Cuadernos de Administración https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion <p>The <strong><em>Cuadernos de Administración</em></strong> journal is the official publication by the Universidad del Valle's Faculty of Administration Sciences. It is edited and published every 4 months and its main objective is the dissemination of research documents in the areas of administration and organizations, accounting, economics and international trade, marketing, and public policy. Since 1976, it has promoted research in its fields of study by publishing high quality papers and setting up a space of international visibility for authors.</p> <p> </p> <p> </p> en-US cuadernosadm@correounivalle.edu.co (Revista Cuadernos de Administración) cuadernosadm@correounivalle.edu.co (Revista Cuadernos de Administración) Sat, 18 Sep 2021 00:00:00 -0500 OJS 3.2.1.4 http://blogs.law.harvard.edu/tech/rss 60 Bank financing management with a value chain approach in Cuba https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/11144 <p><br />The article tackles the concepts of value chain, as well as the value chain approach from the perspective of productive articulation. Concepts on bank financing management with a value chain approach are exposed, following international references to give way to theoretical positions on this matter in the context of the Cuban economy. The critical analysis of the methodologies, that constitute the background of this research, is the basis of the proposal of methodological elements on the management of bank financing with a value chain approach in Cuba. The objective of this work consists of the theoretical-methodological foundation on bank financing with a value chain approach in Cuba. The methodology used in this work includes analysis and synthesis, as well as the use of deduction for the theoretical-methodological treatment of bank financing management. Empirical methods such as information search and processing, expert´s judgment and group workshops were used. The results are expressed in the methodological elements proposed for the management of bank financing with a value chain approach based on the capacity of the financial institution to continuously learn and innovate, which contributes to a new view that would provide quality and reliable financial services for companies and other economic actors whose final productions are destined for the international market. <br /><br /><br /></p> Natalia lorenzo-komova, Ana De Dios Martínez, Carlos Manuel Souza Viamontes Copyright (c) 2021 Cuadernos de Administración http://creativecommons.org/licenses/by-nc-nd/4.0 https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/11144 Thu, 02 Dec 2021 00:00:00 -0500 Visual neuromarketing strategies in two shopping malls in the city of Cúcuta, Colombia https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/11195 <p>For a couple of decades, neuroscience has positioned itself as a space for research that cuts across multiple disciplines and sciences. Its contributions generate new discussions within education, psychology, and, of course, marketing. Neuromarketing is a young field of study that is still being defined. In Google Scholar, there are only 21 thousand results of studies related to this topic. This article seeks to describe the visual neuromarketing practices present in two shopping malls in the city of Cúcuta (Colombia). The present paper is a quantitative study with a descriptive, non-experimental, cross-sectional design that uses an observation guide and a questionnaire as instruments. The first was applied to 220 study units (commercial establishments) and the second to 216 visiting customers. Although there is no certainty about the conscious application of neuromarketing strategies and principles by the owners of the establishments, the results show that customers experience positive emotions (joy, tranquility, euphoria, and affectivity) and elaborate positive concepts about the establishments (pleasant and comfortable), affecting their decision to buy (50%) and to return to the place (90% to 100%). It is concluded that the visual marketing of the establishments analyzed, characterized by the use of warm and cold lights, moderate use of images, predominant display of products and their diversity, little visualization of offers, is influential on the emotions, concepts, and decisions of buyers and customers.</p> William Rodrigo Avendaño Castro, Henry Orlando Luna Pereira, Gerson Rueda Vera Copyright (c) 2021 Cuadernos de Administración http://creativecommons.org/licenses/by-nc-nd/4.0 https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/11195 Sat, 18 Sep 2021 00:00:00 -0500 Internationalization and open innovation in SMEs from the horticultural sector in Colombia https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/10668 <p><br />This study empirically assesses the relationship between open innovation, exploration, and exploitation activities in the context of the internationalization process of SMEs in the fruit and vegetable sector from Northern Valle del Cauca, Colombia. Considering that SMEs generally lack the resources and skills to arrange the entire innovation process, they must be open to external sources to innovate and seek internationalization strategies. The exercise has been based on a sample of 102 SMEs and the determination of a partial least squares structural equation model (PLS-SEM) to test a series of research hypotheses. The findings confirm a positive and significant relationship between exploration and exploitation activities with open innovation, with