Resumen El estudio tuvo como objetivo analizar la estructura de endeudamiento de las pequeñas y medianas empresas (Pymes) del Ecuador que forman parte del mercado bursátil para determinar si se ajusta a los supuestos de la Teoría del Orden Jerárquico, la cual defiende una jerarquía de preferencias financieras. Para procesar los datos se aplicó un modelo de regresión múltiple, que permitió explicar la variable dependiente, el endeudamiento, a través del impacto de diversas variables institucionales. Los resultados mostraron que las variables independientes edad, tangibilidad y rentabilidad se relacionan negativamente con el endeudamiento, es decir, existe una influencia de los supuestos de la Teoría del Orden Jerárquico, mientras que la variable liquidez no es estadísticamente significativa para el modelo.

Abstract The objective of this article was to analyze the debt structure of small and medium-sized companies (SMEs) in Ecuador that are part of the stock market to determine if it adjusts to the assumptions of the Hierarchical Order Theory, which defends a hierarchy of financial preferences. To process the data, a multiple regression model was applied, which allowed the dependent variable, debt, to be explained through the impact of various institutional variables. The results showed that the independent variables age, tangibility and profitability are negatively related to indebtedness, that is, there is an influence of the assumptions of the Hierarchical Order Theory, while the liquidity variable is not statistically significant for the model.

Abstract The water implications, in conjunction with the environmental aspects, of agro-industrial development in Jalisco are analyzed, specifically focusing on the tequila production chain. This analysis considers the fluctuations in water policy, water management, and environmental policy, considering the socio-environmental impacts that arise as consequences within the tequila production chain projected towards a strategic agro-industrial development in a free market context, which has caused direct and indirect environmental impacts in a significant part of the state of Jalisco. To achieve the objective, methods from different disciplinary backgrounds were employed, including a critical retrospective analysis of water management history, causal tracing analysis, and public policy analysis, due to the starting theoretical relevance that is Political Ecology. One of the main findings revolves around the dilemma between mitigating socio-environmental impacts and achieving profitability schemes.

Resumen Se analizan las implicaciones hídricas en conjunción de las ambientales del desarrollo agroindustrial en Jalisco, en específico de la cadena productiva del tequila; ante los vaivenes de la política hídrica, la gestión del agua, y la política ambiental ante las afectaciones socioambientales como consecuencias en la cadena productiva del tequila proyectada hacia un desarrollo agroindustrial estratégico de libre mercado que ha originado impactos ambientales directos e indirectos en gran parte del estado de Jalisco. Para lograr el objetivo se utilizaron métodos de enfoque mixto: trabajo de análisis cualitativo y estadística inferencial por la pertinencia teórica de partida que es la Ecología política sobre un Estudio de caso. Uno de los principales hallazgos versa sobre el dilema que surge para productores de agave e industriales del tequila en atender o no la prevención y mitigación de afectaciones socioambientales del agua y la desigualdad social y la consecución de los esquemas de rentabilidad propios de la inercia de mercado.

Abstract Purpose: This article studies which sets of variables, besides credit and profitability, influence the survival of micro and small enterprises (MSE) over time. Originality/value: This study innovates in presenting independent variables related to a common objective, contributing to the literature by identifying factors, including financial ones, that can influence MSE survival in a single model, which has not yet been identified in the literature. Therefore, acquiring knowledge that stimulates changes in the behavior of entrepreneurs, public authorities, stakeholders, and private institutions related to the subject is expected to promote the creation of new management tools, which can decrease the closure of several MSEs within a short time of operation. Design/methodology/approach: Secondary data from the 26 Brazilian states and the Federal District relative to the period between 2008 and 2012 were used. Reduced equation models with estimation utilizing a Tobit were used, as the dependent variable is censored, in addition to the OLS method with fixed effects panel and robust error, with equivalent results. The factor analysis by the principal component method (FA-PCM) was used in the data analysis. Findings: The results showed significant factors for MSE survival, such as the need for employment and income, investments in health, access to financing, and, mostly, the importance of education, among others. Moreover, the study demystifies that the leading cause of MSE death is the lack of credit, as there is too much credit on the market, either through banks or investors. Purpose profitability (MSE Originality/value Originalityvalue Originality value objective ones model Therefore entrepreneurs authorities stakeholders tools operation Design/methodology/approach Designmethodologyapproach Design methodology approach 2 200 201 censored error FAPCM FA PCM (FA-PCM Findings income health financing mostly education others Moreover market investors 20

