Estudios de Administración <p><strong>Estudios de </strong><strong>Administración</strong><strong>&nbsp;</strong>[ISSN: 0717-0653, e-ISSN: 0719-0816] is a double-blind peer-reviewed business Journal published and financed on a semester basis by the Business Department of the University of Chile since 1994, created to provide an academic forum for Chilean and Latin American community business academic community.&nbsp;<strong>Estudios de Administración</strong> publishes empirical research papers, methodological papers, systematic literature reviews, conceptual papers, and case studies in&nbsp;<strong>all&nbsp;business disciplines</strong>&nbsp;in both English and Spanish.</p> <p>Cordially,</p> <p><strong>Sergio Olavarrieta<br></strong><strong>Chief Editor.<br></strong><strong>Associate Professor of Business.<br></strong><strong>University of Chile.</strong></p> Departamento de Administración, Universidad de Chile, Facultad de Economía y Negocios en-US Estudios de Administración 0717-0653 <p><strong>Disclaimer and Copyrights</strong></p> <p><span style="color: #f80000;"><strong><span style="text-decoration: underline;"><em><u>Estudios de Administración</u><u>&nbsp;does not require any charge, nor fee for application, peer-evaluation, or subsequent publication of the manuscripts; nor are any costs associated with its access by readers</u></em></span></strong>.<strong>&nbsp;</strong></span>Authors whose manuscripts have been accepted for publication, agree to be part of the review committee of&nbsp;<strong>Estudios de Administración</strong>.</p> <p><strong>Estudios de Administración</strong>&nbsp;follows an&nbsp;<strong>Open access editorial policy</strong>. According to the Budapest Open Access Initiative (BOAI), academics, researchers, institutions and other users of&nbsp;<strong>Estudios de Administración</strong>, can "<em>publish, read, download, copy, distribute, print, search or use them for any legal purpose, without any financial, legal or technical barrier, outside those that are inseparable from those that involve accessing the Internet itself</em>&nbsp;" (<a href=""></a>)</p> <p>Abstracts and full texts of all published manuscripts are freely accessible at the Journal webpage:</p> <ul> <li class="show"><a href=""></a></li> </ul> <p>Manuscripts published at Estudios de Administración<strong> are under the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License</strong>. This authorizes the authors to distribution, and totally or partially reproduce their work for their personal non-commercial use, the citation and acknowledgment of the initial publication in this Journal being required.&nbsp;<strong>Estudios de Administracion</strong>&nbsp;<em>does not authorize self-archiving of pre-prints, however, encourages self-archiving of post-prints</em>, as&nbsp;long as it is linked to the publisher’s homepage, which corresponds to a blue codification in the&nbsp;<strong>SHERPA/RoMEO</strong>&nbsp;database's coding scheme.</p> <p>Once a manuscript has been accepted for publication in its final version, a Digital Object Identifier (DOI) is assigned (see&nbsp;<a href=""></a>). All authors accept the Journals conditions of publication, dissemination, preservation and use of content. Author(s) will transfer copyrights to&nbsp;<strong>Estudios de Administración</strong>, retaining those associated with particular and academic use.</p> <p>The authors assume full responsibility for the content of the text, as well as for the ethical aspects related to the subjects of study, names, brands, data and other material disclosed in the manuscript.</p> <p>The content and opinions expressed in the Manuscript are the responsibility of its authors, and do not necessarily represent the point of view of the University of Chile, the Faculty of Economics and Business, the journal Estudios de Administracion, nor of any of its members.</p> <p><strong>Privacy Statement:</strong></p> <p>Names and email addresses entered in this journal will be used exclusively for the purposes established in it and will not be provided to third parties or for their use for other purposes.</p> Games Theory and Multinomial Real Options Model to assess strategies, agreements and penalties When selecting and designing strategies in competitive environments, three potential sources of uncertainty must be taken into account: risks deriving from self-actions, risks emerging from states of nature and risks present in competitors’ decisions. That is why a numerical model that considers one’s competitors’ actions is needed to develop value strategies, joint venture design and penalty analysis. This paper proposes a simple numerical Game Theory and Real Options model with multiple sources of underlying risk. The first part sets forth the mathematical basis of the model, illustrating its function with case valuations related to strategies where there is no collaborative agreement. Cooperation strategies and default monetary penalties are then valued, and finally the main conclusions are drawn. Gastón Silverio Milanesi Copyright (c) 2021 Estudios de Administración 2021-12-18 2021-12-18 28 2 5 28 10.5354/0719-0816.2021.64673 Modeling based on market rates as a way to estimate the price of Chilean fixed- income investment fund shares: linear and non-linear methodologies explained This study addresses a problem that Chilean stockbrokers must face when - acting as market makers - they have to determine bid and ask prices for local fixed-income investment fund shares. As a solution, a mathematical model is proposed based on a share’s last known net asset value and the daily fluctuation of the reference fixed-income market rate (Central Bank of Chile bonds in 5-year development units - BCU 5). Results obtained show a clear improvement of the proposed model’s outcome when compared to simply using the last information available in the market to determine the share’s price. Bruno Alonso Parraguez Sasso Copyright (c) 2021 Estudios de Administración 2021-12-18 2021-12-18 28 2 29 51 10.5354/0719-0816.2021.61573 Entrepreneurial Orientation and SMEs: Governance as moderator of a firm’s short-term performance The purpose of this research is to examine the influence of Governance in the relationship of Entrepreneurial Orientation (EO) and the