The article analyses the performance and profitability of the firms controlled by the River Plate Trust Group in Argentina and Uruguay from 1879 to 1960 to challenges the notion that British investments in the Southern Cone involved greater default or insolvency risks because of nationalism, expropriations, and over-taxation. Also known as Morris or Morrison group, River Plate Trust became the most important British business group in the region during the First Global Period, as it controlled a number of public utilities, mortgage and financial firms. Our case shows that the decline of British investment in mortgage and financial activities did not mark the end of this business cycle after WWI; rather, it signalled a change in the direction of capital flows. Capital outflows from host economies to Great Britain—via dividends—continued over the interwar period, with only a brief interruption between 1931 and 1934. The business cycle of British firms entered a new phase, characterized by stagnant British investments and increasing capital returns from Argentina and Uruguay to Great Britain.Moreover, British public utility firms continued to invest in the River Plate until the 1940s, because profits from the region supported the distribution of high dividends to shareholders.
{"title":"Revisiting British Investment in Latin America: The River Plate Trust Group, 1879–1963","authors":"N. Lanciotti","doi":"10.1344/JESB2021.2.J092","DOIUrl":"https://doi.org/10.1344/JESB2021.2.J092","url":null,"abstract":"The article analyses the performance and profitability of the firms controlled by the River Plate Trust Group in Argentina and Uruguay from 1879 to 1960 to challenges the notion that British investments in the Southern Cone involved greater default or insolvency risks because of nationalism, expropriations, and over-taxation. Also known as Morris or Morrison group, River Plate Trust became the most important British business group in the region during the First Global Period, as it controlled a number of public utilities, mortgage and financial firms. Our case shows that the decline of British investment in mortgage and financial activities did not mark the end of this business cycle after WWI; rather, it signalled a change in the direction of capital flows. Capital outflows from host economies to Great Britain—via dividends—continued over the interwar period, with only a brief interruption between 1931 and 1934. The business cycle of British firms entered a new phase, characterized by stagnant British investments and increasing capital returns from Argentina and Uruguay to Great Britain.Moreover, British public utility firms continued to invest in the River Plate until the 1940s, because profits from the region supported the distribution of high dividends to shareholders.","PeriodicalId":36112,"journal":{"name":"Journal of Evolutionary Studies in Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48654635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article aims to narrate the birth and evolution of the Integrated Services Digital Network (ISDN) in Spain with an essentially descriptive methodology, from an interdisciplinary perspective and from varied sources. The study aims to investigate the forms of the transition from a conceptual or engineering phase to the market in a standard of Internet access and, at the same time, in the different patterns of technological innovation and the factors that motivate them. It tries to verify if the own nature of the techniques, the degree of diffusion of the previous technologies, the technological level -digitalization- and the structure of market of the telecommunications — continued existence of the monopoly of the historical operator National Telephone Company of Spain — had a significant impact on the inequality of penetration with respect to other countries. The research authorizes to conclude that a very heterogeneous combination of factors caused that leading countries in the diffusion of a technology did not achieve that leading role in the diffusion of other technologies.
{"title":"Internet access standards: dissemination of the Integrated Services Digital Network in Spain, 1984-2005","authors":"Ángel Calvo","doi":"10.1344/JESB2021.2.J091","DOIUrl":"https://doi.org/10.1344/JESB2021.2.J091","url":null,"abstract":"This article aims to narrate the birth and evolution of the Integrated Services Digital Network (ISDN) in Spain with an essentially descriptive methodology, from an interdisciplinary perspective and from varied sources. The study aims to investigate the forms of the transition from a conceptual or engineering phase to the market in a standard of Internet access and, at the same time, in the different patterns of technological innovation and the factors that motivate them. It tries to verify if the own nature of the techniques, the degree of diffusion of the previous technologies, the technological level -digitalization- and the structure of market of the telecommunications — continued existence of the monopoly of the historical operator National Telephone Company of Spain — had a significant impact on the inequality of penetration with respect to other countries. The research authorizes to conclude that a very heterogeneous combination of factors caused that leading countries in the diffusion of a technology did not achieve that leading role in the diffusion of other technologies.","PeriodicalId":36112,"journal":{"name":"Journal of Evolutionary Studies in Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48658096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article deals with the creation and operations of the first agricultural development bank ever created in Chile, the Caja de Crédito Agrario (CCA), founded in 1926, in operations until 1953. The main sources are the annual reports of CCA from 1933 to 1951. The main contributions are to show first that the CCA was instrumental to provide subsidized long-term capital to small farmers in Chile to promote agricultural production, but that also had a “social mission”. The CCA soon became a protagonist within the local financial market. Given the lack of knowledge about the modus operandi of development banks in Latin America, we provide the first account of the management and financial activities of the CCA. We show that the management structure of the firm, and in particular its strategy of decentralization, was key to explain its success. Likewise, the CCA managed successfully to raise increasing amounts of capital from other state institutions at low interest rates, thus being able to cover its increasing loan operations.
