Small Business International Review https://sbir.upct.es/index.php/sbir <p><i class="ai ai-open-access ai-4x ai-fw ai-pull-left" style="color:#f6830a"></i>The editors are pleased to announce that the publishing model of the <strong>Small Business International Review (e-ISSN 2531-0046)</strong> has changed. Rather than publishing conventional complete online issues at fixed intervals, the journal has moved to a <strong>continuous publication (CP) model</strong>. The central aspect of the new publishing model is that articles will be published online in their final formats (PDF and XML-JATS), with their final citation details, as soon as they have been accepted and proofread. As a result, the waiting time between submission and final publication is considerably reduced, and the article will be assigned a permanent DOI as well <a href="/index.php/sbir/about#continuouspublication">(more information)</a>.</p> <p>Small Business International Review is a peer-reviewed e-journal devoted to the publication of original research articles concerning the broad field of SMEs. It provides <strong>Fully Open Access</strong> to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.<strong> Authors are not asked to pay Article Processing Charges (APCs) for this journal in any case</strong>. The journal offers a permanent open call for papers. The articles can be sent using the platform of the journal or can be sent by attaching the document to the address <a href="mailto:sbir@upct.es?subject=%5BSBIR%5D%20Article%20sent">sbir@upct.es</a> indicating in the subject: '[SBIR] Article sent'. To submit your manuscript through the platform <a href="/index.php/sbir/login">click here</a>.<!-- Recently we changed the website improving the version of the 'Open Journal System' platform, so maybe you are not familiar with this new interfaz. Please do not hesitate to contact us in case you have any question or any problem when submitting your article. Remember that we will be very pleased to support you.--></p> <!--<p>Publication Frequency: Small Business International Review journal is published in one yearly volume divided into two half-yearly issues (5 articles every issue). The first issue of every year is published within the first days of January and covers the months from January to June, and the second one is published the firs days of July and covers the months from July to December. The journal offers a permanent open call for papers.</p> <p>Explanatory note about the change of the <strong>Creative Commons License</strong>: <strong>Small Business International Review</strong> published its first two issues under a <a href="https://creativecommons.org/licenses/by-nc-nd/4.0/" rel="license">Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License(CC BY-NC-ND 4.0)</a>. But the editors after the knowledge of the <a title="DECLARATION OF MEXICO in favor of the Latin American Non-Commercial Open Access Ecosystem" href="http://www.accesoabiertoalyc.org/declaracion-mexico-en/" target="_blank">DECLARATION OF MEXICO in favor of the Latin American Non-Commercial Open Access Ecosystem</a>&nbsp;have decided to publish from that moment through a <a title="Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License (CC BY-NC-SA 4.0)" href="https://creativecommons.org/licenses/by-nc-sa/4.0/" target="_blank">Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License (CC BY-NC-SA 4.0)</a> as a result of it the Vol. 2, Num. 2 (2018) is under this new version of licence as well as all new issues from now.</p>--> Spanish Accounting and Business Administration Association (AECA) and Universidad Politécnica de Cartagena (UPCT) en-US Small Business International Review 2531-0046 <p id="copyrightNotice">Authors who publish with this journal agree to the following terms:</p> <ol> <li class="show">Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a <a title="Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License (CC BY-NC-SA 4.0)" href="https://creativecommons.org/licenses/by-nc-sa/4.0/" target="_blank" rel="noopener">Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License (CC BY-NC-SA 4.0)</a> that allows others an non-exclusive licence to share the work with an acknowledgement of the work's authorship and initial publication in this journal, commercial uses are not permitted and, if you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original.