Estudios Gerenciales (ISSN 0123-5923 // 2665-6744 online) is the Ibero-American journal of management and economics. Each quarter publishes relevant, high quality, unpublished articles, subject to a double-blind peer review process, focused primarily on the sub-thematic areas of organizational management, entrepreneurship, business innovation, marketing, accountancy, finance, strategy, international business and business economics. Its main objective is the dissemination of research related to the above topic areas that generate tools for the study of Ibero-American community and its current economic and administrative context. The journal is generally aimed at researchers, students, academics and professionals interested in the most recent research and analyses in economics and management in Ibero-America. DOI: https://doi.org/10.18046/j.estger
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Leadership 7.0: An Integrative Model Based on a Systematic Review of Contemporary Approaches
This study aimed to propose an integrative leadership model called leadership 7.0. It was based on a systematic literature review of contemporary leadership approaches published between 2019 and 2024, complemented by thematic coding and conceptual comparison of transformational, ethical, resilient, sustainable, regenerative, and 5.0 leadership approaches, identifying the essential competencies for current leadership. These competencies were aligned with the Sustainable Development Goals and the Inner Development Goals. The results revealed a common competency base in adaptability, ethics, strategic vision, collaboration, innovation, and people development, highlighting the convergence among previously fragmented approaches, which enabled the formulation of an integrative leadership model oriented toward sustainability in complex contexts.
Copyright (c) 2026 Estudios Gerenciales http://creativecommons.org/licenses/by/4.0
Public Health Expenditure, Human Capital, and Economic Growth in Latin America and the Caribbean
The link between health and economic growth is highly relevant in the development debate in Latin America and the Caribbean. This study aimed to analyze whether the effect of public health expenditure on economic growth depends on the level of human capital in Latin America and the Caribbean. To this end, a panel of 20 countries in the region over the period 2001–2019 is used, and panel threshold regression models are estimated. The results show that the effect of public health expenditure on economic growth is positive but not homogeneous, as it becomes stronger when countries reach higher levels of human capital, both in education and in health. In this sense, the study provides evidence that the effectiveness of health expenditure is conditioned by the accumulation of aggregate human capital. The findings suggest that growth-oriented public policies should take these heterogeneities into account in order to better adapt to the conditions of each country.
Integrated Reporting in Latin America: A Source of Benefits for Corporate Transparency and Stakeholders Trust
This study systematically examines the literature on the adoption of Integrated Reporting in Latin America and its relationship with corporate transparency and stakeholder trust. Sixty-eight studies published between 2014 and 2024 were analyzed through a systematic review guided by PRISMA guidelines. The findings indicate a growing academic interest, concentrated mainly in Brazil and Colombia, as well as reported effects on information disclosure. However, the review identifies significant limitations associated with symbolic adoption practices, low standardization, and a predominant focus on financial stakeholders. The study concludes that the impact of Integrated Reporting on trust is not automatic and depends on the institutional and organizational context.
The Subjective Price of Crime: Victimization, Perception of Insecurity, and Well-Being in Colombia
Subjective well-being is emerging as a crucial component in contemporary public policy. This study examines the relationship between subjective well-being and crime, with an emphasis on the impact of perceptions of safety and victimization on life satisfaction in Cali, a Colombian city known for its high levels of violence. Using data from the CaliBRANDO survey, which is statistically representative of the city, a simultaneous equation model was employed to analyze the causal relationship between these variables. The findings indicate that a greater perception of insecurity and higher victimization are negatively associated with subjective well-being. These results offer relevant evidence to guide governments in the implementation and effective communication of urban safety policies.
Unpacking strategic agility: Aggregate and dimensional effects on organizational performance in an emerging economy
Drawing on the dynamic capabilities’ framework, this study examines how strategic agility contributes to organizational performance in an emerging economy context. Strategic agility is modeled as a higher-order construct and analyzed through its three meta-capabilities: strategic sensitivity, leadership unity, and resource fluidity. The study also evaluates whether environmental dynamism moderates the strategic agility–performance relationship. Using survey data from 241 general managers and directors of formal firms in Metropolitan Lima, Peru, the hypotheses were tested through PLS-SEM. The results show that strategic agility has a positive and significant effect on organizational performance, both as an aggregate construct and through its underlying meta-capabilities. However, environmental dynamism does not significantly moderate this relationship. These findings support the role of strategic agility as an integrative dynamic capability and suggest that its performance implications are not contingent solely on environmental dynamism.
