considérée comme un facteur essentiel pour obtenir l’engagement, la loyauté, l’adaptabilité et la productivité désirée de la part des employés, car cela renforce le contrat psychologique entre l’entreprise et le travailleur par la reconnaissance professionnelle.

mots-clÉs : employabilité interne, satisfaction professionnelle, engage-ment organisationnel, intention de renoncer, comportement de citoyen-neté organisationnel.

empregabilidade interna como estratÉgia para a retenção de empregados cHaVe

resUmo: as economias ao redor do mundo, especialmente em países do sul da europa, estão sofrendo os paralisantes efeitos da extremadamente complexa crise econômica e financeira. este estudo examina o impacto de algumas políticas de recursos humanos voltadas a incrementar a em-pregabilidade interna como um meio para reter os empregados valiosos e para promover a flexibilidade trabalhista dentro da empresa, bem como para aumentar as atitudes positivas para a cidadania organizacional. são propostas a satisfação e o compromisso como variáveis que intermediam a relação entre a empregabilidade interna percebida e a intenção de deixar a empresa e para o desenvolvimento de comportamentos de cidadania or-ganizacional. o modelo de pesquisa proposto contrasta usando o modelo de equações estruturais (lisRel). os resultados obtidos a partir do estudo empírico indicam que a empregabilidade deve ser considerada um fator essencial para conseguir o compromisso, a lealdade, a adaptabilidade e produtividade desejada por parte dos empregados, já que fortalece o con-trato psicológico entre a empresa e o trabalhador mediante o reconheci-mento profissional.

palaVras-cHaVe: empregabilidade interna, satisfação no trabalho, compromisso organizacional, intenção de renunciar, comportamento de cidadania organizacional.

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working towards the development of the employability for professional workers may constitute a fundamental strategy for strengthening the psychological contract.

Focusing more specifically on the case of the spanish job market, several changes have occurred over a short pe-riod of time. For example, the significant evolution of the service sector, to the detriment of more traditional indus-tries, and an economic and labor dependence on the con-struction industry. in addition, the temporary nature of contracts and labor flexibility has increased considerably, thereby creating two different segments in terms of types of professional work. on the one hand, there is a primary market of stable jobs, which are well paid and are charac-terized by frequent opportunities for professional promo-tion. on the other, we have the secondary market, offering jobs with little stability and low wages with scant or no chance of promotion (Castaño, 1999). the main charac-teristics of the latter segment are becoming increasingly accentuated and have become the norm over recent years as a result of labor uncertainty. Considering the present difficulties inherent in maintaining a job in the short term or staying in a lifelong position with a firm, employability can be interpreted as a key strategy for improving profes-sional development.

in this sense, the literature suggests that, on an individual level, acquiring training and experience via the drive to-wards employability has three fundamental effects on workers: a greater perception of well-being, perception of job security and an improved skill set (Forrier & sels, 2003; Fugate, Kinicki & ashforth, 2004; de Cuyper, Bernhard-oettel, Bernston, Witte & alarco, 2008). during periods of economic recession, where reduced wages and increased unemployment rates are commonplace, employability plays an essential role through its positive impact on staff flexibility; employees show a greater willingness and an at-titude of sacrifice that can safeguard the survival and suc-cess of a business. such efforts can make employees feel more confident by allowing them to enjoy greater opportu-nities both internally and externally.

We also consider that the opportunity to continue learning is increasingly important for people looking for new em-ployment. Consequently, clear employment policies may be a critical factor in attracting and retaining the best can-didates. in this sense, and within a period of high unem-ployment, firms have interesting opportunities to increase their human capital via new capabilities that may become the basis for new competitive advantages in the future.

this study focuses on the impact of an improvement in em-ployability at an organizational level, and is based on the premise that greater employability is positively related to

increased productivity and higher retention of employees, thus, reducing rates of voluntary turnover (Black & lynch, 1996). a high retention rate can be interpreted as a conse-quence of commitment and satisfaction, although it may also be seen as the result of a lack of opportunities in the job market. equally, a lower intention to leave the firm may imply an increasingly positive collective behavior in the working environment, which can have an impact on organizational success.

one objective of this research is, thus, to carry out an in-depth analysis of the influence of internal employability on employee retention and a proactive attitude amongst per-sonnel. to this end, the study has been structured into the following sections. We first review the concepts of employ-ability and the intention to quit the firm as key constructs for research. We then go on to examine the impact of em-ployability on the intention to quit, highlighting the role of job satisfaction and organizational commitment as in-termediating variables. in the next section, we present the empirical study carried out, as well as the most relevant re-sults. the article ends with the conclusions and proposals for future research.

theoretical Framework

perceived employability. concept and typologies

in the current climate, labor relations develop within a con-text that is characterized, in general terms, by decreasing commitment on the part of the firm towards its workers. this attitude breaks away from the psychological con-tract as it has been traditionally conceived causing job insecurity, increasing levels of demand in terms of produc-tivity and updating skills, as well as difficulties in recon-ciling family life with work. alongside this phenomenon, a great deal of objective data exists that appears to reveal growing levels of absenteeism, a predisposition to quit the firm, and emotional detachment among both employees and employers (Capelli, 2006; Conference Board, 2005; deloitte Research, 2004; Frauenheim, 2006).

in accordance with the aforementioned current socio-economic and working situation—also characterized by continual salary reductions and high levels of unemploy-ment—relatively new concepts, such as employability (Hillage & Pollard, 1998; Fugate et al., 2004), and flexicu-rity (Cazes & nesporova, 2007; Withagen & tros, 2004;), are destined to play an important role when reconfiguring the psychological contract, strengthening the link be-tween firm and worker, and improving the competitive-ness of organizations. With regard to employability, which

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constitutes the central element of our research, the oit (2004) defines it as the acquisition of transferrable com-petences and skills, with a view to strengthening people’s ability to take advantage of the opportunities provided by education and training. employability should not only contribute to finding and conserving jobs, but also to pro-gressing within the firm or helping individuals to change jobs, as well as helping them to adapt to constantly evolving technology and the different conditions of the labor market (smith, 2010).

From the perspective of the individuals’ personal experi-ences, employability is understood as the ability to join the world of work, remain in employment, and even ob-tain a new position, either within or outside the organiza-tion (Forrier & sels, 2003; nickson, Warhurst, Commander, Hurrell & Cullen, 2012). in this sense, the variable is of a strongly subjective nature in terms of the workers’ percep-tions, their skills and attitudes, and the objective situation of the labor market.

the literature also clearly distinguishes between two types of employability. Internal employability—the fundamental

theme of this study—determines the level of competitive-ness of a worker within the firm; that is to say, it establishes the professional profile that the worker must develop in order for the training received to fit in with the needs of the organization. This is related to the professionals’ skills and the confidence they have in themselves. this type of employability can again be separated into two subgroup-ings. one type that allows people to continue doing the same job, and the other, enables individuals to change the work they do within the organization. External employ-ability determines a worker’s level of competitiveness, but in this case, at labor market level. it refers to the capa-bility of workers to change jobs, which may or may not be similar in another firm, thereby, reflecting the value of professionals in the external labor market (sanders & de Grip, 2004).

intention to Quit the Firm (itQ).concept and determinants

intention to quit the firm (itQ) is the extent to which workers consider leaving their current firm or even their


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profession (mcnatt & Judge, 2008). this intention corre-sponds directly to the individual’s willingness and decision-making (Campbell & Campbell, 2003), as a consequence of an inability to adapt to evolving labor relations. Quit-ting the organization voluntarily is the most characteristic behavior associated with this construct. several authors point to the intention to quit as a precedent for voluntary turnover (Greenhaus & Beutell, 1985; shore, newton & thornton, 1990; tett & meyer, 1993). However, we under-stand that a marked predisposition to quit the firm does not always result in individuals taking the final step of leaving (maertz & Campion, 2004), as this depends, along with other factors, on the existence of job opportunities in the labor market. therefore, while the final decision to quit can be considered the workers’ last resort, the intention to quit the firm should be interpreted as an expression of dis-interest in continuing to work in the organization, but not necessarily as preempting leaving their jobs (Firth, mellor, moore & loquet, 2004).

there is no clear consensus as to which are the most char-acteristic determining factors, but there is a more general-ized agreement with regard to some of the key constructs, discussed below.

Firstly, we differentiated demographic factors from per-sonal ones such as gender, level of education, worker cat-egory and amount of time the individual has been in the position (Khatri, tzeFern & Budhwar, 2001). in terms of gender, Cotton and tuttle (1986) and Hom and Griffeth (1995), among others, indicate that men display a greater tendency to an intention to quit, whereas women tend to be more conservative in this respect. With regard to the relationship with the level of education, several authors suggest that employees with a higher level of education consider the possibility of leaving their firms more fre-quently, with a view to opting for more and/or better job opportunities (Cordes & dougherty, 1993; Cotton & tuttle, 1986). in terms of worker category, the literature indicates that employees in executive positions are more likely to leave the firm than lower categories (Khatri et al., 2001). it should also be added that the less time an employee spends at or invests in an organization, the lower their level of commitment, and thus the likelihood of quitting the firm becomes higher.

the second group of determinants refers to the external or non-controllable factors (Khatri et al., 2001). these aspects depend fundamentally upon the economic cycle. if the cur-rent climate is one of economic growth, it may favor the intention to quit, as there are more alternative job oppor-tunities available (iverson & deery, 1997). if, on the other hand, there is an economic recession underway, itQ tends

to drop, due to less or non-existent work alternatives (lee, mitchell, Holtom, mcdaniel & Hill 1999). the last group of factors we are concerned with encompasses internal fac-tors, some of the most relevant of which are job satisfac-tion, organizational commitment, the nature of the work carried out and salary levels. according to a large body of literature, there is broad consensus on the negative re-lationship between job satisfaction and the intention to quit the firm (Blau, 1993; Cotton & tuttle, 1986; dickter, Roznowski & Harrison, 1996; Khatri et al., 2001; shore et al., 1993). the same occurs in the relationship between organizational commitment and a predisposition to leave the firm (Clegg, 1983; elangovan, 2001; Firth et al., 2004; Jaramillo, mulki & locanter, 2006; siong, mellor, moore & Firth, 2006; Williams & Hazer, 1986). the effect of the na-ture of the work carried out is founded upon the idea that the characteristics of the job can mediate in the motiva-tion for leaving the firm and, in terms of wages, low sala-ries also provide an incentive to quit.

the impact of internal employability on itQ: a theoretical proposal

it is important to understand that this research focuses on the factors affecting internal employability. in this sense, we analyze the effects of the way in which an organization makes a deliberate effort to boost the competitiveness of its professionals in one or various jobs, and contemplates the real chances of internal promotion on the predisposi-tion to quit the firm and the subsequent development of proactive collective attitudes and behaviors. it should also be highlighted that we are analyzing perceived employ-ability (which is subjective) through the extent to which professionals achieve their desired job, which should corre-spond to their level of training and skills (Rothwell, Herbert & Rothwell, 2008).

When analyzing the relationship between internal employ-ability and itQ, we understand and propose that it is es-sential to analyze the role played by job satisfaction and organizational commitment as intermediating variables. driving to promote the development of employability has a positive influence on these variables, and may result in increased levels of productivity (loewenstein & spletzer, 1998). it should also be pointed out that both job satisfac-tion and organizational commitment are related to other important variables, such as performance, training poli-cies and professional recognition, among other constructs. However, this study focuses attention on the relation be-tween satisfaction and commitment with the intention to leave the firm and, consequently, with organizational citi-zenship behavior.

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Job satisfaction is defined as a pleasant or positive emo-tional state brought about by an assessment of an indi-vidual’s job, or via the experiences in and of work (Locke, 1976). Job satisfaction also implies an emotional ori-entation shown by employees towards their roles within the organization (Kalleberg, 1977). therefore, achieving job satisfaction in the firm or developing subjective well-being on the part of employees engenders a better quality working environment. the more workers recognize the fact that they are satisfied in their jobs, the more they are likely to find greater levels of unity in the workplace and/or in-terdependence of organizational knowledge and experi-ence. it is widely recognized that individuals differ in their needs and, therefore, show different preferences with re-gards to the characteristics of their jobs and the associated rewards (Revuelto & Fernández, 2012).

investment in activities aimed at improving the endow-ment of skills and competences of employees are essen-tial strategies in the effort to promote employability, thus, favoring social and labor promotion (fundamentally on an internal level) and/or keeping the same job. The over-riding objective of such proactive human resource policies therefore lies in striving to develop human potential to the maximum, thereby increasing the chances of maintaining or improving the current job and, as a result, stimulating greater job satisfaction (Forrier & sels, 2003). as an ante-cedent to greater employability, we should also consider the necessary investment in training policies on the part of firms with a view to retaining the professionals consid-ered to be essential to the firm. such a proactive strategy fosters the transfer of knowledge and skills in the form of organizational learning (Céspedes, Jerez & valle, 2005; skylar & yalcin, 2010; Fenwick, 2012).

indeed, opportunities for promotion are one of the pil-lars for the creation of overall satisfaction in individuals. Social and work-related promotion and/or improvements in a current post can lead to the development of subjec-tive well-being, which is a precursor to job satisfaction (D’Addio, Eriksson & Frijters, 2007). Consequently, the more the firm becomes positively involved in the process of improving the employability of its professionals (contin-uously enabling new job opportunities within the firm), the more satisfied they will be, thereby fostering the process of participation, as well as organizational change towards an improvement in performance and competitiveness (Re-vuelto & Fernández, 2010). a person is therefore employ-able when he or she is in a position to obtain, keep and gain promotion in a job they consider to be satisfactory. this reasoning leads us to believe that perceived internal employability in workers is positively related to their (sub-jective) well-being. thus, opportunities for learning and

promotion will enable greater control over their profes-sional careers (Fugate et al., 2004), and consequently en-gender higher levels of job satisfaction. these reflections lead us to propose the first hypothesis of this research.

H1: Employees with high indices of perceived internal em-ployability have greater levels of job satisfaction.

organizational commitment—the second intermediary vari-able proposed—is defined as the emotional and functional attachment the employee has with the institution (Rock-each, 1973; Rockeach, 2000). Commitment is therefore not only related to the degree of identification the worker has with the firm, but also with his or her job and what it involves. similarly, organizational commitment is depen-dent upon the extent to which an individual identifies with participation in a given organization, normally character-ized by strong beliefs and acceptance of the organizational values and objectives, as well as the desire to work hard for the firm and to stay in the job (allen & meyer, 1990; Huselid & day, 1991). the more this identification and par-ticipation takes place (Curry, Wakefield, Price & mueller, 1986), the more the professional can involve themselves completely in achieving goals and reaching targets.

the internal vision of employability is controlled by com-pany executives, who may consider the possible commer-cialization of their most valued employees to be a risk when there are attractive job offers in the external market (Roehling, Cavanaugh, moynihan & Boswell, 2000). Con-sequently, company executives are increasingly advocating programs that entail specific training with a view to in-stilling loyalty in key employees.

in this sense, investing in internal development via the ac-quisition of competences with a high degree of specificity could turn out to be beneficial for both the firm and the employee. on the one hand, it entails the guarantee of continuity in the job, given that professional workers would keep their competences up to date and, on the other, the firm employs workers whose skills are more difficult to transfer to competitors or to other sectors. therefore, adopting activities to develop knowledge, skills and capa-bilities (based on an orientation towards learning and em-ployment) on the part of the organization, which enables improved employability (ito & Brotheridge, 2005), will in-evitably lead to higher levels of organizational commitment on the part of employees (van dam, 2004), above all of an emotional nature, with feelings of obligation toward the firm (Hutchison, 1997) as a result of the perception among workers of greater organizational interest in the well-being of workers (tansky & Cohen, 2001). Following on from this analysis, we can propose the second hypothesis.


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H2: Employees with higher levels of perceived internal em-ployability show a greater predisposition to organizational commitment.

in the literature, employee satisfaction is considered an important antecedent of organizational commitment (ma-thieu & Zajac, 1990; Jaramillo et al., 2006). there is broad consensus with regard to the positive relation between job satisfaction and personal involvement in the firm (yousef, 1998). therefore, we propose that the greater or lesser de-gree of job satisfaction is directly related to the level of organizational commitment among employees. such rele-vant behavior for the firm in turn has an effect on organi-zational performance and efficiency (lópez-araújo, osca & Peiró, 2007). Conversely, the increasing dissatisfaction among professional workers reduces perceived levels of well-being of those belonging to the organization, leaving them less inclined to develop organizational commitment. indeed, job satisfaction has, in previous studies, been fre-quently used by researchers as a predictor of organiza-tional commitment (mathieu & Zajac, 1990; yousef, 1998).

of equal importance is the close relationship between the individual’s psychological well-being and achieving job satisfaction (Wright & Bonnet, 2007). a low association of both elements can be seen as a prediction of an increase in voluntary turnover among employees, resulting in the immediate need to search for new employment as a direct result of lower levels of organizational commitment. this leads us to propose our third hypothesis.

H3: Employees with greater perceived job satisfaction have higher levels of organizational commitment.

a number of studies claim that a lesser or greater degree of job satisfaction constitutes one of the most significant determinants in the intention to quit the firm and, con-sequently, in voluntary turnover (Clegg, 1983; elangovan, 2001; Williams & Hazer, 1986). When there is a sense of improvement in the levels of attachment and consideration on the part of the firm, workers will feel more inclined to stay in their current jobs (scott, Bishop & Chen, 2003), as a consequence of a greater overall perception of well-being (Judge & Klinger, 2007). equally, as employees feel they have greater control and power over their own work, levels of job satisfaction will increase, and hence, the intention to quit the firm will decrease (Paré & tremblay, 2007).

accordingly, managers see the control of job satisfaction and organizational commitment as a key strategy for re-ducing workers’ intention to leave the firm and voluntary rotation (Firth et al., 2004). therefore, job dissatisfaction is one of the major stress factors related to work, along with a lack of commitment, both of which strongly influence the

intention to quit. over time, job dissatisfaction also wears people down emotionally, and factors such as this can be the precursors to the intention to quit, and to voluntary turnover (Jaramillo et al., 2006). such factors lead us to present the fourth hypothesis.

H4: Employees with higher levels of perceived job satisfac-tion have a lower intention to quit the firm.

Firm investment in fostering the employability of profes-sionals, particularly those who are key or potentially key employees, with a view to developing their vision of in-ternal development, is fundamentally related to a low or negligible voluntary rate of turnover (Benson, 2006; Back-Kyoo, 2010), as a result of increased loyalty. thus, the development of greater organizational commitment is interpreted as a significant antecedent to a reduction in itQ among professionals (Jaramillo et al., 2006; siong et al., 2006). employees who are committed to the organiza-tion identify with those that display an emotional attach-ment to the firm (Firth et al., 2004). thus, firm managers often believe that working in favor of an increase in com-mitment, as part of a positive, proactive human resource policy, enables a decreased intention to leave the firm, and voluntary turnover (Firth et al., 2004). the greater or lesser willingness to commit on the part of the firm’s pro-fessionals plays an important role in explaining the causes for organizational intention to quit, which consequently affects organizational success (Jaramillo et al., 2006). We therefore propose the fifth of our hypotheses.

H5: Employees with a higher level of organizational com-mitment show a lower intention to quit the firm.

at this point, it is appropriate to consider an analysis of the influence that the intention to leave the firm may have on collaborative behavior, due to the obvious reper-cussions on the success of human resource management. such behavior, described in the literature as organiza-tional Citizenship Behavior (oCB), was originally defined by organ (1988). the author describes oCB as a partic-ular type of behavior within and for the firm that goes further than the mere demands of the job, and has no di-rect or formal rewards in company policy. this type of be-havior is characterized by helping others voluntarily, with a view to attaining strong interpersonal relationships, thereby increasing the indices of relational social cap-ital (Bolino, turnley & Bloodgood, 2002). in this sense, the reasons for adopting this (personal) attitude is not founded on achieving formal and quantitative recogni-tion (organ, 1997), but on improving cooperation levels between co-workers, leading to an improvement in the ef-fectiveness and efficiency of working relationships.

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thus, oCB is identified with the impulse of social, sponta-neous behavior in the firm (Bettencourt & Brown, 1997; Brief & motowidlo, 1986; George & Brief, 1992), which fosters the motivation to work in favor of achieving tar-gets established by the organization through participa-tion (davis & newstrom, 1991) and cohesion between groups and work teams, forging a sense of belonging and group identity.

although it is true to say that a low predisposition to-wards leaving the organization does not necessarily imply an obligation to work in favor of more collective attitudes, we understand and propose that, it may indeed be a ten-dency among workers who are motivated by collaborating in favor of an improvement in working relationships who, in turn, do not feel the need for voluntary turnover. in this sense, the perception of mutual support among co-workers increases the level of well-being of the individuals in the firm and, hence, the way work is carried out and proactive behavior favors greater emotional involvement toward the organization (Bishop et al., 2000; scott et al., 2003). saks (2006) claims that there is a correspondence between em-ployee involvement (in relation to his or her work and the firm) and attitudes and intentions, in other words, their or-ganizational behavior.

a disposition towards positive, cooperative behavior among co-workers increases the attractiveness of team work due to increased team cohesion, as well as in the reciprocity of supportive behavior between organizational members (Chen, tang & Wang, 2009). Consequently, this

attitude reaffirms a positive working atmosphere, whilst also tending to develop greater motivation in the employee and increased cooperation. We can thus propose that:

H6: Employees who are less predisposed to quitting the organization show a greater tendency towards organiza-tional citizenship behavior.

Following this description of relations, we present the pro-posed research model in Figure 1, whose principal objec-tive lies in studying the impact of internal employability on employee intention to quit the firm.

methodology

data

Bearing in mind the object of this study, in order to em-pirically contrast the hypotheses proposed in the theoret-ical model, the chosen population consists of employed professionals (under contract with a private company) in the province of valencia, spain. the reason for analyzing professionals working in private companies (rather than public bodies) is that efforts to improve the employability of workers tend to be more frequent in this sector.

the database consulted for this research was that com-piled by the valencian institute for statistics (ive), with a database of 687,700 workers. the sample finally used was n=238, with a sample error of 6.4% and a confidence (sig-nificativity) level of 95%.

FigUre 1. proposed research model

ITQ

Job

Satisfaction

Organizational

Commitment

OCB Internal

employability

H1 (+)

H2 (+)

H3 (+)

H5 (-)

H4 (-)

H6 (-)

Source: Author’s own.


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the tool used for gathering the data was a questionnaire, sent via e-mail and as a hard copy to a series of firms once we had obtained permission to carry out the research from the human resources department. the questionnaire was sent and data were gathered during the month of June 2011.

measurement of the Variables

the questionnaire used to gather the data was structured into various sections, which corresponded to the different constructs for analysis (perceived internal employability, job satisfaction, organizational commitment and the inten-tion to quit the firm), besides an initial section devoted to general information. each construct was analyzed through a set of items proposed in previous studies (table 1). each item was evaluated on a 5-point likert scale, where one was “very low” and five “very high”.

table 1. groups of Hypotheses in the causal analysis

group Hypotheses constructsVariables or items

previous studies that used the items

G1H1H2H3

internal employ-ability

7 items

delery and doty (1996); Gong and Chang (2008)

Commit-ment

12 items

Porter, steers, modway and Boulian (1974); meyer and allen (1997); yousef (1998); mellor, mathieu, Barnes-Farrell and Rogelberg (2001); Zaleska and de menezes (2007); Chew and Chan (2008); addae and Parboteeah (2008)

satisfac-tion

12 items

House and Rizzo (1972); Greenhaus, Parasuraman and Wormley (1990); Chew and Chan (2008)

G2H4H5

Commit-ment

12 items

Porter et al. (1974); meyer and allen (1997); yousef (1998); mellor et al. (2001); Zaleska and de menezes (2007); Chew and Chan (2008); addae and Parbo-teeah (2008)

satisfac-tion

12 items

House and Rizzo (1972); Greenhaus et al. (1990); Chew and Chan (2008)

itQ 3 itemslyons (1971); Chew and Chan (2008)

G3 H6

itQ 3 itemslyons (1971); Chew and Chan (2008)

oCB13 items

Wagner and mosch (1986); dobbins and Zaccaro, (1986); Podsakoff, macKenzie, moorman and Fetter (1990); Farh, earley and lin (1997); Rego and souto (2004); luna and Camps (2006); Chen, niu, Wang, yang & tsaur (2009); Chow (2009)


in order to attain the objectives of this study, the proposed hypotheses were contrasted via causal analysis (structural equations, lisRel), and these were separated into three groups, given that the complexity of the series of relations made an overall analysis unfeasible.

to provide more information, table 2 shows only the av-erage scores (1 = low level of agreement and 5 = high level of agreement) and the standard deviations of each of the constructs. the score for each construct is calculated via the mean score of the items that constitute it.

table 2. descriptive statistics

n minimum maximum meanstandard deviation

satisfaction 238 2.08 4.17 3.0714 0.42170

employablity 238 1.57 4.86 3.1633 0.65571

Commitment 238 1.83 4.25 2.9076 0.46196

itQ 238 1.00 5.00 2.6695 0.60238

oCB 238 1.62 4.85 3.2773 0.71235

n valid (acc. list) 238


Validity and reliability of the scales Used

in order to check the validity of the constructs proposed, we use Cronbach’s alpha model of internal consistency. We were able to analyze the reliability of each construct in the scale, and verify whether the reflective indicators are homogenous and therefore measure the same latent variable. equal to or greater than 0.7 were regarded as optimal values (nunnally & Bernstein, 1994). However, cer-tain authors, such as Hair, anderson, tatham and Black (1999), consider values of 0.6 and above to be acceptable for studies of an exploratory nature.

in addition, an exploratory factor analysis of principal com-ponents was carried out (convergent validity) with the idea of verifying the individual reliability of each of the indica-tors with its respective construct. the criterion used for accepting that the reflective indicators form a part of the construct is a loading equal to or greater than 0.7. How-ever, different researchers suggest that this empirical norm should not be quite so strict during the initial stages of scale development, and that loadings of 0.5 are also ac-ceptable (Chin, 1998; Hair et al., 1999; Uriel & aldás, 2005). For this study, we decided to use an acceptance criterion of 0.60 for factor loadings.

By applying the two techniques, we verified the internal consistency of the constructs, as the validity of the scale was correct—all the Cronbach alpha are higher than the acceptable threshold (0.7)—and all the CFa show factor

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models that explain a sizeable part of the variance of the construct they represent.

results

Upon examining the three groups of proposed hypotheses (G1, G2and G3), the results obtained for the structural equations (lisRel) are shown below. With regard to the first group of hypotheses (H1, H2 and H3) related to the causal relations between the constructs perceived internal employability, satisfaction and commitment, the model estimated in lisRel supported the three hypotheses pro-posed (Figure 2).

the validity of the model is confirmed by the moderated goodness of fit index (the maximum value is one) and a re-duced mean square error (table 3).

table 3. goodness of Fit 1

Goodness of fit index 0.63

Root mean square error 0.15


With regard to the second group of hypotheses (H4 and H5), which relate the constructs of satisfaction, commit-ment and itQ, the estimated lisRel model confirms both relations (Figure 3).

a detailed analysis of the goodness of fit statistics con-firms the moderate validity of the model of estimated structures (table 4).





With regard to the third group of hypotheses (H6), which relates the constructs of itQ and oCB, the estimated lisRel model confirms the proposed relation (Figure 4).

a detailed analysis of the goodness of fit statistics con-firms the moderate validity of the estimated model of structures (table 5).





to conclude this section, we show the final estimated model, which reflects all the causal relations between the constructs of our theoretical model (Figure 5), as well as the result of the contrast of hypotheses (table 5).

FigUre 2. estimated structural model g1

0.26 (0.05)

0.39 (0.06)

0.58

Employabilityvariance

0.69(0.08) 0.25

(0.06)

0.89 (0.07)

Error

Internal employability

Commitment

Satisfaction



Commitment

Satisfaction

ITQ

0.49

(0.07)

- 0.55

(0.12)

- 1.38

(0.20)

0.66

0.66



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table 5. summary of contrasted Hypotheses

Hypothesis related factors contrast

H1 internal employability- satisfaction Confirmed

H2 internal employability - Commitment Confirmed

H3 satisfaction -Commitment Confirmed

H4 satisfacction - itQ Confirmed

H5 Commitment - itQ Confirmed

H6 itQ - oCB Confirmed


conclusions

this research focuses on studying the impact of perceived internal employability on the intention to quit the firm on the part of employees, taking job satisfaction and orga-nizational commitment as intermediating variables in this process. it also examines the possibility that a low ten-dency to leave the organization fosters the development of proactive, collective behavior in the firm.

the model for this study was contrasted via causal statis-tical analysis using structural equations (lisRel), analyzing the cause-effect relations between all the constructs. in

light of the results obtained, the main conclusions suggest that a) perceived internal employability does have a posi-tive effect on job satisfaction and long-term organizational commitment, and b) job satisfaction has a moderate posi-tive effect on organizational commitment.

in line with this idea, people with high indices of perceived internal employability participate more actively in the or-ganization’s different learning processes, with the primary objective of satisfying their own professional interests, thereby complying with their desired career plans. there-fore, the degree to which the firm becomes positively in-volved in this process, continually enabling employment opportunities, means that professional employees attain a higher level of job satisfaction, as well as organizational commitment. these practices lead to greater loyalty among workers and, consequently, a lower intention to quit.

it is also important to indicate that both job satisfaction and employee commitment to the organization have a negative effect on the intention to leave the firm, although commitment has a greater impact than job satisfaction (lum, Kervin, Clark, Reid & sirola, 1998). in this sense, greater involvement at work is closely linked to positive behavior in the workplace, and in this case, with a lower


ITQ OCB

0.67

-0.25

-5.33 0.21

6.07


FigUre 5. diagram of the Final estimated model

ITQ

Satisfaction

Commitment

OCB Internal

employability

0.39

0.69

-0.55

0.89

-1.38

-0.25


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motivation to leave. similarly, workers associate a greater degree of job satisfaction with the positive perception of cooperative and/or team work (Mathieu, 1991) and, con-sequently, are less predisposed to leave the organization (scott et al., 2003), lessening the likelihood of voluntary turnover and absenteeism and, instead, enhancing an ori-entation towards collectivism in labor relations. thus, posi-tive involvement at work contributes to sharing attitudes, beliefs and norms and develops greater socially positive behavior in the firm.

our analysis suggests several academic and professional implications. on an academic level, it is important to high-light the empirical contrast carried out. the results ob-tained enable us to better understand the variables of the relationship examined and, with that, the initial concep-tual framework. as well as the fact that the relationship between job satisfaction and organizational commitment are ratified, emphasis should be placed upon the relations between perceived internal employability, itQ and oCB, as a means of increasing the likelihood of key employee retention and collaborative behavior among professionals; aspects that are essential to the success of human resource management. the results obtained corroborate the initial approach outlined for this research, which posits that, in times of economic crisis, employability plays a key role by generating a positive impact on the key professionals in the organization and consequently increases the firm’s chances of survival and success.

this research seems to indicate that internal employability does not have a direct effect on the intention to quit, whereas it does on job satisfaction and above all on orga-nizational commitment, as intermediating variables. one of the fundamental contributions of the study lies in the conclusion that it is commitment (or more precisely emo-tional commitment), rather than satisfaction that affects the intention to quit. the link between employee and or-ganization is thus fundamental, particularly during a reces-sion; a link that should stem from a sense of belonging and emotional ties that arise on seeing their varying expecta-tions and professional needs recognized.

Human resource managers should interpret the current difficult economic climate as an opportunity to invest in internal employability strategies. this development for employees, above all for those considered to be key for the organization, is extremely relevant for strengthening the psychological contract, as well as for maintaining or-ganizational competitive advantages. it is essential for firms to develop the knowledge and skills of their em-ployees in order to safeguard and exploit the value of those advantages.

there are four essential aspects to consider in terms of professional implications with regard to the effects of per-ceived internal employability and the intention to leave the firm. Firstly, it is likely that investment in employability policies made by the firm will lead to an increased per-ception of professional recognition among employees. a situation of this kind increases the indices of employee in-volvement, as well as satisfaction and trust, thus, strength-ening the necessary psychological contract (inkson & King, 2011; sonnenberg, oene & Paauwe, 2011).

secondly, greater commitment to the organization implies more adaptive behavior among professionals, reducing the intention to quit, resulting in less voluntary turnover among workers and, in turn, strengthening loyalty. this factor is extremely important for the organization with regard to professionals considered to be valuable, as key employee retention is maintained and/or levels of compet-itiveness in the firm are increased.

Greater organizational commitment and increased involve-ment among professionals also avoids a certain amount of organizational costs, and helps to maintain or increase levels of efficiency and effectiveness, thereby improving the final quality of goods and services and customer care.

Fourth, as employees become less predisposed to quit, or-ganizational citizenship behavior is enhanced, and with it, the effectiveness and efficiency of labor relations, while communication channels through feedback also improve. this aspect creates greater recognition of different orga-nizational needs.

it is also important to address the main limitations of the study with a view to reflecting on the possible alterna-tives for improvement in the future. one of the clearest limitations involves not including perceived external em-ployability among employees as a construct. this variable could have an impact on job satisfaction and organiza-tional commitment and, consequently, on the intention to quit the firm. We interpret that the possibility of an em-ployee changing jobs to a similar or different type of firm clearly influences the commitment shown, and therefore affects personnel retention. therefore, the analysis of per-ceived external employability is suggested as a study ob-jective for future research.

another limitation is the size of the sample used, which could be broader. the geographical area chosen is a specific one, with very particular characteristics, thus, hindering to an extent the generalization of results. Consequently, this study could be extended to include a greater geographical area, bearing in mind its influence on the economic and institutional context.


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Finally, in terms of other possible future lines of research, we would suggest three possible avenues for further in-vestigation. Firstly, researchers should consider carrying out a similar study during times of economic wellbeing and growth, with a view to comparing the evolution of the results and the conclusions in the two periods. secondly, it is important to consider the study and direct impacts that job satisfaction and organizational commitment have on organizational citizenship behavior, incorporating new and necessary conclusions on the current organizational climate. lastly, there is the possibility of including new variables in the empirical model for contrast, with a view to widening and enriching the different cause-effect re-lations proposed. some examples of variables that might equally function as determinants of internal employability (internal and/or external) are those related to gender, age, professional category, previous experience in the same job and/or a similar firm, professional recognition and training policies, among other constructs.

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appendix: Questionnaire

out of the following five statements, please indicate the option you deem to be most appropriate on a scale from 1 to 5, where:

1 = the least favorable option, or the lowest level of agreement

5 = the most favorable option or highest level of agreement

employabilityVerylow 1

low 2

moderate 3

High 4

Veryhigh

5

a) Compared to our closest competitors, i feel that there are better chances for internal pro-motion in my firm.

b) training plans at my organization cater for the future needs of the firm.

c) i am willing to change the tasks i carry out in my job if the firm needs me to fulfill different functions

d) I am capable of carrying out different activities at work, and/or of changing jobs within the firm because i consider it important for my professional development.

e) When there are changes in the firm, i would prefer to stay in my department with my cur-rent co-workers.

f) the firm possesses mechanisms for internal promotion.

g) i consider that i have real options for internal promotion in my organization

h) i am willing to work for another firm.

i) If the firm offers me the chance of new employment at a different workplace/location (but within the same organization) i would accept the offer.

j) The firm offers real options for changing workplace and/or geographical location.

satisfactionVerylow 1

low 2

moderate 3

High 4

Veryhigh

5

a) i receive positive recognition for my professional work when it is of high quality.

b) i receive guidance and suggestions for improvement when my professional work is not ef-ficient enough.

c) i am satisfied with the progress i have made in achieving my professional goals.

d) my current position caters for my professional expectations.

e) i consider my current job to be a stepping stone in my professional career but it is not my ideal job.

f) i work under a great deal of stress.

g) If I had a different job, my welfare and/or health would probably improve.

h) The way things are done in my organization annoys/irritates me.

i) i have a great deal of stability in my current job.

j) my salary positively reflects how much i am valued in my work.

k) my salary corresponds to the level of responsibility and demands of my job.

l) the firm recognizes my work through benefits such as incentives, pension plans, insurance, medical assistance, grants, etc.


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commitmentVerylow 1

low 2

moderate 3

High 4

Veryhigh

5

a) i am willing to make a greater effort than expected in order to contribute to the success of my organization.

b) When i talk to people, i defend my organization as a great place to work.

c) i would do any job within this organization.

d) i feel that my personal values fit with those of the organization.

e) i do not feel emotionally attached to the organization.

f) this firm means a lot to me personally.

g) i would have feelings of guilt if i were to leave the organization now.

h) i would not leave this firm now because i feel i have personal obligations to the people that work there.

i) i feel that if i were to receive a better job offer that it would not be right to leave my cur-rent firm.

j) at the current time, staying with the organization is more of a question of need than a de-sire or will.

k) i stay with this organization because i feel that i would not easily find an opportunity with another firm.

l) i continue to work for this organization because if i left, i would have to make greater per-sonal sacrifices.

organizational citizenship behavior (ocb)

Verylow 1

low 2

moderate 3

High 4

Veryhigh

5

a) the firm establishes accessible permanent information channels with all its employees.

b) at work, i express my opinions honestly, even when others may disagree.

c) at times i motivate others to express their opinions and ideas.

d) i defend the organization when other employees criticize it.

e) i feel free to communicate my opinions honestly and openly to my superiors.

f) i trust my superior(s)

g) i am free to express my disconformity with the opinions of my superiors.

h) i am willing to help my co-workers to resolve work-related problems.

i) the members of my work group get on well with one another.

j) there is great team spirit at work.

k) i go to voluntary meetings because i consider them important.

l) I carry out extra and/or complementary tasks out of my own free will for my firm.

m) the people in my organization are concerned about the welfare of others.

intention to quit the firm (itQ)Verylow 1

low 2

moderate 3

High 4

Very high

5

a) i intend to work at my current firm for as long as possible.

b) i often think about leaving my current firm.

c) i may look for a new job within the next year.

23

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23

correspondencia: 350 Wohlers Hall, 1206 south sixth street. Cham-paign, il 61820, Usa.

citación: Wolters, m.e., Barbosa, e. & Felicio, J.a. (2014). the effects of the Global Financial Crisis on Brazilian Banking efficiency. Innovar, 24(53), 23-39.

clasiFicación jel: G14, G21, n16.


the effects of the global Financial crisis on brazilian

banking efficiency

Mark Edward Woltersvisiting assistant Professor, University of illinois. e-mail: [email protected]

Eduardo Barbosa do Coutoassociate Professor, school of economics and management (iseG), technical University of lisbon. e-mail: [email protected]

José Augusto Felícioadjunct Professor, school of economics and management (iseG), technical University of lisbon. e-mail: [email protected]

abstract: With Brazil and the BRiC economies becoming more important to world growth and financial investment, it is important to understand the inner-workings of the financial institutions that will help spur on continued economic growth. this article focuses on the recent history of the market structure of the Brazilian banking sector as well as the effects of the global financial crisis of the late 2000s on the overall relative efficiency of the Brazilian banking sector by using data envelopment analysis. the period studied—2002-2011—shows a marked decrease in overall relative efficiency in the Brazilian banking sector. the negative effects were felt across the board regardless of bank size or ownership type. small and medium sized banks had the most significant drop in rela-tive efficiency while larger banks were able to weather the crisis more successfully. this alludes to the idea that “Bigger is Better” when dealing with financial shocks to banking efficiency, and would allow us to summarize that the Brazilian banking sector is not participating in the “Quiet life” of concentrated markets. also, looking at ownership type, the study shows that Brazilian banks that are controlled by the government were ranked as the most efficient types of banks. their foreign-owned counterparts, however, were ranked as the least efficient and had a larger drop in overall efficiency and participation during the financial crisis than their domestic Brazilian counterparts. The article contributes to the continued need for more information on the Brazilian banking sector’s history and development.

Keywords: dea, Brazil, Banking, Financial Crisis, efficiency, BRiC economies, Quiet life.

introduction

as many national banking systems around the world were adversely af-fected by the financial crisis regardless of their participation in so called subprime mortgages or risky loan behavior, it is important that we ana-lyze how banking systems work in various countries in order to better un-derstand the lead up to and the after-effects of the world financial crisis on their financial systems. additionally, with the limited amount of pub-lished data on BRiC financial systems and on the negative effects of the crisis, particularly Brazil, as compared to other economies such as the Us or the european Union, the authors felt it important to research this area. therefore, the objective of this paper is to better understand the recent his-tory of the Brazilian banking sector as well as to study the impact of the

los eFectos de la crisis Financiera internacional en la eFiciencia bancaria brasilera

resUmen: dado que las economías de Brasil y de BRiC son cada vez más importantes para el crecimiento mundial y la inversión financiera, es importante entender el funcionamiento interno de las instituciones que ayudarán a impulsar un crecimiento económico continuo. este artículo se enfoca en la historia reciente de la estructura de mercado del sector ban-cario de Brasil, así como en los efectos de la crisis financiera internacional de finales de la década de 2000 en la eficiencia relativa general del sector bancario brasilero, usando análisis envolvente de datos. el período estu-diado, 2002-2011, muestra una pronunciada disminución de la eficiencia relativa general en el sector bancario brasilero. los efectos negativos se sintieron en todo el sector, independientemente del tamaño del banco o de la forma de propiedad. los bancos pequeños y medianos tuvieron la caída más significativa en eficiencia relativa, mientras que los bancos de mayor tamaño pudieron sobrellevar mejor la crisis. esto alude a la idea de que “entre más grande mejor” cuando se trata de lidiar con choques finan-cieros a la eficiencia bancaria, y nos permite resumir que el sector bancario brasilero no participa en la “vida tranquila” de los mercados concentrados. así mismo, al considerar el tipo de propiedad, el estudio muestra que los bancos brasileros que están controlados por el gobierno estuvieron catalo-gados como los más eficientes. sus contrapartes de propiedad extranjera, por otro lado, fueron catalogados como los menos eficientes y tuvieron una mayor caída en su eficiencia general y participación durante la crisis financiera que los bancos brasileros. el artículo contribuye a la continua necesidad de conocer más información sobre la historia y el desarrollo del sector bancario brasilero.

palabras claVe: dea, Brasil, bancario, crisis financiera, eficiencia, eco-nomías de BRiC vida tranquila.

les eFFets de la crise Financière internationale sUr l’eFFicience bancaire brÉsilienne.

rÉsUmÉ : etant donné que les économies du Brésil et des Bric sont tou-jours plus importantes pour la croissance mondiale et l’investissement financier, il est important de comprendre le fonctionnement interne des institutions qui aident à impulser une croissance économique continue. Cet article est centré sur l’histoire récente de la structure de marché du secteur bancaire du Brésil ainsi que sur les effets de la crise financière in-ternationale de la fin des années 2000 sur l’efficience relative générale du secteur bancaire brésilien, en utilisant une analyse enveloppante de don-nées (dea). la période étudiée, 2002-2011, montre une diminution pro-noncée de l’efficience relative générale dans le secteur bancaire brésilien. les effets négatifs se sont fait sentir dans tout le secteur, indépendam-ment de la taille de la banque ou de la forme de propriété. les banques petites et moyennes ont connu la chute la plus significative en efficience relative, tandis que les banques d’une plus grande importance ont mieux pu faire face à la crise. Cela renvoie à l’idée que « Plus grand, c’est mieux » quand il s’agit de faire face à des chocs financiers touchant l’efficience bancaire, et nous permet de résumer que le secteur bancaire brésilien ne participe pas à la « Vie tranquille » des marchés concentrés. Ainsi, à considérer le type de propriété, l’étude montre que les banques brésili-ennes contrôlées par le gouvernement peuvent être cataloguées comme les plus efficientes. leurs contreparties de propriété étrangère, par ail-leurs, ont été cataloguées comme les moins efficientes et ont connu une chute plus grande dans leur efficience générale et participation pendant la crise financière que les banques brésiliennes. L’article contribue au besoin continuel d’avoir plus d’information sur l’histoire et le développement du secteur bancaire brésilien.

mots-clÉs : dea ; Brésil ; bancaire ; crise financière ; efficience ; écon-omie des BRiC ; vie tranquille.

os eFeitos da crise Financeira internacional na eFiciência bancária brasileira

resUmo: levando em conta que as economias do BRiC são cada vez mais importantes para o crescimento mundial e o investimento financeiro, é importante entender o funcionamento interno das instituições que aju-darão a impulsionar um crescimento econômico sustentável. este artigo está focado na história recente da estrutura de mercado do setor bancário do Brasil, bem como nos efeitos da crise financeira internacional do final da década de 2000, na eficiência relativa geral do setor bancário brasi-leiro, usando uma análise envolvente de dados. o período estudado, 2002-2011, mostra uma pronunciada diminuição da eficiência relativa geral no setor bancário brasileiro. os efeitos negativos foram sentidos em todo o setor, independentemente do tamanho do banco ou da forma de proprie-dade. os bancos pequenos e médios tiveram a queda mais significativa em eficiência relativa, enquanto os bancos de maior tamanho puderam enfrentar melhor a crise. isto se refere à ideia que “Quanto maior, melhor”, em se tratando de lidar com choques financeiros à eficiência bancaria, e nos permite resumir que o setor bancário brasileiro não participa na “vida tranquila” dos mercados concentrados. igualmente, ao considerar o tipo de propriedade, o estudo mostra que os bancos brasileiros que estão con-trolados pelo governo foram classificados como os mais eficientes. as suas congêneres de propriedade estrangeira, por outro lado, foram catalogados como os menos eficientes e tiveram maior queda na sua eficiência geral e participação durante a crise financeira do que os bancos brasileiros. o artigo contribui para a contínua necessidade de conhecer mais informação sobre a história e o desenvolvimento do setor bancário brasileiro.

palaVras-cHaVe: DEA, Brasil, bancário, crise financeira, eficiência, eco-nomias do BRiC, vida tranquila.

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global financial crisis on the overall relative efficiency of the Brazilian banking sector from 2002 to 2011 in order to contribute to the need for expanded information on the Brazilian banking sector, its history, how the crisis ef-fected the sector, and how efficiency developed over the time period.

the 2002-2011 period showed a noticeable decrease in for-eign participation in the Brazilian banking sector in terms of assets, loans, liabilities and number of foreign owned banks. and, by using data envelopment analysis (dea), the study showed that the relative efficiency of Brazilian banks had a marked decrease during the financial crisis pe-riod 2007-2010. the negative effect on banking efficiency was felt by all types of banks regardless of ownership type or size of holdings. the negative effects of the crisis were most dramatic on small and medium sized banks that did not have the financial reserves to withstand the crisis. thus, the data alludes to the “Bigger is Better” analogy for banks trying to weather difficult financial times. it is note-worthy that the negative efficiency developments began two quarters before the fall of lehman Brothers Bank, which many feel was the beginning of the global crisis, and, by 2011, the entire sector had begun to recover the relative efficiency loss due to the crisis.

Furthermore, Brazilian public banks (those owned by the Brazilian Government) were ranked as the most efficient while their foreign-owned counterparts were ranked the least efficient. moreover, the data states that large banks in Brazil are the most efficient banks overall and they in-creased their overall efficiency gap between their small and medium sized competitors during the time period. taken together with their ability to withstand the global financial crisis, we found that the Brazilian banking sector is not participating in the “Quiet life” scenario of concen-trated markets.

the article continues, in section 2, with some background on the Brazilian banking sector. section 3 provides a lit-erature review on efficiency measures, section 4 explains the data set and methodology used in the study, section 5 presents our findings and section 6 provides a number of conclusions from our findings.

background on brazilian banking

the past twenty years have been marked by reform, new regulations, foreign investment, new bank entry and exit, privatization, consolidation, and changes in competition and efficiency in the Brazilian banking sector. additionally, the banking system in Brazil allows for banks to operate in multiple areas of financial activity. they can combine the

activities of commercial, investment, development, leasing, and mortgage lending banks into a conglomerate bank.

When focusing on the Brazilian government’s participation, influence and instituted changes in the Brazilian banking sector, the first step in these series of changes was the Real Plan. this was a major stabilization plan developed by the Brazilian government in order to reign in years of runaway inflation1 and fiscal irresponsibility. the Real Plan used a semi-fixed exchange rate in conjunction with more open trade and investment policies. the Real Plan gave some leeway in its exchange pattern as was seen after the mexican crisis in 1994-1995 when the Brazilian govern-ment began to allow the Real to devalue little by little. this led to a full free float of the Real in 1999, after a period of intense speculative pressure on the currency leading up to the free float (de Paula and alves, 2003). after the free float of the Real, the government focused on inflation targeting. this inflation targeting helped maintain single digit inflation even after the free float, and it continues to do so today.

according to the Brazilian government, the inflation rate in 1994 was 2,240% and by 1998 it had fallen to 4.85%. in the year 2000, after the floating of the Brazilian Real, in-flation stayed at a respectable 8.03% even with the added pressure of the ending of the true semi-fixed exchange rate portion of the Real Plan in 1999. this stabilization of in-flation has continued throughout the study with inflation rates between 4-6% for the late 2000s. there was a slight increase in inflation during the argentine financial crisis of 2002/2003 and a brief upturn in inflation at the begin-ning of the 2008/2009 financial crisis.

Before the Real Plan, Brazilian banks made a profit from inflation charges. inflation charges are felt by non-interest bearing deposits and cash deposits. since the banks are the issuers of the deposits they receive a part of the in-flation charges. this charge was a significant percentage of Brazilian banks’ profits. In the early 1990s, inflation charges for banks accounted for 3.4% of GdP (nakane & Weintraub, 2005). However, after the instatement of the Real Plan and Brazil changing from a high inflation country to a low inflation country, the inflation charges as a percentage of GdP dropped to 0.03% in 1995 (de Paula & alves, 2003).

there were two further effects of the high inflation rates. First, the over branching of banks as they opened up exten-sive branch networks in order to obtain deposits as soon

1 average annual inflation rate for Brazil in the 1980s was 336% (Fraga, 2004).

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as possible to limit the negative effects of the high levels of inflation. the second and more positive effect was a high level of investment in information technology. this investment was made in order for the banks to be able to quickly clear inter-bank balances so as to suffer the least amount of negative effects from the high levels of infla-tion. this helped to institute more efficient bank transac-tions throughout the banking system (lucinda, 2010).

the increase in bailouts along with other financial and eco-nomic problems led to additional measures being taken by the Brazilian government in order to reign in some of the in-efficient state banks within Brazil as well as inefficient and unsafe private banks. these measures set out to facilitate the exit or purchase of inefficient or risky banks. Belaisch (2003), Beck, Crivelli and summerhill (2005), neto, araujo and Ponce (2005), and nakane and Weintraub (2005) take a specific look at the transformations in the Brazilian banking sector from before the Real Plan to after the defla-tion of the Brazilian Real (roughly the period 1990-2002).

the two main programs set forth by the government to shore up public and private banks were PRoes (Program

of incentives to the Reduction of the state-level Public sector in Bank activity) and PRoeR (Program of incentives to the Restructuring and strengthening of the national Fi-nancial system).

Within PRoes, a state bank had essentially five choices. the first choice was to leave the market completely through liquidation. second, the bank could allow the federal gov-ernment to take control and privatize or liquidate the bank. third, the bank could privatize on its own. Fourth, the bank could be restructured and continue running as a state bank. there was a further fifth option of turning the bank into a developmental agency (Beck, Crivelli & summer-hill, 2005). these criteria set by the federal government were meant to force states’ hands in the matter and make them privatize their banks. With that purpose in mind, the PRoes was successful due to the fact that in 2002 there were only 14 of the original 32 public banks remaining in operation from 1994. of those 14 banks, 9 were ranked in the top 50 in terms of total assets in 2002 and in the first quarter of 2002, they held 29.4% of total assets, 45.5% of total deposits, and 24.6% of total loans. For a more de-tailed look at the market structure progression see table 1.


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table 1. market structure of the brazilian banking system by branches and ownership, 2002-2011

institutions number of Branches in top 50 number of employees in top 50 employees per Branch

2002Q1 2006Q1 2009Q1 2011Q1

16,790 17,936 19,047 19,795453,214 485,816 547,424 611,116 27 27 29 31

Public Banks Public Banks in top 50 share of total assets share of total deposits share of total loans

2002Q1 2006Q1 2009Q1 2011Q1

9 9 9 9 29.4% 30.3% 28.7% 40.9% 45.5% 42.2% 40.2% 44.1% 24.6% 26.3% 30.0% 44.0%

domestic Brazilian Private Banks domestic Private Banks in top 50 share of total assets share of total deposits share of total loans

2002Q1 2006Q1 2009Q1 2011Q1

16 21 22 21 40.8% 44.2% 52.6% 41.1% 33.7% 33.7% 42.5% 39.5% 46.6% 49.7% 53.4% 40.9%

Foreign Bank Penetration Foreign Banks in top 50 share of total assets share of total deposits share of total loans

2002Q1 2006Q1 2009Q1 2011Q1

25 20 19 20 29.8% 25.5% 18.6% 18.0% 20.7% 24.1% 17.3% 16.4% 28.8% 23.9% 16.6% 15.1%

source: Banco Central do Brasil and author calculations. top 50 based on total assets.

Private sector banks were compelled to change owner-ship structure and business style by the PRoeR program in 1995 (Program of incentives to the Restructuring and strengthening of the national Financial system). Under PRoeR, weak, inefficient or threatened banks had the op-tion to either increase their capital, transfer shareholder control or be merged with another bank. in order to facili-tate the transition and sales of the weaker private banks the central bank enacted measures to make it easier for stronger banks to purchase their weaker competitors (na-kane & Weintraub, 2005).

the PRoeR program saw a dramatic decrease in the number of private domestic banks within Brazil, from 146 in 1994 to only 75 in 2002, of which 16 were among the top 50 universal banks. this drop in real numbers of banks did not mean a drop in the share of the banking market held by Brazilian domestic banks. in terms of share of de-posits, domestic private banks had a 38.85% share of the market in 1993 and a 37.16% share in 2002. additionally, their share of the loan market increased from 31.55% in 1993 to 40.45% in 2002. this increase in the loan market was due, in part, to the extreme drop off in the share of public sector banks, which fell from 61.88% of the loan market in 1993 to a mere 29.07% in 2002 (nakane & Weintraub, 2005). Consequently, again, we could say that the PRoeR program was a success in what it set out to do, which was to eliminate inefficient and unsafe private Bra-zilian domestic banks.

With the conclusion of the Real Plan, PRoes and PRoeR programs, some would surmise that the government would take a smaller part in other banking activities in order to

allow the market to dictate rates and borrowing. However, due to the limited amount of long term loans available from private banks within Brazil the federal and state gov-ernments play a key role in long term financing projects as well as long term financing for corporations and indi-viduals as their goals are more geared toward long term development and less toward profit maximization (teixeira & mollo, 2006).

in terms of foreign participation in the Brazilian market, the opening of the banking sector and ability of foreign banks to purchase Brazilian domestic banks, in correspon-dence with the Real Plan, led to a large investment by in-ternational banks within Brazil. With the overall banking industry consolidating from 246 banks in 1994 to 155 in 2002, the number of foreign controlled banks rose from 37 to 56 in the same time period. additionally, the share of the market of foreign banks in terms of net worth, assets, deposits, and share of the loan market increased at an as-tounding rate. the share of the net worth of the Brazilian banking sector controlled by foreign banks rose from 7.3% in 1993 to 33.6% in 2002, while the share of assets rose from 8.4% to 27.7%, deposits from 4.8% to 20.1%, and share of the loan market increased from 6.6% to 30.5% (nakane & Weintraub, 2005).

some of the benefits enjoyed by the domestic banking client with the onset of foreign bank competition in the in-dustry included an improved level of service, an increase in the number of financial products available to the domestic consumer and increased regulation that would allow for a more stable domestic banking environment. also the simple presence of internationally respected banks helps countries to be able to gain access to international capital, because the international banks add credibility to the do-mestic banking market.

the main negative factor for the domestic banks would be the increased costs in competing against a larger in-ternational bank with a stronger reputation than the do-mestic bank. the domestic consumer may lose out as well, as international banks may not be as willing to offer riskier loans for smaller domestic customers (Beck et al., 2005; Claessens, demirguc-Kunt and Huizinga, 2001).

Further studies on foreign owned banks in domestic mar-kets have shown interesting findings. For example, foreign owned banks in the United states were shown to be signif-icantly less efficient than their Us domestic counterparts (Chang, Hasan & Hunter, 1993; deyoung & nolle, 1996; mahajan, Rangan & Zardkoohi, 1996). these studies ran through the early 1990s, when foreign banks were pushing their way into the Us banking market. Hence, we could say

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that the foreign banks do not bring new efficiency gains with them.

However, further research and conjecture would suggest that these non-Us and non-Brazilian banks were trading off efficiency for rapid growth in market share in ways that may not be monetarily efficient, but that do help them achieve their long term goals. the data envelopment analysis results for the 2002-2011 period shows that the foreign banks in Brazil were also less efficient than their Brazilian domestic private and public counterparts (for fur-ther discussion on efficiency in the banking sector based on ownership see the Results section below).

Regardless of the foreign banks’ efficiency actions upon entering, the reforms and globalization of the financial sec-tors in Brazil and indeed all of latin america throughout the 1990’s, lead to a marked increase in foreign bank par-ticipation (yildirim & Philippatos, 2007). according to na-kane and Weintraub (2005), from 1994 to 2002 Brazil saw an increase in the number of foreign owned banks of over 150% while the total number of banks in the country fell to 63% of their number in 1994. this contrast in the suc-cess of foreign banks versus the overall consolidation of the Brazilian banking market shows that the downfall of the state and federal banks in Brazil due to PRoes and the private banks due to PRoeR did not necessarily transfer to the foreign banks within Brazil during the initial 1994-2002 period.

the highs that Belaisch (2003) and nakane and Weintraub (2005) wrote of had started to wither as from 2002. the influence of foreign banks on the top 50 banks total as-sets also slowly diminished over the 2002-20011 period. Foreign banks represented 50% of the top 50 banks in Brazil in Q1 2002, but only held 19 of the top 50 spots by Q1 2009. the erosion of market power did not limit itself to just the number of banks in the top 50, from a market share point2-of-view total assets declined from 29.8% in Q1 2002 to 25.5% in Q1 2006, to a further reduction to 18.6% in Q1 2009 and 18.0% in Q1 2011. their share of the loan market fell even further starting at 28.8% in Q1 2002 to 23.9% in Q1 2006 to 16.6% in Q1 2009, to a fur-ther loss to 15.1% in Q1 2011.

the shrinkage in foreign bank participation toward the end of the study fell dramatically as some foreign banks had to re-evaluate their positions during and after the worldwide banking and financial crisis of 2008 to 2011. still, some foreign banks had already decided to leave the market or

2 market share of total assets, total deposits, and total loans is ba-sed on banks represented in the top 50 banks only, and does not include foreign banks that are not in the top 50.

change their participation before this crisis. For example, as staub et al. (2010) points out Bank of america sold its Bank Boston Brazilian assets to itau in 2006, given that they found they were having difficulties increasing their market share in Brazil. there were continued mergers and acquisitions throughout the late 2000s with the majority being larger banks buying out their smaller niche rivals (staub, da silva e souza & tabak, 2010).

additionally, as the market concentrated over the period, mergers and acquisitions also changed. it was no longer solely larger banks buying out their smaller competitors, they moved towards buying other larger players as well. When Unibanco merged with itau to become, briefly, the largest bank in Brazil at the end of 2008 beginning 2009, it showed that consolidation within the large banks was a possibility as well.

literature review of efficiency measures

“the best of all monopoly profits is a quiet life” (Hicks, 1935, p. 8)

this quote from Hicks has been used constantly throughout economic literature to represent what some would say would be the worst part of monopoly action, that is, in-action. the “quiet life” would occur when a company has more extreme market power and thus exhibits a lower ef-fort by managers and directors to eliminate inefficiencies. this may come about in the form of pricing above mar-ginal costs, thus relaxing the need to reign in these inef-ficiencies. therefore, there would be a negative correlation between market power and efficiency (Berger & Hannan, 1998; Casu & Girardone, 2009; maudos & Guevara, 2007).

Berger and Hannan (1998) tested the quiet life hypoth-esis in concentrated and non-concentrated banking sectors and their results came up with a few noteworthy observa-tions. in regards to marginal costs, managers may not have the same pressure to lower their costs and inefficiencies if they are in a position to use their market power. addition-ally, the concentrated market may allow managers to follow non-profit maximizing goals. Finally, and maybe the worst effect of the quiet life, inefficient and incompetent man-agers are not held accountable for their incompetence since their weak performance is hidden by the artificial margins. thus, they are allowed to stay in their positions continually hurting the company’s profitability, efficiency and clients. this would seem contradictory to the other structural ap-proach best summarized by demsetz (1973) efficient struc-ture hypothesis, which states that firms earn market share by being more efficient in the use of their resources than their competitors and, thus, win market share from them.


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Frontier analysis is a benchmarking technique where best-practice firms are considered the frontier of maximum ef-ficiency, productivity or whichever criteria they choose. the frontier that is created is then measured against other firms in the market to compare and determine their level of efficiency relative to the best-practice frontier setting firms. Frontier analysis is also easy to use given that one does not require insider information or in-depth knowledge of an industry in order to analyze it. Consequently, there is no information asymmetry that can affect the analysis of the frontier as financial data is used.

the drawback to frontier analysis is that it basically tells managers information they already know. Frontier analysis does give managers quantitative proof of what they have already observed and it can then lead them to make deci-sions that can correct those areas where they are behind in terms of the benchmark competitors (Berger & Humphrey, 1997). Furthermore, the application of frontier analysis for government approval of mergers or acquisitions cannot be left out. By being able to show the different levels of effi-ciencies merging banks or enterprises have, they can fore-cast where they will be improving and, thus, validate their mergers or acquisitions.

the parametric models, stochastic Frontier analysis (sFa), distribution Free approach (dFa) and thick Frontier anal-ysis (tFa) and non-parametric models, data envelopment analysis (dea) and Free disposal Hull (FdH) are the most popular forms of efficiency analysis in the literature. the differences are mostly based on the assumptions that a re-searcher must put on the data in order to use each model. the main dividing assumptions are: 1) the restrictiveness of the functional form of the model, parametric models being much more restrictive than non-parametric models. 2) How the model deals with random error. non-parametric models assume that there is no error in the system and that all variations come from inefficiencies and not, for example, from bad luck. Parametric models do use random error and inefficiency in their models and, thus, have different effi-ciency values than a similar non-parametric model. there are further differences within parametric methods by way of distribution of inefficiency and random error.

insofar as comparing parametric and nonparametric ap-proaches, Berger and Humphrey (1997) analyzed 130 studies on frontier efficiency analysis. they found that in general the nonparametric approach found less efficiency than the parametric approach. However, the dispersion of efficiency was greater in nonparametric than parametric frontier analysis. But, as we are more pessimistic about how efficient banks and companies in general are run, it would give us more reason to select a nonparametric approach in order to assess true efficiency in banks/companies.

When looking at the definition of efficiency, there are three main concepts of efficiency that are used throughout the literature. these were defined by Berger and mester (1997) as Cost, Profit and alternative Profit efficiency, which allow for researchers to measure efficiency while taking into account market prices and competition instead of solely technical efficiencies. determining which concept a study will use is vital in deciphering the results of any ef-ficiency analysis.

in order to study efficiency in a more structured way, we can also use parametric efficiency measures. Here the re-searcher places specifications on the efficiency frontier. this allows for more structure and focused evaluation, with the benefit of allowing for errors in the measure-ments. However, if the original form of the model is speci-fied incorrectly, the measured efficiency will be inaccurate (Berger & Humphrey, 1997).

stochastic Frontier approach (sFa) is one parametric fron-tier efficiency measure that specifies a functional form for the relationship between inputs, outputs, and additional environmental factors as well as random error. another parametric method is called the distribution free approach. dFa also uses a frontier in a functional form in order to analyze inefficiencies. dFa is slightly different from sFa due to the separation of inefficiencies and error terms. this difference is in that DFA assumes that inefficiencies/ef-ficiencies are stable over time and random error averages out over time. a further parametric efficiency frontier tech-nique is the thick Frontier approach. Here a functional form is specified and the derived results assume that the top and bottom performance quartiles represent random error while the interior quartiles represent inefficiencies.

non-parametric estimation techniques evaluate technical inefficiencies in terms of banks using too many inputs to produce their output, or are producing too little output for the amount of inputs they have. the non-parametric methods focus on technical inefficiencies and, accordingly, they do not relate wholly to the cost/profit/alternative profit efficiencies that were discussed above. this is mainly due to their differences from the parametric models. the main differences can be summarized as follows: 1) they cannot account for allocative inefficiencies, 2) they cannot differentiate between levels of specialization or service provided by different banks that may influence perceived cost/profit inefficiencies, 3) With no value given for out-puts, it is impossible to establish whether the output pro-duced is optimal.

data envelope analysis has been used to measure inef-ficiencies and efficiencies in different industries. Further-more, dea is a non-statistical method, which relies on

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linear programming. it provides a linear piecewise frontier by enveloping the collected data points and thus giving a convex production possibilities frontier. it gives us a mea-sure of relative efficiency of different decision making units (dmU) (Halkos & salamouris, 2001). specifically nonparametric dea focuses on the direct relationship be-tween inputs and outputs of a business unit. this ability to deal with multiple inputs and outputs is one of DEA’s main advantages versus parametric efficiency measures. Furthermore they are especially useful when dealing with group data, such as bank branches (Bos & Kolari, 2005; Camanha & dyson, 2006; Halkos & salamouris, 2004).

When measuring efficiency, a researcher must look at the orientation he or she wishes to use. in efficiency analysis, researchers should focus on one of two measures, either an input or output oriented measure. as discussed in Coelli (1996), input oriented measures focus on how much a firm could proportionally reduce its inputs and at the same time remain at its current level of production. the output oriented measure looks at how much a firm can propor-tionally increase its produced quantities while not altering the amount of input quantities it uses.

dea was formulated by Charnes, Cooper, and Rhode in 1978 as a way of measuring efficiency of units in a system (Charnes, Cooper & Rhode, 1978). this development al-lowed for a relative comparison of efficiency between dif-ferent units. these dmUs transform inputs such as income or resources into outputs such as services or products. Con-sequently, in dea analysis, we have to be able to collect data for the same inputs and outputs for the dmUs being studied in order to make a successful comparison.

Charnes, Cooper and Rhodes (1978) developed their dea measure in terms of constant returns to scale (CRs) which is often referred to as the CCR model. While Banker, Charnes and Cooper (1984) proposed a dea measure in terms of variable returns to scale (vRs) which is often referred to in the literature as the BCC model. the CRs model is ap-propriate when all dmUs are functioning on an optimal scale; however, if there are factors in the market that may lead to non-optimal scale functioning such as imperfect competition, market shocks or other factors, then a vari-able Return to scale (vRs) model is more appropriate. if not all of the dmUs are producing at an optimal level then the conditions can lead CRs models to confuse technical efficiencies and scale efficiencies. on the other hand, the vRs model will allow for calculating technical efficiency without the problems of scale efficiencies as in the CRs model (Coelli, 1996).

also, dea weighs separate efficiency factors differently. if we analyze the weights associated with each variable

in our efficiency, we can see whether a firm is focusing on just one or two of the efficiency factors or on all of them. With this, we can determine whether a firm “special-izes” in a certain area of efficiency. However, as it may be very strong in one or two areas, this would give the firm an overall efficient score, while, technically, it is not effi-cient in other factors. so, we could still suggest improve-ments in banks that are deemed fully efficient (Halkos & salamouris, 2001).

in terms of data collection, it is often difficult if not impos-sible to obtain certain types of data from a bank or firm, which means that we must use available data. Hence, non-parametric analyses rely on accounting data such as costs, outputs, inputs, revenues, profits and the like (Berger & Humphrey, 1997). these variables are then used to deter-mine the benchmark for the industry to which the banks being studied can be compared. in other words, a set of in-dices is created that can be used to compare a wide range of factors within multiple groups. this could then be used in order to compare different groups of banks within the Brazilian market, domestic versus public, versus foreign bank efficiencies.

the technical efficiencies ratios that dea determine are equal to a weighted sum of outputs over a weighted sum of inputs. the weights are determined for each dmU by deter-mining the efficiency frontier for the group as a whole using a maximization of the efficiency ratio so that every dmU is equal to or less than one. dmUs that lie on the frontier are termed efficient and those that do not lie on the frontier are termed inefficient (Halkos & salamouris, 2001).

Furthermore, it is important to note that there are two main approaches to DEA in terms of banks’ economic ac-tivities, the intermediation approach and the production approach. 1) intermediation approach: this dea approach sees banks as an intermediary between those wanting to invest their funds and entities that wish to use those funds. in terms of the use of inputs and outputs, this ap-proach considers the financial value of outputs related to deposits, loans, and securities, while, when looking at in-puts, it focuses on the financial costs related to liabilities. 2) Production approach: this dea approach sees banks as the supplier of services for depositors. therefore this ap-proach sees outputs consisting of the number and value of transactions over a period of time, and inputs are focused on labor and capital.

staub et al. (2010) looked at efficiency developments in the Brazilian banking sector from 2000-2007. Using dea analysis they were able to determine that Brazilian banks have lower cost efficiency than their european and U.s. counterparts. the authors added extra measures to dea


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in order to account for cost as well as allocative and tech-nical efficiencies. they found that public banks were the most efficient in terms of cost, technical and allocative ef-ficiency, which would seem to go against popular theory that public banks have an agency problem. Furthermore, they found that cost efficiency, in general for all bank types, hovered around 0.44 efficiency throughout the study, and allocative inefficiencies rose during the 2002-2007 period. therefore, their overall results did not show improvement in efficiency in the Brazilian banking sector. also, they found that non-performing loans are a key in-dicator of banks’ efficiency levels. Not only did they run dea analysis, they also analyzed the setup of the Brazilian banking sector in order to determine why the numbers may be so different than their foreign counterparts. one thing they noted was that as the corporate bond market is not developed in Brazil and firms are forced to use banks more for their financing, consequently, banks play a more impor-tant role in the economic development of private sector financing than in other countries.

an additional study on Brazil focused on the profitability and spreads of public banks versus private banks. Barros (2008) found some important notes for possible effi-ciency/inefficiency rankings of banks. The author noted that the public banks in Brazil are run as private institu-tions even though they are government owned. this is due in part to the fact that public banks are also listed on the stock market and, thus, are under pressure to remain prof-itable and competitive. the article also points out that the Brazilian government uses the public banks to implement their social policies. the funds made available to the public banks in order to cover these programs sometimes do not equal their actual costs and the public banks must pass on these incurred costs to their clients. this then leads to a lower efficiency rating even though it is not necessarily the management’s failure to control costs that added these ex-traneous costs to their bottom lines. the author found gov-ernment policies that add costs to public banks actually increase the profitability of the private banks in the sector, because these increased prices to public bank customers allowed for private banks to raise their prices, increasing their spreads and profitability as they did not have the in-creased cost burden.

another dea study on the Brazilian banking sector was un-dertaken by Pires Goncalvez (2008) over the 1995-2006 period. the study used dea efficiency scores as a proxy for management quality within the Camel (Capital adequacy, asset quality, management quality, earnings ability and liquidity position) bank rating system. the results showed that there were differences between efficiency scores that could help indicate at risk banks with quality control

issues. the study analyzed the top 50 banks in Brazil and found that over the period, public banks were more effi-cient than their private bank counterparts. also noted was the overall increase in efficiency scores from 0.74 in 1995 to 0.87 in 2005.

Casu, Girardone and molyneux (2004) studied multiple eu-ropean banks from 1994 to 2003. in their study, they used dea to model banking efficiency over the period. they were able to point out cost efficiency gains in numerous countries’ banking industries over the period studied until 2000. the increased inefficiency or wastage after 2001 could be attributed to increased competition and the influ-ence of further deregulation and preparation for the intro-duction of the euro.

Kirkwood and nahm (2006) viewed banks as intermedi-aries and used two separate dea models based on cost efficiencies in order to analyze the australian banking market for the 1995-2002 period. the two models were used in order to test for banking service efficiency and profit efficiency. Their study showed that the large/major banks had increased their banking service, profit and rev-enue efficiencies over the period while medium sized banks maintained the same levels of banking service efficiency and suffered a decline in profit efficiency and revenue ef-ficiency. they also noted that these increased efficiencies were rewarded with higher stock valuations.

a Greek study from 1993-2005 by delis, Koutsomanoli-Filippaki, staikouras and Gerogiannaki (2009) was used in order to compare sFa cost and profit efficiencies to dea. the period was marked by financial reforms, eco-nomic crises and joining the euro. With their sFa analysis they found that Greek banks were significantly better in terms of cost efficiency versus profit efficiency. addition-ally, large banks were found to be slightly more cost ef-ficient than their smaller counterparts. While in terms of profit efficiency, the medium and small banks had greater profit efficiency then their larger counterparts, which may be explained by smaller banks taking greater risks in their loan portfolios. Furthermore, their sFa analysis found that private banks had superior profit and efficiencies and had improved their cost efficiencies over the period to approxi-mately the superior cost efficiency level of the public banks. Using the same variable set, their dea analysis gave sig-nificantly lower efficiency scores than sFa. they also found that efficiency improved over the entire period using dea, while efficiency increased with sFa until 2002 when it began to decrease. they further note that the dea and sFa do give weakly consistent rankings over the period for cost efficiency. However, both did reach the same conclu-sion in that bank size has a positive relationship with cost

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efficiency, yet they conflicted on the relationship between ownership (private versus public) and cost efficiency.

Bos and Kolari (2005) set out to analyze the economic mo-tivations for geographic expansion by Us and european banks. their study uses both stochastic frontier approaches for cost and profit in order to test for economies of scale and scope for the 1995-1999 period. they found that in general, the large Us and european banks have increasing profit returns to scale and similar increasing profit returns to scope. therefore, they are driven to increase their size in order to take advantage of their returns to scale and scope. also, they find that large Us banks are more profit efficient than their large european counterparts. and, in general, they found that small banks (regardless of region) have higher cost efficiencies while lower profit efficiencies in comparison to the larger banks.

Also in a similar study, Schure, Wagenvoort and O’Brien (2004) used dea to solely analyze the european banking sector from 1993 to 1997. their study found that larger com-mercial banks were more productive and efficient than their smaller european counterparts over the entire time period.

in their study of 15 organization of economic Co-opera-tion and development (oeCd) countries, lozano-vivas and Pastor (2006) focused on macro-economic efficiency as well as financial efficiency developments from 1980-1997. Using dea analysis, they developed both a worldwide macro-economic efficiency and a financial efficiency fron-tier. they did this by determining inter- and intra-country efficiency and testing for productivity changes, before an-alyzing any relationship or associations between the three. the countries showed a convergence of macro-economic and financial efficiencies over the time period with nearly all countries showing an increase in efficiencies.

When focusing on another BRiC (Brazil, Russia, india, and China) economy, specifically india, shanmugam and das (2004) divided banks into separate groups based on owner-ship and size. they noted that the indian regulatory agency was trying to foster economic growth, which influenced their choices of variables for their analysis. their sFa study focused on the banking reform period of 1992-1999. they found that all forms of banks did improve their technical ef-ficiency especially in the investments variable, which follows the regulatory agency’s desire to increase economic growth. they report that state-owned and foreign banks were more efficient than their private indian bank counterparts over the period. moreover, on average, indian banks were only achieving a 45% technical efficiency rating, leaving them much to work towards in the future.

a later analysis of the indian banking sector performed by debnath and shankar (2008) focused on 2004-2005.

their findings were interesting as they were among the few authors to show a negative relationship between bank size and efficiency. their dea analysis of the period showed that medium sized banks were the least efficient in com-parison to large or small banks. they also found that no banks were facing increasing returns to scale regardless of size or ownership and that any mergers, in order to elimi-nate inefficient banks, would be counterproductive if they were looking to gain efficiencies.

data and methodology

the data set is taken from statistics on the top 50 uni-versal banks in Brazil from the Banco Central do Brasil (Brazilian Central Bank). We analyzed 37 quarterly reports from the first quarter of 2002 to the first quarter of 2011 representing the lead up to the financial crisis and after the financial crisis for these top 50 banks. this allowed for 1850 possible total bank quarter observations. the au-thors feel that the top 50 banks represent a significant part of the market, as they never dip below 82% of the total assets in the market.

the bank data is divided in terms of bank size based on total assets and ownership type set forth by the Central Bank of Brazil. Public banks are defined as banks that are owned by the federal or state governments, Private do-mestic Banks, and Foreign Banks3 in order to better gauge whether or not these factors have any influence over effi-ciency scores.

We used the dea measure of efficiency to test for effi-ciency in the Brazilian banking sector. in terms of inputs versus outputs oriented dea, we decided to use an input oriented dea model focusing on cost efficiency. this is designed to better show managerial effectiveness for controlling costs that come about with more intense con-centration on the market. it allows us to test for possible market power as the efficiency scores will help us deter-mine whether bank managers are running a more efficient bank. additionally, in input oriented models, technical in-efficiency is shown as a proportional reduction in input uti-lization. this allows us to use the dea score as a proxy for effects of competition on managerial efficiency. We also note that we see banks as intermediaries and thus use the intermediation approach to analyze banks.

Within the body of literature, there is discussion on returns to scale and their effect on dea analysis. the constant re-turn to scale model functions only when all dmU are func-tioning at an optimal scale. this would not seem to hold

3 Foreign controlled banks as well banks with foreign participation.


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true for a study of Brazilian banking as factors such as im-perfect competition, financial constraints, government so-cial programs pressed upon public banks would all affect a bank’s ability to operate at an optimal scale. The vari-able return to scale approach has been more widely used throughout the literature and would seem to fit better within our analysis.

detailing the outline of the methodology of dea.

* = min

subject to:

l

l

j ijj

n

ij

i rjj

n

r

x x i m

y y

≤ = …

≥

=

=

∑∑

1

1 0

1 2Θ , , ,

1

r s

j

jj

n

j

= …

=

≥ ==∑

1 2

0 1 21

, , ,

, ,

l

l ……,n

Where:

Bank0 represents one of the n banks being analyzed.

l represents the weight given to each bank that forms the efficiency frontier.

* is the input oriented efficiency measure for Bank0.

xi are the i-th inputs for Bank0.

yr are the r-th outputs for Bank0.

if we have * = 1, Bank0 would be considered to be on the efficient frontier and be a best-practices bank in terms of cost efficiency. When we measure the bank and it receives an efficiency score of * = 1, this means that Bank0 is on the efficiency frontier. if the * of a bank’s DMU is less than 1, then it is considered inefficient in terms of the best-practice efficient banks. therefore if * = 0.75 we would say that Bank0 is inefficient with 75% cost efficiency in terms of the best-practice banks that form the frontier. in other words, they are 25% less efficient than the fully ef-ficient banks.

in terms of the inputs and outputs used for our study, we have inputs of: interest expenses to show the cost of in-terest baring products, operating expenses net Personnel expenses to show the cost of running the bank minus the personnel costs, and Personnel expenses to show the amount spent on the labor force in order to produce bank outputs. these characterize the inputs needed in order for banks to perform their actions as intermediaries between depositors and borrowers. the outputs used are invest-ments, total loans & leases net of provision for loan losses

to show the output of loans and leases that banks have produced, and total deposits as this is also considered an output as the desirability or demand for a bank’s services can be derived from its total deposits.

then, for explanatory purposes, we use total assets for scaling the banks in order to allow us to determine whether bank size demonstrates differences in efficiency in the market. We additionally analyze the results by controlling for ownership type noted by Foreign owned banks, Public Banks that are controlled by the federal or individual state governments, and domestic Private Brazilian banks.

We used the deamax software developed by Cheng Gang of Peking University and Qian Zhenhua of the University of science and technology of Beijing, China (Cheng & Qian, 2011), to conduct data envelopment analysis. Con-sequently, in this analysis we used a one-stage dea model with vRs in order to analyze input-oriented cost efficien-cies in the Brazilian banking industry.

empirical results

overall efficiency scores

the quarterly results derived from the data envelopment analysis show that over the 2002-2011 period, the overall average relative efficiency of banks in Brazil had a slightly negative path. table 2 and Chart 1 both show the overall yearly average dea efficiency scores for the industry (note that in Charts 1, 2, 3 and 4 and tables 2, 3, 4 and 5 that the yearly 2011 dea scores are represented by the first quarter scores). We have divided our analysis into two parts. one is based on ownership type and the other on the size of the banks where we have divided the banks into groups of the top 5, top 10, Banks 6-10, Banks 10-50, Banks 11-25, Banks 26-50 and an all bank average. the scores are divided between bank average and weighted average dea efficiency scores average, where total assets are used as the weight.

it is important to note that dea efficiency scores are rela-tive measures of efficiency; here, they only compare effi-ciency for the quarter that is under analysis. therefore, it is best to say that the efficiencies scores are in relation to the most efficient banks in that period. However, it can be used to compare overall relative efficiency in the market over time to gauge whether certain groups are becoming less or more efficient relative to their peers, which follows with the notes from Pires Goncalves (2008) study over the 1995-2006 period and Staub et al.’s (2010) study over the 2000-2007 period.

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cHart 1. average yearly dea efficiency scores by ownership type 2002-2011

1,0

0,9

0,8

0,7

0,6

0,5

Effic

ienc

y Sc

ore

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Public Banks Foreign Participation Banks

Domestic Private BanksAverage Alls Banks


earlier studies by staub et al. (2010) and Pires Goncalves (2008) found an increase in efficiency scores from 1995-2006, and our study does find an increase in efficiency at the beginning of our study 2002-2005, but post 2005 there is a decrease in efficiency in the sector. the empir-ical results show that the average bank’s Efficiency Score for 2002 was 88%, then an increase to 91.5% in 2004, followed by a decrease to 85% by 2006 with a further decrease to 76% for 2009 and an upturn to 80% for the first quarter 2011, and an overall dea efficiency score of 84% for the 2002-2011 period. this downward trend is lessened when we take bank size into the equation. By using weighted averages, we end up with a 2002 score of 93.9%, 94.4% for 2006, 93.2% for 2009, and 96.2% for Q1 2011 with an overall weighted average dea efficiency score for the sector at 94%. this would give weight to the idea that the efficiency in the market was more stable than declining if we focus on the larger banks. However, we dis-cuss Bank size and efficiency later in this chapter. Charts 1 and 2 and tables 2 and 3 give the yearly average and Weighted average dea efficiency scores.

cHart 2. weighted average yearly dea efficiency scores by ownership type 2002-2011

1,00

0,95

0,90

0,85

0,80

0,752002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Public Banks Foreign Participation Banks

Domestic Private BanksAverage Alls Banks


one can note the influence of the financial crisis of the late 2000s on the efficiency scores as the average efficiency scores drops 10% from 2007 to 2008 or the beginning of the crisis, while the efficiency scores maintain their 2008 levels for 2009 and start to recover in 2010.

also noteworthy, as in Pires Goncalves (2008) study from 1995-2006, it was found that most quarters have approxi-mately half of the banks with an efficiency score of 1 or fully efficient. this is consistent with the dea efficiency scores that our study obtained. this nearly 50% ratio of fully efficient banks continued for each quarter of our study as well from 2002-2011. the fully efficient banks were found throughout the top 50 banks; however, they were found more often in the higher rankings of the top 50.

efficiency scores by ownership type

Focusing on ownership type and dea efficiency scores, there are numerous important results that we perceive. First, Public Banks consistently ranked more efficient than their Foreign owned (approximately 10%) and Private do-mestic (approximately 5%) counterparts over the life span of the study. in only one quarter in the 2002-2011 period, did Public Banks not have the highest efficiency score. this goes against the popular belief that Public institutions such as banks are inherently less efficient as well as the criticism leveled against Brazilian Public Banks in Brazil during the time of the study (Pires Goncalves, 2008).

However, the results show that, throughout the study, Public Banks ranked higher on average and in terms of a weighted average than all other banks. this is shown by the fact that over the period, Public Banks’ weighted av-erage dea efficiency score is almost 1) this higher effi-ciency in Public Banks was also found in earlier studies for 1995-2006 by staub et al. (2010) and Pires Goncalves (2008). tables 2 and 3 and Charts 1 and 2 visualize the yearly dea efficiency scores by ownership type.

We surmise that this phenomenon has something to do with managers in the Public banks being able to have fi-nancial support and backing from the federal or state bud-gets and, thus, not being as pressured by market pressures. then the fact that the Public Banks act and function al-most as private banking, since many of the Public Banks actually have shares available, they are run with a more focused efficient approach than a “typical” public enter-prise. the combination of these two phenomena allow for managers to weather downturns better than their private counterparts as they do not need to incur inefficient costs in order to survive in turbulent economic times, such as the current financial crisis.


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table 2. average yearly dea efficiency scores by ownership type 2002-2011

year public banksForeign

participation banks

domestic private banks

average all banks

2002 0.955163219 0.816672849 0.946593693 0.883983165

2003 0.963798739 0.865968276 0.966492633 0.922564895

2004 0.962090575 0.885009022 0.921523162 0.915272465

2005 0.8840269 0.882237939 0.81055259 0.85351427

2006 0.942929536 0.872142497 0.800975865 0.85522726

2007 0.916728889 0.813446514 0.867381963 0.85482863

2008 0.899710917 0.652060398 0.793334892 0.755723095

2009 0.861735583 0.682091329 0.799797532 0.761445325

2010 0.78111975 0.733967388 0.763114726 0.754696695

2011 0.829238889 0.7641946 0.819354238 0.79906962

average 0.8996543 0.796779081 0.848912129 0.835632542


a further note on ownership and efficiency is how Foreign Banks consistently rank as the least efficient banks on av-erage over the period. the average Foreign Bank scored a 79.7% in the 2002-2011 period which is 10% less than public banks and 5% less than Private domestic Brazilian banks.

the low efficiency average is greatly affected by the se-vere drop in Foreign Bank efficiency scores during the last half of the study. However, previous studies did note that foreign banks were the least efficient banks in the Bra-zilian banking sector (Pires Goncalves 2008 & staub et al., 2010). the large drop corresponds to the worldwide finan-cial crisis which saw many foreign banks decrease their participation outside of their core home markets, for ex-ample Foreign Bank participation in Brazil fell in terms of total assets, total deposits and total loans over the life span of the study.

From 2007 to 2008, Foreign Bank efficiency dropped over 15% which corresponded to the decline in overall market share and participation in the whole sector as discussed earlier. While taking into account the Pre-Financial crisis period, the Foreign Banks were actually, on average, more efficient than their Private domestic competition. the 2004-2007 average scores of 88% efficiency for foreign banks and 84% efficiency for Private domestic banks which then switched positions for the 2008-2011 period with Foreign banks having a 70% efficiency score while domestic Private banks, dropped to a 79% efficiency score.

there are many factors that may influence these overall numbers. to begin with, foreign banks may be using inef-ficient paying schemes with their workers. this may come about from the need for higher ex-patriot pay packages to

lure executives away from their home country. additionally, factors in the home markets of foreign banks may have led them to re-evaluate their positions abroad and focus their attention on their home markets and, thus, relax their man-agerial controls in foreign markets. as the foreign banks are also private, they do not have the backing of the fed-eral government and, therefore, cannot weather the finan-cial storms as well as their Public Bank counterparts. this may lead to the selection of less than optimal input pricing due to volatility in the market.

table 3. weighted average yearly dea efficiency scores by ownership type 2002-2011

year public banksForeign

participation banks


average all banks

2002 0.992644186 0.849832179 0.982858976 0.939973191

2003 0.995523475 0.946747308 0.985759312 0.978479729

2004 0.967544244 0.961091815 0.956635461 0.962223853

2005 0.944829059 0.943550451 0.894264249 0.927071418

2006 0.993901233 0.954448974 0.888301628 0.944684766

2007 0.990776782 0.904032842 0.932705383 0.943011233

2008 0.988364117 0.834377726 0.856223358 0.892175381

2009 0.988851795 0.862065817 0.908620312 0.932665628

2010 0.982891028 0.870859452 0.861184223 0.915222307

2011 0.990241579 0.866525578 0.97779427 0.962118075

average 0.98355675 0.899353214 0.924434717 0.939762558


Furthermore, as we can see by the weighted averages, the larger foreign banks were more efficient than their smaller counterparts; this may have something to do with their market selection. they may be targeting particular customer segments that, although possibly inefficient, do bring a better return. thus, they may be selecting less than optimal efficient inputs, but their financial return seems to be quite positive regardless of the inefficiency.

the changes in the weighted average scores would lead us also to surmise that it is not only the Foreign banks that have separate management goals. the gaps between average and weighted average efficiency scores shows us that it is not only the type of bank that may determine their input and managerial selections, but their size as well.

switching our focus to the size of banks and their effi-ciency scores shows us other interesting points especially when considering the “Quiet life” scenario discussed ear-lier. the results show that over the period of the study, the larger banks were better at maintaining their efficiency scores than their smaller counterparts.

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efficiency scores by bank size

similar to the common conception that public banks would be less efficient due to their nature and oversight, larger banks would seem to be less efficient as they would typi-cally have more levels of bureaucracy, overhead costs and less direct oversight as managers would have larger groups of employees to watch. nevertheless, just as in the Public Banks, the larger banks in Brazil are consistently the most efficient. looking at Charts 3 and 4 and tables 4 and 5, we can see that the top 10 banks in Brazil over the period have lengthened the gap between themselves and Banks 11-50. in 2002, the difference between the top 10 Banks in Brazil and the rest of the top 50 was approximately 0.073, and the bottom 40 banks were 7% less efficient than the top 10 banks. By 2006, it had reached 13% and by 2010 the gap had expanded even further to where the smaller banks were nearly a quarter less efficient than their larger competitors.

Furthermore, if we look at the smallest banks, Banks 26-50, we can see that they have the lowest efficiency scores of all indeterminate of average or weighted average. there were only two years, 2009 and 2011,4 where they ranked higher than their other smaller bank competitors in Banks 11-25. this consistently lower efficiency score coincides with smaller banks inabilities to achieve scale economies due to their limited size.

cHart 3. average yearly dea efficiency scores by bank size 2002-2011

1,0

0,9

0,8

0,7

0,6

0,52002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Top 5 Banks Banks 6-10

Average Alls Banks

Top 10 Banks

Banks 10-50 Banks 26-50 Banks 11-25


if we focus solely on the top 10 Banks, we can see that they have maintained their overall average efficiency re-markably well. they have maintained mid to high 90% efficiency ratings without fail throughout the study. this would lead us to surmise that the managers of the larger

4 year 2011 is represented by Q1 2011 only.

banks have been better able to weather the economic cli-mate of Brazil and leverage their size to help maintain competitive and efficient cost management policies. these efficiencies, in theory, could then be passed onto their cli-ents which would then make their services more attractive and thus bring in more clients.

table 4. average yearly dea efficiency scores by bank size 2002-2011

yeartop 5 banks

top 10 banks

banks 6-10

banks 10-50

banks 26-50

banks 11-25

average all banks

2002 0.98804 0.94271 0.89738 0.86930 0.85989 0.88497 0.88398

2003 0.99576 0.99128 0.98680 0.90538 0.90347 0.90857 0.92256

2004 0.98081 0.96984 0.95886 0.90162 0.88294 0.93276 0.91527

2005 0.92674 0.93949 0.95224 0.83201 0.78619 0.90839 0.85351

2006 0.94745 0.96259 0.97773 0.82838 0.79576 0.88275 0.85522

2007 0.96282 0.95709 0.95136 0.82926 0.82282 0.83998 0.85482

2008 0.91637 0.92439 0.93240 0.71355 0.70146 0.73371 0.75572

2009 0.95745 0.94640 0.93535 0.71520 0.73387 0.68408 0.76144

2010 0.94673 0.92526 0.90379 0.71205 0.70280 0.72747 0.75469

2011 1 0.98341 0.96683 0.75298 0.76799 0.72795 0.79906

average 0.96222 0.95425 0.94627 0.80597 0.79572 0.82306 0.83563


the dominance of the larger banks in terms of dea effi-ciency scores is best represented when comparing the av-erage efficiency scores (Chart 3 and table 4) versus the weighted average efficiency scores (Chart 4 and table 5) for all banks. We can see that when taking into account total assets as a proxy for bank size we find that the overall ef-ficiency score is markedly higher, for example 2002 88.3% to 94%, 2004 91.5% to 96.2%, 2006 85.5% to 94.4%, 2008 75.5% to 89.2%, 2010 75.5% to 90.5%, this further stresses the dominating efficiency of the very large banks.

cHart 4. weighted average yearly dea efficiency scores by bank size 2002-2011

1,00

0,90

0,80

0,70

0,60

0,502002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Weighted Top 5 BanksWeighted Banks 6-10

Alls Banks Weighted Average

Weighted Top 10 BanksWeighted Banks 10-50

Weighted Banks 26-50 Weighted Banks 11-25

0,55

0,65

0,75

0,85

0,95



INBAM 2013table 5. weighted average yearly dea efficiency scores by bank size 2002-2011

yearweighted

top 5 banks

weighted top 10 banks

weighted banks 6-10

weighted banks 10-50



all banks weighted average

2002 0.9918 0.9645 0.8760 0.8614 0.8422 0.8680 0.9399

2003 0.9956 0.9947 0.9912 0.9153 0.8850 0.9269 0.9784

2004 0.9752 0.9729 0.9655 0.9189 0.8757 0.9341 0.9622

2005 0.9306 0.9358 0.9535 0.8889 0.7787 0.9256 0.9270

2006 0.9492 0.9573 0.9803 0.8873 0.8007 0.9163 0.9446

2007 0.9637 0.9564 0.9355 0.8819 0.8354 0.8981 0.9430

2008 0.9196 0.9181 0.9142 0.7351 0.7060 0.7491 0.8921

2009 0.9572 0.9612 0.9719 0.6952 0.7150 0.6819 0.9326

2010 0.9410 0.9414 0.9428 0.7080 0.6965 0.7142 0.9051

2011 1 0.9906 0.9527 0.7375 0.7514 0.7279 0.9621

average 0.9624 0.9593 0.9484 0.8230 0.7887 0.8342 0.9387


if we look at the after effects on efficiency of the recent financial crisis, we see that overall, in 2008, the efficiency scores across the board suffered. The Top 5 banks’ effi-ciency scores dropped on average 4.5% in 2008. the drop was further pronounced when looking at the smaller banks: 15% for Banks 11-25 and 13% for Banks 26-50 and their subsequent difficulties in returning to pre-2008 relative efficiency. since the main drop in 2008 overall ef-ficiency has stagnated for the smaller banks in 2009 and 2010, though through Q1 2011, the efficiency scores have improved slightly. this leads us to believe that the smaller banks were unable to deal with the after effects of the crisis and that their managerial limitations due to their small size has made it more difficult for them to keep up with their larger counterparts in terms of efficiency. While, on the other hand, the larger banks were in a better position to weather the financial crisis as we see that by 2009, the rela-tive efficiency of the top 5 banks was back to its pre-crisis levels. so in terms of relative efficiency, bigger is better.

the counter intuitive thinking that large banks are actually more efficient than their smaller more “nimble” counter-parts holds true in Brazil. Focusing on the combination of continuous concentration in the market as well as the larger banks consistently achieving higher efficiency scores, the growing gap between the large and small banks, and the feeling that bigger is better in terms of efficiency, we feel that the Brazilian banking sector is certainly not taking the “Quiet life” approach. the top 10 Banks are consis-tently efficient and growing their businesses thus doing the exact opposite of what the “Quiet life” theory would suggest they would.

the effects of the Financial crisis on banking efficiency

as mentioned above, the current crisis facing the world fi-nancial system has had an effect on the levels of efficiency in the Brazilian banking sector. tables 6 and 7 show the average dea efficiency scores for our subgroups by own-ership type and Bank size. the drop in efficiency began at the beginning of 2008. the overall average bank effi-ciency score fell from 0.88 to 0.76.

the Financial crisis and banking efficiency by ownership type

We can see that the financial crisis has had an effect on all banking ownership types. in table 6, we can see that the all bank average dea efficiency scores from the Pre-Financial Crisis to Post-Financial Crisis period dropped ap-proximately 12%. this shows that overall sector efficiency did suffer.

also of interest is that all ownership types saw a large downturn in their average efficiency scores. Public Banks were the most efficient in both periods with a Pre-Financial Crisis average efficiency score of 0.937 while in the Post-Financial Crisis period, the average had dropped to 0.842. the 9.5% drop in average relative efficiency for Public Banks was similar to the 9.3% drop in efficiency by their domestic Private Bank competitors.

table 6. pre-Financial crisis (2002-2007) and post-Financial crisis (2008-2011) efficiency scores based on ownership type

year public banks

Foreign banks


all bank average

2002-2007 0.937456 0.855913 0.885587 0.880898

2008-2011 0.842214 0.69584 0.788227 0.760502

average 0.903993 0.799671 0.851379 0.838597


the most effected ownership group was the Foreign Banks group. their overall relative efficiency fell 16% from Pre-Crisis levels. as touched on previously, the greater fall in Foreign Bank efficiency may also have something to do with conditions outside the Brazilian market such as eco-nomic factors in the Foreign Banks’ home markets that may have needed their attention and, thus, efficiency in their Brazilian branches suffered perhaps a more risk ad-verse portfolio position. this may be inferred by the de-crease in participation of Foreign Banks in the sector during the Crisis period, a drop in market share of 9% in

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total assets, 8% in total deposits and 8% in total loans from the second quarter of 2008 to the first quarter of 2011. However, this is just a conjecture as the additional research into foreign banks’ home markets influence on their foreign branches efficiency is beyond the scope of this thesis.

the Financial crisis and banking efficiency by bank size

While bank ownership did show distinct and severe drops in efficiency scores across the board, the effects of the fi-nancial crisis on bank efficiency was not as universal when bank size was factored into the equation.

looking at the results in terms of bank size, we can see that the top 10 Banks maintained an extremely high overall average efficiency score in both periods .961 and .935 re-spectively. and if we look at the biggest banks, the top 5 Banks, we see that they suffered the smallest drop off in efficiency scores of all the groups. While the industry saw an 8% drop in efficiency the Top 5 Banks’ average effi-ciency scores fell a mere 2.2%, while Banks 6-10’s average efficiency scores fell only 2.7% when comparing Pre-Finan-cial and Post-Financial Crisis levels.

table 7. pre-Financial crisis (2002-2007) and post-Financial crisis (2008-2011) efficiency scores based on bank size

yeartop 5 banks

top 10 banks

banks 6-10

banks 11-50

banks 26-50

banks 11-25

all bank average

2002-2007 0.966941 0.960504 0.954066 0.860997 0.841851 0.892907 0.880898

2008-2011 0.944792 0.935975 0.927159 0.716634 0.716967 0.71608 0.760502

average 0.959159 0.951886 0.944612 0.810275 0.797973 0.830778 0.838597


the smallest banks, Banks 26-50 had a much more diffi-cult time adjusting to the new efficiency pressures put upon them by the financial crisis as their average efficiency score fell 12.5%. the largest efficiency losers with the advent of the financial crisis were the middle sized banks, those ranked between 11-25 in terms of total assets. they lost approxi-mately 17.7% of their relative efficiency. also, the smallest banks (banks ranking 26-50) lost slightly less efficiency than the Banks 11-25 group. this may be due to their small niche markets that they were better able to adapt to the changes that were brought about during the crisis.

though both groups did fall to approximately 76% effi-ciency when compared to the best banks in the market. the precipitous fall in relative efficiency may be a combi-nation of their lack of resources due to their small sizes to adjust to the new competitive environment that the crisis left them and that the larger banks did a better job at

maintaining their efficiencies through the crisis. this would then lead to a lower relative efficiency mark for the smaller banks as they were unable to match the cost and efficiency savings that the larger banks were able to do.

the juxtaposition of all bank ownership types losing on average a minimum of 10% efficiency due to the financial crisis while the top 5 and top 10 banks efficiency scores moved even further, strengthens my belief that not only is bigger better in terms of efficiency in the sector, but that the large Brazilian banks are not sitting back and let-ting the financial crisis hurt their efficiency levels. they are, therefore, not falling into the “Quiet life” approach. these results lead us to surmise that larger banks are better suited to adjust to the changes in pressures put upon them from the financial crisis.

conclusions

the empirical results showed that the Brazilian banking sector is highly relatively efficient with an overall effi-ciency score average of 0.835 for the 2002-2011 period. although, over the 2002-2011 period relative efficiency as a whole fell from 0.884 average efficiency score in 2002 to 0.755 in 2010. on the other hand it would seem that efficiency is on the upswing as overall average quarterly data was improving through Q4 2010 and Q1 2011. Pre-vious studies have stated that efficiency in the Brazilian banking sector has stagnated over time (staub et al., 2010) while others have stated that there was an improvement in efficiency (Pires Goncalves, 2007). additionally, we found that efficiency scores varied by ownership type. overall Public Brazilian banks were the most efficient banks over the life span of the study with an average score of 0.899.

Foreign banks, on the other hand, come in behind domestic Private Brazilian banks in terms of efficiency. looking at the quarterly efficiency scores, we can see that foreign banks were hit the hardest by the financial crisis and their need to deal with home market issues may have trumped any of their efficiency hopes in non-home markets, as well as cause them to exit the market. therefore, we can say that ownership does have a relationship with the level of efficiency and managerial decisions regarding efficiency.

the current financial crisis has had a negative impact on the relative efficiency of Brazilian banks. the Pre-Crisis av-erage dea efficiency score was 0.881 while the Post-Crisis average was 0.761. again, looking at ownership type the results show that Foreign Bank efficiency was hurt the most, falling from 0.856 to 0.699 in the Post-Finan-cial Crisis period. the domestic Private Banks fared little better, falling from 0.886 to 0.788 efficiency. even the


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most efficient Public Banks took a hit, falling from 0.937 to 0.842. Consequently, we do find that the crisis defi-nitely affected efficiency in the Brazilian banking sector in a negative way.

When looking at Bank size and the effects of the Finan-cial Crisis the larger banks hold their relative efficiency re-markably well through the rough financial times regardless of Ownership Type. The Top 10 Banks’ average DEA effi-ciency score only fell 0.025 from their Pre-Financial Crisis efficiency levels, from 0.961 to 0.936. the smallest banks, Banks 26-50 saw their relative efficiency fall from 0.842 to 0.717, while the middle banks, Banks 11-25 saw the largest drop, falling from 0.892 efficiency to 0.716.

on the whole, in Brazil the term “bigger is better” does hold weight in terms of efficiency. the top 5 Banks were the most efficient banks over the life span of the study. this effect even held through the financial crisis as the top 10 Banks were only slightly negatively affected by the crisis losing only about 2.7% of their relative efficiency during the crisis, we could say that bigger is indeed better.

Finally, with the Brazilian banking sector continually con-centrating there is a threat that the banks could take over the markets and become inefficient and pass on their in-efficiencies to their final customers in the form of higher prices. However, given that the largest banks (top 3, top 5 and top 10) have been gaining market share from their smaller competitors while maintaining the highest effi-ciency scores and efficiency correlating positively with size and revenues, we feel it is safe to say that large Brazilian banks are not taking the “Quiet life” approach in their managerial endeavors.

taking into account the usual market fluctuations and recent global financial crisis, we find that ‘Bigger is Better’ in terms of efficiency and the Brazilian Banking sector has not taken the “Quiet life” approach. this fol-lows Demsetz’ Efficiency Hypothesis that more efficient businesses will win business from their less efficient com-petitors. and with the combination of increased gaps in efficiency between larger and small banks and the con-tinued concentration in the top 10 banks in the market, we can safely conclude that the more efficient banks are winning in the market place.

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correspondencia: department of Business administration Juan José Renau Piqueras. University of Valencia. Avda. Tarongers, s/n,46022, valencia (spain).

citación: Ugalde-Blinda, n., Balbastre-Benavent, F., Canet-Giner, t. & escribá-Carda, n. (2014). the Role of intellectual Capital and entrepre-neurial Characteristics as innovation drivers. Innovar, 24(53), 41-60.

clasiFicación jel: l26, m12, m00.


the role of intellectual capital and entrepreneurial characteristics

as innovation driversNadia Ugalde-Bindaassociate Professor. University of Costa Rica (UCR). e-mail: [email protected]

Francisco Balbastre-Benaventassociate Professor. University of valencia. e-mail: [email protected]

M. Teresa Canet-Ginerassociate Professor. University of valencia. e-mail: [email protected]

Naiara Escribá-Carda1

Research Fellow. University of valencia. e-mail: [email protected]

abstract: innovation and entrepreneurship are essential organizational strategies to find a way out of the world crisis affecting today’s firms. Thus, the study of how organizational factors, like in-tellectual capital or entrepreneur characteristics, affects the success of an innovative entrepreneur-ial project is of utmost importance in helping current organizations find a solution to this problem. intellectual capital involves investment in human, structural and relational capital. Consequently, our research goal centres on analyzing the influence of intellectual capital as well as the personal characteristics of entrepreneurs on the innovation results. this phenomenon remains unexplored in the case of micro and small firms. our paper focuses on a particular context where small firms represent a key role in the industry: the case of Costa Rica. We used both quantitative and qualita-tive methodologies in order to develop the analysis. our first results show a positive and significant relationship between structural and relational capital and innovation results; also, we can observe a positive relationship between a general measure of intellectual capital and innovation results. the case study illustrates how human capital and, specifically, the characteristics of the entrepreneur have an important influence on firm results. our work contributes to show the relevance of intel-lectual capital on innovation success, and results encourage practitioners to invest in structural and relational capital and also improve the degree of planning of activities to obtain better results in the long term.