</li> <li class="show">Authors are able to enter into separate, additional contractual arrangements for the <span style="text-decoration: underline;">non-exclusive distribution</span> of the journal's published version of the work, duly noting the <em> <em>Small Business International Review</em> </em> as original source of material, including the authorship, the year of publication, number of issue, and the pages or elocation-id on which the information appears, as well as the link to the Journal’s web page using its assigned DOI link.</li> <li class="show">Authors are permitted and encouraged to post their work online (on their institutional repositories or their website) for the submitted and accepted versions , provided acknowledgement of submission or acceptance, as it can lead to productive exchanges, as well as earlier and greater citation of published work.</li> <li class="show">Explanatory note about the change of the <strong>Creative Commons License</strong>: <strong>Small Business International Review</strong> published its first two issues under a <a href="https://creativecommons.org/licenses/by-nc-nd/4.0/" rel="license">Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY-NC-ND 4.0)</a>. But the editors after the knowledge of the <a title="DECLARATION OF MEXICO in favor of the Latin American Non-Commercial Open Access Ecosystem" href="http://www.accesoabiertoalyc.org/declaracion-mexico-en/" target="_blank" rel="noopener">DECLARATION OF MEXICO in favor of the Latin American Non-Commercial Open Access Ecosystem</a>&nbsp;have decided to publish from that moment through a <a title="Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License (CC BY-NC-SA 4.0)" href="https://creativecommons.org/licenses/by-nc-sa/4.0/" target="_blank" rel="noopener">Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License (CC BY-NC-SA 4.0)</a> as a result of it the Vol. 2, Num. 2 (2018) is under this new version of licence as well as all new issues from now.</li> </ol> The impact of COVID-19 on small and medium-sized enterprises in Armenia: Evidence from a labor force survey https://sbir.upct.es/index.php/sbir/article/view/298 This paper assesses the impact of COVID-19 pandemic on small and medium-sized enterprises in Armenia. The analysis of representative nationwide survey data reveals that as compared with large-company employees, SME employees are more affected by the crisis, having been laid off or having reduced work hours and pay. Logistic regression results show that being employed by an SME doubles the likelihood of layoff and pay reduction. There is also support for the hypotheses that employees in sectors which allow for remote work, e.g., education and information and communication services, as well as those who have medium to high professional qualifications, have been less affected by the crisis. The findings call for more targeted government assistance to SMEs and low-skilled workers. Mane Beglaryan Gayane Shakhmuradyan Copyright (c) 2020 Mane Beglaryan, Gayane Shakhmuradyan http://creativecommons.org/licenses/by-nc-sa/4.0 2020-09-15 2020-09-15 4 2 e298 e298 10.26784/sbir.v4i2.298 Sustainable Human Resource Management and Organisational Performance: An Integrating Theoretical Framework for Future Research https://sbir.upct.es/index.php/sbir/article/view/281 This paper identifies and analyses six relevant approaches for the analysis of Sustainable Human Resource Management and Organizational Performance: Resource-Based View, Dynamic Capabilities View, Knowledge-Based View, Behavioral Theory, Human Relations Theory, and Cooperative Systems and Ambidextrous Organizations. They are complementarity approaches. They can all be applied to the analysis of a specific resource or capability for sustainable human resource management (HRM) and, consequently, organisational performance. However, the contributions made by the Resource-Based View and the new approach of Ambidextrous Organizations seem to be the most comprehensive approaches for studying sustainable HRM from an internal perspective of firms that allows the long-term development of their organizational and society performance. Lucía Muñoz-Pascual Jesús Galende Copyright (c) 2020 Lucía Muñoz-Pascual, Jesús Galende http://creativecommons.org/licenses/by-nc-sa/4.0 2020-09-15 2020-09-15 4 2 e281 e281 10.26784/sbir.v4i2.281 SMEs led by women and training: an exploratory study https://sbir.upct.es/index.php/sbir/article/view/270 The objective of this research was to characterize the training in companies led by women and determine if there is a