Performance of SMEs in the short term. The authors conducted a statistical meta-analysis of the effect size of Governance on a firm’s EO and short-term performance relationship in 45 articles, which together represent 9,657 companies. The results indicate that the correlation between EO and Performance in small and medium-sized companies is significant (r = 0.35), and the degree of Governance of each country influences this relationship. Thus, Governance plays a relevant role by favoring a favorable scenario, which allows the development of entrepreneurship and organizational innovation. In this way, it is also suggested that the articulation of institutions and programs that facilitate access to financial and training resources constitute effective methods to promote a good performance of small and medium-sized enterprises. This work constitutes the first study to consider the implications of Governance in the relationship of Entrepreneurial Orientation and Performance of small and medium-sized companies. Nelson A. Andrade-Valbuena Pablo Gonzalez-Araya Gonzalo Llanos-Herrera Copyright (c) 2021 Estudios de Administración 2021-12-18 2021-12-18 28 2 52 75 10.5354/0719-0816.2021.64799 Analysis of the evolution of the theories behind studies dedicated to a company´s internationalization The main purpose of this article is to analyze the evolution of the theories behind studies related to any company’s internationalization. To do this, we conducted a bibliographic review of the state of research on the subject in peer-reviewed journals and related books. References are made to the concept of internationalization, and a panoramic and systematic review is performed of literature available on theories related to the gradual process of internationalization and to other more aggressive approaches that speak of ‘non-gradual’ or ‘accelerated’ processes of internationalization. The analysis is complemented with different approaches to - or models for - a company’s internationalization that we felt contributed to the task at hand. The review of this literature is pertinent from a historical perspective since much of the current work on companies’ internationalization has been developed in contexts where the prevailing policy at the global level tended towards the liberalization of trade and not towards protectionism. Recent studies analyzed in this article have duly highlighted the need to adapt the course of a company’s internationalization to a more dynamic, systemic and uncertain environment. Ultimately, we examine how determined companies have achieved positive exporting experiences and what are the theoretical bases that explain such phenomena. Nicolás Albertoni Roberto Horta Copyright (c) 2021 Estudios de Administración 2021-12-18 2021-12-18 28 2 76 96 10.5354/0719-0816.2021.64571 Effects of empowerment and engagement on performance in the Chilean textile industry employees This research studies how work engagement achieved through psychological empowerment can improve on-the-job performance of employees in the Chilean textile industry. A mediation model is suggested that analyzes work engagement as a mediator in the direct relationship between psychological empowerment and job performance. Findings indicate that an employee will indeed perform better if she/he is psychologically empowered to manage her or his own skills when tackling a task. In effect, engaging the employee with the task, itself will have even more positive repercussions on performance. The study provides empirical evidence for understanding work engagement in Latin American contexts, apart from its practical implications for managing workforce in Chile’s textile industry. Jesus Enrique Juyumaya Nicole Alvarado Carolina Rojas Copyright (c) 2021 Estudios de Administración 2021-12-18 2021-12-18 28 2 97 109 10.5354/0719-0816.2021.61108 Improving the Overall Equipment Effectiveness (OEE) of an automotive sector company by reducing downtime and monitoring the control of supplies needed for preventive maintenance The subject automotive company is specialized in the manufacture and development of labels using flexographic printing processes; it looks forward to increasing its profitability in sales in 2025. This research seeks to increase the availability of machinery in the area of flexographic printing by reducing downtime caused by breakdowns and improving and controlling maintenance spares through A3 Reports. The methodological section describes all the activities involved in the implementation of the research, guaranteeing a correct integrated traceability to the specific targets. Cause and effect diagrams, the Pareto diagram and the Five Whys are among the techniques used. We concluded that there was a series of imbalances causing a waste of productive time and affecting the levels of productivity and availability calculated by the OEE. Juan Chávez Medina Norma Angélica Santiesteban López Isis Vianney Perez Flores Copyright (c) 2022 Estudios de Administración 2022-01-03 2022-01-03 28 2 110 130 10.5354/0719-0816.2021.65355 Corporate Social Responsibility and Financial Profitability in the hotel sector of Cuenca – Ecuador Socially responsible practices are applied as a business management strategy for the well-being of stakeholders and they contribute to the promotion of sustainable development processes (Villacís et al., 2016). The purpose of this article is to determine the relationship between Corporate Social Responsibility practices in the consumer area and the profitability of six lodging establishments in the city of Cuenca. The results showed a positive relationship between the CSR-Consumer Index and Return on Sales, and between the Customer Relationship criterion and Return on Sales. The lodging establishments involved in the study are clear that the greater the level of implementation of Corporate Social Responsibility, the higher the financial profitability. The study therefore provides new information for companies of developing countries and for a city considered as a microcosm. Jaqueline Dayana Arebalo-Naulaguari Estefania Michelle Tapia-Alvarez Johanna Catalina Armijos Cordero Gladys Victoria Fernández Aviles Copyright (c) 2022 Estudios de Administración 2022-01-03 2022-01-03 28 2 131 145 10.5354/0719-0816.2021.64690