Research Outputs

Now showing 1 - 10 of 16
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    Chilean Universities and Universal Gratuity: Suggestions for a Model to Evaluate the Effects on Financial Vulnerability
    (Sustainability, 2023) ;
    Moraga-Palacios, Jorge
    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.
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    Análisis de riesgo crediticio, propuesta del modelo credit scoring
    (Universidad Militar Nueva Granada, 2018)
    Leal Fica, Alexi Ludovic
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    Aránguiz Casanova, Marco Antonio
    ;
    El presente trabajo aplica en una empresa dedicada a la producción, comercialización y distribución de productos derivados del asfalto en la zona sur Chile. La empresa referida, ha preferido no revelar su razón social, para tal efecto hemos denominado a esta, Fantasía S.A. Durante los últimos años Fantasía ha experimentado un crecimiento significativo en sus ventas y con ello, una disminución de su nivel de liquidez y calidad de sus cuentas por cobrar. Sin embargo, este incremento en cuentas por cobrar está asociado a un mayor riesgo asumido de cobro, dada su política liberalizadora de cuentas por cobrar. Más aún, Fantasía S.A., no dispone de un sistema de gestión de crédito objetivo que permita una evaluación adecuada de la calidad y capacidad crediticia de sus clientes actuales y potenciales. Por tanto, en este artículo se propone a Fantasía un modelo de evaluación crediticia a sus clientes actuales y potenciales ajustado y ponderado a su realidad, que permite disminuir el riesgo de crédito o incobrables. El presente trabajo considera, una descripción de los modelos de evaluación de créditos y en específico de los modelos de credit scoring. A través de entrevistas a expertos, se definieron variables cuantitativas y cualitativas críticas a considerar en un proceso de gestión de créditos. Respecto de la calidad del modelo de evaluación crediticia propuesto, este muestra que un 81,82% de los créditos otorgados a sus clientes han superado el nivel mínino de evaluación o límite de aprobación por la empresa.
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    Integrated reporting and internal changes: Analysis of Chilean companies
    (Asociación Interciencia, 2023) ;
    Navarrete-Oyarce, José
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    Moraga-Flores, Hugo
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    Araya-Castillo, Luis
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    Ganga-Contreras, Francisco
    Los informes integrados se han convertido en una fuerte tendencia mundial en el contexto de los informes empresariales, dado que permiten explicar la capacidad de la empresa para crear valor a corto y largo plazo y entregar información muy provechosa a los diferentes grupos de interés, tales como: trabajadores, clientes, proveedores, socios estratégicos, comunidades locales, legisladores y representantes de sector público. Al respecto, esta investigación tiene como objetivo central analizar los cambios internos derivados de la adopción del Reporte Integrado (RI) en un grupo de empresas que cotizan en la bolsa de valores de Chile a través de un análisis de contenido. Para ello, se utiliza como instrumento de recolección de datos entrevistas semiestructuradas, o entrevistas basadas en guion. Si bien no se aprecian cambios formales en la estructura, todas las empresas han realizado cambios internos sustanciales para enfrentar el desafío del RI. Se advierte un compromiso de la alta dirección o del directorio en el proceso de elaboración del RI, mecanismo que se percibe como una herramienta para articular el modelo de negocio, la estrategia, el gobierno corporativo y el desempeño operativo. Por otro lado, la utilización del RI se mostró como una herramienta para articular resultados financieros y no financieros. Una limitación de este trabajo es la incipiente incorporación del RI en las empresas chilenas. Se espera continuar con esta investigación y estudiar los desafíos que enfrentan las empresas latinoamericanas en la implementación del RI.
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    Explaining loyalty in higher education: A model and comparative analysis from the policy of gratuity, a case applied to Chile
    (MDPI, 2021) ;
    Galindo-Illanes, Maritza
    ;
    Vasquez-Parraga, Arturo
    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.
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    Capital structure and performance in Latin American companies
    (Routledge, 2020) ;
    Ruiz Cuneo, Luis
    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.
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    Why integrated reporting? Insights from early adoption in an emerging economy
    (Sustainability, 2022)
    Navarrete Oyarce, José
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    Moraga Flores, Hugo
    ;
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    Gallizo, José
    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.
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    Competition pressures and academic performance in Chile
    (Universidad de Chile, 2016) ;
    Chumacero, Rómulo
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    Paredes, Ricardo
    The positive impact that competition has on performance in most industries has been questioned in the education sector. The difficulty to measure competition, the idea that parents don't rationally choose schools for their children, and that schools do not react to that choice is in the center of the debate. We critically analyze the prevailing methodology in the literature that relates competition and educational performance, and the data used to estimate that impact. We propose a methodology that considers relevant substitutes for each school using various attributes which parents consider when choosing schools, and we apply it to estimate the effect of competition on educational performance in Chile, were more than 90% of the students are covered by a voucher. The evidence supports the hypothesis that competition has a positive, statistically significant, and economically relevant educational impact on private and public schools.
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    Integrated reporting as an academic research concept in the area of business
    (MDPI, 2021) ;
    Navarrete-Oyarce, José
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    Moraga-Flores, Hugo
    ;
    Gallizo, José
    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.
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    Factores determinantes en la deserción universitaria. Caso Facultad de Ciencias Económicas y Administrativas de la Universidad Católica de la Santísima Concepción (Chile)
    (Centro de Información Tecnológica, 2018) ;
    Campos Requena, Nélyda Aurora
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    Canales, Katherine A.
    ;
    González, Evelyn N.
    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.