balas

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The Business Association of Latin American Studies

Annual Conference

April 13th - 15th, 2011

Escuela de Negocios, Universidad Adolfo IbáñezSantiago, Chile

Latin America’s Unavoidable Challenge

Value Creation Through Innovation:

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BALAS Annual Conference 2011: The Business Association of Latin American Studies

Annual Conference


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Table of Contents

Value Creation Through Innovation: Latin America’s Unavoidable Challenge

President´s Welcome Letter

Conference Chair´s Welcome to BALAS 2010

Acknowledgement to Sponsors

Executive Committee List

Institutional Members List

Conference Schedule Overview

Track Chairs List

Rewiewers List

Conference Schedule

Participant Index

Paper Abstracts

Save the Date BALAS 2012

Campus Map

Gala Dinner / Bus Schedules

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Dear Members.I want to welcome you to Santiago and to the BALAS Conference 2011 “Value Creation through Innovation: Latin America’s Unavoidable Challenge” being host by Universidad Adolfo Ibañez. As you can see from this program, the speakers, panels and papers selected all signal a great Conference.

It has already been two years since I assumed the BALAS Presidency. My tenure comes to an end during this Conference and I am very pleased to comment and share a few things that I consider important for the future of BALAS.

In an effort to enhance quality scholarship related to the business and economic environment of Latin American and the Caribbean, research and publication activities have been transformed over the past two years. BALAS managed to publish the first, ever, Special Issue in September 2009 from earlier BALAS Conferences through the Journal of Business Research. Simultaneously, we have been working on three additional Special Issues. This includes one issue of papers selected from the Bogotá 2008 and Guadalajara2009 Conferences, and two issues from research presented at the Barcelona 2010 Conference. One of the Special Issues from the Barcelona Conference has already been published through Academia – Revista Latinoamericana de Administración. Our goal is to have at least one Special Issue from each Annual Conference. To this end, we currently have the on going interest and support from the editors of the Journal of Business Research and Academia. In addition, we have invested important resources putting together panels and sessions such as “Meet the Editors” for participants to learn and share their knowledge with leading Editors from several journals.

The number of papers submitted to the Barcelona 2010 and Chile 2011 Conferences have jumped not only on quality, but also quantity, representing an increased interest in BALAS. We have continued the efforts from

previous administrations to improve the quality of the conference by setting up high standards for paper acceptance with the support and collaboration of a great group of Track Chairs and Reviewers.

We have managed to move our headquarters from University of Texas, San Antonio to Seattle University almost without anyone noticing. This was a very important step, representative of organizational maturity, giving confidence that the BALAS headquarters could be moved again, when necessary, without major distress.

Strong teamwork among Executive Committee members and with Conference Chairs has been a key factor that contributed to positive results in many arenas. Our finances have been managed with prudence and responsibility, and today, we have a solid financial statement even though we allocated some resources to support our research and publication activities.

Finally, I am pleased to announce the acceptance by the BALAS Executive Committee of Pontifícia Universidade Católica do Rio de Janeiro PUC Rio’s proposal to host the BALAS Conference in 2012.

I want to thank Victoria Jones, BALAS Executive Director, and Mauricio Villena and Alfonso Gómez as Conference Chair and Dean, respectively, of Adolfo Ibañez Business School for setting up a wonderful BALAS 2011 Conference here in Santiago. I am sure we will have a great time.

I want to thank you for your participation and interest in this great organization and thank the Executive Committee members for their excellent work. It has been a privilege to serve you as BALAS President.

God Bless you!

President’s Welcome Letter

Esteban R. BrenesBALAS President

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A warm welcome to Universidad Adolfo Ibáñez, host of BALAS 2011 conference. The Adolfo Ibáñez Business School is proud to welcome you to the 2011 Annual Conference of BALAS, the Business Association of Latin American Studies. We feel particularly pleased to have been honored with the opportunity to organize this year’s conference around the theme “Value Creation Through Innovation: Latin America’s Unavoidable Challenge.” Our motivation for focusing on this wide topic is twofold; on the one hand there is our conviction that creating value through enhancing our entrepreneurial and innovation competencies is crucial for this Region. On the other, innovation and entrepreneurship are the main focus of our School’s identity and strategy. I sincerely hope that this conference will result in a memorable experience for you, not just in terms of the quality of its contents but also because we will do our very best effort to make you feel at home in this remote land of social and geographical contrasts, diversity and opportunities. ¡Bienvenidos!

Dean Welcome


Alfonso GómezDeanAdolfo Ibáñez Business School

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The Adolfo Ibáñez Business School is strongly committed to the development and dissemination of scholarly work in management. To host the 2011 BALAS Annual Conference represents a true privilege for our School and an opportunity to meet with outstanding researchers whose work addresses the main managerial problems facing Latin American firms.

This year, we are pleased to have participants from all over Latin America, as well as other countries such as Israel, Portugal, Spain, Sweden, the UK and USA, etc.

The program for this year’s Conference includes contributed papers, plenary sessions and panel discussions. The track chairs and the reviewers have done an admirable job of maintaining the quality of the conference, through the review and paper selection process. Every paper was critiqued by two or more expert reviewers.

The selection process yielded the following statistic: 95 papers accepted out of 182 submissions. This represents an acceptance rate of 52 percent, one of the most competitive in the history of this Conference. We are sure that the reviewers’ comments significantly improved both the selection process and the quality of the papers that were selected.

An indication of the quality of the research presented at this year´s BALAS Conference is that, as in previous years, a selection of the best papers will be published in two special issues: one in the Journal of Business Research (ISI) and another in Academia, Revista Latinoamericana de Administración (ISI).

Without doubt, the BALAS Conference has become one of the most important and successful academic events aimed at facilitating the exchange of ideas and to provide leadership in the areas of Latin American business and economic research and practice. The Adolfo Ibáñez Business School is very proud to continue the tradition of this Conference and we would like to thank the BALAS organization for their trust and support by asking us to take on the challenging task of making this year´s Conference a successful one. As Programme Chair, I would like to thank all the help and support I have received from Alfonso Gómez, Dean of my School; Esteban R. Brenes, BALAS President; Victoria Jones, BALAS Executive Director; Marcela Briones; Denise Dimon and all the members of the BALAS Executive Committee.

We hope that you will enjoy your stay in Chile!

Programme Chair’s Welcome

Mauricio G. VillenaProgramme Chair2011 BALAS Annual Conference

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Acknowledgements


The Organizers of BALAS 2011 Annual Conference would like to sincerely thank the following companies and institutions for their support to the event.

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Executive Committee List

PresidentEsteban R. Brenes, INCAE

Immediate Past-President/AwardsDenise Dimon, USD

VP of Membership/Nominations and President-ElectJerry Haar, FIU

Central America & CaribbeanLuis Sanz, INCAE

BrazilJorge Carneiro, PUC-Rio

US/CanadaChris Robertson, Northeastern University

Northern South AmericaVirginia Lasio, ESPAE

EuropeXavier Mendoza, ESADE

MexicoAnabella Davila, EGADE-Tecnológico de Monterrey

Southern South AmericaAlfonso Gómez Morales - Universidad Adolfo Ibáñez

TreasurerSergio Olavarrieta, Universidad de Chile

Executive DirectorVictoria Jones, UTSA

2011 Conference ChairMauricio Villena


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Institutional Members List

CESAColegio Mayor de Nuestra Senora Del RosarioColegio Mayor JuarezCOPPEADEAESP – Escola de Administracão de São PauloEBAPE – Escola de Administracão Pública e de EmpresasESADEESIC Business and Marketing SchoolESPAE – Escuela Superior Politécnica del LitoralEUDE-Escuela Europea de Direccíon y EmpresaFENA Business SchoolFlorida International UniversityFundacao Instituto de Administracao Fundacion Universidad Del NorteFundacion Universidad Empresarial de la Camara de ComercioIESA (Istituto de Estudios Superiores de AdministracionINCAE Business SchoolISEADITESM Campus Guadalajara MexicoITESM Campus Monterrey MexicoNortheastern UniversityPontificia Universidad Catolica de Chile

Pontificia Universidad Catolica de Rio de JaneiroPontificia Universidad Catolica del PeruSeattle UniversityUniempresarialUniversidad Adolfo IbanezUniversidad Anahuac del S CUniversidad de ChileUniversidad De Costa RicaUniversidad de Los AndesUniversidad de Puerto RicoUniversidad de San Martin de PorresavUniversidad del PacificoUniversidad Diego PortalesUniversidad EAFITUniversidad ESANUniversidad Ort. UruguayUniversity of Alaska AnchorageUniversity of San DiegoUniversity of Sao PauloUniversity of Texas at AustinUniversity of Texas at San Antonio

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UAI Graduate BuildingClassroom 401














UAI Graduate BuildingBoard Room

Doctoral Consortium start

Opening and Plenary 1: Value Creation through Innovation - Latin America’s

Unavoidable Challenge

Plenary 2: Strategic Orchestration

Plenary 4: The Innovation Challenge for Latin America Today

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Doctoral Consortium continued

Consumer Behavior

Culture, Social, and Ethical Issues

Marketing Management - Strategy

Teaching Cases I

Corporate Finance: Initial Public Offerings In Brazil

Corporate Finance: M&As, Takeovers and AuctionsOfferings

In Brazil

Entrepreneurship and Family Business

The Process of Innovation

Strategies for Global Competitiveness: Multinational

and Interoganizational

Panel - Multilatinas in the Post-Financial Crisis Environment

Panel: Global Passports for Career Advancement, CFA Institute

Economic Environment and Regional Integration

Human Resource Management and the Individual

Culture, Social, and Ethical Issues: Research on Ethics

Corporate Finance: Capital Structure In Latin America

Finance: Government and Financial Markets

Accounting, Taxation, and Management Information and

Control Systems

Strategies for Global Competitiveness: Location

Strategies

Information Technology Management

Innovation as a Public-Private Endeavor

Supply-Chain and Operations Management

Panel: Strategy and Agribusiness in Latin America

Panel: Meet the Editors

Panel: AAAA

Tues

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Wed

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Apr

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Apr

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iday

15 A

pril

10:40 am - 12:00 pm

10:40 am - 12:00 pm

10:40 am - 12:00 pm

10:40 am - 1:30 pm9:00 - 10:20 am

9:00 - 10:20 am

9:00 - 10:20 am

9:00 - 10:20 am

12:10 - 1:30 pm

12:10 - 1:30 pm

12:10 - 1:30 pm


Conference Schedule Overview

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Human Resource Managementand Socio-demographics

Human Resource Management and the Organization

Annual Membership Meetingall welcome to attend

Sub-group meeting - Friday Executive Committee Meeting

Management Education

Corporate Finance: Issues on Performance

The Economics and Financing of Innovation

The Process of Innovation: Approaches to Innovation

Panel: Chilean Association of Business Schools

Panel: STEP Global Project

Marketing Management

Plenary 3: Accelerating Innovation in Large Corporations

Teaching Cases II

Strategies for Global Competitiveness

Book Presentations

Sub-group meeting - Tues Executive Committee Meeting

3:00 - 4:20 pm

3:00 - 4:20 pm

2:40 - 3:40 pm

4:30 - 5:50 pm

4:30 - 5:50 pm

3:50 - 6:00 pm

5:00 - 8:00 pm


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The Process of Innovation: Models, Tools, Incentives & Best Practices

The Economics and Financing of Innovation

Innovation as a Public-Private Endeavor

Accounting, Taxation, and Management Information and Control Systems

Economic Environment and Regional Integration

Entrepreneurship & Family Business with 2011 Corporate Entrepreneurship

Human Resource Management

Strategies for Global Competitiveness

Culture, Social, and Ethical Issues

Marketing Management

Consumer Behavior

Corporate Finance

Financial Markets, Investment and Risk Management

Information Technology Management

Supply Chain and Operations Management

Management Education and Teaching Cases

Carlos Osorio, UAI

Rafael Romero, UAI

Patricio Feres, UAI

Stephen Salter, UT El Paso

Robert Grosse, EGADE

Gonzalo Jiménez, UAI

Carlos Alsua, U Alaska

Neils Ketelhohn, INCAE

Chris Robertson, NEU

Claudio Aqueveque, UAI

Sergio Olivarietta, U Chile

Luis Sanz, INCAE

Maximiliano Gonzales, UniAndes

Victoria Jones, Seattle U

Henrique Correa, Rollins College

Magnus Emmendoerfer, UFV

Track 2011 Chair

Track Chairs List


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Rewiewers List

AgostiniAlbertinAlmeidaAlsuaAquevequeAraya CastilloArboledaArrudaBarraBas**Bejan**BermeoBispoBlackBlancoBlevinsBonillaBorgesBrambillaBraunBraunBravo**BressanBritoBrockmannBustilloCancinoCarmoCarneiroCastaneda**CastañoCastilloCavalcantiChanChenConoverCordero**Correada SilvaDanaDavilade ArtecheDe HolaDeansDeboçãDrumond JuniorDuarteEchecoparEid JuniorEmmendoerfer

ClaudioAlbertoVinicioCarlosClaudioLuisAna MaríaCarlosCristobalTomasMariaHelgaMarceloErvinClaudiaDaneClaudioAlexFlávioGaryMatiasCristianFlavioLuizErichJuanChristianMaria Scarlet DoJorgePabloRaquelAugustoElmanoLuisChuTeresaArkangelCarlosOrlandoSamyAnabellaMónicaPablo MartinKennethLeonardo PinheiroMarcosAndreGermanWilliamMagnus Luiz

Universidad Alberto HurtadoFGV-EAESPUFRNUniversity of Alaska AnchorageUniversidad Adolfo IbañezFacultad de Economía y Negocios, Universidad de ChileICESIFundação Dom CabralUniversity of South Carolina / UChileUniversidad Adolfo IbañezRice UniversityUniversity of IbagueMethodist University of São Paulo / Mackenzie UniversityBrigham Young UniversityMinisterio del MedioambienteUniversity of Texas DallasUniversidad de ChileUFVUniversidade Luterana do Brasil (ULBRA)UTEPUniversidad Adolfo IbañezUniversidad de ChilePontifícia Universidade Catolica De CampinasFGVUniversity of New OrleansIesaUniversidad de ChileUNIGRANRIOPontifical Catholic University of Rio de Janeiro (PUC-Rio)Universidad Adolfo IbanezITESM EGADE MonterreyUniversidad Adolfo IbañezFederal University of Campina GrandePeruUniversity of Texas at El PasoUniversity of North TexasINCAE Business SchoolFIAUniversidade Federal de ViçosaGetulio Vargas FoundationTecnologico de MonterreyUADEIncaeUniversity of Otago, New ZealandUFVVale do São Francisco Federal CollegeInsperUniversidad Adolfo IbañezGetulio Vargas FoundationUniversidade Federal de Viçosa - UFV (Brazil)

Last Name First Name Institutional Affiliation (College/University/Department)