relationship with the characteristics of the company and the businesswoman. A structured direct questionnaire was applied to a sample of 272 voluntary businesswomen from Mexico City. The main findings from this exploratory study show that most women entrepreneurs consider training important; nevertheless only half have been trained, the average annual training hours being 45. In addition, only one third have implemented training programs for their employees, and the training topics have been mainly in operational or production areas. It was also found a significant relationship between some characteristics of companies and entrepreneurs and training María Luisa Saavedra García María Elena Camarena Adame Copyright (c) 2020 María Luisa Saavedra García, María Elena Camarena Adame https://creativecommons.org/licenses/by-nc-sa/4.0 2020-07-01 2020-07-01 4 2 1 17 10.26784/sbir.v4i2.270 Almería’s fruit and vegetable competitive advantage and the growth of GDP per capita https://sbir.upct.es/index.php/sbir/article/view/265 Almeria's horticulture has experienced extensive growth that is sustained by the main macroeconomic variables: an acceleration of the agricultural income, broadly-speaking, a positive commercial balance throughout the first quindenium of the century and a GDP that on the whole represents the 16.69% of that accounted by all the province, without taking the agricultural auxiliary industry into account. This trend leads to an asymmetric process of deagrarianization which registers the whole of the Spanish economy and acts as a source of competitive plus point in comparative terms with the development of the social welfare of its territory. A linear regression analysis crosses two variables to assess the degree of coincidence that exists between the growth registered by Almeria's horticulture industry and the quality of life of its citizens. On the one hand, the productivity of the sector is used (average in tonnes of production per hectare) whilst, on the other hand, per capita GDP -because economic growth theories go against GDP as an indicator of social welfare. There is evidence that GDP per capita follows a parallel or symmetrical pattern to the citizens' perception of happiness. It has been categorically confirmed that the horticulture industry of Almería intervenes as a competitive advantage through its productivity, as it stands above all as a long-term determinant of the standard of living of any territory Antonio Miguel Gil Salmerón Copyright (c) 2020 Antonio Miguel Gil Salmerón http://creativecommons.org/licenses/by-nc-sa/4.0 2020-07-01 2020-07-01 4 2 18 29 10.26784/sbir.v4i2.265 Sustainability as a Corporate Strategy: A Performance Comparison of Green and Non-green SME Hotels https://sbir.upct.es/index.php/sbir/article/view/254 Sustainability in recent years has gained momentum as a business model, given the challenges facing the economy and society. Small and medium‐sized hotel companies have begun to apply new management systems based on sustainability, seeking a dual objective, on the one hand to differentiate themselves from their competition and reach growing market niches, on the other hand to have a more efficient and less polluting business model. When implementing this sustainable management, they also face challenges in its application, such as its lack of regulation by institutions and large investments in innovation. We will carry out an OLS model to identify the internal elements that characterize ecological hotels, and these management systems are being effective for SMEs in Barcelona (Spain) Ricardo Teruel-Gutiérrez Copyright (c) 2020 Ricardo Teruel-Gutiérrez http://creativecommons.org/licenses/by-nc-sa/4.0 2020-07-01 2020-07-01 4 2 30 38 10.26784/sbir.v4i2.254 The European transition to a green energy production model: Italian feed-in tariffs scheme & Trentino Alto Adige mini wind farms case study https://sbir.upct.es/index.php/sbir/article/view/246 The Europe 2020 Strategy is aimed at making the EU into a smart, sustainable and inclusive economy by 2020. This Strategy has to promote environmental policies and economic opportunities. Back in 2007 Italy was performing slightly below average and way below the most advanced EU Member States as far as percentage of green energy of the total energy produced in Italy. Measures were taken and though the Italian regulation around green energies has been hectic though effective. Italian legislation recently passed will put emphasis on the