Editorial

The high increases in freight transportation costs worldwide have generated a container crisis, impacting the global supply chains due to fast-increasing product prices. This situation could raise the global international inflation rate, provoking the devaluation of different currencies against the dollar. The increased cost of maritime transport will affect some products, impacting their added value. For instance, some furniture, textile, handcraft, artisanal candles, clothing, and leather products could lose their competitive advantage for their emerging producer economies. Due to the Covid-19 pandemic, maritime freight rates are expected to remain high for at least one year, affecting economic trade and demand worldwide and causing a shortage of several products. Such a situation is a critical effect of the lockdowns that slowed down industrial activity. The vertiginous increase in freight transportation rates is due to a multiplicity of factors, the vast majority of them having to do with the pandemic, and it is not yet clear how long this crisis could last. This ongoing crisis is known as the "container crisis" and entails an unusual shortage of available space to transport products from Asia to the rest of the world. Besides the lack of containers and high shipping costs, there have been port jams and temporary shutdowns in some terminals due to strict measures to control the new covid-19 strains. We hope that the massive vaccine rollout worldwide could improve the maritime transportation flow, which moves 99% of the total load (in tons) worldwide. The Colombian industry has suffered a shortage of raw materials, over-production costs, and long delays in lead times, forcing some small- and medium-sized companies to shut down due to inputs being unavailable for their average production. Editorial Note The Journal Cuadernos de Administración needs to thank Prof. Carlos Hernan Gonzales for his invaluable years' long work as an editor that allowed the Journal significant achievements. Among the most significant achievements is the Journal being categorized in the Emerging Sources Citation Index (ESCI). We hope that Prof. Carlos Hernan will continue supporting the Journal through his participation in the editorial board team. The Journal brings new, significant changes seeking to increase its visibility and ranking: Calls for papers for each volume will be relinquished, and a permanent call for papers will be in place. The Journal will have a "Forthcoming Papers" section, papers that will have been peer-reviewed and accepted for publication but are not yet published because final changes are pending and still need to be assigned a volume or issue. The order they are published does not indicate the order of their final assignment to a volume. These papers can be cited as forthcoming papers. According to the following link, papers must meet a minimum level of English above the 75th percentile https://secure.aje.com/en/researcher/grammar-check. This 71st issue of the Journal Cuadernos de Administración corresponds to the September-December 2021 period. The eight papers published in issue 71 come from the previous call, whose authors submitted their manuscripts to our editorial process from several countries and different regions of Colombia. The Journal thanks our reviewers, who supported us through their experience and expertise in assessing each paper. The eight research papers published attest to the high quality of several aspects in business, marketing, finance, and social responsibility, among other areas. The first paper, called "Visual neuromarketing strategies in two shopping malls in the city of Cúcuta, Colombia," seeks to describe the visual neuromarketing practices present in two shopping malls in the city of Cúcuta (Colombia). A quantitative study with a descriptive, non-experimental, cross-sectional design using an observation guide and a questionnaire is implemented. The second paper, called "Case Analysis: Financial viability for the commercialization of physicochemical testing services at the Antioquia Liquor and Alcohol Factory (ALAF)," studies market profitability for physicochemical testing of alcoholic beverages according to the transformation in its legal nature. The proposed approach includes the costing of tests by using accounting and the analytical procedures used by the laboratory. The paper "A framework explaining the entrepreneurial intentions of engineering students in public universities" seeks to explain the Entrepreneurial Intent (EI) of university students enrolled in engineering programs at the public university of the state of Guanajuato (Mexico). The proposed approach combines the Theory of Planned Behavior, formal and informal institutional factors, and two individual traits. The fourth paper, "Corporate Governance and Organizational Social Responsibility: discussion about the Multilatinas case," explores the relationship between Corporate Governance and Corporate Social Responsibility. This relationship is analyzed considering the interest of the majority-owners-block-family and CEO about the firm outlays for the Organizational Social Responsibility. The paper "Announcements Effect of Corporate Bond Issuance on Stock Returns: Evidence from Chile" measures the effect of announcing a corporate bond issuance on stock returns for companies listed on the Santiago de Chile Stock Exchange (BCS). An event study measures the effect of announcing a corporate bond issuance on stock return, and this methodology calculates abnormal returns for the days of the event. In the work "Internationalization and open innovation in SMEs from the horticultural sector in Colombia," the authors empirically assess the relationship between open innovation, exploration, and exploitation activities in the context of internationalization of horticultural-sector SMEs' from Northern Valle del Cauca, Colombia. The study is based on a sample of 102 SMEs and the determination of a partial least squares structural equation model (PLS-SEM) to test a series of research hypotheses. The last research paper, "Sustainable segmentation for ecological personal hygiene products in the hard discount format," considers the issue of sustainable consumption of personal hygiene products in countries like Colombia. A quantitative approach with a descriptive correlational scope was employed to analyze the relationship between consumers' environmental practices and their intention of purchasing personal hygiene products. Finally, the last paper, a reflection paper called "Bank financing management with a value chain approach in Cuba," tackles the value chain concepts and the value chain approach from productive articulation. The methodology used in this work includes the analysis, synthesis, and deduction of the theoretical-methodological aspects of bank financing management. The Universidad del Valle's Faculty of Administration's 71st issue of Cuadernos de Administración consolidates us as a prestigious Journal for disseminating scientific knowledge in several areas. The Journal wishes to thank the authors of each of these eight papers and the peer reviewers who supported our editorial process, always bearing in mind that each article's content is its authors' responsibility.