Keywords: intellectual Capital, entrepreneurship, innovation, Human Capital, structural Capital, Relational Capital.

introduction

innovation and entrepreneurship are essential organizational strategies to help find a way out of the world financial crisis affecting today’s firms. Thus, the study of the organizational factors underlying these strategies is of ut-most importance to help current organizations find a solution to this problem.

in turn, the topic of intellectual capital and its components is becoming particularly relevant in the latest management literature. according to spe-cialist literature (tayles, Pike & sofian, 2007; Wann-yih, man-ling & Chih-Wei, 2008), intellectual capital is the basis for the generation of sustainable

1 Beneficiary of the program “Grants for research development oriented to Phd students, subprogram talent attraction” from vlC-CamPUs, University of valencia.

el papel del capital intelectUal y de las características del emprendedor como motores de la innoVación

resumen: la innovación y la iniciativa empresarial son estrategias orga-nizacionales esenciales para encontrar una salida a la crisis mundial que afecta a las empresas de hoy en día. Por lo tanto, el estudio de cómo los factores organizacionales como el capital intelectual o las características de los empresarios afectan el éxito de un proyecto empresarial innovador, es de gran importancia para ayudar a las organizaciones actuales a encontrar una solución a este problema. el capital intelectual implica una inversión en capital humano, estructural y relacional. Por consiguiente, nuestro objetivo investigativo se centra en analizar la influencia del capital intelectual así como las características personales de los empresarios sobre los resultados de la innovación. este fenómeno todavía no se ha explorado en el caso de microempresas y empresas pequeñas. nuestro artículo se enfoca en un con-texto particular en el que las empresas pequeñas tienen un papel clave en la industria: el caso de Costa Rica. Usamos metodología cualitativa y cuan-titativa para desarrollar el análisis. nuestros primeros resultados muestran una relación positiva y significativa entre el capital estructural y relacional y los resultados de la innovación; así mismo, se puede observar una relación positiva entre una medida general del capital intelectual y los resultados de la innovación. el estudio de caso ilustra cómo el capital humano, y especí-ficamente las características del empresario, tienen un impacto importante sobre los resultados de la empresa. nuestro trabajo contribuye a mostrar la relevancia del capital intelectual en el éxito de las innovaciones, y los resul-tados incentivan a los profesionales a invertir en capital estructural y rela-cional, y también a mejorar el grado de planeación de las actividades para obtener mejores resultados a largo plazo.

palabras clave: Capital intelectual, iniciativa empresarial, innovación, capital humano, capital estructural, capital relacional.

le rôle dU capital intellectUel et des caractÉristiQUes des entrepreneUrs comme moteUr de l’innoVation

résumé : L’innovation et l’initiative entrepreneuriale sont des stratégies organisationnelles essentielles pour trouver une issue à la crise mondiale qui affecte les entreprises d’aujourd’hui. Par conséquent, l’étude de la manière dont les facteurs organisationnels comme le capital intellectuel ou les caractéristiques des entrepreneurs affectent le succès d’un projet entrepreneurial innovant est d’une grande importance pour aider les or-ganisations actuelles à trouver une solution à ce problème. le capital intellectuel implique un investissement en capital humain, structurel et relationnel. Par conséquent, notre objectif de recherche est centré sur l’analyse de l’influence du capital intellectuel ainsi que sur les caractéris-tiques personnelles des entrepreneurs sur les résultats de l’innovation. Ce phénomène n’a pas encore fait l’objet d’études dans les micro et petites en-treprises. notre article est centré sur un contexte particulier dans lequel les petites entreprises jouent un rôle clé dans l’industrie : le cas du Costa Rica. nous utilisons une méthodologie qualitative et quantitative pour notre analyse. nos premiers résultats montrent une relation positive et significa-tive entre le capital structurel et relationnel et les résultats de l’innovation ; de même, on observe une relation positive entre une mesure générale du capital intellectuel et les résultats de l’innovation. L’étude de cas il-lustre comment le capital humain, et en particulier les caractéristiques de l’entrepreneur, joue un rôle dans les résultats de l’entreprise. Notre travail contribue à montrer l’importance du capital intellectuel dans le succès des innovations, et les résultats incitent les professionnels à investir en capital structurel et relationnel, ainsi qu’à améliorer le niveau de planification des activités pour obtenir de meilleurs résultats à long terme.

mots-clés : Capital intellectuel ; initiative entrepreneuriale ; innovation ; capital humain ; capital structurel ; capital relationnel.

o papel do capital intelectUal e características empreendedoras como motores da inoVação

resumo: a inovação e a iniciativa empresarial são estratégias organizacio-nais essenciais para encontrar uma saída à crise mundial que atinge as empresas de hoje. Portanto, o estudo de como os fatores organizacionais, como o capital intelectual ou as características dos empresários, afetam o sucesso de um projeto empresarial inovador é de grande importância para ajudar as organizações atuais a encontrarem uma solução a este prob-lema. o capital intelectual implica um investimento em capital humano, estrutural e relacional. Em consequência, o nosso objetivo de pesquisa se centra em analisar a influência do capital intelectual bem como as carac-terísticas pessoais dos empresários sobre os resultados da inovação. este fenômeno ainda não foi explorado no caso de microempresas e pequenas empresas. o nosso artigo se centra em um contexto particular no qual as pequenas empresas têm um papel chave na indústria: é o caso da Costa Rica. Usamos metodologia qualitativa e quantitativa para desenvolver a análise. os nossos primeiros resultados mostram uma relação positiva e significativa entre o capital estrutural e relacional e os resultados da inovação; igualmente, pode-se observar uma relação positiva entre uma medida geral do capital intelectual e os resultados da inovação. o estudo de caso ilustra como o capital humano, e especificamente as caracter-ísticas do empresário, tem um impacto importante sobre os resultados da empresa. o nosso trabalho contribui para mostrar a relevância do capital intelectual no sucesso das inovações, e os resultados incentivam os pro-fissionais a investirem em capital estrutural e relacional, e também para melhorar o grau de planejamento das atividades para obter melhores re-sultados a longo prazo.

palavras-chave: capital intelectual, iniciativa empresarial, inovação, cap-ital humano, capital estrutural, capital relacional.

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competitive advantages, and this relationship has been broadly studied in the case of medium and large-sized or-ganizations. therefore, an analysis of the components of intellectual capital as organizational enablers of innova-tion promises to be an interesting research field to explore in greater depth, as some works have already revealed (aramburu & sáenz, 2011; santos-Rodrigues, Figueroa & Fernandez, 2010; subramaniam & youndt, 2005; youndt, subramaniam & shnell, 2004).

entrepreneurship has also acquired a relevant role in re-cent years. traditionally, research on entrepreneurship has focused on the creation of new businesses and the anal-ysis of the factors underlying this phenomenon. However, the field of entrepreneurship has broadened its boundaries and has added other interesting topics such as the analysis of how the opportunities for the creation of future prod-ucts and services are discovered, assessed and exploited (Welbourne & Pardo-del-val, 2009). Within this context, the role played by entrepreneurs and the study of their per-sonal characteristics (attitudes, knowledge, competences, etc.) may become important factors to explain the above.

Bearing in mind these considerations, our research goal centres on analyzing the influence of intellectual capital as well as the personal characteristics of entrepreneurs on organizational innovation results. this phenomenon has already been analyzed in the case of medium and large-sized organizations, as mentioned before. nevertheless, this ground remains unexplored in the case of micro and small firms and its study becomes primary in the case of newly developing countries such as Costa Rica. our anal-ysis confirms the existence of a positive and significant re-lationship between structural and relational capital and innovation results. the case study developed in order to undertake an in-depth analysis of human capital confirms that sharing values, empowerment and collaboration are related to a firm’s innovation results. Similarly, fluid flows of communication between the entrepreneurs and their workers have an important influence on innovation.

With this purpose, our work has been divided into three different sections. Firstly, we have developed a literature review of the main topics under research: entrepreneurship and the flexibility of small firms to adapt present context and to innovate; intellectual capital, based on three con-structs: human, relational and structural capital; and the influence of intellectual capital and entrepreneur charac-teristics on the success and good results of the innova-tion projects developed by micro and small firms. When we refer to the success of the innovation project we mean that the new processes and products developed will permit the firm to compete in the markets and to obtain good

results. as a consequence, we formulated four hypotheses. secondly, we present the methodology used for the anal-ysis (quantitative and qualitative) and the main results ob-tained. third, we expose the main conclusions of the work, limitations and future research lines.

entrepreneurship and the role of msmes in the present crisis

entrepreneurship facilitates innovation, creates wealth, assumes risk and is conducted by an individual capable of combining resources without fear of failure (Crane & Crane, 2007). all entrepreneurs start their businesses with the intention of succeeding, but great market uncertainty means that few projects manage to continue past their first year of life.

the current economic crisis is generating company layoffs, which, in turn, leads individuals to start up their own busi-nesses. moreover, this very crisis makes individuals, and especially young people, see entrepreneurship as an inter-esting tool for the development of their projects and for generating their own employment. therefore, we can say that an economic crisis drives both opportunity and neces-sity entrepreneurship, to use the terminology of Block and Wagner (2010).

in this sense, larroulet and Couyoumdjian (2009) argue that the nature of an entrepreneurial project (by neces-sity or opportunity) explains, in part, why some nations, although intensive in entrepreneurship projects, fail to achieve the economic development of others, which are less active. this is because opportunity entrepreneurs often exploit real market advantages and generate profits, as described by the theory of schumpeter (1942) (creative destruction). However, necessity entrepreneurs move to these activities as a result of the lack of other opportuni-ties (a frequent process in times of crisis) and their proj-ects do not necessarily takes advantage of a profitable and viable market opportunity. similarly, literature agrees on the fact that crisis is much more related to necessity entrepreneurship (Quian, Haynes & Riggle, 2010; oka-muro, van stel & verheul, 2010; Reynolds, Camp, Bygrave, autio & Hay, 2001). Gem research has also shown that the economic contribution of opportunity entrepreneurs is generally higher than the economic impact generated by necessity entrepreneurs (Roland, Kelley, Kew, Herrington & vorderwülbecke, 2013, p. 28).

in latin american countries, only 63% of entrepreneurs are motivated by opportunity compared to 80% in more developed countries (larroulet & Couyoumdjian, 2009), which may explain the difference in the productivity of

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entrepreneurial activities. less optimistic are the data of-fered by Roland et al. (2013, p. 28) in the Gem global re-port. the authors point out that “in 2012 entrepreneurs in the eU were an average of 2.7 times more likely to be an improvement-driven opportunity entrepreneur than a necessity-driven one”. the same report affirms that the ratio was around 2 to 1 in latin america, with the excep-tion of ecuador.

these ventures are conducted through micro, small and medium-sized enterprises. the importance of micro, small and medium-sized enterprises (msmes from now on) in the world economy is unquestionable, and their flexibility and simplicity makes it easier for them to introduce in-cremental innovations in products or services (suarez & martin, 2008). these companies employ a large part of the population, supplying markets other large companies do not reach and offering more personalized products. How-ever, these firms are highly vulnerable to the environment, since their low capitalization makes them disappear when faced with sudden changes in demand or the appearance of new competitors. msmes have serious difficulties in

surviving their first year of operation as a result of factors such as their inexperience in the business area, strong com-petition and the fragility of their financial structures (Pena, 2002). Companies are usually highly dependent on a few customers, have few human resources and a low amount of capital and, as a consequence, their resources must be used in an efficient manner in order for them to survive.

in some countries, about 95% of companies are smes. However, mortality rates are high with up to 50% of firms not reaching their third year of life (Barba & mar-tinez, 2009). in 2008, for example, nearly 600,000 small U.s. companies closed down (Holmes, 2010). on the posi-tive side, the organic structure of smes allows them to adapt easily to turbulent and heterogeneous environ-ments compared with large corporations which are less flexible and react more slowly to changing market con-ditions (landström, 2008). a small company, managed correctly, can increase a firm’s opportunities, for example in terms of personalized customer service, or due to the fluid communication flows that make it easier to consider employee initiatives.


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initially, it was believed that the process of transforming knowledge into innovation was more common in large firms, yet more recent studies show that smes are also able to carry out this process, and are sometimes more efficient in doing so (sanchez, 2007). this process of generating and transforming knowledge implies the possession of in-tellectual capital.

intellectual capital

intellectual capital has been defined as an intangible re-source and generates strategic value for the organization (díez, ochoa, Prieto & santidrian, 2010; martín de Castro & García, 2003; ordoñez, 2004; skandia, 1995; steward, 1997). its key elements are human capital, structural cap-ital and relational capital although authors have used dif-ferent names to define a similar classification.

edvinsson and malone wrote a book about the indica-tors that resulted from research conducted in skandia, a swedish insurance and financial services company. they included two types of intellectual capital in its annual re-port: human and structural. in this book, they referred to other companies that adopted this system such as Hughes aircraft, the imperial Bank of Commerce in Canada and dow Chemical, among others (edvinsson & malone, 1999).

Pena (2002) proposes a relationship between intellectual capital and the survival of start-ups. the author finds a direct relationship between human capital (experience in business, education and motivation) and positive company results. in terms of organizational capital elements (the ability to adapt to change and the implementation of cor-rect strategies), the author indicates that this concept is associated with the growth and survival of the business. Fi-nally, the author states that the development of productive business networks and access to critical economic agents facilitate the success of an entrepreneurial project.

Zerenler, Hasiloglu and sezgin (2008) conclude that the distinctive competences of a company may be the result of intellectual capital, as this generates better innovative skills. in their study of more than 90 companies in the au-tomotive industry in turkey, the authors found that innova-tion has a positive relationship with human, structural and relational capital (customer capital), with the latter being the most relevant component.

according to shang, lin and Wu (2009), it is widely ac-cepted that the accumulated knowledge of customers, suppliers, relationships, processes, etc. is directly linked to the success of an organization. this knowledge forms part of a company’s intellectual capital that must be exploited

and explored by the organization to improve their decision-making processes, and to constantly improve and innovate.

the study by nie (2009) shows that most of the 20 com-panies analyzed went through three traditional stages of growth: from manufacturers and retailers to technology developers. during the first stage, companies obtained knowledge about markets, products, sales, and elements of good governance whilst building distribution channels and accumulating capital. the firms then entered the production phase, gained experience in it, and achieved economies of scale that reduced their vulnerability. Finally, the firms acquired the financial capacity to invest in re-search and development and establish their own products and brands. thus, some companies create value through intangible assets, knowledge or intellectual capital. the research of Joia and malheiros (2010), after studying the Brazilian manufacturing industry from 1996 to 2005, links strategic alliances to the development of the associated firms’ intellectual capital. They found evidence that co-operation agreements for innovation provide the greatest increase in intellectual capital, especially when they are carried out in parallel with other strategic alliances.

miller (1999) developed a model of intellectual capital in-troducing integrity and intelligence as core competences, as shown below (see Figure 1):

FigUre 1. miller’s model of intellectual capital (1999)

competences of intellectual capital

source of industry advantage

intellectual capital Key competence

intelligence and knowl-edge, with a unique vision

Human capital: individual talent, experience and ability to generate new knowledge; sharing knowledge: creating, transferring and institutional-izing it.

expand intelligence

innovative products with very high value, efficiency

innovation capital: intellectual property, patents, licences, etc.commercial innovations: prod-ucts, services and technologystructural capital: knowledge processes contained in proce-dures and policiesdocuments: databases.

stimulate innovation

Relationships with high levels of integrity, col-laboration and loyalty

relational capital: networks, to obtain information and influ-ences customers, to be the most innovative firm in the industry

implement integrity

source: adapted from miller (1999).

each of the classifications of intellectual capital requires dif-ferent forms of investment (subramaniam & youndt, 2005):

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• Human capital (individual) requires investment in hi-ring, training, and retention of employees.

• structural capital (structures, processes and systems) requires the establishment of work routines and proce-dures to retain knowledge, and

• Relational capital (networks and relationships) requires the development of standards to facilitate interaction, relationships and collaboration.

this research uses this classification together with other elements mentioned in the work by sánchez (2012) whose classification of intellectual capital includes business cap-ital (relations arising from transactions with customers, suppliers and distribution channels) and social capital (rela-tionships with other social actors) within relational capital. organizational capital (culture, values, corporate learning, etc.) and technological capital (technological develop-ments, access to sources of information, research products, databases, patents, software developed or adapted, and infrastructure) are incorporated into structural capital, as shown in Figure 2.

FigUre 2. intellectual capital model

Human capital

Relational capital

Structural capitalOrganizational capital

Intellectual capitalBusiness capital

Social capital

Technological capital

source: sánchez (2012).

the influence of intellectual capital on the success of entrepreneurial innovation projects

intellectual capital is not a subjective measure of a com-pany’s value. By contrast, it involves investment in human capital, research and development, corporate culture, in-formation systems and production processes. as affirmed by lima and Carmona (2011), it is now the core of the knowledge economy and greatly exceeds the tangible value of a company.

edvinsson and malone (1999) claim that corporate value does not come directly from any of the three elements of intellectual capital but from the interaction between them. they also say that if a company is weak in any one of these factors, it does not have the potential to convert its in-tellectual capital into corporate value. therefore, it is im-portant for today’s businesses to understand the value of their intangible assets and intellectual capital variables.

the different components of intellectual capital (human, structural and relational) are key to the success of a busi-ness project, and can be critical in the case of msme busi-nesses and entrepreneurship projects.

1) Human capital: for both large, small and medium-sized companies, human resources are key to achie-ving objectives. entrepreneurial capacity, education, industry experience, experience in business manage-ment, and professional counselling in the event that they do not have the appropriate experience for attrac-ting and retaining quality staff are vital for msmes. Having multiple partners and devoting sufficient time to the business has also proved important. sternberg and lubart (1999) define entrepreneurship as a form of creativity which can be labelled as business or entre-preneurial creativity because new businesses are often original and useful. sternberg (1999) defines creativity as the “ability to produce work that is both novel (i.e., original, unexpected) and appropriate (i.e. useful, adap-tive concerning task constraints)”. desrochers (2001) argues that creative people from varied backgrounds come together to generate new and novel combina-tions of existing technology and knowledge to create innovation, and as a result new firms. Furthermore, lee, Florida and Gates (2002) show that creativity, diversity and human capital have positive and significant rela-tionships with regional innovation measured as per ca-pita patent production.

2) structural capital: as mentioned in the previous sec-tion, corporate structure and a business model ad-justed to market conditions are key factors in achieving the strategic goals of a firm. it is also very important to have a suitable planning process and procedures for managing knowledge in a flexible environment along-side an appropriate organizational climate. technical procedures, the level of technology, practices, mea-sures, and the promotion of innovation supported by a stable financial structure can foster the motivation of human resources and their alignment with business objectives. to have a clear and structured business plan may turn into a clear predictor of the success of the pro-ject (Fernández, Revuelto & simón, 2012). small firms dedicated to technological innovations should also re-ceive support from governmental institutions in order to achieve an adequate financial structure.

in this regard, and in connection with both modalities of intellectual capital, lima & Carmona (2011) in their re-search with 22 young Brazilian entrepreneurs from the iCt industry point to four creators of intangible value in busi-ness: human capital, knowledge management, structural


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capital and organizational environment, which are de-picted below (Figure 3).

FigUre 3. lima & carmona conceptual model

Human capital

Structural capital

KnowledgeManagement

Organisational climate

Human resources trainingHuman resources productivity

Level of innovation

Talent retentionLearning capability

Quality work environment

Level of internal comunicationManagement continuity

Performance levelPatents and trademarks

source: lima and Carmona (2011, p. 131).

3) Relational capital: the sale and marketing of products and services is vital in small businesses, as they are at a clear disadvantage precisely because of their size and reduced ability to influence, whilst large firms are cons-tantly launching advertising campaigns, taking ad-vantage of their low costs based on their economies of scale. it is therefore essential that the entrepreneur is linked to support networks, research and collabora-tion. this communication with external institutions pro-vides knowledge about the industry and the market, products with appropriate life cycles, and competition (benchmarking) that enable an appropriate selection of the target market on which their efforts and resources can be focused.

on the subject of relational capital in smes, yaghoubi and ahmadi (2010) found in a study on 143 thai companies with sme characteristics, customers and markets that the way they do business, seek cooperation and financial re-sources, and the external environment have a positive ef-fect in achieving their goals.

entrepreneurial Human capital

different authors have analyzed entrepreneurial human capital (as a separate concept from a firm’s human capital) because of its important influence on management and company results. they explain entrepreneurial human cap-ital based on variables such as age, academic training and professional experience (Gimmon & levie, 2009; Goetz & shrestha, 2009; Pena, 2002).

in more specific terms, Gimmon and levie (2009) iden-tified twelve factors for entrepreneurial human capital

associated with the success of their firms, such as academic degrees, age, education, business orientation and person-ality, ethnicity, culture, the team supporting the entrepre-neur, gender, experience in business and in the industry, and learning ability, among others. these variables explained over 70% of business performance in the 29 firms analyzed.

Sánchez’s study (2012) determined that 80% of managers in SMEs have university degrees and over eight years’ busi-ness experience. education and previous experience in business are closely linked to the survival and growth of enterprises as well as company characteristics, with a focus on differentiation, quality and size (Pena, 2002). other en-trepreneurial human capital variables linked business suc-cess to the knowledge of legislation and new trends, the existence of extensive international networks, analytical and communicative skills, and the ability to link all kinds of resources for internationalization, among others.

thus, based on the arguments set out above, we can for-mulated the following hypotheses:

Hypothesis 1: An entrepreneurial project’s success is re-lated to the human capital of the company.

Hypothesis 2: An entrepreneurial project’s success is re-lated to the structural capital of the company.

Hypothesis 3: An entrepreneurial project’s success is re-lated to the relational capital of the company.

Hypothesis 4: The success of the introduction of techno-logical innovation is related to the entrepreneur’s human capital variables.

research methodology

our study has required the application of a mixed method-ology, as it was mentioned before in the introductory sec-tion. First, we carried out a quantitative study and, later on, we applied a qualitative case study in order to perform and in-depth analysis of a contradictory result obtained in the quantitative analysis.

Quantitative methodology

With respect to the first methodology we employed, the quantitative study was conducted by the national Com-mittee for Research, science and technology (naCoRst, – ConiCit in spanish) which provides funding (through grants) for innovation projects in Costa Rica. this entity was chosen precisely because it develops explicit policies to support smes with a focus on technological and man-agement innovations. in addition, it provides support for

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small firms so they can participate in fairs and conventions on these topics, its databases are up to date and it offers reliable information which is difficult to find in other insti-tutions in the country (such as bank or ministry databases).

naCoRst (ConiCit, 2010) was created in 1972, through law 5048, as an autonomous institution responsible for channelling and managing financial resources in the field of research in Costa Rica. it has been managing internal resources and loans to strengthen local capabilities in sci-ence and technology management for 35 years.

law 8262 made funds available which are designed to en-able small and medium-sized enterprises to incorporate science, technology and innovation into their production activities. these funds are administered by naCoRst and applications are channelled into the development of:

• technological development projects

• Projects patents

• technology transfer projects

• Projects for the development of human potential

• technology service projects

the funds do not finance machinery, equipment, buildings or market research. the deadlines for the implementation of projects must not exceed 24 months. to have access to the funds, the firm must comply with the requirements of law 8262, which include2:

all smes that want to benefit from this law must comply with at least two of the following requirements:

a) Payment of social security contributions.

b) Compliance with tax obligations.

c) Compliance with labour rules.

the nacorst project selection process

to assess projects, naCoRst civil servants conduct an in-vestigation of the client company that requests the service and of the research institution (or supplier) that is going to carry out the project.

The study of the applicant’s project covers aspects such as:

1) self-assessment of the company (10%): technological capacity of the companies involved.

2) opinion of the assessor (10%)

2 ht tp://w w w.pyme.go.c r/svs/her ramientas/documento.aspx?id=204

3) evaluation of the company as indicated on the form (80%): this explores the firm’s potential in terms of production, implementation and/or marketing of the proposed development project and the relevance of the requirements, an analysis of the impact of the project on the productivity and competitiveness of the firms involved and on the country’s economy, and the administrative capacity of the applicant to carry out the project.

the analysis of the research institution must consider six different areas:

1) Quality (30%): reviews the proposed objectives, the quality of the proposal (in terms of objectives and methodology), the precise definition of the ac-tivities and the rationality of the schedule and se-quence of activities.

2) Capacity (20%): reviews the infrastructure, equipment and materials demanded by the firm, the track record of the research unit, and the composition and expe-rience of the staff involved in the project.

3) opportunity (10%): refers to aspects such as duration, lead times and place of the bid.

4) Conditions offered by the research unit (10%).

5) opinion of the assessor (10%)

6) Price (20%): economic rationality of the offer. Finan-cing is non-refundable and can reach a maximum of 80% of the cost of the activity or project, depending on the assessment results obtained. the rest must be provided by the company.

sample selection

the total population of projects considered for analysis and included in the naCoRst database was 143. Running or unfinished projects were discarded as were those whose aim was to attend trade fairs, seminars and conferences. Finally, we obtained 22 completed projects, and 38 proj-ects which had not been executed for different reasons. We successfully contacted 10 of the 22 entrepreneurs who had completed their projects and 21 of the 38 entrepre-neurs who had failed to complete the process.

measurement of Variables and methods of analysis

as a result of the different works on intellectual capital and entrepreneurship we compiled a 6-point scale ques-tionnaire in order to obtain the relevant information. the questionnaire analyzed the following constructs:


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1) Company’s human capital: as explained above, human capital is the basis of change, new knowledge and innovation. We measured human capital using two scales: the first one, which had seven items, measured staff turnover, creativity, training and development, staff qualifications, development of new ideas, colla-boration and knowledge flows. the second scale (eight items) measured human capital abilities (experience, knowledge, intelligence, commitment, talent, etc.). these items are based on the works of edvinsson and malone (1999) and ordóñez de Pablos (2004).

2) Company’s relational capital: the concept was eva-luated using a scale made up of eleven items, analyzing the existence of norms that facilitate collaboration, customer suggestions, customer loyalty to the firm, strategic alliances, bargaining power, etc. the scale was adapted from ordóñez de Pablos (2004) and su-bramaniam and youndt (2005).

3) Company’s structural capital: organizational capital is the platform that supports the structure of knowledge and can coordinate the execution of tasks within a company (delgado, martín de Castro & navas, 2011a; delgado, martín de Castro, navas & Cruz, 2011b). the construct is formed by seven items measuring inno-vation protection, adaptability and flexibility of pro-duction processes, access to information, processes supporting innovation, routines for knowledge reten-tion, etc. Questions were based on the works of ed-vinsson and malone (1999) and Bontis, Crossan and Hulland (2002).

4) Entrepreneurial human capital: given the nature of msmes, the preponderance of the owner in decision-making, corporate culture and focus on innovation is remarkable and this fact allows us to study the entrepreneur’s human capital separately. This was eva-luated using three items: age, education and profes-sional experience based on Goetz and shrestha (2009), Gimmon and levie (2009) and Pena (2002).

5) Innovation results and success: this construct was as-sessed using a scale made up of three items that mea-sured the degree to which the firm had developed innovations in products and processes, and the degree to which innovation results were successful.

the different constructs analyzed are based on the ones used by literature on intellectual capital (edvinsson & malone, 1999; ordóñez de Pablos, 2004; subramaniam & youndt, 2005) and have been reviewed in the theoretical framework of the paper. in order to respond to the formulated hypoth-eses, we used descriptive and correlation analyses.

Qualitative methodology

Concerning the qualitative methodology we have applied to our research, we have selected the case study as the research strategy to be followed. this strategy is recom-mendable when the researcher has to analyze how or why a phenomenon takes place, in its real context and from a dynamic perspective (swanborn, 2010; yin, 1994), and be-come extremely useful when the phenomenon is very com-plex, dynamic or intangible and difficult-to-be-observed elements are implied.

the decision about the number of cases to be studied is affected by the research goals or the degree of depth in the analysis of each case (yin, 1994). in any case, the de-cision about the number of cases to be studied implies a trade-off (cases studied vs. depth of analysis of each case) turning this decision into a matter of discretion. as a result of these reflections and bearing in mind that our intention with the qualitative study is to deepen in a particular re-sult obtained in the quantitative analysis, we explored one single only case.

With respect to the selection criteria, these have to be based on the research goals and the concepts and theo-ries supporting the research. also, stake (1995) and swan-born (2010) establish, as basic criteria, the maximization of learning the researcher is able to obtain as a result of the study, and the ease to access the information. thus, in our study, we opted for looking for one organization: a) recog-nized by a national institution (Costa Rican Chamber of in-dustry, naCoRst, etc.), as this fact is an indicator that the firm has been well managed and achieved good results; b) easy to access; c) and with sustained and good results in its innovation activity. as a result of these criteria, turrones de Costa Rica doré has been the company chosen to carry out the qualitative study.

the information was gathered employing several methods. We developed semi-structured interviews and consulted or-ganizational documents (webpage, annual reports, compa-ny’s policies, etc.). Concretely, we developed three interviews: the first two were oriented to obtain information about or-ganizational characteristics (culture, structure, climate, etc.) and the entrepreneur’s personal characteristics, and they were carried out between January and June, 2011. the third one took place in February 2012, and focused on issues rela-tive to their innovation activity. all the interviews were re-corded and transcribed to facilitate their analysis, and were undertaken with the owners/managers of the firm.

in order to analyze the information, we generated an initial code book based on our literature review. during the anal-ysis, we employed matrices, conceptual maps and causal

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networks (miles & Huberman, 1994) in order to represent the information analyzed, and facilitate the search for pat-terns and interpret the results obtained.

some tactics were employed to guarantee the quality of the qualitative study. We have created a protocol to guide the case study, created a code book to increase the reli-ability of the study, triangulated the information gathered, and sent the transcription as well as the final draft of the report of the case to the informants to be reviewed.

results of the study

Quantitative analysis

as explained in the methodology section, we obtained 31 responses from msmes, all of which were located in Costa Rica. all the interviewees were the legal representatives of their companies and they are their current managers.

company characteristics

the sample included 9 micro firms, 17 small and 5 me-dium-sized firms. the 31 companies were geographically distributed as follows (table 1).

table 1. Firms’ distribution by province

province Frequency percentagecumulative percentage

san José 14 45.16 45.16

Cartago 10 32.26 77.42

Heredia 4 12.90 90.32

alajuela 3 9.68 100.00

total 31 100.00

source: Ugalde (2013).

the geographical distribution was consistent with the First national Report on smes (2008), where san José is the province with the largest number of companies (34.6%) and limon has the least (10.1%). as we can observe, over 75% of the companies in the sample were located in san José (capital) or Cartago. Previous studies have already shown the same trend, that is, big cities concentrate the majority of firms (al-mahrouq, 2010).

the sector distribution (table 2) showed differences from the First national Report on smes (2008) in which over half of the msmes were engaged in services (51%). this is mainly because the selected sample consisted of com-panies that want to innovate in the production of goods

or services, and are therefore mainly industrial or agro-in-dustrial firms. in any case, the study by al-mahrouq (2010) shows similar results in developing countries.

table 2. Firms’ distribution by economic sector

economic sector

Frequency percentagecumulative percentage

Production 14 45.16 45.16

services 12 38.71 83.87

agroindustrial 3 9.68 93.55

Commercial 1 3.23 96.77

not indicated 1 3.23 100.00

total 31 100.00


entrepreneur characteristics

Based on an analysis of the sample, we can observe that 80% of the owners were male, and aged between 26 and 40 (45%), and between 41 and 60 (42%). seventy-seven percent of cases had completed college or postgraduate education. this is perhaps explained because the selected population was reported by naCoRst, an organization that gives support to firms in Costa Rica mainly through different agreements with universities.

Only 10% of employers had less than 10 years’ experience and most (55%) had more than 20 years’ professional ex-perience. The results about entrepreneurs’ experience are consistent with the study of orser and dyke (2009) in which 50.7% of respondents had over 20 years’ experience.

in contrast with previous data, if the same factor is ana-lyzed only for the 15 projects that were carried out with naCoRst funds or otherwise, the age of entrepreneurs reached similar ratios: 80% were between 26 and 60 years of age. Consequently, age does not appear to be an impor-tant success factor.

the education variable also yielded similar results with re-spect to the total sample (73% had completed an under-graduate or postgraduate degree). in terms of gender, the results were also similar to those obtained in the general sample: 80% of projects were implemented by men, and only 20% by women. in this case, professional experience does seem to be an important factor because only 7% had between 4 and 10 years’ experience, 33% between 11-20 years’ experience, and 60% had over 20 years of profes-sional experience.


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the success factors most frequently mentioned by re-spondents were the commitment to quality and hard work, followed by the ability to adapt to change, business experience and motivation. they also mentioned perse-verance (table 3).

table 3. success Factors

Values Frequency percentage

Commitment to quality 17 54.8

Hard work 13 41.9

ability to adapt to change 10 32.3

Business experience 7 22.6

motivation 6 19.4

Business planning 3 9.7

market research 3 9.7

other 8 25.8


the lack of importance assigned to market research and planning, which corresponds to the lowest investment in these areas, is surprising.

company’s Human capital

Human capital was assessed using a scale that measured staff turnover, employee creativity, investment in human development, employee qualifications, proactive attitude to developing new ideas, and orientation to cooperation and learning.

table 4. reliability statistics for company Human capital

cronbach’s alpha

cronbach’s alpha based on typified elements

number of elements

0.716 0.727 7


the variable which is least related to this group is the one that refers to a company’s investment in human develop-ment (CH4c). this is probably because smes are able to assign fewer resources to this area. However, even with the inclusion of this indicator, Cronbach’s alpha value was still above 0.71 (see tables 4 and 5).

the human capital capability was measured using a scale which analyzes the professional ability, experience, knowl-edge, judgment, intelligence, commitment, talent and mo-tivation of the human resources that work in the firm (see table 7).

table 5. Variable relationships in the Human capital scale

mean value if the element is

deleted

scale variance

if the element is

deleted

correlation element –

revised total

squared multiple

correlation

cronbach’s alpha if the element is

deleted

CH4a 26.58 20.452 0.520 0.396 0.659

CH4b 27.39 19.578 0.483 0.388 0.669

CH4c 28.03 24.699 0.151 0.086 0.748

CH4d 26.68 23.292 0.417 0.278 0.688

CH4e 27.29 22.146 0.322 0.258 0.712

CH4f 26.77 20.981 0.612 0.541 0.644

CH4g 26.74 20.665 0.567 0.510 0.649


table 6. cronbach’s alpha for the Human capital capabilities scale

cronbach’s alphacronbach’s alpha based on

typified elementsnumber of elements

0.914 0.916 8


table 7. relationships between Variables for the Human capital capabilities scale

mean value if the element is deleted

scale variance if the element

is deleted

correlation element – revised

total

squared multiple

correlation


deleted

CH5a 32.45 29.923 0.834 0.733 0.894

CH5b 32.29 36.346 0.597 0.624 0.912

CH5c 32.39 33.312 0.782 0.730 0.898

CH5d 32.71 34.746 0.777 0.626 0.899

CH5e 32.32 35.026 0.634 0.626 0.910

CH5f 32.26 32.998 0.684 0.741 0.907

CH5g 32.39 33.512 0.826 0.711 0.895

CH5h 32.42 36.318 0.675 0.735 0.907


As shown in table 6, Cronbach’s Alpha in this construct was above 0.91.

company’s relational capital

The company’s relationship with its environment (cus-tomers, competitors and other organizations) was mea-sured through questions such as brand loyalty, brand awareness, improved supply of products or services by

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customers, customer satisfaction and loyalty to the com-pany (see table 9). the entrepreneur was also asked to indicate whether the company developed standards to facilitate interaction and cooperation, had strategic part-ners, efficient distribution channels, strong cooperation agreements and/or joint ventures. Cronbach’s Alpha for this construct was above 0.78 (see table 8).

table 8. reliability statistics for relational capital

cronbach’s alpha


number of elements

0.784 0.803 11


table 9. relationships between Variables for the relational capital scale

mean value if the element is deleted

scale variance if the element is

deleted

correlation element – revised

total

squared multiple

correlation

cronbach’s alpha if the

element is deleted

CR8a 45.13 58.916 0.258 0.274 0.787

CR8b 45.10 54.024 0.458 0.445 0.765

CR8c 44.84 56.873 0.420 0.518 0.769

CR8d 45.00 61.133 0.277 0.334 0.782

CR8e 45.03 58.966 0.472 0.489 0.767

CR8f 45.45 58.123 0.186 0.416 0.806

CR8g 44.35 56.903 0.573 0.636 0.758

CR8h 44.42 57.252 0.588 0.682 0.758

CR8i 45.35 52.103 0.567 0.525 0.751

CR8j 45.77 55.047 0.521 0.562 0.758

CR8k 45.68 45.292 0.725 0.625 0.724


the question that could be removed to increase the alpha is CR8f (cooperation with government, universities, sup-pliers, other producers, etc.), which would have put the in-dicator up to 0.806. However, a reliability index of 0.78 is considered acceptable.

company’s structural capital

this was measured through questions such as the degree of innovation protection, the adaptability of production processes to the changing environment, the support of pro-duction processes, access to information, support for innova-tion and the degree to which work routines and processes for knowledge retention were established (see table 11).

table 10. cronbach’s alpha for the structural capital scale

cronbach’s alpha


number of elements

0.771 0.808 7


table 11. relationships between Variables in the structural capital scale

mean value if the element is

deleted

scale variance if

the element is deleted

correlation element-

revised total

squared multiple

correlation


deleted

Ce13d 28.29 26.146 0.184 0.150 0.840

Ce13e 25.90 26.024 0.560 0.624 0.733

Ce13f 26.35 27.437 0.449 0.400 0.752

Ce13g 26.03 25.366 0.635 0.690 0.721

Ce13h 26.42 24.852 0.527 0.692 0.735

Ce13i 26.29 23.746 0.679 0.503 0.706

Ce13j 26.32 21.892 0.683 0.552 0.697


the only value that would be worth removing to increase Cronbach’s Apha is CE13d (protection of innovation through patents and licences). However, even with the in-clusion of this indicator, Cronbach’s Alpha remained above 0.77 (see table 10). in Costa Rica there are not many reg-istered patents or licences. this is because they prefer to use confidentiality as a form of protection and because the registration process is awkward for businesses.

relationships between relational, structural and Human capital

each construct was measured using a six-point scale (6 = totally agree; 1 = totally disagree) and mean values were used for the analysis. more specifically, human capital was measured as the mean value of the two human capital scales, whilst intellectual capital was calculated as the mean value of the scales considered (human capital, re-lational capital and structural capital). the interviewed entrepreneurs were asked other open questions, and their answers were used to qualitatively clarify different aspects of the results.

the analyzed projects were divided into those which were “approved” or “not approved” by the managing institution (NACORST/ CONICIT). Some of these “not approved” proj-ects continued in the market with their entrepreneur idea


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obtaining funds through alternative ways . the degree of innovation success has been measured by a 3-point scale both for the approved and not approved projects (as men-tioned in the methodology section).

the results obtained from the correlation analysis between the intellectual capital indicators and the approved proj-ects are presented in table 12.

table 12. relationship between intellectual capital indicators and project approval

project approvalstructural

capital Human capital

relational capital

not approved

mean 71.0 74.9 72.3

n 21 21 21

std. deviation 14.55 13.67 13.24

approved mean 79.3 79.0 81.2

n 10 10 10

std. deviation 9.92 8.83 7.53

total mean 73.7 76.2 75.2

n 31 31 31

std. deviation 13.65 12.32 12.33

source: own elaboration.

as noted, the projects with the highest indicators in the different forms of intellectual capital managed to obtain funds to develop their innovation projects. since the grants are only for technological innovations, we can say that

there is a relationship between this type of innovation and the companies’ intellectual capital.

another construct tries to evaluate the success in inno-vation by asking about the number of new products and processes per year, and the result of these innovations. in order to answer the different hypotheses, we developed a correlation analysis between this construct (innovation success) and the constructs of intellectual capital. the re-sults are shown in table 13.

significant correlations can be observed for intellec-tual capital and structural capital with innovation suc-cess. However, no significant correlations were obtained for relational capital and human capital when measured separately. these results differ from those reported by santos-Rodrigues et al. (2010) and Zerenler et al. (2008) which predicted a relationship between human capital and innovation. this also contrasts with the observations of subramaniam and youndt (2005) who negatively related human capital to radical innovations, and positively linked relational capital to radical innovations. other authors such as Huang and li (2009) have also argued that in-creased social interaction affects knowledge management positively, and that this fact adds value to the innovation development process. these results are similar to those found by suárez and martin (2008).

therefore, the results support our general hypothesis that innovation results are related to intellectual capital. they also support (0.449*) H3, which relates structural capital

table 13. correlations between intellectual capital and innovation success indicators

structural capitalHuman capital

relational capital intellectual capital innovation

structural Capital 1 0.579 0.553 0.871 0.449

sig. (bilateral) 0.001 0.001 0.000 0.011

n 31 31 31 31 31

Human Capital 1 0.436 0.808 0.282

sig. (bilateral) 0.014 0.000 0.124

n 31 31 31 31

Relational Capital 1 0.797 0.251

sig. (bilateral) 0.000 0.174

n 31 31 31

intellectual Capital 1 0.401

sig. (bilateral) 0.025

n 31 31

innovation 1

sig. (bilateral)

n 31

**p ≤ 0.01; *p ≤ 0.05; †p ≤ 0.1.


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to innovation results. Hypotheses H1 and H2 are not sup-ported by our results.

However, when splitting the sample between approved and non-approved projects (see table 14), intellectual cap-ital also evidenced a positive and significant relationship with intellectual capital and innovation success (0.557). a significant relationship was also observed between re-lational capital and innovation success (0.649*). the cor-relation of structural capital with innovation approached

a significance of 10% but was not really a positive result. Perhaps the relationship was not significant due to the low number of surveys that were handled (although the corre-lation was quite high as it was above 50%).

the mean difference test for the split sample shows that for the approved projects the mean differences are signifi-cant at 10% for intellectual and structural capital and at 5% for relational capital (see tables 15 and 16).

table 14. correlations between intellectual capital indicators and the approval of the innovation project

project approvalstructural

capitalHuman capital

relational capital

intellectual capital

innovation success

not

app

rove

d


sig. (bilateral) 0.013 0.033 0.000 0.077

n 21 21 21 21 21

Human Capital 0.533 1 0.379 0.796 0.248

sig. (bilateral) 0.013 0.090 0.000 0.279

n 21 21 21 21 21

Relational Capital 0.466 0.379 1 0.759 0.113

sig. (bilateral) 0.033 0.090 0.000 0.627

n 21 21 21 21 21

intellectual Capital 0.843 0.796 0.759 1 0.320

sig. (bilateral) 0.000 0.000 0.000 0.157

n 21 21 21 21 21

innovation success 0.395 0.248 0.113 0.320 1

sig. (bilateral) 0.077 0.279 0.627 0.157

n 21 21 21 21 21

app

rove

d


sig. (bilateral) 0.019 0.015 0.000 0.110

n 10 10 10 10 10

Human Capital 0.720 1 0.614 0.878 0.326

sig. (bilateral) 0.019 0.059 0.001 0.358

n 10 10 10 10 10

Relational Capital 0.736 0.614 1 0.863 0.649

sig. (bilateral) 0.015 0.059 0.001 0.042

n 10 10 10 10 10

intellectual Capital 0.930 0.878 0.863 1 0.557

sig. (bilateral) 0.000 0.001 0.001 0.094

n 10 10 10 10 10

innovation success 0.536 0.326 0.649 0.557 1

sig. (bilateral) 0.110 0.358 0.042 0.094

n 10 10 10 10 10

**p ≤ 0.01; *p ≤ 0.05; …p ≤ 0.1.



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as a result, we can say that after splitting the sample based on the result of the project and the mean differ-ences, the correlation analysis shows the relevance of the relational capital variable and supports hypothesis 2 (H2).

An entrepreneur’s human capital is usually measured using variables such as age, education and years of experience, as shown in the previous works of Goetz and shrestha (2009), Gimmon and levie (2009) and Pena (2002) which evidence positive correlations with business success. How-ever, in this study our results do not show any significant correlation with innovation success or project approval (see table 17). this leads us to reject hypothesis H4 as no relationship between the variables of an entrepreneur’s intellectual capital (such as age, education or years of ex-perience) and success in technological innovations was ob-served. Perhaps the successful introduction of innovations has greater relation to psychological characteristics found in entrepreneurs (positive attitude, setting clear goals, commitment to quality and customer satisfaction). other variables that can also measure an entrepreneur’s human capital, such as its relationship with other market players (business associations, competitors, major customers and suppliers) may exert more influence on how to exploit and make an innovation opportunity profitable.

table 15. mean difference test

innovation Human capital structural capital relational capital intellectual capital

approved (21 firms) 76.7 74.9 71.0 72.3 72.7

not approved (10 firms) 83.3 79.0 79.3 81.2 79.8

total 78.9 76.2 73.7 75.2 75.0


table 16. test for mean differences

levene test test t

F sig. , gisig.

(bilateral)mean

differences

tip. error ofthe

difference

confidence interval

lowest Highest

structural capital equal variances 3.693 0.065 -1.628 29 0.114 -8.31066 5.10562 -18.75281 2.13150

non equal variances -1.862 25.065 0.074 -8.31066 4.46299 -17.50114 0.87982

Human capital equal variances 1.399 0.246 -0.858 29 0.398 -4.07937 4.75249 -13.79930 5.64057


Relational capital equal variances 3.375 0.076 -1.972 29 0.058 -8.91775 4.52306 -18.16845 0.33295

non equal variances -2.381 27.848 0.024 -8.91775 3.74518 -16.59129 -1.24421

intellectual capital equal variances 1.147 0.293 -1.817 29 0.080 -7.10259 3.90888 -15.09715 0.89197


innovation success equal variances 0.471 0.498 -0.974 29 0.338 -6.61376 6.78750 -20.49575 7.26824

non equal variances -1 .040 21.075 0.310 -6.61376 6.35692 -19.83083 6.60331


the lack of consistent results between human capital and innovation success could be explained by the small size of the population and the sample. in this case, we should have needed to receive data from most of the surveyed com-panies to obtain statistically significant results. But per-haps, other reasons, different from population and sample size, could also explain this contradictory result. as shown above in the theoretical framework, the specialist litera-ture considered a positive correlation between human cap-ital and innovation results (mavridis & Kyrmizoglou, 2005; santos-Rodrigues et al., 2010). Hence, we have opted for developing a case study in order to shed light on this issue.

case study results

turrones de costa rica doré (tcrd)

tCRd is a factory of nougats and candies created 25 years ago. today, the firm employs 16 individuals and has a good name in the national market. it is managed by two of its founders and is structured in three important areas, namely, manufacturing, sales and administration.

Basically, the main customers of the firm are big super-market chains and some independent dealers. also, tCRd

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sells its products to smaller customers, and is currently set-ting up businesses with international customers in spain and middle america. the differentiation of its products is based on continuous innovation. as a result, the firm has few direct competitors, and some of them are big com-panies such as Café Britt, nestlé, or legado. also, tCRd has been awarded and acknowledged for the quality of its products and the growth of its exports.

entrepreneurs’ characteristics at tcrd

as mentioned above, tCRd is managed by two owners, both with degrees in business administration, both 50 years old, with over 37 years of professional experience, and in permanent training.

these two managers are brothers and have complemen-tary abilities and knowledge to lead the firm. one of them provides the ability to solve conflicts and establish the strategic direction for the firm, communicating it with a clear leadership style. the other focuses more on the op-erational dynamics of tCRd, defining jobs, and motivating and coordinating the employees.

also, these entrepreneurs are members of important na-tional associations in order to increase their knowledge about markets as well as establish formal relationships with other businessmen to improve corporate image.

intellectual capital at tcrd

From an internal perspective, the short separation between managerial and control functions make decision-making become a fast process at tCRd. However, the firm has to face up to some obstacles such as the lack of specialized personnel, a short budget, or the lack of guarantees to ac-cess the credit.

Concerning the human capital, tCRd looks for employees with a high degree of human quality. most of operational employees are not qualified, but they are recruited and se-lected to work coherently with organizational values. they are well-mannered, collaborative people, with a great de-sire to continually excel, and who share the spirit of the firm’s owners. Some of the employees have been working for tCRd for over 25 years, and have always adapted to the changes faced by the firm. as the size of the firm is small, decisions are made rapidly; however, there is an excess of centralization and some problems may arise when deci-sions have to be made and no manager-owner is present. this problem is being solved by increasingly empowering employees, and this process is being deployed gradually as organizational size becomes greater.

With regard to the relational capital, the capability to de-velop cooperation networks with customers, suppliers or support institutions, becomes of utmost importance at tCRd, as these networks help the firm to carry out research

table 17. correlations between entrepreneur’s Human capital and innovation results

correlations

innovation success age education experience intellectual capital

innovation success 1 -0.137 0.160 -0.058 0.401

sig. (bilateral) 0.462 0.391 0.758 0.025

n 31 31 31 31 31

age -0.137 1 -0.165 0.689 0.059

sig. (bilateral) 0.462 0.374 0.000 0.752

n 31 31 31 31 31

education 0.160 -0.165 1 -0.334 -0.181

sig. (bilateral) 0.391 0.374 0.066 0.329

n 31 31 31 31 31

experience -0.058 0.689 -0.334 1 0.047

sig. (bilateral) 0.758 0.000 0.066 0.800

n 31 31 31 31 31

intellectual Capital 0.401 0.059 -0.181 0.047 1

sig. (bilateral) 0.025 0.752 0.329 0.800

n 31 31 31 31 31



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activities and enter foreign markets. as an example, gov-ernmental support provides funds for innovation, appli-cation of technology, employees’ training and education as well as consultancy. other institutions collaborate so that tCRd managers create links with international fairs and learn how to export their products. also, strategic al-liances with higher education institutions become primary for tCRd, basically in the design of new products where the know-how of the firm becomes insufficient. in addi-tion, the firm receives feed-back from customers (national and international), suppliers, contacts generated in fairs, and support institutions, and receives information about fundamental topics such as changes in the industry.

With respect to the structural capital, organizational cul-ture makes it clear what type of behavior is not accepted in the firm. employees have been asked about the values that keep a very healthy organizational climate. values such as laboriousness, fellowship and honesty were agreed upon by all the employees at tCRd and are respected on all the hierarchical levels.

their good corporate image is generating a high level of product acceptance, though the firm is not investing much money in publicity. they prefer to be known by word of mouth. also, tCRd has a short budget for com-mercialization activities, and this fact becomes an impor-tant disadvantage compared to big companies. so, their commercialization strategy is focused on the point of sale, accompanied by some advertisements in press or on billboards.

Concerning their production system, tCRd has docu-mented procedures in this area. the firm was working for two years on achieving the iso 22000 standard certifica-tion. though they were not certified, the process allowed the firm to acquire a great experience in formalization and documentation of working processes. Consequently, today, they have highly standardized working methods. also, the firm has made significant efforts to broaden production facilities and guarantee the acquisition of high quality raw materials, as the latter becomes fundamental to create good designs for their products.

intellectual capital, entrepreneurs’ characteristics and innovation results at tcrd

tCRd employees are creative collaborators who are highly implied with the firm and with a great desire to excel. some innovation challenges are established by man-agers; however, some initiatives proposed by employees are transformed into innovation. the positive attitude of employees towards the firm makes them more committed

with organizational goals; as a result, employees tend to propose improvement ideas which, sometimes, become new products or processes. also, the fluid communica-tion between managers and employees facilitates this process, as their small organizational size allows the em-ployees to transmit ideas easily and quickly. However, the transformation of improvement ideas into innovation is slow as the firm does not have any technical staff. in this respect, as stated above, the collaboration with universi-ties and other research institutions becomes of utmost importance for tCRd.

open communication with customers and suppliers to-gether with the relationship with universities has provided tCRd with new ideas to manufacture innovative and differ-entiated products. the continuous adaptation to changes in market needs and their capability to manufacture high quality products have increased their customers’ trust.

also, organizational flexibility is fundamental in achieving this goal. Given the firm’s small and sensitive structure, it can react easily and quickly. also, when organizational climate is respectful and pleasant, changes tend to be accepted better. Corporate image also contributes to inno-vation. a good corporate image at national level facilitates the launching of new products, and customers will accept this innovation assuming that the new product will have the same level of quality as traditional ones.

links to higher education institutions and other support institutions have become primary for innovation processes at tCRd. in this respect, the school of Food technology of the Costa Rica University has been of invaluable help to formulate new product designs. also, institutions such as PRoComeR and CadeXCo have contributed to sup-port tCRd in the insertion of international markets. and the NACORST/CONICIT has funded the attendance to na-tional and international fairs in order to observe market trends as well as the development of innovation projects.

Concerning entrepreneur characteristics and their relation-ship to innovation, the case has revealed that the motiva-tion of entrepreneurs and their orientation to innovation minimizes the obstacles for innovation to take place and expedites decision-making. their business experience, to-gether with their knowledge about markets, creates the necessary synergy for customer-oriented innovation proj-ects arise. Understanding customer needs and expecta-tions together with short- and long-term planning of the structural changes needed to design and manufacture products that meet those needs and expectations are personal abilities of entrepreneurs that contribute signifi-cantly to innovation.

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To sum up, entrepreneurs’ knowledge about markets and their motivation to innovate allows the firm to generate ideas about potential profitable products. short and long-term planning helps firms to develop feasibility studies about those ideas, and alliances with the academia and professionals in the area of nutrition and food technology allow them to design products that meet potential cus-tomers’ needs. The relationship to support institutions fa-cilitates that tCRd is able to obtain funds to carry out product tests. in this process, continually consulting with customers, salesmen and production managers is funda-mental in order to improve the original proposals. once the product is on the market, it is monitored at each point of sale, and usually these innovations give positive results such as a better corporate image, an increase in sales and exports, a greater customer satisfaction, and a better market positioning.

table 18 summarizes the basic relationships between in-tellectual capital elements and innovation results for tCRd. to represent the intensity of each relationship be-tween variables, we have employed the following scale: (++) represents the existence of a strong positive relation-ship between variables; (+) represents the existence of a medium-level positive relationship between variables; (-) represents the existence of a medium-level negative re-lationship between variables; and (--) represents the exis-tence of a strong negative relationship between variables.

conclusions

the results of our theoretical and empirical analysis have allowed us to draw some conclusions. in terms of the the-oretical framework, we have analyzed the value of en-trepreneurial projects in a crisis environment in which

table 18. basic relationships between intellectual capital elements and innovation results

intellectual capital elementsinnovation results

product differentiation new packages new products new processes

org

aniz

atio

nal i

ntel

lect

ual c

apit

al

Hum

an

empowered and committed employees ++ ++

Collaborative employees + +

lack of qualified staff - -

Communication of decisions with leadership

+ +

rela

tion

al

Communication with customers + ++ ++ ++

links to academia ++ ++ ++ ++

links to support institutions + ++

Governmental support ++ ++ ++

stru

ctur

al

Focus on quality ++

iso 22000 certification ++

access to grant funds ++ ++ ++ ++

Corporate image ++ ++

strategic framework to innovate ++ ++ ++ ++

Flat organization + +

Business values ++

Pleasant working climate ++

low turnover +

short budget - - -

Poor access to credit - - -

entr

epre

neur

in

telle

ctua

l cap

ital

alt

itud

es a

nd

capa

bilit

ies

Planning capability ++ ++

ability to know how to choose the projects

++ ++

motivation for innovation ++ ++

Knowledge about markets ++ +

Hum

an

capi

tal

Business experience ++

training in innovation ++ ++ ++ ++

Relationships to institutions, busi-nessmen, etc.

++ ++ ++ ++



INBAM 2013

entrepreneurs try to innovate through new ideas that create new business opportunities. small firms and new en-trepreneurial projects are flexible enough to adapt to the changes of the environment because they facilitate com-munication flows, knowledge generation, and teamwork, which, in turn, foster innovation (sanchez, 2007). We also analyzed the concept of intellectual capital, and its three components: human, relational and structural capital (sub-ramaniam & youndt, 2005).

as a result of the literature review, we argue that intel-lectual capital together with the individual characteristics of a particular entrepreneur have a positive influence on the success of the entrepreneurial project. in particular, human capital and the creativity of individuals that make up the firm’s human capital have a clear influence on the innovation results and company success (lee, Florida & Gates, 2002). lima and Carmona (2011) pointed to human capital and structural capital as important factors that increase business value, whilst different authors such as yaghoubi and ahmadi (2010) have shown the relevance of relational capital in the achievement of a company’s goals, particularly in small firms.

in order to analyze these arguments in depth, we carried out an empirical analysis. our quantitative data produced varying results. our descriptive work showed that the suc-cess factors most frequently considered by respondents were the commitment to quality and hard work, followed by flexibility and business experience. the lack of impor-tance assigned to the market research and planning vari-ables was surprising. it is true that entrepreneurs have less access to financial resources and so they cannot invest large amounts of resources in planning. However, these re-sults have more to do with their way of doing things, i.e. with their mentality or mindset. entrepreneurs value expe-rience but do not value specific training in business tools and techniques as much (Gorman, Hanlon & King, 1997). an analysis of the influence of having a specific degree on the importance given to managerial tools may be of in-terest for future research.

in terms of our sample, the correlation analysis showed a significant relationship between innovation results and in-tellectual capital. in addition, intellectual capital indica-tors showed higher values in approved projects. this result is linked to the work of Zerenler et al. (2008), which shows that intellectual capital represented a competitive advan-tage for innovation.

similarly, we found a positive relationship between struc-tural capital and innovation success. this may be because in msmes, which have more flexible structures and flatter organizations, it is easier to create an environment that

is conducive to innovation. this proposal is in line with aramburu and saenz (2011), who argue that structural capital, based on organizational design, is a source of ideas. suárez and martin (2008) relate organizational capital positively to service quality and innovation; and subramaniam and youndt (2005) point out the influence of organizational capital on incremental innovation ca-pability. also, we obtained some positive results for re-lational capital when splitting the sample. However, the reduced size of the sample may have reduced the level of significance of our results.

We were unable to find any significant relationship with human capital, unlike the results of studies by santos-Ro-drigues et al. (2010) and mavridis and Kyrmizoglou (2005). However, the results obtained for the case studied using a qualitative methodology are in line with the specialist literature. Particularly, the analysis of tCRd has revealed that empowered, committed, and collaborative employees, as well as the communication of decisions with leadership have a positive impact on innovation results for the firm studied, and this effect is stronger for the variable ‘em-powered and committed employees’. Likewise, the lack of qualified staff in the analyzed firm has a negative effect on innovation results, concretely on the development of new products and new processes.

Although we tried to measure an entrepreneur’s human capital in the quantitative study, our variables (educa-tion, age and experience) did not yield any significant results. nevertheless, our qualitative study showed that some elements of entrepreneurs’ human capital such as their business experience, their training in innovation, and their relationships with institutions (higher educa-tion and other support institutions) clearly contribute to achieve better innovation results for the case of tCRd. this effect on innovation is equally strong for the three variables; but unlike ‘Business experience’, ‘Training in in-novation’ and ‘Relationships to institutions, businessmen, etc.’ show a positive relationship with all the results of innovation (product differentiation, new packages, new products and new processes).

We must outline that the main implications derived from our analysis have a practical dimension, as entrepreneurs should encourage the different dimensions of intellectual capital in order to innovate. structural capital, and particu-larly the degree of innovation protection, the adaptability of production processes to the changing environment or the degree to which work routines and processes for knowl-edge retention are established, seem to turn into key tools for the development of innovations that permit the firm to compete in the market. Similarly, employees’ empowerment

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and value sharing are two key factors for innovation suc-cess. the study reveals the need for training as one key factor that must be encouraged, mainly in small firms.

the main academic contribution of the paper is related to the fact that the present work has focused the analysis on small firms in a developing country, and there are few works that concentrate on those types of firms. our results may become relevant as small firms configure the larger part of the industrial sector in Costa Rica.

in any case, the size of the sample is an important factor to explain the lack of results in the quantitative analysis. also, our work has the limitations inherent to a cross-sec-tional study, both for the quantitative and the qualitative analysis. in addition, we have qualitatively studied just one case and have just interviewed the managers/owners of the firm. in this respect, future research should consider inter-viewing different individuals from different organizational hierarchical levels (not only the managers of the firm). in so doing, the triangulation would be more accurate.

also, further work should include a broader number of indi-cators that can measure an entrepreneur’s human capital. in addition, a greater sample is needed to increase the sta-tistical significance of our quantitative results. it could also be interesting to incorporate big firms in the sample, in order to see if there are differences depending on the size.

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correspondencia: Universidade de aveiro, apartado 58. 3811-953 aveiro (Portugal).

citación: vieira, e. (2014). Corporate Risk in Family Businesses Under economic Crisis. Innovar, 24(53), 61-73.

clasiFicación jel: G01, G39, C23.


corporate risk in Family businesses Under economic crisis

Elisabete S. VieiraCoordinator Professor. GovCoPP Unit Research, isCa department, University of aveiro. e-mail: [email protected]

abstract: this paper analyses corporate risk in family businesses in conjunction with general-ized economic adversity. Using data from Portuguese family-controlled firms for the period of time between 1999 and 2010, we focus on the possibility of asymmetrical corporate risk effects between periods of stability and economic adversity. overall, the results suggest that the evidence concern-ing the family firms’ risk is sensitive to the different types of risk considered. Comparing family busi-nesses with their counterparts, we find evidence that the former have lower levels of operational risk and are more indebted. the results indicate that the systematic risk is negatively related to age and positively related to size, the former relationship being stronger for family firms and the latter for non-family firms than for their counterparts. the evidence supports the hypothesis that risk for family controlled firms is less positively related to the proportion of independent directors on the board than non-family controlled firms, suggesting that founders are concerned about the survival of their firms. Finally, the results show that crises affect the operational risk in family businesses, suggesting that family firm managers are more reluctant to assume risk in periods of crisis. this paper offers some insights on the literature concerning family firms. to our knowledge, this is the first study to analyse corporate risk in the context of family firms. in addition, it examines corporate risk in combination with generalized economic adversity.

Keywords: Corporate risk, Family Firms, Crisis, Panel data.

introduction

existing literature suggests that family shareholders, with large equity stakes and executive representation, are common to public traded firms worldwide. la Porta, lopez-de-silanes, and shleifer (1999) analyzed a sample of 27 countries, finding evidence that about 50% of firms were family controlled firms. Faccio and lang (2002) found that more than 60% of listed firms in France, italy, and Germany were family businesses. sraer and thesmar (2007) analyzed the listed French firms, concluding that more than 60% of the firms were managed by founding families. although Us-based studies document relatively lower percentage values for family busi-nesses, anderson and Reeb (2003) and villalonga and amit (2006) found a percentage of 35 and 37, respectively.

Regardless of recent research on corporate finance in the context of family firms (dividends, debt and board structure, etc.), much research is still re-quired. in addition, there is a gap in the research concerning corporate risk in the perspective of family businesses.

in this context, we investigated corporate risk and its relationship with firm specific variables in the context of family firms, exploring also the firms’ risk under steady and adverse economic conditions, using a sample of 58 Portu-guese listed firms on euronext lisbon for the 1999-2010 period. thirty-five

riesgo corporatiVo en empresas Familiares bajo la crisis económica

resUmen: este artículo analiza el riesgo corporativo en empresas fami-liares en yuxtaposición con la adversidad económica generalizada. Usando información de empresas familiares de Portugal para el período entre 1999 y 2010, nos enfocamos en la posibilidad de efectos asimétricos de riesgo corporativo entre períodos de estabilidad y de adversidad económica. en general, los resultados sugieren que la evidencia concerniente al riesgo de las empresas familiares es sensible a los diferentes tipos de riesgos que se consideren. al comparar las empresas familiares con sus contrapartes, en-contramos evidencia de que las primeras tienen niveles menores de riesgo operativo y tienen mayores deudas. los resultados indican que el riesgo sistemático está negativamente relacionado con la edad y positivamente relacionado con el tamaño; la primera relación es más fuerte para las em-presas familiares y la segunda para las no familiares que para sus contra-partes. la evidencia apoya la hipótesis de que el riesgo empresarial de las empresas controladas por una familia está menos relacionado positiva-mente con la proporción de directores independientes en la junta que las empresas no familiares, lo que sugiere que a los fundadores les preocupa la supervivencia de su empresa. Finalmente, los resultados muestran que la crisis afecta el riesgo operativo en empresas familiares, lo que sugiere que los gerentes de las empresas familiares son más reacios a tomar riesgos en períodos de crisis. este artículo ofrece algunas nociones presentes en la literatura sobre empresas familiares. Hasta donde sabemos, este es el primer estudio en analizar el riesgo corporativo en el contexto de empresas familiares. adicionalmente, examina el riesgo corporativo en combinación con la adversidad económica generalizada.

palabras claVe: Riesgo corporativo, empresas familiares, crisis, datos de panel.

le risQUe corporatiF dans les entreprises Familiales dans la crise ÉconomiQUe

rÉsUmÉ : Cet article analyse le risque corporatif dans les entreprises fami-liales en juxtaposition avec l’adversité économique généralisée. Utilisant l’information d’entreprises familiales du Portugal pour la période 1999–2010, nous nous concentrons sur la possibilité d’effets asymétriques de risque corporatif entre les périodes de stabilité et d’adversité économique. en général, les résultats suggèrent que le risque des entreprises familiales est fonction des types de risque considérés. Une comparaison des entre-prises familiales avec leurs interlocuteurs montre que les premières ont un moindre niveau de risque opératoire et davantage de dettes. les résultats indiquent que le risque systématique est négativement lié à l’âge et posi-tivement en relation avec la taille ; la première relation est plus forte pour les entreprises familiales et la seconde plus forte pour les non-familiales que pour les interlocuteurs. L’évidence appuie l’hypothèse que le risque entrepreneurial des entreprises contrôlées par une famille est moins lié po-sitivement avec la proportion de directeurs indépendants dans le conseil d’administration que les entreprises non familiales, ce qui laisse penser que les fondateurs sont préoccupés par la survie de leur entreprise. enfin, les résultats montrent que la crise affecte le risque opératoire des entre-prises familiales, ce qui suggère que les gérants des entreprises familiales sont plus réticents à prendre des risques en période de crise. Cet article apporte quelques notions présentes dans les publications sur les entre-prises familiales. Mais, autant que l’on sache, c’est la première étude qui analyse le risque corporatif dans le contexte des entreprises familiales. en outre, elle considère le risque corporatif en liaison avec l’adversité écono-mique généralisée.

mots-clÉs : Risque corporatif ; entreprises familiales ; crise ; données de panel.

risco corporatiVo em empresas Familiares sob a crise econômica

resUmo: este artigo analisa o risco corporativo em empresas familiares em justaposição com a adversidade econômica generalizada. Usando in-formação de empresas familiares de Portugal para o período entre 1999 e 2010, nos centramos na possibilidade de efeitos assimétricos de risco corporativo entre períodos de estabilidade e de adversidade econômica. Em geral, os resultados sugerem que a evidência concernente ao risco das empresas familiares é sensível aos diferentes tipos de riscos que forem con-siderados. Ao comparar as empresas familiares com as suas congêneres, encontramos evidência de que as primeiras têm menores níveis de risco operativo e têm mais dívidas. Os resultados indicam que o risco sistemá-tico está negativamente relacionado com a idade e positivamente relacio-nado com o tamanho; a primeira relação é mais forte para as empresas familiares e a segunda para as não familiares, do que para as suas con-gêneres. A evidência apoia a hipótese de que o risco empresarial das em-presas controladas por uma família está menos relacionado positivamente com a proporção de diretores independentes na diretoria do que as em-presas não familiares, o que sugere que os fundadores se preocupam com a sobrevivência da sua empresa. Finalmente, os resultados mostram que a crise afeta o risco operativo em empresas familiares, o que sugere que os gerentes das empresas familiares são mais relutantes a tomarem riscos em períodos de crise. este artigo oferece algumas noções presentes na li-teratura sobre empresas familiares. até onde sabemos, este é o primeiro estudo que analisa o risco corporativo no contexto de empresas familiares. adicionalmente, examina o risco corporativo em combinação com a adver-sidade econômica generalizada.

palaVras-cHaVe: risco corporativo, empresas familiares, crise, dados de painel.

INBAM 2013


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firms were family-controlled (about 60% of the firms) and the remaining 23 were non-family controlled firms.

this study contributes to the literature on family business in three main ways. the first is by exploring corporate risk in the context of family businesses. to our knowledge, this is the first study to analyze corporate risk in the context of family firms. this study offers an empirical attempt to isolate variables of potential significance in this regard. Previous studies focused only on financial risk related to the capital financing structure (anderson, mansi, & Reeb, 2003; Romano, tanewski, & smyrnios, 2000) or on entre-preneurial risk (Zahra, 2005), ignoring other types of risk. The second contribution is exploring the firms’ risk under both steady and adverse economic conditions, in order to test whether family controlled firms are sensitive to eco-nomic crises. Finally, this is the first study to analyze the risk of family-controlled firms in Portugal. We believe the Portuguese example is of interest for two main reasons. smith (2008) argued that there may be differences be-tween family and non-family firms because of their cor-porate environment and this country tends to exhibit concentrated ownership and family control. Faccio and lang (2002) found evidence that family firms constitute 60.34% of firms sampled in Portugal and that in about 50% of the family-controlled firms, the controlling owner is in management. moreover, Portugal is a continental eu-ropean country, of which the history, capital market, and firm characteristics largely differ from english-speaking countries, where most studies on family firms have been conducted. the results obtained in the Usa may not apply to companies from other countries whose goals and strate-gies are different (Zahra, 2005).

Overall, the results indicate that the family firms’ risk is sensitive to the different types of risk considered. We found evidence that family firms have lower levels of operational risk and are more indebted than non-family firms. in addi-tion, their managers are more reluctant to assume risk in periods of crisis.

the remainder of this paper is organized as follows. sec-tion 1 reviews the related literature and presents the for-mulated hypotheses. section 2 describes the methodology and data. section 3 presents the empirical results. Finally, section 4 concludes the paper.

literature review and Hypotheses

meyer and Zucker (1989) argued that family firms suffer from strategic inertia and become risk averse.

Usually, families wish to pass the firm on to subsequent generations, favoring their own children and other family

members (Zahra, 2005). Consequently, they place more value on the survival of the firm than wealth maximiza-tion that other firms would seek (James, 1999). once sur-vival becomes a priority, taking on excessive risk should not be one of the family’s objectives. Indeed, Storey (1994) stated that family businesses tend to be averse to risk. anderson et al. (2003) and schmid, ampenberger, Kas-erer, and achleitner (2008) argued that family firms hold poorly diversified portfolios, having strong incentives to re-duce firm risk and cash flow variability. naldi, nordqvist, sjöberg, and Wiklund (2007) draw a sample of swedish firms, finding that even if family firms do take risks while engaged in entrepreneurial activities, they take risk to a lesser extent than non-family firms. this provides empir-ical support to the assumption that family firms tend to be more conservative and risk averse in their strategy making (Carney, 2005; schulze, lubatkin, & dino, 2002).

these observations suggest the following hypothesis:

H1: Family controlled firms present lower levels of risk than non-family controlled firms.

However, maug (1998) emphasized that founding families often have highly undiversified investment, which may be affected adversely by the firm’s idiosyncratic risk, leading a family firm to take excessive risks. indeed, Khaemasunun (2004) found that family firms are riskier beta, indicating the non-diversifiable nature of their assets.

Gómez-mejía, Haynes, núñez-nickel, Jacobson, and moy-ano-Fuentes (2007) analyzed the spanish market for the period between 1944 and 1998, concluding that family firms may be risk willing and risk averse at the same time. according the authors, non-family firms performing below target engage in projects with greater outcome variance (venturing risk) to avoid continued financial losses, and family firms might be willing to accept below-target perfor-mance and a higher probability of failure (a performance hazard) to avoid socio emotional losses. this contrasts ear-lier literature, which has proposed that as a result of highly concentrated undiversified assets, family firms are more risk averse (anderson et al., 2003; schmid et al., 2008).

masulis (1988) suggested that managers prefer to have less leverage than their counterparts in order to reduce the risk of their undiversified investment in the com-pany. mishra and mcConaughy (1999) concluded that the founding family’s aversion to the risk of a loss of control motivates the use of less debt.

the risk adverse characteristics of family firms may imply less leverage (Zhou, 2012). Family firms have incentives to reduce risk, and higher levels of debt increase financial risk. Consequently, the risk of bankruptcy and loss of control

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also increase. then, comparing family controlled firms with non-family firms, the former are less likely to have higher levels of debt (mishra & mcConaughy, 1999; storey, 1994), which leads to the second testable hypothesis:

H2: Family controlled firms present lower debt levels than non-family controlled firms.

the empirical results are not consensual.

according to Xin-Ping, Zhen-song, and ming-Gui (2006), the desire to retain control and reduce risk has opposing ef-fects on leverage decisions. on the one hand, the desire to concentrate voting power motivates families to use more debt. on the other, the desire to reduce risk motivates fam-ilies to use less debt financing. González, Guzmán, Pombo, and trujillo (2011) analyzed a sample of 523 Colombian firms for the 1996-2006 period, concluding that risk aver-sion pushes firms toward lower debt levels, but the need to finance growth and the risk of losing control make family firms prefer higher debt levels and a higher risk aversion for family directors, because blockholders’ risk aversion im-plies less indebtedness for the firm.

sonnenfeld and spence (1989), Gallo and vilaseca (1996) and mishra and mcConaughy (1999) found that family controlled firms use less debt. Gallo and vilaseca (1996) interpret this result as proof for controlled risk aversion in family firms. anderson et al. (2003) show that american family firms tend to have lower debt cost, because of the long-term horizon typical of this type of business and man-agement’s concern for reputation.

However, Wiwattanakantang (1999), based on a thai sample, showed that family firms have significantly more debt than non-family firms, arguing that family ownership helps to reduce the agency cost of debt.

Pindado and torre (2008) analyzed a sample of spanish listed firms for the period between 1990 and 1999, finding that family firms are less concerned with financial risk, but more concerned with maintaining their control over the firm than their counterparts. in addition, setia-atmaja, tanewski, and skully (2009) and setia-atmaja (2010) found evidence that family controlled firms employ higher debt levels, compared to non-family firms, concluding that family firms use debt as a substitute for independent


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directors. the authors suggest that family firms do not expropriate minority or outside shareholders, but might adopt higher debt levels in order to improve monitoring. Céspedes, González, and molina (2010) and González et al. (2011) stated that firms tend to prefer debt to equity when losing control is an issue.

according to the finance assumption that profitability and risk are positively associated, we expect a positive relationship between performance and risk. indeed, the positive risk/return relation is a fundamental concept in finance theory.

Conventional decision theory is considered to be a trade-off between risk and the expected return (e.g., lintner, 1965; mossin, 1966; sharpe, 1964), as defined in the Cap-ital asset Pricing model (CaPm). However, some existing literature (e.g., Chen, Hexter, & Hu, 1993; Gallo, tapies & Cappuyns, 2004) reported diverging findings on the fi-nancial performance of family businesses. thus, the per-formance differences between family and nonfamily firms need to be interpreted carefully.

Considering the family controlled firms risk aversion (storey, 1994), we expect that the risk and, consequently, the profitability of family firms to be lower than the one of non-family firms. this leads to the following hypothesis:

H3: Family controlled firms’ risk is less positively related to profitability than non-family controlled firms.

However, Wiseman and Catanach (1997) find arguments and results of positive and negative associations between risk taking and performance in the literature. in their study, they found that risk taking has positive and negative effects on performance, depending on the contexts. the alignment of interest between the firm and the family should en-courage the exploration of innovative ideas that stimulates growth and improves performance (Zahra, 2005).

although Rauch, Wiklund, lumpkin, and Frese (2009) and sraer and thesmar (2007) found that the risk-taking di-mension is positively related to performance, findings by naldi et al. (2007) and nunes, viveiros, and serrasqueiro (2012) suggest that risk taking in family firms is negatively related to perceived performance. However, naldi et al. (2007) do not consider systematic risk.

the number of years a firm operates in the market is a sign of its survival (Rodríguez-Rodríguez, 2006). analyzing a sample of Portuguese smes, nunes et al. (2012) concluded that age negatively influences the firms’ business risk. We expect that firm age is associated with firm risk, with younger companies presenting higher levels of risk. on this

basis, and based on the assumption that family firms are more adverse to risk, we formulated hypothesis four:

H4: Family controlled firms’ risk is more negatively related to age than non-family controlled firms.

Family firms are likely to handle risk differently than other types of firms, partly because management and ownership are not separated (e.g., Fama & Jensen, 1983) and partly because of the family nature of ownership and manage-ment (e.g., Zahra, 2005).

several authors stated that firm size is essential to increase firms’ levels of profitability (Gschwandtner, 2005; Hard-wick, 1997; Wyn, 1998). According to the risk/return rela-tionship, we expect that the higher the firms’ profitability, the higher the systematic risk. the pecking order approach (myers, 1984; myers & majluf, 1984) argues that compa-nies follow a hierarchical sequence in the selection of their funding sources in order to minimize the costs of financing. according to Rajan and Zingales (1995), companies with high levels of earnings have low levels of debt capital be-cause they are able to use internal financing, not needing to rely on external resources. Considering the family con-trolled firms risk aversion, we expect the size of family firms to be less (more) relevant for increasing (decreasing) risk, compared to the case of non-family firms. in this context, it is expected that the larger the firms, the lower the need for external borrowing, reducing the financial risk.

in this context, we formulate two related hypotheses:

H5a: Family controlled firms’ systematic risk is less positively related to size than non-family controlled firms.

H5b: Family controlled firms’ financial risk is more nega-tively related to size than non-family controlled firms.

Beatty and Zajac (1994) and denis, denis, and sarin (1997) suggested that managers become risk averse as their ownership in the firm increases, so, there are reasons to believe that risk avoidance is stronger in family firms than in non-family firms.

villalonga and amit (2006), adams, almeida, and Ferreira (2009) and Zhou (2012) find a positive relationship be-tween the presence of the founder as Ceo of the family business or as the Chairman of the board and the firms’ profitability. insofar as corporate risk, founders are often concerned about the survival of their firms and protecting their legacy for future generations (Zahra, 2005). this idea suggests that the higher the independent directors, the higher the risk level assumed. Given the expectation that family firms tend to have lower levels of risk than non-family controlled firms, we formulate the sixth hypothesis:

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H6: Family controlled firms’ risk is less positively related to the proportion of independent directors on the board than non-family controlled firms.

However, Fama and Jensen (1983) and Jensen and meck-ling (1976) suggested that as ownership increases, a greater alignment between the owner and the firm is achieved, which may encourage the exploration of innova-tive ideas that stimulate growth and improve performance, leading to higher levels of risk.

in periods of recession, the volatility of share prices is higher (veronesi, 1999). moreover, investors tend to be ir-rational and to overreact to bad market conditions (Glode, Hollifield, Kacperczyk, & Kogan, 2010). in the context of the agency theory, it is well known that managers have the incentive to take excessive risky projects when their firm is close to bankruptcy because they lose nothing from the downside failure and get the upside gain of the excess risk. non-family firm managers are myopic and have more incentive to take on risky projects to boost current earn-ings (anderson & Reeb, 2003). according to Zhou (2012), in times of crisis, this situation is highly likely to happen.

in this context, it is expected that family businesses are not as affected by this attitude as their counterpart firms. Based on the arguments above, we formulate the last hypothesis:

H7: Family controlled firms’ risk is less positively related to crisis than non-family controlled firms.

methodology and data

methodology

to apply our methodology, we need to distinguish between family firms (FF) and non-family firms (nFF).

Because of the significant number of distinct definitions for FF in the literature (e.g., litz, 1995; Chua, Chrisman, & sharma, 1999; sharma, Chrisman & Chua, 1997), there is a lack of a widely accepted definition of FF (Ben-nedsen & nielsen, 2010). in addition, some researchers concluded that the evidence concerning FF is sensitive to their different definitions (allouche, amann, Jaussaud, & Kurashina, 2008; maury 2006; miller, le Breton-miller, lester, & Cannella, 2007; Westhead & Cowling, 1998).

We follow la Porta, lopez-de-silanes, shleifer, and vishny (2000) and setia-atmaja et al. (2009), defining FF as those firms in which the founding family or family member control 20% or more equity, and are involved in the top management of the firm. the classification of FF and nFF was corroborated in the firm’s annual report.

Because we wanted to examine the risk of FF, our depen-dent variable is risk (RisK). We consider three kinds of RisK: systematic, operational and financial.

to analyze systematic risk, we considered the beta mea-sure (Beta), obtained though the CaPm:

R - R = + (R - R ) + i,t f,t i i m,t f,t i,tα β ε

(1)

where:

Ri,t = return on share i in period t;

Rft = risk free return in period t;

ai = abnormal return from CaPm model;

ai = systematic risk (beta);

Rmt = market return in period t;

ei = error term.

to analyze operational risk, we consider the standard devi-ation (calculated over the past three years) of operating in-come before depreciation to annual sales (oidBs) (mishra & mcConaughy, 1999).

Finally, financial risk is measured by the level of financial leverage (lFl), calculated as the operating income scaled by the income before taxes.

in which concerns the independent variables, we con-sidered the firms’ debt (DEBT), operational performance (oRoa), age (aGe), size (Fs), the board independence (BoaRd) and the market crisis (CRisis).

the deBt is the ratio of debt to total assets. a positive re-lationship was expected between debt and financial risk.

as in Zhou (2012), we measured performance as the oper-ating return on assets (oRoa), calculated as the operating earnings divided by total assets. We used oRoa because it is unaffected by the changes in capital structure, not in-cluding firms’ financial earnings, which determines the cor-porate tax base. Usually, profitability is related with firms’ economic risk (Rodríguez-Rodríguez, 2006). according to financial assumptions, we expected a positive relationship between performance and risk.

the number of years a firm operates in the market is a sign of its survival. We expected the firms’ age to be associated with firms’ risk, with younger companies presenting more risk. thus, we expect a negative sign for this coefficient. aGe was measured as the natural logarithm of the differ-ence between incorporation year and a fiscal year.

Following anderson et al. (2003), we measured Fs as the natural logarithm of the book value of total assets of a firm. We expected a positive (negative) relationship be-tween Fs and systematic (financial) risk.


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We analyzed the effect of board independence on the risk. according to anderson and Reeb (2004) and setia-atmaja (2010), independent directors are the individuals whose only business relationship to the firm is their directorship, identi-fied in firms’ annual reports. BOARD was measured as the proportion of independent directors on the board. there should be a positive relationship between BoaRd and RisK.

We considered a dummy variable in order to identify the market crisis, which is one if a fiscal year is considering a year of financial recession, and zero otherwise. Considering distinctly the periods of financial boom and years of reces-sion allowed us to analyze whether the family firms’ risk differs according to the market conditions. the variable CRisis took the value one for the 2008, 2009 and 2010 years, and zero otherwise.

as control variables, we considered the cost of debt (Costd) and the weight of fixed operating costs (FoC). Costd was calculated as the interest expenses scaled by debt. We expected a positive relationship between Costd and firms’ financial risk. Anderson et al. (2003) results indi-cate that FF experience a lower cost of debt financing. the FoC was calculated as the weight of fixed operating costs to the total of operating costs. We expected a positive re-lationship between the FOC and the firms’ operational risk.

to analyze the relationship between RisK and the indepen-dent variables, we employed the following regression model:

RISK i,t = + + + + DEBT OROA AGE

1 i,t 2 i,t 3 i,tα β β β

β44 i,t 5 i,t 6 t,i

7 i,t

FS BOARD CRISIS

COSTD

+ + +β β

β ++ + ++

β β

β ε8 i,t 9 i,t

10 t i,t

FOC INDUSTRY

YEAR

(2)

the suffix i,t indicates that variables were considered for firm i during year t. ei,t is the error term.

the dependent variable assumed the different kinds of risk (systematic, operational and financial), of which the vari-ables were already explained above.

We included industry dummy variables in order to consider any variation in the dependent variable due to industry dif-ferences. anderson and Reeb (2003), villalonga and amit (2006) and Zhou (2012) show that FF are not symmetri-cally distributed in every industry. Finally, we considered year dummy variables to remove any secular effects among the independent variable.

We employed a panel data methodology, since the com-bination of a time series with a cross-section of n firms

requires this methodology in order to adequately express the non-observable heterogeneity of the individuals (Bal-tagi, 1995). We used the pooled ordinary least squares (ols), the fixed effects model (Fem), with all regressors uncorrelated with individual effects, and the random ef-fects model (Rem), with all regressors correlated with in-dividual effects. subsequently, we used the F-statistic and the Hausman (1978) test to choose the most appropriate model. We present the standard errors corrected for het-eroscedasticity and covariance (White, 1980).

data

the sample consisted of an unbalanced panel data, corre-sponding to Portuguese non-financial listed FF and nFF on the euronext lisbon, covering the period from 1999 to 2010. data were obtained from saBi, a private database provided by Bureau van dijk, and complemented with some addi-tional information collected on the firms’ annual reports.

table 1 reports the number of firms and observations re-lated to FF and nFF samples.

table 1. number of Firms and observations, divided by Family and non-Family Firms

Firms % observations %

Family firms 35 60.3 377 64.7

non-family firms 23 39.7 206 35.3

58 100 583 100


the sample is constituted by 58 firms, corresponding to 583 observations. We classified 35 firms as FF, corre-sponding to 377 observations and 23 firms as nFF (206 observations). FF constituted about 60% of the global sample, consistent with the percentage found by Faccio and lang (2002) for Portugal (60.34%). the evidence that almost 65% of the observations are related to FF is consistent with the evidence that family shareholders are common in public traded firms’ worldwide (Anderson & Reeb, 2003; Claessens, djankov, & lang, 2000; Faccio & lang, 2002; Holderness, 2009; villalonga & amit, 2006).

results

Table 2 presents the descriptive statistics for the study’s variables, including the mean, median, standard deviation, and maximum and minimum values, as well as the differ-ences in mean variables between FF and nFF.

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FF nFF meant

mean median minimum maximum sd mean median minimum maximum sd differences

Beta 0.864 0.870 0.060 1.640 0.433 0.669 0.660 0.010 1.430 0.384 0.196 5.615 ***

oidBs 0.546 0.266 0.001 6.428 0.762 0.966 0.490 0.005 8.963 1.359 -0.420 -4.094 ***

lFl 1.823 1.117 -36.037 44.660 6.037 1.131 1.024 -32.783 30.431 4.866 0.692 1.504

deBt 0.715 0.728 0.007 2.287 0.224 0.672 0.693 0.046 1.630 0.270 0.043 1.936 *

oRoa 0.082 0.042 -0.536 1.692 0.248 0.048 0.031 -0.449 1.153 0.206 0.033 1.726 *

aGe 3.372 3.497 0.000 5.094 0.812 2.929 3.238 0.000 4.263 0.949 0.443 5.670 ***

Fs 19.583 19.704 12.506 22.837 1.987 19.255 18.642 15.490 24.424 2.363 0.328 1.693 *

BoaRd 0.392 0.333 0.000 0.857 0.200 0.508 0.400 0.124 1.000 0.270 -0.116 -5.411 ***

Costd 0.029 0.017 0.000 0.406 0.048 0.017 0.009 0.000 0.087 0.018 0.012 4.329 ***

FoC 1.774 2.263 -34.690 39.475 7.004 0.647 0.861 -40.168 33.592 6.854 1.127 1.883 *

* significantly different from zero at the 10% level; *** significantly different from zero at the 1% level.


allouche et al. (2008) and Zhou (2012), it is consistent with the evidence of Khaemasunun (2004), Xin-Ping et al. (2006), Pindado and torre (2008), setia-atmaja et al. (2009) and setia-atmaja (2010). maybe the evidence that FF are more dependent on lenders than nFF might be ex-plained by the use of debt to improve monitoring. in ad-dition, older business owners tend to present lower levels of preference for equity (Romano et al., 2000), and, in our sample, FF are indeed older. alternatively, as FF are bigger, they can more easily obtain debt. it can also suggest that family firms are less concerned with financial risk, since their cost of debt is higher, but more concerned with main-taining their control over the firm than their counterparts (Pindado & torre, 2008). Finally, FF might use debt as a substitute for independent directors (setia-atmaja et al., 2009; setia-atmaja, 2010).

Higher levels of debt result in higher financing costs,, which can explain the fact that FF have a higher value for the cost of capital (a mean of 2.9% and 1.7%, respec-tively). this should lead to higher levels of financial risk. indeed, FF present a higher value for the financial risk vari-able. However, the difference is not statistically significant.

Curiously, the evidence that FF present more fixed oper-ating costs is not consistent with the evidence that FF present lower levels of operational risk. However, the mean difference is only statistically significant at 10%.

in contrast with the results of schmid et al. (2008), FF are both older and larger.

in what concerns the oRoa measure, our results are in line with other studies that found evidence that FF outperform nFF (allouche et al., 2008; andersen & Reeb, 2003; Gnan

In what concerns the firms’ risk, we can see that FF are dis-tinct from nFF in terms of the systematic and the opera-tional risk. although FF present higher levels of systematic risk, they have lower levels of operational risk.

the evidence that FF present higher levels of systematic risk (a mean beta of 0.864) than nFF (mean of 0.669) is in accordance with the results of maug (1998) and Khaema-sunun (2004), who found that family firms are riskier beta, suggesting the non-diversifiable of the asset.

the lower levels of FF operational risk (a mean of 0.546 against 0.966 for nFF) is consistent with prior theoretical studies (meyer & Zucker, 1989; storey, 1994) as well as the empirical evidence that family businesses tend to be averse to risk (anderson et al., 2003; Carney, 2005; naldi et al., 2007; schulze et al., 2002; schmid et al., 2008).

Given the risk results, we found evidence for the hypoth-esis that FF present lower levels of risk than nFF (H1), but only for the operational risk. in addition, our results sug-gest that the evidence concerning the family firms’ risk is sensitive to the different types of risk considered.

insofar as independent variables, FF differ from nFF in several firm characteristics. FF are more indebted, pre-senting a higher cost of debt, and more fixed operating costs, are older and larger, have a lower proportion of independent directors on the board, and present higher levels of profitability.

Contrary to the expected, FF use more debt than nFF (a mean of 71.5% and 67.2%, respectively). thus, the second hypothesis is not supported (H2). although this result is contrary to the assumptions of storey (1994) and mishra and mcConaughy (1999), and the evidence provided by


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& montemerlo, 2001; Poutziouris, sitorus, & Chittenden, 2002; scholes, Wilson, Wright, & noke, 2012; sraer & thesmar, 2007). one possible reason for this may be the greater alignment between the owner and the firm as own-ership increases, which may, in turn, improve performance (Fama & Jensen, 1983; Jensen & meckling, 1976).

the mean proportion of independent directors is significantly lower for FF (39.2%) than for nFF (50.8%), and this result is consistent with the perspective that family members domi-nate the board of directors (anderson & Reeb, 2004; setia-atmaja, 2010) and that family shareholders are common in public traded firms (Claessens et al., 2000; Faccio & lang, 2002; Holderness, 2009; villalonga & amit, 2006;).

table 3 reports the Pearson correlations among the inde-pendent variables for FF (Panel a) and nFF (Panel B).

table 3. pearson correlation matrix

panel a: Family Firms

debt oroa age Fs board costd Foc

deBt 1

oRoa -0.191 1

aGe 0.188 0.082 1

Fs 0.113 0.044 -0.175 1

BoaRd -0.118 -0.334 0.176 -0.188 1

Costd -0.456 0.014 -0.098 -0.249 0.234 1

FoC -0.079 0.016 -0.031 0.110 -0.018 -0.038 1

panel b: non-family Firms

deBt oRoa aGe Fs BoaRd Costd FoC

deBt 1

oRoa -0.024 1

aGe -0.252 0.352 1

Fs 0.257 0.042 -0.331 1

BoaRd -0.054 -0.379 -0.293 -0.274 1

Costd -0.001 -0.056 0.042 0.237 -0.032 1

FoC 0.042 0.100 0.057 0.161 -0.073 0.038 1


For FF, the higher level of correlation (in absolute terms) is between Costd and deBt (-0.456), showing that the higher the debt, the lower the cost of debt. this in an in-dication that FF have financing capability, obtaining debt with low costs, suggesting no risk of distress.

For nFF, the higher correlation coefficients are between Fs and deBt (0.257) and between BoaRd and oRoa (-0.379). the correlation between Fs and deBt suggests that large nFF tend to have higher debt ratios, which is in accordance with the results of Rajan and Zingales (1995). this result is consistent with the trade-off theory, which

notes that large companies are less exposed to costs of fi-nancial distress and would expect to borrow more. Finally, nFF with higher levels of independent directors on the board tend to have lower levels of profitability.

overall, all the coefficients are low (below 0.46). Conse-quently, it does not appear to be sufficiently large to cause concern about multicollinearity problems.

table 4 reports the regression (2) results for FF (Panel a) and nFF (Panel B), considering the three measures of risk (Beta, oidBs and lFl). We present the best model results for each of the regressions1.

We start with the analysis of the FF results (Panel a). Con-sidering the Beta dependent variable (model 1), we can see that the variables that explain the systematic risk are the deBt, oRoa, aGe, Fs and Costd, all of them statisti-cally significant at 1% level.

As expected, the leverage is positively related to firms’ sys-tematic risk. Contrary to the expected, the results show a negative relationship between oRoa and Beta, sug-gesting that the better the performance, the lower the risk, which is consistent with the results of nunes et al. (2012) and somewhat in accordance with the ones of naldi et al. (2007), who found that family firms take on risks, but with negative implications for their performance. this evidence suggests that FF expect the firm to stay within the family over generations (James, 1999) and let key business deci-sions be influenced by the family (Chua et al., 1999). ac-cording to the expected relationship, the results indicate that the younger and the larger the FF, the higher the Beta. the results on aGe suggest that older companies are often unwilling to change (sathe, 2003). the positive relationship between systematic risk and size is consistent with the association predicted in hypothesis H5a. Finally, the evidence shows that the higher the Costd, the higher the systematic risk.

Considering model (2), the results show that the opera-tional risk is influenced only by CRisis. in periods of crisis, this type of risk is higher, as expected, suggesting higher levels of earnings volatility.

Finally, model (3) suggests that financial risk is positively related to oRoa.

overall, the regression model fits better for the nFF sample (Panel B). With the exception of model (3), the R2 are higher for nFF models.

1 For simplicity reasons, we report only the results for the best mo-del. However, the other outputs are available from authors upon request.

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table 4. regression results for FF and nFF

panel a: FF

dependent variable

(1) beta - ols (2) oidbs - ols (3) lFl - ols

coefficient t-value coefficient t-value coefficient t-value

Constant -0.3778 -1.429 0.4108 0.344 7.9665 0.831

deBt 0.3367 3.173 *** 0.1791 0.373 0.9419 0.245

oRoa -0.4770 -5.422 *** 0.2030 0.511 34.8799 10.929 ***

aGe -0.1423 -5.530 *** 0.1761 1.514 -0.0170 -0.018

Fs 0.0762 7.069 *** -0.0139 -0.285 -0.4364 -1.116

BoaRd 0.1030 0.950 -0.6651 -1.358 0.6390 0.163

CRisis -0.1068 -1.086 1.3452 3.025 *** 0.8414 0.236

Costd 2.8623 5.972 *** -0.6405 -0.296 -2.7341 -0.157

FoC -0.0006 -1.469 -0.0002 -0.081 0.0049 0.304

industry dummy yes yes yes

year dummy yes yes yes

n 377 377 377

adjusted R2 0.330 0.082 0.326

F-test 0.530 0.560 1.187

Hausman test 16.255 7.100 36.680 **

** significantly different from zero at the 5% level; *** significantly different from zero at the 1% level.


panel b: nFF

dependent variable (1) beta - ols (2) oidbs - Fem (3) lFl - ols

coefficient t-value coefficient t-value coefficient t-value

Constant -1.691 -5.419 *** 6.1715 2.761 *** 2.6733 0.151

deBt -0.0836 -0.946 -0.0349 -0.051 14.1640 2.816 ***

oRoa -0.2285 -1.880 * -0.5524 -0.622 46.6305 6.743 ***

aGe -0.0285 -0.981 -0.3669 -1.652 -0.9184 -0.555

Fs 0.1156 10.071 *** -0.2571 -2.966 *** -0.7777 -1.190

BoaRd 0.3851 4.106 *** 2.7901 3.789 *** 1.1158 0.209

CRisis 0.0853 0.795 -0.0749 -0.174 6.1192 1.001

Costd -5.6747 -4.016 *** -12.5920 -1.240 -6.8224 -0.781

FoC 0.0001 0.312 -0.0002 -0.067 0.0066 0.356

industry dummy yes yes

year dummy yes yes

n 206 206 206

adjusted R2 0.486 0.377 0.316

F-test 0.355 2.401 *** 0.998

Hausman test 9.457 66.664 *** 26.171

* significantly different from zero at the 1% level; *** significantly different from zero at the 1% level.


Considering model (1), we found a positive relationship between Fs and BoaRd and the systematic risk, and a negative relationship between oRoa and Costd and the systematic risk, which suggest that the larger the FF and

the higher the proportion of independent directors on the board, the higher the Beta. However, the higher the prof-itability and the cost of debt, the lower the systematic risk. the statistical significant coefficients present the same


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sign as in the FF sample, with the exception of the Costd. the positive relationship between systematic risk and Fs is consistent with the association predicted in hypothesis H5a

(model 1) and the assumption that firm size is important to increase the profitability of firms (Gschwandtner, 2005; Hardwick, 1997; Wyn, 1998).

insofar as model (2), the coefficient on Fs is statistically significant and negative and the coefficient on BoaRd is positive and statistically significant. the coefficient on Fs suggests that larger companies might resist change and in-novation (sathe, 2003). the positive signal on BoaRd is as expected, being in line with the assumption that founders are concerned with the survival of their firms and pro-tecting their legacy for future generations (James, 1999; Zahra, 2005).

model (3) results, as expected, suggest that the higher the debt ratio and the profitability, the higher the financial risk. the first relation is consistent with corporate finance theory assumptions (e.g., myers, 1984) and the second one with the relationship between risk and performance (lintner, 1965; mossin, 1966; sharpe, 1964).

Finally, we compared the FF (Panel a) with the nFF (Panel B) regression results.

For both the FF and nFF samples, the best model is the one where the dependent variables are the systematic risk (model 1). in this model, we found some evidence of in-dustry effect.

We found no evidence that FF risk is less positively re-lated to profitability than nFF, finding no support for H3. in what concerns the Beta, the results indicate that FF risk is more negatively related to age than nFF. Consequently, we found evidence for H4, with respect to systematic risk. We found evidence that FF systematic risk is less positively related to size than nFF. However, the results do not indi-cate that FF financial risk is more negatively related to size than nFF. Consequently, our results support H5a, but do not support H5B. For models (1) and (2), FF risk appears to be less positively related to the proportion of independent directors on the board than nFF, which is consistent with H6. this evidence suggests that risk avoidance is stronger for FF than for nFF (Beatty & Zajac, 1994; denis, denis, & sarin, 1997). Finally, we found no evidence supporting the hypothesis that FF risk is less positively related to crisis than nFF (H7).

the evidence obtained in table 4 (Panel a) shows that CRisis affects the operational risk in FF. in this context, and for robustness reasons, we decided to split the sample of FF in two sub-periods: before the crisis (1999-2007) and during the crisis (2008-2010), in order to analyze whether

the independent variables in operational risk differ be-tween expansion and recession periods.

table 5 shows the results of the regression (2), without con-sidering the CRisis dummy variable and considering the oidBs measure of risk for the two distinct periods.

table 5. regression results for FF before and during the crisis period

dependent variable

oidbs - ols

before crisis during crisis

coefficient t-value coefficient t-value

Constant 0.7431 1.032 -2.1665 -0.402

deBt 0.1165 0.344 -0.2475 -0.163

oRoa 0.5537 2.312 ** -1.4365 -0.766

aGe 0.0754 1.080 0.8042 1.461

Fs -0.0229 -0.776 0.1100 0.502

BoaRd 0.1059 0.343 -3.4894 -1.852 *

Costd -1.9148 -1.428 7.5796 0.745

FoC -0.0006 -0.345 -0.0012 -0.254

industry dummy yes yes

year dummy yes yes

n 291 86

adjusted R2 0.117 0.110

F-test 0.425 0.823

Hausman test 12.660 9.676

* significantly different from zero at the 1% level; ** significantly different from zero at the 5%

level.


Before the crisis, the operational risk is positively influ-enced by profitability, which is in accordance with the fi-nancial assumptions, as well as the results of sraer and thesmar (2007) and Rauch et al. (2009). it suggests that in expansion periods, FF are more likely to assume risk with perspectives of higher returns. during crisis, the results show that the higher the independent directors the lower the risk, suggesting that managers are more reluctant to assume risk in periods of crisis.

conclusion

this paper investigates firm risk in the context of Portu-guese listed family-controlled firms, using an unbalanced panel data for the 1999-2010 period and focusing on the possibility of asymmetrical corporate risk effects between periods of stability and economic adversity.

the results suggest that the evidence concerning the family firms’ risk is sensitive to the different types of risk considered.

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overall, we found evidence that family firms have lower levels of operational risk than non-family firms. in addi-tion, the results suggest that managers of family firms are more reluctant to assume risk in periods of crisis. this evi-dence suggests that family firms tend to be more conser-vative and risk averse than non-family firms, and that risk avoidance is stronger for crisis periods. therefore it may have real consequences for the allocation of corporate in-vestment capital between family and non-family firms, ac-cording to the risk aversion of investors.

the results indicate that the systematic risk is negatively related to age, suggesting that younger companies present higher risk, which is consistent with the life cycle of firms, the relationship being stronger for family firms than for their counterparts. moreover, we found evidence that family firms’ systematic risk is positively related to size, the relationship being stronger for non-family firms than for the family businesses.

Finally, the evidence supports the hypothesis that the higher the proportion of independent directors on the board, the higher the systematic and operational risks, the relationship being less positive in the family controlled firms. this evidence suggests that founders are more con-cerned about the survival of their firms than with the finance principle of shareholder wealth maximization, pos-sibly because of families wish to pass the firm to subse-quent generations. For policy makers, the finding that firm risk is significantly influenced by board independence in both family and non-family firms, could serve to justify a decision insofar as the proportion of independent directors on board.

although studying a Portuguese sample aids the contri-bution made by our study, because it is a market that has not yet been explored in this context, it also represents a limitation of our work because of the small size of the sample, resulting from the small size of the Portuguese capital market.

the results suggest several avenues for future research. Given the verification that evidence concerning family firms’ studies is sensitive to the respective definition, there is a need to consider alternative definitions of family firms, analyzing whether the results differ according to the defi-nition of family firm. the results suggest the need to ex-plore the relationship between risk and profitability in family businesses. Finally, we would like to focus on behav-ioural finance theory in order to explain the determinants of corporate risk in the context of family-controlled firms.

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correspondencia: Universidade de aveiro, deGei, Campus Universita-rio de santiago. 3810-193 aveiro (Portugal).

citación: vieira, a.l. (2014). exploring data Collection innovations by examining the effects of Relationship marketing on Performance in times of Crisis. Innovar, 24(53), 75-82.

clasiFicación jel: o32.


exploring data collection innovations by examining the

effects of relationship marketing on performance in times of crisis

Armando Luís Vieiradirector, advanced studies in tourism. vice-director, doctoral Programme in tourism. Lecturer and Researcher at DEGEI/GOVCOPP - Universidade de Aveiro, Portugal. E-mail: [email protected]

abstract: the scientific quality, rigour, and impact of a considerable number, if not the vast ma-jority, of marketing studies depend on an effective data collection process. most of the researchers in these and related areas rely on traditional data collection tools, such as face-to-face, pen-and-paper, or online questionnaires, which are not very effective, both in terms of the time and money required to gather a reasonable number of observations. Bearing in mind that crises should also be an opportunity for researchers and institutions to develop more productive and effective research tools and procedures, the aim of this research is twofold: 1) to test a model that relates relationship marketing (Rm) efforts with performance; and 2) to explore innovative, more effective, data collec-tion tools to be employed in a marketing research context. to this end, this study proposes and tests a model of the effects of Rm antecedents and mediators on objective performance. the empirical work draws on the perceptions of 4,389 firm representatives in terms of their relationships with their counterparts in hotels, collected by using appGeneration npolls . structural equation model-ling results suggest that commitment is the strongest determinant of share of business, and fully mediates the impact of relationship quality (with satisfaction and trust as first-order dimensions) on objective performance. From an innovative, methodological perspective, this study demonstrates that it is possible to collect a significantly high number of observations in a very short period of time, with considerable advantages when compared to traditional data collection procedures.

Keywords: innovation; data collection; Relationship marketing; seller objective performance; structural equation modelling.

introduction

in a macroeconomic recession context, where intense price competition and decreased demand have increased pressure on margins, customer loyalty is increasingly under threat, as buyers tend to look for the lowest cost alterna-tives (laPlaca, 2009). Providers who are not able or willing to compete via sales promotions or price wars, need to put even more emphasis on nurturing customer relationships with key clients, to develop meaningful differentia-tion and sustainable competitive advantage. the literature on buyer-seller relationships is implicitly predicated on the expectation that improvements in the quality of the relationship with a buyer will lead to a higher share of its business and ideally to a better financial performance. However, both managers and scholars have been increasingly reporting their disappoint-ment, because relationship marketing (Rm) efforts yield unclear results (Pal-matier, dant, Grewal & evans, 2006; Palmatier, Jarvis, Bechkoff & Kardes, 2009), rarely meet expectations (Henderson, Beck & Palmatier, 2011), and may even influence performance negatively (deWulf, odekerken-schröder

exploración de las innoVaciones en cUanto a recolección de datos mediante Un examen de los eFectos del marKeting relacional sobre el desempeño en tiempos de crisis

resUmen: la calidad científica, el rigor y el impacto de una cantidad considerable, por no decir la vasta mayoría, de estudios de marketing de-penden de un proceso efectivo de recolección de datos. la mayoría de los investigadores de estas áreas y áreas relacionadas, confían en las formas tradicionales de recolección de datos, como los cuestionarios cara a cara, de lápiz y papel, o en línea, que no son muy efectivos en términos del tiempo y dinero necesarios para recolectar una cantidad razonable de observaciones. teniendo en cuenta que las crisis también deben ser oportunidades para que los investigadores y las instituciones desarrollen herramientas y procedimientos de investigación más productivos y efec-tivos, esta investigación tiene dos objetivos: i) probar un modelo que re-laciona los esfuerzos del marketing relacional (mR) con el desempeño; y ii) explorar métodos de recolección de datos innovadores y más efectivos para emplearlos en un contexto de investigación de mercados. Con este fin, este estudio propone y prueba un modelo de los efectos de los an-tecedentes y mediadores del mR sobre el desempeño objetivo. el trabajo empírico se basa en las percepciones de 4389 representantes empresa-riales sobre sus relaciones con sus contrapartes en hoteles, que recolec-tamos usando npolls de appgeneration. los resultados de los modelos de ecuaciones estructurales sugieren que el compromiso es el determinante más poderoso de la participación en los negocios, y media por completo el impacto de la calidad de las relaciones (con la satisfacción y la confianza como dimensiones de primer orden) sobre el desempeño objetivo. desde una perspectiva metodológica innovadora, este estudio demuestra que es posible recolectar una cantidad significativamente grande de obser-vaciones en un período de tiempo muy corto, con ventajas considerables versus los procedimientos tradicionales de recolección de datos.

palabras claVe: innovación, recolección de datos, marketing rela-cional, objetivo de rendimiento del vendedor, modelación de ecuaciones estructurales.

exploration des innoVations sUr la collecte de donnÉes par Un examen des eFFets dU marKeting relationnel sUr le rendement en pÉriode de crise

rÉsUmÉ : La qualité scientifique, la rigueur et l’impact d’un nombre considérable, pour ne pas dire de la majorité, des études de marketing dépendent d’un processus effectif de collecte de données. La majorité des chercheurs de ces domaines, et de ceux qui leur sont liés, se fient aux mé-thodes traditionnelles de collecte de données, comme les questionnaires en tête-à-tête, avec crayon et papier, ou en ligne, qui ne sont pas très ef-fectives en termes de temps et d’argent pour recueillir une quantité rai-sonnable d’observations. Considérant que les crises doivent aussi être des occasions pour que les chercheurs et les institutions mettent en place des outils et des procédures de recherche plus efficients, cette investiga-tion a deux objectifs : i) expérimenter un modèle qui associe les efforts du marketing Relationnel (mR) avec le rendement ; et ii) rechercher des méthodes de collecte de données innovatrices et plus effectives pour les employer dans un contexte d’investigation de marchés. Pour cela, cette étude propose et expérimente un modèle des effets des antécédents et intermédiaires du mR sur le rendement objectif. le travail empirique est basé sur les perceptions de 4389 représentants d’entreprise sur leurs re-lations avec leurs interlocuteurs dans des hôtels, que nous recueillons en utilisant Npolls d’Appgeneration. Les résultats des modèles d’équations structurelles suggèrent que l’engagement est le facteur le plus puissant de la participation dans les affaires, et modère complètement l’impact de la qualité des relations (avec la satisfaction et la confiance en premier lieu) sur le rendement objectif. dans une perspective méthodologique innova-trice, cette étude démontre qu’il est possible de collecter une quantité si-gnificativement importante d’observations dans un temps très court, avec des avantages considérables par rapport aux procédures traditionnelles de collecte de données.

mots-clÉs : innovation ; collecte de données ; marketing relationnel ; objectif de rendement du vendeur ; modélisation d’équations structurelles.

exploração das inoVações QUanto à coleta de dados mediante Um exame dos eFeitos do marKeting relacional sobre o desempenHo em tempos de crise

resUmo: a qualidade científica, o rigor e o impacto de uma quantidade considerável, para não dizer a grande maioria, de estudos de marketing dependem de um processo efetivo de coleta de dados. a maioria dos pes-quisadores destas áreas, e áreas relacionadas, confiam nos métodos tradi-cionais de coleta de dados, como os questionários face a face, de lápis e papel, ou on line, que não são muito efetivos em termos do tempo e din-heiro necessários para coletar uma quantidade razoável de observações. levando em conta que as crises também devem ser oportunidades para os pesquisadores e as instituições desenvolverem ferramentas e procedi-mentos de pesquisa mais produtivos e efetivos, esta pesquisa tem dois ob-jetivos: i) experimentar um modelo que relaciona os esforços do marketing Relacional (mR) com o desempenho; e ii) explorar métodos de coleta de dados inovadores e mais efetivos para utilizá-los em um contexto de es-tudo de mercados. Com esta finalidade, este estudo propõe e experimenta um modelo dos efeitos dos antecedentes e mediadores do mR sobre o des-empenho objetivo. o trabalho empírico se baseia nas percepções de 4389 representantes empresariais sobre as suas relações com as suas congê-neres em hotéis, que coletamos usando npolls de appgeneration. os resul-tados dos modelos de equações estruturais sugerem que o compromisso é o determinante mais poderoso da participação nos negócios e intermedia inteiramente o impacto da qualidade das relações (com a satisfação e a confiança como dimensões de primeira ordem) sobre o desempenho obje-tivo. de uma perspectiva metodológica inovadora, este estudo demonstra que é possível coletar uma quantidade significativamente grande de ob-servações em um período de tempo muito curto, com vantagens consid-eráveis versus os procedimentos tradicionais de coleta de dados.

palaVras-cHaVe: inovação, coleta de dados, marketing relacional, ob-jetivo de rendimento do vendedor, modelagem de equações estruturais.