this relationship being much more robust in exploitation activities. However, a relationship between open innovation and internationalization could not be verified. These findings suggest that internationalization is not a consequence of open innovation but instead finds enablers in public policies and the consolidation of the National Agricultural Innovation System (NAIS) regarding the case discussed here. In the literature, there is a lack of studies in the field of research. <br /><br /></p> Tulio Ferney Silva Castellanos, Fernando Echeverry Valencia, Luis Felipe Bocanegra Henao Copyright (c) 2021 Cuadernos de Administración http://creativecommons.org/licenses/by-nc-nd/4.0 https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/10668 Mon, 13 Dec 2021 00:00:00 -0500 Case Analysis: Financial viability for the commercialization of physicochemical testing services at the Antioquia Liquor and Alcohol Factory (ALAF) https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/10690 <p>The purpose of this work is to evaluate the profitability of the market for physicochemical testing of alcoholic beverages, which the Physicochemical Laboratory of the Liquor de Antioquia Factory (FLA) intends to enter, according to the transformation in its legal nature. The methodology that includes the costing of the tests using cost accounting and the analytical procedures used by the laboratory. For the construction of the cash flow of the project for the sale of the physicochemical tests, it was necessary to search and consolidate information concerning the inventory of fixed assets of the laboratory and the entry of annual samples from the different areas of the FLA. The AutoRegressive Moving Average (ARMA) model is used as the demand projection method. The results reveal that, although restricted and specialized, the physicochemical testing market may generate, under certain scenarios, a return on investment that allows the self-sustainability, viability and competitiveness of the physicochemical laboratory over time. </p> Carmelina Patrón Mejía, Carlos Mario Durango Yepes Copyright (c) 2021 Cuadernos de Administración http://creativecommons.org/licenses/by-nc-nd/4.0 https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/10690 Fri, 08 Oct 2021 00:00:00 -0500 A framework explaining the entrepreneurial intentions of engineering students in public universities https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/10736 <p>This study explains the Entrepreneurial Intent (EI) of university students enrolled in engineering programs at the public university of the state of Guanajuato, Mexico, in terms of the three constructs of the Theory of Planned Behavior, formal (entrepreneurship education) and informal (the entrepreneurial demonstrated behavior of family and friends) institutional factors, and two individual traits (innovativeness and need of achievement). The conceptual model proposed also examines the role of entrepreneurship education in strengthening entrepreneurial self-efficacy. Survey data is analyzed using structural equation modeling. Findings indicate entrepreneurial attitudes have the most significant predictive ability on entrepreneurial intention over entrepreneurial education and the manifest entrepreneurial actions of close social groups that have only a moderate influence on EI. The analysis also confirms that entrepreneurship education enhances entrepreneurial self-efficacy. Based on these results, it is recommended that Engineering Schools devote more attention to experiential learning to create favorable entrepreneurial attitudes and develop students’ entrepreneurial skills, particularly among those with a high need for achievement. </p> Pilar Ester Arroyo, María de Lourdes Cárcamo-Solís, Héctor Cuevas-Vargas, Salvador Estrada-Rodríguez Copyright (c) 2021 Cuadernos de Administración http://creativecommons.org/licenses/by-nc-nd/4.0 https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/10736 Tue, 02 Nov 2021 00:00:00 -0500 Corporate Governance and Organizational Social Responsibility: discussion about the Multilatinas case https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/10975 <p>This paper explores the relationship between Corporate Governance and Corporate Social Responsibility (or Organizational Social Responsibility). To this end, the document is based on a case study about a Colombian long-tradition firm known as Organización Carvajal, which has extended its activity all over Latin America. The case study covers the period 2008-2015, between the arrival of a non-family CEO to the last year containing enough information about the subject at the research time. The relationship between the Corporate Governance and the Organizational Social Responsibility is studied based on a model that considers the interest of the majority-owners-block-family and CEO about the firm outlays for the Organizational Social Responsibility. The presentation is built as follows: first, central issues of the disciplinary context are shown. They are centered on placing the Corporate Governance-Organizational Social Responsibility relationship in Multilatinas among the organizational discussion. Second, the literature review explains the conceptual frame to visualize both the relationship mentioned above and the fieldwork. This part sets the theoretical model used as a referent. Finally, the case is described, discussed and the conclusions incorporated. The findings suggest that the CEO – owner agency problem in this Multilatina is not significant enough to become the main reason to alter the relationship between