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This study aims to explore the direct and indirect relationships among the informal economy, innovation, entrepreneurial and initial public offering (IPO) activity.

This study uses an unbalanced sample of 30 countries over a 15-year period: 2000–2014. The proposed random-effects model is estimated using feasible generalized least squares with robust estimators of variance.

Entrepreneurial activity is positively related to IPO activity. The informal economy negatively moderates the relationships among entrepreneurship, innovation and IPOs.

IPOs are a stage in the entrepreneurial process susceptible of being influenced by country level factors. An appropriate understanding of these factors can contribute to discuss policies that improve the level of IPO activity.

The authors explore the understudied relationship of the informal economy and entrepreneurship. Although entrepreneurial activity can be higher in contexts with more informality, this relationship can turn sour in later stages since it lowers the probability of higher IPO activity by inhibiting formal entrepreneurship and innovation. Hence, the main contribution is to provide evidence of this “hangover” effect.

The purpose of this paper is to understand the influence of family ownership and governance mechanisms on corporate social responsibility (CSR) scores through the lens of the principal–principal (PP) perspective.

Using a random-effects model the authors sample 21 hundred board members across a 101 listed Mexican companies from 2008 to 2020.

The paper finds that board independence and board committees are positively related to CSR scores.

Results of this paper suggest that stronger governance can enhance CSR: board independence and committees can be a counterbalancing mechanism serving stakeholders aiming to improve CSR scores.

Most CSR research has focused on determinants and outcomes of CSR. The authors analyze an unexplored aspect of the corporate governance (CG) and CSR relationship: the potential influence of family ownership and governance mechanisms on CSR.

Comprender la influencia de la propiedad familiar y mecanismos de gobierno en las calificaciones de Responsabilidad Social Corporativa (RSC) a través de la perspectiva principal-principal.

Usando un modelo de efectos aleatorios en una muestra de dos mil cien consejeros en ciento un empresas públicas mexicanas del 2008 al 2020.

La independencia y comités del consejo tienen una relación positiva con calificaciones RSC.

Los resultados sugieren que instituciones más fuertes de gobierno pueden incrementar el RSC: la independencia y los comités del consejo pueden ser un mecanismo que haga dicho balance sirviendo a partes interesadas que deseen mejorar calificaciones de RSC.

La mayoría de la investigación en RSC se ha enfocado en determinantes y productos de RSC. Nosotros analizamos un aspecto no explorado en la relación de gobernanza y RSC: la potential influencia de la propiedad familiar y los mecanismos de gobierno en la RSC.

To understand if certain board traits can contribute to attract CEO directors

Panel data model with firm fixed effects of individual and firm level attributes from 450 public firms in Argentina, Brazil, Chile, Colombia, Mexico and Peru

Higher levels of masters abroad, board ties, government experience and foreign members are all negatively related to the appointment of CEO directors

The use of non-performance outcome variable such as CEO experience in the family led emergent environment of Latin America

Entender si hay características de un consejo que ayudan a atraer consejeros CEOs

Modelo con datos panel y efectos fijos usando información individual y de empresa de 450 empresas públicas en Argentina, Brasil, Chile, Colombia, México y Perú

Mayores niveles de maestrías en el extranjero, lazos de consejo, experiencia de gobierno y presencia de extranjeros están relacionados negativamente con el nombramiento de nuevos consejeros CEOs

El uso de una variable que no es de desempeño como experiencia de CEOs en el contexto de empresa familiar en Latinoamérica

The purpose of this study is to analyze interlocking directorate (ID) networks of family and nonfamily firms (FFs) in Chile, Mexico and Peru.

Social network analysis methodology allowed us to analyze the position of FFs within the structure of IDs at the local and transnational levels.

FFs tend to have a higher proportion of board interlocks to other firms, especially FFs. In addition, FFs are more likely to occupy a brokerage position in national IDs structures. Finally, they also have a higher proportion of interlocks to other domestic firms in and nearby geographic areas. Thus, they create transnational networks.

This paper finds evidence that supports three of the premises of interorganizational familiness literature (Lester and Cannella, 2006). FFs are part of national as well as international corporate networks more than other types of firms, through interlocking directorships.

Analizar redes de consejeros de empresas familiares y no familiares en Chile, México y Perú.

El análisis de redes sociales nos permitió analizar la posición de empresas familiares dentro de la estructura de redes a nivel local y transnacional.

Las empresas familiares tienen un nivel más alto de entrecruzamientos con otras empresas, especialmente con las familiares. Además, las empresas familiares son mas propensas a ocupar posiciones de intermediación en las estructuras nacionales de redes. Finalmente, también tienen más entrecruzamientos con otras empresas nacionales y en regiones geográficas cercanas por lo que crean redes transnacionales.