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& iacobucci, 2001; Palmatier, dant & Grewal, 2007). Rm efforts are commonly referred to as the behaviours and actions taken by business partners to develop and en-hance mutual beneficial interactions (e.g., Grönroos 2000; Hunt et al. 2006). although, as the expression implies, this concept is connoted with the social level of relationships, building on the notion that buyers derive utility from social capital (Granoveter 1985; Hughes, le Bon & Rapp, 2013), Rm efforts are also viewed as important determinants of objective seller performance (leuthesser, 1997; Palmatier et al., 2009).

While there is widespread agreement that the effects of Rm efforts on performance are mediated by relational con-structs, seller objective performance has typically been ne-glected in previous studies, although it is regarded as a particularly important outcome of relational efforts (atha-nasopoulou, 2009; Palmatier et al., 2006). a meta-analysis by Palmatier et al. (2006) showed that Rm is more effec-tive in improving the provider’s performance and building loyalty when buyers perceive relationships to be more im-portant, and specifically, in service settings, in channel ex-changes as compared to direct exchanges, and in business markets as compared to consumer markets. the present research focuses on business-to-business (B2B) service con-texts characterised by frequent interaction between key firm representatives, which for the most part correspond to the above mentioned ‘ideal’ circumstances. Indeed, not-withstanding the old and recurring alerts to services and B2B marketing being neglected, although they account for the majority of marketing expense (Gummesson & Grön-roos, 2012), and despite the wealth of literature on Rm, empirical work is fragmented and only two studies (Boles, Johnson, & Barksdale, 2000; Huntley, 2006) were under-taken in a B2B services context examining the full link between relational efforts/firm characteristics, relational mediators, and objective outcomes.

moreover, although the scientific quality, rigour, and im-pact of a considerable number, if not the vast majority, of marketing studies depend on effective data collection pro-cesses (Churchill, 1999; Hair, anderson, tatham & Black, 1998), most of the researchers in these and related areas rely on traditional data collection tools, such as face-to-face, pen-and-paper, or online questionnaires, which are not very effective, both in terms of the time and money re-quired to gather a reasonable number of observations. this is particularly critical in times of crisis, when researchers and institutions should take the opportunity to develop more productive and effective research tools and proce-dures. against this background, the aim of this research is twofold: i) to test a model that relates relationship mar-keting (Rm) efforts with performance; and ii) to explore

innovative, more effective, data collection tools to be em-ployed in a marketing research context.

the following sections provide a theoretical overview on relational antecedents and mediators, their interlink-ages, followed by a proposed model of their impacts on share of business. after describing the adopted method-ology, the paper will proceed by systematising the main results. the analysis suggests that commitment is the strongest determinant of share of business and fully me-diates the impact of relationship quality on share of busi-ness. From an innovative, methodological perspective, the study demonstrates that it is possible to collect a significantly high number of observations in a very short period of time, with considerable advantages versus the traditional data collection procedures. the paper final-ises with the main contributions, both theoretical and managerial, as well as the study’s limitations and sug-gestions for future research.

background

Building on some degree of consensus on the type of rela-tional determinants of firms/customer performance (e.g., athanasopoulou, 2009; Palmatier et al., 2006), the fol-lowing constructs were employed in the present research as a basis for conducting the analysis.

relational antecedents

Communication is defined as the ability to use unique combinations of code, content, and communication rules to communicate effectively (Williams & spiro, 1985). Com-munication has been considered the most basic activity during exchange, and is essential to the interaction estab-lished between the individuals involved (Williams, spiro & Fine, 1990). effective communication enhances trust, notably within channel dyads (anderson & Weitz, 1992; morgan & Hunt, 1994). Communication has also been sug-gested as an antecedent of commitment (Friman, Garling, millet, mattsson, & Johnston, 2002) and satisfaction (leu-thesser, 1997).

Domain expertise, also referred to as salesperson exper-tise, is defined as the customer’s perception of the other party’s level of technical knowledge and the ability to demonstrate such knowledge (Boles et al., 2000; Palmer & Bejou, 1994). this concept has been frequently used in the literature as a driver of RQ, both when the latter has been conceptualised as a higher-order construct com-prising trust and satisfaction (e.g., Crosby, evans, & Cowles, 1990), and as a direct antecedent of those two dimen-sions of RQ (Bejou, ennew & Palmer, 1998). in addition,

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a meta-analysis by Palmatier et al. (2006) showed that seller expertise also influences commitment.

Relational value refers to the party’s expected net ben-efits from a relationship resulting from balancing rela-tional benefits and sacrifices (Grönroos, 2000). Partners stay in relationships as long as they can expect to receive the promised benefits (morgan & Hunt, 1994). these re-lational benefits extend beyond just immediate economic benefits and also include social benefits, which arise from social bonds (Hennig-thurau, Gwinner & Gremler, 2002). Commitment increases when buyers perceive both that they can receive superior benefits from their partnerships (morgan & Hunt, 1994), and that the alternatives to their current relationships are relatively poor (Rusbult, 1983). the literature suggests a positive association between rela-tionship-specific investments and commitment (anderson and Weitz, 1992; Palmatier et al., 2007). this is in line with the idea that commitment is driven by value and that each partner’s commitment depends on the motivation for en-tering into a relationship, which is in part influenced by the assessment of expected (intrinsic) benefits and sacri-fices (Geyskens, steenkamp, sheer & Kumar, 1996). the

concept of relational value has also been linked to trust and satisfaction in previous investigations, either individu-ally (Ulaga & eggert, 2006), or as part of RQ conceptual-ised as a higher-order construct (deWulf et al., 2001).

Mutual goals is another proposed relational antecedent in this study. the existence of goal congruity offers the right conditions for both parties to benefit from participating in a relationship (mcQuiston, 2001). mutual goals have been defined as the degree to which parties share goals that can only be achieved through joint action and the main-tenance of the relationship (Wilson, 1995), and as such, point to a process in which both parties work as equals to-ward the definition of a common long-term achievement. the literature generally recognizes that trust is enhanced when channel partners have similar goals (anderson & Weitz, 1989), that commitment is positively influenced by shared values, defined as “the extent to which partners have beliefs in common about what behaviours, goals, and policies are important or unimportant” (morgan & Hunt, 1994, p. 25), and that the existence of mutual goals may also enhance satisfaction with both the relationship and the performance of the seller (Wilson, 1995).


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relational mediators

the most commonly used relational mediators are con-structs capturing the level of trust, commitment, and satis-faction within a customer/firm relationship.

Trust is defined as the ability and willingness to rely on the relationship manager’s integrity and behaviour (i.e., trustworthiness) so that the long-term expectations of the buyer will be met (Crosby et al., 1990; moorman et al., 1992; morgan & Hunt, 1994); commitment captures the parties’ firm and consistent motivation to maintain a rela-tionship that is valued by them (dwyer, schurr & oh, 1987; Hewett, money & sharma, 2002; moorman et al., 1992; morgan & Hunt, 1994); and satisfaction is frequently de-fined as the assurance, perceived by the buyer, regarding the supplier’s future performance, given that past perfor-mance has been consistently satisfactory (Crosby et al., 1990; naudé & Buttle, 2000).

several authors treated Rm mediators as first-order di-mensions of relationship quality (RQ). Consistent with the purposes of this paper, RQ is defined as the joint cogni-tive assessment of business interactions by key individuals in a business-to-business (B2B) relationship (Holmlund, 2001). Classic, seminal work by Crosby et al. (1990) con-ceptualised RQ as comprising trust and satisfaction (see also Bejou, Wray & ingram, 1996; Boles et al., 2000; Han, Wilson & dant, 1993; Wray, Palmer & Bejou, 1994).

modelling the impacts on share of business

the proposed model is illustrated by Figure 1.

FigUre 1. proposed model

RelationshipQuality

Trust

Satisfaction Commitment

Mutual Goals

Communication

Domain Expertise

Relational Value

Share of Business


the configuration of the proposed model is influenced by the Kmv model proposed by morgan and Hunt (1994) which regards commitment as a mediator of the effect of satisfaction and trust on strategic performance (see also Ramaseshan et al., 2006; venetis & Ghauri, 2004). Based

on this stream of literature, RQ is modelled as a second-order construct reflecting trust and satisfaction. as in the Kmv model, commitment is proposed to mediate the ef-fects of trust and satisfaction (via RQ) on share of business. Conceptualising RQ as a higher-order construct implies that trust and satisfaction act as indicators of the quality of the provider-client relationship. it has been argued that the more committed the client, the lower the probability of a switch to an alternative provider due to a price change; on the contrary, committed clients often show a relatively higher spending (Reichheld & sasser, 1990). the literature also suggests that commitment may play a particularly im-portant role in improving share of business (e.g., Hewett et al., 2002; Palmatier et al., 2006; Rauyruen & miller, 2007; Roberts, varki & Brodie, 2003).

Bearing in mind the foregoing discussion, the broad organ-isation of the hypotheses underlying the proposed model is twofold: on the one hand, commitment acts both as driver of performance and as a mediator of the influence of RQ on share of business (illustrated in Figure 1 by the links among RQ, commitment and share of business). on the other, it is hypothesised that higher levels Rm ante-cedents, i.e., goal congruity, communication effectiveness, domain expertise, and expected relational net benefits, in-fluence positively and directly, not only RQ, but also com-mitment (illustrated in Figure 1 by the remaining links).

methodology

the analysis is based on the perceptions of 4,389 firm representatives about their relationships with their coun-terparts in hotels, in a context characterised by recurring interaction between key individuals representing the par-ties and service customisation and co-ordination, i.e., a research setting that resembles the context where Rm is more effective, as suggested by Palmatier et al. (2006). the data were collected using appGeneration npolls (more details on www.npolls.com and www.appgeneration.com). the previously mentioned considerably high number of ob-servations was gathered in only 5 days. indeed, npolls op-erates on any device with the android system or equivalent (e.g., Iphone, Ipad). The researcher is able to create his/her own questionnaires, which will be answered by android (or equivalent) device users worldwide, and receive the results, via e-mail, in Excel/Csv format.

all measures included in the questionnaire were based on established measurement scales with slight adaptations to fit the research setting of the present study. the items measuring trust and satisfaction were based on the orig-inal scales developed by Crosby et al. (1990). Commitment was measured with seven indicators adapted from the

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work of Bansal, irving and taylor (2004), and the mutual goals scale comprised of four items based on mcQuiston (2001). the seven items measuring domain expertise were selected and adapted from the soCo scale developed by saxe and Weitz (1982). Communication was measured using a 7-item scale including the items developed by Wil-liams and spiro (1985) to measure the interaction orienta-tion dimension of communication. Share of business was measured by a single item asking client managers to indi-cate ‘out of all the hotel services your company uses, what percentage is represented by this hotel chain?’

table 1 includes the measurement items contained within in the questionnaire, and their respective reliability coeffi-cients and factor loadings, based on sPss and lisRel out-puts. in responding to these items, the representatives of corporate clients were asked to consider the relationship with their respective hotel client manager. in line with pre-vious research practice (e.g., anderson & narus, 1990), a key informant single respondent approach was adopted.

table 1. constructs and scales Used

trust (a = 0.91) Factor loadings

Our client manager can be relied upon to keep his/her promises

0.875

there are times when we find our client manager to be a bit insincere

0.869

We find it necessary to be cautious in dealing with our client manager

0.845

our client manager is trustworthy 0.878

our client manger is trying to sell us a lot of services and we are trying to avoid it*

Our client manager puts our interests before his/her own* 0.856

our client manager is capable of bending the facts to create the impression he/she wants.

0.863

our client manager is dishonest*

We suspect that our client manager has sometimes withheld certain pieces of information that might have affected my decision-making

0.873

commitment (a = 0.92)

even if it were to our advantage, we do not feel it would be right to leave our client manager now

0.740

this client manager deserves our loyalty 0.845

We would feel guilty if we left our client manager now*

We would not leave this client manager right now because we have a sense of obligation to him

0.851

We do not feel ‘emotionally attached’ to our client manager 0.836

We do not feel like ‘part of the family’ with our client manager

0.815

We do not feel a strong sense of ‘belonging’ to our client manager

0.843

satisfaction (a = 0.86)

We are satisfied with the performance of our client manager 0.837

We are pleased with the performance of our client manager 0.790

We have a favourable opinion on our client manager’s performance

0.799

mutual goals (a = 0.85)

We share a joint vision with our client manager of what is necessary for mutual success

0.802

We know with certainty what our client manager expects of us

0.783

We work proactively with our client manager to establish 0.715

We can state with certainty that our client manager has the same basic beliefs about running a business than we do

0.803

communication (a = 0.88)

our client manager genuinely enjoys helping us 0.769

our client manager is easy to communicate with*

our client manager likes to help clients 0.722

our client manager is a cooperative person 0.713

our client manager tries to establish a personal relationship 0.692

our client manager seems interested in us not only as a cli-ents, but also as persons

0.741

our client manager is friendly 0.737

domain expertise (a = 91)

our client manager recommends suitable solutions for us 0.846

our client manager tries to find best services for us 0.857

our client manager answers our questions correctly 0.828

Our client manager tries to match the hotel’s solutions with our problems*

our client manager is willing to disagree with us in order to help us make a better decision

0.786

our client manager tries to give us an accurate expectation of what the product will do for us

0.815

our client manager tries to figure out our needs 0.721

relational value (a = 0.85)

this relationship is extremely rewarding 0.797

this relationship is extremely costly 0.765

all things considered, there are many benefits associated with this relationship that we would lose if the relationship were to end

0.935

* item removed during measure purification.

source: sPss and lisRel outputs.

results

the structural equation analysis based on lisRel outputs suggest that the model shows a very good overall fit and a substantive predictive power (see table 2).

in terms of model interpretation, the effect of RQ (com-prised of satisfaction and trust) on share of business is me-diated by commitment. this finding highlights the pivotal role of commitment, and suggests support for its role as both driver of performance and mediator of the influence of RQ on share of business, as hypothesised. this is broadly in line with previous research adopting a similar approach to modelling the effects of relational efforts on seller ob-jective performance (e.g., Hewett et al., 2002; Palmatier et


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al., 2006; Palmatier et al., 2009; Rauyruen & miller, 2007; Roberts et al., 2003).

table 2. standardised coefficients and model Fit

rQ R2 = 0.425

mutual Goals RQ 0.333

Communication RQ 0.269

domain expertise RQ 0.230

Relational value RQ 0.090

commitment R2 = 0.429

mutual Goals Commitment 0.148

Communication Commitment 0.167

domain expertise Commitment 0.085

Relational value Commitment 0.211

RQ Commitment 0.317

performance (share of business) R2 = 0.162

Commitment Performance 0.409

Fit indices

Rmsea 0.031

CFi 0.98

nnFi 0.97

2 967.5

source: lisRel output.

Regarding the hypotheses concerning relational anteced-ents, results support the expectation that higher levels Rm antecedents positively and directly influence, not only RQ, but also commitment. in addition, results suggest that mu-tual goals is the main driver of relational mediators. Rela-tional value appears to be more important in enhancing commitment than for increasing the other relational me-diators. Communication and domain expertise also exhibit relatively important impacts on RQ conceptualized as a higher-order construct. this is probably due to the above mentioned influence exerted by the latter relational me-diators on RQ building blocks, namely the relatively im-portant impacts of communication on trust (anderson & Weitz, 1992; morgan & Hunt, 1994) and commitment (Friman et al., 2002), and of domain expertise on trust (Bejou et al., 1998).

these results were based on a considerably high number of observations collected in a relative short period of time, which suggests, from a methodological perspective, that it is possible to introduce a certain level of innovation while maintaining scientific rigour and effectiveness.

conclusions

this study provides new insights on innovative data col-lection procedures as well as the structural relation-ships amongst relational constructs and objective seller

performance, which are particularly relevant in times of crisis, both for researchers and practitioners. indeed, most of the researchers in marketing and related areas rely on traditional data collection tools, such as face-to-face, pen-and-paper, or online questionnaires, which are not very ef-fective, both in terms of the time and money required for gathering a reasonable number of observations. this re-search explored innovative, more effective, data collection tools to be employed in a marketing research context, and possibly extrapolated to other scientific areas. in effect, npolls allows for the collection a considerably high number of observations in a short period of time, which are then possible to analyse from various data analysis perspec-tives, as illustrated by the present study.

From a modelling perspective, the results suggest that the model fits the data well, which suggests that the se-lected constructs and the associations among them are ap-propriate to explain the phenomena under analysis. the paper thus provides interesting theoretical contributions. indeed, in line with the majority of extant studies, the find-ings demonstrate the role of commitment, satisfaction and trust as key mediators of the effects of relational efforts on seller objective performance. this study highlighted commitment as a key construct as far as the impacts of Rm efforts on seller objective performance are concerned, and mutual goals as the most important antecedent of Rm mediators. it is believed that, by devising and rigorously testing a model in an important services context, this in-vestigation represents a valuable contribution to better understanding the effects of Rm efforts on performance. it is thus expected that these results will spark researchers interested in replicating and testing both the model and the data collection innovation in other research settings, namely characterised by maturity and intense competition.

this paper also provides important contributions as far as managerial implications are concerned, especially in times of macroeconomic recession, and the consequent increased pressure on both demand and margins. Rela-tional efforts are viewed as crucial to performance given that ‘most firms must leverage other organizations’ capa-bilities and resources to compete effectively’ (Palmatier et al., 2007, p. 172). the role of relational mediators, i.e., RQ and its building blocks (trust and satisfaction), is widely ac-knowledged as pivotal in channelling the impact of Rm ef-forts on performance. Relational antecedents, for example, communication, domain expertise, mutual goals, and rela-tional value, as proposed in this study, represent another central pillar of Rm activities, which are viewed as a means to achieving meaningful differentiation and competitive advantage. managers need to bear in mind that the de-livery of high quality goods and services is increasingly

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considered a mere minimum requirement for competitive-ness rather than being the source of superior performance. this is particularly true in times of crisis. in this context, managers need to identify the adequate tools to increase a firm’s share of each customer’s wallet, in order to achieve economies of scale and better financial performances. a better understanding of how Rm antecedents, mediators and outcomes are related might improve marketing man-agers’ decisions on practical aspects. According to these findings, managers should regard commitment as a central relational mediator and the most influential factor in en-hancing seller objective performance. Since the product/service offered by companies in a given market can be essentially the same, differentiation is exerted through good quality, commitment-based relationships, which will enable the organisation to resist changes in the competi-tive environment, for example, via technology or price. the results suggest that commitment acts simultaneously as the mediator of all the other impacts exerted on share of business, i.e., not only by Rm antecedents, but also by RQ comprising of trust and satisfaction. as far as Rm ante-cedents are concerned, managers should pay particular at-tention to goal congruity, give that it emerges as the most important determinant of RQ and its building blocks. Com-munication seems to be particularly effective in increasing trust and commitment, while the importance of relational value seems to be confined to promoting commitment. do-main expertise appears to be more important in enhancing trust, than commitment and satisfaction. this study reit-erates the need for managers to focus on what is most valuable to buyers in order to build high quality, mutually lucrative relationships. the relational perspective implies that organizations and their representatives evolve from a selling approach to a counseling, committed approach. this, in turn, draws the attention to issues as much ob-vious and important as often neglected, such as carefully selecting, training, empowering, motivating and compen-sating relationship managers—the ‘face’ of the organiza-tion—so that they can perform effectively, particularly, in terms of the influence of relational efforts on performance. By looking at the connections in the model, in addition to the constructs themselves, it is possible to apprehend how managers will be able to inspire commitment and im-prove performance, thereby developing mutually beneficial business relationships. examples of benefits for the buyer range from a higher opportunity for customisation and, thus, for better satisfaction of needs and preferences, to a greater effectiveness in decision-making, and the reduc-tion of the perceived risks related to future purchases. Re-lational efforts also provide the customer with safety. in time and with the development of committed-based rela-tionships, parties build a ‘healthy’ atmosphere, provided

that, at the same time, the buyer can rely on a consistent level of service offered by the service provider. the benefits for the seller are also significant. the longer and increas-ingly committed the relationship, the higher the potential for performance maximization, as the customer will in-crease the number of purchases. in turn, the greater the repeat business, the more the buyer progresses in the expe-rience curve, becoming more effective, and, consequently, bringing less costs and more profits.

although it is perceived that this research has provided new and important insights on how Rm activities and me-diators affect objective performance, it should be acknowl-edged that there are some inherent limitations, not only in terms of the relatively low percentages of share of busi-ness’ explained variance, but also in terms of the research approach. exploring determinants of objective measures of performance—other than relational drivers—represents an important opportunity for future work, not least because business relationships seem to develop at different levels, in addition to the social level of business relationships (e.g., structural and economical). Given that relationships are intrinsically dynamic, replicating this study beyond the boundaries of a single organization, from a longitudinal approach, also constitutes an interesting avenue for future research. although, as evidenced, npolls allows for the col-lection of a relatively high number of observations in a rather short period of time, with considerable advantages when compared to traditional data collection procedures, there are still some limitations inherent to the fact that the number of potential respondents is limited to the number of android (or equivalent) device users (which is experi-encing an exponential growth). opportunities for future re-search are rather appealing, provided that the npolls tool is appropriately explored and used.

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corresponding aUtHor: Rua miguel lúpi, n.º 20, 1200-725 lisboa – Portugal; [email protected]

citación: Felício, J., ivashkovskaya, i., Rodrigues, R., & stepanova, a. (2014). Corporate Governance and Performance in the largest euro-pean listed Banks during the Financial Crisis. Innovar, 24(53), 83-98.

clasiFicación jel: G34.

recibido: Junio 2013; aPRoBado: noviembre 2013.

corporate governance and performance in the largest

european listed banks during the Financial crisis

J. Augusto Felícioschool of economics and management, University of lisbon, Portugal

Irina IvashkovskayaCorporate Finance Center, Higher school of economics, Russia

Ricardo RodriguesCenter for management studies, school of economics and management, Portugal

Anastasia StepanovaCorporate Finance Center, Higher school of economics, Russia

abstract: this research focuses on the relationship between corporate governance and perfor-mance in the largest european listed banks, which have been studied to a lesser extent within this field. the study is based on agency theory and we use a sample of 404 observations referring to 97 banks selected from the annual ranking of the 2,000 biggest companies in the world prepared by Forbes. the paper covers the period from 2006 to 2010, thus, examining the changes in the performance drivers in the recent financial crisis. on the basis of the panel data analysis, we confirm that the variety of governance factors including board size, insider appointed, directors’ age, board meetings and affiliated committees influence the performance of the banks. this paper contributes to a better understanding of the effect of corporate governance on the financial performance of the financial companies in times of high capital market volatility.

Keywords: Corporate governance; bank performance; agency theory; financial crisis.

introduction

larcker, Richardson and tuna (2007) argue that the lack of consistent em-pirical results on the influence of corporate governance on performance is due to the difficulty in adequately measuring corporate governance and, in that context, identify fourteen corporate governance factors. Based on these factors and on agency theory, Grove, Patelli, victoravich and Xu (2011) study the influence of corporate governance on the performance of U.s. banks.

the study of commercial banks and financial institutions is particularly rel-evant given the importance of the financial sector in the modern economy, thus, requiring specific regulations and supervision by market authorities. this importance became very clear during the recent international crisis since the banks were subject to specific interventions from central banks and governments (Friedman, 2011) aiming to maintain confidence in the markets (Zingales, 2008).

gobernanZa corporatiVa y desempeño de los bancos cotiZados de mayor tamaño de eUropa dUrante la crisis económica

resUmen: esta investigación se enfoca en la relación entre la gober-nanza corporativa y el desempeño de los bancos cotizados en la bolsa y de mayor tamaño de europa, que es un tema menos estudiado dentro de este campo. el estudio se basa en la teoría de agencia, y usamos una muestra de 404 observaciones, que se refieren a 97 bancos seleccionados del ran-king anual de Forbes de las 2000 compañías mundiales de mayor tamaño. el artículo cubre el período de 2006 a 2010, y por lo tanto examina los cambios en los indicadores de rendimiento dentro de la reciente crisis eco-nómica. Con base en el análisis de datos de panel confirmamos que la variedad de factores de gobernanza, incluyendo el tamaño de la junta, el nombramiento interno, la edad de los directores, las reuniones de la junta y los comités afiliados, inciden sobre el rendimiento de los bancos. este artículo contribuye a una mejor comprensión del efecto de la gobernanza corporativa sobre el rendimiento económico de compañías financieras en tiempos de alta volatilidad del mercado de capitales.

palabras claVe: gobernanza corporativa; rendimiento de los bancos; teoría de agencia; crisis económica.

goVernança corporatiVa e desempenHo dos bancos de maior tamanHo da eUropa QUe Vão a público dUrante a crise econômica

resUmo: este artigo se centra na relação entre a governança corpora-tiva e o desempenho dos bancos de maior tamanho da europa que vão a público na bolsa, que é um tema menos estudado nos artigos sobre ren-dimento. O estudo se baseia na teoria de agência e usamos uma amostra de 404 observações que se referem a 97 bancos selecionados do ranking anual de Forbes dentre as 2000 companhias mundiais de maior tamanho. Cobre o período de 2006 a 2010 e, portanto, examina as mudanças nos indicadores de rendimento dentro da recente crise econômica. Com base na análise de dados de painel, confirmamos que a variedade de fatores de governança, incluindo o tamanho da diretoria, a nomeação interna, a idade dos diretores, as reuniões da diretoria e os comitês afiliados, incidem sobre o rendimento dos bancos. este artigo contribui para uma melhor compreensão do efeito da governança corporativa sobre o rendimento econômico de companhias financeiras em tempos de alta volatilidade do mercado de capitais.

palaVras-cHaVe: governança corporativa; rendimento dos bancos; teoria de agência; crise econômica.

goUVernance corporatiVe et rendement des banQUes d’eUrope cotÉes d’Une taille importante pendant la crise ÉconomiQUe

rÉsUmÉ : Cet article est centré sur la relation entre la gouvernance cor-porative et le rendement des banques cotées en bourse et de grande taille d’Europe, ce qui est un sujet moins étudié dans les articles sur le rende-ment. L’étude se base sur la théorie d’agence et nous utilisons un échan-tillon de 404 observations qui se réfèrent à 97 banques choisies d’après le ranking annuel de Forbes des 2000 compagnies mondiales de plus grande taille. elle couvre la période de 2006 à 2010, et examine les changements dans les indicateurs de rendement au cours de la récente crise économique. Sur la base de l’analyse de données du panel, nous confirmons que la va-riété des facteurs de gouvernance, incluant la taille du conseil d’entre-prise, la nomination interne, l’âge des directeurs, les réunions du conseil d’entreprise et les comités affiliés ont une incidence sur le rendement des banques. Cet article contribue à une meilleure compréhension de l’effet de la gouvernance corporative sur le rendement économique de compagnies financières en des périodes de haute volatilité du marché des capitaux.

mots-clÉs : gouvernance corporative ; rendement des banques ; théorie d’agence ; crise économique.

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the importance of this work is justified by the focus on the period of the recent financial crisis and the small number of research studies that focus on the strategic perspec-tive of the boards (adams & mehran, 2003; Kim, Burns & Prescott, 2009). Furthermore, it allows the identification of differences between north american and european banks, although we did not fully follow the factors proposed by Grove et al. (2011) as we gave preference to the ones pro-posed by larcker et al. (2007). in this regard, Klein, sha-piro and young (2005) state that there is no clear evidence that better corporate governance leads to better perfor-mance of the companies in different markets.

the focus of this work is to understand the relationship between corporate governance mechanisms adopted by the major european listed banks and their performance. We verify the pattern in these relations in the time pe-riod under analysis. this paper contributes to a better un-derstanding of the effect of corporate governance on the financial performance of the financial companies, espe-cially the type of mechanisms and the relationship with performance variables. Besides the evident negative influ-ence of the debt ratios on bank performance in times of financial crisis, we were able to find significant bank per-formance drivers among corporate governance indicators. the results demonstrate the significant positive influence of board meeting frequency and directors’ experience mea-sured with the director’s age on the bank performance. The results did not provide the evidence to support the perfor-mance effect of block ownership, anti-takeover provisions, Ceo duality, busy boards, compensation mix and insider power that demonstrate a significant performance effect in a stable economic situation according to previous re-search. the bank size and the headquarters location (the Eurozone and countries’ GDP per capita) also influence the performance of european banks.

the article is structured as follows. We present the litera-ture review and the hypotheses in the section 1. section 2 provides the conceptual model, the variables and empirical agenda. the results and discussion are given in the sec-tion 3. Finally, we summarize conclusions and recommen-dations for future research in the section 4.

literature review and hypotheses

Corporate governance regards control mechanisms and the management of relationships between the various actors with effects on company performance. in this context, the board of directors, large shareholders and the market for corporate control stand out. Classic research studies the effect or the limitation of the behavior of executives and

their action on performance (Core, Holthausen & larcker, 1999; Klein, 2002). Black, Jang, Kim and mark (2002) ob-served that companies with better corporate governance have better financial performance, which is supported by Jensen and meckling (1976) and Fama and Jensen (1983). Good corporate governance helps the owner to exert con-trol over the company’s business. In turn, the governance mechanisms confer the owners a command position to manage the directors.

traditionally, good corporate governance is associated with dispersed ownership, middle-sized independent board of directors and other mechanisms mitigating the agency costs. But the question of what good corporate gover-nance is; is still open. How is it possible to quantify the quality of corporate governance? there are a large number of different approaches from using a large set of gover-nance coefficients to developing the original research cor-porate governance ratings (e.g. Gompers, ishii & metrick, 2003). in this study, we use the methodology by larcker et al. (2007) to evaluate the influence of corporate gover-nance mechanisms on the bank performance described in methodological section of the paper. Below, we present a number of hypotheses concerning different dimensions of corporate governance.

Grossman and Hart (1988) highlight the conflict between minority and majority shareholders, as these are encouraged to maximize corporate performance and discriminate the mi-nority, which leads to increased agency costs (Barclay & Hol-derness, 1989). Burkart, Gromb and Panunzi (1997) observe that the higher shareholder concentration leads to excessive control and the limitation of executives’ initiative.

iannotta, nocera and sironi (2007); Bektas and Kaymak (2009) report that, in banks, the effect of shareholder con-centration on performance is different. sarkar and sarkar (2000); Gorton and schmid (2000) observe that block ownership is positively related to performance, leading to higher market-to book ratios and return on assets. shleifer and vishny (1986) support that the concentrated owner-ship improves performance through the increase in control, but demsetz and villalonga (2001) state that the influ-ence is negative. the non-linear impact of ownership on firm performance is highlighted by Prowse (1990); Holder-ness, Kroszner and sheehan (1999).

akhigbe and madura (1996) consider that in companies with a high level of insider holdings and a low level of insti-tutional holdings the adoption of anti-takeover provisions has negative effects on long-term performance. accord-ingly, larcker et al. (2007) found a negative association between anti-takeover provisions and performance and agrawal and Knoeber (1996) found that the higher control

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of the company via takeovers has a negative effect on per-formance. other results suggest that anti-takeover provi-sions have a positive influence on operating performance (Beiner, drobetz, schmid & Zimmerman, 2006; seppo, Put-tonen & Ratilainen, 2011). similarly, Bauer et al. (2004) found a positive relationship between operating perfor-mance and the quality of external corporate governance.

larcker et al. (2007) consider that the presence of debt is negatively associated with operating performance. How-ever, debt generates external monitoring and influences the controlling shareholders to improve company per-formance. debt is based on the perspective of creditors acting as a mechanism of corporate governance encom-passing the natural adjustment of the market with positive effects on performance (Klock et al., 2005; mansi, maxwell & miller, 2004). For denis (2001) and mcColgan (2001) these governance mechanisms are effective and positive through the reduction of agency costs and the increase in performance. We suppose the debt level may have both a negative and a positive influence on bank performance depending on the sector and the business environment. as this study is devoted to crisis environment we suppose the negative performance effect of debt.

Consequently, the following hypotheses were formulated:

Hypothesis 1: Block ownership has a negative influence on bank performance.

Hypothesis 2: anti-takeover provisions have a negative in-fluence on bank performance.

Hypothesis 3: debt level has a negative influence on bank performance.

according to dalton, daily, Johnson and ellstrand (1999) larger boards accumulate more resources, expertise and negotiating power resulting from agency conflict (Jensen, 1993), but the larger size affects the decision-making pro-cess, making it more difficult and time consuming. adams and mehran (2003) observe that banks with larger boards have a complex organizational structure and require more committees (e.g., lending and credit risk committees). However, the smallest dimension of the board gives the Ceo more power (yermack, 1996). de andres and valle-lado (2008); Grove et al. (2011) observed nonlinear rela-tionships between the board size and bank performance, and the reasoning is that smaller boards make decisions faster, but large boards have greater experience, which is in accordance with Bennedsen, Kongsted and nielson


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(2008) who argue that there is an ideal board size beyond which the company’s performance is impaired. Adams and mehran (2005) find a positive effect of board size on performance. this is because larger boards have more in-formation (Coles, daniel & naveen, 2008; dalton et al., 2005). Walsh and seward (1990); daily and dalton (1993) reported that larger boards contributed to better financial performance. in the opposite direction, eisenberg, sund-gren and Wells (1998) showed that companies with smaller boards had higher Roa. Given such diversity, Beiner et al. (2006) affirm that these results are inconsistent. in this study, we work with the largest european banks. this leads us to the idea that the nonlinear relationship will result in a negative in-fluence on bank performance for the sample banks.

the insider board members are an important source of spe-cific information but can be influenced by the CEO’s lack of independence or by the distortion of objectives (Raheja, 2005). in view of the conflict between owners and man-agers, the managers that increase their ownership power tend to choose a board that is unlikely to be controlled by other shareholders (lasfer, 2006). thus, companies that have high managerial ownership are less likely to have a high proportion of non-executives on the board and to appoint a non-executive chairman. Helland and sykuta (2005) consider that in firms that are more geared towards performance control, when the conflict centers on the rela-tionship between majority and minority shareholders, the shareholders resort to more insiders on the board to in-crease the control.

the concentration of power is a key feature of insider power indicating weak corporate governance. It’s as-sumed that the Ceo duality reduces the independence of the board (larcker et al., 2007; yermack, 1996). this sup-ports the findings by Pi and timme (1993) indicating that in companies in the financial sector, the concentration of power has negative effects on Roa. However, the duality may bring about benefits, including the reduction of infor-mation asymmetry, reducing agency costs and improves the operating performance of the company (Belkhir, 2004; Bhagat & Bolton, 2008). yet some studies find no signifi-cant relationship between duality and firm performance (Coles, mcWilliams & sen, 2001; Rechner & dalton, 1991). thus, the following hypotheses were expressed:

Hypothesis 4: Board size has a negative influence on bank performance.

Hypothesis 5: insider representation has a negative influ-ence on bank performance.

Hypothesis 6: Ceo duality has a negative influence on bank performance.

serfling (2012) argues that the age of the Ceo has a major effect on business performance and contributes to the ex-istence of agency costs. an older Ceo may turn the knowl-edge, skills and competencies that are obsolete and induce organizational decline (agarwal & Gort, 2002). But for Jain and Kini (1994); Fama and French (2004) age does not ex-plain the decrease in performance.

Harris and shimizu (2004) found that busy directors are important sources of knowledge and improve the perfor-mance. However, companies that resort to busy directors (serving on three or more boards) have lower market-to-book ratios and weaker operating profitability (Ferris, Ja-gannathan & Pritchard, 2003; Fich & shivadasani, 2004).

vafeas (1999) indicates that the frequency of board meet-ings is negatively related to performance. For other au-thors the highest frequency of board meetings results in higher quality of monitoring of management actions and reinforces bonds of cohesion between directors with pos-itive impact on corporate performance (lipton & lorsch, 1992; mangena & tauringana, 2008; ntim, 2009). the hy-potheses are as follows:

Hypothesis 7: Directors’ age influence bank performance.

Hypothesis 8: Busy directors have a negative influence on bank performance.

Hypothesis 9: meeting frequency influences bank perfor-mance positively.

Baysinger and Butler (1985) found that firms that perform better include more outsiders on the board. in turn, Klein (2002) verified the presence of lower abnormal accruals when the board has a majority of outside directors. Given the large size of the boards in banks, adams and mehran (2003) refer to the need to pressure the boards to achieve greater efficiency in order to meet operational objectives. according to Boone, Field, Karpoff and Raheja (2007) and linck, netter and yang (2008) in companies with larger boards there is a propensity for a progressive degeneration of corporate governance quality and higher Ceo compen-sation. a larger percentage of affiliated or inside directors in the audit committee is associated with lower efficacy of the committee and a lower quality of earnings in terms of more discretionary accruals (Klein, 2002; vafeas, 2005).

traditional opinion points to executive stock options having positive effects on firm performance, aligning the interest of executives with the interests of the shareholders

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(e.g. Hanlon, Rajgopal & shevlin, 2003). the stock options lead the executives to focus on the short-term stock price to obtain better compensation when this is how they are remunerated (Peng & Roell, 2008). according to Chen, Firth, Gao and Rui (2006) the executive compensation through stock options is more prevalent in banks than other industries and this leads to high-risk taking in the banking industry. ang, Cole and lin (2000) found that bank Ceos receive more and have greater incentives re-sulting from their compensation structure than Ceos of non-banking companies. However, Core et al. (1999); Brick, Palmon and Wald (2006) report that excessive Ceo com-pensation has a negative impact on the operating perfor-mance of companies. newman and mozes (1999) found that Ceos receive preferential treatment, at the expense of shareholders, when insiders are members of the compen-sation committee. However, some studies demonstrate no link between stock compensation plans and performance (e.g. vafeas, 1999). in consequence, the hypotheses are the following:

Hypothesis 10: affiliated committees have a negative in-fluence on bank performance.

Hypothesis 11: the compensation mix has a positive influ-ence on bank performance.

the impact of board size on performance depends on the characteristics of the company and the country where it operates because the role and function of the board varies between countries. the performance of the large compa-nies will depend on the specific functions and effectiveness of boards and this will differ according to the institutional and legal environment (e.g., Guest, 2008). For Klapper and love (2004), a firm-level corporate governance is highly correlated with better operating performance measured by Roa. Kiel and nicholson (2003) found positive correlation between firm size and performance. It’s assumed that the development of the countries where banks undertake their banking business affects their performance. likewise, the location of the headquarters in the eurozone has effects on financing options and performance. the following hy-potheses were formulated:

Hypothesis 12: Bank size influences the bank performance.

Hypothesis 13: the bank headquarters location (eurozone and countries’ GDP per capita) influences bank performance.

conceptual model, Variables and empirical agenda

the conceptual model

the model relates the corporate governance factors with the bank performance variables (Figure 1). the size of the banks and the banks’ headquarters location are consid-ered as control variables.

FigUre 1. conceptual model and Hypotheses

Bank size H12 Headquarters location H13

H11

H10

H9

H8

H7

H6

H5

H3

H4

H1

H2

Debt

Busy directors

Meetings frequency

Board size

Insider representation

CEO duality

Compensation mix

Affiliated committees

Block ownership

Anti -takeover

Performance

Directors’ age

Source: Authors’ own.

Factors and Variables

in this study, based on larcker et al. (2007), we used a total of 36 corporate governance variables that resulted in 13 factors (Table 1). We didn’t replicate the factor Ac-tive that included three variables related to the activism of institutional investors. in the case of remuneration, it wasn’t possible to replicate the original variables that were replaced by two others focusing on the alignment of inter-ests between ownership and management.

the performance variables are the return on assets (Roa), expressing performance in the accounting perspective, the book to market ratio (Btm), which reflects the market valu-ation, and the net interest margin (nim), which evaluates the specific performance arising from banking activity. the control variables are the size of the bank (C_size), the bank’s headquarters in a Eurozone country (C_Eurozone), and GdP per capita (C_GdPperCapita), to reflect the dif-ferent levels of economic development of each country.


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table 1. detailed information about the Variables

Factor Variable description detail

Cor

pora

te G

over

nanc

e

F_Block P_Blockown Percentage of shares held by blockholders the shareholdings above 5% of the shares are considered blockholdings and this variable corresponds to the sum of all blockholdings

n_Block number of blockholders number of shareholders with shareholdings above 5%

P_largest Percentage of shares held by the largest shareholder

it was assumed that the largest shareholder can be institu-tional or an individual, which is characteristic in some eu-ropean countries, in particular in listed companies held by families

F_anti-takeoveri PoisonPill the bank has a poison pill provision dummy variable assuming the value 1 when there is poison pill and 0 when there isn’t such a provision

P_affiliatedown Percentage of shares held by affiliated directors

We considered the affiliated definition presented by larcker et al. (2007, p. 971): ‘any outside director who is a former ex-ecutive mentioned or who is mentioned in the “certain trans-actions” section’

staggeredBoard existence of a staggered board Dummy variable equal to 1 when the board members’ man-date term differs among them and 0 if all mandate term are equal

F_anti-takeoverii supermajority there is a supermajority limitation for takeovers

dummy variable equal to 1 if there is a supermajority limita-tion and 0 if there isn’t

stateincorporated the country regulation limits takeovers according to Clerc et al. (2012), the countries where the take-over costs are higher are identified with 1 and the others with 0

F_debt debttomarket debt to market Ratio It’s ratio of the accounting value of debt over the market value of the bank

Preferredtomarket Rácio Preffered to market It’s ratio of the accounting value preferred equity over the market value of the bank

F_Boardsize CCsize size of the compensation committee number of directors

aCsize size of the audit committee

Bdsize size of the board of directors

F_insiderapp P_affiliatedapp Percentage of affiliated directors appointed by insiders

If there aren’t directors with these characteristics, the vari-able equals 0

P_outsiderapp Percentage of outsider directors appointed by insiders

F_insidPower P_exown(extop) average percentage of shares held by exec-utive directors (except Ceo)

P_topexecown Percentage of shares held by the Ceo

P_Boardinside Percentage of insiders on the board of directors

Unequalvoting differences in the voting rights dummy variable equal to 1 if there are unequal voting rights

F_Ceoduality leaddirector there is a lead director dummy variable equal to 1 if true. We opted to refer, as Grove et al. (2011) to this factor as CeodualityinsiderChairman the Ceo is the chairman of the board

F_directorsage P_oldoutsiders Percentage of outsiders older than 70 year

P_oldaffiliated Percentage of affiliated older than 70 year

P_oldinsiders Percentage of insiders older than 70 year

F_Busydirectors P_Busyoutsiders Percentage of outside directors considered busy

We have considered, accordingly to larcker et al. (2007), that someone that belongs to four or more boards is busy

P_Busyaffiliated Percentage of affiliated directors consid-ered busy

P_Busyinsiders Percentage of insider directors considered busy

F_meetings n_aCmeetings number of meetings held by the audit committee

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table 1. detailed information about the Variables (continued)

Factor Variable description detail

Cor

pora

te G

over

nanc

e

n_CCmeetings number of meetings held by the compensa-tion committee

n_Boardmeetings number of meetings held by the board of directors

F_affiliated P_aCaffiliated Percentage of affiliated directors in the audit committee

P_CCaffiliated Percentage of affiliated directors in the compensation committee

aCChairaffiliated audit committee chairman affiliated dummy variable that is equal to 1 if the chairman is affiliated and 0 otherwise CCChairaffiliated Compensation committee chairman

affiliated

F_Compmix linktotsR is the Ceo compensation linked to the total shareholder return

datastream dummy variable equal to 1 when the Ceo com-pensation is linked to total shareholder return (tsR)

Remstructure Is the executive directors’ compensation is composed of fixed remuneration, bonus and stock options plans

Datastream dummy variable equal to 1 when the directors’ compensation is composed of fixed remuneration, bonus and stock options plans

Con

trol

C_size size of the bank Calculated as ln of assets

C_eurozone Headquarters in a eurozone country Dummy variable equal to 1 when the banks’ headquarters is located in a eurozone country

C_GdPperCapita GdP per capita in the country where the bank has its headquarters

ln of values obtained from eurostat and Worldbank (liechenstein)

Perf

orm

ance Roa Return on assets operating income over the average of total assets

Btm Book to market Ratio Book value of equity over market value

nim net interest margin total interest income minus total interest expense over the average of total assets


statistical instruments

in this research, we followed the approach of larcker et al. (2007) and Grove et al. (2011) (that focused on north american banks), consisting in the creation of governance factors from the original variables. We standardized the 36 governance variables and, based on the average of the standardized variables, the governance index scores were computed. the procedure was adjusted to reflect the sub-stitutability of variables, such as larcker et al. (2007), in the factors anti-takeover i, compensation mix and Ceo duality. Using this methodology, we computed 13 gover-nance factors.

the panel data analysis method was considered suitable to study the temporal structure of the data (e.g., mangena, tauringana & Chamisa, 2012). since some of the banks do not appear on the list every year, we have an unbalanced panel whose technical details are presented by Wooldridge (2002). the random effects model is:

Yit = bXit + a + uit + eit [1]

where uit is the between entity error and eit is the within entity error.

sample and data collection

For the present study, we selected banks with headquar-ters in european countries that are part of the list of the 2,000 largest listed companies “Global 2000” published by Forbes. We considered the years 2006 to 2010. ac-cording to the methodology (Forbes, 2011), the classifica-tion of companies in the “Global 2000” list was based on sales, profits, assets and stock market valuation collected through the databases interactive data, thomson Reuters Fundamentals and Worldscope. the sample consists of 404 observations of 97 different banks. From these banks, 70 appear in the ranking in each year, four banks appear only in four years, three banks appear in three years, nine banks in two years and, finally, 11 banks only have one presence in the ranking. detailed information on the distri-bution by year and country is presented in table 2.

Governance variables were mostly hand-collected from the banks’ annual reports -obtained on their websites- and the variables of a financial nature and remuneration were ob-tained through the datastream database.


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table 2. number of banks in each country and year

country 2006 2007 2008 2009 2010

austria 4 4 4 4 4

Belgium 3 3 3 3 3

denmark 3 3 3 3 3

Finland 1 1 1 1 1

France 5 5 5 5 5

Germany 5 4 5 7 6

Greece 7 7 7 7 7

Hungary 1 1 1 1 1

iceland 3 3 0 0 0

ireland 3 3 2 2 2

italy 15 11 12 11 11

liechtenstein 0 0 1 1 1

luxembourg 1 1 1 1 1

netherlands 2 1 1 1 1

norway 0 1 0 1 1

Poland 1 1 1 1 1

Portugal 2 2 2 2 3

spain 7 7 8 8 8

sweden 4 4 4 4 4

switzerland 6 4 6 8 7

turkey 4 5 5 5 5

United Kingdom 10 8 5 5 5

nr. european Banks 87 79 77 81 80

total market value (european Banks)

1,653 m €

1,303 m €

490 m €

929 m €

939 m €

nr. Banks in Forbes “Global 2000” 304 315 307 308 306total market value (all Banks in “Global 2000”)

4,241 m €

3,663 m €

1,646 m €

3,147 m €

3,885 m €

source: Forbes “Global 2000”, years 2006, 2007, 2008, 2009 and 2010.

to interpret the results, we took into consideration the value of R2 (coefficient of determination) for prediction ac-curacy, this case presented for overall, between and within. to assess the significance of each regression, we considered the value of the Wald chi2, testing whether the regression coefficients are nonzero. in the analysis of individual coef-ficients, we refer to the p-value. the coefficients simultane-ously include the within and between effects, representing the average of the independent variable effect on the de-pendent variable when the dependent variable varies one temporal unit and between banks.

analysis and results

descriptive analysis

the average values and standard deviations of the vari-ables in each year and the evolution of european banks in the 5-year period are presented in table 3.

an important feature distinguishing the european and U.s. banks is the level of shareholder dispersion (although the sample includes the largest UK banks that are more sim-ilar to their U.s. counterparts). analyzing the percentage held by the main shareholder, slightly above 20%, it can be assumed that it allows the effective control of the bank, which is also supported by the average number of block-holders close to 1.7 and the accumulated percentage held by them is slightly below 30%. the existence of more than 20% of banks with unequal voting rights accentuates the power of dominant shareholders. in this context, we rec-ognize the importance of the problem of expropriation of minority shareholders, accordingly to the agency theory. Referring to 2005, Grove et al. (2011) show that the per-centage held by the largest shareholder is only 11%, and blockholders only own 17% of the shares. the Ceo has a higher percentage of shares than the average executive but it remains below 1%, which is significantly lower than the value of 3.3% presented by larcker et al. (2007).

Referring to the board of directors organization, on av-erage, the board has more than 13 members, while the compensation committee consists of less than 4 members and the audit committee has more than 4 members. the boards meet on a monthly basis, but there is an increase in frequency over the 5-year period. although meeting less frequently, audit and compensation committees show greater activity in the post-crisis period. the board is made up of about 30% insiders (Grove et al. refer 16% in 2011) that is quite stable across the period. Besides, the number of banks with an insider chairman and a lead director is in-creasing in times of crisis providing us with the evidence of the growing level of Ceo duality.

in the crisis period, we find the substantial decrease in the percentage of busy managers, specially the outsiders, which is important when undertaking monitoring activities. the percentage of companies that pay executives using various components (distinct deadlines and dependent on the evo-lution of the company) increased from 78.16% to 90% from pre-crisis 2006 to post-crisis 2010. the percentage of banks that index the Ceo compensation to total shareholder re-turn also increased and fixed at 22.5% in 2010.

the anti-takeover defense poison pill is adopted in more than 20% of the banks and the supermajority require-ments in about 95% of the banks, and both increased in the crisis period. the progressive adoption in different countries of the eU regulation on takeovers, as pointed by Clerc, demarigny, valiante and aremendía (2012), led to an increase in the takeover costs.

through the years, there was an increase in the average size of banks. nevertheless the crisis resulted in the strong

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Variable

2006 2007 2008 2009 2010

mean/Freq.

st. dev.mean/Freq.

st. dev.mean/Freq.

st. dev.mean/Freq.

st. dev.mean/Freq.

st. dev.

Cor

pora

te G

over

nanc

e

P_Blockown 28.86 27.32 28.29 26.15 29.35 27.80 29.31 28.07 29.19 28.75

n_Block 1.66 3.27 1.70 3.06 1.71 3.12 1.74 3.07 1.74 3.09

P_largest 19.70 22.71 21.06 22.11 22.28 23.97 21.97 24.23 21.65 24.40

P_aCaffiliated 4.25 11.55 4.31 11.10 4.77 12.16 5.59 13.93 4.83 12.65

P_CCaffiliated 5.68 16.59 7.31 18.91 3.97 11.84 5.95 16.72 4.39 12.29

aCChairaffiliated 3.45 ---- 3.80 ---- 3.90 ---- 4.94 ---- 5.00 ----

CCChairaffiliated 5.75 ---- 3.80 ---- 1.30 ---- 3.70 ---- 3.75 ----

P_affiliatedapp 9.33 25.03 9.51 25.46 8.57 23.65 7.12 21.22 7.17 21.16

P_outsiderapp 3.14 9.39 3.72 9.54 4.85 11.06 4.60 10.19 5.64 13.00

PoisonPill 19.54 ---- 22.78 ---- 23.38 ---- 23.46 ---- 22.50 ----

P_affiliatedown 2.21 5.34 2.25 5.59 2.31 5.71 3.03 8.12 2.40 5.76

staggeredBoard 74.71 ---- 72.15 ---- 76.62 ---- 79.01 ---- 78.75 ----

P_oldoutsiders 2.93 9.89 3.16 9.40 3.17 8.61 2.70 7.33 2.59 6.78

P_oldaffiliated 0.97 5.96 1.05 6.25 1.08 6.33 1.03 6.17 1.04 6.21

P_oldinsiders 0.55 2.62 0.59 2.75 0.64 3.01 0.61 2.94 0.62 2.96

debttomarket 5.15 5.48 7.59 11.51 28.68 67.40 14.13 20.32 15.74 27.67

Preferredtomarket 0.00 0.02 0.02 0.07 0.05 0.33 0.04 0.11 0.06 0.16

P_exown(extop) 0.99 2.32 0.87 2.27 0.88 2.30 0.88 2.29 0.89 2.31

P_topexecown 0.36 0.52 0.31 0.50 0.32 0.50 0.38 0.76 0.32 0.50

P_Boardinside 29.61 19.33 29.00 19.25 29.42 19.64 28.02 20.25 28.25 21.28

Unequalvoting 22.99 ---- 21.52 ---- 22.08 ---- 20.99 ---- 21.25 ----

linktotsR 19.54 ---- 24.05 ---- 22.08 ---- 20.99 ---- 22.50 ----

Remstructure 78.16 ---- 87.34 ---- 85.71 ---- 90.12 ---- 90.00 ----

n_aCmeetings 6.59 3.15 6.72 3.18 7.04 3.63 7.25 3.91 7.19 4.48

n_CCmeetings 4.69 2.39 4.65 2.20 4.94 2.26 5.31 2.99 5.20 2.82

n_Boardmeetings 11.25 5.53 11.80 7.08 12.68 7.13 12.40 6.99 12.26 7.85

leaddirector 16.09 ---- 17.72 ---- 18.18 ---- 18.52 ---- 18.75 ----

insiderChairman 16.09 ---- 17.72 ---- 18.18 ---- 17.28 ---- 17.50 ----

CCsize 3.80 1.37 3.92 1.25 3.75 1.26 3.83 1.26 3.70 1.33

aCsize 4.39 1.76 4.56 1.82 4.45 1.91 4.35 1.76 4.28 1.90

Bdsize 13.47 4.72 13.66 4.77 13.56 4.98 13.30 4.97 13.35 5.15

supermajority 86.21 ---- 87.34 ---- 94.81 ---- 95.06 ---- 95.00 ----

stateincorporated 54.02 ---- 83.54 ---- 85.71 ---- 93.83 ---- 93.75 ----

P_Busyoutsiders 43.23 26.04 41.31 25.93 39.96 25.82 36.96 25.44 34.54 25.24

P_Busyaffiliated 21.91 34.74 17.83 30.33 19.38 33.08 18.46 32.80 19.95 33.66

P_Busyinsiders 47.03 35.85 46.21 36.77 46.92 37.09 45.23 37.20 44.87 37.83

Con

trol size (million €) 224 364 276 475 293 524 290 477 305 503

C_eurozone 63.22 ---- 62.03 ---- 66.23 ---- 64.20 ---- 65.00 ----

GdPperCapita (th €) 28.2 10.3 28.6 11.5 28.3 13.6 27.7 13.0 27.9 13.8

Perf

orm

ance Roa 0.013 0.007 0.012 0.008 0.007 0.008 0.006 0.010 0.006 0.010

Btm 0.512 0.388 0.682 0.447 2.721 5.534 1.685 2.225 1.768 2.035

nim 0.016 0.011 0.016 0.010 0.016 0.009 0.015 0.008 0.014 0.008

Note: Values presented in percentage, count, and thousand or million Euros, according to the specificity of each variable. The ratios aren’t presented as percentages.



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devaluation of banks in the markets (reported in table 2) with obvious impact on debt-to-market and preferred-to-market ratios.

the data highlights the importance of GdP per capita to reflect the different levels of development of the european countries. the average, weighted by the number of banks in each country, is € 28,000/year and decreasing in recent years, ranging from € 6,300 or € 8,000 in turkey or Poland and € 52,000 in norway or even higher in liechtenstein.

there is a decrease in the performance of european banks, with Roa falling by half in three years, lower than that

Grove et al. (2011) obtained for banks in Usa. the book-to-market ratio is also affected by the sharp decline of stock market valuation. the smallest difference between the be-ginning and end of the period corresponds to the variable nim that reduces from 0.016 in 2006 to 0.014 in 2010.

the Pearson correlations (table 4), for the year 2008, display positive correlations between F_debt and F_Compmix, be-tween F_debt and F_Boardsize and between F_Compmix and F_anti-takeoverii. the F_Busydirectors factor is posi-tively correlated with factors F_affiliated, F_directorsage, F_Compmix, F_Boardsize and F_anti-takeoverii.

table 4. pearson correlations (year 2008)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

1. F_Block 1

2. F_anti-takeoveri0.06

(0.59)1

3. F_anti-takeoverii

0.01(0.96)

-0.05(0.66)

1

4. F_debt-0.13(0.25)

0.14(0.23)

0.14(0.23)

1

5. F_Boardsize-0.18(0.12)

-0.19(0.10)

0.19(0.10)

0.28(0.01)

1

6. F_insiderapp-0.17(0.15)

0.01(0.96)

-0.10(0.38)

-0.00(0.97)

0.06(0.62)

1

7. F_insidPower-0.10(0.40)

-0.15(0.20)

-0.06(0.61)

-0.04(0.74)

0.18(0.12)

0.13(0.26)

1

8. F_Ceoduality0.09

(0.44)0.12

(0.29)0.00(1.00)

-0.01(0.92)

0.17(0.15)

0.10(0.37)

-0.16(0.18)

1

9. F_directorsage0.07

(0.54)-0.14(0.24)

0.12(0.28)

0.11(0.32)

0.18(0.12)

-0.12(0.32)

0.03(0.80)

0.00(0.99)

1

10. F_Busydirectors

0.01(0.93)

0.02(0.87)

0.23(0.04)

-0.02(0.85)

0.22(0.05)

-0.01(0.95)

0.15(0.19)

0.19(0.10)

0.24(0.03)

1

11. F_meetings0.03

(0.77)0.06(0.61)

-0.05(0.68)

-0.05(0.65)

0.20(0.08)

0.04(0.72)

0.15(0.20)

0.08(0.51)

-0.19(0.09)

0.07(0.54)

1

12. F_affiliated-0.07(0.55)

-0.19(0.11)

0.13(0.27)

-0.09(0.45)

0.13(0.25)

-0.02(0.88)

0.05(0.69)

0.00(1.00)

0.05(0.70)

0.26(0.02)

0.07(0.53)

1

13. F_Compmix0.04(0.73)

0.15(0.20)

0.40(0.00)

0.28(0.01)

0.21(0.06)

-0.12(0.31)

-0.05(0.68)

0.12(0.28)

0.13(0.27)

0.24(0.04)

-0.07(0.57)

0.15(0.18)

1

14. C_size-0.09(0.43)

0.20(0.09)

0.31(0.01)

0.15(0.19)

0.41(0.00)

-0.07(0.54)

0.04(0.70)

0.07(0.57)

0.09(0.42)

0.36(0.00)

0.16(0.16)

0.21(0.07)

0.52(0.00)

1

15. C_eurozone-0.03(0.80)

-0.31(0.01)

0.30(0.01)

0.19(0.11)

0.30(0.01)

-0.00(1.00)

0.10(0.39)

-0.17(0.14)

0.10(0.37)

0.10(0.41)

-0.06(0.62)

-0.10(0.41)

0.11(0.33)

0.08(0.49)

1

16. C_GdPperCapita

-0.15(0.21)

0.05(0.64)

0.27(0.02)

0.19(0.09)

0.08(0.51)

0.14(0.22)

-0.12(0.28)

0.03(0.82)

0.18(0.12)

0.15(0.19)

-0.33(0.00)

0.06(0.61)

0.48(0.00)

0.13(0.26)

0.04(0.74)

1

17. Roa0.17

(0.13)0.16

(0.16)-0.31(0.01)

-0.10(0.39)

-0.26(0.02)

-0.16(0.18)

0.00(0.97)

0.07(0.52)

-0.10(0.40)

-0.24(0.04)

0.27(0.02)

-0.06(0.60)

-0.40(0.00)

-0.36(0.00)

-0.42(0.00)

-0.58(0.00)

1

18. Btm-0.15(0.18)

0.11(0.36)

0.11(0.35)

0.88(0.00)

0.33(0.00)

-0.01(0.93)

0.00(0.97)

0.01(0.93)

-0.08(0.48)

-0.06(0.59)

-0.03(0.80)

-0.09(0.45)

0.23(0.04)

0.15(0.20)

0.16(0.16)

0.13(0.25)

-0.06(0.60)

1

19. nim0.09

(0.44)-0.18(0.13)

-0.09(0.44)

0.03(0.80)

0.16(0.18)

-0.10(0.40)

0.24(0.04)

-0.07(0.56)

-0.10(0.40)

-0.21(0.07)

0.23(0.04)

-0.07(0.54)

-0.03(0.77)

-0.19(0.10)

0.47(0.00)

-0.30(0.01)

0.21(0.07)

0.02(0.84)

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the control variable C_size is positively correlated with F_Compmix, F_Boardsize, F_anti-takeoverii and F_Busy-directors. the control variable C_eurozone shows positive correlation with F_anti-takeoveri, F_Boardsize and F_anti-takeoverii. the control variable C_GdPperCapita is posi-tively correlated with F_Compmix and F_anti-takeoverii and negatively correlated with F_meetings.

the performance variable Roa shows a positive correlation with F_meetings and negative with F_Compmix, F_Board-size, F_anti-takeoverii, F_Busydirectors, C_size, C_euro-zone and C_GdPperCapita. it appears that smaller banks with their headquarters outside the eurozone and in less developed countries have better return on assets. different governance problems are more relevant in different con-texts, influenced by the lower maturity of financial mar-kets, lower shareholder protection and differences in the legal framework that increases the risk associated with investments.

the crisis particularly affects the performance variable Btm that is positively correlated with F_debt, F_Compmix and F_Boardsize. the performance variable nim is posi-tively correlated with F_insidPower, F_meetings and C_eu-rozone and negatively correlated with C_GdPperCapita.

multivariate analysis

the panel data summary for each variable over the period, based on standard deviations, shows that the variation between banks (between) is stronger than the variation within the banks (within). the variable Btm is the only one whereby the within standard deviation exceeds the be-tween standard deviation.

the random effects model is significant, despite fluctu-ations in the explained variability (between) of the vari-ables Roa (R2 = 0.651), Btm (R2 = 0.397) and nim (R2 = 0.257) (table 5). the Wald statistics is quite high in all the specifications.

the factor F_Block, referring to blockholdings, shows no significant relationship with the performance, although it could be expected that greater shareholder concentration would imply better performance through the reduction of the collective action problem, thus not confirming hypoth-esis 1. although the literature presents anti-takeover mea-sures as an indicator of bad governance, this study did not find statistical evidence of this relationship; therefore, hy-pothesis 2 isn’t supported.

the F_debt factor influences the performance with sta-tistically significant relationships with the dependent variables, supporting hypothesis 3. the variable F_debt

presents a negative relationship with Roa and nim and positive relationship with Btm. the higher debt contrib-utes to lower the banks’ return on assets (ROA), lower prof-itability margins (nim) and lower valuation of banks in the market, leading to a higher ratio Btm.

table 5. random-effects gls regressions

dependentVariables

indep. Variablesroa btm nim

F_Block0.0005

(0.0006)0.0516(0.1935)

0.0003(0.0009)

F_anti-takeoveri0.0011

(0.0008)-0.0564(0.2535)

0.0005(0.0007)

F_anti-takeoverii-0.0006(0.0006)

0.2056(0.2212)

-0.0001(0.0004)

F_debt-0.0026***

(0.0005)2.2065***

(0.1836)-0.0007*(0.0003)

F_Boardsize0.0007

(0.0008)0.5690*(0.2415)

0.0012(0.0007)

F_insiderapp-0.0014*(0.0006)

-0.1427(0.2065)

-0.0002(0.0006)

F_insidPower0.0003

(0.0009)0.4099(0.2789)

0.0014(0.0011)

F_Ceoduality0.0017

(0.0025)0.4586(0.7981)

0.0000(0.0020)

F_directorsage0.0019**(0.0007)

-0.9122***(0.2085)

-0.0001(0.0009)

F_Busydirectors-0.0009(0.0007)

0.0104(0.2116)

-0.0004(0.0006)

F_meetings0.0013*(0.0006)

-0.2732(0.2049)

0.0004(0.0005)

F_affiliated-0.0004(0.0007)

-0.2672(0.2130)

0.0016**(0.0006)

F_Compmix-0.0005(0.0007)

-0.0638(0.2402)

0.0007(0.0005)

C_size-0.0017***

(0.0004)0.0949(0.1326)

-0.0021***(0.0006)

C_eurozone-0.0060***

(0.0011)0.1556

(0.3436)0.0068***

(0.0019)

C_GdPperCapita-0.0058***

(0.0012)-0.1599(0.3580)

-0.0034*(0.0018)

Constant0.1027***(0.0149)

1.2091(4.5815)

0.0841***(0.0207)

number of observations

404 404 404

Wald chi2(16) 181.39 182.95 49.45

Prob > chi2 0.0000 0.0000 0.0000

R2 within 0.0810 0.2639 0.0582

R2 between 0.6505 0.3966 0.2565

R2 overall 0.4991 0.3611 0.2857

Rho (fraction of variance due to ui)

0.3285 0.1358 0.8831

(*), (**) and (***) indicate significance at levels 0.05, 0.01 and 0.001 (2-tailed). the standard

errors are presented in parentheses below the regression coefficients.



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the factor concerning board and committee size (F_Board-size), positively influences Btm, supporting the arguments that highlight that the excessive board size reduces its ca-pacity to act, confirming hypothesis 4.

only one of the factors relating to insider representation presents statistically significant results, with F_insiderapp negatively influencing the return on assets (Roa), sup-porting hypothesis 5. Factor F_insidPower emphasizes the gap in the relationship between ownership and man-agement through the entrenchment of executives, but the results do not support the influence of this factor on performance.

still within the framework of the constitution and func-tioning of the board, there is a statistically significant ef-fect of the age of the directors (F_directorsage) in the performance of banks, confirming hypothesis 7. it appears that the higher age of directors, leveraging their knowl-edge and experience, positively influences banks’ profit-ability (Roa) and market valuation (negative relationship with the variable Btm).

there are no statistically significant relationships of the duality of the Ceo (F_Ceoduality) and busy directors (F_Busydirectors) with performance, thus hypotheses 6 and 8 aren’t confirmed.

the increased frequency of the board and its committee meetings presents statistically significant and positive in-fluence on Roa, confirming hypothesis 9.

the preponderance of affiliated members on the board committees and chairs reduces the monitoring capacity of those committees. it would be expected or the F_affiliated factor to contribute negatively to performance. However, the results show a positive and statistically significant in-fluence on nim indicating that the greater presence of affiliated members helps to increase the interest rate dif-ferential on assets ratio (hypothesis 10).

although in the year 2008 the data reveals correlation be-tween compensation mix and performance variables, none of the regressions confirm the existence of such influence relationship, giving no support for hypothesis 11.

Bank size (C_Size), the context in which the banks’ head-quarters are located (C_eurozone), and the GdP per capita of the countries (C_GdPperCapita) show a statistically sig-nificant relationship with performance measured by Roa and nim, confirming hypotheses 12 and 13. Bank size neg-atively influences Roa and nim. the location in the euro zone contributes to a decrease in Roa but increases the business margins referred to the nim. the higher develop-ment of the countries where the banks have headquarters,

measured by GdP per capita, negatively influences the performance measured by Roa and nim.

discussion

the higher shareholder concentration observed in euro-pean banks supports further studies on its impact on the functioning of the banks, particularly given the potential effect of expropriation of minority shareholders. the re-sults obtained do not support the existence of a linear re-lationship of shareholder concentration with performance or linear correlation with any other variable in the model. these results are coherent with the diversity of effects observed by iannotta et al. (2007); Kaymak and Bektas (2009), as in this case there is no significant relationship.

a number of papers emphasized the importance of non-executive and independent directors as an indication of good corporate governance. However, we should also take into consideration the specific knowledge that insiders or affiliated directors have on the business or the company, contributing to higher business performance, which is sup-ported in this study. in this vein of experience and knowl-edge appreciation, we highlight the positive contribution of the old and affiliated directors on the performance of european banks. in this study, we do not demonstrate that the adoption of anti-takeover provisions is reflected in the performance of organizations, which contradicts the nega-tive influence according to Beiner et al. (2006); seppo et al. (2011).

Financing the activities through the market (F_debt) leads banks to greater recognition in the market, thus, facili-tating access to the market. However, this affects bank profitability (Roa) and consequently the profitability margin (NIM) due to the need to offer the banks’ clients better conditions to attract more unfavorable capital to the bank, according to the literature (mansi et al. 2004; Klock, mansi & maxwell, 2005). to our mind, it is worth mentioning that the financial leverage negatively influ-ences not only the market performance of the bank mea-sured with book-to-market ratio, but also the operational performance measures like the profitability margin. the key logic here concerns the crisis period. a number of pa-pers describe the results demonstrating the negative in-fluence of financial leverage on the performance of the companies in times of crisis (see e.g. davydov & vähämaa, 2013), while during the stable financial periods, the market usually estimates the growing level of debt positively be-cause of the increasing debt tax shield.

the larger boards (F_Boardsize) leverage the greater knowledge and experience of its members and the action

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of independent members but, in our sample, this contrib-utes to depreciation on the stock market (Btm). although the literature observes inconsistent results (e.g., Beiner et al., 2003), this study confirms the negative effect of the size of the board on the market valuation of bank assets that is traditionally supported with long and inefficient de-cision-making processes involving extremely large boards.

the existence of a larger number of members appointed by insiders (F_insiderapp) has a negative effect on Roa. the older managers contribute positively to Roa and have a negative effect on Btm, reflecting the recognition and appreciation of the bank in the market, accordingly to serfling (2012) that observes the important effect of age on the performance of managers. these results dem-onstrate the important role of the experience of managers in achieving results.

the board and the frequency of its committee meetings to analyze transactions and prepare the decision-making pro-cess, positively influences Roa and, in the analysis period, the increase in the frequency of meetings is noticeable. these results confirm many authors (lipton & lorsch, 1992; mangena & tauringana, 2008; ntim, 2009) and contradict vafeas (1999). in turn, the affiliated committees influence an increase in the banks’ business margins (NIM). Authors such as Klein (2002) and vafeas (2005) show divergent re-sults, suggesting the need for further studies.

the research model assumes that the influence of the con-trol variables is directly reflected in the performance of banks and advances the existence of other control vari-ables to be included in further research. it was found that the larger banks with headquarters located in the euro-zone or countries with higher GdP per capita are likely to obtain lower Roa. likewise, the larger banks located in countries with higher GdP per capita obtain lower margins in their banking business (nim), but if they are located in the eurozone, nim improves. Previous literature (e.g., Kiel & nicholson, 2003) supports that the size of banks pos-itively influences performance, which is contrary to the results of this study. the empirical observation shows dif-ferent results depending on the context.

as in previous studies (iannotta et al., 2007; Bektas & Kaymak, 2009), we too failed to find any evidence of the influence of blockholders participation (F_Block) on per-formance that is in line with the inconclusive results in literature.

the same occurs with antitakeover measures (F_anti-take-overi and F_antitakeoverii), that several authors consider positive (Beiner et al., 2006; seppo et al., 2011), F_insider-Power, that according to Raheja (2005) distort the objectives

due to the conflict of interests, F_Ceoduality that several authors (Pi & timme, 1993; larcker et al., 2007) believe to reduce the independence leading to decreased performance, F_Busydirectors, leading to weaker profitability (Ferris et al., 2003; shivadasani & Fich, 2004), and F_Compmix that sev-eral authors (Hanlon et al., 2003, Peng and Roell, 2008) consider positive but others consider negative (Brick et al., 2006) or not related (vafeas, 1999).

conclusions

the results obtained show that in a crisis period, bank profit-ability is affected by greater use of debt and insiders’ partici-pation on the board. However, the results of the bank benefit from the higher age of managers and frequency of meet-ings. We can also conclude that the value of banks on the stock market is hampered by the size of the board and the bank indebtedness. However, older managers take actions that are beneficial. Resorting to debt affects the margins of the banking activity but these margins benefit from the presence of affiliated members on the board committees.

another important conclusion is that size of the banks and the location of the headquarters in developed countries have a negative influence on the banks’ business margins and consequently on profitability. But the location of the same banks in the eurozone leads to better margins, thus contributing to prevent lower profitability.

Although this wasn’t the focus of the study, the share-holder concentration levels raise the question of whether the expropriation of minority shareholders is more relevant than the collective action problems that characterize the economies in which widely dispersed shareholding prevail such as, for example, the U.s.

this study presents very important contributions to help understand the influence of governance mechanisms on the performance of banks in periods of crisis. additionally it contributes to understanding the influence of the countries development on the banks performance. We also highlight the influence of different financing options on the banks’ market value or business profitability. the results allow us to formulate a number of practical implications. First, we would like to attract the attention of the bankers to the crucial influence of high debt ratios on the bank perfor-mance in times of crisis. in the period with high volatility of the market capitalization, it is important to realize that the debt-to-equity ratio will be volatile itself and may increase suddenly (what we observed in 2008). that leads us to an idea that it could be useful for a bank to constrain the financial leverage increase when the capital market vola-tility is growing. second, we conclude that old directors


INBAM 2013

on the board create value, so, it is important to have a number of experienced directors on the board in times of crisis. in our opinion, in times of crisis, the board faces the non-standard situations that need the understanding of potential crisis outcome scenarios. in such a situation, it is extremely important that the director has previous ex-perience of the different types of financial crises and the changes of long-term business cycles. Finally, the evidence demonstrates that the higher frequency of board and com-mittee meetings, although expensive, could be very profit-able for a bank.

recommendations for future research

First of all, it is worth mentioning the sample limitation of the study. in this research, we used the data on corporate governance collected by hand from the annual reports of the banks that could drive the heterogeneity of the data, second, our study was limited to a time period with ex-tremely high volatility in the capital markets that may af-fect the forecast performance of the model when applying to the time periods with low capital market volatility.

the assumptions about the composition of the governance factors, based on the works of larcker et al. (2007) and Grove et al. (2011), should be subject to separate analysis and aggregation of variables. in question are important differences between governance models and the research model that should also be applied to other activity sectors. the literature confirms the existence of nonlinear relation-ships between corporate governance and performance, which should be developed in future work. it is also rel-evant to study the role of family holdings in the corporate governance model in different contexts.

Recent research also demonstrates alleviation for the as-sumptions of exogenous character of a number of corporate governance factors, especially those working with owner-ship concentration. in this research, we used the classical assumption of the exogenous character of all these factors. is that an issue? is it a reliable assumption? First, to our mind, it would be interesting to introduce some ownership factors into the model as endogenous ones. But we should realize that the interpretation of the results would not be that clear in this case. second, as a key instrument we use panel regression analysis taking into account the time structure of data that alleviates the potential problems of endogeneity. nevertheless, we still consider the analysis of endogeneity as a potential direction for future research.

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correspondencia: departamento de organización de empresas y marketing. Universidad Pablo de olavide. Ctra. de Utrera, km.1, 41003 sevilla (españa).

citación: Fuentes-Blasco, m. & moliner-velázquez, B. (2014). antece-dentes del éxito de la relación entre restaurantes y sus clientes. Innovar, 24(53), 99-112.

clasiFicación jel: m21, m31, l8.

recibido: enero 2012; aprobado: octubre 2013.

antecedentes del éxito de la relación entre restaurantes

y sus clientes

Maria Fuentes-BlascoProfesora titular de Universidad de Comercialización e investigación de mercados. departamento de organización de empresas y marketing. Facultad de Ciencias empresariales. Universidad Pablo de olavide. Correo electrónico: [email protected]

Beatriz Moliner-VelázquezProfesora Contratada doctor de Comercialización e investigación de mercados. departamento de Comercialización e investigación de mercados. Facultad de economía. Universitat de valència. Correo electrónico: [email protected]

resUmen: en el contexto de servicios turísticos, donde la competencia cada vez es más intensa, el desarrollo y mantenimiento de relaciones a largo plazo empresa-cliente se ha convertido en una fuente de ventaja competitiva para las organizaciones proveedoras de servicios. sin embargo, un alto porcentaje de estas relaciones fracasan. además, existe una evidencia empírica limitada acerca de este ámbito de estudio en la industria turística, y muy especialmente en el sector de la hostelería. ante este reto, el objetivo del presente trabajo es analizar los antecedentes del éxito de la relación restaurante-cliente a partir de una secuencia causal: dimensiones del valor entregado confianza y compromiso éxito de la relación. a partir de una muestra de 150 restaurantes, los resultados indican que la calidad de servicio y el prestigio, como elementos del valor entregado, son antecedentes directos del compromiso del gestor del servicio con su grupo de clientes e indirectos del éxito de la relación empresa-cliente. además, la confianza del gestor del servicio con sus clientes y el compromiso que adquiere con ellos se convierten en antecedentes significativos del éxito de la relación con los mismos.

palabras claVe: confianza, compromiso, calidad de servicio, prestigio, éxito de la relación.

introducción

Uno de los pilares básicos del marketing de servicios es el desarrollo y man-tenimiento de relaciones estables entre los proveedores del servicio y sus clientes (Hennig-thurau, Gwinner & Gremler, 2002). las organizaciones de servicios, que sean capaces de desarrollar estrategias destinadas a crear re-laciones de éxito con sus clientes, también serán capaces de generar una fuente de ventaja competitiva (varadarajan & yadav, 2002), especialmente en el entorno competitivo de la industria de la hostelería (Berenguer-Contrí, Gil-saura & Ruiz-molina, 2009). Harrigan (1988) argumenta que, bajo deter-minadas circunstancias y condiciones óptimas del entorno, la relación suele tener éxito. sin embargo, un gran porcentaje de las relaciones suelen fracasar a pesar de que su creación parece ser apropiada (medina-muñoz & García-Falcón, 2000). dada esta inconsistencia, resulta interesante profundizar en los antecedentes asociados al éxito de la relación entre proveedor y cliente.

la literatura centrada en las relaciones entre consumidor y empresa ha re-saltado la importancia del valor de la relación para fortalecer los vínculos

antecedents oF sUccessFUl relationsHip between restaUrants and cUstomers

abstract: in the context of tourist services, where competition is increas-ingly intense, the development and maintenance of long-term business-customer relationships has become a source of competitive advantage for service provider organizations. However, a high percentage of these rela-tionships fail. moreover, there is scarce empirical evidence on this field of study in the tourism industry, and especially in the hospitality sector. Faced with this challenge, the objective of this study is to analyze the ante-cedents of the successful relationship between restaurant-customer from a causal sequence: dimensions of the delivered value confidence and commitment success of the relationship. From a sample of 150 restau-rants, the results show that service quality and prestige, as elements of de-livered value, are direct antecedents of the manager commitment with its customers and indirect of the successful business-customer relationship. Besides, the confidence and commitment of the service manager with its customers have a significant effect on the relationship success.

Keywords: confidence, commitment, service quality, prestige, relation-ship successful.

antecedentes do sUcesso da relação entre restaUrantes e os seUs clientes

resUmo: No contexto de serviços turísticos, onde a concorrência cada vez é mais intensa, o desenvolvimento e manutenção de relações de longo prazo empresa-cliente tem se transformado em uma fonte de vantagem competitiva para as organizações prestadoras de serviços. no entanto, uma alta porcentagem destas relações fracassa. além disso, existe uma evidência empírica limitada sobre este âmbito de estudo na indústria tu-rística, principalmente no setor da hotelaria. diante deste desafio, o ob-jetivo deste trabalho é analisar os antecedentes do sucesso da relação restaurante-cliente a partir de uma sequência causal: dimensões do valor entregue confiança e compromisso sucesso da relação. a partir de uma amostra de 150 restaurantes, os resultados indicam que a qualidade do serviço e o prestígio, como elementos do valor entregue, são antece-dentes diretos do compromisso do gestor do serviço com o seu grupo de clientes e indiretos do sucesso da relação empresa-cliente. além disso, a confiança do gestor do serviço com os seus clientes, e o compromisso ad-quirido com eles, se transformam em antecedentes significativos do su-cesso da relação com eles.

palaVras-cHaVe: confiança, compromisso, qualidade do serviço, pres-tígio, sucesso da relação.

prÉalables dU sUccès de la relation entre les restaUrants et leUrs clients

rÉsUmÉ : dans le domaine des services touristiques, où la concurrence est toujours plus forte, développer et maintenir des relations à long terme entre entreprise et client est devenu un avantage compétitif pour les or-ganisations fournisseuses de services. Cependant, une forte proportion de ces relations échoue. or, les informations empiriques sont limitées dans ce domaine de l’industrie touristique et tout particulièrement dans celui de l’hôtellerie. Considérant cet enjeu, l’objectif de ce travail consiste à ana-lyser les préalables du succès de la relation restaurant-client à partir d’une séquence causale : importance de la valeur fournie confiance et engage-ment succès de la relation. A partir d’un échantillonnage de 150 restau-rants, les résultats montrent que la qualité du service et le prestige, comme éléments de la valeur fournie, sont des préalables directs de l’engagement du gérant du service avec son groupe de clients et des préalables indirects du succès de la relation entreprise – client. en outre, la confiance du gérant du service et son engagement envers ses clients deviennent des préalables significatifs du succès de la relation qui s’établit avec eux.

mots-clÉs : confiance ; engagement ; qualité du service ; prestige ; succès de la relation.

Marketing


Marketing

entre las partes (morgan & Hunt, 1994; Woodruff, 1997). la influencia del valor del cliente, en la retención y lealtad a la empresa proveedora de servicios, lo convierte en un elemento fundamental en la estrategia de la organización (Gale, 1994). esto es, “el valor adquiere un papel esencial al explicar la retención del cliente” (Gil-saura, Berenguer-Contrí, G.Gallarza-Granizo & Fuentes-Blasco, 2007, p. 31). Por ello, el valor del cliente y la calidad de servicio han sido dos de los grandes intereses de investigación en el con-texto de la empresa turística, en general, y especialmente en el sector de los restaurantes (ekinci, Prokopaki & Co-banoglu, 2003). Choi y Chu (2001) sugieren que el éxito de estos ámbitos se centra en proveer un valor superior al cliente de manera continua y eficiente. además, los pro-veedores de servicio deben dirigir sus esfuerzos a mejorar la calidad de los servicios ofertados, asegurándose de que las necesidades y expectativas de sus clientes son satisfe-chas, más si cabe en el ambiente altamente competitivo de la industria turística (nasution & mavondo, 2008).

a partir de la propuesta de morgan y Hunt (1994), quienes consideran la confianza y el compromiso como pilares para el éxito del marketing de relaciones, el objetivo del presente trabajo es analizar los elementos determinantes del valor de la relación como antecedentes de estas dos variables y su influencia en el éxito de la relación entre proveedores de ser-vicios y clientes en el ámbito de los restaurantes.

Para alcanzar el objetivo de investigación, el trabajo se ar-ticula en tres partes: en la primera, a través de la revisión de las aportaciones de la literatura, definimos el marco teórico en el que se aborda el éxito de la relación y las diferentes variables que han sido identificadas como an-tecedentes del mismo; en segundo lugar, establecemos la metodología utilizada en la investigación empírica basada en ecuaciones estructurales, así como la evaluación de los resultados obtenidos; finalmente, se exponen las conclu-siones más relevantes del trabajo realizado, posibles im-plicaciones gerenciales y futuras líneas de investigación.

el éxito de la relación y sus antecedentes

el éxito en una relación comercial debe basarse en com-prender cómo compran los clientes y qué servicios nece-sitan y esperan obtener. Partiendo de esta premisa, la búsqueda y el mantenimiento de una relación exitosa re-quiere una inversión en tiempo y esfuerzo, pero resulta esencial para aumentar la lealtad, la cuota de mercado y los beneficios de la empresa (Williams, 2012).

en la literatura es aceptado que el éxito de las relaciones entre organizaciones hace referencia a la evaluación de la relación. dicha evaluación puede ser entendida desde un

enfoque tanto subjetivo como objetivo. Bajo una perspec-tiva subjetiva, se considera que el éxito de la relación está asociado con la satisfacción global en términos de cum-plimiento de las expectativas sobre los resultados de la relación (anderson & narus, 1990; Bagdoniene & Zilione, 2009). sin embargo, desde el enfoque objetivo, este con-cepto se define como una medida cuantitativa de los be-neficios mutuos (por ejemplo, volumen de ventas) que las partes obtienen de la relación (narus & anderson, 1987; tuten & Urban, 2001). en esta segunda línea, diferentes trabajos ponen de manifiesto la contribución que tienen las relaciones exitosas entre compradores y proveedores en los resultados de la cadena de aprovisionamiento (ma-loni & Benton, 2000; narasimhan & nair, 2005; Benton & maloni, 2005). también los resultados de Kannan y tan (2006) revelan que el éxito de las relaciones empresa-cliente influye positivamente en los resultados financieros y relativos al mercado.

Para que una relación sea exitosa se requiere no solamente una transacción monetaria entre las partes, sino otro tipo de factores que contribuyan a alcanzar un vínculo sos-tenible a lo largo del tiempo (Ganesan, 1994). así pues, respecto al proceso de formación del éxito de la relación, diferentes antecedentes han sido propuestos y analizados empíricamente. Por ejemplo, anderson y narus (1990) con-sideran que los esfuerzos en la solución de conflictos, la influencia que una parte ejerza sobre otra o la valoración de los resultados en comparación con otras relaciones pre-sentes o pasadas son variables que contribuyen al éxito de la relación. Bucklin y sengupta (1993) señalan otros antecedentes como el equilibrio de poder, el grado de conflictos, la duración de la relación o la turbulencia del entorno. del mismo modo, mohr y spekman (1994) añaden comportamientos relativos a la comunicación e informa-ción y características de la relación asociadas al compro-miso y la confianza como factores determinantes del éxito.

Recientemente, Williams (2012) identifica 18 factores que contribuyen a una relación exitosa entre los que se des-tacan la confianza y el compromiso. también ng (2012) recopila los antecedentes del éxito de la relación y los agrupa en cinco dimensiones: 1) tiempo (e. g. compromiso, confianza, calidad de servicio), 2) estructura (e. g. flexibi-lidad), 3) proceso (e. g. cooperación), 4) función (e. g. tra-bajo en equipo) y 5) valor.

entre esta variedad de antecedentes, el compromiso y la confianza son variables de especial relevancia en la litera-tura (morgan & Hunt, 1994). de hecho, en el estudio de las relaciones de intercambios se ha destacado el factor social y humano como un requisito para el éxito de la relación (Hingley, leek & lindgreen, 2008). en este componente

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social, elementos como la confianza y el compromiso son considerados elementos centrales para la continuidad de las relaciones a largo plazo (morgan & Hunt, 1994; Gou-naris, 2005). también algunas aportaciones sugieren que estas variables son dimensiones clave de la calidad de la relación (de Wulf, oderkerken-schröder & iacobucci, 2002; Hennig-thurau et al., 2002). en esta línea, se pueden en-contrar algunos trabajos aplicados a las relaciones entre empresas turísticas. Por ejemplo, uno de los trabajos más representativos en este contexto es el de medina-muñoz y García-Falcón (2000), que sugiere una influencia impor-tante de la confianza y el compromiso en el éxito de las rela-ciones entre hoteles y agencias de viaje. asimismo, trabajos empíricos recientes revelan la contribución que tienen la confianza y el compromiso en la calidad de las relaciones en los intercambios comerciales (Cheng, Chen & Chang, 2008; andreu, aldás-manzano & Bigné-alcañiz, 2010).

Por otra parte, la provisión de un servicio superior al cliente es fundamental para el éxito de la relación (mcdougall & leveque, 2000). la literatura ha argumentado su efecto positivo tanto en los clientes (eggert & Ulaga, 2002), como en los empleados y accionistas (mittal & sheth, 2010), ya

que está asociado con un incremento en el resultado finan-ciero (mcdougall & levesque, 2000), con una fuerte orien-tación al cliente (Gowan, seymour, ibarreche & lackey, 2001) y con la satisfacción del cliente (eggert & Ulaga, 2002). en este sentido, G.Gallarza-Granizo, Gil-saura y arteaga-moreno (2011) contrastan que el valor tiene un efecto directo y significativo sobre la cultura del servicio y sobre la orientación al cliente, e indirecto sobre la satis-facción del cliente, señalando que la relación entre valor y satisfacción no existe, si no es por medio de la mediación de la orientación al cliente y de la cultura.

la confianza

la confianza es uno de los elementos más frecuentes en la investigación sobre el éxito relacional (doney, Barry & abratt, 2007). moorman, Zaltman y deshpande (1992, p. 315) lo definen como “la disposición a confiar en la parte contraria del intercambio en la cual uno tiene esperanza”. este concepto surge cuando las partes en una relación comparten una variedad de experiencias y aumentan su participación en dicha relación. la confianza se genera


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por una interacción regular que supone realizar acciones y toma de decisiones conjuntas (Gounaris, 2005). algunos estudios señalan que la confianza es el resultado de una valoración reflexiva sobre la capacidad que tiene una parte del intercambio de cumplir sus obligaciones (doney & Cannon, 1997; Chaudhuri & Holbrook, 2001). y en el tra-bajo de Roy, sivakumar & Wilkinson (2004) ésta se define como el grado en que una parte del intercambio puede de-pender de la otra para proteger los intereses de su negocio.

tanto la confianza como la satisfacción representan una evaluación, un sentimiento y una actitud hacia la otra parte de la relación. sin embargo, la diferencia radica en que la confianza es una valoración más agregada (Ravald & Grönross, 1996; selnes, 1998). según moorman, deshpande y Zaltman (1993), la confianza es una expectativa genera-lizada que tiene una parte del intercambio sobre la forma en que la otra parte se comportará en el futuro. morgan y Hunt (1994) la definen como la seguridad de una de las partes sobre la fiabilidad e integridad de la otra parte del intercambio. asimismo, Gulati (1995) conceptualiza la confianza como la creencia que tiene una empresa de que la parte contraria actuará positivamente y no realizará acciones inesperadas que resulten negativas para la em-presa. además, la confianza contiene dos componentes: 1) credibilidad, que es el grado en que una parte cree que la otra es capaz de desarrollar su cometido de forma fiable y eficaz, y 2) benevolencia, que es la creencia sobre las buenas intenciones de una parte para con la otra (Ga-nesan, 1994; doney & Cannon, 1997).

en el contexto del marketing relacional en el ámbito de empresas turísticas, diversos estudios señalan que la con-fianza contribuye en el éxito de las relaciones entre las partes (medina-muñoz & García-Falcón, 2000). a nivel em-pírico, por ejemplo, medina-muñoz, García-Falcón y me-dina-muñoz (2002) encuentran relaciones significativas positivas entre la confianza que tienen los hoteles con las agencias de viaje y el éxito de esta relación. en esta línea, Wu y Chang (2006) analizan las relaciones entre agencias de viaje y obtienen un efecto positivo de la confianza entre ellas sobre las intenciones de realizar transacciones. Por tanto, entendemos que la confianza que una parte tenga sobre el comportamiento de la parte contraria influirá en el éxito de la relación.

el compromiso

el compromiso también se ha identificado como un factor clave en el éxito de las relaciones a largo plazo (morgan & Hunt, 1994). en la definición de lealtad de oliver (1999) se menciona el término compromiso como la clave para man-tener la repetición de compra en el futuro. también salegna

y Goodwin (2005) incorpora esta variable al señalar que la lealtad en servicios es el resultado de un alto compromiso emocional del cliente. en esta línea, Berry y Parasuraman (1991) señalan que las relaciones en el ámbito de los servi-cios se construyen sobre el compromiso mutuo.

según anderson y Weitz (1992, p. 19), el compromiso es “el deseo de desarrollar una relación estable, de realizar sacri-ficios a corto plazo para mantener la relación y de confiar en la estabilidad de dicha relación”. también Gabardino y Johnson (1999) definen el compromiso como la evalua-ción de la fuerza de una relación, y dicha evaluación ayuda a las empresas a construir y mantener relaciones con los proveedores a largo plazo. según Zins (2001), el compro-miso se puede conceptuar desde dos perspectivas: afec-tiva y objetiva: el compromiso afectivo se refiere al sentido de pertenencia e implicación del cliente con el proveedor del servicio desde el punto de vista emocional (Fullerton, 2005); mientras que el compromiso objetivo es la obliga-ción que siente el cliente de continuar con la relación con el proveedor como consecuencia de los costes sociales o eco-nómicos (Fullerton, 2005). allen y meyer (1996) añaden un tercer componente llamado compromiso normativo que se refiere a la obligación contractual que establece el pro-veedor del servicio. en general, es aceptado que el com-promiso de carácter afectivo es el que mayor efecto tiene sobre la lealtad (Bergman, 2006).

Particularmente en las relaciones entre empresas, el com-promiso es una variable especialmente importante (Pal-matier, dant & Grewal, 2007). en este contexto, se puede definir como el deseo de desarrollar una relación estable y la voluntad de realizar sacrificios a corto plazo para man-tenerla (anderson & Weitz, 1992), por lo que la esencia del compromiso de las relaciones se encuentra en la esta-bilidad y en el sacrificio. según moorman et al. (1992), no es probable que las partes de una relación de compromiso cambien a otro proveedor aunque supere la oferta de valor. también morgan y Hunt (1994) señalan que el compro-miso se refiere a la creencia que tiene una de las partes del intercambio de que la relación es tan importante como para desarrollar esfuerzos máximos en mantenerla. los miembros de una relación identifican el compromiso como algo valioso y fundamental para obtener beneficios de esa relación (Gilliland & Bello, 2002). este enfoque a largo plazo implica que el compromiso es una etapa más de la evaluación de los beneficios y costes de una relación y puede condicionar los comportamientos de las empresas respecto a sus proveedores y a sus clientes.

Con frecuencia se ha relacionado el compromiso con la sa-tisfacción y la lealtad. de hecho, en el ámbito del mar-keting relacional en servicios, numerosas aportaciones

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demuestran que el compromiso es un importante antece-dente de la lealtad (Pura, 2005; Ulaga & eggert, 2006; shabbir, Palihawadana & thwaites, 2007) y de los juicios de satisfacción (selnes, 1998). en el marco de las rela-ciones entre empresas turísticas, son escasas las eviden-cias empíricas sobre los efectos que tiene el compromiso en la satisfacción, la lealtad u otras variables relacionales como el éxito de la relación. Por ejemplo, Crotts, aziz y Ras-chid (1998) encuentran baja correlación entre el compro-miso y la satisfacción con proveedores de viajes, mientras que en el trabajo de Pan, sparks y Fulop (2007), los resul-tados confirman el efecto positivo del compromiso sobre la satisfacción entre empresas turísticas. Por su parte, en el trabajo de medina-muñoz et al. (2002) los resultados muestran que niveles altos de compromiso están aso-ciados con niveles también altos de éxito de la relación. Por tanto, consideramos que el compromiso que tenga la empresa de servicios con la otra parte de la relación va a tener un efecto significativo en el éxito de esta relación.

el valor entregado por el proveedor

el concepto valor ha sido empleado en numerosas disci-plinas académicas (Gil-saura et al., 2005). Por ejemplo, es enfatizado en el campo de las Ciencias económicas, te-niendo su fundamento en las teorías de valor de inter-cambio, de Utilidad y trabajo; en las Ciencias sociales, a través del estudio de los valores personales y sociales; o en el campo del marketing, encuadrado en la literatura de Comportamiento del Consumidor y en la literatura de es-trategia. la amplia variedad de aplicaciones ha derivado en la utilización de diferentes términos para describir el mismo concepto de valor, generalmente diferenciándolo según el contexto: valor de consumo (sheth, newman & Gross, 1991), valor de adquisición y transacción (thaler, 1985), valor del servicio, valor del cliente (Woodruff, 1997), valor del consumidor (Holbrook, 1999) o valor per-cibido (Zeithaml, 1988). este carácter polisémico del tér-mino conduce a que sea “una noción de difícil delimitación conceptual respecto a otras nociones afines” (G.Gallarza-Granizo & Gil-saura, 2006; p. 27). todo esto ha contribuido a presentar el valor como un constructo elusivo (Zeithaml, 1988, p. 2), abstracto (dodds, monroe, & Grewal, 1991, p. 207) y amorfo (Zeithaml & Bitner, 2002, p. 538) ya que tiene significados diferentes para distintos consumidores.

la provisión del servicio puede entenderse desde una doble perspectiva: desde el punto de vista del cliente o desde el punto de vista del gestor. desde la primera perspectiva, el valor percibido depende del juicio del consumidor y no de la consideración empresarial (Wang, lo, Chi & yang, 2004), ya que se refiere a las valoraciones sobre lo que el

cliente percibe de lo que ha recibido del proveedor (Woo-druff, 1997). además, los juicios de valor se producen tras la interacción entre objeto evaluado y sujeto evaluador, por lo que el valor es reactivo e interactivo (Holbrook, 1999). mientras que desde la perspectiva del gestor, el valor del cliente debe ser planificado, requiere utilizar recursos que permitan alcanzar el nivel deseado y gestionar a los pro-veedores del servicio para que pongan en marcha dicha planificación (nasution & mavondo, 2008). así, la entrega de valor se entiende como una orientación necesaria de las empresas que entienden mejor las expectativas de los clientes actuales (sweeney & soutar, 2001). Por tanto, la gestión debe orientarse a la provisión de valor que condu-cirá a alcanzar el éxito de la relación como ventaja compe-titiva (Huber, Herrmann & morgan, 2001).

a la hora de identificar los elementos generadores de valor, algunos trabajos han adoptado la perspectiva bi-direccional de Zeithaml (1988), distinguiendo entre be-neficios-sacrificios (e. g. anderson, narus & van Rossum., 2006), beneficios relativos al producto y a la estrategia frente a sacrificios monetarios y no monetarios de la rela-ción (eggert & Ulaga, 2002), o a través de la multidimen-sionalidad calidad-precio-prestigio (nasution & mavondo, 2008). en cuanto a la consideración de los elementos po-sitivos (o beneficios) y elementos negativos (o sacrificios) de la ecuación de valor, Woodruff (1997) señala que no existe un claro consenso en cuanto a qué factores cons-tituyen tales dimensiones. en referencia a los beneficios percibidos, cabe señalar que existe una cierta aceptación en considerar los juicios de calidad como un componente positivo del valor (oliver, 1999). el valor puede ser enten-dido como un avance respecto a la calidad, ya que “el valor y la calidad son conceptos relacionados, siendo el valor un constructo de orden superior a la calidad” (Reeves & Bednar, 1994, p. 430), o un “macro concepto que engloba la calidad” (oliver, 1999, p. 45). la calidad, entendida desde la perspectiva de valor económico, auto-orientado y reactivo, según la propuesta de Holbrook (1999), pretende medir el valor del resultado.

Pero la calidad no es el único factor decisivo en la compra y, por tanto, las intenciones conductuales surgen de otros factores de análisis (Cronin, Brady, Brand, Hightower & shemwell, 1997). así lo expresan mathwick, malhotra y Rigdon (2001), quienes argumentan la necesidad de un análisis más exhaustivo del efecto de las dimensiones de valor orientado a los demás.

en este sentido, atendiendo al aspecto relativo definitorio del valor percibido en cuanto a la situación específica de consumo, se deben aspirar a recoger el componente social del mismo según la propuesta de sweeney y soutar (2001).


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dentro del valor social destaca el prestigio, categorizado en la tipología de Holbrook (1999) como el valor activo ex-trínseco orientado a los demás y entendido como un bene-ficio psicológico (nasution & mavondo, 2008).

diversos trabajos en la literatura de servicios han con-trastado el valor social. Concretamente, en la literatura sobre experiencias de ocio o tiempo libre y turismo. Petrick (2002, 2003) propone una estructura de valor donde una de las dimensiones es la reputación. sánchez-Fernández, iniesta-Bonilla y Holbrook (2009) también plantean una propuesta multidimensional de valor considerando la di-mensión social junto con aspectos funcionales y emocio-nales. Por último, los autores nasution y mavondo (2008) proponen la dimensión de valor social prestigio que pre-tende reflejar el estatus y la autoestima del consumidor como beneficios relativos al consumo en hostelería.

ante la falta de consenso sobre el número de dimensiones de valor (G.Gallarza-Granizo & Gil-saura, 2006), la ca-lidad y el prestigio como valor social son dimensiones co-munes tanto en aportaciones teóricas (sheth et al., 1991) como empíricas en el sector de los servicios turísticos (G.Gallarza-Granizo & Gil-saura, 2006; diep & sweeney, 2008; G.Gallarza-Granizo et al., 2011). además, ambas di-mensiones son clasificadas en la propuesta de Holbrook (1999) como dimensiones de valor extrínseco y encua-drados dentro del valor funcional (sánchez-Fernández et al., 2009), por lo que se centran en la percepción del valor del consumidor en su experiencia en el restaurante a partir de elementos cognitivos o racionales.

diferentes autores han profundizado sobre la relación de estas dos dimensiones de valor con los antecedentes del éxito de la relación propuestos -confianza y compromiso-. Harris y Goode (2004), que comparten la visión de la im-portancia de la confianza en la relación comprador-ven-dedor (morgan & Hunt, 1999), plantean una estructura teórica donde la calidad de servicio influye en la confianza de manera directa y a través del valor percibido de ma-nera indirecta. los autores contrastan cómo la calidad per-cibida del servicio incide de manera positiva y significativa al 99% sobre la confianza y, además, tiene un efecto indi-recto sobre la confianza a través de la percepción de valor. Por otra parte, los autores también verifican el efecto signi-ficativo indirecto de la calidad sobre la lealtad medida de manera multidimensional, donde destaca el factor conduc-tual de la misma, entendido como intención de continuar la relación o compromiso con la empresa. Basándose en la propuesta de Harris y Goode (2004), Park, lee, lee y truex (2012) confirman empíricamente la relación positiva de las percepciones de calidad, medida de manera bidimen-sional como calidad técnica y funcional, según el enfoque

de la escuela noruega. en el mercado industrial, los au-tores contrastan el efecto indirecto que tiene la calidad sobre el compromiso por mantener la relación con el pro-veedor de servicios tecnológicos. Por su parte, los trabajos de malhotra y mukherjee (2004), vandenberghe, Bentein, michon, Chebat, tremblay y Fils (2007) y malhotra, ma-vondo, mukherjee y Hooley (2013) estudian la relación entre calidad de servicio y compromiso. en este último trabajo, los autores confirman la proposición que indica que el nivel de calidad ofrecida por el proveedor del servicio vendrá deter-minado por su nivel de compromiso, tanto afectivo y nor-mativo, como de continuidad con la relación en la empresa.

asimismo, las relaciones entre valor social, por una parte, y confianza y compromiso, por otra, se han justificado a partir de diferentes estudios recogidos en la literatura. Karjaluoto, Jayawardhena, leppäniemi y Pihlströmc (2012) consideran el valor y la confianza como piedras angulares de las relaciones a largo plazo, y analizan el efecto del valor percibido a partir de la propuesta multidimensional de sweeney y soutar (2001), que recoge el efecto del valor social y específicamente de prestigio, sobre la confianza y la lealtad. en el contexto del mercado de consumo electró-nico, los autores contrastan el efecto positivo y significativo del valor sobre la confianza en el proveedor del servicio, así como el compromiso o intención de mantener la relación con el proveedor (lealtad conductual). Por su parte, Walsh, shiu y Hassan (2014) contrastan la propuesta de la escala PeRval, que recoge el prestigio percibido dentro de la di-mensión social en el mercado de consumo en dos países de habla inglesa. los autores confirman la validez predictiva de su escala al comprobar el efecto significativo de las di-mensiones de valor sobre la confianza. Concretamente, la dimensión social influye de manera significativa y positiva sobre la confianza tanto en el estudio en inglaterra como en estados Unidos.

en resumen, la presente propuesta pretende profundizar en la secuencia de relaciones entre el valor percibido en-tregado (calidad y prestigio) confianza y compromiso éxito de la relación en el contexto de los restaurantes (Figura 1). específicamente, se pretende estudiar el efecto directo de la calidad de servicio y el prestigio del restau-rante sobre la confianza y el compromiso, y su efecto indi-recto sobre el éxito de la relación a través de la confianza y el compromiso. Con todo, las hipótesis planteadas sobre estas relaciones se enunciarían como sigue:

H1a: La percepción sobre la calidad ofrecida incide directa y positivamente sobre el compromiso del restaurante con sus clientes.

H1b: La percepción sobre la calidad ofrecida incide directa y po-sitivamente sobre la confianza del restaurante en sus clientes.

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H2a: La percepción sobre el prestigio del restaurante incide directa y positivamente sobre el compromiso del restau-rante con sus clientes.

H2b: La percepción sobre el prestigio del restaurante incide directa y positivamente sobre la confianza del restaurante en sus clientes.

H3: La confianza del restaurante con sus clientes influye di-recta y positivamente en el éxito de la relación.

H4: El compromiso del restaurante con sus clientes influye directa y positivamente en el éxito de la relación.

metodología de investigación

escalas de medida y obtención de información

la investigación empírica se desarrolló en el contexto de los restaurantes. Concretamente, se utilizó una muestra de restaurantes para recoger información sobre sus va-loraciones acerca de la reputación de la calidad ofrecida en el servicio, la percepción de prestigio, la confianza que el gestor del servicio tiene en la relación con sus clientes, su nivel de compromiso en dicha relación y la percepción sobre el éxito de la relación. el método empleado para re-coger la información es de carácter cuantitativo basado en el procedimiento de la encuesta ad-hoc personal mediante el uso y explotación de un cuestionario estructurado. Éste se administró a los responsables de los restaurantes selec-cionados. todas las variables emplearon escalas likert de 5 puntuaciones.

las variables de prestigio (3 ítems) y de reputación de la calidad percibida (2 ítems) fueron adaptadas de la pro-puesta de nasution y mavondo (2008) desde la perspec-tiva del gestor del servicio. las escalas de confianza y compromiso se adaptaron al contexto de estudio a partir

de la propuesta de medina-múñoz y García-Falcón (2000) aplicada a la relación entre organizaciones hotel-agencia. Concretamente, en la escala de confianza, se adaptaron tres de los seis ítems propuestos en la escala original que no hacían referencia a la relación contractual. además, uno de ellos fue traducido en sentido positivo. Respecto a la escala destinada a medir compromiso del gestor del restaurante, se utilizaron dos ítems de la propuesta inicial en sentido positivo y se añadió un ítem global: En general, me siento comprometido con este tipo de clientes. además, todos los ítems se formularon con afirmaciones en primera persona del singular. de nuevo, como en la escala de con-fianza, se desecharon los ítems que no se medían en sen-tido positivo (tabla 4).

