Subjects -> BUSINESS AND ECONOMICS (Total: 3570 journals)
    - ACCOUNTING (132 journals)
    - BANKING AND FINANCE (306 journals)
    - BUSINESS AND ECONOMICS (1248 journals)
    - COOPERATIVES (4 journals)
    - ECONOMIC SCIENCES: GENERAL (212 journals)
    - HUMAN RESOURCES (103 journals)
    - INSURANCE (26 journals)
    - INTERNATIONAL COMMERCE (145 journals)
    - INVESTMENTS (22 journals)
    - MACROECONOMICS (17 journals)
    - MANAGEMENT (595 journals)
    - MARKETING AND PURCHASING (116 journals)
    - MICROECONOMICS (23 journals)
    - PUBLIC FINANCE, TAXATION (37 journals)

MANAGEMENT (595 journals)                  1 2 3 | Last

Showing 1 - 200 of 584 Journals sorted alphabetically
360 : Revista de Ciencias de la Gestión     Open Access   (Followers: 2)
Academia Revista Latinoamericana de Administración     Open Access   (Followers: 1)
Academy of Management Annals     Full-text available via subscription   (Followers: 81)
Academy of Management Discoveries     Full-text available via subscription   (Followers: 38)
Academy of Management Journal     Full-text available via subscription   (Followers: 287)
Academy of Management Perspectives     Full-text available via subscription   (Followers: 60)
Academy of Management Review     Full-text available via subscription   (Followers: 258)
Academy of Strategic Management Journal     Full-text available via subscription   (Followers: 39)
Administrative Science Quarterly     Full-text available via subscription   (Followers: 152)
Advances in Management and Applied Economics     Open Access   (Followers: 8)
Africa Journal of Management     Hybrid Journal   (Followers: 2)
African Journal of Business Management     Open Access   (Followers: 1)
African Journal of Economic and Management Studies     Hybrid Journal   (Followers: 10)
Al Tijarah     Open Access   (Followers: 1)
American Journal of Business and Management     Open Access   (Followers: 51)
American Journal of Industrial and Business Management     Open Access   (Followers: 24)
American Journal of Mathematical and Management Sciences     Hybrid Journal  
American Journal of Operational Research     Open Access   (Followers: 6)
American Journal of Operations Research     Open Access   (Followers: 6)
Aquaculture Economics & Management     Hybrid Journal   (Followers: 21)
Asia Pacific Journal of Innovation and Entrepreneurship     Open Access   (Followers: 3)
Asia Pacific Journal of Management     Hybrid Journal   (Followers: 18)
Asia Pacific Management Review     Full-text available via subscription   (Followers: 2)
Asia-Pacific Journal of Management Research and Innovation     Full-text available via subscription  
Asian Business & Management     Hybrid Journal   (Followers: 6)
Asian Journal of Management Cases     Hybrid Journal   (Followers: 6)
Asian Journal of Management Science and Applications     Hybrid Journal   (Followers: 3)
Asian Journal of Social Sciences and Management Studies     Open Access   (Followers: 6)
Asian Journal of Technology Management     Open Access   (Followers: 1)
Asian Journal on Quality     Hybrid Journal   (Followers: 3)
Australasian Law Management Journal     Full-text available via subscription   (Followers: 3)
Australasian Leisure Management     Full-text available via subscription   (Followers: 2)
Australian Journal of Management     Hybrid Journal   (Followers: 8)
Baltic Journal of Management     Hybrid Journal   (Followers: 3)
BMC Journal of Scientific Research     Open Access   (Followers: 3)
BMC Medical Informatics and Decision Making     Open Access   (Followers: 21)
Board Leadership     Hybrid Journal   (Followers: 3)
Brigham Young University International Law and Management Review     Open Access   (Followers: 2)
British Journal of Management     Hybrid Journal   (Followers: 54)
BRQ Business Review Quarterly     Open Access   (Followers: 1)
Building & Management     Open Access   (Followers: 2)
Built Environment Project and Asset Management     Hybrid Journal   (Followers: 13)
Bulletin of Kyiv National University of Culture and Arts. Series in Management of Social and Cultural Activity     Open Access  
Business and Management Horizons     Open Access   (Followers: 9)
Business and Management Studies     Open Access   (Followers: 11)
Business Management Analysis Journal     Open Access   (Followers: 3)
Business Management and Strategy     Open Access   (Followers: 38)
Business Perspectives and Research     Hybrid Journal   (Followers: 3)
Business Process Management Journal     Hybrid Journal   (Followers: 7)
California Management Review     Hybrid Journal   (Followers: 34)
Canadian Journal of Program Evaluation     Open Access   (Followers: 1)
Case Studies in Business and Management     Open Access   (Followers: 11)
Case Studies in Sport Management     Full-text available via subscription   (Followers: 7)
Central European Management Journal     Open Access   (Followers: 1)
Chinese Management Studies     Hybrid Journal   (Followers: 4)
Ciencias Administrativas     Open Access  
Coaching : Theorie & Praxis     Open Access   (Followers: 3)
Cogent Business & Management     Open Access   (Followers: 2)
Collection Management     Hybrid Journal   (Followers: 17)
Computational Management Science     Hybrid Journal  
Conference Quality Production Improvement     Open Access  
Construction Innovation: Information, Process, Management     Hybrid Journal   (Followers: 14)
Construction Management and Economics     Hybrid Journal   (Followers: 24)