relevance of a Green Power strategy by guarantying an attractive minimum price per Kw produced through clean and environmental friendly sources, notably from Wind energy sources. Within the sector a new area is grafting attention: the mini wind farms. The Trentino Alto Adige region in Northern Italy has taken particularly profit of the national legal framework and has develop a further regional frame that has placed the region on top of the Italian green energy production charts. The local idiosyncrasy is making of the mini wind farms a case study Javier Heredia Yzquierdo Antonio Sánchez-Bayón Copyright (c) 2020 Javier Heredia Yzquierdo, Antonio Sánchez-Bayón https://creativecommons.org/licenses/by-nc-sa/4.0 2020-07-01 2020-07-01 4 2 39 52 10.26784/sbir.v4i2.246 Entrepreneurship in times of crisis: An exploratory analysis of the COVID-19’s effects https://sbir.upct.es/index.php/sbir/article/view/279 The current pandemic (COVID19) have led many governments to take drastic measures in respond of the global health crisis. The lockdown measures as a response to the crisis has further slowed global economic activities. In this context highlights the importance of the role of entrepreneurs to accelerate economic recovery. This paper focuses on analyzing how entrepreneurs face the situation caused by COVID-19 through a quantitative study with a sample of 236 Spanish entrepreneurs from the Region of Murcia. Results show how entrepreneurs have had to adapt to these new circumstances, facing challenges regarding the need for digitization, the lack of financing, the decrease in human capital or the perception of new opportunities that become viable businesses. Catalina Nicolás Martínez Alicia Rubio Bañón Copyright (c) 2020 Catalina Nicolás Martínez, Alicia Rubio Bañón http://creativecommons.org/licenses/by-nc-sa/4.0 2020-07-01 2020-07-01 4 2 53 66 10.26784/sbir.v4i2.279 The effect of family ownership and generation on financial literacy https://sbir.upct.es/index.php/sbir/article/view/236 The purpose of this article is to study the effect of family ownership and family generation on financial literacy. To do that, we have analysed a sample of 195 Spanish family businesses, reaching the conclusion that the level of family ownership exerts a negative influence on financial literacy. On the other hand, as family generations advance, financial literacy is favoured. This study benefits professionals and entrepreneurs, since they could, through a series of guidelines, improve financial literacy and, with it, the viability of their respective firms Antonio Molina-García Belen Florido-Ruiz Marta Campos Valenzuela Julio Diéguez-Soto Copyright (c) 2020 Antonio Molina-García, Belen Florido-Ruiz, Marta Campos Valenzuela, Julio Diéguez-Soto https://creativecommons.org/licenses/by-nc-sa/4.0 2020-01-01 2020-01-01 4 2 1 15 10.26784/sbir.v4i1.236 Corporate Social Responsibility (CSR) by small and medium enterprises (SMEs): a systematic review https://sbir.upct.es/index.php/sbir/article/view/243 This study aims to systematically review the key characteristics and issues in Corporate Social Responsibility among Small and Medium Enterprises (CSRS) research. The Systematic Assessment Quantitative Technique (SQAT) developed by Australian researchers, Catherine Pickering and Jason Antony Byrne, was used to identify and analyse 62 peer-reviewed CSRS articles from six high quality academic databases. Most of the studies took place in Europe and Asia while South America has been largely ignored. A significant number of CSRS research were empirical in nature, meaning that there is a need for more conceptual studies to aid the understanding of new CSRS norms and underlying factors. Additionally, CSRS articles focused mainly on identifying the various ways SMEs are implementing CSR. Finally, most CSRS articles adopted a single research method, with survey being the most dominant method. There is a need for future studies to combine a variety of methods so as to gain additional insight into CSRS related issues Grace Bikefe Umaru Zubairu Simeon Araga Faiza Maitala Ekanem Ediuku Daniel Anyebe Copyright (c) 2020 Grace Bikefe, Umaru Zubairu, Simeon Araga, Faiza Maitala, Ekanem Ediuku, Daniel Anyebe https://creativecommons.org/licenses/by-nc-sa/4.0 2020-01-01 2020-01-01 4 2 16 33 10.26784/sbir.v4i1.243 A proposal to estimate the valuation of small and medium size companies using geographically comparable information https://sbir.upct.es/index.php/sbir/article/view/229 