Journal of Economics, Finance and Administrative Science

La cuarta hélice y la financiación de la innovación

Propósito- Este artículo aborda la relación emergente entre la sociedad civil y el sistema de innovación en América Latina y el Caribe -la financiación de la innovación, en particular- con la intención de sugerir una perspectiva conceptual diferenciada y plantear algunos de los interrogantes más relevantes en la actualidad. Enfoque - Existe una desconexión estructural entre la sociedad civil y el mundo de la innovación. Empero, la exploración de las divergencias entre las perspectivas neo-institucional y neo-evolucionista de la triple hélice permite plantear que la evolución de los financiadores en distintos contextos puede generar una articulación emergente. Los efectos sobre la "sistematicidad" existente, en particular en América Latina y el Caribe, dependerán en buena medida del enfoque conceptual adoptado y de su institucionalización en términos de reestructuración de la sistematicidad de los sistemas de innovación y su governance. Hallazgos - La evolución de las relaciones entre los mecanismos de financiación emergentes y los proyectos innovadores en América Latina y el Caribe constituye tanto una oportunidad como un peligro. Si se logra reestructurar la "sistematicidad", la región podría seguir una senda con altas expectativas; si persisten las subdinámicas tradicionales, el fenómeno emergente podría verse despojado de todo su potencial. Contribución- Se propone un análisis conceptual y práctico diferente del tema de la financiación de la innovación, con énfasis en el caso latinoamericano y caribeño. Adicionalmente, se sugieren vías de investigación que permiten reducir la incertidumbre sobre la relación entre los actores del sistema de innovación y la sociedad civil y su impacto potencial.

Purpose - The purpose of this paper is to deal with the emerging relationship between civil society and the innovation system in Latin America and the Caribbean - the financing of innovation, particularly - with the intention of suggesting a differentiated conceptual perspective and raising some of the most relevant questions presently. Approach - There is a structural disconnect between civil society and the world of innovation. However, the exploration of the divergences between the neo-institutional and neo-evolutionist perspectives of the triple helix makes it possible to state that the evolution of funders in different contexts can generate an emerging articulation. The effects on the existing "systemness", particularly in Latin America and the Caribbean, will depend to a large extent on the conceptual approach adopted and on its institutionalization in terms of restructuring the systemness of innovation systems and their governance. Findings - The evolution of the relationships between emerging financing mechanisms and innovative projects in Latin America and the Caribbean constitutes both an opportunity and a risk. If systemness is restructured, the region could follow a path with high expectations; if traditional sub-dynamics persist, the emerging phenomenon could be stripped of its full potential. Contribution - A different conceptual and practical analysis of the topic of financing innovation is proposed, with emphasis on the Latin American and Caribbean case. Additionally, research paths are suggested that reduce uncertainty about the relationship between the actors of the innovation system and civil society and its potential impact.

The influence of knowledge related to innovative performance

Purpose - This paper aims to assess knowledge relatedness as a possible determinant of business innovatión performance. Knowledge relatedness is understood as the degree of similarity between a firms knowledge and that of its parent, i.e. the company that the entrepreneur leaves to establish his or her own firm. Innovatión performance results from the competitive positión that the company achieves through its management of new products and serviceson the market. Design/methodology/approach - For the empirical work, the authors used a database composed of 356 entrepreneurs who established recently their own business in Costa Rica: people who stopped working in multinatiónal companies in Costa Rica and created their own businesses, and people who created their own businesses simultaneously as the former employees of multinatiónals. Findings - This paper reports a positive and significant correlatión between knowledge relatedness and innovatión performance for a number of young firms. Originality/value - This paper presents the fact of including knowledge relatedness as a research topic linked to business innovatión.

