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In this paper the investment opportunities in emerging power generation technologies, which are considered risky investments due to the volatility of the market price of electricity, are valuated. This analysis uses both the theoretical framework for valuing real options proposed by Dixit and Pindyck (1994) and theoretical information of investment and operational costs for the technologies being analyzed. The model allows a calculation of the value of the investment opportunity and the optimal trigger price to invest in these technologies within the Colombian electricity market conditions. Results show that under current market conditions investors should defer the investment until a required optimal trigger price is found, results which also correspond to the pattern observed in the Colombian market. [ABSTRACT FROM AUTHOR]

Management came into being thanks to the written works of both Taylor (1911) and Fayol (1916); nevertheless, it is the result of processes that took place during the Industrial Revolution (1780-1900) (archaeological moment). This paper addresses the role that the entrepreneurs' writings on their work organization practices in industries played in the formation of management during that period. After a critical-hermeneutic review of primary and secondary bibliography, it was found that, before the existence of such works, entrepreneurs had a tradition of expressing their empirical knowledge (management practices) in texts, thereby indicating that writing was fundamental in shaping management as a practice that produces its own theoretical knowledge (discursive practice). [ABSTRACT FROM AUTHOR]

This paper presents the research conducted with 308 exporting companies in Colombia seeking to answer the question: how does the attitude of managers towards risk (ATR) influence the export market orientation of companies (EMO)? For this purpose, traditional export and Born Global organizations were analyzed using linear regressions as the statistical method. The results show that these companies have an average level of both ATR and EMO, and that the first variable positively and very significantly affects the latter. It is concluded that when managers take more risks the organizations are more oriented towards external markets. Future research could review this relationship in the so-called world-class sectors of Colombia and other developing countries. [ABSTRACT FROM AUTHOR]

This paper analyzes the scientific literature produced recently about new product development (NPD) in order to identify and classify the major fields of knowledge, possible connections, as well as the nature of articles and analytics tools used. A review of the literature was implemented on 461 articles focused on NPD, published in three leading journals between 2000 and 2010. It was possible to create 13 main categories, in which innovation, research and development, NPD products and processes and NPD teams stand out. Results conclude that NPD is multifaceted, includes multiple concepts and interrelated categories. Moreover, future studies need to complement qualitative with quantitative research and to analyze how small and large firms differ. [ABSTRACT FROM AUTHOR]

The main objective of this paper is to analyze the effect of the firm's exportbehavior on the owner-manager's commitment to innovation. The principles of the Learning Theory are used to guide the framework of the study. To test the proposed hypotheses, a logistic regression model considering marginal effects is applied to a dataset from the Global Entrepreneurship Monitor's Adult Population Survey of Colombia for 2010 and 2011. The study's results conclude that the exporting tendency increases the probability of the owner-manager's commitment towards innovation, confirming the idea of organizational learning from the presence in the international marketplace. However, we were no able to verify the same positive effect when the explanatory variable has been the export intensity. [ABSTRACT FROM AUTHOR]

The Grupo EPM is experiencing a remarkable change in its strategy of social responsibility. The aim of this paper is to analyses the relationship between the strategy change and the political stance of the company in the hydropower Río Grande II area of influence in Colombia. Social responsibility is assumed theoretically as a corporate sustainability initiative. An exploratory case study is adopted. Results suggest that the corporation seeks a more central position in the relationship with the State and the local community. The relationship with the State is oriented towards the collective construction of territory, and with the local community is desired to be more participatory. This new corporative stance leads to still unexplored processes where costs and benefits are shared with the State and the community. [ABSTRACT FROM AUTHOR]

The goal of this paper is to determine the effect of the Chilean Pension Fund Administrator (PFA) ownership in to the dividend policy of the firms where they invest, through a panel data analysis. The results show a positive linear and no linear relationship between the PFA and the dividend policy, measured by the dividend yield. Also, it is found a selection bias in this relationship, indicating that PFA's prefer to invest in firms with higher dividends, implying that the AFP's behave as prudent investor and support the institutional herding hypothesis. [ABSTRACT FROM AUTHOR]

