Chilean Company Research Articles

Elliptical Capital Asset Pricing Models: Formulation, Diagnostics, Case Study with Chilean Data, and Economic Rationale

The capital asset pricing model (CAPM) is often based on the Gaussianity or normality assumption. However, such an assumption is frequently violated in practical situations. In this paper, we introduce the symmetric CAPM considering distributions with lighter or heavier tails than the normal distribution. These distributions are symmetric and belong to the family of elliptical distributions. We pay special attention to the family members related to the normal, power-exponential, and Student-t cases, with the power-exponential distribution being particularly considered, as it has not been explored widely. Based on these cases, the expectation-maximization algorithm can be used to facilitate the estimation of model parameters utilizing the maximum likelihood method. In addition, we derive the leverage and local influence methods to carry out diagnostics in the symmetric CAPM. We conduct a detailed case study to apply the obtained results estimating the systematic risk of the financial assets of a Chilean company with real data. We employ the Akaike information criterion to conclude that the studied models provide better results than the CAPM under Gaussianity.

Diversity Climate and Perception of Inclusion in a Chilean Company: Spanish Adaptation of Mor Barak Scales

Diversity Climate and Perception of Inclusion in a Chilean Company: Spanish Adaptation of Mor Barak Scales

Shopping Center Industry Internationalization with a Focus on Key Resources and Direct Investment: The Case of a Chilean Company in Mexico

Abstract The shopping center sector has been growing steadily over the last years in Latin America. Many countries such as Chile, Mexico, and Brazil lead the industry in the region, with so many projects still under development and different companies with international expansion perspectives in their portfolio. The purpose of this paper is to identify which are the most recommendable entry mode strategies for Latin American countries and which are the essential resources and capabilities that a shopping center company needs to develop to increase the likelihood of success in the sector. Thus, different factors, such as political, economic, and social factors, which impact the industry operation, are analyzed to create a high-level overview of this industry’s most important subjects. For this purpose, primary and secondary data are used, based on a literature review and an empirical qualitative study, giving information of the Chilean Commercial Real Estate company, and interviewing its top managers. Thereby, the results lead to an entry strategy proposal into the Mexican market, identifying the most important shopping centers in the country, the main actors, and the best opportunities to enter.

Comparison of Microwave Short Time and Oven Heating Pretreatment on Crystallization of Raisins.

Crystalline material can develop on the surface of raisins during storage and transport, affecting the final acceptability of the product. In this work, a mild thermal pretreatment was applied to raisins to melt the pre-existing crystals and the effect of such thermal treatments on the development of crystals over a storage period was investigated. The raisins selected for this study were of the Thompson seedless variety from one Chilean company. The thermal pretreatment of raisins at 50 °C and 70 °C for 20 min in an oven and microwave (800 W) irradiation for 15 s resulted in a reduction in the percentage of crystallized raisins (w/w) from more than 50% in the control samples to less than 10% after 35 days of storage at 15 and 25 °C in a 57% relative humidity environment. The results showed that some textural parameters, such as cohesiveness and chewiness, were not affected by thermal treatment and were independent of storage temperature.

The effects of customer segmentation, borrower behaviors and analytical methods on the performance of credit scoring models in the agribusiness sector

The main aim of this study is to analyze the joint effects of customer segmentation, borrower characteristics and modeling techniques on the classification accuracy of a scoring model for agribusinesses. To this end, we used data provided by a Chilean company on 161163 loans from January 2007 to December 2013. We considered random forest, neural network and logistic regression models as analytical methods. Regarding borrowers’ profiles, we examined the effects of sociodemographic, repayment behavior, agribusiness-specific and credit-related variables. We also segmented the customers as individuals, small and medium-sized enterprises, and large holdings. As the segments show different risk behaviors, we obtained a better performance when we estimated a scoring model for each segment instead of using a segmentation variable. In terms of the value of each set of variables, behavioral variables increased the predictive capability of the model by double the amount achieved by including agribusiness-related variables. The random forest is the model with the best classification accuracy.