Contabilidade, Gestão e Governança     Open Access  
Contaduría y Administración     Open Access  
Controlling & Management     Hybrid Journal   (Followers: 1)
Controlling & Management Review : Zeitschrift für Controlling und Management     Full-text available via subscription  
Corporate Board : Role, Duties and Composition     Open Access  
Corporate Governance and Organizational Behavior Review     Open Access  
Corporate Governance and Sustainability Review     Open Access   (Followers: 2)
Corporate Ownership and Control     Open Access  
Corporate Social Responsibility and Environmental Management     Hybrid Journal   (Followers: 10)
Creativity and Innovation Management     Hybrid Journal   (Followers: 54)
Cross Cultural & Strategic Management     Hybrid Journal   (Followers: 8)
Dalhousie Journal of Interdisciplinary Management     Open Access  
Data and Information Management     Open Access   (Followers: 5)
Decision : Official Journal of Indian Institute of Management Calcutta     Hybrid Journal  
Decision Analytics     Open Access   (Followers: 3)
Decision Analytics Journal     Open Access  
Desenvolve : Revista de Gestão do Unilasalle     Open Access  
Development Management     Open Access   (Followers: 1)
Dirāsāt : Jurnal Manajemen dan Pendidikan Islam     Open Access  
Disaster Prevention and Management     Hybrid Journal   (Followers: 30)
Ecological Management & Restoration     Hybrid Journal   (Followers: 15)
Economic Management Journal     Open Access   (Followers: 5)
Economics, Management, and Financial Markets     Full-text available via subscription   (Followers: 10)
Educational Management and Innovation Journal     Open Access  
Ekonomia i Zarzadzanie. Economics and Management     Open Access  
Electronic Government, an International Journal     Hybrid Journal   (Followers: 13)
Engineering Management Journal     Hybrid Journal   (Followers: 1)
Engineering Management Research     Open Access   (Followers: 6)
Engineering Project Organization Journal     Hybrid Journal   (Followers: 6)
Entrepreneurship Education     Hybrid Journal   (Followers: 1)
Environmental Management     Open Access   (Followers: 53)
Environmental Quality Management     Hybrid Journal   (Followers: 4)
Estudios Gerenciales     Open Access  
EuroMed Journal of Management     Hybrid Journal  
European Financial Management     Hybrid Journal   (Followers: 27)
European Journal of Business and Management     Open Access   (Followers: 20)
European Journal of Cross-Cultural Competence and Management     Hybrid Journal   (Followers: 6)
European Journal of Innovation Management     Hybrid Journal   (Followers: 22)
European Journal of Management Issues     Open Access   (Followers: 1)
European Management Journal     Hybrid Journal   (Followers: 16)
European Management Review     Hybrid Journal   (Followers: 20)
European Sport Management Quarterly     Hybrid Journal   (Followers: 14)
Expert Journal of Business and Management     Open Access  
Financial Internet Quarterly     Open Access  
Fokus Bisnis : Media Pengkajian Manajemen dan Akuntansi     Open Access  
Foundations and Trends® in Technology, Information and Operations Management     Full-text available via subscription   (Followers: 3)
Foundations of Management     Open Access   (Followers: 7)
Fundamental Management Journal     Open Access  
Future Business Journal     Open Access   (Followers: 2)
Future Studies Research Journal : Trends and Strategies     Open Access  
GECONTEC : Revista Internacional de Gestión del Conocimiento y la Tecnología     Open Access  
Gender in Management : An International Journal     Hybrid Journal   (Followers: 18)
Gestión en el Tercer Milenio     Open Access  
Global Strategy Journal     Hybrid Journal   (Followers: 7)
Group & Organization Management     Hybrid Journal   (Followers: 16)
Health Care Management Science     Hybrid Journal   (Followers: 6)
Health Services Management Research     Hybrid Journal   (Followers: 16)
Human Factors : The Journal of the Human Factors and Ergonomics Society     Full-text available via subscription   (Followers: 33)
Human Resource Management     Hybrid Journal   (Followers: 73)
Human Resource Management International Digest     Hybrid Journal   (Followers: 18)
Human Resource Management Journal     Hybrid Journal   (Followers: 73)
Human Resource Management Review     Hybrid Journal   (Followers: 59)
ICU Director     Hybrid Journal  
IEEE Engineering Management Review     Full-text available via subscription   (Followers: 118)
IIMB Management Review     Open Access   (Followers: 9)
IMA Journal of Management Mathematics     Hybrid Journal   (Followers: 1)
Impact Assessment and Project Appraisal     Hybrid Journal   (Followers: 4)
Independent Journal of Management & Production     Open Access   (Followers: 1)
Indian Journal of Corporate Governance     Full-text available via subscription  
Industrial Management & Data Systems     Hybrid Journal   (Followers: 8)
Industrial Marketing Management     Hybrid Journal   (Followers: 22)
Information Resources Management Journal     Full-text available via subscription   (Followers: 8)
Information Systems Management     Hybrid Journal   (Followers: 10)
Information Technology and Management     Hybrid Journal   (Followers: 10)
Innovation & Management Review     Open Access  
Innovation: Management, Policy & Practice     Hybrid Journal   (Followers: 16)
INOVATOR : Jurnal Manajemen     Open Access  
Intelligent Information Management     Open Access   (Followers: 7)