The aim of the paper is to analyze the impact of innovation capabilities (ICs) on innovation performance (IP), and the latter on organizational performance (OP). ICs are approached from the perspective of innovation in services, IP from the launch of products and OP is divided into financial and nonfinancial. In methodology, we use structural equation modeling. The results show that only customer and marketing focused ICs influence IP and this in turn makes on OP, although a higher proportion of the non-financial. Although, to a greater extent on non-financial. In conclusion, these findings are in contrast to studies in manufacturing companies, which are most important technological ICs. [ABSTRACT FROM AUTHOR]

In financial management and asset pricing is often used the market as the efficient market portfolio. The empirical studies to test the efficiency of market index usually assume a gaussian behavior (mean-variance). By contrast, this paper proposed a backtesting methodology from the post type-I and II errors, for both gaussian and non-gaussian behavior. The results on Spanish market index (IBEX-35) show that optimal portfolios may be more efficient than the IBEX-35 with fewer assets, which under a non-Gaussian test are exceeded and, without exhibiting the usual problem of market risk premiums not positive. [ABSTRACT FROM AUTHOR]

This paper focuses on the role of the multinational corporations in the Colombian peace process. First a theoretical frame work is built which aims to shed light on the significance of multinationals in this process. The study then presents the specific Colombian experience with relation to the role of multinationals in the peace process. The penultimate section deals with the relation between peace, corporate social responsibility, and the UN Global Compact. Finally it offers a conclusion with regards to the role of multinational companies in the Colombian peace process. [ABSTRACT FROM AUTHOR]

This paper focuses on the role of the multinational corporations in the Colombian peace process. First a theoretical frame work is built which aims to shed light on the significance of multinationals in this process. The study then presents the specific Colombian experience with relation to the role of multinationals in the peace process. The penultimate section deals with the relation between peace, corporate social responsibility, and the UN Global Compact. Finally it offers a conclusion with regards to the role of multinational companies in the Colombian peace process. [ABSTRACT FROM AUTHOR]

The main goal this paper seeks to achieve is to set forth a performance measuring system for franchise sectors currently in place in Brazil, on the basis of a set of indicators being designed which are related with external factors being deemed as critical, and based upon economic and non-economic data being made available to the general public by the Associação Brasileira de Franchising (ABF). Five performance indicators have been designed for the system together with their outcomes, and the model shall be applied to a speciic segment within the Brazilian franchise system, so as to enable the analysis of data being gathered, and the reliability test of parameters being used, thus allowing to ensuring both sectors that the model is reliable vis-à-vis the evaluation criteria being designed. [ABSTRACT FROM AUTHOR]

The organizational culture in place at Empaques del Cauca SA, a worker-owned company, is being looked into in this paper, and a question is being posed about the contribution that organizational culture is making to the sustainability of the company and what are the lessons being drawn from it. Bearing on a qualitative approach, a case study is being conducted to describe the relevant cultural elements and their bearing on the company's management. A conclusion is then reached that the values and the imaginary are a cultural asset in the organization and its management model, because they both strengthen up the workers' sense of belonging, thus helping develop the company's projection and sustainability strategies. The review of management practices and organizational culture provides lessons which organizations of this sort could beneit from, as well as those operating in line with the traditional ownership scheme. [ABSTRACT FROM AUTHOR]

The fact whether a proactive market response could have a bearing on how to withstand an economic crisis is being examined in this paper. A theory linking a strategic emphasis on marketing, market orientation and entrepreneurial orientation is being put to the test as the background to a "proactive market" counter-cyclical response, on the basis of a structural equation model drawing on Spanish companies' data. Finding show that betting on a proactive market allows for a competitive advantage and the company value over the crisis period to be secured. A strong link between proactive marketing and performance is brought to light, thus bearing out the fact that an investment in marketing accounts for an effective response from companies in times of crisis, controverting usual business practices. [ABSTRACT FROM AUTHOR]

