Gianni Romaní, Miguel Atienza, Felipe Campos, Pablo Bahamondes and Rodrigo Hernández
The purpose of this paper is to identify and analyse the characteristics of high net worth individuals (HNWI) as potential angel investor in Antofagasta, the main mining resource…
Abstract
Purpose
The purpose of this paper is to identify and analyse the characteristics of high net worth individuals (HNWI) as potential angel investor in Antofagasta, the main mining resource periphery in Chile.
Design/methodology/approach
Using the resource periphery approach and angel investing, the authors apply a survey to a sample of 37 HNWI in this region. The data collected were analysed using descriptive statistics.
Findings
Descriptive results show that the characteristics of these individuals do not significantly differ from those exhibited by angel investors in developed countries and that HNWI show a relative high willingness to become angels and to form a network.
Research limitations/implications
This paper has some limitations regarding the size and scope of the sample. It is a relatively short sample that does not allow to make more sophisticated analysis and it is only regional and, therefore, it is not possible to make a comparison at a national level.
Practical implications
From the perspective the design of policies and programmes oriented towards the promotion of a high potential start-ups in resources peripheries, it is essential to know what the characteristics of HNWI are and their propensity to become angel investors.
Originality/value
Research on angel investment has been traditionally based on the experience of core regions in developed countries. This type of funding source, however, can play a significant role in the promotion of development and diversification in resource peripheries due to the limited access that these areas have to traditional capital funds and the orientation of angel investment towards innovative ventures, but studies from this perspective are very scarce. In this sense, this paper is pioneer in this topic in peripheral regions.
Propósito
El objetivo de este artículo es identificar y analizar las características de las personas con alto patrimonio neto como potenciales inversionistas ángeles en Antofagasta, la principal fuente de recursos minerales en la periferia de Chile.
Diseño/metodología/enfoque
A través del enfoque de las periferias de los recursos naturales y la inversión ángel, se aplicó una encuesta a una muestra de 37 personas con alto patrimonio neto en esta región. La información recogida fue analizada usando estadística descriptiva.
Hallazgos
Los resultados muestran que las características de estas personas no difieren significativamente de los inversionistas ángeles en países desarrollados y muestran un fuerte deseo de ser inversionistas ángeles y formar una red.
Limitaciones/implicaciones
Este artículo presenta algunas limitaciones en relación al tamaño y el alcance de la muestra. Es una muestra relativamente pequeña y no permite realizar análisis más sofisticados y es solo a nivel regional y, por lo tanto, no es posible comparar a nivel nacional.
Implicaciones prácticas
Desde la perspectiva del diseño de políticas públicas y programas orientadas a la promoción de empresas de alto potencial de crecimiento en las periferias de recursos naturales, es esencial conocer las características de las personas con alto patrimonio neto y su propensión a convertirse en inversionistas ángeles.
Originalidad/valor
La investigación sobre inversión ángel ha estado tradicionalmente enfocada en la experiencia de las regiones centrales de los países desarrollados. Sin embargo, esta alternativa de financiamiento puede jugar un rol preponderante en la promoción del desarrollo y la diversificación en las periferias de recursos naturales debido al limitado acceso a fuentes de capital tradicionales y la orientación de la inversión ángel hacia emprendimientos innovadores en estas regiones. Los estudios desde esta perspectiva son muy escasos. En este sentido, este artículo es pionero en la investigación de la inversión ángel en las regiones periféricas de recursos naturales.
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Izaias Martins, Gianni Romaní and Miguel Atienza
The purpose of the paper is to analyze the development of business angel networks (BANs) in emerging countries such as Chile and Colombia to understand how institutions affect…
Abstract
Purpose
The purpose of the paper is to analyze the development of business angel networks (BANs) in emerging countries such as Chile and Colombia to understand how institutions affect their development.
Design/methodology/approach
This is a qualitative, exploratory, and descriptive study based on a comparative analysis between countries, with the BANs in Chile and Colombia as the unit of observation. The comparative analysis was made in relation with the creation, operation and sustainability of the BANs. The study interviews the partners/managers of the active networks in each of the countries, as well as key informants, totalling 12 interviews.
Findings
BAN activity in Chile and Colombia is quite recent, and the countries are on a similar level of development. However, in the long term, depending on how the cultural aspects evolve in both countries and the interest that the State may have in developing business angel activity, the results could be indeed different.