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Rewiewers List

SofiaPabloChristianPatricioVivianaCesarUrbiRodrigoIrineuAlbertoGustavoMaximilianoGiorgioAlexandreRobertAlvaroAlejandroAaronDavidNielsElizabethMartinRicardoDennisGinoEdwardOctavioDavidPedroMiguelCarlosPatriciaCristianRobMattiasIntiAulettaSergioXavierCarlosEduardoSusanaAlexandreThiagoAlexandre SantosDarioDennisCarlosYolandaAndrea

IESAUniversidad de ChileUniversidad Adolfo IbañezUniversidad Adolfo IbanezPontificia Universidad Catolica de ChileUniversidad ESANIESAUFVInsperEsadeUniversidad de Los AndesUniversidad de los AndesUMass BostonPositivoEGADE Business SchoolColegio de Estudios Superiores de AdministraciónUniversity of Rhode IslandOklahoma State UniversityUniversity of Liverpool Management SchoolINCAE Business SchoolUniversity of São Paulo/FEA-RPWarwick Business School, University of WarwickCOPPEAD/UFRJUTSAUniversidad de ChileUniversidade Nove de JulhoUniversity of TorontoPeruPUC-SPUniversidad de ChileIESAIesaUniversidad de SantiagoBabsonJönköping International Business SchoolUniversidad Adolfo IbanezIesaUniversidad de ChileESPAE Graduate School of ManagementUniversidad Adolfo IbanezIESA and Tulane UniversityFGVFGVUFJFUFMGUniversity Center of Barra Mansa - UBMUniversity of BaltimoreUniversidad de los AndesUniversidad Diego PortalesNYU


EsquedaFariasFelzenszteinFeresFernandezFuentesGarayGavaGianesiGimenoGonzalezGonzalezGottiGraemlGrosseGuzmanHazeraHillHojmanKetelhohnKrauterKuncLealLopez**Loyola**MarinMartinezMayorgaMeloMendozaMolinaMonteferranteMuñozNasonNordqvistNunez**NunziaOlavarrietaOrdenanaOsorioPabloPereiraPignanelliPimentelPPPinheiroPinto JuniorPittaPomboPortillaPrado

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PreveQuentierRaoRiosRobertsonRodriguezRodriguezRomeroRomeroRubin**Ruelas-GossiRuiz-VargasSalomonSampaioSandovalSanzSargent**SeverinoSinnSkoraSudhirSusaetaTEIXEIRATrosterTrujilloUribeValenzuelaVianaVidalWankeWegner**WeinbergerWilemonXavierZapata-CantuZuccolotto

LorenzoJean-MichelPramilaRonaldChristopherAramisCarlosDavidRafaelJeriAlejandroYolandaJaimeDanilo de OliveiraFernandoLuisJohnIluminadaFranciscaClaudio MarlusChawlaLourdesCARLOSVictorMaríaRodrigoLeslierHoracioRebecaPeterDouglasKarenDavidPAVIELauraRobson

IAE Business SchoolESC Bretagne Brest (Brittany School of Management) FranceMarymount University, School of Business; Virginia, USAUniversidad ESANNortheastern UniversityIESAMcGillTecnológico de MonterreyUAIUniversity of Alaska AnchorageUniversidad Adolfo IbañezUniversity of Puerto Rico - MayaguezPeruUFJFMexicoIncaeUT Pan AmericanPUCUniversidad Adolfo IbañezCESUSCAngelo State UniversityIESE Business SchoolPhd Student at USP BrazilGetulio Vargas FoundationColegio de Estudios Superiores de AdministraciónUniversidad de ChileUniversidad de ChileUniversidad Adolfo IbanezIesaUFRJUFRGSPeruSyracuse UniversityESSEC Business School Paris/SingaporeTecnológico de MonterreyUFV


**exceptional reviewers - thank you!


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Conference Schedule

TUESDAY, APRIL, 12001. Doctoral Consortium start9:00 to 10:20 amUAI Graduate Building: Classroom 309

Professors: Sergio Olavarrieta, UChileMauricio G. Villena, UAIStephen Salter, UTEP 002. Coffee Break10:20 to 10:40 amUAI Graduate Building: Classroom 309 003. Doctoral Consortium continued10:40 to 1:00 pmUAI Graduate Building: Classroom 309 Professors: Sergio Olavarrieta, UChileMauricio G. Villena, UAIStephen Salter, UTEP

004. Sub-group meeting - Tues Executive Committee Meeting5:00 to 8:00 pmUAI Graduate Building: Board Room

WEDNESDAY, APRIL, 13005. Bus Leaves Hotel W Wednesday8:10 to 8:15 am

Conference Registration at UAI Campus.

006. Opening and Plenary 1: Value Creation through Innovation - Latin America’s Unavoidable Challenge9:00 to 10:20 amUAI Graduate Building: Classroom 300

Introduction:Esteban R. Brenes, PhD (U of Florida-Gainesville), INCAE Business School, BALAS President.

Alfonso Gómez, PhD (Royal College of Art, Londres), Dean UAI Business School.

Speaker:Fernando Flores, PhD (UC Berkeley), President of Chile’s National Innovation Council for Competitiveness.

007. Coffee Break10:20 to 10:40 amUAI Graduate Building: Foyer

008. Consumer Behavior10:40 to 12:00 pmUAI Graduate Building: Classroom 300 Participants:Perceptions of unfairness in prices increases: An experimental study. Verônica Feder Mayer, Universidade Federal Fluminense; Marcos Gonçalves Avila, The COPPEAD Graduate School of Business Administration, Federal University Of Rio de Janeiro.

Reason and Emotion in the POS: Deciphering the Store Environment under the Consumer Viewpoint. Lucien Jacques Geargeoura, Universidade Federal de Uberlândia.

The Influence of CSR on the purchasing behavior in two Business Schools: Peru and Spain. Percy Marquina, CENTRUM Católica, Business School; Carlos Morales, EADA Business School.

009. Teaching Cases I10:40 to 12:00 pmUAI Graduate Building: Classroom 301 Participants:CIMA: Strategic Challenges for Operating a Non-Profit in Peru. Christopher Robertson, Northeastern University.

Container Consultants and Systems (CC&S). Luis Javier Sanz Campos, INCAE Business School; Arkangel Cordero, INCAE Business School; Any Cabrera, INCAE Business School.

Las Llaves Powder Detergent: Remake or Die? Sofia Esqueda, IESASobral and its Hard Earned Success in the International Costume Jewelry Market. Marcos Garrido, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Mila Viana, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Tania Peixoto, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); André Nunes, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Jorge Carneiro, Pontifical Catholic University of Rio de Janeiro (PUC-Rio).

010. Entrepreneurship and Family Business10:40 to 12:00 pmUAI Graduate Building: Classroom 302 Participants:Do US and Mexico Micro Businesses Have Similar Problems over the Organization Life Cycle? Sudhir Chawla, Angelo State



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Conference Schedule

University; William Eldon Renforth, Angelo State UniversityFrom farmers to entrepreneurs: The importance of associative behavior. René Díaz-Pichardo, CIIDIR-IPN, Unidad Oaxaca; Cecilia Cantú-González, Servicios Empresariales Canther, S.C.; Patricia López-Hernández, Servicios Empresariales Canther, S.C.Peripheral Entrepreneurship: Exploring Framework Conditions at regional levels in Latin America. Christian Felzensztein, Universidad Adolfo Ibañez; Eli Gimmon, Tel-Hai Academic College, Israel; Claudio Aqueveque, Universidad Adolfo Ibañez.

011. Panel 1 - Multilatinas in a Post-Financial Crisis Environment10:40 to 12:00 pmUAI Graduate Building: Classroom 303

Chair:Jerry Haar, FIUDiscussants:Miguel Perez, ECLACMaria Tereza Fleury, FGV EAESP Alfonso Fleury, USP

012. Economic Environment and Regional Integration12:10 to 1:30 pmUAI Graduate Building: Classroom 300 Participants:Exporting to Canada. When NAFTA is not enough to confront competition from China. Jose Luis de la Cruz, Tecnológico de Monterrey, campus Estado de México; Carlos Canfiled, Tecnológico de Monterrey, campus Estado de México.

Foreign Direct Investment and Economic Growth: Evidence for Causality in the Mexican Case. Jose Luis de la Cruz, Tecnológico de Monterrey, campus Estado de México; Eduardo Carbajal, Tecnológico de Monterrey, campus Toluca; Carlos Canfield, Tecnológico de Monterrey, campus Estado de México.

013. Corporate Finance: Capital Structure In Latin America12:10 to 1:30 pmUAI Graduate Building: Classroom 301 Participants:Family businesses and capital structure: Empirical evidence from Colombia. Carlos Pombo, Universidad de los Andes; Maximiliano Gonzalez, Universidad de los Andes; Alvaro Alexander Guzman, Colegio de Estudios Superiores de Administración; María Andrea Trujillo, Colegio de Estudios Superiores de Administración.

Theory and Practice of Corporate Finance: Evidence and Distinctive Features in Latin America. Carlos Maquieira, School of

Business - U. Santo Tomás; Lorenzo A. Preve, IAE Business School; Virginia Sarria-Allende, IAE Business School.Stock volatility and pension funds’ holdings in an individual capitalization-based system. Viviana Fernandez, Pontificia Universidad Catolica de Chile.

014. Strategies for Global Competitiveness: Location Strategies12:10 to 1:30 pmUAI Graduate Building: Classroom 302 Participants:A Theoretical Approach of Strategy in Emerging Economies: Evidence from Mexico. Laura E Zapata-Cantu, Tecnológico de Monterrey; José Antonio Menéndez, Tecnológico de Monterrey; Alfonso Lira, Tecnológico de Monterrey.

Location advantage: emergent and guided co-evolutions. Pablo Martin de Holan, IE Business School and INCAE Business School; Alvaro Cuervo-Cazurra, University of South Carolina; Luis Javier Sanz Campos, INCAE Business School.

Managing Strategic Thinking in an International Small and Medium-sized Organization located in an Emerging Economy. Juan Pablo Torres, Departmento de Administración, Facultad de Economía y Negocios, Universidad de Chile; Martin Kunc, Warwick Business School, University of Warwick.

Winery Strategy and Wine Tourism: Chilean Wine Regions and Routes. David E Hojman, University of Liverpool Management School.

015. Panel 2: Strategy and Agribusiness in Latin America12:10 to 1:30 pmUAI Graduate Building: Classroom 303

Chair:Esteban R. Brenes, INCAE

Discussants:Carlos Correa, CEO, Invertec FoodsGerman Echecopar, UAIChristian Felzensztein, UAI 016. Lunch Wednesday1:30 to 3:00 pmUAI Graduate Building: Foyer 017. Human Resource Management and Socio-demographics3:00 to 4:20 pmUAI Graduate Building: Classroom 300

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Participants:Generation or Culture? Work Attitude Drivers: an analysis in Latin America and Iberian Countries. Lourdes Susaeta, IESE Business School; Jose Ramon Pin, IESE Business School; Sandra Idrovo, INALDE, U. de la Sabana; Maria Jesus Belizon, Kemmy Business School; Alvaro Espejo, Universidad Adolfo Ibañez; Angela Gallifa, IESE Business School; Marisa Aguirre, Universidad de Piura; Eugenio Avila Pedrozo, Universidad Federal do Rio Grande do Sul - UFRGSLeadership in a group of colombian small and medium enterprises: Effect of optimism and socio-demographic variables. Fernando Juarez, Universidad del Rosario; Francoise Contreras, Universidad del Rosario.

Organizational Spirituality and Workplace Inclusion: a Study with Black Managers. Bruno Felix von Borell de Araujo, Universidade Presbiteriana Mackenzie; Marcelo de Souza Bispo, Methodist University of São Paulo / Mackenzie University.

The role of national culture on best human resource management (HRM) practices in Mexico: An ethnographic approach. Pramila N Rao, Marymount University, School of Business; Virginia, USA.

018. Management Education3:00 to 4:20 pmUAI Graduate Building: Classroom 301 Participants:Are We Preparing Our MBAs For Executive Strategic Demands? An introductory study. Flavio Bressan, Pontificia Universidad Catolica de Campinas; Gerardo Luciano Toledo, Universida de Sao Paulo- USP.

Guiding Thoughts on Research into Management: The Contribution of Paulo Freire. Joysi Moraes, Universidade Federal Fluminense; Elaine Di Diego Antunes, Universidade Federal do Rio Grande do Sul.

Innovation in market research methodology through the “learning by doing.” Cristóbal Fernández Robin, Universidad Santa María; Jorge Mauricio Cea Valencia, Universidad Santa María.

Non-traditional executive education: the differentials of network learning from other management’ learning methodologies. Daniel Jardim Pardini, Fumec University; Antônio Batista Silva Júnior, Fundação Dom Cabral; Denise Campos Chaves Machado, FUMEC University

019. The Economics and Financing of Innovation3:00 to 4:20 pmUAI Graduate Building: Classroom 302 Participants:Exchange Rate Fluctuations and International Technology Transfer. Rodrigo Costamagna, N/S; Pedro Mendi, Universidad de NavarraFostering Innovation in Brazil through Private Equity and Venture Capital Public Policies. Caio Ramalho, GVcepe - Private Equity and Venture Capital Research Center at FGV-EAESP.

Value creation in Mergers and acquisitions. Denise Maria Fanhani de Castro, USP; Almir Ferreira de Sousa, Universidade de São Paulo.

020. Panel 3: Chilean Association of Business Schools (ENEFA) – Best Papers3:00 to 4:20 pmUAI Graduate Building: Classroom 303

Chair: Sergio Olavarrieta, UChile

Participants:Guillermo Yañez, USMEduardo Torres, UChileMario Villar, UCNSoledad Etchebarne, USACH & José Ernesto Amorós, UDDJuan Cáceres, USACHClaudio Thieme, UDP

021. Marketing Management4:30 to 5:50 pmUAI Graduate Building: Classroom 300 Participants:Management and Customer Orientation: a Study Using the Model of Importance and Performance Analysis (IPA) in the Food Service Restaurants Market. Sérgio Luiz do Amaral Moretti, Universidade Nove de Julho - Brasil; José Edson Moysés Filho, Universidade Nove de Julho - Brasil; Renato Ferreira Pimenta, Universidade Nove de Julho - Brasil.

More Room for More Innovative Images. A Study About 40 Years of Brazilian Print Advertisements. Josmar Andrade, EACH/USP; José Afonso Mazzon, PPGA/FEA/USP.

Conference Schedule



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022. Teaching Cases II4:30 to 5:50 pmUAI Graduate Building: Classroom 301 Participants:Leblon Cachaça: the Born Global Phenomenon in a Traditional Industry. Bruno Viana Coelho, BNDES - Banco Nacional de Desenvolvimento Econômico e Social; Renato Cotta de Mello, Instituto Coppead de Administração - UFRJ; Angela Cavalcanti da Rocha, PUC-RJ.

The Marisol Case: Challenges of International Growth for a Successful Brazilian Designer Apparel Firm. Alexandra Sanglard, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Alessandra Baiocchi, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Patricia Freitas, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Mila Schiavo, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Jorge Carneiro, Pontifical Catholic University of Rio de Janeiro (PUC-Rio).

