Conference Presentations by Jaime Humberto Sierra González
Macromarketing Association, 2019
We are pleased to announce the Call for Papers for the 45th Annual Conference of the Macromarketi... more We are pleased to announce the Call for Papers for the 45th Annual Conference of the Macromarketing Society in 2020. The conference will be held at Universidad de Los Andes in Bogotá – Colombia, to discuss marketing challenges and solutions to the world’s current economic, social, and environmental concerns; in the convivial and dynamic macromarketing spirit to explore the interactions among markets, marketing and society. We invite competitive papers, working papers, abstracts, and/or proposals for special sessions.
Papers by Jaime Humberto Sierra González
Some specific characteristics of innovation (such as vertical product differentiation, the strate... more Some specific characteristics of innovation (such as vertical product differentiation, the strategic role of technological standards or the quasi public good nature of technological knowledge) introduce additional complexity to the standard problem of the mismatch between investment projects and financial resources needed to realise them. Does an optimal design of rules and intermediaries to tackle this problem exists? And are existing domestic financial systems next to this optimal design? The paper presents theoretical and empirical research findings on several issues related to this question. These issues range from the interaction between market structure, stock market value and innovation financing to theoretical models and empirical tests of multiple equilibria explaining how country fundamentals evolve into equilibria of high (low) development of financial institutions and high (low) real growth The paper has been prepared under the Fifth EU Programme, Key Action, Improving t...
Palgrave Studies in Democracy, Innovation, and Entrepreneurship for Growth
his paper proposes a concept of “culture for internationalization” and “exporting culture” –a hig... more his paper proposes a concept of “culture for internationalization” and “exporting culture” –a highly relevant concept for developing countries’ firms that are likely to follow a gradual internationalization process– based on the strong relationship binding the concept proposed to strategy and systemic competitiveness. These three items are paramount to Understand the conditions underlying internationalization as it is characterized by particular traits that make it a key alternative for a firm’s growth and successful perdurability based on competitiveness. “Culture for internationalization” and its variation, “exporting culture”, overflow the concepts of organizational or corporate culture and involve some major interaction among the micro, meso and macro levels of a national economy in order to operationalize strategies that promote such culture and assure successful firm and economy internationalization. Discussion remains open as to the concept and its applicability with the hope...
El uso de instrumentos derivados es particularmente importante en la gestion del riesgo, pues est... more El uso de instrumentos derivados es particularmente importante en la gestion del riesgo, pues esto influye directamente en el patrimonio de las organizaciones y en su potencial de generacion de valor. En el presente estudio se explora una hipotesis explicativa sobre el empleo que de los instrumentos derivados hicieron las empresas industriales y comerciales nacionales antes de la apertura del Mercado de Derivados de la Bolsa de Valores de Colombia. Este trabajo analiza dos hipotesis planteadas por la literatura internacional: los instrumentos derivados usados por empresas caracterizadas por estres financiero o sofistificacion financiera y una combinacion de estas dos razones. Para ello se utiliza un modelo de regresion logistica, el cual evidencia que el estres y la sofisticacion financiera son razones importantes de la utilizacion de los instrumentos derivados, en el caso de las empresas colombianas.
This paper makes an assessment of the Colombian Export Promotion Program. The process and the res... more This paper makes an assessment of the Colombian Export Promotion Program. The process and the results of such a program are considered in the light of the literature on international strategy and exporting culture in developed and developing countries. Literature findings on EPAs and EPPs around the world are complemented by information from two surveys, one applied to a set of 56 firms that took part in the EPP (2002-2004) and the other addressed at a group of consultants hired by program operators to support firms. The information obtained permits the characterization of program participants (firms, entrepreneurs/managers, operators, consultants) and a deep appraisal of the processes and methodologies implemented by the program, as well as the acknowledgement of the participants’ perceptions on the expectations and the outcomes reached. Finally, some reflections are made on the accomplishments and shortfalls of the program, a number of firm and program-level proposals for improvem...
Some specific characteristics of innovation (such as vertical product differentiation, the strate... more Some specific characteristics of innovation (such as vertical product differentiation, the strategic role of technological standards or the quasi public good nature of technological knowledge) introduce additional complexity to the standard problem of the mismatch between investment projects and financial resources needed to realise them. Does an optimal design of rules and intermediaries to tackle this problem exists? And are existing domestic financial systems next to this optimal design? The paper presents theoretical and empirical research findings on several issues related to this question. These issues range from the interaction between market structure, stock market value and innovation financing to theoretical models and empirical tests of multiple equilibria explaining how country fundamentals evolve into equilibria of high (low) development of financial institutions and high (low) real growth
Cuadernos de Administración
Data on innovation financing in Colombia present a paradox: Manufacturing companies prefer to fin... more Data on innovation financing in Colombia present a paradox: Manufacturing companies prefer to finance their innovation projects with their own capital, with bank loans in second place, and cheaper public funding last. Extant financial theories cannot explain such a paradox (reversed pecking order), making a different approach necessary. Hence, a new perspective is presented on the basis of Sierra’s (2014, 2020) proposal. A fixed effects panel estimation is carried out that includes three new variables: A Knowledge Incorporation and Consolidation System, interaction among companies and funders, a particular type of investor (Dedicated). The results support the alternative explanation. Additionally, research possibilities, designs and applications of public and organisational policy aimed to overcome some of the problems mentioned are proposed.