Originality/value
Business angel activity in Latin America is quite recent; nevertheless, this activity is increasing in the region. In that sense, this comparative analysis between Colombia and Chile contributes to a better understanding of business angel markets in Latin America and also to obtain better insights into the core challenges that these markets face in emerging countries due to the existence of institutional voids. This paper is a contribution for further knowledge of BANs in emerging countries’ economies from an institutional perspective.
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Cristian Pinto-Gutierrez, Gianni Romaní and Miguel Atienza
This paper aims to analyse whether the degree of formal financial access in a country affects love money investment, defined as capital provided to entrepreneurs from family and…
Abstract
Purpose
This paper aims to analyse whether the degree of formal financial access in a country affects love money investment, defined as capital provided to entrepreneurs from family and friends to finance their businesses, in early-stage entrepreneurial activities.
Design/methodology/approach
The authors use multilevel mixed-effect regression models and an extensive database of over 700 thousand individuals from 53 countries between 2007 and 2017 taken from the Global Entrepreneurship Monitor adult population survey.
Findings
This paper finds that a country’s level of accessibility to bank debt and venture capital is positively associated with the likelihood of an individual becoming a love money investor. It also finds that the amount of capital invested by love money investors is positively correlated to the level of access to bank debt and venture capital. The results of this paper confirm the hypothesis of complementarity between the financial system and friends and family financing in the capital market for early-stage entrepreneurs.
Originality/value
This paper contributes to the entrepreneurial finance literature, particularly to a better understanding of the love money investors, an important source of funding and segment of the informal investment that is sparsely studied.
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Rodrigo Basco and Andrea Calabrò
The purpose of this paper is to investigate what types of open innovation search strategies are associated with internal innovation activities in family and non-family SMEs within…
Abstract
Purpose
The purpose of this paper is to investigate what types of open innovation search strategies are associated with internal innovation activities in family and non-family SMEs within natural resource-based clusters.
Design/methodology/approach
This study is based on an empirical analysis of a sample of 245 Chilean firms.
Findings
Results suggest that while family and non-family SMEs do not significantly differ in terms of internal innovation activities, important differences exist in terms of open innovation search strategies. In particular, family SMEs search for new ideas and knowledge within their closest network of relationships (e.g. customers, suppliers and competitors), whereas non-family SMEs mainly focus on broader network relationships (e.g. universities, public institutions and fair trade organizations).
Practical implications
This study shows that within a natural resource cluster, the types of firm do matter. In fact, family and non-family SMEs use different open innovation search strategies to innovate; hence, this research may help and assist policy makers in tailoring innovation policies aimed at expanding the potential benefits of clusters for regional growth and development.
Originality/value
This research addresses the call to further investigate the link between family SMEs and innovation in developing countries, given that SMEs may also act as a lively player for regional development.
Propósito
El objetivo de este artículo es investigar las estrategias de búsqueda de innovación abierta de las pequeñas y medianas empresas familiares y no familiares en un clúster basado en los recursos naturales.
Diseño/metodología/enfoque
Este estudio está basado en un análisis empírico con una muestra de 245 empresas Chilenas.
Recomendaciones
Los resultados muestran que no hay diferencias significativas en las actividades internas de innovación entre las pequeñas y medianas empresas familiares y no-familiares de la muestra. Sin embargo, se han encontrado diferencias en las estrategias de búsqueda de innovación abierta que utilizan de las empresas. Las empresas familiares buscan nuevas ideas y conocimiento para innovar entre sus contactos más cercanos (por ejemplo: clientes, proveedores y competidores). Las empresas no-familiares se enfocan en contactos más amplios (por ejemplo: tales como universidades, instituciones públicas y ferias internacionales).
Implicaciones prácticas
Este estudio muestra que distinguir entre empresas familiares y no familiares dentro de los clúster basados en los recursos naturales es importante. Las pequeñas y medianas empresas familiares y no familiares usan diferentes estrategias de búsqueda de innovación abierta. Por lo tanto, nuestros resultados pueden ayudar al diseño de políticas públicas de innovación diferenciando empresas familiares y no familiares con el objetivo de potenciar los beneficios de los clúster para el crecimiento y desarrollo regional.
Originalidad/valor
Este artículo intenta avanzar en la investigación relacionando innovación y pequeñas y medianas empresas familiares en países en desarrollo.
