Template-Type: ReDIF-Article 1.0 Author-Name: Martin Romero Castillo Title: DISCRIMINANT ANALYSIS FOR MSMES IN THE REGION GUANAJUATO, MEXICO ANALISIS DISCRIMINANTE PARA LAS MIPYMES DE LA REGION GUANAJUATO, MEXICO Abstract: This research is based on spatial analysis of factors of micro, small and medium-sized enterprises (MSMES) in the regions. We identify characteristics that differentiate regions where the companies are located. The methodology involves empirical analysis, through a survey of 396 MSMES randomly distributed in the regions of the State of Guanajuato, during 2015. We used discriminant analysis that to find the maximum difference spatial (centroids) between the variables or factors contained in each region. The results reveal a significant relationship between factors of influence of MSMES and the region where they are located. It is important to consider the existence of these regional differences when performing studies or implementing public policies to support MSMES Classification-JEL: M10, M20, R11 Keywords: Discriminant Analysis, MSMES, Funding, Financial Institutions, Distribution Regional Journal: Revista Internacional Administracion & Finanzas Pages: 1-16 Volume: 10 Issue: 3 Year: 2017 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v10n3-2017/RIAF-V10N3-2017-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:10:y:2017:i:3:p:1-16 Template-Type: ReDIF-Article 1.0 Author-Name: Alejandra Lopez Salazar Title: COOPERATIVE STRATEGY: INFLUENCE ON INNOVATION AND PERFORMANCE OF SMALL BUSINESSES ESTRATEGIAS DE COOPERACION: INFLUENCIA EN LA INNOVACION Y EL DESEMPEÑO DE LAS MIPYMES Abstract: The capacity for innovation in SMES is of great importance in the study of the factors that determine competitiveness. The objective of the present study is to analyze the impact of cooperation strategies in the relationship of the capacity for innovation and the organizational performance of the Msmes. We used a sample of 1,034 SMES of the state of Guanajuato. The results show that capacity for innovation positively influences the organizational performance of Msmes. This occurs specifically with regard to innovation in products and processes. Strategies of cooperation influence the relationship between innovation and competitiveness, when the latter is assessed through business growth Classification-JEL: M10, L14, L25 Keywords: Cooperative strategy, Innovation Capability, Business Performance Journal: Revista Internacional Administracion & Finanzas Pages: 17-27 Volume: 10 Issue: 3 Year: 2017 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v10n3-2017/RIAF-V10N3-2017-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:10:y:2017:i:3:p:17-27 Template-Type: ReDIF-Article 1.0 Author-Name: Norma Leticia Vizcarra Vizcarra Author-Name: Santiago Gonzalez Velasquez Author-Name: Dora Rocio Guerrero Munoz Title: TECHNOLOGY TRANSFER AND ITS RELATIONSHIP WITH BUSINESSES INCUBATOR PRODUCTIVITY AT TECHNOLOGICAL UNIVERSITIES OF MEXICO RELACION ENTRE TRANSFERENCIA DE TECNOLOGIA Y PRODUCTIVIDAD DE LA INCUBADORA DE NEGOCIOS: EVIDENCIAS DE UNIVERSIDADES TECNOLOGICAS DE MEXICO Abstract: This research is part of a doctoral thesis and aims to show the relationship of technology transfer used in businesses incubators at the Technological Universities of Mexico with its productivity. The analysis is quantitative, descriptive and correlational. We designed and used a measuring instrument that met the validity required for its mission. The questionnaire is based on 25 works that measure the Technology Transfer construct, and 22 writings for the productivity variable. The instrument was applied to 60 incubators registered nationally, with a response rate of 70%.. The result shows a linear relationship between Technology Transfer and Productivity Incubators. Classification-JEL: A12, M13, O12, O22, L21, L26 Keywords: Technology Transfer, Productivity, Businesses Incubators, Technological Universities Journal: Revista Internacional Administracion & Finanzas Pages: 29-39 Volume: 10 Issue: 3 Year: 2017 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v10n3-2017/RIAF-V10N3-2017-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:10:y:2017:i:3:p:29-39 Template-Type: ReDIF-Article 1.0 