Value Creation through Innovative Strategies: The Case of Corona Beer. Ashok Som, ESSEC Business School, Paris-Singapore.

023. Strategies for Global Competitiveness4:30 to 5:50 pmUAI Graduate Building: Classroom 302 Participants:International business competence develops the increase of the finacial performance:the case of brazilian SMEs. Dinora Eliete Floriani, Universidade do Vale do Itajai; Maria Tereza Leme Fleury, EAESP Fundação Getulio Vargas; Afonso Fleury, Universidade de Sao Paulo.

The Relationship between Strategic Behavior, Environmental Monitoring and Performance in Automobile/Motorcycle Resale in the cities of São Bento do Sul/SC and Lages/SC. Alex Luiz Mariano; Lineu Muniz Filho, Yeda Maria Pereira Pavão; Simone Sehnem; Carlos Ricardo Rossetto (UNIVALI-Santa Catarina-Brazil).

024. Book Presentations4:30 to 5:50 pmUAI Graduate Building: Classroom 303

Participants:Germán Echecopar, UAI - EntrepreneurshipChristian Felzensztein, UAI - ClustersFrancisca Sinn, UAI – StrategyMaria Tereza Fleury, FGV EAESP & Alfonso Fleury, USP - Brazilian Multinational Firms

025. Welcome Cocktail6:00 to 7:10 pmUAI Graduate Building: Foyer 026. Bus Returns to Hotel W Wednesday7:15 to 7:20 pm 027. Sub-group meeting - institutional members’ representatives8:00 to 11:00 pm.

THURSDAY, APRIL, 14028. Bus Leaves Hotel W Thursday8:25 to 8:30 am 029. Plenary 2: Strategic Orchestration9:00 to 10:20 amUAI Graduate Building: Classroom 300

Speaker:Alejandro Ruelas-Gossi, PhD (North Carolina-Chapel Hill), Professor of Strategy at the Adolfo Ibañez School of Management in Miami, Florida and Academic Director of the Global EMBA UCLA-UAI.

030. Coffee Break10:20 to 10:40 amUAI Graduate Building: Foyer 031. Culture, Social, and Ethical Issues10:40 to 12:00 pmUAI Graduate Building: Classroom 300 Participants:Cultura Ciudadana: Performative Acts for Cultural Change in Bogotá, Colombia. Bridging the Gap between Formal and Informal Structures. Ilva Navarro Bateman, Lecturer; Aleksandar Dundjerovic, Lecturer.

Subject-Specific Performance Information can worsen the Tragedy of the Commons: Experimental Evidence. Mauricio G. Villena& Franco Zecchetto, School of Business, Adolfo Ibañez University, Chile.

The Social Dynamics of Stakeholder Relationships: From Silent Stakeholders to a Salient Organization. Anabella Davila, Tecnologico de Monterrey; Christiane Molina, Tecnologico de Monterrey.

Conference Schedule

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Conference Schedule

032. Corporate Finance: Initial Public Offerings In Brazil10:40 to 12:00 pmUAI Graduate Building: Classroom 301 Participants:Initial Public Offerings in Brazil: Perceptions of Financial Executives. Helen Cristina Steffen, student; Francisco Antônio Mesquita Zanini, teacher.

Initial Public Offerings in Brazil: the Relationship between Issuers, Shareholders and Investment Banks. Vinicio de Souza e Almeida, UFRN; Ricardo Pereira Câmara Leal, COPPEAD/UFRJ.

033. The Process of Innovation10:40 to 12:00 pmUAI Graduate Building: Classroom 302

Participants:Analysis of the Influence of Innovation Efforts on Performance of Brazilian Firms. David Ferreira Lopes Santos, Petrobras; Leonardo Fernando Cruz Basso, Mackenzie University; Herbert Kimura, Mackenzie University; Eduardo Kazuo Kayo, University of Sao PauloInnovation and mobile phones: Opportunities for Latin America & the Caribbean. Samantha Rullan Rosanis, Universidad Autonoma de Barcelona.

R&D by Multinational Enterprises in Latin America. robert grosse, EGADE Business School.

034. Panel 4: Global Passports for Career Advancement, CFA Institute10:40 to 12:00 pmUAI Graduate Building: Classroom 303

Chair:Robert A. McLean, CFA

Discussants:Robert R. Johnson, CFAChristopher Donohue, CFANelson Lacey., CFAThomas R. Robinson, CFA 035. Human Resource Management and the Individual12:10 to 1:30 pmUAI Graduate Building: Classroom 300

Participants:Analysis of behavioral profile of business administration course students by selecting competencies: a case study in Junior Company of UGB. Dario Moreira Pinto Junior, University Center of Barra Mansa - UBM; José Vilmar Vilmar Oliveira, Centro Universitário de Barra Mansa - UBM; Antonio Carlos Breves Souza, Centro Universitário de Barra Mansa - UBM; Wellington Leoncio Costa, UGB.

HRM practices, affective organizational commitment and turnover among Mexican IT professionals. Isis Gutiérrez-Martínez, Universidad de las Americas Puebla.

Required Individual Competences and Organizational Modernity: an Study on Brazilian Professionals. Anderson de Souza Sant’Anna, Fundação Dom Cabral (FDC); Fátima Bayma Oliveira, Fundação Getulio Vargas; Samir Lotfi Lotfi, Fundação Dom Cabral (FDC)Role perceptions and motivations to perform organizational citizenship behaviors. Alvaro Espejo, Universidad Adolfo Ibañez

036. Finance: Government and Financial Markets12:10 to 1:30 pmUAI Graduate Building: Classroom 301 Participants:Methodologies for Cut-Off Point Determination in Credit Scoring Models for Not-for-Profit Governmental Institutions. Cristian Bravo, Universidad de Chile; Sebastian Maldonado, Universidad de Chile; Richard Weber, Universidad de Chile.

Non-Explicit FOREX Intervention: Central Bank Role in a Dollarized Economy: The Peruvian Case. Cesar Fuentes, Universidad ESAN; Ronald Rios, Universidad ESAN.

Short Term Borrowing: Emerging Markets’ Only Choice? Xavier Ordenana, ESPAE Graduate School of Management; Gustavo Solorzano, CIEC, ESPOL.

The Public Bond Offering of Petróleos de Venezuela S.A. Urbi Alain Garay, IESA; Carlos Alberto Molina, IESA.

037. Information Technology Management12:10 to 1:30 pmUAI Graduate Building: Classroom 302 Participants:Innovation and Technology: Effect of Information Infrastructure on Economic Development. Sul Kassicieh, U o fNew Mexico; Raul Gouvea, U o fNew Mexico.



23

Conference Schedule

The virtual organizing in fashion retail sector in Brazil. Sofia Batista Ferraz, Universidade Federal do Ceará; Davi de Castro Rocha, Universidade Federal do Ceará; Leonardo de Queiroz Braga Cavalcante, Universidade Federal do Ceará; Sandra Maria dos Santos, Universidade Federal do Ceará; Augusto Cézar de Aquino Cabral, Universidade Federal do Ceará.

Why Managers Postpone Investments in Information Technology? A Case Study. Rodrigo Fernandes Malaquias, Universidade Federal de Uberlândia; Alberto Luiz Albertin, FGV-EAESP.

038. Panel 5: Meet the Editors12:10 to 1:30 pmUAI Graduate Building: Classroom 303 Discussants:Arch Woodside, Editor-in-Chief, Journal of Business ResearchElvira Salgado, Editor-in-Chief, Academia - Revista Latinoamericana de AdministraciónRicardo Zisis, Editor-in-Chief, Harvard Business Review Latin America.

039. Lunch Thursday1:30 to 3:00 pmUAI Graduate Building: Foyer 040. Human Resource Management and the Organization3:00 to 4:20 pmUAI Graduate Building: Classroom 300 Participants:Bringing skill formation into global value chain analysis: The case of the Chilean salmon industry. Helen Rainbird, University of Birmingham Business School; Paulina Ramirez, University of Birmingham Business School.

Business strategy, HRM and company performance in European and American manufacturing companies. Sinikka Vanhala, Aalto University School of Economics; Ruth Alas, Estonian Business School; Ants Kraus, Estonian Business School.

Organizational learning trajectory in the study of post-acquisition integration. Daniel Jardim Pardini, Fumec University; Renata Veloso Santos, Fumec University - IFMG; Denise Campos Chaves Machado, FUMEC University; Antônio Batista Silva Júnior, Fundação Dom Cabral.

041. Corporate Finance: Issues on Performance3:00 to 4:20 pmUAI Graduate Building: Classroom 301 Participants:Family firms and financial performance: Empirical evidence from Colombia. Maximiliano Gonzalez, Universidad de los Andes; Carlos Pombo, Universidad de los Andes; Alvaro Alexander Guzman, Colegio de Estudios Superiores de Administración; María Andrea Trujillo, Colegio de Estudios Superiores de AdministraciónStudy of the Influence of Governance Variables at the Country Level on the Profitability of Companies: Analysis through Hierarchical Linear Models. Herbert Kimura, Mackenzie University; Eduardo Kazuo Kayo, University of Sao Paulo; Leonardo Fernando Cruz Basso, Mackenzie University.

The Determinant Factors of Working Capital Management in the Brazilian Market. Nathalie Vicente Nakamura Palombini, Universidade Presbiteriana Mackenzie; Wilson Toshiro Nakamura, Universidade Presbiteriana Mackenzie.

042. The Process of Innovation: Approaches to Innovation3:00 to 4:20 pmUAI Graduate Building: Classroom 302 Participants:Design Thinking-based Innovation: how to do it, and how to teach it? Carlos A Osorio, Universidad Adolfo IbanezFrom intuition to innovation:The importance of taking risks. Olivia Villalba-Moreno, Professor; Claudia Ramos-Garza, Professor; Leticia Ramos-Garza, Professor.

The effects of knowledge management practices on market orientation and innovativeness in Brazilian companies. Alex Antonio Ferraresi, Pontifícia Universidade Católica do Paraná; Silvio Aparecido dos Santos, Universidade de São Paulo; José Roberto Frega, Universidade Federal do Paraná; Carlos Olavo Quandt, Pontifícia Universidade Católica do Paraná.

043. Panel 6: STEP Global Project 3:00 to 4:20 pmUAI Graduate Building: Classroom 303 Chair:Gonzalo Jiménez, UAIDiscussants:Rob Nason, Babson

24

044. Plenary 3: Accelerating Innovation in Large Corporations4:30 to 5:50 pmUAI Graduate Building: Classroom 300

Speaker:Iván Vera, CEO, INNSPIRAL

045. Bus Leaves to Viña Santa Rita for Gala Dinner6:05 to 6:10 pm

046. Gala Dinner – Viña Santa Rita6:30 to 10:30 pm 047. Bus Returns to Hotel W after Gala Dinner10:40 to 10:45 pm

FRIDAY, APRIL, 15048. Bus leaves Hotel W Friday8:25 to 8:30 am 049. Plenary 4: The Innovation Challenge for Latin America Today

Speaker:José Miguel Benavente, DPhil (Oxfrod). Professor of Economics, UAI.

9:00 to 10:20 amUAI Graduate Building: Classroom 300 050. Coffee Break10:20 to 10:40 amUAI Graduate Building: Foyer 051. Marketing Management - Strategy10:40 to 12:00 pmUAI Graduate Building: Classroom 300 Participants:Do Strategic Marketing and Social Networks Really Matter in Clusters? Christian Felzensztein, Universidad Adolfo Ibañez; Susan Brodt, Queen´s Business School, Canada; Eli Gimmon, Tel-Hai Academic College, Israel.

Marketing Strategy, Innovation and Externalities: The Case of the Chilean Wine Cluster. Christian Felzensztein, Universidad Adolfo Ibañez; Kenneth R Deans, University of Otago, New Zealand; German Echecopar, Universidad Adolfo Ibañez.

The Strategic Thinking Competence and the Marketing MBA Professional Preferred Mental Model: an introductory study. Flavio Bressan, Pontificia Universidade Catolica de Campinas; Geraldo Luciano Toledo, Universidade de Sao Paulo - USP.

Impact of Customer Value Management on Profitability of the Company. Leslier Maureen Valenzuela, Pedro Hidalgo, Eduardo Torres & Hector San Martin,, Universidad de Chile.

052. Corporate Finance: M&As, Takeovers and Auctions10:40 to 12:00 pmUAI Graduate Building: Classroom 301 Participants:A Joint Experimental Analysis of the Dutch Auction, Book Building and Competitive IPO Pricing Methods. Vinicio de Souza e Almeida, UFRN; Ricardo Pereira Câmara Leal, COPPEAD/UFRJ.

An Investigation of how Trends in Market Valuation Influence Performance of Mergers and Acquisitions in Brazil. Andrea Maria Accioly Fonseca Minardi, Insper Instituto de Ensino e Pesquisa; Denis Barreira Batista, Insper Instituto de Ensino e PesquisaOptimal Takeover Contests with Toeholds. Gino Loyola, Universidad de Chile.

053. Strategies for Global Competitiveness: Multinational and Interoganizational10:40 to 12:00 pmUAI Graduate Building: Classroom 302 Participants:Brazilian firms acquiring in developed countries: the importance of local enablers of Business Models. Afonso Fleury, Universidade de Sao Paulo; Maria Tereza Leme Fleury, EAESP Fundação Getulio Vargas.

Innovation: enhancing the competitiveness of Brazilian Multinationals. Carlos Arruda, Fundação Dom Cabral; Flavia Pereira de Carvalho, UNU-MERIT and Fundação Dom Cabral.

International Joint Ventures and the Birth of New Organizational Forms: IBM in Central America. Pablo Martin de Holan, IE Business School and INCAE Business School; Lloyd Steier, University of Alberta; Luis Javier Sanz Campos, INCAE Business School.

054. Panel 7: International Section American Accounting Association: Cooperation in a Shrinking Hemisphere.10:40 to 12:00 pmUAI Graduate Building: Classroom 303

Conference Schedule



25

Chair: Professor Stephen B. Salter, UTEP

Discussants:Erv Black, Brigham Young UniversityPatricia M Poli, Fairfield University

055. Culture, Social, and Ethical Issues: Research on Ethics12:10 to 12:50 pmUAI Graduate Building: Classroom 300 Participants:Crossing the ethic - non ethic border: A cognitive dissonance theory approach. Beatriz V Rivera-Cruz, University of Puerto Rico; Silvia Lopez-Palau, University of Puerto Rico.

Moral philosophy and ethics across borders: How do Latin Americans compare? Ruth Alas, Estonian Business School; Carlos Alsua, University of Alaska Anchorage; Jorge Carneiro, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Junhong Gao, Estonian Business School.056. Accounting, Taxation, and Management Information and Control Systems12:10 to 12:50 pmUAI Graduate Building: Classroom 301 Participants:Incentives to Share Knowledge across Cultures. Stephen Brian Salter, University of Texas at El Paso; Huerta Esperanza, University of Texas at El Paso; Philip Lewis, Eastern Michigan University; Pamela Yeo, Kent Business School University of Kent.