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Kryzelle M. Atienza, Apollo E. Malabanan, Ariel Miguel M. Aragoncillo, Carmina B. Borja, Marish S. Madlangbayan and Emel Ken D. Benito
Existing deterministic models that predict the capacity of corroded reinforced concrete (RC) beams have limited applicability because they were based on accelerated tests that…
Abstract
Purpose
Existing deterministic models that predict the capacity of corroded reinforced concrete (RC) beams have limited applicability because they were based on accelerated tests that induce general corrosion. This research gap was addressed by performing a combined numerical and statistical analysis on RC beams, subjected to natural corrosion, to achieve a much better forecast.
Design/methodology/approach
Data of 42 naturally corroded beams were collected from the literature and analyzed numerically. Four constitutive models and their combinations were considered: the elastic-semi-plastic and elastic-perfectly-plastic models for steel, and two tensile models for concrete with and without the post-cracking stresses. Meanwhile, Popovics’ model was used to describe the behavior of concrete under compression. Corrosion coefficients were developed as functions of corrosion degree and beam parameters through linear regression analysis to fit the theoretical moment capacities with test data. The performance of the coefficients derived from different combinations of constitutive laws was then compared and validated.
Findings
The results showed that the highest accuracy (R2 = 0.90) was achieved when the tensile response of concrete was modeled without the residual stresses after cracking and the steel was analyzed as an elastic-perfectly-plastic material. The proposed procedure and regression model also showed reasonable agreement with experimental data, even performing better than the current models derived from accelerated tests and traditional procedures.
Originality/value
This study presents a simple but reliable approach for quantifying the capacity of RC beams under more realistic conditions than previously reported. This method is simple and requires only a few variables to be employed. Civil engineers can use it to obtain a quick and rough estimate of the structural condition of corroding RC beams.
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Luis Miguel Rodrigo, Gianni Romaní and Emilio Ricci
The purpose of this paper is to characterize the immigrant entrepreneurs of the Region of Antofagasta and identify their contribution to local development.
Abstract
Purpose
The purpose of this paper is to characterize the immigrant entrepreneurs of the Region of Antofagasta and identify their contribution to local development.
Design/methodology/approach
This is a descriptive study with a quantitative approach. Face-to-face interviews using a structured questionnaire were carried out with a sample of 314 immigrant entrepreneurs in the city of Antofagasta. The data were analysed using descriptive statistics and mean difference.
Findings
The results show a new type of entrepreneur that cannot be fully described by the theories developed for South–North immigrant entrepreneurs. The concept of the South–South entrepreneur is therefore proposed, in order to categorise these entrepreneurs and explain their behaviour, with the conclusion that this group makes a significant contribution to the local economy, both in terms of job and wealth creation and by broadening the availability of goods and services.
Practical implications
Given that immigrant entrepreneurs are a valuable socio-economic asset to the city in terms of job and wealth creation and service diversification, public administrations should endeavour to support these individuals and attract them to the city.
Social implications
Knowledge of the contribution of this group will lead to a greater acceptance of immigrants who have recently been rejected by certain sectors of the population.
Originality/value
This study reveals the existence of a group of immigrant entrepreneurs whose characteristics and contribution to local development were previously not known.
Propósito
El objetivo de este artículo es caracterizar a los inmigrantes emprendedores/as de la región de Antofagasta e identificar de su aporte al desarrollo local.
Diseño/metodología/enfoque
Es un estudio descriptivo, con un enfoque cuantitativo. Se realizaron entrevistas cara a cara con cuestionario estructurado a una muestra de 314 inmigrantes emprendedores de la ciudad de Antofagasta. Los datos fueron analizados utilizando estadística descriptiva y diferencia de medias.
Resultados
Los resultados muestran un nuevo tipo de emprendedor que no pueden ser explicados a cabalidad por las teorías desarrolladas para inmigrantes emprendedores Sur-Norte. Por ello, se propone el concepto de emprendedores Sur-Sur, para categorizarles y explicar su comportamiento, concluyendo que realizan un aporte significativo a la economía local, tanto en generación de empleo y riqueza como en el incremento en la oferta.
Implicaciones prácticas
Puesto que los inmigrantes emprendedores son un valioso activo socioeconómico para la ciudad en términos de generación de empleo, riqueza y diversidad en la oferta de servicios, las administraciones públicas deberían de tratar de apoyarlos, cuidarlos y atraer a la ciudad.
Implicaciones sociales
El conocimiento del aporte de este colectivo contribuirá a una mejor aceptación de los inmigrantes, que en los últimos años han sido rechazados por algunos sectores de la población.
