Petr Petera and Jaroslav Wagner
The purpose of the paper is to investigate voluntary human resources disclosure (hereinafter referred to as “HR disclosure”) by the largest companies domiciled in Czechia. The key…
Abstract
Purpose
The purpose of the paper is to investigate voluntary human resources disclosure (hereinafter referred to as “HR disclosure”) by the largest companies domiciled in Czechia. The key research questions are: What is the quantity of disclosure on various topics related to HR? Is there a significant difference in the quantity of HR disclosure between companies? Which factors influence the quantity of HR disclosure?
Design/methodology/approach
A quantitative content analysis (CA) of annual reports of the 50 largest companies domiciled in Czechia was used. An established coding scheme is used to code annual reports, and subsequently, various statistical methods (descriptive statistics, correlation analysis, multiple linear regression) are used to answer the key research questions.
Findings
Primarily, social information is reported (what a company does for its employees) as information on the contribution of employees to the company’s value is rudimentary. Secondly, there is a significant difference in the quantity of HR disclosure between companies. Finally, the findings of the regression analysis confirm the impact of presence on the stock exchange and size and on the quantity of HR disclosure.
Research limitations/implications
The annual reports of 50 companies from one country are analysed. The study provides a basis for further research.
Practical implications
The findings of this study may inspire companies to improve their HR disclosure, while policymakers should consider imposing more concrete demands on HR disclosure.
Originality/value
Quantitative CA research into the HR disclosure of companies domiciled in Czechia is nearly non-existent. This study fills this gap.
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Oscar Javier Montiel Méndez, Lorena del Carmen Álvarez-Castañón and Araceli Almaraz Alvarado
The chapter analyzed the conditions and challenges of entrepreneurship in Latin America. Looking at different stages of the Latin American context (ancient civilizations…
Abstract
The chapter analyzed the conditions and challenges of entrepreneurship in Latin America. Looking at different stages of the Latin American context (ancient civilizations, postindependence/revolutions movements, neoliberalism), we argue that entrepreneurship in the region is under a fourth wave (the present globalization/geopolitical processes), flowing all across the region and manifests itself in different forms. Furthermore, it can be identified as a breaking point from the almost linear importation of Western positions, and proposing must be analyzed under a new perspective, where the future should be built around the different facets, positives and negatives, each of the waves had plunged into our societies. It is highlighted that new positions can be originated, and regional theories and methods can give a fresh, deep transformation and more precise understanding of Latin America in the present era, enriching the public policies in its diverse territories. The chapter invites to make a critical reflection to unleash entrepreneurship in the region, a millennial potential.
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Tatiana Lopez, Claudia Alvarez, Izaias Martins, Juan P. Perez and Juan Pablo Románn-Calderón
Drawing on entrepreneurship education and entrepreneurial intention literature, this paper develops and tests a model that aims to explain the relationship between students'…
Abstract
Purpose
Drawing on entrepreneurship education and entrepreneurial intention literature, this paper develops and tests a model that aims to explain the relationship between students' perception of learning from entrepreneurship education programs (EEP), the theory of planned behavior and entrepreneurial intention across Latin American countries.
Design/methodology/approach
This study uses data from the Global University Entrepreneurship Spirit Student’s Survey (GUESSS) project 2018 for 11 Latin American countries. Structural equation modeling is used to validate the theoretical model; this offers advantages over traditional multivariate techniques in evaluating measurement errors, estimation of latent variables and specification of models.
Findings
The main results suggest that a positive perception of learning from EEP is related to the antecedents of entrepreneurial intention. Moreover, attitude toward entrepreneurial behavior and perceived behavior control positively influences entrepreneurial intention across Latin American undergraduate students. The findings contribute to a better understanding of the role of EEP in terms of the antecedents of the intention and, in addition, provide evidence to the theory of planned behavior from a large sample in an emerging region.
Originality/value
The theory of planned behavior is one of the most important theoretical frameworks to explain entrepreneurial intention. However, in Latin American countries, quality research is hindered by the lack of data and valid measures. Therefore, the paper adds value by looking at the perception of learning from EEP and its relationship with the antecedents of intention. Likewise, it validates the dimensions of the theory of planned behavior and its relationship to entrepreneurial intention, considering a broad sample of university students in Latin America.
Objetivos
Con base en la literatura sobre educación en emprendimiento e intención emprendedora, este estudio desarrolla y prueba un modelo que busca explicar la relación entre la percepción de los estudiantes sobre el aprendizaje de los programas de educación en emprendimiento, la Teoría del Comportamiento Planificado y la intención emprendedora en los países de América Latina.