Continuance use of Quick Response Code Indonesian Standard: Acceptance, confirmation, and Task-Technology Fit
This study examines what drives continued use of Quick Response Code Indonesian Standard code payment standard. Using survey data from 571 users across several regions, it estimates a partial least squares structural equation model and assesses out-of-sample predictive ability. Task-Technology Fit emerges as the central factor, shaping perceived ease of use, perceived usefulness, confirmation, satisfaction, and continuance intention. Satisfaction and attitude also help explain continued use, whereas perceived ease of use and perceived usefulness show no direct effect. Overall, findings indicate that, among digitally mature users, sustained use depends more on functional fit with everyday transactions than on interface simplicity.
Organizational Management Model for Knowledge and Technology Transfer in Higher Education Institutions
This study proposes and validates a conceptual model of organizational management that is essential for the successful implementation of knowledge and technology transfer mechanisms. A questionnaire was administered to researchers and managers in higher educational institutions, complemented by exploratory and confirmatory factor analyses, as well as a structural equation model to test the proposed hypotheses. The results support the hypotheses, demonstrating positive and significant relationships between the means and mechanisms of transfer and the components of organizational management. Finally, it is recommended to extend the analysis to other regions and hierarchical levels to strengthen and update the proposed model.
Enterprise Risk Management and Performance in Mexican SMEs: The Moderating Role of Firm Age
The objective of this study was to determine the relationship between enterprise risk management and the performance of SMEs in Guanajuato, as well as to examine the moderating effect of firm age on this relationship. A total of 212 questionnaires were administered to managers and owners of SMEs in the commercial, industrial, and service sectors. Partial least squares structural equation modeling was used to test the hypotheses. The results confirm that enterprise risk management has a positive and significant effect on SME performance and that organizational age positively and significantly moderates the enterprise risk management-performance relationship. This study has theoretical and practical implications by providing evidence that contributes to the sustainable growth of SMEs in emerging countries such as Mexico.
Copyright (c) 2025 Estudios Gerenciales http://creativecommons.org/licenses/by/4.0
Environmental Dynamism, Digitalization, and Digital Capability: Explaining Small FirmsPerformance in Ecuador
Despite growing interest in digital transformation among small and medium-sized enterprises, understanding how they use digital technologies to enhance competitiveness, partic-ularly in emerging markets, is still limited. Grounded in the resource-based view, resource orchestration theory, and digital transformation literature, this study explores how environ-mental dynamism influences firm performance, focusing on the mediating role of digitaliza-tion and digital capability in Ecuadorian companies. To test our hypotheses, we used structural equation modeling with survey data from 109 managers. Our findings indicate that digitalization and digital capability mediate the relationship between environmental dyna-mism and performance, emphasizing the need to integrate technological and managerial dimensions to face digital transformation. This topic is relevant because small firms face greater challenges for technological adoption.
Corporate Social Responsibility as a Driver of Competitiveness in Industrial Companies in the Food and Beverage Sector
This study aimed to examine the link between corporate social responsibility and competitiveness in the food and beverage sector of emerging economies. To this end, a second-order model was designed and validated using a quantitative, cross-sectional approach with a sample of 218 managers from companies located in Guayaquil, Ecuador. The findings revealed a positive and significant relationship (β = 0.708, p < 0.001) between corporate social responsibility and competitiveness, highlighting that socially responsible practices strengthen the competitive performance of organizations. The results contribute to a better understanding of corporate relationships and potential improvements that companies could undertake in the national and international environment, providing tools and criteria for business management to increase the value of environmental and competitive relationships with their stakeholders.
Subjective Well-being at the Regional Level: The Case of Uruguay
Analyzing the socioeconomic determinants of subjective well-being is crucial for understanding the competitiveness process and the regional development, particularly when well-being creation is viewed as the ultimate goal. This study examines life satisfaction in Uruguay, and any potential differences at the subnational level. It highlights key factors such as income, savings, employment, and insecurity. Using a binomial logistic regression model, we identify how these variables interact across different subnational regions, revealing patterns that can inform public policy. The findings highlight the importance of a multidimensional perspective that encompasses economic, social, and psychological dimensions and the need to consider contextual factors when assessing subjective well-being. These insights can guide the design and prioritization of policies at both national and local scales.
Research trends in organizational behavior: thematic evolution and future research agenda
This study advances the understanding of organizational behavior by identifying emerging thematic patterns and conceptual transitions in the field through a comprehensive bibliometric analysis based on PRISMA-2020. Using Scopus and Web of Science data, it examines articles to reveal how research has evolved toward complex issues such as unethical pro-organizational behavior, identity processes, and the integration of technology in organizational dynamics. Findings highlight a significant increase in scientific production, a shift toward multifaceted behavioral constructs, and the consolidation of new intellectual clusters that reshape the research agenda. This study contributes by mapping the conceptual evolution of organizational behavior, identifying research gaps, and proposing key areas for future inquiry that strengthen both theoretical development and managerial practice.