Intelligent Systems in Accounting, Finance & Management: International Journal     Hybrid Journal   (Followers: 3)
International Journal for Quality Research     Open Access   (Followers: 4)
International Journal of Advances in Management Science     Open Access   (Followers: 1)
International Journal of Agile Systems and Management     Hybrid Journal   (Followers: 3)
International Journal of Applied Management and Technology     Open Access   (Followers: 1)
International Journal of Applied Management Science     Hybrid Journal   (Followers: 4)
International Journal of Aviation Management     Hybrid Journal   (Followers: 5)
International Journal of Business and Data Analytics     Hybrid Journal   (Followers: 2)
International Journal of Business and Management     Open Access   (Followers: 13)
International Journal of Business Continuity and Risk Management     Hybrid Journal   (Followers: 22)
International Journal of Business Performance Management     Hybrid Journal   (Followers: 6)
International Journal of Business Process Integration and Management     Hybrid Journal   (Followers: 12)
International Journal of Business Science and Applied Management     Open Access   (Followers: 1)
International Journal of Commerce and Management     Hybrid Journal  
International Journal of Comparative Management     Hybrid Journal  
International Journal of Complexity in Leadership and Management     Hybrid Journal   (Followers: 27)
International Journal of Conceptual Structures and Smart Applications     Full-text available via subscription   (Followers: 2)
International Journal of Conflict Management     Hybrid Journal   (Followers: 14)
International Journal of Construction Management     Hybrid Journal   (Followers: 4)
International Journal of Contemporary Hospitality Management     Hybrid Journal   (Followers: 10)
International Journal of Corporate Strategy and Social Responsibility     Hybrid Journal   (Followers: 4)
International Journal of Cross Cultural Management     Hybrid Journal   (Followers: 7)
International Journal of Decision Sciences, Risk and Management     Hybrid Journal   (Followers: 7)
International Journal of Decision Support Systems     Hybrid Journal   (Followers: 2)
International Journal of Disaster Risk Science     Open Access   (Followers: 14)
International Journal of Educational Management     Hybrid Journal   (Followers: 5)
International Journal of Electronic Customer Relationship Management     Hybrid Journal   (Followers: 1)
International Journal of Electronic Governance     Hybrid Journal  
International Journal of Emergency Management     Hybrid Journal   (Followers: 10)
International Journal of Energy Sector Management     Hybrid Journal   (Followers: 2)
International Journal of Engineering Business Management     Open Access  
International Journal of Engineering Management and Economics     Hybrid Journal   (Followers: 3)
International Journal of Enterprise Network Management     Hybrid Journal  
International Journal of Entrepreneurship and Innovation Management     Hybrid Journal   (Followers: 27)
International Journal of Environment and Waste Management     Hybrid Journal   (Followers: 2)
International Journal of Environmental Technology and Management     Hybrid Journal  
International Journal of Event and Festival Management     Hybrid Journal   (Followers: 6)
International Journal of Financial Services Management     Hybrid Journal   (Followers: 1)
International Journal of Forensic Engineering and Management     Hybrid Journal   (Followers: 1)
International Journal of Global Business and Competitiveness     Hybrid Journal  
International Journal of Hospitality and Event Management     Hybrid Journal   (Followers: 3)
International Journal of Hospitality Management     Hybrid Journal   (Followers: 10)
International Journal of Human Resource Management     Hybrid Journal   (Followers: 52)
International Journal of Human Resources Development and Management     Hybrid Journal   (Followers: 24)
International Journal of Indian Culture and Business Management     Hybrid Journal  
International Journal of Information and Operations Management Education     Hybrid Journal   (Followers: 6)
International Journal of Information Systems and Change Management     Hybrid Journal   (Followers: 7)
International Journal of Information Systems and Project Management     Free   (Followers: 12)
International Journal of Information Technology Project Management     Full-text available via subscription   (Followers: 9)
International Journal of Innovation and Technology Management     Hybrid Journal   (Followers: 10)
International Journal of Innovation Management     Hybrid Journal   (Followers: 8)
International Journal of Integrated Supply Management     Hybrid Journal   (Followers: 4)
International Journal of Intercultural Information Management     Hybrid Journal   (Followers: 12)
International Journal of Internet and Enterprise Management     Hybrid Journal   (Followers: 1)
International Journal of Islamic and Middle Eastern Finance and Management     Hybrid Journal   (Followers: 7)
International Journal of Knowledge Management     Full-text available via subscription   (Followers: 13)
International Journal of Knowledge Management Studies     Hybrid Journal   (Followers: 29)
International Journal of Knowledge-Based Organizations     Full-text available via subscription   (Followers: 1)
International Journal of Law and Management     Hybrid Journal   (Followers: 2)