Corporate Governance and Organizational Social Responsibility. </p> Carlos Tello-Castrillón Copyright (c) 2021 Cuadernos de Administración http://creativecommons.org/licenses/by-nc-nd/4.0 https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/10975 Fri, 05 Nov 2021 00:00:00 -0500 Announcements Effect of Corporate Bond Issuance on Stock Returns: Evidence from Chile https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/11242 <p>This study measures the announcement effect of corporate bond issuance on stock returns for companies listed on the Santiago de Chile Stock Exchange (BCS). The sample is made up of 29 firms and 87 corporate bond issuance announcements during the 2010-2017 period. The announcement effect of corporate bond issuance on stock return is measured by an event study. This methodology allows to calculate abnormal returns for the days of the event period. The results show that the average abnormal return on the day of the announcement is negative (between -0.09% and -0.03%), but it is not statistically significant. However, the average abnormal return on the day after the announcement is positive (between 0.27% and 0.32%) and has statistical significance. The significant and positive average abnormal return on the day after the announcement suggests a late market reaction. The study shows that there is a significant signaling effect of bond issuance announcements on stock returns.</p> Edinson Edgardo Cornejo-Saavedra, Jorge Andrés Muñoz Mendoza, Carlos Leandro Delgado Fuentealba, Sandra María Sepúlveda Yelpo, Carmen Lissette Veloso Ramos Copyright (c) 2021 Cuadernos de Administración http://creativecommons.org/licenses/by-nc-nd/4.0 https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/11242 Wed, 01 Dec 2021 00:00:00 -0500 Sustainable segmentation for ecological personal hygiene products in the hard discount format https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/10679 <p>At present, there is little scientific research on the sustainable consumption of personal hygiene products in countries like Colombia. Thus, this study sought to analyze buyers in the general category of personal hygiene products who visit hard-discount stores in their everyday practices and intention of a sustainable purchase in their choice of product in order to segment or group them for developing efficient marketing strategies. A quantitative approach with a descriptive correlational scope was employed to analyze the relationship between consumers’ environmental practices and their intention of purchasing personal hygiene products. During the analysis stage, hierarchical grouping coupled with a Principal Component Analysis (PCA) was used to project the segments in the dimensions found. The quantitative results yielded three large segments with different sociodemographic characteristics, practices, and intentions for each group. With this information, the companies that market these grooming products will be able to create and enhance their strategies to build loyalty and increase sales in new segments of sustainable consumers, generating the impact that the planet and society need.<br /><br /><br /></p> Daniel Antonio Herrera González Copyright (c) 2021 Cuadernos de Administración http://creativecommons.org/licenses/by-nc-nd/4.0 https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/10679 Wed, 15 Dec 2021 00:00:00 -0500 Editorial https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/11826 <p>The high increases in freight transportation costs worldwide have generated a container crisis, impacting the global supply chains due to fast-increasing product prices. This situation could raise the global international inflation rate, provoking the devaluation of different currencies against the dollar.</p> <p>The increased cost of maritime transport will affect some products, impacting their added value. For instance, some furniture, textile, handcraft, artisanal candles, clothing, and leather products could lose their competitive advantage for their emerging producer economies.</p> <p>Due to the Covid-19 pandemic, maritime freight rates are expected to remain high for at least one year, affecting economic trade and demand worldwide and causing a shortage of several products. Such a situation is a critical effect of the lockdowns that slowed down industrial activity. The vertiginous increase in freight transportation rates is due to a multiplicity of factors, the vast majority of them having to do with the pandemic, and it is not yet clear how long this crisis could last.</p> <p>This ongoing crisis is known as the "container crisis" and entails an unusual shortage of available space to transport products from Asia to the rest of the world. Besides the lack of containers and high shipping costs, there have been port jams and temporary shutdowns in some terminals due to strict measures to control the new covid-19 strains.</p> <p>We hope that the massive vaccine rollout worldwide could improve the maritime transportation flow, which moves 99% of the total load (in tons) worldwide. The Colombian industry has suffered a shortage of raw materials, over-production costs, and long delays in lead times, forcing some small- and medium-sized companies to shut down due to inputs being unavailable for their average production.</p> <p><strong>Editorial Note</strong></p> <p>The Journal Cuadernos de Administración needs to thank Prof. Carlos Hernan Gonzales for his invaluable years' long work as an editor that allowed the Journal significant achievements. Among the most significant achievements is the Journal being categorized in the Emerging Sources Citation Index (ESCI). We hope that Prof. Carlos Hernan will continue supporting the Journal through his participation in the editorial board team.