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Browsing by Author "Salvaj, Erica"

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A comparative analysis of the internationalization of sub-national and central state-owned enterprises: shreds of evidence from Latin America
(2021) Finchelstein, Diego; González-Pérez, María Alejandra; Salvaj, Erica
Purpose In this exploratory multiple case study, we aim to compare the internationalization of two state-owned enterprises (SOEs) owned by subnational governments with three owned by central governments in Latin America. This study provides a contextualized answer to the question: What are the differences in the internationalization of subnationally owned SOEs compared to central SOEs? This study finds that the speed and diversification of these two types of SOEs’ internationalization differ because they have a different expansion logic. Subnationally owned SOEs have a gradual and diversified expansion following market rules. Central government’s SOEs are specialized and take more drastic steps in their internationalization, which relates to non-market factors. Design/methodology/approach This study builds an exploratory qualitative comparative case analysis that uses multiple sources of data and information to develop a comprehensive understanding of SOEs through process tracing. Findings The study posits some assumptions that are confirmed in the case analysis. This study finds relevant differences between sub-national (SSOEs) and central authority (CSOEs’) strategies. SSOEs’ fewer resources and needs to increase income push them to follow a gradual market-driven internationalization and to diversify abroad. CSOEs non-gradual growth is justified by non-market factors (i.e. national politics). CSOEs do not diversify abroad due to the broader set of constituencies they have to face. Research limitations/implications Given the exploratory comparative case study of this research, the findings are bounded by the particularities of the cases and their region (Latin America). This paper and its findings can be useful for theory building but it does not claim any generalization capacity. Originality/value This study adds complexity into the SOEs phenomenon by distinguishing between different types of SOEs. This paper contributes to the study of subnational phenomena and its effect in SOEs’ internationalization process, which is an understudied topic. To the authors’ best knowledge, this is among the first studies that explore subnational SOEs in Latin America.
A Sustainable Management Model for Cultural Creative Tourism Ecosystems
(2020) García Henche, Blanca; Salvaj, Erica; Cuesta-Valiño, Pedro; Salvaj, Erica
This article proposes a novel management model for cultural, creative, and historic tourism cities. The creation of the model is based on previous literature and in the study of Barrio de las Letras, in Madrid, to identify the key components to successfully develop creative tourism ecosystems. The model integrates the literature on city center management and, unlike previous studies, incorporates missing elements, such as the role of small businesses associations and collaboration networks among diverse stakeholders to develop a cultural–historic tourism ecosystem. This model represents a proposal that supports the coexistence of the private and public sector and sustainable governance models that integrate the inhabitants of city centers with the economic activity generated by urban tourism. The model was developed by an analysis of secondary sources, interviews with key informants, and questionnaires of entrepreneurs located in a recently invigorated cultural and historic neighborhood. The contribution of knowledge offered by this paper is the proposition of a management model that can aid town centers to create competitive cultural/creative/historic tourism ecosystems while still preserving the sustainability of their social/commercial fabric. Therefore, the collaboration of cultural organizations, hospitality industry and retail can promote cultural, creative, and sustainable management model of historic urban centers.
