VOL.1,NO.1(2024)
ECONOMICUS
JournalofBusinessandEconomicsInsights
Julio-Diciembre/July-December
E-ISSN:3061-8169
Economicus Journal of Business and Economics Insights, Volúmen 1,
Número 1 (Julio-Diciembre 2024) es una publicación semestral, editada por los
cuerpos académicos UACH-CA-157 y UACH-CA-143 adscritos a la
Facultad de Economía Internacional de la Universidad Autónoma de
Chihuahua, Calle Escorza 900, Col. Centro, Chihuahua, Chih., México.
economicus@uach.mx Tel. +52(614) 439-1500 Ext. 4024, 4052. Editor
Responsable: Dr. Jesús Manuel Palma Ruiz. Reserva de Derechos al Uso
Exclusivo No. 04-2024-110817423800-102, e-ISSN: 3061-8169, ambos otorgados
por el Instituto Nacional del Derecho de Autor en México.
Economicus Journal of Business and Economics Insights es una revista
arbitrada, que utiliza el sistema de evaluación externa por expertos (peer-
review), bajo metodología de pares ciegos (double-blind review), conforme a
las normas de publicación de la American Psychological Association (APA),
respondiendo a estándares científicos y académicos internacionales. La revista
acepta trabajos en español e inglés sobre temas relacionados con negocios y
economía, gestión de tecnología, estrategia e innovación, emprendimiento,
sostenibilidad e impacto social, estudios del mercado laboral, econometría,
economía pública y aplicada. Además, se valora positivamente la adopción de
enfoques inter, multi o transdisciplinarios que integren otras áreas del
conocimiento.
Las opiniones presentadas por los autores no implican necesariamente el
respaldo del Consejo Editorial de la revista, ni de la Universidad Autónoma
de Chihuahua.
Todos los contenidos de Economicus Journal of Business and Economics
Insights están licenciados bajo Creative Commons Reconocimiento-
NoComercial 4.0 Internacional (CC BY-NC 4.0), lo que permite su uso gratuito
para fines no comerciales, siempre y cuando se atribuyan correctamente los
créditos a los y las autoras de cada artículo.
Para obtener información más detallada sobre la revista, por favor visite:
https://revistascientificas.uach.mx/index.php/economicus
Economicus Journal of Business and Economics Insights 2024 1(1)
OJS: https://revistascientificas.uach.mx/index.php/economicus
ISSN: 3061-8169
Economicus Journal of Business and Economics Insights 2024 1(1) https://revistascientificas.uach.mx/index.php/economicus
Contenidos / Contents
Vol. 1, No. 1 (Julio-Diciembre, 2024) / Vol. 1, No. 1 (July-December, 2024)
DOI: https://doi.org/10.54167/ejbei.v1i1
Consejo Editorial / Editorial Board
Editorial
Economicus: Un nuevo horizonte en la investigación económica
Economicus: A New Horizon in Economic Research
Olinda Ornelas-Benítez
i–iii
Artículo
Valoración de criptoactivos: El caso de los fan token en equipos de fútbol europeos
Valuation of cryptoassets: The case of fan tokens in european soccer teams
Raúl Gómez-Martínez, María Luisa Medrano-García, Laura Pascual-Nebreda
1–9
Article
Innovation through tradition in family firms: Evidence from case studies in Chile
Innovación a través de la tradición en empresas familiares: evidencia de estudios de caso en
Chile
Ismael Barros-Contreras, Andrés Aragón-Villarroel, Javier Solís-Sorhaburu, Ailyn Vera-
Rodríguez
10–37
Article
Determinants of growth intention in SMEs: Analysis from the perspective of owners
and managers
Determinantes de la intención de crecimiento en PYMEs: Análisis desde la perspectiva de los
propietarios y gerentes
Moisés Carbajal-Marrón, Ángel Herrero-Crespo, Jesús Collado-Agudo
38–56
Article
Incentivizing voting turnout through gifts and promotions: An analysis of 'The Civic
Thumb' program in Chihuahua, Mexico
Incentivando la participación electoral a través de regalos y promociones: Análisis del programa
'El Gordo Cívico' en Chihuahua, México
Juan David Irigoyen-Borunda
57–75
Artículo
Cambios en la estructura del gasto en vivienda y transporte de los hogares de
Chihuahua de 2018 a 2022
Changes in the structure of household expenditure on housing and transportation in Chihuahua from 2018
to 2022
Héctor Alonso Barajas-Bustillos, Maryann Fernanda García-De la Torre
76–88
Economicus Journal of Business and Economics Insights 2024 1(1) https://revistascientificas.uach.mx/index.php/economicus
Artículo
La economía social en México: Análisis de las cooperativas en el estado de
Chihuahua
Social economy in Mexico: An analysis of cooperatives in the state of Chihuahua
Luis Felipe Zepeda-Burciaga
89–104
Reseña de libro
Reseña “Las Fintech desde la perspectiva del emprendimiento” por Raúl Gómez
Martínez
Review of “Fintech from an entrepreneurship perspective” by Raúl Gómez Martínez
Verónica Villegas-Garza
105–110
Economicus Journal of Business and Economics Insights 2024 1(1)
OJS: https://revistascientificas.uach.mx/index.php/economicus
ISSN: 3061-8169
Consejo Editorial / Editorial Board
Editor en jefe / Editor-in-Chief
JESÚS MANUEL PALMA RUIZ, Universidad Autónoma de Chihuahua, Escorza 900, Col. Centro, Chihuahua,
C.P. 31300, Chihuahua, México; jmpalma@uach.mx
Editores asociados / Associate Editors
SONIA ESTHER GONZÁLEZ MORENO, Universidad Autónoma de Chihuahua, México.