        1 2 3 | Last

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Contaduría y Administración
Journal Prestige (SJR): 0.219
Number of Followers: 0  

  This is an Open Access Journal Open Access journal
ISSN (Print) 0186-1042 - ISSN (Online) 2448-8410
Published by SciELO Homepage  [672 journals]
  • Engagement towards a product vs. towards a brand: A scale for the Mexican

    • Abstract: Resumen La atención hacia el concepto de engagement del consumidor se ha incrementado recientemente como un factor relevante en mercadotecnia. Esto ha motivado a realizar diversos estudios con el objetivo de lograr una mejor definición y medición de este constructo. El engagement se diferencia de conceptos como el involucramiento y la participación, siendo también un antecedente a variables como satisfacción y lealtad de marca. En este artículo, se propone y se pone a prueba la hipótesis de que existe una diferencia entre el grado de engagement (en sus tres dimensiones) hacia una categoría de producto y el grado de engagement hacia una marca particular dentro de esta categoría de producto. Para poner esta hipótesis a prueba, se presenta el proceso de adaptación y depuración de una escala para medir engagement en el contexto mexicano de consumo de café en taza. Se presentan los resultados de pruebas empíricas con las que verificó la confiabilidad y validez de la escala. Mediante pruebas de validez predictiva se corrobora al engagement como un antecedente de la satisfacción y de la lealtad de marca. Finalmente se presentan evidencias que confirman la hipótesis sobre la separación perceptual del engagement hacia la categoría del producto y hacia una marca.Abstract The concept of consumer engagement has recently received increased attention as a relevant factor in marketing. This has led to several studies aiming to achieve better understanding and measurement for this construct. Engagement is distinct from other constructs such as involvement and participation; it also has been proposed as an antecedent to variables such as satisfaction and brand loyalty. In this article, a hypothesis about the difference between the level engagement (in its three dimensions) towards a product category and the level of engagement towards a particular brand in this category is discussed, tested and confirmed. In order to test the hypothesis, the process of adapting and debugging a scale to measure engagement in the Mexican context is also presented. The results of a series of empirical tests to verify the reliability and validity of the scale with Mexican consumers of grain coffee are presented as part of the process of refining the scale. Moreover, throughout predictive validity tests, engagement is confirmed as an antecedent of satisfaction and brand loyalty.
  • Determination of fiscal fines according to the principles of
           proportionality and equity using fuzzy logic

    • Abstract: Resumen En este trabajo se propone una metodología de números triangulares borrosos mediante un controlador difuso con el programa MatLab©, basado en el control difuso de Mamdani. Su principal contribución es mostrar que la lógica difusa es una herramienta alternativa para calcular de forma gradual las multas fiscales, ante la falta de proporcionalidad y equidad del actual marco fiscal de México.Abstract In this paper, a fuzzy triangular number methodology is proposed using a fuzzy controller with the MatLab © program, based on the diffuse control of Mamdani. Its main contribution is to show that fuzzy logic is an alternative tool to calculate the taxes fines gradually, given the lack of proportionality and equity of the current taxes framework of Mexico.
  • Stock market development and economic growth in Mexico: An examination
           through ARDL and Non-causality approaches

    • Abstract: Resumen Este trabajo de investigación examina la interacción entre el desarrollo del mercado de valores y el crecimiento económico en México. Las pruebas de raíz unitaria con cambios estructurales muestran que de todas las crisis registradas entre 1993 y el primer trimestre de 2018, la llamada Crisis del Tequila de mediados de la década de 1990 fue la más relevante ya que afectó a todas las variables examinadas. Al aplicar el modelo ARDL con pruebas de límites, el estudio encontró cointegración entre la dinámica de los indicadores económicos y varias variables del mercado de valores, pero no con el Índice de Precios y Cotizaciones. Los resultados de la prueba de no causalidad de Granger a través de la metodología Toda & Yamamoto sugieren que la capitalización de mercado provocó el crecimiento económico en México e indican una causalidad bidireccional entre el crecimiento económico y el índice de capitalización de mercado.Abstract This research paper examines the interaction between the development of the stock market and economic growth in Mexico. Unit root tests with structural changes show that of all crises registered between 1993 and the first quarter of 2018, the so-called Tequila Crisis of the mid-1990s was the most relevant since it affected all the variables examined. When applying the ARDL model with limits tests, the study found cointegration between the dynamics of economic indicators and several variables of the stock market, but not with the Price and Quotations Index. The results of the Granger non-causality test through the Toda & Yamamoto methodology suggest that market capitalization caused economic growth in Mexico and indicate a two-way causality between economic growth and the market capitalization index.
  • The effects of natural gas market reforms in Mexico on its prices, sales
           and foreign trade

    • Abstract: Resumen El objetivo de este artículo es evaluar los cambios producidos por las reformas regulatorias en el mercado del gas natural mexicano entre 2009 y 2018. Para tal efecto se realizan diversas pruebas unitarias y de quiebres estructurales a las series de volúmenes y precios del gas natural que describen su comportamiento en los mercados nacionales e internacionales. Los resultados del análisis estadístico sostienen que todas las series experimentan cambios estructurales en tendencia e intercepto entre 2016 y 2017 y, por tanto, presentan raíz unitaria. Las consecuencias de estos comportamientos son relevantes porque los shocks introducidos en las series son permanentes y atribuibles a la puesta en operación de la reforma.Abstract The objective of this article is to evaluate changes produced by regulatory reforms in the Mexican natural gas market between 2009 and 2018. For this purpose, various unit tests and structural breaks are carried out on the series of volumes and prices of natural gas that describe their behavior in national and international markets. The results of the statistical analysis support that all series are subject to structural changes in tendency and intercept between 2016 and 2017, so that they show a unit root. Consequences of such behaviors are relevant the since shocks on series are permanent and due to the start of the reform.
  • Women successor selection