Adaptation Strategies of Multinational Corporations, State-Owned Enterprises, and Domestic Business Groups to Economic and Political Transitions: A Network Analysis of the Chilean Telecommunications Sector, 1958- 2005
(School of Business and Economics, Universidad del Desarrollo, 2014-09) Bucheli, Marcelo; Salvaj, Erica
This paper compares the corporate network strategies between multinational corporations of two different origins (United States and Spain), business groups, and state-owned enterprises in the public utility sector of a developing country going through economic and political transitions. The transitions we consider are from an import substitution industrialization model to an open market economy and from a democratic regime to a dictatorial one and back to democracy. We analyze the Chilean telecommunications sector between 1958 and 2005 and find that during a democratic regime all firms sought to build more networks with each other, while incentives decrease under an authoritarian regime. In the protectionist era, US investors built links with Chile’s corporate elite, while in times of an open economy, Spanish investors built these links with the government. State-owned corporations did not attempt to build links with other actors at any time, and business groups sought to build most networks among members of the group. Our findings challenge two commonly held assumptions: first, that open economies decrease incentives for domestic actors to build links with each other and, second, that close political regimes increase incentives to build networks among economic actors
Asociacionismo y marketing en la transformación de barrios históricos hacia destinos turísticos. Análisis de Barrio Italia (Santiago de Chile) y Barrio de las Letras (Madrid)
(2019) García Henche, Blanca; Pareti Petruccelli, Stefanía; Salvaj, Erica
Debido a la extensa proliferación del turismo urbano a nivel internacional, surge la necesidad de potenciar y entender cómo los barrios históricos, al ser intervenidos estratégicamente, pueden resultar ser destinos turísticos de turismo experiencial, poniendo en valor recursos y servicios que a su vez mejoran la vida de la población local. El objetivo de este trabajo es explorar y describir cómo el fortalecimiento del asociacionismo y las redes entre quiénes componen la oferta cultural, comercial y turística de dichos barrios históricos resulta fundamental para el desarrollo y sostenibilidad de los mismos. Es por esto que se ha seleccionado dos barrios históricos como Barrio Italia (Santiago de Chile) y Barrio de las Letras (Madrid) por encontrarse en diferentes fases de ciclo de vida respecto a su desarrollo como destino turístico
Asociacionismo, redes y marketing en la transformación hacia el turismo experiencial. el caso del Barrio de las letras. Madrid
(2017) García Henche, Blanca; Salvaj, Erica
Sobre la base de las tradiciones y el patrimonio cultural, las pequeñas empresas pueden, a través de la organización, la colaboración social y el emprendimiento, aprovechar estos activos y transformar los espacios urbanos. La Asociación de Comerciantes Barrio de las Letras está transformando dicho barrio madrileño en un destino turístico de experiencias. El objetivo de este trabajo es explorar cómo las asociaciones comerciales, las redes de negocios entre pequeñas empresas y el marketing pueden transformar barrios social y económicamente alicaídos en zonas florecientes para el turismo y el comercio.
Assessing the role of corporate governance in non-financial performance: An Empirical Examination
(Universidad del Desarrollo. Facultad de Economía y Negocios, 2024) Díaz Tautiva, Julián; Salvaj, Erica
Research on corporate governance has garnered increased scholarly and practitioner interest since 2000, driven by rising stakeholder pressures regarding the role and objectives of firms. While traditional economic literature emphasizes the central role of financial performance, new societal paradigms are prompting organizations to prioritize non-financial performance, including environmental and societal dimensions. Despite prior research exploring the role of corporate governance in driving organizational non-financial performance, there have been inconclusive and contradictory empirical findings. This lack of consensus has spurred a growing call to employ robust, sophisticated methods to enhance our understanding of this phenomenon. This thesis responds to the recent call to develop robust empirical analyses by incorporating novel theoretical developments and employing advanced econometric methods. The thesis aims to evaluate the effect of corporate governance on non-financial organizational performance through three research papers. The first paper (Chapter 2) delves into the literature from 1990 to 2022, shedding light on prevailing intellectual trends and debates in this research field. The second paper (Chapter 3) unveils a dynamic social mechanism that shapes and constrains corporate governance mechanisms, influencing non-financial performance. The third paper (Chapter 4) untangles the complementarities of various internal corporate governance mechanisms and their effect on non-financial performance. This thesis provides novel theoretical and methodological approaches to explore this complex phenomenon, offering practical and policy implications
Better together: How multinationals come together with business groups in times of economic and political transitions
(John Wiley & Sons, Inc., 2018) Bucheli, Marcelo; Salvaj, Erica; Minyoung, Kim; Salvaj, Erica
This article studies two interrelated questions. First, why did business groups in emerging markets thrive and prevail after pro‐market reforms were implemented in their countries? And, second, what type of adaptation strategies can multinational corporations develop in order to be competitive in economies dominated by business groups? By conducting an archive‐based historical network analysis of business groups in Chile during periods of major economic and political transitions, we maintain that business groups were created in periods of protectionism as a way to navigate economies with strong state participation or inefficient markets. In this process, these groups endogenously created an economy with market imperfections resulting from the dominance of these business groups. This means that the transition toward more open markets did not necessarily create more competitive environments and that elites in emerging economies were unwilling to abandon the advantages of having links between their businesses. Multinationals entering this economy adapted by becoming business groups themselves and creating links with other business groups. In sum, strategies devised as means to reduce market imperfections created new imperfections that incentivized the business groups to retain their structure and forced multinationals to become business groups.