GLORIA LIZETH OCHOA ADAME, Universidad Autónoma de Chihuahua, México.
ALDO JOSAFAT TORRES GARCÍA, Universidad Autónoma de Chihuahua, México.
Comité Editorial / Editorial Committee
FIDIAS GERARDO ARIAS ODÓN, Universidad Central de Venezuela (Venezuela).
WILEIDYS ARTIGAS, Universidad Rafael Belloso Chacin (Venezuela), High Rate Consulting (USA).
UNAI ARZUBIAGA, Universidad del País Vasco (España).
ELISA PILAR BARAIBAR DIEZ, Universidad de Cantabria (España).
CARLOS IVÁN CAMPOS ARANA, Patronato del Instituto Tecnológico de Mérida (México).
DAVID CANTARERO PRIETO, Universidad de Cantabria (España) / IDIVAL Instituto de Investigación Sanitaria
del Hospital de Valdecilla (España).
DAVID CASTRO LUGO, Universidad Autónoma de Coahuila (México).
RAMIRO ESQUEDA WALLE, Universidad Autónoma de Tamalipas (México)
GUSTAVO FÉLIX VERDUZCO, Centro de Investigaciones Socioeconómicas (México).
AMILCAR ORLIAN FERNÁNDEZ DOMÍNGUEZ, Universidad Autónoma de Chihuahua (México).
REMEDIOS HERNÁNDEZ LINARES, Universidad de Extremadura (España).
LUIS HUESCA REYNOSO, Centro de investigación en Alimentación y Desarrollo A.C. (México).
PALOMA LANZA LEÓN, Universidad de Cantabria (España) / IDIVAL Instituto de Investigación Sanitaria del
Hospital de Valdecilla (España).
LETICIA LOZANO RAMÍREZ, Instituto Tecnológico y de Estudios Superiores de Monterrey ITESM (México).
JORGE EUGENIO DE JESÚS MORA TORDECILLAS, Universidad Autónoma de Sinaloa (México).
JOSÉ MANUEL SAIZ ÁLVAREZ, Universidad Nacional Autónoma de Honduras (Honduras) / Universidad
Católica de Santiago de Guayaquil (Ecuador) / Universidad Católica de Ávila (España) / Universidad de Santiago
de Chile (Chile) / Real Acaémia de la Mar (España) / Academia Mexicana de Ciencias (México).
ISAAC SÁNCHEZ JUÁREZ, Universidad Autónoma de Ciudad Juárez (México).
REYNA ELIZABETH RODRÍGUEZ PÉREZ, Universidad Autónoma de Coahuila (México)
ÁNGEL TORRES TOUKOUMIDIS, Universidad Politécnica Salesiana (Ecuador).
HERIK GERMÁN VALLES BACA, Universidad Autónoma de Chihuahua (México) / Asociación Nacional de
Universidades e Instituciones de Educación Superior - ANUIES (México).
Economicus Journal of Business and Economics Insights 2024 1(1), i–iii
OJS: https://revistascientificas.uach.mx/index.php/economicus
ISSN: 3061-8169
Como citar / How to cite:
Ornelas-Benítez, O. (2024). Economicus: Un nuevo horizonte en la investigación económica. Economicus Journal of Business and
Economics Insights, 1(1), i–iii. https://doi.org/10.54167/ejbei.v1i1.1666
Este artículo está bajo los términos de la Licencia Creative Commons Atribución/Reconocimiento NoComercial 4.0 Internacional.
This article is under the terms of the Creative Commons Attribution-NonCommercial 4.0 Internacional License.
(https://creativecommons.org/licenses/by-nc/4.0/).
Editorial
Economicus: Un nuevo horizonte en la investigación
económica
Economicus: A new horizon in economic research
Olinda Ornelas-Benítez 1
1 Facultad de Economía Internacional, Universidad Autónoma de Chihuahua, México; oornelas@uach.mx; ORCID:
0000-0002-7977-1742
DOI: https://doi.org/10.54167/jbei.v1i1.1666
Con gran entusiasmo, presentamos el primer volumen y número inaugural de Economicus Journal of
Business and Economics Insights (JBEI), la primera revista científica de la Facultad de Economía
Internacional (FEI), que ve la luz en un momento muy significativo: el 35 aniversario de nuestra Facultad
y el 70 aniversario de la Universidad Autónoma de Chihuahua (UACH). Este lanzamiento marca un hito
histórico en el desarrollo de nuestra institución, al ser la primera revista científica de la Facultad en sus
35 años de existencia.