    • Abstract: Abstract The research of the role of women within organizations, studied since different disciplines, has been increasing to try to find out the causes of the lag in their participation; this concern increases when she is a member of a family-owned business. The relevance of the family business in the economy of a country, have increased the interest in knowing it in the last 40 years. Given the prevailing difference regarding access and development within the family business, the question arises about the expectations of women in the succession process. The aim of this research is to identify the factors that influence the decision of the selection of a woman to succeed in the direction of the family business in the next generation. To achieve this, 652 owners of family businesses in four states of the Mexican Republic were surveyed, using a Logit model for their analysis. The results show an important gender influence, since the presence of a female family member in the property and the management will positively influence the selection of another woman. Likewise, the age of the company, its size, and the sector in which it operates are influencing factors.Resumen La investigación del papel de la mujer dentro de las organizaciones, estudiado por diversas disciplinas, ha ido incrementándose para intentar conocer las causas del rezago de su participación; esta inquietud aumenta cuando ella es un miembro de una empresa de propiedad familiar. La empresa familiar es considerada por su relevancia en la economía de un país, aumentando el interés por conocerla en los últimos 40 años. Ante la diferencia que prevalece en lo referente al acceso y desarrollo dentro de la empresa familiar, surge el cuestionamiento sobre las expectativas de la mujer en el proceso sucesorio. El objetivo de esta investigación es identificar los factores que influyen en la decisión de la selección de una mujer para suceder en el mando de la firma familiar en la siguiente generación. Para lograrlo, se encuestó a 652 directores propietarios de empresas familiares en cuatro estados de la República, utilizando para su análisis un modelo Logit. Los resultados muestran una importante influencia de género, ya que la presencia de un miembro femenino de la familia en la propiedad y la dirección influirá positivamente en la selección de otra mujer. Asimismo, son factores de influencia la antigüedad de la empresa, su tamaño y el sector en el que radica.
  • Job satisfaction of entrepreneurs in Mexico, challenges and benefits

    • Abstract: Resumen El objetivo de la investigación es contrastar los niveles de satisfacción laboral entre emprendedores y empleados. Para el estudio se usan datos de la Encuesta de Bienestar Autorreportado (Biare) del 2014. Se estima un modelo logit ordenado utilizando como variable dependiente el nivel de satisfacción laboral. El estudio identificó que aquellas personas que emprenden tienen 4.07% más probabilidades de declararse muy satisfecho con su situación laboral. La originalidad del trabajo radica en ser pionero en el estudio de los emprendedores en referencia a su bienestar subjetivo en México.Abstract The objective of the research is to compare the levels of job satisfaction between entrepreneurs and employees. For the study, data from the Self-Reported Welfare Survey (Biare) of 2014 are used. An ordered logit model is estimated using as a dependent variable the level of job satisfaction. The study identified that entrepreneurs are 4.07% more likely to declare themselves very satisfied with their employment situation. The originality of the work lies in being a pioneer in the study of entrepreneurs and their subjective well-being in Mexico.
  • The relevance of intangibles for the valuation of companies shares in the
           market: Evidence from the Argentine context

    • Abstract: Resumen El objetivo de este trabajo es analizar la influencia de la información sobre activos intangibles y capital intelectual en la valoración de las acciones de las empresas que cotizan en el MCA, donde no se han constatado trabajos publicados de esta naturaleza. El análisis se realiza aplicando un modelo de construcción propia, basado en Ohlson (1995). Los datos corresponden al período 2009-2018 y han sido recolectados directamente de fuentes originales. Se obtuvieron de los estados financieros anuales consolidados de las empresas y de los registros de negociación de sus acciones en el Mercado de Valores de Buenos Aires. Los resultados revelan que los activos intangibles identificables, el capital humano y el estructural poseen relevancia valorativa, lo que contribuye a acrecentar la evidencia existente en torno al papel de los intangibles en la valoración externa de las empresas, la cual es particularmente limitada para mercados poco desarrollados.Abstract The objective of this paper is to analyze the influence of the information on intangible assets and intellectual capital in the valuation of companies' shares in the argentine capital market, where there are no published works of this nature. The analysis is carried out applying a self-constructed model, based on Ohlson (1995). The data correspond to the period 2009-2018 and have been collected directly from original sources. They were obtained from the companies' consolidated annual financial statements and from the stock trading records of Buenos Aires Stock Market. The results reveal that identifiable intangible assets, human and structural capital are value relevant, contributing to increase the existing evidence regarding the role of intangibles in the external valuation of companies, which is particularly limited for under developed markets.
  • New hybrid fuzzy time series model: Forecasting the foreign exchange

    • Abstract: Abstract This work develops a comparison between the volatility prediction of traditional time series models (ARIMA, EGARCH and PARCH), against two new proposed models based on fuzzy theory (FTS-Fuzzy ARIMA Tseng's and FTS-Fuzzy ARIMA Tanaka's). To make this comparison, we estimated the Mexican peso - US dollar exchange rate yield from January 2008 to December 2017. Our main result is that the models based on fuzzy theory generate a better estimate of the volatility. The fuzzy models show a smaller least forecast error than the traditional time series in both; in and out of sample tests; for the volatility in the yield of the Mexican peso - US dollar exchange rate. Therefore, the fuzzy models showed higher efficiency and better reflects the market information.Resumen Este trabajo desarrolla una comparación entre la predicción de volatilidad de los modelos tradicionales de series de tiempo (ARIMA, EGARCH y PARCH), contra dos nuevos modelos propuestos basados en la teoría difusa (FTS-Fuzzy ARIMA Tseng y FTS-Fuzzy ARIMA Tanaka). Para hacer esta comparación, estimamos el rendimiento del tipo de cambio peso mexicano - dólar estadounidense desde enero de 2008 hasta diciembre de 2017. Nuestro resultado principal es que los modelos basados en la teoría difusa generan una mejor estimación de la volatilidad. Los modelos difusos muestran un menor error de pronóstico que la serie de tiempo tradicional en ambos; dentro y fuera de las pruebas de muestra; para la volatilidad en el rendimiento del tipo de cambio peso mexicano - dólar estadounidense. Por lo tanto, los modelos difusos mostraron una mayor eficiencia y reflejan mejor la información del mercado.
  • The association between real activities and accruals earnings management
           in Malaysian listed companies