A common prerequisite in valuation analysis is the availability of temporal information on financial variables. Nevertheless, reduced size companies-representing more than 98% on current productive systems- fail to have available temporal information to estimate valuations. In this paper, we offer a procedure for estimating reduced size companies’ values under the hypothesis that spatial behaviour matters for valuations. With this aim, we present the theoretical background for this hypothesis and introduce a spatial proposal with a case study of industrial companies where the significant role of space on firms’ valuations is previously tested. This analysis shows the relevance of spatial information in firms’ valuation confirming the predictive capability of our approach applying the out of sample methodology Mariluz Mate Paolo Occhino Copyright (c) 2020 Mariluz Mate, Paolo Occhino https://creativecommons.org/licenses/by-nc-sa/4.0 2020-01-01 2020-01-01 4 2 34 51 10.26784/sbir.v4i1.229 Quality accounting information and audit effort: The Spanish case https://sbir.upct.es/index.php/sbir/article/view/244 The objective of this paper is to analyze if small and medium auditors are able to detect the earning managments in their audited companies and, in that case, if the increase of the audit effort produces a lower level of discretionary accruals. As a particular contribution, the auditor's effort has been measured through the hours actually spent, unlike previous work based on estimated or subrogated fees or hours. Similarly, the sample used is composed of small and medium-sized audit firms, which gives added value for this segment of the most competitive audit market. The results show that the client reduces the positive abnormal accruals if the audit effort increases, thus valuing his figure as guarantor of the financial information, contributing to the debate on the quality of small firms. Regarding the negative accrual adjustments, it could be interpreted as an auditor passivity against the accounting conservatism and a learning effect on the client, which increases the negative discretional accruals as the contractual relationship with the auditor increases Antonio Fenoll-Bernal Jose Serrano Madrid Copyright (c) 2020 Antonio Fenoll-Bernal, Jose Serrano Madrid https://creativecommons.org/licenses/by-nc-sa/4.0 2020-01-01 2020-01-01 4 2 52 68 10.26784/sbir.v4i1.244 The importance of entrepreneurship education and its terminology https://sbir.upct.es/index.php/sbir/article/view/221 The analysis of the specialized literature on entrepreneurship education shows the existing doubts about its validity and the difficulty of comparing and generalizing the results obtained by previous research on this education, as there are many difficulties in its definition and terminology. Therefore, the objective of this work is to establish and delimit a definition that integrates the different perspectives existing in the previous literature and thus, to be achieved a unified language that contributes to define training programs that achieve the desire objectives, increase the entrepreneurial intentions and improve entrepreneurial skills Paula San-Martín Ana Fernandez-Laviada Andrea Pérez Copyright (c) 2020 Paula San-Martín, Ana Fernandez-Laviada, Andrea Pérez https://creativecommons.org/licenses/by-nc-sa/4.0 2020-01-01 2020-01-01 4 2 69 87 10.26784/sbir.v4i1.221 Resilient organizational capabilities in NTBFs. Concept and variables as dynamic and adaptive capabilities https://sbir.upct.es/index.php/sbir/article/view/196 In this paper we propose the concepts and variables that characterize resilient organizational capabilities (onwards ROC that can be viewed as dynamic capabilities. The concept of resilience highlights the ability to overcome trauma and the power to emerge more reinforced, considering the concept of “lessons learned” as the basis for its development. There are two key factors: attitudes and culture that can be transformed into a concept of resilience. In this work, the concept and characteristics of the ROC or “adaptive capabilities” generating innovation in the field of SMEs are presented. Also, the role of dynamic capabilities and intellectual capital that has been playing to date will be explained. In this research a methodological triangulation and a qualitative analysis to data on a Case Studies in new technology based firms (NTBFs) of the Scientific Park of Madrid and Colombian SMEs are realized. And