{"title":"A state-owned bank for small farmers in Chile, c.1926-1953","authors":"Ignacio González-Correa, M. Llorca-Jaña","doi":"10.1344/JESB2021.2.J093","DOIUrl":"https://doi.org/10.1344/JESB2021.2.J093","url":null,"abstract":"This article deals with the creation and operations of the first agricultural development bank ever created in Chile, the Caja de Crédito Agrario (CCA), founded in 1926, in operations until 1953. The main sources are the annual reports of CCA from 1933 to 1951. The main contributions are to show first that the CCA was instrumental to provide subsidized long-term capital to small farmers in Chile to promote agricultural production, but that also had a “social mission”. The CCA soon became a protagonist within the local financial market. Given the lack of knowledge about the modus operandi of development banks in Latin America, we provide the first account of the management and financial activities of the CCA. We show that the management structure of the firm, and in particular its strategy of decentralization, was key to explain its success. Likewise, the CCA managed successfully to raise increasing amounts of capital from other state institutions at low interest rates, thus being able to cover its increasing loan operations.","PeriodicalId":36112,"journal":{"name":"Journal of Evolutionary Studies in Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42387970","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the 20th century, Peru was one of the major fishmeal producers worldwide. Luis Banchero Rossi (1929-1972) was the main driving force behind this economic boom. This article discusses how, given a set of historical conditions favoring such a setting, Banchero’s business performance surpassed that of other Peruvian and foreign producers in the industry, and enabled this development. This research uses complementary methodologies; i.e., case study work and financial databases. The authors find that Banchero’s share in Peru’s total exports reached 15.3 % in 1968, far above the next largest Peruvian exporter. In this regard, Banchero operated his organization following a set of criteria, called market governance by Williamson, plus several advantages, including negotiation abilities, social capital formation, human capital management, and tacit knowledge development, building on Peru’s specific sociological conditions. These conclusions help understanding how an entrepreneur of humble origins like Banchero worked around a commodity such as fishmeal to become a successful business leader worldwide.
{"title":"Luis Banchero Rossi (1955-1972), the best entrepreneur in Peru’s fishmeal industry: market governance, social capital, and embeddedness","authors":"David Wong, Harold Hernández Lefranc","doi":"10.1344/JESB2021.2.J095","DOIUrl":"https://doi.org/10.1344/JESB2021.2.J095","url":null,"abstract":"In the 20th century, Peru was one of the major fishmeal producers worldwide. Luis Banchero Rossi (1929-1972) was the main driving force behind this economic boom. This article discusses how, given a set of historical conditions favoring such a setting, Banchero’s business performance surpassed that of other Peruvian and foreign producers in the industry, and enabled this development. This research uses complementary methodologies; i.e., case study work and financial databases. The authors find that Banchero’s share in Peru’s total exports reached 15.3 % in 1968, far above the next largest Peruvian exporter. In this regard, Banchero operated his organization following a set of criteria, called market governance by Williamson, plus several advantages, including negotiation abilities, social capital formation, human capital management, and tacit knowledge development, building on Peru’s specific sociological conditions. These conclusions help understanding how an entrepreneur of humble origins like Banchero worked around a commodity such as fishmeal to become a successful business leader worldwide.","PeriodicalId":36112,"journal":{"name":"Journal of Evolutionary Studies in Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43478592","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Considering entrepreneurship as a set of actions performed by a subject, and behavior one of the main predictors of actions, this work presents a study based on the Theory of Human Values, that aims to analyze the influence of personal values on entrepreneurial intention of university students; understanding as well the personal values as cognitive characteristics that explain the attitudes of a subject towards entrepreneurship, the hypotheses of this work establish a positive relation between values associated to individualism and the entrepreneurial intention as well as a negative relation between values associated to collectivism and the entrepreneurial intention of university students. For this, a sample of 488 undergraduate students from the University of Guadalajara in Mexico is used and statistical analysis is performed through the SPSS software. Using a quantitative methodology, an exploratory factorial analysis and a linear regression model are performed to calculate the predictive capacity of the different types of personal values on the entrepreneurial intention of students at the University previously mentioned. Personal values associated to individualism prove to be highly related to entrepreneurial intentions while those related to collectivism show low or null effect. Some exceptions are discussed and lead to future lines of research regarding different types of entrepreneurship.