Management of a university social responsibility program model led by a business school in partnership with private companies in Latin America
This study aims at describing a practical and successful application of a university social responsibility (USR) and sustainability program management model run by a business school in partnership with public-private financial institutions. It focuses on the positive impacts on women microentrepreneur leaders in small and medium-sized enterprises (SMEs) of the “Woman, help your business grow further [Mujer, que tu negocio crezca más]” program. The value of social intervention programs and applied research as part of a university social responsibility strategy stands out. Research was conducted through a qualitative approach, including in-depth interviews with company executives and focus groups with women microentrepreneurs participating in the program. There were relevant outcomes regarding empowerment, managerial capacities, and the sustainability of their enterprises.
Business Intelligence and Digital Transformation for Value Creation: A Systematic Literature Review
This study aimed at analyzing the integration of business intelligence into digital transformation strategies within SMEs from a perspective of value creation in the reconfiguration of organizational architecture. Employing a descriptive and inductive approach and adhering to the PRISMA 2020 protocol, 98 articles published between 2015 and 2024 were systematically reviewed. The findings indicate that business intelligence constitutes an analytical capability which, when strategically integrated into digital transformation processes, strengthens dynamic capabilities and the sustainability of the value architecture. As a theoretical contribution, an integrative framework is proposed that articulates both constructs with business model architecture through the lenses of value creation, delivery, and capture. From this framework, five business models emerge as differentiated, non-exclusive structures depending on the strategic focus of digitalization. Future empirical and comparative research lines are suggested to validate and extend these results.
When Bollinger meets Edgeworth: An application to the contrarian trading strategy
The architecture of Bollinger Bands significantly contributes to informed decision-making in financial markets. This paper introduces two new techniques that incorporate Edgeworth correction for confidence intervals in classical Bollinger Bands (BB). In this regard, skewness and kurtosis are included to create Adjusted Bollinger Bands (ABB) with the aim of implementing a contrarian trading strategy. The performance of these techniques was evaluated on the 30 stocks of the Dow Jones Industrial Average Index and compared with performance metrics grouped by returns, risk, and riskreturn measures, including the Sharpe ratio, Omega ratio, and Information ratio, and others. Results demonstrate the outperformance of our proposal based on ABB strategies over the classical BB for different periods, such as 6 and 10 days. The effectiveness of the approach presented in this paper exhibits a significant contrast to the traditional Bollinger Band methodology. Furthermore, these results are substantiated using robust statistical tests such as the Jonckheere-Terpstra Test.
Market power and adverse weather events in a market dominated by hydroelectric energy
We studied the effect of adverse weather events on retail electricity prices, focusing on the Colombian case given that this market is dominated by hydroelectric energy and exposed to El Niño weather pattern. This condition is associated with a reduction in the country’s hydrological resources. We apply a structural model to understand the formation of retail prices and how these respond to extreme weather events. Our results show that, under normal conditions, retail firms have control over the pass-through of wholesale cost shocks in retail prices. However, we did not find evidence that the pass-through differs when El Niño occurs. Thus, its effect on retail prices runs exclusively through its effect on wholesale costs. Furthermore, we found that retail prices increase in the presence of El Niño due to the increase in spot prices in the wholesale electricity market. However, the increase in retail prices is less than proportional to the increase in spot prices due to the market power of retail firms.
Gender wage gap in emerging markets and developing economies
The last decade has witnessed a rapid expansion of empirical work on gender wage gaps. This meta-analysis synthesizes 40 estimates for emerging and developing economies (1999–2021) using random-effects models, tests for publication selection, and a restricted maximum likelihood meta-regression with country-year covariates. The pooled underlying proportional gap is 28.5% in favor of men, with pronounced regional variation (about 18% in Latin America, 43% in Asia, and 30% in emerging Europe). Cross-study variation is systematically related to gender development, female unemployment, and article publication year.
From Forced Teleworking to Sustainable Hybrid Working: Proposal for a Theoretical and Regulatory Framework for Latin America
The COVID-19 pandemic exposed the structural fragility of Latin American organizations and underscored the urgency of rethinking work models beyond physical presence by revealing persistent tensions between productivity, well-being, and sustainability. The objective of this study was to propose a theoretical-normative framework to guide the sustainable transition toward hybrid work models in Latin America, integrating the principles of multiscalar well-being, adaptive equity, and institutional sustainability as foundations for responsible organizational transformation. Through a narrative review and an abductive analysis of literature, the study identified that the main barriers to the sustainability of hybrid work lie in structural and normative deficiencies, as well as in the lack of articulation across individual, collective, and institutional levels. The central finding indicates that a multiscalar approach grounded in distributive justice, collective care, and ethical responsibility is essential to redesign Latin American organizations that are more resilient, inclusive, and aligned with the contemporary challenges of work.