Segmentación sostenible para productos ecológicos de aseo personal en el formato gran descuento

En la actualidad son escasas las investigaciones científicas acerca del consumo sostenible en productos de aseo personal en países como Colombia. Por esta razón, el objetivo del estudio se orientó a analizar a los compradores de productos de la categoría de aseo personal en general que visitan formatos de gran descuento en sus prácticas cotidianas e intenciones en una compra sostenible al momento de elegir productos con el fin de segmentarlos o agruparlos para desarrollar estrategias eficientes de mercadeo. Se empleó un enfoque cuantitativo con un alcance descriptivo correlacional para analizar la relación entre las prácticas ambientales de los consumidores y la intención de compra de productos de aseo personal. En la etapa de análisis se utilizó el agrupamiento jerárquico acompañado de un Análisis de Componentes Principales (ACP) para proyectar los segmentos en las dimensiones encontradas. Los resultados cuantitativos nos demuestran tres grandes segmentos con características sociodemográficas, prácticas e intenciones diferentes para cada grupo. Con esta información las empresas que comercializan estos productos de aseo podrán crear y potencializar sus estrategias para fidelizar y aumentar ventas en los nuevos segmentos de consumidores sostenibles generando el impacto que necesita el planeta y sociedad.

Internacionalización e innovación abierta en PYMES del sector hortofrutícola en Colombia

El presente estudio evalúa de manera empírica la relación entre la innovación abierta, las actividades de exploración y explotación en el contexto del proceso de internacionalización de las PYMES del sector hortofrutícola del Norte del Valle del Cauca en Colombia. Teniendo en cuenta que las PYMES generalmente carecen de los recursos y las competencias para organizar todo el proceso de innovación, deben estar abiertas a fuentes externas para innovar y buscar estrategias de internacionalización. El ejercicio se ha basado en una muestra de 102 PYMES y la determinación de un modelo de ecuación estructural de mínimos cuadrados parciales (PLS-SEM) para probar una serie de hipótesis de investigación. Los hallazgos confirman que existe una relación positiva y significativa entre las actividades de exploración y explotación con la innovación abierta, siendo mucho más fuerte esta relación en las actividades de explotación. No obstante, no se pudo comprobar una relación entre la innovación abierta y la internacionalización. Estos hallazgos sugieren que la internacionalización no es una consecuencia de la innovación abierta; sino que encontraría dinamizadores en las políticas públicas y la consolidación del Sistema Nacional de Innovación Agrícola (SNIA), para el caso aquí tratado. En la literatura se evidencia una escasez de estudios frente al campo de investigación.