The impact online social networks are having nowadays as a marketing tool in the performance of companies is yet to be made clear. Such an impact is being looked into in this paper on the basis of Spanish companies' data. Structural equations being applied to a multi-group are the channel through which an attempt is being made to ind out whether an intensive use of these networks in the marketing ield shall somehow restrain the relationship between dynamic capabilities, market orientation and entrepreneurial orientation, and what is the impact these networks are having on the latter. Survey outcomes show that this intensity somehow makes the relationship between market orientation and performance and entrepreneurial orientation smoother. A strong and determined marketing strategy in social networks could strengthen up these relationships thus enhancing their performance. [ABSTRACT FROM AUTHOR]

Some of the dynamic capabilities on the basis of which a Colombian company could be eligible to become a Born Global company are taken into consideration in this paper, among which mention could be made of the bearing strategic alliances are having, how the market is being positioned, and organizational learning. On the basis of data collected through a survey being conducted of 297 manufacturing companies in the country in 2011, these dynamic capabilities have been sorted out by means of an artiicial neural networks model. According to indings, those companies which are undergoing a swift internationalization process are mainly told apart because they are supported on learning, socialization and an in-depth awareness of the market they are working with, allowing them to design competitive advantages. These indings are stretching out the Born Global company research to the business strategy field. [ABSTRACT FROM AUTHOR]

The theoretical transition being apparent in the analysis of internal competitive advantage sources is being dealt with in this paper. A theoretical approach is being applied which is focused on those processes allowing companies to upkeep and enhance their competitiveness, become adapted to changes, and become able to foresee changes in the market. This survey shows the eclectic nature of dynamic capacities bringing in dynamic elements into static-nature theories, and further addresses the biases being apparent in these two approaches both in the theoretical setting and in the managerial practice. This survey also looks into the generation, development and change processes pertaining with operational resources Dynamic capabilities help generate higher income and maximise innovation and strategic development. [ABSTRACT FROM AUTHOR]

The relationship being apparent between dynamic capabilities and knowledge management is being looked into in this paper on the basis of their application to new technology-based companies (NTBC), and bearing in mind issues such as high complexity and fast knowledge generation taking place in a dynamic and uncertain setting. This research has been conducted at the NTBC, located at the Madrid Scientiic Park (MSP) and at the Leganés Technological and Scientiic Park, both of them located in the Madrid Community area in Spain. According to test results, the exploration and exploitation processes, together with organizational ambidexterity, are having a rather meaningful impact on the NTBC's own dynamic capabilities to effectively manage knowledge, both currently available and being generated, allowing these companies to properly adapting themselves to the setting in which they are operating and thus, ensuring that enhanced returns are obtained. [ABSTRACT FROM AUTHOR]

Drawing upon research indings of some authors, this paper is putting forwards a novel deinition of organizational capabilities pinpointing the nature, features and potential of this notion. This deinition suggests an alternative solution to the dificulty to establish a typology of organizational capabilities. The two components making up such a deinition are exempliied on the basis of a case analysis, i.e., the dialogic nature engrained in the governance capacity, and the dual dimension characterizing the way how such organization capabilities are being put into practice. Thus, such a deinition provides for an explicit and coherent conceptual basis for further research endeavours to be undertaken vis-à-vis organizational capabilities. [ABSTRACT FROM AUTHOR]

Based on the work of Anderson & Reeb (2003), the current paper aims to examine whether, under the peculiar influence of the Mexican corporate system, there are differences in the performance of family and non-family firms. The authors propose an analysis that allows conducting a comprehensive study and comparison between companies with different ownership structures (family vs. non-family firms), differentiated by heterogeneously developed governance patterns. Likewise, the effects of the degree of ownership concentration on performance are also analyzed. Moreover, evidence is shown of contrasting relationships between governance mechanisms and performance in family and non-family firms. Results are consistent with those of Anderson & Reeb (2003). [ABSTRACT FROM AUTHOR]

Boosted by advancements in Information and Communication Technology (ICT), the concept of Integrated Marketing Communications (IMC) has received considerable attention among marketing scholars and practitioners, although further contributions are needed to consolidate the concept. Based on literature review, this paper studies in depth the IMC concept and its dimensions through the scrutiny of conceptual and methodological issues. The state of the art is specified, and research avenues are proposed, looking forward to the implementation of IMC in countries and sectors in which it has not been studied so far [ABSTRACT FROM AUTHOR]

