Efectos de la realización de un megaevento deportivo sobre una economía local. El caso de los Juegos Mundiales 2013 Cali

Propósito – En el artículo se presenta una síntesis del impacto sobre la producción y el empleo generado por la realización de un megaevento deportivo en la ciudad de Cali, Colombia. Diseño/metodología/enfoque – El impacto se estima a través de los efectos sistemáticos producidos por las actividades de inversión/gasto de los agentes identificados y los consecuentes efectos multiplicadores capturados a partir de un modelo insumo-producto. Hallazgos – La realización de los Juegos Mundiales significó un nuevo flujo de ingreso monetario a la ciudad de Cali, de $101.036 millones de pesos (=53,4 millones de dólares) y se generaron 9.598 puestos de trabajo (=7.711 empleos de tiempo completo). Adicionalmente, se atrajo a la ciudad a 2.174 turistas internacionales y 11.250 turistas nacionales. Originalidad/valor – El artículo aporta aspectos innovadores metodológicamente útiles para futuros estudios de impacto económico en ciudades poco turísticas situadas en países en vías desarrollo.Purpose A summary of the economic impact resulting from the celebration of a sporting mega-event in the city of Cali, Colombia, is carried out in this article. Design/methodology/approach The impacts are estimated by means of the systematic effects produced by the activities of investment/expenditure of the identified agents and the consequent multiplying effects captured from an input-output model. Findings The World Games represented a new income flow to the city of Cali of$101.036 million pesos (≡US$53.4 mill.) and 9.598 jobs were created (≡7,711 full-time jobs). Additionally, 2,174 foreign tourists and 11,250 national tourists were attracted to the city. Originality/value The article contributes with innovative aspects methodologically speaking, useful for future studies of economic impact in cities with low tourism located in developing countrie

CSR actions in companies and perception of their reputation by managers: Analysis in the rural area of an emerging country in the Banking Sector

This paper tests, from a managerial point of view, the influence of Corporate Social Responsibility (CSR) actions directed towards health and environmental matters over the perception of a company’s reputation. The literature review suggests an absence of this kind of study focused on the banking sector of developing countries. CSR activities oriented to health and subsistence in the rural areas of emerging countries are proved to hold a positive influence on the perception of managers of the banking sector of corporate reputation. On the other hand, it has not been possible to validate whether CSR activities oriented to environmental issues (or infrastructure) in rural areas will positively influence the perception of Peruvian banking sector managers of corporate reputation. The outcomes mentioned seem plausible due to health and subsistence being undoubtedly the most valued factors among people living in rural areas, where there are the most development deficiencies. This work contributes by empirically analyzing a relationship barely addressed in the field of business administration: the influence of CSR and corporate reputation. Furthermore, the authors take the analysis to a context unexplored by previous researchers, applying the concepts to the banking sector of an emerging country

The mediator role of hierarchical distance on social processes-HRM practices: An empirical analysis of Spanish firms

The literature pays little attention to non-linear models, especially regarding dimensions such as organizational culture. Therefore, the purpose of this paper is to test the role of hierarchical distance in the relationship between HRM practices and social processes. With a sample of 102 Spanish firms and using partial least squares structural equation modeling assessed this relationship. Results suggested mediation of hierarchical distance between HRM practices and social processes. Such results recommend that HR managers should consider hierarchical distance more carefully especially when creating HRM practices to improve relationships among employees. Thus, the politics of commitment function better when organizations are more horizontal and when tasks are commonly delegated, managers question employees frequently prior to making decisions, discussions are encouraged, and social relationships – both in and out of work – are valued, appear to provide the most benefit regarding competitive advantages generated through HRM practice

Rendimiento ex-dividendo como indicador de eficiencia en un mercado emergente: caso colombiano 1999-2007