</p> <p>The Journal brings new, significant changes seeking to increase its visibility and ranking:</p> <ol> <li class="show">Calls for papers for each volume will be relinquished, and a permanent call for papers will be in place.</li> <li class="show">The Journal will have a "Forthcoming Papers" section, papers that will have been peer-reviewed and accepted for publication but are not yet published because final changes are pending and still need to be assigned a volume or issue. The order they are published does not indicate the order of their final assignment to a volume. These papers can be cited as forthcoming papers.</li> <li class="show">According to the following link, papers must meet a minimum level of English above the 75th percentile https://secure.aje.com/en/researcher/grammar-check.</li> </ol> <p>This 71st issue of the Journal Cuadernos de Administración corresponds to the September-December 2021 period. The eight papers published in issue 71 come from the previous call, whose authors submitted their manuscripts to our editorial process from several countries and different regions of Colombia. The Journal thanks our reviewers, who supported us through their experience and expertise in assessing each paper.</p> <p>The eight research papers published attest to the high quality of several aspects in business, marketing, finance, and social responsibility, among other areas. The first paper, called "Visual neuromarketing strategies in two shopping malls in the city of Cúcuta, Colombia," seeks to describe the visual neuromarketing practices present in two shopping malls in the city of Cúcuta (Colombia). A quantitative study with a descriptive, non-experimental, cross-sectional design using an observation guide and a questionnaire is implemented. The second paper, called "Case Analysis: Financial viability for the commercialization of physicochemical testing services at the Antioquia Liquor and Alcohol Factory (ALAF)," studies market profitability for physicochemical testing of alcoholic beverages according to the transformation in its legal nature. The proposed approach includes the costing of tests by using accounting and the analytical procedures used by the laboratory.</p> <p>The paper "A framework explaining the entrepreneurial intentions of engineering students in public universities" seeks to explain the Entrepreneurial Intent (EI) of university students enrolled in engineering programs at the public university of the state of Guanajuato (Mexico). The proposed approach combines the Theory of Planned Behavior, formal and informal institutional factors, and two individual traits. The fourth paper, "Corporate Governance and Organizational Social Responsibility: discussion about the Multilatinas case," explores the relationship between Corporate Governance and Corporate Social Responsibility. This relationship is analyzed considering the interest of the majority-owners-block-family and CEO about the firm outlays for the Organizational Social Responsibility.</p> <p>The paper "Announcements Effect of Corporate Bond Issuance on Stock Returns: Evidence from Chile" measures the effect of announcing a corporate bond issuance on stock returns for companies listed on the Santiago de Chile Stock Exchange (BCS). An event study measures the effect of announcing a corporate bond issuance on stock return, and this methodology calculates abnormal returns for the days of the event. In the work "Internationalization and open innovation in SMEs from the horticultural sector in Colombia," the authors empirically assess the relationship between open innovation, exploration, and exploitation activities in the context of internationalization of horticultural-sector SMEs' from Northern Valle del Cauca, Colombia. The study is based on a sample of 102 SMEs and the determination of a partial least squares structural equation model (PLS-SEM) to test a series of research hypotheses. The last research paper, "Sustainable segmentation for ecological personal hygiene products in the hard discount format," considers the issue of sustainable consumption of personal hygiene products in countries like Colombia. A quantitative approach with a descriptive correlational scope was employed to analyze the relationship between consumers' environmental practices and their intention of purchasing personal hygiene products.</p> <p>Finally, the last paper, a reflection paper called "Bank financing management with a value chain approach in Cuba," tackles the value chain concepts and the value chain approach from productive articulation.</p> <p>The methodology used in this work includes the analysis, synthesis, and deduction of the theoretical-methodological aspects of bank financing management.</p> <p>The Universidad del Valle's Faculty of Administration's 71st issue of Cuadernos de Administración consolidates us as a prestigious Journal for disseminating scientific knowledge in several areas. The Journal wishes to thank the authors of each of these eight papers and the peer reviewers who supported our editorial process, always bearing in mind that each article's content is its authors' responsibility.</p> <p>&nbsp;</p> <p>&nbsp;</p> John Willmer Escobar Copyright (c) 2021 Cuadernos de Administración http://creativecommons.org/licenses/by-nc-nd/4.0 https://cuadernosdeadministracion.univalle.edu.co/index.php/cuadernos_de_administracion/article/view/11826 Wed, 15 Dec 2021 00:00:00 -0500