Organizational culture and post-acquisition changes in management control systems: An analysis of a successful Brazilian case. Antônio Artur de Souza, Universidade Federal de Minas Gerais; Ricardo Vinícius Dias Jordão, Universidade Federal de Minas Gerais; Ewerton Alex Avelar, Universidade Federal de Lavras.

057. Innovation as a Public-Private Endeavor12:10 to 12:50 pmUAI Graduate Building: Classroom 302 Participants:Can University Technology Commercialization Create Wealth in Latin America? John Sargent, UT Pan American; Linda Matthews, UT Pan American.

University-Industry partnerships in the Brazilian industry: the use of external sources of knowledge for innovation. Flavia Pereira

de Carvalho, UNU-MERIT and Fundação Dom Cabral; Eduardo da Motta e Albuquerque, Cedeplar - FACE - UFMG; Gustavo de Britto Rocha, CEDEPLAR - FACE – UFMG.

058. Supply-Chain and Operations Management12:10 to 12:50 pmUAI Graduate Building: Classroom 303 Participants:Hospital service quality and productivity and nursing professional management: a case study in five Brazilian hospitals. claudia affonso silva araujo, COPPEAD/UFRJ; kleber fossati figueiredo, COPPEAD/UFRJ

059. Awards Luncheon1:00 to 2:30 pmUAI Graduate Building: Foyer 060. Annual Membership Meeting2:40 to 3:40 pmUAI Graduate Building: Classroom 300

061. Bus returns to Hotel W Friday3:45 to 3:50 pm 062. Sub-group meeting - Friday Executive Committee Meeting3:50 to 6:00 pmUAI Graduate Building: Board Room

Conference Schedule

26

Participant Index

AAguirre, Marisa, 017Alas, Ruth, 040, 055Albertin, Alberto Luiz, 037Albuquerque, Eduardo da Motta e, 057Almeida, Vinicio de Souza e, 032, 052Alsua, Carlos, 055Andrade, Josmar, 021Antunes, Elaine Di Diego, 018Aqueveque, Claudio, 010araujo, claudia affonso silva, 058Arruda, Carlos, 053Avelar, Ewerton Alex, 056Avila, Marcos Gonçalves, 008Avila Pedrozo, Eugenio, 017

BBaiocchi, Alessandra, 022Basso, Leonardo Fernando Cruz, 033, 041Batista, Denis Barreira, 052Belizon, Maria Jesus, 017Bispo, Marcelo de Souza, 017Bravo, Cristian, 036BRESSAN, FLAVIO, 018, 051Brodt, Susan, 051

CCabral, Augusto Cézar de Aquino, 037Cabrera, Any, 009Canfield, Carlos, 012Canfiled, Carlos, 012Cantú-González, Cecilia, 010Carbajal, Eduardo, 012Carneiro, Jorge, 009, 022, 055Carvalho, Flavia Pereira de, 053, 057Cavalcante, Leonardo de Queiroz Braga, 037Cea Valencia, Jorge Mauricio, 018Chawla, Sudhir, 010Coelho, Bruno Viana, 022Condo, Arturo, 033Contreras, Francoise, 017Cordero, Arkangel, 009Costa, Wellington Leoncio, 035Costamagna, Rodrigo, 019Cuervo-Cazurra, Alvaro, 014

DDavila, Anabella, 031de Castro, Denise Maria Fanhani, 019de la Cruz, Jose Luis, 012de Souza, Antônio Artur, 056Deans, Kenneth R, 051dos Santos, Sandra Maria, 037Dundjerovic, Aleksandar, 031Díaz-Pichardo, René, 010

EEchecopar, German, 051Espejo, Alvaro, 017, 035Esperanza, Huerta, 056Esqueda, Sofia, 009

FFelzensztein, Christian, 010, 051Fernandez, Viviana, 013Fernández Robin, Cristóbal, 018Ferraresi, Alex Antonio, 042Ferraz, Sofia Batista, 037figueiredo, kleber fossati, 058Fleury, Afonso, 023, 053Fleury, Maria Tereza Leme, 023, 053Floriani, Dinora Eliete, 023Frega, José Roberto, 042Freitas, Patricia, 022Fuentes, Cesar, 036

GGallifa, Angela, 017Gao, Junhong, 055Garay, Urbi Alain, 036Garrido, Marcos, 009Geargeoura, Lucien Jacques, 008Gimmon, Eli, 010, 051Gonzalez, Maximiliano, 013, 041Gouvea, Raul, 037Grosse, Robert, 033Gutiérrez-Martínez, Isis, 035Guzman, Alvaro Alexander, 013, 041


27

Participant Index

HHojman, David E, 014

IIdrovo, Sandra, 017

JJordão, Ricardo Vinícius Dias, 056Juarez, Fernando, 017

KKassicieh, Sul, 037Kayo, Eduardo Kazuo, 033, 041Ketelhohn, Niels, 033Kimura, Herbert, 033, 041Kraus, Ants, 040Kunc, Martin, 014

LLeal, Ricardo Pereira Câmara, 032, 052Lewis, Philip, 056Lira, Alfonso, 014Lopez-Palau, Silvia, 055Lotfi, Samir Lotfi, 035Loyola, Gino, 052López-Hernández, Patricia, 010

MMachado, Denise Campos Chaves, 018, 040Malaquias, Rodrigo Fernandes, 037Maldonado, Sebastian, 036Maquieira, Carlos, 013Mariano, Alex Luiz, 023Marquina, Percy, 008Martin de Holan, Pablo, 014, 053Matthews, Linda, 057Mayer, Verônica Feder, 008Mazzon, José Afonso, 021Mello, Renato Cotta de, 022Mendi, Pedro, 019Menéndez, José Antonio, 014Mesquita Zanini, Francisco Antônio, 032Minardi, Andrea Maria Accioly Fonseca, 052Molina, Carlos Alberto, 036Molina, Christiane, 031Moraes, Joysi, 018

Morales, Carlos, 008Moretti, Sérgio Luiz do Amaral, 021Moysés Filho, José Edson, 021Muniz Filho, Lineu, 023

NNakamura, Wilson Toshiro, 041Navarro Bateman, Ilva, 031Nunes, André, 009

OOliveira, Fátima Bayma, 035Oliveira, José Vilmar Vilmar, 035Ordenana, Xavier, 036Osorio, Carlos A, 042

PPalombini, Nathalie Vicente Nakamura, 041Pardini, Daniel Jardim, 018, 040Pavão, Yeda Maria Pereira, 023Peixoto, Tania, 009Pimenta, Renato Ferreira, 021Pin, Jose Ramon, 017Pinto Junior, Dario Moreira, 035Pombo, Carlos, 013, 041Preve, Lorenzo A., 013

QQuandt, Carlos Olavo, 042

RRainbird, Helen, 040Ramalho, Caio, 019Ramirez, Paulina, 040Ramos-Garza, Claudia, 042Ramos-Garza, Leticia, 042Rao, Pramila N, 017Renforth, William Eldon, 010Rios, Ronald, 036Rivera-Cruz, Beatriz V, 055Robertson, Christopher, 009Rocha, Angela Cavalcanti da, 022Rocha, Davi de Castro, 037Rocha, Gustavo de Britto, 057Rossetto, Carlos Ricardo, 023Rullan Rosanis, Samantha, 033

SSalter, Stephen Brian, 056Sanglard, Alexandra, 022Sant’Anna, Anderson de Souza, 035Santos, David Ferreira Lopes, 033Santos, Renata Veloso, 040Santos, Silvio Aparecido dos, 042Sanz Campos, Luis Javier, 009, 014, 053Sargent, John, 057Sarria-Allende, Virginia, 013Schiavo, Mila, 022Sehnem, Simone, 023Silva Júnior, Antônio Batista, 018, 040Solorzano, Gustavo, 036Som, Ashok, 022Sousa, Almir Ferreira de, 019Souza, Antonio Carlos Breves, 035Steffen, Helen Cristina, 032Steier, Lloyd, 053Susaeta, Lourdes, 017

TToledo Geraldo Luciano, 018, 051Torres, Juan Pablo, 014Trujillo, María Andrea, 013, 041

VValenzuela, Leslier Maureen, 051Vanhala, Sinikka, 040Viana, Mila, 009Villalba-Moreno, Olivia, 042Villena, Mauricio G., 031Von Borell de Araujo, Bruno Felix, 017

WWeber, Richard, 036

YYeo, Pamela, 056

ZZapata-Cantu, Laura E, 014


28

Paper Abstracts

WEDNESDAY, APRIL, 13

008. Consumer Behavior10:40 to 12:00 pmUAI Graduate Building: Classroom 300 Participants:Perceptions of unfairness in prices increases: An experimental study. Verônica Feder Mayer, Universidade Federal Fluminense; Marcos Gonçalves Avila, The COPPEAD Graduate School of Business Administration, Federal University Of Rio de JaneiroIn a scenario in which there already exists a perception that a price increase is unfair, we propose that (a) the stronger the consumer dependence on the provider of the service the stronger the perception of unfairness; (b) the stronger the relevance of the service to the consumer, the stronger the perception of unfairness. We further propose that the intensity of the perception will be positively correlated with the intensity of negative emotions, and that negative emotions will affect consumer behavior intentions to complain, to switch provider, and to retaliate against the service provider. The data collected supported our hypotheses.

Reason and Emotion in the POS: Deciphering the Store Environment under the Consumer Viewpoint. Lucien Jacques Geargeoura, Universidade Federal de UberlândiaInside a store, customers’ purchases are guided primarily by emotions and meanings aroused by the environment. We tried to understand how emotions and meanings captured by customers in the store environment are connected to specific stimuli. Studying two store formats, an essentially qualitative and descriptive research was performed, using the partially structured interview and the EmotiScape techniques. Research results describe the store’s environmental elements actually perceived by customers, the joint effect of groups of elements during perception, the emotions and meanings attributed to specific environmental elements, and the integrations between customers’ affective and reasoning processes resulting from these elements.

The Influence of CSR on the purchasing behavior in two Business Schools: Peru and Spain. Percy Marquina, CENTRUM Católica, Business School; Carlos Morales, EADA Business SchoolEven though corporate social responsibility (CSR) has gained momentum worldwide, there are no empirical studies that provide conclusive results about the magnitude and type of impact of corporate social initiatives on consumers’ purchasing behavior. The major focus of the study is to determine the influence of CSR on the purchasing behavior of the master students from CENTRUM and EADA business schools. In an

attempt to do this and establish how much customers are willing to pay for specific social features, a discrete choice modeling experiment and binary logit model is used. The experiment used a random sample of 238 students, 119 from CENTRUM and 119 from EADA. The research provides empirical validation of the positive relationship between CSR and the sample consumers’ behavior. However the results demonstrate that the effects of corporate abilities are much stronger than that of CSR.

009. Teaching Cases I10:40 to 12:00 pmUAI Graduate Building: Classroom 301 Participants:CIMA: Strategic Challenges for Operating a Non-Profit in Peru. Christopher Robertson, Northeastern UniversityThis case study highlights a non-profit operating in Peru that is faced with a number of challenges, financial and strategic, as it presses forward in a highly challenging environment. CIMA, Centro de Integracion de Menores en Abandono (in English ‘Center for Integration of Abandoned Children’), was started in the center of Lima as a place where homeless street children could find refuge from the chaos and struggles of living impoverished lives on the streets. By 2010 CIMA was operating on a three acre self sustaining ‘campus’ about 21 kilometers to the east of Lima in the foothills of the Andes.

Container Consultants and Systems (CC&S). Luis Javier Sanz Campos, INCAE Business School; Arkangel Cordero, INCAE Business School; Any Cabrera, INCAE Business SchoolThis teaching case describes de evolution of an entrepreneurial start-up from idea to established firm. In doing so, the case gives students the opportunity to understand the unique challenges and opportunities faced by a dynamic new venture in an emerging economy like Panama. It also provides a framework to exemplify the “opportunity creation” theory, and its main differences with the “opportunity discovery” theory. For entrepreneurs, it is important to understand under which framework they are operating, because both theories will offer different action recommendations in a variety of settings.

Las Llaves Powder Detergent: Remake or Die? Sofia Esqueda, IESALas Llaves a traditional brand, owned by Industrias Mavesa, had been far and away Venezuela’s preferred laundry soap. During 80 decade, growing use of washing machines cut down soap bars usage. Las Llaves Powder Detergent was launched in 1997, under the mother brand soft and natural key attributes. Las Llaves Powder succeeded in differentiating itself from the main competitors: Ace, Ariel (P&G), ABC (Colgate). It was offered as product friendly to both clothes and hands; the detergent that



29

Paper Abstracts

‘cleans and cares for all your clothes’. After Mavesa acquisition by Industrias Polar in 2001, Las Llaves brand introduced Empresas Polar to an entirely new market - cleaning category, where leading competitors were powerful multinationals with strong product technology. Empresas Polar top managers discussed whether or not to keep the Las Llaves brand portfolio of cleaning products. The only way was to raise Las Llaves’ market share for all product lines.

Sobral and its Hard Earned Success in the International Costume Jewelry Market. Marcos Garrido, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Mila Viana, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Tania Peixoto, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); André Nunes, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Jorge Carneiro, Pontifical Catholic University of Rio de Janeiro (PUC-Rio)Sobral is today a major player in the resin-based costume jewelry business and is present in major international markets - France, Germany and the US - besides having a strong position in its home country, Brazil. International expansion was not carefully planned, however. The Sobral case demonstrates that a company without a formal organizational structure or systematic planning can still set its sights on international arenas. Some dilemmas face the company: consolidate positions in its current markets or open new frontiers? What foreign entry modes to adopt? How to overcome the lack of resources and accelerate expansion, both internationally and in Brazil?

010. Entrepreneurship and Family Business10:40 to 12:00 pmUAI Graduate Building: Classroom 302 Participants:Do US and Mexico Micro Businesses Have Similar Problems over the Organization Life Cycle? Sudhir Chawla, Angelo State University; William Eldon Renforth, Angelo State UniversityThis paper utilizes the factor structure from a U.S. study of small business problems to assess the differences between the problem areas faced by small firms in Mexico and those faced by similar firms in the U.S.. Once identified, the key problem areas of the small firm in Mexico are contrasted with those of the small firm of the U.S.. These problem areas are then utilized to determine if differences exist between firms at different stages in their life cycle. The study finds that there are different factor structures for the problem areas and that the key difference is concerning the lack of available capital for the small firms in Mexico. Also marginal support is found for a life cycle effect on the importance of the key problem areas.

From farmers to entrepreneurs: The importance of associative behavior. René Díaz-Pichardo, CIIDIR-IPN, Unidad Oaxaca; Cecilia Cantú-González, Servicios Empresariales Canther, S.C.; Patricia López-Hernández, Servicios Empresariales Canther, S.C.Sustainable development of the agricultural land requires the development of entrepreneurial and organizational competency in farmers. However, the educational processes involved in such development have been insufficiently studied, especially in emerging economies. This research aims to explore the early stages of the process of transformation from farmers to entrepreneurs, through in-depth interviews with participants in a public pilot project in Mexico. Results suggest that associative behavior of farmers is a key element in the process of improving entrepreneurial and organizational competency in the agricultural land.

