Diaz Hermelo, F. , Etiennot, H. , Vassolo, R., 2014. Sources of performance heterogeneity in emerging economies. The Journal of the Iberoamerican Academy of Management, : .
Etiennot, H., Vassolo, R., Diaz-Hermelo,F., Mc Gahan, A., 2013. How much does industry matter to firm performance in emerging countries?. Academy of Management Proceedings, January 2013, : .
"In this article, we contribute to understanding of country, industry and firm effects on performance by examining heterogeneity in the profitability of corporations from both emerging and developed economies. Using a linear regression method that accounts for cross classifications, mixed effects, and auto correlation, we analyze 137,858 observations on the return on assets of 25,149 firms in 42 sectors of 65 countries during the period from 2000 to 2007. The results indicate that the components of performance in emerging markets differ significantly from developed economies in systematic ways: (1) country effects dominate industry effects on performance; (2) emerging-market corporations face significantly greater volatility in returns, with the temporary components of profitability more significant than the permanent components; and (3) idiosyncratic, firm-specific effects dominate all other effects on performance for emerging-market companies. We interpret these differences to suggest their specific implications for business and public policy."
Diaz Hermelo, F., Etiennot, H., Vassolo, R., 2012. Sources of Performance Heterogeneity in Emerging Economies. Best Paper Proceedings 2012 Academy of Management Meeting, : .
"Using a novel methodology to study the dynamic behavior of firms’ performance in emerging economies, we find that the firm-specific effect is the most important in explaining permanent and transitory differences. The country-industry interaction is the second most important effect, confirming that industries are not completely global. Finally, evidence exists of significant increases in performance persistence over time.
Keywords: Hierarchical Linear Modeling, Emerging Economies, Business Performance, Country Effect, Industry Effect"
Etiennot, H., Preve, L., Sarria Allende, V. , 2012. Working Capital Management: An exploratory study. Journal of Applied Finance, : .
"Working capital management is an issue in which finance research is scarce. One possible reason behind this fact might relate to the relative ease with which efficient financial markets correct deviations from optimal working capital policies. However, in less efficient financial markets, pervasive among emerging economies, working capital management is critical for both firms ' performance and survival. The difference in the market's ability for providing immediate assistance to firms might explain the differential consequences on firms' profitability and financial distress. This article explains the fundamentals of working capital management, the importance of its interaction with financial markets, and how this interaction
might explain working capital patterns around the world."