Encontramos evidencia que apoya los tres pilares de la literatura de familiaridad interorganizacional (Lester y Cannella 2006). Las empresas familiares son parte de una red nacional e internacional más que otros tipos de empresas a través de las interconexiones de posiciones en consejos.

Analisar redes de diretores de empresas familiares e não familiares no Chile, México e Peru.

A análise das redes sociais permitiu analisar a posição das empresas familiares na estrutura das redes a nível local e transnacional.

As empresas familiares têm um nível mais elevado de ligações cruzadas com outras empresas, especialmente as empresas familiares. Além disso, é mais provável que as empresas familiares ocupem posições intermediárias nas estruturas das redes nacionais. Por último, têm também mais referências cruzadas com outras empresas nacionais e em regiões geográficas próximas, pelo que criam redes transnacionais.

Encontramos evidências que sustentam os três pilares da literatura sobre familiaridade interorganizacional (Lester e Cannella 2006). As empresas familiares fazem parte de uma rede nacional e internacional mais do que outros tipos de empresas através do interconexões de cargos nos conselhos de administração.

The purpose of this paper is to examine the factors that affect the likelihood of being public using a comprehensive database of private and public companies in Mexico, from all sectors, during 2006-2014.

The authors estimate a longitudinal probit model to identify the ex ante characteristics of public Mexican firms that differentiate them from those Mexican firms that continue to remain private.

The authors find that larger, younger and less levered Mexican firms are more likely to be public in Mexico. They additionally test the influence of market conditions and location on the probability of being public. They find that location matters but they find no evidence that initial public offerings (IPOs) are driven by favorable Mexican market conditions.

This paper contributes to the Mexican and international literature on IPOs because it uses an original database built from information of private and public Mexican firms. The study contributes to a better understanding of the determinants of the decision of going public in Mexico.

En este artículo se examinan los factores que afectan la probabilidad de que una empresa salga a Bolsa, utilizando una base de datos integral de empresas privadas y públicas en México, de todos los sectores, durante 2006-2014.

Se estima un modelo probit longitudinal para identificar las características ex-ante de las empresas mexicanas listadas en bolsa que las diferencian de aquellas que siguen siendo privadas.

Los autores encuentran que las empresas mexicanas más grandes, jóvenes y menos apalancadas tienen más probabilidades de estar listadas en la bolsa mexicana. Además, prueban si hay influencia de las condiciones del mercado y la ubicación en la probabilidad de listarse. Ellos encuentran que la ubicación de las empresas importa, pero no encuentran evidencia de que las OPIs sean impulsadas por condiciones favorables del mercado mexicano.

Este trabajo de investigación contribuye a la literatura mexicana e internacional sobre OPIs, ya que utiliza una base de datos original construida a partir de información de empresas mexicanas privadas y públicas. El estudio contribuye a una mejor comprensión de los determinantes de la decisión de listar una empresa en bolsa en México.

The purpose of this paper is to analyze the differential effects that institutions have on country IPO activity.

With a sample of 64 countries over a 15-year period (2000-2014), the authors test the variables rule of law, uncertainty avoidance and masculinity on subsamples of developed (27) and emerging (37) countries to explore their influence on domestic IPO activity level.

For developed countries, only uncertainty avoidance and masculinity are significant. Within emerging countries, it is uncertainty avoidance and rule of law that are significant.

Using different country classification frameworks could yield more detailed and focused results on the influence that country-level variables have on IPO activity.

Multinational firms could use these findings for decisions related to their potential subsidiary IPOs.

This is a novel empirical work relating institutions to IPO activity, using emerging and developed country subsamples. It also focuses on IPO activity instead of IPO underpricing/performance and contributes to extend the scope of the IPO literature to global non-Anglo contexts.

Analizar los efectos diferenciales que las instituciones tienen en OPIs (ofertas públicas iniciales) a nivel país.

En una muestra de 64 países en un periodo de 15 anos (2000-14) probamos las variables: estado de derecho, aversión a la incertidumbre y masculinidad en submuestras de países: desarrollados (27) y emergentes (37) para explorar su influencia en el número de OPIs a nivel país.

En países desarrollados la aversión a la incertidumbre y masculinidad son significativas. Dentro de países emergentes, la aversión a incertidumbre y estado de derecho son significativas.

Usar diferentes métodos para clasificar países podría resultar en resultados mas detallados y enfocadas para entender la influencia que variables a nivel país tienen en el nivel de OPIs.

Empresas multinacionales podrían usar estos resultados para decisiones relacionadas a sus subsidiarias potenciales.