Sticky Cost Theory in Higher-Profitability Firms in Brazilian Sectors
The aim of this study was to contrast cost behavior of high-profitability firms with general sector patterns, based on the postulates of sticky costs theory. Using a multiple linear regression model with panel data, information from publicly listed Brazilian firms in cyclical and non-cyclical consumption sectors was analyzed for the period 2022–2024. The contribution of this study lies in examining the presence or absence of asymmetry in cost behavior among more profitable firms. The results showed that, unlike the sector average, firms with higher profitability do not exhibit cost asymmetry. This suggests a reconceptualization of the sticky costs phenomenon as an element for maximizing performance, as well as the factors that essentially must be managed by decision-makers to avoid exposure to such asymmetric behavior.
Ethical Culture in Mexican Organizations: The Mediating Role of Moral Conscience
Ethical culture in today's business environment represents a competitive advantage, and due to the growth of the retail sector in Mexican organizations, it is important to study it academically. The objective was to empirically verify a mediating conceptual model: moral conscience between the exogenous variables (internal control, corporate governance, and psychosocial risk factors), and ethical culture. The population of leaders with teams of more than six workers was identified; a probabilistic sample estimate and selection of employees by convenience were used. The structural equation modeling software PLS-Smart was used for the analysis to verify the mediation. The model resulted in four empirically tested hypotheses, all of which were verified, including the mediation of moral conscience. The results fill knowledge gaps: 1) identification of the mediating role of moral conscience; 2) the variable of psychosocial risks; and 3) confirmation of the conceptual model, which, to our knowledge, had not been studied with this integration. The main contribution is that an ethical organization is not decreed; it is built using the variables included in the model. This theoreticalpractical integration makes these conclusions and implications a tool for academic research as well as for private companies and the public sector.
Is Digital Personal Branding the Ticket to Executive Employability? Exploring Bourdieusian Capital in Latin America
This study analyzes the influence of digital personal branding on the employability of Peruvian and Colombian executives, who are active on social media. Using a qualitative, phenomenological approach and Bourdieu’s theory of capital as a conceptual framework, in-depth interviews were conducted to explore how executives experience and manage their digital personal brand. Data analyzed with ATLAS.ti shows that strategic digital branding enhances professional visibility and positioning. Findings reveal that social capital facilitates access to opportunities, cultural capital sustains performance through knowledge and skills, and symbolic capital reinforces legitimacy through prestige and academic credentials. This study offers theoretical and practical insights and shows that digital personal branding strengthens employability by amplifying, not replacing, core professional competencies in highly competitive labor markets.
Maladaptive Household Responses to Extreme Weather in Colombia
Climate change can trigger household adaptations that unintentionally worsen environmental impacts. This study examines how extreme weather events influence appliance ownership in Colombia, using data from the Integrated Household Survey conducted by the National Administrative Department of Statistics and climate records from the Institute of Hydrology, Meteorology, and Environmental Studies. Probability models with fixed effects show that extreme temperatures increase the likelihood of households acquiring fans and air conditioners, while extreme precipitation raises heater ownership. These patterns reflect maladaptive responses that intensify energy demand and emissions. Effects differ across socioeconomic groups, gender, and regions, underscoring inequalities in adaptive capacity. The findings highlight the importance of policies that encourage sustainable and equitable adaptation strategies in urban contexts.
Determinants of Fast-Fashion Purchasing Behavior in Centennials of Mexico
This study analyzes the main factors that influence fast fashion purchasing behavior. Through an electronic survey of 331 centennials, a structural equation model based on covariances was developed. Variables such as low price, influencer marketing, sustainable marketing, perceived behavioral control, hedonic motivations, and subjective norm were identified as the main factors explaining fast fashion purchasing behavior. Hedonic motivations, influencer marketing, and subjective norm were the main determinants.