Resumo Objetivo: Estudar quais conjuntos de variáveis, além do crédito e da rentabilidade, influenciam a sobrevivência das micro e pequenas empresas (MPE) ao longo do tempo. Originalidade/valor: O presente estudo inova na apresentação de variáveis independentes relacionadas com objetivo comum. Contribui para a literatura ao identificar fatores, além dos financeiros, que podem influenciar na sobrevivência das MPE em um único modelo, algo ainda não identificado na literatura. Espera-se assim adquirir conhecimentos que estimulem mudanças no comportamento por parte dos empreendedores, do poder público, dos stakeholders e de instituições privadas afins ao tema, para que seja estimulada a criação de novas ferramentas de gestão que venham a minimizar o fechamento de tantas MPE com pouco tempo de existência. Design/metodologia/abordagem: Utilizaram-se dados secundários dos 26 estados e do Distrito Federal brasileiros entre os anos de 2008 e 2012. Foram empregados os modelos de equação reduzida com estimação por meio de um Tobit, haja vista a variável dependente ser censurada, e pelo método MQO em painel com efeitos fixos e erro robusto, com resultados equivalentes. Na análise de dados, utilizou-se o método da análise fatorial pelo método dos componentes principais (AF-MCP). Resultados: Os resultados apresentados apontaram fatores significantes para a sobrevivência das MPE, como necessidade de emprego e renda, investimentos em saúde, acesso a financiamento e, em destaque, a importância da educação, entre outras. Além disso, o trabalho desmistifica que a causa principal da mortandade das MPE é a falta de crédito, pois há ofertas em demasia no mercado, seja por meio dos bancos ou de investidores. Objetivo rentabilidade (MPE Originalidade/valor Originalidadevalor Originalidade valor comum financeiros modelo Esperase Espera se empreendedores público tema existência Design/metodologia/abordagem Designmetodologiaabordagem Design metodologia abordagem Utilizaramse Utilizaram 2 200 2012 Tobit censurada robusto equivalentes utilizouse utilizou AFMCP. AFMCP AF MCP . (AF-MCP) Resultados renda saúde destaque educação outras disso mercado investidores 20 201 (AF-MCP

ABSTRACT In Paraguay, there are few economic and financial studies, of public access, related to agricultural machinery as well as its impact on the results of a farm, which can be characterized as a documentary gap. For this reason, queries, from farmers or any other, such as: is it profitable to have your own machines? or, from what area is it profitable to have your own machines? There are no documented answers whose methodologies can be replicated. Faced with this situation, this work proposed to contribute to reducing the documentary gap on the subject. Its general objective was to determine the effect of the purchase of agricultural machinery (seeder, sprayer, and harvester) on the profitability of an agricultural farm. In order to achieve the indicated objective, a case study was used. An economic analysis of a modal farm in the northern region of Alto Paraná was carried out with the following indicators: gross margin, operating result, net income, capital income, profitability, and liquid profit. Three scenarios were built for the analysis: (i) baseline, (ii) the machinery provides services in the modal farm at cost price and the surplus was sold at market prices to third parties, and (iii) all services (finca modal and third parties) were sold at prices that include a profit margin. It was concluded that the provision of services with its own machines increases the profitability of the farm above the baseline.

RESUMEN En Paraguay son escasos los estudios económicos y financieros, de acceso público, relacionados a maquinarias agrícolas, así como a su impacto en los resultados de una finca. Existe lo que se puede caracterizar como un vacío documental. Por ello ante consultas, de parte de agricultores u otros cualesquiera, tales como ¿es rentable tener máquinas propias?, o ¿a partir de que superficie es rentable tener máquinas propias?, no se tienen respuestas documentadas cuyas metodologías puedan ser replicadas. Ante esta situación, este trabajo se propuso contribuir a reducir el vacío documental en el tema. Su objetivo general fue determinar el efecto de la compra de maquinaria agrícola (sembradora, pulverizadora y cosechadora) en la rentabilidad de una finca agrícola. A fin de alcanzar el objetivo indicado se recurrió a un estudio de caso. Se realizó un análisis económico de una finca modal de la Región norte de Alto Paraná con los siguientes indicadores: margen bruto, resultado operativo, ingreso neto, ingreso al capital, rentabilidad, y utilidad líquida. Se construyeron tres escenarios para el análisis: (i) línea de base, (ii) las maquinarias brindan servicios en la finca modal a precio de costo y los excedentes se venden a precios de mercado a terceros, y (iii) todos los servicios (finca modal y terceros) se venden a precios que incluye un margen de beneficio. Se concluyó que la prestación de los servicios con máquinas propias incrementa la rentabilidad de la finca por encima de la línea base.