    • Abstract: Abstract This study examines the association between real activities earnings management (REM) and accruals earnings management (AEM) of listed companies in the main market of Malaysia. The study sample consists of 300 companies with the lowest positive earnings measured by the ratio of return on assets from 2013 to 2015. It uses three proxies for AEM, namely, the Jones Model, Modified Jones Model (MJM) by Dechow, Sloan, and Sweeney (1995) and MJM by Kasznik (1999). For REM, the study uses the aggregate value of Roychowdhury (2006). Random effect panel data regression was run to test whether AEM and REM are used as complementary or substituted techniques in manipulating earnings reporting. The results of the study provide evidence of a significant positive relationship between REM and AEM, which supports the complement hypothesis. The same results are found in both the model of AEM, where REM is included as an independent variable, and in the model of REM, where AEM is included as an independent variable. These results indicate that managers jointly use these two techniques of earnings management when they prepare financial reports. The findings could be of importance to policy-makers, regulators, investors and practitioners in all countries, but particularly in Malaysia, by indicating the extent of and relationship between AEM and REM practices in Malaysian firms.Resumen Este estudio examina la asociación entre la gestión de ganancias de actividades reales (REM) y la gestión de ganancias devengadas (AEM) de las empresas que cotizan en bolsa en el principal mercado de Malasia. La muestra del estudio consta de 300 empresas con las ganancias positivas más bajas medidas por el índice de rendimiento de los activos de 2013 a 2015. Utiliza tres proxies para AEM, a saber, el modelo de Jones, el modelo de Jones modificado (MJM) por Dechow, Sloan y Sweeney (1995) y MJM de Kasznik (1999). Para la REM, el estudio utiliza el valor agregado de Roychowdhury (2006). Se ejecutó una regresión de datos de panel de efectos aleatorios para probar si tanto la AEM como la REM se utilizan como técnicas complementarias o sustituidas en la manipulación de informes de ganancias. Los resultados del estudio proporcionan evidencia de una relación positiva significativa entre la REM y la AEM, lo que apoya la hipótesis del complemento. Los mismos resultados se encuentran tanto en el modelo de AEM, donde REM se incluye como variable independiente, como en el modelo de REM, donde AEM se incluye como variable independiente. Estos resultados indican que los gerentes utilizan conjuntamente estas dos técnicas de gestión de ganancias cuando preparan informes financieros. Los resultados podrían ser de importancia para los responsables de la formulación de políticas, reguladores, inversores y profesionales en todos los países, pero especialmente en Malasia, al indicar el alcance y la relación entre las prácticas de la AEM y la REM en las empresas malayas.
  • Financial prudential behavior and economic growth

    • Abstract: Abstract The 2008 global financial crisis showed not only that there is a link between real economy and financial markets, but also that financial stability is necessary for investment, innovation and of course economic growth. Regarding the link between real and financial sectors, several studies long before the 2008 financial crisis revealed positive impacts from financial sector on real economy, basically because a solid financial system promote physic and human capital accumulation, see Banerjee and Newman (1993) Galor and Zeira (1993), Aghion and Bolton (1997), Piketty (1997), Levine (1997), Levine and Zervos (1998), Rajan and Zingales (1998). When considering well-developed financial markets as economic growth promoters the researches of Levine (2005), Aghion et al. (2005) and Acemoglu et al. (2006) proved that financial develop indeed accelerates economic growth.Resumen En un modelo de crecimiento de equilibrio general estocástico con una economía cerrada y sistema financiero se caracteriza el vínculo entre el sector real y el financiero. Los impactos negativos sobre el crecimiento ocurren cuando el mercado financiero muestra ineficiencias, que pueden corregirse mediante la regulación financiera, realizada por el gobierno a través de un impuesto sobre el rendimiento del capital. Una característica especial del modelo es que el análisis se hace con sectores productivos heterogéneos. Se realizan pruebas empíricas para corroborar los resultados teóricos mediante el uso de técnicas de mínimos cuadrados en un panel de datos definido para 17 países desarrollados y en desarrollo, con información de 1980 a 2017. En particular, son estimados efectos fijos y aleatorios en las especificaciones de sección transversal y temporal, incluyendo modelos pre-crisis, post-crisis y durante todo el intervalo de tiempo, considerando la crisis financiera del 2008 el punto de quiebre. Los principales resultados son: a) existe un vínculo natural entre el sector real y el financiero, b) existe un efecto negativo en el crecimiento debido a la asuencia de reasignaciones de capital, c) las reasignaciones de capital en sectores productivos solo ocurren si la productividad marginal del capital es mayor que los rendimientos del capital en el sistema financiero, d) la regulación financiera del gobierno corrige las ineficiencias financieras y por lo tanto caídas en la tasa de crecimiento económico, e) la regulación financiera se puede realizar aplicando un impuesto sobre el rendimiento del capital, f) la evidencia empírica confirma los resultados teóricos.
  • Ex-post evaluation of public funding programs on innovation in Chilean