Economicus JBEI es una publicación arbitrada, que utiliza el sistema de evaluación externa por
expertos (peer-review), bajo metodología de pares ciegos (double-blind review), conforme a las normas
de publicación de la American Psychological Association, respondiendo a estándares científicos y
académicos internacionales. Economicus JBEI tiene una periodicidad semestral con publicación contínua
y acepta trabajos en temas relacionados con los negocios y la economía, economía internacional, gestión
de tecnología, estrategia e innovación, emprendimiento, sostenibilidad e impacto social, estudios de
mercado laboral, econometría, así como economía pública, además de valorar positivamente la adopción
de enfoques inter, multi o transdisciplinarios que integren otras áreas del conocimiento.
De esta manera, nos adentramos en el intrincado mundo del análisis económico y empresarial,
explorando los caminos que delinean las decisiones sabias y racionales del Homo Economicus. Nuestro
propósito va más allá de la mera observación; aspiramos a ser impulsores del cambio, expandiendo los
límites del conocimiento y fomentando la aplicación práctica de las investigaciones. En nuestra travesía,
nos sumergimos en la búsqueda de una comprensión más profunda del comportamiento humano en
situaciones de intercambio económico y toma de decisiones, sin limitaciones cognitivas. Forjamos
conexiones entre las esferas corporativas, industriales y económicas, explorando sus vínculos con la
educación, el mercado laboral, las políticas públicas y las innovaciones tecnológicas.
Olinda Ornelas-Benítez ii
Economicus Journal of Business and Economics Insights 2024 1(1), i–iii
El Consejo Editorial de Economicus JBEI está compuesto por más del 80% de investigadores de
instituciones de educación superior y centros de investigación tanto a nivel nacional como internacional.
Por lo anterior, la revista acepta artículos en inglés y en español, permitiendo así que un público más
amplio tenga acceso a las discusiones contemporáneas en diversas áreas de la economía. En este primer
número, se publican tres artículos en inglés y cuatro en español, incluida una reseña de libro.
Los artículos seleccionados abordan temas actuales de gran relevancia, desde la economía digital y
la innovación empresarial hasta el comportamiento electoral y el gasto en los hogares mexicanos. En el
primer artículo, "Valoración de criptoactivos: El caso de los fan tokens en equipos de fútbol europeos",
los autores Raúl Gómez Martínez, María Luisa Delgado García, y Laura Pascual Nebreda, todos ellos de
la Universidad Rey Juan Carlos de Madrid en España, exploran cómo la tecnología blockchain está
transformando los modelos de negocio y las transacciones financieras. El estudio se enfoca en los fan
tokens, un criptoactivo que ofrece a los seguidores de los equipos de fútbol la posibilidad de participar
en eventos y promociones exclusivas. Utilizando un modelo de regresión lineal, los autores demuestran
que el valor de mercado de estos tokens está estrechamente relacionado con el número de seguidores en
redes sociales como Twitter, mostrando que el vínculo emocional entre los aficionados y los equipos
influye significativamente en la capitalización de estos activos digitales (Gómez-Martínez et al., 2024).
En un contexto diferente, pero igualmente relevante para las economías latinoamericanas, el
segundo artículo, en "Innovación a través de la tradición en empresas familiares: Evidencia de estudios
de caso en Chile", por Ismael Barros Contreras, Andrés Aragón Villarroel, Javier Solís Sorhaburu, y Ailyn
Vera Rodríguez, de la Universidad Austral de Chile, investigan la paradoja entre la innovación y la
tradición en las empresas familiares. A través de un enfoque cualitativo basado en estudios de caso en la
región de Los Lagos, Chile, el estudio revela que la tradición no solo es compatible con la innovación,
sino que puede actuar como un recurso distintivo que impulsa el crecimiento y la sostenibilidad a largo
plazo de estas organizaciones. Este hallazgo es particularmente relevante en el contexto latinoamericano,
donde las empresas familiares juegan un papel fundamental en las economías locales (Barros-Contreras
et al., 2024).
El tercer artículo, "Determinantes de la intención de crecimiento en PYMEs: Análisis desde la
perspectiva de los propietarios y gerentes", por Moises Carbajal Marrón del Tecnológico de Monterrey
Campus Querétaro, Ángel Herrero Crespo, y Jesús Collado-Agudo de la Universidad de Cantabria en
España, utiliza la Teoría del Comportamiento Planeado para analizar los factores que determinan la
intención de crecimiento de las PYMEs mexicanas. Con una muestra de 254 empresas, los resultados
confirman que la actitud hacia el crecimiento y el control percibido influyen positivamente en la intención
de los propietarios o gerentes de expandir sus negocios. Este estudio ofrece una valiosa herramienta para
comprender cómo las PYMEs pueden planificar su crecimiento en entornos económicos desafiantes
(Carbajal-Marrón et al., 2024).
En el ámbito de la política pública, el artículo "Incentivando la participación electoral a través de
regalos y promociones: Análisis del programa 'El Gordo Cívico' en Chihuahua, México", por Juan David
Irigoyen Borunda de la Universidad Estatal de Florida en los Estados Unidos de América, evalúa los
efectos de este innovador programa diseñado para aumentar la participación electoral. Usando un
enfoque de Diferencia-en-Diferencia, el estudio concluye que el programa no logró incrementar
significativamente la participación, ni siquiera en municipios urbanos donde se esperaba que tuviera un
mayor impacto (Irigoyen-Borunda, 2024).