Gobierno corporativo y su revelación a través del Reporte Integrado: Caso MASISA

Este artículo tiene por objetivo analizar las revelaciones sobre aspectos de Gobiernos Corporativos a través del Reporte Integrado, en base de los requerimientos del Marco Internacional del Reporte Integrado. El Reporte Integrado se ha convertido en una fuerte tendencia mundial dentro del ámbito del Reporting.Para tales efectos, se realizó un estudio de caso, en el informe emitido por la empresa MASISA, dado que esta organización fue la primera empresa chilena en emitir el reporte y una de las primeras a nivel mundial. Se realizó un análisis cualitativo, análisis de contenido, para el Reporte emitido el año 2018.El análisis demostró un mediano cumplimiento de los requisitos de revelación, dado que se evidenció información de cinco de ocho aspectos revisados. También se determinó la existencia de interconexión entre las revelaciones, en línea con investigaciones previas.Llama la atención que existan tres aspectos sobre los que no se hace mención alguna. Los resultados también sugieren la utilización del Reporte como mecanismo para mostrar solo aspectos positivos de la organización. Esto abre variadas opciones de investigaciones futuras, tales como, ampliar a otras empresas o revisar el impacto interno de la emisión del Reporte.

Optimising the storage assignment and order-picking for the compact drive-in storage system

One of the most common systems in non-automated warehouses, is drive-in pallet racking with a shared storage policy (which is usually based on the duration-of-stay). Such scheme targets towards an efficient use of storage space, since its operation costs are directly related to the size and layout of the warehouse. In this paper, two mathematical programming models and two greedy-randomised based heuristics for finding (nearly) optimal storage and retrieval operation sequences for this type of storage system are proposed. The computational effectiveness of the proposed approaches is measured by considering two sets of synthetic instances. The obtained results show that the proposed heuristics are not only able to compute high-quality solutions (as observed when being compared with the optimal solutions attained by the mathematical programming models), but it is also capable of providing solutions in very short running times even for large instances for which the mathematical programming model failed to find feasible solutions. At the light of these results, the best heuristic is also tested using a rolling-horizon planning strategy in a real-world case study, obtained from a Chilean company. It turns out that the attained results are more effective than the company's current storage policy.

THE ROLE OF PERCEIVED ORGANIZATIONAL SUPPORT IN JOB INSECURITY AND PERFORMANCE

ABSTRACT In this study, we develop a conceptual model of the relationship between job insecurity and job performance, which is mediated by affective organizational commitment and moderated via perceived organizational support in a Chilean company that has undergone downsizing. In this cross-sectional study, we focused on 400 Chilean employees from the retail sector. Our findings indicate that job insecurity negatively influences job performance, which is a relationship that is partially mediated by effective organizational commitment. Moreover, a high level of perceived organizational support helped intensify the effects of the relationship between job insecurity and affective organizational commitment. To minimize the negative effects of job insecurity on the active employees of a downsizing strategy, an effective intervention is required by developing a more realistic communication in terms of a worker's expectations toward the organization.

Environmental Performance Evaluation of Latin American Industries by Using the Industrial Solid Waste Destination Index (ISWDI)

This research consists in to present the application of the Industrial Solid Waste Disposal Index (ISWDI), that is formed by 7 sub-indexes covering 20 indicators, involving the principles of non-generation, minimization, reuse, recycling, treatment, storage and final disposal. The benchmark that guided the evaluations of ISWDI was obtained from environmental reports, auditable documents and technical visits in the automotive industry textile, cement, power, dairy products and steel industries. The ISWDI developed was simulated from real data and has demonstrated its applicability in the Brazilian reality. Thus, this paper intends to expand the use of the index for Latin America. So, we intend to prove its efficiency in management assessment and to support decision making managers. This analysis was done by comparing the results obtained by the simulation of a Brazilian and a Chilean company, both from the pulp and paper industry. The results proved the efficiency of the model and the compatibility of the expected evaluations. Thus, the ISWDI constitutes a management tool applicable to the reality of Latin America.

Optimization of Contribution Margins in Food Services by Modeling Independent Component Demand

We propose a methodology useful for food services, allowing contribution margins to be optimized. This is based on statistical tools, inventory models and financial indicators. To reduce the gap between theory and practice, we apply this methodology to the case study of a Chilean company to show its potential. We conduct a real-world demand data analysis for perishable and non-perishable products in the company’s inventory assortment. Then, we use suitable inventory models to optimize the associated costs. We compare the proposed optimized system with the non-optimized system currently employed by the company, using financial indicators.

El problema de la despotenciación del cuerpo: análisis de discurso de trabajadores de una empresa de servicios chilena

- Grupo de investigación Antropología y Filosofía (SEJ-126). Universidad de Granada. - Área de Antropología Social. Universidad de Jaén. - Laborarorio de Antropología Social y Cultural (HUM-472). Universidad de Almería. - Departamento de Filosofía II. Universidad de Granada.