Author-Name: Lilia Alejandra Flores Castillo Author-Name: Conrado Aguilar Cruz Title: OPTIMIZATION OF UTILITY FUNCTION OF THE DEMAND FOR FINANCIAL ASSETS OPTIMIZACION DE LA FUNCION DE UTILIDAD DE LA DEMANDA DE ACTIVOS FINANCIEROS Abstract: The objective of this study is to demonstrate that returns on financial assets of ten companies listed on the Mexican Stock Exchange are not normally distributed. We use multi-objective optimization to simultaneously reconcile objectives, maximize performance, minimize variance, maximize asymmetry and at the same time minimizes risk. Portfolio theory assumes that in the selection of assets, the distribution of financial returns behaves according to the normal curve and mean and variance are decision parameters. New findings show that distributions of financial series are characterized by thick tails, characteristics of asymmetry, non-linearity, non-normal distribution, variety of parametric and non-parametric distributions. Consequently, the mean and variance may be insufficient. The distribution of returns on financial assets of ten companies listed on the Mexican Stock Exchange is not normally distributed. Multi-objective optimization maximizes performance, minimizes variance and maximizes asymmetry. There is greater demand for AC, Alsea, Bachoco, Gap and Gruma assets and lower demand for Peñoles, Azur B and OMA B shares. Each portfolio presents positive asymmetry indicating the probability of high yields, maximizing the utility function of the investor Classification-JEL: G11, G12 Keywords: Investment Decisions, Valuation of Financial Assets Journal: Revista Internacional Administracion & Finanzas Pages: 41-51 Volume: 10 Issue: 3 Year: 2017 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v10n3-2017/RIAF-V10N3-2017-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:10:y:2017:i:3:p:41-51 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Aceves Mejia Author-Name: Cesar Kevin Romero Heredia Title: LONG AND SHORT TERM EFFECTS OF DEPRECIATION OF THE MEXICAN CURRENCY ON THE CURRENT ACCOUNT EFECTOS DE LA DEPRECIACION DE LA DIVISA MEXICANA DE CORTO Y LARGO PLAZO ANTE LA BALANZA POR CUENTA CORRIENTE Abstract: From 2014 to January 2016, the Mexican Peso Currency has depreciated by 30 percent compared to the US dollars. Therefore, we expect in the long-term, Mexican exports would become more attractive in the US market. However, Banco de Mexico has tried to mitigate this situation to avoid the pass-through effect on domestic prices. The goal is to achieve its sole objective of inflation targeting, regardless of resulting shocks to the competitiveness engine of economic growth, led by the exporting sector. This intervention can slow and even revert positive long-term effects, leading to adverse scenarios and less stability. This paper aims to explain the existence of areas of opportunity for both investment aimed at national and international markets. We argue that while monetary policy weakens the advantages of foreign trade, lack of input suppliers or of imported goods producers are thriving branches for private investment. These branches may create competitive advantages and explore established markets Classification-JEL: O24, F32, E31, F21 Keywords: Exchange Rate, Inflation, Mexican Exports Journal: Revista Internacional Administracion & Finanzas Pages: 53-72 Volume: 10 Issue: 3 Year: 2017 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v10n3-2017/RIAF-V10N3-2017-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:10:y:2017:i:3:p:53-72 Template-Type: ReDIF-Article 1.0 Author-Name: Rosa Maria Velazquez-Sanchez Author-Name: Jesus Gomez-Velazquez Title: INNOVATION-ADEQUACY IN MEXICAN INDIGENOUS ECOTUOURISM INNOVACION-ADECUACION EN EL ECOTURISMO INDIGENA DE MEXICO Abstract: This paper examines ecotourism from the micro level with developed theoretical elements to macro level. Specifically, we examine innovation in ecotourism activities in indigenous communities. Ecotourism, which is undertaken in indigenous communities, is characterized by receiving visitors and providing services. However, it faces the challenge of preserving the environment and culture that distinguishes them as a community. There is a general lack of studies showing