Por último, la escala de éxito de la relación (compuesta por 4 ítems) fue adaptada de los trabajos de medina-múñoz y García-Falcón (2000) y Wong (2004). específicamente, de la escala original de medina-múñoz y García-Falcón (2000) se seleccionaron tres ítems relativos al nivel de satisfac-ción, el grado de excelencia y la valoración del tiempo y esfuerzo empleado en la relación (ítems eX1, eX2 y eX4 de la tabla 4). el cuarto ítem procede de la escala utilizada en el trabajo de Wong (2004) para medir la calidad de la relación (ítem eX3 de la tabla 4).

la elección de la muestra de restaurantes se llevó a cabo mediante un muestreo no probabilístico por criterio, pues se considera que las percepciones de los responsables de los restaurantes, como personas expertas en la gestión de los mismos, son relevantes de la población de restaurantes en la evaluación del éxito de la relación con los clientes. el proceso de muestreo se realizó en dos etapas posteriores a haber elaborado la base de datos de la población de res-taurantes con ayuda de la agencia valenciana de turismo. de manera específica, se censaron los restaurantes a partir de las guías gastronómicas y directorios de gastronomía:

FigUra 1. modelo propuesto sobre los antecedentes del éxito de la relación

Calidad de servicio

Prestigio

Éxito de la relación H1a

H1b

H2a

H2b

H3

H4 Compromiso

Confianza

Fuente: elaboración propia.


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Guía vergara, Guía Repsol, Guía michelín, Gormetour, la otra Guía y mesa libre.

en la primera fase, tomando como criterio de muestreo que el restaurante fuera de gama media-alta de la ciudad de valencia y área metropolitana, se censaron 70 restaurantes de los que se consiguió información. la elección de los es-tablecimientos de este nivel se debía a que ya habían sido investigados en un estudio de cartas de vino previo. en este caso además nos interesaba por distintas razones: en primer lugar, la literatura presta escasa atención al estudio de la restauración de alto nivel. si bien existen diversos trabajos que abordan el estudio del posicionamiento de los restaurantes de comida rápida (Kara, Kaynak, & Ku-cukemiroglu, 1996; Knutson, 2000), no han recibido tanta atención los restaurantes de alto nivel, cuyas prácticas pueden servir de referencia para otros establecimientos que atiendan a otros segmentos.

Con objeto de valorar la heterogeneidad de la población de los restaurantes en valencia, en la fase siguiente se sumó la opinión de 80 responsables de establecimientos de cadena de restauración correspondientes a 24 franqui-cias. Con todo ello, el tamaño muestral final fue de 150 restaurantes. la tabla 1 expone las principales caracterís-ticas de la investigación cuantitativa planteada.

tabla 1. Ficha técnica de la investigación

Universo Restaurantes

ámbito geográficoRestaurantes en valencia y su área metropolitana

tamaño muestral 150 restaurantes

diseño muestral encuesta personal

periodo de recogida de información

Junio 2009-septiembre 2009

idoneidad de la muestra análisis del sesgo del que no responde

análisis previoanálisis de datos ausentesanálisis de datos atípicos

técnicas estadísticasanálisis descriptivoanálisis factorial exploratorioanálisis causal

programa estadísticosPss versión 17.0eQs 6.1


Con el fin de caracterizar la muestra de restaurantes, en la tabla 2 se expone su distribución en función de los datos de clasificación considerados, mostrando la heteroge-neidad buscada en el muestreo.

Como se puede observar a partir de la tabla 2, la muestra de restaurantes recoge una amplia variedad de estable-cimientos en cuanto al tipo de cocina y al precio medio del cubierto. ambas características se encuentran signifi-cativamente relacionadas pues, como se puede apreciar a

partir de la tabla 3, los establecimientos pertenecientes a cadenas de restauración son los únicos que presentan un precio medio del cubierto inferior a 20 euros, mientras que más de la mitad de los restaurantes de cocina tradicional y cocina de autor ofrecen sus servicios a un precio medio entre 40 y 59 euros. en el segmento más alto, destacan los restaurantes de “nueva cocina” o cocina de autor, cuyo precio medio supera los 40 euros en un 85,7% de los res-taurantes analizados.

tabla 2. datos generales de la muestra

restaurantes nº %

Precio medio del cubierto:- menos de 20 euros- de 20 a 39 euros- de 40 a 59 euros- 60 euros o más

18377421

12,024,749,314,0

Perfil del restaurante:- Cocina de autor (alta cocina, innovación culinaria,…)- Cocina tradicional- Cadena de restauración

359718

23,364,712,0

Ubicación en valencia:- Centro ciudad- Área metropolitana

9357

62,038,0


tabla 3. perfil del restaurante y precio medio del cubierto

< 20 euros

20-39 euros

40-59 euros

> 60 euros

Cocina de autor0

0,0%5

14,3%23

65,7%7

20,0%

Cocina tradicional0

0,0%32

33,0%51

52,6%14

14,4%

Cadena de restauración18

100,0%0

0,0%0

0,0%0

0,0%

Chi-cuadrado de Pearson: 155,12 (p-valor: 0,000)


Fiabilidad y validez de las escalas de medida

el estudio preliminar de la dimensionalidad de las escalas se realizó a través de un análisis factorial exploratorio con método de estimación de máxima verosimilitud y rotación varimax, usando el criterio de los autovalores mayores a la unidad. las escalas de los constructos ana-lizados resultaron unidimensionales. en cuanto a la de-puración de las escalas, se eliminaron aquellos ítems con cuya desaparición aumentaba considerablemente el indi-cador alpha de fiabilidad1.

1 se eliminó un ítem de la escala confianza por baja carga factorial a su factor (menor de 0,6), que había sido traducido literalmente de la propuesta de medina-muñoz y García-Falcón (2000): “la rela-ción se caracterizaba por una gran armonía”.

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la dimensionalidad exploratoria quedó confirmada mediante la estimación de un modelo de medida de primer orden es-timado mediante máxima verosimilitud Robusto (Bentler, 1995) ante la falta de normalidad de los datos (tabla 4).

tabla 4. modelo de medida (dimensionalidad, fiabilidad y validez)

ítems l est (t-valor)

reputación de la calidad de servicio (Fc=0,684; aVe=0,521)

Cs1: nuestro restaurante presta servicios de la más alta calidad 0,682

Cs2: nuestro restaurante es considerado un restaurante de la más alta calidad

0,749 (6,81**)

prestigio (Fc=0,862; aVe=0,677)

PR1: visitar nuestro restaurante es considerado un sím-bolo de prestigio 0,755

PR2: visitar nuestro restaurante es considerado un sím-bolo de estatus

0,806 (12,69**)

PR3: visitar nuestro restaurante es acorde con el estatus social de nuestros clientes

0,900 (13,20**)

confianza (Fc=0,712; aVe=0,556)

Con1: en general, tengo absoluta confianza en este grupo de clientes 0,825

Con2: Confiamos en que las decisiones de este grupo de clientes sean beneficiosas para nosotros

0,646 (5,09**)

compromiso (Fc=0,731; aVe=0.502)

Com1: en general, me siento comprometido con este tipo de clientes 0,642

Com2: estamos muy comprometidos a continuar0,621

(5,81**)

Com3: tenemos un fuerte sentido de la lealtad hacia este tipo de clientes

0,746 (6,86**)

Éxito de la relación (Fc=0,799; aVe=0,501)

eX1: en general, estoy satisfecho con este tipo de clientes 0,603

eX2: valoración general de la calidad de la relación con este tipo de clientes

0,690 (8,92**)

eX3: este tipo de clientes es una excelente compañía con la que hacer negocios

0,734 (9,52**)

eX4: el tiempo y el esfuerzo empleado en desarrollar y mantener la relación ha valido la pena

0,771 (10,03**)

Correlación2 iC al 95%

Confianza-Compromiso 0,8724 [0,693; 0,829]

Confianza-Éxito de la Relación 0,8343 [0,620; 0,772]

Confianza-Calidad de servicio 0,7266 [0,478; 0,578]

Confianza- valor social 0,5848 [0,288; 0,396]

Compromiso- Éxito de la Relación 0,9132 [0,752; 0,916]

Compromiso- Calidad de servicio 0,7450 [0,501; 0,609]

Compromiso- valor social 0,6686 [0,403; 0,491]

Éxito de la Relación- Calidad de servicio 0,7134 [0,465; 0,553]

Éxito de la Relación- valor social 0,5848 [0,300; 0,384]

Calidad de servicio- valor social 0,7694 [0,544; 0,640]

estadísticos de ajuste: X2 satorra-Bentler (g.l.=67)= 91,8114 (p-value=0,0195); Rmsea=0,051;

CFi=0,946; GFi=0,919; BB-nnFi=0,926. FC= Fiabilidad compuesta; AVE= Varianza Extraída;

l est= Carga Estandarizada. **: todos los t-valores indican carga significativa al 99%.


a partir de esta estimación se valoró la consistencia in-terna de las escalas o dimensiones, considerando dos in-dicadores: 1) coeficiente de fiabilidad compuesto, cuyo umbral mínimo es de 0,7 (anderson & Gerbing, 1988) y 2) la varianza extraída de cada una de las escalas, cuyo valor debe exceder de 0,5 (Fornell & larcker, 1981). estos índices, todos ellos recogidos en la tabla 4, resultaron aceptables para la totalidad de los factores, excepto la fiabilidad compuesta de la calidad de servicio que se en-cuentra en la frontera del límite inferior.

se contrastó la validez de las escalas: 1) validez de conte-nido, puesto que las escalas que conforman los ítems se han conformado a partir de la referencia bibliográfica; 2) validez convergente al comprobar que los coeficientes es-tandarizados son superiores a 0,6 y significativos al 99% (t-estadístico>2,58) (steemkamp y van trijp, 1991), y 3) validez discriminante puesto que los intervalos de confianza las 95% centrado en la correlación entre los factores latentes no contienen el valor (anderson & Gerbing, 1988).

los índices de ajuste obtenidos en la estimación del mo-delo de medición revelan que las variables medidas con-vergen perfectamente hacia los factores establecidos en el análisis factorial exploratorio (véase tabla 4). a partir del contraste del estadístico Chi2 Robusto podemos afirmar que el ajuste global es correcto a un nivel de confianza del 90%. esto queda corroborado con el resto de indicadores globales de ajuste (Rmsea<0,08; GFi superior a 0,9; índice de ajuste incremental no normado -BBnnFi- superior a 0,9; así como el ajuste comparado CFi>0,9).

análisis de los resultados

tras comprobar la fiabilidad y validez de las escalas pro-puestas, se procedió a contrastar las hipótesis planteadas a través del análisis de un modelo causal. los resultados de la estimación quedan reflejados en la Figura 2. en relación a la calidad del ajuste (tabla 5), tomando con cautela la significación del contraste Chi2 Robusto de satorra-Bentler, y observando los indicadores globales, podemos afirmar que el ajuste global es aceptable (Rmsea<0,08; índice de ajuste incremental no normado BBnnFi e índice de ajuste comparado CFi>0,9).

Haciendo referencia a los coeficientes estimados entre los factores latentes del modelo, los resultados indican la exis-tencia de relaciones causales significativas en la secuencia teórica planteada.

la relación entre la percepción sobre la reputación de la calidad de servicio ofrecido por el gestor y el compromiso con los clientes resulta significativa al 99% (0,710**, t-valor: 3,039). Por tanto, podemos afirmar que la reputación


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sobre la calidad del servicio ofertado influye directa y posi-tivamente sobre el nivel de compromiso del restaurante con sus clientes, contrastando la hipótesis de investigación H1a.

de manera similar, existe un efecto significativo de la repu-tación de la calidad y la confianza en el grupo de clientes (1,768**, t-valor: 3,278). el nivel de confianza en los clientes se verá influenciado de manera significativa y po-sitiva por la percepción de la calidad del servicio ofrecido por el restaurante, lo que permite contrastar de manera afirmativa la hipótesis H1b.

tabla 5. indicadores de ajuste del modelo estructural

indicadores de bondad de ajuste

nivel óptimo recomendado

Valor del modelo estimado

Chi2 sat. (g.l.)(p-valor asociado al contraste)

p-valor>0,05Chi2 sat. (71)

=103,1162(p-valor = 0,00489)

Rmsea <0,08 0,058

CFi alto, cercano a 1 0,929

GFi lisrel alto, cercano a 1 0,911

iFi >0,90 0,951

BB-nFi >0,90 0,819

BB-nnFi >0,90 0,906


Por su parte, el prestigio influye de manera positiva y sig-nificativa sobre el compromiso del restaurante con sus clientes (0,185**, t-valor: 2,153). Por tanto, el compro-miso del restaurante puede aumentar al incrementar su

percepción de prestigio. este resultado nos permite con-trastar la hipótesis H2a. sin embargo, la estimación de la relación causal entre prestigio-confianza es positiva (0,177, t-valor: 1,363) pero no significativa, lo que no nos permite contrastar la hipótesis H2b.

el estimador asociado a la relación entre la confianza y el éxito de la relación (0,186*, t-valor=1,96) resulta significa-tivo al 95%. este resultado indica que la confianza tiene un efecto significativo y positivo sobre el éxito de la relación, lo que nos permite contrastar de manera afirmativa la hipó-tesis de investigación H3. Cuanto mayor sea la percepción de confianza por parte del gestor del servicio mayor será el éxito de la relación, en línea con lo propuesto por medina-muñoz y García-Falcón (2000) y Wu y Chang (2006).

Respecto a la relación causal entre el compromiso con los clientes y el éxito de la relación, el estimador es más signifi-cativo que en la relación anterior (0,529**, t-valor=4,606). es decir, el éxito de la relación se verá influenciado de ma-nera significativa por el compromiso del gestor del servicio con sus clientes, en línea con los resultados empíricos de medina-muñoz et al. (2002). según la estimación de la re-lación causal se espera que al aumentar el nivel de com-promiso con los clientes aumente el éxito de la relación de manera significativa, contrastando de manera afirmativa la hipótesis de investigación H4.

los resultados anteriores nos permiten concluir que las dos dimensiones del valor del servicio ofrecido (reputación de la calidad y prestigio) tienen un efecto directo sobre

FigUra 2. modelo estimado de las relaciones causales

Prestigio

Confianza

Compromiso

Éxito de la relación

1,768(3,278**)

0,177(1,363)

0,710(3,039**)

0,185(2,153**)

0,186(1,960*)

0,529(4,606**)

Reputación de la calidad de servicio


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el compromiso del gestor del servicio con su grupo de clientes y un efecto indirecto sobre el éxito de la relación restaurante-cliente. sin embargo, el prestigio no influye de manera significativa sobre la confianza del restaurante hacia sus clientes, por lo que no podemos afirmar el efecto indirecto del prestigio sobre el éxito de la relación.

discusión, implicaciones y futuras líneas de investigación

el objetivo del trabajo ha sido conocer la influencia de la calidad de servicio y del prestigio, como elementos clave del valor entregado por el restaurante, sobre la confianza y el compromiso como variables antecedentes del éxito de la relación empresa-cliente. el modelo de medida nos ha permitido testar dos de las dimensiones de la percepción de valor entregado por el gestor propuestas en la literatura (reputación de la calidad de servicio y prestigio), así como la confianza y el compromiso del gestor del servicio como posibles elementos determinantes del éxito de la relación.

los resultados de la estimación del modelo causal de la secuencia valor percibido entregado (reputación de la ca-lidad de servicio y prestigio) confianza y compromiso éxito de la relación en una muestra de 150 restaurantes evidencian la contribución que tienen estos antecedentes en el éxito de las relaciones con sus clientes. Por una parte, existe una influencia significativa de la confianza y el com-promiso que adquiere el restaurante con sus clientes sobre el éxito de la relación a largo plazo. estos resultados se encuentran en la línea de las relaciones que proponen me-dina-muñoz y García-Falcón (2000) en el contexto turístico y contrastados empíricamente en el trabajo de medina-muñoz et al. (2002). Por otra parte, siguiendo el plantea-miento de Huber et al. (2001) sobre la importancia del valor en el éxito de la relación como ventaja competitiva, también se han encontrado efectos significativos de las di-mensiones de valor relativas a la reputación de la calidad de servicio y el prestigio sobre el éxito de la relación de manera indirecta a través del compromiso. Por tanto, la percepción de valor que tenga el restaurante estimula su compromiso con los clientes y dicho compromiso contribuye a mejorar el éxito de las relaciones entre ambas partes.

desde el punto de vista empresarial, estos resultados pueden ayudar a los gestores de restaurantes en el de-sarrollo de acciones enfocadas a mejorar su relación con los clientes. la percepción de reputación de la calidad de servicio y el prestigio como valor social, así como el com-promiso del restaurante con sus clientes son aspectos que deberían considerarse fundamentales para alcanzar el éxito de las relaciones y, por tanto, mejorar los beneficios

económicos. las actuaciones de los restaurantes encami-nadas a mejorar las dimensiones de la calidad de los servi-cios y a aumentar la percepción de prestigio contribuirán a reforzar su compromiso con los clientes. según Kohli y Jaworski (1990), el compromiso es una forma de responder a las necesidades y expectativas del cliente, por lo que será más probable que un restaurante comprometido con sus clientes consiga que estén más satisfechos y logre man-tener su relación exitosa con ellos a largo plazo.

Para finalizar exponemos las limitaciones detectadas en el presente trabajo, que constituyen nuevas oportunidades de investigación en la formación del éxito de la relación restaurante-cliente. en primer lugar, los resultados ob-tenidos para la muestra de 150 restaurantes no pueden ser generalizados, ya que el muestreo se realizó mediante un método no probabilístico por criterio. Por ello, propo-nemos como siguiente paso en la investigación obtener una muestra representativa teniendo en cuenta el papel, además, de los empleados de los restaurantes, como ver-daderos proveedores del servicio así como de los propios clientes. el objetivo perseguido es contemplar la perspectiva de otros empleados del restaurante a la hora de analizar las variables antecedentes del éxito de la relación. Cabe se-ñalar que el presente trabajo ha considerado únicamente el punto de vista del responsable de la empresa; sin embargo, conocer la percepción de la calidad de servicio, del prestigio social, de la confianza y el compromiso que siente el per-sonal de contacto con el cliente podría ofrecer una visión más completa de la formación del éxito relacional.

somos conscientes de la limitación que presenta la escala propuesta para medir la reputación de la calidad de ser-vicio entregado. Por ello, pretendemos avanzar en futuras investigaciones analizando otras medidas representativas del valor entregado por el responsable del restaurante y del valor percibido por los clientes. específicamente, inten-taremos tratar una visión más holística del valor, incorpo-rando la dimensión de eficiencia para completar, junto con la calidad, la percepción de valor económico y la percep-ción de valor hedonista por parte del cliente del restau-rante (entretenimiento y estética). además, entendemos que debemos completar la visión de valor recogiendo los elementos negativos o sacrificios, como el precio percibido del cliente en la prestación del servicio, con objeto de con-templar una propuesta completa del valor como trade-off (Zeithaml, 1988).

Para avanzar en esta línea de investigación, proponemos mejorar el estudio de la formación del éxito relacional ana-lizando la relación entre restaurantes y sus proveedores. de esta forma, se podrá disponer de información compa-rativa de ambas direcciones del canal de comercialización


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e identificar diferencias que pudieran existir en los efectos de las variables antecedentes. del mismo modo, la aplica-ción del modelo estudiado en otros contextos turísticos, como hoteles o agencias de viaje, permitiría realizar com-paraciones en función del tipo de empresas y tipo de ser-vicios, comprobando si se mantienen las mismas relaciones entre las variables y mejorando así el proceso que conduce al éxito de las relaciones entre organizaciones.

también se propone añadir el efecto de otras variables que la literatura ha incorporado recientemente como antece-dentes del éxito de la relación. Por ejemplo, Hingley et al. (2008) investigan el papel del factor humano en las rela-ciones entre empresas y Plewa (2009) considera diferen-cias en la cultura organizacional para estudiar las variables que conducen al éxito de la relaciones. del mismo modo, se podría completar el proceso de formación del éxito de la relación añadiendo antecedentes y consecuencias de la confianza y el compromiso de la empresa de servicios. Respecto a los antecedentes, se sugiere analizar el efecto que tiene la orientación al cliente como fuente generadora de confianza y compromiso, siguiendo las aportaciones de doney et al. (2007) y Gil-saura et al. (2007). y en cuanto a las consecuencias, la satisfacción global de la empresa con la relación también contribuiría a mejorar la explicación del éxito de la relación, tal y como señalan sigala (2007) y neal y Gursoy (2008).

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correspondencia: Walesska schlesinger, Facultad de economía, edifi-cio Departamental Oriental, Avenida de los Naranjos,s/n, CP46022, valencia, españa.

citación: schlesinger, m. W., Cervera, a., iniesta, m.a. & sánchez, R. (2014). Un enfoque de marketing de relaciones a la educación como un servicio: aplicación a la Universidad de valencia. Innovar, 24(53), 113-125.

clasiFicación jel: m31, l32, l8.

recibido: agosto 2011; aprobado: agosto 2013.

Un enfoque de marketing de relaciones a la educación como

un servicio: aplicación a la Universidad de Valencia1

María Walesska SchlesingerProfesora ayudante doctor en el departamento de Comercialización e investigación de mercados, Facultad de economía, Universidad de valencia (españa). Correo electrónico: [email protected]

Amparo Cervera TauletCatedrática de Comercialización e investigación de mercados. Facultad de economía, Universidad de valencia (españa). Correo electrónico: [email protected]

María Ángeles Iniesta BonilloProfesora titular del departamento de dirección y Gestión de empresa, Universidad de almería (españa). Correo electrónico: [email protected]

Raquel Sánchez FernándezProfesora Contratada doctor del departamento de dirección y Gestión de empresa, Universidad de almería (españa). correo electrónico: [email protected]

resUmen: esta investigación se plantea como una aproximación exploratoria a la vez que in-novadora, en la medida en que su objetivo básico es el de aplicar el paradigma del marketing de relaciones al análisis de la gestión educativa. más concretamente, lo que se persigue es construir un modelo integrado de relaciones entre el egresado y la universidad. se realizaron 500 encuestas a egresados de una universidad española y se utilizaron modelos de ecuaciones estructurales para contrastar las relaciones planteadas. la aportación fundamental del trabajo radica en la concep-tuación y medición de variables relativas al comportamiento y percepción de los egresados. los resultados más relevantes confirman tres antecedentes directos de la lealtad de los egresados hacia la universidad: 1) la satisfacción, 2) la imagen percibida y 3) la identificación egresado-Universidad. asimismo la calidad de la interacción alumno-profesor y la satisfacción son antecedentes de la ima-gen percibida. Por otra parte, a estos hallazgos se sumarán importantes implicaciones relacionadas con la gestión estratégica de las universidades.

palabras claVe: marketing de relaciones, egresados, universidad, imagen, identificación, satis-facción, calidad de la interacción, lealtad.

introducción

la consideración de las instituciones de educación superior como gene-radoras de servicios para la compleja red de actores sociales (sakthivel & Raju, 2006), frente a los cuales debe ofrecer respuestas eficaces y generar

1 agradecimiento: la presente investigación ha sido elaborada en el marco del i+d+i del plan nacional SEJ20068105-C02- 01/ECON y SEJ2007-68105-C02-02/ECON del Mi-nisterio español de educación y Ciencia.

a relationsHip marKeting approacH to edUcation as a serVice: an application to tHe UniVersity oF Valencia

abstract: this research is presented as an exploratory approach, while innovative, to the extent that its basic objective is to apply the paradigm of relationship marketing to the analysis of educational management and the service encounter between teacher and students. in order to achieve this, 500 surveys were conducted at a spanish university and structural equation modeling was employed to compare the relationships hypothe-sized. the main contribution of this paper lies in the conceptualization and measurement of variables related to behavior and perception of gradu-ates in a relationship services framework. the most relevant results con-firm three direct antecedents of graduate loyalty: satisfaction, perceived image and graduated-university identification. also the quality of teacher-student interaction and satisfaction are antecedents of the perceived image also some managerial implications are proposed.

Key words: relationship marketing, graduates, university, image, identi-fication, satisfaction, quality of the service encounter, loyalty.

Uma Visão de marKeting de relações à edUcação como Um serViço: aplicação à UniVersidade de Valencia

resUmo: esta pesquisa é vista como uma aproximação exploratória, mas também inovadora, na medida em que o seu objetivo básico é aplicar o paradigma do marketing de relações à análise da gestão educativa. mais concretamente, a finalidade é construir um modelo integrado de rela-ções entre o formado e a universidade. Foram feitas 500 enquetes com formados de uma universidade espanhola e foram utilizados modelos de equações estruturais para contrastar as relações propostas. o aporte fundamental do trabalho é a conceituação e medição de variáveis rela-tivas ao comportamento e percepção dos formados. os resultados mais relevantes confirmam três antecedentes diretos da lealdade dos formados para com a universidade: a satisfação, imagem percebida e identificação e-U. igualmente, a qualidade da interação aluno-professor e a satisfação são antecedentes da imagem percebida. igualmente, além destes achados, encontramos importantes implicações relacionadas com a gestão estraté-gica das universidades.

palaVras-cHaVe: marketing de relações, formados, universidade, imagem, identificação, satisfação, qualidade da interação, lealdade.

Une approcHe de marKeting de relations à l’ÉdUcation comme Un serVice : application à l’UniVersitÉ de Valence

rÉsUmÉ : Cette recherche se présente comme une approche exploratoire et en même temps innovatrice dans la mesure où son objectif de base consiste à appliquer le paradigme du marketing de relations à l’analyse de la gestion éducative. Plus concrètement, est recherchée la construc-tion d’un modèle intégré de relations entre le diplômé et l’université. 500 enquêtes ont été réalisées auprès de diplômés d’une université espagnole en utilisant des modèles d’équations structurelles pour mettre en relief les relations proposées. L’apport fondamental du travail consiste en la concep-tuation et la mesure de variables relatives au comportement et à la percep-tion des diplômés. les résultats les plus remarquables confirment que trois éléments sont directement en relation avec la loyauté des diplômés envers l’université : la satisfaction, l’image perçue et l’identification étudiant/université. De même, la qualité de l’interaction étudiant/professeur et la satisfaction sont des préalables de l’image perçue. A ces constatations il convient d’ajouter d’importantes implications liées à la gestion straté-gique des universités.

mots-clÉs : marketing de relations ; diplômés ; université ; image ; identi-fication ; satisfaction ; qualité de l’interaction ; loyauté.

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valor, determina la base para la aplicación del marco de la teoría del marketing de relaciones, cuya eficacia ha sido probada en organizaciones públicas y privadas, lucrativas y sin ánimo de lucro, consumidores finales (B2C) y em-presas (B2B) (arnett, German & Hunt, 2003; Rapp, 2000). desde este planteamiento, resulta fundamental el análisis del marco de relaciones de los alumnos como receptores de los servicios de educación ofrecidos por la universidad (oplatka & Hemsley-Brown, 2004), utilizando para ello en-foques estratégicos y de marketing que colaboren en el diagnóstico e implantación de programas formativos ade-cuados (Webster & Hammond, 2008).

en la actualidad, la consolidación de relaciones estables entre cualquier tipo de organización y sus principales clientes se ha convertido en una herramienta imprescin-dible para garantizar la supervivencia de dichas organiza-ciones. lógicamente esta situación también afecta a las universidades, como organizaciones públicas y/o privadas, y a los alumnos en su papel de usuario/cliente. Así, las re-laciones entre ambos se deben adecuar a los cambios que se están produciendo, intentando responder a las tenden-cias existentes.

el sistema universitario público español, al igual que los de su entorno próximo, no es ajeno a esta situación, y como tal se ve afectado por una serie de factores que hacen ne-cesaria la introducción de importantes cambios que le per-mitan adaptarse a un nuevo contexto. entre estos cambios se pueden mencionar: la aparición de otras alternativas educativas, el aumento de la oferta universitaria por parte de instituciones privadas, los cambios demográficos en la demanda de estudiantes, la aparición de nuevas políticas y leyes que modifican aspectos del actual funcionamiento de las universidades, la adaptación de las enseñanzas universitarias al espacio europeo de educación superior (eees), el traspaso de las competencias de la enseñanza superior a las diferentes autonomías, cambios legislativos y, de manera general, nuevas propuestas que permitan a las universidades del sistema público dar respuesta a la demanda social de una enseñanza universitaria de calidad, capaz de competir en el mercado europeo (CRUe, 2008).

el concepto de marketing de relaciones, que ha cobrado especial importancia en el ámbito de los servicios (Hen-ning-thurau, langer & Hansen, 2001), ha considerado va-riables tales como la confianza, el valor, el compromiso o la lealtad (Bryce, 2007; morgan & Hunt, 1994). todas estas variables son necesarias para el desarrollo y manteni-miento de relaciones a largo plazo con los stakeholders. sin embargo, la interacción entre los estudios en el ámbito de los servicios educativos y la línea de investigación en mar-keting de servicios es todavía muy escasa (Henning-thurau

et al., 2001; Javalgi, Joseph & laRosa, 2009), resultando ello en la escasez de aproximaciones de gestión de las rela-ciones en términos de teoría y de aplicaciones empíricas en este contexto. Frente al enfoque tradicional, surge la nece-sidad de establecer una estrategia centrada en reforzar el vínculo entre el público objetivo y las organizaciones, ge-nerando en el marco de esta relación un mayor valor tanto para los proveedores como para los clientes (sánchez, Gil y mollá, 2001).

en esta línea, esta investigación está orientada a validar los modelos de medida de diversas variables latentes como es el caso de la imagen de la universidad y de otras propias del enfoque relacional, para lo cual se realiza una adapta-ción teórica de conceptos propios de este enfoque como: satisfacción, lealtad, calidad de la interacción alumno-pro-fesor en el encuentro de servicio, identificación egresado-universidad y lealtad.

la propuesta principal de este modelo es que la gestión de las relaciones y la consideración de los constructos incluidos en él, sobre la base de las percepciones de los egresados, ayuda a mejorar el desempeño de las organi-zaciones y contribuye a que el individuo mantenga a lo largo de su vida una relación duradera, lo cual entronca con los beneficios de la formación a lo largo de la vida del individuo, línea de actuación propuesta por los países eu-ropeos para el área de educación.

la selección de la figura del egresado frente a otros stake-holders de la universidad obedece a varias razones, entre ellas cabe mencionar tres: 1) el hecho de haber tenido una experiencia de servicio prolongada a lo largo del tiempo les permite tener un cúmulo de experiencias vividas du-rante su permanencia como alumnos en la universidad; 2) el hecho de ser “potenciales usuarios” si se vuelven a ma-tricular en estudios de postgrado, especialización o mejora-miento profesional, y 3) pueden recomendar, hablar sobre la institución o animar a otros a estudiar en ella, lo que incidiría en atraer otros estudiantes e incluso fondos de empresas o instituciones. asimismo, en la revisión de la li-teratura se encontraron diversos estudios que analizan las percepciones de alumnos-profesores, pero es muy escasa la investigación enfocada en este grupo de interés.

la originalidad fundamental del trabajo radica, a nuestro juicio, en la conceptuación y medición de variables rela-tivas al comportamiento de los agentes implicados en los procesos de la provisión de formación permanente desde la perspectiva de la gestión de relaciones y su ca-rácter multidisciplinar y transversal. la consecución de estos objetivos permitirá realizar aportaciones a la litera-tura en marketing, comportamiento del consumidor y de la educación superior. además, se sumarán importantes

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implicaciones relacionadas con la gestión estratégica de las universidades.

el trabajo se estructura de la siguiente manera: la primera parte se dedica a explicar el marco teórico de referencia, definiendo las variables incluidas en el modelo, así como las hipótesis respecto a sus relaciones; seguidamente, se pre-senta la investigación empírica realizada sobre un censo de egresados universitarios, la metodología empleada y los principales resultados; para finalizar, se exponen las principales conclusiones alcanzadas, futuras líneas de in-vestigación e implicaciones para la gestión estratégica de instituciones de educación superior.

modelo teórico de relaciones egresado-universidad

a continuación se justifica el modelo que se plantea a través del análisis conceptual de cada una de las variables e hipótesis que subyacen al mismo.

imagen de la universidad

la imagen es un constructo complejo, definido en la lite-ratura como una red de significados almacenados en la memoria (Reynolds & Gutman, 1984), o una representa-ción de la suma de creencias, actitudes e impresiones que una persona o grupo tiene de un objeto (Barich & Kotler, 1991). los públicos no son sujetos pasivos, sino “sujetos creadores”: la imagen de la institución se genera en los públicos y es el resultado de la interpretación que hacen éstos de la información o desinformación sobre la organi-zación (Kazoleas, Kim & moffit, 2001).

a fin de operacionalizar la noción de imagen, diversos au-tores tendieron a considerarla como una actitud o como un conjunto de actitudes basadas en atributos evaluados (engel, Blackwell & miniard, 1990; Capriotti, 2006). en este sentido, los resultados del estudio de Beerli, díaz y Pérez (2002) permite concluir que el tratamiento separado de respuestas cognitivas y afectivas lleva a una mejor re-presentación de la estructura actitudinal y de la predicción del comportamiento.


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calidad de la interacción alumno-profesor en el encuentro de servicio

la calidad de la interacción se concibe como un ele-mento clave en las relaciones de éxito (lindgreen & Wynstra, 2005). en el ámbito universitario, y en con-creto en las relaciones alumno-universidad, cobra espe-cial relevancia el estudio de la calidad de la interacción (sakthivel & Raju, 2006).

de acuerdo con Crosby, evans & Cowles (1990), analizar la calidad de la interacción tiene sentido especialmente en el ámbito de los servicios, siendo de crítica importancia cuando el servicio es complejo, personalizado, y se realiza a lo largo de una serie de transacciones. a pesar de la im-portancia de esta temática, son escasos los trabajos que han estudiado la configuración de relaciones de calidad en el ámbito universitario (por ejemplo, Chung & mclarney, 2000; venkatesh & meamber, 2006), evidenciándose una laguna en esta línea de investigación. de este modo, el encuentro de servicio entre el alumno y el profesor es analizado como un tipo específico de servicio, donde la duración y la atención especial durante el encuentro cons-tituyen factores significativos para la satisfacción de los egresados (Price, amould, & tierney, 1995).

satisfacción

la satisfacción es un concepto relativo, es decir, es el re-sultado o respuesta de la comparación entre una o varias experiencias subjetivas y una base previa de referencia. su-jetos a diversas conceptuaciones, Giese y Cote (2000) rea-lizan una amplia revisión de las definiciones conceptuales y operativas existentes sobre la satisfacción y concluyen definiéndola como: “una respuesta sumario, afectiva y de intensidad variable, centrada en aspectos concretos de la adquisición y/o el consumo, y que tiene lugar en el preciso momento en que el individuo evalúa el objeto” (Giese & Cote, 2000, p. 2).

Una adaptación de este concepto en relación a la satis-facción de los egresados es el propuesto por elliot y Healy (2001), quienes se refieren a la satisfacción estudiantil como la actitud que resulta de la evaluación de la expe-riencia en relación al servicio de educación recibido.

en este sentido, la satisfacción del egresado se concibe en este estudio como una respuesta cognitiva y afectiva que se da después de la experiencia de consumo del alumno y que es el resultado de la evaluación global que hace el egresado de los servicios prestados por la universidad du-rante su permanencia en ella. la satisfacción estará deter-minada por las expectativas que tenían los alumnos antes de ingresar a la universidad.

identificación y lealtad egresado-universidad

el concepto de identificación se ha estudiado tradicional-mente en la literatura de organización de empresas, ana-lizando las relaciones existentes entre la empresa y sus stakeholders, más frecuentemente entre sus trabajadores (Hup, 2006; smidts, Pruyn & van Riel, 2001). ashforth y mael (1989, p. 21) definen la identificación como una “percepción de pertenencia o unidad con la organización”. según Bergami y Bagozzi (2000), la identificación se basa en una autopercepción de conexión y cercanía del sujeto con la organización.

en el ámbito del marketing de relaciones se investiga de forma reciente cómo las relaciones de identificación con-vierten a los clientes en entusiastas promotores de la em-presa, gracias a que para estos individuos la relación con la misma es tan importante que incluso explica una parte de su identidad (marín, 2006).

desde el enfoque propuesto por Bhattacharya y sen (2003), y para los fines de esta investigación, se define la identificación egresado-universidad (e-U) como una relación voluntaria, activa y selectiva, mantenida por el alumno con la universidad, con el objetivo de satisfacer una o más de sus necesidades de definición personal, to-mando como base la existencia de unos valores y princi-pios compartidos.

otra variable propia del enfoque relacional es la lealtad. Un variado número de constructos han sido utilizados en discusiones conceptuales e investigaciones empíricas sobre la lealtad del consumidor que, al parecer, en menor o mayor grado, tienen algo en común: se refieren a la rela-ción del consumidor con un objeto específico a lo largo del tiempo (vendedor, marca, detallista, proveedor de servicio) (söderlund, 2006). en este sentido, la lealtad implica un cierto nivel de continuidad en la relación del consumidor con ese objeto y en la forma en la que se da esa relación.

la ampliación más extendida de este concepto es la que defiende la naturaleza intencionada y determinista de la lealtad y la concibe como un vínculo psicológico o emo-cional del consumidor hacia un producto, servicio, marca u organización, representando por tanto la promesa explí-cita o implícita de continuar con la elección de dicho ob-jeto (delgado, 2004).

Específicamente, la lealtad del alumno y/o graduado ha adquirido últimamente una gran importancia en la super-vivencia de las instituciones de enseñanza universitaria (Henning et al., 2001; Helgesen & nesset, 2007). después de graduado, un alumno leal a la institución puede atraer nuevos alumnos a través de una comunicación boca-oreja positiva (Helgesen & nesset, 2007), puede mejorar

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la imagen y reputación de la universidad en su entorno (nguyen & leblanc, 2001), e incluso puede atraer entes u organizaciones que hagan donaciones o financien pro-yectos de investigación (mael & ashforth, 1992). de esta forma, se observa cómo las consecuencias de esta lealtad no se limitan al tiempo que permanece el alumno en la ins-titución, sino que continúa a lo largo de su vida.

planteamiento del modelo teórico de relaciones egresado-universidad: Hipótesis

desde la perspectiva de marketing, el impacto de la imagen en el comportamiento del consumidor ha sido reconocido a pesar de la falta de evidencia empírica. la relación entre la imagen y la satisfacción, y la imagen y lealtad no ha sido objeto de especial atención en la literatura del ám-bito educativo. sin embargo, en otros contextos de estudio la imagen corporativa ha sido analizada como un ante-cedente o como mediadora de diversas variables relacio-nadas con la evaluación de las organizaciones, productos o servicios -valor percibido, lealtad- individualmente o junto con la satisfacción (Beerli et al., 2002; nguyen & leBlanc, 2001; Pina, martínez, de Chernatony & drury, 2006).

asimismo, se ha comprobado que las experiencias acumu-ladas por los estudiantes durante sus estudios en relación a la universidad impactan en la formación de la imagen de la universidad que perciben y en su reputación (Helgesen & nesset, 2007). no obstante, esta influencia de la imagen sobre la satisfacción requiere de una validación más ex-haustiva, pues se observan algunos resultados contradic-torios. así, mientras en el estudio de Bloemer y de Ruyter (1998) no se pudo validar la hipótesis de que la imagen tenía un efecto indirecto a través de la satisfacción sobre la lealtad, en otros estudios (andreassen & lindestad, 1998; García de los salmones, 2001; Hu, Kandampully & Juwaheer, 2009) se demuestra la influencia indirecta de la imagen sobre la lealtad a través de la satisfacción.

acorde a esto y con la idea de aclarar las relaciones entre la imagen y estas variables, se proponen las siguientes hipótesis:

H1: La satisfacción del egresado influye de forma directa y positiva en la imagen de la universidad percibida por ellos.

H2: La imagen percibida de la universidad influye de forma directa y positiva en la lealtad de un egresado hacia su institución.

Por otro lado, diversas investigaciones han explorado la influencia de la identificación Consumidor-empresa sobre las diferentes características de la identidad de la organi-zación que favorecen la satisfacción de dichas necesidades

de autodefinición; en esta línea, se ha demostrado que el prestigio o reputación de la organización mejora el atrac-tivo de la identidad y la identificación (mael & ashforth, 1992; Bhattacharya, Rao & Glynn, 1995; Gwinner & swanson, 2003), por cuanto vinculándose con una orga-nización de prestigio el consumidor puede satisfacer efi-cazmente su necesidad de mejora o realce del yo (dutton et al., 1994; Bhattacharya & sen, 2003). Por ello, se puede plantear la siguiente hipótesis:

H3: La imagen percibida por los egresados de la univer-sidad influye directa y positivamente en su identificación con la institución.

a menudo, el personal que atiende es el reflejo fiel de los valores desarrollados por la organización. la relación que se da entre el personal de contacto y los clientes contri-buye al mejoramiento de la imagen de la organización (nguyen, le Blanc & maría, 2004). a pesar de que este estudio se hizo en el sector financiero, los servicios educa-tivos requieren de un grado aún mayor de contacto entre usuario y personal de contacto; esto nos permite formular la siguiente hipótesis:

H4: La calidad de la interacción entre alumno y profesor influye directa y positivamente en la imagen de la univer-sidad percibida por los egresados.

investigadores han demostrado que el grado en que los clientes (internos o externos) se identifican con una orga-nización depende, entre otros factores, del grado de con-tacto que tengan con la organización (dutton et al., 1994; ashforth & mael, 1989). Cuanto más trato y experiencias existan entre empresa y consumidor, o más tiempo “gaste” el consumidor en su relación con ella, más probable es que la identidad organizacional sea utilizada para construir parte de la identidad personal, dando lugar a la identifi-cación. análogamente, el grado de conexión personal con miembros de la organización (marín, 2006) también refor-zará la identidad colectiva construida en torno a la iden-tidad de la empresa.

en consecuencia, se ha querido contrastar si la calidad de esta interacción también influye en el incremento de la identificación, tras analizar los planteamientos anterior-mente expuestos y tomando en cuenta el contexto en que se desarrolla esta investigación (la educación), en el que el encuentro de servicio que se da con más frecuencia y el más sobresaliente es la interacción entre alumno-profesor; de este modo, se propone para ello la siguiente hipótesis:

H5: La calidad de la interacción entre alumno-profesor in-fluye en forma directa y positiva en la identificación del egresado con la universidad.


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Por otra parte, el trabajo de dobbins (1999), que toma como base las propuestas de tinto (1993) y de Pascarella y terinzi (1980), demuestra la relación significativa entre la calidad de las interacciones entre alumno y miembros de la facultad y la satisfacción del egresado. estas considera-ciones dan origen a la siguiente hipótesis:

H6: La calidad de la interacción entre alumno-profesor in-fluye directa y positivamente en la satisfacción del egre-sado hacia la universidad.

en el ámbito de los servicios en general, la satisfacción y la lealtad son considerados conceptos relacionados, siendo la satisfacción un antecedente de la lealtad (dick & Basu, 1994). de forma similar, en el contexto de las instituciones de educación superior, los conceptos de satisfacción y lealtad han sido vinculados a través de su relación causal (Helgesen & nesset, 2007; söderlund, 2006).

Por otro lado, la satisfacción se encuentra dentro de la ca-tegoría de antecedentes de la identificación propias de la relación (Currás, 2007). de forma general, la naturaleza de la relación de la empresa (que caracteriza a dicha vincula-ción o afiliación) será un determinante del grado de identi-ficación (Bhattacharya et al., 1995).

H7: la satisfacción de los egresados influye de forma di-recta y positiva en la lealtad de los egresados hacia su institución.

H8: La satisfacción del egresado con la universidad in-fluye de forma directa y positiva en su identificación con la institución.

la identificación del consumidor con una organización le lleva a realizar comportamientos provechosos para la misma, más allá de su rol de consumidor (ahearne, Bhattacharya

& Gruen, 2005). en este sentido, en la literatura de marke-ting se ha demostrado recurrentemente que la identifica-ción consumidor-empresa influye no sólo sobre la intención de compra de productos de la empresa (marin, 2006), sino que también los individuos se sienten motivados a pro-mocionarla, a recomendar, reclutar nuevos clientes e in-cluso mantener la relación a largo plazo (Henning et al., 2001; Bhattacharya & sen, 2003; marín, 2006). se trata, en todos los casos, de comportamientos de lealtad. sin em-bargo, ha sido analizada escasamente en el ámbito uni-versitario (marzo, Pedraja & Rivera, 2005). lo anterior nos lleva a profundizar y clarificar la relación entre estas dos variables en este contexto universitario con egresados, planteando nuestra última hipótesis:

H9: La identificación entre el egresado y la universidad in-fluye de forma directa y positiva en la lealtad hacia ella.

Resumiendo todo lo antes expuesto y con la finalidad de ilustrar las hipótesis planteadas, presentamos el marco teórico que servirá de referencia para el presente trabajo (Figura 1).

metodología

Con el objeto de validar empíricamente el modelo de re-laciones propuesto, se presenta un estudio empírico rea-lizado sobre 500 egresados universitarios de todas las titulaciones de la Universidad de valencia (españa), lleván-dose a cabo un análisis Factorial Confirmatorio (aFC) y el contraste del modelo estructural planteado a nivel teórico. Como paso previo se llevó a cabo una investigación cuali-tativa, lo que permitió el desarrollo de un instrumento vá-lido y confiable de medida, a través de escalas de medida likert de 11 categorías (0-10).

FigUra 1. modelo teórico de la relación egresado-universidad

H6+

H9+

H4+ H3+

H1+

H8+

H5+

Cal InteraccA-P

Satisfacción

Imagen de Universidad

IdentificacU-E

Lealtad

H7+

H2+


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la recogida de datos se llevó a cabo mediante un sis-tema de entrevistas telefónicas asistidas por ordenador (sistema Cati) mediante muestreo aleatorio simple. del conjunto de la muestra, el 52% obtuvo el título en el 2005, el 79 % se encuentra trabajando, el 24,4% tiene un salario entre 1200 y 1500 euros y el 68% son mujeres entre 25 y 33 años.

se desarrolló una investigación cuantitativa empleando el cuestionario estructurado, realizándose primero un aná-lisis factorial confirmatorio (aFC) mediante la metodología de modelización a través de ecuaciones estructurales, utilizándose el paquete estadístico eQs versión 6.1. ello permitió comprobar las propiedades psicométricas de las escalas utilizadas a través de la matriz de covarianzas y el método de estimación de máxima verosimilitud robusta2. Con posterioridad, se planteó un modelo estructural que permitió el contraste de las hipótesis planteadas.

las variables estudiadas fueron medidas como sigue.

• La imagen de la universidad fue medida tomando como base la escala multidimensional propuesta de Beerli et al. (2002), validada en el ámbito universitario español.

• La calidad de la interacción alumno-profesor se midió con la escala utilizada por mañas, Giménez, muyor, martínez y moliner (2008) a partir de la propuesta de Price et al. (1995) y de dobbins (1999).

• Para la identificación egresado-universidad, se empleó la escala propuesta por mael y ashforth (1992), apli-cada en el ámbito universitario y replicada por Caboni y eiseman (2005) en el sector educativo.

• La satisfacción se midió a través de estos aspectos fundamentales: satisfacción general; comparación con sus expectativas antes de ingresar a la universidad; un juicio global del servicio y comparación con la univer-sidad ideal, basándonos en la escala propuesta por For-nell (1992).

• Finalmente, la lealtad se ha medido a partir de 5 ítems adaptados de la escala propuesta por martensen, Gronholdt, eskildsen y Kristensen (1999) y Henning et al. (2001) que miden las intenciones de volver, reele-girla, recomendarla y hablar positivamente de ella.

resultados

Como punto de partida, considerando las respuestas obte-nidas a la batería de ítems que componen el cuestionario

2 la estimación por máxima verosimilitud robusta provee de estima-ciones ajustadas a la no normalidad de los datos.

de la investigación, el cálculo de las correlaciones ítem-total de forma aislada para cada componente permitió comprobar que todas las variables observadas presen-taban un valor no inferior a 0,35 (saxe & Weitz, 1982). tras este paso previo, se llevó a cabo un análisis factorial confirmatorio con objeto de profundizar en el proceso de depuración de las escalas y evaluar sus propiedades psico-métricas (tabla 1). a pesar de que todos los ítems cargaron en su concepto de forma significativa (p<0,01), los índices de modificación, el test de los multiplicadores de lagrange y los residuos estandarizados mostraron la conveniencia de eliminar algunos indicadores; de esta manera, el mo-delo de medida inicial se ve modificado a través de suce-sivos procesos de ajuste. así, en el caso de las dimensiones de la variable imagen, el análisis proporcionó una solución de cuatro dimensiones, tras haber planteado en el modelo teórico seis, esas cuatro coinciden con las propuestas en la teoría: tres dimensiones de carácter cognitivo (F1: “orien-tación y capacitación de la universidad”; F2: “reputación e innovación”; F3:“accesibilidad”) y una dimensión de ca-rácter afectivo (F4:“estética-afectiva”). los indicadores eliminados fueron: de la dimensión 1 (or1 -es una univer-sidad cercana a los alumnos- y or8 -hay buen ambiente-), de la dimensión 2 (R1 -es una universidad con prestigio- y R5 -cuenta con una oferta amplia de titulaciones-) y de F4 (est-afect4 -es una universidad estimulante- y est-afect5 -es una universidad dinámica-).

los indicadores Ci1, s4 y l1 han sido eliminados del mo-delo de medida inicial3. Con dichas modificaciones, las medidas de bondad de ajuste del modelo de medida me-joran. el cociente entre la chi-cuadrado y los grados de li-bertad del modelo (chi-normada: 2,2) se encuentra dentro del nivel recomendado (Hair, anderson, tatham y Black, 2005) si se tiene en consideración el alto número de varia-bles del modelo.

tras el análisis de la bondad del ajuste del modelo, se ana-lizaron la fiabilidad y la validez de las escalas desarrolladas para las variables del modelo planteado. de este modo, como se observa en la tabla 1, tanto el coeficiente alfa de Cronbach como los índices de fiabilidad compuesta (iFC) y varianza media extraída (ave) dan muestra de la fiabi-lidad de las escalas desarrolladas, pues los valores alcan-zados son superiores al mínimo recomendado de 0,7 para alfa (nunnally, 1978), 0,6 para la fiabilidad compuesta (Bagozzi et al., 1992) y 0,5 para la varianza media extraída

3 la eliminación de estos indicadores de sus respectivas variables (calidad de interacción a-P, satisfacción y lealtad) se ha realizado cuidando teóricamente que los ítems que quedan definitivamente conformando la escala sean capaces de medir la variable, mante-niéndose así la validez de contenido.


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tabla 1. propiedades psicométricas de las escalas de medida

Factor ítemValidez convergente confiabilidadcarga

factorial media cargas

alfa de cronbach

iFc iVe

ORienTACiÓn Y CAPACiTACiÓn (F1)

or2es una universidad orientada y preocu-pada por sus alumnos

0,756 *

0,67 0,84 0,90 0,58

or3 Cuenta con buen profesorado 0,764 *or4 Cercana a la sociedad 0,710 *or5 Proporciona una buena formación 0,820 *or6 Cercana a las empresas 0,517*or7 Proporciona una capacitación práctica 0,507*or8 es muy exigente 0,611*

RePUtaCiÓn e innovaCiÓn(F2)

R 2 tienen una buena reputación 0,467*

0,77 0,86 0,91 0,74R 3 es una universidad moderna 0,919*R 4 Cuenta con buenas instalaciones 0,871*R 6 es una universidad innovadora 0,842*

aCCesiBilidad(F3)

acc1 es fácil entrar a estudiar en ella 0,787*0,88 0,87 0,93 0,86

acc2 es accesible a todas las personas 0,970*

estÉtiCa-aFeCtiva(F4)

est-af1 es agradable 0,937*0,88 0,91 0,95 0,87est-af2 es alegre 0,886*

est-af3 es joven 0,829*

satisFaCCiÓn(F5)

s1 tu decisión de haberla seleccionado fue acertada

0,890*

0,92 0,84 0,97 0,91s2 Ha satisfecho tus expectativas 0,953*

s3 en general estás satisfecho 0,911*

Calidad de la inteRaCCiÓn

Ci2los prof. mostraron interés en dar más de lo académico 0,737*

0,86 0,89 0,94 0,84Ci3 establecieron una buena relación con

los alumnos0,898*

Ci4 Había una relación cercana con los alumnos

0,945*

identiFiCaCiÓne-U(F6)

id1 Cuando alguien critica a la univ. te lo tomas como un insulto

0,771*

0,85 0,93 0,97 0,69

id2 te interesa lo que la gente piense de la universidad

0,812 *

id3 Cuando hablas de la universidad nor-malmente dices “nosotros”

0,788*

id4 Cuando la universidad obtiene éxito, sientes como si fuera tuyo

0,916*

id5 Cuando alguien elogia a la univer-sidad te lo tomas como un cumplido personal

0,928*

id6 te incomoda que alguna noticia de un medio de comunicación critique a la universidad.

0,867*

lealtad(F7)

l2si tuvieras que realizar otros cursos, estudios considerarías a la universidad como primera opción

0,831 *

0,92 0,90 0,98 0,89

l3 si alguien te pide consejo recom-endarías la universidad

0,946 *

l4 si se presenta la oportunidad comen-tarías cosas positivas de la universidad con tu familia y amigos

0,941 *

l5 animarías a otros a que estudiasen en esta univ.

0,978*

medidas de bondad de ajUste modelo inicial

s-B c2 (532) = 1713,4 (p = 0,000)c2/g.l.=3,2

bbnFi bbnnFi cFi iFi rmsea0,81 0,84 0,85 0,85 0,07

medidas de bondad de ajUste modelo Final

s-B c2 (436) = 952,259 (p = 0,000)c2/g.l. = 2,2

bbnFi bbnnFi cFi iFi rmsea0,88 0,92 0,93 0,93 0,05

Nota: IFC= Índice de Fiabilidad Compuesta; IVE=Índice de Varianza Extraída. * p < 0,01.


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(Fornell & larcker, 1981). Respecto a la validez de conte-nido, se asume que las escalas obtenidas miden los con-ceptos citados y no otros, ya que para su elaboración se llevó a cabo una extensa revisión de la literatura en esta materia, así como un estudio cualitativo previo. Por lo que se refiere a la validez convergente, puede observarse que los coeficientes estandarizados de cada indicador son sig-nificativos, es decir, que estos coeficientes son mayores que dos veces su error estándar (anderson & Gerbing, 1988). el cumplimiento de esta condición se constata di-rectamente ante la presencia de ponderaciones de las va-riables elevadas y significativas (valor de la t superior a 1,96) (tabla 1). Por su parte, la validez discriminante queda comprobada a través de los métodos proporcionados por anderson y Gerbing (1988). siguiendo el primero de ellos, el intervalo de confianza (± 2 veces el error estándar) de la correlación estimada entre dos de las variables consi-deradas (Φ) no incluía el valor uno. adicionalmente, me-diante el segundo método, comparamos la bondad del ajuste (χ2) de dos modelos de medición, donde en uno de ellos quedaba restringido al valor 1 la estimación del parámetro de correlación entre cada par de variables la-tentes. la significatividad del test demostró de nuevo la existencia de validez discriminante entre los componentes del valor. Finalmente, el test de la varianza media extraída también resultó positivo, ya que la correlación al cuadrado entre las dimensiones era inferior a las varianzas extraídas.

Una vez analizada la bondad del modelo de medida, a con-tinuación se planteó un modelo de ecuaciones estructu-rales para el contraste del modelo de relaciones propuesto (Figura 1). se observa que los índices de bondad de ajuste del modelo global son muy aceptables (tabla 2), lo que

sugiere que la red nomológica de relaciones se ajusta a los datos obtenidos en el estudio.

del contraste de hipótesis (tabla 2) se confirma que la imagen de la universidad tiene dos antecedentes directos, la calidad de la interacción P-a (H4) y la satisfacción (H1). Por su parte la lealtad también presenta antecedentes di-rectos, en este caso se comprobaron los tres que se habían planteado, la imagen (H2), la satisfacción (H7) y la identifi-cación e-U (H9). sin embargo, a diferencia de lo planteado en el modelo teórico, la calidad de la interacción alumno-profesor y la satisfacción no influyen de forma directa en la identificación egresado-universidad -rechazo de H5 y H8)-, pero sí se confirma a la imagen como antecedente de la identificación e-U (H3). Finalmente, como efectos di-rectos, se acepta la influencia de la calidad de la inter-acción alumno-profesor en la satisfacción (H6).

conclusiones

en el presente trabajo se pretende aportar conocimiento a la comprensión del comportamiento de los egresados respecto a la universidad donde cursaron sus estudios mediante la aplicación del marketing de relaciones a un contexto específico de servicios: la educación superior.

la revisión teórica efectuada permitió plantear un modelo de relaciones causales referido al análisis del marco de re-laciones entre diversas variables que influyen en la relación egresado-universidad, con datos de encuesta sobre una población aleatoriamente seleccionada del total de egre-sados de la Universidad de valencia para los cursos 2005 y 2006. de este modo, el modelo ha permitido examinar

tabla 2. modelo de ecuaciones estructurales: análisis de relaciones causales y contraste de hipótesis

Hipótesis relación estructuralcoeficiente

estandarizado (b)Valor t contraste

H1+ satisfacción imagen 0,473 10,700*** aceptada

H2+ imagen lealtad 0,468 8,223*** aceptada

H3+ imagen identificación e-U 0,388 4,828*** aceptada

H4+ Calidad interacción a-P imagen 0,426 9,240*** aceptada

H5+ Calidad interacción a-P identificación e-U -0,030 -0,517 Rechazada

H6+ Calidad interacción a-P satisfacción 0,361 7,548*** aceptada

H7+ satisfacción lealtad 0,330 7,103*** aceptada

H8+ satisfacción identificación e-U 0,106 1,761 Rechazada

H9+ identificación lealtad 0,081 2,191** aceptada

bondad del ajuste

s-B χ2 (452)=996,594 p=0,000BnFi= 0,87 BBnnFi= 0,916 CFi=0,923 iFi=0,924 Rmsea=0,049χ2 /g.l.=2,23

* p < 0,1; ** p < 0,05; *** p < 0,01.



Marketing

la influencia de dos antecedentes directos de la imagen de esta universidad percibida por los graduados, un antece-dente directo de la identificación egresado-universidad y tres antecedentes directos de la lealtad a la universidad. tras la estimación del modelo y el contraste de las hipó-tesis, se pueden extraer varias aportaciones de relevancia:

Una primera aportación relevante de esta investigación, que surge por el contraste de la primera hipótesis a partir de la validación de la escala de una de las variables que conforman el modelo, la imagen percibida de la univer-sidad, es la confirmación del carácter multidimensional de la imagen de la universidad a través de cuatro dimen-siones, tres de ellas cognitivas y una afectiva,

en segundo lugar, esta investigación también ofrece un conjunto de aportaciones de interés respecto a dos an-tecedentes directos: la calidad de la interacción alumno-profesor y la satisfacción. así, se ha concluido que la satisfacción influye más significativamente en la imagen percibida que la calidad de la interacción. sin embargo, también la calidad de la interacción, al ser un antecedente directo de la satisfacción, afecta indirectamente en la imagen a través de esta variable, con lo cual no se puede negar el papel tan importante que tienen estas dos varia-bles en la formación de la imagen del grupo de stakehol-ders de la universidad analizado: los egresados.

Por otro lado, el contraste de la H1 ha permitido con esta investigación realizar una aportación al debate académico sobre la relación entre las variables imagen y satisfacción. Puesto que en la literatura se presentan planteamientos contradictorios sobre si la satisfacción es antecedente o consecuente de la imagen, aquí se verifica lo primero en sintonía con los resultados en el ámbito educativo obte-nidos por otros autores.

Por otro lado, en virtud de la aceptación de H3 se han extendido los hallazgos previos señalados en la literatura respecto a la influencia de variables relacionadas con la imagen de la organización sobre la identificación consu-midor-organización. en este sentido, desde la perspectiva de la escasa literatura previa sobre la identificación, esta investigación representa una aportación a la nueva pers-pectiva de análisis de las relaciones empresa-consumidor y, aún más, en el ámbito de instituciones públicas que en-marca este estudio.

sin embargo, no se puede dejar de mencionar el rechazo de las hipótesis H5 y H8, en las que se planteaban la ca-lidad de interacción alumno-profesor y la satisfacción, res-pectivamente, como antecedentes de la imagen. en ambos casos no se pudo comprobar su efecto directo, pero sí in-directo a través de la imagen. ello puede deberse al hecho

de que eran egresados y no alumnos, y a pesar de que la identificación no se da necesariamente si los individuos pertenecen formalmente a la organización, sí facilita y for-talece la identificación el hecho que los individuos tengan un contacto frecuente y con un grado cercano a la misma (dutton et al., 1994; Bhattacharya et al., 1995). asimismo, también es una aportación al debate académico el hecho de rechazar la H8, puesto que en la revisión de la literatura existen hallazgos contradictorios sobre el planteamiento de la satisfacción como variable antecedente (oliver & swan, 1989; Bhattacharya et al., 1995) o consecuente (ashforth & mael, 1989; Gwinner & swanson, 2003) de la identifica-ción. aquí se evidencia empíricamente que al menos en el ámbito estudiado no es una variable antecedente; de esta manera, con estos hallazgos se abren nuevas líneas futuras de investigación.

Finalmente, los resultados permiten concluir que la lealtad hacia la universidad tiene tres antecedentes directos: 1) la imagen de la universidad percibida, 2) la satisfacción y 3) la identificación, siendo la imagen la que ejerce un mayor peso, seguida por la satisfacción. así, se concluye que una imagen positiva percibida por los egresados de la universidad influirá de manera significativa en inten-ciones de lealtad medida como el volver a estudiar en ella, recomendarla y decir cosas positivas, no sin antes olvidar que la lealtad también se ve afectada indirectamente por la calidad de la interacción que tuvieron los alumnos con sus profesores durante su permanencia en la universidad a través de la imagen y, directamente, por la satisfacción que tienen como resultado de esa experiencia de servicio.

de las conclusiones generales y aportaciones teóricas presentadas anteriormente se desprenden una serie de implicaciones para la gestión universitaria, que se pre-sentan a continuación.

en relación a las implicaciones de gestión derivadas del contraste empírico del modelo estructural planteado, se observó cómo la calidad de la interacción alumno-profesor tiene un papel como antecedente de la imagen percibida de la universidad y de la satisfacción. de esta manera, tal y como se concibió esta variable, se confirma la importancia de la relación alumno-profesor como uno de los elementos esenciales del servicio de educación. en algunos casos, la mejora del encuentro requerirá mayor formación del docente en el desarrollo de habilidades de comunicación -verbal y no verbal-, o aspectos psicopedagógicos -y no sólo del conoci-miento de la disciplina que imparte-. Pero al mismo tiempo, se hace necesaria la motivación del profesorado vinculada a aspectos de niveles de logro en dichos “encuentros”.

en segundo lugar, habiéndose confirmado el papel in-fluyente de la satisfacción en la imagen y lealtad de los

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alumnos, se hace necesario que las universidades busquen la manera de mejorar los niveles de satisfacción del alum-nado por ser un concepto clave en todo servicio y más aún en el educativo, así como de sus procesos de medición. en este sentido, enfoques de abajo-arriba para la medición de la satisfacción del alumno con su experiencia de servicio educativo nos parecen muy adecuados (aldás, andreu & Cervera, 2011)

tercero, de las implicaciones prácticas que se derivan de la evidencia de que la imagen se conforma a través de cuatro dimensiones, tanto cognitivas como afectivas, que en conjunto influyen sobre la identificación egresado-uni-versidad y sobre la lealtad, es importante que los respon-sables de las universidades hagan un mayor énfasis en el desarrollo de políticas, tanto de comunicación como de gestión en general, que incidan en aquellos atributos que más influyen en la conformación de esa imagen por parte de los egresados.

en definitiva, la relación entre los egresados y la univer-sidad es clave a la hora de su supervivencia y la universidad no puede descuidar el hecho de obtener una retroalimen-tación acerca de lo que sucede con ellos, una vez finalizan sus estudios. la universidad debe lograr que la relación continúe y permanezca a lo largo del tiempo a través de diversas vías comentadas a lo largo de este epígrafe, sin olvidar que su experiencia, mientras estuvieron estudiando en ella, determinará en gran parte el futuro de esa rela-ción. en este sentido, el marketing de relaciones provee a nuestro juicio el marco adecuado para esta aproximación.

sin embargo, los resultados y conclusiones derivados del estudio empírico deben matizarse atendiendo a una serie de limitaciones que, a nuestro juicio, presenta esta investi-gación. en primer lugar, el modelo ha sido contrastado ba-sándose en las opiniones de los egresados en un período específico del tiempo y de una universidad española en particular. esto provoca que la generalización de algunos de los mismos se vea limitada a los supuestos que sub-yacen en el ámbito de investigación examinado, por lo que se recomienda extender este estudio a otras universidades y comparar los resultados, validando así las escalas em-pleadas y el modelo de relaciones propuesto en otras ins-tituciones y países. asimismo, sería de gran interés que en futuras investigaciones se llevasen a cabo estudios longi-tudinales que contemplaran las posibles variaciones a lo largo del tiempo en sus percepciones, para determinar po-sibles influencias.

además, también podría resultar una limitación la medi-ción de la imagen de la universidad, en el sentido de que aún sigue sin haber consenso respecto a qué dimensiones tiene este constructo. la propia naturaleza del concepto

de imagen, muy sensible a los efectos del contexto socio-cultural, del tipo de organización y del público que la esté evaluando, demanda cautela en la traslación de los resul-tados y conclusiones a otros grupos de interés para la uni-versidad como a otros entornos distintos del español.

Finalmente, las conclusiones y limitaciones de esta investi-gación, junto a la naturaleza del propio fenómeno objeto de estudio, permiten el desarrollo de posteriores trabajos a través del planteamiento de nuevas líneas de investi-gación. de forma general, sería interesante replicar el con-traste del modelo teórico propuesto en otras universidades y también con otro stakeholder importante: las empresas, con la finalidad de comparar aspectos de la relación en el contexto universidad-empresa. en este sentido, variables relacionales como el valor percibido, la confianza o la co-municación pueden ser de enorme interés. también se po-dría replicar con alumnos que están actualmente cursando su titulación y, de esta manera, poder comparar si hay di-ferencias significativas entre las percepciones de los indi-viduos cuando están dentro de la Universidad y una vez están fuera, como es el caso de los egresados.

también sería interesante, al igual que se ha analizado la calidad de la interacción alumno-profesor durante el en-cuentro de servicio, estudiar las interacciones con otros grupos como el personal administrativo o compañeros de estudios, y ver la influencia de este encuentro de servicio tanto en las variables estudiadas como en otras variables como la satisfacción o imagen. Por su parte, la lealtad en este estudio es una de las variables que invita a profun-dizar en su investigación, sobre todo en el hecho de de-terminar cuáles son los antecedentes que más influencia tienen en ella además de los probados en nuestro modelo.

en definitiva, la presente investigación aporta conclu-siones clarificadoras para la aproximación académica a los temas tratados desde la disciplina del marketing sobre la base de la metodología hipotético-deductiva. sin em-bargo, no debe suponer un trabajo que deba finalizarse en esta investigación, sino que a nuestro juicio abre líneas de investigación a ser contrastadas por trabajos posteriores para continuar en la mejora de la definición, medición y comprensión de la realidad del funcionamiento de las ins-tituciones de educación superior.


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correspondencia: Universidad de sonora, departamento de econo-mía, Blvd. Luis Encinas y Rosales, s/n Colonia Centro, C.P. 83000. Hermosillo, sonora, méxico.

citación: espejel, J.e., Camarena, d.m.J. & sandoval, s.a. (2014). ali-mentos tradicionales en sonora, méxico: factores que influyen en su consumo. Innovar, 24(53), 127-139.

clasiFicación jel: m300, m310, Z130.

recibido: marzo 2013; aprobado: noviembre 2013.

alimentos tradicionales en sonora, méxico: factores que

influyen en su consumo

Joel Enrique Espejel BlancoProfesor-investigador de tiempo Completo titular B y Jefe del departamento de economía, Universidad de sonora, méxico. Correo electrónico: [email protected]

Dena María Jesús Camarena GómezProfesora-investigadora de tiempo Completo en la Universidad de sonora en la división de Ciencias económicas y administrativas. Correo electrónico: [email protected]

Sergio Alfonso Sandoval Godoyinvestigador titular C del Centro de investigación en alimentación y desarrollo, Ciad, a.C. Hermosillo, sonora, méxico. Correo electrónico: [email protected]

resUmen: la alimentación se considera un fenómeno biocultural, ya que cumple funciones bi-ológicas de supervivencia y se basa en componentes culturales que se encuentran asociados a los patrones de consumo de los individuos. desde el punto de vista de marketing, los elementos cul-turales, junto con las características de los productos, así como sus valores simbólicos, emocionales, de seguridad, de riesgo percibido y personales, pueden llegar a condicionar las elecciones y prefer-encias de los individuos. Cuando se trata de alimentos tradicionales, resulta probable que la con-jugación de elementos culturales y del producto se vuelvan fundamentales en las decisiones de los consumidores. Al analizar alimentos tradicionales/típicos, se los puede identificar desde una visión “nacional”; sin embargo, se trata de una perspectiva muy generalista, ya que dentro de un mismo territorio existe una amplia variabilidad alimentaria. los componentes y características regionales también pueden variar y favorecer con ello la formación de una identidad gastronómica regional. en esta línea, la investigación que se realiza se centra específicamente en los alimentos tradiciona-les de sonora -estado ubicado al noroeste de méxico-, en donde existe una cocina que mantiene elementos en común con la tradicional cocina mexicana, pero que a su vez tiene un sentido em-blemático y de identidad regional. en este contexto, el objetivo general de esta investigación es analizar la influencia que ejercen distintos atributos sobre la satisfacción del consumidor respecto a los alimentos tradicionales sonorenses. Para ello, primero se analiza cómo la calidad extrínseca afecta la seguridad y confianza alimentaria, y cómo a su vez la seguridad, confianza y conveniencia alimentaria influyen sobre la satisfacción del consumidor. Para llevar a cabo la investigación se ha realizado un muestreo aleatorio estratificado considerando la edad y el género como los criterios de referencia de cada segmento, con un error muestral del 2.9% en tres ciudades del estado (Guaymas, nogales y Hermosillo). la encuesta se aplicó a 1129 consumidores en el año 2009. la metodología utilizada para identificar los alimentos tradicionales y hábitos de compra y consumo fue por medio de análisis descriptivos y bivariantes, en tanto que para examinar las relaciones causales que ex-isten entre el nivel de satisfacción y los elementos culturales, atributos extrínsecos del producto y percepciones del consumidor, se planteó un modelo de ecuaciones estructurales con la técnica de mínimos Cuadrados Parciales (modelos Pls).

palabras claVe: alimentos típicos, atributos extrínsecos, satisfacción, modelos Pls.

introducción

a lo largo de la historia se puede ver cómo cada pueblo o región va gene-rando características alimentarias que se basan en componentes culturales que se encuentran asociados a los patrones de consumo de los individuos,

traditional Foods in nortHeast mexico: Factors aFFecting consUmption

abstract: diet is considered a biocultural phenomenon, as it satisfies biological survival needs and is based on cultural factors associated with individual con-sumption patterns. From a marketing point of view, individuals’ choices and pref-erences may be affected by these cultural factors, as well as by the characteristics of products, their symbolic, emotional and personal value, and their perceived risk. in the case of traditional foods, the combination of cultural and product-specific qualities is often fundamental in consumer decisions. in conducting an analysis, traditional foods can be identified from a “national” perspective. this, however, offers only a very general picture, as within one country there is a wide range of foods and diets. different regions have varying ingredients and characteristics, and tend to develop local gastronomical identities. therefore, this research fo-cused specifically on traditional foods in sonora, a state in northeast mexico. While the cuisine in sonora has much in common with traditional mexican cuisine, it is also a symbol of regional identity. the general purpose of the research was to analyze the influence that different factors have on consumer satisfaction in relation to traditional sonoran foods. in order to do this, the study examined how extrinsic quality factors affect food security and confidence and, in turn, how food security, confidence and convenience affect consumer satisfaction. the research was conducted with stratified random sampling using age and gender as refer-ence criteria for each segment, with a sampling error of 2.9% in the three cities of the state (Guaymas, nogales y Hermosillo). the survey was conducted in 2009 with 1129 consumers. traditional foods and purchasing and consumption habits were identified using descriptive and bivariate analysis. the causal relationships between level of satisfaction and cultural elements, extrinsic product attributes and consumer perception were examined through a structural equation model, developed using Partial least squares (Pls) technique.

Keywords: traditional foods, extrinsic attributes, satisfaction, Pls models.

aliments traditionnels dans le nord-est dU mexiQUe : FacteUrs QUi inFlUent sUr leUr consommation

rÉsUmÉ : L’alimentation est considérée comme un phénomène bioculturel étant donné qu’elle remplit des fonctions biologiques de survie et est basée sur des composantes culturelles associées aux patrons de consommation des individus. du point de vue du marketing, les éléments culturels, joints aux caractéristiques des produits ainsi qu’à leur valeur symbolique, émotionnelle, de sécurité, de risque perçu et personnels peuvent aller jusqu’à conditionner les choix et les préfé-rences des individus. Quand il s’agit d’aliments traditionnels, il est probable que la conjonction d’éléments culturels et du produit soit fondamentale dans les dé-cisions des consommateurs. Cependant, une analyse des aliments traditionnels/typiques permet d’identifier à partir d’une vision « nationale », s’il s’agit d’une perspective très généraliste, étant donné que sur un même territoire il existe une grande variété alimentaire. les composants et les caractéristiques régionales peuvent aussi varier et favoriser la constitution d’une identité gastronomique régionale. Cette recherche est donc spécialement centrée sur les aliments tradi-tionnels de sonora, un État du nord-est du mexique, où il existe une cuisine qui conserve des éléments de la cuisine mexicaine traditionnelle, mais qui possède aussi un sens emblématique et une identité régionale. ainsi, la recherche effec-tuée vise essentiellement à analyser l’influence qu’exercent divers éléments sur la satisfaction du consommateur à propos des aliments traditionnels de cette ré-gion. Pour cela, nous avons d’abord analysé la manière dont la qualité extrinsèque affecte la sécurité et la confiance alimentaire, et ensuite comment la sécurité, la confiance et le partage alimentaire influent sur la satisfaction du consommateur. nous avons effectué cette recherche sur un échantillon aléatoire stratifié en pre-nant l’âge et le genre comme critères de référence de chaque segment, avec une erreur de 2,9 %, dans trois villes de l’État (Guaymas, Nogales et Hermosillo). L’en-quête a été menée en 2009 auprès de 1129 consommateurs. La méthodologie utilisée pour identifier les aliments traditionnels et les habitudes d’achat et de consommation a consisté en analyses descriptives et à deux variables, alors que pour examiner les relations causales qui existent entre le niveau de satisfaction et les éléments culturels, les attributs extrinsèques du produit et les perceptions du consommateur, a été défini un Modèle d’Équations Structurelles avec la technique des tableaux Partiels minima (modèles Pls).

mots-clÉs : aliments typiques ; attributs extrinsèques ; satisfaction ; modèles Pls.

alimentos tradicionais no noroeste do mÉxico: Fatores QUe inFlUenciam no seU consUmo

resUmo: a alimentação é considerada um fenômeno biocultural já que cumpre funções biológicas de sobrevivência e se baseia em componentes culturais que se encontram associados aos padrões de consumo dos indivíduos. do ponto de vista de marketing, os elementos culturais, junto com características dos produtos, bem como os seus valores simbólicos, emocionais, de segurança, de risco perce-bido, e pessoais, podem chegar a condicionar as escolhas e preferências dos in-divíduos. em se tratando de alimentos tradicionais, é provável que a conjugação de elementos culturais e do produto se tornem fundamentais nas decisões dos consumidores. ao analisar alimentos tradicionais, podem ser identificados de uma visão “nacional”; no entanto, trata-se de uma perspectiva muito generalista, já que dentro de um mesmo território, existe uma ampla variabilidade alimentar. os componentes e características regionais também podem variar e favorecer a formação de uma identidade gastronômica regional. nesta linha, a pesquisa que é realizada está focada especificamente nos alimentos tradicionais de sonora, es-tado localizado no noroeste do México, onde existe uma cozinha que mantêm ele-mentos comuns com a tradicional cozinha mexicana, mas que, por sua vez, têm um sentido emblemático e de identidade regional. neste contexto, o objetivo geral desta pesquisa é analisar a influência que diferentes atributos exercem sobre a sa-tisfação do consumidor com relação aos alimentos tradicionais desse estado. Para isso, primeiro é analisado como a qualidade extrínseca afeta a segurança e a con-fiança alimentar e como, por sua vez, a segurança, a confiança e conveniência ali-mentar têm influência sobre a satisfação do consumidor. Para realizar a pesquisa, foi feita uma amostragem aleatória estratificada, considerando a faixa etária e o gênero como os critérios de referência de cada segmento, com um erro amostral de 2.9% em três cidades do estado (Guaymas, Nogais e Hermosillo). A pesquisa foi aplicada com 1129 consumidores, no ano de 2009. a metodologia utilizada para identificar os alimentos tradicionais e hábitos de compra e consumo foi me-diante análises descritivas e bivariantes, enquanto que, para examinar as relações causais que existem entre o nível de satisfação e os elementos culturais, atributos extrínsecos do produto e percepções do consumidor, foi proposto um modelo de equações estruturais com a técnica de mínimos quadrados parciais (modelos Pls).

palaVras-cHaVes: alimentos típicos, atributos extrínsecos, satisfação, mo-delos Pls.

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y que de forma gradual conforman su cocina tradicional. si bien es cierto que pueden existir elementos que son co-munes entre cocinas de distintos pueblos (uso de ingre-dientes, épocas de consumo, etc.), también lo es que los condimentos y las prácticas que se desarrollan en torno a su elaboración y pautas prefijadas sobre lo que se con-sidera apropiado comer, así como la forma y el momento en el cual se deben de preparar y consumir ciertos ali-mentos, le otorgan a cada cocina ese carácter distintivo y original (díaz & Gómez, 2005; Contreras & Gracia, 2005; lópez & García, 2005; medina, 2002; Fjellström, sidevall & nydahl, 2001).

en este sentido, alimentos que se producen y consumen en distintas partes del mundo pueden formar parte de una co-mida tradicional en una cultura, mientras que en otra, no; por ejemplo: el aguacate se consume y produce en varios países del mundo, pero la combinación de ingredientes y forma de prepararlo llevan a considerarlo un platillo típico mexicano cuando se prepara como “guacamole”. estas di-ferencias es lo que, de acuerdo a Rozín y Rozín (1981), ge-neran un “plato o comida” con identidad propia y permite diferenciar la cocina de un país.

en esta línea, las cocinas tradicionales o típicas son aqué-llas que forman parte de la costumbre y tradición de un pueblo y que conllevan o implican una forma específica de elaboración, condimentación y consumo (Camarena & sanjuán, 2008). en méxico, la cocina tradicional es muy diversa y forma parte de la identidad y acervo de la cul-tura mexicana. en 2009, se reconoció como Patrimonio Cultural inmaterial de la Humanidad1 la cocina tradicional mexicana, -cultura comunitaria ancestral y viva: el para-digma de michoacán (Unesco, 2009)-, condición que per-mite posicionarla en el contexto internacional, pero al mismo tiempo es un reconocimiento al sentido emblemá-tico y de identidad que representa.

aun cuando a simple vista la gastronomía tradicional mexicana converge en un solo elemento, lo cierto es que consiste en una amalgama de sabores, combinaciones y formas de elaboración que son resultado de una amplia diversidad de platillos que, si bien tienen algunos compo-nentes en común como el uso de condimentación picante (chile) y maíz blanco, también mantienen diferencias im-portantes derivadas de características culturales, ambien-tales y sociales de cada región. es así, que los alimentos

1 Patrimonio cultural inmaterial se refiere a los usos, representa-ciones, expresiones, conocimientos y técnicas -junto con los ins-trumentos, objetos, artefactos y espacios culturales que les son inherentes- que las comunidades, los grupos y en algunos casos los individuos reconozcan como parte integrante de su patrimonio cultural (Unesco, 2009).

tradicionales de sonora2 no necesariamente corresponden a los alimentos o comidas típicas de otras zonas del país.

la cocina tradicional sonorense se conforma por una am-plia gama de platillos como los descritos por sandoval, do-mínguez y Cabrera (2010) así:

“típicos tamales de carne o de elote, la carne machaca (una especie de carne seca deshebrada, guisada con chile, tomate y cebolla, y en ocasiones con papa picada o con huevo), los cortes finos de carne o steaks, el guacamole y las “coyotas” (tortillas de harina rellena de piloncillo coci-nada en horno de leña y utilizada como postre), la carne con chile, un caldo de queso, un buen plato de cocido o una “gallina pinta” (especie de pozole preparado con la cola de la res, maíz y frijol); además, los grandes y pequeños festejos de todo tipo en las comunidades rurales y en la ciudad están motivados por compartir un buen guiso: una carne asada con tortillas de harina de trigo y cerveza o una barbacoa acompañada de “frijoles puercos” (mezcla de fri-joles, tocino, chorizo de cerdo y queso); y en los lugares de la Costa, una buena mariscada, en la que no puede faltar el ceviche de camarón o de pescado”.

es habitual que las comidas tradicionales sonorenses con-lleven un proceso específico de elaboración, en ocasiones minucioso y en otras no tanto. al mismo tiempo, algunas se elaboran a partir de productos regionales que tienen determinadas características organolépticas que le con-ceden un sabor o sazón específico a los platillos. en cual-quiera de los casos, sea por su forma de preparación o ingredientes específicos, la comida tradicional sonorense tiene un carácter distintivo que, a través de su consumo, reivindica una “supuesta esencia de ser sonorense” que se conforma por construcciones de identidad y simbolismos (Camou, 2012).

actualmente, los hábitos de alimentación de la población sonorense se han modificado parcialmente, motivados en buena parte por la introducción creciente de comidas ét-nicas internacionales y por los cambios en los estilos de vida3, donde las prisas y falta de tiempo para cocinar

2 Estado ubicado al noroeste de México en la latitud 32° 29’ - 26° 17’ N y longitud 108° 25’ - 115° 03’ O-, se caracteriza por ser el segundo estado en el país con mayor extensión territorial (179.502,89 km2), y contar con más de 1.209 km de litorales, lo que representa el 10.9% del total nacional. tiene una población de 2.662.480 habitantes, de los cuales el 86% vive en un entorno urbano y el 14% en uno rural. es un estado que se integra por 72 municipios, la capital es Hermosillo, y en diez localidades se con-centra el 65,1% del total de la población (ineGi, 2012).

3 en sonora el 86% de la población se concentra en las zonas urba-nas (ineGi, 2012). esta característica implica un estilo de vida que dista mucho de los tradicionales esquemas rurales y que a su vez

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llevan a una mayor búsqueda de alimentos de conve-niencia. sin embargo, algunos autores como mintz (2003) consideran que las preferencias alimentarias suelen ser muy resistentes al cambio, ya que existen sabores y gustos que están moldeados por la cultura, de modo que es difícil que cambien en su totalidad. Resulta más usual la incor-poración de alimentos nuevos a la dieta, que abandonar los que ya son familiares y viejos. asimismo, el consumidor por instinto natural manifiesta rechazo a lo desconocido y busca alimentos que conforman parte de sus tradiciones y que le trasmiten seguridad alimentaria nutricional (Cama-rena, sandoval & domínguez, 2011).

de ahí que los nuevos esquemas de comercialización y las estrategias dirigidas a posicionar los productos en el mercado -especialmente el de aquellos alimentos consi-derados como tradicionales- tienen que tener en cuenta estos elementos y las nuevas necesidades de los consumi-dores. Con este fin, el objetivo de la presente investigación

conllevan a un consumo de alimentos que demanda nuevas carac-terísticas en los productos y platillos que se consumen.

es analizar la influencia que ejercen distintos atributos de calidad del producto, así como de percepción extrínseca, en la satisfacción del consumidor respecto a los alimentos tradicionales sonorenses. Para ello, se realizó una encuesta a consumidores del estado de sonora y, mediante un mo-delo de ecuaciones estructurales, se establecieron las dis-tintas relaciones causales que existen entre los atributos de búsqueda, experiencia y creencia, por una parte, y la satisfacción del consumidor, por otra. a lo largo de cuatro secciones adicionales, se presentará el marco conceptual, así como la metodología que se siguió para realizar la in-vestigación; además, se indicará cuál ha sido el proceso de análisis de los datos y los resultados, así como las conclu-siones y algunas recomendaciones e implicaciones sociales.

marco conceptual y formulación de hipótesis

revisión de la literatura

La ‘cocina nacional’ está integrada por alimentos o co-midas que son normales y comunes a una amplia parte de la población de un pueblo o nación. los platos o comidas


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que pertenecen a una ‘cocina nacional’ se pueden estu-diar a partir de dos perspectivas: 1) el de la población de origen (nacionales o autóctonos) y 2) el de la población ex-terna (otros grupos culturales o extranjeros). la primera se relaciona con los individuos que pertenecen a una misma cultura y que identifican aquellos alimentos que tienen en común con otros pueblos de su nación como “típicos”. la segunda perspectiva se refiere a la noción que tienen las personas sobre aquellos alimentos que proceden de otra cultura o de un país distinto al suyo, es decir, los alimentos y/o comidas “étnicas” (Camarena & Sanjuán, 2008b).

en este contexto, la región de origen ocupa un lugar pre-ponderante en las preferencias de los consumidores, de tal manera que la tradición y el saber hacer de una de-terminada región (señales y/o atributos extrínsecos), le proporcionan una mayor percepción de calidad (Resano, Perez-Cueto, sanjuán, de Barcellos, Grunert & verbeke, 2011) y una disminución del riesgo percibido, otorgándoles un mayor nivel de seguridad y confianza alimentaria (tuu & olsen, 2009). aunado a lo anterior, el consumidor de ali-mentos típicos percibe señales de calidad en el momento de realizar la compra calificados con atributos intrínsecos y extrínsecos. loa atributos intrínsecos son los que el con-sumidor evalúa por medio de la búsqueda (que pueden ser evaluados antes de la compra), la experiencia (que pueden ser evaluada únicamente después de la compra) y la creencia (que no pueden ser evaluados aún después de la compra y el uso). estos atributos incluyen aspectos como seguridad alimentaria, nutrición, gusto, textura, funciona-lidad, conveniencia y la forma en que se ha elaborado el producto de alimentación (Caswell, 2006). los atributos extrínsecos son los que le proporcionan al consumidor in-formación del producto de alimentación que puede mo-dificar su percepción en el momento de evaluarlo (e.g. certificación, etiquetado, precio, publicidad y marca). estos indicadores o señales extrínsecas se consideran atributos de búsqueda disponibles para el consumidor en el punto de compra (Bello & Calvo, 2000).

también el consumidor percibe atributos de calidad de búsqueda (señales intrínsecas y extrínsecas que percibe durante la compra), de experiencia (calidad nutricional y sensorial que percibe durante el consumo) y creencia (percibidos por el consumidor a partir del boca-boca y los medios de comunicación impresa y televisivos) (Becker, 2000), así como atributos de funcionalidad o conveniencia (Caswell, 2000), que hacen referencia al tiempo y al es-fuerzo que dedica el consumidor a comprar, almacenar, preparar y consumir los productos de alimentación (Gru-nert, Bech-larsen & Bredahl, 2000).

en este sentido, el consumidor suele apreciar la calidad de los alimentos típicos por medio de los atributos de búsqueda y experiencia, basado en la credibilidad de las señales de los atributos de creencia, sobre todo la infor-mación disponible en la etiqueta acerca de los aspectos sanitarios y/o seguridad nutricional y alimentaria (Caswell, 2006). al mismo tiempo, los atributos de calidad de bús-queda, experiencia y creencia, tales como los aspectos hi-giénicos, sensoriales, nutricionales, tecnológicos y éticos, generan niveles de confianza alimentaria en el consumidor, lo que incrementa a su vez su satisfacción y preferencias reales de compra y consumo. la satisfacción puede ser en-tendida como “satisfacción general”, cuando se refiere a un sentimiento global que se tiene, por ejemplo, hacia un “proceso de negociación en su conjunto”, o como “satis-facción económica”, en relación a algunos aspectos con-cretos de una transacción (Babin & Griffin, 1998; Giese & Cote, 2000). Concretamente, en la literatura especializada en el ámbito de marketing, el concepto de satisfacción del consumidor centra la atención en el proceso de evaluación (oliver, 1981; 1993) o en una respuesta a un proceso de evaluación (oliver, 1997).

la influencia de la calidad extrínseca sobre la seguridad, confianza y conveniencia alimentaria

diversos estudios en el contexto internacional han encon-trado que el consumidor suele decidir la compra de ali-mentos típicos tomando como referencia aspectos tales como el lugar de origen, el clima y el saber-hacer de un determinada región (señales y/o atributos extrínsecos), que le proporcionan una mayor percepción de calidad, se-guridad y confianza alimentaria4 (verbeke & Poquiviqui, 2005; van ittersum, Cander & meulenberg, 2003; verlegh & steenkamp, 1999).

en este contexto, el consumidor ve incrementada su per-cepción de calidad subjetiva por medio de señales ex-trínsecas, tales como el precio, la marca, la etiqueta y la

4 de acuerdo a la Fao (2011), la seguridad alimentaria plantea cua-tro dimensiones primordiales: la disponibilidad física de los alimen-tos, el acceso económico y físico a los alimentos, la utilización de los alimentos y la estabilidad en el tiempo. la primera hace refe-rencia a la ‘oferta’ y nivel de producción, básicamente existencias y comercio. La segunda, a la ‘oferta’ adecuada de alimentos a nivel nacional o internacional que garantice la seguridad alimentaria en los hogares. la tercera, se refiere a la forma en la que el cuerpo aprovecha los diversos nutrientes. al resultado de buenas prácti-cas de salud y alimentación. Por último, la cuarta dimensión, hace alusión a la ingesta adecuada y periódica de alimentos, así como a la influencia de factores climáticos, políticos y económicos como elementos que pueden incidir en la condición de seguridad alimen-taria de las personas.

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pertenencia a una región determinada. además, el con-sumidor se ve influenciado por las percepciones externas de los atributos de creencia, destacando la sanidad-hi-giene y/o seguridad alimentaria nutricional y los benefi-cios para la salud que espera encontrar en los alimentos (verbeke, sioen, Pieniak, van Camp & de Henauw, 2005). es decir, el consumidor espera que los alimentos estén li-bres de toxinas, aditivos y conservantes, tal y como los su-gieren Becker (2000), Grunert (2005) y Caswell (2006). Partiendo de la definición propuesta por Grunert (1978), acerca del riesgo percibido en la compra de productos de alimentación: “estado psicológico en el que el consumidor, por una parte, desea comprar un producto de alimentación y, por otro, rechaza adquirirlo o consumirlo debido a las consecuencias negativas que le puede ocasionar la compra del mismo” (p. 163). todas las crisis de alimentación acae-cidas en los últimos años, referentes a las enfermedades como la encefalopatía espongiforme Bovina en la carne de vacuno (Calvo, 2006), dioxinas en carne de pollo, Fiebre aftosa en la carne de cerdo, salmonella en el pollo o en los huevos y escarpie en carne de ovino, han afectado al consumidor (Badiola, 2006). asimismo, han supuesto que el consumo de los productos de alimentación, en general, y de los afectados, en particular, haya sufrido un descenso considerable. ello es debido a la preocupación por el riesgo de contagio, a la incertidumbre ante la falta de una infor-mación clara ofrecida por las instituciones, a la confusión generada por los medios de comunicación y, en definitiva, a la falta de confianza generada como consecuencia de la inseguridad percibida. asimismo, el consumidor prefiere una mayor funcionalidad en el momento de la compra, ante el hecho de que carece de tiempo para realizar una búsqueda detallada del producto. de hecho, el consumidor tiende a buscar productos de conveniencia (e.g. fáciles de transportar, conservar y preparar/cocinar) (Olsen, Schol-derer, Brunsø & verbeke, 2007).

Por los razonamientos anteriores, parece lógico esperar que las señales de calidad extrínsecas percibidas influyan en la calidad esperada (nutricional, confianza y de conve-niencia) que el consumidor espera encontrar en la compra y consumo de alimentos típicos. tomando como referen-cias estos planteamientos se formulan las siguientes hipó-tesis de investigación:

H1: La calidad extrínseca percibida por el consumidor de alimentos típicos ejerce influencia sobre la seguridad nutri-cional esperada.

H2: La calidad extrínseca percibida por el consumidor de alimentos típicos ejerce una influencia sobre la confianza alimentaria esperada.

H3: La calidad extrínseca percibida por el consumidor de alimentos típicos ejerce influencia sobre la conveniencia ali-mentaria esperada.

la influencia de la seguridad, confianza y conveniencia alimentaria sobre la satisfacción del consumidor

asimismo, con el paso del tiempo el consumidor ha ido mo-dificando cada vez más sus actitudes, emociones y compor-tamientos hacia la compra de productos de alimentación, debido a las recientes crisis alimentarias y los nuevos pro-cesos de producción biotecnificados. en concreto, el con-sumidor suele percibir negativamente tres aspectos que afectan su decisión de compra: 1) las enfermedades virales de los animales con los que se producen los alimentos (Ba-diola, 2006; Calvo, 2006); 2) las radiaciones de iones, trata-mientos de láser ultravioletas y campos eléctricos pulsados a los que están sometidos los productos de alimentación (Cardello, 2003), y 3) los productos de alimentación mo-dificados genéticamente (e.g. Grunert, 2002; scholderer, nielsen, Bredahl, Claudi-magnussen & lindahl, 2004). en resumen, estos tres aspectos provocan que el consumidor busque cada vez más productos de alimentación naturales, sin conservantes ni aditivos (akpolat, 2008), es decir, que posean una seguridad nutricional alimentaria determinada en el momento de realizar la compra, de modo que incre-mente sus niveles de confianza hacia los alimentos típicos.

también, el consumidor prefiere comprar productos de conveniencia y funcionales debido a que carece de tiempo para realizar una búsqueda detallada de los mismos en la tienda. de hecho, el consumidor tiende a buscar pro-ductos de alimentación fáciles de transportar, preparar y conservar, es decir, el consumidor trata de encontrar pro-ductos de conveniencia a la hora de preparar y cocinar los alimentos (Botonaki, natos & mattas, 2009).

Considerando las argumentaciones anteriores, se podría suponer que una de las motivaciones clave para incentivar la satisfacción general sería la calidad extrínseca percibida (e.g. lugar de origen y certificaciones de calidad), la segu-ridad nutricional, la confianza y la conveniencia alimen-taria que suele percibir el consumidor hacia los alimentos típicos (Resano et al., 2011; Resano, sanjuán & albisu, 2012). Por lo tanto, el consumidor verá incrementada su confianza alimentaria hacia los productos de alimenta-ción que son producidos con calidad y la seguridad nutri-cional alimentaria dentro de los procesos productivos y en la tienda, aspectos tales como libres de toxinas, dioxinas, aditivos y hormonas (inocuidad alimentaria). Centrando


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la atención en el caso que nos ocupa, se formulan las si-guientes hipótesis de trabajo:

H4: La seguridad nutricional esperada por el consumidor de alimentos típicos ejerce una influencia sobre sus niveles de satisfacción.

H5: La confianza alimentaria esperada por el consumidor de alimentos típicos ejerce una influencia positiva sobre sus niveles de satisfacción.

H6: La conveniencia alimentaria esperada por el consu-midor de alimentos típicos ejerce una influencia positiva sobre sus niveles de satisfacción.

metodología

investigación cualitativa

Con el fin de identificar los alimentos tradicionales sono-renses, se efectuó previamente al trabajo empírico una mi-nuciosa revisión de literatura especializada y se llevaron a cabo entrevistas5 con consumidores responsables de realizar la compra y elaboración de alimentos en el hogar. se efec-tuaron trece entrevistas que en promedio tuvieron una du-ración de 20 a 25 minutos cada una. Participaron nueve mujeres y cuatro hombres, con edades que fluctuaban de los 20 a los 78 años de edad. el perfil de los entrevistados fue heterogéneo, ya que principalmente se buscaba reconocer las comidas que se consideran típicas en la cocina sonorense, desde la visión de distintas generaciones. los objetivos de utilizar la técnica de análisis cualitativo fueron: 1) aproxi-marnos a la problemática habitual del comportamiento de compra del consumidor hacia los alimentos típicos; 2) co-nocer en profundidad los actitudes, hábitos y necesidades de los consumidores de alimentos típicos; 3) justificar y ar-gumentar las hipótesis de trabajo, y 4) definir, determinar y matizar los indicadores de los constructos propuestos.

investigación cuantitativa

la metodología cuantitativa se llevó a cabo de forma pos-terior a la revisión de literatura y realización de entrevistas. en esta fase se llevaron a cabo una serie de actuaciones

5 las entrevistas se realizaron simultáneamente con la revisión bi-bliográfica, previo a la elaboración del instrumento de análisis du-rante 2008. se utilizó un guión semiestructurado donde se indagó sobre el significado de la comida tradicional, los alimentos sono-renses que se consideran tradicionales, las situaciones de consumo más habituales de las comidas tradicionales, emociones que evoca el consumir una comida tradicional, el conocimiento acerca de su elaboración, dónde aprendió a cocinar las comidas tradicionales, la frecuencia de elaboración, lugar de compra de los ingredientes, comidas sonorenses preferidas, entre otros.

relacionadas con el proceso de recogida de datos y el tra-tamiento de datos que se utilizó para contrastar el modelo conceptual propuesto. en cuanto al proceso de recogida, se integró un cuestionario conformado por 29 preguntas de tipo dicotómico, de respuesta múltiple y de escalas de Likert de 5 puntos (donde 1 es “totalmente en desacuerdo” y 5 “totalmente de acuerdo)6. el cuestionario se aplicó a consumidores mayores de 20 años de edad, procedentes de distintos puntos geográficos del estado (nogales, ubicado en la frontera norte del estado y ciudad colindante con es-tados Unidos de américa; Hermosillo, capital del estado; y Guaymas, ciudad portuaria), esto con el fin de asegurar mayor representatividad de ambientes, así como costum-bres y estilos de vida. en total participaron 1129 personas en el estudio, las cuales fueron elegidas completamente al azar, mediante un muestreo aleatorio simple con afijación proporcional por rangos de edad, con un error muestral del 2,9%. la recolección de datos se realizó durante el año 2009, de forma personal directa “cara a cara” en sitios de ocio y esparcimiento tales como plazas, parques, centros comerciales, iglesias, así como centrales de autobuses, in-mediaciones de hipermercados y empresas privadas.

tratamiento de datos

tras la recopilación y codificación del instrumento esta-dístico, se procedió al tratamiento minucioso de la infor-mación obtenida (las variables del instrumento que se analizan se incluyen en las tabla 2). dicho procedimiento se llevó a cabo efectuando un estudio exploratorio de los datos obtenidos, con la finalidad de detectar los casos atí-picos y ausentes que arrojaban la muestra y así tratarlos de la forma más adecuada (Hair, anderson, tatham & Black, 1999). en cuanto a los casos atípicos -que son aquéllos datos que tienen propiedades particulares que les diferen-cian notablemente del resto de la muestra propuesta para el análisis-, se realizó un estudio exploratorio de los datos obtenidos de la muestra y se efectuó un adecuado trata-miento de los mismos a través de una estratificación de la base de datos (Guinalíu, 2005), así como a los grupos de edad que estaban fuera del rango establecido para la investigación, utilizando el paquete informático sPss ver-sión 19. además, se elaboró una análisis para detectar los datos perdidos; de acuerdo a Hair et al. (1999), se estimó su nuevo valor utilizando el criterio de imputación, es decir, cada dato ausente fue sustituido por la media aritmética de los datos válidos de las variables en cuestión.

6 el cuestionario se utilizó para analizar la influencia que ejercen los distintos atributos extrínsecos del producto, de percepción del con-sumidor hacia la seguridad, confianza y conveniencia alimentaria, así como su impacto en los niveles de satisfacción respecto a los alimentos tradicionales sonorenses.

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resultados

características de la muestralos resultados revelan que la muestra se integra por 60,5% de mujeres y 39,5% de hombres, que la edad predominante se encuentra en el rango de 25 a 34 años de edad (32,7%), siendo el ingreso más habitual en el 58% de los encuestados el que se ubica entre los 3.000 y 10.000 pesos mensuales (equivalente a 222 - 740 Us dólares, tipo de cambio vigente en el momento de realización de la encuesta (2009)). en tanto que el nivel académico del 50% de la muestra es de estudios de bachillerato y universitarios (ver tabla 1).

tabla 1. características socio-demográficas de la muestra

Variableporcentaje

en la muestra

porcentaje en la

población de sonora

Sexo1

Hombre 39,5 50,7

mujer 60,5 49,3

Edad1

entre 20 y 24 años 21,2 14,4

entre 25 y 34 años 32,7 30,1

entre 35 y 44 años 22,5 20,1

entre 45 y 54 años 15,9 16,1

≥ 55años 7,8 19,2

Nivel de Estudios1

sin estudios 1,3 4,2

Hasta Primaria 16,7 14,8

estudios de secundaria y técnicos 32,1 30,0

estudios medios y superiores 50,0 36,5

ingreso mensual2

≤ $3.000 10,4 ---

Entre $3.001 y $5.000 26,1 27,9

Entre $5.001 y $10.000 31,9 46,1

Entre $10.001 y $15.000 14,6 17,2

Entre $15.001 y $20.000 9,0 ---

≥ $20.000 8,0 ---

Ocupación3

ama de casa 13,7 ---

Profesor (a) 11,3 ---

estudiante 14,0 ---

Profesionista 13,6 ---

empleados calificados 20,8 ---

empleados no calificados 5,2 ---

Jubilados 0,4 ---1 Porcentajes de la población en el estado de sonora. Fuente: ineGi, 2009.2 Calculado en base a los salarios mínimos publicados en el diario oficial de la Federación.

Fuente: sat, 2009; ineGi, 2009.3 La clasificación de ‘ocupaciones’ difiere de las establecidas en las fuentes oficiales.

--- dato no disponible

Fuente: elaboración propia con base en el instrumento estadístico diseñado.

aun cuando algunas características de la muestra pueden estar parcialmente sesgadas como el género, hay que tener en cuenta que en la estructura de la familia mexicana una parte significativa de las mujeres aún desempeñan el rol de responsables del hogar, ya que muchas de las deci-siones que se efectúan en torno a la compra, consumo y preparación de alimentos se basa en buena medida en sus preferencias y percepciones (Grunert, 1997)7.

Validación del modelo de medida

la metodología utilizada para el análisis de los datos ha sido la de modelos de ecuaciones estructurales basados en componentes/varianzas aplicando el paquete informá-tico estadístico smartPls 2.0 (Ringle, Wende y Will, 2005), así como el paquete informático sPss versión 19.0 para Windows. Para constatar las hipótesis de trabajo se uti-lizó la metodología de análisis de ecuaciones estructurales con modelos de mínimos Cuadrados Parciales (Pls, por sus siglas en inglés), debido a que los constructos teóricos planteados son de nueva creación; por ende, se testaron exploratoriamente (matriz de correlaciones), con el obje-tivo de poder tener las bases para plantear un modelo es-tructural más robusto, por medio del análisis confirmatorio de datos. Para validar el modelo de medida se realizaron las siguientes actuaciones:

1. analizar la validez de contenido y la validez aparente,

2. calcular la fiabilidad individual del ítem por medio de las cargas factoriales (loading) para el caso de cons-tructos reflectivos y la significatividad de los pesos (weight) para los constructos formativos, y

3. examinar la validez de constructo: validez convergente y la validez discriminante.

Validez de contenido y validez aparente

en cuanto a la validez de contenido se realizó una exhaus-tiva revisión en la literatura especializada en marketing y marketing agroalimentario. asimismo, se llevó a cabo una adaptación de las escalas de medida inicialmente pro-puestas. Para ello, se comprobó la validez aparente8, rea-lizando una depuración de ítems por parte de diferentes expertos especializados en la materia, lo que nos permitió

7 las mujeres, independientemente de que trabajen o no en activida-des remuneradas, participan en mayor medida que los hombres en el trabajo doméstico, dedican en promedio 15:30 horas semanales a cocinar o preparar alimentos frente a 3:30 horas que dedican sus parejas (inmUJeRes, 2007).

8 validez aparente es el hecho por el que la escala de medida refleja aquello que pretende medir (Guinalíu, 2005).


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garantizar la obtención de resultados satisfactorios, tal y como lo sugiere Zaichkowsky (1985). del mismo modo, se ajustaron y matizaron los ítems a partir de los resultados de los estudios cualitativos previos.

Fiabilidad individual de los indicadores

en referencia a la fiabilidad individual de los indicadores para aceptar un indicador como integrante de un cons-tructo reflectivo, éstos deben poseer una carga factorial (l) o correlaciones simples iguales o superiores a 0,707 (Carmines & Zeller, 1979). esto señala que la varianza com-partida entre el constructo y los indicadores del mismo sea mayor que la varianza del error. tomando como referencia el criterio de aceptación anterior (l ≥ 0,707), se depuraron los siguientes indicadores: QeXt_1: “La marca” (l = 0,4169; l2 = 0,1738); QeXt_11: “La recomendación de amigos y/o familiares” (l = 0,4450; l2 = 0,1980); tRUst_4: “Prefiero comer alimentos que ya conozco” (l = 0,3885; l2 = 0,1509). Cabe señalar que el resto de los indicadores que componen el constructo “Calidad extrínseca” permanecen en modelo de medida, con base en el criterio empírico de Hair et al. (1999), quienes establecen una fiabilidad del ítem satis-factoria para escalas nuevas de l ≥ 0,550, para escalas de medida que aún no tienen soporte teórico (ver tabla 2).

asimismo, se determinó la comunalidad (li2) de las varia-

bles manifiestas que es la parte de la varianza que es ex-plicada por el constructo (Bollen, 1989). Para el cálculo de la comunalidad se estimó el cuadrado de la correlación entre las variables manifiestas y su propia variable latente. Por ejemplo, para el primer indicador snUt_1 se tiene una carga factorial de l = 0,8727, que representa una comu-nalidad de l2 = 0,7616, lo que indica que el 76% de la varianza de la variable manifiesta está relacionada con el constructo “seguridad nutricional” (ver tabla 2).

Fiabilidad del constructo

Para evaluar la consistencia interna de los indicadores que miden los constructos reflectivos, se ha analizado la fiabi-lidad del constructo por medio del alfa de Cronbach (a) y el Coeficiente de Fiabilidad Compuesta del Constructo (c). Para analizar la primera prueba de consistencia in-terna se ha utilizado el paquete informático sPss versión 19.0 para Windows.

en la tabla 3 se observa que el alfa de Cronbach es mayor que 0,7 en todos los casos, lo anterior de acuerdo a lo pro-puesto por nunnally (1978) y sanz, Ruiz y aldás (2008). en cuanto al Coeficiente de Fiabilidad Compuesta o Coefi-ciente Rho de spearman (c), todos los constructos reflec-tivos tienen valores mayores que 0,6 (Bagozzi & yi, 1988;

Chin, 1998; steenkamp & Geyskens, 2006). asimismo, todos los Coeficientes de Fiabilidad Compuesta son supe-riores que los valores de alfa de Cronbach para cada uno de los constructos propuestos (Fornell & larcker, 1981). Por tanto, se podría decir que los constructos planteados po-seen una consistencia interna satisfactoria.

tabla 2. modelo de medida: alimentos típicos

constructoindicadores

cargas factoriales

(l)

comunalidad(l2)

Calidad extrínseca

QeXt_1: la marca 0,4169n.s. 0,1738

QeXt_2: el precio 0,5899*** 0,3479

QeXt_3: la información del etiquetado 0,6491*** 0,4213

QeXt_4: la fecha de caducidad 0,6120*** 0,3746

QeXt_5: el origen del producto 0,6044*** 0,3653

QeXt_6: el aspecto externo (color, present-ación, etc.)