{"title":"Personal values as predictors of entrepreneurial intentions of university students","authors":"A. Sánchez","doi":"10.1344/JESB2021.2.J096","DOIUrl":"https://doi.org/10.1344/JESB2021.2.J096","url":null,"abstract":"Considering entrepreneurship as a set of actions performed by a subject, and behavior one of the main predictors of actions, this work presents a study based on the Theory of Human Values, that aims to analyze the influence of personal values on entrepreneurial intention of university students; understanding as well the personal values as cognitive characteristics that explain the attitudes of a subject towards entrepreneurship, the hypotheses of this work establish a positive relation between values associated to individualism and the entrepreneurial intention as well as a negative relation between values associated to collectivism and the entrepreneurial intention of university students. For this, a sample of 488 undergraduate students from the University of Guadalajara in Mexico is used and statistical analysis is performed through the SPSS software. Using a quantitative methodology, an exploratory factorial analysis and a linear regression model are performed to calculate the predictive capacity of the different types of personal values on the entrepreneurial intention of students at the University previously mentioned. Personal values associated to individualism prove to be highly related to entrepreneurial intentions while those related to collectivism show low or null effect. Some exceptions are discussed and lead to future lines of research regarding different types of entrepreneurship.","PeriodicalId":36112,"journal":{"name":"Journal of Evolutionary Studies in Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45990594","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper analyses the roots of the creation of the Catalan hospital model, based on a preponderance of privately owned hospitals and beds over those of public provision. In particular, on the basis of new statistical and documentary sources and a review of the existing historiography, this study reinterprets the keys that shaped this historical model during what is considered to be a strategic period of the process, 1870-1935. In the late nineteenth century, hospitals dependent on provincial authorities became private charity institutions in the provincial capitals, under the control of the medical and economic elites (a decisive process in the case of the city of Barcelona). Later, during the dictatorship of Primo de Rivera and the Second Republic, institutional impetus helped foster a system of district hospitals intended to meet the public demand for a network of public utility hospitals. This network was made up the few publicly owned hospitals and numerous privately owned ones. The philosophy of this model was taken up again during the transition to democracy after responsibility for healthcare was devolved to the Government of Catalonia 1981.
{"title":"The historical roots of the creation of the Catalan private-public hospital model: c. 1870-1935","authors":"Jerònia Pons-Pons, Margarita Vilar-Rodríguez","doi":"10.1344/JESB2021.1.J083","DOIUrl":"https://doi.org/10.1344/JESB2021.1.J083","url":null,"abstract":"This paper analyses the roots of the creation of the Catalan hospital model, based on a preponderance of privately owned hospitals and beds over those of public provision. In particular, on the basis of new statistical and documentary sources and a review of the existing historiography, this study reinterprets the keys that shaped this historical model during what is considered to be a strategic period of the process, 1870-1935. In the late nineteenth century, hospitals dependent on provincial authorities became private charity institutions in the provincial capitals, under the control of the medical and economic elites (a decisive process in the case of the city of Barcelona). Later, during the dictatorship of Primo de Rivera and the Second Republic, institutional impetus helped foster a system of district hospitals intended to meet the public demand for a network of public utility hospitals. This network was made up the few publicly owned hospitals and numerous privately owned ones. The philosophy of this model was taken up again during the transition to democracy after responsibility for healthcare was devolved to the Government of Catalonia 1981.","PeriodicalId":36112,"journal":{"name":"Journal of Evolutionary Studies in Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43555791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
What are the characteristics of the Colombian business groups and how did they evolve between 1950 and 1985? How did the characteristics change during a period of deglobalisation? This paper provides a description of the Colombian business groups. It tracks the evolution of 25 groups since their consolidation in the 1950s, during a period of Industrialization by Substitution of Imports (ISI), until 1985, a year before the Colombian government considered for the first time trade liberalisation policies. By concentrating on descriptive variables such as size, ownership and control, foundation year, and diversification, this paper provides an overview of the consolidation, development and restructuring of the groups. The task implied answering the underlying questions of what and who the business groups are by relying extensively on secondary literature for the main concepts and primary sources, valued for their ‘first-handedness’, to illustrate and complement the arguments on their characteristics. Combining the analysis of the track record of 25 groups, this research places the business group as the unit of analysis, and also includes 428 group-affiliated firms. Despite their current importance and presence in the economy since the second half of the twentieth century, a profile of the largest Colombian business groups during this period has not yet been produced. Most of the variables used to characterise the groups are the ones set out by the literature, however, the paper also brings indexes to quantify the historical evolution of the characteristics.
