Examinando por Autor "Haar, Jerry"
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Ítem Devaluation, competitiveness and new business formation in emerging countries(Universidad EAFIT, 2016-05-02) Herrera-Echeverri, Hernán; Haar, Jerry; Arrieta Jiménez, Alexander; Araújo Zapata, ManuelIn September 2010, Brazil’s Finance Minister, Guido Mantega, used the term “currency war” with reference to monetary policies implemented by different countries to generate an artificial devaluation of their currency and achieve a cheaper, more competitive domestic economy that may be attractive to foreign investors. Similar cases have been documented since the 1930s Great Depression, when several countries abandoned the gold standard as backing for their currencies. More recently, a large-scale asset purchase by Japan’s Central Bank in 2013 was singled out as a strategy aimed at generating devaluation of the yen. This research uses statistics of new business formation density reported by Doing Business for 30 emerging countries in the period 2004-2011 to evaluate the impact of devaluation measured by the behavior of the real effective exchange rate (REER) on the rate of new business formation (NBF). It is determined how variables associated with competitiveness affect the relationship between devaluation and business formation. Results show that devaluation has a positive effect on NBF in the short term, which gets diluted in the long term. Countries with greater competitiveness have less dependence on devaluation to increase the number of businesses.Ítem Export Behavior and Board Independence in Colombian Family Firms: The Reverse Causality Relationship(Universidad EAFIT, 2016-05-02) Herrera-Echeverri, Hernán; Galli Geleilate, Jose; Gaitan-Riaño, Sandra; Haar, Jerry; Soto-Echeverry, Nidia; hherrer2@eafit.edu.co; sgaitanr@eafit.edu.coIn the context of greater market liberalization in Latin America, one issue that merits greater attention for empirical investigation is the international expansion of family-owned business. Specifically, the relationship between export behavior, family control and board composition in the Latin American context is absent in the literature. Using a large and unique database from Colombian firms (33,249 firms in the period of 2008 to 2013), we provide insightful information on the determinants of export behavior of family firms in emerging markets. Our empirical test confirms an endogenous relation between boards’ composition (specifically the presence of independent members) and export behavior in family firms. Firms with a higher participation of independent board members are more likely to exhibit higher levels of exports. A "virtuous cycle" was also detected whereby the introduction of independent members on the board can be expected to boost export behavior, which in turn will encourage the increase of independent members on the board of private firms.Ítem Foreign Direct Investment, Institutional Quality, Economic Freedom and Entrepreneurship in Emerging Markets(Universidad EAFIT, 2013-05-01) Herrera, Hernán; Haar, Jerry; Estévez-Bretón, Juan Benavides; hherrer2@eafit.edu.co; haarj@fiu.edu; jbenavid@uniandes.edu.coThis study investigates the relationship between foreign direct investment, institutional quality, economic freedom, and entrepreneurship in emerging markets. The research compares the capacity and appetite for business creation among high-income, low-income and emerging countries. The results are based on a panel study of data, from 2004 to 2009 for 87 countries, using as its source “The World Bank Entrepreneurship Snapshots” to look at the connection between business creation, institutional quality, market freedom and foreign direct investment (FDI). The findings reveal a strong positive relationship between institutional quality and business generation in all three of the above categories. Meanwhile, institutional quality and how this develops remains significant to business creation at least two years after a business is incubated, underscoring its importance as a contributory factor for creating an environment conducive to entrepreneurship. The freedom to create businesses and invest has a marked impact on business generation in emerging countries, while the influence of international trade appears more important as a spur to the genesis of business in low-income countries. Results also show that regulation of the free market has a short-term effect on business creation. Finally, there is a direct and significant relationship between FDI and business development in emerging countries. The effect of FDI is also felt for at least two years after the foreign investment. This result is consistent with “the spillover theory of entrepreneurship” (Acs et al, 2009; Görg and Strobl, 2002; Ayyagari et al, 2010).