Person: Salvaj, Erica
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Publication Reputation and Political Legitimacy: IT T in Chile, 1927-1972(School of Business and Economics, Universidad del Desarrollo, 2013) Bucheli, Marcelo; Salvaj, EricaThe 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 centuryPublication 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, EricaIn 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 societyPublication 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, EricaThis 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 actorsPublication Directors and syndics in corporate networks: Argentina and Italy compared (1913–1990)(2017) Lluch, Andrea; Rinaldi, Alberto; Salvaj, Erica; Vasta, Michelangelo; Salvaj, EricaThis 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.Publication 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, EricaPurpose – 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 managementPublication Women may be climbing on board, but not in first class: A long-term study of the factors affecting women’s board participation in Argentina and Chile (1923–2010)(2022) Lluch, Andrea; Salvaj, EricaThe literature about women’s roles in corporate structure does not provide clear, systemic, integrative answers to fundamental questions such as which factors shape board gender composition and women’s roles in business and corporate networks? With the intention to help overcome this gap in the literature, this paper examines the dynamics of women’s access to corporate boards for more than a century in Argentina and Chile. It focuses on critical factors that affect the fluctuating, nonlinear recruitment patterns that have led to the incorporation of women in these two countries during the twentieth century and the first decade of the twenty-first century. We analyse a diverse range of institutional, organisational, and individual factors that have opened women’s access to the boards of Argentina’s and Chile’s largest corporations. The study establishes that Argentina has progressed into a more fragmented corporate network than Chile, which may have facilitated women’s access to boards. However, and even if, little by little, a combination of factors has opened some space for women in the corporate power elite, they primarily remain in marginalised positions in networks. Taken together, these findings show that it is important to consider not only the number and the timing but also the nature of women’s integration into corporate boards and high-ranking positions. This issue is particularly relevant because Argentina and Chile have not enacted regulations to mandate minimum levels of board diversity during the period under analysis.Publication 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, EricaPurpose 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.Publication Global Boards: One Desire, Many Realities(2012) Salvaj, EricaInformal 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.Publication Asociacionismo, redes y marketing en la transformación hacia el turismo experiencial. el caso del Barrio de las letras. Madrid(2017) García Henche, Blanca; Salvaj, EricaSobre 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.Publication Understanding Social Contagion in Adoption Processes Using Dynamic Social Networks(01/10/2015) Herrera, Mauricio; Armelini, Guillermo; Salvaj, EricaThere 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.