Just as it is happening in different parts of the world, the University of Talca (Chile) is implementing a curricular model targeted at the development of competences that involves all the careers offered by the institution. This has naturally implied in redesigning all the careers' curricular plans in accordance with the new paradigm. Along those lines, the current work proposes a model for university schools whose curricular plans are aimed at the development of competences. For these institutions, the model is pertinent in as much as it implies both technology and management aspects. Thus, after reviewing the literature on the concept of competence and on the philosophy that inspired the curricular orientation treated here, the paper concludes that the central aspect of the developed model is the fact that it "witnesses" what goes on in the environment where the school and the labor and social markets perform. Such attribute is attained by referring the school's mission, vision and central goal to the labor market that it wishes to supply, and to the educational market it intends to attract. [ABSTRACT FROM AUTHOR]

Being a family business is not good or bad per se; it is an extra characteristic that management has to deal with. In fact, family influence can become a blessing or a curse for a company, depending on how family members handle Key Success Family Factors (KSFF). This paper presents the Two Stages Scoring (TSS) model, a tool that companies can use to develop a competitive advantage based precisely on family influence. TSS Model is based on results obtained in a Mexican Family Businesses research, in which the relationship between family influence and firm performance was tested. The variable "family influence" was measured through the common F-PEC instrument and by FAMILIAL INDEX, while the "firm performance" was measured by CEO level of satisfaction on six financial performance dimensions. Conclusions of the research include that family influence-firm performance relationship is not high for this sample of companies and, as a consequence, the TSS model is proposed based on the idea that firm performance is related more effectively to the KSFF. [ABSTRACT FROM AUTHOR]

This paper makes an assessment of the Colombian Export Promotion Program (EPP). The process and the results of such a program are considered in the light of the literature on international strategy and exporting culture in developed and developing countries. Literature findings on EPAs and EPPs around the world are complemented by information from two surveys, one applied to a set of 56 firms that took part in the EPP (2002-2004) and the other addressed at a group of consultants hired by program operators to support firms. The information obtained permits the characterization of program participants (firms, entrepreneurs/managers, operators, consultants) and a deep appraisal of the processes and methodologies implemented by the program, as well as the acknowledgement of the participants' perceptions on the expectations and the outcomes reached. Finally, some reflections are made on the accomplishments and shortfalls of the program, a number of firm and program-level proposals for improvement are advanced, and some future research avenues are suggested in order to deepen the discussion on exporting/internationalization culture and its importance for developing and developed economies. [ABSTRACT FROM AUTHOR]

Time and cost efficiency advantages of Information and Communication Technology (ICT) for organizations have been largely reported in the literature. Notwithstanding, little attention has been given to its influence on customer satisfaction. In this sense, the current paper inquires whether businesses should invest as much as possible on ICT, or if they should rather limit such investment to what is strictly necessary. The present empirical work observed a direct relation between the intensity of ICT implementation (as perceived by the retailer) and customer satisfaction with such technology. However, as it is shown by the study in different retail activity areas, not all applications are valued the same or used with the same intensity by the customer. [ABSTRACT FROM AUTHOR]

This paper analyses how the institutional processes, the school management as well as the contexts in which the school and the students are circumscribed, could impact the performance in the high-school graduation-year test (ICFES). A survey was applied with the purpose of know the actions and interactions among educative process actors. Factor Analysis and Hierarchical econometric models were used with the purpose of construct indexes and measure the impact of the considered variables. We found that school level variables, including management, explain a high percentage of the performance variability, while those constructed variables associated to student's characteristics have a low impact. And parent human capital and the initial student conditions are much more important than the teacher human capital. Contrary to the expected, it's not clear what kind of use and if to increase infrastructure resources favors the achievement. [ABSTRACT FROM AUTHOR]

This paper proposes a new kind of non-linear hybrid model. In the proposed model, mean non-linearity is represented by using an adaptive neuro-fuzzy inference system (ANFIS) whereas variance is represented using a conditional self-regressive heteroscedastic component. The mathematical formula for this type of model is shown and a method to estimate it is proposed. In addition, a specification strategy is developed for the proposed model, based on a battery of statistical soft transaction regression (STR) tests and on verosimility radius testing. As a case study, the IBM stock closing price series dynamics were modeled, which is commonly used as a benchmark in the literature on time series. Results indicate that the model developed represents the dynamics of the studied series better than other models with similar characteristics. [ABSTRACT FROM AUTHOR]