Peripheral Entrepreneurship: Exploring Framework Conditions at regional levels in Latin America. Christian Felzensztein, Universidad Adolfo Ibañez; Eli Gimmon, Tel-Hai Academic College, Israel; Claudio Aqueveque, Universidad Adolfo IbañezThis paper reports the findings of the first academic study in Latin America, and one of the few in any emerging economy, to examine entrepreneurial activity at the periphery. Three hypotheses are formulated, two of which are supported by the results of analyzing data collected by questionnaire from 139 expert informants more or less evenly divided between peripheral areas and two core areas: the hinterlands of the country’s capital and another economically important major city. The main finding is that those located at the periphery perceived the national entrepreneurial framework less favorably than their counterparts at the core, but that they surprisingly perceived greater business opportunity in their area. This research revives the debate about specific regional policies for fostering the growth of local business, and the entrepreneurial framework conditions needed at regional level for emerging economies.

012. Economic Environment and Regional Integration12:10 to 1:30 pmUAI Graduate Building: Classroom 300 Participants:Exporting to Canada. When NAFTA is not enough to confront competition from China. Jose Luis de la Cruz, Tecnológico de Monterrey, campus Estado de México; Carlos Canfiled, Tecnológico de Monterrey, campus Estado de MéxicoThe impact of NAFTA over the Mexican economy has been widely studied, especially respect to trade between Mexico and the United States, yet the interaction with Canada has not received the same attention. In this study both, inter and intra-industrial trade relationships and the long-term commercial linkages

30

Paper Abstracts

between Mexico and Canada are reviewed. Given the Chinese economy has increased its exports to the Canada, the latter aspects are studied with the inclusion of the Asian country´s presence to determine if there is any degree of competition with Mexico. The results obtained provide a positive answer to the last question.

Foreign Direct Investment and Economic Growth: Evidence for Causality in the Mexican Case. Jose Luis de la Cruz, Tecnológico de Monterrey, campus Estado de México; Eduardo Carbajal, Tecnológico de Monterrey, campus Toluca; Carlos Canfield, Tecnológico de Monterrey, campus Estado de MéxicoThis research examines the relationship between economic growth and Foreign Direct Investment (FDI) in Mexico. The Granger causality is proven by of the Toda and Yamamoto´s methodology using a VAR and also through the Liu, Song y Romilly´s methodology where a vector error correction model is developed. These tests prove the positive causal relationship between FDI and economic growth, but hardly in the other sense. At last, it is shown that FDI has a causal relationship with private consumption, using this variable as a proxy for welfare, allowing us to conclude that such financial flows create economic growth and welfare.

013. Corporate Finance: Capital Structure In Latin America12:10 to 1:30 pmUAI Graduate Building: Classroom 301 Participants:Family businesses and capital structure: Empirical evidence from Colombia. Carlos Pombo, Universidad de los Andes; Maximiliano Gonzalez, Universidad de los Andes; Alvaro Alexander Guzman, Colegio de Estudios Superiores de Administración; María Andrea Trujillo, Colegio de Estudios Superiores de AdministraciónHow family management, ownership, and control, affects firm’s capital structure? After studying 523 listed and not listed Colombian firms (1996-2006), we found that when families are involved in management, debt is lower for younger firms when the founder is still present, but higher when firms grows older. When family involvement comes from direct ownership, the family/debt relationship is positive; when families exert control through indirect ownership the relationship is also positive. Our results suggest that risk aversion pushes firms towards lower debt levels, but financial needs and the risk of losing control makes family-firms to prefer higher debt levels.

Theory and Practice of Corporate Finance: Evidence and Distinctive Features in Latin America. Carlos Maquieira, School of Business - U. Santo Tomás; Lorenzo A. Preve, IAE Business School; Virginia Sarria-Allende, IAE Business SchoolWe survey 290 LATAM firms on capital budgeting, cost of capital and capital structure issues. We analyze the results and compare them to those of a US survey. We analyze differences and interpret them according to special features characterizing emerging markets. We observe that LATAM firms make use of standard capital budgeting techniques, but give special weight to liquidity and capital rationing considerations. They rely less on cost of capital formal estimations; rather, they use investors’ requests as their primordial input. Finally, LATAM firms are less leveraged, and inclined towards stressing the role of internal financing and minimizing payment commitments.

Stock volatility and pension funds’ holdings in an individual capitalization-based system. Viviana Fernandez, Pontificia Universidad Catolica de ChileWe discuss the empirical relation between volatility and pension fund holdings in Chile. Specifically, we test for the feed-back effect between pension funds and stock return volatility by means of Granger causality and Arellano-Bond regressions for a dynamic panel. To this end, we gathered data on pension fund holdings for 42 firms which actively traded on the Santiago Stock Exchange during December 2002-July 2008. Our estimation results show that an increase in pension funds’ stock holdings translates into more stock return volatility. The feedback sign from volatility to pension funds’ holdings is less clear-cut, however.

014. Strategies for Global Competitiveness: Location Strategies12:10 to 1:30 pmUAI Graduate Building: Classroom 302 Participants:A Theoretical Approach of Strategy in Emerging Economies: Evidence from Mexico. Laura E Zapata-Cantu, Tecnológico de Monterrey; José Antonio Menéndez, Tecnológico de Monterrey; Alfonso Lira, Tecnológico de MonterreyIn the new world economy of the twenty-first century, emerging economies represent alternative opportunities related to costs and resources availability. However, strategy models from developed economies lack the contextual attributes, such as relationships with public and private sectors or industry regulations, required for emerging economies. This paper presents a meta-analysis of up-to-date literature involving Mexican firms based on the institutional theory and the resource-based view. The objective is to explore how these theories are utilized to explain strategy phenomena in the



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Mexican context. Evidence shows an area of opportunity in strategy research in Mexico for incorporating these theories.

Location advantage: emergent and guided co-evolutions. Pablo Martin de Holan, IE Business School and INCAE Business School; Alvaro Cuervo-Cazurra, University of South Carolina; Luis Javier Sanz Campos, INCAE Business SchoolWe study here how location advantage is created and developed. We argue that the process of creation of a location advantage can be best understood as the result of the interaction between two distinct co-evolutionary processes, emergent and guided. We illustrate the application of the co-evolutionary perspective and the differences between emergent and guided co-evolutions with the analysis of the development of location advantage in the Costa Rican tourism industry.Managing Strategic Thinking in an International Small and Medium-sized Organization located in an Emerging Economy. Juan Pablo Torres, Departmento de Administración, Facultad de Economía y Negocios, Universidad de Chile; Martin Kunc, Warwick Business School, University of WarwickThe aim of this paper is to present a methodological tool for managing strategic thinking during the SME internationalization process. We present the case study of a Chilean small-sized wine company and we describe through its resource maps how the top management team conceptualizes its strategic resource for implementing its internationalization strategy. We show that a simulation of their resource maps can generate non-linear dynamics managing only two resources. The complexity of managing usually more than two resources, therefore, supports the use of this managerial tool for simulating resource-based strategies before to be implemented.

Winery Strategy and Wine Tourism: Chilean Wine Regions and Routes. David E Hojman, University of Liverpool Management SchoolThis study explores the roles wine tourism plays in winery strategies in Chile, by using empirical data to systematically examine wineries, wine regions and wine routes, highlighting heterogeneities in demand and supply. A variety of winery business models can be broadly classified into two strategies: first, wineries which see wine tourism as a link in a long-distance, possibly inter-continental relationship marketing chain; and second, wineries for which wine tourism is their last hope of survival. A winery database was compiled and tests conducted. The discussion considers implications of each strategy, for both Chile and other wine-producing countries.

017. Human Resource Management and Socio-demographics3:00 to 4:20 pmUAI Graduate Building: Classroom 300 Participants:Generation or Culture? Work Attitude Drivers: an analysis in Latin America and Iberian Countries. Lourdes Susaeta, IESE Business School; Jose Ramon Pin, IESE Business School; Sandra Idrovo, INALDE, U. de la Sabana; Maria Jesus Belizon, Kemmy Business School; Alvaro Espejo, Universidad Adolfo Ibañez; Angela Gallifa, IESE Business School; Marisa Aguirre, Universidad de Piura; Eugenio Avila Pedrozo, Universidad Federal do Rio Grande do Sul - UFRGSThis paper concerns the work attitude drivers within the current scenario taking into account two different factors of influence, the culture and the generation of each individual. To belong to a given generation can affects individuals work attitudes as well as to belong to a given culture. The study considers these two factors in order to analyse five dimensions that are sources of work attitudes: vital project, professional ethics, attitude towards authority, leadership and corporate commitment. The paper draws upon a sample comprising Latin American countries and Iberian countries. Through the analysis of almost one thousand people, the results show the great differences in terms of generation and culture specially when focusing on vital project. The most relevant conclusion is that Latin America can not be considered as a whole in terms of individual work attitude. There is a wide diversity referred to this matter within this continent and managers should have this issue into account for improving employee motivation.

Leadership in a group of colombian small and medium enterprises: Effect of optimism and socio-demographic variables. Fernando Juarez, Universidad del Rosario; Francoise Contreras, Universidad del RosarioThe aim of this study was to describe the leadership practices in a group of managers of Small and Medium Enterprises (SME) in Bogotá, Colombia, and to observe the mediating role of optimism and socio-demographic characteristics in such practices. A total of 90 managers completed the Leadership Practices Inventory and The Revised Life Orientation Test. The managers showed high level of leadership and optimism, what could be an important resource for sustainability. Age, marital status and size of the company are related to the leadership features. Further studies are needed to understand the relations among these variables.

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Organizational Spirituality and Workplace Inclusion: a Study with Black Managers. Bruno Felix von Borell de Araujo, Universidade Presbiteriana Mackenzie; Marcelo de Souza Bispo, Methodist University of São Paulo / Mackenzie UniversitySpirituality has been observed as a feature desired both by professionals and by the organizations where they work. However, little is known about the impact that spirituality has on the organizational practices of Workplace Inclusion in the workforce. This study aimed to evaluate Organizational Spirituality as an antecedent to the Workplace Inclusion. It was conducted by means of questionnaires applied to black managers and supervisors working for medium and large companies located in São Paulo. The study identified spirituality as an antecedent of Workplace Inclusion.

The role of national culture on best human resource management (HRM) practices in Mexico: An ethnographic approach. Pramila N Rao, Marymount University, School of Business; Virginia, USAThis qualitative study identifies the human resource management (HRM) practices of three companies located in Mexico. The companies were chosen from the annual list of Great Places to Work institute, an established and reliable source of identifying best practices in Latin America. The HRM practices that were explored were selection, training, performance appraisal and compensation. The research paper integrates the theoretical model of the GLOBE national cultural study to understand how these best practices are congruent with the local national culture. The paper provides a model of best practices that has been identified by this study.

018. Management Education3:00 to 4:20 pmUAI Graduate Building: Classroom 301 Participants:Are We Preparing Our MBAs For Executive Strategic Demands? An introductory study. FLAVIO BRESSAN, PONTIFÍCIA UNIVERSIDADE CATOLICA DE CAMPINAS; GERALDO LUCIANO TOLEDO, UNIVERSIDADE DE SAO PAULO - USPExecutives are required to ground their daily actions toward strategic objectives and think strategically for attending successfully executive positions. Interviewed Professors reveal that professionals attending MBA Programs have great difficulty in dealing with strategic matters for defining alternative futures and prefer dealing on subjects more focused on operational issues. This paper presents results from a survey on preferred mental model or thinking patterns among these professionals, and concludes that one of the causes of these faced difficulties

with the demands of strategic matters is their preferred thinking patterns, and addresses the question for the development of the strategic thinking capability.

Guiding Thoughts on Research into Management: The Contribution of Paulo Freire. Joysi Moraes, Universidade Federal Fluminense; Elaine Di Diego Antunes, Universidade Federal do Rio Grande do SulIn this essay we explore the methodological possibilities in the work of Paulo Freire that may be used to guide research in the field of Management. We approach the indivisible binomial action-reflection as a precondition for building the equally indivisible binomial theory-practice. We look at the dialectic, from Freire’s perspective, as a methodological practice that facilitates the research process. We argue throughout this paper that if researchers fail to perceive the dialectical unity between theory and practice, they will also fail to understand a particular phenomenon in all its complexity.

Innovation in market research methodology through the “learning by doing.” Cristóbal Fernández Robin, Universidad Santa María; Jorge Mauricio Cea Valencia, Universidad Santa MaríaThis work shows the design and application of an unconventional method of teaching in the field of “Market Research” of the Universidad Santa María of Chile, using a learning methodology of “learning-by-doing”. This educational project illustrates how it is possible to carry out market researches to enterprises from the class room, where students feel that what they are learning can be applied in the real world, by means of an actual research to the enterprise. This orientation has generated a teaching experiment with high demands of both planning and operational logistics. In addition to that, a research with former students is developed with the purpose of measuring the impact of the methodology on the formation and development of the students, and the contribution regarding the tools and competences that they visualize from their professional experience.

Non-traditional executive education: the differentials of network learning from other management’ learning methodologies. Daniel Jardim Pardini, Fumec University; Antônio Batista Silva Júnior, Fundação Dom Cabral; Denise Campos Chaves Machado, FUMEC UniversityThis paper explores the functional dynamics of network learning in executives’ education. The objective of the study is to investigate the differentials between executive networks learning programs from other traditional learning models. In the learning education literature the collective constructivism perspective could better explain how individuals learn more when they construct, discuss and change knowledge in network



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groups. We analyze the networking programs of Fundação Dom Cabral and the results suggest that the learning process have to be plan and customize considering the characteristics of the executives’ companies. The research contributes to extend the knowledge concerning a non-traditional methodology in executive education.

019. The Economics and Financing of Innovation3:00 to 4:20 pmUAI Graduate Building: Classroom 302 Participants:Exchange Rate Fluctuations and International Technology Transfer. Rodrigo Costamagna, N/S; Pedro Mendi, Universidad de NavarraWe propose an incomplete contract model of licensing of a cost- reducing technology. We incorporate fluctuations in the exchange rate to analyze the parties investment and licensing decisions. Exchange rate fluctuations introduce a distortion between the licensor and the licensee’s value for the technology. We analyze under what circumstances the technology is transferred and what are the implications of variations in the exchange rate on the parties investment levels.

Fostering Innovation in Brazil through Private Equity and Venture Capital Public Policies. Caio Ramalho, GVcepe - Private Equity and Venture Capital Research Center at FGV-EAESPThis paper analyzes the Brazilian government support to the local PE/VC industry and whether it encompasses all the three stages of the PE/VC cycle - fundraising, investing and exiting. I conducted an empirical research which collected primary data from a sample of 127 PE/VC firms (90% of the population) operating in Brazil as of June, 2008. I conclude that public policies have been very important to build a dynamic and strong local PE/VC industry in order to foster favorable conditions to creating and developing successful innovative businesses in Brazil, including a vibrant stock market.

