This study analyses companies that left the IBEX-35 index between 2011 and 2020, assessing how the possible ambiguity of the “Comisión Nacional del Mercado de Valores” (CNMV) – the Spanish Securities and Exchange Commission–, in the “Principio 11” – Principle 11– of their “Código de Buen Gobierno de las Sociedades Cotizadas” (CBGC) – Good Governance Code of Listed Companies–, might explain the overrepresentation of independent directors and the decline in their stock prices. The research uses a matrix (Castillo, 2017) that classifies companies based on their compliance with the proportionality principle and the recommendation to have a majority of independent directors. The results reveal that “rushed” restructurings, completed in less than a year to comply with the CBGC, are negatively perceived by investors, leading to stock price declines. In contrast, slower and more "thought through" restructurings tend to generate positive market responses. These findings are relevant for good Corporate Governance as they emphasize the need to implement changes to the board's composition gradually and strategically, avoiding negative market reactions. Moreover, they highlight the potential impact of ambiguous regulatory interpretations on the stability of publicly listed companies.

The objective of the research was to understand the influence that the transformation towards agility has on organizational culture, through the study of a unique and reference case in the Latin American market, such as Farmacity, from the perspective of the employees. To achieve this, a qualitative approach was implemented through individual interviews, group interviews and observations. As a result, it was possible to clarify the perception of employees in various aspects of the culture such as work forms and processes, values and behaviors, leadership, autonomy and decision making, interpersonal relationships, learning and development, change management and innovation. Although positive traits of influence of agility on the organizational culture are observed, some points to improve are also recognized in order to continue consolidating the transformation, such as the levels of autonomy and innovation, the development of skills, the conception of career development and the transformational leadership model. Finally, the study represents a valuable contribution for organizations that wish to initiate or are in the process of agile transformation.

This study examines the mediating role of quality management (QM) in the relationship between customer orientation (CO) and quality and food safety performance (QFSP) in the food and beverage industry of Bogotá, Colombia. A theoretical model is proposed and validated using partial least squares structural equation modeling (PLS-SEM). Data were collected through a questionnaire based on previously validated scales, administered to quality managers and general directors. The results show that QM mediates the relationship between CO and QFSP. Specifically, CO exerts a positive and significant influence on QM, which in turn positively impacts QFSP. The originality of the study lies in the empirical validation of this mediation model in the context of an emerging market, shedding light on the mechanism through which customer-oriented strategies are translated into operational outcomes. This work contributes to the body of knowledge on quality management by offering a validated framework with theoretical and managerial implications. While the findings exhibit contextual limitations, they underscore the need to integrate QM as a central strategic element to capitalize on customer orientation in the food industry.

This article investigates Augmented Reality (AR) and its impact on consumer behavior. Augmented Reality is a relatively new technology applied to the field of digital marketing. Its relevance is highlighted in the retail industry context due to the enrichment it generates in the shopping experience, which increases customer satisfaction and brand engagement. Through a literature review, this study examines consumers’ reception of this innovative technology and its influence on purchase intention. The methodology followed the PRISMA guidelines, covering the terms consumer behaviour and augmented reality in the Scopus database, within the field of Business, Management, and Accounting. This search of 47 documents underscores the importance of Augmented Reality in decision-making, with distinctions made regarding gender and various factors that have a positive effect on consumer behavior. Furthermore, it is identified that in retail, particularly in the fashion industry, the use of Augmented Reality in the near future will be a crucial strategic marketing tool to differentiate and innovate in a competitive market. This paper provides stakeholders and marketing managers with valuable insights into the competitive advantage that Augmented Reality offers for enhancing the user experience, which can be applied to business practices.

This paper analyzes the most relevant factors that affect the environmental performance of companies certified in ISO 14001. Based on literature review and structural analysis with the Micmac Godet methodology, we identify 30 factors that determine the efficacy of an organization’s environmental performance. The review shows that the implementation of the standard does not guarantee a proper functioning per se, since the Environmental Management System (EMS) depends on factors that are endogenous and exogenous to the organizations and require continuous and coherent maintenance policies over time. The structural analysis allows identifying nine key factors (training of staff, external pressures, maintenance of the EMS, the environmental maturity of the organization, legal requirements, management commitment, managers' stance towards the environment, performance indicators and fines and sanctions), being the maintenance of the system the most critical factor. We discuss some conceptual relationships among these relevant factors of interest for EMS managers, within a systemic perspective.

This paper conducts an exploratory literature review to analyze the strategy–performance link in the pharmaceutical industry, based on the two predominant approaches in the literature: the theory of strategic groups and Porter’s generic strategies (1985/1998). While most studies agree that strategy has an effect on profitability, these studies present limitations and arrive at different conclusions. This essay reviews the literature and traces the evolution of research over the years, integrating different approaches and highlighting the main strategies within this industry and their impact on organizational performance. This research may be useful for those interested in an industry where innovation, price intervention, research specialization, and quality are fundamental characteristics that define its behavior.

The participation of the state of Hidalgo in national economic activity remains insufficient, despite its strategic geographic location and extensive transportation infrastructure, which enables its main municipalities to connect with states that have a strong industrial orientation. The objective of this research is to analyze the performance of productivity and Foreign Direct Investment (FDI) in the state’s manufacturing industry as explanatory factors of its export dynamics. To test this hypothesis, a VEC cointegration econometric model is employed, leading to the conclusion that productivity and FDI flows have a significant impact on manufacturing exports. Therefore, it is recommended to strengthen industrial development policies, promote programs that stimulate sectoral labor productivity, and improve strategies for attracting FDI.

Dynamic capabilities lead to improved performance and help sustain competitive advantage, as long as their development is aligned with a coherent strategy. The aim of this study was to analyze the relationship between resilience and innovation and their effect on the performance of 72 small Mexican restaurants. The regression model identified a positive and significant predictive power of resilience on performance, but excluded innovation from the model. Resilience proved to be a key factor in enabling proactive responses during and after the crisis. While innovation contributed to business survival, it was later identified as a second-order dynamic capability; consequently, its processes became less relevant. This study contributes to the theory of dynamic capabilities by showing the need for SMEs to continue developing these capabilities with a strategic vision focused on long-term performance.

The purpose of this article is to analyze the contextual factors that tend to limit the supply of financing products aimed at small and medium-sized enterprises (SMEs) in Ecuador. This research work arises from the problems observed in the development of SMEs in the country, which is reflected in the high percentage of businesses that fail shortly after starting operations. In addition to other causes, companies claim that this failure is closely related to the barriers they face in accessing credit, particularly on the supply side of financial products. Therefore, the article offers a new perspective on the relationship between the current economic situation and the growth potential of the SME business network, focusing on the supply of financing. Through a literature review, the paper identifies the external variables or factors that affect the supply of financial products, and then considers the specific characteristics of Ecuador’s current situation. It concludes that the context in which Ecuadorian SMEs operate is not optimal, there are market failures that negatively affect them, and current monetary policies—especially interest rates—do not encourage financial institutions to increase their credit offerings.

This study aims to analyze the relationship between circular economy criteria practices, dynamic capabilities, and the financial performance of manufacturing companies in Aguascalientes. The research is correlational, non-experimental, and cross-sectional, as the data was collected over a six-month period from a total of 33 companies through convenience sampling, without considering historical or future data. The population under study consists of manufacturing companies in the state of Aguascalientes, as they are not only of greater economic importance to the state but also contribute significantly to global pollution. Financial performance and dynamic capabilities were studied as dependent variables, while circular economy practices served as the independent variable. The results showed an acceptable relationship between the variables, with the highest level of correlation observed between circular economy practices and dynamic capabilities.