Equilibrio trabajo-familia: corresponsabilidad familiar y autoeficacia parental en trabajadores de una empresa chilena

<p style="text-align: justify;">En el artículo se analizan las diferencias entre equilibrio trabajo-familia, corresponsabilidad y autoeficacia parental en trabajadores de una empresa chilena. A 224 trabajadores les fueron aplicados tres instrumentos: el cuestionario de interacción trabajo-familia, el cuestionario de participación en el trabajo familiar y la escala de autoeficacia parental. Se observa que no existe diferencia en el nivel de equilibrio trabajo-familia entre hombres y mujeres (t [222] = -0,83, p > 0,05). En corresponsabilidad se evidencian diferencias estadísticamente significativas (t [220,28] = -7,27, p < 0,05), indicando que las mujeres realizan más tareas en el hogar, a pesar de su jornada laboral. En relación con la autoeficacia parental existen diferencias entre hombres y mujeres (t [215] = -8,76, p <0,05), indicando que las mujeres se perciben a sí mismas como mejores madres.</p><p style="text-align: justify;"><strong>Palabras clave</strong>: <span>equilibrio trabajo-familia, corresponsabilidad familiar, autoeficacia parental, funcionamiento familiar. </span></p>

An Algorithm for Supply Chain Integration based on OTSM-TRIZ

In the paper an operative algorithm is described that guides decision makers in selecting the best supply chain integration strategy to follow when problems occur. The aim of the algorithm, inspired by the Theory of Inventive Problem Solving, and specifically by the body of knowledge of its recent evolution (OTSM-TRIZ) is to address managerial problems following a structured reasoning approach: a five steps procedure has been formulated to systematically structure the problem context, generate solutions and assess the potential effects of each solution. A case study has been developed, to test the algorithm effectiveness and usability, in collaboration with the Chilean company ARAUCO S.A., one of the major forestry companies in the world. The results demonstrate the efficacy of the algorithm to support decision makers in correctly implementing the identified problem solutions within the company development process and organizational structure.

MDE‐based process tailoring strategy

SUMMARYDefining organizational software processes is essential for enhancing maturity because they cannot be improved if they are not specified. However, software process definition is hard and still not good for assuring productivity because the best process depends on the project's particularities. The process engineer can define a specific process for each kind of project, but this is expensive, unrepeatable, and error prone. Moreover, it is difficult to foresee all project scenarios and therefore the appropriate processes. The most usual situation is to apply always the same software process, although it is known to be suboptimal. To deal with this challenge, we propose a model‐based approach to software process tailoring that automatically generates project‐specific processes on the basis of the organizational process and project contexts. We still require competent process engineers to define the company's process, but once done, our approach is systematic, repeatable, and easy to use. The proposal is applied for tailoring the requirements engineering process of a medium‐size Chilean company. Processes obtained matched those used in the company for planned project contexts, and they were also reasonable for nonexpected situations. The company's process and project engineers agreed that the approach was highly valuable. Copyright © 2013 John Wiley & Sons, Ltd.

Effect of work schedule design on productivity of mechanised harvesting operations in Chile

To improve production efficiency and harvesting economics some forest companies are looking at extended hours of use for forest machinery, which may include longer shift lengths, multiple shifts per day, and more harvesting days per week. A review of the literature provides mixed signals on the costs and benefits of extending work hours. A long-term data base, which contained over 30 000 machine day records and was maintained by a Chilean forest company, was used to evaluate the effects of three types of extended work schedules (beyond a 9 hour work day) on the productivity of two types of harvesting operations; mechanised processing of Pinus radiata D. Don (radiata pine) stems into logs and mechanised harvesting of eucalypt (Eucalyptus globulus Labill and E. nitens H. Deane and Maiden) trees. Production increased as working hours increased. However, average hourly productivity fell by 9 to 30% as the working day length for equipment was extended from 9 to 18 hours. A range of factors, some interacting, were found to affect the level of decrease. These factors included type of work schedule, type of operation, season, tree species, and tree size. Extending working hours beyond 9 hours per day did not result in equivalent increases in production for mechanized harvesting operations in Chile. Further research is needed on the overall economics of working extended hours.