Value creation in Mergers and acquisitions. Denise Maria Fanhani de Castro, USP; Almir Ferreira de Sousa, Universidade de São PauloTheoretically speaking, mergers and acquisitions are based on the principles of shareholder value creation. Nevertheless, there is a disparity between theory and practice, since empirical studies provide little evidence of value creation in such transactions. This study aims to identify the veracity of that premise, to understand mergers’ real motivation, and to identify critical aspects of value creation through the assessment of qualitative indicators, using a multiple case study in three of the most relevant mergers occurred recently in Brazil. The perception attained from this

work is that value is not necessarily expressed monetarily in the short term.

021. Marketing Management4:30 to 5:50 pmUAI Graduate Building: Classroom 300 Participants:Management and Customer Orientation: a Study Using the Model of Importance and Performance Analysis (IPA) in the Food Service Restaurants Market. Sérgio Luiz do Amaral Moretti, Universidade Nove de Julho - Brasil; José Edson Moysés Filho, Universidade Nove de Julho - Brasil; Renato Ferreira Pimenta, Universidade Nove de Julho - BrasilStudies on small and medium enterprises (SMEs) management from the perspective of market orientation (OPM) have been rare in Brazil. This article aims to determine which marketing activities designed under the principles of the OPM are adopted by a sample of SMEs in the service food restaurants market all of them with more than 10 years of existence in the city of São Paulo. To verify the existence of the supposed activities was applied the model Importance and Performance Analysis (IPA). The results seem to indicate that there is a dynamics process generated by internal employees to identify customers’ preferences and desires and to turn them into services.

More Room for More Innovative Images. A Study About 40 Years of Brazilian Print Advertisements. Josmar Andrade, EACH/USP; José Afonso Mazzon, PPGA/FEA/USPThis longitudinal study investigates the use of visual elements in the designing of print ads. The analytical corpus comprised 800 advertisements published for over 40 years in the main Brazilian general interest magazine. Using content analysis, the authors identified a significant increase in space allocation to visual elements over the decades, with a photography predominance. Also was detected an increased use of “mixed techniques”, which articulate, in the same visual expression, photos and illustrations. The results suggest that the discourse of visual foundation has been occupying the space available, both in an objective way, but also in a strategic sense

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022. Teaching Cases II4:30 to 5:50 pmUAI Graduate Building: Classroom 301 Participants:Leblon Cachaça: the Born Global Phenomenon in a Traditional Industry. Bruno Viana Coelho, BNDES - Banco Nacional de Desenvolvimento Econômico e Social; Renato Cotta de Mello, Instituto Coppead de Administração - UFRJ; Angela Cavalcanti da Rocha, PUC-RJThis case describes the story of a cachaça producer that since its inception regards the world as a market for its product. Founded by entrepreneurs in mid-2006, the production process is divided between Brazil and France. Within four years, Leblon Cachaça was available on three continents, with projected revenues of $8 million for 2010. The company was a typical born global and the most striking features of the firm’s strategy are premium positioning, distribution channels and information technology. It is suitable for use in undergraduate and graduate courses that address issues relating to born global, international entrepreneurship, and international management.

The Marisol Case: Challenges of International Growth for a Successful Brazilian Designer Apparel Firm. Alexandra Sanglard, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Alessandra Baiocchi, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Patricia Freitas, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Mila Schiavo, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Jorge Carneiro, Pontifical Catholic University of Rio de Janeiro (PUC-Rio)Marisol has forged a successful legacy in Brazil in the market for clothes with a sophisticated, stylish look. Success in Brazil enabled the firm to garner overseas customers. The establishment of subsidiaries in Argentina, Italy and Mexico represented important steps in Marisol’s internationalization. Marisol’s executives have to decide on several issues: how to consolidate their position in the American market and in other countries? What modes of operation - own stores, franchisees, multi-brand stores, private label supply - to use in which countries? Which brands to launch abroad and whether to adapt them to local tastes, while exploiting the image of Brazilianness?

Value Creation through Innovative Strategies: The Case of Corona Beer. Ashok Som, ESSEC Business School, Paris-SingaporeOriginally targeting its domestic Mexican market, Grupo Modelo created one of the most popular beer brands in the United States with Corona Extra, one of the two top selling imported beers. The U.S. market is the largest in the world in volume, so competition is fierce to grow market share among the other

top global players: Heineken, Inbev and the U.S. giants Anheuser and Miller. Grupo Modelo’s international success had come first from its reliance on an international vision based on competitive distribution channels and smart, local marketing campaigns. However, with its two biggest rivals readying themselves to play the same game, Modelo had to reevaluate its international strategy and look for new ways to keep its slogan as “the best selling Mexican beer in the world.” The case article discusses the strategies of competitiveness of Grupo Modelo.

023. Strategies for Global Competitiveness4:30 to 5:50 pmUAI Graduate Building: Classroom 302 Participants:International business competence develops the increase of the finacial performance:the case of brazilian SMEs. Dinora Eliete Floriani, Universidade do Vale do Itajai; Maria Tereza Leme Fleury, EAESP Fundação Getulio Vargas; Afonso Fleury, Universidade de Sao PauloObserving the growing trend in the internationalization of SMEs, Knight and Kim (2009) proposed a model to link International Business Competence (IBC) and SME international performance. However, in this article we addict the Degree of Internationalization (DOI) as a factor which might influence the international competence development and financial performance. It would be expected that SMEs with higher DOI displays more IBC than SMEs characterized by low DOI. We consider that IBC plays a mediating role between the DOI and the financial performance: the more internationalized SMEs should develop more IBC than recently internationalized SMEs, to achieve similar financial performance.

The Relationship between Strategic Behavior, Environmental Monitoring and Performance in Automobile/Motorcycle Resale in the cities of São Bento do Sul/SC and Lages/SC. Alex Luiz Mariano, Luiz Carlos Mariano and Edina Maria Mariano; Lineu Muniz Filho, Lineu Muniz and Vilma Rosa Muniz; Yeda Maria Pereira Pavão, Adão Francisco Pereira and Gessy da Silva Pereira; Simone Sehnem, Francisco Antônio Sehnem and Isolde Sehnem; Carlos Ricardo Rossetto, Plínio Rossetto and Joaninha Borello RossettoThis paper analyzes the relationship between environment monitoring, strategic behavior and performance of automobile and brand-new and second-hand motorcycle resale companies in the mountain plateau and northern regions in the state of Santa Catarina. The goal was the identification of this relationship internally and externally in the organization. The study is quantitative and descriptive, with a survey procedure. As for strategic behavior we can say that companies in both



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regions have the prospector as a dominant behavior and there is the predominance of external information sources for the environmental monitoring. As for performance, there were no significant differences between the behavior types.

THURSDAY, APRIL, 14

031. Culture, Social, and Ethical Issues10:40 to 12:00 pmUAI Graduate Building: Classroom 300 Participants:Cultura Ciudadana: Performative Acts for Cultural Change in Bogotá, Colombia. Bridging the Gap between Formal and Informal Structures. Ilva Navarro Bateman, Lecturer; Aleksandar Dundjerovic, LecturerThis paper looks at Antanas Mockus’s interventions to instigate cultural and social change, in Bogotá, Colombia during his two administrations between 1995 - 1998 and 2001 - 2004. As mayor, his government programme focused on creating a city space that allowed a change in collective behaviour and in the way citizens related to others by using applied theatre as a political tool. Street performance, carnival tradition and theatre for social change were used in conjunction in order to educate and create a new cultural understanding of urban living and social integration. The paper makes reference to Nobel Prize winning economist Douglas North, who has investigated how the relationship between formal and informal rules influences economic development, Jurgen Habermas’ work on how dialogue can create social capital; and to Augusto Boal’s performance theories of the need to lift the barriers that separate actors/actants and spectators/observers so that both groups can become active participants in changing social problems.

Subject-Specific Performance Information can worsen the Tragedy of the Commons: Experimental Evidence. Mauricio G. Villena, School of Business, Adolfo Ibañez University, ChileThe main aim of this article is to investigate the behavioral consequences of the provision of subject-specific information in the group effort levels chosen by players in an experimental CPR game. We examine two basic treatments, one with incomplete information and the other with complete information. In the former, subjects are informed only about their own individual payoffs and the aggregate extraction effort level of the group, and in the latter they are also informed about the individual effort levels and payoffs of each subject. Given this setting, the basic question we attempt to answer is: Will the provision of subject-specific performance information (i.e. individual’s effort levels and payoffs) improve or worsen the tragedy of

the commons (i.e. an exploitation effort level greater than the socially optimum level)? In order to motivate our hypotheses and explain our experimental results at the individual level, we make use of the theory of learning in games, which goes beyond standard non-cooperative game theory, allowing us to explore the three basic benchmarks in the commons context: Nash equilibrium, Pareto efficient, and open access outcomes. We use several learning and imitation theoretical models that are based on contrasting assumptions about the level of rationality and the information available to subjects, namely: best response, imitate the average, mix of best response and imitate the average, imitate the best and follow the exemplary learning rules. Finally, in order to econometrically test the hypotheses formulated from the theoretical predictions, we use a random-effects model to assess the explanatory power of the different selected behavioral learning and imitation rules.

The Social Dynamics of Stakeholder Relationships: From Silent Stakeholders to a Salient Organization. Anabella Davila, Tecnologico de Monterrey; Christiane Molina, Tecnologico de MonterreyThis study examines the social dynamics of stakeholder relationships and presents an archival analysis of small coffee producers in southern Mexico that formed a cooperative and that currently compete in the international fair trade market. This research presents evidence that there are contextual factors by which silent stakeholders turn into salient groups. These factors include the role of social relationships and a strong sense of moral commitment in the development of modern organizations in rural areas. This case study provides evidence for a horizontal organization-stakeholder relationship in contrast to a hierarchical relationship of subordination.

032. Corporate Finance: Initial Public Offerings In Brazil10:40 to 12:00 pmUAI Graduate Building: Classroom 301 Participants:Initial Public Offerings in Brazil: Perceptions of Financial Executives. HELEN CRISTINA STEFFEN, student; Francisco Antônio Mesquita Zanini, teacherThis study examined the perceptions of financial executives at the Initial Public Offering in Brazil, replicating, in large part the research done by Brau, Ryan and DeGraw (2006) in the United States. The results showed that financial executives in Brazil confirm the theories of the life cycle, and also the theory of market timing and the theory static trade-off. The results show that financial executives do not see the IPO as a way to change the company’s control, as they do not see the disadvantages of loss of control and confidentiality with the IPO.

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Initial Public Offerings in Brazil: the Relationship between Issuers, Shareholders and Investment Banks. Vinicio de Souza e Almeida, UFRN; Ricardo Pereira Câmara Leal, COPPEAD/UFRJThis study examined the effects of the choice between “few” or “many” coordinating banks in Brazilian initial public offerings. From the adapted models and reflections directed at Brazilian IPOs, three hypotheses were constructed for investigation: (i) The price range and the midterm of the preliminary price will be closer to the closing price on the first day in deals with more than one coordinating bank, (ii) Large offerings are coordinated by more banks, (iii) Greater risk issuers are more likely to use only a coordinator, of higher reputation. We verify the hypothesis (i) partially, and the hypothesis (ii).

033. The Process of Innovation10:40 to 12:00 pmUAI Graduate Building: Classroom 302 Participants:Analysis of the Influence of Innovation Efforts on Performance of Brazilian Firms. David Ferreira Lopes Santos, Petrobras; Leonardo Fernando Cruz Basso, Mackenzie University; Herbert Kimura, Mackenzie University; Eduardo Kazuo Kayo, University of Sao PauloThis research aimed to study the relationship between innovation and variables that represent firm performance. Using a comprehensive database that cross-references innovation information gathered by PINTEC (Technological Innovation Research) of IBGE (Brazilian Institute of Geography and Statistics) and financial information made available by Serasa and by Gazeta Mercantil, we investigate possible relationships between innovation and performance of Brazilian companies. Results of the application of the structural equation model suggest that, for the sample of Brazilian companies, variables associated with investments in innovation, which are connected to the innovative effort of a company, do not significantly explain financial performance.

Innovation and mobile phones: Opportunities for Latin America & the Caribbean. Samantha Rullan Rosanis, Universidad Autonoma de BarcelonaLatin American & Caribbean governments need to tackle endemic and new challenges that hinder their potential for growth and development. Should innovation be the basis for competitiveness and could new technologies help to find solutions to growing challenges? Mobile technology is the means through which innovative applications could be facilitated at lower costs. The aim is to demonstrate the opportunities that innovation and new technologies, such as mobile phones, offer developing countries to create an enabling environment to

support innovation, to extend its benefits to all citizens and to enhance their competitiveness.

R&D by Multinational Enterprises in Latin America. robert grosse, EGADE Business SchoolR&D as the basis of innovation is a major engine of development in the 21st century. Latin American countries have invested less in this activity than countries in other regions, even relative to their economic size. This article looks at R&D in Latin America by foreign multinational firms, which is often used for adaptation of technology created elsewhere for local applications. Still, some multinationals are carrying out global R&D in Latin America, particularly in Brazil and Mexico, and particularly in the auto and telecom/IT industries. Evidence is presented from both secondary sources and from a set of company interviews in five countries. In addition, based on evidence of some government policy successes, policy recommendations are offered for increasing this activity and its benefits

Who is Innovating in Latin America? Niels Ketelhohn, INCAE Business School; Arturo Condo, INCAE Business SchoolWe conduct a case-based comparative analysis of the four largest patent-producing nations in Latin America, carrying out and extensive archival search of 8,773 patents registered by Latin American inventors in the U.S. Patent and Trademark Office from 1976 to 2009. We determine the most important innovative organizations in each country, and find significant variability in the role of independent inventors, and national and foreign-based organizations across the four countries in our sample. We also observe concordance between innovative disciplines and export structure of the countries.

035. Human Resource Management and the Individual12:10 to 1:30 pmUAI Graduate Building: Classroom 300 Participants:Analysis of behavioral profile of business administration course students by selecting competencies: a case study in Junior Company of UGB. Dario Moreira Pinto Junior, University Center of Barra Mansa - UBM; José Vilmar Vilmar Oliveira, Centro Universitário de Barra Mansa - UBM; Antonio Carlos Breves Souza, Centro Universitário de Barra Mansa - UBM; Wellington Leoncio Costa, UGBCompany requires professionals with certain abilities and competences that become them capable to promote the development organizacional. Inside of this context, an analysis of the profile of the behavior competences of the business administration course students of the UGB was made through



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the application of a selecting by competencies process. The objectives had been to know the profile, to learn in order to increase the knowledge of the pupils who later will be potential candidates for the vacant in the selective processes of the organizations. It was used the Bioestat® software for the statistical calculation.

HRM practices, affective organizational commitment and turnover among Mexican IT professionals. Isis Gutiérrez-Martínez, Universidad de las Americas PueblaTurnover appears to be a chronic problem for organizations in the information technology (IT) sector. This article tests the direct and mediating relationships between human resource management practices, affective organizational commitment and turnover intentions in IT sector. The empirical study has been implemented on the basis of a sample of 514 IT professionals belonging to companies of the IT sector in Mexico. Results show that affective organizational commitment mediate the relationship between the independent variables under study and turnover intentions. Those results contribute to a better understanding of the factors that predict retention of such professionals. These results also have practical implications in terms of management of IT professionals.

