Caracterización de la relación estratégica comunitaria y la salud financiera en empresas de mercados emergentes

El presente proyecto, se planteó una necesidad clara por satisfacer. Las organizaciones hoy en día, necesitan nuevas herramientas que permitan predecir y minimizar riesgos de mercado, con el fin de mejorar su desempeño, su competitividad, su salud financiera y sobre todo, ser más perdurables en ambientes caóticos e inestables. Se planteó un objetivo claro a cumplir, cómo pueden las empresas mejorar su relación con los consumidores y sus comunidades, con el fin de, identificar factores que impacten positivamente la salud financiera de las organizaciones. Es pertinente, el estudio de la salud financiera en empresas de mercados emergentes y los impactos en la implementación de diferentes estrategias comunitarias para establecer métodos que minimicen los riesgos y mejoren el desempeño empresarial. Para cumplir la propuesta planteada, fue necesario abarcar diferentes fuentes de información relacionadas a temas financieros y de mercadeo. Se buscó, tomar ejemplos, teorías y modelos ya implementados en estudios similares y con objetivos en común, relacionados a: uso de indicadores financieros, valoración corporativa, valoración de los estados financieros, diagnóstico de la salud financiera, el uso de estrategias de mercadeo relacional, la fidelización de clientes y el uso de estrategias comunitarias. Además, fue necesaria la búsqueda de empresas en los mercados emergentes de Brasil y Colombia, que representan el tipo de muestra deseada para desarrollar el estudio y sus objetivos. A dicha empresa, se le realizará una serie de estudios para poder satisfacer las necesidades planteadas en el presente proyecto. Por medio de dichos estudios, se pretende identificar relaciones en el uso de estrategias comunitarias y sus impactos en la salud financiera de las organizaciones. Es importante, identificar factores de riesgo y de protección para prevenir impactos negativos o potencializar aquellos que beneficien a las empresas. Con lo anterior, será posible obtener pruebas o herramientas que mejoren los procesos de toma de decisiones de alta dirección, la formulación de directrices en estrategia corporativa y definición de ventajas competitivas de la organización. Se pretende, brindar una aproximación a nuevos conocimientos y enfoques de estudios, expuestos en el proyecto, para mejorar la ciencia de la gestión, el desempeño y la perdurabilidad empresarial en mercados emergentes. El proyecto, tomó como fuente de estudio, el banco Brasileño Itau Unibanco Holding S.A. que representa de la mejor forma, el tipo de muestra necesaria para poder cumplir con los objetivos planteados. El banco, tienen presencia en la región bastante importante y sigue con metas de expansión e internacionalización. Además de eso, es considerado el banco privado más grande de Brasil, el cuarto mayor de Chile y la quinta institución financiera de Colombia. Ha sido ganador, de varios galardones y reconocimiento por sus buenas practicas, su enfoque hacia la sostenibilidad, la sociedad, el buen ambiente y los derechos. El proyecto, culminó demostrando que efectivamente el uso de estrategias comunitarias tiene un impacto importante en la imagen corporativa, la reputación y como consecuencia, en la estabilidad financiera. Se evidenció, también, el desempeño del banco Itau Unibanco Holding del año 2013, donde, se aplicaron diferentes estudios, indicadores y demás, que demostraron un buen resultado, y por ende, una fuerte posición y salud financiera. Adicionalmente, se mostraron diferentes tipos de estrategias que el banco usa hoy en día dirigidas a las comunidades, evidenciando ejemplos en Brasil y en Chile y describiendo los proyectos, los programas o las estrategias que el banco usa para aportar a la comunidad, ser parte de la sociedad, mejorar su imagen, aumentar su reputación, profundizar en la caracterización de las necesidades de sus consumidores y revertir todo lo anterior en mejores soluciones, mejores productos y mejores formas de relacionamiento. Dicha integración en el ambiente y en el entorno de sus consumidores impacta de buena manera los resultados financieros y permite que la posición en el mercado se mantenga fuerte y firme.