Why Don’t Shareholders Sue? Derivative Actions as a Test of Convergence in Chilean Corporate Law

The existence of a shareholder derivative action seems to be indicative of a jurisdiction’s convergence towards what the academic literature has referred to as the standard shareholder oriented model of corporate law. In the course of an ongoing deliberate process of junction towards such model, during the year 2000, Chilean legislation provided for a derivative action expressly intended to promote minority shareholders' protection. Interestingly, however, since its enactment no single derivative suit has been filed, despite that in several litigated cases there were grounds to be found for a shareholders' claim for compensation of corporate damages. One of such cases resulted in the imposition of a historical fine by the regulatory agency of publicly held corporations and securities markets (Superintendencia de Valores y Seguros, SVS), to high officers of the major Chilean electricity company (commonly known as the 'Chispas' case). The factual configuration of the case was extremely appealing. Following the privatization of its formerly state held property, the control over Enersis was exercised by a group of key managers through a twofold mechanism: First, pursuant to a 29 percent stake in the stock of Enersis which was held by a close corporation named Chispas (hence the popular denomination of the case); and, second, by means of several proxies granted to the key managers by a number of minority shareholders in Enersis. In 1997, the key managers sold to Endesa Espana 51 percent of their shares in Chispas, which conferred control over this company but not over Enersis. Thus, the key managers also agreed to exercise the authorities attached to their capacities as directors and officers of Enersis according to the acquiring party's best interest, in exchange for a surcharge on the price for the remaining 49 percent stake in Chispas. In this context, where there seemed to be reasonable grounds for a derivative action, one is inclined to question why no such action was filed by the minority shareholders in Chispas. The object of our investigation is to claim that shareholder passivity in this and similar cases may be explained as a result of cost related considerations with respect to the procedural design of a derivative action. This, in turn, may work as a test case for the convergence thesis in Chilean corporate practice, and shed light over the more general issue of the conditions for an effective transplantation of derivate actions. Therefore, our normative claim is that since plaintiff shareholders may only benefit indirectly from a derivative suit according to their pro rata shareholding, Chilean law should improve their means to shift costs of litigation to defeated defendants or beneficiated companies. The positive claim is that, at least on the Chispas case, Chilean judicial practice regarding the statutory exception of 'plausible cause' has discouraged shareholder activism in the derivative litigation context.

Short communication. The influence of size, variety, destination port and month of sale in the export price of Chilean apples: a hedonic approach

This study aims at determining the marginal prices of agronomic and marketing variables for Chilean export apples. The agronomic variables are variety and size, and the marketing variables destination port and month of sale. The database corresponds to the 2002-03 and 2003-04 seasons and was obtained directly from the export bulletins of an important Chilean fruit export company. A hedonic price linear function was estimated in terms of the variables mentioned. A generalized linear model was employed and parameters were estimated via the maximum-likelihood method. Results showed that the most influential variable on the final price of apples is destination port, followed by variety, month of sale and size. Using as reference Saudi Arabian ports, Taiwan should be preferred while Rotterdam, other European ports, Philadelphia and other American ports and Latin America are worst choices than Saudi Arabia. With respect to "Red Chief", the reference variety, "Fuji" and "Gala" have positive marginal prices whereas "Granny Smith" showed a null marginal price. Sales in March or April show negative and null marginal prices respectively, suggesting that the best choice is May. The cost of cold storage, however, can offset the advantage of a late sale. Finally the study shows that size has little significance on final price and that 28 additional points in the size index are required to justify the cost of thinning.

Postmerger Integration's Process Analysis and its Organizational Implications: Integrating Cemento Melón to Lafarge's Group

This research deals with the postmerger integration's process study of a Chilean company: Cemento Melon. People's experience of executives commited in this operation, Lafarge Group's experience, postmerger integration process formalisation and communication process are key elements to understand organizational implications of this external growth (our control variable are executives departures and cultural integration). We also analyzed the experience gained from this integration for Chilean executives and for Lafarge's Group. Our research was realized thanks to a 5 month study in Chile in Cemento Melon.

Fleet configuration subject to stochastic demand: an application in the distribution of liquefied petroleum gas

We study the problem of configuring a fleet, in which vehicles receive information on-line about the demand that they should fulfil while they are on the road. In each district it must be decided the number of vehicles and their capacity. The objective function is to minimise the operational cost subject to constraints for the minimum delivery capacity, the maximum vehicle size and the average waiting time for customers. The last constraint is modelled as a queuing system that is adjusted according to the simulation of the delivery process of a Chilean company that distributes liquefied petroleum gas in portable cylinders. We provide the analytical form of all the components of the model, so it can be solved using a standard non-linear programming package. We show that the fleet may increase its sales by 3% and reduce the waiting time of customers 10% by allowing a set of vehicles to share the buffer of orders rather than having vehicles to exclusively serve smaller sectors.