Required Individual Competences and Organizational Modernity: an Study on Brazilian Professionals. Anderson de Souza Sant’Anna, Fundação Dom Cabral (FDC); Fátima Bayma Oliveira, Fundação Getulio Vargas; Samir Lotfi Lotfi, Fundação Dom Cabral (FDC)This article presents results of a study on the demand level for individual competences as well as on the modernity of organizational management practices and policies adopted by institutions of two different Brazilian geographic regions. The results shows that a high demand for the whole set of researched competences was detected, evidencing the highest demand for competences characterized by individual and relational qualities and by organizational performance. Curiously, the northern region presented a higher level of demand for the researched competences vis-à-vis a higher perception of the organizational modernity level, suggesting it is important to focus on different socioeconomic contexts.

Role perceptions and motivations to perform organizational citizenship behaviors. Alvaro Espejo, Universidad Adolfo IbañezWe study the effect of employees’ role perceptions on organizational citizenship behavior (OCB) and on their motivation to perform OCB. We distinguish four motives: extrinsic, intrinsic, altruistic, and institutional. Results show that extrinsic and institutional motives become more important when employees perceive behaviors as in-role. Intrinsic and

altruistic motives are more independent of role perceptions.

036. Finance: Government and Financial Markets12:10 to 1:30 pmUAI Graduate Building: Classroom 301 Participants:Methodologies for Cut-Off Point Determination in Credit Scoring Models for Not-for-Profit Governmental Institutions. Cristian Bravo, Universidad de Chile; Sebastian Maldonado, Universidad de Chile; Richard Weber, Universidad de ChileCredit scoring models are one of the best known statistical tools, giving a numerical measure of the probability that any person or institution will return or default a given loan. One of the parameters needed for the correct application of the model is the cut-off point, that is, the value that decides whether to consider an individual as a defaulter or not. This research presents a methodology for obtaining this critical value, based on the results of estimating the losses and gains for the country as a whole, and then constructing a cut-off value incorporating both costs.

Non-Explicit FOREX Intervention: Central Bank Role in a Dollarized Economy: The Peruvian Case. Cesar Fuentes, Universidad ESAN; Ronald Rios, Universidad ESANWe use the Markov-switching model, based on Hamilton (1990) among others. The non-explicit intervention Central Bank of Reserve, changes the expectations of the economic agents. The change in expectations clearly shows, that the public is aware of the non-explicit intervention in a dollarized economy. Moreover, we conclude that the market participants assume that the Central Bank is more efficient reducing the volatility in periods when the domestic currency appreciates, that when the sol depreciates. The results show that the Markov-switching model behaves more than satisfactorily in the sample period, but in periods of extreme volatility, such the recent sub-prime crisis.

Short Term Borrowing: Emerging Markets’ Only Choice? Xavier Ordenana, ESPAE Graduate School of Management; Gustavo Solorzano, CIEC, ESPOLThe recent financial crisis showed once again the dangers of having high levels of short term debt. In this paper we show that international investors prefer to finance long term projects with short term debt - that bears risk of self fulfilling crises. Short term debt enlarges their menu of assets allowing them to extract surplus from domestic entrepreneurs. The risk of a self fulfilling crisis acts as an entry barrier preventing other funds from flowing into the country. Lenders can assure this equilibrium through some coordination device -e.g. a hedge fund.

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The Public Bond Offering of Petróleos de Venezuela S.A. Urbi Alain Garay, IESA; Carlos Alberto Molina, IESAIn April 2007, Petróleos de Venezuela S.A. (PDVSA) issued debt for US$ 7.5 billion, the largest to date debt offering by a Latin American company. The conditions surrounding this issue, which was denominated and tradable in dollars but payable in bolivars, were quite special, particularly when considering the strict exchange rate control system put in place by the Venezuelan government back in 2003, and still in force. The fact that the bond issue attempted to fulfill a dual purpose of offering dollars to local companies and to investors in the midst of the prevailing exchange rate controls, while helping to finance PDVSA as a company, created a unique dilemma which is ideal for class discussion when estimating the conditions of the offer.

37. Information Technology Management12:10 to 1:30 pmUAI Graduate Building: Classroom 302 Participants:Innovation and Technology: Effect of Information Infrastructure on Economic Development. Sul Kassicieh, U o fNew Mexico; Raul Gouvea, U o fNew MexicoThe strong relationship between innovation and information technology has always been strong and has become more important as competitiveness of firms and industries are compelling reasons for nations to focus on how to generate, foster, and sustain innovation. Several information technology parameters are examined in terms of their relationship to innovation, business climate and availability of money, factors that are essential for success in economic development. The paper analyzes the relationship between these factors and the information technology parameters over the last decade to understand the change that has occurred over time as information technology became more essential for everyday activity across the globe.

The virtual organizing in fashion retail sector in Brazil. Sofia Batista Ferraz, Universidade Federal do Ceará; Davi de Castro Rocha, Universidade Federal do Ceará; Leonardo de Queiroz Braga Cavalcante, Universidade Federal do Ceará; Sandra Maria dos Santos, Universidade Federal do Ceará; Augusto Cézar de Aquino Cabral, Universidade Federal do CearáThis paper argues that the knowledge about the reality of informational and communicational technologies is still new to the brazilian scholars and to the business market, needing, then, a deeper comprehension. Based on an analysis of the fashion sector companies through the model proposed by Venkatraman and Henderson (1998), the paper examines the level of virtual

organization for relevant fashion retail sector companies in Brazil. It concludes that rather the market slice analyzed understands little about the organizational virtualization, although it has already enters this new era of transformation from physically business and boundaries to virtual connected experiences.

Why Managers Postpone Investments in Information Technology? A Case Study. Rodrigo Fernandes Malaquias, Universidade Federal de Uberlândia; Alberto Luiz Albertin, FGV-EAESPFaced with previous research results and knowing the benefits that IT (Information Technology) can bring to organizations, it has the following research question: why some managers postpone investments in IT? Among other findings, results indicate that the existence of employees who have high confidence of managers, as members of the same family, may be one of the factors that lead to the postponement of investments in IT. 040. Human Resource Management and the Organization3:00 to 4:20 pmUAI Graduate Building: Classroom 300 Participants:Bringing skill formation into global value chain analysis: The case of the Chilean salmon industry. Helen Rainbird, University of Birmingham Business School; Paulina Ramirez, University of Birmingham Business SchoolThe paper argues that in order to understand how firms and countries develop the skills required to participate in global value chains it is necessary to introduce a national institutional perspective on knowledge creation and skill formation into global value chain analysis. Based on interviews with senior industry figures, the authors explore the interactions between national institutions for learning and skills development and the salmon farming global value chain in Chile. The study found that though Chile has become a major producer of farmed salmon, Chilean-located producers are primarily engaged in the lower knowledge-intensive segments of the value chain.

Business strategy, HRM and company performance in European and American manufacturing companies. Sinikka Vanhala, Aalto University School of Economics; Ruth Alas, Estonian Business School; Ants Kraus, Estonian Business SchoolThe paper examines thefit between business strategy/ies and HRM and how it would affect organizational performance in three country clusters: European and North and South American. The link between business strategy and HRM, on the one hand, and HRM and company performance, on the other, are widely debated in prior HRM literature. Building on data gathered in



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the fourth IMS Survey, the connections are studied in the three clusters. The results indicate that product strategy and HRM are the best predictors of performance with vast differences between performance indicators and country clusters.

Organizational learning trajectory in the study of post-acquisition integration. Daniel Jardim Pardini, Fumec University; Renata Veloso Santos, Fumec University - IFMG; Denise Campos Chaves Machado, FUMEC University; Antônio Batista Silva Júnior, Fundação Dom CabralLittle has been study about the implications of mergers and acquisitions in the learning process during post-acquisition integration. This paper explores the challenges of organizational learning trajectories during a integration of four mining companies of Vale, the second largest mining company in the word. The organizational learning trajectory is the investment spent by organizations to implement past experience that help to improve organizational performance. The results of the research suggest that the accumulated knowledge from the acquiring and acquired companies can be used as an important source of information for acquisition managers. The study contributes to the literature of acquisitions in observing the elements of intra-organizational learning trajectories.

041. Corporate Finance: Issues on Performance3:00 to 4:20 pmUAI Graduate Building: Classroom 301 Participants:Family firms and financial performance: Empirical evidence from Colombia. Maximiliano Gonzalez, Universidad de los Andes; Carlos Pombo, Universidad de los Andes; Alvaro Alexander Guzman, Colegio de Estudios Superiores de Administración; María Andrea Trujillo, Colegio de Estudios Superiores de AdministraciónWe examine the relationship between financial performance and family involvement for 523 listed and non-listed Colombian firms during the years 1996-2006 (5,094 firm-year observations). We found that firms exhibit better financial performance when founders are involved in management, although this effect decreases with firm size. When heirs are in charge, we found no statistical difference in financial performance. Also, we found that direct family ownership and family control through pyramidal ownership structures affect financial performance positively. However, this effect decreases with firm size. Overall, we found that family involvement affects financial performance positively only in small and young firms.

Study of the Influence of Governance Variables at the Country Level on the Profitability of Companies: Analysis through Hierarchical Linear Models. Herbert Kimura, Mackenzie University; Eduardo Kazuo Kayo, University of Sao Paulo; Leonardo Fernando Cruz Basso, Mackenzie UniversityThe study evaluates the influence, on corporate performance, of governance variables at the country level: voice and accountability, political stability and absence of violence, government effectiveness, regulatory quality rule of law and (vi) control of corruption. These variables at the country level, together with firm-level variables (size, debt, liquidity) and industry-level variables (munificence, dynamism and concentration) are used to explain profitability of companies from a sample of 10.807 companies from 30 countries, with data from 2002 to 2007, using a multilevel analysis, also called hierarchical linear modeling, to identify the components of the variance of corporate performance.

The Determinant Factors of Working Capital Management in the Brazilian Market. Nathalie Vicente Nakamura Palombini, Universidade Presbiteriana Mackenzie; Wilson Toshiro Nakamura, Universidade Presbiteriana MackenzieTraditionally, much has been written in corporate finance literature on long term investment and financing decisions. However, short term asset investments represent a relevant part on firm’s balance sheet (Garcia-Teruael and Martinez-Solano, 2007). Moreover, financial managers invest significant amount of time and effort on working capital management, balancing current assets and liabilities. This article provides insights regarding determinant factors of working capital management by exploring company’s internal variables. Using 2,976 firm observations of public companies in Brazil, from the period 2001-2008, the results presented evidences that debt level, size and growth rate can affect company’s working capital management.

042. The Process of Innovation: Approaches to Innovation3:00 to 4:20 pmUAI Graduate Building: Classroom 302 Participants:Design Thinking-based Innovation: how to do it, and how to teach it? Carlos A Osorio, Universidad Adolfo IbanezAs innovation becomes the cornerstone for value creation, this paper explores two questions: (i) what methods and decisions help teams to innovate better and faster? and, if there are such methods, (ii) how can they be learned? I build a framework based on converging theory from design, engineering, and management, applied to field research on innovation processes across highly innovative firms, and tested it through experiments in the classroom. Findings have allowed identifying critical

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decisions during innovation processes that make a difference between success and failure, and design learning experiences that enhance the results of innovation in team-based development.

From intuition to innovation:The importance of taking risks. Olivia Villalba-Moreno, Professor; Claudia Ramos-Garza, Professor; Leticia Ramos-Garza, ProfessorOf late, organizations realize that to gain sustainable growth and better performance, it is essential to innovate in all aspects of business. At the heart of all organizational innovation is the individual employee, who alone or in groups, generates and realizes these ideas (Scott and Bruce, 1994). Understanding the characteristics that distinguish innovators is therefore, of crucial importance. Results of the study indicate that both intuition and a willingness to take risks characterize corporate innovators. Furthermore, a mediation effect of taking risks between intuition and innovation was found. The results and the managerial implications of the study are discussed.

The effects of knowledge management practices on market orientation and innovativeness in Brazilian companies. Alex Antonio Ferraresi, Pontifícia Universidade Católica do Paraná; Silvio Aparecido dos Santos, Universidade de São Paulo; José Roberto Frega, Universidade Federal do Paraná; Carlos Olavo Quandt, Pontifícia Universidade Católica do ParanáThe effects of knowledge management (KM) practices on market orientation, innovativeness and corporate performance are analyzed using data from a survey of 241 Brazilian companies. The study also investigates the individual and joint contribution of KM, market orientation and innovativeness to the achievement of business results. The results show that KM contributes directly to market orientation, but it does not contribute directly to innovativeness or to business performance. When mediated by market orientation and innovativeness, the findings indicate that KM is correlated to business outcomes. The findings highlight the importance of linking corporate objectives to KM practices.

043. Panel: STEP Global Project3:00 to 4:20 pmUAI Graduate Building: Classroom 303

FRIDAY, APRIL, 15 051. Marketing Management - Strategy10:40 to 12:00 pmUAI Graduate Building: Classroom 300 Participants:Do Strategic Marketing and Social Networks Really Matter in Clusters? Christian Felzensztein, Universidad Adolfo Ibañez; Susan Brodt, Queen´s Business School, Canada; Eli Gimmon, Tel-Hai Academic College, IsraelThis paper examines the role of geographic proximity and social networking in triggering inter-firm cooperation in strategic marketing. Although traditionally studied from an economic perspective, we focus instead on the strategic management aspects of interaction. In addition we collect empirical data on these processes in an emerging region of Latin America where limited research has been conducted covering these issues. Managers from three key natural resources-based industries in Chile participated in our survey; one of these industries constituted a well-defined cluster whereas the other two did not. The survey assessed managers’ perceptions of the benefits and opportunities of inter-firm cooperation in strategic marketing activities as well as the particular types of cooperative behavior they engage in. Results show support for the cluster concept in terms of both perceptions and behavior. Relative to those in unclustered industries, managers in clustered industries tended to perceive more benefits and opportunities from inter-firm co-operation in marketing activities. They also reported greater cooperative objectives and cooperative behavior. Their responses did not, however, indicate higher levels of trust or higher levels of joint activities directly with other firms; instead, their cooperative activities involved trade associations, which may provide both an impetus for cooperation as well as a buffer against the inherent risk associated with inter-firm trust. We discuss implications of these findings for researchers, practitioners and policy makers.