El artículo "Cambios en la estructura del gasto en vivienda y transporte de los hogares de Chihuahua
de 2018 a 2022", por los autores Héctor Alonso Barajas Bustillos y Maryann Fernanda García De la Torre
de la Universidad Autónoma de Ciudad Juárez, ofrece un análisis detallado de cómo la pandemia de
COVID-19 afectó los patrones de gasto en los hogares de Chihuahua, particularmente en vivienda y
transporte. Los resultados muestran que las restricciones de movilidad y el teletrabajo modificaron las
Economicus: Un nuevo horizonte en la investigación científica iii
Economicus Journal of Business and Economics Insights 2024 1(1), i–iii
prioridades de los hogares, con un aumento en los gastos relacionados con la adaptación de las viviendas
para nuevas funciones y una reducción significativa en los gastos de transporte (Barajas-Bustillos &
García-De la Torre, 2024).
Por último, en "La economía social en México: Análisis de las cooperativas en el estado de
Chihuahua", Luis Felipe Zepeda Burciaga de la Secretaría de Hacienda del Estado de Chihuahua,
presenta un análisis de las cooperativas como parte fundamental de la economía social en la región. El
estudio identifica y clasifica las cooperativas del estado, destacando su predominancia en el sector
secundario de la economía. El artículo concluye con recomendaciones para promover la economía social
mediante el fortalecimiento de capacidades empresariales y la formalización de estas organizaciones,
subrayando la importancia de políticas públicas que apoyen su desarrollo (Zepeda-Burciaga, 2024).
Este número inaugural también incluye la reseña del libro "Las Fintech desde la perspectiva del
emprendimiento" de autor Raúl Gómez Martínez, realizada por Verónica Villegas Garza de la
Universidad Autónoma de Chihuahua, presentando un análisis sobre la relación entre tecnología
financiera y emprendimiento, que destaca el papel de las Fintech en la transformación del sector
financiero y su impacto en el ecosistema emprendedor (Villegas-Garza, 2024).
Con esta selección de seis artículos y una reseña de libro se conforma el volumen 1, número 1 de
Economicus JBEI iniciando así su trayectoria como un nuevo horizonte en la investigación económica,
brindando un espacio para el diálogo y la reflexión académica, y acentuando su compromiso con la
investigación de calidad.
Agradecemos profundamente a los autores y a todos los colaboradores por su esfuerzo y dedicación,
así como a los miembros del Consejo Editorial por su liderazgo, compromiso e invaluable contribución,
confiando que nuestros lectores encuentren en estas páginas inspiración para sus propias investigaciones
y proyectos.
Referencias
Carbajal-Marrón, M., Herrero-Crespo, A., & Collado-Agudo, J. (2024). Determinants of growth intention in SMEs:
Analysis from the perspective of owners and managers. Economicus Journal of Business and Economics Insights,
1(1), 38–56. https://doi.org/10.54167/ejbei.v1i1.1669
Barajas-Bustillos, H. A., & García-De la Torre, M. F. (2024). Cambios en la estructura del gasto en vivienda y
transporte de los hogares de Chihuahua de 2018 a 2022. Economicus Journal of Business and Economics Insights,
1(1), 76–88. https://doi.org/10.54167/ejbei.v1i1.1671
Barros-Contreras, I., Aragón-Villarroel, A., Solís-Sorhaburu, J., & Vera-Rodríguez, A. (2024). Innovation through
tradition in family firms: Evidence from case studies in Chile. Economicus Journal of Business and Economics
Insights, 1(1), 10–37. https://doi.org/10.54167/ejbei.v1i1.1668
Gómez-Martínez, R., Medrano-García, M. L., & Pascual-Nebreda, L. (2024). Valoración de criptoactivos: El caso de
los fan token en equipos de fútbol europeos. Economicus Journal of Business and Economics Insights, 1(1), 1–9.
https://doi.org/10.54167/ejbei.v1i1.1667
Irigoyen-Borunda, J. D. (2024). Incentivizing voting turnout through gifts and promotions: An analysis of 'The Civic
Thumb' program in Chihuahua, Mexico. Economicus Journal of Business and Economics Insights, 1(1), 57–75.
https://doi.org/10.54167/ejbei.v1i1.1670
Villegas-Garza, V. (2024). Reseña “Las Fintech desde la perspectiva del emprendimiento” por Raúl Gómez Martínez.
Economicus Journal of Business and Economics Insights, 1(1), 105–110. https://doi.org/10.54167/ejbei.v1i1.1673
Zepeda-Burciaga, L. F. (2024). La economía social en México: Análisis de las cooperativas en el estado de Chihuahua.