    • Abstract: Abstract This study uses panel data to investigate the impact of programs funded by Chilean economic development agency (CORFO). The data correspond to the 1st, 2nd, and 3rd waves of the Longitudinal Survey of Firms. This study demonstrates that the impact of INNOVA program on firm's probability of generating innovation in products and/or services disappears when innovative characteristics are controled. Moreover, as these variables are observables in the selection process is possible that CORFO could be 'picking winners' that had developed these innovations independently of public funding. Furthermore, it is found that FOGAPE program changes the firms' funding sources.Resumen Este estudio utiliza datos de panel para investigar el impacto de diversos programas financiados por la Corporación de Fomento Productivo (CORFO). Los datos provienen de la 1a, 2a y 3a ronda de la Encuesta Longitudinal de Empresas. Este estudio demuestra que cuando se controla por las características innovativas de las empresas desaparecen los efectos del programa INNOVA sobre la probabilidad de generar innovaciones en productos y/o servicios. Además, como estas características son observables en el proceso de selección de beneficiarios, CORFO podría estar 'escogiendo ganadores' que hubiesen desarrollado estas innovaciones independientemente del financiamiento público. También, se concluye que el programa FOGAPE modifica las fuentes de financiamiento de las firmas.
  • A study on the factors that governs US and EU YTM

    • Abstract: Abstract This paper analyzes the factors that contribute to the government obligations yield to maturity on the EU and US markets. Both, the bond characteristics and macroeconomic factors are taken into account, and the magnitude of each of the factor is provided which compose the average yield to maturity. Due to a severe financial crisis in the past years, economies are still recovering from the effects what makes investors to look for the stable investment instruments. Results of this study are a good fundamental for private investors that desire a stable return with a low-risk exposure. The factors and obtained coefficients included in the paper, can be used by investors, both private and institutional, to understand the magnitudes of the premiums that they can take on by varying the bond characteristics which account to the bond yield to maturity. Investors can decide at which premiums they are willing to focus, to obtain the desired expected returns.Resumen Este trabajo analiza los factores que contribuyen al rendimiento de las obligaciones gubernamentales al vencimiento en la UE y mercados estadounidenses. Se tienen en cuenta tanto las características de los bonos como los factores macroeconómicos, y Se proporciona la magnitud de cada uno de los factores que componen el rendimiento medio al vencimiento. Debido a una severa crisis financiera de los últimos años, las economías aún se están recuperando de los efectos que inversores para buscar los instrumentos de inversión estables. Los resultados de este estudio son un buen fundamento para inversores privados que deseen un rendimiento estable con una exposición de bajo riesgo. Los factores y obtenidos coeficientes incluidos en el documento, pueden ser utilizados por inversores, tanto privados como institucionales, para comprender las magnitudes de las primas que pueden asumir variando las características de los bonos que tienen en cuenta al rendimiento del bono hasta el vencimiento. Los inversores pueden decidir en qué primas están dispuestos a centrarse, para obtener los rendimientos esperados deseados.
  • Option's pricing on Mexico City temperature indices

    • Abstract: Resumen En este trabajo son presentadas innovaciones para valuar opciones sobre índices de temperatura suponiendo que una organización necesita una cobertura, el modelo propuesto es obtenido aplicando una ecuación diferencial estocástica con procesos α-estables, analizando el comportamiento de las temperaturas del observatorio de Tacubaya en el periodo de 01/01/1958 al 31/12/2018, estimando los estadísticos descriptivos, un modelo determinista de reversión a la media significativo y proponiendo un modelo estocástico de reversión a la media con procesos α-estables, realizando un análisis mensual de las temperaturas, estimando los parámetros α-estables y justificando la pertinencia de las distribuciones α-estables con pruebas de bondad de ajuste, estimando el parámetro de reversión a la media para valuar opciones europeas sobre índices de temperatura con procesos α-estables y cuantificar la cobertura, concluyendo que las opciones α-estables son significativas, minimizan los costos por consumo energético y presentan un comportamiento similar a las opciones gaussianas pero con un costo menor.Abstract In this work are proposed the innovations to option's pricing on temperature indices assuming that a company needs a hedge, the proposed model is obtained by applying a stochastic differential equation with α-stable processes, analyzing the behavior of the Tacubaya central observatory temperatures during the period from 01/01/1958 to 12/31/2018, estimating descriptive statistics, a significant deterministic mean reversion model and proposing a stochastic mean reversion model with α-stable processes, carrying out a monthly analysis of temperatures, estimating the α-stable parameters and justifying the relevance of the α-stable distributions with goodness of fit tests, estimating the mean reversion parameter to European call option's pricing on temperature indices with α-stable processes and quantify the hedge, concluding that the α-stable options are significant, minimize costs for energy consumption and have a similar behavior to the Gaussian options but with a lower cost.
  • The expansion of informal microenterprises: Is it a matter of performance
           or determination'