Loan sales under asymmetric information

Loans are illiquid assets that can be sold in a secondary market even that buyers have no certainty about their quality. I study a model in which a lender has access to new investment opportunities when all her assets are illiquid. To raise funds, the lender may either borrow using her assets as collateral, or she can sell them in a secondary market. Given asymmetric information about assets quality, the lender cannot recover the total value of her assets. There is then a role for the government to correct the information problem using fiscal tools.

Cuerpos cosificados: una lectura de Herencia de Clorinda Matto de Turner (Estudios)

En este ensayo la teoría de Karl Marx, sobre el bien de consumo y sobre los valores de uso e intercambio, así como también las reflexiones de la feminista De Luce Irigaray, expuestas en “Women on the Market”, nos ayudan a analizar las relaciones sociales en el siglo XIX y a ver al espacio de Lima como un gran mercado, en donde la sociedad burguesa hace uso de los objetos de moda para aparentar una posición social alta. En este espacio urbano, que aparece recargado de objetos de compra y venta, Margarita y Lucía se presentan como compradoras, pero no solo de objetos sino también de cuerpos, de esta manera, Margarita es un cuerpo exhibido en la gran vitrina que es Lima, en donde la clase alta debe observarla, aceptarla o rechazarla. Ella es mestiza, pero su origen no interesa, sino cómo luce su cuerpo y qué ostenta o aparenta tener, con lo cual ella, finalmente, consigue marido. En este ensayo se ve cómo el cuerpo femenino tiene un valor de intercambio, pues al ostentar puede aspirar a un candidato de clase alta también, sin embargo, en esta novela todos los cuerpos femeninos y masculinos llegan a tener un valor de uso o intercambio que no se mide por lo que se es, sino por lo que se aparenta por medio de la moda y sus lujos.

'Fair trade gold': Antecedents, prospects and challenges

This paper critically examines the challenges with, and impacts of, adopting the models in place for fair trade agriculture in the artisanal gold mining sector. Over the past two years, an NGO-led 'fair trade gold' movement has surfaced, its crystallization fuelled by a burgeoning body of evidence that points to impoverished artisanal miners in developing countries receiving low payments for their gold, as well as working in hazardous and unsanitary conditions. Proponents of fair trade gold contest that increased interaction between artisanal miners and Western jewellers could facilitate the former receiving fairer prices for gold, accessing support services, and ultimately, improving their quality of life. In the case of sub-Saharan Africa, however, the gold being mined on an artisanal scale does not supply Western retailers as perhaps believed; it is rather an important source of foreign exchange, which host governments employ buyers to collect for their coffers. It is maintained here that if the underlying purpose of fair trade is to improve the livelihoods and well-being of subsistence producers in developing countries, then the models that have proved so successful in alleviating the hardships of agro-producers of 'tropical' commodities such as coffee, tea, bananas and cocoa, should be adapted to artisanal gold mining in sub-Saharan Africa. Campaigns promoting 'fair trade gold' in the region should view host governments, and not Western retailers, as the 'end consumer', and focus on improving governance at the grassroots, organizing informal operators into working cooperatives, and addressing complications with purchasing arrangements - all of which would go a long way toward improving the livelihoods of subsistence artisanal miners. A case study of Noyem, Ghana, the location of a sprawling illegal gold mining community, is presented, which magnifies these challenges further and provides perspective on how they can be overcome. (c) 2007 Elsevier Ltd. All rights reserved.

How different are GM food accepters and rejecters really? A means-end chains application to yogurt in Germany

The purpose of the paper is to identify and describe differences in cognitive structures between consumer segments with differing levels of acceptance of genetically modified (GM) food. Among a sample of 60 mothers three segments are distinguished with respect to purchase intentions for GM yogurt: non-buyers, maybe-buyers and likely-buyers. A homogeneity test for the elicited laddering data suggests merging maybe- and likely-buyers, yielding two segments termed accepters and rejecters. Still, overlap between the segments’ cognitive structures is considerable, in particular with respect to a health focus in the evaluation of perceived consequences and ambivalence in technology assessment. Distinct differences are found in the assessment of benefits offered by GM food and the importance of values driving product evaluation and thus purchase decisions.

