Vol. 4 No. 2 (2010)
This second edition of Volume 4 of the Journal of Globalization, Competitiveness and Governability opens with an article analyzing the effects of investment in R+D on business growth. Despite this investment being one of the most difficult to maintain during times of economic crisis, given the deferral of its effect on business results, Juan Vicent García Manjón and Mª. Elena Romero Merina, from the Miguel de Cervantes European University (Spain) argue that it has clear effects on the growth of sales in mid to high technology industry sectors, and in intensely knowledge-based services. The influence of R+D investment is also more concentrated in companies with the highest levels of growth.
Silvia Ayuso and Juliana Mutis, from the Senior International Business School at the Pompeu Fabra University in Spain, assess Corporate Social Responsibility practices reported by Spanish businesses working in, or supplying, developing countries under the Global Compact. The results of this assessment show the CSR activities of the companies examined in terms issues such as human rights, employment rights, the environment and the fight against corruption. These results show that companies claim to have a high level of compliance with the indicators established for the four areas of the Global Compact. However, the information provided by companies in their Progress Reports tends to be rather general and does not specify the work undertaken in activities in developing countries, or with suppliers there.
For Pascual Amezquita Zarate, from the Sergio Arboleda University in Colombia, the President Carlos Lleras Restrepo was a strong driving force behind the economic policy known as Importation Substitution Industrialization (ISI) while in power in Columbia between 1966 and 1970. The strong Keynesian content was not unique in Latin America, where it was widespread from the 1950’s onwards as a response to backwardness and applying the current world economic paradigm. For this author, the results were to have no comparison in the 20th century.
The Santander Bank has become a leading, global name in the financial services sector. The next article, in addition to exposing the relevance of the brand in banking, aims to highlight the significance of sports sponsorship as a powerful and effective marketing tool in this sector. For Miguel Blanco Callejo, from the Rey Juan Carlos University in Spain, in the case of Santander, this commercial tool enabled the company to achieve its strategic target of transforming its brand portfolio, which became part of the Group in 2003, into a single global brand for markets in 2010. The appropriate, coherent and carefully chosen sports sponsorship - Formula 1 and football - and an intelligent, thorough and full activation of sponsorship deals have allowed Santander to strengthen its position and international reputation, successfully meet the established strategic objectives, and obtain spectacular return and profit on the investment made.
In the next article, Carlos Ronderos Torres, from the Sergio Arboleda University in Colombia, identifies the variables determining the impact of Direct Foreign Investment - DFI - on economic development and competitiveness meaning a pattern can be formulated linking the aspects reviewed and an assessment can be made of the impact of DFI on development and competitiveness. For this author, this tool could be of particular use as a guideline for public policies for lesser developed countries searching for DFI as a means of leverage for swift growth. The proposed pattern could certainly play the role of a useful educational tool in order to help understand the impact of DFI on the receiving economies.
Antonio Tena Centeno, from Moody’s in Spain, and Juan Manuel Vasallo Magro, from the Polytechnic University of Madrid (Spain), based on data from six Latin American economies and from Spain, underline the important role of private investment in the growth of the countries in question. Having explained how the current world economic crisis is forcing budget austerity, they propose the development of measures to allow an increasing investment effort to be maintained, perfecting the public-private partnership format already existing in the countries in question.
Most world economies entered a period of economic crisis in mid 2008. This was mainly due to the appearance of a strong global financial recession. This has led to a significantly greater volatility on the world’s different stock markets. Given this scenario, the need arises to take as precise a measurement as possible of the risk to which different investment portfolios are exposed, establishing strategies which allow efficient diversification. The tutors from the University of Zaragoza (Spain), Eduardo Ortas, José M. Moneva and Manuel Salvador, analyze the risk levels, through an estimation of conditional volatility levels, associated to investment portfolios adopting positions on socially responsible stock indices on the Spanish market, carrying out a comparison with traditional investment strategies.
Once again, we would like to thank all those who make this journal possible: members of the Consultative Committee, Editorial Committee, Editors and Associate Area Editors, evaluators, authors and above all, our readers.
Editor in Chief