This paper analyzes if the strategic choice perspective contributes to generating and describing different basic types of work, beyond the proposals stated in contingent theory. The analysis of the hypotheses formulated through a study of a quantitative nature shows that the variables that mainly explain the differences among types of work (and that characterize the strategic choice perspective) are the variables that refer to the perception of the environment, in particular those that measure its degree of complexity and dynamism. To a lesser degree, the variable entrepreneur leadership style also influences the definition of the work characteristics. The relevance of that variable has to do with the logical requirements proper to autonomous, innovative work. Under those circumstances, the entrepreneurship style will be needed not only for top management but also for the workers involved in doing complex skilled work. [ABSTRACT FROM AUTHOR]

Organizational Learning (OL) is currently broadly acknowledged as a strategic resource for improving organizational competitiveness and, since the beginning of the 1990s, it has constituted one of the topics of research with most projection in the discipline strategic management. Under that premise, this paper proposes studying the OL concept. To do so, it first analyzes the different schools of thought defined in OL. Next, it identifies and defines each one of the dimensions essential to OL. Then, it proceeds with the empirical aspects, analyzing the data from the obtained sample. Results reveal that the limits between the management school of thought and the learning process school of thought are not as clear cut as the conceptual experts for each school advocate. The above conclusion is drawn based on the component management being more preponderant in the learning process school of thought than the importance the theory had first granted it. [ABSTRACT FROM AUTHOR]

Greatly changing scenarios are affecting how organizations must be managed, leading to the need for very efficacious, efficient governance and management systems. Nowadays, it is essential to examine the elements that organizational governance implies and to pay special attention to the relation between governance and the agency theory that is be- coming vital in the seductive, complex topic of contemporaneous companies. This article broaches the theoretical bases of this issue, for the purpose of structuring a conceptual framework to organize the knowledge and scope of corporate governance and its alignment mechanisms, especially those related to the role of administration councils. The article ends by mentioning some papers on this matter, to give it a pragmatic approach. [ABSTRACT FROM AUTHOR]

Colombian environmental legislation has resorted to an economic instrument called retribution tax -based on the mechanism proposed by Baumol and Oates in their 1973 paper-, to regulate the contamination of bodies of water. This article employs standard genetic algorithms to simulate the behavior of a set of artificial companies that spill contaminants into bodies of water, when they are faced with a uniform tax charge with the same characteristics as the retribution tax. The simulations are aimed at reproducing company behavior in distinct tax application scenarios, for the purpose of evaluating their efficiency and proposing measures aimed at improvement. Such assessment is needed because the contaminating companies have adopted a strategic behavior that Baumol and Oates did not contemplate. It is due to the companies' limited rationality and to the environmental authority's but partial compliance with its invoicing and monitoring activities. The article concludes that, faced with such strategic behavior by the contaminating agent companies, a non-declared higher contamination tax would increase the effectiveness of the control instrument. [ABSTRACT FROM AUTHOR]

This article analyzes international activities in the vendor -customer relation. It studies the internationalization process for small and medium Portuguese industrial enterprises, taking into consideration the specific channel that multinationals represent for them in the industrial environment. The objective of the paper is to establish, in particular, how multinational customers condition their vendors' internationalization process and how subcontractor vendors react to the strategic dilemmas of internationalization conditioned by their multinational customers. This article focuses on the study of five cases chosen from a sample of 20 SMEs that are subcontractors for four multinational companies in the automobile and electronics industries. The conclusions drawn complement the theoretical framework of inter-organizational relations. They also indicate that the international trajectory of the vendors may be limited by the episodic nature of the relation, by the technological capability to develop new products, by the international networks in which the vendors are located, and by changes in the supply chain activities. [ABSTRACT FROM AUTHOR]