ABSTRACT This paper aims to identify the explanatory factors of mandatory disclosure (MD) and voluntary disclosure (VD) levels related to discount rates, based on disclosure theories. The size, leverage, profitability, and audit firms were selected from different theories, namely agency theory, signaling theory, positive accounting theory, including the political cost hypothesis, and the cost of capital theory. Furthermore, the materiality (weight of the items) and the relevance (nature) of the topic were also considered, based on the evidence already obtained in the literature. Research on disclosures related to discount rates has been assessed either as an incidental topic or from a limited-scope analysis, particularly with respect to MDs. This paper assesses this topic as its specific object of analysis for both MD and VD. The use of the discount rate has been assuming growing importance within financial reporting. Therefore, this topic should deserve particular attention from international standard-setting bodies. The understanding of the proper set of items to be disclosed and understanding the factors that explain its disclosure, aligned with the efforts to assure its compliance by legal authorities, may contribute to reducing asymmetries and increasing transparency in entities' financial reporting. This study uses the method of archival research and content analysis of consolidated reports and accounts for the year 2020 of listed entities in Euronext Lisboa. Regression models were used, having disclosure indices related to discount rates as dependent variables. This paper finds a positive association between disclosures related to discount rates and the entity’s size, as well as the materiality and the relevance, assessed by the weight of the items and the nature of the topic under assessment, respectively. It adds new explanatory factors on the VDs and MDs related to discount rates in a broader perspective of analysis. (MD VD (VD theories size leverage profitability theory hypothesis Furthermore (nature considered literature limitedscope limited scope reporting Therefore standardsetting standard setting bodies authorities 202 Lisboa used variables entitys entity s assessment respectively 20 2

RESUMO Este artigo visa identificar os fatores explicativos dos níveis de divulgação obrigatória (DO) e de divulgação voluntária (DV) relacionados às taxas de desconto, com base em teorias de divulgação. O tamanho, a alavancagem, a rentabilidade e as empresas de auditoria foram selecionados a partir de diferentes teorias, a saber: teoria da agência, teoria da sinalização, teoria positiva da contabilidade - incluindo a hipótese do custo político, e a teoria do custo do capital. Além disso, a materialidade (peso dos itens) e a relevância (natureza) do tópico também foram consideradas, com base nas evidências já obtidas na literatura. As pesquisas sobre as divulgações relacionadas às taxas de desconto foram avaliadas como um tópico incidental ou a partir de uma análise de escopo limitado, particularmente em respeito às Dos. Este trabalho avalia o tópico mencionado como seu objeto específico de análise tanto para DO como para DV. O uso da taxa de desconto vem assumindo uma importância crescente nos relatórios financeiros. Portanto, esse tópico deve merecer atenção especial por parte dos organismos internacionais de normalização. O entendimento do conjunto adequado de itens a serem divulgados e a compreensão dos fatores que explicam sua divulgação, alinhados com os esforços para assegurar seu cumprimento pelas autoridades legais, podem contribuir para reduzir assimetrias e aumentar a transparência nos relatórios financeiros das entidades. Este estudo utiliza o método de pesquisa de arquivo e análise de conteúdo de relatórios e contas consolidadas para o ano de 2020 das entidades listadas na Euronext Lisboa. Foram utilizados modelos de regressão, tendo índices de divulgação relacionados às taxas de desconto como variáveis dependentes. Foi encontrada associação positiva entre as divulgações relacionadas às taxas de desconto e o tamanho da entidade, assim como a materialidade e a relevância, avaliada pelo peso dos itens e a natureza do tópico em avaliação, respectivamente. Este trabalho acrescenta novos fatores explicativos sobre as DVs e Dos relacionados às taxas de desconto em uma perspectiva de análise mais extensa. (DO DV (DV alavancagem saber agência sinalização político capital disso (natureza consideradas literatura limitado Portanto normalização legais 202 Lisboa regressão dependentes entidade avaliação respectivamente extensa 20 2