Ítem Foreign direct investment, institutional quality, economic freedom and entrepreneurship in emerging markets(Elsevier, 2014) Herrera-Echeverri, Hernán; Haar, Jerry; Estévez-Bretón, Juan Benavides; School of Economics and Finance, Universidad EAFIT, Carrera 49 N° 7 Sur, 50, Medellin, Colombia; Pino Global Entrepreneurship Center, College of Business, Florida International University, 11200 SW 8th Street, CBC 201, Miami, FL 33199, United States; Cider, Interdisciplinary Development Studies Center, Universidad de los Andes, Calle 18A No. 0-03Este, Edificio PU, Bogotá, Colombia; Economía y Finanzas; Finanzas; Grupo de Investigación Finanzas y BancaThis study investigates the relationship between foreign direct investment, institutional quality, economic freedom, and entrepreneurship in emerging markets. The research compares the capacity and appetite for business creation among high-income, low-income and emerging countries. The results are based on a panel study of data, from 2004 to 2009 for 87 countries, using as its source “The World Bank Entrepreneurship Snapshots” to look at the connection between business creation, institutional quality, market freedom and foreign direct investment (FDI). The findings reveal a strong positive relationship between institutional quality and business generation in all three of the above categories. The freedom to create businesses and invest has an impact on business generation in emerging countries, while the influence of international trade appears more important as a spur to the genesis of business in low-income countries. Finally, there is a direct and significant relationship between FDI and business development in emerging countries. This result is consistent with “the spillover theory of entrepreneurship” (, and ).Ítem Foreign investment, institutional quality, public expenditure and activity of venture capital funds in emerging countries(Universidad EAFIT, 2013-08-01) Herrera, Hernán; Haar, Jerry; Estévez-Bretón, Juan Benavides; hherrer2@eafit.edu.co; haarj@fiu.edu; jbenavid@uniandes.edu.coThis paper is an empirical analysis of the effects of foreign direct investment (FDI), institutional quality and the size of a government on venture capital (VC) activity. We conclude that institutional quality, the FDI and public spending have definitive importance as elements for the development of a public policy that increases the quantity and quality of venture capital fund (VCF) investment. Higher institutional quality, higher FDI and lower public spending allow the VCF investment volume to grow. The FDI shows higher level of significance in promoting investment in high-tech companies and institutional quality increases the productivity of FDI investment in the generation of VCF. Government spending dramatically and adversely affects the activity of VCF and institutional quality increases the negative effect of government spending on the activity of VCF in emerging countries. This last result suggests that the higher the institutional quality of a country, the less state intervention it requires to promote investment of VCF. The results are consistent with the hypothesis of the FDI spillover and crowding out of public spending.Ítem Foreign Investment, Institutional Quality, Public Expenditure, and Activity of Venture Capital Funds in Emerging Market Countries(Walter de Gruyter GmbH, 2014) Herrera-Echeverri, Hernán; Haar, Jerry; Estevez-Bretón, Juan Benavides; Department of Finance, Economics and Finance School, EAFIT University, Carrera 49 No 7 Sur – 50, Medellin, Antioquia, Colombia; Department of Management and International Business, College of Business, Florida International University, 11200 SW 8th Street, RB 309, Miami, FL 33199, USA; Interdisciplinary Center for the Study of Development, Los Andes University Calle 18A No. 0-03 Este, Bogotá, Colombia; Economía y Finanzas; Finanzas; Grupo de Investigación Finanzas y BancaThis paper empirically analyzes the effects of foreign direct investment (FDI), institutional quality, and the size of a government on venture capital (VC) activity. We conclude that institutional quality, FDI, and public spending have definitive importance as elements for the development of a public policy that increases the quantity and quality of VC fund (VCF) investment. Higher institutional quality, greater FDI, and lower public spending allow the volume of VCF investment to grow. FDI shows a higher level of significance in promoting investment in high-tech companies, and institutional quality increases the productivity of FDI investment in the generation of VCF. Government spending dramatically and (counter-intuitively) adversely affects the activities of VCF. Notably, the higher the institutional quality of a country, the less state intervention is required to promote investment of VCF. The results are consistent with the hypothesis of the FDI spillover and crowding out by public spending.