This article examines different theoretical and empirical research papers on service quality and on measuring it locally and worldwide in the health sector, which have been reported in specialized publications since the early 1990s. Findings make the lack of consensus in defining and determining the dimensions that make up quality in health services evident and such dimensions are necessary for developing reliable measurement instruments that enable offering users better quality. To that regard, in Colombia diverse methodologies for measuring and evaluating the quality of health services have been tried out. SERVQUAL is the most used instrument for such purpose worldwide; notwithstanding, after applying it in Colombia, the results obtained did not allow any generalizations. That situation reveals the need to conduct research using other theoretical models, such as SERVPERF or the multidimensional hierarchical approach, which enable the development of valid, appropriate measurement scales for the local context. [ABSTRACT FROM AUTHOR]

Some years ago, the GLOBE Project measured nine cultural dimensions in ten Latin American Countries: Argentina, Bolivia, Brazil, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Mexico, and Venezuela. In spite of its valuable contribution, the GLOBE Project did not provide an aggregated measure for the cultural distances between countries, which would enable directly inspecting the cultural distances between countries. To overcome that limitation, this paper uses the methodology proposed by Kogut and Singh (1988) for quantifying cultural distances. Consecutively, multi-dimensional escalation (MDE) is used to graphically represent (i. e., in maps) the cultural distances calculated between the ten countries. Then, for the purpose of interpreting the axes of the maps obtained using the MDEs, a linear regression is made using the methodology suggested by Fernández et al. (2003) for each one of the nine cultural dimensions. Finally, based on the limitations of the study, some future lines of research are proposed. [ABSTRACT FROM AUTHOR]

Especially in developed countries, the global economy is dominated by clusters where there is a lot of interaction among the members regarding the technology and knowledge to drive innovation and the results seen in such clusters are growth and generated value for the cluster as a whole. Given the importance of this topic for economic performance and for hierarchical structures in companies, this paper reviews the theoretical and conceptual development of clusters, highlighting the core aspects on which they are based and how they relate to the forever present business and economic factors involved. The clear understanding of this phenomenon leads to an objective discussion of the components that make up a cluster and of the main factors that characterize clusters and distinguish them from traditional agglomerations of companies solely limited to commercial relations of purchase and sale. [ABSTRACT FROM AUTHOR]

The main objective of this paper is to develop conceptual models of cultural traits, Colombian characteristics, work behavior and processes, to determine the factors that resulted from a qualitative study on supporting attitudes and impeding attitudes regarding creativity in the workplace in certain Colombian companies. Data analysis of the interviewees' statements produced 16 categories, such as ownership, trust building, support, influence management standards, envy / jealousy, and voluntary creativity. Some of these categories were incorporated into the conceptual models. In addition, several of the interviewees explicitly referred to Colombian culture promoting or smothering creativity in the workplace. The authors conclude by saying that it is rare to find structured descriptions that indicate a link between cultural characteristics and forms of thinking, feeling or behaving, which have an effect on issues of administrative importance. These potential explanations suggest that cultural climates influence behavior and, therefore, it is necessary to explore their possible origins. [ABSTRACT FROM AUTHOR]

This paper explains how forms of governance are selected for the Colombian fuel distribution chain and it formulates some proposals aimed at improving efficiency. The conceptual context is based on contract and transaction cost theory. The hypotheses made are demonstrated in two manners: empirically and using a formal model. The empirical work is based on the study of contracts signed between wholesalers and retailers, as well as on a survey given to wholesale company managers. The information obtained was processed using econometric models. The authors found that the more wholesalers design more complete contracts, the less they are interested in vertical integration. That strategy has limitations because more complete contracts increase tracking costs. Vertical integration once again becomes interesting when the wholesaler seeks to differentiate its products. The authors' proposal is for retailers to encourage reliability strengthening measures and more complete contract designing, to limit such opportunism. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to develop a methodological approach to measuring the value of the brand capital that exists in a specific economic sector, by validating the scale proposed by Yoo and Donthu (2001) in a socio-cultural context other than the one in which it was developed. The research is aimed at presenting an expeditious method to give marketing managers a useful value measurement tool that they can rely on and one that can also measure the impact that the company communications efforts have had on the brand capital. The research used the Venezuelan pharmacy sector. The study obtained mixed results. Methodologically speaking, a more direct approach was validated, which enables time savings for companies that carry out studies of this nature. But from a practical point of view, for the four dimensions of brand capital analyzed, no constant, uniform high value was observed in any chain. On the contrary; there was mixed behavior, which confirms that brand capital is a set of perceptions and associations in the consumer's mind. [ABSTRACT FROM AUTHOR]