{"title":"Pathways from Deglobalisation: Colombian Business Groups, 1950-1985","authors":"Beatriz Rodríguez-Satizabal","doi":"10.1344/jesb2020.2.j080","DOIUrl":"https://doi.org/10.1344/jesb2020.2.j080","url":null,"abstract":"What are the characteristics of the Colombian business groups and how did they evolve between 1950 and 1985? How did the characteristics change during a period of deglobalisation? This paper provides a description of the Colombian business groups. It tracks the evolution of 25 groups since their consolidation in the 1950s, during a period of Industrialization by Substitution of Imports (ISI), until 1985, a year before the Colombian government considered for the first time trade liberalisation policies. By concentrating on descriptive variables such as size, ownership and control, foundation year, and diversification, this paper provides an overview of the consolidation, development and restructuring of the groups. The task implied answering the underlying questions of what and who the business groups are by relying extensively on secondary literature for the main concepts and primary sources, valued for their ‘first-handedness’, to illustrate and complement the arguments on their characteristics. Combining the analysis of the track record of 25 groups, this research places the business group as the unit of analysis, and also includes 428 group-affiliated firms. Despite their current importance and presence in the economy since the second half of the twentieth century, a profile of the largest Colombian business groups during this period has not yet been produced. Most of the variables used to characterise the groups are the ones set out by the literature, however, the paper also brings indexes to quantify the historical evolution of the characteristics.","PeriodicalId":36112,"journal":{"name":"Journal of Evolutionary Studies in Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49054072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The groups of settlers who arrived in Punta Arenas in Southern Patagonia in the second half of the 19th century, established the trade in hunting products, leather and exotic feathers. They organized the first companies as trading houses between individuals and friends. The capital accumulation of these immigrants promoted take-off and productive control based on external trade routes, an evidence of prior connections abroad. From 1881, the multiplication of some family companies boosted out controlling branches and suppliers of value productive chains through different association to foreign groups encouraged by the offer of land concessions. Partnership by friendship and family also added anonymous societies with a shareholder scheme including family members. The major article’s goal is to analyze first family business in this context, through a genealogy business approach. Theoretical concepts and method used here include debates of economic history and entrepreneurial history focused on family business. The core is social and commercial structures for understanding the family continuity, and also business survival in specific contexts. We elaborate three intertwined commercial and family genealogies that worked first in Punta Arenas before 1908 and later in Argentina. And, we analyze strategies by family members of second and third generations achieved for survival, and configuration of the Braun-Menéndez Behety business family. We relate some findings to the connections between Punta Arenas economy and European capitalism; interregional connections; the family as a socio-cultural dimension in entrepreneurship; management innovations in rural contexts and the pathways followed to establish the firsts mother-firms in Austral Patagonian Area.
{"title":"Business families in Southern Patagonia: from the end of the 19th Century to the first decades of 20th century","authors":"Susana Bandieri, Araceli Almaraz","doi":"10.1344/jesb2020.2.j076","DOIUrl":"https://doi.org/10.1344/jesb2020.2.j076","url":null,"abstract":"The groups of settlers who arrived in Punta Arenas in Southern Patagonia in the second half of the 19th century, established the trade in hunting products, leather and exotic feathers. They organized the first companies as trading houses between individuals and friends. The capital accumulation of these immigrants promoted take-off and productive control based on external trade routes, an evidence of prior connections abroad. From 1881, the multiplication of some family companies boosted out controlling branches and suppliers of value productive chains through different association to foreign groups encouraged by the offer of land concessions. Partnership by friendship and family also added anonymous societies with a shareholder scheme including family members. The major article’s goal is to analyze first family business in this context, through a genealogy business approach. Theoretical concepts and method used here include debates of economic history and entrepreneurial history focused on family business. The core is social and commercial structures for understanding the family continuity, and also business survival in specific contexts. We elaborate three intertwined commercial and family genealogies that worked first in Punta Arenas before 1908 and later in Argentina. And, we analyze strategies by family members of second and third generations achieved for survival, and configuration of the Braun-Menéndez Behety business family. We relate some findings to the connections between Punta Arenas economy and European capitalism; interregional connections; the family as a socio-cultural dimension in entrepreneurship; management innovations in rural contexts and the pathways followed to establish the firsts mother-firms in Austral Patagonian Area.","PeriodicalId":36112,"journal":{"name":"Journal of Evolutionary Studies in Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41933206","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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