Originalidad/valor
Este estudio devela la realidad de un grupo de inmigrantes emprendedores del cual no se tenía conocimiento sobre sus características y su aporte al desarrollo local.
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This paper provides evidence from the Philippines that strong presidents (termed here as hyper-presidents) have failed to address systemic corruption despite their anti-corruption…
Abstract
Purpose
This paper provides evidence from the Philippines that strong presidents (termed here as hyper-presidents) have failed to address systemic corruption despite their anti-corruption rhetoric and promises.
Design/methodology/approach
The paper uses a case study methodology to review how “strong presidents” have dealt with the problem of corruption in the Philippines and to examine their handling of grand corruption scandals. Data were collected from court decisions, congressional reports, news reports, journal articles, and other academic publications.
Findings
The paper has two major findings. First, none of the strong presidents were able to build the social and political foundations for anti-corruption reform. Second, in dealing with corruption scandals, the strong presidents observed selective persecution and particularistic concealment (cover-ups) instead of allowing the rule of law to prevail. These findings dismiss the idea of the sufficiency of strong presidents, some of whom project the possession of the political will necessary to combat corruption in the country.
Originality/value
While the need for strong leaders has been emphasized in the anti-corruption literature, this paper argues that such leaders do not necessarily add to the political commitment needed to fight systemic corruption or even lay the political, institutional, and social foundations for reform. Strong presidents in the weak Philippine state are powerless against the institutions and culture that encourage and tolerate grand corruption.
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Miguel-Angel Galindo-Martín, María-Teresa Méndez-Picazo and María-Soledad Castaño-Martínez
Economic growth is one the most relevant economic objectives for policy makers. In order to determine the variables that enhance such an objective it is important to consider…
Abstract
Purpose
Economic growth is one the most relevant economic objectives for policy makers. In order to determine the variables that enhance such an objective it is important to consider different types of entrepreneurial activity. It is also necessary to consider the level of development and growth of a country to design the proper economic policy measures, given that entrepreneurship motivations and circumstances vary from country to country. Therefore, the purpose of this paper is to analyse the relationship between entrepreneurship and economic growth, including the role played by institutions and innovation considering two types of entrepreneurship (necessity and opportunity) and countries.
Design/methodology/approach
Data analysis of 31 countries with varying levels of growth and development yielded two large groups – either innovation-driven economies or efficiency-driven economies – following GEM classification based on the phases set out by the World Economic Forum. In order to test the hypotheses, a partial least squares analysis is carried out to show the existing relationships between the different variables, specifically: innovation, institutions, entrepreneurship and economic growth.
Findings
The empirical analysis used demonstrates that innovation positively affects economic growth and entrepreneurship. In addition, adequate functioning of institutions is shown to enhance economic growth and opportunity entrepreneurship. Finally, there is a positive relationship between entrepreneurship and economic growth.
Originality/value
Unlike other studies, different types of entrepreneurship (by necessity and opportunity) are essential to this analysis of the relationship between entrepreneurship and economic growth. The country sample was divided considering some country-specific structural circumstances. Neither aspect is considered in the literature and should be considered relevant for designing measures to enhance economic activity.
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Marina Estrada-Cruz, Ignacio Mira-Solves and Jesús Martínez-Mateo
A global crisis like that caused by the COVID-19 pandemic threatens the survival of any business, but especially of nascent entrepreneurs, due to their vulnerable situation. At…
Abstract
Purpose
A global crisis like that caused by the COVID-19 pandemic threatens the survival of any business, but especially of nascent entrepreneurs, due to their vulnerable situation. At this stage of entrepreneurship, information and communication technology capabilities (ICTCs) are critical skills that help entrepreneurs develop their new businesses, fostering economic adaptability to counteract adverse effects. This study advances knowledge of how nascent entrepreneurs react in an environment of global crisis.
Design/methodology/approach
The study analyzes a sample of 331 Spanish nascent entrepreneurs to determine the mediating effect of ICTCs on the relationship between the impact of a global crisis (e.g. COVID-19) and the firm’s strategic response.
Findings
The results suggest that crises influence adaptation and compensation strategies significantly and that ICTCs exert a total mediating effect on this relationship. The results do not, however, establish a clear relationship between the impact of the COVID-19 crisis and disengagement response, but rather a negative relationship, possibly influenced by government attempts to mitigate the pandemic’s economic consequences (economic aid to maintain the workforce, financial support for business model survival).