ABSTRACT The study analyzed the association between environmental, social and governance (ESG) and the life cycle stages of Brazilian publicly-traded companies listed on the B3 S.A. - Brasil, Bolsa, Balcão (B3) from 2010 to 2020. It explores a theoretical gap regarding the relationship between the life cycle stages of companies and ESG initiatives in Brazil, an emerging country. The findings are relevant for understanding how the life cycle stages act as signals of the level of ESG actions of companies and how the market perceives these actions and their ability to create value. The research provides evidence that the fundamentals of the firm life cycle theory function as indicators for several organizational perspectives, including ESG practices. The sample consisted of 109 companies whose data were collected from Thomson Reuters® and analyzed using multiple regression. The model proposed by Dickinson (2011) was used to analyze the life cycle stages. It should be highlighted that the data were also analyzed using the fixed effect as an estimation of the econometric model, but there was a loss of statistical significance in the relationship found, possibly due to the sample selection performed in the unbalanced panel. Based on the sample analyzed and the econometric models used, the results indicate that companies in the birth and turbulence stages have lower levels of ESG practices, particularly in the environmental and social pillars, compared to companies in the maturity stage. The findings also show that ESG initiatives in the Brazilian capital market are associated with measures of companies’ profitability, liquidity, indebtedness, market value, and number of analysts. The research contributes to the analysis of the relationship between the adoption of ESG practices and the life cycle stages of companies in an emerging market, with implications for stakeholders regarding the targeting of resources to sustainable actions. (ESG publiclytraded publicly traded B SA S A S.A Brasil Bolsa (B3 201 2020 Brazil country value perspectives 10 Reuters regression 2011 (2011 found panel pillars stage profitability liquidity indebtedness analysts (B 20 202 1 (201 2 (20 (2 (

RESUMO O estudo analisou a associação entre o environmental, social and governance (ESG) e os estágios de ciclo de vida das empresas brasileiras de capital aberto listadas na B3 S.A. - Brasil, Bolsa, Balcão (B3) no período de 2010 a 2020. Explora-se uma lacuna teórica sobre a relação dos estágios de ciclo de vida das empresas com iniciativas ESG no Brasil, um país emergente. As evidências são relevantes para a compreensão de como os estágios do ciclo de vida funcionam como sinalizadores do nível de ações ESG das companhias e para demonstrar como o mercado percebe essas ações e sua capacidade de geração de valor. A pesquisa traz insights de que os fundamentos da teoria dos estágios de ciclo de vida da firma funcionam como indicadores para diversas perspectivas organizacionais, até mesmo para as práticas ESG. A amostra foi composta por 109 empresas cujos dados foram coletados na Thomson Reuters® e analisados por meio de regressão múltipla. Para análise dos ciclos de vida, utilizou-se o modelo proposto por Dickinson (2011). Cabe destacar que os dados também foram analisados utilizando o efeito fixo como estimação do modelo econométrico, porém houve perda da significância estatística na relação encontrada, possivelmente devido à seleção da amostra realizada no painel desbalanceado. A partir da amostra analisada e dos modelos econométricos utilizados, os resultados indicam que as empresas em estágio de nascimento e turbulência apresentam menores níveis de práticas ESG, notadamente nos pilares ambiental e social, se comparadas às empresas em estágio de maturidade. Os achados também evidenciaram que as iniciativas ESG no mercado de capitais brasileiro estão associadas com medidas de rentabilidade, liquidez, endividamento, valor de mercado e número de analistas das organizações. A pesquisa contribui para a análise da associação entre a adoção de práticas ESG e os estágios de ciclo de vida das empresas em um mercado emergente, com reflexões aos stakeholders a respeito do direcionamento de recursos em ações sustentáveis. environmental (ESG B SA S S.A Brasil Bolsa (B3 201 2020 Explorase Explora emergente organizacionais 10 Reuters múltipla utilizouse utilizou 2011. 2011 . (2011) econométrico encontrada desbalanceado utilizados maturidade rentabilidade liquidez endividamento organizações sustentáveis (B 20 202 1 (2011 2 (201 (20 (2 (