Metodología
Este estudio utiliza datos del proyecto Global University Entrepreneurship Spirit Student Survey (GUESSS) 2018 para 11 países de América Latina. Se valida el modelo teórico mediante modelos de ecuaciones estructurales; esta técnica ofrece ventajas sobre otras de análisis multivariante tradicionales relacionadas con la evaluación de errores de medición, estimación de variables latentes y especificación del modelo.
Resultados
Los principales resultados sugieren que una percepción positiva del aprendizaje de los programas de educación en emprendimiento se relaciona con los antecedentes de la intención emprendedora. Además, la actitud hacia el comportamiento emprendedor y el control del comportamiento percibido influyen positivamente en la intención de emprender de los estudiantes universitarios latinoamericanos. Estos hallazgos contribuyen a una mejor comprensión del rol de la educación en emprendimiento en términos de los antecedentes de la intención y proporcionan evidencia de la Teoría del Comportamiento Planificado de una gran muestra en una región emergente.
Originalidad
la Teoría del Comportamiento Planificado es uno de los marcos teóricos más importantes para explicar la intención emprendedora. Sin embargo, en los países de América Latina, la investigación de calidad se ve obstaculizada por la falta de datos y medidas válidas. Por lo tanto, el trabajo agrega valor al observar la percepción del aprendizaje de los programas de educación en emprendimiento y su relación con los antecedentes de la intención. Asimismo, validando las dimensiones de la Teoría del Comportamiento Planificado y su relación con la intención emprendedora, considerando una amplia muestra de estudiantes universitarios latinoamericanos.
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This chapter bridges cultural and political approaches to determine why elite support for movement claims may be inconsistent across the policy process. I analyze this question…
Abstract
This chapter bridges cultural and political approaches to determine why elite support for movement claims may be inconsistent across the policy process. I analyze this question empirically through 16 in-depth interviews with government officials in two regions of Peru: Arequipa and Cusco. Regional officials appraised feminist advocacy in two opposing ways. First, they valued feminist advocates’ contributions to policy processes, which enabled them to advance reproductive rights and gender equity initiatives. They also perceived women as a group deserving of these initiatives and framed gender policies in terms of rights and equality. Second, they were critical of feminist advocates’ weaknesses in mobilizing support, which hindered the officials’ own ability to advance reproductive rights and gender equity initiatives. Furthermore, regional officials understood reproductive rights and gender equality to be thwarted by the State’s economic instrumentalism and by Catholic Church’s ultra-conservatism. This research shows how a cultural approach to policy elites’ support for movement claims goes beyond their individual attitudes and calculations to capture their perceptions, frames, and understandings tied to the broader cultural context. This wider conceptualization in turn helps clarify inconsistencies in policy elites’ support for movement claims across the policy process.
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In the current study, corporate investment is examined by using a user cost of capital model for two important Latin American economies: Brazil and Mexico. In this paper, a…
Abstract
Purpose
In the current study, corporate investment is examined by using a user cost of capital model for two important Latin American economies: Brazil and Mexico. In this paper, a dynamic user cost of capital model is employed. The extended model also accounts the investment model with the convex adjustment cost. Moreover, the link between structural change, financial liberalization and investment is also investigated. The present study, therefore, sheds new lights on the investment behavior of the Latin American emerging markets.
Design/methodology/approach
The differenced generalized method of moments approach is employed to control the endogeneity, heteroscedasticity and autocorrelation for modeling the corporate investment over 20 years for both countries.
Findings
The findings indicate that the dynamic user cost of capital-based investment model explains the corporate investment in Brazil and Mexico. Especially, the interest rate and depreciation explain the investment behavior of nonfinancial firms in both countries. At the same time, structural change and financial liberalization do not have a significant impact on interest rates, an important user cost of capital.
Originality/value
This is the first study examines the corporate investment using dynamic user costs of capital approach for an emerging market. The user cost of capital-based investment models is clearly understudied models for emerging markets. This study is particularly important for emerging markets as investment models need to have a theoretical background.
Objetivo
En el presente estudio se examina la inversión empresarial utilizando un modelo de coste de capital del usuario para dos importantes economías latinoamericanas: Brasil y México. En este trabajo se emplea un modelo dinámico de coste de capital para el usuario. El modelo ampliado también tiene en cuenta el modelo de inversión con el coste de ajuste convexo. Además, se investiga la relación entre el cambio estructural, la liberalización financiera y la inversión. El presente estudio, por tanto, arroja nueva luz sobre el comportamiento de la inversión en los mercados emergentes latinoamericanos.