Principal-agent issues in asset acquisition: UK institutions and their investment agents

This paper explores principal‐agent issues in the stock selection processes of institutional property investors. Drawing upon an interview survey of fund managers and acquisition professionals, it focuses on the relationships between principals and external agents as they engage in property transactions. The research investigated the extent to which the presence of outcome‐based remuneration structures could lead to biased advice, overbidding and/or poor asset selection. It is concluded that institutional property buyers are aware of incentives for opportunistic behaviour by external agents, often have sufficient expertise to robustly evaluate agents’ advice and that these incentives are counter‐balanced by a number of important controls on potential opportunistic behaviour. There are strong counter‐incentives in the need for the agents to establish personal relationships and trust between themselves and institutional buyers, to generate repeat and related business and to preserve or generate a good reputation in the market.

The economic consequences of mortgage debt

Unsurprisingly, a great deal of attention has been paid to the economic consequences of the credit crunch. However, this paper shows that the credit crunch was preceded by a strong build-up of mortgage debt internationally, which, in the long run, could turn out to be more significant than the credit crunch itself. Indeed, the debt build-up suggests that the credit crunch is more likely to reoccur, because highly-indebted households have weaker buffers to withstand unexpected shocks to their incomes or to interest rates. The paper presents a model that can explain the debt build-up and changes to the distribution of debt between existing owners and first-time buyers, which hinders access to home-ownership for the latter, even amongst those households who would be considered as credit-worthy.

Organic food: what we know (and do not know) about consumers

This paper reports on the latest contributions to over 20 years of research on organic food consumers. There is a general consensus in the literature on the reasons why people buy organic food. However, there is also a gap between consumers’ generally positive attitude toward organic food and their relatively low level of actual purchases. Product differentiation based on intangible features, such as credence attributes such as organic, in fast-moving consumer goods categories is enjoying rapid growth. However, there are many difficulties with research in this area, including the errors inherent in research that relies on consumer self-reporting methodologies. Further, in relation to organic food, there is a divergence between consumers’ perception of its superior health features and scientific evidence. Fresh fruits and vegetables are of vital importance to the organic sector as they are the entry point for many customers and account for one-third of sales. Further, although there is a small proportion of dedicated organic food buyers, most sales come from the majority of buyers who switch between conventional and organic food purchases. This paper identifies the practical implications for generic organic food marketing campaigns, as well as for increasing sales of specific products. It concludes with suggested priorities for further research.

Sustainable horticultural supply chain: the case of local food networks in the United Kingdom

In the UK there is widespread support from Government, media and consumers for local food networks. These have the potential to provide a more sustainable supply chain and are well suited to the unique production and consumption characteristics of horticultural products. In terms of food marketing, local food is in its relative infancy and is still without any formal definition. This lack of clarity hampers research activities. Although the profile of local food buyers and their expectations has been explored, our knowledge of its social, economic and environmental aspects is minimal. This research contributes by exploring the structure and scope of local food activities in the UK in terms of profiling those specialised retail outlets who provide consumers with the opportunity to purchase locally grown horticultural products.

A literature review and future agenda for B2B branding: Challenges of branding in a B2B context

The existing body of research knowledge on brand management has been predominantly derived from business-to-consumer markets, particularly fast moving consumer goods and has only recently started to expand in other contexts. Branding in business-to-business markets has received comparatively little attention in the academic literature due to a belief that industrial buyers are unaffected by the emotional values corresponding to brands. This paper provides a critical discussion of the fragmented literature on business-to-business branding which is organized in five themes: B2B branding benefits; the role of B2B brands in the decision making process; B2B brand architecture; B2B brands as communication enablers and relationship builders; and industrial brand equity. Drawing on the gaps and contradictions in the literature the paper concludes by proposing an agenda for future research.