Abstract The manufacturing business growth-profitability relationship is analyzed for Coahuila, Mexico, during 1993-2018. Business activity is one of the engines generating employment usually subordinate to the level of profitability. Entrepreneurial theories disagree on impact and causality: business growth promotes profitability (classical view), profitability generates business growth (evolutionary), or domains a negative link (managerial hypothesis) that can be bidirectional. Nonlinear dynamic panel methods and piecewise regressions estimate positive impacts ranging from profitability to business growth, but they diminish after to reach a threshold value. The analysis is delimited by the sectoral aggregation, but findings are intuitive and contribute to the understanding of the business dynamic. It is concluded that opportunities of gains create scale economies that stimulate the expansion of the productive plant, however, macroeconomic conditions are required to encourage the private investment and to reduce the market restrictions.

Resumen Se analiza la relación crecimiento-rentabilidad de la manufactura de Coahuila, México, durante 1993-2018. La actividad empresarial es uno de los motores generadores de empleo que suele estar subordinada a la rentabilidad. Las teorías empresariales desacuerdan sobre impacto y causalidad: el crecimiento fomenta la rentabilidad (visión clásica), la rentabilidad genera crecimiento (evolutiva) o domina un vínculo negativo (hipótesis gerencial) que puede ser bidireccional. Métodos de paneles dinámicos no lineales y regresiones piecewise estiman impactos positivos que van de rentabilidad a crecimiento, pero se reducen después de alcanzar un valor umbral. El análisis está delimitado por la agregación sectorial, pero los hallazgos son intuitivos y contribuyen al entendimiento de la dinámica empresarial. Se concluye que las oportunidades de ganancia crean economías de escala que estimulan la ampliación de la planta productiva, pero se requieren condiciones macroeconómicas que incentiven la inversión privada y aminoren las restricciones de mercado.

ORIENTATION: The monopolistic nature of the clearing and settlement industry in South Africa impedes competition and the adoption of new technologies on account of profitability and total market share; there is little incentive to adopt new technologies such as blockchain. Clearing and settlement is currently administrated by shares transactions totally electronic (STRATE) using a centralised database. Blockchain technology is a decentralised advanced database mechanism allowing multiple institutional contributors to the database. RESEARCH PURPOSE: This study's objective was to identify perspectives on the potential role of blockchain technology in the securities clearing and settlement industry in South Africa. MOTIVATION FOR THE STUDY: The emergence and adoption of blockchain technology across industries warrants research on the perceived impact of its adoption in the securities clearing and settement industry. RESEARCH DESIGN, APPROACH AND METHOD: A qualitative research approach using semi-structured interviews was employed to collect data among stakeholders in the securities value chain in South Africa. Using social media, participants were identified through a combination of purposive and snowball sampling. Data were analysed using thematic data analysis with the aid of Atlas.ti software. MAIN FINDINGS: The study found that stakeholders are of the view that blockchain technology has the potential to improve settlement speed, increase automation of the process, increase efficiency, remove human error, remove the single point of failure, increase market size, create a more secure database, improve auditability, increase transparency, improve current infrastructure, eliminate intermediaries, and reduce the cost to users in the South African context. PRACTICAL/MANAGERIAL IMPLICATIONS AND CONTRIBUTION/VALUE-ADD: The contribution to practice is illustrated by two alternatives: the adoption of blockchain technology through the formation of a consortium, or a private network.