    • Abstract: Resumen Los resultados acerca de la relación entre la gestión del emprendimiento informal y sus posibilidades de expansión son aún escasos. Con base en datos de la ENIGH y a través de regresiones logísticas, se exploran las características asociadas al crecimiento de este tipo de emprendimientos en México. Se comprueba que el establecer el primer local o evolucionar hacia el segundo son problemas estructuralmente distintos y no siempre asociados a indicadores económico-financieros. Aunque fundamentales para cumplir con sus objetivos, las utilidades no parecen ser el principal detonador del crecimiento en este sector. Lo anterior podría deberse a la falta de orientación a la maximización intertemporal de beneficios y a las restricciones que impone un proceso de crecimiento en el nivel de utilidades de corto plazo. Por lo tanto, además de los indicadores económico-financieros, otras características asociadas al emprendedor y la naturaleza de su proyecto deben ser tomadas en cuenta para entender el potencial de crecimiento de este.Abstract The results on the relationship between the management of informal entrepreneurship and their possibilities of expansion are still scarce. Based on ENIGH data and through logistic regressions, we explore the characteristics associated with the growth of these enterprises in Mexico. It is shown that establishing the first location or evolving into a second one are structurally different problems, which are not always linked to economic-financial indicators. Although vital to meet their objectives, profits do not seem to be the main trigger for growth in this sector. This could be due to the lack of orientation towards intertemporal profit maximization and the restriction imposed by a growth process on the level of short-term profits. Therefore, in addition to conventional economic-financial indicators other characteristics associated with the entrepreneur and the nature of his project must be considered to understand its growth potential.
  • Conditioning factors in the informal creation of nanoenterprises:
           Experimental evidence in Monterrey, Mexico

    • Abstract: Resumen El emprendimiento de nanoempresas tiene gran importancia en la economía del área metropolitana de Monterrey, Nuevo León, debido a la elevada cantidad de nanoemprendedores o personas autónomas que buscan día con día un sustento familiar decente. La creación de estas unidades económicas se vuelve un tema relevante para el ámbito académico, político y social. Por esta razón, el objetivo de este artículo es analizar los factores que influyen en la creación informal de nanoempresas o empresas unipersonales. Se implementa un experimento de laboratorio controlado con 385 personas autónomas en el que se aplica una matriz de transición y un modelo binario tipo logit. El experimento consta de tres etapas: primero se realiza un análisis de la situación actual, después se revela información y capacita a las personas sobre las ventajas de convertirse en un nanoemprendedor formal y finalmente se realiza un análisis sobre los factores que motivan dicho cambio. Entre los principales hallazgos se encuentra que los factores que motivan a crear una nanoempresa en la informalidad son el desempleo, empleos mal pagados y mejorar su ingreso familiar. No obstante, en el transcurso del experimento, el 22.12% dijo estar dispuesto a transitar hacia la formalidad si existiera un modelo de intervención directa con apoyos desde la gestión hasta la consolidación de una nanoempresa.Abstract The entrepreneurship of nanoenterprises is of great importance in the economy of the metropolitan area of Monterrey due to the high number of nano entrepreneurs or self-employed people who are looking for a decent family support every day. The creation of these economic units becomes a relevant issue for the academic, political and social spheres. For this reason, the objective of this article is to analyze the factors that influence the informal creation of nanoenterprises or sole proprietorship. A controlled laboratory experiment with 385 autonomous people is implemented in which a transition matrix and a logit type binary model are applied. The experiment consists of three stages: first an analysis of the current situation is carried out, then information is revealed and people are trained on the advantages of becoming a formal nanoentrepreneur and finally an analysis is carried out on the factors that motivate this change. Among the main findings is that the factors that motivate the creation of a nano business in informality are unemployment, poorly paid jobs and improving their family income. However, in the course of the experiment, 22.12% are willing to move towards formality if there is a direct intervention model with support from management to the consolidation of a nanoenterprise.
  • Exchange rate and economic growth in Mexico

    • Abstract: Resumen Durante 2001-2018 la tasa de inflación se mantuvo baja y estable en México y el crecimiento económico registró una tasa promedio anual de 2.5%, a pesar del constante aumento en las exportaciones El notable estancamiento de la economía mexicana y de otras economías de América Latina, indujo a algunos autores a argumentar que el origen del lento crecimiento estriba en que los bancos centrales aprecian el tipo de cambio para anclar la inflación. Para acelerar el crecimiento económico proponer un tipo de cambio competitivo. Para comprobar esta hipótesis elaboramos un modelo de regresión con rupturas para calcular el tipo de cambio de equilibrio; a partir de esto estimamos un modelo NADRL para conocer las desviaciones (apreciaciones y depreciaciones) con respecto al tipo de cambio de equi librio. Los resultados muestran que durante 1993-2018 un tipo de cambio estable y competitivo per se no acelera el crecimiento económico.Abstract Mexico's rate of inflation has remained low and stable, while the average growth rate of output (2.5%) has been stagnant over the period 2001-2018, despite the continuous expansion of exports. The persistent stagnation of the Mexican economy and other Latin American economies has prompted some authors to maintain that slow growth results from the Central Banks' practice of appreciating the exchange rate with the aim of anchoring inflation, hence the acceleration of economic growth depends on adopting a competitive exchange rate. In order to test this hypothesis, a regression model with breaks is used to estimate an equilibrium exchange rate; then, a NARDL model is estimated to determine exchange rate deviations (appreciations and depreciations) from the equilibrium value. It is empirically shown that a competitive and stable exchange rate per se was unable to accelerate output growth over the period 1993-2018.
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
Tel: +00 44 (0)131 4513762

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