Estudios de Administración 2022-01-03T14:42:09+00:00 Sergio Olavarrieta Open Journal Systems <p><strong>Estudios de </strong><strong>Administración</strong><strong>&nbsp;</strong>[ISSN: 0717-0653, e-ISSN: 0719-0816] is a double-blind peer-reviewed business Journal published and financed on a semester basis by the Business Department of the University of Chile since 1994, created to provide an academic forum for Chilean and Latin American community business academic community.&nbsp;<strong>Estudios de Administración</strong> publishes empirical research papers, methodological papers, systematic literature reviews, conceptual papers, and case studies in&nbsp;<strong>all&nbsp;business disciplines</strong>&nbsp;in both English and Spanish.</p> <p>Cordially,</p> <p><strong>Sergio Olavarrieta<br></strong><strong>Chief Editor.<br></strong><strong>Associate Professor of Business.<br></strong><strong>University of Chile.</strong></p> Games Theory and Multinomial Real Options Model to assess strategies, agreements and penalties 2021-12-18T13:11:46+00:00 Gastón Silverio Milanesi When selecting and designing strategies in competitive environments, three potential sources of uncertainty must be taken into account: risks deriving from self-actions, risks emerging from states of nature and risks present in competitors’ decisions. That is why a numerical model that considers one’s competitors’ actions is needed to develop value strategies, joint venture design and penalty analysis. This paper proposes a simple numerical Game Theory and Real Options model with multiple sources of underlying risk. The first part sets forth the mathematical basis of the model, illustrating its function with case valuations related to strategies where there is no collaborative agreement. Cooperation strategies and default monetary penalties are then valued, and finally the main conclusions are drawn. 2021-12-18T00:00:00+00:00 Copyright (c) 2021 Estudios de Administración Modeling based on market rates as a way to estimate the price of Chilean fixed- income investment fund shares: linear and non-linear methodologies explained 2021-12-18T13:11:47+00:00 Bruno Alonso Parraguez Sasso This study addresses a problem that Chilean stockbrokers must face when - acting as market makers - they have to determine bid and ask prices for local fixed-income investment fund shares. As a solution, a mathematical model is proposed based on a share’s last known net asset value and the daily fluctuation of the reference fixed-income market rate (Central Bank of Chile bonds in 5-year development units - BCU 5). Results obtained show a clear improvement of the proposed model’s outcome when compared to simply using the last information available in the market to determine the share’s price. 2021-12-18T00:00:00+00:00 Copyright (c) 2021 Estudios de Administración Entrepreneurial Orientation and SMEs: Governance as moderator of a firm’s short-term performance 2021-12-22T12:58:37+00:00 Nelson A. Andrade-Valbuena Pablo Gonzalez-Araya Gonzalo Llanos-Herrera The purpose of this research is to examine the influence of Governance in the relationship of Entrepreneurial Orientation (EO) and the Performance of SMEs in the short term. The authors conducted a statistical meta-analysis of the effect size of Governance on a firm’s EO and short-term performance relationship in 45 articles, which together represent 9,657 companies. The results indicate that the correlation between EO and Performance in small and medium-sized companies is significant (r = 0.35), and the degree of Governance of each country influences this relationship. Thus, Governance plays a relevant role by favoring a favorable scenario, which allows the development of entrepreneurship and organizational innovation. In this way, it is also suggested that the articulation of institutions and programs that facilitate access to financial and training resources constitute effective methods to promote a good performance of small and medium-sized enterprises. This work constitutes the first study to consider the implications of Governance in the relationship of Entrepreneurial Orientation and Performance of small and medium-sized companies. 2021-12-18T00:00:00+00:00 Copyright (c) 2021 Estudios de Administración Analysis of the evolution of the theories behind studies dedicated to a company´s internationalization 2022-01-03T14:42:09+00:00 Nicolás Albertoni Roberto Horta The main purpose of this article is to analyze the evolution of the theories behind studies related to any company’s internationalization. To do this, we conducted a bibliographic review of the state of research on the subject in peer-reviewed journals and related books. References are made to the concept of internationalization, and a panoramic and systematic review is performed of literature available on theories related to the gradual process of internationalization and to other more aggressive approaches that speak of ‘non-gradual’ or ‘accelerated’ processes of internationalization. The analysis is complemented with different approaches to - or models for - a company’s internationalization that we felt contributed to the task at hand. The review of this literature is pertinent from a historical perspective since much of the current work on companies’ internationalization has been developed in contexts where the prevailing policy at the global level tended towards the liberalization of trade and not towards protectionism. Recent studies analyzed in this article have duly highlighted the need to adapt the course of a company’s internationalization to a more dynamic, systemic and uncertain environment. Ultimately, we examine how determined companies have achieved positive exporting experiences and what are the theoretical bases that explain such phenomena. 2021-12-18T00:00:00+00:00 Copyright (c) 2021 Estudios de Administración Effects of empowerment and engagement on performance in the Chilean textile industry employees 2021-12-18T13:11:48+00:00 Jesus Enrique Juyumaya Nicole Alvarado Carolina Rojas This research studies how work engagement achieved through psychological empowerment can improve on-the-job performance of employees in the Chilean textile industry. A mediation model is suggested that analyzes work engagement as a mediator in the direct relationship between psychological empowerment and job performance. Findings indicate that an employee will indeed perform better if she/he is psychologically empowered to manage her or his own skills when tackling a task. In effect, engaging the employee with the task, itself will have even more positive repercussions on performance. The study provides empirical evidence for understanding work engagement in Latin American contexts, apart from its practical implications for managing workforce in Chile’s textile industry. 2021-12-18T00:00:00+00:00 Copyright (c) 2021 Estudios de Administración Improving the Overall Equipment Effectiveness (OEE) of an automotive sector company by reducing downtime and monitoring the control of supplies needed for preventive maintenance 2022-01-03T14:33:23+00:00 Juan Chávez Medina Norma Angélica Santiesteban López Isis Vianney Perez Flores The subject automotive company is specialized in the manufacture and development of labels using flexographic printing processes; it looks forward to increasing its profitability in sales in 2025. This research seeks to increase the availability of machinery in the area of flexographic printing by reducing downtime caused by breakdowns and improving and controlling maintenance spares through A3 Reports. The methodological section describes all the activities involved in the implementation of the research, guaranteeing a correct integrated traceability to the specific targets. Cause and effect diagrams, the Pareto diagram and the Five Whys are among the techniques used. We concluded that there was a series of imbalances causing a waste of productive time and affecting the levels of productivity and availability calculated by the OEE. 2022-01-03T00:00:00+00:00 Copyright (c) 2022 Estudios de Administración Corporate Social Responsibility and Financial Profitability in the hotel sector of Cuenca – Ecuador 2022-01-03T14:35:14+00:00 Jaqueline Dayana Arebalo-Naulaguari Estefania Michelle Tapia-Alvarez Johanna Catalina Armijos Cordero Gladys Victoria Fernández Aviles Socially responsible practices are applied as a business management strategy for the well-being of stakeholders and they contribute to the promotion of sustainable development processes (Villacís et al., 2016). The purpose of this article is to determine the relationship between Corporate Social Responsibility practices in the consumer area and the profitability of six lodging establishments in the city of Cuenca. The results showed a positive relationship between the CSR-Consumer Index and Return on Sales, and between the Customer Relationship criterion and Return on Sales. The lodging establishments involved in the study are clear that the greater the level of implementation of Corporate Social Responsibility, the higher the financial profitability. The study therefore provides new information for companies of developing countries and for a city considered as a microcosm. 2022-01-03T00:00:00+00:00 Copyright (c) 2022 Estudios de Administración