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Ownership Structure, Firm Value and Investment Opportunities Set: Evidence from Mexican Firms

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San Martin-Reyna J. M., Durán-Encalada J. A.
Journal of Entrepreneurship, Management and Innovation
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2012
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vol. 8
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issue 3
35-57
EN
This paper analyses the influence of ownership, board of directors, and financial leverage on companies’ performance when these either face, or do not face, profitable growth opportunities. Towards that end we examined a sample of 83 listed Mexican firms during the period 2005-2011. The results confirm the relevance of debt and board of directors in terms of firm market value by showing a negative relationship between performance and both, board of directors and leverage, in the presence of growth opportunities. In contrast, the relationship between debt and performance becomes positive when firms have no profitable investment projects. The results also demonstrate that the relevance of controlling shareholders on firm value is different when firms have or not growth opportunities. Therefore, our results show that ownership structure, composition and size of board and the level of leverage play a dual role on performance (increase or decrease the firm value) and determinewhether the firms have profitable investment projects.
2
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A Research Proposal to Examine Entrepreneurship in Family Business

81%
Durán-Encalada J. A., San Martin-Reyna J. M., Montiel-Campos H.
Journal of Entrepreneurship, Management and Innovation
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2012
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vol. 8
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issue 3
58-77
EN
This paper builds on existing theoretical and empirical studies in the areas of family business and entrepreneurship. It uses Dubin´s theory building framework to propose a model for conducting research of family businesses and its linkage to entrepreneurial activities in Mexico. This works starts by describing the concepts of family business and explains the importance that these definitions can have on the variables to be included in the research. After that, the paper explains how the concept of “familiness” relates to the essence definition of family business. Using the resource-based view (RBV), agency theory, and social capital theories we describe how social capital resources are the basis for building firm capabilities and competitive advantages that influence firm’s performances. Based on this perspective, a theoretical model, laws of interaction, a set of propositions and suggestions for further research are provided.
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Exploring Alternatives for Sustainable Development in the Tamiahua Wetlands

81%
Luna-Reyes L. F., Durán-Encalada J. A., Bandala E. R.
Journal of Entrepreneurship, Management and Innovation
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2013
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vol. 9
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issue 2
5-28
EN
This article presents a preliminary System Dynamics model developed to analyze the sustainability of a natural reserve in Mexico: the Tamiahua Wetlands. Wetlands are often referred to as nature’s kidneys because they filter contaminants from water. In spite of their importance, wetlands are endangered areas around the world. In order to build the model we take into account the Fishbanks model developed by Meadows (2004) as a starting point. Then, the model considers variables related to changes in total and economically active populations, and contaminants in water. The preliminary model presented in this study implies that fishing activity in the Tamiahua Wetlands, together with contaminants from human activity, have the potential to damage the diversity of species in the ecosystem, endangering its sustainability. Continued work on the model is intended to explore appropriate ways of preserving Tamiahua, providing inhabitants with economic activities that promote the sustainability of the region.
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