Diseño/método/enfoque
Se emplea el método GMM diferenciado para controlar la endogeneidad, la heteroscedasticidad y la autocorrelación en la modelización de la inversión empresarial a lo largo de 20 años en ambos países.
Resultados
Los resultados indican que el modelo dinámico de inversión basado en el coste de capital para el usuario explica la inversión empresarial en Brasil y México. Especialmente, el tipo de interés y la depreciación explican el comportamiento de la inversión de las empresas no financieras en ambos países. Al mismo tiempo, se constata que el cambio estructural y la liberalización financiera no tienen un efecto significativo sobre los tipos de interés, que es un importante coste de uso del capital.
Originalidad
Este es el primer estudio que examina la inversión empresarial utilizando un enfoque dinámico basado en los costes de capital para un mercado emergente. Los modelos de inversión basados en los costes de uso del capital son claramente modelos poco estudiados para los mercados emergentes. Este estudio es especialmente importante para los mercados emergentes, ya que los modelos de inversión deben tener un trasfondo teórico.
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The purpose if this paper is to investigate the determinants of corporate disclosure on human resources.
Abstract
Purpose
The purpose if this paper is to investigate the determinants of corporate disclosure on human resources.
Design/methodology/approach
The paper examines the extent to which 105 Spanish listed companies present information about human resources in their annual report. It distinguishes information about human capital, which includes the items about human resources usually integrated in intellectual capital, and social and ethical aspects of information about employees. A content analysis of 105 companies' annual reports was conducted. Once the information was quantified, using a regression analysis the influence certain company characteristics have on this disclosure was examined.
Findings
The results confirm the impact of variables like size, type of industry and property concentration on human resource disclosure.
Practical implications
The disclosure of the most competitive companies suggests that they are more concerned about employees' welfare than the rest. This may motivate a change of the disclosure policy of the rest of the firms who may follow the behavior of the most competitive ones.
Originality/value
Content analysis has been carried out in some papers referring to human capital disclosure but with a descriptive character. In addition, considering different types of information about employees will permit the observation of the existence of any difference in the determinants depending on the users of this disclosure: shareholders or stakeholders (more concerned about social matters). Furthermore, using a variable to distinguish competitive companies from the rest has allowed us to see what human resources issues are relevant for competitive businesses.
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Claudio Bravo-Ortega, Carla Bustamante, Pablo Egana del Sol, Felipe Symmes and José Sexton
The purpose of this study is to investigate the role of sales, as a proxy for size, in moderating the impact of institutional incongruence between formal and informal institutions…
Abstract
Purpose
The purpose of this study is to investigate the role of sales, as a proxy for size, in moderating the impact of institutional incongruence between formal and informal institutions on the formalization of microenterprises in middle-income countries in Latin America.
Design/methodology/approach
The paper uses a probit regression model to examine business formalization as a binary outcome of formal and informal institutions. Data was collected through interviews and surveys across 52 municipalities in the Metropolitan Region of Santiago, Chile. The study used a stratified sampling approach and was conducted between November 2022 and January 2023.
Findings
The results offer three key insights into the formalization of microenterprises in middle-income countries. First, we show that formal institutions do not significantly influence formalization decisions among microentrepreneurs in middle-income countries, challenging the traditional belief that formal institutions alone significantly influence formalization in these contexts. Second, we show that informal institutions are significant predictors of informality, especially among smaller microenterprises. Third, we highlight that the smaller the business, the stronger the negative effect of informal institutions on formalization, and thus, the institutional incongruence between formal and informal institutions decreases for larger businesses.
Originality/value
This paper contributes to management literature by shedding light on the drivers of formalization in middle-income countries, a departure from most formalization studies wherein the focus is primarily on low-income economies. The findings suggest that policymakers in middle-income countries should focus on enabling microenterprise growth through sales, rather than targeting specific demographic groups or relying solely on formal institutional enforcement to promote formalization.
Propósito
El objetivo de este estudio es investigar el papel de las ventas, utilizadas como un indicador de tamaño, en la mediación del impacto de la incongruencia institucional entre instituciones formales e informales en la formalización de microempresas en países de ingresos medios en América Latina.
Método
Utilizamos un modelo de regresión Probit para examinar la formalización empresarial como un resultado binario de instituciones formales e informales. Los datos se recopilaron a través de 110 entrevistas y encuestas en 52 municipios de la Región Metropolitana de Santiago, Chile. El estudio empleó un enfoque de muestreo estratificado y se llevó a cabo entre noviembre de 2022 y enero de 2023.
