Dr. Gallegos-Mardones, Juan

El estudio que se presenta tiene como objetivo central evaluar aquellos factores que llevan a un estudiante universitario a desertar no sólo al primer año sino también en los subsiguientes. A través de estimaciones de modelos de probabilidad logit, se encontró que los motivos que llevan a la deserción van cambiando a medida que se avanza en la carrera. Si bien existe un factor transversal, que corresponde al rendimiento académico universitario, en el primer año de carrera destacan otros factores, tales como, la región de procedencia, edad, y año de ingreso, mientras que al tercer año de carrera destacan el rendimiento académico y el financiamiento. A partir de estos resultados se pueden diseñar mejores políticas de retención estudiantil.

The purpose of this study is to explain the financial performance of companies in Latin America through the lens of capital structure and ownership structure. We perform a quantitative analysis of companies in Brazil, Chile, Mexico, and Peru using a panel data method. To avoid endogeneity problems, instrumental variables, generalised method of moments models, and panels with random effects are employed. The data cover the period 2000 to 2015. We find a positive relationship between financial performance, growth, and size of the company. However, there are mixed results for short- and long-term financial leverage, as well as for company liquidity. With respect to the ownership structure of Chilean companies, a positive effect is observed for the first major shareholder with financial performance. In general, our results are in line with those of previous studies. However, the existence of mixed results between companies and countries makes for an interesting and novel conclusion.

Many higher education systems require students to take admission exams, which are considered good predictors of academic performance. However, in Latin America, their use has been criticised for promoting socioeconomic segregation and favouring students of higher socioeconomic levels. This research complements the higher education admission process by using alternative measures of relative performance that promote greater equity in the system and allow access to higher education for more vulnerable sectors. A longitudinal study of students in Chile taking the University Selection Test (P.S.U.) and estimations of ordinary least squares (O.L.S.) in two stages were conducted. We found that the use of new measures of performance allows those more vulnerable students from public schools to reach equal and/or superior levels of relative performance than their peers from private schools. The practical implications of this research relate to recognising that good students can also attend public schools and that those students who have the capability can enter higher education, independent of their economic situations.

Financial vulnerability can be understood as the risk of an organisation being unable to carry out routine its normal operations due to financial restrictions. Models to estimate financial vulnerability have mainly been developed for profit-making organisations, while few exist for non- profit organisations (NPOs). One example is higher education institutions, which have experienced important changes in Latin America through gratuity policies for student tuition. This study proposes a model to estimate the effects of gratuity on financial vulnerability, as previous studies have focused on the effects of enrolment. A binary logistic regression model is proposed, considering the following variables: debt, income concentration, operating margin, administration costs, and square metres of rooms per student. We applied this model to 54 universities between 2013 and 2019. The results showed that the model is relevant for the debt, size, and operating margin variables. Additionally, we observed that on average, all universities were negatively affected. This result is particularly true for state-owned universities because of certain management restrictions. A limitation of this study is the unavailability of other sources of non-financial information, such as each university’s business model and stock of strategic resources, which could improve our model, as this information is more related to control than to management.

Since the 1980s, numerous transformations in higher education were experienced in Latin America, and especially in Chile, a country that allowed private entities to enter the education systems and develop a market. The opportunity triggered an increase of coverage and competition to capture and retain students, followed by marketing strategies delivering student satisfaction and pursuing student loyalty. Moreover, since 2012, higher education institutions in Chile have been allowed to adopt a policy of gratuity, giving families the co-responsibility of dealing with the cost of education. So, some institutions adopted gratuity and continued receiving funds from the state, but others did not, relying instead on family income. The split in the financial responsibility of higher education seems to have generated varied reactions from the students and their families, including their satisfaction with and loyalty to the institution. Despite the abundant literature on higher education, however, a few studies attempt to explain and compare student satisfaction and loyalty across types of institutions, such as those that opted for gratuity versus those that did not. This study examines a set of relevant attributes for understanding that phenomenon; attributes such as quality of service, satisfaction, trust, commitment, and loyalty. The results reveal a prevalence of trust and familiarity among the students attending an institution with gratuity. In contrast, the results demonstrate a preponderance of commitment and satisfaction among the students attending a non-gratuity institution that relies on family, private, and personal funds to support their education.