Palgrave Studies in Democracy, Innovation, and Entrepreneurship for Growth
Palgrave Studies in Democracy, Innovation, and Entrepreneurship for Growth
This is a slightly revised version of a paper prepared under the Fifth EU Programme, Key Action, ... more This is a slightly revised version of a paper prepared under the Fifth EU Programme, Key Action, Improving the Socioeconomic Knowledge Base. It is the result of an extended Research Program called "Improving the human potential and the socioeconomic knowledge base programs" that has been financed by the European Commission-DG Research and is under development since the fall of 2001.
Universidad Empresa, Jun 30, 2005
This paper proposes a concept of "culture for internationalization" and "exporting culture"-a hig... more This paper proposes a concept of "culture for internationalization" and "exporting culture"-a highly relevant concept for developing countries' firms that are likely to follow a gradual internationalization process-based on the strong relationship binding the concept proposed to strategy and systemic competitiveness. These three items are paramount to understand the conditions underlying internationalization as it is characterized by particular traits that make it a key alternative for a firm's growth and successful perdurability based on competitiveness. "Culture for internationalization" and its variation, "exporting culture", overflow the concepts of organizational or corporate culture and involve some major interaction among the micro, meso and macro levels of a national economy in order to operationalize strategies that promote such culture and assure successful firm and economy internationalization. Discussion remains open as to the concept and its applicability with the hope that it contributes to the understanding and creation of appropriate conditions for firms to be able to access international markets with greater advantage and generate as much benefit as possible to their nations, particularly in developing countries.
Este artículo examina la necesidad y la oportunidad de desarrollar iniciativas de finanzas éticas... more Este artículo examina la necesidad y la oportunidad de desarrollar iniciativas de finanzas éticas, específicamente bancos éticos y fondos éticos de inversión, como alternativas que potencien el desarrollo en Colombia. La validez de estas alternativas se sustenta mediante la ...
SSRN Electronic Journal, 2000
ABSTRACT Strategic decision-making is a very complex process. Concerning firm internationalisatio... more ABSTRACT Strategic decision-making is a very complex process. Concerning firm internationalisation, such complex process involves the strategic, tactic and technical levels in a dynamic perspective. As a matter of fact, the interaction between a firm's ownership/control distance and the formulation and implementation of an international strategy is paramount as long as the effects of such decisions are felt throughout the organisation and its range of activities to a varying degree. This issue is, then, of interest for international strategy analysis, assessment, diagnosis, revision and (re)formulation - from a micro point of view - and even for policy formulation concerning the internationalisation of firms of a given industrial sector - from a macro point of view - since "specificities" are determined by different ownership/control patterns that imply diverse advantages and disadvantages (e.g., bounded rationality characteristic of highly concentrated ownwership and control, agency problems in firms with hired management, coordination and ownership dilution problems in both cases). These factors have a firm-level impact on the formulation of international strategy because decision-making capacities are constrained by ownership/control and are influenced by the expectations that rise out of the project itself. Furthermore, a macro-level impact is not negligible either, because state and sector mechanisms created to promote internationalisation have to serve firms and their needs according to the characteristics of the industrial system or sub-system they belong to in order to assure the highest possible efficiency in terms of results.
A Global Study of Business Practice, 2009
Departmental Working Papers, 2000
The paper investigates the determinants of bankruptcy on three representative unbalanced samples ... more The paper investigates the determinants of bankruptcy on three representative unbalanced samples of Italian firms for the periods 1989-1991, 1992-94 and 1995-97 with two different estimating techniques. The first (logit) approach shows that: i) the impact on the probability of ...
EIFC-Technology and Finance Working …, 2001
If you experience problems downloading a file, check if you have the proper application to view i... more If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. ...
merit.unu.edu
... Correo electrónico: marisela.vargas@javeriana.edu.co Page 2. 2 ... En efecto, existen al meno... more ... Correo electrónico: marisela.vargas@javeriana.edu.co Page 2. 2 ... En efecto, existen al menos dos fenómenos que limitan el acceso y el uso efectivo de las opciones existentes por parte de los potenciales inversionistas (Sierra & Londoño, 2008): ...
This is a slightly revised version of a paper prepared under the Fifth EU Programme, Key Action, ... more This is a slightly revised version of a paper prepared under the Fifth EU Programme, Key Action, Improving the Socioeconomic Knowledge Base. It is the result of an extended Research Program called "Improving the human potential and the socioeconomic knowledge base programs" that has been financed by the European Commission-DG Research and is under development since the fall of 2001.
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Conference Presentations by Jaime Humberto Sierra González
Papers by Jaime Humberto Sierra González
These issues range from the interaction among market structure, stock market value, and innovation financing to theoretical models and empirical tests of multiple equilibria that explain how country fundamentals evolve into equilibria of high (low) development of financial institutions and high (low) real growth.