Hallazgos
Nuestros resultados ofrecen tres ideas clave sobre la formalización de microempresas en países de ingresos medios. Primero, demostramos que las instituciones formales no influyen significativamente en las decisiones de formalización entre las microempresas en países de ingresos medios; esto desafía la creencia tradicional de que las instituciones formales por sí solas influyen significativamente en la formalización en estos contextos. Segundo, nuestro estudio muestra que las instituciones informales son predictores significativos de la informalidad, especialmente entre las microempresas más pequeñas. Tercero, nuestro estudio destaca que el efecto negativo de las instituciones informales sobre la formalización es más fuerte para negocios de menor tamaño; por lo tanto, la incongruencia institucional entre instituciones formales e informales disminuye para negocios de mayor tamaño.
Originalidad
Este artículo contribuye a la literatura iluminando sobre los impulsores de la formalización en países de ingresos medios, a diferencia de la mayoría de los estudios de formalización en la región latinoamericana que se centran principalmente en países de bajos ingresos. Nuestros hallazgos sugieren que los responsables de políticas en países de ingresos medios deberían centrarse en impulsar el crecimiento de las microempresas a través de las ventas, en lugar de enfocarse en grupos demográficos específicos o depender únicamente del cumplimiento institucional formal para promover la formalización.
Propósito
O objetivo deste estudo é investigar o papel das vendas, usadas como um indicador de tamanho, na mediação do impacto da incongruência institucional entre instituições formais e informais na formalização de microempresas em países de renda média na América Latina.
Método
Utilizamos um modelo de regressão Probit para examinar a formalização empresarial como um resultado binário de instituições formais e informais. Os dados foram coletados por meio de 110 entrevistas e pesquisas em 52 municípios da Região Metropolitana de Santiago, Chile. O estudo empregou uma abordagem de amostragem estratificada e foi realizado entre novembro de 2022 e janeiro de 2023.
Resultados
Nossos resultados oferecem três ideias-chave sobre a formalização de microempresas em países de renda média. Primeiro, demonstramos que as instituições formais não influenciam significativamente as decisões de formalização entre as microempresas em países de renda média; isso desafia a crença tradicional de que as instituições formais, por si só, influenciam significativamente a formalização nesses contextos. Segundo, nosso estudo mostra que as instituições informais são preditores significativos da informalidade, especialmente entre as microempresas menores. Terceiro, nosso estudo destaca que o efeito negativo das instituições informais sobre a formalização é mais forte para negócios de menor porte; portanto, a incongruência institucional entre instituições formais e informais diminui para negócios de maior porte.
Originalidade
Este artigo contribui para a literatura iluminando os impulsionadores da formalização em países de renda média, ao contrário da maioria dos estudos de formalização na região latino-americana, que se concentram principalmente em países de baixa renda. Nossos achados sugerem que os responsáveis pelas políticas em países de renda média deveriam focar em impulsionar o crescimento das microempresas por meio das vendas, em vez de se concentrar em grupos demográficos específicos ou depender exclusivamente do cumprimento institucional formal para promover a formalização.
Details
Keywords
- Informal economy
- Middle-income countries
- Latin America
- Formal and informal institutions
- Entrepreneurship
- Microenterprises
- Economía informal
- Países de ingresos medios
- América Latina
- Instituciones formales e informales
- Emprendimiento
- Microempresas
- Economia informal
- Países de renda media
- América Latina
- Instituições formais e informais
- Empreendedorismo
- Microempresas
Leovardo Mata and José Antonio Núñez Mora
The purpose of this paper is to analyze the dependence between the Chinese and Market Integrated Latin America (MILA) stock markets.
Abstract
Purpose
The purpose of this paper is to analyze the dependence between the Chinese and Market Integrated Latin America (MILA) stock markets.
Design/methodology/approach
The authors adjust the multivariate probability distribution Variance Gamma (VG) on data yields from the Hang Seng Index (HSI) and MILA and they use the estimated parameters under VG to find a robust estimator of the correlation matrix yields.
Findings
The degree of dependence between stock indices from China, Peru, Mexico, Colombia and Chile. In addition, the impact of the change in the HSI affects mostly the movements of the selective stock price index (IPSA) and equally affects the index of the Mexican stock exchange (IPC) and Lima Stock Exchange (S&P/BVL). The effect on index of the Colombia Stock Exchange (COLCAP) is not significant.
