Guillermo Cardoza

Foreign exchange exposure in emerging markets

Purpose – The purpose of this paper is to look at the impact that unanticipated changes in the exchange rate, specifically the currency crises that took place in Latin America between 1998 and 2004, had on the value of Spanish companies operating in this region. It also studies the strategies, decisions, measures and initiatives that these firms made to improve the effectiveness of their hedging activities. Building upon previous studies in industrialised countries, the study applies a broader perspective as it takes a cross‐functional approach by including finance, strategic planning, marketing and operations management in the analysis.Design/methodology/approach – The paper uses qualitative and quantitative analyses to reach its conclusions. The quantitative study involves a time series regression to calculate a foreign exchange exposure (FOREX) coefficient. The qualitative analysis uses a systematic approach to develop categories from the data gathered in the interviews. Finally, the conclusions from b...

A study of new supply chain management practices in the Brazilian and Spanish auto industries

In the last decade, new practices in Supply Chain Management (SCM) have been implemented in leading industrial sectors such as the Automotive Industry (AI), usually at a greater speed than has been studied or reported by academia. In the case of Brazil, pursuant to a series of investments in new plants, the AI has become a reference in several aspects of SCM. Spain, in turn, after seeing its automotive sector grow and prosper for almost two decades, is now experiencing a phase of relative stagnation and of concern, particularly due to the growing membership in the European Union (EU) and the resulting establishment of new plants and investments in Eastern Europe. In this context, the main purpose of this paper is to present and discuss the major findings of a case study focusing on new practices in SCM implemented in Brazilian and Spanish automotive plants that use new supply chain configurations.

International co-operation of Ibero-American countries in business administration and economics research: Presence in high-impact journals

Purpose – The purpose of this article is to analyse patterns of international co‐operation in economics and management research between Ibero‐American countries and between these countries and the USA and Europe.Design/methodology/approach – Taking co‐publications as an indicator, the analysis concentrates on articles published in the list of high‐impact and high‐profile journals used by The Financial Times to draw up its rankings of business schools.Findings – The results obtained show that: the number of articles published by Ibero‐American countries in high‐impact journals is still proportionally small but that an upward trend seems to have been developing in recent years; participation in international co‐operation networks allows researchers from Ibero‐American countries, particularly those countries with less scientific development, to carry out research into relevant topics and to attain the degree of excellence required to publish in the most internationally prestigious journals; and contrary to t...

Learning and innovation paths in East Asia

A close look at the industrialization processes in East Asia reveals that learning and innovation (L&I) activities became the building blocks of their economic growth and international competitiveness. This article explores the micro-dynamics of knowledge-based economies and analyses the East Asian success stories from the perspective of learning and innovation (L&I) processes. It also develops a theoretical framework in order to understand how East Asian companies manage to overcome entry barriers into high-tech industries. When utilizing this approach in the interpretation of the ‘East Asian miracle’, some empirical regularities emerge, suggesting the existence of learning paths that define the systemic interactions, pace, and direction of learning and innovation activities. Copyright , Beech Tree Publishing.

Institutional Determinants of the Argentinean Crisis: A Systemic Approach

ABSTRACT The explanations given for the Argentinean crisis are fragmentary and center almost exclusively on the causal relationships among economic variables. This study builds on the interpretations that various economists have presented regarding the Argentinean crisis. Based on identified factors, a conceptual approach is used to expose the systemic and dynamic nature of the crisis and to permit an analysis of the interrelationship among the economic, political and institutional factors that triggered it. The article contends that in addition to economic and financial factors, the Argentinean crisis was aggravated due to: (1) institutional frailty, inadequate political management, and lack of transparency, which led to increasing instability and uncertainty; and (2) institutional weakness and obsolescence, which hindered reform consolidation and juridical standards for guaranteeing property rights and adherence to contracts. The article also maintains that the solutions to the crisis required the coordinated actions of different economic and political agents within the framework of a new social pact. RESUMEN. Las explicaciones dadas sobre la crisis argentina están fragmentadas y se centran casi que exclusivamente en la relación fortuita de las variables económicas. Este estudio utiliza como base las interpretaciones presentadas por diversos economistas sobre la crisis argentina. Basándose en factores identificados, utiliza un enfoque conceptual para exponer la naturaleza sistémica y dinámica de la crisis, y permitir el análisis de la interrelación entre los factores económicos, políticos e institucionales que la provocaron. Este articulo aboga que además de los factores económicos y financieros, la crisis argentina se agravó debido a: (1) la fragilidad institucional, una administración política inadecuada y la falta de transparencia, que aumentaron la inestabilidad e incertidumbre; y (2) la debilidad institucional y el anacronismo que obstaculizan la consolidación de la reforma y estándares jurídicos necesarios para garantizar los derechos a la propiedad y adherencia a los contratos. El artículo también defiende que las soluciones para la crisis exigen acciones coordinadas entre los diferentes agentes económicos y políticos dentro del marco de un nuevo pacto social. RESUMO. As explicações fornecidas para a crise argentina são fragmentadas e concentramse quase que exclusivamente nas relações causais de variáveis econômicas. Este estudo aprofunda as interpretações que vários economistas apresentaram a respeito da crise argentina. Baseados em fatores identificados, é utilizada uma abordagem conceitual para expor as naturezas sistêmica e dinâmica da crise, e para permitir a análise do inter-relacionamento entre os fatores econômicos, políticos e institucionais que a provocaram. Este artigo advoga que além dos fatores econômicos e financeiros, a crise argentina foi agravada devido a: (1) fragilidade institucional, gestão política inadequada, e falta de transparência, a qual majorou a instabilidade e a incerteza, e (2) debilidade institucional e anacronismo, impedindo a consolidação da reforma e de padrões jurídicos para garantir os direitos de propriedade e a adesão a contratos. O artigo também sustenta que as soluções para a crise demandam ações coordenadas dos diferentes agentes econômicos e políticos no contexto de um novo pacto social.