This paper seeks to contribute to understanding the role that banks play in financing new businesses, based on a survey made with bank managers in Bogotá, Medellín, Cali, and Barranquilla (Colombia). The main theoretical reference is the strategic risk capital investors model developed by Hellmann (2002) and by Hellmann, Lindsey, and Puri (2003). The authors also explore the validity of the SMB financing model by Berger and Udell (1998) and analyze the bank managers' opinions on the effect of financial resource availability on new businesses that have experienced the entry of foreign banks and the mergers of some credit institutions in recent years. The main findings are (a) that commercial banking seems to have been participating in risk capital investment in young businesses, mainly for the purpose of attracting clients to later offer them short-term loans; (b) that Berger and Udell's financing model appears to adjust well to the reality of young businesses, and (c) that most of the managers surveyed believe that commercial banking should play a more important role in the risk capital market. [ABSTRACT FROM AUTHOR]

Modeling and forecasting exchange rates is a big economic headache. This paper uses an artificial neuronal network model to represent the Colombian real exchange index dynamics because it describes the series dynamics better than a self-regressive linear model does, as may be appreciated in the result of the verosimilitud radius contrast. The model was accepted after applying a series of standard tests and contrasting the results against those obtained using a self-regressive linear model. The results indicated that the current value of a series solely depends on its previous value. [ABSTRACT FROM AUTHOR]

Espousing the risk estimation hypotheses of markets with no friction used in asset valuation leads to erroneous market risk estimations. To overcome this inconvenience, financial literature usually presents more information on market positioning (price, volume, long or short positioning) and on market operations (volume, price, timeframe). Another problem area is applying the habitual methodologies of measuring risk without adjusting liquidity (value at risk [VaR]) or (liquidity value at risk [L-VaR]) to organized electrical energy spot markets because they set prices differently and because of electricity prices have a particular behavior. Therefore, this paper implements a risk methodology estimation (FEaR) that takes those problems into account. It also demonstrates that the solution for opposite positioning is not symmetrical, that is to say, the risk for long positioning (generators) does not match the risk for short positioning (distributors) so the relation between risk and volume is not linear. [ABSTRACT FROM AUTHOR]

Within the context of the research financed by Universidad Nacional de Colombia, this paper reviews the specialized literature on human resource management in organizations. It determines the main theories that have served as a basis for research in this discipline and profiles the practical trends in human resource management as well as the academic debate at hand. It also highlights findings on how important persons are for building a sustained competitive advantage and how important the human resource management area is for obtaining organizational capabilities. [ABSTRACT FROM AUTHOR]

This paper presents an analysis and action model for broaching the problem of Colombian agroindustry competitiveness in the world market. The model is being built, from a long-term perspective, and its consistency is being empirically validated. The main proposition is that, to meet the conditions and requirements of the new market, Colombian agroindustry competitiveness is directly related to its capability to motivate, design, and start up agribusiness models from a territorial perspective. The analysis schema is structured on Santos' concept (1997) of a space of flows, configured by a productive sector called verticalities and of flows configured by the territory called horizontalities, as forces that articulate through a productive unit (businesses or business networks). Due to the above, territorial capability accumulation and productive specialization -by means of territorial agendas built by strategic actors- are the two driving ideas in this proposition. Yet, the two have a relation of condition and result, cause and effect. Applying the model demonstrates that a mere territorial perspective is not sufficient to achieve the entry of agroindustry into the world market and that territories find it difficult to develop competitiveness capabilities. [ABSTRACT FROM AUTHOR]