Gestión del financiamiento bancario con enfoque de cadena de valor en Cuba

En el artículo se abordan las concepciones sobre cadena de valor, así como el enfoque de cadena de valor desde la perspectiva de la articulación productiva. Se exponen las concepciones sobre gestión del financiamiento bancario con enfoque de cadena de valor siguiendo los referentes internacionales para dar paso a las posiciones teóricas sobre el particular en el contexto de la economía cubana. El análisis crítico de las metodologías, que constituyen los antecedentes de esta investigación, es la base de la propuesta de elementos metodológicos sobre la gestión del financiamiento bancario con enfoque de cadena de valor en Cuba. El objetivo del presente trabajo consiste en la fundamentación teórico-metodológica sobre financiamiento bancario con enfoque de cadena de valor en Cuba. La metodología utilizada comprende el análisis y la síntesis, así como la deducción para el tratamiento teórico-metodológico de la gestión del financiamiento bancario. Se utilizaron métodos empíricos como la búsqueda y procesamiento de información, el criterio de expertos y los talleres grupales. Los resultados se expresan en los elementos metodológicos propuestos para la gestión del financiamiento bancario con enfoque de cadena de valor basados en la capacidad de la institución financiera para aprender e innovar continuamente, lo que aporta una novedosa visión que podría proporcionar servicios financieros de calidad, confiables para las empresas y demás actores económicos cuyos productos finales se destinan al mercado internacional.

Announcements Effect of Corporate Bond Issuance on Stock Returns: Evidence from Chile

This study measures the announcement effect of corporate bond issuance on stock returns for companies listed on the Santiago de Chile Stock Exchange (BCS). The sample is made up of 29 firms and 87 corporate bond issuance announcements during the 2010-2017 period. The announcement effect of corporate bond issuance on stock return is measured by an event study. This methodology allows to calculate abnormal returns for the days of the event period. The results show that the average abnormal return on the day of the announcement is negative (between -0.09% and -0.03%), but it is not statistically significant. However, the average abnormal return on the day after the announcement is positive (between 0.27% and 0.32%) and has statistical significance. The significant and positive average abnormal return on the day after the announcement suggests a late market reaction. The study shows that there is a significant signaling effect of bond issuance announcements on stock returns.

Corporate Governance and Organizational Social Responsibility: discussion about the Multilatinas case

This paper explores the relationship between Corporate Governance and Corporate Social Responsibility (or Organizational Social Responsibility). To this end, the document is based on a case study about a Colombian long-tradition firm known as Organización Carvajal, which has extended its activity all over Latin America. The case study covers the period 2008-2015, between the arrival of a non-family CEO to the last year containing enough information about the subject at the research time. The relationship between the Corporate Governance and the Organizational Social Responsibility is studied based on a model that considers the interest of the majority-owners-block-family and CEO about the firm outlays for the Organizational Social Responsibility. The presentation is built as follows: first, central issues of the disciplinary context are shown. They are centered on placing the Corporate Governance-Organizational Social Responsibility relationship in Multilatinas among the organizational discussion. Second, the literature review explains the conceptual frame to visualize both the relationship mentioned above and the fieldwork. This part sets the theoretical model used as a referent. Finally, the case is described, discussed and the conclusions incorporated. The findings suggest that the CEO – owner agency problem in this Multilatina is not significant enough to become the main reason to alter the relationship between Corporate Governance and Organizational Social Responsibility.

A framework explaining the entrepreneurial intentions of engineering students in public universities

This study explains the Entrepreneurial Intent (EI) of university students enrolled in engineering programs at the public university of the state of Guanajuato, Mexico, in terms of the three constructs of the Theory of Planned Behavior, formal (entrepreneurship education) and informal (the entrepreneurial demonstrated behavior of family and friends) institutional factors, and two individual traits (innovativeness and need of achievement). The conceptual model proposed also examines the role of entrepreneurship education in strengthening entrepreneurial self-efficacy. Survey data is analyzed using structural equation modeling. Findings indicate entrepreneurial attitudes have the most significant predictive ability on entrepreneurial intention over entrepreneurial education and the manifest entrepreneurial actions of close social groups that have only a moderate influence on EI. The analysis also confirms that entrepreneurship education enhances entrepreneurial self-efficacy. Based on these results, it is recommended that Engineering Schools devote more attention to experiential learning to create favorable entrepreneurial attitudes and develop students’ entrepreneurial skills, particularly among those with a high need for achievement.