0,5632***0,3172

QeXt_7: la cantidad envasada 0,6247*** 0,3902

QeXt_8: las promociones 0,5969*** 0,3563

QeXt_9: el establecimiento de venta 0,5948*** 0,3538

QEXT_10: Los conservantes y/o colorantes 0,5657*** 0,3200

QeXt_11: las recomendaciones de amigos y/o familiares

0,4450n.s.0,1980

seguridad nutricional

snUt_1: son nutritivos y saludables 0,8727*** 0,7616

snUt_2: Porque son seguros 0,8908*** 0,7935

Confianza alimentaria

tRUst_1: los conozco y siento confianza 0,8534*** 0,7283

TRUST_2: Costumbre /tradición 0,8500*** 0,7225

tRUst_3: Forman parte de mi cultura de origen

0,8640*** 0,7465

tRUst_4: Prefiero comer alimentos que ya conozco

0,3885 n.s. 0,1509

Calidad de Conveniencia

Conv_1: son fáciles de cocinar 0,8509*** 0,7240

Conv_2: se encuentran fácilmente 0,8563*** 0,7332

Conv_3: sé cómo cocinarlos 0,7601*** 0,5777

satisfacción del Consumidor

sat_1: me gustan 0,8659*** 0,7498

sat_2: a mi familia le gustan 0,8989*** 0,8080

*** valor t > 2,576 (p < 0,01), ** valor t > 1,960 (p < 0,05), * valor t > 1,645 (p < 0,10), n.s. = no

significativo. N/A = No aplicable. Fuente: Elaboración propia con base en los análisis estadísticos

de los datos y espejel et al. (2011).

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tabla 3. Fiabilidad del constructo: alimentos típicos

constructoindicadores

alfa de cronbach

(l)

Fiabilidad compuesta

(c)

análisisVarianza

extraída (aVe)

calidad extrínseca(QeXt_1; QeXt_2; QeXt_3; QeXt_4; QeXt_5; QeXt_6; QeXt_7; QeXt_8; QeXt_9; QeXt_10; QeXt_11)

0,7924 0,8409 0,3703

seguridad nutricional(snUt_1; snUt_2)

0,7143 0,8749 0,7776

confianza alimentaria(tRUst_1; tRUst_2; tRUst_3; tRUst_4)

0,8343 0,9004 0,7509

conveniencia alimentaria(Conv_1; Conv_2; Conv_3)

0,7634 0,8633 0,6785

satisfacción del consumidor(sat_1; sat_2)

0,7172 0,8756 0,7788

Fuente: elaboración propia con base en los análisis estadísticos de los datos y espejel et al. (2011).

Validez de constructo: validez convergente y validez discriminante

Para valorar la validez de constructo se realizaron dos aná-lisis fundamentales:

1) la validez convergente (Fornell & larcker, 1981). se calculó el análisis de la varianza extraída (ave) para los constructos reflectivos. el coeficiente ave propor-ciona la cantidad de varianza que un constructo re-flectivo obtiene de sus indicadores con relación a la cantidad de varianza debida al error de medida. Como se puede observar en la tabla 3, el coeficiente ave para los constructos reflectivos es mayor que 0,5 (Ba-gozzi, 1981; Fornell & larcker, 1981). es decir, que más del 50% de la varianza del constructo se debe a sus indicadores. el análisis previo nos permite demostrar la validez convergente de los constructos.

2) la validez discriminante. se ha comprobado si el cons-tructo analizado está significativamente alejado de otros constructos con los que se encuentra relacionado teóricamente (Roldán, 2000). en este sentido, se ana-lizaron los valores de la matriz de correlaciones entre constructos -que está formada por la raíz cuadrada del coeficiente ave- debe ser superior al resto de su misma columna-. es decir, el coeficiente ave de las va-riables latentes puede ser mayor que el cuadrado de las correlaciones entre las variables latentes, indicando que cuanto mayor porción de varianza entre los com-ponentes de las variables latentes mayor diferencias existirán entre los bloques de indicadores (Chin, 2000; sánchez y Roldán; 2005; Real, anderson, tatham y Black, 2006). Como se observa en la tabla 4, todos

los indicadores cumplen con los criterios empíricos pro-puestos en párrafos anteriores. Por tanto, se garantiza la validez discriminante de los distintos constructos que integran el modelo propuesto. a partir de los análisis de la validación del modelo de medida elaborados, se establecen las escalas de medida definitivas que nos permitirán medir las relaciones causales propuestas en el modelo de análisis.

tabla 4. matriz de correlaciones estandarizadas entre las diferentes variables latentes

constructo 1 2 3 4 5

Calidad extrínseca(1)

0,6085

seguridad nutricional(2)

0,2386 0,8818

confianza alimentaria(3)

0,2395 0,5827 0,8665

conveniencia alimentaria(4)

0,2250 0,5174 0,5323 0,8237

satisfacción del consumidor(5)

0,1550 0,4610 0,6012 0,6131 0,8825

nota: los indicadores sobre la diagonal (en negritas) representan los resultados de la raíz

cuadrada del ave entre los constructos y sus medidas. los indicadores por debajo de la diagonal

son las correlaciones entre los constructos. de acuerdo a sánchez y Roldán (2005) para que se

cumpla la validez discriminante, los indicadores sobre la diagonal deben ser mayores que los

indicadores por debajo de la misma.


los resultados de la validación del modelo estructural

la validación del modelo estructural se analiza por medio de dos índices básicos: 1) la varianza explicada (R2) y 2) los coeficientes path o pesos de regresión estandarizados (b) (Johnson, Herrmann & Huber, 2006). la varianza ex-plicada de las variables endógenas o dependientes (R2) debe ser igual o mayor que 0,1 (Falk & millar, 1992). a partir de este criterio empírico todos los constructos po-seen una calidad de poder de predicción aceptable (ver tabla 5). los coeficientes path o pesos de regresión estan-darizados (b) deben alcanzar al menos un valor de 0,2 para que se consideren significativos, e idealmente situarse por encima de 0,3 (Chin, 1998). Como se observa en la tabla 5, las relaciones causales que se proponen como hipótesis en relación a la variable latente cumplen con el criterio de aceptación propuesto por Chin (1998).

Índice de Bondad de Ajuste (GoF)

en los modelos estructurales Pls no existen medidas re-lacionadas con la bondad de ajuste. Por ello, se utilizan técnicas paramétricas de re-muestreo para analizar la es-tabilidad de los parámetros del modelo (Brown & Chin,


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tabla 5. resultados del análisis pls – modelo estructural: alimentos típicos

Hipótesissigno de la hipótesis

coeficientes path

estandarizados(b)

Valor t(Bootstrap)

H1: Calidad extrínseca seguridad nutricional

+ 0,2386 2,3600**

H2: Calidad extrínseca Confianza alimentaria

+ 0,2395 2,0170**

H3: Calidad extrínseca Conveniencia alimentaria

+ 0,2250 1,8491**

H4: seguridad nutricional satisfacción

+ 0,0431 0,3715n.s

H5: Confianza alimentaria satisfacción

+ 0,3650 2,6674***

H6: Conveniencia alimentaria satisfacción

+ 0,3965 3,3050***

nota: *** valor t > 2,576 (p < 0,01), ** valor t > 1,960 (p < 0,05), * valor t > 1,645 (p < 0,10),

n.s. = no significativo.

constructoVarianza explicada

r2

prueba de Stone-Geissera

Q2

Calidad extrínseca

seguridad nutricional 0,0570 0,0444

Confianza alimentaria 0,0570 0,0430

Conveniencia alimentaria 0,0506 0,0340

satisfacción del Consumidor 0,4825 0,2555

a otra prueba que determina la calidad de predicción del modelo estructural es la prueba de Stone-

Geisser o parámetro Q2 (cross validated redundancy). esta prueba se ha calculado por medio de la

técnica blindfolding. Como se observa en la tabla 4, todos los valores Q2 están dentro de los límites

aceptables. es decir, los constructos poseen un poder de predicción satisfactorio (Chin, 1998).

nota: el parámetro Q2 (cross validated redundancy) debe ser mayor que cero para que el constructo

tenga validez predictiva (Chin, 1998), ya que los valores por encima de cero demuestran que la

predicibilidad del modelo es relevante (sellin, 1989). sin embargo, sáenz, aramburu y Rivera

(2007) recomiendan que cuando los valores Q2 son negativos y muy cercanos a cero el constructo

está dentro de los límites recomendados para tener poder de predicción.


2004). esto se evalúa a través de los valores t de Student utilizando la técnica bootstrap con un re-muestreo de 500 casos, como sugiere Chin (1998). Como se observa en la tabla 5, todas las relaciones causales propuestas son significativas. autores como esposito, trinchera, squillacciotti y tenenhaus (2008) y tenenhaus (2008) sugieren un criterio global de bondad de ajuste para los modelos estructurales Pls. estos autores proponen que el índice de bondad de ajuste global se dé por medio de la raíz cuadrada de la multiplicación de la media aritmé-tica del análisis de la varianza extraída (ave) y la media aritmética de la varianza explicada (R2) de las variables endógenas o dependientes (R2). Como se puede observar en la Tabla 6, el Índice de Bondad de Ajuste (GoF) del modelo de análisis es de 0,4022, lo cual demuestra que se tiene un buen ajuste en el modelo de medida y en el

modelo estructural, cumpliendo así con el criterio empí-rico de que la medida de bondad de ajuste debe variar entre 0 y 1, a mayor valor, mejor será el índice (tenen-haus, 2008).

tabla 6. índice de bondad de ajuste del modelo de medida y estructural

constructo

análisis Varianza extraída

(aVe)

Varianza explicada

(r2)

índice de bondad de

ajustea

Calidad extrínseca 0,3703

seguridad nutricional 0,7776 0,0570

Confianza alimentaria 0,7509 0,0570

Conveniencia alimentaria 0,6785 0,0506

satisfacción del Consumidor

0,77880,4825

media aritmética 0.6712 0,1618 0,4022ª

a El Índice de Bondad de Ajuste (GoF) = √(AVE)* (R2) (tenenhaus, esposito, vinzi, Chatelin &

lauro, 2005; esposito et al., 2008; tenenhaus, 2008).


contraste de hipótesis

los resultados ponen de manifiesto que la calidad extrín-seca que percibe el consumidor influyen de forma signi-ficativa sobre la seguridad nutricional (H1: b = 0,2386; p > 0,05), la confianza (H2: b = 0,2395; p > 0,05) y la conveniencia alimentaria (H3: b = 0,2250; p > 0,05) de los alimentos tradicionales. en cuanto el efecto de éstas últimas tres variables objeto de análisis sobre el nivel de satisfacción del consumidor, encontramos evidencias em-píricas que soportaron las relaciones causales propuestas (H5: b = 0,3650; p > 0,01; y H6: b = 0,3965; p > 0,01), ex-cepto por la seguridad alimentaria que manifestaron los consumidores (H4: b = 0,0431; no significativa). Una de las razones que justifican el hecho anterior, es que los con-sumidores se sienten más seguros e identificados con los alimentos tradicionales al valorar las propiedades organo-lépticas del producto, eclipsando con ello las señales ex-trínsecas propias del marketing, por el hecho de tratarse de alimentos típicos y/o tradicionales.

conclusiones e implicaciones sociales

el ingreso a sonora de franquicias y empresas internacio-nales del giro de la alimentación y los cambios en los estilos de vida de la población por el dinamismo de la actividad económica y laboral han provocado que los hábitos de compra, consumo y preparación de ciertas comidas típicas y/o tradicionales se estén modificando. Prueba de ello son

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los cambios en los patrones de conducta de compra y con-sumo de los alimentos típicos; hoy en día, el consumidor prefiere compras rápidas en tiendas con formatos de con-veniencia que estén adaptadas a sus necesidades (comida rápida). en cuanto al consumo, el consumidor selecciona productos de alimentación que sean funcionales, prácticos y fáciles de preparar y consumir, pero que a su vez, les pro-porcionen confianza y por ende satisfacción.

Por lo anterior, el objetivo del trabajo fue validar cuáles fueron los atributos extrínsecos (señales de marketing) que percibe el consumidor en los alimentos típicos sonorenses, y cómo éstos determinan su grado de confianza y nivel de satisfacción al momento de compra.

los resultados demostraron que los consumidores básica-mente prefieren adquirir alimentos típicos que le generen confianza, costumbre y tradición -identidad gastronómica sonorense-, pero que a la vez sean productos de alimen-tación fáciles de encontrar, cocinar y consumir. desafor-tunadamente, a los consumidores sonorenses de este tipo de alimentos no les importó una marca en especifico, así como tampoco el aspecto nutricional y saludable.

en resumen, el sonorense prefiere comprar y consumir ali-mentos típicos que le brinden identidad cultural, tradición gastronómica y comodidad en la compra, consumo y pre-paración, pero no destacan interés por la seguridad nu-tricional y alimentaria. Prueba de este último aspecto es que sonora es la entidad fronteriza que registra más del 70% de su población con sobrepeso y obesidad (secre-taría de salud, 2009). al respecto, las autoridades guber-namentales deben implementar mayores mecanismos de regulación, control, prevención y concienciación hacia los empresarios y consumidores de alimentos típicos con el ob-jetivo social de no tener en el futuro un problema de pre-supuesto en salud pública, ante el incremento de recursos públicos destinados a resolver las enfermedades derivadas del sobrepeso y obesidad, tales como hipertensión arterial, diabetes mellitus, trombosis, entre otras.


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141

citación: Cerda, a., García, l., Pasten, R., damino, i. & díaz, m. (2014). the effects of visual information on willingness to pay for a recreational site improvement in Chile. Innovar, 24(53), 141-148.

clasiFicación jel: Q26, H23, d83.

recibido: septiembre 2011; aprobado: octubre 2013.

the effects of Visual information on willingness

to pay for a recreational site improvement in chile

Arcadio A. CerdaPh.d. in economics, oregon state University. dean, Faculty of economics and BusinessUniversidad de talca. Correo electrónico: [email protected]

Leidy Y. GarciaPh.d. in economics, Universidad de Chile. Professor, Faculty of economics and social sciences. Universidad Católica del maule. Correo electrónico: [email protected]

Roberto A. PasténPh.d. in economics, University of alabama. Professor, Faculty of economics and BusinessUniversidad de talca. Correo electrónico: [email protected]

Iván A. DaminoBBa, Universidad de talca. Correo electrónico: [email protected]

Mónica T. DiazBBa, Universidad de talca. Correo electrónico: [email protected]

abstract: This article examines the effect of visual information on people’s willingness to pay (WtP) for improvements to the infrastructure and water quality of an urban recreation site. We applied the contingent valuation methodology to two groups of people in the City of talca, Chile. the control group received written information about improvements to be made to a recreational site, whereas the treated group received written and visual information. We found that people who were shown visual illustrations were willing to give more money to support the project than people who were not shown this additional information. We also found that, depending on respondent characteristics, the confidence interval of WtP was lower for people who were provided with visual illustrations than for those who were not. additionally, users in the treated group were more likely to pay for improvements to be made and lower protest responses.

Key words: Contingent valuation, visual information, sample biases.

introduction

the contingent valuation method (Cvm) is a stated preference approach commonly used for valuing the provision or characteristic changes of a non-marketable good (Freeman, 2003). despite its ability to supply information for the decision making process involved in providing a recreational public good, Cvm has generated extensive discussion about whether the mea-surement of willingness to pay is biased (arrow, solow, Portney, leamer, Radmer, & schuman, 1993; meyerhoff & liebe, 2006). several studies have shown that the level and type of information provided may have an impact

los eFectos de la inFormación VisUal sobre la disposición a pagar por la mejora de Un lUgar recreatiVo en cHile

resUmen: este artículo examina el efecto de la información visual sobre la disposición de las personas a pagar por mejoras en la infraestructura y calidad del agua en un lugar de recreación urbana. aplicamos la metodo-logía de valoración contingente sobre dos grupos de personas en la ciudad de talca, Chile. el grupo de control recibió información por escrito sobre una mejora de un sitio recreativo mientras que el grupo tratado recibió in-formación visual y escrita sobre la mejora. encontramos que las personas a las que se les muestran ilustraciones visuales están dispuestas a dar más dinero para apoyar el proyecto que las personas a las que no se les muestra esta información adicional. también encontramos que, dependiendo de las características de los encuestados, el intervalo de confianza de la dis-posición a pagar es menor para las personas que reciben las ilustraciones visuales que para las que no. adicionalmente, los usuarios en el grupo tra-tado tienen una mayor probabilidad de pagar por una mejora y una menor respuesta de protesta.

palabras claVe: valoración contingente, información visual, sesgos de la muestra.

les eFFets de l’inFormation VisUelle sUr la disposition à payer poUr l’amÉlioration d’Un centre de loisir aU cHili

rÉsUmÉ : cet article examine l’effet de l’information visuelle sur la dis-position des personnes à payer pour les améliorations d’infrastructure et de la qualité de l’eau dans un centre de loisir urbain. Nous utilisons la mé-thodologie d’évaluation contingente sur des groupes de personnes de la ville de Talca, au Chili. Le groupe témoin a reçu l’information par écrit sur une amélioration d’un centre de loisir alors que le groupe traité l’a reçue avec une information visuelle et écrite. nous avons constaté que les per-sonnes ayant reçu des informations visuelles ont été disposées à donner plus d’argent pour soutenir le projet que celles qui n’avaient pas reçu cette information complémentaire. nous avons également constaté que, selon les caractéristiques des personnes enquêtées, le niveau de confiance de la disposition à payer est moindre chez les personnes qui reçoivent les illus-trations que chez celles qui ne les reçoivent pas. en outre, les usagers du groupe traité ont une plus grande probabilité de payer pour une améliora-tion et moins de réponses de protestation.

mots-clÉs : evaluation contingente ; information visuelle ; biais d’échantillonnage.

os eFeitos da inFormação VisUal sobre a disposição a pagar pela melHora de Um local para o laZer no cHile

resUmo: este artigo examina o efeito da informação visual sobre a dispo-sição das pessoas a pagar por melhoras na infraestrutura e qualidade da água em um local urbano para o lazer. aplicamos a metodologia de ava-liação contingente sobre dois grupos de pessoas na cidade de talca, Chile. o grupo de controle recebeu informação por escrito sobre uma melhora de um local para o lazer enquanto o grupo tratado recebeu informação visual e escrita sobre a melhora. encontramos que as pessoas às quais lhes são mostradas ilustrações visuais estão dispostas a dar mais dinheiro para apoiar o projeto do que as pessoas às quais não lhes é mostrada esta informação adicional. também encontramos que, dependendo das características dos pesquisados, o intervalo de confiança da disposição a pagar é menor para as pessoas que recebem as ilustrações visuais do que para as que não as recebem. adicionalmente, os usuários no grupo tratado têm maior probabilidade de pagar por uma melhora e menor res-posta de protesto.

palaVras-cHaVe: avaliação contingente, informação visual, tendências da amostra.

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on WtP estimates. some of the topics discussed in this re-gard are as follows: quantity and information complexity (Bergstrom, stoll, & Randall, 1990; samples, dixon, & Gowen, 1986); question ordering, interviewees’ experience with environmental goods (Boyle, Welsh, & Bishop, 1993; Boyle, 1989; Cameron & englin, 1997); information quality (Blomquist & Whitehead, 1998; Hoehn & Randall, 2002); re-lated goods information (loomis, Caban, & Gregory, 1994; Whitehead & Blomquist, 1991); information and uncer-tainty about environmental costs and benefits (macmillan, Hanley,& Buckland, 1996; mcCarville, 1991); and changes in market structure (ajzen, Brown, & Rosenthal, 1996; Cum-mings, Brookshire, & schulze, 1986).

ajzen et al. (1996) concluded that the recommendation to provide detailed information to a given hypothetical market does not offer a satisfactory solution to the in-formation-bias problem. However, other authors consider that the difference in WtP associated with various levels of information is an expected result, which does not consti-tute a methodological bias (Bergstrom et al., 1989, 1990; Blomquist & Whitehead, 1998). in other words, they ex-pect changes in the market structure to influence indi-vidual behavior (Boyle, 1989). some studies emphasize issues related to the way in which the interviewees incor-porate new information, how this information is combined with previous knowledge of the good and how this infor-mation is used in the decision making process (Hoehn et al, 2002; schkade & Payne, 1994; tkac, 1998).

The respondent’s familiarity with a potential site improve-ment may impact WtP estimates (Cameron & englin, 1997). Being a resource user constitutes an unambiguous and simple indicator of familiarity (Kniivila, 2006). the va-lidity, reliability and accuracy of WtP estimates have been discussed in relation to non-users’ valuation (Cummings et al., 1986; diamond & Hausman, 1993). However, while the condition of being a user guarantees some knowledge of the place, it does not necessarily reflect enough knowledge on the user’s part to evaluate potential site improvements. therefore, the information provided to respondents—both users and non-users—should contain sufficient detail to adequately explain a given site improvement.

the information must include the amount, quality and probability of the improvement being implemented. this is presented or displayed in verbal or written form, pos-sibly supported with graphs, photographs or other ele-ments that provide the interviewee with a better image of the amenity being evaluated (Boyle, 2003). some of these studies include maps or graphs showing the physical areas to be valued (ahearn et al., 2003; Boyle 1989). an im-portant number of studies provide only written or verbal

information, which may result in a significant bias due to contingent market scenarios (vásquez et al., 2007).

several studies carried out in Chile have applied the contin-gent valuation method; however, we are not aware of any of them having using visual information. For the site where this study was applied (Río Claro recreation site), only two water quality related studies (dumont & Rojas, 1999; Pu-entes, 1999) were undertaken. Both studies used explana-tory cards but no “real” visual information or photos of the improvement project.

the purpose of this study was to test the role of famil-iarity through visual information and experience (users of the river) on recreational values. specifically, the objective of this study was to estimate the impact on the mean and variance estimates of WtP for an improvement to the infra-structure and water quality of the recreation site resulting from changes in information provided to respondents. in this case, photos of the site before and after the improve-ment project were used. the hypothesis was that the more information is provided (verbal and photos), the greater and more stable is the level of WtP. similarly, respondents who use the recreation site may increase the probability of WtP estimates, given their knowledge of the site. ad-ditionally, a lower level of protest responses is expected to occur when people have more information.

We attempted to clarify the previous issues by adminis-tering two surveys to elicit the value of recreational im-provements to people using a recreational site in the city of talca, located south of santiago, Chile.

some of the respondents were shown visual informational in the form of computer-generated graphic image. this allowed us to test the effect of visual information on re-sponses and to determine whether the elicited value is different for people who were not shown this additional information.

We tested the effects of visual illustrations on responses in two ways. First, we examined whether mean WtP, de-pendent on a vector of respondent characteristics (age, in-come, marital status, etc.), varied between the two groups. one might, for example, expect that people given visual information would be willing to pay more to support the project than people who are not provided with this ad-ditional visual information. second, we tested whether vi-sual information affects WtP confidence intervals. one might expect that an image would reduce the variance in responses if the latter reflects random noise. additionally, we tested to determine whether users presented a greater probability of WtP and less protest responses for the site improvement.

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this article is organized as follows. in section 2, we de-scribe the project, methods and data. the main results and analysis are presented in section 3 including tests of the effects of visual information. our conclusions are pre-sented in the final section.

methods

the case used in the study is a hypothetical improvement of the environmental infrastructure and water quality at the Río Claro tourist site in the city of talca, Chile. We de-signed two experiments, which were applied to two simple, stratified, random samples. the respondents of one group (the control group) were provided written but not visual in-formation about the improvement. the respondents of the second group (the treated group), in addition to written in-formation, were provided with visual information consisting of six digital photographs of the current infrastructure and six digital images of the future improvements created using Photoshop. a Cvm, in double-bounded dichotomous choice format, was used for the estimation. a linear functional form of the indirect utility function was assumed with a logistic

distribution. additionally, estimations were made using an expanded Cvm (Cooper & Hellerstein, 1994).

site description

the case to which the questionnaires referred was an im-provement project for quality of environmental infrastruc-ture and water quality at the Río Claro recreational site in the city of talca, Chile, about 250 km south of san-tiago. visitors to the recreational site are mainly from its surrounding area. The site’s attractions include restaurants and pubs and recreational activities include boat rides and horseback riding.

sample

the sampling calculation was obtained assuming max-imum variance, a sampling error of 5% and a confidence level of 95%. this resulted in two samples each consisting of 383 individuals.

a simple random sample, stratified by socioeconomic level, was applied in this study to obtain two representative


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samples from the population of talca1. The city’s total pop-ulation is of around 200.000 people. the distribution of socioeconomic levels—from highest to lowest—in the city is presented in table 1.

table 1. socioeconomic distribution, city of talca

level (Highest to lowest)

share

ABC1 5.6%

C2 15.4%

C3 26.4%

D 35.9%

E 16.7%

source: national statistics institute (2002), Chilean national Census.

pre-survey and bid Vector

in order to obtain information to estimate the bid vectors to be used in the final survey for both samples, an open-ended preliminary survey questionnaire was generated and applied to 200 respondents. one hundred of the respon-dents were provided written information about the im-provement project. the other group, in addition to written information, were provided with six digital photographs of the current state fo the site and its state after the imple-mentation of the improvement project. the survey was ap-plied as in-person interviews following arrow et al. (1993). the pre-survey questionnaires were applied in april 2009.

the optimal bid vector (bt) was obtained using the rec-ommendation of Cooper (1993), with information from the preliminary questionnaires. the Bid distribution with equal area Bid selection (dWeaBs) routine (Cooper & Hellerstein, 1994) was applied to the data. dWeaBs is an iterative technique for finding the sample design, which minimizes the mean square error (mse) for a dichotomous, choice-contingent valuation model survey. in addition, the dWeaBs procedure enabled us to obtain the optimal sample associated with each optimal bid value, which min-imizes the mean square error of the welfare measures. the final survey used these optimal bid values, in a dichoto-mous-choice question, to obtain the WtP.

design of Final surveys and study

Final survey questionnaires were applied the last two weeks of may 2009 through in-person interviews at the respon-dents’ homes. The questionnaire had three main parts. The first part featured questions about site uses, the second part provided a description of the present situation, and

1 see Ruesink (1980) for an introduction to sampling theory.

the third part described the contingent market and asked several questions about the respondent’s socioeconomic profile. this last part also included questions about pro-test responses to identify those respondents who rejected the contingent market for economic reasons. some authors have suggested those respondents should be included in the final data in the no-no response category.

as with the preliminary questionnaire, in the main survey two experimental designs were presented to respondents: a design with images and a design without images, with a double-bounded dichotomous choice format. the latter survey explains the current situation in 139 words and the contingent situation in 315 words, with and without photographs. it included information about the payment vehicle (water bill), income restrictions, substitute goods reminding, project cost, and the organization in charge of the project, protest responses for economic reasons, among other aspects.

estimation method

the model applied was based on a difference in the utility function model (Hanemann, 1984). in the estimate of the contingent valuation model, in its double-bounded dichot-omous choice format (Hannemann, 1984; Hanneman et al, 1991), and assuming a linear functional form for the indi-rect utility function with a logistic distribution, the Cvm program of Cooper and Hellerstein (1994) was used. this program uses maximum likelihood estimation with the an-alytic first and second derivatives from Hanemann, loomis, and Kanninen (1991). the confidence intervals related to the willingness to pay measurement are constructed using the Krinsky and Robb approach (Park et al., 1991). addi-tionally, estimates are also made using an expanded Cv model (Cooper & Hellerstein, 1994).

Given that a linear utility function is assumed, the difference in the utility function can be expressed as , Dv a1 b1bi, where bi correspond to the bid vector, which represents the different “prices” asked to individuals to obtain a change in infrastructure and water quality (Cerda et al., 2012). in this study, we calculated the restricted mean of WtP (positive integral) with the expression ln (1 exp a)/abs (b1), be-cause it is consistent with theoretical constraints (lee and mjelde, 2007). also, the confidence intervals for the wel-fare mean measurement were obtained using the Krinsky and Robb approach (Park et al., 1991) and Cameron’s ap-proach (Cameron, 1991). all calculations were made fol-lowing Cooper and Hellerstein (1994).

additionally, an expanded model was estimated and ex-pressed as Dv a biZi where Zi is any variable explaining

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the WtP (Cooper & Hellerstein, 1994); in this case, it is ex-pressed as: Dv a1 b1bi b2 inC b3 aGe b4 Gen b5 aCt b6 edU h where inC: average family income; aGe: age; edU: level of education; Gen: gender, female=0, male=1; aCt: participates in activities on the site or know the site, yes=1, no=0. the same welfare measure is calcu-lated assuming a a1 b2 inC b3 aGe b4 Gen b5

aCt b6 edU, and b b1 which allows for consistency with the linear model.

results and analysis

the principal results from the implementation of the meth-odology to the control and to the treated group are pre-sented in table 2. Columns (1) and (2) present the estimates using the control and treated groups respectively for the traditional Hanemann model. Columns (3) and (4) show the estimates to both groups for the expanded model. Fi-nally, column (5) merges the control and treated groups and includes a dummy to show differential responses be-tween both groups. also, a variable to differentiate users from non-users is included.

table 2. main Variables description

inC (income in Chilean pesos) < $200,000 = 17.7%$200,000- $400,000 = 35.9%$400,000- $600,000 = 25.9%$600,000- $1,700,000 = 14.9%> $1,700,000 = 5.6%

aGe 18-29 = 10.7%30-39 = 28.8%40-49 = 32.9%50-59 = 17.3%> 60 = 10.2%

Gen (Gender) Women = 56.9% men = 43.1%

aCt (person has developed activities in the recreational site)

yes = 57.7% no = 42.3%

edU (level of education) Primary = 12.7%lower secondary = 33.6%Upper secondary = 23.6%Bachelor or equivalent = 30.0%master or equivalent = 0.1%

source: Prepared by author.

the signs of the coefficients are as expected and signifi-cant. For instance; the greater the bid (price associated to improve the site), the less the likelihood that people will pay for the proposed change. the expanded model shows some difference between the respondents who were shown the photographs and those who weren’t in terms of the variables that explain the WtP. For instance, for those who were shown the photographs, the significant

variables are income and the dichotomous variable, which shows that the person had participated in activities on the river. in contrast, for those who were not shown the photo, those variables were not statistically significant, un-like level of education, which was statistically significant for this group. additionally, the dummy variable identifying site users was statistically significant and it have a positive sign, as the literature has shown; users are more likely to pay for environmental improvement.

a general description of the variables considered is pre-sented in table 2, where we can see that the majority of respondents are women (56.9%) and 57.7% of them are users of the recreational site. Figure 1 shows the main vari-ables and the expected signs with respect to WtP. the de-cision making process is complex for respondents and, it is expected that WtP will increase as individuals receive more information (Bergström & stoll, 1990). our study supports this statement showing that WtP for the control group (without inclusion of visual information) was lower than the treated group (with the inclusion of visual infor-mation). moreover, in table 4, we can observe a reduction in protest responses from 119 to 64 respondents, when vi-sual information is included.

FigUre 1. main Variables and spected signs of the expanded model

Bid

INC

GEN

AGE

ACT

EDU

WTP

Visual information

H1<0

H2>0

H3<0

H4>0

H5>0

H6>0

H7>0


the difference in WtP between both groups is displayed in table 5. the point estimates for both models show that WtP is greater for the treated group (with visual informa-tion). the restricted WtP point estimates are outside of the confidence intervals in both cases and the confidence in-tervals are not coincident at all. moreover, this study shows that the more information the respondents received, the greater their WtP.


Marketing

table 3. traditional and expanded model estimations

traditional Hanemann model expanded model joint model****

Variablewith photo

(1) without photo

(2) with photo

(3)without photo

(4)(5)

Constant 2.1222 1.531 1.1256 0.1233 0.576

11.86** 0.8705** 4.453** 0.3454** 1.271**

Bi -0.0009 -0.0009 -0.001 -0.0009 -0.001

-13.19** -11.18** -13.19** -11.19** -17.21

inC - - 1.58e-06 - -0.019

5.134** -2.597

aGe - - - -Gen - - - -aCt - - 0.5759 - 0.700

2.55** 8.113

edU - - - 0.5156

4.353**

dummy with visual information

0.6914.113

likelihood -316.67 -371.82 -402.51 -361.66 - 744.64

Final sample*** 320 265 320 265 577

** denotes significance at the 5% level.

*** originally both samples were similar (384 individuals), but final samples differ because no users have a higher level of protest responses.

**** model including samples with and without photos.

source: Prepared by author. t-values below the coefficients---.

additional sense by visual information, are more likely to pay for environmental improvements to be made.

table 4. response distribution

Variable without photos with photos

yes-yes 71 (18.5%) 105 (27.4%)

yes-no 67 (17.5%) 83 (21.6%)

no-yes 48 (12.5%) 63 ( 8.6%)

no-no 79 (20.5%) 69 (18.9%)

original sample 384 (100%) 384 (100%)

Final sample = n 265 (69.1%) 320 (83.3%)

Protest responses for non-economic reason

119 (30.9%) 64 (16.7%)

source: Prepared by author. Final sample is lower than original sample because it does not

consider protest responses for estimations.

according to our findings, people show a greater sensitivity when they receive more information, in this case, by ob-serving photos of the possible result of the improvement project. the results show that the probability of WtP in-creases from 1946 to 2386 Chilean pesos in the traditional Hanemann model. it also increases in the expanded model from 1919 to 2356 Chilean pesos. sample et al. (1986) found that welfare measures are highly sensitive to the in-formation provided to respondents, which is consistent with our results. additionally, Boyle and Bishop (1988) show that welfare measure efficiencies increased as the respondents were given more information, which is what occurred in our study, with a reduction in the confidence intervals range from 398 to 370 for the Hanemann model (1984). also, the dummy variable identifying respondents which observed photos of the improvement, or people who appeal to an

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conclusion

the hypothesis bias is a well-known problem in contingent valuation studies and several authors have explored the issue and have proposed methods to reduce this bias. the present study is a contribution in this area because it tests the idea that visual information can help to mitigate the bias.

examining the willingness to pay (WtP) of people in talca, Chile for an improvement in infrastructure and water quality of an urban recreation site, we applied the contingent valu-ation methodology to two groups of people in the city of talca, Chile. We found that people for whom written infor-mation is supplemented with visual information about the project improvement are willing to give more money and have lower variance in their answers than people in a control group supplied only with written information. We also found that users of the recreational site are more likely to pay for an improvement and present fewer protest responses.

How to increase the accuracy of contingent valuation methods is an important issue of study. We present evidence that visual information helps in this sense; however, more re-search in this area is necessary to corroborate this fact to a more general scale not only restricted to a local community as is the case in this study. However, based on this study, the contingent valuation studies that do not include visual in-formation, should be considered with care given that those studies may have a bias estimation of the WtP.

also as a referee correctly pointed out that it is necessary to explore more variables that can shed light on the willing-ness to pay for improvements to be made in recreational sites. For example, an interesting issue to explore is the in-teraction between visual information and previous knowl-edge of the site. it will be possible then to see whether the marginal impact of visual information is higher for non-users than for users. additionally, an interesting aspect to consider in future research is the impact of interviewer in-fluences o characteristics on willingness to pay estimates.

Some of the limitations of this study are that respondents’ answers may be affected by the weather conditions as well the alternative sites available to them, and these aspects were not considered in this case.

references

ahearn, m., Hellerstein, d., & Boyle, K. J. (2003). designing contin-gent valuation study to estimate benefits of the Conservation Reserve Program on Grassland bird populations. in J. Kahn, d. Bjornstand, & a. alberini (eds.), Contingent Valuation Handbook. Cheltenham, U. K.: edward elger.

ajzen, i., Brown, t., & Rosenthal, l. (1996). information bias in contin-gent valuation: effects of personal relevance, quality of informa-tion, and motivational orientation. Journal of Environmental Eco-nomics and Management, 30(1), 43-57.

arrow, K., solow, R., Portney, P., leamer, e., Radmer, R., & schuman, H. (1993). Report of the noaa Panel on Contingent valuation. Fed-eral Register, 58, 4601-14.

Bergström, J., stoll, J., & Randall, a. (1989). information effects in con-tingent markets. American Journal of Agricultural Economics, 71, 685-689.

Bergstrom, J., stoll, R., & Randall, a. (1990). the impact of information on environmental evaluation decision. Australian Journal of Agri-cultural and Resource Economics, 72, 614-621.

Bergstrom, J.C., & stoll, J.R. (1990). an analysis of information overload with implications for survey design research. Leisure Sciences 12, 265-280.

Blomquist, G., & Whitehead, J. (1998). Resource quality information and validity of willingness to pay in contingent valuation. Re-source and Energy Economics, 20, 179-196.

Boyle, K. (2003). Contingent valuation in practice. in P. a. Champ, K. J. Boyle, & t. C. Brown (eds.), A primer on nonmarket valuation: The economics of non-market goods and resources. london: Kluwer academic Publishing.

Boyle, K. (1989). Commodity specification and the framing of contin-gent valuations questions. Land Economics, 65, 57-63.

Boyle, K., Welsh, m., & Bishop, R. (1993). the role of question order and experience in contingent valuation studies. Journal of Envi-ronmental Economics and Management, 25, 80-99.

Boyle, K., & Bishop, R. (1988). Welfare measurements Using Contingent valuation: a Comparison of techniques. American Journal of Ag-ricultural Economics, 70, 20-28.

table 5. welfare measures for traditional and expanded model with and without photos

Variable traditional Hanemann model expanded model

joint modelwithout photos (2) with photo (1) without photo (4) with photo (3)

Restricted WtP point estimate 1946 2386 1919 2356 2219

90% C.i. 1768-2166 2210-2580 1742-2124 2196-2535 at 90% 2068-2396

90% C.i range 398 370 382 339 328



MarketingCameron, t. (1991). interval estimates of non-market Resource values

from Referendum Contingent valuation surveys. Land Economics, 67 (4), 413-421.

Cameron, t., & englin, J. (1997). Respondent experience and contingent valuation of environmental goods. Journal of Environmental Eco-nomics and Management, 33, 296-331.

Cerda, a., García, l., ortega, s., & Ubilla, a. (2012). Consumers pref-erences and willingness to pay for organic apples: Contingent valuation and conjoint analysis. Revista Ciencia e Investigación Agraria, 39(1), 47-51.

Cummings, R., Brookshire, d., & schulze, W. (1986). Valuing environ-mental goods: An assessment of the contingent valuation method. totowa, nJ: Rowman and allenheld.

Cooper, J. (1993). optimal bid selection for dichotomous choices con-tingent valuation surveys. Journal of Environmental Economics and Management, 24, 25-40.

Cooper, J., & Hellerstein, d. (1994). Cvm a Collection of dichotomous choice and Double-Bounded CVM related routines. USDA/NRS/Resources and technology division, 1301 new york. ave. nW, Rm. 508, Washington, d. C., 20005-4788_1994.

diamond, P., & Hausman, J. (1993). on Contingent valuation measure-ment of non- use values, in Hausman, J., Contingent Valuation: A Critical Assessment. amsterdam: north Holland Press, (pp 3-38).

dumont, a., & Rojas, C. (1999). valoración económica de los beneficios recreacionales provenientes de una mejora en la calidad de las aguas del Río Claro. tesis de grado de licenciado en Ciencias de la administración de empresas mención administración. Univer-sidad de talca, Facultad de Ciencias empresariales. talca, Chile.

Freeman, m. (2003). The measurement of environmental and resource ralues: Theory and methods, resources for the future. Washington: Resources for the Future

Hanemann, m., loomis, J., & Kanninen, B. (1991). statistical efficiency of doubleboundeddichotomous choice contingent valuation. American Journal of Agricultural Economics, 73, 1255-1263.

Hanemann, W. (1984). Welfare evaluations in contingent valuation ex-periments with discrete responses. American Journal of Agricul-tural Economics, 66, 332-441.

Hanley, n., & munro, a. (1994). the effects of information in contingent market forenvironmental goods (Working Paper e94/5). Depart-ment of economics, University of sterling.

Hoehn, J., & Randall, a. (2002). the effect of resource quality infor-mation on resourceinjury perceptions and contingent values. Re-source and Energy Economics, 24, 13-31.

Kniivilla, m. (2006). Users and non-users of conservation areas: are there differences in WtP, motives and the validity of responses in Cvm surveys?. Ecological Economics, 59(4), 530–539.

Kotchen, m., & Reiling, s. (1999). do reminders of substitutes and budget constraints Contingent valuation estimates? Another Comment. Land Economics, 75, 478-482.

lee, C. & mjelde J. (2007). valuation of ecotourism Resources Using a Contingent valuation method: the Case of the Korean dmZ. Eco-logical Economics, 63, 511-520.

loomis, J., Caban, a., & Gregory, R. (1994). do reminders of substitutes and budget constraints influence contingent valuation estimates? Land Economics, 70, 499-506.

macmillan, d., Hanley, n., & Buckland, s. (1996). a contingent valua-tion study of uncertain environmental gains. Scottish Journal of Political Economy, 43, 519-533.

mcCarville, R. (1991). an empirical investigation of the influence of cost information on willingness to pay for public aerobics classes. Lei-sure Sciences, 13, 85-96.

meyerhoff, J., & liebe, U. (2006). Protest beliefs in contingent valuation: explaining their motivation. Ecological Economics, 57, 583–594.

Park, t., loomis, J.B., & Creel, m. (1991). Confidence intervals for evalu-ating benefit estimates from dichotomous choice contingent val-uation studies. Land Economics, 67, 64-73.

Puentes, l. (1999). Comparación de las medidas de bienestar, obtenidas al utilizar muestras estratificadas proporcional y aproporcional-mente aplicando el método de valoración contingente para una mejora en la calidad de las aguas del cauce del Río Claro - Talca. tesis de grado de licenciado en Ciencias empresariales. Univer-sidad de talca, Facultad de Ciencias empresariales. talca, Chile.

Ruesink, W. G. (1980). introduction to sampling theory. in m. Kogan & d.C. Herzog (eds.), Sampling methods in soybean entomology. springer-verlag. new york. Pp. 61-78.

samples, K.C., dixon, J.a., & Gowen, m.m. (1986). information dis-closure and endangeredspecies valuation. Land Economics, 62, 306.312.

schkade, d., & Payne, J. (1994). How people respond to contingent val-uation questions: a verbal protocol analysis of willingness to pay for an environmental regulation. Journal of Environmental Eco-nomics and Management, 26, 88-109.

tkac, J., (1998). the effects of information on willingness to pay values of endagered species. American Journal of Agricultural Eco-nomics, 80, 1214-1220.

vásquez, F., Cerda, a., & orrego, s. (2007). Valoración económica del ambiente (pp. 356). Buenos aires: thomson learning.

Whitehead, J., & Blomquist, G. (1991). measuring contingent values for wetlands: effects of information about related. Water Resources Research, 27, 2523-2531.

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correspondencia: Universidad nacional de Colombia. Carrera 30 #45-03 edificio 311 oficina 304, Bogotá, Colombia.

citación: vera-Colina, m.a.; melgarejo-molina, Z.a. & mora-Riapira, e.H. (2014). acceso a la financiación en Pymes colombianas: una mira-da desde sus indicadores financieros. Innovar, 24(53), 149-160.

clasiFicación jel: G32, m10, m20.

recibido: Julio 2011; aprobado: septiembre 2013.

acceso a la financiación en pymes colombianas: una mirada desde

sus indicadores financieros1

Mary A. Vera-Colinadoctora en Ciencias económicas. Profesora asociada Universidad nacional de Colombia. Facultad de Ciencias económicas. Correo electrónico: [email protected]

Zuray A. Melgarejo-Molinadoctora en dirección de empresas. Profesora asociada Universidad nacional de Colombia. Facultad de Ciencias económicas. Correo electrónico: [email protected]

Edwin H. Mora-Riapiraadministrador de empresas. magister en administración Universidad nacional de Colombia. Correo electrónico: [email protected]

resUmen: se presenta un análisis de las fuentes de financiación utilizadas por las Pymes colom-bianas y su relación con indicadores de gestión financiera, con la finalidad de identificar algunas de las causas que pueden estar originando situaciones problemáticas en su desempeño. se realizó una investigación cuantitativa, de tipo explicativo, no experimental, longitudinal, exploratorio y cor-relacional; la población estuvo conformada por 4.168 Pymes colombianas que reportan sus estados financieros a la superintendencia de sociedades en el período 2004-2009. los resultados muestran que las Pymes se financian principalmente con recursos propios, en menor grado con pasivos de corto plazo y en baja proporción con pasivos de largo plazo, siguiendo un patrón similar al explica-do por la teoría de selección jerárquica (pecking order theory); igualmente, los estadísticos sugieren limitaciones importantes para generar ingresos y atraer fuentes de financiación que fortalezcan su desempeño. los indicadores de liquidez, eficiencia y rentabilidad evidencian una situación desfa-vorable para el sector, obstaculizando la obtención de nuevos recursos. Finalmente, del análisis correlacional se infiere que los indicadores de eficiencia en la gestión empresarial son los que más se asocian significativamente con el acceso a fuentes de financiación externas a las organizaciones.

palabras claVe: Pymes. acceso a la financiación. Gestión financiera. indicadores financieros.

introducción

el tejido empresarial conformado por las pequeñas y medianas empresas (Pymes) es un tema de investigación recurrente en la esfera académica mundial, destacando su importancia en el desempeño económico y social de cualquier país, por su capacidad para generar producción, empleo y su impacto en la distribución del ingreso (Bid, 2005; díaz, lorenzo & solís, 2005; malhotra, Chen, Criscuolo, Fan, Hamel, & savchenko, 2007; Rega-lado, 2007; Zevallos, 2007; Galindo, 2005; taymaz, 2005; Fritsch, Brixy & Falk, 2006; anderson & Romero, 2009).

1 el documento se desarrolla como parte del proyecto de investigación “indicadores con-tables y acceso al financiamiento en Pymes colombianas”, financiado por la Facultad de Ciencias económicas de la Universidad nacional de Colombia.

access to Finance For colombian smes: a looK at Financial indicators

abstract: this paper presents an analysis of sources of finance used by Colombian smes, and the relationship between these sources and finan-cial management indicators, in order to identify possible causes for the difficulties that smes face. the research conducted was quantitative, ex-planatory, non-experimental, longitudinal, exploratory and correlational. the population consisted of 4168 Colombian smes that submitted finan-cial statements to the superintendencia de sociedades between 2004 and 2009. the results show that smes obtain finance mainly through their own funds, to a lesser extent through short-term liabilities, and in a low pro-portion of cases through long-term liabilities. this follows a similar pat-tern to that explained by pecking order theory. likewise, statistics suggest that smes face major limitations to generating income and attracting finance that could improve their performance. indicators of liquidity, ef-ficiency and profitability show that conditions in the sector are unfavor-able, making it difficult to obtain new funds. Finally, from the correlational analysis it can be inferred that the most important indicators for obtaining access to external finance are those related to company management.

Keywords: smes, access to finance, financial management, financial indicators.

accès aU Financement dans les pme colombiennes : Un regard à partir des indicateUrs Financiers

rÉsUmÉ : nous présentons une analyse des sources de financement uti-lisées par les Pme colombiennes et leur relation avec les indicateurs de gestion financière en vue d’identifier certaines causes qui peuvent engen-drer des situations problématiques dans leur fonctionnement. nous avons fait une investigation quantitative, de type explicatif, non expérimentale, longitudinale, exploratoire et corrélationnelle ; l’échantillon retenu était constitué par 4168 Pme colombiennes qui ont transmis leurs états finan-ciers à la superintendance des sociétés pour la période 2004–2009. les résultats montrent que les Pme se financent principalement avec des res-sources propres, dans une moindre mesure avec des passifs à court terme et dans une faible proportion avec des passifs à long terme, suivant un patron similaire à ce qui est expliqué par la théorie de sélection hiérar-chique (pecking order theory) ; les statistiques montrent également les limites importantes pour générer des entrées et attirer des sources de fi-nancement qui renforcent leur fonctionnement. les indicateurs de liqui-dité, d’efficience et de rentabilité montrent une situation défavorable pour le secteur, ce qui empêche l’obtention de nouvelles ressources. Enfin, de l’analyse corrélationnelle il ressort que les indicateurs d’efficience dans la gestion entrepreneuriale sont ceux qui s’associent le plus significativement à l’accès aux sources de financement externes aux organisations.

mots-clÉs : Pme ; accès au financement ; gestion financière ; indica-teurs financiers.

acesso ao Financiamento de pmes colombianas: Uma Visão do ponto de Vista dos seUs indicadores Financeiros

resUmo: É apresentada uma análise das fontes de financiamento utili-zadas pelas Pems colombianas e a sua relação com indicadores de gestão financeira, com a finalidade de identificar algumas das causas que podem estar originando situações problemáticas em seu desempenho. Foi reali-zada uma pesquisa quantitativa, do tipo explicativo, não experimental, longitudinal, exploratória e co-relacional; a população foi conformada por 4168 Pems colombianas que informaram os seus estados financeiros à Superintendência de Sociedades no período de 2004-2009. Os resultados mostram que as Pems são financiadas principalmente com recursos pró-prios, em menor grau com passivos de curto prazo e em baixa proporção com passivos de longo prazo, seguindo um padrão similar ao explicado pela teoria de seleção hierárquica (pecking order theory); igualmente, os estatísticos sugerem limitações importantes para gerar renda e atrair fontes de financiamento que fortaleçam o seu desempenho. os indica-dores de liquidez, eficiência e rentabilidade mostram uma situação des-favorável para o setor, obstaculizando a obtenção de novos recursos. Finalmente, da análise co-relacional, infere-se que os indicadores de efi-ciência na gestão empresarial são os que mais se associam significativa-mente com o acesso a fontes de financiamento externas às organizações.

palaVras-cHaVe: Pems, acesso ao financiamento, gestão financeira, indicadores financeiros.

Empresas de menor tamaño



se trata de un sector caracterizado por un alto dinamismo y flexibilidad en sus operaciones, pero al mismo tiempo marcado por un conjunto de dificultades que tienden a obstaculizar su sostenibilidad y crecimiento. algunas de las debilidades que se han identificado se asocian al bajo ac-ceso a los recursos (financieros, materiales, humanos, inte-lectuales) que requieren para su funcionamiento, así como dificultades para desplegar una gestión exitosa de esos limitados recursos en los diferentes ámbitos de la empresa: estrategia, control, personal, mercadeo, operaciones, fi-nanzas, innovación, entre otros (andriani, Biasca & Rodrí-guez, 2003; Zevallos, 2007).

en este documento se aborda el tema financiero, como uno de los que se ha diagnosticado como deficiente en las Pymes. en particular, se realiza un estudio de las Pymes colombianas, con el objetivo de analizar las relaciones exis-tentes entre indicadores contables de gestión y el acceso a diferentes fuentes de financiación, como factores explica-tivos de la situación de estas organizaciones.

en el caso colombiano, la definición de la Pyme como es-trato productivo está contemplada en la legislación del país2, en la cual se establecen los parámetros de clasifica-ción presentados en la tabla 1 (personal y activos totales). especialmente, esta categorización jurídica hace referencia a micro, pequeñas y medianas empresas, como unidades de explotación económica, realizada por persona natural o jurídica, en actividades empresariales, agropecuarias, in-dustriales, comerciales o de servicios, rural o urbana.

tabla 1: clasificacion legal de las mipymes en colombia (valores para 2012)

clasificación legal de las mipymes

personal ocupado

activos totalesExpresado en dólares estadounidenses (*)

desde Hasta desde Hasta

mediana empresa

51 200 US$ 1.473.000 US$ 7.608.000

Pequeña empresa 11 50 US$ 160.000 US$ 1.473.000

Microempresa / Famiempresa

menos de 10Valor inferior a US$ 160.000, excluida la vivienda

Fuente: elaboración propia con base en ley 590 de 2000, modificada por las leyes 905 de

2004, 1111 de 2006, 1151 de 2007 y 1450 de 2011; (*) Cifras estimadas en Unidades de Valor

Tributario (UVT) o en Salarios Mínimos Mensuales (SMM), según la legislación aplicable.

2 Congreso de la República de Colombia. ley 590 de 2000, artículo 2º. Ha sido modificada por la ley 905 de 2004, y ajustada por la ley 1111 de 2006 y la ley 1151 de 2007.

revisión de literatura

diferentes autores han analizado el tema de acceso a la fi-nanciación en las Pymes, concentrándose generalmente en describir los factores externos que lo afectan (Bid, 2002; Bid, 2005; Beck, demirgüç-Kunt, laeven & maksimovic, 2004; Berger, Frame & miller, 2002; Berger & Udell, 2005; Zevallos, 2007; Garrido, 2011; Goldstein, 2011).

el problema de la información asimétrica ha sido es-tudiado por autores tales como Berger y Udell (1998), quienes analizan los problemas económicos de las Pymes (incluyendo los de elección de la estructura de capital óptima) alrededor del concepto del ciclo de financiación empresarial. su enfoque utiliza los conceptos de asime-tría de información y de agencia, como también la teoría de la economía institucional para explicar las facetas de la financiación de las empresas pequeñas. en particular resaltan la importancia, para la definición de la estruc-tura de capital de este tipo de empresas, de un entorno en que las prioridades de liquidación de los activos estén claramente definidas y se respeten en el caso de que la empresa caiga en insolvencia financiera. afirman estos autores que la decisión de escoger entre deuda y patri-monio por parte de las Pymes se ve afectada por tres di-mensiones de la opacidad informacional: 1) verificación costosa, 2) riesgo moral y 3) selección adversa. la impor-tancia relativa de estos problemas de información explica por qué algunas empresas pequeñas tratan de conseguir los recursos que necesitan en sus primeras etapas de in-versores ángeles o de capitalistas de riesgo (contratos de patrimonio), en tanto que otras recurren a deuda con el sistema financiero o crédito comercial.

son menos numerosas las investigaciones que abordan la problemática de las Pymes desde la perspectiva interna de la empresa, buscando complementar las explicaciones de tipo externo. en este caso se destacan los aportes de autores como deakins, logan y steele (2001), quienes desarrollan una investigación cualitativa en Pymes britá-nicas. entre sus hallazgos plantean que las decisiones rela-cionadas con la conformación de la estructura de capital muestran una complejidad mayor a la que sugiere la teoría de selección jerárquica o de pecking order3, ya que no es

3 teniendo en cuenta el problema de la información asimétrica, myers (1984) desarrolla el modelo de la jerarquía de preferencias (pecking order), el cual presenta un análisis del problema de la es-tructura de capital diferente al contemplano en el modelo del ba-lance o trade-off. en la jerarquía que resulta del análisis myers, las inversiones son financiadas en primera instancia con fondos inter-nos (principalmente reinvirtiendo las utilidades); segundo en el or-den de jerarquía es la consecución de nueva deuda y, finalmente, la emisión de nuevo patrimonio.

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la actitud de los propietarios lo que obstaculiza la entrada de nuevos accionistas, sino la falta de inversionistas in-teresados en este tipo de negocios. analizan en forma detallada y dinámica la gestión financiera de pequeñas empresas, pero no hacen referencia al efecto que estos procesos tienen sobre el acceso a fuentes de financiación.

Boedo y Calvo (2001) describen la estructura financiera de Pymes españolas, concentrándose en la comunidad de Ga-licia. sus resultados evidencian el problema que atraviesan las Pymes para acceder a recursos a largo plazo (propios o ajenos) que les permitan financiar sus proyectos de inver-sión y las dificultades que deben superar para que sean las entidades de crédito quienes financien sus proyectos, lo cual se convierte en una desventaja evidente en relación a las empresas de mayor tamaño.

otro estudio similar lo realizan aybar, Casino y lópez (2003), quienes indagan los determinantes de la estruc-tura de capital de las Pymes (españa), a la luz de las mo-dernas teorías financieras (especialmente la teoría de selección jerárquica o pecking order), y exploraron la in-terrelación de las estrategias empresariales seguidas por

estas organizaciones con sus decisiones de financiación. los resultados obtenidos indican que las variables deri-vadas de las teorias financieras dan mejores resultados de estimación cuando se combinan con variables estraté-gicas. Para las Pymes en particular, los autores han podido evidenciar que el tamaño y los años de funcionamiento son predictores adecuados de su estructura de capital.

Por otra parte, para el caso de américa latina, las difi-cultades de las Pymes para acceder al crédito se concen-tran principalmente en la segmentación de los mercados de crédito con una discriminación negativa hacia éstas y que se manifiesta en todas las economías de la región. la aplicación de diferenciales en las tasas de interés de los préstamos según el tamaño de empresa, la escasa parti-cipación de las Pymes en el crédito al sector privado y la amplia utilización de proveedores y autofinanciación para obtener capital de giro o llevar a cabo inversiones son ele-mentos que denotan la existencia de dificultades de ac-ceso al crédito para este tipo de agentes. sin embargo, se advierten diferencias entre los países en cuanto a la magnitud del problema y a las causas que entorpecen el



acceso a la financiación de las empresas de menor tamaño (Ferraro & Goldstein, 2011).

Zevallos (2007) también desarrolla un diagnóstico del en-torno de Pymes latinoamericanas: en relación al área de las finanzas, señala que su problema de recursos es en parte originado por las mismas características del mercado y por la incomprensión que se tiene del funcionamiento de este tipo de compañías; pero también asoma como ex-plicación a esta limitación la falta de gestión empresarial y de sistemas internos que faciliten información confiable para la obtención de nuevos capitales, aunque no profun-diza en este análisis, y sugiere que sea objeto de estudio de futuras investigaciones enfocadas a la exploración del “comportamiento empresarial”.

vera-Colina (2011) estudia la relación entre la presencia de planificación financiera y las dificultades de acceso a la financiación en Pymes del sector manufacturero vene-zolano. los resultados principales de esta investigación permiten afirmar que la variable planificación financiera muestra una presencia media en las empresas. el acceso a la financiación promedio se califica como bajo, destacán-dose un acceso medio-alto en el crédito de proveedores, un acceso medio en la reinversión de utilidades y medio-bajo en la línea de crédito bancario; también se eviden-cian patrones de financiación compatibles con la teoría del orden preferente. se concluye que existe una relación débil entre las características de la planificación financiera y los niveles de acceso a la financiación, infiriéndose que el comportamiento de estas variables es determinado por multiplicidad de factores.

en esta línea, van Caneghem y van Campenhout (2012) encuentran que tanto la calidad como la cantidad de la información contenida en los estados financieros se rela-cionan positivamente con el apalancamiento de las em-presas. asimismo, encuentran que el apalancamiento se relaciona positivamente con la estructura de los activos y el crecimiento, y se relaciona negativamente con la edad de la empresa y su rentabilidad.

sobre estudios recientes en Pymes colombianas, puede mencionarse el trabajo de arbeláez, Zuleta, velasco, Ro-sales y domínguez (2003), donde se reseña la evolución de indicadores macroeconómicos, microeconómicos y se comentan las tendencias sobre el acceso a servicios finan-cieros, basándose en la percepción de los empresarios.

otro caso es el de Puyana (2004), quien también rea-liza una descripción de estas empresas en diferentes variables -internacionalización, financiación, empleo,

competitividad, productividad- planteando algunas estra-tegias para el fortalecimiento del sector. en ambos casos se trata de estudios de carácter descriptivo, sin relacionar variables explicativas.

el estudio de problemas de acceso a la financiación y otras situaciones asociadas a la gestión financiera de las Pymes colombianas ha sido abordado por sánchez, osorio y Baena (2007), Rivera (2007), martínez (2009), Pérez, Garzón y nieto (2009), Barona y Gómez (2010), matíz y naranjo (2011), Zuleta (2011), Barona y Rivera (2012). en estas investigaciones se plantean los obstáculos para acceder a fuentes de financiación en las empresas, anali-zando situaciones y características del sistema financiero colombiano y los programas gubernamentales de apoyo financiero. el trabajo de Rivera (2007) hace una aproxi-mación a características internas de las Pymes, en cuanto a los determinantes de la estructura financiera; mientras que martínez (2009) analiza indicadores financieros en el sector hotelero.

Zuleta (2011) analiza la estrategia general de las políticas públicas para mejorar el acceso a la financiación de las Pymes en Colombia. el autor concluye que el sistema fi-nanciero colombiano se caracteriza por un bajo nivel de profundización financiera y un limitado desarrollo de ins-trumentos de evaluación de riesgo adecuados para las Pymes. Como avance principal de la política de acceso a servicios financieros, hay que resaltar la adaptación de las entidades privadas y los instrumentos públicos al acceso a través de crédito ordinario y leasing. sin embargo, otras operaciones son aún precarias, principalmente el acceso al mercado de capitales y el factoring. Finalmente, el autor insiste en la necesidad de profundizar en los instrumentos financieros distintos al crédito.

Finalmente, Barona y Rivera (2012) analizan los patrones de financiación de las empresas nuevas en Colombia, en-contrando que en diferentes etapas de la vida las empresas emplean, con variada intesidad, distintas fuentes de finan-ciación. este hallazco brinda soporte a la investigación de Berger y Udell (1998), ya comentada.

esta investigación se diferencia de los estudios realizados previamente al tratar de evaluar la situación de las Pymes desde una perspectiva interna, representada en sus me-diciones contables, y la posible relación que tiene ese desempeño en su nivel de consecución de fuentes de fi-nanciación adicionales para las operaciones futuras de la empresa. este tipo de explicaciones no se han estudiado pre-viamente, por lo que se considera que puede constituir un aporte novedoso en el abordaje de los problemas del sector.

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Variables e indicadores del estudio

la investigación se ha desarrollado en torno a dos grupos de variables principales:

acceso a la financiación

se refiere a la posibilidad que tiene un agente económico de obtener recursos para acometer alguna actividad de su interés, es decir, la viabilidad de que su solicitud para conseguir nueva deuda o patrimonio sea aprobada opor-tunamente. en el caso de las Pymes, se trata de agentes económicos cuyo acceso a la financiación se traduce en la reinversión de las utilidades operacionales, en la apro-bación de préstamos financieros (de origen público o pri-vado), en la emisión de títulos valores, o en la consecución de medios financieros para sus operaciones de corto plazo (proveedores, líneas de crédito, entre otros) (the World Bank, 2008; Zevallos, 2007).

el Banco mundial destaca la relevancia que tiene el acceso a la financiación y a los servicios del sistema financiero, en el desempeño de las empresas, al señalar que facilita la puesta en marcha de pequeñas firmas, el crecimiento y aprovechamiento de oportunidades de inversión, el desa-rrollo e innovación en nuevos productos, así como la elec-ción de estructuras organizativas más eficientes y carteras de activos más adecuadas (the World Bank, 2008).

el nivel de acceso a la financiación se determinará a través de la composición de las fuentes de financiación que con-forman el balance general, es decir, la ponderación estimada de los pasivos corrientes, de largo plazo y de recursos patri-moniales, elementos que en la disciplina financiera consti-tuyen la estructura financiera y de capital de la empresa. en este grupo se analiza el comportamiento de los indica-dores de endeudamiento de cada empresa, entre ellos los siguientes (sinisterra, Polanco & Henao, 2005; legis, 2011):

Endeudamiento total = (Pasivo total)/(Activo total) (3.1.a).

Endeudamiento a corto plazo= (Total pasivo corriente)/(Pa-sivo total)

(3.1.b).

Endeudamiento Financiero/Activo = (Obligaciones finan-cieras)/(Activo total)

(3.1.c).

Endeudamiento Financiero/Ingresos = (Obligaciones finan-cieras)/(Ingresos operacionales)

(3.1.d).

Carga financiera/ingresos = (Gastos financieros)/(Ingresos operacionales)

(3.1.e).

Pasivo largo plazo-Capital = (Pasivo de largo plazo)/(Patrimonio)

(3.1.f).

Apalancamiento total = (Pasivo total)/(Patrimonio) (3.1.g).

Apalancamiento de corto plazo = (Pasivo corriente)/(Patrimonio)

(3.1.h).

Apalancamiento financiero = (Obligaciones financieras)/(Patrimonio)

(3.1.i).

indicadores de gestión financiera

Para desarrollar esta variable, se toman como referencia los desarrollos teóricos asociados a la medición del desempeño y diagnóstico financiero, como procedimiento válido para procesos de planificación y control empresarial.

Para ello se aplicarán las técnicas del análisis financiero, útiles para determinar la rentabilidad económica, la corres-pondencia de la estructura económica y financiera, el es-tado de solvencia/insolvencia del negocio, la eficiencia, entre otros indicadores relacionados, a partir de sus es-tados contables (díez & lopez, 2001; suárez, 2003).

sin pretender utilizar una lista exhaustiva de indicadores, puede hacerse mención a los siguientes (suárez, 2003; si-nisterra et al., 2005; legis, 2011):

- Razones de solvencia a largo plazo, relacionados con la capacidad de la empresa para cumplir sus compromisos financieros con los activos que posee:

Solidez = (Activo total)/(Pasivo total) (3.2.a).

- Razones de liquidez, o solvencia a corto plazo, igual-mente asociados a la capacidad de pagos en el corto plazo:

Razón corriente = (Activo corriente)/(Pasivo corriente) (3.2.b).

Prueba ácida = (activo corriente-inventarios-Gastos anticipados)/(Pasivo corriente)

(3.2.c).

Disponibilidad inmediata = (Activo disponible)/(Pasivo corriente)

(3.2.d).

- Razones de rotación o de actividad, que permiten co-nocer la velocidad de transformación de algunos ac-tivos y pasivos.

Rotacion de cartera = ventas a crédito/promedio cuentas por cobrar

(3.2.e).

Rotacion de Proveedores = Compras Crédito del periodo / Promedio de Cuentas por pagar

(3.2.f).

Rotacion de Inventarios = Costo de venta / Inventarios promedio

(3.2.g).

Rotacion de capital=Ventas Totales / promedio de (patrimonio + pasivo a lP)

(3.2.h).

Rotacion de patrimonio= Ventas / Patrimonio (3.2.i).

Rotacion de activos= Ventas / Activos totales (3.2.j).

- Razones de productividad, que analizan la capacidad del negocio de obtener resultados al menor costo posible.

Eficiencia Administrativa=(Gastos de Admon y de Ventas / activo total) * 100

(3.2.k).

- Razones de rentabilidad, que miden el rendimiento de los recursos invertidos.



Rentabilidad Sobre el Activo Total =Utilidad del Ejercicio / activo total

(3.2.l).

Rentabilidad sobre el Patrimonio = Utilidad del Ejercicio / Patrimonio total

(3.2.m).

Margen bruto de utilidad = utilidad bruta * 100 / Ingresos operacionales

(3.2.n).

Margen operacional= utilidad operacional * 100 / Ingresos operacionales

(3.2.o).

Margen neto de utilidad = utilidad neta * 100 / Ingresos operacionales

(3.2.p).

metodología

se realizó una investigación cuantitativa, de tipo explicativo (Hernández, Fernández & Baptista, 2010), que intenta iden-tificar algunas de las causas que pueden estar originando situaciones problemáticas en el desempeño de las Pymes, especialmente en lo que respecta a su acceso a recursos financieros. este orden explicativo involucra procesos explo-ratorios, descriptivos y correlacionales, con la finalidad de ofrecer una mayor comprensión del fenómeno estudiado.

se utiliza un plan de trabajo o diseño de investigación do-cumental, ya que los datos que se analizarán serán reco-pilados de fuentes secundarias (Balestrini, 2006), en este caso, bases de datos empresariales. atendiendo al tipo de manipulación que puede realizarse sobre las variables, se trata de un diseño de investigación no experimental (ex post facto), longitudinal (panel de datos), exploratorio y correlacional (Hernández et al., 2010; Hurtado, 2007).

la información se obtuvo de la base de datos de la super-intendencia de sociedades de Colombia4, donde las em-presas sometidas a inspección deben entregar sus estados contables certificados; el período de análisis es 2004-2009, años en los que se dispone del mayor número de empresas en esta base de datos, incluyendo todos los sec-tores económicos y regiones geográficas del país.

la población del estudio está conformada por las pe-queñas y medianas empresas colombianas que reportan sus estados financieros a la superintendencia, delimitadas según la definición establecida en la ley de mipymes (ley 905 de 2004), en su artículo 2. en este sentido, se definen como pymes todas aquellas empresas que cumplen con dos criterios: a) tiene una planta de trabajadores entre 11 y 200 empleados, y b) sus activos totales oscilan entre 501 y 30.000 salarios mínimos mensuales legales vigentes. luego de depurar la base de datos siRem para identificar Pymes que reportan sus estados financieros en cada año del período en estudio, y de eliminar casos atípicos en sus

4 SIREM. Disponible en http://sirem.supersociedades.gov.co/SI-REM/

indicadores financieros, se identificó una población de 4.168 empresas a considerar en el análisis, con un total de 25.128 registros para el período 2004-2009. no se consi-dera la determinación de una muestra representativa, sino que se incorpora al estudio la totalidad de la población disponible en la base de datos.

Para el procesamiento de información se utilizaron ‘guías de observación documental’ (Hernández et al., 2010), para organizar la información relevante de las variables. estas guías de observación se estructuraron en formato tabular, para representar la información de cada unidad empresa-rial y sus diferentes indicadores financieros. luego de cla-sificar y tabular los ítems seleccionados, se estimaron los índices estadísticos respectivos utilizando programas esta-dísticos (microsoft excel 2007, sPss 16.0).

análisis de resultados

los indicadores financieros estimados para las Pymes colombianas se resumen en las tablas 2, 3 y 4, con los valores promedios y dispersión estadística para los datos procesados.

Un análisis preliminar de la evolución de sus principales variables (tabla 2) evidencia un crecimiento del activo (9,32%) respaldado mayormente por el aumento en el pa-trimonio. este dinamismo en su activo no se ve reflejado en la variación de los ingresos ni en la generación de ma-yores utilidades; por el contrario, éstas tienden a reducirse en el período.

tabla 2. tasas de crecimiento promedio anual en pymes colombianas (%) período 2004-2009

crecimiento promedio

desviación estándar

activos 9,32 0,19

Pasivos 7,95 0,31

Patrimonio 11,37 0,26

ingresos 6,65 0,26

Utilidad neta -4,58 11,11

Fuente: Cálculos propios con base en superintendencia de sociedades (2010).

esta primera revisión muestra cómo el soporte operacional de las empresas, representado por sus activos, tiende a ser financiado con mayor cuantía de recursos propios que de terceros, situación que es corroborada al revisar sus indica-dores de financiación.

este comportamiento es relativamente estable para las empresas consideradas (excluyendo casos atípicos), con un nivel bajo de desviación estándar en el crecimiento pro-medio de las diferentes variables financieras.

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acceso a la financiación

Para esta variable se observa que, en promedio, el 45% de los recursos que financian sus operaciones provienen del pasivo (tabla 3). sin embargo, representan fundamental-mente fuentes de corto plazo (84% del pasivo), dejando a los aportes patrimoniales la financiación permanente de la empresa.

tabla 3. indicadores de endeudamiento en las pymes colombianas. período 2004-2009

indicadores de endeudamiento ecuación promediodesviación estándar

endeudamiento total (3.1.a). 0,45 0,27

endeudamiento a corto plazo (3.1.b). 0,84 0,26

Endeudamiento Financiero/Activo (3.1.c). 0,09 0,13

Endeudamiento Financiero/ingresos

(3.1.d). 14,64 33,93

Carga financiera/Ingresos (3.1.e). 0,07 0,16

Pasivo largo plazo-Capital (3.1.f). 0,09 0,17

apalancamiento total (3.1.g). 1,13 1,26

apalancamiento de corto plazo (3.1.h). 0,91 1,07

apalancamiento financiero (3.1.i). 0,22 0,33


al analizar la composición de la financiación de terceros, el endeudamiento contratado con instituciones financieras solo representa el 9% del activo; si bien esta cifra puede parecer pequeña, al comparar con el nivel de ingresos de estas empresas el endeudamiento financiero representa 14,6 veces su volumen de ventas, por lo que podría in-ferirse que no presentan condiciones para potenciar su apalancamiento con recursos bancarios. esto puede con-vertirse en una dificultad para fortalecer posiciones com-petitivas de las empresas, ya que su crecimiento y posibles estrategias de diversificación se ven limitados por la dispo-nibilidad de recursos propios de los socios.

estos resultados permiten afirmar que se trata de em-presas que obtienen recursos fundamentalmente de: 1) recursos patrimoniales, 2) pasivos operacionales de corto plazo (proveedores, acumulados por pagar), y 3) pasivos de largo plazo, en un porcentaje significativamente menor. este comportamiento es similar al observado en Pymes de otras latitudes (deakins et al., 2001; aybar et al., 2003), en los cuales el comportamiento de su estructura de ca-pital (largo plazo) muestra patrones de la teoría de selec-ción jerárquica (pecking order theory, Brealey & myers, 2010; myers, 1984), donde los empresarios prefieren fi-nanciarse con recursos propios antes de recurrir a fuentes externas, manteniendo el control la propiedad pero sacri-ficando el crecimiento potencial de la organización y de su actividad económica.

al respecto, deakins et al. (2001) consideran que esto no obedece necesariamente a una actitud de los propie-tarios, sino a la falta de interés de nuevos inversionistas en estos pequeños negocios. a ello podría agregarse, en el caso de las Pymes colombianas, sus limitaciones para generar ingresos y atraer fuentes de financiación que for-talezcan su desempeño, como lo sugieren los datos esta-dísticos anteriores.

indicadores de gestión financiera

Una mirada al comportamiento de diferentes indicadores contables en las Pymes puede ofrecer una explicación par-cial a su situación de acceso a recursos financieros (tabla 4).

en primer lugar, las organizaciones muestran una solidez promedio relativamente alta, situación que corresponde a empresas mayormente financiadas por sus propietarios.

tabla 4. indicadores de gestión financiera en las pymes colombianas. período 2004-2009

indicadores ecuación promediodesviación estándar

indicadores de solvencia a largo plazo

solidez (3.2.a). 6,1 15,2

indicadores de liquidez

Razón corriente (3.2.b). 2,8 4,0

Prueba ácida (3.2.c). 2,1 3,4

disponibilidad inmediata (3.2.d). 0,3 0,8

indicadores de rotación y productividad

Rotación de cartera (3.2.e). 5,2 5,2

Rotación de Proveedores (3.2.f). 23,1 33,3

Rotación de inventarios (3.2.g). 8,8 19,8

Rotación de capital (3.2.h). 2,9 3,3

Rotación de patrimonio (3.2.i). 2,1 2,6

Rotación de activos (3.2.j). 1,4 1,1

eficiencia administrativa (3.2.k). 0,3 0,3

indicadores de rentabilidad

Rentabilidad sobre el activo total (3.2.l). 0,029 0,034

Rentabilidad sobre el Patrimonio (3.2.m). 0,051 0,057

margen bruto de utilidad (3.2.n). 0,431 0,328

margen operacional (3.2.o). -0,012 0,750

margen neto de utilidad (3.2.p). 0,034 0,270


el manejo de recursos de corto plazo puede evidenciarse en los indicadores de liquidez y rotación, observándose igual-mente niveles considerables de recursos invertidos en capital de trabajo con bajos montos comprometidos en pasivos co-rrientes. esta inversión de corto plazo corresponde principal-mente a las ventas por cobrar a los clientes, sin contar con suficiente financiación de proveedores, lo que obliga a las



empresas a financiar la obtención de ingresos con recursos de largo plazo (patrimonio), durante la mayor parte de su ciclo operativo, tal como se representa en el Gráfico 1.

el comportamiento de liquidez y rotación en las empresas su-giere una relación desfavorable para las Pymes, que puede estar afectando negativamente su rentabilidad y acceso a nuevas fuentes de financiación: alta liquidez, representada por deudas de clientes (costos adicionales por mantener re-cursos ociosos), baja rotación de cobranzas y recuperación de ingresos, frente a una rápida frecuencia de pago a pro-veedores. este tipo de situaciones se describen como un en-foque conservador en la gestión del capital de trabajo de corto plazo, donde se tiende a reducir riesgos en el cumpli-miento de los compromisos con el pasivo, pero se sacrifica eficiencia y rentabilidad (Brigham & Houston, 2006).

en materia de rentabilidad, el panorama tampoco es alen-tador, considerando que sus principales índices varían en un rango de 3% a 5%, cifras que apenas igualan o superan por muy poco los niveles de inflación del país, sin consi-derar la rentabilidad adicional que espera obtener cual-quier inversionista para compensar el riesgo que asume al asignar sus recursos en este tipo de negocios.

los indicadores analizados no ofrecen una conclusión defi-nitiva sobre la gestión financiera de estas organizaciones, ya que estos hallazgos deben complementarse con un es-tudio más detallado de los procedimientos que utilizan en sus operaciones, y evaluar en forma integral sus princi-pales fortalezas y debilidades. sin embargo, las cifras pre-sentadas resumen una visión general de las dificultades que pueden estar presentes en su administración y de los efectos adversos en su desempeño.

si bien los promedios analizados muestran la tendencia ge-neral en el sector de Pymes colombianas, las desviaciones estadísticas sugieren la presencia de niveles de disper-sión en la situación de cada empresa en particular, en-contrándose organizaciones con desempeño inferior o superior a la media que pudieran explicar si existe una re-lación directa entre su gestión financiera y su capacidad para acceder a diferentes fuentes de financiación. Para evaluar la existencia de esta relación, seguidamente se revisan las correlaciones estadísticas entre las principales variables del estudio.

relación gestión financiera – acceso a la financiación

Con el fin de determinar algún tipo de relación entre los diferentes indicadores ya comentados, se estimaron las correlaciones estadísticas pertinentes (tabla 5). el com-portamiento de los datos requiere de técnicas no paramé-tricas de análisis, por lo que se utilizó el coeficiente Rho de spearman (Peña, 2002; Hurtado, 2010; Field, 2006).

al revisar los enlaces entre solidez y financiación, se ob-servan principalmente correlaciones negativas, en rangos medios y altos, corroborando el hallazgo anterior que se-ñala que el crecimiento de los activos de la empresa tiende a ser financiado principalmente con recursos de patri-monio. esto podría interpretarse como una señal de: 1) la resistencia de los propietarios a incorporar pasivos de largo plazo en su estructura; y 2) los entes financieros y otras fuentes de pasivos encuentran poco atractiva la inversión en el sector, especialmente cuando el crecimiento del ac-tivo no se corresponde con la expansión de operaciones (ingresos, ventas), ni con la generación de rentabilidad.

gráFico 1. ciclo operativo y conversión de efectivo en pymes colombianas. período 2004-2009

Presenta un déficit de financiamiento de corto plazo de 96 días en cada ciclo operativo

Salida de efectivo

40 días:

Completa ciclo de inventario, venta bienes, servicios 8,8 veces/año

110 días

(40 venta, 70 cobranza): Cobra bienes, servicios

Recupera efectivoCobra 5,2 veces/año

Recibe bienes, servicios de proveedor

16 días:

Pago a proveedor 23,1 veces/año

Recibe bienes, servicios de proveedor

Ingreso de efectivo


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tabla 5. indicadores de gestión financiera y acceso a la financiación en las pymes colombianas. coeficientes de correlación spearman. período 2004-2009

endeudamiento total

endeudamiento cp

endeudamiento financiero/ingresos

carga financiera/ingresos

pasivo lp -capital

apalancamiento total

apalancamiento cp

apalancamiento financiero

indicadores de solvencia largo plazo

solidez -0,995 0,100 -0,336 -0,087 -0,251 -0,995 -0,952 -0,631

indicadores de liquidez

Razón corriente -0,452 -0,075 -0,233 -0,105 0,010 -0,452 -0,485 -0,289

Prueba ácida -0,459 -0,012 -0,311 -0,108 -0,054 -0,459 -0,482 -0,354

disponibilidad inmediata

-0,328 0,019 -0,350 -0,195 -0,072 -0,328 -0,335 -0,380

indicadores de rotación y productividad

Rotación de cartera

0,102 -0,065 -0,065 -0,292 0,071 0,102 0,105 0,110

Rotación de Proveedores

0,317 0,069 0,064 -0,229 *** 0,317 0,359 0,321

Rotación de inventarios

0,285 -0,034 0,047 -0,166 0,085 0,285 0,302 0,265

Rotación de capital

0,725 0,096 0,073 -0,178 0,032 0,725 0,768 0,478

Rotación de patrimonio

0,674 *** 0,099 -0,217 0,091 0,674 0,698 0,487

Rotación de activos

0,587 0,072 *** -0,243 0,040 0,587 0,631 0,409

eficiencia administrativa

0,451 0,063 *** -0,043 0,030 0,451 0,487 0,270

indicadores de rentabilidad

Rentabilidad sobre el activo total

*** 0,074 -0,138 -0,170 -0,061 *** *** -0,049

Rentabi-lidad sobre el Patrimonio

0,301 0,057 -0,045 -0,140 *** 0,301 0,326 0,137

margen bruto de utilidad

-0,363 -0,029 -0,043 0,298 -0,034 -0,363 -0,381 -0,284

margen operacional

-0,230 -0,041 0,045 0,229 *** -0,230 -0,234 -0,080

margen neto de utilidad

-0,381 *** -0,140 *** -0,084 -0,381 -0,377 -0,307

las correlaciones son significativas al nivel 0,01. *** en estos indicadores, las correlaciones no son significativas.


igualmente, podría sugerir este resultado que las organi-zaciones que poseen mayores proporciones de endeuda-miento suelen tener niveles moderados de activos, con mayor eficiencia en el uso de sus recursos. las principales relaciones entre rotación de recursos permanentes y en-deudamiento (ver en la tabla 5 indicadores de rotación para activos, capital y patrimonio, además del índice de eficiencia administrativa) muestran valores medios-altos y positivos, reafirmando el comentario anterior: la financia-ción a través de pasivo no responde al tamaño de la em-presa, representado en sus activos, sino que obedece en

buena medida a la eficiencia que muestra la gerencia en el manejo de sus operaciones.

en este orden de ideas, podría inferirse que una gestión ineficiente en las Pymes tiende a ser financiada fundamen-talmente por aportes de sus propietarios, con resultados mayormente adversos en materia de rentabilidad.

en cuanto a relaciones con indicadores de corto plazo y de capital de trabajo (liquidez, cartera, inventarios), ya se comentó en la sección anterior cómo las empresas vienen presentando un alto nivel de liquidez, financiando su ciclo



operacional con fondos permanentes de patrimonio. Por razones obvias, este comportamiento se relaciona nega-tivamente con el acceso a fuentes de financiación del pasivo, confirmando nuevamente la preferencia de los ad-ministradores a utilizar fondos propios, o el bajo atractivo de los negocios de baja eficiencia para los entes externos. en el caso de las rotaciones, se destaca el tema de fre-cuencia de pago a los proveedores como un indicador fa-vorable para acceder a nuevos recursos.

Finalmente, las relaciones con índices de rentabilidad mues-tran valores menores a los anteriores, sugiriendo que es una variable menos determinante en el momento de solicitar fi-nanciación externa a la empresa. en este grupo se destaca el comportamiento del margen neto (correlaciones negativas), del cual se infiere que en la medida en que se generan ren-dimientos más favorables se preferirá la financiación interna antes que el pasivo, creando condiciones para la aplicación del enfoque de la teoría de la selección jerárquica.

conclusiones

- las Pymes colombianas se financian primordialmente con recursos propios, pasivos de corto plazo y en menor proporción con deuda de largo plazo. esto puede estar reflejando tanto la tendencia de los propietarios a evitar la financiación de entidades externas, como la falta de atractivo que presentan los negocios para po-sibles nuevos inversionistas. Por una parte, el perfil del empresario-gerente de una Pyme suele caracterizarse por la centralización de decisiones (hombre-orquesta, como lo describe suárez, 2003), y la entrada de nuevos inversionistas con visión de largo plazo puede poner en riesgo ese control centralizado. Por otro lado, los entes financieros externos evalúan con mayor rigurosidad las solicitudes de recursos de las Pymes, calificando sus propuestas como riesgosas y de menor atractivo (pre-sencia de asimetrías de información, selección adversa, como lo señalan Frank & Goyal, 2005, Cardone & Ca-sasola, 2003, entre otros autores).

- la revisión de sus indicadores de gestión (liquidez, eficiencia, rentabilidad) muestra una tendencia des-favorable en las Pymes, afectando negativamente su ca-pacidad para obtener recursos financieros que permitan fortalecer sus operaciones y potenciar su crecimiento. la gestión del capital de trabajo puede describirse como conservadora, financiada principalmente por recursos patrimoniales (Brigham & Houston, 2006).

- el análisis correlacional entre los indicadores de gestión y el comportamiento de las fuentes de financiación

evidencia una asociación significativa entre la efi-ciencia en el manejo de recursos de largo plazo con la aprobación de endeudamiento, alcanzando una menor dependencia de aportes patrimoniales. en este análisis, la variable rentabilidad tiene menor impor-tancia en la configuración de la estructura de capital de estas organizaciones.

la disponibilidad de acceso a fuentes de financiación di-versas (pasivo, patrimonio) es un tema relevante para el crecimiento y sostenibilidad de cualquier empresa (the World Bank, 2008). no se trata de preferir un único tipo de recursos, sino de lograr la combinación adecuada para cada organización, atendiendo a sus estrategias de ne-gocio de largo plazo. en el caso de las Pymes colombianas, se observa la dependencia de fuentes patrimoniales, con muy baja participación de fuentes externas, situación que puede obedecer a diferentes causas.

obviamente, la incorporación de niveles adecuados de pasivo a la estructura de financiación no es el fin último de una gestión empresarial adecuada, pero es uno de los factores que puede contribuir al mejor desempeño del ne-gocio, en términos de costo, rentabilidad y potencial de crecimiento de sus operaciones. en la medida que los es-fuerzos de la administración se traduzcan en mejor gestión y resultados, las posibilidades de balancear la estructura de capital serán más favorables. esto, para las Pymes y para la sociedad, puede llegar a significar más competiti-vidad, producción, empleo y mejores condiciones de vida en la población.

es importante comentar que las tendencias identificadas en esta investigación se basan en la información finan-ciera suministrada por las empresas en diferentes períodos, y proporcionan una visión preliminar de su gestión interna, según los datos recopilados por la superintendencia de so-ciedades (siRem). sin embargo, son resultados que deben complementarse, en investigaciones futuras, con el estudio de los procedimientos aplicados en cada empresa para lo-grar explicaciones más completas del estado de sus téc-nicas gerenciales (vera-Colina, 2012), así como también con el desarrollo de indicadores de desempeño ajustados a las características de las Pymes, que proporcionen infor-mación más detallada de sus operaciones.

igualmente, se espera el desarrollo de nuevos estudios que amplien el análisis a las particularidades de las diferentes regiones colombianas y sectores económicos relevantes para el país, así como a la exploración comparativa con el contexto internacional.

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correspondencia: Universitat de valència. departamento de direc-ción de Empresas. Avda. dels Tarongers, s/n 46021 Valencia, España.

citación: dolz, C., safón, v., iborra, m. & dasí, a. (2014). antecedentes y dinamismo de la ambidestreza organizativa en las Pymes. Innovar, 24(53), 161-175.

clasiFicación jel: m10, l25, l6.

recibido: abril 2012; aprobado: Junio 2013.

antecedentes y dinamismo de la ambidestreza

organizativa en las pymes1

Consuelo Dolzassociate professor. Phd. Universitat de valència. Correo electrónico: [email protected]

Vicente Safónassociate professor. Phd. Universitat de valència. Correo electrónico: [email protected]

María Iborraassociate professor. Phd. Universitat de valència. Correo electrónico: [email protected]

Angels Dasíassociate professor. Phd. Universitat de valència. Correo electrónico: [email protected]

resUmen: el objetivo de este trabajo es analizar algunos de los antecedentes de la ambidestreza organizativa en las pequeñas y medianas empresas (Pymes). la ambidestreza es una capacidad dinámica que permite a las empresas obtener un elevado nivel de desempeño en situaciones que requieren alinearse con el entorno. en el trabajo se defiende que la ambidestreza tiene un compo-nente estructural que la hace depender de los niveles previos de ambidestreza, pero que también tiene como antecedente las opciones de estrategia corporativa de la empresa. Concretamente, se postula que la utilización por parte de las empresas de las modalidades de crecimiento externo, a través de las fusiones y adquisiciones, y de los acuerdos de cooperación, puede ayudar a explicar el nivel y equilibrio de ambidestreza de las Pymes. esta hipótesis se confirma en el estudio empírico llevado a cabo con regresiones multivariables sobre una muestra de 117 Pymes industriales.

palabras claVe: ambidestreza, capacidades dinámicas, crisis económica, fusiones y adquisicio-nes, alianzas estratégicas, Pyme.

introducción

la ambidestreza organizativa, como metáfora, representa la destreza que tiene una organización para gestionar las paradojas, tensiones y trade-offs que permiten explorar y explotar conocimiento de forma simultánea, ob-teniendo niveles elevados de ambas actividades (simsek, 2009). el interés de su estudio reside en su relación con los resultados y la supervivencia de la empresa (Raisch & Birkinshaw, 2008; o´Reilly & tushman, 2008 y 2011; simsek, 2009; Piao, 2010; lópez, García & García, 2012).

O’Reilly y Tushman (2008; 2011) conciben la ambidestreza como una capa-cidad dinámica que permite a la empresa orientarse hacia la exploración y la explotación en función de las condiciones del entorno. la ambidestreza

1 este trabajo ha recibido financiación del Proyecto de investigación eCo2012-32718 del ministerio de Ciencia e innovación de españa.

tHe antecedents and dynamism oF organiZational ambidex-terity in smes

abstract: this study examines the antecedents of organizational am-bidexterity in small and medium enterprises (smes). ambidexterity is a dynamic capability that allows companies to achieve high performance in situations where they must adapt to their environment. it is argued that ambidexterity incorporates a structural component, meaning that it de-pends on previous levels of ambidexterity, but it is also determined by the company’s corporate strategy options. Specifically, it is asserted that ex-ternal growth through mergers, acquisitions and co-operation agreements may help explain the level and equilibrium of ambidexterity in smes. this hypothesis is confirmed in the empirical study conducted using multivar-iate regressions on a sample of 117 industrial smes.

Keywords: ambidexterity, dynamic abilities, economic crisis, mergers and acquisitions, strategic alliances, sme.

antÉcÉdents et dynamisme de l’ambidextrie organisation-nelle dans les pme

rÉsUmÉ : L’objectif de ce travail consiste à analyser certains des anté-cédents de l’ambidextrie organisationnelle dans les PME. L’ambidextrie est une capacité dynamique qui permet aux entreprises d’obtenir un ni-veau élevé de performance dans des situations qui requièrent une harmo-nisation avec l’environnement. Ce travail, défend l’idée que l’ambidextrie possède une composante structurelle qui la fait dépendre des niveaux pré-cédents de l’ambidextrie mais qui a aussi pour antécédents les options de stratégie corporative de l’entreprise. Plus précisément, il est postulé que l’utilisation des modalités de croissance externe par les entreprises à tra-vers des fusions, des acquisitions et des alliances stratégiques, peut aider à expliquer le niveau et l’équilibre de l’ambidextrie des PME. Cette hypo-thèse est confirmée dans l’étude empirique menée avec des régressions multi variables sur un échantillon de 117 Pme industrielles.

mots-clÉs : ambidextrie ; capacités dynamiques ; crise économique ; fu-sions et acquisitions ; alliances stratégiques ; Pme.

antecedentes e dinamismo da ambidestria organiZatiVa nas pems

resUmo: o objetivo deste trabalho é analisar alguns dos antecedentes da ambidestria organizativa nas pequenas e médias empresas (Pmes). a ambidestria é uma capacidade dinâmica que permite às empresas obter um alto nível de desempenho em situações que precisam se alinhar com o ambiente. no trabalho defende-se que a ambidestria tem um compo-nente estrutural que a faz depender dos níveis prévios de ambidestria, mas também tem como antecedente as opções de estratégia corporativa da empresa. Concretamente, afirma-se que a utilização, por parte das em-presas, das modalidades de crescimento externo, através das fusões e aquisições, e dos acordos de cooperação, pode ajudar a explicar o nível e equilíbrio de ambidestria das Pmes. esta hipótese se confirma no estudo empírico realizado com regressões multivariáveis sobre uma amostra de 117 Pmes industriais.

palaVras-cHaVe: ambidestria, capacidades dinâmicas, crise econô-mica, fusões e aquisições, parcerias estratégicas, Pem.




sería pues una capacidad dinámica que enfatiza el papel de la dirección en la adaptación, la integración y la recon-figuración de las habilidades y recursos de la organización, con el fin de ajustarse a entornos en permanente cambio (teece, Pisano & shuen, 1997; eisenhardt & martin, 2000; O’Reilly & Tushman, 2008; Heavy & Simsek, 2010). Frente a esta perspectiva de adaptación y, como bien señala Piao (2010), la mayor parte de la literatura se ha construido sobre una concepción estática del concepto, concibién-dolo como una característica más o menos inmutable en el tiempo, derivada de una estructura o arquitectura or-ganizativa, de un contexto o de un equipo directivo dado (Gibson & Birkinshaw, 2004; Cao, Gedajlovic & Zhang, 2009; lópez et al., 2012; nosella, Cantarello & Filippini, 2012). así, diversos estudios han aportado explicaciones en defensa de cómo se alcanza la ambidestreza, señalando soluciones principalmente estáticas derivadas de la coes-pecialización de la estructura organizativa (Jansen, tem-pelaar, van den Bosch & volverda, 2008; de visser et al., 2010), de la configuración de los procesos y sistemas de la empresa (Birkinshaw & Gibson, 2004; Gibson & Birkin-shaw, 2004; Raisch, 2008; mcCarthy & Gordon, 2011) o de las características de sus élites directivas (lubatkin, simsek, ling & veiga, 2006; Cao, simsek & Zhang, 2010; tushman, smith & Binns, 2011).

la consideración de la ambidestreza como una capacidad que permite a las empresas alinearse con el entorno abre nuevos interrogantes sobre los determinantes de tal capa-cidad de ajuste. Por un lado, la literatura propone antece-dentes estructurales o contextuales que implican que las empresas que se orientan a la explotación o a la explo-ración tienden a replicar aquellas actividades en las que tienen experiencia (lavie, stettner & tushman, 2010). el resultado es una dependencia estructural que refuerza la actividad dominante (lavie & Rosenkopf, 2006). Frente a esta dependencia, algunos investigadores han defendido que es posible que otros antecedentes, no estudiados hasta el momento, sean responsables de la capacidad de adap-tación de la ambidestreza (Raisch & Birkinshaw, 2008; simsek, 2009). entre éstos, se ha propuesto como ante-cedente la estrategia corporativa de la empresa (Raisch & Birkinshaw, 2008; eisenhardt, Furr & Bingham, 2010; no-sella et al., 2012).

la perspectiva del conocimiento permite establecer la re-lación entre ambidestreza y estrategia corporativa, ya que propone consecuencias diferenciadas para las di-versas modalidades de crecimiento corporativo. así ocurre con el conocimiento obtenido por la empresa en el desa-rrollo de ciertas opciones estratégicas asociadas normal-mente a situaciones de cambio, ruptura e innovación, tales

como fusiones, adquisiciones o los acuerdos de coope-ración. estas modalidades de estrategia pueden inyectar flexibilidad y romper con la redundancia del crecimiento interno (eisenhardt et al., 2010). en las pequeñas y me-dianas empresas (Pymes), estas estrategias favorecen la exploración de nuevo conocimiento, rompiendo la rigidez e inercia de las estrategias más conservadoras, revitalizando la empresa, y consiguiendo la modificación y reemplazo de determinados atributos clave (vermeulen & Barkema, 2001; vermeulen, 2005; agarwal & Helfat, 2009; Kaup-pila, 2010; Russo & vurro, 2010; Wagner, 2011). el objetivo de este artículo es aportar evidencia sobre estos antece-dentes de la ambidestreza.

Con el fin de obtener una prueba empírica suficientemente controlada, el estudio se realiza en el contexto de la re-acción de Pymes a la reciente crisis internacional. la ac-tual crisis económica ha supuesto un gran desafío para las empresas de muchos países, poniendo en jaque su ca-pacidad para seguir siendo competitivas en el presente, sin renunciar a prepararse para el futuro. la crisis ha ele-vado los niveles de competencia y dinamismo de la ma-yoría de los sectores empresariales, sometiéndolos además a una fuerte reducción de su munificencia (importante dis-minución de la demanda y del acceso al crédito en una gran cantidad de sectores). nuestro estudio se centra en las Pymes, pues están sujetas a unas restricciones internas y externas normalmente superiores a las de las grandes empresas, que permiten aislar el fenómeno a estudiar de forma eficaz. Respecto a las internas, tanto las Pymes como las grandes empresas se enfrentan a presiones com-petitivas para alcanzar altas cotas de explotación y explo-ración de conocimiento; sin embargo, las Pymes carecen de recursos ociosos y de sistemas que les puedan ayudar a manejar la información y los procesos contradictorios que requiere la ambidestreza (lubatkin et al., 2006; Cao et al., 2010)2, por lo que trabajan con un conjunto más limitado de soluciones para la consecución de ésta. Respecto a las externas, la crisis económica, especialmente la reducción en la munificiencia, ha sido especialmente grave para las Pymes. Por último, en la Pyme, las estrategias corporativas suelen tener un impacto en la organización más global, por lo que la relación a estudiar debería darse de forma más directa que en la gran empresa.

Para dar respuesta a las cuestiones señaladas hemos orga-nizado el trabajo como sigue. en primer lugar, definimos la ambidestreza y nos centramos en dos de los antecedentes más importantes a la hora de entenderla: su dependencia

2 así, por ejemplo, la solución estructural, mediante la generación de estructuras separadas o paralelas, es difícilmente válida para las Pymes.

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estructural y las opciones de modalidades de estrategia corporativa de la empresa. a partir de ahí proponemos las hipótesis del estudio que a continuación testamos con téc-nicas cuantitativas sobre una muestra de 117 Pymes. Por último, presentamos la discusión y las conclusiones, con implicaciones académicas y empresariales.

teoría e hipótesis

ambidestreza organizativa y capacidades dinámicas

el concepto de ambidestreza organizativa pone de relieve la habilidad que tienen algunas organizaciones para simul-tanear procesos de exploración y explotación de conoci-miento (simsek, 2009). la ambidestreza implica considerar una relación ortogonal entre estos dos procesos y no como constructos opuestos (Gupta, smith & shalley, 2006)3.

3 otros autores proponen que puede existir una ambidestreza se-cuencial (periodos de exploración y periodos de exploración secuencialmente) o espacial (una tipología y revisión puede encon-trarse en simsek, Heavy, veiga & souder, 2009; Blarr, 2012)

supone, por tanto, que la interacción entre la exploración y la explotación no es un juego de suma cero y que es po-sible el desarrollo combinado de ambos tipos de aprendi-zaje (lópez et al., 2012).

asimismo, y de acuerdo con Cao et al. (2009), la ambi-destreza está formada por dos dimensiones: el nivel y el equilibrio. la primera hace referencia al volumen total de exploración y explotación alcanzado por la empresa; mientras que la segunda indica la simetría en ambas orientaciones. según los autores citados, es importante el desdoblamiento del concepto porque cada dimensión pre-senta particularidades desde el punto de vista de sus an-tecedentes, y cada una influye de forma distinta sobre el desempeño de la empresa. Con fines ilustrativos, la tabla 1 recoge diferentes respuestas en términos de nivel de ambi-destreza y equilibrio en la ambidestreza. en los tres primeros casos, las empresas comparten el mismo nivel de ambides-treza (columna C), pero no presentan el mismo equilibrio (columna F). los casos 1 y 4 reflejan un equilibrio perfecto entre la orientación a la exploración y la explotación (equi-librio=5, columna F), pero difieren en nivel (columna C). en



los casos 2 y 3, las empresas se enfocan hacia la explora-ción o hacia la explotación, aumentando una orientación a costa de la otra. estos casos consiguen mantener el nivel de ambidestreza, pero incrementan el grado de desequilibrio. los casos 4 y 5 representan situaciones en las que las em-presas tienen niveles idénticos y bajos de ambidestreza; sin embargo, el caso 4 muestra un equilibrio perfecto, mientras que el caso 5 presenta un equilibrio menor.

diversos trabajos argumentan que la mayor parte de in-vestigaciones sobre ambidestreza utilizan una perspectiva estática al defender que las organizaciones se hacen am-bidiestras adoptando determinadas configuraciones, las cuales perduran en el tiempo con independencia de los factores externos (Raisch, Birkinshaw, Probst & tushman, 2009; Piao, 2010; nosella et al., 2012). sin embargo, como ellos mismos argumentan, esta idea entra en contradicción con la teoría contingente moderna y, por tanto, con la idea de un ajuste dinámico con el entorno (eisenhardt et al., 2010; Piao, 2010). Concebir la ambidestreza como una ca-pacidad dinámica permite poner de relieve la posibilidad que tienen las empresas ambidiestras para ajustarla a los cambios que se den en el entorno (O’Reilly & Tushman, 2008 y 2011). así, cambios en las condiciones del entorno provocarán alteraciones en el grado de orientación que la empresa tiene hacia la eficiencia (explotación) y/o hacia la innovación y el cambio (exploración), incrementándolo o disminuyéndolo. de este modo, la modificación de las con-diciones externas puede requerir un nivel global de ambi-destreza distinto; pero también puede conllevar que el nivel global de ambidestreza se mantenga aunque, inter-namente, la empresa haya modificado el equilibrio entre explorar y explotar. Por ello, equilibrio y nivel aparecen como dos dimensiones centrales de la ambidestreza (Cao et al., 2009) que pueden generar tensiones y presentar trade-offs frente a la necesidad de alinear la empresa ante nuevas condiciones del entorno.

antecedentes de la ambidestreza: la dependencia estructural

aunque hemos defendido la idea de que las empresas pueden ajustar su nivel de ambidestreza o su equilibrio entre exploración y explotación ante un entorno dinámico (eisenhardt et al., 2010), este ajuste probablemente esté condicionado por los patrones seguidos por la empresa a lo largo de su historia. esto significa que el rango de op-ciones disponible para cada empresa en particular no es in-finito, sino que la discrecionalidad directiva y el ámbito de variedad de respuestas puede estar condicionado por los patrones que ha seguido la empresa en el pasado (sydow, schreyögg & Koch, 2009).

Una de las premisas centrales del trabajo seminal de march (1991) son los trade-offs entre la explotación y la explora-ción. aunque ambas actividades son esenciales para la su-pervivencia de las empresas, implican contradicciones y tensiones importantes. las empresas resuelven de manera diferente la tensión generada entre la exploración y la explo-tación, dando lugar a diversas posiciones en el nivel y en el equilibrio de la ambidestreza. así, las empresas eligen cómo asignar los recursos entre la orientación a la explotación y a la exploración, entre el nivel que desean obtener en cada una de ellas y el equilibrio a mantener entre las mismas.

Cuando las empresas se orientan hacia la explotación construyen rutinas que les permiten el aprendizaje basado en la experiencia, replicando el comportamiento y hacién-dolo cada vez más eficiente con el uso, lo que aumenta la probabilidad de mejora de los resultados y refuerza su réplica (levinthal & march, 1993). Como señalan lavie y Rosenkopf (2006), la réplica de rutinas, base de la explo-tación, provoca inercia y adscribe a la empresa a un pa-trón de comportamiento, ya que limita la variabilidad de respuesta y la adaptabilidad ante los retos del entorno. el uso repetido de sus rutinas permite a la empresa refinar y

tabla 1. la dimensión de nivel y de equilibrio en la ambidestreza

caso

a b c = (a*b) D = √ (A*B) e =|a- b| F = 5 - |a-b|

Énfasis en la exploración

Énfasis en la explotación

nivel de ambidestreza (escala 1-25)

nivel de ambidestreza (escala

1-5)

desequilibrio en la ambidestreza

equilibrio en la ambidestreza

1 3 3 9 3 0 5

2 5 1,8 9 3 3,2 1,8

3 1,8 5 9 3 3,2 1,8

4 2 2 4 2 0 5

5 1 4 4 2 3 2

nota: las columnas a y B recogen las puntuaciones de exploración y explotación basadas en una escala de 1 a 5 donde 1=énfasis nulo y 5=énfasis máximo. el resto de columnas (C a F) derivan de éstas.

Fuente: elaboración propia a partir de Cao et al. (2009).

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mejorar sus competencias limitando la búsqueda de una orientación exploradora.

Cuando las empresas se orientan a la exploración utilizan su capacidad de absorción como un mecanismo que les per-mite identificar y evaluar las posibilidades de diversas opor-tunidades. esta capacidad favorece la receptividad a nuevo conocimiento promoviendo el aprendizaje y la exploración. Como señalan lavie y Rosenkopf (2006) la base de cono-cimiento se amplía extendiéndose el ámbito de búsqueda y reforzando esta tendencia. en ese sentido, la exploración también requiere de un conjunto de habilidades, capaci-dades, recursos y rutinas específicos, por lo que cuando las empresas han ganado experiencia en la exploración encuen-tran más eficiente centrarse en aquellas actividades en las que están experimentadas (lavie, Kang & Rosenkopf, 2010). el resultado es una dependencia estructural que refuerza la actividad dominante (lavie & Rosenkopf, 2006).

las empresas ambidiestras diseñan soluciones para equili-brar la tensión entre la exploración y la explotación (lavie et al., 2010). entre esas soluciones4 se han destacado la se-paración de las actividades de exploración de las de explo-tación en diferentes estructuras y el diseño de mecanismos de integración entre ellas (Jansen et al., 2009), el desa-rrollar la configuración de sus procesos y sistemas para generar ambidestreza contextual (Birkinshaw & Gibson, 2004; Gibson & Birkinshaw, 2004; Raisch, 2008; mc-Carthy & Gordon, 2011) o, como ha sido demostrado para las Pymes, alcanzar determinadas características de los procesos de sus élites directivas (lubatkin et al., 2006; tus-hman, smith & Binns, 2011). en las Pymes, estas soluciones implican decisiones internas sobre el diseño de sus princi-pales sistemas o de sus equipos directivos que han permi-tido aprender a equilibrar las tensiones y paradojas entre exploración y explotación. la ambidestreza, pues, aparece como una capacidad construida de manera intencionada en el tiempo (Helfat & Peteraf, 2009), fruto de un conjunto histórico y temporal de decisiones, de unos patrones de comportamiento, que han dado como resultado una con-figuración de los equipos directivos, de los sistemas o de los procesos en una empresa que le permiten resolver las tensiones inherentes a ambas orientaciones.

4 Una revisión actualizada de las mismas puede encontrarse en ló-pez et al. (2012). nosella et al. (2012) ofrecen una revisión de la literatura en ambidestreza. a través de técnicas bibliométricas, describen un conjunto de soluciones similares a las expuestas para resolver la tensión entre exploración y explotación.

Por tanto, podemos esperar que:

H1a. En las Pymes, el mayor nivel de ambidestreza anterior a la crisis incide positivamente en el nivel de ambidestreza durante la crisis.