will be completed with a quantitative analysis through the survey of these same two groups. The results of the comparative study show differences in analysed ROC, explained by cultural or economic themes, or by the sectors or sizes to which the companies of the reference groups belong, which is the basis for a future line of research. Eduardo Bueno Campos Cecilia Murcia Rivera Carlos Merino Moreno Copyright (c) 2019 Eduardo Bueno Campos, Cecilia Murcia Rivera, Carlos Merino Moreno https://creativecommons.org/licenses/by-nc-sa/4.0 2019-07-01 2019-07-01 4 2 1 16 10.26784/sbir.v3i2.196 Analysis of the Risk Premium for Auditor Women: The Spanish Case https://sbir.upct.es/index.php/sbir/article/view/193 This study investigates the application by auditor women of a risk premium in Spanish audit firms of SME companies as a hedging tool. Using econometric models, it has been developed univariate and multivariate analysis over 2,536 observations of clients audited by twenty one small and medium-sized audit firms for the period of 2002 to 2012. In short, the results suggest that the audited companies pay higher tariffs audit when the audit report is signed by a woman. The combined evidence in this study suggests the existence of a female risk premium. This premium in fees may exist due to gender differences existing when perceiving and tolerating risk. Unlike previous studies, the audit effort has been controlled by the hours dedicated to each of the works and focused the analysis on the segment of SME audit firms. Jisela Marivel Aguilar Agreda Jose Serrano Mercedes Bernabé-Pérez Copyright (c) 2019 Jisela Marivel Aguilar Agreda, Jose Serrano, Mercedes Bernabé-Pérez https://creativecommons.org/licenses/by-nc-sa/4.0 2019-07-01 2019-07-01 4 2 17 33 10.26784/sbir.v3i2.193 Labor impact of Wal-Mart on labor productivity: an analysis by municipality in Mexico https://sbir.upct.es/index.php/sbir/article/view/208 Although before the 1990s there was already participation of large retail companies in Mexico, the arrival of transnational companies, such as Wal-Mart, generated a reconfiguration in food distribution and, with this, an expectation of the direct impact on some sector variables. Our objective is to establish if Wal-Mart´s presence involves a higher productivity per worker. To achieve this goal, an ordinal logistic probability model was constructed and its results at municipal level show a positive and statistically significant relationship, that is, the probability of finding a higher level of productivity increases with a higher presence of the above company. Víctor Manuel Castillo Girón Manuel Machuca Martínez Suhey Ayala Ramirez Copyright (c) 2019 Víctor Manuel Castillo Girón, Manuel Machuca Martínez, Suhey Ayala Ramirez https://creativecommons.org/licenses/by-nc-sa/4.0 2019-07-01 2019-07-01 4 2 34 48 10.26784/sbir.v3i2.208 Business risk management model for small companies in Costa Rica: An exploratory model https://sbir.upct.es/index.php/sbir/article/view/191 The present paper includes the conceptualization and structuring of a risk definition and measurement model, focus in the management of SMEs, denoting four types of relevant risks, being the commercial, financial, Legal and operational areas that define the management operation in companies, dealing with this methodology from an applied perspective, and given through a pre explorative study, which applies the developed model to five companies of this nature, thereby establishing, the structural definition of the composition of the risk, as well as the evaluation of this factor in the line of business of each analysed institution, data that are presented in the same way and in terms of their correlations and order, allowing to test the effectiveness of the tool developed for an eventual management operation. Juan Diego Sánchez Sánchez Luz Chacón León Edgar Hernandez Vasquez Copyright (c) 2019 Juan Diego Sánchez Sánchez, Luz Chacón León, Edgar Hernandez Vasquez https://creativecommons.org/licenses/by-nc-sa/4.0 2019-07-01 2019-07-01 4 2 49 68 10.26784/sbir.v3i2.191 Factors Influencing the Purchase of Organic Food in Mexico. A Mixed Analysis https://sbir.upct.es/index.php/sbir/article/view/210 The objective of this research is to analyze the factors influencing the willingness to pay extra for organic food and to determine its demand on the Mexican market. An instrument was designed and validated in order to study the purchasing behavior of 270 residents of Celaya