Economicus Journal of Business and Economics Insights, 1(1), 89–104. https://doi.org/10.54167/ejbei.v1i1.1672
Economicus Journal of Business and Economics Insights 2024 1(1), 1–9
OJS: https://revistascientificas.uach.mx/index.php/economicus
ISSN: 3061-8169
Como citar / How to cite:
Gómez-Martínez, R., Medrano-García, M. L., & Pascual-Nebreda, L. (2024). Valoración de criptoactivos: El caso de los fan token
en equipos de fútbol europeos. Economicus Journal of Business and Economics Insights, 1(1), 1–9. https://doi.org/10.54167/
ejbei.v1i1.1667
Este artículo está bajo los términos de la Licencia Creative Commons Atribución/Reconocimiento NoComercial 4.0 Internacional.
This article is under the terms of the Creative Commons Attribution-NonCommercial 4.0 Internacional License.
(https://creativecommons.org/licenses/by-nc/4.0/).
Artículo
Valoración de criptoactivos: El caso de los fan token en
equipos de fútbol europeos
Valuation of cryptoassets: The case of fan tokens in
European soccer teams
Raúl Gómez-Martínez 1, María Luisa Medrano-García 2, Laura Pascual-Nebreda 3,*
1 Facultad de Ciencias de la Economía y de la Empresa, Universidad Rey Juan Carlos, Madrid, España;
raul.gomez.martinez@urjc.es; ORCID: 0000-0003-3575-7970
2 Facultad de Ciencias de la Economía y de la Empresa, Universidad Rey Juan Carlos, Madrid, España;
marialuisa.medrano@urjc.es; ORCID: 0000-0003-1844-1034
3 Facultad de Ciencias de la Economía y de la Empresa, Universidad Rey Juan Carlos, Madrid, España;
laura.pascual@urjc.es; ORCID: 0000-0002-5373-5129
* Autor de correspondencia / Correspondence author
Recibido: 19/05/2024; Aceptado: 28/06/2024; Publicado: 02/07/2024.
DOI: https://doi.org/10.54167/ejbei.v1i1.1667
Resumen: La tecnología blockchain ha llegado para transformar los modelos de negocio de las empresas y las
transacciones financieras. En este estudio nos enfocamos en los fan token, un criptoactivo que aporta una utilidad,
en este caso, el vínculo emocional con la entidad que lanza el token y la posibilidad de participar en votaciones,
promociones o eventos relacionados con la entidad. Por la fuerza emocional que tiene el fútbol, los fan token se han
convertido en tendencia en los últimos años. La duda que surge es cómo debemos valorar un criptoactivo que
detrás no tiene un activo financiero o un flujo monetario, y que simplemente tiene ese vínculo emocional con el
club. En este estudio proponemos un sencillo modelo de regresión lineal en el que el valor de mercado del fan token
(medido por su capitalización de mercado) es función del número de seguidores que el club tiene (medido por el
número de seguidores del club en Twitter). Utilizando datos de los principales clubes de fútbol europeos que hasta
la fecha han emitido fan token, la regresión del modelo muestra que el parámetro que relaciona los seguidores con
capitalización de mercado del fan token es significativo al 95%, y el R2 del modelo muestra que este único parámetro
es capaz de explicar casi la mitad del valor del fan token.
Palabras clave: Criptoactivos, Fan Tokens, Sentimiento del Inversor, Finanzas Conductuales.
Clasificación JEL: G0, G12, G4.
Raúl Gómez-Martínez, María Luisa Medrano-García, Laura Pascual-Nebreda 2
Economicus Journal of Business and Economics Insights 2024 1(1), 1–9
Abstract: Blockchain technology has arrived to transform the business models of companies and financial
transactions. In this study we focus on fan tokens, a cryptoactive that provides its holder with a utility, in this case,
the emotional bond with the entity that launches the token and the possibility of participating in voting, promotions
or events related to the entity. Due to the emotional force that football has, fan tokens have become a trend in recent
years. The question that arises is how we should value a crypto asset that does not have a financial asset or a
monetary flow behind it, and that simply has that emotional bond with the club. In this study we propose a simple
linear regression model in which the market value of the fan token (measured by its market capitalization) is a
function of the number of followers the club has (measured by the number of followers of the club on Twitter).
Using data from the main European football clubs that have issued fan tokens to date, the regression of the model
shows that the parameter that relates followers to fan token market capitalization is 95% significant, and the R2 of
the model shows that this A single parameter can explain almost half of the value of the fan token.
Keywords: Cryptoassets, Fan Tokens, Investor Sentiment, Behavioral Finance.
JEL Classification: G0, G12, G4.
1. Introducción
Desde que Bitcoin fue creado por Nakamoto (2008), la cadena de bloques ha abierto un abanico de
nuevas posibilidades de negocio, sentando las bases para el desarrollo de plataformas peer-to-peer o entre
particulares para intercambiar información, activos y bienes digitalizados sin ningún tipo de
intermediación (Aste et al., 2017). En consecuencia, académicos, empresas y responsables políticos han
examinado su aplicación potencial en sectores y campos muy diferentes, como el agroalimentario
(Antonucci et al., 2019), el cuidado de la salud (Angraal et al., 2017), la logística (Pournader et al., 2020),
educación (Chen et al., 2018), economía colaborativa (Fiorentino & Bartolucci, 2021) y cumplimiento
normativo (Gozman et al., 2020). En este artículo, nos centramos en la aplicación de blockchain en la
industria del deporte basándonos en los Fan Tokens o tokens de fanáticos.
