Template-Type: ReDIF-Article 1.0 Author-Name: Eduardo Sandoval Author-Name: Macarena Soto Title: INTEGRATED MARKETS OF LATIN AMERICAN: A COINTEGRATION ANALYSIS, MERCADO INTEGRADO LATINOAMERICANO: UN ANALISIS DE COINTEGRACION Abstract: This article examines the existence of a long-term equilibrium relationship between the stock markets from Colombia, Chile and Peru, a year before the implementation of Latin American Integrated Markets’ infrastructure (MILA in Spanish) and until three years later. After proving that there exists nonstationarity in the original series and stationarity in the stock market returns, the Johansen cointegration test was applied. The results revealed that a year before and during the first year of operation, the MILA stock markets were not cointegrated. During the second and third year, the statistical tests indicate that there is one cointegrating vector, which means that the markets showed a long-term equilibrium relationship between their stock indices. This implies that the economic and financial fundamentals related to one stock market may have an impact on the long term performance of the rest of equity markets, leading in turn that the spillover and contagion effects can become more significant between markets, thus decreasing the potential benefits of international diversification within the MILA. Classification-JEL: G13, G17 Keywords: MILA, Financial Integration, Cointegration Journal: Revista Internacional Administraction and Finanzas Pages: 1-17 Volume: 9 Issue: 2 Year: 2016 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v9n2-2016/RIAF-V9N2-2016-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:9:y:2016:i:2:p:1-17 Template-Type: ReDIF-Article 1.0 Author-Name: Maria del Carmen Avendano Author-Name: Arcelia Toledo-Lopez Author-Name: Dora Lilia Guzman Cruz Title: VALUES AND ENVIRONEMTAL BEHAVIOR IN SMALL POTTERY BUSINESSES: EMPIRICAL EVIDENCE FROM MEXICO, VALORES Y COMPORTAMIENTO AMBIENTAL EN PEQUENOS NEGOCIOS: EVIDENCIA EMPIRICA DE LA ALFARERIA EN MEXICO Abstract: The research objective was to analyze how environmental regulation is involved in the relationship between values and environmental performance of small pottery businesses. We start from the theory of universal values and stakeholders that the values of the owners positively affect the environmental performance of small businesses. To test the hypothesis, 80 questionnaires were distributed to pottery business owners in Oaxaca and Jalisco Mexico. By partial correlation, controlling for regulation, we found the relationship between values and behavior decreases significantly. We also found that regulation and values determine the environmental performance of small businesses, although regulation is negative. We conclude that regulation, as a coercive pressure, has a negative effect on environmental regulation, even when values play an important role for owners. Small pottery businesses in Mexico take action to define the environmental performance of their businesses. The owners might refuse to receive or meet up inspections of environmental and health standards because they perceive their environmental actions are reliable and do not require supervision. Classification-JEL: C16, C10, Q57, Q28 Keywords: Environmental Behavior, Environmental Regulation, Values, Small Business Journal: Revista Internacional Administraction and Finanzas Pages: 19-30 Volume: 9 Issue: 2 Year: 2016 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v9n2-2016/RIAF-V9N2-2016-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:9:y:2016:i:2:p:19-30 Template-Type: ReDIF-Article 1.0 Author-Name: John Dairo Ramirez Aristizabal Author-Name: Eduardo Alexander Duque Grisales Title: DESIGN OF A INVESTMENT PORTFOLIO USING NON-LINEAR PROGRAMMING: CASE OF COLOMBIA 2013-2014, DISENO DE UN PORTAFOLIO DE INVERSION A PARTIR DE UN MODELO DE PROGRAMACION NO LINEAL: CASO COLOMBIA 2013-2014 Abstract: The relationship between risk and profitability of a financial asset is a constant concern of the investor in shaping their investment portfolio. The main goal in building the portfolio is to optimally allocate investments among different asset considering the concept of diversification. This paper focuses on the application of a nonlinear programming model for determining an investment portfolio in the Colombian market equities for the years 2013 and 2014, from the set of combinations of assets that maximize expected