H1b. En las Pymes, el mayor equilibrio en la ambidestreza antes de la crisis incide positivamente en el equilibrio en la ambidestreza durante la crisis.

antecedentes de la ambidestreza: el papel de la estrategia corporativa

la modalidad de desarrollo estratégico ha sido relacionada con las orientaciones explotadoras y exploradoras de las empresas; sin embargo, poco se sabe acerca de cómo éstas influyen en la ambidestreza (Raisch & Birkinshaw, 2008). en este sentido, nosella et al. (2012) sugieren una nueva línea de investigación en la que la ambidestreza podría alcanzarse, no a través de configuraciones internas, sino a través de redes de relaciones, de la cooperación o me-diante la apertura a otras empresas. Frente a la literatura previa que situaba los antecedentes de la ambidestreza en el ámbito intraorganizativo, se proponen factores externos y de corte interorganizativo como antecedentes (Russo & vurro, 2010; nosella et al., 2012) o moderadores de la ambidestreza (lópez et al., 2012).

entre las estrategias relativas a la modalidad de desarrollo, diferentes autores han relacionado el crecimiento interno con una mayor orientación a la explotación y reutilización de las capacidades existentes, además de con un mayor riesgo de inercia estructural (leonard-Barton, 1992; miller, lant, milliken & Korn, 1996). Por el contrario, otros au-tores han observado que el crecimiento externo (fusiones, adquisiciones) y las alianzas estratégicas5 han sido funda-mentales en la renovación de muchas empresas y en el desarrollo de nuevas capacidades (Barkema & vermeulen, 1998; mcnamara & Baden-Fuller, 1999; eisenhardt et al., 2010). así, algunos tipos de ambidestreza se alcanzarían a través de las relaciones interorganizativas. Blarr (2012) plantea que una opción es buscar el conocimiento explo-rador fuera de la propia empresa. argumenta que “esta opción es importante pues las empresas arriesgan la obso-lescencia de su conocimiento si descansan sólo en el gene-rado internamente” (Blarr, 2012, p. 70).

dentro de este debate, vermeulen y Barkema (2001) de-fienden que las empresas que mantienen como modalidad básica de crecimiento el interno, suelen replicar sus propias rutinas, procesos y procedimientos, tendiendo a la inercia y

5 en este trabajo utilizaremos el término alianzas en sentido amplio, incorporando diversos y variados tipos de acuerdos de cooperación.



repetición de comportamientos estratégicos. Como conse-cuencia, la base de conocimiento de la empresa se reduce y la organización se hace cada vez más simple. Contrariamente, el crecimiento externo al confrontar diferentes culturas, es-tructuras y sistemas expone a las entidades involucradas a la diferencia, al cambio, e incluso al conflicto (iborra & dolz, 2007), revitalizando las compañías implicadas en tales op-ciones (vermeulen, 2005). estas diferencias permiten tam-bién romper rigideces en la empresa adquirente y promover el aprendizaje. a pesar de que el crecimiento externo, en comparación con el interno, tiene inconvenientes notables derivados del coste de integración, de la atención directiva requerida o de las dificultades del proceso de integración que pueden perjudicar la optimización de las capacidades existentes (explotación), el crecimiento externo también per-mite renovar y revitalizar atributos (exploración) en compa-ración con empresas que sólo crecen internamente y están mayoritariamente expuestas a la inercia y la rigidez (ver-meulen & Barkema, 2001).

Por lo que se refiere a las alianzas6, mcnamara y Baden-Fuller (1999) demuestran que contribuyen a la renovación de las empresas al estimular la creación de conocimiento mediante una inyección de diversidad. la llegada de nuevos miembros al equipo de dirección provenientes de la otra em-presa promueve una nueva capacidad directiva; se crean ca-pacidades en la colaboración de la gestión y se establecen nuevas relaciones que contribuyen a ampliar la base de co-nocimiento de la empresa. Por su parte, eisenhardt et al. (2010) proponen el uso de las alianzas como una forma de conseguir el equilibrio entre eficiencia y flexibilidad, esto es, entre exploración y explotación. en este sentido, la rigidez que aporta el crecimiento interno quedaría compensada por la flexibilidad que introducen las alianzas estratégicas, es decir, la explotación interna se equilibra con los procesos de desarrollo de nuevo conocimiento generados mediante las alianzas (Russo & vurro, 2010).

en resumen, las empresas que llevan a cabo adquisiciones, fusiones o acuerdos de cooperación, introducen cambio y confrontación con otras configuraciones y se ven forzadas

6 algunos autores, en el contexto de la ambidestreza de redes, estu-dian las alianzas de explotación y de exploración teniendo en cuen-ta el motivo que conduce a las empresas a establecer acuerdos de cooperación (Koza & lewin, 1998; Rothaermel & deeds, 2004; lin, yang & demirkan, 2007; Brion, Favre-Bonté & mothe, 2008). no obstante, no es nuestro objetivo analizar la ambidestreza de redes sino el impacto de las alianzas, como estrategia corporativa, sobre la ambidestreza en la empresa, tal y como se desprende de este trabajo.

a enfrentarse a nuevos contextos y a establecer nuevas combinaciones de recursos. Por ello, mientras que el creci-miento interno refuerza la orientación hacia la adaptación, focalizando a la empresa hacia la explotación, el creci-miento externo y las alianzas, en tanto que dan la oportu-nidad a las empresas de acceder a nuevas formas de hacer las cosas, incorporando vitalidad, renovación y cambio (vermeulen, 2005; agarwal & Helfat, 2009; Kauppila, 2010; Wagner, 2011), introducen elementos de revitaliza-ción que se asocian a la exploración. así, como proponen teóricamente lópez et al. (2012), las empresas que se fo-calizan en el crecimiento orgánico (interno) requieren op-timizar su curva de experiencia enfatizando la explotación de manera que la ambidestreza se asociaría a las empresas que combinan el crecimiento orgánico y externo o que si-guen métodos mixtos como los acuerdos de cooperación. la adquisición de conocimiento mediante modalidades de crecimiento externo parece que puede contribuir de forma significativa a la renovación de las bases de conocimiento de la empresa (Blarr, 2012).

el estudio de la modalidad de crecimiento como antece-dente de la ambidestreza es especialmente interesante en el caso de las Pymes puesto que la modalidad predomi-nante en este caso es el crecimiento interno (escribá & safón, 2007), lo que implica un desequilibrio hacia la ex-plotación. adicionalmente, cabe suponer que las Pymes que tengan que enfrentarse a fuertes y repentinos cambios negativos en la munificencia y hostilidad de su entorno, reforzarán su orientación hacia la explotación ya que, en situaciones de crisis, estas empresas suelen adoptar una perspectiva de corto plazo en detrimento de las activi-dades exploradoras, exacerbando su desequilibrio ambi-diestro. Por ello, es de esperar que las Pymes que hayan sido capaces de crecer con mayor variedad en las modali-dades de desarrollo estratégico, durante el período anterior a la crisis, mejoren también su orientación a la exploración y, con ella, mejoren paralelamente su nivel y grado de equi-librio ambidiestro. Por lo tanto:

H2a. En las Pymes, el mayor recurso a estrategias de cre-cimiento externo y alianzas, con anterioridad a una fuerte crisis externa, incidirá positivamente en el nivel de ambi-destreza durante la crisis.

H2b. En las Pymes, el mayor recurso a estrategias de cre-cimiento externo y alianzas, con anterioridad a una fuerte crisis externa, incidirá positivamente en el grado de equili-brio en la ambidestreza durante la crisis.

la Figura 1 ilustra el modelo teórico desarrollado.

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FigUra 1. modelo de antecedentes de la ambidestreza organizativa en las pymes en sus dos dimensiones: nivel y equilibrio

Nivel de ambidestreza anterior a la crisis

Equilibrio en la ambidestreza anterior a la crisis

Estrategias de crecimiento externo y alianzas con anterioridad a la crisis

Nivel de ambidestreza durante la crisis

Equilibrio en la ambidestreza durante la crisis

H1a

H2a

H2b

H1b


Variables

Exploración y explotación. La escala de explotación/ex-ploración está basada en la propuesta de lubatkin et al. (2006), cuyos orígenes se encuentran en la escala original de He y Wong (2004), y de Benner y tushman (2003). es-pecíficamente, desarrollamos seis ítems que reflejan una orientación hacia la exploración y siete ítems que repre-sentan una orientación hacia la explotación. el cues-tionario solicitó a los entrevistados la evaluación de las orientaciones explotadora y exploradora en dos períodos: 1) desde 2000 hasta antes del inicio de la crisis (evalua-ción realizada por un directivo), llamada exploración y ex-plotación anterior a la crisis o pre-crisis; y 2) desde el inicio de la crisis nacional e internacional hasta el momento en el que se realizó la entrevista (evaluación realizada por el otro directivo), que hemos denominado exploración y ex-plotación durante la crisis. Usando una escala likert de 5 puntos (1=nada de acuerdo a 5=totalmente de acuerdo), los seis ítems relativos a la orientación hacia la explo-ración describen en qué medida la empresa: 1) basa su éxito en su habilidad para explorar nuevas tecnologías, 2) busca nuevas ideas tecnológicas rompiendo con las comúnmente aceptadas, 3) busca nuevas formas de sa-tisfacer a sus clientes, 4) crea productos o servicios inno-vadores para la empresa, 5) se ha lanzado agresivamente a nuevos segmentos de mercado y 6) ha buscado enérgi-camente nuevos grupos de clientes. de forma similar, los siete ítems que confieren una orientación hacia la explo-tación describen la empresa como aquélla que: 1) se ha comprometido a mejorar la calidad; 2) se ha comprometido a reducir costes; 3) examina, constantemente, la satisfac-ción de sus clientes actuales; 4) mejora, continuamente, la fiabilidad de sus productos y servicios; 5) adapta su oferta

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de forma similar a otros trabajos sobre ambidestreza, hemos abordado el estudio de nuestras hipótesis con ayuda de cuestionarios administrados (Benner & tushman, 2003; He & Wong, 2005; lubatkin et al., 2006). Utilizando la base de datos saBi, identificamos 814 Pymes, compren-didas entre 20 y 250 trabajadores, y pertenecientes a di-versos sectores7. antes de proceder a las entrevistas, se realizó un pretest del cuestionario con algunos directivos y, a continuación, se introdujeron mejoras para asegurar que las cuestiones fueran claras, relevantes y se interpre-taran tal y como se esperaba. se contactó con los altos di-rectivos de las empresas de la base de datos y, si estaban de acuerdo, se concertó una reunión. Finalmente, se ob-tuvo una muestra de 117 empresas con doble respuesta (director General o Consejero delegado, y otro directivo). esto corresponde a una tasa de respuesta del 14,37% y a un error muestral del 8,39% para un nivel de confianza del 95%. las entrevistas se realizaron entre julio de 2009 y mayo de 2010. las Pymes de la muestra tienen, en pro-medio, 52 trabajadores, un volumen de facturación de 7 millones de euros y 33 años de edad.

7 saBi es una base de datos on-line de Bureau van dick. las em-presas de la muestra están ubicadas en la Comunidad valenciana (españa), concretamente en las provincias de valencia y Castellón. las actividades de las empresas del estudio se encuadran en los códigos naCes 16, 20, 23, 24, 28 y 31, correspondientes a sectores muy afectados por la crisis. todas las empresas son industriales, in-dependientes y activas en los períodos considerados.



para mantener satisfechos a sus clientes; 6) ha incremen-tado el nivel de automatización de sus operaciones, y 7) ha profundizado en el estudio de su base actual de clientes. el proceso de refinamiento de las escalas ha supuesto la supresión de 4 ítems de la escala de explotación (1, 2, 6 y 7) y 2 ítems de la de exploración (5 y 6). todos los alfa de Cronbach de las escalas utilizadas exceden del valor 0,7 re-comendado por nunnally y Bernstein (1994). Hemos reali-zado un análisis factorial confirmatorio (aFC) para evaluar la validez de las escalas de exploración y explotación en los dos momentos del tiempo considerados. la existencia de dos momentos del tiempo introduce en el modelo va-riables retardadas, por lo que hemos estimado el modelo siguiendo las indicaciones de la literatura para los dynamic factor analysis (schumacker & lomax, 2004). el modelo encaja los datos de forma satisfactoria (X2 = 84,35, df = 64, p=.05; aGFi = 0,85; CFi = 0,96; Rmsea = 0,05) y todos los ítems son significativos (p < 0,001), lo que garantiza la validez convergente del instrumento de medida (Fornell & larker, 1981). adicionalmente, hemos evaluado la validez discriminante. los test de diferencias Chi cuadrado para los constructos explotación y exploración relacionados en pares demuestran que, en cada caso, la Chi cuadrado en el modelo con la restricción de covariación a la unidad fue significativamente mayor a la Chi cuadrado en el modelo sin la restricción, lo que sugiere un nivel satisfactorio de validez discriminante (anderson & Gerbing, 1988). sobre la base de estos resultados, podemos concluir que las es-calas utilizadas en el estudio proporcionan evidencia sufi-ciente de fiabilidad y validez convergente y discriminante.

el diseño de la investigación nos ha impedido evitar el sesgo retrospectivo padecido por los entrevistados al va-lorar acontecimientos que ocurrieron en el pasado. Hemos intentado corregir este problema haciendo preguntas que han permitido al entrevistado situarse en el pasado, creando un torrente de recuerdos anclados en las fechas investigadas, estrategia recomendada por la literatura cuando se investiga el pasado desde el presente (p.e. véase Pearson, Ross & daves, 1994). Por otro lado, al objeto de reducir el potencial sesgo de la varianza común (common method bias), los datos obtenidos para la variable depen-diente (nivel y equilibrio durante la crisis) y los datos para las variables independientes retardadas (nivel y equilibrio antes de la crisis) fueron obtenidos de personas diferentes, aunque de la misma empresa (Podsakoff, macKenzie, lee & Podsakoff, 2003). también llevamos a cabo el test de Harman’s, el cual asume que todas las variables son ítems reflectivos de un único factor. este test fue negativo, al no obtenerse ajuste en los datos, de modo que se presume un bajo sesgo de la varianza común en nuestro estudio (Po-dsakoff et al., 2003). Finalmente, con el fin de controlar

el conocido como non-response bias o sesgo derivado de la falta de respuesta en trabajos realizados con encuesta, hemos estudiado el orden en el cual han respondido las empresas a los cuestionarios, tratando de encontrar dife-rencias entre las respuestas más tempranas y las más tar-días. no hemos encontrado diferencias significativas entre el orden de respuesta y la edad de las empresas ni con el tamaño de la empresa. también hemos comparado nues-tros datos con algunos datos conocidos de la población y tampoco hemos encontrado diferencias. Por ello, enten-demos que el non-response bias no ha adulterado nuestros resultados (armstrong & overton, 1977). en la tabla 2 se muestran los constructos y sus ítems8.

tabla 2: análisis factorial confirmatorio de las escalas multi-ítem utilizadas

constructocarga factorial

normalizadap

exploración durante la crisis

Ítem 1 0,78

Ítem 2 0,79 ***

Ítem 3 0,75 ***

Ítem 4 0,69 ***

exploración antes de la crisis

Ítem 1 0,83

Ítem 2 0,82 ***

Ítem 3 0,64 ***

Ítem 4 0,65 ***

explotación durante la crisis

Ítem 3 0,61

Ítem 4 0,61 ***

Ítem 5 0,64 ***

explotación antes de la crisis

Ítem 3 0,67

Ítem 4 0,72 ***

Ítem 5 0,57 ***

***p<0,001.


8 el proceso de validación de las escalas ha obligado a eliminar varios ítems. Junto a la normal necesidad de mantener el error de medida dentro de los límites aceptados por la literatura, en nuestro trabajo se ha sumado la necesidad de mantener los mismos ítems en los constructos medidos en los dos momentos del tiempo tratados en el artículo. Por ello, aun cuando un ítem era óptimo para un constructo y momento del tiempo determinado (por carga factorial y ajuste general de modelo), si no lo era para ese constructo en el otro momento del tiempo considerado ha sido eliminado en los dos constructos. esto ha ocurrido en mayor medida en la escala de explotación.

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Nivel de ambidestreza. se refiere a una magnitud combi-nada de la exploración y la explotación en las empresas (la tabla 1 ayuda a entender este concepto). se entiende que el nivel es mayor cuanta más explotación y exploración haya. Para hacerla operativa, siguiendo a Cao et al. (2009), Birkinshaw y Gibson (2004), y He y Wong (2004), multipli-camos ambas magnitudes entre sí (explotación x explora-ción) y a este resultado le aplicamos la raíz cuadrada, con el fin de mantener el rango del producto resultante (de 1 a 25) en las mismas cotas que las de las variables originales, esto es, entre 1 y 5. el nivel de ambidestreza fue calculado en dos momentos del tiempo –anterior a la crisis y durante la misma– al igual que la exploración y la explotación, lo que se corresponde con el nivel de ambidestreza anterior a la crisis y el nivel de ambidestreza durante la crisis.

Equilibrio en la ambidestreza. se refiere al equilibrio entre la exploración y la explotación (la tabla 1 ayuda a en-tender este concepto). se entiende que hay más equilibrio cuanto más parecidos son los énfasis puestos en la explo-tación y la exploración. Para hacerla operativa, siguiendo a Cao et al. (2009), usamos la diferencia absoluta entre las mediciones obtenidas para la exploración y la explota-ción. según este procedimiento, si la resta es igual a cero, el equilibrio es perfecto. Con objeto de simplificar la in-terpretación (tal y como sugieren Cao et al. 2009), hemos invertido esta medida restando a 5 la diferencia del resul-tado, de manera que valores más altos (próximos a 5) in-dican un mayor equilibrio en la ambidestreza. el equilibrio en la ambidestreza ha sido calculado en dos momentos del tiempo, correspondientes al equilibrio en la ambides-treza anterior a la crisis y al equilibrio en la ambidestreza durante la crisis.

Recurso al crecimiento externo y las alianzas. este cons-tructo intenta captar el recurso a operaciones de fusión, adquisición y alianzas en las estrategias de las empresas consultadas durante el período comprendido entre 2000 y el inicio de la crisis. Hemos utilizado como medida de este recurso el número de operaciones (fusiones, adquisiciones y alianzas) llevadas a cabo por la empresa durante el ci-tado período. esta medida ha sido utilizada y justificada anteriormente en la literatura sobre explotación y explo-ración (por ejemplo, lavie & Rosenkopf, 2006; vanhaver-beke, Gilsing, Beerkens & duysters, 2007; lavie, Kang & Rosenkopf, 2010).

Variables de control. la literatura sobre ambidestreza usualmente controla los efectos de la industria (e.g. Bec-kman, 2006). Hemos introducido 5 variables dummy para controlar los 6 sectores representados en nuestra muestra (naCes 16, 20, 23, 24, 28 y 31). de igual forma, hemos controlado el tamaño de la organización, medido con el logaritmo neperiano del número total de empleados, pues investigaciones previas han indicado que el tamaño está asociado con los impactos contrapuestos sobre la explora-ción y la explotación (Rothaermel & deeds, 2004).

análisis realizado y resultados

Hemos utilizado la regresión lineal múltiple secuen-cial para estudiar las hipótesis planteadas. la tabla 3 muestra las medias, desviaciones típicas y correlaciones entre las variables del estudio, la tabla 4 muestra las re-gresiones realizadas, y la tabla 5 los resultados del con-traste de hipótesis.

tabla 3. descriptivos y correlaciones

Variables media d.t. 1 2 3 4 5 6 7 8 9 10

1 nivel de ambidestreza durante la crisis (raíz cuadrada)

3,43 0,70

2 nivel de ambidestreza antes de la crisis (raíz cuadrada)

3,39 0,70 0,39

3 equilibrio en la ambidestreza durante la crisis 4,30 0,66 0,36 0,42

4 equilibrio en la ambidestreza antes de la crisis 4,18 0,63 0,64 0,23 0,31

5 tamaño de la empresa (ln) 3,60 0,79 -0,04 -0,12 -0,02 0,03

6 sector 2 (naCe 20) 0,15 0,35 0,00 0,08 0,02 -0,02 0,08

7 sector 3 (naCe 23) 0,22 0,42 -0,26 -0,20 -0,09 -0,07 0,11 -0,22

8 sector 4 (naCe 24) 0,12 0,33 0,24 0,08 -0,07 0,10 0,01 -0,15 -0,20

9 sector 5 (naCe 28) 0,07 0,25 0,11 -0,08 -0,02 0,07 -0,06 -0,11 -0,14 -0,10

10 sector 6 (naCe 31) 0,05 0,22 0,09 0,26 0,15 0,00 -0,06 -0,10 -0,12 -0,09 -0,06

11 Crecimiento externo y alianzas 0,83 2,15 0,29 0,01 0,04 0,19 0,23 -0,02 0,09 0,24 -0,11 -0,09

nota: n=117. todas las correlaciones superiores a 0,18 (absoluto) son significativas (p<0,05).




tabla 4. regresiones múltiples

dependiente: nivel de ambidestreza durante la crisis

modelo 1 modelo 2 modelo 3

beta sig. beta sig. beta sig.

Constante 0,00 0,00 0,00

sector 2 0,02 0,87 -0,01 0,88 -0,02 0,85

sector 3 -0,18 0,07 -0,13 0,17 -0,16 0,07

sector 4 0,22 0,02 0,20 0,03 0,12 0,16

sector 5 0,12 0,21 0,14 0,10 0,16 0,06

sector 6 0,10 0,28 0,01 0,92 0,03 0,76

tamaño de la empresa (ln) -0,01 0,89 0,02 0,77 -0,04 0,66

nivel (antes) 0,36 0,00 0,35 0,00

Crecimiento externo y alianzas 0,29 0,00

R2 0,12 0,24 0,31

R2 corregida 0,07 0,19 0,26

ΔF (sig.) 2,56 0,02 16,36 0,00 11,70 0,00

máximo Fiv 1,24 1,26 1,27

dependiente: equilibrio en la ambidestreza durante la crisis

modelo 4 modelo 5 modelo 6

beta sig. beta sig. beta sig.

Constante 0,00 0,00 0,00

sector 2 -0,01 0,93 -0,01 0,95 -0,01 0,94

sector 3 -0,05 0,64 -0,02 0,86 -0,04 0,72

sector 4 0,09 0,37 0,12 0,22 0,08 0,44

sector 5 0,07 0,47 0,08 0,39 0,09 0,34

sector 6 0,00 0,97 -0,04 0,68 -0,03 0,75

tamaño de la empresa (ln) 0,04 0,67 0,04 0,65 0,01 0,93

equilibrio (antes) 0,33 0,00 0,31 0,00

Crecimiento externo y alianzas 0,16 0,10

R2 0,02 0,12 0,14

R2 corregida -0,04 0,06 0,08

ΔF (sig.) 0,34 0,91 12,70 0,00 2,83 0,10

máximo Fiv 1,24 1,25 1,26


las empresas analizadas tienen, en promedio, un nivel de ambidestreza medio (próximo a 3, en una escala de 1 a 5) y un equilibrio en la ambidestreza elevado (superior a 4). tanto el nivel como el equilibrio se ven ligeramente incre-mentados durante la crisis, sin embargo, sólo el segundo

supone un incremento estadísticamente significativo (el estadístico t para la prueba de diferencias de medias es de 1,79, lo que se corresponde con un valor p de 0,076). lo cual supone que, en general, las empresas han respon-dido activamente a la crisis, manteniendo su énfasis en la

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explotación y la exploración de conocimiento, pero ree-quilibrándolo. el recurso a las estrategias de crecimiento externo (fusiones y adquisiciones) y alianzas ha sido muy reducido. en promedio, las empresas de la muestra han llevado a cabo 0,83 operaciones de esta índole en los años previos a la crisis, realidad bastante común entre las Pymes, las cuales, por tamaño e idiosincrasia, suelen pre-ferir el crecimiento interno.

de las 55 correlaciones bivariadas, 16 son significativas. las dos variables dependientes se correlacionan con su variable retardada, pero sólo la primera (nivel de ambi-destreza durante la crisis) también lo hace con la va-riable independiente (recurso al crecimiento externo y las alianzas). esta variable sólo se correlaciona con el nivel du-rante la crisis y con el tamaño, esto último esperado por la gran exigencia de recursos (financieros y humanos) de las estrategias de fusión, adquisición y alianzas.

Por tanto, el examen preliminar de los descriptivos permite concluir que las empresas que recurrieron a formas dis-tintas al crecimiento interno han logrado mayores niveles de ambidestreza. estas estrategias no parecen ser la causa del incremento del equilibrio, el cual podría estar explicado por la respuesta que las empresas han dado a la crisis.

en los modelos 1 a 3, la variable dependiente es el nivel de ambidestreza durante la crisis. el nivel de ambidestreza capta el efecto sinérgico derivado de la combinación de elevadas dosis de explotación y exploración. el modelo 1 utiliza únicamente como regresores las variables de con-trol. Por lo que se desprende de él, la variable sectorial influye parcialmente en el nivel de ambidestreza (dos sec-tores presentan diferencias significativas con respecto al sector de referencia), pero no el tamaño de la empresa; resultados previsibles por ser sectores con cierta diferencia en su intensidad tecnológica y por haber poca variabilidad de tamaños en la muestra. el modelo 2 introduce el nivel de ambidestreza previo, manteniendo las variables de con-trol. la variable introducida es significativa (p < 0,001) y la capacidad predictiva del modelo es elevada para el ta-maño muestral considerado (R2 corregido = 0,36), man-teniéndose los niveles de multicolinealidad dentro de los límites aconsejados por la literatura (máximo Fiv o factor de inflación de la varianza = 1,26 < 10). el modelo 2 arroja evidencia positiva a la H1a. el modelo 3 añade al anterior la variable descriptora de la modalidad del crecimiento de las empresas, introduciendo la variable que expresa el re-curso al desarrollo externo (fusiones y adquisiciones) y las alianzas. al igual que los anteriores, el modelo no presenta problemas de multicolinealidad (Fiv máximo de 1,27), y ambas variables independientes son estadísticamente significativas y sus signos, los previstos. estos resultados avalan las hipótesis 1a y 2a.

los modelos 4 a 6 estudian los antecedentes del equilibrio en la ambidestreza durante la crisis. el modelo 4 utiliza únicamente como regresores las variables de control, esto es, tamaño y sector, no observándose ninguna influencia de éstas ni ninguna capacidad explicativa del modelo (de acuerdo con el R2). el modelo 5 introduce el equilibrio en la ambidestreza previo al inicio de la crisis no presentando problemas de multicolinealidad (máximo Fiv = 1,25 < 10). el parámetro asociado a la variable introducida presenta el signo pronosticado y es significativamente diferente de cero (p < 0,001), lo cual permite apoyar la H1b. Final-mente, el modelo 6 añade al anterior la variable relativa al recurso al desarrollo externo y las alianzas. el modelo no presenta problemas de multicolinealidad (Fiv máximo de 1,26). la entrada de la nueva variable mejora el R2 co-rregido, pero la significativa de éste está en el límite (p = 0,095), lo cual impide apoyar la H2b, a pesar de presentar el signo esperado y estar su estadístico cerca de los niveles de aceptación.

la tabla 5 muestra la síntesis del contraste de hipótesis.

tabla 5. contraste de hipótesis

Hipótesis estadístico*

resultadobeta sig.

H1a. en las Pymes, el mayor nivel de ambidestreza anterior a la crisis in-cide positivamente en el nivel de am-bidestreza durante la crisis

0,35 0,00 apoyada

H1b. en las Pymes, el mayor equilibrio en la ambidestreza antes de la crisis incide positivamente en el equilibrio en la ambidestreza durante la crisis

0,31 0,00 apoyada

H2a. en las Pymes, el mayor recurso a estrategias de crecimiento externo y alianzas, con anterioridad a una fuerte crisis externa, incidirá positivamente en el nivel de ambidestreza durante la crisis

0,29 0,00 apoyada

H2b. en las Pymes, el mayor recurso a estrategias de crecimiento externo y alianzas, con anterioridad a una fuerte crisis externa, incidirá positivamente en el grado de equilibrio en la am-bidestreza durante la crisis

0,16 0,10 no apoyada

* obtenidos de los modelos 3 y 6 de la tabla 4.


discusión y conclusiones

este trabajo analiza algunos determinantes de la ambides-treza de las Pymes en un entorno de crisis, considerando las tensiones que se generan en el seno de la misma. en este sentido, hemos argumentado que la ambidestreza es



una capacidad dinámica que permite a las empresas ali-nearse con el entorno. asimismo, hemos propuesto que la ambidestreza está determinada por un componente es-tructural -que la hace depender de su ambidestreza previa- y por las modalidades de opciones estratégicas llevadas a cabo con anterioridad por estas empresas.

Frente al enfoque estático, predominante hasta el mo-mento, este trabajo defiende y aporta evidencia acorde con el enfoque dinámico, ya que demuestra que las em-presas adaptan su grado de ambidestreza ante cambios externos, reforzando la idea de ajuste empresa-entorno, en sintonía con las propuestas de venkatraman, lee e iyer (2007), siggelkow y levinthal (2003) o lavie y Ro-senkopf (2006). específicamente, esta investigación apoya la idea de que las empresas no tienen un nivel y equilibrio de ambidestreza estables, sino que los modifican según los requerimientos del entorno. en este sentido, el estudio muestra cómo las empresas reaccionan ante un entorno de recesión como el actual, adaptando sus actividades de exploración y de explotación. en particular, nuestros resul-tados revelan un incremento de la ambidestreza, en su di-mensión de equilibrio, como respuesta a la crisis, en lugar de una focalización en una de las dos dimensiones, como cabría esperar cuando la empresa atraviesa momentos de fuertes limitaciones externas como el vivido en la reciente crisis (reducción de la demanda y del crédito bancario).

en contraste con este resultado, nuestro trabajo también ha obtenido evidencia de que la capacidad de cambio en la ambidestreza está limitada por la trayectoria pa-sada. en efecto, nuestros resultados ponen de manifiesto la fuerte dependencia que la orientación ambidiestra de una empresa (en sus dos dimensiones: nivel y equilibrio) tiene de la orientación mantenida en el pasado (hipótesis 1a y 1b, véase la tabla 5). esta evidencia apoya la idea de que, aunque la ambidestreza no sea estable ante condi-ciones externas cambiantes, sí que tiene un claro compo-nente estructural que la condiciona, fruto de experiencias pasadas y de las soluciones estructurales y contextuales que han adoptado las empresas. así pues, nuestro trabajo avala las tesis de lavie et al. (2010) y la argumentación de lavie y Rosenkopf (2006), en el sentido de que los pa-trones de comportamiento que permiten a las empresas explotar y/o explorar conocimiento se ven reforzados con la experiencia, generándose una dependencia estructural. asimismo, estos resultados apoyan los hallazgos de auh y menguc (2005), al constatar que la capacidad de las em-presas para reaccionar ante condiciones adversas depende de los niveles previos de exploración y explotación. tam-bién es coherente con la postura de O’Reilly y Tushman (2008; 2011), para la cual la ambidestreza actúa como una capacidad dinámica que permite la adaptación de las

empresas en el tiempo, de tal forma que el nivel de ambi-destreza en un momento determinado puede facilitar a las empresas adaptarse a un nuevo entorno en el futuro.

esta investigación aporta, a su vez, evidencia de otros de-terminantes del nivel y el equilibrio de la ambidestreza en una Pyme. nuestro trabajo pone énfasis en el papel de la modalidad de estrategia corporativa como antecedente de la ambidestreza, tal y como proponían Raisch y Bir-kinshaw (2009). Hemos argumentado que determinadas modalidades de crecimiento corporativo pueden ayudar a una Pyme a equilibrar su orientación hacia la explora-ción y la explotación, y permitirle alcanzar elevados niveles de ambas. los resultados avalan la hipótesis de que las fusiones, adquisiciones y alianzas llevadas a cabo por las Pymes antes de la crisis han contribuido a aumentar sus niveles de ambidestreza (H2a, tabla 5). además, aportan indicios de que el impacto sobre el equilibrio es también positivo, aunque en este caso los resultados no son ro-bustos (H2b, tabla 5).

estos últimos hallazgos son coherentes con los trabajos que desde una perspectiva del conocimiento analizan la relación entre modalidad de crecimiento e inercia frente al cambio. vermeulen y Barkema (2001) y vermeulen (2005) asociaron las fusiones y adquisiciones con el cambio y la ruptura, mientras que el crecimiento interno estaba aso-ciado con la inercia. nuestro trabajo guarda sintonía con la propuesta de eisenhardt et al. (2010) que considera que las estrategias de crecimiento externo insuflan flexibilidad en las organizaciones, contrabalanceando de este modo la tendencia natural a la inercia y a la explotación que pro-voca el crecimiento interno. también es coherente con la consideración de las fusiones y adquisiciones como deci-siones estratégicas raras o eventos raros (Zollo, 2010), es decir, infrecuentes, diversos y complejos que, inherente-mente, conllevan elevados niveles de ambigüedad causal y de resultados. estas características las hacen valedoras de incorporar cambio y renovación en la empresa y de contrarrestar la tendencia a la conformidad que conlleva el crecimiento interno. Por su parte, las alianzas pueden ser usadas tanto para explotar recursos complementa-rios, como para transferir y absorber bases de conoci-miento de sus socios para explorar nuevas tecnologías y mercados (Rothaermel & deeds, 2004). no obstante, las organizaciones pueden enfocarse sólo a la explotación -mediante el crecimiento interno, por ejemplo- relegando la tarea de equilibrarla con la exploración a las relaciones establecidas con sus socios de cooperación (Gupta et al., 2006). en las Pymes que hemos analizado, hay un pre-dominio claro del crecimiento interno que se ve acom-pañado por una infrecuente utilización de las fusiones y adquisiciones, y de la cooperación.

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Finalmente, las dos dimensiones de la ambidestreza pro-puestas por Cao et al. (2009) -equilibrio y nivel- nos han ayudado a conceptualizar mejor el constructo ambidiestro, esto es, la capacidad de tener elevados niveles de destreza en dos frentes, la exploración y la explotación. los resul-tados de este estudio muestran cierta evidencia de que los determinantes de ambas pueden ser diversos e, incluso, que determinadas variables pueden tener impactos dis-tintos sobre las mismas al provocar un trade-off entre la exploración y la explotación.

este trabajo y sus conclusiones tienen diferentes implica-ciones prácticas para los directivos de las empresas. en primer lugar, y principalmente, hemos demostrado que la capacidad para explorar y para explotar con destreza es estructuralmente dependiente. Por tanto, la ambidestreza que actualmente haya alcanzado una empresa es un pre-dictor de la ambidestreza que la misma tendrá en el futuro. también hemos obtenido evidencia de que las Pymes reac-cionan ante el entorno -su hostilidad, dinamismo y escasez de recursos- y dicha reacción tendrá consecuencias no sólo en el corto plazo sino también en el largo plazo, afectando a su ambidestreza futura.

en segundo lugar, este estudio muestra que las Pymes que se han desarrollado mediante crecimiento externo y alianzas están más preparadas para ser ambidiestras, esto es, para mejorar sus niveles de exploración y explotación ante una situación de crisis. Por tanto, desde un punto de vista directivo, estas opciones estratégicas tienen una ven-taja adicional a las mostradas hasta el momento por la literatura. aunque el crecimiento a través de fusiones y adquisiciones o acuerdos de cooperación es arriesgado y muchas veces se ve asociado con elevadas tasas de fra-caso -como es el caso del crecimiento externo-, tiene la ventaja de renovar a las empresas involucradas, de intro-ducir en las mismas nuevas formas de hacer las cosas, y permitirles estar preparadas para alinearse ante una situa-ción de ruptura y cambio como la de la actual crisis inter-nacional. ahora bien, el carácter temporal y reversible y la mayor flexibilidad de la cooperación pueden hacer menos arriesgada la búsqueda de la ambidestreza por parte de las Pymes respecto al crecimiento externo.

de esta investigación también se desprende que manejar la ambidestreza es un reto complejo y difícil. las tensiones que pueden existir en algunos casos entre aumentar el nivel de ambidestreza y perder el carácter equilibrado de la misma ponen de manifiesto la dificultad de prever las consecuencias de determinadas decisiones estratégicas.

este trabajo no está exento de limitaciones, algunas de las cuales sugieren nuevas líneas de investigación. el contexto

del estudio de las Pymes impone condiciones a la gene-ralización de nuestros resultados a otras empresas. en ese sentido, serían deseables trabajos que argumenten y examinen las propuestas centrales de nuestro estudio en grandes empresas, adaptándolas a las especificidades de las mismas; sobre todo en una crisis en la que prevalece la escasez de recursos, ya que ésta puede no afectar de igual forma a las posibilidades de reacción de las grandes frente a las Pymes. asimismo, esta investigación contempla dos momentos del tiempo, antes y durante la crisis. a pesar de que los datos relativos a dichos periodos han sido obte-nidos de distintos entrevistados, la información se recogió en un único momento del tiempo. si bien no es posible sub-sanar la recogida de información pasada en un momento posterior, como ya se ha comentado anteriormente, sería muy interesante realizar estudios longitudinales que ana-licen el impacto de la ambidestreza y las modalidades de crecimiento durante un periodo de crisis, como el actual, sobre el nivel y equilibrio tras la crisis.

Por otra parte, el estudio conjunto del crecimiento externo y de las alianzas como opciones estratégicas restringe de-terminar los efectos específicos de cada una de ellas sobre las dimensiones de la ambidestreza. en este sentido, otros estudios deberían profundizar en la relación entre la estra-tegia corporativa y la ambidestreza, analizando los efectos de cada una de las estrategias separadamente.

Por último, en este trabajo se han planteado algunos de los antecedentes de la ambidestreza sin abordar la cues-tión de sus consecuencias. sería conveniente analizar qué impacto tiene la ambidestreza sobre los resultados de las empresas y si existen divergencias entre el papel del nivel y el equilibrio de la ambidestreza y los resultados a corto y largo plazo de las mismas.


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correspondencia: dr. mehran nejati, 31-06-06, lakeside towers, tin-gkat Bukit Jambul 1, Bayan lepas 11900, Penang, malaysia.

citación: salmzadeh, y., nejati, m. & salamzadeh, a. (2014). agility Path through Work values in Knowledge-based organizations: a study of virtual Universities. Innovar, 24(53), 177-186.

clasiFicación jel: m10, m14, d83.

recibido: agosto 2011; aprobado: noviembre 2013.

agility path through work Values in Knowledge-based organizations:

a study of Virtual Universities

Yashar SalamzadehHigher education Center, department of management, Payam noor University, tehran, iran. e-mail: [email protected]

Mehran NejatiPost-doctoral Fellow. Graduate school of Business, Universiti sains malaysia (Usm), Penang, malaysia. e-mail: [email protected]

Aidin SalamzadehUniversity of tehran, tehran, iran. e-mail: [email protected]

abstract: all people enter organizations with a formed personality and some initial experiences and values depending on the culture, which will, in turn, influence their efficiency and performance. therefore, great attention must be paid to work values of the employees and the issues which affect them, especially in organizations that are complex in their structure and culture. Today’s dynamic environment requires organizations to be agile in their processes, with the issue being even more critical in knowledge-based organizations such as virtual universities. in this research, we identify the path through which organizations can achieve agility by means of work values. although there are many dimensions in work values and organizational agility, using the methodology applied in this research, we omit some of these dimensions and find the best methods that will enable man-agers to wisely invest in the most important issues and get the best results in the path to achieve agility through work values.

Keywords: agility, Work values, organizational agility, virtual Universities, iran.

introduction

nowadays a great awareness and appreciation of differences in work values and cultures from different viewpoints including personal and orga-nizational perspectives has led to increased attention being paid to their influence (soontiens & de Jager, 2008). We know that in our modern dy-namic lifestyles, everyone belongs simultaneously to a number of groups and categories of people in society. so everyone inevitably carries several different layers of values within themselves (iguisi, 2009, p. 144). Culture and, to a lesser degree, work values make people act and behave differ-ently in organizations and society and these differences can be caused by many variables such as different personal goals, expectations, experiences and views about work values. these differences build a great field of study for human resource managers and scholars all around the world to inves-tigate the methods of effective management of organizations and people of different cultures and lead to the improvement of both. although many explanations have been presented by scholars in the field of culture (Bar-rett, Jones & mcevoy, 1996; Ram & Jones, 1998; Wilson & Portes, 1980), as

camino a la agilidad a traVÉs de los Valores laborales en organiZaciones basadas en el conocimiento: Un estUdio de las UniVersidades VirtUales

resUmen: todas las personas ingresan a las organizaciones con una per-sonalidad formada y con algunas experiencias y valores iniciales que de-penden de la cultura, y que influencian su eficiencia y desempeño. Por lo tanto, es necesario prestar mucha atención a los valores laborales de los empleados y a los factores que los afectan, en especial en organizaciones complejas en cuanto a su estructura y cultura. el ambiente dinámico de hoy en día requiere que las organizaciones sean ágiles en sus procesos, y esto es incluso más crítico en organizaciones basadas en el conocimiento como las universidades virtuales. en esta investigación, identificamos el camino mediante el cual las organizaciones pueden alcanzar la agilidad por medio de los valores laborales. si bien existen muchas dimensiones de los va-lores laborales y de la agilidad organizacional, al usar la metodología que aplicamos a esta investigación, omitimos algunas de estas dimensiones y encontramos la mejor manera en la que los gerentes pueden invertir inteli-gentemente en las cuestiones más importantes, y así obtener los mejores resultados en el camino de lograr la agilidad mediante valores laborales.

palabras claVe: agilidad, valores laborales, agilidad organizacional, universidades virtuales, irán.

Vers Une agilitÉ aU traVers de ValeUrs proFessionnelles dans des organisations basÉes sUr la connaissance : Une ÉtUde des UniVersitÉs VirtUelles.

rÉsUmÉ : toutes les personnes intègrent les organisations avec une per-sonnalité formée et avec certaines expériences et valeurs initiales qui dé-pendent de la culture et qui influencent leur efficience et leur rendement. Par conséquent, il est nécessaire de faire très attention aux valeurs pro-fessionnelles des employés et aux facteurs qui les affectent, en particulier dans des organisations complexes quant à leur structure et à leur culture. Le contexte dynamique d’aujourd’hui requiert que les organisations soient agiles dans leurs processus, et cela est encore plus vrai dans les organisa-tions basées sur la connaissance comme les universités virtuelles. dans cette investigation, nous avons identifié la manière dont les organisations peuvent parvenir à cette agilité par l’intermédiaire de valeurs profession-nelles. Bien qu’existent de nombreuses dimensions des valeurs profession-nelles et de l’agilité organisationnelle, en utilisant la méthodologie que nous appliquons pour cette recherche, nous avons laissé de côté certains de ces aspects et nous avons trouvé la meilleure manière dont les gérants peuvent investir intelligemment dans les questions plus importantes, et obtenir ainsi les meilleurs résultats en vue d’atteindre l’agilité par le biais de valeurs professionnelles.

mots-clÉs : agilité, valeurs professionnelles ; agilité organisationnelle ; universités virtuelles ; iran.

rUmo à agilidade atraVÉs dos Valores trabalHistas em organiZações baseadas no conHecimento: Um estUdo das UniVersidades VirtUais

resUmo: todas as pessoas chegam às organizações com uma personali-dade formada e com algumas experiências e valores iniciais que dependem da cultura e que influenciam a sua eficiência e desempenho. Portanto, é necessário prestar muita atenção aos valores trabalhistas dos empregados e aos fatores que os afetam, especialmente em organizações complexas quanto a sua estrutura e cultura. o ambiente dinâmico de hoje requer que as organizações sejam ágeis em seus processos e isto é até mesmo mais crítico em organizações baseadas no conhecimento como as universidades virtuais. nesta pesquisa, identificamos o caminho mediante o qual as or-ganizações podem atingir a agilidade mediante os valores trabalhistas. embora existam muitas dimensões dos valores trabalhistas e da agilidade organizacional, ao usar a metodologia que aplicamos a esta pesquisa, omi-timos algumas destas dimensões e encontramos a melhor maneira para que os gerentes possam investir inteligentemente nos assuntos mais im-portantes e obter os melhores resultados no objetivo de chegar à agilidade mediante valores trabalhistas.

palaVras-cHaVe: agilidade, valores trabalhistas, agilidade organiza-cional, universidades virtuais, irã.

Organizaciones y cultura



Knocke (2000) mentions, most of the time, the underlying source of these differences in the way people act and be-have in different environments is still unknown. also, many organizations around the world try to grow and compete with their competitors through, one of the most common ways to do so, organizational agility. organizations deal with constant changes in the business environment, which requires them to be agile in coping with constant changes. While change is not something new, current changes are occurring at a speed beyond the control of many organiza-tions, causing turbulence and uncertainty in the business environment to be a major cause of failure in organiza-tions (yaghoubi, Kazemi, dahmardeh & arhami, 2011). agility increases the ability of the organization to provide high quality products and services and is therefore critical for increasing the competitive ability of the organization (Crocitto & yusuf, 2003).

sharifi and Zhang (2001) introduced agility as a two-part phenomena, including responding to changes properly and exploiting changes and taking advantage of emerging changes as vital opportunities to grow and compete better. the most famous categories to analyze the agility of an organization belong to sharifi and Zhang (1999) and in-clude: Responsiveness, Competency, Coincidence and Flex-ibility, and Quickness.

many companies have embraced the notion that to op-erate effectively in today’s economy, it is necessary to become a knowledge-based organization (itami, 1987). Given that intellectual capital is considered as a key com-petitive advantage in the knowledge economy, people management should naturally become an integral part of corporate strategy and a key responsibility of all managers (thite, 2004). Given the importance of the agility to stay competitive and adapt to changes, agility is arguably one of the most important characteristics of successful orga-nizations coping with the ever-increasing demands of to-day’s world. Employee power has to be used when it comes to attempting to achieve organizational agility. this is where work values come into play. if we identify the agility path through work values, many of the behavioral needs for agility will become clear. this will allow easier decision making for achieving organizational agility. thus, identi-fying the path for organizations to achieve agility through work values is essential for organizational competitiveness.

review of literature

work Values

values are subjective entities and there is a great range of discussion on them in value related literature (Hofstede,

1980; Rokeach, 1973; schwartz, 1994). one of the best thematic definitions of values belongs to Rokeach (1973), defining value as “an enduring belief that a specific mode of conduct or end state of existence is personally or so-cially preferable to an opposition or converse mode of con-duct or end state of existence”. schwartz (1994, cited by song & Gale, 2008) presents that there is a great agree-ment in value literature on five contributing features in definition of values.

value is a belief, related to desired end states or modes of conduct, which overrides specific situations, guides in se-lecting and evaluating a known behavior, people and events and is usually ordered by relative importance against other values to form a complex system of value priorities. Here, we focus on a part of human values, namely work values, which can be defined as the importance individuals in or-ganizations give to outcomes of their work context (elizur, 1984). as mentioned by Ros, schwartz and surkiss, (1999), work values according to the theory of basic human values are specific and personal expressions of individuals’ values in the work setting of their organization.

there are three main streams of research on work values including its structure, its correlation to personal, social and/or organizational variables, and finally from the viewpoint of cultural factors (sagie, elizur, & Koslowsky, 1996). there are many definitions and assessment tools about work values, but as many scholars argue, Super’s Work values inventory (super, 1970) is clearly the fa-vorite and most common instrument for assessing work values (Jennifer & Gareth, 1997). super (1970) explained work values as a part of people’s personal values that can be satisfied by work.

similar to the study by nejati, salamzadeh and sharafi, (2010) on work values in iran, the current study examined five dimensions of work values, consisting of making Con-tributions, interpersonal Harmony, Work-life Balance, self-development and finally Job satisfaction.

agility

there are many different definitions for agility, but here we will emphasize on its concept more than its defini-tions. agility started from production management field (iacocca institute, 1991a; 1991b) and then became promi-nent in the service field. as mentioned by swafford, Ghosh, and murthy, (2006), agility enables an organization to re-spond to environmental uncertainties and market volatility in a timely and effective fashion, allowing organizations to be able to establish a superior competitive position in their field of activity. there is, as yet, no universal definition

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available for agility and many scholars have discussed the ignored dimensions in different definitions of agility. For example, li, Chung, Goldsby, and Holsapple, (2008) discussed the missed dimensions in report by the Global logistics Research team at michigan state University in 1995 and there are a lot of these examples in agility re-lated literature.

there are many different views on agility. as sam-bamurthy, Bharadwaj and Grover, (2003) explain, agility is comprised of three interrelated capabilities, namely cus-tomer agility, partnering agility and operational agility. Besides, there are also some emphases on knowledge in agility related literature. For example, naylor, naim, and Berry, (1999) express that agility is “using market knowl-edge and a virtual corporation to exploit profitable op-portunities in volatile marketplace”. overall, research into how practitioners view knowledge management and how they are developing and implementing strategies and programs is scarce (Chase, 1997).

a virtual organization is one where the core business pro-cesses are performed by using electronic media such as internet. more specifically, a virtual university refers to a university, which offers higher education programs through electronic media, typically the internet. as argued by Ca-marinha-matos et al. (2000), agility is an important re-quirement for successful organizations in periods of market turbulence and unpredictable socio-economic changes, and the concept of virtual enterprise embeds an implicit notion of agility in itself. Zhang and sharifi (2000) believe that agility constitutes of three factors: 1-agility drivers, which refer to changes and pressures of organization’s en-vironment that makes it necessary to search for new ways of running a business in order to maintain or achieve com-petitive advantage; 2-agility capabilities, which are the es-sential capabilities that are needed in order to respond to changes and take advantage of them; and 3-agility pro-viders, which are the means through which an organiza-tions can obtain capabilities.



sharifi and Zhang (1999, 2001) identified dynamic com-petitive pressure as one of the most important drivers of agility in any organization. vázquez-Bustelo, avella and Fernández, (2007) believe that turbulent environments in-fluence agility. Besides, yusuf and adeleye (2002) viewed agility as a response to emerging requirements of sophisti-cated and changing consumers and products under persis-tently changing competitive and success factors.

in this way, we can recognize the importance of agility and becoming agile in all organizations, especially in knowl-edge-based organizations, which undertake their activities in a dynamic and changing environment.

methodology and research construction

as mentioned before, this research intends to propose a path to agility through work values. this started with an in-depth study of agility and work values. the results of these studies were a list of important dimensions ex-tracted from these two fields. simultaneously, we gathered the information about all virtual universities in iran, which were the focus of our study. since most of the relevant re-searches in the field of agility belong to the production field, we were forced to undertake interviews with profes-sionals from both fields and then conduct a content anal-ysis on these interviews to obtain practical and customized dimensions and sub-dimensions of agility and work values. then we examined the validity of the obtained research constructs by carrying out some more in-depth interviews with scholars, whereby some changes were made to the questionnaire. then, we distributed the questionnaires in the sample of virtual universities and asked their top managers and decision makers and lecturers to complete the questionnaire. in order to ensure the adequacy of the sample, we calculated the sample size using 3 methods (ranging from 223 to 260) and distributed the question-naires pertaining to the biggest number attained. a total of 270 questionnaires were distributed, with a return rate of 94 percent.

in the next step, we analyzed the relationship between work values and agility by regression analysis. then, we tested the more important dimensions, which resulted from the regression analysis using appropriate tests.

in the last step, the agility path through work values was identified. to this end, the influential factors of work values on agility were identified using two criteria, namely impor-tance and the present situation. after performing standard regression and gap analysis with the ideal situation, the agility paths were ranked using fuzzy toPsis technique. in this way a simple path to agility through work values

has been investigated and proposed. some suggestions ac-cording to the results have also been made at the end.

research constructs

after a review of the literature on agility and work values and conducting some interviews, we decided to use the following dimensions for each of these issues. the sub-di-mensions introduced for each dimension were the result of interviews combined with the related literature review.

as for work values, we used the same dimensions as nejati et al. (2010) study on work values in iran, including the following five factors: making Contributions, Job satisfac-tion, interpersonal Harmony, self-development and Work-life Balance.

in the agility dimension, we used the ideas of sharifi and Zhang (1999) and applied the following dimensions: Re-sponsiveness, Competency, Coincidence and Flexibility, and Quickness.

in this research, we used fuzzy toPsis as a ranking method. Below, a short explanation of this method is provided.

Fuzzy topsis

Fuzzy toPsis is a methodology that extends toPsis for de-cision making to cases conducted in uncertain and fuzzy environments; thus, providing the ability to deal with the uncertainty of human judgments in evaluating the impor-tance of a certain issue (salamzadeh, saeida ardakani & Zanjirchi, 2009).

the numerical value of each linguistic term used in our questionnaire, was determined based on the following rule (see table 1), using a fuzzy approach.

table 1. linguistic term Fuzzy numbers

linguistic terms numerical Values

1 (0, 0.05, 0.15)

2 (0.1, 0.2, 0.3)

3 (0.2, 0.35, 0.5)

4 (0.3, 0.5, 0.7)

5 (0.5, 0.65, 0.8)

6 (0.7, 0.8, 0.9)

7 (0.85, 0.95, 1)

source: lin et al. (2006).

as mentioned by Kahraman, Cebeci and Ruan, (2004), there are two important characteristics of fuzzy systems that give them better performance for many different applications:

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(1) Fuzzy systems are suitable for uncertain or approxi-mate reasoning, and we know that these kinds of situa-tions exist in the management field; and.

(2) Fuzzy logic allows decision-making with estimated va-lues under incomplete or uncertain information that can be seen quite often in the management field also.

We used a fuzzy toPsis approach, similar to the meth-odology applied in the study by nejati et al. (2009) for ranking service quality factors in the airline industry. the required steps of fuzzy toPsis undertaken in the current study are explained below.

Step One

Consider a fuzzy decision matrix of respondents’ ideas as follows, where i stands for the number of factors (quality factors) and j stands for the number of respondents.

also, X ij stands for the score assigned by respondent number i for factor j. on the other hand, Wij

is the impor-

tance (weight) of each respondent’s ideas. It must be added that, because all the respondents are considered to have the same weight, Wij will be defined

as

W nij j= ∀ ∈( , , )111

�

� � � ��

�D

x x x

x x xn

n

=⋅ ⋅ ⋅⋅ ⋅ ⋅

11 12 1

21 22 1

⋅⋅ ⋅ ⋅

� � � �x x xm m mn1 2

X a b cij ij ij= ( , , )

W w w wn= …[ , , , ]1 2

Step Two

this step includes neutralizing the weight of the decision matrix and generating fuzzy un-weighted matrix ( R). to generate R either of the following relations can be applied.

R rij m n= ×

ra

c

b

c

c

cijij

j

ij

j

ij

j

=

∗ ∗ ∗, ,

Where

c cji

ij∗ = max

ra

c

a

b

ca

cijj

ij

j

ij

j

ij

=

− − −

, ,

Where

a aji

ij− = min

Step Three

this step includes generating fuzzy un-weighted matrix V ,

while having Wij as an input for the algorithm:

i = 1,2,…, m j = 1,2,…, n

V vij m n= ×

v r wij ij j= ⋅

Step Four

determine positive ideal (FPIS, A+) and negative ideal (FPIS, A) for the factors:

A v v v

A v v vn

n

+

− − − −

= …

= …

∗ ∗ ∗( , , , )

( , , , )

1 2

1 2

in this research, the positive and negative ideas introduced by Chen (2000) are used. therefore:

v

v

j

j

∗ =

=

( , , )

( , , )

111

0 0 0

Step Five

in this step, we calculate the sum of distances from posi-tive and negative ideas for each factor. For fuzzy numbers such as a and B, the difference between a and B shown as d (a, B) is determined using the following formula:

A a b c

B a b c

D A B a a b b c c

=

=

= + +

( , , )

( , , )

( , ) ( ) ( ) (

1 1 1

2 2 2

2 12

2 12

2

13

112)



therefore, the difference of each factor from positive and negative ideals is calculated:

d d v v i m

d d v v

i ij jj

n

i ij jj

n

∗ ∗

=

− −

=

= − = …

= −

∑

∑

( ) , , ,

( )

1

1

12

i m= …12, , ,

Step Six

the adjacency of each factor to positive ideal is calculated as the following:

CCd

d di mi

i

i i

=+

= …−

∗ − 12, , ,

Step Seven

this is the final step where we rank factors in a descending order of CCi, meaning that the higher CCi are at the top.

research Findings and results

First level of analysis: regression analysis of agility based on work Values

Dimensions

as mentioned earlier, in order to identify the gap from the ideal situation, firstly we calculated the mentioned gap for all agility dimensions using the formula formula (since we used a 5-point likert spectrum, the ideal situation has been assumed to be 5):

Gapi 5Scorei

then, we entered the gaps in a mean test to recognize the deviation and, in this way, we tested the hypothesis below:

H0: m 0H1: m 0

We undertook this test for agility and then repeated it for four agility dimensions and then for all variables in each di-mension. We found that none of the results show a zero de-viation from the ideal situation and so we can say that all of the dimensions need to be improved. the next step was to recognize the agility path through work values. Because all parameters in this research had a normal distribution, we used parametric statistics.

Firstly we examined the relationship between agility and work values by using a Pearson test. the results are shown in table 2.

table 2. correlation test between work Values and agility

agility work Values

agility

Pearson Correlation 1 0.699

sig. (2-tailed) 0.000

n 254 254

Work values

Pearson Correlation 0.699 1

sig. (2-tailed) 0.000

n 254 254

Source: Authors’ analysis.

Results show that agility and work values have a positive relationship. thus, if a path to agility could be established through through work values, this could lead to a great competitive advantage for the organization helping it to shift toward excellence. But investment in all aspects of work values is not rational. thus, we have to identify the most important dimensions, which lead to agility. so con-ducting a regression analysis will be a good choice here.

it is suggested that before a regression analysis, it is neces-sary to recognize the linear relationship between variables, which is usually undertaken using scatter plots. Here in our study, there was a significant linear relationship be-tween two dimensions of work values (namely self-devel-opment and work-life balance) with agility, but we decided not to omit the other dimensions in this phase because firstly their relationship was nearly linear, and, secondly, it is common for some variables to be omitted in the re-gression analysis process. Here, we used a multiple regres-sion model with a step-by-step approach. in the first step, the “self-development” dimension was introduced into the model and, in the second step, the “work-life balance” di-mension was added to the last dimension. the other di-mensions did not enter the model. the table 3 shows a summary of the regression model.

table 3. summary of the First and second (Final) model

model rr

squareadjusted r square

std. error of the estimate

durbin-watson

1 0.666 0.443 0.401 0.33

2 0.701 0.491 0.425 0.321 1.99


as we can see, R square in the first model is equal to 0.44 and in the second model increases to a better position and equals to 0.49 which proves that almost half of the agility

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changes in iranian virtual universities stem from the two mentioned dimensions of the work values.

according to the above results, we can say that if a knowl-edge-based organization, especially a virtual university, em-phasizes on self development and work-life balance—the two most important dimensions of work values—it can more easily achieve an agile organizational profile. it is clear that work-life balance makes a proper context for self develop-ment and it will render human resources more agile, pro-viding a clear path to achieving organizational agility.

next, we conducted a validity test on our model, with the results summarized in the table 4.

table 4. test results for Validity of the models

modelsum of squares

dfmean

squareF sig.

1 Regression 1.916 1 1.916 15.875 0.000

Residual 3.621 30 0.121

total 5.537 31

2

Regression 2.383 2 1.192 10.958 0.000

Residual 3.153 29 0.109

total 5.537 31


low significance levels show that our model has a good fit-ness. this good fitness provides additional support through a statistical approach for identifying and accepting the two dimensions as the most affective ones.

in the next step, the final multiple regression model using unstandardized coefficients and standardized coeffi-cients (beta coefficient) according to the table 5, will be presented.

table 5. standardized and Unstandardized coefficients of two models

modelUnstandardized

coefficients beta

std. error

standardized coefficients

t sig.

1

(Constant) 1.689 0.288 5.866 0.000

self-devel-opment

0.364 0.091 0.588 3.984 0.000

2

(Constant) 1.101 0.386 2.917 0.007

self-devel-opment

0.335 0.099 0.530 2.691 0.012

Work-life balance

0.310 0.145 0.351 2.073 0.047


Here is the regression model using unstandardized coefficients:

agility = 1.101+0.335 (self-development) +0.310 (work-life balance)

and the regression model using standardized coefficients is as below:

agility= 0.53 (self-development) + 0.351(work-life balance)

in the above equation, it is clear that even between these two dimensions, the self-development dimension which is the behavioral part of the equation plays a more important role compared to the contextual dimension (work-life bal-ance), as it has a higher regression weight. thus, in cases where the contextual dimension is not good enough to fa-cilitate agility, still an agile manner in organization can be achieved through working on the behavioral dimension (self-development).

after presenting these models, we examined the residuals and according to their aggregation around the diagonal line we can say that distribution of residuals is a normal distribution. then, we analyzed the diagram of standard-ized residuals against standardized predicted values in order to analyze variance of the dependent variable, and the results again showed the fitness of our model.

We also examined the independence of all observations using durbin-Watson test on the residuals and as showed before the result was near 2 (exactly 1.99) that shows no correlation between consecutive data.

on the other hand, we examined the collinearity between independent variables using tolerance and variance infla-tion Factor. as we know, values of more than 0.1 for toler-ance and less than 10 for variance inflation factor show that there is no problem with the fitness of the regression model. Following is the result of this test on our regression model (see table 6).

table 6. test results of collinearity of independent Variables

collinearity statistics

tolerance Variance inflation Factor

self-development 0.770 1.298

Work-life balance 0.770 1.298


Having undertaken these tests, we can claim that our re-gression model fits the issue, and that the two dimensions of self-development and work-life balance are the most important dimensions of work values that help to achieve organizational agility. testing the model using different ap-proaches and achieving a confirmed fitness in all of them, makes working with the model easier. thus, the proposed



model can be used by other researchers in future in a sim-ilar context, with a higher reliability and less concern over the fitness of the model.

second level of analysis: regression analysis of important dimensions of work Values (self-development and work-life balance)

so far, we have seen the most influential dimensions of work values that enable virtual universities to be agile. However, in order to do some operational planning, we have to become more precise about these two important dimensions. therefore, we repeated the prescribed proce-dure for 10 sub-dimensions of these two main dimensions and after developing three models (the same as 2 models in the last part), we found that three sub-dimensions of those two important main dimensions (self-development and Work-life Balance) have a great role in achieving agility in virtual universities.

in work-life balance dimension from the four existing sub-dimensions, one entered the last regression model (namely, “developing subjective plans in order to resist negative im-pacts of work and life on each other”).

in the other dimension (self-development), from the six existing sub-dimensions, two entered the last regression model (namely, “continuous learning and having up to date information” and “personal dynamic feeling”).

as mentioned earlier, we conducted three models and here we only propose the last one. this regression model has an R square equal to 0.68 and results of F-test showed a good fitness for the model. the coefficients and significance levels of the regression model are shown in the table 7.

Regression model of these sub-dimensions is as follows:

agility = 0.499 (developing subjective plans) + 0.315 (con-tinuous learning) + 0.298 (personal dynamic feeling).

the above equation clearly shows the way to achieve an agile profile. Planning for improvement, developing new approaches and changing the organizational climate to be agile is easily available through the above factors and their weight shows their importance and effect in terms of be-coming an agile organization.

in order to check the validity and fitness of this model, we undertook a procedure like the last model in the level one of the study. Firstly, by using a scatter plot, we found that residuals have a normal distribution. then we calculated the durbin-Watson coefficient, which was equal to 1.99 and the variance inflation factor was also near 1, meaning that there was no collinearity between variables.

table 7. coefficients and significance levels of the Final regression model

modelUnstandardized

coefficients beta

std. error

standardized coefficients

t sig.

3

(Constant) 1.33 0.222 3.874 0.001

developing subjective plans in order to resist nega-tive impacts of work and life on each other

0.259 0.079 0.499 2.888 0.004

Continuous learning and having up to date information

0.201 0.02 0.315 2.232 0.026

Personal dy-namic feeling

0.155 0.045 0.298 2.119 0.041


in the next step, we ranked these three sub-dimensions using fuzzy toPsis to present a clear view of them. Following is the result of our analysis using fuzzy toPsis (see table 8).

table 8. results of the Fuzzy topsis ranking method

Factors d+ d- cci

developing subjective plans 0.472 0.757 0.616

Continuous learning 0.646 0.572 0.47

Personal dynamic feeling 0.694 0.666 0.49


the table 8 shows that according to toPsis analysis, the most important factor for achieving agility is developing subjective plans. this finding confirms the results of the regression analysis. as we can see, there is a change of order between the second and third factors compared to the regression model. nonetheless, both methods indicate that factors 2 and 3 are really close to each other in terms of weight and difference from the ideal choice. Below are the results of the gap analysis and standardized regression coefficients (see table 9).

table 9. results of the gap analysis and standard regression coefficients

Factors gapstandardized regression

coefficient

developing subjective plans 1.66 0.499

Continuous learning 1.52 0.315

Personal dynamic feeling 2.01 0.298


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Gap analysis is an addition to the current case study and it cannot be expanded it to other researchers’ cases. How-ever, it is suggested that researchers and practitioners apply the similar analysis to get a better perspective of their organization in the future. We found that the biggest gap exists in the “personal dynamic feeling” dimension and the best situation relates to “continuous learning”. Hence, policy makers and executives can now plan to make im-provements in order to make this gap smaller. they can plan to change some cultural issues, run new systems, de-velop new approaches or change some work flows within their span of power.

conclusion

today, there are many models and concepts that try to fa-cilitate the movement of organizations toward excellence and fitness. But a new problem in this environment is that no manager can invest all his/her resources on all models and methods, so there is a need for organizations to find the best methods to achieve the required results under dif-ferent circumstances.

in this study, we chose agility as the face of an organiza-tion. By showing a positive relationship between agility and work values, we highlighted the importance of considering work values and started to find the agility path through work values. in order to choose the best method, we exam-ined all five dimensions of work values and found that only two of them (self-development and Work-life Balance) had the highest impact on agility, which indicated a poten-tial agility path. By testing these two dimensions, we iden-tified three sub-dimensions, namely developing subjective plans, continuous learning, and personal dynamic feeling, which were the most important ones in impacting agility and, finally, we ranked them from two points of view.

organizations, regardless of sector, are turning to agility and agile practices to maintain competitiveness. agility has been identified as a key element in the science of competi-tiveness, allowing organizations to ride atop environmental mega-waves such as virtual organizations (Holsapple & Jin, 2007; li et al., 2008). thus, agility can be used as the secret weapon for virtual organizations to successfully cope with the challenging environment and be flexible in responding to demand changes (stank, daugherty & ellinger, 1996; van Hoek, Harrison & Christopher, 2001).

since the concept of agility is still ambiguous, and re-searchers are still at the stage of defining factors or de-terminants of agility (Giachetti, martinez, sáenz & Chen, 2003), the findings of the current study provides invalu-able addition to literature through identifying the agility

path in a virtual organization. another contribution of this research is the chosen methodology, which can be used by managers and scholars for different issues. Here, we emphasized on work values and looked at the organiza-tion from a human resource management perspective. the output of this research helps managers to conduct and hold some executive plans that enable them to achieve agility in their organizations.

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correspondencia: Universidad de los andes, mons Álvaro del Portillo 12455, las Condes, santiago (Chile).

citación: liberman, l. (2014). the impact of a Paternalistic style of ma-nagement and delegation of authority on Job satisfaction and orga-nizational Commitment in Chile and the Us. Innovar, 24(53), 187-196.

clasiFicación jel: m16.

recibido: agosto 2012; aprobado: noviembre 2013.

the impact of a paternalistic style of management and

delegation of authority on job satisfaction and organizational

commitment in chile and the Us

Leonardo LibermanPhd, associate professor at the Business Faculty at Universidad de los andes, santiago, Chile. e-mail: [email protected]

abstract: although the use of a paternalistic style of management is widespread in the non-Western context, it has only recently received attention from Western scholars. in this study, we compare the presence of a paternalistic style of management and delegation practices across two culturally different organizational contexts, namely Chile and the Us. We also examine the ef-fects of these management practices on job satisfaction and organizational commitment in both contexts. Results suggest that delegation of authority was more common in the Us than in Chile, whereas paternalism was higher in Chile than in the Us. Furthermore, delegation and paternalism were positively related to job satisfaction and organizational commitment in both countries. Unex-pectedly, delegation had a stronger effect on job satisfaction and organizational commitment than a paternalistic style of management in the Chilean context, whereas the opposite was found in the Us sample. moreover, the effect of a paternalistic management style on both job satisfaction and organizational commitment seemed to be fully mediated by delegation in Chile. We discuss both the theoretical and practical implications of these findings.

Keywords: Paternalism, delegation, management, Job satisfaction, Job Commitment.

introduction

although there is a body of literature within different disciplines and per-spectives that deals with paternalism, few empirical studies have been pub-lished about paternalism from a comparative perspective. there is also a lack of consensus as to whether or not having a paternalistic style of man-agement (Psm) is an effective approach (Pellegrini & scandura, 2006), and there are contending views regarding whether it is a positive or negative approach, according to contextual and cultural factors (martinez, 2005). Certainly, there is ongoing controversy about the impact of Psm on organi-zations and management and much of this debate is based on judgments with little empirical basis.

Given that business today is, almost by default, international and companies deal with workforces from multiple countries and cultures on a daily basis, companies and executives need to learn about the best ways to approach and manage foreign workforces (Gelfand, erez & aycan, 2007). in this line, a better understanding of how and where Psm is effective might enlighten managers and organizations on how to behave appropriately offshore.

this study examines two aspects: a) the relationship between Psm and dele-gation, and b) job satisfaction and organizational commitment in Chile and the Us. our purpose is to establish whether samples coming from these two

el impacto de Un estilo gerencial paternalista y de la delegación de aUtoridad sobre la satisFacción laboral y el compromiso organiZacional en cHile y los ee.UU.

resUmen: si bien el estilo gerencial paternalista está generalizado en el contexto no occidental, fue solo recientemente que recibió atención por parte de académicos occidentales. en este estudio, comparamos la pre-sencia de un estilo gerencial paternalista y de las prácticas de delegación en dos contextos organizacionales culturalmente diferentes, a saber, Chile y los estados Unidos. también examinamos los efectos de estas prácticas gerenciales sobre la satisfacción laboral y el compromiso organizacional en ambos contextos. los resultados sugieren que la delegación de autoridad es más común en estados Unidos que en Chile, mientras que el paterna-lismo es mayor en Chile que estados Unidos. además, la delegación y el pa-ternalismo están relacionados positivamente con la satisfacción laboral y el compromiso organizacional en ambos países. inesperadamente, la dele-gación tiene un mayor efecto sobre la satisfacción laboral y el compromiso organizacional que un estilo gerencial paternalista en el contexto chileno, mientras que lo contrario ocurre en la muestra de estados Unidos. adicio-nalmente, el efecto de un estilo gerencial paternalista, tanto sobre la sa-tisfacción laboral como sobre el compromiso organizacional, parece estar completamente mediado por la delegación en el caso chileno. discutimos las implicaciones teóricas y prácticas de estos hallazgos.

palabras claVe: paternalismo, delegación, gestión, satisfacción la-boral, compromiso laboral

l’impact d’Un style de gÉrance paternaliste et de la dÉlÉgation d’aUtoritÉ sUr la satisFaction proFessionnelle et l’engagement organisationnel aU cHili et aUx États-Unis.

rÉsUmÉ : Bien que le type de gérance paternaliste soit généralisé dans le contexte non occidental, elle n’a retenu que récemment l’attention des spécialistes occidentaux. dans cette étude, nous comparons la présence d’un style de gérance paternaliste et les pratiques de délégation dans deux contextes d’organisation culturellement différents, à savoir le Chili et les États-Unis. nous examinons également les effets de ces pratiques de gé-rance sur la satisfaction professionnelle et l’engagement organisationnel dans ces deux contextes. Les résultats suggèrent que la délégation d’au-torité est plus fréquente aux États-Unis qu’au Chili tandis que le paterna-lisme est plus important au Chili qu’aux États-Unis. En outre, la délégation et le paternalisme sont liés positivement à la satisfaction professionnelle et à l’engagement organisationnel dans les deux pays. D’une manière inat-tendue, dans le contexte chilien, la délégation a plus d’effet sur la satis-faction professionnelle et l’engagement organisationnel qu’un style de gérance paternaliste alors que c’est le contraire dans notre échantillon des États-Unis. En outre, l’effet d’un style de gérance paternaliste, tant sur la satisfaction professionnelle que sur l’engagement organisationnel, semble être totalement modéré par la délégation dans le cas chilien. Nous discu-tons des implications théoriques et pratiques de ces constatations.

mots-clÉs: paternalisme, la délégation, la gestion, la satisfaction profes-sionnelle, l’engagement de l’emploi.

o impacto de Um estilo gerencial paternalista e da delegação de aUtoridade sobre a satisFação trabalHista e o compromisso organiZacional no cHile e nos estados Unidos

resUmo: embora o estilo gerencial paternalista esteja generalizado no contexto não ocidental, foi só recentemente que recebeu atenção por parte de acadêmicos ocidentais. Neste estudo, comparamos a presença de um estilo gerencial paternalista e das práticas de delegação em dois contextos organizacionais culturalmente diferentes, que são o Chile e os estados Unidos. também examinamos os efeitos destas práticas gerenciais sobre a satisfação trabalhista e o compromisso organizacional em ambos os contextos. os resultados sugerem que a delegação de autoridade é mais comum nos estados Unidos do que no Chile, enquanto o paternalismo é maior no Chile do que nos estados Unidos. além disso, a delegação e o pa-ternalismo estão relacionados positivamente com a satisfação trabalhista e o compromisso organizacional em ambos os países. inesperadamente, a delegação tem maior efeito sobre a satisfação trabalhista e o compro-misso organizacional do que um estilo gerencial paternalista no contexto chileno, enquanto na amostra dos estados Unidos acontece o contrário. adicionalmente, o efeito de um estilo gerencial paternalista, tanto sobre a satisfação trabalhista como sobre o compromisso organizacional, parece estar completamente intermediado pela delegação no caso chileno. discu-timos as implicações teóricas e práticas destes achados.

palaVras-cHaVe: paternalismo, delegação, gestão, satisfação no tra-balho, comprometimento com o trabalho.




countries differ significantly in how they consider that pa-ternalism and delegation are exercised in their workplaces, and if these practices contribute to a greater overall job satisfaction and organizational commitment in staff from these two countries.

Psm is the consequence of a complex mix of fatherly benev-olence, stringent discipline and moral leadership behavior (Cheng, Chou, & Farh, 2000). lee (2001, p. 858) character-ized Psm as a “warm and genuine human bond”, involving a careful balance between authority and benevolence. Psm, thus, is based on a hierarchical relationship in which an au-thority figure guides both the professional and personal lives of employees in a way resembling that of a parent. the employees, in turn, reciprocate this support and guidance with loyalty and deference (Gelfand, erez & aycan, 2007).

Psm entails a closer personal bond between managers and employees, as managers are expected to be concerned not only with the employees’ professional lives, but also with their personal lives, going beyond the boundaries of the workplace (Cheng, Chou, Wu, Huang, & Farh, 2004). Under Psm, managers are expected to be present at non-work related activities that are important for employees such as weddings and funerals (Pellegrini & scandura, 2006). Psm, thus, involves a social exchange, where what man-agers offer employees goes beyond short-term monetary rewards, including extended consideration of employees’ wellbeing and careers within the organization. employees, in exchange for this care, put in extra effort at work, in-cluding long-term sacrifices, and undertaking tasks be-yond their duties, feeling personally engaged with the goals of the organization (tsui, Pearce, Porter, & tripoli, 1997). nevertheless, much of the discussion about Psm has been characterized by controversy, and several authors consider Psm a poor way to lead employees. some have described paternalism as a “benevolent dictatorship” or as a subtle form of discrimination (Pellegrini & scandura, 2008). it is a well-known fact that Psm is partially based on the idea that a manager has a large amount of dis-cretion over employees’ activities and behavior, and while some researchers consider this disparity normal or even constructive, others see it as outdated and undesirable. For instance, Rodriguez and Rios (2007) believe that a central feature of Psm is the low or absent delegation of authority due to the limited trust in the decision-making capacity and performance of employees. such a lack of delegation can cause paternalistic managers to experience strain and exhaustion as it discourages competent employees. Psm also prevents employees from taking initiatives, and risks leaving them in a comfortable position in which they avoid being held accountable for errors and outcomes (Rodri-guez & Rios, 2007).

internationally speaking, it has been suggested that Psm is one of the most prominent features of the Pacific asian managerial systems (dorfman & Howell, 1988). indeed Psm, has been empirically studied in Korea (Pu, Huang, & Kuo, 1990), China (Cheng et al., 2004, Cheng, Chou, & Farh; 2000), taiwan (Chao & Kao, 2005; Hsieh, 2004), indonesia (irawanto, 2008), vietman (Hoang, 2008) and india (sinha, 1990). in general, Psm tends to be valued rather differently across countries and it has been suggested that the positive or negative outcomes within a country depend on its preva-lent contextual and cultural values that would moderate the relationship between the management style and its conse-quences (Gelfand et al., 2007).

an example of an asian country in which Psm has been recognized as successful in the workplace is Korea. lee (2001) has suggested that businesses in Korea have greatly benefited when moving towards a Psm. this ap-proach has been found to increase productivity and reduce job-related accidents, separation rates and job attrition in Korean organizations. Psm appears to be rooted in the Confucian heritage, extended family system, and rice-agri-cultural production system (lee, 2001). other studies have shown that firms from China, Pakistan, india, turkey and mexico show higher paternalistic practices than firms in countries such as Canada, Germany and israel (aycan et al., 2000). employees in China and taiwan have also been found to highly value Psm (Cheng et al., 2004; liang, ling & Hsieh, 2007). yetim and yetim (2006) found that Psm, power distance and collectivism was significantly associ-ated to employees’ job satisfaction. According to Aycan (2001), Psm has been found to be a socio-cultural charac-teristic of asian, middle-eastern, and latin american cul-tures, where Psm is commonplace and widespread and it is considered to humanize workplaces.

in sum, the use, meanings and consequences of Psm seem to differ across countries and cultural contexts. in some countries, Psm may be seen as a violation of privacy and deemed as a disqualifying mechanism to the advantage of managers, whereas in others, it might be considered as the only viable option to lead employees. in their study, aycan and colleagues (2000) found that in seven out of ten countries that they studied, Psm had a positive ef-fect on obligations towards others, but also a negative ef-fect on employee pro-activity. only half of the countries showed a positive relationship between paternalism and employee participation.

Prior studies in the latin-american context also described Psm as a prevalent approach in the region. Harbison and myers (1959) found, early on, that in some countries (e.g. Chile), managers tended to take a paternalistic role towards

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employees leaving very little room for them to make deci-sions. in other countries, in contrast, this approach towards employees was not present at all or even deemed as coun-terproductive. in their 23-country study, these authors con-cluded that the cultural and institutional particularities of countries explained and sustained these diverse manage-rial approaches. Psm has been recognized as a distinctive facet of the managerial culture in regions where social and working patterns are rooted in a context of large farms (“haciendas”) and landlords (“terratenientes”) from colo-nial times, where these patterns still exist (elvira & davila, 2005; martinez, 2005; Romero, 2004).

Further, mexican workers have been found to score high on paternalistic values (martinez, 2003; 2005), something that has been understood as an expression of the country’s cultural orientation, with much respect for hierarchical relationships and strong family values. in a more recent study, Rodríguez and Ríos (2007) compared the manage-rial approaches of two prominent Chilean banks and found that both banks had a Psm, without this having a nega-tive effect on the banks’ productivity. This study came to

the conclusion that paternalism did not in any way hinder the productivity of the organizations and suggested that this kind of approach might be perfectly compatible with certain developed countries and those on their way to be-coming one (Rodríguez & Ríos, 2007). Beside, in an explor-atory study, Romero (2004) established that the “patron” management style is the most common way of managing people in latin america, and many other studies have found paternalism to be a relevant part of labor rela-tions in different latin american countries (Gomez, 2001; tanure, 2005). although these studies are in no way rep-resentative of the countries studied, and there is a general shortage of empirical studies in this field in latin america, they do suggest that Psm might have a positive impact on job satisfaction in the latin-american context (osland, Franco & osland, 1999). although the majority of the management studies that have historically been carried out have been performed in the United states by north american researchers (Clark, Gospel & montgomery, 1999; dickson, denHartog & mitchelson, 2003; elahee & vaidya, 2001), only a few have looked at Psm there (Pellegrini, scandura & Jayaraman, 2010).



When it comes to delegation of authority, several studies have compared delegation in the Us with the delegation of authority in other countries, generally concluding that this is a management practice that is significantly more common in the Us than in many other countries, such as Japan, mexico, spain, and italy (lincoln, Hanada & mc-Bride, 1986; Pavett & morris, 1995; van de vliert & smith, 2004). Few empirical studies have looked at delegation in the Chilean work context, but in their analysis of the literature and interview data, abarca, majluf and Rodri-guez (1998) found a low participation that was limited to information sharing on topics such as norms, benefits, safety, objectives, and values. However, abarca and col-leagues (1998) found that educated people and individ-uals at higher positions in the organization showed greater autonomy, without being afraid to take risks, and were happy to assume the responsibilities that come with deci-sion making. these findings are in accordance with those by Bassa, who, in a dissertation written in 1996, found that the willingness to participate in decision-making and initiatives within Chilean organizations was clearly related to educational and hierarchical level. in this study, 80% of workers who had gone to elementary school and 52% of workers with a high-school education expected their su-periors to always make the decisions about difficult situ-ations. in contrast, only 8% of workers with a graduate degree and 15% of those with undergraduate studies, agreed with these statements.

Job satisfaction and organizational commitment are two concepts that have been widely studied internationally. Job satisfaction is one of the most amply studied orga-nizational variables. It is often referred to as employees’ global response to their job both in terms of attitudes and affections. makanjee, Hartzer and Uys (2006) defined job satisfaction as the way in which individuals think and feel about their work experience. loui (1995) studied the rela-tionship between job satisfaction and organizational com-mitment among 109 workers at a juvenile detention center and found a positive relationship between job satisfaction and organizational commitment. there are many aspects of employee commitment: commitment to the manager, occupation, profession, career and organization (meyer & allen, 1997). according to this view, organizational com-mitment focuses on employees’ commitment to the orga-nization. moreover, meyer and allen (1997) have reported that organizational commitment is related to organiza-tional performance.

a great number of comparative studies have examined management practices or expectations towards man-agement styles, according to cultural values. one of the most commonly used systems to describe cultural values

across countries is that of Hofstede (1980). in countries with higher power distance, employees accept that au-thority is unequally distributed in society, and they tend to be more compliant and would expect a Psm (Hofstede & Hofstede, 2005). some studies have shown a positive effect of Psm in higher power distance cultures (aycan et al., 2000), whereas the same approach is perceived nega-tively in low power-distance countries due to its intrinsic authority and parental role taking. another dimension that has been related to Psm is collectivism. in collectivistic cul-tures, people tend to identify themselves with the groups that they are affiliated to, rather than with their personal individual achievements. in contrast, people in individual-istic societies value autonomy, self-determination and in-dependence (Perez arrau, eades & Wilson, 2012). Given that Chilean employees come from a collectivistic and high power distance culture, it is not unreasonable to expect that Chilean managers will exhibit higher levels of Psm and lower levels of delegation practices. it is also expected that Psm will lead to higher levels of job satisfaction and organizational commitment in a collectivistic and higher power distance country such as Chile. at the same time, we expect that delegation would be related to higher levels of job satisfaction and organizational commitment in the Us, given that it has been described as having an individual-istic and low power distance value orientation. according to these arguments, we pose the following four hypotheses for our study:

Hypothesis 1: a significantly more paternalistic man-agement style will be reported for Chile as compared to the Us.

Hypothesis 2: significantly more delegation will be re-ported in the Us than in Chile.

Hypothesis 3: Psm will be associated with a higher level of job satisfaction in Chile, whereas delegation will be associ-ated with a higher level of job satisfaction in the Us.

Hypothesis 4: Psm will be associated with a higher level of organizational commitment in Chile, whereas delega-tion will be associated with a higher level of organizational commitment in the Us.

methodology

sample

data was collected from 469 managerial and non-man-agerial employees from Chile and the Us. the samples in both countries were collected by Faculty members and master’s students, and organizations were chosen ac-cording to their accessibility and willingness to take part

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in the study. the respondents came from a variety of busi-ness sectors, such as manufacturing, marketing, Finance, Government and education.

as can be seen in table 1, the background of the respondents was relatively varied, with 66% of the Us sample being male and 34% female. the distribution for the Chilean sample was 61.5% males and 38.5% females. the respondents came from a variety of educational backgrounds, with a majority (80%) of the Chilean sample having completed a technical trade at the most, whereas 99% of the Us sample had at least a Bachelor’s degree. For the case of the Chilean sample, 64% of the participants were supervised, whereas 68% of the Us participants had supervisory functions. Regarding the age of the respondents, the mean age of the Us sample was 32.6 years, whereas for the Chilean sample it was 35.4 years. the demographic data of the sample are presented in table 1.

table 1. sample characteristics

characteristic country anoVa

chile Usa

Gender 1.006 0.316

male 160 (61.5%) 138 (66.0%)

Female 100 (38.5%) 71 (34.0%)

age 10.786 0.001

18-19 4 (1.5%) 2 (1.0%)

20-29 77 (29.6%) 90 (43.5%)

30-39 84 (32.3%) 76 (36.7%)

40-49 72 (27.7%) 31 (15.0%)

50-59 21 (8.1%) 8 (3.9%)

60- 1 (0.4%) 0

education 565.764 0.001

High school or under

207 (79.6%) 2 (1.0%)

University 53 (20.4%) 208 (99.0%)

Position level 54.996 0.001

managerial 93 (35.8%) 143 (68.4%)

non-man-agerial

167 (64.2%) 66 (31.6%)

tenure 1.547 0.214

less than a year

85 (32.7%) 33 (16.0%)

1-2 years 55 (21.2%) 36 (17.5%)

2-5 years 62 (23.8%) 84 (40.8%)

5-10 years 27 (10.4%) 29 (14.1%)

more than 10 years

29 (11.2%) 24 (11.7%)


instrument

a questionnaire with a total of 51 items was assembled based on four scales measuring paternalism (aycan, 2006),

job satisfaction (Weiss, dawis, england, & lofquist, 1967), delegation (yukl, Wall, & lepsinger, 1990) and organiza-tional commitment (allen & meyer, 1990). these scales consisted of 15, 21, 7 and 8 items, respectively. each item was presented as a statement to be rated according to the respondent’s relative agreement or disagreement, on a 5-point scale. the four scales have been previously used and tested and have been found to have adequate psy-chometric properties (Pellegrini & scandura, 2008). in the case of the Chilean sample, the scales were translated into spanish, checked by two bilingual researchers, and later back-translated by a third researcher, to ensure the instru-ment’s comparability across languages. In order to assess the reliability of the scales, an internal consistency analysis was carried out with Cronbach’s alpha (Cronbach, 1951). the internal consistency coefficients were good for all four scales in both samples (a>0.6). the mean scores of both countries on the four scales are presented in table 2.

table 2. means, standard deviations, and Zero-order correlations of Variables in the two samples

the Us

1 2 3 4

1. Job satisfaction

2. Psm 0.520**

3. delegation 0.386** 0.435**

4. organizational commitment 0.408** 0.672** 0.338**

M 3.63 2.99 3.76 3.20

SD 0.61 0.58 0.86 0.49

chile

1 2 3 4

1. Job satisfaction

2. Psm 0.306**

3. delegation 0.662** 0.493**

4. organizational Commitment 0.362** 0.125* 0.341**

M 3.74 3.12 3.42 3.25

SD 0.61 0.59 0.84 1.19

* p < 0.05, **p < 0.01


results

in order to test the two hypotheses, that Psm would be significantly higher in Chile than in the Us and that the opposite would be found for delegation (i.e. significantly higher in the Us than in Chile), two one-way anovas were carried out, with country and managerial level as inde-pendent variables, and Psm and delegation as dependent variables. according to these analyses, Psm was found to be significantly higher in Chile than in the Us, F(1,465) = 6.22, p<0.05, confirming the first hypothesis. the second hypothesis was also confirmed as delegation was found to



be significantly higher in the Us than in Chile, F(1,465) = 7.05, p<0.01. apart from a main effect per country, a sig-nificant difference was also found between managers and non-managers, with managers reporting significantly more delegation than non-managers across the two samples, F(1,465) = 18.73, p<0.001.

Hypotheses 3 and 4, concerning the effects of Psm and delegation on job satisfaction and organizational commit-ment in Chile and the Us, were tested through multiple regression analyses for both countries. a look at the bi-variate correlations in table 2, reveals significant positive correlations between both Psm and delegation and job satisfaction in the Chilean sample (r=0.31, p<0.01; r=0.66, p<0.01) and the Us sample (r=0.52, p<0.01; r=0.39, p<0.01). significant positive correlations were also found between both Psm and delegation, and organizational commitment in Chile (r = 0.13, p<0.05; r=0.34, p<0.01) and the Us (r=0.67, p<0.001; r=0.34, p<0.01).

in order to test hypothesis 3, gender, age, education and managerial level of the participants were entered as con-trol variables at step 1 of the analysis, whereas Psm and delegation were entered at step 2, to examine the effect of these two practices on job satisfaction in both countries. in the regression analysis of the Chilean sample, the de-mographic variables were found to significantly predict job satisfaction, F(4, 254) = 6.30, p < 0.001, explaining 9.0% of the variance. However, the only demographic variable to contribute significant variance was age of the participants. in step 2, the two management practices contributed a fur-ther 38.2%, delta F(2, 252) = 91.25, p < 0.001, although the only managerial practice to contribute significant, unique variance was delegation. For the Us sample, the demo-graphic variables in step 1 did not predict job satisfaction, F(4, 201) = 1.58, p = 0.18, (see table 4). in step 2, Psm and delegation accounted for 30.3% of the variance in job sat-isfaction, delta F(2, 199) = 38.88, p< 0.001, with both pre-dictor variables statistically predicting job satisfaction.

Hypothesis 4, stating that organizational commitment would be related to Psm in Chile, and delegation in the Us was also tested using multiple regression analyses. Gender, age, education and managerial level of the par-ticipants were again entered as control variables at step 1 of the analysis, whereas Psm and delegation were entered at step 2, to examine the effect of these two practices on organizational commitment in both countries.

in the regression analysis of the Chilean sample, the de-mographic variables were found to significantly predict organizational commitment, F(2, 255) = 5.93, p = 0.001, explaining 6.5% of the variance. the two demographic variables that significantly explained the variance were

participant age and gender. in step 2, the two manage-ment practices contributed a further 9%, DF(2, 253) = 13.45, p < 0.001, although when entered together into the analysis, only delegation contributed significant, unique variance. For the Us sample, the demographic variables in step 1 did not predict organizational commitment, F(4, 201) = 0.24, p = 0.91, (see table 4). in step 2, Psm and delegation accounted for 45.3% of the variance in organi-zational commitment, DF(2, 199) = 83.20, p < 0.001, with only Psm contributing significant, unique variance.

table 3. a multiple regression analysis of delegation and psm in predicting job satisfaction in the chilean and the Us samples

Variable B SE B b p R2 DR2 DF (dfs)

chilean sample

step 1 0.090 0.090 6.30** (4,254)

Gender -0.131 0.077 -0.104 0.091

age 0.015 0.004 0.236 0.000

education 0.047 0.056 0.052 0.400

managerial level -0.140 0.079 -0.109 0.077

step 2 0.472 0.382 91.25*** (2,252)

delegation 0.470 0.041 0.638 0.000

Psm 0.013 0.056 0.013 0.814


Us sample

step 1 0.031 0.031 1.58 (4,201)

Gender 0.048 0.092 0.037 0.602

age 0.009 0.006 0.107 0.145

education 0.003 0.085 0.002 0.973

managerial level -0.154 0.093 -0.118 0.100

step 2 0.303 0.272 38.88*** (2,199)

delegation 0.297 0.048 0.423 0.000

Psm 0.201 0.070 0.192 0.004

* p < 0.05, *** p < 0.001


as these findings might indicate the presence of mediator variables, we carried out mediation analyses based on the recommendations by Baron and Kenny (1986). to meet the criteria for mediation, a predictor must be associated with the mediator, the mediator must predict the outcome, and the effect of the predictor on the outcome must be reduced when the mediator is included in the analysis. there is full mediation if a predictor has no effect once the mediator is included in the equation and partial mediation occurs if there is a significant reduction in the effect of the predictor when the mediator is included. For the Chilean sample we explored the existence of a mediating effect of delegation on the relationship between paternalism and job satisfac-tion, and on the relationship between paternalism and

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table 4. a multiple regression analysis of delegation and psm in predicting organizational commitment in the chilean and the Us samples


chilean sample

step 1 0.078 0.078 5.37** (4,254)

Gender -0.300 0.150 -0.123 0.047

age 0.023 0.007 -0.194 0.002

education 0.126 0.109 0.073 0.246

managerial level

-0.289 0.154 -0.116 0.062

step 2 0.160 0.082 12.24** (2,252)

delegation 0.432 0.100 0.302 0.000

Psm -0.015 0.136 -0.007 0.913


Us sample

step 1 0.005 0.005 0.242 (4,201)

Gender 0.023 0.075 0.023 0.756

age 0.003 0.005 0.043 0.559

education -0.040 0.069 -0.041 0.567

managerial level

-0.027 0.076 -0.026 0.719

step 2 0.458 0.453 83.20*** (2,199)

delegation 0.028 0.034 0.049 0.422

Psm 0.552 0.050 0.655 0.000

** p < 0.01, *** p < 0.001


organizational commitment, as previously found signifi-cant correlations disappeared when delegation was en-tered into the equations. When we carried out the three steps recommended by Baron and Kenny (1986), we found that (1) delegation significantly predicted paternalism (b = 0.350, p<0.001); that (2) paternalism significantly pre-dicted job satisfaction (b = 0.306, p<0.001) and organiza-tional commitment (b = 0.125, p<0.001); and finally that (3) when regressing job satisfaction and organizational commitment on paternalism and delegation simultane-ously, the correlation between paternalism and job sat-isfaction and between paternalism and organizational commitment disappeared (see table 3 and 4, respec-tively). according to Baron and Kenny (1986), this would indicate a perfect mediation. moreover, for the Us sample, we explored whether there was a mediating effect of pa-ternalism on the relationship between delegation and or-ganizational commitment, as the delegation variable also failed to reach significance when entered into the equa-tion together with paternalism. We confirmed this media-tion, as the following steps were significant: (1) delegation significantly predicted paternalism (b = 0.435, p<0.001); (2) delegation significantly predicted organizational com-mitment (b = 0.192, p<0.001); and (3) when delegation

and paternalism were entered into the equation together, the relationship between delegation and organizational commitment decreased (see table 4).

discussion

the purpose of our study was to examine the level of Psm and delegation perceived by staff working across different organizations in Chile and the Us and to measure the effect of paternalism and delegation of authority on job satisfac-tion and organizational commitment across two samples coming from these two countries. Psm is a particularly in-teresting area of study, as it is a managerial approach that has been found to be widespread in different regions of the world, even though it is still surrounded by controversies re-garding its effectiveness. in this line, we compared the levels of Psm and delegation practices between two samples from culturally different countries, and we also looked at the re-lationship between these two management styles and job satisfaction and organizational commitment.

the first hypothesis in this study stating that Psm would be significantly higher in Chile than in Us was supported. this means that managers in the Chilean exhibited more paternalistic behaviors when dealing with employees than their counterparts in the Us. managers from Chile were con-sidered to show more interest in their employees’ personal lives than their counterparts in the Us. they were also more prone to create a family environment in the workplace and to give advice to employees on different matters.

the second hypothesis of this study posed that delegation practices would be significantly higher in the Us than in Chile, and this was also supported, indicating that man-agers from the Us encouraged employees to define, by themselves, the best ways to carry out assignments and to take the initiative to solve job related problems to a larger degree than their Chilean counterparts. Us managers also transferred authority to employees in significant decisions and allowed them to execute these without managerial support to a larger extent than the Chilean managers.

Hypotheses 3 and 4 were formulated to examine the re-lationship between Psm and delegation on the one hand, and job satisfaction and organizational commitment on the other. extant international studies suggest that Psm has a positive impact on job satisfaction in more collectiv-istic and high power distance cultures (aycan et al., 2000; aycan, 2006; Pellegrini & scandura, 2006), which is why we expected that this management style would increase job satisfaction and commitment in Chile. However, less was known about the effect of this management style in the Us context, and the effect of delegation has been



much more amply studied in the Us than in Chile (lincoln, Hanada & mcBride, 1986; Pavett & morris, 1995; van de vliert & smith, 2004).

interestingly, although significant correlations were found between both delegation and job satisfaction, and Psm and job satisfaction, respectively, Psm failed to reach sig-nificance in the Chilean sample when entered together with delegation practices into the hierarchical regression analysis to explain job satisfaction. only a small partial correlation over and above that of delegation was found between Psm and job satisfaction, suggesting that this correlation might be mediated by delegation. However, when looking at the Us sample, both Psm and delegation were found to be positively related with job satisfaction. this suggests that both Psm and delegation have a sig-nificant effect on the satisfaction of the respondents in the Us sample.

the fourth hypothesis looked at the effect of Psm and del-egation on the organizational commitment in Chile and the Us. one could expect that Psm would influence the way in which employees become emotionally attached to the organization and personally engaged in their work. However, although Psm was found to be significantly re-lated with organizational commitment in Chile, this corre-lation was not very high, with Psm only explaining 1.6% of the variance of organizational commitment. moreover, when entered together with delegation into the equation, only delegation obtained significance. For the Us, the op-posite was found, with only Psm reaching significance when entered together with delegation into the equation to explain organizational commitment. these findings lead us to carry out mediation analyses which were confirmed for both job satisfaction and organizational commitment in the case of Chile, indicating that the correlation be-tween Psm and job satisfaction and between Psm and or-ganizational commitment would actually be explained by the effect of delegation on these two variables. in contrast, mediation was found between delegation and organiza-tional commitment in the Us sample, with this correlation actually being partially mediated by the effect between Psm and organizational commitment.

an important strength of the current study, which is part of the early findings of an international joint project in-vestigating Psm across countries, is that it looks at Psm from a cross-cultural perspective, comparing two Western cultures that differ across two cultural dimensions: indi-vidualism-collectivism and high-versus low-power dis-tance. Collectivistic and high power-distance values have been found to be congruent with paternalism in earlier studies (aycan, 2006).

there are a couple of weaknesses of the current study that relate to the two samples. the first weakness is related to the comparability of the two samples. a significant pro-portion of the participants in the Us sample had at least a Bachelor’s degree, whereas only 20% of the Chilean sample had a University degree and a larger proportion of employees had supervisory functions in the Us sample. there was also a significant age difference between both groups, with the Chilean sample having older participants than the Us sample. this might have generated a genera-tional effect on the perception of Psm and delegation. dif-ferent generations might regard delegation and/or PSM differently. despite these demographic differences found between the two samples, when performing the two-way analysis of variance, a main effect for managerial level was found for delegation but not for Psm, indicating that the managers across both countries reported more del-egation than non-managers, whereas no difference was found regarding Psm. in contrast, when education level and managerial level were entered together with the other demographic variables into the regression analyses, no sig-nificant effect of these two variables was found in either of the analyses. in any case, in a future study, it would be interesting to investigate whether Psm and delegation are related to age or the educational level of professionals. also important to note is that 26.3% of the Us sample were of latin american background, which might explain the positive correlations found between paternalism and job satisfaction and organizational commitment in the Us sample, something that has not been found in earlier studies carried out with participants from this country (Pel-legrini, scandura, & Jayaraman, 2010).

in brief, the results of this study showed that Chilean man-agers are perceived as more paternalistic and less prone to delegate authority than their Us counterparts. at the same time, the job satisfaction and organizational commitment in Chilean employees were more positively related to del-egation than paternalism, whereas the opposite was found in Us employees. in the Us sample, both delegation and paternalism were associated with job satisfaction, whereas only paternalism was associated with organizational com-mitment when examined together with delegation. a fea-sible explanation of this finding could reside in the fact that in the Chilean context, delegation practices are not as widespread as in the industrialized Western world. delega-tion is scarce and by no means taken for granted by em-ployees. Hence when present, it is valued and appreciated as an extra expression of trust and recognition. simultane-ously, for Us employees, delegation of authority is taken for granted within the working relationship adding little to their current levels of satisfaction and/or commitment

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in their positions. Could it be that management practices that are culturally unexpected, but positively evaluated, have a stronger effect on employees’ job satisfaction and/or organizational commitment?

a second alternative explanation for this finding could be a cultural one. Chilean respondents might not have been as collectivistic as predicted by cultural value orientation models (Hofstede, 2001). the dataset on which Hofstede based his value orientation was collected in 1968 and 1972. in more recent studies, Chilean workers have been described as individualistic (abarca, majluf & Rodríguez, 1998; martinez, 2005; Perez arrau et al., 2012). Because of this, the two samples might be more similar than origi-nally expected at the outset of this project. therefore, as this project continues, it would be necessary to assess the value orientations of participants at an individual level. this issue should be further explored, as it is also of in-terest to explore whether this finding is related to a culture or positional effect. it would be necessary to distinguish whether participants are exposed to PSM and/or delega-tion or if they are actually the ones exercising these behav-iors (e.g. managers themselves).

Finally, in a future study, it would be interesting to explore whether, apart from cultural values, there are other fac-tors, such as institutional ones, that might contribute to explaining the effects of Psm and delegation on job satis-faction and organizational commitment.

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correspondencia: av. Padre Hurtado, 750 Uai Centre for Business sustainability escuela de negocios, Universidad adolfo ibáñez. viña del mar, Región de valparaíso, Chile.

citación: Rodrigo, P. & arenas, d. (2014). la nueva gobernanza polí-tica y las colaboraciones intersectoriales para el desarrollo sostenible. Innovar, 24(53), 197-210.

clasiFicación jel: m14, o17, Q01.

recibido: mayo 2012; aprobado: noviembre 2013.

la nueva gobernanza política y las colaboraciones intersectoriales

para el desarrollo sostenible

Pablo RodrigoPhd in management science, esade Business school. Profesor asociado, escuela de negocios, Universidad adolfo ibáñez, Chile. Head of Research, Uai Centre for Business sustainability. Correo electrónico: [email protected]

Daniel ArenasPhd, Committee on social thought, University of Chicago. Profesor asociado, esade Business school – Universitat Ramón llull. instituto de innovación social de esade. Correo electrónico: [email protected]

resUmen: Para entender las colaboraciones intersectoriales para el desarrollo sostenible es preciso comprender, en primer lugar, el marco de gobernanza política en el que estas colaboraciones se pueden desarrollar, considerando que hay marcos que las favorecen más que otros. en particular, el modelo de estado de Bienestar en su configuración “relacional” debe tenerse en cuenta para comprender el porqué y el cómo de las colaboraciones para el desarrollo sostenible. estas circun-stancias externas no han sido lo suficientemente estudiadas en la literatura que normalmente se ha centrado en aspectos internos como el alineamiento entre las organizaciones y los mecanismos de la relación, o en elementos de gobernanza global, dejando de lado las estructuras características de la gobernanza nacional.

palabras claVe: Colaboraciones intersectoriales, desarrollo sostenible, estado del Bienestar, Gobernanza Política, modelo Relacional, Responsabilidad social Corporativa.

introducción

el propósito de este artículo es el de argumentar que la gobernanza polí-tica de un país y, en particular, el modelo de estado de Bienestar son fac-tores esenciales para la formación y el desarrollo de colaboraciones entre distintos sectores sociales para afrontar el desarrollo sostenible (de ahora en adelante, ds). en este sentido, el artículo responde a los llamamientos a tener en cuenta la pluralidad de estructuras sociales y políticas, así como de perspectivas teórico-políticas, que pueden enmarcar el campo de la Respon-sabilidad social Corporativa (de ahora en adelante RsC) y el ds (scherer & Palazzo, 2011; mäkinen & Kourula, 2012). en particular, proponemos que el modelo Relacional de estado de Bienestar promueve y facilita este tipo de colaboraciones en mayor medida que otros modelos. Para ello, analizamos las características de este modelo y de estas colaboraciones para mostrar el encaje existente. también incluimos los posibles riesgos de este modelo.

encontrar verdaderas soluciones a los desafíos que impone el ds debería pasar por la acción coordinada de actores de distintos sectores de la so-ciedad, no solo de los gobiernos. efectivamente, debido a la característica de “meta-problema” que el deterioro medioambiental plantea (Roome, 2001) -es decir que la degradación del ecosistema lleva a múltiples efectos

new political goVernance and intersectoral collaboration For sUstainable deVelopment

abstract: to understand intersectoral collaboration for sustainable de-velopment it is vital to first understand the political framework in which these collaborations may occur, taking into account that some systems are more suitable than others. in particular, the “relational” model of the wel-fare state must be considered to understand why and how collaboration for sustainable development occurs. these external circumstances have not been studied sufficiently in the literature, which has generally focused on internal aspects such as the alignment of organizations and the mecha-nisms of the relationships, or on elements of global governance, leaving to one side the characteristic structures of national governance.

Keywords: intersectoral collaborations, sustainable development, welfare state, political governance, relational model, corporate social responsibility.

la noUVelle goUVernance politiQUe et les collaborations intersectorielles poUr le dÉVeloppement soUtenable

rÉsUmÉ : Pour comprendre les collaborations intersectorielles pour le dé-veloppement soutenable il convient de comprendre tout d’abord le cadre de gouvernance politique dans lequel ces collaborations peuvent se dé-velopper, considérant qu’il existe des cadres qui les favorisent plus que d’autres. En particulier, le modèle d’État de bien-être dans sa configura-tion « relationnelle » doit être pris en compte pour comprendre le pourquoi et le comment des collaborations pour le développement soutenable. Ces aspects externes n’ont pas été suffisamment étudiés dans les études ha-bituellement centrées sur des aspects internes comme l’alignement entre les organisations et les mécanismes de la relation, ou sur des éléments de gouvernance globale, laissant de côté les structures caractéristiques de la gouvernance nationale.

mots-clÉs : Collaborations intersectorielles ; développement soute-nable ; État du bien-être ; gouvernance politique ; modèle relationnel ; responsabilité sociale corporative.

a noVa goVernança política e as colaborações intersetoriais para o desenVolVimento sUstentáVel

resUmo: Para entender as colaborações intersetoriais para o desenvolvi-mento sustentável é preciso compreender, em primeiro lugar, o marco de governança política no qual estas colaborações podem se desenvolver, con-siderando que há marcos que as favorecem mais do que outros. Particular-mente, o modelo de estado de bem-estar na sua configuração “relacional” deve ser levado em conta para entender o porquê e o como das colabora-ções para o desenvolvimento sustentável. estas circunstâncias externas não têm sido estudadas o suficiente na literatura que, normalmente, tem se focado em aspectos internos como o alinhamento entre as organiza-ções e os mecanismos da relação, o em elementos de governança global, deixando de lado as estruturas características da governança nacional.

palaVras-cHaVe: Colaborações intersetoriais, desenvolvimento susten-tável, estado do bem-estar, governança política, modelo relacional, res-ponsabilidade social corporativa.

Medio ambiente y desarrollo



perniciosos en las personas, en la salud y en la economía del mundo-, ha crecido con fuerza en el último tiempo la idea que las soluciones adecuadas para esta problemá-tica requieren la colaboración entre empresas y otros ac-tores sociales como el estado y la sociedad civil (Roome, 2001; Ryan, 2003). esta colaboración permitiría llegar a una respuesta coherente y efectiva que vaya más allá (o que permita el cambio) del paradigma tecno-económico imperante (Clarke & Roome, 1999; Roome, 2000; Boons & Roome, 2005; loorbach, van Bakel, Whiteman & Rot-mans, 2010).

no obstante, hasta ahora, tanto empresas como organiza-ciones de la sociedad civil y los propios estados han dado respuestas separadas y pobremente coordinadas a los de-safíos que impone el ds. esto se ha dado, entre otras ra-zones, porque las empresas no han logrado entender la globalidad e interconexiones que presentan los meta-pro-blemas (Brown, 2006; Rodrigo & arenas, 2007); por la desconfianza que existe entre actores diferentes como em-presas y representantes de la sociedad civil, por ejemplo, las onG1 (arenas, lozano & albadera, 2009); o porque algunos estados han establecido sistemas de normas y control estricto en temas socio-medioambientales (starik & Rands, 1995), lo que sin ser necesariamente algo nega-tivo (Porter & van der linde, 1995; esty & Porter, 2005), puede restar iniciativa y flexibilidad a las colaboraciones. Pareciera ser que de continuar esta acción separada entre los actores sociales descritos, donde cada uno establece su propia agenda, difícilmente se podrá llegar a soluciones concretas para los desafíos que emanan del ds.

