Managerial and Financial Issues of Mexican Entrepreneurship, 2012, vol. 8, issue 3
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Pozycja The Role of Hypertext in Consumer Decision Making. The Case of Travel Destination Choice(Wyższa Szkoła Biznesu - National Louis Univeristy, 2012) Valdez Munoz, RaúlTravel is one of the most popular items people tend to be comfortable with purchasing over the Internet. Hypertext is a form of electronic text composed of blocks of words (or images) linked electronically by multple paths, chains, or trails. This study explores the importance of hypertext in the travel destnaton choice from websites. Results show that hypertext links containing images of destnatons, informatve texts, and search tools are the three most important features utlized by tourist website browsers. This study aims to offer insights into new areas for further research on tourism websites design, applicaton and evaluaton.Pozycja A Research Proposal to Examine Entrepreneurship in Family Business(Nowy Sacz School of Business – National-Louis University, 2012) Durán-Encalada, Jorge A.; San Martin-Reyna, Juan M.; Montiel-Campos, HéctorThis paper builds on existing theoretical and empirical studies in the areas of family business and entrepreneurship. It uses Dubin ́s theory building framework to propose a model for conducting research of family businesses and its linkage to entrepreneurial activities in Mexico. This works starts by describing the concepts of family business and explains the importance that these definitions can have on the variables to be included in the research. After that, the paper explains how the concept of “familiness” relates to the essence definition of family business. Using the resource-based view (RBV), agency theory, and social capital theories we describe how social capital resources are the basis for building firm capabilities and competitive advantages that influence firm’s performances. Based on this perspective, a theoretical model, laws of interaction, a set of propositions and suggestions for further research are provided.Pozycja Ownership Structure, Earnings Management and Investment Opportunity Set: Evidence from Mexican Firms(Nowy Sacz School of Business – National-Louis University, 2012) San Martin-Reyna, Juan M.; Durán-Encalada, Jorge A.This paper analyses the influence of ownership, board of directors, and financial leverage on companies’ performance when these either face, or do not face, profitable growth opportunities. Towards that end we examined a sample of 83 listed Mexican firms during the period 2005-2011. The results confirm the relevance of debt and board of directors in terms of firm market value by showing a negative relationship between performance and both, board of directors and leverage, in the presence of growth opportunities. In contrast, the relationship between debt and performance becomes positive when firms have no profitable investment projects. The results also demonstrate that the relevance of controlling shareholders on firm value is different when firms have or not growth opportunities. Therefore, our results show that ownership structure, composition and size of board and the level of leverage play a dual role on performance (increase or decrease the firm value) and determinewhether the firms have profitable investment projects.Pozycja Relevance of Discretionary Accruals Information (DAI) in Ohlson model: the case of Mexico(Nowy Sacz School of Business – National-Louis University, 2012) Durán-Vázquez, Rocío; Lorenzo-Valdés, Arturo; San Martín-Reyna, Juan ManuelThis study applied the modified Jones ́ model (1991) for selected companies of Mexico. This model aims to assess the impact of Discretionary Accrual Information (DAI) on financial reporting statements, in order to identify the value relevance of “earnings quality”. We applied methodological criteria of Chung et al (2005) and Mukit & Iskandar (2009). We analyzed financial information of the 35 stock included in the Index of Prices and Quotations (IPC) of the Mexican Stock Exchange (BMV) for the period 2000 to 2011. 19 companies met the specifications of the model, for 48 quarters of information. The analysis was done in three parts: first, an analysis of the modified Jones ́ model under panel data considerations by using fixed effects and adjustments of performing autocorrelation of order 1; second, a correlation analysis between the residuals of the modified Jones ́ model and the return of stock price in 3 annual closings years of study: 2007, 2008 and 2009; and third, we incorporated this variable (DAI) in the Ohlson model (of the financial and corporate accounting literature) and we tested it with panel data analysis, under fixed effects, throughout the study period.Pozycja Innovation and CSR Impact on Financial Performance of Selected Companies in Mexico(Nowy Sacz School of Business – National-Louis University, 2012) Durán-Vázquez, Rocío; Lorenzo-Valdés, Arturo; Moreno-Quezada, G. EinarThis study analyzes the behavior of the companies in the index of México’s Precios y Cotizaciones (IPC), with respect to measures of financial performance and its relationship with the two main approaches of innovation, according to the Bogota and Oslo manuals; assessing their impact on the stock price. The data is used on a quarterly basis from January 2000 to December 2011. It also makes reference to the impact of having the distinction “Socially Responsible Company” (Corporate Social Responsibility), in the Mexican stock market price reaction. Our main interest is to be pioneers in the search for relationships between topics that are currently treated as “alien” (CSR and Innovation) in formal academic publications, but we intuitively know that they are related inside organizations.