return for a given level of risk or that minimum risk for a given level of expected return. To do this, it implements and evaluates a model on a historical bases of financial asset prices in the Colombian equities market and compared them with the actual return on investment portfolios in Colombia. Classification-JEL: C02, C13, C14, C22, C53, C61, D81, D84, G00, G11, G23 Keywords: Portfolio Investment, Nonlinear Programming, Risk Aversion, Financial Assets Journal: Revista Internacional Administraction and Finanzas Pages: 31-47 Volume: 9 Issue: 2 Year: 2016 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v9n2-2016/RIAF-V9N2-2016-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:9:y:2016:i:2:p:31-47 Template-Type: ReDIF-Article 1.0 Author-Name: Tirso Javier Hernandez Gracia Author-Name: Ma. Del Rosario Garcia Velazquez Author-Name: Dolores Margarita Navarrete Zorrilla Author-Name: Alejandra Corichi Garcia Title: WOMEN'S LEADERSHIP IN MANAGEMENT OF HIDALGO TO COMPANIES: AN ANALYSIS OF ITS ASSOCIATED PRACTICES AND CIRCUMSTANCES THE POST,EL LIDERAZGO FEMENINO EN DIRECTIVOS DE EMPRESAS HIDALGUENSES: UN ANALISIS SOBRE SUS PRACTICAS Y CIRCUNSTANCIAS ASOCIADAS AL PUESTO Abstract: The present study examines the role of women as managers in Hidalgo’s labor force. It also examines the circumstances they experience during the process that led them to obtain and maintain the leadership position. Two instruments were used. The IPL (Leadership Practices Inventory) of Kouzes and Posner (2003) and a survey based on Moncayo and Zuluanga (2014). The population was 110 female managers and 330 subordinates in 22 medium-sized companies from the state of Hidalgo. The results show a high level of agreement between management and subordinates. The results demonstrate the most prevalent components of IPL are: to inspire a shared vision, enable others to act and model that way, and that the main reasons why a woman decides to seek a management position is to obtain a better salary, personal satisfaction and experience. Classification-JEL: L29 Keywords: Leadership, Gender, Medium Enterprises Circumstances Journal: Revista Internacional Administraction and Finanzas Pages: 49-60 Volume: 9 Issue: 2 Year: 2016 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v9n2-2016/RIAF-V9N2-2016-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:9:y:2016:i:2:p:49-60 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Alberto Lagunes Perez Author-Name: Hector Hugo Perez Villarreal Title: EXCHANGE RATE AND DETERMINANTS OF EXPORTS IN PERIODS OF FINANCIAL VOLATILITY IN THE NORTH AMERICA FREE TRADE AGREEMENT ZONE,TIPO DE CAMBIO Y DETERMINANTES DE LAS EXPORTACIONES EN PERIODOS DE VOLATILIDAD FINANCIERA EN LA ZONA DEL TRATADO DE LIBRE COMERCIO DE NORTEAMERICA Abstract: Ever since the implementation of the North America Free Trade Agreement or NAFTA, the nations that comprise it have experienced adverse economic and financial shocks. Starting with the 2008 financial crisis, there is an observable increase in the volatility of the real exchange rate in several nations, followed by an increasing amount of literature regarding the role of depreciation as a source of export competitiveness. The objective of this non-experimental, quantitative, descriptive and correlational research focuses on a methodological approximation to assess whether there is a statistically meaningful relationship between exchange rate and other variables that could affect the exports of NAFTA member countries, for which a GARCH (p, q) model is used. The results suggest that the real exchange rate of the Chinese Yuan, the income of the US and Chinese imports made by the region are the variables that best explain the behavior of exports of NAFTA members. Classification-JEL: F02, F15, F31, F53, G15 Keywords: NAFTA, Exchange Rate, Exports, Competitiveness Journal: Revista Internacional Administraction and Finanzas Pages: 61-71 Volume: 9 Issue: 2 Year: 2016 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v9n2-2016/RIAF-V9N2-2016-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:9:y:2016:i:2:p:61-71 Template-Type: ReDIF-Article 1.0 Author-Name: Victor Manuel Molina Morejon Author-Name: Manuel Medina Elizondo Author-Name: Maria del Carmen Armenteros Acosta Author-Name: Karen Miriam Gonzalez Flores Author-Name: Homero Martinez Cabrera Title: THE VALUE PROPOSITION OF THE BUSINESS MODEL FOR SMES: A STUDY IN DIFFERENT ECONOMIC SECTORS OF