Business investment in education in emerging markets since the 1960s
(2019) Giacomin, Valeria; Jones, Geoffrey; Salvaj, Erica
This article examines non-profit investments by business in education in emerging markets between the 1960s and the present day. Using a sample of 110 interviews with business leaders from a recently developed oral history database, the study shows that more than three-quarters of such leaders invested in education as a non-profit activity. The article explores three different types of motivations behind such high levels of engagement with education: values driven, context focussed, and firm focussed. The article identifies significant regional variations in terms of investment execution, structure, and impact. In South and Southeast Asia, there was a preference for long-term investment in primary and secondary education. In Africa and Latin America, some initiatives sometimes had a shorter-term connotation, but with high-profile projects in partnerships with international organisations and foreign universities. In Turkey, there was heavy focus on training and the creation of universities. The article concludes by examining the impact of this investment, comparing Chile and India especially. It discusses issues such as the paucity of financial data and the challenges of comparing different types of educational spending, which make robust conclusions hard, but does suggest that although such spending did not resolve major educational roadblocks across the emerging world, it represented a positive overall social gain
Champions in the time of COVID-19: tracing paths to recovery in Ibero-America
(2020) Wagstaff, M. Fernanda; Salvaj, Erica; Villanueva, Sarah; Salvaj, Erica
Purpose – The purpose of this study is to analyze the case of Ximena Aguilera, a prominent Chilean epidemiologist, as an exemplar of a champion in times of COVID-19 in Ibero-America. We also refine our understanding of the nature of a champion facing wicked problems. Design/methodology/approach – The authors use qualitative case analysis to examine Aguilera’s actions in response to COVID-19 and compare her actions with the characteristics of an emerging theory of champions facing wicked problems. Findings – This study builds iteratively upon prior analysis of gender equality champions and finds that the depth, scope and leverage of embracement of champions in times of COVID-19 are parallel to those of gender equality champions. The authors also discuss the findings from the perspective of wicked problems. Research limitations/implications – Future qualitative and quantitative work is needed to examine the boundaries of the theory of champions facing wicked problems across a wider range of problem domains and in a wider population of champions. Practical implications – Wicked problems can occur in multi-level organizational structures, and understanding the characteristics of individuals best-suited to contribute to the definition and solution of these problems is relevant to organizational selection, development, policy and practices. Social implications – Many of the society’s greatest challenges are defined as wicked problems, so understanding the champions of wicked problems is critical for public policy and societal advancement efforts. The nature of wicked problems is considered, and the implications of champions of wicked problems for society are discussed. Originality/value – This work offers an in-depth examination of a champion facing a wicked problem, here the COVID-19 pandemic, while the crisis is ongoing. By capturing the champion’s observations and experiences in real time, the authors obtain a perspective that is unique and unavailable through othermethods.
Corporate Networks and Business Groups in Argentina in the Early 1970s
(01/07/2014) Lluch, Andrea; Salvaj, Erica; Barbero, María Inés; Salvaj, Erica
This article examines the interlocking directorates’ structure of prominent Argentine business groups at the end of the import sub-stitution period (1970–72), identifying corporate relations among and between business groups and the largest companies, during a period characterised by high institutional and macroeconomic instability. Applying social network analysis, it seeks to clarify how business groups can contribute to the cohesion of a corporate network structure, through their ability to create links among firms not only within their boundaries but also external to them. The article contributes to both corporate network and business groups’ literature, highlighting a role of business groups that extant literature has failed to identify as relevant.