Se evalúa el rendimiento ex-dividendo en acciones colombianas entre 1999 y 2007, período que incluye la conformación en Julio de 2001 de la Bolsa de Valores de Colombia resultado de la integración de tres bolsas previamente existentes. Contrario a la hipótesis de eficiencia de mercado, se encontraron rendimientos ex-dividendo positivos y estadísticamente significativos, similares a los evidenciados en diversos mercados internacionales. Se comprueba que los rendimientos ex-dividendo no son explicados en su totalidad por costos de transacción ni por efectos impositivos. Una estrategia limitada de captura de dividendos, substrayendo dichos costos, habría entregado rendimientos positivos y económicamente importantes entre 2006 y 2007 en las acciones más liquidas del mercado. Sin embargo, estos rendimientos tienden a disminuir en el período de estudio, consistentes con un avance hacia una mayor eficiencia en el mercado accionario colombiano después de la integración. Este estudio pone de relieve la importancia de considerar las fricciones en estudios académicos de eficiencia y de evaluación de estrategias especulativas.We study the ex-dividend return in the Colombian stock market between 1999 and 2007, period that includes the merger of the former three Colombian stock exchanges in the Bolsa de Valores de Colombia in July 2001. Contrary to the Efficient Market Hypothesis, we found positive and statistically significant ex-dividend returns in the sampled period, only in part explained by transaction cost and tax effects. Moreover, even subtracting transaction costs and tax effects, a dividend capture strategy would have got positive and economically sizable returns between 2006 and 2007 in the most liquid stocks. The decrease of those ex-dividend returns is also reported along the studied period, providing evidence of increasing informational efficiency after the merger of the three stock exchanges. Methodologically, this study highlights the importance of accounting for frictions in both academic efficiency studies and in testing speculative strategies by practitioners

Threshold effects of inflation on growth in the ASEAN-5 countries: A Panel Smooth Transition Regression approach

AbstractThe relationship between inflation and economic growth is a contentious issue. The present study is undertaking to test hypothesis that the relationship between inflation and economic growth is nonlinear. This pane data study involves ASEAN-5 countries over the period 1980–2011. Panel Smooth Transition Regression (PSTR) model is employed to estimate the threshold of inflation and its effects on economic growth. Furthermore, we also check robustness by using GMM-IV specification. The study finds that there exists a statistically significant negative relationship between inflation and growth for the inflation rates above the threshold level of 7.84%, above which inflation starts impeding economic growth in the ASEAN-5 countries. The results suggest that central banks in the ASEAN-5 countries could improve economic growth by reducing inflation when it is above or near the estimated thresholds. The threshold inflation level can be considered, therefore, as inflation targeting indicator to conduct monetary policy

Determinants of financial information disclosure: A visualization test by cognitive mapping technique

AbstractThe purpose of this paper is to examine determinants of financial information disclosure by Tunisian companies. The methodology is based on qualitative approach, using the cognitive mapping technique. To take into account the specificities of the Tunisian economic, we felt that it is essential to conduct a qualitative analysis in the light of which we can identify the factors motivating the disclosure of financial information. The qualitative analysis is based on the census via a set of cases carried out in several Tunisian companies to understand their perceptions regarding the determinants of financial disclosure

David vs. Goliath or traditional versus modern retail formats: investigating determinant of customer loyalty in emerging markets

The purpose of this paper is to investigate the determinants of both attitudinal and behavioral customer loyalty by decomposing total customer value into the dimensions posited in Sheth?s theory of consumption values: utilitarian, hedonic, social, epistemic and circumstantial dimensions and empirically test this conceptualization in an emerging market grocery retail context. The principal contribution of this document is the analysis and empirical testing of total customer value incorporating four dimensions; utilitarian and hedonic dimensions and to a lesser extent social values have been well studied in consumer behavior literature however no previous study has incorporated four dimensions at the same time. Being able to increase marketing and retail executives? understanding of these additional aspects of shopping, such as social and epistemic values together with the other two dimensions of consumer purchasing behavior is very relevant especially in a context of highly competitive, largely commoditized retail markets as differentiating factors and potential sources of competitive advantage

Establishing regulatory sandboxes for FinTech companies in the European Union to foster the development of the FinTech Sector ? an analysis