Resumen: En el marco del comercio exterior, la floricultura es una de actividades agrícolas que más cultivos de alto valor produce, más empleos directos e indirecto crea y, en consecuencia, ingresos genera. Bajo este contexto, el presente trabajo de investigación tiene por objetivo, analizar la competitividad a precios privados de plantaciones de rosa de corte, ubicadas territorialmente en localidades de Tenancingo y Villa Guerrero, Estado de México. A través del trabajo realizado en campo se obtuvo información de la organización relacionada con los costos, ingresos, indicadores socioeconómicos y de mercado durante marzo-mayo de 2019; asimismo, se tomó una muestra representativa de productores de Tenancingo y de la Asociación de floricultores de Villa Guerrero A. C., con más de 29 años de trabajo como floricultores. Para el análisis de los resultados se estructuró una Matriz de Análisis de Política a fin de estimar los ingresos, costos y ganancias a precios privados. Los resultados revelaron que no existe diferencia de los costos de producción ni de las ganancias en el mercado nacional e internacional, dado que el aprovechamiento de los predios ha sido rentable y competitivo, aunado a lo anterior, en ambos escenarios los factores internos de producción representaron más del 80% de los costos, incluyendo y excluyendo el costo por concepto de tierra y, la mano de obra, la cual representó la mayor parte de los recursos, seguido de gastos de transporte. Considerando que la competitividad de los sistemas se sustentó en el uso de la mano de obra que sustituyó a los avances tecnológicos y de capitalización, se deduce que la competitividad y rentabilidad para ambos sistemas es marginal.

Summary: Within the framework of foreign trade, floriculture is one of the agricultural activities that produces more high-value crops, creates more direct and indirect jobs and, consequently, generates income. In this context, the present research work aims to analyze the competitiveness at private prices of cut rose plantations, located territorially in the towns of Tenancingo and Villa Guerrero, State of Mexico. Through work carried out in the field, information was obtained from the organization related to costs, income, socioeconomic and market indicators during March-May 2019; Likewise, a representative sample of producers from Tenancingo and the Association of Floriculturists of Villa Guerrero A.C., with more than 29 years of work as floriculturists, was taken. For the analysis of the results, a Policy Analysis Matrix was structured in order to estimate the income, costs and profits at private prices. The results revealed that there is no difference in production costs or profits between the national and international markets, since the use of the properties has been profitable and competitive, in addition to the above, in both scenarios the internal factors of production represented more than 80% of the costs, including and excluding the cost of land and labor, which represented the largest part of the resources, followed by transportation expenses. Considering that the competitiveness of the systems was based on the use of labor that replaced technological and capitalization advances, it follows that the competitiveness and profitability for both systems is marginal.

Resumen Tras la eliminación en la Unión Europea del sistema de cuotas lácteas en abril de 2015, los grandes Estados productores de leche bovina inundaron el mercado con grandes volúmenes de leche, lo que en España conllevó el cierre de muchas empresas ganaderas bovinas lácteas, especialmente aquellas de menor tamaño, en España durante el periodo 2015-18. Por ello, con el fin de determinar si, tras la eliminación del sistema de cuotas lácteas, las empresas bovinas españolas lácteas debieron haber cambiado su modelo de negocio a la producción cárnica, en este trabajo se analiza la rentabilidad y solvencia del sector lácteo versus cárnico. Para ello, se toman dos muestras, una constituida por 365 empresas lácteas y otra por 626 cárnicas, detectándose en el sector cárnico una mejor situación económico y financiera, pues su rentabilidad ha experimentado un mejor comportamiento y presenta unos valores mayores que los del sector lácteo. Atendiendo a su nivel de riesgo financiero, se observa que en ambos sectores la Z’ de Altman pronostica un riesgo de insolvencia intermedio, si bien muestra un mejor comportamiento en el sector cárnico, ya que, aunque obtiene valores similares al inicio del periodo, ha ido evolucionando de manera más favorable.

Abstract In the EU, after the end of the milk quota system in April 2015, large bovine milk-producing states flooded the market with large quantities of milk, which would lead to the end of many milk cattle companies, especially those of smaller size, in Spain during the period 2015-18. Therefore, to determine whether, after the elimination of the milk quota system, Spanish milk cattle companies should have changed their business model to meat production, this paper analyzes the profitability and solvency of the milk versus meat sector. For this purpose, two samples were taken, one consisting of 365 milk firms and the other of 626 meat firms. From these, a better economic and financial situation is detected in the meat sector, since its profitability has experienced better performance and takes higher values than those of the milk sector. In terms of their level of financial risk, it is observed that in both sectors Altman's Z' forecasts an intermediate insolvency risk, although the meat sector shows a better performance, since it obtains similar values at the beginning of the period, it has been evolving more favorably.