COVID-19 and higher education: responding to local demands and the consolidation of e-internationalization in Latin American universities
(2021) Cordova, Miguel; Floriani, Dinorá Eliete; González-Pérez, Maria Alejandra; Hermans, Michel; Mingo, Santiago; Monje-Cueto, Fabiola; Nava-Aguirre, Karla Maria; Rodriguez, Carlos Adrian; Salvaj, Erica
19 pandemic by higher education institutions (HEIs) in Latin America. Design/methodology/approach – This study is based on information from eight leading Latin American private universities. The data were obtained from official sources such as institutional communications and university administrators. Findings – The authors identify two main issues that HEIs should consider while responding to the pandemic. First, greater attention and resource allocation to the universities’ main local stakeholders can affect traditional internationalization activities. Second, a focus on revitalizing foreign partnerships and strengthening “virtual internationalization” can help maintain and eventually increase international presence. Research limitations/implications – While this study analyses how these Latin American HEIs responded during the initial stages of the COVID-19 outbreak, it is important to conduct follow-up studies to shed light on how HEIs are adapting to the COVID-19 crisis as it continues to unfold. Originality/value – This study is based on unique information gathered from leading private, not-for-profit HEIs in Latin America, which, contrary to state-owned HEIs or other private institutions in developed economies, have exhibited different means and conditions to respond to the coronavirus outbreak. Finally, the authors contribute to the literature on the internationalization of HEIs by discussing the role of a significant disruptive event on the internationalization of higher education and, particularly, business schools
Crises conducting stakeholder salience: shifts in the evolution of private universities’ governance in Latin America
(2021) González-Pérez, María Alejandra; Cordova, Miguel; Hermans, Michel; Nava-Aguirre, Karla María; Monje Cueto, Fabiola; Mingo, Santiago; Tobon, Santiago; Rodríguez, Carlos Adrián; Salvaj, Erica; Floriani, Dinora Eliete; Salvaj, Erica
Purpose – This study aims to build on embedded approaches to stakeholder management and examines how organizational decision-makers consider social responsibility toward proximal stakeholders in crises that encompass an entire system of stakeholder relationships. Design/methodology/approach – Within a criterion-based sample of eight Latin American private universities, this paper develops in-depth exploratory case studies to examine the prioritization of stakeholders in higher education institutions’ decision-making during the outbreak of the COVID-19 crisis. Findings – Contrary to the notion that during crises organizations prioritize stakeholders that provide resources that are critical to survival, this study finds that in contextual crises stakeholder management is informed by social responsibility. In addition, the findings suggest that crises may be tipping points for changes toward mission-driven approaches to governance. Practical implications – Acknowledging the roles of social responsibility and proximity in stakeholder management during contextual crises allows for more informed governance of organizations that face disruptions in their system of stakeholder relations. Originality/value – This study contributes unique insights into the decision-maker’s prioritization of stakeholders during the COVID-19 crisis. The uncertainty associated with the emerging ‘‘new normal’’ allowed for an extreme test of socially embedded versus resource-oriented approaches to stakeholder management
Directors and syndics in corporate networks: Argentina and Italy compared (1913–1990)
(2017) Lluch, Andrea; Rinaldi, Alberto; Salvaj, Erica; Vasta, Michelangelo; Salvaj, Erica
This article analyses the evolution of corporate networks in Argentina and Italy from 1913 to 1990, using an interlocking directorates technique applied to six benchmark years and the largest 25 banks and 100 non-financial companies in both countries. The descriptive statistics of the companies and directors in the sample provide input for a network connectivity analysis of the two systems, integrated with historical and structural analyses. Furthermore, this article provides the first assessment of syndics – special auditors for firms – to the network analyses. Relying on a recently established analytical framework, the authors show that the Argentine and Italian corporate networks exhibit different structures and evolutions over time. This research broadens the extant analytical framework by exploring how syndics contribute to corporate networks and how the interaction of macro, meso, and micro levels affects the evolution of syndicatures in the two countries. Finally, the detailed taxonomy of syndics offers evidence of companies’ selection strategies and the historical uses of syndicature as a governance mechanism.