Originality/value
The COVID-19 crisis revealed ICT as a key technology for continuing business operations. This study analyzes how ICTCs affect nascent entrepreneurs’ strategies in crisis environments. Our analysis is important because these entrepreneurs have invested resources in their new project. We must determine their strategic response to crisis environments: adaptation, compensation or disengagement. The sample itself, collected during the pandemic, provides unique insights into the impact of the crisis on nascent business decisions.
研究目的
像2019冠狀病毒病大流行等的全球危機一旦發生,各工商企業能否繼續生存必會受到威脅和影響。這影響以剛開始發展的創業者為甚,因為他們處於脆弱的處境。在這個創業階段,創業者必須擁有資訊與通訊科技能力,才能發展他們的新業務,他們亦需培養經濟上的適應能力,以能抵銷各種不利的影響。本研究擬就剛開始發展的創業者在全球危機發生時應如何應對進行探討,以增進我們對這課題的知識。
研究方法
本研究分析一個涵蓋331名西班牙新生創業者的樣本,來鑒定資訊與通訊科技能力對全球危機 (如2019冠狀病毒病) 帶來的影響與企業戰略應對之間的關聯所起的中介效應。
研究結果
研究結果似顯示,危機會顯著地影響企業的適應和賠償策略; 研究結果似乎也顯示,資訊與通訊科技能力會對這關聯 (全球危機所帶來的影響與企業戰略應對之間的關聯) 發揮極大的中介效應。但研究結果並沒有就2019冠狀病毒病危機的影響與脫離反應、建立明確的關聯。反之,研究結果似顯示兩者有一個負相關的關係,這可能是因為政府施行應對方法,以減輕大流行所帶來的經濟後果所致 (這些應對方法包括用以維持勞動力隊伍的經濟援助、和使商業模式能繼續生存的財政支援) 。
研究的原創性
2019冠狀病毒病危機揭示了資訊與通訊科技是讓商業運作能繼續進行的關鍵技術。本研究分析資訊與通訊科技能力如何於危機發生時影響新生創業者的策略。我們的分析有其重要性,這是因為這些創業者把資源投入他們的新項目; 我們必須鑒定他們對危機所採取的戰略對策: 適應、賠償和脫離。取自大流行期間有關的樣本本身已能就危機如何影響新生創業者的商務決策、提供獨特的啟示。
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Anupam Das, J. Maiti and R.N. Banerjee
Monitoring of a process leading to the detection of faults and determination of the root causes are essential for the production of consistent good quality end products with…
Abstract
Purpose
Monitoring of a process leading to the detection of faults and determination of the root causes are essential for the production of consistent good quality end products with improved yield. The history of process monitoring fault detection (PMFD) strategies can be traced back to 1930s. Thereafter various tools, techniques and approaches were developed along with their application in diversified fields. The purpose of this paper is to make a review to categorize, describe and compare the various PMFD strategies.
Design/methodology/approach
Taxonomy was developed to categorize PMFD strategies. The basis for the categorization was the type of techniques being employed for devising the PMFD strategies. Further, PMFD strategies were discussed in detail along with emphasis on the areas of applications. Comparative evaluations of the PMFD strategies based on some commonly identified issues were also carried out. A general framework common to all the PMFD has been presented. And lastly a discussion into future scope of research was carried out.
Findings
The techniques employed for PMFD are primarily of three types, namely data driven techniques such as statistical model based and artificial intelligent based techniques, priori knowledge based techniques, and hybrid models, with a huge dominance of the first type. The factors that should be considered in developing a PMFD strategy are ease in development, diagnostic ability, fault detection speed, robustness to noise, generalization capability, and handling of nonlinearity. The review reveals that there is no single strategy that can address all aspects related to process monitoring and fault detection efficiently and there is a need to mesh the different techniques from various PMFD strategies to devise a more efficient PMFD strategy.
Research limitations/implications
The review documents the existing strategies for PMFD with an emphasis on finding out the nature of the strategies, data requirements, model building steps, applicability and scope for amalgamation. The review helps future researchers and practitioners to choose appropriate techniques for PMFD studies for a given situation. Further, future researchers will get a comprehensive but precise report on PMFD strategies available in the literature to date.
Originality/value
The review starts with identifying key indicators of PMFD for review and taxonomy was proposed. An analysis was conducted to identify the pattern of published articles on PMFD followed by evolution of PMFD strategies. Finally, a general framework is given for PMFD strategies for future researchers and practitioners.