Según define el diario deportivo Marca (2022) un Fan Token es un activo digital que se registra en
una red blockchain o cadena de bloques (habitualmente una red pública como las de Ethereum o Poligon)
que otorga a su propietario derechos a disfrutar de ciertas utilidades de interés para el aficionado. Para
entenderlo mejor, el Fan Token es una versión moderna de los tradicionales carnés de socio o programas
de simpatizantes que ofrece a los hinchas la posibilidad de participar en decisiones del equipo votando
en encuestas, participar en sorteos, acceder a la compra de autógrafos o prendas exclusivas del club, etc.
Siguiendo la definición anterior, el fan token es un claro ejemplo de un utility token, o token de
utilidad. Se trata de un tipo especial de token que sirve de ayuda en la capitalización o financiación de
proyectos para cualquier tipo de empresas, en este caso clubes de fútbol, pero también se vinculan
habitualmente a startups, empresas o grupos de desarrollo de proyectos. Los utility tokens no son
considerados como inversiones y salen de la regulación propia de los activos financieros, todo esto en un
marco de ´alegalidad´ ya que muchos países no cuentan con un marco regulatorio específico, ni para los
utility tokens, security tokens o criptoactivos en general.
El utility token como cualquier criptoactivo puede ser comprado y vendido a través de la red
blockchain en la que está registrado, ya sea de forma bilateral, directamente o en cualquier swap, o a través
de un Exchange que centraliza órdenes de compra y venta sobre dicho fan token. Por ejemplo, en la
Figura 1, se observa la cotización en Binance del fan token del Atlético de Madrid.
Valoración de criptoactivos: El caso de los fan token en equipos de fútbol europeos 3
Economicus Journal of Business and Economics Insights 2024 1(1), 1–9
Es fácil observar en la Figura 1 que la cotización del fan token es volátil y que sus máximos coinciden
con logros importantes del club, por ejemplo, se observan el máximo en mayo de 2021 (mes en el que el
Atlético de Madrid ganó la liga) o en agosto de 2021 coincidiendo con el fichaje del delantero Antoine
Griezman. Se podría deducir que la cotización del fan token obedece exclusivamente al sentimiento del
aficionado sobre el club, de tal manera que los éxitos deportivos y sociales del club se asocian a un mayor
apetito por la inversión de este criptoactivo. Sin embargo, cuando el equipo no va bien observamos que
la cotización cae en paralelo al desapego al equipo.
Figura 1. Serie temporal cotización del fan token ATM. Fuente: Binance.
Dado que existen escasos estudios previos que hayan investigado empíricamente los tokens de
fanáticos, contribuimos a varias corrientes dentro de la literatura.
En primer lugar, nos relacionamos con la literatura sobre riesgos y rendimientos de los criptoactivos.
Numerosos estudios han documentado altos niveles de volatilidad en una amplia gama de
criptomonedas y activos relacionados. Liu y Tsyvinski (2021) encuentran que la volatilidad en el mercado
de criptomonedas es mucho mayor que la de los activos tradicionales como las acciones. Además, los
riesgos de cola y, por lo tanto, las probabilidades de ganancias y pérdidas extremas son relativamente
altas (Ahelegbey et al., 2021). Empleando el valor en riesgo condicional, Borri (2019) concluye que las
criptomonedas están expuestas al riesgo de cola dentro del mercado de criptomonedas pero no al de
otros activos.
Zhang et al. (2021) muestran que las criptomonedas con mayores niveles de riesgo a la baja obtienen
mayores rendimientos en el futuro. Si bien el debate sobre el valor fundamental de las criptomonedas
aún continúa, existe evidencia de un comportamiento de burbuja incluso entre las criptomonedas
establecidas (Corbet et al., 2018). Agregamos a esta parte de la literatura mostrando los perfiles de riesgo
de los tokens de fans, que también entran en la categoría de criptoactivos.
En segundo lugar, contribuimos a la literatura sobre cómo se pueden usar tokens criptográficos
como una forma de financiación alternativa y como medio de construcción de plataformas. Los tokens
emitidos a menudo tienen un propósito dentro de los servicios proporcionados por la empresa, por
ejemplo, en forma de tokens de utilidad que pueden intercambiarse por bienes o servicios en un momento
posterior o en forma de tokens de pago para usar en el ecosistema del emprendimiento. Los clubes que
emiten tokens para fanáticos persiguen estos mismos objetivos: por un lado, los tokens brindan un flujo
adicional de ingresos, especialmente durante tiempos de asistencia reducida al estadio como durante la
Raúl Gómez-Martínez, María Luisa Medrano-García, Laura Pascual-Nebreda 4
Economicus Journal of Business and Economics Insights 2024 1(1), 1–9
pandemia de COVID-19. Por otro lado, los tokens son parte de una plataforma que también tiene como
objetivo fortalecer el compromiso y la identificación de los fanáticos.