Decoding the Link between Work Passion and Organizational Resilience in the Society 5.0 Era
Understanding how psychological resources such as resilience and passion influence work dynamics in the face of growing complexity and instability in modern organizations is essential. In the dynamic context of Society 5.0, this study analyzes the effect of organizational resilience on work passion by incorporating emotional and adaptive resilience, as well as harmonious and obsessive passion. A quantitative, non-experimental, and crosssectional approach was applied to a sample of 411 professionals in Baja California, Mexico. The structural model was analyzed using Partial Least Squares Structural Equation Modeling. Results confirmed significant relationships between emotional and adaptive resilience, and between the latter and organizational resilience. Moreover, harmonious passion was found to have a direct and positive effect on work passion. The study concludes that strengthening both individual and collective resilience fosters more sustainable affectionate involvement in complex organizational environments.
Spatial Analysis of the Dynamics of Financial Inclusion and Poverty in Mexico
This article studies the relationship between financial inclusion and poverty across Mexican municipalities, using a spatial approach to identify geographic patterns and territorial correlations. A synthetic index of financial inclusion was constructed based on the dimensions of access and use, then, an exploratory spatial data analysis was applied to detect significant clusters and regional disparities. Subsequently, a lagged spatial regression model was estimated to analyze spatial dependence. The results show that greater financial inclusion is associated with lower poverty levels, an effect that is also transmitted to neighboring municipalities. These findings reinforce the need for public policies with a territorial approach that promote financial infrastructure in vulnerable regions.
Technological Capital and Corporate Social Responsibility: Optimal Strategies forSustainable Financial Performance
This study aims to assess the joint effect of technological capital and Corporate Social Responsibility on corporate financial performance. A dynamic model using data from 434 Standard & Poor firms (2009–2017) confirms an inverted U-shaped relationship: moderate technological investment generates benefits, while excessive investment leads to diseconomies. Corporate social responsibility mitigates these risks and amplifies the financial and social value of innovation. It is recommended that firms, particularly in regulated sectors, strategically manage technological capital in alignment with sustainable practices to optimize outcomes and minimize reputational risks. This study contributes to literature by extending absorptive capacity theory, introducing corporate social responsibility as a moderator of the technological capital-performance relationship.
Integrated Reporting Quality under Mandatory Disclosure: Evidence from Chile
This study evaluates the quality of integrated reports under mandatory disclosure since 2022, analyzing 290 reports from large and medium-sized firms (2022-2023) across six factors: report structure, strategy, materiality, external environment, governance, and performance. Findings reveal moderate compliance, with strengths in materiality (67.9%) but critical gaps in connectivity between financial results and other capitals (15.2%) and performance (43.2%), hindering value creation integration. Sectoral disparities show that regulated industries excel, while services and healthcare lag. Mediumsized firms face additional challenges due to resource constraints and regulatory adaptation. The study highlights challenges in aligning strategy with metrics, offering recommendations for improved integration, training, and regulatory oversight. It contributes empirically to integrated reporting literature, reinforcing its role in transparency, sustainability, and stakeholder trust.
Determinants of Entrepreneurial Intentions in Students from a University in Lima, Peru
This study examines the determinants of entrepreneurial intentions among university students from a university in Lima, Peru. The research employed a quantitative approach with a sample of 476 university students, applying partial least squares structural equation modeling. Results revealed that personal attitude, perceived behavioral control, entrepreneurial education, and self-efficacy have significant positive effects on entrepreneurial intentions, while contact networks showed no significant impact. The most relevant finding indicates that entrepreneurial education has the strongest effect on entrepreneurial intentions (β=0.852), suggesting the importance of strengthening entrepreneurship education programs within Peruvian universities.
Factors that Generate Memorable Experiences in Cultural Tourism: A Systematic Literature Review
Within cultural tourism, the literature on memorable experiences is fragmented and lacks clear systematization, which constitutes the knowledge gap that guides this study. The goal was to analyze the recent literature on memorable experiences in cultural tourism, through a systematic literature review pointing out an organization of the dispersion found in the three main moments of the trip of every tourist: before, during and after. For this purpose, 58 articles published between 2019 and 2024 in Scopus were examined. The results identified fourteen factors, including authenticity, engagement and cultural exchange as determinants, and other emerging factors such as mindfulness, agreed memory and new technologies. A structured synthesis and framework for managing cultural experiences is provided.
Supply Chain Resilience: The Mediating Role of Collaboration and Visibility
This study examines the mediating role of dynamic capabilities enabled by information technologies in the relationship between the adoption of Industry 4.0 technologies and supply chain resilience. Using the partial least squares structural equation modeling approach with data from 125 supply chain managers in Colombia, a model based on the dynamic resource-based View is empirically validated. The results show that Industry 4.0 technologies drive the adoption of information technologies, strengthening capabilities such as visibility and collaboration. These capabilities, especially visibility, positively influence resilience. The impact of Industry 4.0 is not direct but mediated by capabilities, which are crucial in emerging markets.