Using a Conditional Difference in Difference procedure and data for Colombia, we determine if firms that receive subsidies to innovation in the period 2010-2016 present additionality on input, output, and behavioral innovation variables. We found that there are differences among the additionalities of small and medium firms (SMEs) and big firms, and the existence of a crowding-out effect for internal R&D expenditures in SMEs. At the same time, we found additionality on R&D employment for all types of firms and the presence of experience effects introduced by subsidies, especially for SMEs. These effects are related to positive additionalities. At the same time, we cannot find additionality effects on patents and trademarks. However, we found negative additionality on sales of big companies that we relate with the way we measure this variable.

Los sistemas financieros se consideran como uno de los factores determinantes para el crecimiento económico, estos sistemas típicamente se reúnen en dos categorías, bancarios y bursátiles. La literatura referente evidencia que, factores como el crédito interno al sector privado, las acciones negociadas (% del PIB), el PIB per-cápita y la inflación, pueden ser indicadores de transición de un tipo de estado financiero a otro. Por consiguiente, el aporte principal del presente artículo es determinar la probabilidad de transición entre estados del sistema financiero bancario a uno bursátil y viceversa, que pueden presentar los países latinoamericanos emergentes: México, Colombia, Brasil y Chile (pertenecientes a la OECD). De tal forma, para realizar estos cálculos se utiliza una metodología Switching Markov de dos estados como herramienta de análisis para el periodo de estudio 2000-2016. Los datos provienen del Banco Mundial en el grupo de información financiera. Los resultados obtenidos reflejan que, a través del tiempo, la mayoría de los países se mantienen en un solo estado, es decir, a pesar de las condiciones económicas internacionales no existen transición o cambios de sistema financiero.

No abstract

No abstract

We analyze the funding sources for innovation activities in Colombia. Our main objective is to identify the type of capital structure followed by firms performing R&D activities, whether they follow a pecking order (POT) or an altered pecking order capital structure (APOT). We use a multivariate probit methodology and our main result is the fact that innovative companies in Colombia, tend to finance their innovation ventures using a capital structure like the one predicted by the POT. Our results reinforce the fact that innovative companies of underdeveloped countries are, to some extent, different from those of developed countries, and therefore, strategies and policies directed to surpass financial barriers in underdeveloped nations, should be different from the ones designed for developed ones.

Brands are an intangible asset with high strategic value for organisations. Although brands influence the market, the relationship between investment in these assets and the financial impact on firms is still not very clear. This article aims to understand the way in which the creation, management, and promotion of brands, as intangible assets, have on financial performance of firms, in the same direction, we wonder which are the variables mediating on that relationship. The paper presents a systematic review of the literature of the studies brought related to investment in brands and its impact on organisational performance between 2016 and 2020. The results show the studies refer to two-level relationships between brands and business results, that they use data from perception surveys and third-party databases, and that it has carried these studies out for developing countries. This review contributes with a look at future research directions in relation to investment in intangible assets and organisational performance.

No abstract

No abstract