Este es un trabajo novedoso que relaciona a las instituciones con la actividad OPI usando submuestras de países desarrollados y emergentes. También se enfoca en actividad OPI en lugar de subvaluación/desempeño OPI y contribuye a extender la literatura OPI a contextos no anglo sajones.

Este artículo se pudo hacer gracias al apoyo parcial de la Asociación Mexicana de Cultura A.C.

OPIs, Emergentes, Desarrollados, Instituciones and Cultura

Analisar os efeitos diferenciais que as instituições têm na atividade de IPO (Oferta pública inicial en inglés) dos países.

Em uma amostra de 64 países em um período de 15 anos (2000-14). Testamos as variáveis: estado de direito, evitação de incerteza e masculinidade em subamostras de países desenvolvidos (27) e, emergentes (37) para explorar sua influência no nível de atividade doméstico do IPO.

Para os países desenvolvidos, apenas a evitação de incertezas e a masculinidade são significativas. Nos países emergentes, a evitação de incertezas e o estado de direito são significativos.

O uso de diferentes estruturas de classificação de países poderia produzir resultados mais detalhados e focados na influência que as variáveis de nível de país têm na atividade de IPO.

As empresas multinacionais poderiam usar essas descobertas para decisões relacionadas a seus possíveis IPOs subsidiários.

Este é um novo trabalho empírico que relaciona instituições à atividade de IPO usando subamostras de países emergentes e desenvolvidos. Também se concentra na atividade de IPO, em vez da infravaloración/performance do IPO, e contribui para estender a literatura do âmbito IPO para os contextos globais não-anglo.

IPOs, Emergentes, Desenvolvidos, Instituições, Cultura

This study aims to explore the relationship between foreignness and CEO pay.

This study combines cross-sectional and time series observations analyzed with panel data methodology in a sample of 59 firms listed in the Spanish IBEX-35 index between 2006 and 2020.

International ownership influences CEO underpayment and foreign sales influence CEO overpayment.

CEO pay is susceptible to being influenced by foreign non-American variables. An appropriate understanding of these factors can contribute to discussing policies that balance the level of CEO payment in large public firms.

Research on internationalization and CEO pay is scarce. A handful of studies confirm the link between Americanization and executive compensation in Europe. However, the authors still do not know if the level of CEO pay is influenced by non-American exposure. To do this, the authors test the effect of firm – ownership, sales, board – and individual – CEO – exposure to international, non-US environments on the level of over/underpayment of CEOs in a sample of Spanish firms.

Explorar la relación entre la extranjería y la remuneración de los CEO.

Combinamos observaciones transversales y de series temporales analizadas con metodología de datos de panel en una muestra de 59 empresas del índice IBEX-35 español entre 2006 y 2020.

La propiedad internacional influye en la remuneración insuficiente de los CEO y las ventas en el extranjero influyen en la remuneración excesiva de los CEO.

La investigación sobre la internacionalización y la remuneración de los CEO es escasa. Un puñado de estudios confirman el vínculo entre la americanización y la remuneración de los ejecutivos en Europa. Sin embargo, todavía no sabemos si el nivel de remuneración de los CEO está influenciado por la exposición no estadounidense. Para ello, probamos el efecto de la exposición de la empresa (propiedad, ventas, consejo) y del individuo (CEO) a entornos internacionales, no estadounidenses, sobre el nivel de sobre/insuficiente remuneración de los CEO en una muestra de empresas españolas.

La remuneración de los CEO es susceptible de verse influenciada por variables extranjeras no estadounidenses. Una comprensión adecuada de estos factores puede contribuir a discutir políticas que equilibren el nivel de remuneración de los CEO en las grandes empresas públicas.

Explorar a relação entre estrangeirismo e remuneração de CEO.

Combinamos observações transversais e de séries temporais analisadas com metodologia de dados em painel em uma amostra de 59 empresas listadas no índice espanhol IBEX-35 entre 2006 e 2020.

A propriedade internacional influencia o sub pagamento de CEO e as vendas no exterior influenciam o super pagamento de CEO.

Pesquisas sobre internacionalização e remuneração de CEO são escassas. Alguns estudos confirmam a ligação entre americanização e remuneração de executivos na Europa. No entanto, ainda não sabemos se o nível de remuneração de CEO é influenciado pela exposição não americana. Para fazer isso, testamos o efeito da exposição da empresa - propriedade, vendas, conselho - e individual - CEO - a ambientes internacionais, não americanos, no nível de super/sub pagamento de CEOs em uma amostra de empresas espanholas.

A remuneração de CEO é suscetível a ser influenciada por variáveis estrangeiras não americanas. Uma compreensão adequada desses fatores pode contribuir para discutir políticas que equilibram o nível de remuneração de CEO em grandes empresas públicas.