COAHUILA,PROPUESTA DE VALOR DEL MODELO DE NEGOCIOS DE LAS PYME: UN ESTUDIO EN DIVERSOS SECTORES ECONOMICOS DE COAHUILA Abstract: Small and Medium Enterprises ( SMEs ) have undergone several empirical investigations that have led to a better understanding of their characteristics and relationships with the environment . However, we are in need of foundations and strategic actions for decision -making. The aim of this work is analysis of the differentiation of the value proposition of business models according to economic sectors of the state of Coahuila. The empirical data were obtained through a perception survey of managers of 349 SMEs from various sectors of the economy of the State of Coahuila, in the period 2010-2013. Spearman’s correlation coefficient was used to conduct hypothesis testing. The results show, within the particular business model of differentiation or distinctive, features in the attributes of the products or services and business in relation to competition for economic sectors. Turnaround Highlight the attribute in all sectors, is associated exclusivity with, innovation, branding and the environment. Classification-JEL: 041 Keywords: Business Model, Value Proposition, Product Differentiation and Business, SMEs Journal: Revista Internacional Administraction and Finanzas Pages: 73-85 Volume: 9 Issue: 2 Year: 2016 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v9n2-2016/RIAF-V9N2-2016-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:9:y:2016:i:2:p:73-85 Template-Type: ReDIF-Article 1.0 Author-Name: Ma. Cruz Lozano Ramirez Title: THE INTERNAL MARKETING AS A PROCESS OF ORGANIZATIONAL LEARNING, EL MARKETING INTERNO COMO PROCESO DE APRENDIZAJE ORGANIZACIONAL Abstract: This document aims to identify the effectiveness of internal marketing and its impact on learning processes implemented by management for organizations. The study design was not experimental and a correlational descriptive study was applied a sample of 132 subjects having managerial functions in companies in the trade and service sectors. The test results indicate the relationships between managers and employees must be based on trust, respect, honesty and empathy. Classification-JEL: M3 Keywords: Management Market, Internal Marketing, Learning Processes Journal: Revista Internacional Administraction and Finanzas Pages: 87-97 Volume: 9 Issue: 2 Year: 2016 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v9n2-2016/RIAF-V9N2-2016-7.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:9:y:2016:i:2:p:87-97 Template-Type: ReDIF-Article 1.0 Author-Name: Esmerlis Camargo Torres Author-Name: Marieth Orcasitas Penaloza Author-Name: Linda Tromp Villareal Title: ETHICAL RELATION - TECHNOLOGICAL COMPETENCES IN APPRENTICES: SYNCHRONIC STUDY, RELACION ETICA - COMPETENCIAS TECNOLOGICAS EN APRENDICES: ESTUDIO TRANSECCIONAL Abstract: The present investigation addresses the issue of ethical behavior and technological competences among apprentices during their training in institutions of higher education. The objective of this study was to analyze the relationship between ethical intelligence and technological competencies in apprentices National Training Service – SENA and to enhance its capabilities in access of information and wisdom. The responsible use of information and communications technology in education apprenticeship training is of paramount importance. The teaching-learning application impacts various areas of knowledge, strengthening their competencies and promoting their labor insertion and the knowledge society. The investigation type is non experimental, explanatory and transactional field. The population consisted of 449 apprentices of various technology programs of the Regional Guajira in Colombia. The technique used was self-administered survey, for which a Likert scale instrument was designed and processed. As a result,it was evident that apprentices have a high capacity to make decisions, minimizing harmful effects andresponsibly using communication tools in virtual spaces available. Classification-JEL: I21, I23, L86 Keywords: Ethics, Intelligence, Intelligence Ethics, Codes of Ethics, Technological Competence, Actions Training Journal: Revista Internacional Administraction and Finanzas Pages: 99-110 Volume: 9 Issue: 2 Year: 2016 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v9n2-2016/RIAF-V9N2-2016-8.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:9:y:2016:i:2:p:99-110