Vol 14 No 2 (2020): MAY-AUGUST

In the first article, Felipe Arenas-Torres, Valentín Santander-Ramírez, Roberto Campos-Troncoso (Universidad de Talca, Chile) try to determine how much of an impact diversity within the Board of Directors (BD) as regards gender, nationality and age has on the working of the same. The descriptive, correlational study first looked at a descriptive statistical analysis of adherence to diversity and corporate governance practices within BDs, and also conducted a correlational analysis of the study variables, to lastly determine how much diversity within the BD had to do with the proper working of the same. The authors concluded that the working of the BD is at an incipient stage, its composition is highly standardised, characterised by Chilean, male directors aged between 50 and 70, and the impact of diversity on the working of the BD is basically imperceptible and insignificant.

Wendy Anzules-Falcones (Universidad de las Américas, Ecuador) and Juan Martin-Castilla (Universidad Autónoma de Madrid, Spain), in the second article, analyse the factors that condition implementation of innovation strategies among SMEs in the tourist sector, taking the city of Quito as a case study. They review literature and conduct a field study based on the Latin American Model for Excellence in Management and the Oslo Manual, using factorial analysis and econometric models. The authors show that innovation in services depends on promotion and communication, resources and strategy, and that process innovation depends on promotion and commercialisation, market research, and structured organisation and marketing.

The purpose of the following article in this project is to empirically estimate the efficiency and productivity of MSMEs in Mexico, by measuring the impact that the total sum of loans granted by banks and the number of employees at MSMEs has on the GDP generated within the country. Eugenio Guzmán-Soria, María Teresa de la Garza-Carranza (Instituto Tecnológico de Celaya-Campus II, Mexico), José Alberto García-Salazar (Colegio de Postgraduados-Campus Montecillo, Mexico), Juvencio Hernández-Martínez and Samuel Rebollar-Rebollar (Universidad Autónoma del Estado de México, Mexico) use a double-log NHPF production function and yearly information, taking the argument of "money as an ingredient of the production function" as the theoretical basis of this approach. The results show positive work productivity (output elasticity), positive productivity for bank loans, although lower in the unit, and efficiency improved with returns of around 1.54 to 1.65. The authors believe that this implies the improved scaled efficiency of MSMEs in Mexico, mainly due to increased productivity of the workforce, although this is insufficient when we consider that the same workforce is required to be more and more skilled.

The considerable reduction in inequality in South America during the period from 2002 to 2011 is, in the opinion of Susana Herrero Olarte and Fabián Villarreal Sosa (Universidad de Las Américas, Ecuador), directly related to a decrease in prizing qualifications among workers, the main reason for which is productivity. When we analyse the salary relationship between productivity and qualification, we see how unqualified workers have increased their contribution to production, which explains why they are paid a higher salary for their work than qualified workers. Therefore, the authors believe that the work being done with a focus on improving the quality of early and primary education and emphasising the capacity of higher education to respond to South America's real economic needs is coherent.

Luka Salamunic San Martín (Stanford Graduate School of Business, USA) and Hugo Moraga Flores (Universidad Andrés Bello, Chile) analyse the relationship between the adoption of corporate good governance practices at blue-chip Chilean companies and their financial performance. Their findings include correlations between corporate governance and financial metrics. Specifically, share prices for companies with better corporate governance are higher than for those that have adopted it to a lesser degree, particularly for holdings over shorter periods. The authors think that a possible explanation for this phenomenon is the reaction of institutional investors to the results of the official "complete or explain" survey on corporate governance practices conducted by the SVS (now CMF) in 2015.

In the last article, Fabiana Mariutti (Universidade Positivo, Curitiba, PR, Brazil), Janaina de Moura Engracia Giraldi and Maria Gabriela Montanari (Universidade de São Paulo, Ribeirão Preto, SP, Brazil) try to analyse China's reputation, measuring Country Brand Equity (CBE) value via a survey conducted with US consumers using a structural equations model. Theoretically, this research contributes to studies on China's reputation, especially as regards strategic management for stimulating market and economic drivers. The authors find that the perceived country brand quality (CBQua) is the highest measurement in relation to CBE, followed by country brand loyalty (CBLoy), country brand reputation (CBRep) and country brand awareness (CBAw).

I would once again like to thank all those who help make this journal possible: members of the Advisory Council, the Editorial Council, Editors and Associated Editors, assessors, authors and, last but not least, the readers.