The purpose of this paper is to test the relationship between board and top management team (TMT) members' international experience and CEO multinationality, with their firm's degree of internationalization. Through the lenses of upper echelon theory, on a sample of 108 European and US firms, the author tests the variables “international experience” and “CEO multinationality”, at the board and at the TMT levels.

A longitudinal research design is used to examine director's individual attributes in 2001 and firm's degree of internationalization in 2003‐2008. The sample comprised directors of the 108 largest European and US service and industrial firms by market capitalization, as listed in the Financial Times (FT) Global index of 2007.

A positive effect is found on internationalization for international experience of both boards and TMTs; also a positive relationship is found between CEO multinationality of TMTs and internationalization.

It is acknowledged that the use of a diversified set of large US and European public firms could add unnecessary variance due to the different contexts involved in a sample of just 108 firms. Most of the sampled firms are already international so the study does not argue for board and TMT composition as a triggering mechanism for firm internationalization but, instead, as a tool that can enhance an international expansion process. The fact that international experience is a binary variable also limits the validity of the results. Either a direct survey of directors or a continuous variable that measures the amount in years of international experience would have yielded richer data. Data availability constraints limited the scope of this variable. The chosen operationalization just measures the presence and not the depth of executive's international experience. Additionally, it is acknowledge that just eliminating supervisory board members that represent unions/workers does not completely homogenize boards from the different countries in the sample.

Practitioners could use these findings to improve their selection and training processes of both top managers and board members.

The paper extends upper echelons theory to the board of directors. The comparison of boards and TMTs will facilitate the differentiation of corporate elites. It also introduces a new study variable: CEO multinationality and finally, it uses a mixed geographical sample of large European and US firms.

The purpose of this paper is twofold. First, the impact of the North American Free Trade Agreement (NAFTA) on the agribusinesses of corn production in Mexico is analyzed, taking into special consideration the policy of encouragement to small producers, productive restructuring and identification of positive and negative effects. Second, the evolution of the US–Mexican maize belts (1994–2017) is analyzed, establishing the economic and political impacts with respect to NAFTA.

The paper opted for a documentary meta-analysis study using data from the United States Department of Agriculture (USDA) and the System of Agricultural and Fishery Information (SIAP) in Mexico. The data were completed with documentary analysis of research on maize productivity.

Provided is the information about the impacts of maize belts in the United States (US) and Mexico, where it was determined that the leading states maintained productive hegemony to a greater and lesser extent and that Mexico experienced a productive reorientation. The findings show that it is a myth that there are losers in the maize agroindustry of Mexico and the United States as it is suggested that after twenty-four years they have become complementary.

Summarized is the state of knowledge from 1994 to 2017, aligned to the databases of the United States and Mexico.

A need to study the relation between the productive evolution of maize production and NAFTA is identified.

The purpose of this study is twofold: firstly, to investigate the effect of the infill value and build orientation on the fatigue behaviour of polylactic acid (PLA) specimens made by fused filament fabrication (FFF), also known as fused deposition modelling; and secondly, to model the fatigue behaviour of PLA specimens made by FFF and similar additive manufactured parts.

A new methodology based on filament characterisation, infill measuring, axial fatigue testing and fatigue strength normalisation is proposed and implemented. Sixty fatigue FFF specimens made of PLA were fabricated and evaluated using variable infill percentage and build orientation. On the other hand, fatigue modelling is based on the normalised stress amplitude and the fatigue life in terms of number of cycles. In addition, a probabilistic model was developed to predict the fatigue strength and life of FFF components.

The infill percentage and build orientation have a great influence on the fatigue behaviour of FFF components. The larger the infill percentage, the greater the fatigue strength and life. Regarding the build orientation, the specimens in the up-right orientation showed a much smaller fatigue strength and life than the specimens in the flat and on-edge orientations. Regarding the fatigue behaviour modelling, the proposed Weibull model can predict with an acceptable reliability the stress-life performance of PLA-FFF components.

This study has been limited to axial fatigue loading conditions along three different build orientations and only one type of material.

The results of this study are valuable to predict the fatigue behaviour of FFF parts that will work under variable loading conditions. The proposed model can help designers and manufacturer to reduce the need of experimental tests when designing and fabricating FFF components for fatigue conditions.

A fatigue study based on a novel experimental methodology that considers the variation of the FFF process parameters, the measurement of the real infill value and the normalisation of the results to be comparable with other studies is proposed. Furthermore, a new fatigue model able to predict the stress-life fatigue behaviour of PLA-FFF components considering variable process parameters is also proposed.