With this issue, the Journal of Globalization, Competitiveness and Governability opens the eleventh volume by fully adhering to our periodicity towards our readers and with the standards of quality that are internationally accepted and audited by various institutions. GCG continues with the upward trend in its academic impact. SCOPUS (Elsevier Bibliographic Databases. Scimago Journal Rank 2015, SJR), with an impact index of 0.159 Q3 in the Category: Business, Management and Accounting (position 177 out of 285) and Economics, Econometrics and Finance (position 170 out of 269). This commitment to quality has enabled GCG to be categorized as an A journal and puts it in position 56 of 233 (7/26 of the Economy and Business journals) of all the Spanish journals of human and social sciences in Web of Science and/or SCOPUS (ISOC-CSIC) and in position 24 of 87 Spanish journals in the area of “economy and business” and position 7 of the 49 journals in the area of “Political sciences and administration” according to the H Index of Spanish Scientific Journals according to Google Scholar Metrics, 2011-2015. We encourage authors to submit articles which, complying with eligibility requirements, enable executives and entrepreneurs to find answers to their reflections, concerns and problems.
In the first article, Milagros Vivel-Búa (University of Santiago de Compostela, Spain) and Rubén Lado-Sestayo (University of La Coruña, Spain) analyze the level of economic exposure to the exchange rate and its determinants in the Spanish market, considering six reference currencies compared to the euro: the US dollar, the Chinese yuan, the Swiss franc, the pound sterling, the Norwegian kroner and the Russian ruble. This is relevant because exchange rate volatility could have a direct impact on short term business operations, and on their value in the long term. The authors conclude that most of the analyzed businesses have an export profile in their economic exposure, i.e. they benefit from depreciations of the euro against other currencies, especially the pound sterling. By contrast, with respect to the Swiss franc, net importers predominate. Likewise, its determinants differ between exporters and importers; even though in both cases geographic diversification acts as operational coverage.
The next article aims to measure the impact of the determining factors of the Dutch disease on Mexico’s trade balance deficit without oil or maquiladoras. Eugenio Guzmán-Soria, María Teresa de la Garza-Carranza (Technological Institute of Celaya, Mexico), José Alberto García-Salazar (College of Graduate Studies Montecillo Campus, Mexico), Juvencio Hernández-Martínez and Samuel Rebollar-Rebollar (Autonomous University of the State of Mexico) employ a multi-factorial regression model and annual statistical data from 1993 to 2015. The results indicate that Mexico’s trade balance deficit without oil or maquiladoras is inversely related to the maquiladoras balance, the oil balance surplus, migrant remittances, the differential between real and nominal exchange rates and a positive relation to foreign direct investment.
Carmen Astrid Romero (Universidad Sergio Arboleda,Colombia) studies whether an active fiscal policy had a positive effect onColombia’s gross private investment and real GDP from 1905-1960. To do so she applied economic theory with two alternative interpretations. In the first, public investment is complementary to private investment, and in the second, positive, continuing public expenditure multipliers are expected. For the first option, the author found that there is a complementariness effect between public and private investment, when investment is made in short term public works and developing communications in the years of the study. In the second case she found evidence to sustain that the impact of fiscal policy on economic activity, measured using accumulated multipliers of public expenditure, is positive, continuing and small in the present year, reaching a single digit in the medium term. Public works is the sector with the greatest multiplier effect of public expenditure on GDP.
Based on a survey conducted on a sampling of Spanish businesses that make Foreign Direct Investment (FDI), Esther Ortiz-Martínez and Salvador Marín-Hernández (University of Murcia, Spain) consider whether there is a link between the content and the method of communicating non-financial information, its level of internationalization and the region of destination where FDI is made (Africa, America, Asia and Europe). The main conclusions show that there is a significant link between a company’s internationalization and the way they publish non-financial information, as well as between the publication of this information and the main region of destination of their investment.
The following article aims to analyze customer satisfaction with own-brand products based on the brand’s experience, trust and commitment. From Relational Marketing’s perspective, this loyalty can encourage brand acceptance. Allan Carlos Alves, Angela Maria Cavalcanti Ramalho, Sandra Sereide Ferreira da Silva, Ricardo Ferreira Dantas and Cidoval Morais de Sousa (Universidade Estadual da Paraiba - UEPB,Brazil) employ a transversal study to analyze this behavior in supermarkets in the city ofCampina Grande,Paraiba. According to the results, the authors conclude that the correct management of own-brand products can encourage their acceptance. Experience in the purchase of own-brand products supports customer maturity.
This issue ends with an article by Bruno Fischer (University of Campinas,Brazil) and Jorge Tello-Gamarra (Universidade Federal doRio Grande,Brazil), who analyze whether institutional conditions significantly affect the performance of Research and Development expenditure on relatively lagging innovation systems. The authors analyze, in 51 developing countries from 1980-2008: i) labor productivity; and ii) the generation of patents. Three different measures of institutional quality are employed: corruption control, the predominance of democratic systems, and political rights. Empirical results provide evidence for the proposal that institutional quality is an important factor in the efficiency of the resources applied in the interests of innovation. For the authors, these findings emphasize the need for improvement in emerging countries’ institutional frameworks so the relation between innovative performance and expenditure in R&D in these countries can evolve.Again we would like to thank all those who contribute to the successful operation of the journal: the members of the Advisory Board, Editorial Board, Editors and regional Associate Editors, evaluators, authors, and above all, the readers.