The international expansion of China's small- and medium-sized business: Status today and future outlook

Purpose – The paper aims to critically analyse the relevant literature on the international expansion of Chinas small- and medium-sized enterprises with the aim of highlighting the main topics analysed by scholars and identifying areas for future research. Design/methodology/approach – The paper reviews the works on the international growth of Chinas SMEs published in selected peer-reviewed English-language journals vis-a-vis what has been published on Western SMEs. It does this by, first, studying the literature at both firm and industry levels and, second, by analysing the specific characteristics of small business from China along with the particularities of the Chinese business environment. Findings – The paper shows that two main areas are in need of further research: the impact of the Chinese business environment on the international expansion of SMEs, and the need to understand different elements of the process to develop a strong firm-level body of literature. Originality/value – The paper highl...

Cosméticos Contém 1g: um caso de empreendedorismo e inovação

This teaching case describes the foundation and expansion of Contem 1g, a Brazilian company in the personal hygiene, perfumes and cosmetics sector. Founded in 1984 as a textile company, it took an entirely new direction in 1994 when its owner rerouted the business and started to produce perfumes. Contem 1gs business history is marked by the launching new products and by the implementation of a hybrid sales system, namely: direct sales and franchise. His decision to expand the business is the starting point for our discussion and the skills to be explored as it seeks to consolidate its position in the international market. Contem 1gs teaching case can be used both to depict academic subjects dealing with the role of innovation in entrepreneurship or business growth as well as a classroom device to start discussion on business organization development process.

Entrepreneurship and Gender in Latin America

Gender discrimination in Latin American societies significantly reduces the effective participation of women in the development of new businesses; therefore, it limits their possibilities for professional advancement, as well as development opportunities for their families. In an even broader context, inequality prevents women from efficiently contributing to business development in countries of the region. The possibilities of undertaking new ventures are diminished by this reality. Most of the women surveyed for this study mentioned that they have suffered discrimination while doing business because of their gender. In fact, the results of this research paper show that women perceive greater inequality in opportunities to create companies and face more barriers in accessing resources, mainly financial ones, to develop their enterprises. These barriers have a negative effect on the outcomes and growth prospects of businesses created by women. Indeed, they prevent women, who represent more than 50% of the population, from efficiently contributing to the creation of wealth and jobs in Latin American countries.

Thinking styles, gender, and decision making in Latin American management: A comparative study with the USA

Purpose Many studies have analyzed how gender diversity and local culture condition the cognitive styles of managers and affect decision-making processes in organizations. Gender diversity has been defended from an equality perspective; it has been argued to improve decision-making processes and to have a positive impact on companies’ return on investment. The purpose of this paper is to analyze the differences between the thinking styles of men and women, in Latin America and the USA that support decision-making processes. An argument is given in favor of gender diversity in management teams, because of its positive implications in decision making. Design/methodology/approach The measurement instrument used was the Neethling Brain Instrument, developed based on recent neuroscience discovery. The sample comprised 1,216 executives from the USA and several countries in Latin America and the Caribbean, who have participated in executive training programs. Findings The results show differences in thinking styles by gender, but no differences were found in thinking styles or decision making between men and women at the same managerial level in either of the two regions. Similarly, results suggest that executives in the USA tend to base their management models on strategic thinking styles that focus on interpersonal relations and involve risk taking, while executives in Latin American countries tend to prefer thinking and management styles focusing on data analysis, execution, planning, and process control. Originality/value The results of the present study show that, in all regions, men score higher in rational thinking styles associated with the cortical areas, while women gravitate toward thinking styles where emotional schemes prevail, related to subcortical areas. These results could be useful for organizational leaders in charge of allocating roles and tasks to people, based on their thinking style strengths. The results can also be very valuable for Latin American organizations to design specific training and development programs for men and women accordingly with their individual needs and their managerial roles. They can also support the argument that diverse gender teams will guarantee complete decision-making processes.