Administration, a modern-age invention, was created towards the end of the 19th century as an expression of instrumental reasoning at the service of industrial capitalism. Afterwards, the first attempts at creating formal theories for administrative practices were consolidated, based on contributions by Taylor, Fayol, Mayo, and Weber. Their ideas, aimed at seeking how to achieve industrial efficiency, did not include the ontological understanding of the human beings in the organization. This paper takes a critical look at how human beings are conceived in the ambit of the administration theories that those authors espoused, for the purpose of establishing a window of reflection regarding human beings in organizations, to contribute to contemporary discussions that encourage a makeover for administration. [ABSTRACT FROM AUTHOR]

Introduction to Administration textbooks usually give simplistic definitions of administration, which do not correspond to the activities and duties that persons who perform management or administrative labors have. In addition, the concept of administration is made up of a series of unrelated loose ideas; for example, the role of managers, hierarchies in organizations or organizational culture. This paper reviews the definitions found in several such textbooks, from different theoretical perspectives and proposes a definition that relates to the various elements that comprise administration. [ABSTRACT FROM AUTHOR]

The relation between organizational learning and the organization's performance has been theoretically documented but more empirical research is needed to contrast possible associations between these variables. That is what motivated this paper that starts out with the theoretical assumption that organizational learning is a dynamic capability as explained in the theory of resources and capabilities that assumes that an organization's performance is a social construct measured by yield perceptions. Empirical contrasting was done in 45 middle-sized and large companies, using an explanatory-type quantitative design. Multivariate methods were used, such as variance analysis (Anova), cluster analysis, and main component analysis. The results gave evidence that enable accepting the hypothesis that the learning capability influences the organization's performance. [ABSTRACT FROM AUTHOR]

This paper looks into the degree of progress made in administration research in Colombia in the past ten years, and more specifically from 2000 to 2006. The progress is evaluated using notions from both institutional and resource perspectives, the research groups' analytical capabilities, and indexed administration journals. To establish the development of the research groups, the indicators used were track record and production quantity and quality. For the journals, the indicators were indexing level and ambit. Information was gathered from four databases: the research group database GrupLAC, the national indexed journal database and the database of international journals homologated in the Colombian Publindex, and the Journal Citation Index. Study results for the period under study show that, on one hand, research increased as did the research groups' products in both quantity and quality and the incipience of internationalization was seen. On the other hand, there was but a reduced nucleus of groups who took important steps towards consolidation and there are still few top-quality indexed journals in Colombia. [ABSTRACT FROM AUTHOR]

This paper explores the internationalization of SMEs in Antioquia to determine how the process is being conducted and how competitive the businesses have been during the process. The central question is: Are the SMEs competitive enough to consolidate a position in the international marketplace? The theoretical concepts used in the analysis are presented. The investigation is exploratory-descriptive. Two instruments were applied, using personal interviews with general managers and international business managers. The results show that export culture in Colombia (especially in Antioquia) is not well established. In fact, there is a certain resistance to changing the business mentality regards internationalization, especially amongst SMEs. [ABSTRACT FROM AUTHOR]

The paper compares the past 25 years of evolution in Colombian and Chilean higher education, with a view to establishing tendencies. and development perspectives. University education normative themes were used from both countries because, to a certain degree, they are an indication of the evolution of higher education systems, characterized by the proliferation of institutions, increased coverage, and diversification in the variety or types of higher education institutions. Financing and the level of investigation are also examined. There leads on to an evaluation of the perspectives of change, especially related to the self-evaluation and accreditation processes being implemented by higher education institutions. The conclusions highlight some common points that could be used a starting point by future investigations of this phenomenon in Latin America. [ABSTRACT FROM AUTHOR]

Small and medium-sized enterprises (SMEs) usually have wide cooperation networks. High levels of cooperation facilitate the acquisition of knowledge by clients, suppliers and competitors. The objective of this paper is to analyze the influence trust, compromise, knowledge, the management team, and the expected benefits have on three levels of cooperation (suppliers, clients and competitors). The results indicate that whilst expected benefits are the key to moving on to further levels of cooperation, trust is needed. Satistical confirmation of the hypothesis was carried-out using a logistical polytomic regression model, and the data came from 88 SMEs in Murcia, Spain. An additional investigation in other regions, to analyze the interrelation of different forms of IT cooperation in SMEs and large enterprises, could help improve the rigor of the results. [ABSTRACT FROM AUTHOR]