City (State: Guanajuato). Target market: people who belongs to the top 3 socioeconomic levels in the Country. The findings show that the factors that influence the willingness to pay extra for organic food are items such as the consumer age, the level of awareness on the organic food benefits and the availability of the products. Gloria Lety Lopez Salazar Copyright (c) 2019 Gloria Lety Lopez Salazar https://creativecommons.org/licenses/by-nc-sa/4.0 2019-07-01 2019-07-01 4 2 69 85 10.26784/sbir.v3i2.210 A Critical Analysis of Scenarios for Small and Medium Enterprisee in NAFTA renegotiations https://sbir.upct.es/index.php/sbir/article/view/151 The aim of this paper is to set some scenarios for small and medium enterprises (SMEs) from a critical analysis of the provisions in the North American Free Trade Agreement (NAFTA) renegotiation, its challenges and opportunities. The critical analysis departs from the questionable position of the withdrawal from NAFTA and their consequences for SMEs of not giving continuity through a process of renegotiation among the three partners. The method used is the critical analysis based mainly in some sources of information, analysis of results of NAFTA, and the strategic examination of its challenges and opportunities for SMEs. Finally, the analysis establish some possible scenarios post-NAFTA renegotiation and some strategic proposals for the SMEs José G Vargas-Hernández Elsa Patricia Orozco Quijano Jorge Virchez Copyright (c) 2019 José G Vargas-Hernández, Elsa Patricia Orozco-Quijano, Jorge Virchez https://creativecommons.org/licenses/by-nc-sa/4.0 2019-01-01 2019-01-01 4 2 1 18 10.26784/sbir.v3i1.151 The discount rate in the business valuation process: an empirical study in Colombia https://sbir.upct.es/index.php/sbir/article/view/145 Firms' valuation is an increasingly important activity in a globalized context with more dynamic and internationalized companies in search of value creation. Internationalization is increasingly affecting developing countries that are forced to deal with international M&A and the requirements of their increasingly specialized partners, such as is the case of Colombia. Normally, the use of ad-hoc update rates is required in the process. The main goal of this work is to increase our knoledge ion the use of the discount rate in the business valuation activity in Colombia. For this purpose, an exploratory study based on a survey of 32 Colombian experts in business valuation is included. Our main conclusions reveal that Colombian experts behave similarly to international valuers, although there is a large dispersion in the estimation of the discount rate. In this way, the research carried out can be of interest not only for professionals but also for academics and managers who participate in this process to offer information about the Colombian reality in an international context Alfonso Rojo-Ramírez César Augusto Palomino Rubio Domingo García Pérez de Lema José Domingo González Benítez Jose Zacarias Mayorga Sanchez Miguel Antonio Alba Suárez Copyright (c) 2019 Alfonso Rojo-Ramírez, César Augusto Palomino Rubio, Domingo García Pérez de Lema, José Domingo González Benítez, Jose Zacarias Mayorga Sanchez, Miguel Antonio Alba Suárez https://creativecommons.org/licenses/by-nc-sa/4.0 2019-01-01 2019-01-01 4 2 19 35 10.26784/sbir.v3i1.145 Analysis of relations between the types of innovations and performance in technological parks https://sbir.upct.es/index.php/sbir/article/view/172 The need for companies to always innovate to stay competitive makes them invest in innovations. The impact of these innovations between them and the performance of innovations needs to be better explored and understood. This article analyzes the relationship between innovation types and performance in Brazilian technology parks. To reach the objective, a survey was conducted with 231 companies resident in the Brazilian technology parks and the analysis of the data obtained was done through the modeling of structural equations. As a result, it was identified that organizational innovations influence process and marketing innovations, process innovations influence product innovation and organizational performance, and marketing innovation influences organizational performance Lucas Bonacina Roldan William Neves Bastos Copyright (c) 2019 Lucas Bonacina Roldan, William Neves Bastos https://creativecommons.org/licenses/by-nc-sa/4.0 2019-01-01 2019-01-01 4 2 36 48 10.26784/sbir.v3i1.172