Global Boards: One Desire, Many Realities
(2012) Salvaj, Erica
Informal investment represents one of the main sources to finance early-stage new ventures. Despite the progressive participation of women in informal investment, little is known about the characteristics of female informal investors, especially in developing countries. This study examines the gender differences of a sample of 613 informal investors in Chile. To this end we used the database from the Global Entrepreneurship Monitor Chile 2007–2008 and applied tests of differences in proportions and means for independent samples. The results show that there are significant gender differences in some socio-demographic variables, like education and work status, and also in the perception of good opportunities and the fear to failure. Additionally, women invest smaller amounts and expect lower returns than men do. Finally, women invest more than men in close family. Policy implications of these results are discussed.
Interlocked, Business Groups and the State in Chile (1970-2010)
(School of Business and Economics, Universidad del Desarrollo, 2015) Salvaj, Erica; Couyoumdjian, Juan Pablo; Salvaj, Erica
In this paper we examine the relationship among business groups (BGs) in Chile in the long run, focusing on the relations between the state viewed as a BG and privately-owned BGs from 1970 to 2010. Our analysis proceeds within the methodological perspective of interlocking directorates (IDs) analysis. Working with a unique database of the boards of affiliated firms to BGs, we consider IDs as a way to learn about the cohesion and relation between these BGs. We include a period of political change and institutional and economic modernization in Chile, which also involved a transformation in the character of the entrepreneurial class in the country. We find that the state BG has played an important role in the networks of Chilean capitalism. Our work complements the literature on BGs and state capitalism, showing the rich nature of social networks in a capitalist society
Longitudinal Study of Interlocking Directorates in Argentina and Foreign Firms’ Integration into Local Capitalism (1923–2000)
(Routledge, 2014) Lluch, Andrea; Salvaj, Erica
Interlocking directorates can play important roles for the organization and performance of business, as well as for the structuring of economic power (Mizruchi 1996). We are particularly interested in the historical embeddedness of board interlocks and transformations in their significance and structure over time. This chapter focuses on the factors that fueled changes and shifts in Argentine board interlocks throughout the twentieth century. Argentina offers an interesting context because its troubled economic performance has been a puzzling case in literature concerning development economics. Its capitalist system has undergone multiple transformations over the years. Despite its ranking as a comparatively rich country in the early twentieth century, it steadily drifted farther from industrial economies, until the collapse of the economy in 2001.
Political connections, the liability of foreignness, and legitimacy: A business historical analysis of multinationals’ strategies in Chile
(2018) Bucheli, Marcelo; Salvaj, Erica
Research Summary: We conduct a historical analysis of the multinational corporations’ strategy of creating connections with a host country’s elite as a way of legitimizing its operations in contexts characterized by long-term political, social, and economic changes. We argue that the success or failure of these strategies depends on (a) the perceived legitimacy of these connections among a host country’s society during times of change and (b) the capability of the multinational’s political connections to shield it from challenges arising when the host country’s social structure is undergoing deep transformations. We outline and follow a business historical approach that combines the theoretical frameworks of international business, strategy, organizational theory, and political science to analyze multinationals operating in Chile’s energy and telecommunications sectors from 1932 to 1973. Managerial Summary: Western multinationals face hard challenges when trying to legitimize their operations vis-à-vis the host country’s societies in emerging and underdeveloped countries. One strategy developed by multinationals to neutralize potential challenges to their legitimacy has been to establish connections with influential members of the host country’s elites. We study how this strategy fares in host countries that are undergoing dramatic political and economic changes. We first argue that overtly maintaining open connections with an elite that is viewed as a relic of an illegitimate past can become a liability. And, second, that highly visible connections are more likely to become a liability in times of political and social change than less visible ones. We illustrate our arguments with a historical study of the strategies followed by American telecommunications and oil multinationals in Chile.