Para responder a lo anterior, una vía reciente de inves-tigación ha tratado el papel político de las empresas y el contexto político de la RsC (scherer & Palazzo, 2011; Crane, matten & moon, 2008; mäkinen & Kourula, 2012; vallentin & murillo, 2012). dentro de ésta, una línea de análisis ha ido por el lado de repensar el funcionamiento de los sistemas de gobernanza global y el lugar que ocupan en ellos los distintos actores: gobiernos, empresas y sociedad civil (scherer & Palazzo, 2008).

algunos investigadores han ido más allá, sugiriendo que algún tipo de entidad supranacional debería planificar, organizar y dirigir los esfuerzos para lograr el ds (esty, 1994; opshoor, 2001; Gupta, 2002). sin embargo, esta última vía de reflexión tiene sus límites teóricos pues

1 Para efectos de esta reflexión se entenderá como “sociedad civil” organizada principalmente a las organizaciones no Gubernamen-tales (onG) y algunas organizaciones de participación ciudadana. no obstante, no pretendemos ser excluyentes de otro tipo de or-ganizaciones de la sociedad civil que, por razones culturales o de organización política, pueden surgir en algún país y no en otro.

debería especificar las características de la(s) entidad(es) supranacional(es) que debe(n) planificar y controlar el ds. además, tiene enormes dificultades prácticas, puesto que los países, especialmente los más poderosos, tienden a no soportar la pérdida de autonomía y soberanía.

en este sentido, si bien es cierto que el marco del estado-nación se ve a menudo sobrepasado por movimientos económicos, políticos y sociales que van más allá de sus fronteras, existe urgencia en comprender qué tipo de go-bernanza a nivel local (país) permite la mejor implemen-tación de políticas en línea con el ds. esto es así porque muchas de las iniciativas para el ds se generan o pueden generarse a nivel local o nacional y porque este nivel es la principal referencia de gobernanza disponible para pensar sobre posibles sistemas supranacionales.

en este artículo proponemos que no se puede desligar el estudio de las relaciones intersectoriales del marco de go-bernanza nacional en el que éstas se desarrollan. Para que las colaboraciones para el ds funcionen adecuadamente se ha establecido que se deben basar en una fuerte relación de confianza e igualdad de condiciones de poder entre las partes (austin, 2004) o, al menos, que el poder de presión relativo de los grupos de interés no-empresariales (estado y sociedad civil) no sea bajo (madsen & UlhØi, 2001).

Por tanto, algunas de las razones que explicarían tanto el entusiasmo como las dificultades que rodean las colabo-raciones para el ds deben buscarse precisamente en ele-mentos del sistema social y político de base (entendido para este análisis como el sistema de gobernanza política de un país), ya que es a partir de las características de dicho sis-tema de donde surge el poder que tienen los distintos esta-mentos de la sociedad y la forma de ejercer este poder (el intercambio que se produce entre distintos actores).

siguiendo clasificaciones clásicas de poder, como la de etzioni (1964), los actores sociales pueden ejercerlo de distintos modos según sus recursos. de esta forma, puede existir el “poder coercitivo”, cuando se usa físicamente la fuerza o la violencia; el “poder normativo”, que se basa en el uso de recursos simbólicos o intangibles; y el “poder utilitario”, que se basa en el uso de recursos materiales y financieros que pueden afectar económicamente a otros.

aunque poder y legitimidad son dos constructos concep-tualmente distintos (Weber, 1947), puede haber vincula-ción especialmente en el plano del ejercicio del poder y la percepción que la contraparte tenga de éste (Bacharach & lawler, 1976). efectivamente, si se define la legitimidad como la percepción generalizada de que las acciones de un actor son apropiadas y deseables de acuerdo a un sis-tema socialmente construido de normas, valores, creencias

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y definiciones compartidas (suchman, 1995), en algunos casos en que el actor no detente un poder legítimo (pro-blema de legitimidad de origen del poder) -o que ejerza de mala manera un poder legítimo en origen (problema de legitimidad de ejercicio del poder)-, se podría llegar a la pérdida de dicho poder (davis, 1973). Por ejemplo, se ha sugerido que algunos usos del poder que en ocasiones pueden ser legítimos, como el coercitivo, pueden volverse ilegítimos cuando provocan un incremento del conflicto entre las partes (Gaski, 1982; lusch, 1976).

de modo parecido, no da lo mismo la configuración de gobernanza política, puesto que puede empoderar y legi-timar en grado diferente a distintos actores. y ello afectará el surgimiento y la manera en que surjan las colabora-ciones por el ds. Como parte de las posibles configura-ciones político-sociales, la mayoría de las sociedades del mundo desarrollado han seguido patrones basados en el modelo de estado del Bienestar. sin embargo, en la prác-tica, dentro del llamado modelo “clásico” de estado de Bienestar no existe una configuración única (sapir, 2005; esping-andersen, 1996), debido a que, como establece Za-patero (1987), el modelo es el producto de tres tradiciones

políticas distintas –conservadora, liberal y social-demó-crata– que se unen formando lo que se ha llamado el “pacto social-liberal” (Castiñeira, 1996). dependiendo de la configuración establecida, más cercana al liberalismo o más cercana a un estado social2, es esperable que las ma-neras de colaborar entre actores de distintos sectores para avanzar en el ds sean relativamente diferentes, debido al mayor o menor poder y la legitimidad social que adquieren.

Una de las configuraciones sociales emergentes que se derivan del estado del Bienestar es el llamado modelo Relacional (mendoza, 1996; midttun, 2005) que, por sus características, permitiría establecer un sistema de

2 sapir (2005) analiza en su estudio a los diversos países europeos de acuerdo a si se orientan más a la “eficiencia del mercado” o a la “equidad social”. así, determina cuatro grupos de países o de sub-modelos del bienestar: países nórdicos (más equidad y más eficien-cia), países anglo-sajones (más eficiencia, menos equidad), países continentales (más equidad, menos eficiencia) y finalmente países mediterráneos (menos eficiencia y menos equidad). esto explica por qué países tan distintos como Reino Unido (énfasis en eficien-cia) y suecia (énfasis en equidad social) pueden ser considerados en propiedad estados del Bienestar.



gobernanza más adecuado para implementar colabora-ciones para el ds y, en definitiva, que permitiría a la so-ciedad aproximarse al ds. de lo anterior surge la pregunta que guiará esta investigación:

¿en qué forma el modelo Relacional de gobernanza encaja mejor conceptualmente con las colaboraciones intersecto-riales para el ds, y a partir de estas colaboraciones con la im-plementación de mejores soluciones a los problemas sociales y medioambientales que genera el crecimiento económico?

Para responder a esto, en una primera parte se analizará brevemente el modelo de estado del Bienestar, sus caracte-rísticas y su crisis institucional, para luego analizar el modelo Relacional como una evolución del modelo clásico (en cual-quiera de sus configuraciones) de estado de Bienestar que intenta dar respuesta a algunos de sus retos y que establece una nueva dinámica de intercambio entre actores sociales.

en una segunda parte, y partiendo de la nueva dinámica descrita anteriormente, discutiremos nuestra perspectiva de cómo el modelo emergente, en combinación con los aportes que hace la teoría administrativa de las relaciones interorga-nizacionales, puede ayudar a definir los roles de los distintos actores en las colaboraciones para el ds, y cómo determina en cierta medida los aportes que estas colaboraciones inter-sectoriales entregan para el logro del ds. todo lo anterior permite reponder en propiedad a la pregunta de investi-gación establecida. Finalmente, se termina con las conclu-siones y con propuestas de investigación futura.

desarrollo

el modelo de estado del bienestar y su crisis institucional

el estado del Bienestar, por encima de las distintas configu-raciones clásicas señaladas por sapir (2005), es un modelo de organización política en el cual el estado asume un rol fundamental en la economía a través de la intervención en los mecanismos de mercado (ojeda, 1993; mendoza, 1996; Recio, 1996) con el objeto de asegurar las condiciones ne-cesarias para que las empresas tengan negocios rentables, con lo que éstas pueden así ofrecer la cantidad de empleo (políticas de pleno empleo) y bienes que la sociedad nece-sita (midttun, 2005; ojeda, 1993; Recio, 1996). los servi-cios básicos (bienes públicos) para aquellos que no pueden participar del mercado son responsabilidad del estado, con lo que se institucionaliza la provisión de servicios (ojeda, 1993; Recio, 1996). a la relación que plantea el modelo li-beral de “oferentes-demandantes” entre el mercado y la so-ciedad civil, se añade la relación de “trabajador-empleado” reconocida por las leyes, con lo que el sector asalariado

gana un poder negociador político frente a las institu-ciones del mercado (midttun, 2005). esta perspectiva, ba-sada claramente en posturas keynesianas, ha sido llamada la “dimensión económica” del estado del Bienestar (Casti-ñeira, 1996).

no obstante, el estado del Bienestar se ha caracterizado además por el desarrollo de otras dimensiones (Castiñeira, 1996). así, en su “dimensión jurídica” otorga principios le-gitimadores y reconoce derechos sociales (justicia social). en su “dimensión político-social” busca lograr el bienestar social a través de la cantidad y calidad de servicios y fun-ciones que el estado entrega a la ciudadanía. en su “di-mensión gerencial”, se centra en la eficacia y eficiencia en la entrega de estos servicios y funciones públicas. Fi-nalmente, la “dimensión participativa” intenta lograr la participación democrática en la deliberación sobre qué servicios y funciones satisfacen los objetivos y principios del estado del Bienestar.

este modelo ha sido la base del crecimiento económico del mundo desarrollado del período posterior a la segunda Guerra mundial, un período de unos 25 años conocido como “era dorada” en las democracias avanzadas (esping-an-dersen, 1996). sin embargo, a partir de la crisis económica mundial de los años 70, comienzan a sucederse una serie de eventos llevando al modelo a un cuestionamiento en principio económico, pero que con el tiempo fue afectando todas sus dimensiones (Castiñeira, 1996; Caparrós, 1999).

en efecto, la crisis económica de los 70 lleva a que el mo-delo no pueda responder a todas las necesidades de sus ciudadanos. el gasto público no puede seguir creciendo indefinidamente para así satisfacer dichas necesidades, puesto que eso resta eficiencia al sistema (mendoza, 1996; Castiñeira, 1996; Caparrós, 1999), lo que se conoce como “crisis (o presión) fiscal” (mendoza 1996; Castiñeira, 1996).

a lo anterior hay que sumar también los efectos de la glo-balización que lleva a una mayor integración de los países (scherer & Palazzo, 2008), lo que en términos económicos significa economías abiertas o con menos regulaciones (esping-andersen, 1996; scherer & Palazzo, 2008). este escenario no es el óptimo para los estados del Bienestar, porque con el fin de ser más competitivos, dejan su preo-cupación primaria por políticas de crecimiento y empleo (mishra, 2000) enfocándose en mejorar su competitividad internacional (mendoza, 1996). esto lleva a que los ciuda-danos sientan que el estado ya no está cumpliendo con su objetivo básico de asegurar ciertos derechos y mantener la justicia social (mishra, 2000). se produce así la “crisis de legitimación” del modelo (Castiñeira, 1996), lo cual lleva a poner en peligro o en duda el pacto social en el cual se fundó (Zapatero, 1987; mendoza, 1996).

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además de los factores económicos, la misma estructura social de los estados del Bienestar ha ido cambiando (es-ping-andersen, 1996), lo que lleva a que la demanda de prestaciones haya crecido notablemente sin que crezca ne-cesariamente la capacidad para satisfacerla. esto se conoce como el problema de la “lógica incrementalista” (mendoza, 1996; Castiñeira, 1996). efectivamente, las estructuras fa-miliares son distintas, existe una mayor profesionalización y diferenciación laboral, además de un aumento conside-rable de la esperanza de vida (esping-andersen, 1996; vernis, 2000). el sistema de coberturas sociales no puede satisfacer a los ciudadanos que presentan tan variados riesgos y necesidades (esping-andersen, 1996).

a eso se debe sumar que las instituciones públicas a veces no han tenido incentivos claros para ofrecer servicios de mejor calidad, así como tampoco incorporar la perspectiva del cliente, al no estar sometidos al juicio del mercado (mendoza, 1996). esta dinámica pervierte el sistema, ya que no existe una “buena administración” que se preocupe por la eficiencia en el uso de recursos (Caparrós, 1999), creando la “crisis de burocratización” e “ingobernabilidad” (Castiñeira, 1996).

Finalmente, se argumenta que dentro del estado del Bien-estar se han desarrollado procesos de neo-corporativismo; por ejemplo, los organismos públicos y sus trabajadores ad-quieren gran protagonismo e intentan defender sus intereses. Con ello, otros tipos de trabajadores tienden a sentirse menos representados y se alejan de la participación efectiva en el sistema democrático (Caparrós, 1999). Éste es otro de los ele-mentos que lleva al debate sobre la dificultad del estado en fomentar la participación ciudadana en las democracias avan-zadas (mendoza, 1996) y sobre si finalmente es correcto que sea el único actor social con la responsabilidad de velar por el bien común de la ciudadanía (Castiñeira, 1996).

Pese a los problemas que el estado del Bienestar ha pre-sentado, existen investigaciones que sugieren que este mo-delo sigue vigente y no está en retirada, más bien ha ido incorporando “ajustes estructurales” necesarios para adap-tarse a los tiempos y a la nueva dinámica social (Pierson, 2006). se ha sugerido también que el estado del Bienestar se ha modificado más sustantivamente en países en vías de desarrollo que en países desarrollados (Rudra, 2002). incluso existe evidencia de países en vías de desarrollo que en plena crisis económica y globalización han expandido su estado del Bienestar, como el caso de Corea del sur (Kwon & Holliday, 2007).

el modelo relacional y la nueva dinámica social

debido a los importantes problemas descritos que han afectado a todas las dimensiones características del

estado del Bienestar y a la implementación de ajustes al modelo clásico del mismo, se ha planteado un nuevo mo-delo o un nuevo paso en la evolución del estado del Bien-estar clásico (vernis, iglesias, sanz & saz, 2004; Giddens, 1998) bajo el nombre de modelo Relacional3 (mendoza, 1996; midttun, 2005).

esta nueva configuración se basa en la premisa que el es-tado ha dejado de ser omnipotente y autosuficiente (men-doza, 1996). Con ello, el debate respecto a si el estado del Bienestar debe tener una economía más planificada o una economía totalmente liberada se traslada en el nuevo modelo a la discusión respecto a si debe darse un ejercicio de poder más centralizado (en el estado) o si el ejercicio de poder está descentralizado (no institucionalizado), es decir, si emerge de los intercambios entre distintos actores sociales de manera más o menos formal (midttun, 2005). en este sentido, el modelo Relacional puede representar un estadio final en la evolución de cualquiera de las confi-guraciones “clásicas” de estado de Bienestar identificadas por sapir (2005).

el modelo Relacional incorpora la libertad individual y las re-glas de mercado del modelo liberal, añadiéndole un empuje hacia la privatización de las empresas públicas y la aper-tura de mercados (muy en línea con las recomendaciones del Fondo monetario internacional), pero incorporando también las preocupaciones sociales del modelo de estado del Bienestar. sin embargo, la gran novedad es que la res-ponsabilidad de las acciones sociales ya no descansa exclu-sivamente sobre el estado, sino que ahora es compartida por otros actores sociales (midttun, 2005; mendoza, 1996; Giddens, 1998). aparte de los actores del mercado, estos otros actores sociales incluyen las organizaciones de la so-ciedad civil, que han sido un tercer sector a menudo olvi-dado por las teorías políticas (Barber, 1998; Walzer, 1991).

desde una perspectiva teórica, este nuevo mecanismo de gobernanza política tendería a igualar los niveles de parti-cipación de los otros actores –mercado y sociedad civil– en la satisfacción de las necesidades colectivas, con la inten-ción de promover su co-responsabilidad mediante dife-rentes mecanismos como, por ejemplo, la generación de “cuasi-mercados” (le Grand, 1991) o “mercados sociales”.

la globalización ha catapultado el desarrollo de este mo-delo, en la medida en que ha llevado a los países a com-petir entre ellos, implementando políticas económicas de menores regulaciones arancelarias para el comercio in-ternacional, así como también de menores restricciones

3 vernis et al. (2004) lo llaman “nuevo estado del Bienestar” y Giddens (1998) lo llama “nueva economía mixta”.



al flujo de capitales (mendoza, 1996; esping-andersen, 1996). de lo contrario, los capitales se trasladarían a otros lugares (midttun, 2005). en este nuevo escenario, el es-tado cuenta con menos recursos (y con un menor poder) para lograr ciertos objetivos sociales (ver Figura 1 y las nuevas relaciones de poder entre actores), siendo uno de los principales motivos por los que ahora debe buscar acuerdos voluntarios con los actores de otros sectores de la sociedad para que los objetivos sociales planificados se cumplan.

al mismo tiempo, la globalización va de la mano de un gran desarrollo de las tecnologías de información y comu-nicación. esto facilita la participación y coordinación en las organizaciones de la sociedad civil y su capacidad para denunciar las prácticas empresariales negativas (midttun, 2005; edwards, Hulme & Wallace, 1999; von moltke, 2002; vernis et al., 2004), debido a las menores barreras que se presentan para la acción civil colectiva. esta acción colectiva apuntará generalmente a ámbitos específicos de las empresas, justamente donde el mercado (y a veces el estado) es deficiente: aspectos sociales y medioambien-tales (von moltke, 2002). así, la sociedad civil ha ten-dido a ganar poder frente a otros actores (ver Figura 1), aumentando su capacidad de hacer valer sus “legítimos” intereses, incrementándose también la “urgencia” de sus

demandas. Con mayor poder, urgencia y legitimidad, la sociedad civil y sus organizaciones pasan a veces de ser stakeholders “latentes” o “expectantes” a ser stakeholders “definitivos” (mitchell, agle & Wood, 1997), es decir, aque-llos de máxima importancia para las decisiones de las em-presas y otros actores sociales como el estado.4

el mercado reacciona a estos eventos de diversas maneras. Una de ellas es a través de la autorregulación de las em-presas en temas sociales y medioambientales (andrews, 1998; midttun, 2005; vernis et al., 2004), con el fin de no perder (o mejorar) su reputación corporativa (ver Figura 1). Un argumento que a veces se usa es que con esto se evita sobredimensionar el estado con un sistema regula-tivo complejo y severo, evitando los problemas de pérdida de flexibilidad o de incentivo al diálogo (starik & Rands, 1995; Hartman, Hofman & stafford, 1999a). no obstante, desde una perspectiva crítica esto puede ser visto como

4 según mitchell et al. (1997), los stakeholders se clasifican según el grado de poder, legitimidad y urgencia que poseen. si un stakehol-der posee una de esas tres características, será reconocido como “latente”; si posee dos características, como “expectante”. los stakeholders realmente relevantes para un empresa serán aquellos que posean las tres características al mismo tiempo, aquellos cono-cidos como “definitivos”.

FigUra 1: los tres actores y el control regulativo

MERCADO

ESTADO

SOC. CIVIL

Globalización económica y déficit institucional

Globalización y facilidad de comunicación

Pierde Control Regulativo

Adquiere poder de vigilancia y control: ONG’s (y otros).

Autorregulación

Estrategias de Largo Plazo: reputación corporativa


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una manera de debilitar todavía más el estado dando más poder al sector privado (Reich, 2007) y es por eso que se ha sugerido que en el contexto globalizado actual se de-bería limitar el poder corporativo a través de claros proce-dimientos democráticos (scherer y Palazzo, 2007).

en cualquier caso, en el entorno económico y social ac-tual cuyas características se han descrito anteriormente, el estado del Bienestar en sus variantes tradicionales ya no es tan eficiente al enfrentar los fallos del mercado. Cada vez más, la clave para intentar solucionarlos se ha buscado en la sinergia entre el sector público y privado que se produce en las negociaciones entre los distintos actores (Giddens, 1998).

la dinámica de relación que surge con este nuevo modelo ha derivado en colaboraciones donde el sector público y el privado (considerando dentro de este último tanto mer-cado como sociedad civil) no son dos sectores en pugna, sino socios que en conjunto pueden contribuir a la sa-tisfacción de las necesidades sociales (middtun, 2005; mendoza, 1996; vernis et al., 2004) y también medioam-bientales (Ryan, 2003; Roome, 2001). la tabla 1 muestra un resumen de la nueva dinámica social que plantea la configuración del modelo Relacional.

tabla 1. nueva dinámica social en modelo relacional

tipo de intercambio relación nuevas características

Comercial y Político sociedad Civil-mercado

Principios de la economía de mercado, pero con sociedades civiles fuertes que pre-sionan a las empresas para que cumplan sus compromisos sociales y ecológicos

Político sociedad Civil-estado se respeta la libertad individual y la plu-ralidad. la sociedad civil gana poder para hacer exigencias gracias a los nuevos medios de infor-mación y comunicación

Regulativo estado-mercado se establece un sistema donde, además de las regulaciones, se de-sarrolla un marco no prohibitivo, destacando los incentivos positivos a las organizaciones (premios, distinciones, ranking)

Fuente: elaboración propia, basada en middtun (2005).

discusión

el modelo relacional, la formación de las colaboraciones para el ds y las funciones que se derivan para los actores involucrados

de acuerdo a lo planteado en la sección precedente, el mo-delo Relacional supondría un grado de vinculación distinta entre los actores de diferentes sectores sociales. al igual que el modelo de estado de Bienestar y sus distintas confi-guraciones clásicas (sapir, 2005), el modelo Relacional no quiere cambiar las principales funciones de la empresa ni pone en duda sus necesidades de supervivencia ni de be-neficios, ni sus posibilidades técnicas.

Justamente el modelo plantea que cada actor potencie sus funciones, pero agrega el hecho de que comparta sus for-talezas con otros actores con el objeto de que, en aquellas áreas donde la empresa no es experta, reciba el apoyo de las organizaciones competentes, del mismo modo que en aquellas áreas en que las organizaciones de las sociedad civil y del estado no son competentes -como la eficiencia en la gestión y en la producción- sean las instituciones del mercado (las empresas) las que aporten valor a la relación.

este argumento se ve reafirmado por la teoría adminis-trativa, en particular por la teoría de las Relaciones inte-rorganizacionales (Rio). de acuerdo al argumento de la “dependencia de Recursos” (van de ven, 1976; mitchell & sing, 1996; Faulkner, 1995; dyer; 1997), las Rio surgen por la necesidad de obtener cierto control sobre organiza-ciones que poseen un recurso escaso en el mercado.

desde la perspectiva del modelo Relacional, a todos los actores involucrados les conviene poseer cierto control sobre los otros actores para que vayan en línea con su agenda. a las organizaciones de la sociedad civil les inte-resa, por ejemplo, que su mensaje socio-medioambiental sea transferido y asumido a través de la red de relaciones que poseen las empresas, ya que son las instituciones más capaces de aportar tecnología y otros recursos (como ca-pacidad de traspasar fronteras en el caso de las multina-cionales) para implementar las soluciones de ds. Por su parte, las empresas valoran como un recurso fundamental el conocimiento técnico y, principalmente, la credibilidad que poseen las onG en temas socio-medioambientales.

otra forma de explicar por qué la nueva dinámica social promueve las colaboraciones para el ds se encuentra en el argumento del “aprendizaje organizacional”, el cual tiene un calce particularmente interesante con lo que se defiende en este artículo. según esta postura, las Rio se formarían con el objeto de tomar y compartir conocimiento



entre organizaciones, lo que añade valor a la organización al mejorar sus competencias.

esto ha sido particularmente relevante en actividades que in-volucran alta tecnología o que en general se pueden consi-derar complejas y en expansión (Powell, Koput & smith-doerr, 1996; larsson, Bengtsson, Henriksson & sparks, 1998; senge, dow & neath, 2006). la base del diálogo en el modelo Rela-cional es la comprensión de las perspectivas de los otros ac-tores, así como también de sus capacidades para enfrentar los desafíos del ds, para incorporarlas en su propia gestión con el objeto de tener una agenda común para el ds.

otra explicación viene por el argumento de la “elección es-tratégica” (Barringer & Harrison, 2000). Una perspectiva interesante dentro de este argumento plantea que este tipo de relaciones colaborativas surge para aumentar el poder político y aumentar la influencia en la gobernanza doméstica o internacional de las empresas (Powell, 1990). este argumento para las Rio es uno de los que más re-lación pudiera tener con el establecimiento de determi-nado modelo de gobernanza y las cooperaciones, debido al “juego” que se produce en los cambios de poder y legiti-midad entre los actores involucrados, según nuestra tesis a lo largo de este artículo.

Finalmente, el argumento “institucionalista” de formación de las Rio (Barringer & Harrison, 2000) establece que las colaboraciones se producirían por fuerzas externas del en-torno organizacional que obligan en cierta manera a su establecimiento. esas fuerzas pueden ser presiones coerci-tivas (a través de leyes) o presiones normativas en el sen-tido en que las empresas “ceden” a la formación de Rio como una manera de ganar legitimidad social o con el objeto de minimizar el riesgo de operar en entornos com-plejos que enfrentan las organizaciones. en otros casos, ante la incertidumbre del entorno, las empresas simple-mente imitan lo que están haciendo sus pares y los líderes de la industria (dimaggio & Powell, 1983; Baum & oliver, 1991; Kraatz, 1998), que pueden haber empezado a re-currir las Rio precisamente por las presiones coercitivas o normativas ya señaladas.

en un modelo Relacional las empresas establecen algún sis-tema cooperativo con otros actores sociales por la presión que reciben por ganar legitimidad social (laFrance & leh-mann, 2005), lo que surge precisamente de los procesos de globalización y de reordenamiento del poder fiscalizador de organizaciones de la sociedad civil y del proceso de au-toregulación que se vive a nivel de las industrias.

las diferentes perspectivas teóricas sobre la formación de colaboraciones multi-actorales para el ds, en combinación con las dimensiones características del modelo Relacional

(ver tabla 1 y Figura 1), permiten comprender de mejor manera las funciones que pueden emerger para cada actor involucrado en estas cooperaciones:

• mercado (representado por las empresas). la función principal que debe cumplir es de “liderazgo” (Hartman et al., 1999a; Ryan, 2003). la empresa está llamada a ser líder en las colaboraciones para el ds. son las empresas las que poseen la capacidad de innovación tecnológica para llevar a cabo las soluciones medioam-bientales, y además porque tienen la capacidad de movilizar recursos para retos tanto sociales como medioambientales en diversos lugares del mundo (es-pecialmente las empresas multinacionales). todo ello les permite una capacidad de respuesta a los desafíos del ds superior a la de cualquier otro actor (matten & Crane, 2005; margolis & Walsh, 2003; Hart, 1999; shri-vastava, 1995; O’Riordan, 1995).

• Por otra parte, para que las empresas lideren las cola-boraciones para el ds y sean exitosas, el mercado debe tener la capacidad de generar un “apalancamiento polí-tico” (Ryan, 2003), lo que significa ser influyentes en el mundo político, sin por ello tomar una actitud predatoria o problemática. el compromiso socio-medioambiental demostrado por parte de algunas empresas (y recono-cido por los pares y organizaciones de otros sectores) les da el derecho de consultar y ser consultadas en las nego-ciaciones respecto a las prácticas futuras de ds. es decir, las empresas se legitiman frente a los actores de los otros sectores sociales, generándose de paso nuevas re-laciones de poder (que ya no se concentra en el estado).

• estado. las principales funciones continúan siendo la “reguladora” y la de “vigilancia”. establece las normas de conducta entre los distintos actores sociales, re-sultando en marcos que incluyen las (muchas veces) contrapuestas perspectivas económicas, sociales y medioambientales de estos distintos actores. en ese sentido, al ser capaz de ver desde una perspectiva global los intereses del país, es capaz de mediar entre los actores. así, el estado reorienta las prioridades de los actores de otros sectores sociales, para que operen más allá de sus problemas específicos y adopten una perspectiva más amplia de acción (especialmente las empresas), como requieren los desafíos que impone el ds (Roome, 2001; Rodrigo & arenas, 2007). el estado vigila además que se cumplan dichos acuerdos y las normativas generales, puesto que, en el caso de que el gobierno de un estado sea democráticamente elegido, éste posee una legitimidad que los otros actores no po-seen. en cierta medida, si los otros actores cooperan con el estado, adquieren parte de esa legitimidad (la-France & lehmann, 2005).

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• sociedad civil (representada por onG y organizaciones de participación ciudadana). la función de la sociedad civil en general, y de las onG en particular5, es en rea-lidad múltiple debido al incremento tanto de su poder como de su legitimidad dentro del modelo relacional. si bien las onG y el mercado han tenido desde sus inicios una relación basada en la filantropía, las onG han desarrollado también una función de vigilancia o denuncia (y control) de las acciones que ejercen las em-presas (ver Figura 1). Pero en este nuevo escenario se agrega también una función de “apoyo”, “asesoría” o “auditoría”, la cual es una de sus contribuciones princi-pales en el nuevo modelo de gobernanza. además de poder presionar a las organizaciones de otros sectores de la sociedad, se abre una tribuna real para la so-ciedad civil (el incremento de poder y urgencia que se comentó más arriba). esta función de “asesoría” (ope-racional) se dirige tanto al estado como al mercado (e incluso a organismos internacionales como el Banco mundial) a través de la experiencia técnico-científica y la credibilidad acumulada de las onG.

• Gracias a sus conexiones internacionales y su visión a largo plazo, las onG medioambientales y sociales po-seen la capacidad de trascender las visiones a menudo más locales y más atadas a resultados trimestrales de las empresas o de ciclos electorales de los gobiernos de los estados. ello les permite establecer prioridades medioambientales y sociales a nivel global (más allá de los límites de una nación) y orientar los esfuerzos de los otros actores. en este sentido, en el modelo relacional las onG no sólo presionan a empresas y gobiernos para que elaboren y apliquen códigos y regulaciones socio-medioambientales, sino además ofrecen su expe-riencia técnica y su perspectiva de bienestar global (y no de rendimientos financiero-económicos) para la con-fección de esos códigos y regulaciones, para la imple-mentación de soluciones y para otras actividades como el seguimiento y control posterior (teegen, doh & va-chani, 2004).

aunque esta reflexión se enfoca en el modelo socio-po-lítico de base que facilita las colaboraciones intersecto-riales, es interesante destacar que, por las maneras en que se forman y también por las características que desarro-llan, las colaboraciones para el ds se configuran como un modelo de red (Håkansson & snehota, 1989; Håkansson &

5 esta parte del análisis se centra en las onG por tratarse de las or-ganizaciones de la sociedad civil mayormente presentes en todos los países del mundo. ahora bien, en algunos países la sociedad civil está bastante debilitada y también la participación ciudadana a través de las onG.

Henders, 1992; Powell et al. 1996; yli-Renko, autio & sa-pienza, 2001; Brito & Costa e silva, 2009).

esto es así porque, tal como se estableció en la introduc-ción, los conocimientos necesarios para enfrentar los desa-fíos que impone el ds no están ubicados en un solo actor y además no existe una única manera de enfrentarlos (Roome, 2001; loorbach et al., 2010), haciendo que el co-nocimiento existente sea difuso. Con ello, el lugar donde se producen las innovaciones es precisamente en la red de aprendizaje y a través del intercambio social (Powell et al., 1996; Håkansson & Henders, 1992).

a esta red de relaciones algunos autores la denominan “ca-pital social” (yli-Renko et al., 2001). así, las colaboraciones para el ds generan un verdadero capital social cuando se da: i) el desarrollo de un sistema de normas más bien infor-males que guían la relación entre actores y llevan a que los actores amplíen sus límites de acción operativa más allá de lo que la jerarquía organizacional impone (Håkansson & snehota, 1989; Håkansson & Henders, 1992; araújo, du-bois & Gadde, 2003); ii) la generación de estrechos lazos que se forman al compartir recursos esenciales (Powell et al., 1996; yli-Renko et al., 2001) y al acceder a ‘capaci-dades indirectas’, que no son propias de la organización y que surgen precisamente al ampliar los límites operativos de la organización (loasby, 1998; araújo et al., 2003); y iii) el desarrollo de confianza entre las partes (Whetten, 1981; Brito & Costa e silva, 2009).

Para una empresa que pretende generar beneficios eco-nómicos y, a la vez, valor social y medioambiental, entrar en este tipo de redes de aprendizaje es fundamental, pues se genera valor de una manera que no es fácilmente imi-table por otras organizaciones. ser partícipe de estas redes supone por un lado la adquisición de recursos a los que firmas fuera de la relación no pueden acceder (yli-Renko et al., 2001), así como la creación de habilidades únicas necesarias para la coordinación y dirección de la red, pero que no todas las empresas son capaces de generar (Wheeler, mckague, thomson, davies, medalye & Prada, 2005).

Ventajas y desventajas del modelo relacional como marco para las colaboraciones para el ds

Hasta el momento, la evidencia empírica de las colabo-raciones intersectoriales no es conclusiva respecto a sus resultados socio-medioambientales y económicos. Por un lado, se han encontrado una serie de casos de éxito (Cf. seKn, 2005; arenas et al., 2011; arenas et al., 2013; seita-nidi & Crane, 2009), pero, por otro lado, se han obtenido también casos de rotundos fracasos desde la perspectiva de alguno de los actores involucrados en la colaboración



(stafford, Polonsky & Hartman, 2000). también se han lo-grado casos que en realidad responden a simples acuerdos de financiación, apoyo a iniciativas por parte de alguno de los actores, o actividades de características filantrópicas (Jamali & Keshishian, 2009), y no iniciativas colaborativas que se basen en la igualdad relativa de poder y legitimidad (scherr & Gregg, 2006).

Una de las razones (aunque no la única) que puede ex-plicar esta evidencia contradictoria en resultados es que, según lo señalado en secciones precedentes, las configura-ciones clásicas del estado de Bienestar de muchos países representan un obstáculo para crear las necesarias redes de aprendizaje y de generación de capacidades indirectas entre los distintos actores sociales. ello dificultaría su aporte efectivo al ds.

también hay que consignar que en el modelo de gober-nanza política del estado del Bienestar clásico, uno de los principales incentivos que tienen las empresas para cola-borar es la simple reputación social para liberarse así de ser examinadas constantemente sobre si cumplen o no con determinadas regulaciones. esta falta de incentivos ocurre porque desde una perspectiva empresarial cualquier coo-peración supone, en mayor o menor grado, una pérdida de poder y control (de sus acciones) (aiken & Hage, 1968; van de ven, 1976; van de ven & Ferry, 1980).

en este sentido, la tendencia natural de una empresa a formar colaboraciones para el ds sería menor en los mo-delos clásicos de estado del Bienestar. esta reticencia em-presarial se debe a que en estos modelos el poder y la legitimidad están concentrados en el estado y la agenda del ds la planifica, dirige y controla ese actor, sin que exista una participación activa del mercado o de la so-ciedad civil en la elaboración y supervisión de esta agenda.

Por otra parte, en un enfoque clásico de estado del Bien-estar, el mercado estaría poco abierto a involucrarse en colaboraciones para el ds porque supone riesgos de tipo financiero y operativo para las empresas (Hartman et al., 1999b). si el estado es un actor relevante en la eco-nomía, mediante su intervención puede cambiar los equi-librios micro y macroeconómicos con el objeto de validar su agenda (y ganar votos, lo que le da legitimidad) y ello puede ir en detrimento de los intereses del mercado. en el caso de las colaboraciones para el ds esta dinámica podría impedir que las empresas emprendan grandes in-versiones sociales o medioambientales. del mismo modo, se trata de un riesgo operativo puesto que, si es el estado el que fija unilateralmente las reglas, es este actor el que en definitiva planifica y dirige la agenda para el ds en forma unilateral, lo que lleva al problema de que nada ase-gura que esas reglas se mantengan en el tiempo. en un

modelo Relacional, precisamente la existencia de una rela-tiva equivalencia de poder y legitimidad diluye los riesgos mencionados que el mercado asumía en el modelo clásico.

además, si el tamaño y poder relativo de los actores son muy distintos -lo que ocurre en el caso del estado del Bien-estar clásico- el conflicto entre las partes no se reduce, sino todo lo contrario (Coglianese, 1999). de esta forma, al no existir relaciones de poder equilibradas y no tomar en consideración de verdad las perspectivas de todos los integrantes de la colaboración, se perdería la confianza entre las partes. Cuando no existe confianza mutua, los involucrados se reservan sus verdaderas intenciones (la lla-mada “agenda oculta”) y solamente aceptan soluciones que no exijan un alto grado de compromiso organizacional (Ring & van de ven, 1992; Whetten, 1981). en este sentido, dadas sus características, el modelo Relacional se presenta como un marco que quiere facilitar la confianza dado que los actores están en un nivel equivalente de competencia en relación a temas de ds, por lo que buscan una solución sostenible de manera conjunta y coordinada.

es por todo lo anterior que puede hablarse de un encaje entre la nueva configuración de gobernanza relacional con las colaboraciones para el ds. en particular, se puede sin-tetizar la manera en que estas colaboraciones se ven faci-litadas en cinco aspectos:

1. sistema de regulación (factor político). se cambia el enfoque rígido de regulación basado en la obliga-toriedad y el control hacia un enfoque participativo, donde el mercado asume un rol de co-responsabilidad frente al ds. esto no garantiza que se reduzcan los con-flictos entre actores de distintos sectores, pero los em-puja a trabajar conjuntamente.

2. incentivos para el ds (factor económico). la nueva forma de fiscalizar ya no contempla sólo instrumentos punitivos, sino también instrumentos estimulantes para que la empresa establezca estrategias proactivas para la acción sostenible. dentro de este tipo de ins-trumentos se puede contar con productos de inter-mediación financiera o incentivos tecnológicos y de capacitación, lo que puede llevar a la reducción de los costes operativos y a una mayor flexibilidad para la em-presa, pudiendo generar ventajas estratégicas a partir de ello.

3. participación o integración (factor socio-político). las empresas son reconocidas como actores funda-mentales para lograr el ds. la sociedad civil, princi-palmente a través de las onG, presiona para que las empresas y los gobiernos tomen la iniciativa para en-contrar soluciones, pero también colaboran con ellos.

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4. cambio de mentalidad (factor cultural). la acción empresarial, la acción política y la acción civil se dejan de ver como competidoras y amenazadoras, como un juego de suma zero. disminuye la resistencia natural y se establecen las bases para la confianza mutua.

5. aprendizaje (factor económico y cultural). todos los actores sociales aprenden a valorar las perspectivas de los otros y a incluir en sus decisiones esas perspectivas. Con este aprendizaje social, la empresa puede crear más valor económico, pero también aporta a la mejora de la sostenibilidad medioambiental y social al com-partir información.

si bien las variables expuestas permiten comprender las ventajas que el modelo Relacional tendría para las cola-boraciones para el ds, este modelo también puede dar pie a nuevas interrogantes que deben ser tenidas en cuenta:

1. los roles derivados de la gobernanza relacional no siempre se cumplen o son difíciles de lograr por los incentivos tan distintos que persiguen los actores (stafford et al., 2000; Palmujoki, 2006). el caso más complejo es el de las onG, que al cumplir múltiples roles debido a la nueva gobernanza enfrentan cons-tantemente el riesgo de perder su legitimidad, puesto que la opinión pública puede considerar que están sir-viendo a intereses contrapuestos (Kamat, 2003; Brown & moore, 2001; mathews, 1997). si este actor (u otro) pierde su legitimidad, se rompen los equilibrios que sus-tentan el modelo y obviamente los acuerdos que en be-neficio del ds se puedan conseguir.

2. Pese a que se han definido los roles para cada actor en este tipo de colaboraciones según la gobernanza rela-cional, lo cierto es que se puede presentar el problema de free-rider por parte de alguno de los actores sociales invo-lucrados. efectivamente, una parte pudiera tener incen-tivos para asumir una actitud pasiva en la colaboración, dado que es verdaderamente difícil medir la contribución concreta de cada actor. esto podría desincentivar la ac-ción de los otros participantes y dañar la confianza.

3. se puede presentar un exceso de confianza por parte del estado al apoyarse en los sistemas de co-responsabilidad y de autorregulación del mercado, o en la función de vigi-lancia de las onG respecto al mercado, lo que puede re-dundar en esfuerzos regulativos laxos que no contribuyen ni siquiera a dejar las reglas de juego en claro.

4. el modelo relacional puede ser percibido críticamente como un intento de privatizar las responsabilidades principales del sistema democrático. esto puede ser visto como un mal menor dentro de un contexto de globalización económica en el que se ve disminuido el

poder regulatorio de los estados y Gobiernos o como un intento de aumentar la influencia de las empresas y los directivos en la esfera política y social. si son vistas como contribuyendo a aumentar el déficit democrá-tico o erosionando un marco claro sobre cómo se es-tablecen condiciones de justicia, la legitimidad de las colaboraciones para el ds ante la sociedad en general se vería seriamente comprometida.

conclusiones e investigaciones futuras

el modelo Relacional es un sistema de gobernanza política que se comenzó a discutir a mediados de los 90 como res-puesta a las dificultades del modelo de estado del Bienestar. dados los actuales acontecimientos políticos, económicos y sociales en países del viejo continente como Grecia, españa y Francia, parece reafirmarse la idea de una crisis del estado del Bienestar y la transición hacia un nuevo modelo de go-bernanza emanado del enfoque anterior.

Por su parte, la problemática del ds ha crecido a la par con la globalización; sin embargo, hasta principios de este nuevo milenio no se han empezado a aplicar soluciones concretas al problema. la complejidad de los desafíos que plantea el ds hace imposible que un actor social de forma aislada pueda contribuir a solucionarlos de forma efectiva y eficiente. es ahí cuando se ve el encaje del mo-delo Relacional con la necesidad de diálogo e interacción en igualdad de condiciones entre distintos actores sociales -con agendas muy distintas- con el objeto de establecer soluciones concretas al ds, como se ha argumentado a lo largo de este artículo.

en el modelo Relacional las empresas y las organizaciones de la sociedad civil rivalizan con el poder que el estado ostenta en el modelo clásico de estado del Bienestar, a través de las nuevas funciones que estos sectores quieren o se ven empujados a asumir. lo anterior facilita el diálogo más allá de los intereses primarios de cada actor, gene-rando soluciones más holísticas a los desafíos del ds.

aunque hayan sido a veces cuestionadas, las certificaciones de gestión medioambiental son en propiedad sistemas co-laborativos emanados de la incipiente nueva gobernanza relacional del mundo, ya que por lo general son producto del diálogo entre distintos actores sociales (Pattber, 2005; Palmujoki, 2006). Por ejemplo, normas como iso 14001, Forest Stewarship Council (FsC) o la Programme for the En-dorsement of Forest Certification schemes (PeFC) y el Ma-rine Stewarship Council (msC), o el proceso que se vivió para elaborar el estándar iso 26000 de RsC responden en mayor o menor medida al producto de un diálogo intersec-torial, aunque en estos casos es un diálogo intersectorial



en una gobernanza de nivel global (scherer & Palazzo, 2008) y no gobernanza nacional, siendo justamente esta carencia lo que otorga relevancia a la discusión introdu-cida en este estudio.

Con todo, surgen al menos tres cuestiones importantes que merecen ser profundizadas en investigaciones fu-turas. la primera es que si se toma como base que la co-laboración entre actores es una prueba de la existencia y los logros del modelo relacional, se pueden confundir los efectos. Por ejemplo, en muchos países en vías de desa-rrollo que se cuenta con evidencia de colaboraciones multi-actorales, existen deficiencias democráticas como estados con poca legitimidad, sociedades civiles con bajo nivel de participación y mercados bastante poderosos. estas carac-terísticas son contradictorias con lo que en este artículo se ha discutido como modelo relacional. Habría que estudiar si estas colaboraciones intersectoriales obedecen a la ló-gica del modelo Relacional u a otra lógica, y si realmente aportan al ds.

en segundo lugar, habría que profundizar sobre el tipo de relación de poder entre los actores. Contrariamente a lo propuesto en este artículo, podría suceder que en casos de igualdad relativa de poder entre los actores, éstos estable-cieran sus puntos de forma clara y precisa, y no llegaran a la colaboración. en cambio, podría ocurrir que en casos de desequilibrio de poder emergiera la colaboración en tanto que uno de los actores -probablemente el mercado o el estado- detenta gran parte del poder y los otros, al ver que nada pueden hacer contra él, prefieren la opción de “aliarse con el enemigo”. Por tanto, en investigaciones fu-turas de tipo empírico se podrían comparar colaboraciones para el ds en las que parece haber equilibrios de poder con otras en las que no se percibe este equilibrio, para comprobar cuáles encuentran más dificultades internas y cuáles pueden mostrar más aportes al ds.

el tercer aspecto que merece ser profundizado en futuras investigaciones es que, si bien la dinámica del modelo Re-lacional se ha presentado como una evolución del modelo clásico de estado de Bienestar en cualquiera de sus con-figuraciones, tal vez sea necesario investigar sobre la de-pendencia que pueda existir entre el tipo de configuración específica de estado de Bienestar que permite el paso al mo-delo Relacional. es plausible pensar que alguna de las confi-guraciones previas, en tanto que permanece como parte de la herencia histórica de un país, facilite mejor que otras las verdaderas colaboraciones intersectoriales para el ds.

Para todo lo anterior, se sugiere comenzar con estudios comparativos de tipo cualitativo de la realidad socio-polí-tica de cada país, para ver qué tipo de gobernanza socio-política existe, cómo se presenta la distribución de poder

entre actores y cómo ha evolucionado el sistema de gober-nanza para permitir el desarrollo de este tipo de colabora-ciones, y de ser así, qué es lo que motiva realmente a las empresas a incorporarse en este tipo de colaboraciones.


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correspondencia: Camino de vera, s/n, 46022- Valencia (España).

citación: Paixao-Barradas, s.; Hernandis, B.; maciel, K.m. & agudo, B. (2014). integración del diseño en las empresas portuguesas, del sector de la transformación de la Piedra natural: definición de un perfil. In-novar, 24(53), 211-221.

clasiFicación jel: d02, l72, o32.

recibido: septiembre 2011; aprobado: septiembre 2013.

integración del diseño en las empresas portuguesas, del sector de la transformación de la piedra

natural: definición de un perfil

Susana Paixão-BarradasProfesora en la Univèrsitat Politécnica de Valencià (UPv), doctora en diseño y fabricación de productos industriales. Correo electrónico: [email protected]

Bernabé Hernandis OrtuñoProfesor titular en la Univèrsitat Politécnica de valencià (UPv), doctor en ingeniería industrial. Correo electrónico: [email protected]

Karla Mazarelo Maciel PachecoProfesora en la Universidad Federal do Amazonas (UFam) doctora en diseño y fabricación de productos industriales. Correo electrónico: [email protected]

Begoña Agudo Vicenteinvestigador en la Univèrsitat Politécnica de valencià, licenciada en investigación y técnicas de mercados. Correo electrónico: [email protected]

resUmen: el posicionamiento de las empresas del sector de la piedra natural de Portugal sufre una recesión en los mercados emergentes. el diseño, como actividad integrante de la innovación y de la gestión estratégica empresarial, tiene un papel deteminante en el crecimiento, en la interna-cionalización y en la competitividad de las empresas. Por esto, mediante encuestas realizadas por internet a las empresas que participaron en la feria PedRa – Batalha, Portugal – se ha pretendido evaluar los diferentes aspectos del diseño mejor valorados por ellas, así como identificar el perfil de aquellas que se diferencian específicamente por el diseño. los resultados obtenidos indican que ninguna de las empresas entrevistadas tiene departamento de i+d+i, incluso las que dicen dife-renciarse por el diseño, y además no aprecian la mayoría de las aportaciones que el diseño puede ofrecer a una empresa; sin embargo, valoran expresamente los atributos del material: la resistencia, la textura o el carácter único de éste, siendo la característica que utilizan como estrategia de diferenciación en los mercados. Podemos concluir, por lo tanto, que existe la cultura, la experiencia y un conocimiento técnico muy profundo sobre el material en el sector, pero no existe un modelo que fomente la integración entre la gestión del diseño y los valores de innovación, diferenciación y competitividad, por lo que se pierden continuas oportunidades en la innovación en productos en piedra natural mediante el uso de diseño.

palabras claVe: Piedra natural, Gestión del diseño, valor del diseño.

introducción

en los últimos años, el sector mundial de transformación de la piedra na-tural sufrió un cambio estructural, con la entrada de los denominados mer-cados emergentes: China, india, irán, egipto, entre otros; según algunos autores, estos países asumirían en un futuro próximo la posición de li-derazgo en el sector (Pocar, 2010). esta consideración, junto con la crisis financiera global iniciada en el 2007 en estados Unidos, implicó que los países europeos se encontraran con una fuerte reducción de la demanda en los principales mercados consumidores de piedra natural.

integration oF design in portUgUese natUral stone processing companies: deFining a proFile

abstract: Portuguese natural stone processing companies are suffering a decline in emerging markets. design, as an integral component of inno-vation and strategic business management, plays a vital role in a compa-ny’s growth, internationalization and competitiveness. By conducting an internet survey with companies that participated in the PedRa trade fair in Batalha, Portugal, the value these firms place on design was analyzed. the profile of companies that differentiate themselves based on design was also identified. Results indicate that none of the companies surveyed have an R&d department, not even those that differentiate themselves based on design. nor did these companies value the majority of benefits that design offers. they do, however, expressly value the qualities of the material they work with (its durability, texture and unique character) and use these to differentiate themselves in the market. it can be concluded that there is experience, deep technical knowledge and a culture related to the product in this sector, but there is no model to encourage the integra-tion of design management into values of innovation, differentiation and competitiveness. as a result, opportunities for product innovation with natural stone are continually missed.

Keywords: natural stone, design management, value of design.

intÉgration dU design dans les entreprises portUgaises de la transFormation de la pierre natUrelle: dÉFinition d’Un proFil

rÉsUmÉ : le positionnement des entreprises du secteur de la pierre na-turelle du Portugal connaît une récession sur les marchés émergents. le design, comme activité intégrante de l’innovation et de la gestion straté-gique entrepreneuriale joue un rôle déterminant dans la croissance, l’in-ternationalisation et la compétitivité des entreprises. Ce qui a motivé, au travers d’enquêtes effectuées par Internet auprès des entreprises qui ont participé à la foire PEDRA, à Batalha, au Portugal, d’évaluer les différents aspects du design qu’elles valorisent le plus ainsi que d’identifier le profil de celles qui se distinguent particulièrement par le design. les résultats montrent qu’aucune des entreprises consultées ne possède de service i+d+i [intégration+design+innovation], y compris celles qui déclarent se distinguer par le design, et, en outre, elles ne reconnaissent pas la plupart des avantages que celui-ci peut offrir à une entreprise. Par contre, elles valorisent expressément les qualités du matériau : sa résistance, sa tex-ture ou son caractère unique, caractéristiques qu’elles utilisent dans leur stratégie de différentiation sur les marchés. Par conséquent, nous pouvons conclure qu’existent la culture, l’expérience et une connaissance technique très profonde du matériau dans le secteur mais pas de modèle qui stimule l’intégration de la gestion du design et les valeurs d’innovation, de diffé-rentiation et de compétitivité, ce qui signifie que se perdent continuelle-ment des opportunités dans l’innovation de produits en pierre naturelle par un recours au design.

mots-clÉs : Pierre naturelle ; gestion du design ; importance du design.

integração do design nas empresas portUgUesas do setor da transFormação da pedra natUral: deFinição de Um perFil

resUmo: o posicionamento das empresas do setor da pedra natural de Portugal sofre uma recessão nos mercados emergentes. o design, como atividade integrante da inovação e da gestão estratégica empresarial, tem um papel determinante no crescimento, na internacionalização e na competitividade das empresas. Por isso, mediante pesquisas, realizadas pela internet com as empresas que participaram na feira PedRa – Ba-talha, Portugal – pretendeu-se avaliar os diferentes aspectos do design mais bem avaliados por elas, bem como identificar o perfil daquelas que se diferenciam especificamente pelo design. os resultados obtidos indicam que nenhuma das empresas entrevistadas tem departamento de i+d+i, incluindo as que dizem diferenciarem-se pelo design e, além disso, não apreciam a maioria dos aportes que o design pode oferecer a uma em-presa. no entanto, elas dão valor expresso aos atributos do material: a resistência, a textura ou o caráter único deste, sendo a característica que utilizam como estratégia de diferenciação nos mercados. Podemos con-cluir, portanto, que existe a cultura, a experiência e um conhecimento técnico muito profundo sobre o material no setor, mas não existe um mo-delo que estimule a integração entre a gestão do design e os valores de inovação, diferenciação e competitividade, motivo pelo qual perdem-se contínuas oportunidades na inovação em produtos em pedra natural me-diante o uso de design.

palaVras-cHaVe: pedra natural, gestão do design, valor do design.

Gestión de producción y tecnología



en el caso de Portugal esto implica que, tras constituirse este sector como una referencia mundial en el orden pro-ductivo, de exportación y de ventas, nos encontremos frente a una carencia significativa de dinamismo de la de-manda interna. esto, a su vez, dificulta su apertura en los mercados internacionales y plantea problemas de adap-tación de su oferta, mostrando una deficiente estructura productiva, que pueda hacer frente a la situación en este nuevo contexto. estas consideraciones exigen que las em-presas adopten una postura positiva y pro-activa para su-perar esta situación, planteando una nueva estrategia que pase por la mejora de la competitividad (esteves, 2007).

según otros autores, la estrategia de una empresa debe incluir los principios del marketing global, buscando un efecto positivo en el desempeño, tanto en la empresa como en su influencia en el mercado mundial (Craig & douglas, 2000; Kustin, 2010; Zou & Cavusgil, 2002).

la innovación tecnológica de procesos, materiales y pro-ductos se convierte en el concepto clave del mundo de los negocios, en que la economía mundial trata de escapar de un período de recesión significativo (Kim & Huarng, 2011), que influye, no sólo sobre la viabilidad de la empresa, sino que también lo hace sobre el cambio social y económico (sorensen & stuart, 2000). el desarrollo de productos y su alianza con la innovación son considerados como princi-pios vitales para el éxito de la empresa (yalcinkaya, Ca-lantone & Griffith, 2007), siendo el marco de referencia el plan estratégico y marketing de éstas.

en este escenario, cada vez más abierto y competitivo, mu-chas empresas empiezan a preocuparse por desarrollar es-trategias defensivas, que eviten la pérdida indiscriminada de clientes. Para llevar a cabo con éxito su estrategia, ne-cesitan componer una oferta de servicios que aporte un valor diferencial a los clientes. ese valor percibido es la principal variable de evaluación, por parte del consumidor, y la variable sobre la cual las empresas deben trabajar (Ga-llarza & Gil, 2011).

el diseño se constituye, por tanto, según diferentes au-tores, como un valor ineludible para que las empresas crezcan, así como para que sus productos y servicios sin-tonicen con las demandas y expectativas de sus clientes (Callejón, 2005). según Callejón, el diseño, correctamente gestionado, constituye una fuente de ventajas competi-tivas, una eficaz metodología para la innovación de pro-ductos y procesos, y un factor de rentabilidad económica interesante para cualquier sector.

Por el contrario, si consideramos la innovación desde la ta-xonomía de las empresas (Pavitt, 1984) en el sector de la piedra nos encontramos con empresas muy dominadas por

el proveedor. Pero desde las posibles acciones innovadoras a emprender, existen los denominados procesos de inno-vación abierta (Ubeda & moslares, 2008) donde la coope-ración con profesionales externos puede ser una estrategia factible para empresas pequeñas.

Hay autores (martin, 2009) que proponen el Design Thin-king, como factor de innovación, sugiriendo que, para in-novar y ganar, las empresas deben apostar por el diseño. otros (viladàs, 2008) se basan en el Design Ladder y otras metodologías para analizar la incorporación del diseño en las empresas y cómo afecta a la estrategia empresarial.

en algunos países de nuestro entorno, como es el caso de dinamarca, hace décadas que el diseño forma parte de su cultura siendo un factor influyente en su economía. existen centros de investigación de reconocido prestigio -como el danish design Center- que avalan la incorporación del di-seño en las empresas. el diseño se entiende y explota como un recurso disponible, tanto en el sector público como en las pequeñas empresas. los estudios estadísticos muestran que el diseño ha mejorado el rendimiento bruto de las empresas, en un 22%; las inversiones en diseño, por empresa, contri-buyen entre 18 y 34% al aumento de las exportaciones; y, en las empresas que poseían estrategia de diseño, el empleo fue notablemente más sólido (Walton, 2004).

la industria de la piedra es cada vez más competitiva y está inmersa en una fuerte bajada de precios en sus pro-ductos. a esto debemos agregar la aparición día a día de un mayor número de productos sustitutos, motivo por el que podemos observar que las empresas concurren en las ferias, con objeto de compartir el conocimiento y de ad-quirir la transferencia tecnológica del sector, y al mismo tiempo como una búsqueda de información e innovación basada en el Know-how de los demás y en la búsqueda de oportunidades.

la feria PedRa -Feira nacional da pedra, extracção de blocos, chapa serrada e produto acabado, máquinas, equi-pamentos, acessórios e ferramentas- es una feria de carácter bianual, dedicada a la producción nacional y orientada en su totalidad a dicho sector. la feria se ubica en una de las regiones donde la industria de la piedra natural es más fuerte, promoviendo su visibilidad en el mercado externo. se visualiza como un evento singular a nivel nacional, donde se presentan los diferentes tipos de rocas ornamen-tales existentes en el mercado, los productos subyacentes y las más recientes novedades tecnológicas, en cuanto a máquinas y equipos para la industria extractiva y transfor-madora, así como para sus accesorios y herramientas.

Partiendo de la consideración del diseño, como factor es-tratégico según los múltiples autores con anterioridad

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citados, que aporta valor añadido a las empresas del sector de la piedra natural y se percibe como necesario para afrontar las dificultades de la situación actual del mercado, se pretende en el siguiente estudio, conocer el estado actual de las empresas en Portugal, en cuanto a:

• los atributos de las materias primas, más valorados por las empresas a la hora de diseñar nuevos productos;

• la aportación del diseño, que en algún orden reco-nocen las empresas;

• el perfil de las empresas que adoptan como estra-tegia principal la diferenciación basada en el diseño de sus productos.

Para ello se realizó el análisis en cuanto a diferentes as-pectos, a saber: tipología de las materias primas, situación del sector, consideraciones en los procesos, valoración del diseño en los productos, aspectos del diseño a considerar, así como las metodologías para la gestión y el desarrollo de productos en el sector entre otros.

el sector de la piedra natural

las rocas ornamentales denominadas también piedras na-turales, bajo el punto de vista comercial, se clasifican en dos grandes categorías: mármoles y granitos, que corres-ponden al 90% de la producción a nivel mundial, dejando un pequeño espacio para los demás tipos: la pizarra, los basaltos, travertinos, areniscas (Peiter, 2001).

la producción mundial de piedra natural es de aproximada-mente 55 millones de toneladas/año, donde cerca de 70% se transforma en chapa y mosaico para revestimiento, 15% se dedica para piezas de arte funerario, 10% para obras estructurales y unos 5% para otras aplicaciones; teniendo en cuenta esto, se estima un consumo de 600 millones de m2/año, donde los productos cerámicos son su fuerte com-petencia en el sector de la construcción, con un consumo de 3,8 billones de m2/año (Abirochas, 2011).

Fue en el año 2002, cuando el continente asiático, encabe-zado por China, india e irán, con un 43% de la producción total en el mundo, sobrepasó a europa en el liderazgo de la producción de piedras naturales, compitiendo contra la



hegemonía de los países europeos que tradicionalmente destacaban en este aspecto -italia, españa, Portugal, tur-quía y Grecia-. China asume, a finales de los 90, la posi-ción de italia como mayor productor, principal importador de material en bruto y mayor exportador de producto ela-borado, aunque italia continúe siendo el mayor difusor a nivel de innovación tecnológica del sector a nivel mundial (mello, 2004).

el sector mundial pétreo-decorativo sigue creciendo, mani-festando diferentes progresos impulsados sobre todo por los países emergentes y, en consecuencia, gracias a esta competencia internacional, Portugal debe apostar por su internacionalización para afrontar con éxito los retos del futuro y, para ello, se analizan diferentes estrategias en base a diversos aspectos como la cualificación del per-sonal, la innovación, la certificación, la diversificación de productos, el diseño, el marketing y la promoción, dejando de lado la competencia basada en el producto estandari-zado y en el bajo precio (martins, 2008).

situación actual en portugal

la piedra natural es uno de los principales sectores en el mercado portugués en términos de cuota de exporta-ción, representando un 30,6% de la cuota de exportación mundial, con un valor de U$ 43’538.000/año (Fernandes, 2009). Portugal está situado en el grupo de países con producciones por encima de 2 millones de toneladas/año (aproximadamente 2.300 millones de toneladas/año) y un consumo interno aparente de 631 mil toneladas/año según datos de 2003 (CevaloR, 2004).

según el programa de estabilidad y crecimiento para 2010-2013, presentado por la República Portuguesa, el estímulo a la inversión privada constituye un vector esencial de la política económica, apoyando los procesos de moderni-zación de las estructuras productivas, que incluye la ca-pacitación tecnológica y capacidad de comercialización internacional, como condición esencial para que Portugal aproveche mejor la recuperación general de la actividad económica en el espacio internacional, haciendo referencia al sector de las Piedras naturales, como una de las áreas prioritarias (min-Finanças, 2010).

esta postura asumida por el gobierno debe incluir también la corresponsabilidad y apoyo prioritario de otros agentes implicados en el sector como son los Centros tecnológicos, institutos de exportación y asociaciones empresariales, cuyos pasos deben estar encaminados hacia esa misma di-rección, ya que el posicionamiento de las empresas en un nuevo mercado internacional es una tarea vital para su subsistencia en este sector (Pocar, 2010).

proceso de transformación

la mayor parte de las piedras naturales es utilizada en la industria de la construcción civil como revestimiento in-terno y externo, en pilares y columnas, también en piezas aisladas, como estructuras, tableros o pies de mesas, ban-cadas, etc., presentando ventajas en su aplicación por su resistencia, durabilidad, facilidad de limpieza y estética (Peiter et al., 2001).

Para el desarrollo de productos en piedra natural, se debe tener en cuenta que, con la extracción del material en forma de bloque, éste pasa por un primer proceso de transformación, dando origen a otros bloques o láminas serradas, que vuelven a ser procesados de nuevo a fin de obtener la forma deseada (imagen 1).

es en este segundo proceso de transformación donde se dan las principales operaciones en la elaboración de un producto en piedra natural: el corte y el pulimento; ambas añaden valor a la materia prima proveniente de las can-teras, que, con diferentes niveles de tecnología, innovación y diseño, permiten la personalización del producto solici-tado por la demanda (CevaloR, 2004).

la mejora de los procesos tecnológicos puede tener un efecto significativo en la reducción de costes y en la me-jora de la calidad del producto final, así como de la pro-ductividad, y como consecuencia de la competitividad (esteves, 2007).

consideraciones sobre el diseño industrial

la definición de diseño es amplia y variada, e incluye gran variedad de conceptos. el diseño confluye en la industria, integrando los principios de la ciencia y de la técnica con el arte. se pretende el desarrollo de productos diferenciados, competitivos, racionalizando la producción con vistas a ob-tener la satisfacción del usuario/cliente (Sunkel, 1970; Co-riat, 1976; schulmann 1994).

los conocimientos del diseño comprenden la historia del arte, la estética, la semiótica, la ergonomía; conocimientos en el área de la tecnología, de los materiales, de la ejecu-ción de modelos, de los procesos de fabricación, de la in-formática, de la física, junto con conocimientos en el área del marketing (Guimarães, moreira, Bastos, Gapski, santos & ono, 1997; antunes, 1991), entre otros.

el diseño, considerado por muchos autores como una he-rramienta estratégica, puede utilizarse en una empresa bajo diferentes opciones, con objeto de resolver los más variados y complejos problemas, siendo útil para definir y cumplir con los objetivos corporativos, de comunicación y

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marketing, de la innovación y del desarrollo de productos (Walton, 2004).

Cuando las empresas se han enfrentado a nuevos retos, demostrando su ineficiencia mediante el uso de recursos propios, y ni con la ayuda de sus gobiernos se han podido superar estas vicisitudes, el diseño se ha mostrado como un medio útil para estimular la innovación, resolviendo problemas de la sociedad y haciendo crecer la economía, mediante la creación de nuevos mercados y oportunidades de negocio (design Council, 2004).

Han surgido herramientas basadas en el diseño, como las desarrolladas por Hernandis y agustín (2007), que pro-ponen mediante el uso de modelos basados en la gestión del conocimiento proporcionar una visión sistémica del di-seño, analizando el comportamiento de los actores empre-sariales y sus relaciones con el entorno socioeconómico, así como el proceso para la gestión y desarrollo de nuevos pro-ductos dentro de una empresa -modelo de Formulación por objetivos-. Como consecuencia de este modelo, también se ha desarrollado una aplicación específica para el diseño de nuevos productos, en el que se consideran los aspectos, relacionados con diferentes áreas del conocimiento: antro-pometría, tecnología, economía, ambiente, antropología y estética, que, agrupándose en diferentes características de la Forma, Función y ergonomía, conforman los subsistemas de un modelo para el diseño de productos, modelo de di-seño Concurrente (Figura 1).

FigUra 1: Fase inicial del modelado diseño concurrente

Sistema exterior

Suprasistemas

Subsistema de referencia

Subsistemas

fundamentales

Volúmenes de usoSuperfice de uso

Límites de contorno

Subsistemas

Componentes

Elementos

Formal Funcional Ergonómico

Fuente: Hernandis y agustin (2007).

en la actualidad existen múltiples modelos que, bajo la de-nominación de diseño sistémico, son la avanzadilla del uso de diseño como estrategia integrada en las empresas, to-mando en consideración su entorno socioeconómico local y/o internacional (Rivera, Hernandis & González, 2013).

Valor de diferenciación del diseño en las empresasexisten diferentes problemáticas, detectadas en diversos estudios, que versan sobre la incorporación del diseño en las empresas; éstas aluden a la vocación de las em-presas por invertir en lo que los empresarios entienden por

imagen 1: proceso de transformación del material/producto




‘diseño’, destacando como problemas más representativos: la carencia de una estrategia empresarial, la falta de cohe-rencia entre el discurso y realidad de la empresa, y el des-conocimiento de los aportes del diseño a la empresa (ariza & Ramírez, 2007).

Quizás más por instinto de supervivencia que por conoci-mientos, si analizamos el motivo que en la situación ac-tual de las empresas las empuja a considerar el diseño y a utilizarlo como una herramienta de diferenciación y mejora empresarial, podremos observar que según los re-sultados de un estudio realizado en españa, sobre el im-pacto del diseño en la economía de las empresas, las que más crecen son las que demuestran hacer un mejor uso del diseño (ddi, 2005). los resultados de dicho estudio concluyen que cerca del 70% de las empresas españolas afirman tener en cuenta de alguna manera el diseño en su estrategia, y que tres de cada cuatro empresas con ventas crecientes consideran el diseño como un aspecto relevante de su gestión.

Un estudio posterior, realizado también por el ddi (2008) bajo las mismas bases, con el fin de hacer un seguimiento a la evolución de los diferentes indicadores, muestra que la contratación de los servicios de diseño, así como la con-tratación de diseñadores, ha aumentado y se destaca la mayor incidencia del impacto del diseño en la cifra de facturación.

existen informes a nivel mundial sobre el sector de la piedra natural (torres & Carrera, 2010) donde se analiza el comportamiento del sector y se concluye que, tras las con-secutivas bajadas de los últimos años, en 2010 existe una pequeña recuperación rompiéndose la tendencia al des-censo. en 2008, la recesión de la exportación en piedra en Portugal sufre un descenso del 22,1% frente a un 12,6% de españa. la diferenciación se convierte en una de las principales armas para corregir la situación. estrategias de diferenciación como las empleadas por el grupo Con-sentino en españa permiten augurar la existencia de he-rramientas innovadoras a través de la investigación y de los departamentos de i+d+i, que pueden romper las ten-dencias negativas en el sector. Podemos citar otros casos de empresas con éxito como levantina, que mediante una fuerte inversión en su departamento de i+d+i presenta nuevos productos en cada una de la ferias a las que acude, estando representada en múltiples países.

consideraciones sobre los atributos de los productos

el diseñador trabaja en la transformación de la materia prima en productos de consumo, siendo el intermediario

entre el conocimiento y la producción, y añadiendo la función del producto bajo los aspectos tecnológicos, eco-nómicos y socio-culturales en el entorno de su creación (teixeira, Cândido & abreu, 2001).

existen aspectos propios de cada procedimiento de diseño, que definen los atributos del producto estando a su vez intrínsecamente relacionados con la materia utilizada, y que predicen su comportamiento desde su selección hasta la definición de la forma (Gómez & valencia, 2010). asi-mismo, existen otros aspectos relacionados con la utiliza-ción de materiales naturales y sus propiedades intrínsecas, que aportan o delimitan ventajas en sus aplicaciones: el precio, por ejemplo, es un factor irrelevante frente al valor simbólico (el color, la textura y la estética), por lo que es fundamental en el desarrollo de algunos productos (Paixão-Barradas, Pacheco & Hernandis, 2011).

independientemente del sector, las características del ma-terial o del tipo de producto que la empresa produce, será competencia del diseño valorar los factores claves, pecu-liares y competitivos en todo el proceso y en cada una de sus partes, con la finalidad de posicionarlos adecuada-mente en el planteamiento estratégico de las empresas, teniendo en cuenta el contexto económico, social y cul-tural del cliente.

material y método

el estudio realizado es de índole cuantitativo y pretende ser sistemático y de carácter general para la obtención de datos (mendoza, 2006). se utilizó una encuesta para la ob-tención de la información, constituida por un cuestionario diseñado con preguntas cerradas, de respuesta única, res-puesta múltiple y de graduación unipolar, establecidas y dispuestas de acuerdo con una determinada secuencia (Briones, 1996). se distribuyó por correo electrónico y fue contestada on-line durante los meses de junio a agosto de 2011, por los principales actores empresariales, a saber: gerentes, directores y comerciales de las empresas que ha-bían participado en la feria PedRa, realizada en Batalha (Portugal) del 14 al 17 de abril de 2011.

esta edición del certamen contó con la participación de 66 empresas, de las cuales 24 se dedicaban a la trans-formación del material en producto. de las 17 empresas contactadas por correo electrónico, 15 contestaron correc-tamente al cuestionario on-line. todas las empresas parti-cipantes tenían sede en Portugal y estaban distribuidas en diferentes regiones de norte a sur, y poseían un perfil muy similar (tabla 1).

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la muestra estaba compuesta en su mayoría por pequeñas empresas (60%), con más de 20 años (53,3%) y con una facturación anual superior a 1 millón de euros (53,3%), no poseyendo ningún tipo de certificación (53,3%).

resultados

Para el análisis y estudio de los resultados, se trabajó con análisis de frecuencias, cálculo de medias y tablas de con-tingencia, utilizando el programa sPss v.17 como herra-mienta informática. se establecieron 4 tipos de resultados:

caracterización de las variables empresa-producto

la gran mayoría de las empresas trabajaba para clientes nacionales, y quien definía el diseño del producto era el propio cliente, ninguna empresa poseía departamento es-pecializado en i+d+i.

en la siguiente tabla (2) podemos observar cómo están dis-tribuidas las empresas según su actividad, el tipo de mate-rial que utilizan, tipo de producto que fabrican, así como el tipo de herramientas que utilizan.

la mayoría de las empresas contactadas estaba involu-crada en todo el ciclo productivo según las características del sector, así como en ventas con diversidad de productos; todas trabajaban con la transformación del material en producto final. trabajan en gran mayoría con piedra caliza (73,33%), aunque muchas también lo hacen con mármol (66,67%). todas las empresas producen ‘Revestimiento in-terior’ (100%) y la mayoría utiliza ‘Discos o hilos adiaman-tados o abrasivos’ (93,33%) como herramienta.

se presentó a las empresas un listado de variables para que realizaran su valoración sobre diferentes aspectos del diseño. Como podemos observar en la tabla 3, existen va-riables analizadas como los ‘Medios de comunicación’, la ‘Diferenciación’ del producto, el ‘Coste’ y los ‘Acabados’, que destacan sobre las demás.

tabla 1: clasificación de la muestra (preguntas de respuesta múltiple)

tamaño edad Facturación anual certificación

7%

13%

60%

27%Micro

Pequeña

Mediana

7%13%

20%7%

53%JovenNuevaMediaAdultaHistórica

13%

20%

7%53%

100-200mil€200-500mil€500-750mil€750-1000mil€>1000mil€

47%53%

ISO 9001

Ninguno


tabla 2: caracterización de las empresas (preguntas de respuesta múltiple)

actividad tipo de piedra tipología de producto Herramientas

extracción 46,67% Granito 40% Rev. exterior 80,00% Disco/hilo adiamantados 93,33%%

P. semi-elab. 80,0% Basalto 26,67% Rev. interior 100% Piedras para desbaste 33,33%

P. elaborado 100% areniscas 6,67% Pavimento 93,33% CnC 73,33%

dist. mayo. 46,67,% P. Caliza 73,33% estructura 66,67% manuales 46,67%

dist. mino. 46,67,% travertinos 33,33% equip. Urb Urbano 46,67% otros 33,33%

mármol 66,67% arte Funerario 33,33%

Pizarra 26,67% artesanías 33,33%

otros 6,67%


tabla 3: Variables (preguntas respuesta única)

medios comunicación diferenciación coste acabados material compl.

Catálogos 60,0% t. piedra 73,3% m bajo coste 6,7% Pulido 73,3% vidrio 20,0%

F. nacional 26,7% acabados 6,7% Bajo coste 53,3% semi-mate 6,7% madera 20,0%

F. intern. 6,7% servicio 13,3% Coste med. 26,7% mate 20,0% metal 6,7%

otros 6,7% diseño 6,7% Coste alto 6,7% ninguno 46,7%

Coste lujo 6,7% otro 6,7%




las empresas publicitaban, principalmente, sus productos a través de catálogos (60%), y ninguna utilizaba las herra-mientas de comunicación virtuales disponibles actualmente como principal herramienta de comunicación. afirman que su producto se diferencia en el mercado esencialmente por el ‘Tipo y calidad del material’ (73,3%), trabajando para un cliente que exige, principalmente, producto de bajo coste (53,3%) y que prefiere el ‘Pulido’ (73,3%) como acabado.

sobre la pertinencia de añadir otro material a la piedra como material complementario, las empresas no fueron muy receptivas: el 46,7% de la muestra no añadirían ningún material y el 40% está entre la madera y el vidrio, excluyendo como primeras opciones el corcho, la cerámica y los plásticos.

atributos del material valorados en el proceso de diseño

se presentó un listado de atributos a valorar en el pro-ceso de diseño, sobre las características intrínsecas del propio material (tabla 4), donde la mayoría de los atri-butos fueron considerados ‘Importantes’ (media ≥ 3) en una escala de 1 a 4 – donde 1 significa ‘nada importante’ y 4 ‘muy importante’.

tabla 4: atributos del diseño

atributos total (media)

Friendly 3,20

Carácter único 3,07

Color 3,07

Composición 2,87

Geometría 2,73

impermeabilidad 3,13

manutención 3,00

Resistencia 3,47

sensación de protección 2,93

sensación de seguridad 3,00

textura 3,20

acabado 3,40

transmisor de energía 2,47

valor histórico 2,73

valor cultural 2,73


Las empresas consideraban como atributos ‘importantes’ (media ≥ 3): la Resistencia, el Acabado, el Friendly, la tex-tura, la impermeabilidad, el Carácter Único, el Color, la manutención y la sensación de seguridad que el material

transmite; como atributos ‘poco importantes’ (media ≤ 2): la sensación de Protección, la Composición, la Geometría, el valor histórico, el valor cultural y el hecho de ser buen transmisor de energía.

aporte del diseño a las empresas

en cuanto a la valoración de las empresas, relativas al papel del diseño dentro de su política estratégica, sola-mente tres conceptos de los constatados en la tabla 5 fueron considerados como ‘Importantes’, con una media ≥ 3 (siendo 1 ‘Poco importante’ y 4 ‘Muy importante’).

tabla 5: Valor del diseño

aporte del diseñototal

(media)

Garantiza la satisfacción del cliente 3,00

Garantiza la fidelidad del cliente 2,93

mejora la estética del producto 3,07

Mejora la relación calidad/precio del producto 2,87

mejora la comodidad en el uso del producto 2,67

mejora el aprovechamiento del material y sus características particulares/naturales

2,87

mejora la sostenibilidad en el proceso productivo 2,80

mejora las ventas y la proyección de la empresa 3,20

Crea seguridad en la empresa 2,87


Las empresas consideraron que el Diseño es ‘Importante’ dentro de éstas (media ≥ 3), esencialmente porque: ‘Me-jora las ventas y la proyección de la empresa’, ‘Mejora la es-tética del producto’ y ‘Garantiza la satisfacción del cliente’; consideran ‘Poco importantes’ (media ≤ 2) los aspectos: ‘Garantiza la fidelidad del cliente’, ‘Mejora la relación Ca-lidad-Precio del producto’, ‘Mejora el aprovechamiento del material y sus características particulares/naturales’, ‘Crea seguridad dentro de la empresa’, ‘Mejora la sostenibilidad del proceso productivo’ y ‘Mejora la comodidad en el uso del producto’.

perfil de las empresas que se diferencian por el diseño

teniendo en cuenta las respuestas dadas en las preguntas anteriores, se analizó, mediante el uso de tablas de contin-gencia, la relación de aquellas empresas que se diferencian por el diseño, con las diferentes preguntas de clasificación y variables del diseño, a fin de poder identificar el perfil de éstas (tabla 6).

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tabla 6: perfil de las empresas

tipo de empresasaspectos de diferenciación

totalt piedra acabado servicio diseño

tamaño micro 9,1% 0% 0% 100% 13,3%

Peque 72,7% 100% 0% 0% 60%

media 18,2% 0% 100% 0% 26,7%

tipo de piedra Granito 36,4% 0% 0% 0% 26,7%

Basalto 9,1% 0% 0% 0% 6,7%

Caliza 27,3% 100% 50% 0% 33,3%

mármol 27,3% 0% 50% 0% 26,7%

Pizarra 0% 0% 0% 100% 6,7%

Colaboraciones externas Cent. tecnológicos 36,4% 0% 50% 0% 33,3%

asociaciones 54,5% 100% 0% 0% 46,7%

Universidad 9,1% 0% 0% 0% 6,7%

otras 0% 0% 50% 0% 6,7%

ninguna 0% 0% 0% 100% 6,7%

tipo de cliente nacional 81,8% 100% 0% 100% 73,3%

europeo 0% 0% 100% 0% 13,3%

otro 18,2% 0% 0% 0% 13,3%

i+d+i otro dep. interno 27,3% 0% 50% 0% 26,7%

Free lance 9,1% 0% 0% 0% 6,7%

Cliente 63,6% 0% 50% 0% 53,3%

otro 0% 100% 0% 100% 13,3%

total 100% 100% 100% 100% 100%


tal y como referimos anteriormente, en la tabla 3, la ma-yoría de las empresas diferencia su producto por el tipo y la calidad del material (73,3%), siendo una minoría las em-presas de la muestra que se diferencian por el diseño de los productos, con apenas un 6,7%.

aunque la mayoría de las empresas de la muestra son pe-queñas empresas, las que se diferencian a través del di-seño son micro-empresas (menos de 10 empleados); éstas trabajan con Pizarra y no colaboran con ninguna entidad externa, en lo que se refiere al apoyo técnico, la innovación y la actualización de datos sobre materiales.

las empresas que se diferencian por el diseño se dedican, como el resto de la muestra, principalmente al cliente nacional y, para investigación, creación y desarrollo de nuevos productos, no cuentan con un departamento de i+d+i propio. es importante resaltar que ninguna empresa de las entrevistadas tiene un departamento interno espe-cializado en i+d+i.

conclusiones

el estudio desarrollado pretendió analizar la influencia del diseño en las empresas portuguesas, del sector de trans-formación de la Piedra natural, delimitando el perfil de aquellas que buscan la diferenciación utilizando el diseño como estrategia.

también posibilitó concretar los atributos intrínsecos de la Piedra natural, que las empresas del sector valoran en el diseño de nuevos productos, así como conocer el grado de importancia que estas le dan al diseño; asimismo, sirvió para definir el perfil de las empresas que se diferencian en el mercado, utilizando el diseño como principal estrategia.

mediante los antecedentes investigados se ha podido con-textualizar el sector, concluyendo que se pretende el dina-mismo de las empresas, mediante acciones conducentes a la diferenciación en la búsqueda de un posicionamiento estratégico y competitivo en al mercado.



también se ha redefinido el diseño desde su actual uso en las empresas, considerando sus diferentes niveles de inte-gración en ellas y sus múltiples campos de aplicabilidad, haciendo especial hincapié en la capacidad que el diseño como herramienta puede aportar para resolver los pro-blemas que padece actualmente este sector.

todos estos estudios se han podido abordar, mediante la uti-lización de un cuestionario, distribuido a las empresas por-tuguesas, del sector de la transformación de materia prima en producto y que participaron en la edición de 2011 de la feria PedRa (Portugal). estos nos permitieron obtener la si-guiente información sobre los objetivos planteados:

• todas las empresas trabajan con la transformación del material en producto acabado, pero ninguna cuenta en plantilla con un departamento especializado en desa-rrollo de producto (i+d+i), y la mayoría no tiene ningún tipo de certificación.

• Reconocen y valoran positivamente (como ‘impor-tante’) la mayoría de los atributos intrínsecos del mate-rial, porque la mayoría de las empresas tiene más de 20 años en el sector y están involucradas en todo el pro-ceso productivo, pero quien diseña los productos sigue siendo, mayoritariamente, el cliente.

• infravaloran (preguntas sobre aspectos contestadas mediante la respuesta ‘poco importantes’) la mayoría de las aportaciones del diseño a las empresas, al no colaborar con centros tecnológicos ni con asociaciones del sector. Queda patente que no poseen un centro in-terno de desarrollo de producto, ni tampoco una es-tructura con conocimiento específico de la disciplina.

• las empresas que utilizan la estrategia de diferencia-ción mediante el diseño son una minoría, presentando las mismas características que la mayoría, ya que no tienen departamento de i+d+i, y tampoco establecen contacto con Centros tecnológicos, asociaciones em-presariales, Universidades, etc., para la realización de estudios, pruebas, ensayos o actualización de datos, y trabajan sobre todo para el mercado nacional.

es evidente que estos resultados evidencian las principales carencias de las empresas de este sector, en materia de diseño, al no considerarlo como un aspecto fundamental para el desarrollo del mismo. estas empresas, al no po-seer departamentos de i+d+i y al no colaborar con cen-tros tecnológicos especializados, se dejan orientar por las decisiones de sus clientes, lo que conlleva a no desarro-llar políticas que contribuyan para la innovación y desa-rrollo de sus propios productos, circunscribiéndose a un mercado pequeño, provincial y/o nacional. Esta actitud no conduce al crecimiento de las empresas, ni contribuye a la

internacionalización de las mismas, por lo que no las hace competitivas en los mercados actuales.

Por tanto, deseamos que este estudio y sus resultados evi-dentemente significativos ayuden a sensibilizar a un mayor número de empresas sobre la importancia y el valor es-tratégico que el diseño tiene para la competitividad del sector, haciendo patente que la existencia de casos con-cretos de empresas del sector, que han conseguido mejorar sus resultados, demuestra la eficacia en la utilización del diseño como estrategia para la diferenciación y, por ende, que es una herramienta que por lo menos debe ser consi-derada. de igual manera, el estudio se plantea como una aportación a la disciplina y uso del diseño en el sector de la piedra.


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correspondencia: Cr 30 # 45 - 03 Ciudad universitaria, ed. 310 Cade. Bogotá, Colombia.

citación: sáenz, e. (2014). los colombianos y las redes del narcotráfico en nueva york durante los años 70. Innovar, 24(53), 223-234.

clasiFicación jel: K42, n82, n92.

recibido: diciembre 2013; aprobado: Febrero 2014.

los colombianos y las redes del narcotráfico en nueva york durante los años 70

Eduardo Sáenz Rovner1

Ph.d., profesor titular de la Facultad de Ciencias económicas en la Universidad nacional de Colombia. Correo electrónico: [email protected]

resUmen: la idea que se tiene sobre el narcotráfico desde Colombia es que éste ha sido manejado por “carteles”. lo que la evidencia empírica muestra es que además de las grandes organizaciones criminales, el narcotráfico durante las últimas décadas, y en particular durante los años 70, objeto de este escrito, ha sido un negocio abierto con innumerables participantes (incluyendo mulas “free lancers” que se constituían en microempresarios del narcotráfico), en buena parte colombianos pero también de otras nacionalidades. de ahí que la idea de carteles que ejercen poderes monopólicos, es equivocada. la información inédita con la que se escribió este ensayo es tomada principalmente de una serie de archivos norteamericanos.

Keywords: narcotráfico, nueva york, Colombia, competencia.

1. introducción

la idea que se tiene sobre el narcotráfico colombiano es que éste ha sido manejado por una estructura oligopólica de carteles. lo que la evidencia empírica muestra es que, además de las grandes organizaciones criminales, el narcotráfico ha sido un negocio abierto con innumerables participantes (incluyendo mulas freelancers que se constituían en “microempresarios” del narcotráfico), en buena parte colombianos pero también de otras nacionali-dades, fenómeno que se ha presentado durante las últimas décadas, en par-ticular durante los años 70 -período de tiempo que hace parte fundamental para el objeto de este escrito-. de ahí que la idea de carteles que ejercen poderes monopólicos sea equivocada.

el término cartel proviene de la terminología usada por organismos nor-teamericanos antidrogas y reproducidas por los medios de información del mundo, incluidos los colombianos. Utilizar dicho término da la impresión de que “la guerra de las drogas” se puede combatir -y ganar- desmante-lando y derrotando dichos carteles. Curiosamente, y remitiéndonos a los años 90, la derrota y muerte de Pablo escobar en medellín así como la entrega y captura de los hermanos Rodríguez orejuela en Cali -con su pos-terior extradición a los estados Unidos- contradictoriamente nos muestran que la guerra no se ha ganado y, por el contrario, se profundiza, ya que

1 eduardo sáenz Rovner, Ph.d., es profesor titular de la Facultad de Ciencias económicas en la Universidad nacional de Colombia. entre sus obras están los libros La ofensiva empresarial (1992, 2007), Colombia años 50 (2002), La conexión cubana (2005) y The Cuban Connection (2008). Correo electrónico: [email protected].

colombians and tHe drUg-traFFicKing networKs in new yorK in tHe 1970s

abstract: It is commonly held that Colombian drugs’ trafficking has been in the hands of the “cartels”. However, the empirical evidence shows that, in particular during the 1970s, the period on which the article fo-cuses, the phenomenon has been a permeable endeavour involving many participants in addition to large criminal organisations. these have in-cluded “freelancers” – principally Colombians but including people of other nationalities too – who have operated according to a small business model. Consequently, the belief that the cartels exercise monopoly control over the business is incorrect. the unpublished materials used to prepare this article are drawn primarily from Us archives.

Key words: Drugs’ trafficking, New York, Colombia, competition.

les colombiens et les rÉseaUx dU narcotraFic à new yorK dans les annÉes 70

rÉsUmÉ : L’idée habituelle est que le narcotrafic colombien a été dirigé par des cartels. Une approche empirique de la question montre qu’outre les grandes organisations criminelles, au cours des dernières décennies et en particulier pendant les années 70, qui font l’objet de ce travail, il s’est agi d’un trafic ouvert avec d’innombrables participants (en incluant les convoyeurs clandestins « freelance » qui s’organisaient en micro en-treprises du narcotrafic), en bonne partie des Colombiens mais aussi des ressortissants d’autres nationalités. L’idée que des cartels possédaient une sorte de pouvoir de monopole est donc erronée. L’information inédite pré-sentée dans cet article provient tout principalement d’une série d’archives nord-américaines.

mots-clÉs : narcotrafic, new york, Colombie, concurrence.

os colombianos e as QUadrilHas do narcotráFico em noVa yorK dUrante os anos 70

resUmo: a ideia que existe sobre o narcotráfico colombiano é que este tem sido dirigido por “cartéis”. O que a evidência empírica mostra é que, além das grandes organizações criminosas, o narcotráfico, durante as úl-timas décadas, e principalmente durante os anos 70, objeto deste escrito, tem sido um negócio aberto com inúmeros participantes (incluindo mulas “freelancers” que eram microempresários do narcotráfico), em grande parte colombianos, mas também de outras nacionalidades. daí que a ideia de cartéis que exercem poderes monopólicos, é errada. a informação iné-dita com a qual foi escrito este ensaio está tomada, principalmente, de uma série de arquivos norte-americanos.

palaVras-cHaVe: Narcotráfico, Nova York, Colômbia, concorrência.

Narcotráfico y sociedad



innumerables narcotraficantes colombianos siguieron ex-portando cocaína a estados Unidos y europa, creando nuevas rutas a través de la geografía de américa e incluso del África (nigeria, por ejemplo). sin embargo, la prensa colombiana ya había absorbido este término, dedicándose a hablar de “cartelitos”, conceptualmente un término aún más inadecuado.

este artículo utiliza abundante material inédito tomado de archivos, materia prima de los estudios históricos, archivos tanto colombianos como norteamericanos, éstos últimos de origen federal, estatal y municipal. también se hace una investigación de prensa, sin limitarnos a los perió-dicos de carácter nacional, sino también a prensa de cubri-miento local, orientada a diferentes sectores en la ciudad de nueva york. igualmente, el artículo es parte de una in-vestigación de largo aliento sobre el desarrollo de las redes del narcotráfico en nueva york y miami durante los años 60 y 70; ya hay varias publicaciones al respecto2 que nos demuestran que el narcotráfico no se limitaba a grandes organizaciones o carteles, sino que incluía también a una multitud de actores medianos y pequeños, en un negocio ilegal de libre entrada para quienes estaban dispuestos a asumir los riesgos legales, económicos y físicos del mismo.

* * * * *

2. el distrito de Queens y la inmigración de colombianos

a comienzos de los años 70, Jackson Heights, al noroeste de Queens, en la Ciudad de nueva york, era una comunidad de personas de origen italiano, irlandés y judío, que estaba siendo reemplazada por una creciente población hispanoa-mericana. el sector donde se concentraban los colombianos era conocido como “Chapinerito”. la mayoría de los inmi-grantes latinoamericanos eran trabajadores, como recono-cían sus vecinos. de todas formas, con el transcurrir de la década aumentaron los asesinatos relacionados con la co-caína y los negocios de los narcotraficantes colombianos,

2 eduardo sáenz Rovner, “la participación de los cubanos, los co-lombianos y los chilenos en las redes del narcotráfico en nueva york durante los años sesenta”, INNOVAR, revista de ciencias ad-ministrativas y sociales, Universidad nacional de Colombia, no. 30, (2007), pp. 133-143; “las redes de cubanos, norteamericanos y colombianos en el narcotráfico en miami durante los años sesen-ta”, INNOVAR, revista de ciencias administrativas y sociales, Uni-versidad nacional de Colombia, no. 32, (2008), pp. 111-125; “entre Carlos lehder y los vaqueros de la cocaína: la consolidación de las redes de narcotraficantes colombianos en miami en los años 70”, Cuadernos de Economía, Universidad nacional de Colombia, no. 54, (2011), pp. 107-126.

fenómeno que no ayudaba a su tranquila aceptación3. du-rante los años 60 y 70 (y aún después de esas décadas) los colombianos eran el mayor grupo de inmigrantes latinoa-mericanos en Queens4. Como sucede usualmente cuando personas de diferentes nacionalidades se mudan a un ve-cindario establecido, no faltaban las quejas; un residente mandó una carta a un periódico local quejándose de la presencia de inmigrantes ilegales quienes, supuestamente, “en nada contribuyen a la sociedad”5. en elmhurst, un ba-rrio vecino a Jackson Heights, se mencionaba “la epidemia de inmigrantes ilegales” mientras los ciudadanos protes-taban por la presencia de los extranjeros a quienes acu-saban de deteriorar el vecindario6. se calculaba que había 180.000 residentes ilegales en elmhurst, Jackson Heights y Corona, provenientes de Colombia, ecuador y vene-zuela7. el congresista mario Biaggi programó un foro en el que líderes sindicales y comunitarios argumentaron que los inmigrantes ilegales “son culpables de robar trabajos y ser-vicios [del gobierno]”8. Por otra parte, el influyente senador Jacob K. Javits repitió sentimientos comunes a políticos y a miembros de la comunidad cuando dijo “las drogas tienen aterrorizadas a nuestras comunidades. están en el corazón del crimen rampante en nuestras ciudades y sus alrede-dores […] El costo humano de la desintegración del indi-viduo, el sufrimiento de las familias, las vidas arruinadas y las muertes es verdaderamente incalculable”9. el congre-

3 alex Palmer, “Jackson Heights shops at U.n. all their own”, The New York Times julio 16 de 1970, p. 88; John l. Hess, “Colombia looks to Queens For a Key to Her election”, The New York Times, febrero 13 de 1974, p. 41; murray schumach, “enterprising Hispanic merchants Revive Block in Jackson Heights”, The New York Times, mayo 6 de 1976, pp. 39-65; david Bird, “drug-trade murders Part of Changing Jackson Hts.”, The New York Times, noviembre 20 de 1978, pp. B1, B4; vincent seyfried, “Jackson Heights”, Kenneth t. Jackson, editor, The Encyclopedia of New York City, (yale Univer-sity Press, new Haven, 1995), p. 607; Claudia Gryvatz Copquin, The Neighborhoods of Queens (yale University Press, new Haven, 2007), pp. 94-99.

4 michael Jones-Correa, Between Two Nations, The Political Predica-ment of Latinos in New York City (ithaca: Cornell University Press, 1998), p. 17.

5 The Flushing Tribune, “to the editor”, octubre 8, 1973, p. 4. (la tra-ducción al castellano de esta frase, así como de otras citas origina-les en inglés, corresponde al autor del artículo).

6 Jedd moskowitz, “elmhurst Board acts on illegal aliens”, The Flush-ing Tribune, agosto 30 de 1974, p. 3; ver también: The Flushing Tri-bune, “Confrontation over aliens”, enero 24 de 1975, p. 2.

7 david oats, “Heated Hearing Held over illegal aliens”, The Flus-hing Tribune, noviembre 22 de 1974, p. 3.

8 The Flushing Tribune. “Biaggi scores aliens”, febrero 7, 1975, p. 3.9 “Jacob K. Javits, United states senator, to the Hon. earl W. Bryd-

ges, temporary President and majority leader, the senate”, Wash-ington, mayo 4, 1971, the office of the major John v. lindsay, the new york municipal archives, Roll 37.

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sista Charles Rangel de manhattan expresó su creciente preocupación por la disponibilidad y uso de las drogas10.

todo esto se daba mientras los medios presentaban a nueva york como el “paradigma de la crisis urbana”, un centro de crimen y conflictos raciales (así las estadísticas mostrasen que el crimen en nueva york estaba dentro de la tasa promedio de las 20 ciudades norteamericanas más grandes), y una ciudad quebrada por un supuesto manejo irresponsable del presupuesto11.

los mismos inmigrantes colombianos se quejaban del cre-ciente número de narcotraficantes que eran compatriotas suyos. en un telegrama enviado al presidente misael Pas-trana Borrero le manifestaron (y hasta reprocharon): “in-dignación colonia buenos colombianos sobrepasa toda medida ante escandaloso increíble aumento tráfico drogas registran casi diariamente medios americanos. originado

10 Philip shabecoff, “President Urges a Fight on drugs. Plans message to Congress – He expresses Concern on Heroin From mexico”, The New York Times, diciembre 27 de 1975, p. 39.

11 miriam Greenberg, Branding new york. How a City in Crisis was Sold to the World, (nueva york: Routledge, 2008), pp. 60-61, 126.

en Colombia por colombianos el daño a nuestra patria es incalculable causa grave lesión colombianos aquí. Res-petuosamente exigimos demandamos su gobierno tomar urgentes más drásticas medidas fin controlar terminar se-mejante vergüenza”12. así como en miami, los narcotrafi-cantes colombianos empezaron a ser percibidos en Queens por su violencia indiscriminada13.

12 “Gustavo Puerto, Presidente, Comité 20 de Julio, a Presidente mi-sael Pastrana Borrero”, aPR, sG, 1973, Caja no. 16.

13 ver. Jill Jonnes, Hep-Cats, Narcs, and Pipe Dreams. A History of America’s Romance with Illegal Drugs (nueva york: scribner, 1996), p. 342.

en un caso particular los dos hijos de un narcotraficante colombia-no, así como la niñera hondureña que los cuidaba fueron asesina-dos en Queens, aparentemente por “una disputa por una mercan-cía que [él] robó”; ver: The New York Times, “Queens Girl, 5, slain in Home; Brother and Baby sitter missing”, diciembre 30 de 1975, p. 15; Peter Kihss, “Housekeeper Found slain With Boy, 10”, The New York Times, enero 8 de 1976, pp. 1, 35. en otro caso, dos colombia-nos procedentes de medellín que iban en un automóvil en una calle residencial de Jackson Heights fueron abaleados desde una moto-cicleta; ver: Robert mcFadden, “two Fatally shot in a Car in Queens. Gunfire From Passing motorcycle is Believed to Be drug-Related”, The New York Times, junio 10 de 1978, p. 22.



la Guerra contra las drogas, del presidente Richard nixon, y el aumento de las drogas se reflejaron en el aumento de los arrestos hechos por la Policía estatal de nueva york; éstos aumentaron 35%, 25% y 31% en 1970, 1971 y 1972, respectivamente14. el gobernador nelson Rocke-feller presentó un proyecto de ley ante la legislatura del estado que aumentaba las penas e, incluso, daría cadena perpetua a quien cometiese un crimen bajo la influencia de las drogas. los condenados no tendrían posibilidad de una eventual libertad condicional15. la ley entró en vigor a finales de 1973 y, aunque algunos traficantes trasladaron sus negocios a otros estados, el narcotráfico continuó en nueva york16. Curiosamente, a comienzos de los años 70, se culpaba más al vendedor individual, el “pusher” o “jí-baro”, que al importador de drogas. igualmente, se hacía énfasis en el tratamiento, más que en el castigo de los adictos, especialmente los heroinómanos, tal y como anotó el alcalde John v. lindsay cuando se refirió a “la plaga de la drogadicción”17. la oficina del Comisionado de la agencia de servicios contra la adicción en nueva york no sólo se-ñaló con alarma el creciente número de drogadictos, sino también insistió en el tratamiento y no en la represión de los consumidores18.

* * * * *

3. los norteamericanos

los narcotraficantes, por supuesto, no eran únicamente colombianos. antes de entrar a discutir los numerosos casos de narcotraficantes colombianos en nueva york, hay que señalar los casos de norteamericanos, muchos de los cuales importaban las drogas de Colombia y tenían la co-laboración de proveedores y mulas colombianas.

el 14 de septiembre de 1970, se arrestó en el Bronx a punta de pistola a Charles Green, de raza negra, quien para las autoridades era “el vendedor de drogas no. 1 en

14 New York State Police, 1917-1992, albany, new york, 1993, p. 60.15 Richard Rothbard, “Rocky’s Drug Plan Put to Test Before Queens

Hearing”, The Flushing Tribune, febrero 12, 1973, p. 1; “drug Bill”, The Flushing Tribune, mayo 7, 1973, p. 4.

16 New York State Police, 1917-1992, albany, new york, 1993, p. 61.17 “testimony of mayor John v. lindsay Chairman of the legislative

action Committee of the U.s. Conference of mayors before the U.s. senate sub-Committee on alcoholism and narcotics, Washington, d.C., 9:30 a.m., Wednesday, may 1971”, the office of the mayor John v. lindsay, the new york municipal archives, Roll 38.

18 “Jerome Hornblass, Commissioner adiction services agency, a abraham d. Brame, mayor of the City of new york”, enero 12, 1977, the office of the mayor abraham Beame, the new york municipal archives, Roll 1.

Harlem”. se sospechaba que tenía unos 100 “pushers” y “mulas” en un negocio de heroína y cocaína desde ecuador y Colombia, y que utilizaba “mulas” de esas nacionali-dades. tres días antes se habían capturado a cuatro de sus “mulas”, entre ellos maría Cano de escobar, una ecua-toriana que traía cocaína pegada a su cuerpo y que fue capturada en el aeropuerto John F. Kennedy (en adelante: JFK). Cano dio la información sobre Green y las otras mulas que trabajaban para la organización19.

otro narcotraficante negro importante en Harlem era Frank matthews, quien era aprovisionado de cocaína y he-roína por Rolando González, un cubano que vivía en nueva york. matthews fue capturado en 1972; pagó fianza, no se presentó al juicio y nunca más se le encontró. sin embargo, ocho de los miembros de su organización, incluyendo su mujer, fueron condenados y enviados a la cárcel20. otro narcotraficante negro en Harlem era leroy “nicky” Barnes, nacido en 1933, quien fue capturado por primera vez en 1959 cuando trabajaba para una banda de narcotrafi-cantes dominicanos. después de pagar tres años de cárcel, fue capturado nuevamente en 1965 y permaneció en la cárcel hasta 1969. Para comienzos de los años 70 era un traficante importante. aunque era conocido como “mr. Un-touchable” (“el señor intocable”), las autoridades lograron acusarlo por tráfico de heroína en gran escala en 1977 y lo condenaron a cadena perpetua. Cooperó con las auto-ridades y su información sirvió para condenar a otros 50 criminales; salió de la cárcel unos 20 años más tarde y fue puesto en un programa de protección de testigos21.

Había otros narcotraficantes norteamericanos en los años 70, tanto negros como blancos: Jesse Gray Jr. traficaba con heroína en Harlem y fue condenado a 12 años de pri-sión; Frank masullo vendía heroína y “speed” en el east village y en 1975, fue condenado a tres años de prisión; nicholas Castelgrande traficaba con heroína en el Bronx y fue condenado a siete años de prisión en 1973; thomas Burnside, fugitivo de la justicia, vendía cocaína en Upper manhattan y tenía más de 100 hombres y mujeres que había traído de su natal Carolina del sur como parte de

19 The New York Times, “top Pusher Held, U.s. agents assert, nar-cotics Suspect is Called Harlem’s Top Supplier”, septiembre 15 de 1970, p. 11; morris Kaplan, “alledged leader of Cocaine Ring in Harlem Held in $50,000 Bail”, The New York Times, septiembre 16 de 1970, p. 53; El Diario – La Nueva Prensa, “lo acusan de ser en Harlem ‘El Traficante Número Uno’”, septiembre 17, 1970, p. 12; Ron Chepesiuk, Gangsters of Harlem. The Gritty Underworld of New York’s Most Famous Neighborhood, (new Jersey: Barricade Books, Fort lee, 2007), p. 107.

20 Chepesiuk, 2007, Op. cit., pp. 107-123.21 Chepesiuk, 2007, Op. cit., pp. 123-142; Jonathan Gill, Harlem, (nue-

va york: Grove Press, 2011), p. 414.

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su red de distribución; Charles ashley vendía heroína en Columbus avenue entre las calles 80 y 90, y estuvo en la cárcel, pero salió en libertad bajo palabra; Curtis newell vendió cocaína en Flushing en Queens; Joseph di Palermo, alias Joey Beck, tenía un largo record criminal y arrestos desde 1928, además era distribuidor de drogas a gran es-cala en manhattan; James Fabbraio, distribuidor de heroína en manhattan, fue sorprendido con cinco kilos de heroína en toronto, pagó fianza y se fugó22; Frank lucas, nacido en Carolina del norte pero residente en Harlem desde 1946, viajó personalmente a vietnam para conseguir la heroína y eliminar los intermediarios, mandando droga en los fondos falsos de los ataúdes que contenían los cadáveres de los soldados norteamericanos muertos en la guerra, fue captu-rado en 1975 y condenado a 40 años de prisión23.

Zachary swan, nacido en 1926, hijo de una familia aco-modada y antiguo importador de marihuana en pequeña escala desde méxico, organizó una red de narcotráfico de cocaína entre Colombia y nueva york durante los años 70. algunas negociaciones las hizo en ciudades de la costa colombiana aunque la mayoría de la cocaína importada la consiguió en Bogotá, de proveedores generalmente colom-bianos y uno que otro cubano. la cocaína la transportaban él y sus mulas, generalmente norteamericanas, dentro de artesanías de madera como carga en vuelos a nueva york. en una ocasión, la transportó en un bote a miami. varias veces, envió la droga por correo desde Colombia. a su vez, swan tenía una red de distribuidores y vendedores en nueva york24.

Colombia se había convertido en una especie de su-permercado de drogas psicotrópicas, contando con la participación de bandas organizadas de importadores nor-teamericanos, radicados en nueva york y con conexiones a través de los estados Unidos, hasta personas intere-sadas en el estudio científico de la cocaína y todo tipo de “mulas” y “freelancers”25. Una de estas últimas fue Kelly ann martin, hija de Billy martin, popular entrenador del

22 Fred Ferreti, “How Wheels of Justice Turned For 8 ‘Cogs’ In Traffic of drugs”, The New York Times, enero 25 de 1977, pp. 37-44

23 Gill, pp. 412-414.24 Robert sabbag, Snow Blind. A Brief Career in the Cocaine Trade,

(Grove Press, nueva york, 1990 (1976)), passim.25 The New York Times, “5 arrested Here on a drug Charge”, febrero

5 de 1972, p. 19; The New York Times, “a Customs inspector Finds Waistline Revealing”, junio 22 de 1972, p. 43; morris Kaplan, “5 arrested Here in Cocaine Plot. 2 College instructors among sus-pects in smuggling”, The New York Times, octubre 17 de 1972, p. 48; The New York Times, “lawyer Gets Five years in Cocaine-smu-ggling Plot”, enero 16 de 1973, p. 42. m. a. Farber, “61 seized in a drug Ring With middle-Class ties”, The New York Times, julio 26 de 1973, pp. 1, 74; The New York Times, “From the Police Blotter”, diciembre 25 de 1974, p. 31; nyed, “United states of america aga-

equipo de béisbol los yankees de nueva york, quien fue arrestada en el aeropuerto de Barranquilla en noviembre de 1975 cuando se aprestaba a tomar un vuelo para miami y se le descubrieron 450 gramos de cocaína adherida a sus piernas. Fue condenada por un tribunal militar colombiano a tres años de cárcel. Kelly ann argumentó que no sabía que lo que llevaba entre las piernas era cocaína y que un conocido, un tal John Collins, le dio la droga diciendo que era medicina para un familiar enfermo en la Florida. Billy martin pensó que su popularidad como entrenador estrella de los yankees le serviría para que el gobierno norteame-ricano presionara a las autoridades colombianas. doug newton, su agente, intercedió ante un funcionario de la Casa Blanca. Billy martin; incluso, llamó a Henry Kissinger, pero éste ni siquiera le retornó la llamada. el gobierno nor-teamericano decidió que no se podía hacer nada, ya que se había aplicado el debido proceso. martin envió un abo-gado a Colombia y también gastó dinero en pagos a abo-gados y funcionarios en el país sudamericano. lo único que se logró fue que Kelly ann fuera transferida de la cárcel original y fuese recluida en una institución administrada por monjas, donde acabó de cumplir dos años de cárcel. mientras tanto, los funcionarios consulares norteameri-canos simplemente visitaron a la señorita martin para ase-gurarse que estaba siendo bien tratada en su cautiverio26.