Working capital is a strategic resource that not only enhances financial performance but also ensures the long-term sustainability of organizations, especially SMEs. In the context of evolving economic policies and the challenges of gender equity affecting Chilean companies, this study explores how economic policy risk (EPU) and CEO characteristics influence working capital, which are essential investments for sustainable growth. The analysis covers 12,839 SMEs from 2014 to 2019. Using a fixed-effects panel data model, the findings reveal that firms tend to increase their investment in working capital in response to rising economic policy uncertainty. However, the relationship follows a non-linear inverted U-shaped pattern, which suggests the existence of an investment optimum between working capital and the EPU. Considering the level of competition, companies increase their investment in working capital when the level of competition is higher. Regarding the gender and age of CEOs, it is observed that women invest less in working capital, as do young CEOs. These results underscore the importance of EPU, along with the gender and age of CEOs, as key factors in promoting sustainable working capital management.

Purpose – The purpose of this paper is to explain student loyalty beyond its customary relationship with student satisfaction by including two relational variables, trust and commitment, two cognitive traits (service familiarity and communication) and one affective trait (opportunism) as moderators of the impact of trust and commitment on loyalty. Design/methodology/approach – Two relational constructs (trust and commitment) are employed to improve the loyalty model and key comparisons are performed to know if career, cohort and sourcing school generate differences in the explanation of student loyalty. Findings – Results show that the explanation chain that starts with student satisfaction but continues with the development of student trust and the reaching of student commitment culminates with student loyalty. The moderators (student opportunism, service familiarity, communication, age and available income for education) significantly contribute to the explanatory power of the model. Career is a meaningful differentiator in reaching student loyalty as are student cohort and the type of high school from which the student came. Research limitations/implications – This is one of first empirical studies on university student loyalty. Future research could test the same or new hypotheses using different samples and contexts. Practical implications – University policies may benefit from the inclusion of norms regarding relational processes and outcomes such as the value of trust in the interactions and systematic recognition and awards assigned to student commitment achievements. Originality/value – The explanation chain of customer loyalty was successfully applied to student loyalty, and strengthened with the addition of meaningful moderating variables.

The purpose of this research is to contribute new and relevant information about the early adoption of integrated reporting in an emerging economy, in this case the Chilean economy, with emphasis on the reasons for its use, the perceived benefits, and the difficulties experienced during the process of adoption. Methodologically, this work uses a qualitative approach, utilising semi-structured interviews as a data collection instrument that are applied to the managers in charge of preparing this reporting for a sample of companies that trade on the Chilean stock exchange. These interviews were interpreted using an analysis of their content. The results obtained are in accordance with the literature and the empirical evidence, with the characteristics belonging to an emerging economy and highlighting the importance of communicating with the stakeholders. The relationship with the stakeholders and the inclusion in international contexts were the most valued. It is also highlighted that all of the companies analysed declare sustainability as a strategic focus, which is an infrequent situation in developing economies. One limitation of this work is the low valuation and use that market agents still assign to integrated reporting in Chile, which affects the degree of preparation and utilisation, and could be explained by other types of incentives and motivations.

Recent financial scandals and the global financial crisis have generated numerous criticisms of the value and use of annual financial and sustainability reports prepared by companies. This has generated the elaboration and use of a new model of corporate-information reporting that considers strategic, social, economic, and environmental aspects. This study synthesizes the knowledge of the use of integrated reporting as a source of information, and bibliometrically analyzes of 268 articles published in the Web of Science database in 2011–2019. Results show that 77.6% of the academic articles were from developed countries, and the five most influential countries are Italy, South Africa, Australia, the United Kingdom, and the United States. Results show that the development of this type of research is scarce in emerging economies. The most influential authors are García, Rodríguez, and De Villiers. A high level of interconnections is observed in used keywords, of which the most used are ‘sustainability’ and ‘management’. Lastly, this article contributes to the international discussion on integrated reporting by carrying out a structured review of the literature, highlighting previous research.