Si bien los tokens de fanáticos son fungibles, es posible que aún se recolecten y se guarden no solo
para invertir, sino también por razones sentimentales. Los fan tokens comparten similitudes con otros
artículos coleccionables, especialmente con respecto a su suministro limitado y atractivo emocional para
los fans, lo que los convierte en ´inversiones de pasión´ (Dimson & Spaenjers, 2014). Por lo tanto, también
contribuimos a la literatura sobre coleccionables, donde distinguimos entre coleccionables. La literatura
sobre coleccionables basados en blockchain todavía es escasa y se refiere principalmente a tokens no
fungibles (non-fungible token o NFT).
Finalmente, añadimos a la literatura sobre la reacción de los mercados financieros a los eventos
deportivos. Brown y Hartzell (2001) consideran a los Boston Celtics, un equipo de baloncesto, y
encuentran que el volumen y la volatilidad de las acciones correspondientes son mayores durante la
temporada y que los rendimientos se ven afectados por los resultados de los partidos. Sin embargo,
durante la temporada regular el efecto sobre los retornos es asimétrico con un efecto significativo para
las pérdidas, pero no para las victorias. En cuanto a los clubes que cotizan en bolsa de la Premier League
inglesa, Zuber et al. (2005) concluyen que los inversionistas en estas acciones (acertadamente llamados
´fan-inversionistas´) obtienen alguna forma de utilidad de la mera propiedad. No parecen reaccionar a la
nueva información fundamental ya que las acciones son en su mayoría insensibles a los resultados de los
partidos.
Por el contrario, Palomino et al. (2009) encuentran un efecto positivo y negativo de los resultados de
los partidos de fútbol en las acciones de los clubes de fútbol británicos en cuanto a victorias y derrotas,
respectivamente. Scholtens y Peenstra (2009) consideran una lista más amplia de clubes cotizados en
Europa y muestran que los rendimientos de las acciones son positivos después de las victorias, pero
negativos después de pérdidas, aunque el efecto es asimétrico en el sentido de que el precio de la acción
reacciona con más fuerza a las pérdidas que a las victorias y al torneo europeo que a los partidos de la
liga nacional. Bell et al. (2012) documentan asimetrías similares en cuanto a la importancia de los partidos.
2. Metodología
La hipótesis que este estudio pretende resolver se centra en cómo se puede hacer una valoración del
fan token. Mientras que las acciones de los clubes de fútbol cotizados en bolsa reflejan la valoración
económica del club como empresa, y por tanto el precio de la acción refleja las perspectivas sobre la futura
facturación de la empresa y la evolución de los beneficios, los fan tokens representan la valoración
emocional que los aficionados tienen sobre el club. En esta valoración emocional, por supuesto que los
resultados del principal equipo del club son determinantes, pero además se observa que, ante grandes
fichajes o noticias relevantes para el club, fuera del ámbito económico o deportivo, la cotización del fan
token se ve afectada. Por lo tanto, por un lado, tenemos que la cotización de las acciones debería converger
al precio teórico de la acción que se podría calcular utilizando los métodos convencionales de valoración
de empresas, como los métodos dinámicos (descuento de flujos de caja o descuento de dividendos) o la
valoración por múltiplos de empresas comparables. Por otro lado, tenemos que los fan token siguen las
expectativas de los aficionados sobre la evolución de los resultados del club, lo que podría interpretarse
como que en el fan token cotiza la afición al club. Así el número de seguidores del club debe ser un factor
determinante a la hora de valorar cómo podrá evolucionar la cotización del fan token.
Teniendo esto en cuenta, proponemos validar en este estudio la siguiente hipótesis:
H0: La capitalización de mercado del fan token de un club de fútbol depende directamente de forma significativa
del número de seguidores que tiene el club.
Valoración de criptoactivos: El caso de los fan token en equipos de fútbol europeos 5
Economicus Journal of Business and Economics Insights 2024 1(1), 1–9
Para validar la hipótesis anterior proponemos un modelo de regresión lineal que obedece a la
siguiente función:
Market_Capi =
a
+
b
Followersi + ui (1)
Donde:
• Market_Capi es la capitalización de mercado del fan token.
• Followersi es el número de seguidores de un club de fútbol.
Validaremos H0 si el parámetro
b
estimado es significativo en un intervalo de confianza del 95% y
es positivo. Para medir el número de seguidores, teniendo en cuenta que el fútbol es un fenómeno global,
vamos a utilizar la cifra de seguidores en Twitter de la cuenta oficial del club:
Figura 2. Seguidores del Atlético de Madrid en Twitter (X).
Por una parte, los datos de seguidores los recogemos a fecha 31 de diciembre de 2021, siendo
contabilizados en millones de seguidores. Mientras que los datos de capitalización de mercado los
tomamos de CoinmarketCap que se según se definen “CoinMarketCap es el sitio web de seguimiento de
precios más reconocido del mundo para criptoactivos en el creciente espacio de las criptomonedas. Su
misión es hacer que las criptomonedas sean eficientes y fáciles de descubrir a nivel mundial mediante el
empoderamiento de los usuarios minoristas, brindándoles información imparcial, precisa y de alta
calidad para que puedan elaborar sus propias conclusiones bien informadas.”