* * * * *

4. más sobre los colombianos

Un caso peculiar y que incluso trajo tensiones diplomáticas entre Colombia y estados Unidos fue el de José Álvaro Cór-doba Bojassen. Córdoba, quien había residido en Jackson Heights durante 10 años y acababa de ser reemplazado como vicecónsul de Colombia en nueva york, fue arres-tado en el aeropuerto JFK el 14 de octubre de 1970 con

inst alexander v. Grunberg, Joseph Bisell and James Brown, defen-dants”, RG21, 78-465.

26 nota sin título, The New York Times, diciembre 11 de 1975, p. 8; The New York Times, “Billy Martin’s Daughter Convicted on Cocaine Charge”, enero 21, 1976, p. 25. “Gail to mr. Hartmann”, Washing-ton, diciembre 6, 1976, FPl, national security adviser, nsC latin american affairs staff, Box 1; “david lazar to Brent scowcroft”, Washington, diciembre 16, 1976, FPl, national security adviser, nsC latin american affairs staff, Box 1; “Robert t. Hartmann to Brent scowcroft”, Washington, enero 3, 1977, FPl, national secu-rity adviser, nsC latin american affairs staff, Box 1; laurie John-ston, Gene schoor, Billy Martin, (nueva york: double day & Com-pany, 1980), p. 155; david Falkner, The Last Yankee. The Troubled Life of Billy Martin, (nueva york: simon & schuster, 1992), pp. 216-217; Peter Golenbock, Wild, High and Tight. The Life and Death of Billy Martin, (nueva york: st martins Press, 1994), p. 254; Jonathan mahler, Ladies and Gentlemen, the Bronx is Burning, (nueva york: Picador, 2005), p. 32.



35 libras de cocaína a su regreso de visitar familiares en Cali; éste indicó que la maleta en la que traía la cocaína era de un amigo y que él no conocía los contenidos. Pagó fianza para salir en libertad condicional y aprovechó para escaparse a Cali. el departamento de estado intentó, sin éxito, su deportación desde Colombia. el presidente misael Pastrana y su ministro de Justicia negaron la extradición de Córdoba en abril de 1972, a pesar de que la Corte su-prema de Justicia había dado luz verde. el gobierno argu-mentó que el Código Penal de 1936, que en ese momento estaba vigente, prohibía la extradición de colombianos y que dicho Código estaba por encima de un convenio de extradición de 188827.

el caso de Córdoba recibió mucha atención en la prensa y causó roces diplomáticos entre Colombia y estados Unidos. sin embargo, los arrestos en nueva york de innumerables “mulas” colombianas que llevaban cocaína en vuelos de di-ferentes aerolíneas, procedentes de Barranquilla, Bogotá, Cali y medellín, se habían vuelto habituales. algunos eran residentes legales en los estados Unidos y llevaban varios años viviendo en el área metropolitana de nueva york; otros llegaban con visa de turista y en ocasiones con do-cumentos falsos. los que llegaban con visa de turista pro-venían de las cuatro ciudades mencionadas, así como de otras como Pereira. las “mulas” eran tanto hombres como mujeres de diferentes rangos de edad (incluso fueron cap-turados varios ancianos). los métodos eran simples: traían la cocaína en maletas con doble fondo, en sus zapatos, ad-herida a sus cuerpos, o escondida debajo de su ropa inte-rior. Unos pocos utilizaban otros medios más sofisticados como transportar la droga en la jaula de un perro o en una bola de boliche; incluso a dos hombres se les descu-brió la cocaína en sus piernas artificiales. Cuando se les cuestionaba en la Corte, respondían con frases evasivas y

27 El Diario – La Nueva Prensa, “Cae Consul con $5 Millones de Dro-gas”, octubre 23, 1970, p. 3; El Diario – La Nueva Prensa, “trajo co-caína para ‘Hacer favor a amigo’”, octubre 26, 1970, p. 11; “Eduar-do Gaitán durán, ministro Plenipotenciario, a ministro de Relacio-nes exteriores”, Washington, octubre 27, 1970, amRe, Caja 38187, Carpeta 7; The Washington Post, “latin Convicted in drug Case”, noviembre 28 de 1970, p. a2; El Diario – La Nueva Prensa, “ex vi-cecónsul de Colombia Burla Fianza de $250 Mil y Huye a su País”, diciembre 24, 1970, p. 3; The Washington Post, “Colombian Jumps Bail in drug Case”, diciembre 24 de 1970, p. a3; The New York Ti-mes, “Relative is Charged in a Bail-Jumping”, enero 24 de 1971, p. 67; morris Kaplan, “Former Colombian aide is Given 10-year term on drug Charge”, The New York Times, abril 17 de 1971, p. 59; “de-partment of state”, Washington, d.C., febrero 20 de 1971, naCP, RG59, Pol 17 Col-Us; “United states of america against Jose al-varo Cordoba-Bojassen, defendant”, nyed, RG21, 70-718; Alterna-tiva, “Breve radiografía de cuatro años de chanchullos”, julio 22, 1974, no. 12, p. 3; Fabio Castillo, Los jinetes de la cocaína, (Bogotá: editorial documentos perodísticos, 1987), p. 180.

evitaban que las autoridades pudieran saber si se trataba de personas que trabajaban para distribuidores en nortea-mérica, o si eran parte de bandas importantes organizadas desde Colombia, o simplemente se trataba de microem-presarios que, aprovechando el creciente apetito del mer-cado neoyorquino, se aventuraban a llevar la droga a los estados Unidos. algunos tenían múltiples entradas a los estados Unidos antes de ser capturados28.

28 ver: El Diario – La Nueva Prensa, “Le Confiscan Cocaína por $600 mil”, noviembre 23, 1970, p. 13; El Diario – La Nueva Prensa, “Con-fiscan $650.000 en Cocaína”, noviembre 25, 1970, p. 3; The Wash-ington Post, “Pusher Held on drug Charge”, noviembre 25 de 1970, p. a2; “United states of america against dora maria Garcia-ace-vedo, defendant”, nyed, RG21, 72-267; “United states of america against Juanita doe also known as Rosa elvia Hernandes de Cha-vez, defendant”, nyed, RG21, 72-541; “United states of america against Jacobo Rodriguez-Castellanos, defendant”, nyed, RG21, 72-1135; “american embassy Bogota, Colombia. For Customs atta-ché Raul e. Gerhart”, Washington, septiembre 28 de 1972, naCP, RG59, soC 11-5 Col, 177509; “United states of america against yivley Correa orozco, defendant”, nyed, RG21, 72-1143; The New York Times, “4 Held in alleged attempts to Bring Cocaine into U.s.”, octubre 3 de 1972, p. 90; “Rogers. Pass to Customs attache Ger-hart”, Washington, d.C., noviembre 2 de 1972, naCP, RG59, soC 11-5 Col, 202119; “United states of america against maria isme-nio Romero, defendant”, nyed, RG21, 72-1213; “Johnson. Pass to Customs attaché Gerhart”, Washington, d.C., noviembre 22 de 1972, naCP, RG59, soC 11-5 Col, 212863; “saccio to secstate”, Bogotá, diciembre 4 de 1972, naCP, RG59, soC 11-5 Col, Bogo-tá 8275; “United states of america against nelson alcila escobar, a/k/a Manuel Garzon Montero, Defendant”, NYED, RG21, 72-1235; “United states of america against alberto salazar-Palancia, defendant”, nyed, RG21, 72-1236; “United states of america aga-inst Rafael Patino-osorio”, nyed, RG21, 72-1237; “saccio to secs-tate”, Bogotá, diciembre 4 de 1972, naCP, RG59, soC 11-5 Col, Bogotá 8275; “Johnson. Pass to Customs attaché Gerhart”, Wash-ington, d.C., noviembre 22 de 1972, naCP, RG59, soC 11-5 Col, 212865; “United states of america against luz mila alvarez Cho-na”, nyed, RG21, 72-1304; “Johnson. Pass to Customs attaché Ger-hart”, Washington, d.C., noviembre 22 de 1972, naCP, RG59, soC 11-5 Col, 212862; “United states of america against Jesus arman-do Rivera Cabal”, nyed, RG21, 72-1301; “Johnson. Pass to Customs attache Gerhart”, Washington, d.C., noviembre 22 de 1972, naCP, RG59, soC 11-5 Col, 212867; “United states of america against teresa ines montoya-madrid”, nyed, RG21, 72-1305; “Rogers. Pass to Customs attaché Gerhart”, Washington, d.C., noviembre 29 de 1972, naCP, RG59, soC 11-5 Col, 216180; “United states of ame-rica against maria lucrecia valdes de aristiyabal”, nyed, RG21, 72-1302; “macomber. Pass to Customs attaché Gerhart”, Washington, d.C., diciembre 6 de 1972, naCP, RG59, soC 11-5 Col, 220846; “José Cepero samper, Cónsul General, a ministro de Relaciones ex-teriores”, nueva york, Julio 18, 1974, amRe, Caja 41293, Carpeta 1; “United states of america against Baltazar sierra-Correa, also known as Roberto medina de narvaez, defendant”, nyed, RG21, 72-1337; “United states of america against esteban Jaramillo montoya, defendant”, nyed, RG21, 72-1308; “macomber. Pass to Customs attaché Gerhart”, Washington, d.C., diciembre 6 de 1972, naCP, RG59, soC 11-5 Col, 220847; “United states of ameri-ca against alberto de Jesus mejia echavarria, defendant”, nyed, RG21, 72-1283; “United states of america against arturo Bedoya

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toro, also known as alberto de Jesus mejia echavarria, defendant”, nyed, RG21, 73-999; “macomber. Pass to Customs attaché Ger-hart”, Washington, d.C., diciembre 6 de 1972, naCP, RG59, soC 11-5 Col, 220847; “United states of america against sonia Carde-nas, defendant”, nyed, RG21, 72-1323; “Rogers. Pass to Customs attaché Gerhart”, Washington, d.C., diciembre 6 de 1972, naCP, RG59, soC 11-5 Col, 220847; “Pass to Customs attaché Gerhart”, Washington, d.C., diciembre 27 de 1972, naCP, RG59, soC 11-5 Col, 232335; “Pass to Customs attaché Gerhart”, Washington, d.C., enero 11 de 1973, naCP, RG59, soC 11-5 Col, 5919; “United states of america against emiliano velasquez, defendant”, nyed, RG21, 73-7; “José Cepero samper, Cónsul General, a ministro de Relaciones exteriores”, nueva york, julio 11 de 1973, amRe, Caja 41286, Carpeta 12; “United states of america against eduardo sanchez diaz, defendant”, nyed, RG21, 73-94; “Pass to Customs attaché Gerhart”, Washington, d.C., enero 9 de 1973, naCP, RG59, soC 11-5 Col, 5042; “Pass to Customs attaché Gerhart”, Washing-ton, d.C., enero 22 de 1973, naCP, RG59, soC 11-5 Col, 14020; “Pass to Customs attaché Gerhart”, Washington, d.C., febrero 5 de 1973, naCP, RG59, soC 11-5 Col, 22211; “United states of ame-rica against maria elvira Henao-Herrera, defendant”, nyed, RG21, 73-125; “Pass to Customs attaché Gerhart”, Washington, d.C., fe-brero 13 de 1973, naCP, RG59, soC 11-5 Col, 28895; “United states of america against Jairo Fidel arango, defendant”, nyed, RG21, 73-178; “United states of america against orlando Rubio Rios, defendant”, nyed, RG21, 73-230; “Pass to Customs attaché Gerhart”, Washington, d.C., febrero 21 de 1973, naCP, RG59, soC 11-5 Col, 32045; “United states of america against Raul Castella-nos-Rodriguez, defendant”, nyed, RG21, 73-225; “Pass to Customs attaché Gerhart”, Washington, d.C., febrero 21 de 1973, naCP, RG59, soC 11-5 Col, 32045; “United states of america against Gilberto de Jesus Gomez Fernandez, defendant”, nyed, RG21, 73-302; linda Greenhouse, “morse decides against Confiscation of Braniff Jetliner in smuggling Case”, The New York Times, septiem-bre 26 de 1973, p. 81; “United states of america against Jaime Za-pata Reyes also known as oscar Hincapie and otoniel Pineda also known as Jose omar mustaffa-arias, defendants”, nyed, RG21, 73-377; “United states of america against maria lenore Jaramillo de Celis, defendant”, nyed, RG21, 73-378; “United states of ame-rica against William ochoa also known as Francisco seco-Rojas, defendant”, nyed, RG21, 73-379; The New York Times, “smuggling of drugs in False legs laid to two Colombians”, abril 4 de 1973, p. 45; “Pass to Customs attaché Gerhart”, Washington, d.C., abril 9 de 1973, naCP, RG59, soC 11-5 Col, 66710; “United states of ameri-ca against Jesus marin Hincapie-Zapata, defendant”, nyed, RG21, 73-402; “United states of america against Jesus marin Hincapie-Zapata, eduardo soto-lozano and ernestina villa de Hincapie, de-fendants”, nyed, RG21, 73-517; “Pass to Customs attaché Gerhart”, Washington, d.C., abril 20 de 1973, naCP, RG59, soC 11-5 Col, 75976; “Prosecution of Colombian Citizens for narcotics importa-tion and Possession”, Washington, mayo 4 de 1973, naCP, RG59, soC 11-5 Col, 84499; “United states of america against sofia Pelaez, defendant”, nyed, RG21, 73-418; “Pass to Customs atta-ché Gerhart”, Washington, d.C., mayo 15 de 1973, naCP, RG59, soC 11-5 Col, 93799; “United states of america against amparo lopez de tejada, defendant”, nyed, RG21, 73-501; “United sta-tes of america against orfelina Hoyos-Clavijo, defendant”, nyed, RG21, 73-733; “José Cepero samper, Cónsul General, a ministro de Relaciones exteriores”, nueva york, mayo 6 de 1974, amRe, Caja 41292, Carpeta 5; “United states of america against maria Gracie-la vallejo de Henao, defendant”, nyed, RG21, 74-36; “United sta-tes of america against ana Cosio Rodas, defendant”, nyed, RG21, 74-494; “United states of america against alfonso Restrepo-White and Jorge Hernando Cardenas, defendants”, nyed, RG21, 77-474;

otras rutas aéreas utilizadas por las mulas colombianas que traían cocaína desde laboratorios en Bogotá, medellín y Cali, eran los vuelos desde Colombia a aruba y Curazao, islas en las antillas Holandesas desde donde conectaban con vuelos hacia nueva york. se repetían los mismos pa-trones y métodos de los contrabandistas que volaban di-rectamente desde Colombia hacia los estados Unidos29. otra ruta era de Colombia a Caracas y de allí a nueva york donde distribuidores colombianos esperaban la cocaína30.

eran tantos los casos de mulas que pasaban por la justicia norteamericana, que se puede mencionar el de una hu-milde mujer, planchadora de oficio, quien había vivido en Pereira y residía en medellín. Fue capturada con dos kilos de cocaína y en posesión de un pasaporte falso en JFK; el juez encargado de juzgarla señaló que el caso seguía un pa-trón del narcotráfico basado en medellín y añadió: “nunca he estado en medellín pero debe ser un lugar horrible”31. asimismo, y en un asunto que requirió la atención del Con-sulado de Colombia, otro juez ordenó el decomiso de un jet

“United states of america against John Jairo Ruiz, also known as John Ruiz Galindo, defendant”, nyed, RG21, 77-495; “United sta-tes of america against Jesus Hernandez, defendant”, nyed, RG21, 77-665; “United states of america against diego louis alvarez, defendant”, nyed, RG21, 78-630; “United states of america aga-inst Pedro antonio Perea, defendant”, nyed, RG21, 78-473; “Uni-ted states of america against Hirne Uriago lozano and octavio Uribe, defendants”, nyed, RG21, 78-518; “United states of ame-rica against Jose Fernando Garcia, defendant”, nyed, RG21, 78-538.

29 ver, por ejemplo: “Pass to Customs attaché Gerhart”, Washington, d.C., enero 10 de 1973, naCP, RG59, soC 11-5 Col, 6207; “Uni-ted states of america against luis alfonso medina Barrara, de-fendant”, nyed, RG21, 73-56; “Pass to Customs attaché Gerhart”, Washington, d.C., febrero 21 de 1973, naCP, RG59, soC 11-5 Col, 32045; “United states of america against maria martina Garcia-acevedo, defendant”, nyed, RG21, 73-224; “United states of america against maritza arango Pagnamenta, defendant”, nyed, RG21, 73-985; “United states of america against Harold sancle-mente, defendant”, nyed, RG21, 74-569; “United states of ameri-ca against Javier tamayo Perez, defendant”, nyed, RG21, 74-499; “United States of America against Gustavo Guebaro, a/k/a Her-nando Gallego-munoz, defendant”, nyed, RG21, 77-234; “United states of america against Jose efrain Gil-Pinilla, defendant”, nyed, RG21, 77-371; “United states of america against Jose miguel lo-pez-moreno, defendant”, nyed, RG21, 77-372.

30 “United states of america against michael torre, mary dana Fa-herty, mario mejia duque and saul Fontanez, also known as Gui-llermo Uribe-Gomez, defendants”, nyed, RG21, 73-1012; “United states of america against silvio eastman, Umbero Royas, luis e. Garcia, Ramon Guellermo Peralta-sanchez and Helmer Castillo, de-fendants”, nyed, RG21, 74-725.

31 “Pass to Customs attaché Gerhart”, Washington, d.C., junio 5 de 1973, naCP, RG59, soC 11-5 Col, 108984; “United states of ame-rica against Antonia de Argumedo, a/k/a Julia Rosa Grajales de Granada, defendant”, nyed, RG21, 73-567.



de la aerolínea colombiana avianca, que llegó a JFK pro-cedente de Bogotá a finales de septiembre de 1973 y en el que venían tres mujeres colombianas, cada una de ellas con cinco libras de cocaína adheridas al cuerpo; el esposo de una de ellas, un ingeniero, también fue arrestado. el juez motivó su decisión señalando que avianca había sido negligente por no advertirle a los pasajeros que las con-denas por narcóticos en los estados Unidos eran altas32. y por supuesto las mismas autoridades consulares colom-bianas estaban al tanto de la industria de pasaportes y visas falsas que existía tanto en su país como en Queens. el mismo cónsul colombiano en nueva york admitió: “se negocia el pasaporte o mejor la visa americana por sumas que exceden el monto de $5.000, transacción que se per-fecciona en Bogotá”33.

además de las “mulas”, los casos de colombianos arres-tados por tráfico y distribución de drogas en nueva york eran habituales. Generalmente, vivían en el área metropo-litana de nueva york y provenían de diferentes ciudades en Colombia34.

32 John sibley, “Judge again orders seizure of a Jet drug Case”, The New York Times, septiembre 25 de 1973, p. 85; “amembassy Bo-gota to secstate Washdc”, Bogotá, septiembre 27 de 1973, naCP, electronic telegrams 1973, 8019; “José Cepero samper, Cónsul Ge-neral, a ministro de Relaciones exteriores”, nueva york, mayo 6, 1974, amRe, Caja 41292, Carpeta 5; “United states of america against Gloria ariza Walteros, defendant”, nyed, RG21, 73-870.

33 “José Cepero samper, Consul General, a ministro de Relaciones exteriores”, nueva york, octubre 9 de 1973, amRe, Caja 41286, Carpeta 13; ver también: “José Cepero samper, Consul General, a Registrador del estado Civil”, nueva york, octubre 9 de 1973, Caja 41286, Carpeta 13; “José Cepero samper, Cónsul General, a minis-tro de Relaciones exteriores”, nueva york, abril 4 de 1974, amRe, Caja 41292, Carpeta 4; “José Cepero samper a ministro de Rela-ciones exteriores”, nueva york, febrero 25 de 1974, amRe, Caja 41292, Carpeta 3; “José Cepero samper a ministro de Relaciones exteriores”, nueva york, marzo 4 de 1974, amRe, Caja 41292, Car-peta 4.

34 “United states of america against alphonso melo obando and al-fredo vargas vega, defendants”, nyed, RG21, 73-1017; “United states of america against Juan Robledo and Ramiro Ballesteros, defendants”, nyed, RG21, 74-392; “United states of america aga-inst eduardo Bermudez, Jorge vivas also known as Jorge Posos, israel diaz-martinez, manuel Fiffe also known as Pfiefel, victor Blanco also known as Red, and luis Felipe miranda, defendants”, nyed, RG21, 74-403; “United states of america against eliecer agudelo, defendant”, nyed, RG21, 72-276; “United states of ame-rica against miller Gonzalez, tulio Hernando santacruz and Jose Hi-lario mosquera, defendant”, nyed, RG21, 73-190; new york state Division of Probation, Docket 4050/73, Box 13, NYSA; New York State Division of Probation, Case N 1808, Docket 2238/73, Box 15, nysa; new york state division of Probation, Case n 1808, doc-ket 2258/73, Box 15, NYSA; New York State Division of Probation, Docket 4312/73, Box 26, NYSA; New York State Division of Proba-tion, Case N 1755, Docket 459/73, Box 26, NYSA; New York State Division of Probation, Case N 4/4/74, Docket 2238/73, Box 26,

las bandas de colombianos (las cuales incluían personas de otras nacionalidades) eran muy frecuentes. Una de ellas, que usaba jóvenes mujeres norteamericanas como mulas, enviaba la cocaína en copias del libro El mundo de los animales35. otra banda incluía a Fernando Pardo, hijo de un abogado y senador colombiano, y a un grupo de norteamericanos que vivían en nueva york36. otra banda utilizaba el tradicional Hotel Chelsea de nueva york, hogar

nysa; new york state division of Probation, Case n 1757, docket 461/73, Box 26, NYSA; “United States of America against Rafael Flores and Zara Hurtado, defendants”, nyed, RG21, 73-934; “Uni-ted states of america against Reynaldo santiago-lugo and oswal-do londono-echeverry, defendants”, nyed, RG21, 74-89; “United states of america against William santamaria-Carmona and John Doe a/k/a Angel Deleon-Ortiz, Defendants”, NYED, RG21, 74-323; murray Wilson, “Cocaine Ring Here Broken With arrest of six in yorkville”, The New York Times, abril 3 de 1975, p. 33; “United states of america against Hernando mesa, Javier Zapata and ma-ria violeta Fernandez, defendants”, nyed, RG21, 75-311; “United states of america against Wenceslao irizarry, antonio Perea, ed-mundo Bueno and Julian estupinan, aka ismael e. ospina, defen-dants”, nyed, RG21, 75-410; “United states of america against luois oscar londono, defendant”, nyed, RG21, 75-544; “United states of america against Rinaldo manzano, and Zaira Hurtado, defendants”, nyed, RG21, 75-691; “United states of america aga-inst edwin Jaramillo, defendant”, nyed, RG21, 75-729; “United states of america against Henry Zambrano, defendant”, nyed, RG21, 75-773; “United states of america against Guillermo leon arrubla, also known as Guillermo leon arrubla-montoya”, defen-dant”, nyed, RG21, 76-64; “United states of america against Jai-me Restrepo, defendant”, nyed, RG21, 75-963; “United states of america against Jaime Correa-mina, defendant”, nyed, RG21, 76-63; “United states of america against alvero Correa, and Blanca de Geraldo, defendants”, nyed, RG21, 76-145; “United states of America against Gabriel Correa, a/k/a Hector Guzman and Ga-briel Restrepo, defendants”, nyed, RG21, 77-173; “United states of america against Cesar tobon and adolfo Chavez, defendants”, nyed, RG21, 77-282; “United states of america against arthur so-roka, Fernando suarez, dario Gomez-lopez, edward serna, defen-dants”, nyed, RG21, 77-346; “United states of america against William Betancur, ivan Betancur, enrique viana, ligia atehortua, a/k/a Ligia Velez and Gracco Amaya, Defendants”, NYED, RG21, 77-600; “United states of america against William Betancur, ivan Betancur, Enrique Viana, Ligia Atehortua, a/k/a Ligia Velez and Gracco amaya, defendants”, nyed, RG21, 77-600; “United states of america against Gustavo Betancourt, Ricardo maya, luis yepes and Gustavo Ramirez, defendants”, nyed, RG21, 78-123; “United states of america against nelson Gomez, defendant”, nyed, RG21, 78-571; The New York Times, “3 indicted in Cocaine sales”, marzo 2 de 1979, p. a17. Chepesiuk, p. 33.

35 “United states of america against Jose Rafael Camargo, mary sco-tt, nancy Giglio, Jaime Cervantes, Barbara Cheeks, luis arturo Her-nandez-yepes, and miguel Rodriguez, also known as Bermudez, de-fendants”, nyed, RG21, 72-600.

36 “United States of America against Charles Constanza, a/k/a, “Buddy”, nancy Jenkins, Fernando Pardo, deborah Juliani, lester Pape, Mary Westlake, Gary Warren, a/k/a Michael Chunn, Michael de santis, neil de santis, maria Ureta, defendants”, nyed, RG21, 73-961.

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de artistas, músicos y escritores, para distribuir cocaína en-viada desde Barranquilla37.

los colombianos aníbal alberto Rico, sr., y su hijo aníbal alberto Rico, Jr., fueron arrestados el 28 de septiembre de 1977. dos días antes habían llegado en un vuelo de Bra-niff con 90 cajas con chocolates a nombre del padre. los chocolates contenían cocaína. las cajas fueron llevadas a la distribuidora Ricomar en Queens donde la familia tenía un negocio de importación de alimentos38. la dea venía vigilándolos desde que las cajas llegaron a los estados Unidos. Cuando se le preguntó a un agente de aduanas por qué había abierto varias barras de chocolates, él senci-llamente respondió: “Revisamos cualquier cosa que venga de Bogotá”39.

Hubo otra conspiración para importar y distribuir cocaína por JFK en noviembre de 1978. oscar yépez, un antio-queño, vivía en Queens y trabajaba para Pan American en el terminal de dicha aerolínea (compartido con avianca). se importaron 17 kilos de cocaína en un vuelo de avianca; yépez confesó y facilitó la captura de otros miembros de la conspiración. ernesto vergara, otro miembro de la banda y que residía en medellín, fue arrestado en un mostrador de JFK cuando iba a abordar un vuelo a Colombia trans-portando dinero producto de la venta de la droga. martha Peláez, colombiana que vivía en Brooklyn, fue capturada en su carro y se le decomisaron 240.000 dólares; ella era la encargada de recibir la cocaína, distribuirla y repatriar las utilidades40.

la operación Banshee realizó a comienzos de octubre de 1974 una redada grande de miembros de bandas que lle-vaban cocaína y marihuana de Colombia a nueva york. se arrestaron 88 personas (incluidos muchos colombianos) de un total de 150 que se estaban buscando. la prepa-ración de la operación llevó meses. entre los capturados estaban: César Riveros Rincón, de Bogotá; Rubén darío Roldán, de Union City, new Jersey; nina niño, de elmhurst, Queens; oscar Pérez, de Jackson Heights; ernesto Guello de Patterson, de new Jersey; marconi Roldán, de elmhurst,

37 “United states of america against darris Restrepo Bodden, Jose Restrepo and Carlos Garcia, defendants”, nyed, RG21, 75-983. “United States of America against John Doe, a/k/a “Enrique”, Jane Doe, a/k/a “Martha”, “Melba Lebron”, Jose Domingo Restre-po, a/k/a “Mingo”, “Pedro Diaz”, Danny Leroy Warr, a/k/a “James Martin”, Maria Elena Alvarez, a/k/a “Maria Torres”, Melida Warr, and Jorge van, defendants”, nyed, RG21, 76-396.

38 “United states of america against anibal alberto Rico sr. and ani-bal alberto Rico Jr., defendants”, nyed, RG21, 77-508.

39 The New York Times, “2 in Queens indicted in smuggling drug in-side Chocolate”, octubre 15 de 1977,p. 43

40 “United states of america against ernesto vergara, martha Pelaez and oscar yepes, defendants”, nyed, RG21, 78-697.

Queens, y Beatrice González, de Brooklyn. el jefe de uno de los anillos de la anterior organización era alberto Bravo, y su lugarteniente, Bernardo Roldán; ambos estaban libres en medellín. entre noviembre de 1973 y octubre de 1974, la dea y la Policía de nueva york realizaron investiga-ciones bajo el nombre de la operación Banshee para perse-guir y desbaratar la banda de Griselda Blanco y su marido alberto Bravo. encontraron que las mulas colombianas de esta organización eran generalmente mujeres, quienes a veces tomaban el vuelo a los estados Unidos desde ter-ceros países. Bajo la dirección de Bernardo Roldán, la or-ganización usaba contenedores de la Prudential Grace Line para transportar tanto cocaína como marihuana. Bravo había establecido negocios de fachada exportaciones-im-portaciones en diferentes partes del mundo. llevaban co-caína y marihuana en barcos cargueros que salían de turbo. Blanco y Bravo lograron fugarse41. Blanco, aunque nacida en santa marta, se crió en el bajo mundo de medellín. en los años 50 se fue a vivir a Queens con Carlos trujillo, su primer marido; además de haber sido carterista, se dedicó a falsificar pasaportes y visas para la creciente colonia de colombianos ilegales en el área de nueva york. a partir de 1971, Blanco construyó una organización que importaba cocaína desde Colombia. además se caracterizaba por ser una mujer sanguinaria, que no vacilaba cuando se trataba de eliminar a sus enemigos en el negocio42. después de la operación Banshee, Blanco se instaló en miami donde con-tinuó sus operaciones de importación de cocaína a gran escala, y fue responsable por buena parte de la violencia entre narcotraficantes colombianos a finales de los años 70 y comienzos de la década de los 8043.

doce colombianos fueron condenados en 1976 como parte de una banda que distribuía grandes cantidades de cocaína y marihuana. las drogas entraban a los estados Unidos en contenedores de carga, lanchas rápidas, ma-letas, en la ropa, ganchos de madera huecos, e incluso en la jaula de un perro. se encontraron envíos en manhattan, Queens, miami, los Ángeles, san antonio y toronto. los jefes de la banda, quienes no fueron capturados, eran los mismos hermanos alberto y Carlos Bravo, y Griselda

41 edward Hudson, “major drug Raid Under Way Here. U.s. and City arrest 88 in Cocaine-smuggling Ring. more Being sought”, The New York Times, octubre 6 de 1974, pp. Gn 1, 18; Peter Kihss, “150 Charged in smuggling of Cocaine”, The New York Times, octubre 7 de 1974, p. 77; nicholas Cage, “drug-smuggling logistics Bizarre and often Fatal”, The New York Times, abril 22 de 1975, p. 24; “new york enforcement action interrupts meteoric Rise of Cocaine traffickers”, DEA Quarterly Intelligence Trends, spring 1975; FPl, Richard d. Parsons Files, Box 19. Richard smitten, The Godmother, Pocket Books, nueva york, 1990, capítulo 5.

42 smitten, Op. Cit., capítulos 1-4.43 sáenz Rovner (2011), pp. 114-115.



Blanco, quien en sus viajes a medellín preparaba a las mu-jeres para que llevasen la droga en sostenes y enaguas especialmente confeccionados para dicho contrabando. el jefe de la operación en nueva york era Francisco adriano armedo sarmiento, quien fue condenado. Pagaron fianza y se escaparon el español Julián Carrión arco, Beatrice Gon-zález y Gastón Robinson, capitán de un barco carguero colombiano44.

la banda de los hermanos Herrera de Cali era una de las principales que suplía de cocaína al mercado neoyorquino. la cabeza de la organización, Benjamín, se escapó en 1970 de la cárcel federal en atlanta donde estaba pagando cinco años de cárcel por tráfico de heroína. eventualmente, en un viaje a Perú, fue capturado por las autoridades y reenviado a atlanta. los otros hermanos eran Gustavo (nuevo jefe), Ramiro (a cargo de importar la pasta de coca), emilio (radicado en Barranquilla), Carlos (radicado en Bogotá) y david (radicado en medellín). exportaban la cocaína en vuelos que salían de Bogotá y Cali, o desde puertos como turbo y Buenaventura. sus mulas usaban do-cumentos falsos. Un artículo del New York Times sostenía que los Herrera eran protegidos por la policía, el sector ju-dicial, aduanas “y por varios miembros prominentes de la sociedad colombiana quienes han invertido en el negocio lucrativo de la cocaína”45.

Poco a poco las autoridades fueron descubriendo el papel de las organizaciones caleñas en el tráfico de cocaína. en 1976, capturaron un avión con 280 kilos de cocaína y arrestaron a nueve personas que trabajaban para un tal víctor Crespo. el tal Crespo resultó ser José santacruz, socio de los hermanos Gilberto y miguel Rodríguez ore-juela. santacruz, utilizando su identidad falsa se movía por nueva york e incluso se reunió con Gilberto Rodríguez ore-juela (que usaba el alias de Fernando Gutiérrez) cerca de miami, a comienzos de 198046.

los colombianos también introducían contrabandos de marihuana en vuelos que llegaban al JFK. de nuevo las “mulas” provenían de diferentes lugares del país y llevaban unas cuantas libras consigo.47. en otros casos las opera-

44 The New York Times, “12 Colombians Convicted in drug traffic”, enero 27 de 1976, p. 21.

45 ”The New York Times, “Herreras among Biggest of Cocaine organi-zationsabril 21 de 1975, p. 26.

46 Chepesiuk, pp. 35-41.47 “United states of america against Wilfredo Cadena, vincente

Gonzalez and Gregorio Angulo, also known as ‘Mosquito’, Defen-dants”, nyed, RG21, 70-39. “United states of america against Wil-fredo Cadena, defendant”, nyed, RG21, 70-406. “United states of america against luis alfredo Bedoya, defendant”, nyed, RG21, 70-40. “United states of america against Fabio Humberto apon-te, maria Cenaida lopez de Hueso, defendants”, nyed, RG21, 70-

ciones eran más complejas e incluían grandes cantidades de marihuana para el mercado neoyorquino. Un avión con 1.700 libras de marihuana despegó de una pista clandes-tina en el departamento del César, hizo escala en Jamaica y finalmente aterrizó en leesburg, una población en el centro de la Florida; de ahí el contrabando fue transportado a nueva york en una banda que también incluía cubanos re-sidentes en los estados Unidos48. dos colombianos, uno de ellos ingeniero proveniente de Pereira, fueron arrestados en JFK cuando fueron a recoger en un camión unas cajas con 1.500 libras de marihuana. otros dos colombianos fueron arrestados en el mismo aeropuerto cuando fueron a recoger varias cajas con conservas de frutas de mede-llín que contenían marihuana. otra banda, con base en Queens y que traía marihuana vía Puerto Rico, fue desman-telada en 1975. otros colombianos fueron capturados con un cargamento de 700 libras de marihuana proveniente de Colombia en 197649. más de 500 libras de marihuana fueron enviadas en puertas de madera provenientes de Ba-rranquilla; inicialmente llegaron a miami y de ahí fueron enviadas a un portorriqueño que vivía en Brooklyn50.

el contrabando de cocaína en los barcos de la Flota mer-cante Grancolombiana que atracaban en los muelles de

172. “United states of america against omaira Rios-Gonzalez, de-fendant”, nyed, RG21, 70-260. “United states of america against Jorge antonio Restrepo, defendant”, nyed, RG21, 70-266. “United states of america against lilia Hurtado, also known as olga Cro-quer de Jimenes, defendant”, nyed, RG21, 70-341. “United states of America against Mario de Jesus-Tamayo a/k/a Dario de Jesus angel velez, defendant”, nyed, RG21, 70-821. “United states of america against Hernon Gomez-vasquez, also known as arman-do londono, defendant”, nyed, RG21, 72-913. “Jose Cepero sam-per, Cónsul General, a ministro de Relaciones exteriores”, nueva york, octubre 16 de 1973, amRe, Caja 41286, Carpeta 13. “United states of america against victor Rios, defendant”, nyed, RG21, 72-1270. “Pass to Customs attaché Gerhart”, Washington, d.C., abril 24 de 1973, naCP, RG59, soC 11-5 Col, 79023. “United states of america against Rosa Rodriguez de marin, defendant”, nyed, RG21, 73-603.

48 “Rogers. Pass to Customs attaché Gerhart”, Washington, d.C., octu-bre 26 de 1972, naCP, RG59, soC 11-5 Col, 194635.

49 “sacio to secstate”, Bogotá, marzo 27 de 1973, naCP, RG59, soC 11-5 Col, 2460; “José Cepero samper, Cónsul General, a ministro de Relaciones exteriores”, nueva york, mayo 8, 1974, amRe, Caja 41292, Carpeta 5; “United states of america against Jaime vega and Jose German Franco Giraldo”, nyed, RG21, 73-256. Wolfgang saxon; The New York Times, “2 Held at airport in drug smuggling. Colombians Claimed Crates that allegedly Contained marijuana in the slats”, septiembre 11 de 1973, p. 49; alfred e. Clark, “Brooklyn self-defense school Called narcotics-Ring ‘Front?”, The New York Times, mayo 7 de 1975, p. 27; “United states of america against John W. Gomez, lose livardo arboleda and alvaro Hoyos, defen-dants”, nyed, RG21, 76-806.

50 “Rogers. Pass to Customs attaché Gerhart”, Washington, d.C., noviembre 30 de 1972, naCP, RG59, soC 11-5 Col, 217772; “sac-cio to secstate”, Bogotá, diciembre 4 de 1972, naCP, RG59, soC 11-5 Col, Bogotá 8275.

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Brooklyn era muy común. los barcos de la flota también atracaban en norfolk (un puerto en virginia), en miami, y en san Juan de Puerto Rico51. Por esta razón los barcos de la Flota recibían especial atención por parte de las autori-dades de aduanas de los estados Unidos. en los bares de Jackson Heights y Brooklyn se hacían los negocios de co-caína. el gobierno colombiano no había tomado acciones contra cinco bandas de distribuidores de cocaína que te-nían “indictments” en la Corte Federal de Brooklyn argu-mentando que no había pruebas52. Finalmente, en 1978, la Corte Federal de Brooklyn presentó un gran caso contra 57 personas, pertenecientes a cinco redes colombianas de distribución de cocaína. el director de la dea en nueva york señaló en 1978 que, a través del tiempo, 16 barcos de la Flota mercante Grancolombiana habían llevado grandes cantidades de cocaína a los estados Unidos53. meses des-pués, 30 colombianos fueron condenados en la Corte Fe-deral de Brooklyn por haber conspirado durante los últimos años para importar cocaína en los barcos de la Flota, la cual era desembarcada por nadadores de las organiza-ciones o por los mismos estibadores54.

y no sólo los barcos de la Flota mercante Grancolom-biana llevaban cocaína a los muelles del área de nueva york. otros barcos de flotas privadas provenientes de Co-lombia transportaban tanto cocaína como marihuana55.

51 Diario Las Américas, “intensifican la investigación sobre una vas-ta Red de traficantes en los estados Unidos”, noviembre 20, 1970, p. 6B; “United states of america against marcos de armas, also known as Pipo, Benjamin Colon, efrain Cuero-Giron, Frank stout, luis echeverri-ibarguen, also knwn as tunibares, Gregorio valencia, Pedro Rodriguez, elmer Castillo, Rogelio vega-Pretel, defendants”, nyed, RG21, 70-780; “encauzan a 2 Por Hallazgo Cocaína Buque”, El Diario – La Prensa, abril 27, 1970, p. 4; “United states of ame-rica against Humberto tobar, Juan Raul lopez and vicente Colon, defendants”, nyed, RG21, 70-416; El Diario – La Nueva Prensa, “Ocupan Medio Millón de $$ En Cocaína”, mayo 28, 1970, p. 2; “amembassy Bogota to dea hqrs Washdc”, Bogotá, agosto 23 de 1973, naCP, electronic telegrams 1973, 6960; “United states of America against Carlos Alberto Munoz, Luis Cardenas a/k/a “Luis Cardona”, marin Gonzalo, Hector Jaramillo and Jorge alberto Gue-rrero-Puello, defendants”, nyed, RG21, 76-131.

52 max H siegel, “U.s. indictments tell of swimmers and ships and murder for Cocaine, The New York Times, marzo 21 de 1978, pp. 37-38.

53 max H. seigel, “Cocaine Conspiracy is Called disrupted By 57 in-dictments”, The New York Times, marzo 22 de 1978, p. a22.

54 max H.seigel, “Colombians Guilty of drug smuggling. 30 nationals Conspired to Bring large Quantities of Cocaine By ship into Broo-klyn”, The New York Times, Julio 4 de 1978, p. 7.

55 “United states of america against Jose ancisar Pineda-marin, Hugo suarez, moises Banguera, ernesto santo Gonzalez, erasmus Flecha, defendants”, nyed, RG21, 73-391; “Pass to Customs atta-ché”, Washington, d.C., abril 20 de 1973, naCP, RG59, soC 11-5 Col, 75974; “Pass to Customs attaché Gerhart, Pass to Customs attaché Riggs”, Washington, d.C., abril 20 de 1973, naCP, RG59,

el tal supermercado de drogas psicotrópicas provenientes de Colombia abundaba en métodos, individuos y organi-zaciones, que, de alguna forma o de otra, hacían llegar su contrabando a la ciudad de la Gran manzana, tal y como se ha demostrado en este artículo.

5. referencias bibliográficas

Fuentes primarias

Alternativa (Bogotá).

archivo de la Presidencia de la República, aPR (Bogotá).

archivo del ministerio de Relaciones exteriores, amRe (Bogotá).

Diario Las Américas (miami)

El Diario – La Nueva Prensa (nueva york).

The Flushing Tribune (Queens).

the new york municipal archives (nueva york)

the new york state archives, nysa (albany, new york)

The New York Times (nueva york).

The Washington Post (Washington, d.C.)

United states district Court, new york eastern district, (Brooklyn).

United states national archives, naCP (College Park, maryland).

United states national archives, Gerald Ford Presidential library, FPl (ann arbor, michigan).

United states national archives, new york eastern district Court Re-cords, nyed, (Kansas City, missouri).

libros y artículos

Castillo, Fabio. Los jinetes de la cocaína. Bogotá: editorial documentos perodísticos, 1987.

Chepesiuk, Ron. Gangsters of Harlem. The Gritty Underworld of New York’s Most Famous Neighborhood. new Jersey: Barricade Books, Fort lee, 2007.

Falkner, david. The Last Yankee. The Troubled Life of Billy Martin. nueva york: simon & schuster, 1992.

Gill, Jonathan. Harlem, nueva york: Grove Press, 2011.

Golenbock, Peter. Wild, High and Tight. The Life and Death of Billy Martin. nueva york: st martins Press, 1994.

Greenberg, miriam. Branding New York. How a City in Crisis was Sold to the World. nueva york: Routledge, 2008.

soC 11-5 Col, 75975; “Pass to Customs attaché Gerhart”, Wash-ington, d.C., abril 20 de 1973, naCP, RG59, soC 11-5 Col, 75976; “United states of america against Juan sanchez, oscar latorre, Pe-dro Gonzales, Hector mosquera, andres Ramos, americo Cruz, Jose leonel moreno-torrez and edwardo yepes-Ramos, defendants”, nyed, RG21, 73-419; “United states of america againstGregorio valencia, defendant”, nyed, RG21, 73-646; The New York Times, “Cache of Cocaine is Found in table leg in Freighter”, diciembre 25 de 1974, p. 32; Joseph B. treaster, “Huge drug Haul is taken in Raid At Jamaica Bay. Escaping Smugglers Leave $25 Million Cargo in Boat”, The New York Times, noviembre 13 de 1978, pp. B1, B6.


Narcotráfico y sociedadGryvatz Copquin, Claudia. The Neighborhoods of Queens. new Haven:

yale University Press, 2007.

Jackson, Kenneth t. Jackson, editor. The Encyclopedia of New York City. new Haven: yale University Press, 1995.

Johnston, laurie y Gene schoor. Billy Martin. nueva york: double day & Company, 1980.

Jones-Correa, michael. Between Two Nations, The Political Predicament of Latinos in New York City. ithaca: Cornell University Press, 1998.

Jonnes, Jill. Hep-Cats, Narcs, and Pipe Dreams. A History of America’s Romance with Illegal Drugs. nueva york: scribner, 1996.

mahler, Jonathan. Ladies and Gentlemen, the Bronx is Burning. nueva york: Picador, 2005.

New York State Police, 1917-1992, albany, new york, 1993.

sabbag, Robert. Snow Blind. A Brief Career in the Cocaine Trade. nueva york: Grove Press, 1990 (1976).

sáenz Rovner, eduardo, “la participación de los cubanos, los colom-bianos y los chilenos en las redes del narcotráfico en nueva york durante los años sesenta” INNOVAR, revista de ciencias admin-istrativas y sociales, Universidad nacional de Colombia, no. 30, (2007), pp. 133-143.

sáenz Rovner, eduardo. “las redes de cubanos, norteamericanos y co-lombianos en el narcotráfico en miami durante los años sesenta” INNOVAR, revista de ciencias administrativas y sociales, Univers-idad nacional de Colombia, no. 32, (2008), pp. 111-125.

sáenz Rovner, eduardo. “entre Carlos lehder y los vaqueros de la co-caína: la consolidación de las redes de narcotraficantes colom-bianos en miami en los años 70” Cuadernos de Economía, Univer-sidad nacional de Colombia, no. 54, (2011), pp. 107-126.

smitten, Richard. The Godmother. nueva york: Pocket Books, 1990.

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editorial information

INNOVAR emerged as an academic journal published by the Universidad Nacional de Colombia’s Economics Faculty’s En-trepreneurial management and Finance departments in 1991; it was designed as a vehicle for broadcasting research work in the field of business administration and public accountancy. it is aimed at students, teachers and researchers interested in theoretical, empirical and practical themes related to the so-cial and administrative sciences.

the first three numbers were published annually. From 1993 onwards the journal changed its name to INNOVAR, revista de ciencias administrativas y sociales and is currently edited four times a year with a 350 printed copies. Up to date IN-NOVAR is one of the most recognised journals in the fields of Business administration and the social sciencies in Colombia.

The journal’s content is divided into sections made up of ar-ticles dealing with different themes such as: business culture; international management and economics; marketing tech-niques and publicity; entrepreneurial/business history; pro-duction management; teaching; narcotrafficking and society; industrial relationships; public administration; the environ-ment; the human factor; accountancy; finance; costs; organi-sations; bibliographical debates; and reviews of current books dealing with these topics.

The content of an article is the author’s responsibility; edito-rial policy is open and democratic.

to have an article published in INNOVAR an author must send his/her contribution to the journal’s address, according to those specifications contemplated in our guidelines. such articles must be clearly and concisely written, the authors paying rigorous attention to both how matters are raised, approached and argued in their documents. an evaluation process is then begun whose results lead to the editorial com-mittee being able to accept an article in its entirety or re-quest modifications and adjustments which an author must make before submitting the document for evaluation again.

interested parties can obtain back-copies of previous is-sues by getting in touch with the office managing INNO-VAR, at the Facultad de Ciencias económicas, edificio 310, Universidad nacional de Colombia, Ciudad Universita-ria, Bogotá, Colombia, south america, at e-mail address: [email protected].

INNOVAR surgió como revista académica de los departamen-tos de Gestión empresarial y Finanzas de la Facultad de Cien-cias económicas de la Universidad nacional de Colombia en 1991, con el propósito de servir como medio de difusión de los trabajos de investigación en el campo de la administra-ción de empresas y de la contaduría pública. está dirigida a estudiantes, docentes e investigadores interesados en temas teóricos, empíricos y prácticos de las ciencias sociales y ad-ministrativas.

durante los tres primeros números tuvo una periodicidad anual. a partir de 1993 cambió su nombre por INNOVAR, revista de ciencias administrativas y sociales, desde el 2011 se publica con una frecuencia trimestral. el tiraje de cada edición es de 350 ejemplares, que circulan nacional e inter-nacionalmente, bajo las modalidades de suscripción, canje institucional y venta al público a través de distribuidores co-merciales en las principales librerías del país.

el contenido de la revista está distribuido en secciones, for-madas por artículos que giran alrededor de diversos temas como cultura de la empresa, gestión y economía internacio-nal, mercadotecnia y publicidad, historia empresarial, gestión de la producción, docencia, narcotráfico y sociedad, relacio-nes industriales, administración pública, medio ambiente, factor humano, contabilidad, finanzas, costos, organizacio-nes, debates bibliográficos y reseñas de libros actuales sobre estos tópicos.

los contenidos de los artículos son responsabilidad de los au-tores, y la política editorial es abierta y democrática.

Para la publicación de trabajos en INNOVAR, el autor debe ha-cer llegar su contribución a la dirección de la revista, de acuer-do con las especificaciones contempladas en nuestras pautas, y escrita de forma clara, concisa y, en especial, con rigurosidad tanto en los planteamientos como en la argumentación de lo expuesto en su documento. a continuación se inicia el proce-so de evaluación cuyos resultados permiten al comité editorial establecer la aceptación plena del artículo o la solicitud de mo-dificaciones y ajustes que el autor debe efectuar para someter nuevamente el documento a evaluación.

Para la adquisición de números anteriores, el interesado puede comunicarse con la dirección de INNOVAR, Facultad de Ciencias económicas, edificio 310, Universidad nacional de Colombia, Ciudad Universitaria, o al correo electrónico: [email protected].

INFORMACIóN EDITORIAL

InformacIón edItorIal j o u r n a l

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information éditoriale

INNOVAR apparaît comme une revue académique apparte-nante aux départements de gestion et finances de la Faculté de Sciences Economiques de l’Université Nationale de la Co-lombie en 1991, avec le propos de se constituer en un mo-yen de diffusion des résultats de la recherche en matière de gestion d’entreprises et de comptabilité publique. Celle-ci est dirigée aux étudiants, enseignants et chercheurs intéressés aux sujets théoriques, empiriques et pratiques des sciences sociales et administratives.

les trois premiers numéros ont eut une périodicité annuelle. dès 1993 elle a changé son nom à INNOVAR, revista de cien-cias administrativas y sociales et est publiée actuellement tous les 3 mois. la revue a un tirage de 350 exemplaires, qui circulent national et internationalement sous des modalités d’abonnement, échange institutionnel et vente directe à tra-vers les principales librairies du pays.

la revue est distribuée en sections, touchant plusieurs thèmes tels que la culture de l’entreprise, la gestion et l’économie in-ternationale, les techniques de marché et publicité, l’histoire des entreprises, la gestion de la production, la pédagogie, le trafique de drogues et la société, les relations industrielles, l’administration publique, l’environnement, le facteur humain, la comptabilité, les finances, les coûts, l’organisations, les dé-bats bibliographiques et les reports de livres actuels traitant ces mêmes thèmes.

le contenu des articles est responsabilité des auteurs et la politique éditoriale est ouverte et démocratique.

Pour la publication des travaux dans INNOVAR, l’auteur doit adresser son travail à la direction de la revue suivant nos con-ventions ; écrire de façon claire, concise et surtout avoir de la rigueur tantôt au niveau des idées présentées que dans l’argumentation de celles-ci. Lors d’un processus d’évaluation, le comité éditorial établit soit la pleine acceptation de l’article, soit la demande de modifications de la part de l’auteur afin que le document puisse être présenté a nouveau.

Pour l’acquisition de numéros précédents, prière de se com-muniquer avec la direction de INNOVAR, Universidad Nacio-nal de Colombia, Ciudad Universitaria, Facultad de Ciencias Económicas, edificio 310, (Bogotá-Colombie), au émail: [email protected].

informação editorial

INNOVAR surgiu como uma revista acadêmica dos departa-mentos de Gestão empresarial e Finanças da Faculdade de Ciências Econômicas da Universidad Nacional de Colombia em 1991, com o propósito de servir como meio de difusão dos trabalhos de investigação no campo da administração de empresas e da contabilidade pública. É dirigida a estudantes, docentes e investigadores interessados em temas teóricos, empíricos e práticos das ciências sociais e administrativas.

Durante os três primeiros números teve uma periodicidade anual. a partir de 1993 mudou seu nome a INNOVAR, revis-ta de ciencias administrativas y sociales e sua periodicidade atual é trimestrais, com uma tiragem de 350 exemplares, que circulam nacional e internacionalmente baixo as modalida-des de assinatura, permuta institucional e venda ao público através de distribuidores comerciais nas principais livrarias do país.

o conteúdo da revista está distribuído em seções formadas por artigos que giram ao redor de diversos temas como cultu-ra da empresa, gestão e economia internacional, mercadolo-gia e publicidade, história empresarial, gestão da produção, docência, narcotráfico e sociedade, relações industriais, ad-ministração pública, meio ambiente, fator humano, contabili-dade, finanças, custos, organizações, debates bibliográficos e resenhas de livros atuais sobre estes tópicos.

os conteúdos dos artigos são de responsabilidade dos auto-res. a política editorial é aberta e democrática.

Para a publicação de trabalhos na INNOVAR, o autor deve enviar sua contribuição à direção da revista, de acordo com as especificações contempladas em nossas pautas, e escrito de forma clara, concisa e, em especial, com rigorosidade tan-to nas propostas como na argumentação do exposto no seu documento. em seguida é iniciado o processo de avaliação cujos resultados permitem ao Comitê Editorial estabelecer a aceitação plena do artigo ou a necessidade de modificações e ajustes que o autor deve efetuar para submeter novamente o documento à avaliação.

Para a aquisição de números anteriores, o interessado pode comunicar-se com a direção de innovaR, Facultad de Cien-cias Económicas, edificio 310, Universidad Nacional de Co-lombia, Ciudad Universitaria. também através do e-mail: [email protected].

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paUtas para los colaboradorespaUtas generales para los artícUlos

las políticas editoriales de la revista contemplan la publi-cación de temáticas administrativas y sociales en un tipo de artículos específicos:

artículos de investigación: este tipo de artículo presenta de forma detallada los resultados originales de proyectos de investigación. su estructura incluye cuatro apartes im-portantes: introducción, metodología, resultados y conclu-siones.

artículos de reflexión: este tipo de artículo presenta resul-tados de investigación desde una perspectiva analítica, in-terpretativa o crítica del autor, sobre un tema específico, recurriendo a fuentes originales.

artículo de revisión: este tipo de artículo deberá ser resulta-do de una investigación donde se analizan, sistematizan e integran los resultados de investigaciones publicadas o no publicadas, sobre un campo en ciencia y tecnología, con el fin de dar cuenta de los avances y las tendencias de desa-rrollo. debe presentar una cuidadosa revisión bibliográfica de por lo menos 50 referencias.

directrices para los resúmenes de los artícUlos

Extensión

se prefiere que los resúmenes tengan máximo entre 1500 y 2000 caracteres. la extensión debe ser proporcional con el tamaño del artículo; es decir, los artículos menos exten-sos requerirán un resumen corto, mientras que un artículo extenso tendrá un resumen con el máximo de caracteres.

Redacción

a. los resúmenes deben ser claros y fáciles de leer, y propor-cionar información suficiente para que los lectores pue-dan comprender el asunto del artículo.

b. las frases deben tener una ilación lógica.

c. el resumen debe escribirse en un español gramaticalmen-te correcto.

Elementos clave en la redacción

los resúmenes deben presentar los siguientes elementos clave de forma precisa y breve, sin extenderse en datos in-necesarios. no deben contener tablas, figuras o referencias. su objetivo es reflejar con precisión el contenido del artícu-lo. estos elementos clave varían según el tipo de artículo.

Elementos clave para artículos de investigación

a. Propósito del estudio

b. Breve descripción de las materias

c. metodología

d. Ubicación del estudio (si es pertinente o de alguna parti-cularidad)

e. Resultados, conclusiones y repercusiones

Elementos clave para artículos de reflexión

a. tema principal

b. desarrollo lógico del tema

c. Punto de vista del autor

d. Repercusiones, inferencias o conclusiones

Elementos clave para artículos de revisión (debate bibliográfico)

a. alcance de la revisión

b. Periodo de las publicaciones revisadas

c. origen de las publicaciones

d. tipos de documentos revisados

e. opinión del autor sobre la literatura estudiada, aspectos destacables o información sobre algunos hallazgos que resultaron de la investigación

f. Conclusiones sobre las líneas de investigación estudiadas

paUtas especíFicas para artícUlos y reseñasel comité editorial de innovaR considerará los siguientes aspectos para aceptar o rechazar en primera instancia los artículos y reseñas elegibles para publicación. de tal modo, solicitamos a nuestros colaboradores que tengan presente estas recomendaciones:

1. sólo serán considerados para publicación trabajos inédi- tos cuyos aportes sean originales. no es aceptable la presentación de artículos publicados en otros idiomas o cuyos resultados estén publicados.

2. el artículo que se someta a la revista no puede estar bajo evaluación en otro medio.

3. los autores deben ser profesionales, docentes e inves-tigadores con una formación mínima de posgrado y ex-pertos en el tema.

4. el contenido de los artículos es responsabilidad de los autores, y la política editorial es abierta y democrática.

5. el título del artículo debe ser conciso y corresponder al contenido, sin dejar de señalar específicamente el tema o la materia estudiada.

6. toda aclaración sobre el trabajo (carácter, agradeci-mientos, colaboradores, etc.) se indicará en una página de presentación en la que se incluye el resumen, pala-bras clave y datos de los autores del artículo.

7. Para cada artículo se debe adjuntar la clasificación del Journal of Economic Literature (Jel Classification) se-gún la temática que corresponda, de acuerdo con los códigos establecidos para búsquedas internacionales de producción bibliográfica (los códigos deben ser es-pecíficos y no más de 3). esta clasificación se puede consultar en: http://www.aeaweb.org

8. Para la extensión de los artículos se sugiere entre 5 mil a 8 mil palabras. sin embargo, ningún artículo envia-do podrá superar las 10 mil palabras, incluyendo refe-rencias.

9. los originales deben enviarse en formato de Word al correo electrónico ([email protected]). todos los artículos deben contener resumen y palabras clave (mínimo cuatro). así mismo, las gráficas, tablas, imáge-nes y demás elementos deben incluirse en el cuerpo del texto en un formato editable o adjuntarse en los progra-mas originales en los que se realizaron.

10. las reseñas, que son textos de caracter divulgativo, no deben superar las 1500 palabras y deben entregarse también en archivo de Word, acompañadas de una ima-gen de la carátula del libro o de la publicación que se está reseñando (.jpg, de mínimo 300 dpi).

11. en el momento de presentar un artículo, cada autor de-berá cumplimentar, firmar y remitir por correo electró-nico una ficha en la que se incorporan sus datos com-pletos, además de declarar que el artículo postulado es inédito y que no se encuentra en proceso de evaluación en otra revista.

12. las referencias bibliográficas, dentro del texto corrido de los artículos, emplearán el sistema parentético (ape-llido, año, página), así: (nieto, 1992, p. 4). al final del contenido del artículo debe incluirse el listado de refe-rencias bibliográficas, en orden alfabético (incluyendo comas, paréntesis, puntos, mayúsculas y cursivas), si-guiendo las normas de citación y de estilo de la ame-rican Psychological association (aPa), sexta edición (para mayor información comuníquese con la coordina-ción editorial).

proceso de eValUación

la revista podrá desestimar la publicación de un artículo si, por decisión interna, se determina que no cumple con ciertos estándares académicos o editoriales. además, si se detecta que un artículo postulado ya ha sido publicado to-tal o parcialmente, o si existen trabajos similares ya publi-cados por los mismos autores y se establece que la contri-bución del artículo es residual, será rechazado definitiva-mente del proceso

Convocatoria de evaluadores. los artículos postulados serán puestos bajo la atención de expertos en el tema, para que de manera independiente (evaluación “ciega”) concep-túen sobre el trabajo, considerando los siguientes criterios: calidad o nivel académico, originalidad, aporte al conoci-miento y a la docencia, claridad en la presentación, cla-ridad de la redacción y de la literatura, interés y actuali-dad del tema.

el evaluador tiene la potestad de emitir su concepto en el formato sugerido o de la manera que a bien tenga. la revis-ta ha revisado previamente los perfiles de los evaluadores y considera que tienen el bagaje académico suficiente para desarrollar su labor con total independencia.

Confidencialidad. el proceso de evaluación de la revista se realizará bajo las condiciones del arbitraje “doblemen-te ciego”. la revista reserva todos los datos de los auto-res y revisores, y los detalles y resultados del proceso úni-

camente se revelarán a los directamente involucrados (au-tores, evaluadores y editores). se pide a los autores que al momento de elaborar sus artículos eviten una excesiva autocitación o cualquier tipo de dato en el cuerpo del texto que ofrezca pistas sobre su identidad o la del grupo autoral. asimismo, las alusiones a proyectos de investigación rela-cionados con los artículos o los agradecimientos, se deben incluir en el texto sólo si el artículo resulta aprobado (no obstante, se debe informar a los editores estos datos para evitar eventuales conflictos de intereses en el contacto de lectores del trabajo).

Tiempos de evaluación. entre la convocatoria de los pa-res, su aceptación y entrega del concepto transcurre un tiempo promedio de ocho (8) meses. sin embargo, ese pe-riodo puede ser menor o mayor, de acuerdo con la disponi-bilidad de los revisores y otros factores que pueden dilatar o acelerar el proceso. la revista sólo remitirá a los autores una comunicación oficial sobre su artículo, una vez tenga un resultado decisorio sobre la aceptación completa, acep-tación condicionada (con cambios leves) o rechazo (con mo-dificaciones que implican un replanteamiento sustancial de la propuesta. de igual manera informará cuando el artículo escapa del interés de la revista).

Entrega de correcciones. si los conceptos de los pares su-gieren modificaciones leves, los autores deberán ceñirse a una línea de tiempo que no exceda las ocho (8) semanas. si un artículo recibe conceptos que suponen modificaciones sustanciales, y la dirección estima que puede ser acepta-do para un nuevo ciclo de evaluaciones, los autores ten-drán que remitir sus ajustes en un periodo no mayor a 16 semanas. en todos los casos, se deberá entregar un repor-te anexo relacionando los cambios que se efectuaron en la propuesta.

Rechazo de artículos. el propósito del proceso de eva-luación en innovaR, además de validar los avances en el conocimiento en nuestras áreas temáticas, es el de ofrecer una oportunidad a los autores de mejorar sus propuestas y afinar sus planteamientos, hacia la construcción de artícu-los más sólidos. en este sentido, esperamos que los auto-res sepan aprovechar los comentarios de los evaluadores cuando su documento resulta descartado para publicación. aunque la revista está dispuesta a recibir artículos replan-teados, se pide a los autores no volver a someter una ver-sión corregida de un artículo rechazado antes de un lapso que oscila entre los tres (3) a seis (6) meses. el editor infor-mará a los autores del tiempo que deberán esperar, si ex-presan interés de volver a someter su artículo. el rechazo definitivo de un artículo, se dará cuando no corresponda a la línea editorial o temática de la revista, o cuando la di-rección así lo exprese.

Reseñas. Por ser de índole divulgativo, las reseñas serán evaluadas internamente por el equipo editorial de la revista para definir su publicación.

notas de interÉs

• El envío de un artículo a un proceso de evaluación no obliga al Comité editorial de innovaR ni a sus editores a realizar la publicación.

• Los artículos y las reseñas se recibirán sin interrupcio-nes todo el año.

• Si la coordinación de la revista no acusa recibo de la pos-tulación de un trabajo dentro de un lapso de ocho (8) días o si no ha recibido respuesta a cualquier tipo de mensaje en ese plazo, por favor, redirija su mensaje al correo elec-trónico opcional: [email protected]

• Cuando un artículo es aprobado, el(los) autor(es) cede(n) los derechos de publicación a la escuela de ad-ministración de empresas y Contaduría Pública de la Fa-cultad de Ciencias económicas de la Universidad nacio-nal de Colombia.

• Los artículos publicados en INNOVAR no pueden apare-cer en ningún medio masivo de comunicación sin ser ci-tada la publicación previa en Innovar. en el caso de pu-blicaciones de recopilación, los autores deberán pedir autorización expresa a la revista y/o a la Escuela de Ad-ministración de empresas y Contaduría Pública.

Revista innovaR, Facultad de Ciencias económicas, Universidad nacional de Colombia, edificio 310, primer piso, Centro editorial, Ciudad Universitaria.

Teléfono (57) (1) 3165000, ext. 12308/12367

Correo electrónico: [email protected] [email protected]

Página web: www.innovar.unal.edu.co

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gUidelines For contribUting aUtHors

general points aboUt articles

The journal’s publisher policy contemplates publishing spe-cific articles on administrative and social topics:

Research articles: this type of article presents detailed orig-inal results from research projects. its structure has four im-portant parts: introduction, methodology, results and con-clusions.

Reflection articles: this type of article presents the results of research from an author’s original source-based analyti-cal, interpretative or critical perspective on a specific topic.

Review articles: this type of article must be the result of re-search analysing, systematising and integrating published or unpublished research results in a field of science and technology giving an account of advances and trends in R&d. it must give a careful bibliographic review having at least 50 references.

speciFic gUidelines For abstracts

a maximum of 1.500 to 2.000 characters is preferred. the length may be proportionate to the article. that is, shorter articles warrant shorter abstracts, whereas an abstract for a longer article may be at the maximum.

Construction

• Abstracts should be clear and easy to read with enough detail to help the reader understand what the article is about.

• Sentences should flow logically.

• The abstract should be written with correct English-lan-guage grammar and spelling.

Elements

Key elements for an abstract vary according to the type of article. note: the order in which key elements are placed may vary from article to article for any type.

Key Elements for experimental/research articles

• Study purpose

• Brief description of the subjects

• Methodology

• Study location (if important or unusual)

• Results, conclusions or implications.

Key Elements for discussion articles

• Major theme

• Logical development of the theme

• Author’s point of view

• Implications, inferences, or conclusions.

Key Elements for literature/research reviews

• Scope of the review

• Publication time span

• Publication origin

• Types of documents reviewed

• Author’s opinion of the reviewed literature, particularly unique or important research findings

• Conclusions about the research trends.

abstracts should present key elements precisely and conci-sely, with no extraneous information. abstracts should not contain data tables, figures, or references. most of all, they must accurately reflect the content of the article.

speciFic gUidelines For articles and reViews

INNOVAR’s publisher committee will consider the following aspects for accepting or rejecting eligible articles and re-views for publication in the first instance. our contributors are thus asked to take the following recommendations into account:

1. only unpublished works whose contributions are origi-nal will be accepted for publication. submission of arti-cles published in other languages or whose results have been published is unacceptable;

2. articles submitted to the journal cannot be under eva-luation by another medium;

3. authors must be professionals, professors and resear-chers having at least postgraduate training and be ex-perts on the topic;

4. The content of an article is an author’s responsibility, publisher policy being open and democratic;

5. An article’s title must be concise and correspond to its content whilst specifically indicating the topic or mate-rial being studied;

6. all clarifications regarding the work (character, ack-nowledgments, collaborators, etc.) shall be indicated on a presentation page which includes the abstract, ke-ywords and data on the authors of the article;

7. each article must give the Journal of economic lite-rature classification (Jel classification) to which it co-rresponds, according to the codes established for in-ternational searches of bibliographic production (the codes must be specific, no more than 3 being given). Such classification can be consulted at: http://www.aeaweb.org/journal/jel_class_system.html

8. it is suggested that the articles have between 5000 and 8000 words. However, no article submitted shall have more than 10,000 words, including references;

9. original articles must be sent to our e-mail ([email protected]). all files must contain the text in Word, an analytical summary and the article’s key words (a minimum of four). at the same time, the gra-phics, tables, images and other elements must be inclu-ded within the body of the text in an editable format or annexed in the original programs in which they were created;

10. the reviews, which are texts in the nature of publicity, must not total more than 1500 words and must also be submitted in Word files, accompanied by an image of the cover of the book or other publication that is being summarized (jpg, of a minimum of 300 dpi);

11. When delivering material, each author must complete, sign and send a form by e-mail which will provide a re-cord of her/his complete data, as well as declaring that the article being put forward for consideration is unedi-ted and is not being evaluated by any another journal.

12. Bibliographic citations within the text of an article must use the parenthetical system (surname, year, page), as follows: (nieto, 1992, p. 4). a list of bibliogra-phic references must be included at the end of the com-plete text of an article, in alphabetic order of authors’ surnames (including commas, brackets, full-stops, capi-tal and italic letters), following the american Psycholo-gical association (aPa), sixth edition, referencing and style system for presenting publishable articles (for fur-ther information, you may enter the journal’s web page or get in touch with staff in the editorial office).

eValUation process

the journal has the right to reject publication of an article if, by internal decision, it determines that the article does not fulfill certain academic or editorial standards. additio-nally, if it is found that a submitted article has already been totally or partially published, or if similar works exist that have already been published by the same authors and it is determined that the article’s contribution is residual, it will definitively be rejected.

Evaluators’ role. articles being put forward for considera-tion will be scrutinised by experts on the topic so that they may independently give their concept of the work (blind evaluation), taking the following criteria into consideration: quality or academic level, originality, contribution towards knowledge and teaching, clarity in presentation, clarity in how the work has been written and the literature used and cited, interest and topicality of the subject matter.

The evaluator may deliver his/her anonymous concept in the suggested format or in the way which suits him/her best. The journal has previously reviewed the evaluators’ academic profiles and considers that they have sufficient academic experience and knowledge for working indepen-dently.

Confidentiality. The journal’s evaluation will involve dou-ble-blind review conditions. the journal reserves all data pertaining to the authors and reviewers; the details and re-sults of the process will only be revealed to those directly involved (authors, evaluators and editors). all authors are asked to avoid excessively citing themselves when writing their articles and avoid putting any type of data within the body of the text offering clues as to their identity or that

of the group of authors. likewise, allusions to research pro-jects related to the articles or such like acknowledgements may only be included in the text if the article is approved (nevertheless, the editors must be informed of such data to avoid eventual conflicts of interest when readers come into contact with the work).

Evaluation time. an average of eight (8) months elapses between the time when reviewers have been asked to give their peer evaluation of any work, its acceptance and the delivery of their opinion. However, such period may be shor-ter or longer depending on reviewers’ availability and other factors which could postpone or accelerate the process. the journal will only send prospective authors an official com-munication about their articles once a decision has been made on whether to offer complete acceptance, conditio-nal acceptance (slight changes must be made) or reject the article (modifications must be made which imply substan-tial rethinking of the proposal, or similarly when an arti-cle submitted for consideration has nothing to do with the journal’s field of interest).

Making corrections and sending in the corrected ma-nuscript. If the peers’ opinions suggest that slight modi-fications should be made, then authors must adhere to a time-line which will not exceed eight (8) weeks. If the peers’ opinions demand that an article be submitted to substan-tial modification and the editorial committee considers that it could be accepted for a new cycle of evaluations, then the authors will have to remit their adjustments within a period no greater than 16 weeks. in all cases, a report must be attached in which all changes made to the propo-sal have been related.

Rejecting an article. the purpose of the evaluation pro-cess in innovar (as well as validating advances being made in knowledge (know-how) in our thematic areas) is to offer authors an opportunity to improve their proposals, refine their thinking, so that they construct more solid articles. We would thus expect that authors know how to take advanta-ge of evaluators’ comments when their document has been rejected for publication. even though the journal is willing to receive rethought/reworked articles, authors are asked not to resubmit a corrected version of a rejected article be-fore three (3) to six (6) months have elapsed. the editor will inform the authors of the time they must wait if they have expressed an interest in resubmitting their article. an arti-cle may receive a definitive rejection when it does not co-rrespond to the journal’s editorial or thematic line, or when the editorial committee expresses its considered decision to reject it.

Reviews. as these are informative by nature, reviews will be evaluated internally by the journal’s editorial team who will decide on whether to publish them.

notes oF interest

• An article having been sent to the journal and its even-tual submission to an evaluation process does not obli-ge Innovar’s Editorial Committee or its editors to publish such work.

• Articles and reports will be received without interruption throughout the whole year.

• If the journal’s coordination office has not acknowled-ged receiving work submitted for consideration with a lapse of eight (8) days, please redirect your massage to the following optional e-mail: [email protected]

• All authors cede their publication rights to the Univer-sidad Nacional de Colombia’s School of Business Admi-nistration and Public accountancy (economics Faculty) when an article has been approved for publication.

• The articles published in Innovar must not appear in any other means of mass communication without citing prior publication in innovar. in the case of publications which are compilations of other work, then the authors must ask the journal and/or the School of Business Adminis-tration and Public Accountancy’s express authorisation to submit such work.

Revista innovaR, Facultad de Ciencias económicas, Universidad nacional de Colombia, edificio 310, primer piso, oficina Centro editorial, Ciudad Universitaria.

Tel. (57) (1) 3165000, ext. 12308/12367

E-mail: [email protected] [email protected]

Web page: www.innovar.unal.edu.co

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paUtas para os colaboradores

paUtas gerais para os artigos

as políticas editoriais da revista contemplam a publicação de temáticas administrativas e sociais em um tipo de arti-gos específicos:

artigos de investigação: este tipo de artigo apresenta de forma detalhada os resultados originais de projetos de in-vestigação. sua estrutura inclui quatro partes importantes: introdução, metodologia, resultados e conclusões.

artigos de reflexão: este tipo de artigo apresenta resulta-dos de investigação desde uma perspectiva analítica, inter-pretativa ou crítica do autor, sobre um tema específico, re-correndo a fontes originais.

artigos de revisão: este tipo de artigo é resultado de uma investigação onde se analisam, sistematizam e integram os resultados de investigações publicadas ou não publicadas, sobre um campo em ciência e tecnologia, com o fim de dar conta dos avanços e tendências de desenvolvimento. Deve apresentar uma cuidadosa revisão bibliográfica de pelo menos 50 referências.

diretriZes para os resUmos dos artigos

Extensão

É preferível que os resumos tenham máximo entre 1500 e 2000 caracteres. a extensão deve ser proporcional ao ta-manho do artigo. ou seja, os artigos menos extensos reque-rerão um resumo curto, enquanto que um artigo extenso terá um resumo com o máximo de caracteres.

Redação

a. os resumos devem ser claros e fáceis de ler e proporcio-nar informação suficiente para que os leitores possam compreender o assunto do artigo.

b. as frases devem ter uma ilação lógica.

c. o resumo deve ser escrito em um espanhol gramatical-mente correto.

Elementos chave na redação

os resumos devem apresentar os seguintes elementos cha-ve de forma precisa e breve, sem se estender em dados des-necessários. Não devem conter tabelas, figuras ou referên-cias. seu objetivo é refletir com precisão o conteúdo do arti-go. estes elementos chave variam segundo o tipo de artigo.

Elementos chave para artigos de investigação

a Propósito do estudo

b. Breve descrição das matérias

c. metodologia

d. Posicionamento do estudo (se é pertinente ou de alguma particularidade)

e. Resultados, conclusões e repercussões

Elementos chave para artigos de reflexão

a. tema principal

b. desenvolvimento lógico do tema

c. Ponto de vista do autor

d. Repercussões, inferências ou conclusões

Elementos chave para artigos de revisão (debate bibliográfico)

a. alcance da revisão

b. Periodo das publicações revisadas

c. origem das publicações

d. tipos de documentos revisados

e. opinião do autor sobre a literatura estudada, aspectos destacáveis ou informação sobre algumas descobertas resultantes da investigação

f. Conclusões sobre as linhas de investigação estudadas

paUtas especíFicas para artigos e resenHas

O Comitê Editorial de INNOVAR considerará os seguintes aspectos para aceitar ou recusar em primeira instância os artigos e resenhas, selecionados para publicação. dessa forma, solicitamos aos nossos colaboradores que tenham em vista estas recomendações:

1. somente serão considerados para publicação trabalhos inéditos cujas contribuições sejam originais. não é acei-tável a apresentação de artigos publicados em outros idiomas ou cujos resultados estejam publicados.

2. o artigo que seja submetido à revista não pode estar pendente de avaliação em outro meio.

3. Qualidade dos autores: os autores devem ser profissio-nais, docentes e investigadores com uma formação mí-nima de pós-graduação e experts no tema.

4. o conteúdo dos artigos é de responsabilidade dos auto-res e a política editorial é aberta e democrática.

5. o título do artigo deve ser conciso e corresponder ao conteúdo, sem deixar de demonstrar especificamente o tema ou a matéria estudada.

6. toda aclaração sobre o trabalho (caráter, agradecimen-tos, colaboradores, etc) será indicada em uma página de apresentação na qual se incluirá o resumo, palavras cha-ve e dados dos autores do artigo.

7. Para cada artigo deve-se anexar a classificação do Jour-nal of economic literature (Jel Classification) segundo a temática correspondente, de acordo com os códigos estabelecidos para pesquisas internacionais de pro-dução bibliográfica (os códigos devem ser específicos e não superiores a 3). esta classificação pode ser consul-tada em: http://www.aeaweb.org/journal/jel_class_system.html

8. Quanto à extensão dos artigos sugere-se entre 5 mil a 8 mil palavras. sem embargo, nenhum artigo enviado poderá superar 10 mil palavras, incluindo referências.

9. os artigos devem ser entregues através de um documen-to em formato Word, contendo o texto original, resu-mo analítico e palavras chave (mínimo quatro), a nosso email ([email protected]). da mesma forma, os gráficos, tabelas, imagens e demais elementos de-verão estar incluídos no corpo do texto, em um formato passível de edição, ou adjuntos aos programas originais nos que se realizaram.

10. as resenhas, que são textos de caráter divulgativo, não deverão superar 1500 palavras e devem ser entregues também em arquivo de Word, acompanhadas de uma imagem da capa do livro ou da publicação que está sen-do resenhada (.jpg, de, no mínimo, 300 dpi).

11. no momento de entregar o material, cada autor deverá preencher, assinar e remeter por e-mail uma ficha que contenha seus dados completos, além de declarar que o artigo apresentado é inédito e que não se encontra em processo de avaliação em outra revista.

12. As referências bibliográficas, dentro do texto corrido dos artigos, empregarão o sistema parentético (sobre-nome, ano, página), assim: (nieto, 1992, p. 4). ao final do conteúdo do artigo deve ser incluída a lista de re-ferências bibliográficas, em ordem alfabética (incluin-do vírgulas, parênteses, pontos, maiúsculas e itálicas), seguindo as normas de citação e de estilo da american Psychological association (aPa), sexta edição, para a apresentação dos artigos publicáveis. (Para maiores in-formações pode-se acessar o site da revista ou comuni-car-se com a coordenação editorial).

processo de aValiação

a revista poderá desconsiderar a publicação de um artigo se, por decisão interna, estabelece-se que não cumpre com certos padrões acadêmicos ou editoriais. Além disso, caso seja detectado que um artigo postulado já foi publicado total ou parcialmente, ou que existam trabalhos similares já publicados pelos mesmos autores e se estabelece que a contribuição do artigo é residual, será este definitivamente rechaçado do processo.

Convocação de avaliadores. os artigos apresentados serão colocados a disposição de especialistas no tema para que, de maneira independente (avaliação cega) expressem um conceito sobre o trabalho, considerando os seguintes critérios: qualidade ou nível acadêmico, originalidade, con-tribuição ao conhecimento e à docência, claridade na apre-sentação, claridade da redação e da literatura, interesse e atualidade do tema.

o avaliador tem a faculdade de emitir seu conceito no for-mato sugerido ou da maneira que entender melhor. a revis-ta examinou previamente os perfis dos avaliadores e consi-dera que têm a bagagem acadêmica necessária para des-envolver seu trabalho com total independência.

Confidencialidade. o processo de avaliação da revista será realizado sob as condições da arbitragem “duplamente cega”. a revista reserva todos os dados dos autores e reviso-res, e os detalhes e resultados do processo serão revelados

unicamente aos diretamente interessados (autores, avalia-dores e editores). solicita-se aos autores que, no momento da elaboração de seus artigos, evitem uma excessiva auto-citação ou qualquer tipo de dado no corpo do texto que ofereça pistas sobre sua identidade ou do grupo autoral. da mesma forma, as alusões a projetos de pesquisa relacio-nados com os artigos, ou os agradecimentos, somente de-vem ser incluídos no texto em caso de aprovação do artigo (não obstante, deve-se informar aos editores estes dados para evitar eventuais conflitos de interesses no contato de leitores do trabalho).

Período de avaliação. entre a convocação dos pares, sua aceitação e entrega do conceito, transcorre um tempo mé-dio de oito (8) meses. sem embargo, esse período pode ser menor ou maior, de acordo com a disponibilidade dos re-visores e outros fatores que podem dilatar ou acelerar o processo. a revista somente remeterá aos autores uma co-municação oficial sobre seu artigo após um resultado de-cisório sobre a aceitação completa, aceitação condiciona-da (com pequenas modificações) ou rechaço (com modifi-cações que implicam uma revisão substancial da proposta. da mesma forma informará quando o artigo escapa ao in-teresse da revista).

Entrega de correções. se os conceitos dos pares sugerem pequenas modificações, os autores deverão limitar-se a um período não superior a oito (8) semanas. se um artigo re-cebe conceitos que supõem modificações substanciais, e a direção estima que pode ser aceito para um novo ciclo de avaliações, os autores terão que remeter seus ajustes em um período não superior a dezesseis (16) semanas. em to-dos os casos, deve ser entregue um relatório anexo, relacio-nando as modificações que foram efetuadas na proposta.

Rechaço de artigos. o propósito do processo de avaliação na innovaR, além de validar os avanços no conhecimento em nossas áreas temáticas, é o de oferecer uma oportunida-de aos autores de aperfeiçoarem e apurarem suas propos-tas, para a construção de artigos mais consistentes. nes-te sentido, esperamos que os autores saibam aproveitar os comentários dos avaliadores quando seu documento seja eventualmente descartado para publicação. ainda que a revista esteja disposta a receber artigos revistos, solicita-se aos autores que voltem a submeter à avaliação uma versão corrigida de um artigo rechaçado antes de um lapso tempo-ral de três (3) a seis (6) meses. O editor informará aos auto-res do tempo que deverão esperar, caso expressem interes-se em voltar a submeter seu artigo à avaliação. o rechaço definitivo de um artigo ocorrerá quando não corresponda à linha editorial ou temática da revista, ou quando a direção assim o expresse.

Resenhas. Por serem de índole divulgativa, as resenhas serão avaliadas internamente pela equipe editorial da re-vista para definir sua publicação.

notas de interesse

• O envio de um artigo e sua eventual apresentação a um processo de avaliação, não obriga o Comitê Editorial da innovaR nem os seus editores a realizar a publicação.

• Os artigos e as resenhas serão recebidos ininterrupta-mente durante todo o ano.

• Se a coordenação da revista não informar o recebimento de um trabalho dentro de um período de oito (8) dias, fa-vor reenviar sua mensagem ao e-mail opcional: [email protected]

• Quando um artigo é aprovado, o autor cede os di-reitos de publicação à Escuela de Administración de Empresas y Contaduría Pública de la Facultad de Cien-cias Económicas de la Universidad Nacional de Colombia.

• Os artigos publicados na INNOVAR não podem aparecer em nenhum meio massivo de comunica-ção sem ser citada sua prévia publicação na revis-ta. no caso de publicações de recopilação, os auto-res deverão solicitar expressa autorização da revis-ta INNOVAR e/ou da Escuela de Administración de Empresas y Contaduría Pública de la Facultad de Cien-cias Económicas de la Universidad Nacional de Colombia.


Tel. (57) (1) 3165000, ext. 12308/12367



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normes poUr les collaborateUrs

règles gÉnÉrales poUr les articles

les politiques d´éditions de la revue envisagent la publi-cation d articles spécifiques sur des thèmes administrati-fs et sociaux :

articles de recherche: Ce genre d article présente de façon détallée les nouveaux résultats de projets de recher-ches. sa structure comprend quatre points importants : l introduction, la méthodologie, les résultats et les conclu-sions.

articles de réflexion: Ce genre d article présente des résul-tats de recherche dans une perspective analytique, inter-prétative ou critique de l auteur, sur un sujet spécifique, en faisant référence aux sources de l auteur.

article de révision: Ce genre d article sera le résultat dúne recherche qui analyse, systématise ou intègre les résultats de recherches publiées ou non, dans un domaine scienti-fique et technologique, afin de rendre compte des avan-cées et des tendances de développement. il devra présen-ter une révision bibliographique minutieuse d au moins 50 références.

des articles de réflexion, des articles critiques et des synthèses de livres seront également publiés.

directiVes poUr les rÉsUmÉs des articles

Taille

il est préférable que les résumés comprennent entre 1500 et 2000 caractères au maximum. La taille doit être propor-tionnelle à celle de l’article. C’est-à-dire que plus l’article est court et plus le résumé devra l’être alors que le résumé d’un article long aura le maximum de caractères.

Rédaction

a. Les résumés doivent être clairs, faciles à lire et donner suffisamment d’informations pour que les lecteurs puis-sent comprendre le sujet de l’article.

b. les phrases doivent avoir une suite logique.

c. Le résumé doit être écrit dans un espagnol grammatica-lement correct.

Éléments clés dans la rédactionles résumés doivent présenter les éléments-clés suivants de façon précise et brève, sans s’étendre à des données inuti-les. ils en doivent pas contenir de tableaux, de figures ou de références. son but est de refléter avec précision le con-tenu de l’article. Ces éléments clés changent selon le gen-re d’article.

Éléments-clé pour des articles de recherchea. But de l’étudeb. Une brève description des matièresc. la méthodologied. La place de l’étude (si elle est pertinente ou contient une

particularité)e. Résultats, conclusions et répercussions

Éléments-clés pour des articles de réflexiona. sujet principalb. développement logique du sujetc. Point de vue de l’auteurd. Répercussions, conséquences ou conclusions

Éléments-clé pour des articles de révision (débat bibliographique)a. Étendue de la révisionb. Période des publications réviséesc. origine des publicationsd. Genres de document révisée. Opinion de l’auteur sur le texte étudié, aspects à mettre

en valeur ou information sur quelques découvertes qui ré-sultent de la recherche

f. Conclusions sur les lignes de recherche étudiées

règles spÉciFiQUes poUr les articles et les rÉsUmÉs

le comité d´édition dínnovaR tiendra compte de plu-sieurs aspects pour accepter ou refuser à leur réception les articles ou les résumés qui pourront être publiés. Pour cet-te raison, nous demandons à nos collaborateurs de tenir compte des recommandations suivantes :

1. Les travaux inédits dont l’apport est original seront seu-lement considérés pour leur publication. la présenta-

tion d’articles publiés en d’autres langues ou dont les résultats sont déjà publiés n’est pas acceptable.

2. Tout article remis à la revue ne peut être en processus d’évaluation dans une autre publication.

3. Qualité des auteurs : Les auteurs doivent être des pro-fessionnels, des professeurs et des chercheurs, au moins titulaires dún diplôme de troisième cycle et experts en la matière.

4. les auteurs sont responsables du contenu de leurs ar-ticles et la politique éditoriale est ouverte et démocra-tique.

5. Le titre de l article doit être concis et en rapport avec le contenu, tout en mentionnant spécifiquement le sujet ou la matière étudiée.

6. toute information au sujet du travail (type de texte, re-merciements, collaborateurs, etc.) sera indiquée sur la page de présentation comprenant le résumé, les mots-clefs, et les données des auteurs de l’article.

7. Chaque article doit être accompagné de la classification du Journal of economic literature (Jel Classification) se-lon le sujet correspondant et en accord avec les codes établis pour des recherches internationales de produc-tion bibliographique (les codes doivent être spécifiques et au plus au nombre de 3). Cette classification peut être consultée à : http://www.aeaweb.org/journal/jel_class_system.html

8. la longueur suggérée pour les articles est de 5 mille à 8 mille mots. de toute façon, aucun article envoyé ne pourra dépasser 10 mille mots, y compris les références.

9. Le texte original doit être rendu accompagné de son ar-chive à la direction de la revue ou envoyé à notre cou-rrier électronique ([email protected]). les archives doivent contenir le texte en Word, le résumé analytique et les mots clé de l’article (mínimum qua-tre). De même, les graphiques, tableaux, images et au-tres éléments doivent être inclus dans le texte sous for-me éditable ou annexés dans les programmes originaux dans lesquels ils ont été réalisés.

10. les critiques bibliographiques, en tant que textes de di-vulgation, ne doivent pas dépasser 1500 mots et doi-vent également être remises en archive Word, accom-pagnées d’une reproduction de la couverture du livre ou de la publication concernée. (.jpg, de minimum 300 dpi).

11. au moment de la remise du matériel, chaque auteur devra remplir, signer et envoyer par courrier électroni-que une fiche contenant ses coordonnées complètes, et déclarer en outre que l’article proposé est inédit et ne se trouve pas en processus d’évaluation dans une au-tre revue.

12. les références bibliographiques, apparaissant dans le texte de chaque article, utiliseront le système de pa-renté (nom, année, page), ainsi : (nieto, 1992, p.4). la liste des références bibliographiques doit apparaître à la fin du contenu de l’article, par ordre alphabétique (y compris les virgules, parenthèses, points, majuscules et italiques), suivant les règles de citation et de style d’American Psychological Association (APA), sixième édition, pour la présentation d’articles à publier. (Pour plus d’informations, veuillez consulter la page web de la revue ou vous communiquer avec le bureau de coor-dination éditoriale).

processUs d’ÉValUation

La revue pourra rejeter la publication d’un article si, par dé-cision interne, il est déterminé que certains standards aca-démiques et éditoriaux ne sont pas respectés. En outre, s’il est découvert qu’un article proposé a déjà été publié tota-lement ou partiellement, ou s’il existe des travaux sembla-bles déjà publiés par les mêmes auteurs et la contribution de l’article est considérée comme résiduelle, celui-ci sera rejeté définitivement.

Convocation d’experts évaluateurs. les articles pro-posés seront soumis à des experts sur les thèmes con-cernés ; ceux-ci donneront leur opinion sur le travail, de façon indépendante (évaluation “aveugle”), tenant compte des critères suivants : qualité ou niveau acadé-mique, originalité, contribution pour la connaissance et l’enseignement, clarté de la présentation, clarté de la rédaction et de la littérature, intérêt et actualité du thè-me. L’expert évaluateur peut donner son opinion suivant le formulaire suggéré ou d’une autre façon. La revue a effec-tué une révision préalable des experts évaluateurs et con-sidère qu’ils ont les compétences académiques suffisantes pour effectuer leur tâche de façon autonome.

Confidentialité. Le processus d’évaluation de la revue sera réalisé par arbitrage « en double aveugle ». La revue

maintient sous réserve toutes les données des auteurs et réviseurs, les détails et les résultats du processus seront seulement révélés aux personnes directement concernées (auteurs, experts évaluateurs et éditeurs). il est demandé aux auteurs d’éviter d’utiliser un excès d’autocitations dans l’élaboration de leurs articles ou tout autre type de données dans le texte qui pourrait faire connaître leur identité en tant qu’auteur ou en tant que groupe d’auteurs. De même, les allusions à des projets de recherche en rapport avec les articles ainsi que les remerciements seront inclus dans le texte seulement après approbation de l’article (cependant, ces données doivent être signalées aux éditeurs pour éviter des conflits d’intérêt éventuels pour les lecteurs du travail).

Durée d’évaluation. Une durée moyenne de huit (8) mois sera déterminée à partir de la convocation des pairs, leur acceptation et la remise du résultat de l’évaluation. Cepen-dant, ce délai pourra être plus élevé ou moins élevé, suivant la disponibilité des réviseurs et d’autres facteurs pouvant faire dilater ou accélérer le processus. la revue remettra seulement une communication officielle aux auteurs sur leur article, quand elle aura une décision finale en ce qui concerne l’acceptation complète, l’acceptation sous condi-tions (avec de légers changements) ou le refus (avec des modifications impliquant un changement substantiel de la proposition. De même, si l’article traite un thème ne concer-nant pas la revue, l’auteur en sera informé).

Remise de corrections. Si l’évaluation collégiale suggère de légères modifications, les auteurs disposeront d’un délai maximum de huit (8) semaines. si un article est soumis à une évaluation supposant des modifications importantes et si la Direction estime qu’il pourrait être approuvé lors d’un nouveau cycle d’évaluations, les auteurs devront re-mettre leurs modifications dans un délai maximum de 16 semaines, annexant, en tous cas, un rapport avec les chan-gements effectués dans la proposition initiale.

Refus d’articles. au delà de la validation des avances dans la connaissance de thèmes qui sont du domaine de la re-vue, l’objectif du processus d’évaluation d’INNOVAR est de permettre aux auteurs de développer leurs propositions et de préciser leurs idées pour la construction d’articles plus consistants. en ce sens, nous espérons que les auteurs pou-rront tirer profit des commentaires effectués par les experts évaluateurs au cas où un document serait refusé pour la publication. Bien que la revue soit disposée à recevoir des articles modifiés, il est demandé aux auteurs de ne pas sou-mettre une version corrigée d’un article refusé avant un dé-lai oscillant de trois (3) à six (6) mois. L’éditeur informera les auteurs du temps d’attente, s’ils expriment leur intérêt à soumettre à nouveau leur article. Un article sera définiti-vement refusé quand il ne correspondra pas à la ligne édi-toriale ou au thème de la revue, ou quand la direction en prendra la décision

Critiques bibliographiques. etant donné leur caractère de divulgation, les notices biographiques seront évaluées de façon interne par l’équipe éditoriale de la revue pour en définir la publication.

notes

• L’envoi d’articles et le processus éventuel d’évaluation n’oblige pas le Comité Éditorial d’INNOVAR, ni les édi-teurs, à les publier.

• Les articles et les notices bibliographiques seront reçus durant toute l’année sans interruption.

• Si la coordination de la revue n’accuse pas réception d’une proposition de travail huit (8) jours après l’envoi, veuillez renvoyer votre message au courrier électronique optionnel: [email protected]

• Lors de l’approbation d’un article, l’auteur ou les auteurs cède(nt) les droits de publication à « la Escuela de Admi-nistración de Empresas y Contaduría Pública de la Facul-tad de Ciencias Económicas de la Universidad Nacional de Colombia ».

• Les articles publiés dans la revue INNOVAR ne peuvent paraître dans aucun autre moyen de communication sans que leur publication dans la revue innovaR ne soit ci-tée au préalable. S’il s’agit de la publication d’un recueil, les auteurs devront en demander l’autorisation à la re-vue et/ou à « la Escuela de Administración de Empresas y Contaduría Pública ».


Tel. (57) (1) 3165000, ext. 12308/12367



ÁREAS DE PROFUNDIZACIÓN: El PEC cuenta con diversas áreas de profundización a través de las cuales se estructuran cursos que van desde temas básicos hasta los más avanzados. De esta manera los participantes

podrán lograr un dominio de las áreas que les son más afines a sus actividades profesionales, abordar temáticas de actualidad o enriquecer sus conocimientos.

ÁREA DE

FINANZAS Y AFINESEsta área se orienta al conocimiento y aplicación de

herramientas de manejo financiero de las organizaciones,

desde el punto de vista interno y del ambiente de negocios

en general. Los cursos brindan a los participantes un

conjunto de herramientas analíticas y prácticas que

podrán utilizar para tomar decisiones de inversión,

involucrando para ello escenarios con información real

de los mercados financieros, el manejo del riesgo y la

funcionalidad de las aplicaciones informáticas.

ÁREA DE

PROYECTOSLos cursos de esta área se centran en determinar

los componentes principales para la identificación,

formulación, evaluación económica, financiera y social, de

diferentes clases de proyectos. De igual manera, brindan

los conocimientos relativos a las herramientas, los criterios

y métodos más frecuentemente utilizados en la gerencia

de proyectos, aplicando la teoría mediante la metodología

del caso a la solución de problemáticas específicas, y

apoyándose en herramientas informáticas.

ÁREA DE

DESARROLLO DE COMPETENCIASEsta área está integrada por cursos cuyo objetivo

principal es brindar las herramientas y los conocimientos

necesarios para incrementar la eficacia y la eficiencia

tanto de las organizaciones como del desempeño de los

individuos que la integran, mediante el aprovechamiento

de su potencial intelectual y emocional.

ÁREA DE

AUDITORÍA Y CONTROLÁrea enfocada al conocimiento, formulación y aplicación

de herramientas de gestión, fundamentales para

la toma de decisiones. También se proporcionan los

conocimientos teórico-prácticos sobre el control y los

procesos de auditoría interna, financiera y de gestión.

ÁREA DE

SERVICIO AL CLIENTEY ASEGURAMIENTO DE CALIDAD

En estas áreas los participantes del curso

obtendrán un marco conceptual que potencialice el

desarrollo de habilidades y capacidades necesarias

para desempeñar una gestión del servicio al cliente

acorde con los recursos y requerimientos de la

organización. Así mismo, aborda la planeación,

coordinación y ejecución de sistemas de calidad,

su mantenimiento y seguimiento.

ÁREA DE

GESTIÓN PÚBLICA

Los cursos de esta área brindan los conceptos

e instrumentos de las ciencias y técnicas de

gobierno aplicados al fortalecimiento de los

sistemas de planeación, información, monitoreo,

control y evaluación de la gestión institucional.

ÁREA DE

SISTEMAS

Esta área está orientada a desarrollar habilidades

necesarias para la utilización eficiente de las

herramientas informáticas en el contexto

organizacional, de manera que se constituyan

en elementos de apoyo para el suministro de

información con la calidad y oportunidad

necesarias para la toma de decisiones.

ÁREA DE

ECONOMÍA Y DERECHO

El objetivo de los cursos de esta área es mejorar

la comprensión y el estudio de los fundamentos

económicos, jurídicos, sociales y políticos del país,

proporcionando herramientas necesarias para

el desarrollo de las organizaciones en el contexto

regional y mundial.

Avenida El Dorado n.º 44A-40, Hemeroteca nacional, Piso 1.º, costado oriental, sala 5Teléfono: (57-1) 316 5054 Conmutador: (57-1) 316 5000 Ext. 20001 y 20002

Página Web: www.fce.unal.edu.co • Correo electrónico: [email protected]

Carrera 30 No. 45-03, Facultad de Ciencias Económicas, Edificio 310, segundo piso, oficina 201.Teléfono: (57-1) 316 5054 Conmutador: (57-1) 316 5000 Ext. 12305, 12306, 12307.Página Web: www.fce.unal.edu.co | Correo electrónico: [email protected]

Carrera 30 No. 45-03, Facultad de Ciencias Económicas, Edificio 310, segundo piso, oficina 201.Teléfono: (57-1) 316 5054 Conmutador: (57-1) 316 5000 Ext. 12305, 12306, 12307.Página Web: www.fce.unal.edu.co | Correo electrónico: [email protected]

Artículos

EspecialNo. Inequality, Polarization and Social Conflict

CUADERNOSDE

ECONOMÍAI S S N 0 1 2 1 - 4 7 7 2E - I S S N 2 2 4 8 - 4 3 3 7

Facultad de Ciencias Económicas Universidad Nacional de Colombia Carrera 30 No. 45-03 Edificio 310, primer piso oficina Centro Editorial. Telefax. (+571) 3165000 ext. 12308 correo electrónico [email protected] página web www.ceconomia.unal.edu.co. Bogotá DC. Colombia

Informes

www.ceconomia.unal.edu.co

Vol. X X X I I60

Vol.X X X I I61

2do semestrede 2013

EditorialMario García Molina

Editorial Ernesto Cárdenas

Vol. X X X I I62 1er semestrede 2014

EditorialMario García Molina

La Revista Cuadernos de Economía se encuentra incluida en los siguientes Índices y Bases de datos:

SCOPUS, SciELO, EBSCO, Redalyc, Econlit, SSRN, Publindex (categoría A2), entre otros.

Alberto Benítez

Some Marxian and Smithian Ideas on Labor and Prices

Pedro Seixas Miranda y Paulo Reis Mourao

Para uma discussão das políticas educativas à luz de Rawls

Giancarlo Romano

Acerca de la condición normativa de la teoría de la decisión racional

Jimena Hurtado

Albert Hirschman y la economía del desarrollo: lecciones para el presente

José Luis Hernández Mota

Reinventando la política fiscal: ¿una nueva estrategia para la estabilización y el crecimiento económico?

Alex Smith Araque

Un modelo de Gestión de Proyectos Inmobiliarios de renovación urbana

Pablo Daniel Monterubbianesi

El rol de la salud en el proceso de crecimiento económico: una revisión de la literatura

Luis Alejandro Palacio García y Daniel Felipe Parra Carreño

El dilema de la contribución a bienes públicos: una revisión de trabajos experimentales Julio Cesar Alonso y Andrés Mauricio Arcila

Eficiencia semifuerte del mercado internacional del azúcar

Germán Cardona

Análisis del impacto de los cambios del control corporativo sobre el valor de las empresas en américa latina

Eugenio Actis Di Pasqualeo

El Seguro de Capacitación y Empleo. Interpretación teórica y resultados de su implementación en la ciudad de Mar del Plata -Argentina-

Mariana Fernández Massi

Dimensiones de la precariedad laboral: un mapa de las características del empleo sectorial en Argentina

Teoría y pensamiento económico

Juan David Correa, Jaime Alberto Montoya

El valor del capital humano: una aproximación desde el enfoque del ingreso para Colombia, 2001-2009 Mauricio Uribe López

Estilo de desarrollo y sesgo anticampesino en Colombia

Florentino Malaver y Marisela Vargas

Formas de innovar y sus implicaciones de política: lecciones de una experiencia

Jesús Alonso Botero, John Jairo García y Luis Guillermo Vélez

Mecanismos utilizados para monitorear el poder de mercado en mercados eléctricos: reflexiones para Colombia

Camilo Andrés Alvis y Cristian Camilo Castrillón

Tamaño óptimo del gasto público colombiano: una aproximación desde la teoría del crecimiento endógeno

Economía colombiana

Juan Gabriel Brida, Nicolás Garrido y Silvia LondonEstudio del desempeño económico regional: el caso argentinoEconomía latinoamericana

Los actores de la crisis económica de fin de siglo - Claudia Pico

¿Por qué fracasan los países? De Acemoglu y RobinsonLuis Guillermo Vélez

Reseñas

Bernardo Congote Ochoa y Jaime García Sierra

Dos hipótesis sobre el impacto de un sistema de riego sobre el desarrollo campesino. El caso del alto chicamocha, boyacá, colombia

Camilo Andrés Alvis y Cristian Camilo Castrillón

The spatial agglomeration of educated people in Colombia

“The economic growth engine. How energy and work drive material prosperity” de Robert U. Ayres y Benjamin WarrLina Brand

Reseña. LA ECONOMIA CLÁSICA ACTUAL. Eduardo Allen Bolaños: Lecciones de teoría clásica de los preciosJosé Félix Cataño

Reseñas

La inercia a la estructura agraria: determinantes recientes de la concentración de la tierra desde un enfoque espacial

Carlos Suescún

Conflicto, violencia socioeconómica y desplazamiento forzado en Colombia

Andrés Felipe Mora Cortés

Social Polarization and Conflict: a Network Approach.

Ernesto Cárdenas

Análisis espacial de la correlación entre cultivo de palma de aceite y el desplazamiento forzado en Colombia

Camilo Rey

Poverty Traps, Economic Inequality and Delinquent Incentives

Edgar Villa y Andrés Salazar

A Characterization of Height-Based Extensions of Principal Filtral Opportunity Rankings

Stefano Vannucci

la Revista innovar 24(53) fue editada por la escuela de administración de empresas y Contaduría Pública de la Facultad de Ciencias económicas de la Universidad nacional de Colombia, sede Bogotá. se terminó de im-primir y encuadernar en los talleres de Proceditor ltda., en mayo de 2014, con un tiraje de 350 ejemplares, sobre papel bond blanco bahía de 70 g.

j o u r n a l

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innovarla Revista innovar 23(50) fue editada por la escuela de administración de empresas y Contaduría Pública de la Facultad de Ciencias económicas de la Universidad nacional de Colombia, sede Bogotá. se terminó de im-primir y encuadernar en los talleres de Proceditor ltda., en octubre de 2013, con un tiraje de 350 ejemplares, so-bre papel propalibros blanco de 70 g.

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INBAM 2013Internal Employability As A Strategy for Key Employee Retention

ÁNGELA SÁNCHEZ SÁNCHEZ-MANJAVACAS, M. CARMEN SAORÍN-IBORRA & MICHAEL WILLOUGHBY

The Effects of the Global Financial Crisis On Brazilian Banking EfficiencyMARK EDWARD WOLTERS, EDUARDO BARBOSA DO COUTO & JOSÉ AUGUSTO FELÍCIO

The Role of Intellectual Capital and Entrepreneurial Characteristics as Innovation Drivers

NADIA UGALDE-BINDA, FRANCISCO BALBASTRE-BENAVENT, M. TERESA CANET-GINER & NAIARA ESCRIBÁ-CARDA

Corporate Risk in Family Businesses Under Economic CrisisELISABETE S. VIEIRA

Exploring Data Collection Innovations by Examining the Effects of Relationship Marketing on Performance in Times of Crisis

ARMANDO LUÍS VIEIRA

Corporate Governance and Performance in the Largest European Listed Banks During the Financial Crisis

J. AUGUSTO FELÍCIO, IRINA IVASHKOVSKAYA, RICARDO RODRIGUES & ANASTASIA STEPANOVA

MarketingAntecedentes del éxito de la relación entre restaurantes y sus clientes

MARIA FUENTES-BLASCO & BEATRIZ MOLINER-VELÁZQUEZ

Un enfoque de marketing de relaciones a la educación como un servicio: aplicación a la Universidad de Valencia

MARÍA WALESSKA SCHLESINGER, AMPARO CERVERA TAULET, MARÍA ÁNGELES INIESTA BONILLO & RAQUEL SÁNCHEZ FERNÁNDEZ

Alimentos tradicionales en Sonora, México: factores que influyen en su consumo

JOEL ENRIQUE ESPEJEL BLANCO, DENA MARÍA JESÚS CAMARENA GÓMEZ & SERGIO ALFONSO SANDOVAL GODOY

The Effects of Visual Information On Willingness to Pay for A Recreational Site Improvement in Chile

ARCADIO A. CERDA, LEIDY Y. GARCIA, ROBERTO A. PASTÉN, IVÁN A. DAMINO & MÓNICA T. DIAZ

Empresas de menor tamañoAcceso a la financiación en Pymes colombianas: una

mirada desde sus indicadores financierosMARY A. VERA-COLINA, ZURAY A. MELGAREJO-MOLINA & EDWIN H. MORA-RIAPIRA

Antecedentes y dinamismo de la ambidestreza organizativa en las PymesCONSUELO DOLZ, VICENTE SAFÓN, MARÍA IBORRA & ANGELS DASÍ

Organizaciones y culturaAgility Path Through Work Values in Knowledge-based

Organizations: A Study of Virtual UniversitiesYASHAR SALAMZADEH, MEHRAN NEJATI & AIDIN SALAMZADEH

The impact of a Paternalistic Style of Management and Delegation of Authority on Job Satisfaction and Organizational Commitment in Chile and the US

LEONARDO LIBERMAN

Medio ambiente y desarrolloLa nueva gobernanza política y las colaboraciones

intersectoriales para el desarrollo sosteniblePABLO RODRIGO & DANIEL ARENAS

Gestión de producción y tecnologíaIntegración del diseño en las empresas portuguesas, del sector de

la transformación de la Piedra Natural: definición de un perfilSUSANA PAIXÃO-BARRADAS, BERNABÉ HERNANDIS ORTUÑO, KARLA MAZARELO

MACIEL PACHECO & BEGOÑA AGUDO VICENTE

Narcotráfico y sociedadLos colombianos y las redes del narcotráfico en Nueva York durante los años 70

EDUARDO SÁENZ ROVNER

ISSN

0121-5051

9770121505005

35

Documents

ÁNGELA SÁNCHEZ SÁNCHEZ-MANJAVACAS, M. CARMEN … · Exploring Data Collection Innovations by Examining the Effects ... BERNABÉ HERNANDIS ORTUÑO, KARLA MAZARELO MACIEL PACHECO