Research limitations/implications
Over time there are different structural changes so the time has been restricted to the years 2000-2015, but could extend the analysis to other time periods and sectors of listed companies in the indices.
Practical implications
The results can guide policy makers to assess the effect of a random crash on stock markets and measure the level of risk from other markets.
Social implications
The results can generate a greater understanding of the relationship between the stock markets of China and the emerging countries of Latin America.
Originality/value
The value of this paper is to focus on alternative methodology to calculate the correlation matrix yields and measure the dependence between the Chinese and MILA stock markets.
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The purpose of this paper is to use a combination of resource-based theory and dynamic capabilities theory to explore the phenomenon of startup survival in an emerging…
Abstract
Purpose
The purpose of this paper is to use a combination of resource-based theory and dynamic capabilities theory to explore the phenomenon of startup survival in an emerging entrepreneurial ecosystem.
Design/methodology/approach
The study has a phenomenological research design, with an exploratory scope and qualitative approach. It uses in-depth interviews to identify the perceptions of ecosystem agents about the phenomenon of survival.
Findings
This paper argues that startup survival should be studied as a construct that is reflected by four conditions: break-even point, accelerated growth, cash stock and continuous operation. Furthermore, it is formed by the interaction of five mainly interacting resources: human capital, social capital, entrepreneurial capital, organizational capital and the incubation process.
Originality/value
The study offers a holistic model of survival that could be applicable to incipient entrepreneurial ecosystems such as the Peruvian one. This model presents survival as a reflexive-formative construct and not as a dichotomic variable (enterprise operating/enterprise closed) as has been commonly considered in the literature.
Propósito
En este documento se utiliza una combinación de la teoría basada en los recursos y la teoría de las capacidades dinámicas para explorar el fenómeno de la sobrevivencia de startups en un ecosistema emprendedor incipiente.
Diseño/metodología/enfoque
El estudio tiene un diseño de investigación fenomenológica, con un alcance exploratorio y un enfoque cualitativo. Utiliza entrevistas en profundidad para identificar las percepciones de los agentes del ecosistema sobre el fenómeno de la sobrevivencia.
Hallazgos
En este documento se argumenta que la sobrevivencia de los startups debe estudiarse como un constructo que se refleja en cuatro condiciones: el punto de equilibrio, el crecimiento acelerado, el stock de efectivo y la operación continua. Además, se forma por la interacción de cinco categorías de recursos organizacionales: el capital humano, el capital social, el capital emprendedor, el capital organizacional y el proceso de incubación.
Originalidad/valor
El documento ofrece un modelo holístico de sobrevivencia que podría ser aplicable en ecosistemas emprendedores incipientes como el peruano. Este modelo presenta a la sobrevivencia como un constructo reflexivo-formativo y no como una variable dicotómica (empresa en actividad / empresa cerrada) como se ha considerado comúnmente en la literatura.
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This paper aims to study corporate response to intellectual capital and social responsibility disclosure recommendations regarding employees. Such an analysis would reveal which…
Abstract
Purpose
This paper aims to study corporate response to intellectual capital and social responsibility disclosure recommendations regarding employees. Such an analysis would reveal which forms of corporate interest induce a company to disclose: reflecting the firm’s value to satisfy priority shareholders’ needs of information or improving the corporate social image to meet the demands of stakeholders other than capital providers.
Design/methodology/approach
The paper quantify the extent to which 105 Spanish listed companies present in their annual reports information about employees. Human resource disclosure attending the recommendations of social disclosure and information linked to value creation following the information included in the intellectual capital models are distinguished. A content analysis of 105 companies’ annual reports was conducted. Once the information was quantified, the author considers which theoretical arguments of voluntary/social disclosure motive that a company follows have different recommendations about human resource disclosure.
Findings
The findings reflect the existent recommendations are not enough for companies to disclose about human resources. Spanish companies pay more attention to social issues about employee than to others human capital aspects usually integrated in the intellectual capital.
Research limitations/implications
It would be interesting to extend the period of analysis to study the trend in human resource disclosure and to use an alternative measure of disclosing as the information quality.
Practical implications
These findings concluded that the fundamental aim of Spanish companies is to reflect social behaviour regarding employees. Less important appears to be to inform about business capacity, through human element, for creating value. The necessity of explicit disclosure requirements to Spanish companies’ disclosure on human resources is also detected.
Originality/value
Some studies have been carried out to analyse disclosure on intellectual capital or on social issues but not since a broad perspective. Furthermore, these studies have not been done in Spain. The author may confirm that the influence of some stakeholders in this country is conditioning corporate disclosure.