Abstract This research carries out a comparative analysis of the competitiveness of Mexican coffee, green and roasted beans, in international trade compared to its main competitors in Latin America: Brazil, Colombia and Peru. For this, the export quotas and the Vollrath index were calculated for the period 2000-2019. The results indicate a loss of competitiveness of Mexican coffee for both cases over time, in contrast to the other countries that showed stable behavior. For this reason, it is recommended to implement actions in public policy to strengthen the productive capacities of coffee growers, the profitability obtained from their production and promote the export of the grain.

Resumen La presente investigación realiza un análisis comparativo de la competitividad del café mexicano, en grano verde y tostado, en el comercio internacional en comparación con sus principales competidores en América Latina: Brasil, Colombia y Perú. Para ello, se calcularon las cuotas de exportación y el índice de Vollrath para el periodo 2000-2019. Los resultados indican una pérdida de competitividad del café mexicano para ambos casos a lo largo del tiempo, en contraste con los otros países que manifestaron un comportamiento estable. Por tal motivo, se recomienda implementar acciones en materia de política pública a fin de fortalecer las capacidades productivas de los caficultores, de la rentabilidad obtenida por su producción y fomentar la exportación del grano.

The article explores the relationship between the dynamics of profitability and the process of capital exportation, especially productive capital in the form of Foreign Direct Investment. This task is accomplished in its theoretical and empirical aspects. The studies of Henryk Grossman are resumed, who, starting from Marx, exposes the movement of international expansion of capital as an exit to the idle capital that is formed with the fall in the rate of profit. In this sense, it is argued that although the formation of the world market is contained in the logic of capital, its most recent manifestation is closely linked to the problems of profitability, especially in advanced capitalist countries. The formation of idle capital is understood with an even more fundamental element than the international differentials of profitability, for this movement. The empirical analysis is performed for the US, both by the greater availability of data and by its position in the world economy.

Este artigo explora a relação entre a dinâmica da lucratividade e o processo de exportação de capital, especialmente do capital-produtivo na forma de investimento estrangeiro direto. Essa tarefa é realizada em seus aspectos teóricos e empíricos. Retomam-se principalmente os estudos de Henryk Grossman, que, partindo de Marx, expõe o movimento de expansão internacional do capital como saída para o capital ocioso que se forma com a queda na taxa de lucro. Argumenta-se que apesar de a formação do mercado mundial estar contida na própria lógica do capital, sua manifestação mais recente esteve intimamente ligada aos problemas de lucratividade, em especial nos países de capitalismo avançado. Para esse movimento, a formação de capital ocioso é compreendida como elemento ainda mais fundamental do que os diferenciais internacionais de lucratividade. A análise empírica é realizada para os Estados Unidos, tanto pela maior disponibilidade de dados quanto pela sua posição na economia mundial.

Resumo Este artigo explora a relação entre a dinâmica da lucratividade e o processo de exportação de capital, especialmente do capital-produtivo na forma de investimento estrangeiro direto. Essa tarefa é realizada em seus aspectos teóricos e empíricos. Retomam-se principalmente os estudos de Henryk Grossman, que, partindo de Marx, expõe o movimento de expansão internacional do capital como saída para o capital ocioso que se forma com a queda na taxa de lucro. Argumenta-se que apesar de a formação do mercado mundial estar contida na própria lógica do capital, sua manifestação mais recente esteve intimamente ligada aos problemas de lucratividade, em especial nos países de capitalismo avançado. Para esse movimento, a formação de capital ocioso é compreendida como elemento ainda mais fundamental do que os diferenciais internacionais de lucratividade. A análise empírica é realizada para os Estados Unidos, tanto pela maior disponibilidade de dados quanto pela sua posição na economia mundial.

Abstract The article explores the relationship between the dynamics of profitability and the process of capital exportation, especially productive capital in the form of Foreign Direct Investment. This task is accomplished in its theoretical and empirical aspects. The studies of Henryk Grossman are resumed, who, starting from Marx, exposes the movement of international expansion of capital as an exit to the idle capital that is formed with the fall in the rate of profit. In this sense, it is argued that although the formation of the world market is contained in the logic of capital, its most recent manifestation is closely linked to the problems of profitability, especially in advanced capitalist countries. The formation of idle capital is understood with an even more fundamental element than the international differentials of profitability, for this movement. The empirical analysis is performed for the US, both by the greater availability of data and by its position in the world economy.