A framework of brand value in B2B markets: the contributing role of functional and emotional components

The creation of value is admittedly a critical task for marketers regardless of industry. This paper focuses on a type of value that has traditionally been perceived as irrelevant to industrial markets and argues that brand value facilitates the progression from goods and services value to relationship value. To address the limited amount of research on B2B branding from the suppliers' point of view, we complement insights gained from a literature review with ten exploratory interviews with B2B supplier managers, and develop a framework of brand value applicable to industrial markets. This identifies both the functional (i.e., quality, technology, capacity, infrastructure, after sales service, capabilities, reliability, innovation) and emotional qualities (i.e., risk reduction, reassurance, trust) important for the development of industrial brand equity. Situational (e.g. nature of the purchase) and environmental factors (e.g. the economic situation) affecting suppliers' perceptions of the importance of brand in a B2B context and the role of functional versus emotional brand qualities are discussed. The value of the brand as a driver for the development of business to business relationships is also highlighted. The framework provides a basis for B2B practitioners to build their brands in such a way as to make a functional as well as an emotional connection with buyers that is more likely to lead to a supplier–buyer relationship.

Analysis of the intermediate housing market mechanism in the UK

Government policies have backed intermediate housing market mechanisms like shared equity, intermediate rented and shared ownership (SO) as potential routes for some households, who are otherwise squeezed between the social housing and the private market. The rhetoric deployed around such housing has regularly contained claims about its social progressiveness and role in facilitating socio-economic mobility, centring on a claim that SO schemes can encourage people to move from rented accommodation through a shared equity phase and into full owner-occupation. SO has been justified on the grounds of it being transitional state, rather than a permanent tenure. However SO buyers may be laden with economic cost-benefit structures that do not stack up evenly and as a consequence there may be little realistic prospect of ever reaching a preferred outcome. Such behaviours have received little empirical attention as yet despite, the SO model arguably offers a sub-optimal solution towards homeownership, or in terms of wider quality of life. Given the paucity of rigorous empirical work on this issue, this paper delineates the evidence so far and sets out a research agenda. Our analysis is based on a large dataset of new shared owners, observing an information base that spans the past decade. We then set out an agenda to further examine the behaviours of the SO occupants and to examine the implications for future public policy based on existing literature and our outline findings. This paper is particularly opportune at a time of economic uncertainty and an overriding ‘austerity’ drive in public funding in the UK, through which SO schemes have enjoyed support uninterruptedly thus far.

Income multiples and mortgage repossession in the UK

This paper presents the findings of the study that examines how income multiples for mortgage loan associates with home repossession using the data of the Council of Mortgage Lenders (CML). It employs a statistical measure for improving regression efficiency with conditioning information in the form of lagged instrument to unravel the pattern of association evident from the data. Based on the data, the study investigates what level of income multiples is optimum – that is the income multiple that minimises home repossession. A sensitivity analysis was undertaken to show how home repossession responds to changes in income multiples. For each of the analytical tasks, the study compares the aggregate market, first-time-buyers, and home movers.

The gender gap in real estate sales: negotiation skill or agent selection?

This study examines differences in net selling price for residential real estate across male and female agents. A sample of 2,020 home sales transactions from Fulton County, Georgia are analyzed in a two-stage least squares, geospatial autoregressive corrected, semi-log hedonic model to test for gender and gender selection effects. Although agent gender seems to play a role in naïve models, its role becomes inconclusive as variables controlling for possible price and time on market expectations of the buyers and sellers are introduced to the models. Clear differences in real estate sales prices, time on market, and agent incomes across genders are unlikely due to differences in negotiation performance between genders or the mix of genders in a two-agent negotiation. The evidence suggests an interesting alternative to agent performance: that buyers and sellers with different reservation price and time on market expectations, such as those selling foreclosure homes, tend to select agents along gender lines.

Optimal tax theory and the taxation of housing in the US and the UK

First, we survey recent research in the application of optimal tax theory to housing. This work suggests that the under-taxation of housing for owner occupation distorts investment so that owner occupiers are encouraged to over-invest in housing. Simulations of the US economy suggest that this is true there. But, the theoretical work excludes consideration of land and the simulations exclude consideration of taxes other than income taxes. These exclusions are important for the US and UK economies. In the US, the property tax is relatively high. We argue that excluding the property tax is wrong, so that, when the property tax is taken into account, owner occupied housing is not undertaxed in the US. In the UK, property taxes are relatively low but the cost of land has been increasing in real terms for forty years as a result of a policy of constraining land for development. The price of land for housing is now higher than elsewhere. Effectively, an implicit tax is paid by first time buyers which has reduced housing investment. When land is taken into account over-investment in housing is not encouraged in the UK either.