Social power of preadolescent childrenon influence in their mothers’ purchasing behavior: Initial study in Peruvian toy stores

Purpose - This paper aims to investigate the relatiónship between legitimate and expert social power types of preadolescent childrenon the influence perceptión in their mothers purchasing behavior in Peruvian toy stores. The literature review takes into consideratión the concepts of social power and the influenceon family behavior to then focuson social power within family behavior with the purpose of mainly developing four hypotheses regarding purchasing behavior. Design/methodology/approach - The methodology followed a non-experimental transversal correlatiónal-causal design. A pilot sample size of 67 cases was used. The sample was basedon an objective populatión of Peruvian mothers of families that live in northern Lima and that go to purchase toys to major shopping centers with their children aged 8-11 years. Findings - The results show that the expert social power, as well as the legitimate social power, has a strong relatiónship. In additión, both social powers have an impacton the influence perceptión in purchasing child-mother, but noton the influence perceptión in purchasing mother-child. Moreover, the test of moderatión of the expenditure levelon toy purchases did not have an effecton the context that was studied. Originality/value - The contributión shows that important changes are happening in the consumptión behavioron the aspect of children influencing mothers, and that for Latin American contexts, the level of expenditure still does not crucially affect the causality demonstrated.

Earnings management para evitar reportar pérdidas: Chile, 2010-2014

Propósito - Examinar si las firmas no financieras que estuvieron registradas en la Superintendencia de Valores y Seguros de Chile (SVS) manipularon la cifra de beneficios para evitar reportar pérdidas o disminuciónes en las ganancias, durante el período 2010-2014. Diseño/metodología/enfoque - Se analiz o la distribución de los beneficios netos y la distribución de los cambios en los beneficios netos de las firmas, de acuerdo con la metodología de Burgstahler y Dichev (1997). Hallazgos - Los resultados mostraron frecuencias inusualmente bajas de pequeñas pérdidas y de pequeñas disminuciónes en los beneficios, y frecuencias inusualmente altas de pequeñas utilidades y de pequeños incrementos en las ganancias. Ambos resultados fueron estadísticamente significativos. Implicaciónes prácticas - El estudio presentó evidencia de posibles prácticas de earnings management para evitar reportar pérdidas o disminuciónes en el beneficio neto durante el período 2010-2014. Estos resultados permitirían identificar empresas "sospechosas" de earnings management, y aumentarían la probabilidad de detectar las firmas que manipularon al alza el beneficio reportado en los estados financieros o que -en un caso extremo- cometieron un fraude aún no revelado. Originalidad/valor - Los resultados de este tipo de estudios podrían ser útiles para focalizar actividades de monitorización y fiscalización para una mayor transparencia en el mercado bursátil.

Purpose - This paper aims to examine whether a sample of non-financial Chilean firms performed earnings management to avoid the decreases and losses in the earnings during the 2010-2014 period. Design/methodology/approach - The analysis is undertaken using the distributións of earnings changes and earnings, according to Burgstahler and Dichev (1997) methodology. Findings - The results showed unusually low frequencies of small losses and small declines in earnings and unusually high frequencies of small benefits and small increases in earnings. Both results were statistically significant. Practical implicatións - The study presents evidence of possible earnings management activity to avoid reporting losses and earnings decreases during the period 2010-2014. These results would allow to identify "suspicious" companies of earnings management and would increase the likelihood of detecting firms that managed upside the reported earnings or that - in an extreme case - wouldbecommittingafraudnot disclosed. Originality/value - The results of these types of studies would be useful to carry out monitoring and control activities, to increase transparency in the stock market.

A bibliometric analysis of venture capital research

Purpose - The purpose of this study is to present the evolutión of academic research in venture capital (VC) research between 1990 and 2014. Design/methodology/approach - The study analyzes the most influential journals in VC research by analyzing papers, which were publishedon the Web of Science database. Findings - Results show a steady increasing rate of VC research during the past 25 years. The paper reports the 40 academic journals that permanently publish articles about VC research. Originality/value - The main contributión of this work is to develop a general overview of the leading journals in VC research, which leads to the development of a future research agenda for bibliometric analysis, such as the review of the most productive and influential authors, universities and countries in VC research.