Case Analysis: Financial viability for the commercialization of physicochemical testing services at the Antioquia Liquor and Alcohol Factory (ALAF)

The purpose of this work is to evaluate the profitability of the market for physicochemical testing of alcoholic beverages, which the Physicochemical Laboratory of the Liquor de Antioquia Factory (FLA) intends to enter, according to the transformation in its legal nature. The methodology that includes the costing of the tests using cost accounting and the analytical procedures used by the laboratory. For the construction of the cash flow of the project for the sale of the physicochemical tests, it was necessary to search and consolidate information concerning the inventory of fixed assets of the laboratory and the entry of annual samples from the different areas of the FLA. The AutoRegressive Moving Average (ARMA) model is used as the demand projection method. The results reveal that, although restricted and specialized, the physicochemical testing market may generate, under certain scenarios, a return on investment that allows the self-sustainability, viability and competitiveness of the physicochemical laboratory over time.

Estrategias de neuromarketing visual en dos centros comerciales de la ciudad de Cúcuta, Colombia

Desde hace un par de décadas, se ha venido posicionando la neurociencia como espacio de investigación transversal a múltiples disciplinas y ciencias. Con sus aportes, genera nuevas discusiones al interior de la educación, la psicología, y claro está, el marketing. El neuromarketing es un campo de estudio joven que hasta ahora viene delimitándose. En Google Scholar se registran tan solo 21 mil resultados de estudios relacionados con esta temática. En este artículo se busca describir las prácticas de neuromarketing visual presentes en dos centros comerciales de la ciudad de Cúcuta (Colombia). Se trata de un estudio con enfoque cuantitativo con diseño no experimental – transversal de nivel descriptivo en el que se aplicaron como instrumentos una guía de observación y un cuestionario. El primero fue aplicado a 220 unidades de estudio (establecimientos comerciales) y el segundo a 216 clientes visitantes. Aunque no se tiene certeza sobre la aplicación consciente de estrategias y principios de neuromarketing por parte de los propietarios de los establecimientos, los resultados muestran que los clientes experimentan emociones positivas (alegría, tranquilidad, euforia y afectividad) y elaboran conceptos positivos sobre los establecimientos (agradable y confortable), afectando su decisión de compra (50%) y de volver al lugar (90% al 100%). Se concluye que el marketing visual de los establecimientos analizados caracterizados por el uso de luces cálidas y frías, uso moderado de imágenes, exhibición predominante de productos y su diversidad, poca visualización de ofertas, es efectivo sobre las emociones, conceptos y decisiones de los compradores y clientes.

Estrategias de política pública colombiana. Proceso de transición a una economía circular

The oEl objetivo de esta investigación es identificar las estrategias de política pública colombiana en el proceso de transición a una economía circular. Se realizó un trabajo de investigación teórico- bibliográfica, de tipo descriptiva y documental, utilizando bases de datos especializadas como criterio de búsqueda y selección de información, utilizando las palabras clave: Desarrollo sostenible, Economía circular, Reciclaje, Estrategias y Políticas públicas en Colombia; además se consultó bases de datos en sitios web, de los principales entes públicos del país encargados de la formulación e implementación de políticas públicas. Se encontró que existe una política nacional para la gestión integral de residuos sólidos, implementada separadamente mediante un modelo de economía lineal, a través de reciclaje, y las estrategias de política pública apuntan hacia la sostenibilidad representada en cuatro ejes estratégicos relacionados con la economía circular. Se concluye sobre la importancia de la articulación de políticas públicas con la implementación de estos ejes estratégicos para potenciar efectos de carácter social, económico y ambiental.