Marketing Strategy, Innovation and Externalities: The Case of the Chilean Wine Cluster. Christian Felzensztein, Universidad Adolfo Ibañez; Kenneth R Deans, University of Otago, New Zealand; German Echecopar, Universidad Adolfo IbañezIn light of the conflicting evidence in previous studies related to the benefits of clusters in creating positive externalities of firms, the need for further research was identified. Acknowledging the effect of co-location on marketing externalities Brown, McNaughton and Bell (2010) stated that only limited research exists to indicate the degree of impact that clustering has on marketing activities in domestic and international contexts. This gap in the literature prompted the current study to investigate two research objectives: to better understand the business-



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to-business (B2B) relationships of regional clusters in terms of geographical co-location and the development of inter-firm marketing cooperation and; to explore how and to what extent co-location influences inter-firm marketing co-operation and the kind of externalities that are generated. To address these issues, the results of a recent 2010 survey of the wine cluster in Chile are presented. Respondents, among them senior managers and marketing managers, indicated several externalities generated by co-location such as buying intermediate goods, enhanced reputation and joint participation in trade fairs. However, other externalities such as access to new technology and referrals to other firms were reported as a slightly useful benefit of co-location. Our study highlights strategic implications for managers and policy makers in natural resources based industries.

The Strategic Thinking Competence and the Marketing MBA Professional Preferred Mental Model: an introductory study. FLAVIO BRESSAN, PONTIFÍCIA UNIVERSIDADE CATOLICA DE CAMPINAS; GERALDO LUCIANO TOLEDO, UNIVERSIDADE DE SAO PAULO - USPThe competence for strategic thinking is a management core requirement for the success and managers are required to ground their daily actions toward strategic objectives. Professors claim that professionals attending Marketing MBA programs to have more difficulty in dealing with strategic matters for defining alternative futures and possibilities and to prefer dealing on subjects more focused on here-and-now operational issues. This paper presents results from the study of preferred thinking patterns among professional attending Marketing MBA and concludes that one of the causes of the difficulties faced by them with the demands of strategic matters is the preferred thinking patterns

Impact of Customer Value Management on Profitability of the Company. leslier maureen valenzuela, Universidad de ChileCustomer value orientation has grown rapidly in recent years, with significant researches examining approaches with which firms can manage customers’ portfolio as a key strategic asset to increase the business profitability. The hypotheses have been tested with responses from 107 sale executives of a bank in Chile through a structural model. The results support the positive relation between customer value management and profitability of the company. Empirical discussions and business implications are provided, that could be of value to manage customer relationships.

052. Corporate Finance: M&As, Takeovers and Auctions10:40 to 12:00 pmUAI Graduate Building: Classroom 301 Participants:A Joint Experimental Analysis of the Dutch Auction, Book Building and Competitive IPO Pricing Methods. Vinicio de Souza e Almeida, UFRN; Ricardo Pereira Câmara Leal, COPPEAD/UFRJWe examine the differences of three IPO pricing methods: book building, employed worldwide, Dutch clock auction, cited as an alternative to book building, and competitive IPO, a recent innovation, tested in a few offers in Europe. We employ experiments with South American subjects who are bank professionals or business students. The main result is the characterization of book building as a pricing method that mostly benefits the investor at the expense of the issuer and selling shareholders. The competitive IPO was the method that gave the best results for the issuer and selling shareholders, at the expense of investors.

An Investigation of how Trends in Market Valuation Influence Performance of Mergers and Acquisitions in Brazil. Andrea Maria Accioly Fonseca Minardi, Insper Instituto de Ensino e Pesquisa; Denis Barreira Batista, Insper Instituto de Ensino e PesquisaThe objective of this article is to investigate whether acquisitions occurring during a period of high valuations (overvalued stocks) or a period of low valuations (undervalued stocks) influence the bidder performance in merger and acquisition operations (M&A). The data sample contains 110 mergers and acquisitions that happened in Brazil between 1993 and 2007, in which the bidding firm is publicly traded on BOVESPA. We found that the acquisitions made in periods of low valuation show performance significantly above the market performance in the short term but significantly below the market performance in the long term.

Optimal Takeover Contests with Toeholds. Gino Loyola, Universidad de ChileThis paper characterizes how a target firm should be sold when raiders have prior stakes in its ownership (toeholds). We find that the optimal mechanism needs to be implemented by a non-standard auction which imposes a bias against buyers with high toeholds. This discriminatory procedure is so that the target’s average sale price is increasing in both the size of the common toehold and the asymmetry in these stakes. Furthermore, a simple negotiation-based mechanism replicates the main properties of the optimal procedure and outperforms, in terms of average selling price, the standard auctions commonly used in takeover battles.

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053. Strategies for Global Competitiveness: Multinational and Interoganizational10:40 to 12:00 pmUAI Graduate Building: Classroom 302 Participants:Brazilian firms acquiring in developed countries: the importance of local enablers of Business Models. Afonso Fleury, Universidade de Sao Paulo; Maria Tereza Leme Fleury, EAESP Fundação Getulio VargasThis exploratory paper addresses the new phenomenon of emerging country firms acquiring in the developed countries, or “reverse takeovers”. We argue that, one of the main reasons for that is the movement of incumbents which, gradually, changed the scope of their activities. Moreover, we hypothesize that the strategic decisions of both sets of firms were, and still are, influenced by the local business environments which enables the development of specific Business Models. The trajectories of the 21 Brazilian multinationals listed in international rankings are analyzed to bring empirical evidence of that proposition.

Innovation: enhancing the competitiveness of Brazilian Multinationals. Carlos Arruda, Fundação Dom Cabral; Flavia Pereira de Carvalho, UNU-MERIT and Fundação Dom CabralThe purpose of this paper is to present the state of innovation efforts among Brazilian firms, using data from the latest innovation survey, PINTEC 2005. The paper draws a parallel among the most innovative sectors and the industries that today are have the main Brazilian multinationals. Our central argument is that firms engaged in innovative activities have stronger competitive assets that enable them to expand their scope of operations to foreign markets; in other words, indicating that innovation is crucial for the competitiveness required to operate in foreign markets. As innovation becomes more and more a global activity, internationalization becomes an important aspect to enhance the possibilities and the outcomes of innovation.

International Joint Ventures and the Birth of New Organizational Forms: IBM in Central America. Pablo Martin de Holan, IE Business School and INCAE Business School; Lloyd Steier, University of Alberta; Luis Javier Sanz Campos, INCAE Business SchoolThis paper presents the creation and evolution of an IJV between IBM and a large Central-American family firm. With it we begin to answer the call for a greater understanding of the patterns and processes through which successful IJVs are organized between partners whose resources differ markedly. Second, we observe how the organization evolved to the point where the new arrangement became a new organizational form used by IBM as a template for other international markets. We discuss

the processes that lead to the creation of that organizational form and its effects on the performance of the venture. 055. Culture, Social, and Ethical Issues: Research on Ethics12:10 to 12:50 pmUAI Graduate Building: Classroom 300 Participants:Crossing the ethic - non ethic border: A cognitive dissonance theory approach. Beatriz V Rivera-Cruz, University of Puerto Rico; Silvia Lopez-Palau, University of Puerto RicoThe main purpose of this study is to identify the importance of several variables in the ethical decision making process, propose a model that incorporates the Festinger (1957) Cognitive Dissonance Theory and the Jones (1991) model. With that in mind a measurement instrument was developed using the Personal Ethical Threshold (Comer and Vega, 2008). The results provide valuable data worth considering in the design of business curriculums.

Moral philosophy and ethics across borders: How do Latin Americans compare? Ruth Alas, Estonian Business School; Carlos Alsua, University of Alaska Anchorage; Jorge Carneiro, Pontifical Catholic University of Rio de Janeiro (PUC-Rio); Junhong Gao, Estonian Business SchoolThis paper examines the research question of how age and gender influence personal moral philosophy accross the word. The paper starts with the theory on ethical idealism and relativism, followed by an empirical study in five countries: Brazil, Chile, China, Estonia and the United States. Results indicate significant difference on moral philosophy and ethical ideologies accross countries, between genders and among age groups.

056. Accounting, Taxation, and Management Information and Control Systems12:10 to 12:50 pmUAI Graduate Building: Classroom 301 Participants:Incentives to Share Knowledge across Cultures. Stephen Brian Salter, University of Texas at El Paso; Huerta Esperanza, University of Texas at El Paso; Philip Lewis, Eastern Michigan University; Pamela Yeo, Kent Business School University of KentThe use of Knowledge Management Systems to share knowledge starts with people who are willing to share their knowledge. This study investigates the effect of the type of information to be disclosed, the possibility of sharing the information anonymously, and obtaining a cash reward for the willingness to share information. Data for the experiment were collected in two individualistic (UK and US) and two collectivist (Chile



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and Mexico) countries to evaluate the influence of culture on information sharing patterns. The study finds that willingness to share is increased by anonymity but only where the information is negative. It also finds that subjects from collectivist cultures (versus individualist) are more likely to share information, including information that might damage their reputation but not if it results in dismissal. Finally, obtaining a cash reward has no effect on the willingness of any class of subjects to share any type of information.

Organizational culture and post-acquisition changes in management control systems: An analysis of a successful Brazilian case. Antônio Artur de Souza, Universidade Federal de Minas Gerais; Ricardo Vinícius Dias Jordão, Universidade Federal de Minas Gerais; Ewerton Alex Avelar, Universidade Federal de LavrasThis paper analyzes the effect of organizational culture on the management control system (MCS) of the Brazilian company Extrativa Metalquímica Inc. after its acquisition by the FASA Participações Group. The analysis supports two major conclusions: (1) changes in the acquired company’s MCS were derived from the new financial results-oriented culture introduced by the acquirer; and (2) the implementation of such culture implied modifications in production, financial and quality controls.

057. Innovation as a Public-Private Endeavor12:10 to 12:50 pmUAI Graduate Building: Classroom 302 Participants:Can University Technology Commercialization Create Wealth in Latin America? John Sargent, UT Pan American; Linda Matthews, UT Pan AmericanMajor research universities in the United States regularly transfer the knowledge generated by faculty to the marketplace through licensing to established and spin-off firms in science and technology intensive industries. Countries in both the developed and developing worlds are trying to copy and improve upon the US model. In this paper we examine the efforts in Latin America to create wealth through new industry entry based on the adoption, modification, and improvement of the US academic technology commercialization model. We find that there are only isolated initiatives in Argentina, Chile, and Mexico that appear on the path to success. In contrast, there are large scale programmatic efforts to and significant early success at elite universities in Brazil with commercialization. We conclude with policy recommendations and suggestions for future research.

University-Industry partnerships in the Brazilian industry: the use of external sources of knowledge for innovation. Flavia Pereira de Carvalho, UNU-MERIT and Fundação Dom Cabral; Eduardo da Motta e Albuquerque, Cedeplar - FACE - UFMG; Gustavo de Britto Rocha, CEDEPLAR - FACE - UFMGThe purpose of this paper is to describe innovation patterns and to assess the state of cooperative arrangements for innovation in Brazilian firms, paying special attention to partnerships established with universities, in order to understand the profile of firms that engage into cooperation with this specific agent. The database applied in the paper is the latest Innovation Survey carried out in Brazil by its Statistics Office (IBGE). We test the characteristics of Brazilian firms that might increase their propensity to engage in cooperation with universities. Results show that university-industry partnerships are more frequent in firms with continuous R&D, increasing with the degree of newness of the innovation activity.

058. Supply-Chain and Operations Management12:10 to 12:50 pmUAI Graduate Building: Classroom 303 Participant:Hospital service quality and productivity and nursing professional management: a case study in five Brazilian hospitals. claudia affonso silva araujo, COPPEAD/UFRJ; kleber fossati figueiredo, COPPEAD/UFRJThis study aims to identify how hospitals should manage their nursing professionals in order to foment positive attitudes on these professionals, thus improving service quality and productivity. The positive attitudes to be taken into consideration in this study are work satisfaction, affective commitment (AC) and organizational citizenship behavior (OCB). In order to achieve such goals, a survey with 445 nursing professionals was conducted in five private Brazilian hospitals. The results indicated that to achieve such goals, hospitals should mainly be concerned about establishing a clear and effective communication with such professionals so as to avoid ambiguity in the role to be played, invest in team development and motivate a good relationship within the team.

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Save the Date!BALAS 2012

April 4, 5 and 6, 2012Rio de Janeiro, Brazil

Hosted by IAG/PUC-RioJorge Carneiro, Conference Chair

www.balas.org


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Campus Map

Parking

Teachers Parking

Gym

UndergraduateBuilding (B)

Postgraduate Building (C)

UndergraduateBuilding (A)

Guards


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Gala Dinner / Bus Schedules

GALA DINNERVISIT TO SANTA RITA WINERYThursday, April 14, 2011

PROGRAM7:00 pm TOUR OF WINE CELLARS AND INDUSTRIAL PLANT (Group A)7:00 pm VISIT TO ANDEAN MUSEUM (Group B)7:30 pm TOUR OF WINE CELLARS AND INDUSTRIAL PLANT (Group B)7:30 pm VISIT TO ANDEAN MUSEUM (Group A)8:05 pm COCKTAIL – WINE TASTING IN FOUNTAIN AREA LOCATED IN RESTAURANT’S GARDEN (Groups A and B)8:45 pm SEATING IN DOÑA PAULA RESTAURANT (Groups A and B)

The Santa Rita winery was founded in 1880 by Domingo Fernandez in the same area of Alto Jahuel where its main facilities stand today.

ANDEAN MUSEUM In the midst of the vineyards of the Alto Jahuel winery – at the foot of the Andes and next to the old colonial estate house – stands the Andean Museum. 1,800 pieces of pre-Colombian art collected by businessman Ricardo Claro over 40 years are exhibited in the modern 1,500m2 building.

DOÑA PAULA RESTAURANT Restaurant Doña Paula (currently a National Monument) was baptized to honor Madame Paula Jaraquemada, who owned over 200 years ago the main house of the Santa Rita Estate.The Estate became the setting for significant historical occurrences associated to Chile’s independence. General Bernardo O’Higgins and his 120 soldiers took refuge there after a battle against the forces of the Spanish Crown. The winery created the well-known Santa Rita 120 range to honor the 120 patriots.

WINE CELLARSAs for wineries, Santa Rita has five production plants. The main one is in Alto Jahuel, Buin, and has high-technology wine-making equipment, modern bottling lines and vessels for aging 19.5 million liters of fine wines.This winery, which has been declared a national monument, was built of stone and mortar by French architects.

CONFERENCE VENUE

ADRESS UAIAv. Diagonal Las Torres 2700, Peñalolén, Santiago, ChileTel: + 56 2 331 1100

ADRESS W HotelIsidora Goyenechea 3000, Las Condes, Santiago, ChileTel: + 56 2 770 0000

TRANSFERSTransfers between W Hotel and UAI will be provided and coordinated by BALAS organization. This also includes transport required for any activity organised as part of the Conference programme.Any other transport requirements must be organised and paid by the participant.

TRANSFERS TIMETABLE

Thursday, April, 14th8:25 am: Hotel W – UAI6:10 pm: UAI - Viña Santa Rita, Gala Dinner10:45 pm: Viña Santa Rita, Gala Dinner - Hotel W

Wednesday, April, 13th8:10 am: Hotel W – UAI7:15 pm: UAI - Hotel W

Friday, April, 15th8:25 am: Hotel W – UAI3:50 pm: UAI - Hotel W

INTERNET ACCESSWi-Fi Internet access is available throughout the UAI Postgraduate Building, with the Password: BALAS2011


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