Abstract This research studies Mexico’s leadership for 60 years (1961-2019) in the production and worldwide market of avocado. The Pearson’s Correlation analysis of the variables that make up the market - supply (production), demand (consumption) and price - verifies that the correlation of the variables is «high» and «direct», however it is not «perfect», demonstrating that in the medium or long term the profitability of the business will be affected by the lack of a proportional dynamic between the three variables (the trend of the increase in the volume of production is greater than the demand). It is verified that the supply determines the rise or fall in the price of the product (Smith, 1776, n/d), and that in the absence of a coordinated strategy of the avocado sector in Mexico, the income of the national producer will be systematically reduced until the market finds its point of equilibrium.

Resumen En esta investigación se estudia el liderazgo de México durante 60 años (1961-2019) en la producción y comercialización mundial de aguacate. El análisis de correlación de Pearson de las variables que integran el mercado -oferta (producción), demanda (consumo) y precio- comprueba que la correlación de las variables es «alta» y «directa», sin embargo, no es «perfecta», con lo que se demuestra que en el mediano o largo plazo la rentabilidad del negocio se verá afectada. Esto es así debido a que no existe una dinámica proporcional entre las tres variables (la tendencia del incremento en el volumen de producción/oferta es mayor que la demanda). Se comprueba que la oferta es la que determina que suba o baje el precio del producto (Smith, 1776, s/f) y que, al no haber una estrategia comercial coordinada del sector aguacatero de México, los ingresos del productor nacional se reducirán sistemáticamente hasta que el mercado encuentre su punto de equilibrio.

Abstract Since the 1970s, Uruguay has experienced a progressive increase in university enrolment that led to a process of institutional and curricular differentiation within the country's only public university. Following the diversification and privatization trends that were influencing higher education systems internationally, in 1985 with the creation of the Catholic University. Moreover, the emergence of other three private universities consolidated a process of institutional diversification that was completed in the following two decades with the development of not only regional university centres within the public university, but also the Technological University, the second public university. In this context of very gradual internal differentiation, in a predominantly public university system hegemonized by the Universidad de la República, private university services were established outside Montevideo. To describe, analyse and conceptualize this process, the theoretical perspectives related to diversification processes are reviewed. Furthermore, statistical information, documentary analysis and qualified informants’ interviews are used as well as some dimensions of analysis on the regional diversification of private university education are explored. The research carried out allows us to conclude that university development in other regions of the country, outside the capital, has been a gradual process, that accompanies international trends but strongly influenced by national dynamics. In turn, it is mediated by political-academic assessments (the decision to advance in the interior, on the part of the public sector) and institutional expansion decisions at the regional level with restrictions due to and limitations of scale, market and profitability for the private sector.

Resumen Uruguay experimentó desde la década del setenta un progresivo incremento de la matrícula que condujo a un proceso de diferenciación institucional y curricular al interior de la Universidad de la República (UdelaR), la única universidad pública del país. Siguiendo las tendencias de diversificación y privatización que internacionalmente fueron incidiendo sobre los sistemas de educación superior, a partir de 1985, con el surgimiento de la Universidad Católica, y entre 1996 y 1998, con el surgimiento de otras tres universidades privadas, se consolida un proceso de diversificación institucional que se completó en las dos décadas siguientes con el surgimiento de centros universitarios regionales de la UdelaR y con el surgimiento de la Universidad Tecnológica (UTEC), la segunda universidad pública. En ese contexto de muy gradual diferenciación interna, en un sistema universitario predominantemente público hegemonizado por la Universidad de la República, tuvo lugar también la implantación de servicios universitarios privados fuera de Montevideo. En el artículo se busca describir, conceptualizar y analizar ese proceso, con apoyo de información estadística, análisis documental y entrevistas a informantes calificados. La investigación desarrollada permite concluir que el desarrollo universitario fuera de la capital ha sido un proceso gradual, que acompaña las tendencias internacionales pero con fuerte influencia de la dinámica nacional. A su vez, es mediado por valoraciones político-académicas (la decisión de avanzar en el interior, por parte del sector público) de decisiones de expansión institucional a nivel regional con restricciones debidas a las limitaciones de escala, mercado y rentabilidad para el sector privado.