Reputation and Political Legitimacy: IT T in Chile, 1927-1972
(School of Business and Economics, Universidad del Desarrollo, 2013) Bucheli, Marcelo; Salvaj, Erica
The literature on multinational corporations argues that a foreign firm can legitimize its activities, improve its reputation in a host country, and reduce the risk of hostile actions by the host government (including expropriation) by approaching and incorporating influential members of the domestic elite in its business. By using the concept of obsolescing political legitimacy, we argue that this legitimating strategy can lead to a loss of reputation and eventual illegitimacy when the host country undergoes significant social and institutional changes. When these changes take place, the domestic society can perceive that the multinational benefited from a previous social and institutional order increasingly considered as illegitimate. Under these circumstances, the new order will question the legitimacy of the multinational's operations, increasing the risk of expropriation. We illustrate our hypothesis with the case of the political strategies of the International Telephone and Telegraph Company (ITT) in Chile in the twentieth century
Understanding Social Contagion in Adoption Processes Using Dynamic Social Networks
(01/10/2015) Herrera, Mauricio; Armelini, Guillermo; Salvaj, Erica
There are many studies in the marketing and diffusion literature of the conditions in which social contagion affects adoption processes. Yet most of these studies assume that social interactions do not change over time, even though actors in social networks exhibit different likelihoods of being influenced across the diffusion period. Rooted in physics and epidemiology theories, this study proposes a Susceptible Infectious Susceptible (SIS) model to assess the role of social contagion in adoption processes, which takes changes in social dynamics over time into account. To study the adoption over a span of ten years, the authors used detailed data sets from a community of consumers and determined the importance of social contagion, as well as how the interplay of social and non-social influences from outside the community drives adoption processes. Although social contagion matters for diffusion, it is less relevant in shaping adoption when the study also includes social dynamics among members of the community. This finding is relevant for managers and entrepreneurs who trust in word-of-mouth marketing campaigns whose effect may be over-estimated if marketers fail to acknowledge variations in social interactions.
Understanding the role of institutions and economic context on entrepreneurial value creation choice
(2023) Diaz Tautiva, Julian Andres; Salvaj, Erica; Vásquez Lavín, Felipe; Ponce, Roberto D.
Research background: The observable discrepancies in entrepreneurship activity across countries have motivated both researchers and policymakers to comprehend the sources of these variations. Certain scholars have suggested that the answer to this empirical puzzle lies in the macrolevel processes that influence entrepreneurial endeavours. Purpose of the article: As the understanding of macrolevel processes that shape entrepreneurial behaviour is limited, this research aims to answer how institutions and the economic context influence entrepreneurial value creation choices (i.e., for-profit, non-profit, and mixed). Methods: Using a cross-country sample of 7,891 entrepreneurs in 58 countries, we employ a multilevel ordered probit to evaluate a novel conceptual framework. Our analysis models the direct impact of the regulative framework, the normative pillar, and the cultural pillar, alongside the moderating influence of income inequality and economic uncertainty on value creation choices. Findings & value added: Our findings show that the regulative framework has a positive marginal effect on for-profit and mixed-value creation, but a negative effect on non-profit value creation. Meanwhile, the normative pillar has a negative marginal effect on for-profit and mixed-value creation, but a positive effect on non-profit value creation. The cultural pillar has a negative marginal effect on for-profit and mixed-value creation, but a positive effect on non-profit value creation. Furthermore, income inequality moderates positive the relationship between normative pillar and for-profit and mixed-value creation, while economic uncertainty moderates negative the relationship between normative pillar and for-profit and mixed-value creation. Our research contributes to the literature by providing a nuanced understanding of how institutional pillars can act as drivers or barriers for different entrepreneurial forms, evidence of how uncertainty interacts with institutional forces to shape value creation decisions, and insights into the distinctive attributes of different entrepreneurial forms. Our findings have implications for public policy development.

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