This paper aims to find an answer to the question whether and to what extent the concept of a Regulatory Sandbox for FinTech companies should be applied at the supranational level of the European Union. In several steps the term "FinTech" will be narrowed down and its effects on the global financial sector analyzed. Afterwards, the three most common regulatory approaches are presented, whereby the Regulatory Sandbox is described in more detail using the sandbox of the Financial Conduct Authority from the United Kingdom as an example. Finally, the relevant regulatory authorities in the EU are discussed. The results make clear that the economic importance of FinTechs is increasing significantly. Considering the fact that FinTechs from Great Britain account for almost three quarters of the total market volume, it is still clear that the EU must become much more attractive in the face of the coming Brexit in order not to lose ground globally. One way to do so is to provide regulatory certainty. A regulatory sandbox is suitable for this purpose, as it reduces uncertainty for companies and makes them more attractive for investors. Regulators also benefit from receiving direct feedback on their regulatory framework and being able to adapt and develop it accordingly. It is proposed that in the run-up to a joint European sandbox, interested National States establish their own national sandboxes, whereby all of them should decide slightly differently on both the structure and the objectives. Based on the experiences of the National States, it is up to the competent authorities in the EU to prepare a supranational sandbox. When implementing the establishment of such sandbox, clear coordination and responsibility of the actors as well as the assumed demand and potential problems have to be considered carefully

Purchasing food becomes omnichannel: understanding food shopper segments and lifestyles

Global consumption trends and technological disruption is creating the path towards an omnichannel approach in food B2C selling. Food companies have seen an unprecedented evolution in this context, that is challenging their marketing strategies. This thesis tackles this problem by developing a segmentation study in France, employing Latent Class Analysis, based on the use of multiple touchpoints across the food purchase process, aiming to identify customer profiles, channel allocation, and psychographic characteristics related to food consumption. Three segments were identified: Early Omnichannel Adopters, Curious Conservatives, and Uninterested Traditional shoppers. The findings reveal key differences in their adoption of online and mobile touchpoints across the purchase stages, in their expertise purchasing food online, and the impact of the COVID-19 pandemic in channel allocation. A Multinomial logistic regression was then performed to determine psychodemographic differences between the segments and allowing to characterize their food-related lifestyles. The insights developed in this research confirms the utility of LCA analysis to segment customers considering different food purchase phases and multiple touchpoints, using the most recent programming language software, and integrating specific covariates relevant to food shoppers. Food marketers can find valuable to implement a similar approach to reinvent strategies

Ameliorative Effect of the Oral Administration of Chuquiraga spinosa in a Murine Model of Breast Cancer Induced with 7,12-Dimethylbenz[a]anthracene (DMBA)

Objective: To determine the ameliorative effect of the ethanolic extract of Chuquiraga spinosa (ChS) on 7,12-Dimethylbenz[a]anthracene (DMBA)-induced breast cancer in rats. Methods: 36 female Holztman rats were divided into 6 groups. I) The negative control group received physiological saline (PS). II) ChS-200 group received 200 mg/kg of ChS. III) DMBA group was induced with DMBA (20 mg/Kg) dissolved in PS and administrated orally for 15 weeks. IV) DMBA + ChS-50 group, V) DMBA + ChS-250 group, and VI) DMBA + ChS-500 group, which received the extract orally for 15 weeks after DMBA induction. All data were expressed as mean and standard deviation. One-way analysis of variance (ANOVA) followed by Dunnet test was carried out to compare the mean value of different groups Histopathological analysis was evaluated by using Image J software. Results: Hematology showed that the triglyceride level was significantly lowered (P< 0.01) and high-density lipoprotein (HDL) level was significantly increased (P <0.01) in groups III, IV and V. Also, ChS extract significantly lowered the C reactive protein (CRP) level (P <0.01) and malondialdehyde level (P<0.05). There was a significant decrease in the frequency of DMBA-induced micronucleated polychromatic erythrocyte (P<0.01). Conclusions: Chuquiraga spinosa showed an ameliorative effect on DMBA-induced breast cancer in rats as well as antioxidant, antitumor and antigenotoxic properties