how innovative elements are incorporated in the actions for the development of ecotourism and elements. Microinnovación Gomez et al (2015) and Velázquez et al (2016), analyze innovation as a phenomenon of adaptation in the actions of indigenous ecotourism in Mexico. The goal is to define indicators of innovation at the micro level. We examine services and ecotourism activities in 21 indigenous communities in Mexico to define the micro indicators of innovation. We designed and applied a questionnaire with elements of adjustments in ecotourism activities in the twenty indigenous communities observed. The results revealed a meeting between modernity and tradition (communality). The process of bringing indigenous communities ecotourism development with the principle of conservation of traditions and mainly communality is the starting point for the definition of micro innovation Classification-JEL: L83, O13, F18, A13 Keywords: Innovation, Ecotourism, Adequacy, Sustainability, Development Journal: Revista Internacional Administracion & Finanzas Pages: 73-80 Volume: 10 Issue: 3 Year: 2017 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v10n3-2017/RIAF-V10N3-2017-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:10:y:2017:i:3:p:73-80 Template-Type: ReDIF-Article 1.0 Author-Name: Luis Tobar Pesantez Author-Name: Santiago Solano Gallegos Title: FINANCIAL CONCENTRATION AND POWER GROUPS: EVIDENCE FROM CITY OF CUENCA - ECUADOR LA CONCENTRACION FINANCIERA Y LOS GRUPOS DE PODER: EVIDENCIAS EN LA CIUDAD DE CUENCA - ECUADOR Abstract: In Ecuador, as in most Latin American countries, the concentration of income and wealth are a recurring phenomenon, frequently supported by economic policy measures designed to benefit certain minority groups linked to the political leaders of the moment. Historically, the merger between banking and corporate sectors has been a key factor in this phenomenon. In the majority of the cases, economic power groups have obtained financial support to leverage their growth. This trend is reflected in the private sector where a smaller group of companies increasingly generates greater incomes. This research aims to analyze correlation between credit offered by the financial system and incomes generated by production units in the city of Cuenca Classification-JEL: E01, E51, D21, L11, G20, G32 Keywords: Credit, Concentration, Power Groups, Productive Sector, Financial System Journal: Revista Internacional Administracion & Finanzas Pages: 81-90 Volume: 10 Issue: 3 Year: 2017 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v10n3-2017/RIAF-V10N3-2017-7.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:10:y:2017:i:3:p:81-90 Template-Type: ReDIF-Article 1.0 Author-Name: Miguel Angel Latorre Guillem Title: BANK-ASSURANCES RELATED OPERATOR ACTIVITY: RETRIBUTION FOR NON-OBJECTIVE ADVICE LA ACTIVIDAD DE LOS OPERADORES DE BANCA SEGUROS VINCULADOS: RETRIBUCION POR SU ASESORAMIENTO NO OBJETIVO Abstract: This paper studies the system of remuneration for Bank-Assurances Related Operators regulated by Law 26/2006 of July 17 regarding mediation of private insurance and reinsurance. Banking channel commissions come from a non-objective advisory service. We provide, a comparative analysis of the Society of Insurance Brokerages, characterized by providing personalized advice service to their customers. We study evolution experienced by total volume of business and new production is contrasted to a portfolio of insurance products. The period analyzed extends from 2011 until 2014, for non-life insurance. The results suggest that clients, for the business of new production, perceives the advisory service provided by the broker. However, for portfolio policies, standardized insurance products and those products related to banking assets, consumers go utilize the banking channel Classification-JEL: G21, G22, G24 Keywords: Bank-Assurances Operators, Distribution Chanel, Non-Objective Advice, Non-Life Insurance, Commissions Journal: Revista Internacional Administracion & Finanzas Pages: 91-101 Volume: 10 Issue: 3 Year: 2017 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v10n3-2017/RIAF-V10N3-2017-8.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:10:y:2017:i:3:p:91-101