Por ejemplo, entrando en CoinmarketCap accedemos a toda la información sobre el fan token del
Atlético de Madrid y a su historial de precios.
Raúl Gómez-Martínez, María Luisa Medrano-García, Laura Pascual-Nebreda 6
Economicus Journal of Business and Economics Insights 2024 1(1), 1–9
Figura 3. Atlético de Madrid en CoinmarketCap. Fuente: CoinmarketCap.
3. Resultados
La información que se ha recopilado de las fuentes previamente mencionadas conforman el conjunto
de datos para este estudio, tal y como se muestran en la Tabla 1.
Tabla 1. Serie Seguidores (Followers) en Twitter y capitalización de mercado (Market Cap.) del fan token por
club.
Club
País
Fan token
Followers
Market Cap.
Atlético de Madrid
España
ATM
5.2
14.8
Juventus
Italia
JUV
9.6
11.1
París Saint Germain
Francia
PSG
11.2
47.0
Manchester City
Inglaterra
CITY
11.3
35.7
Barcelona FC
España
BAR
18.0
31.4
AC Milán
Italia
ACM
8.1
15.8
Inter de Milán
Italia
INTER
2.5
20.7
AS Roma
Italia
ASR
2.0
8.6
Valencia Club de Fútbol
España
VCF
1.3
3.5
Trabzosport
Turquía
TRA
1.8
10.0
Galtasaray
Turquía
GAL
10.5
14.9
Leeds United
Inglaterra
LUFC
0.9
5.4
Fuente: Twitter (X) y CoinmarketCap.
Utilizando estos datos la regresión lineal calculada en la herramienta econométrica GRETL ofrece
los siguientes parámetros estimados.
Valoración de criptoactivos: El caso de los fan token en equipos de fútbol europeos 7
Economicus Journal of Business and Economics Insights 2024 1(1), 1–9
Tabla 2. Regresión lineal Modelo 1.
Fuente: GRETL.
Figura 4. Fan token market Cap vs Followers.
Observamos que el estadístico R2 del modelo y el R2 corregido es del 49% y 45% respectivamente,
una capacidad explicativa bastante buena tratándose de un modelo tan sencillo. La representación gráfica
de la recta de regresión anterior es la que se observa en la figura 4. Teniendo en cuenta que el parámetro
b
es positivo en una intervalo de confianza del 95% podemos validar la hipótesis H0 de este estudio.
4. Conclusiones, limitaciones y recomendaciones
En este artículo hemos profundizado en un nuevo criptoactivo como es el fan token. Se trata de un
activo digital que se registra en una red blockchain cuyo propietario recibe ciertas utilidades de interés
para un aficionado que muestra un evidente vínculo emocional con la entidad emisora del token, siendo
una versión moderna de los tradicionales carnés de socio o programas de simpatizantes. Este nuevo
activo digital le permite al emisor crear valor por dos vías:
• Por un lado, es una fuente de ingresos adicional a las fuentes de ingresos habituales, por la emisión
y venta de tokens.
0
5
10
15
20
25
30
35
40
45
50
2 4 6 8 10 12 14 16 18
Market_Cap
Followers
Market_Cap con respecto a Followers, observada y estimada
Observada
Estimada
Raúl Gómez-Martínez, María Luisa Medrano-García, Laura Pascual-Nebreda 8
Economicus Journal of Business and Economics Insights 2024 1(1), 1–9
• Por otro lado, el fan token es una nueva herramienta para lanzar actividades que desarrollen la
conexión con los aficionados de la entidad.
La utilidad que reciben como recompensa lo poseedores de los tokens presenta dos características
fundamentales:
1. La primera es que el fan token no implica una recompensa cierta o esperable, lo que implica que este
activo no puede ser valorado como ocurre con los bonos (que ofrecen una rentabilidad cierta a través
del pago de cupones) o como las acciones (sobre las que se puede estimar una corriente de flujos en
forma de dividendos).
2. Los equipos de marketing del emisor tratan de vincular al fan ofreciendo a los poseedores de los
tokens la posibilidad de participar en decisiones del equipo votando en encuestas, participar en
sorteos, acceder a la compra de autógrafos o prendas exclusivas del club, etc. Esto hace que la
valoración de las recompensas sea compleja, ya que para un aficionado tendrá un importante valor
sentimental mientras que para un no aficionado podrían tener un valor despreciable.
Vemos por lo tanto que las características intrínsecas de este activo hacen que la valoración de este
y el reto de estimar su precio teórico sea sumamente complejo. Sin embargo, con un simple vistazo del
gráfico de cotización de los fan token que cotizan en plataformas de intercambios de criptomonedas como
Binance vemos que este precio de mercado es muy volátil y que muestra evidentes correlaciones con los
resultados deportivos del club, o con hechos relevantes para la entidad como ocurre con los fichajes de
jugadores relevantes.
En un primer intento de encontrar variables que nos permitan valorar el precio del fan token y su
capitalización de mercado nos hemos centrado en el número de seguidores, eligiendo el número de
´followers´ de Twitter, ya que el fútbol es un fenómeno global, como indicador de la masa de aficionados
de un club. Los parámetros del modelo econométrico estimado se muestran significativos en un intervalo
de confianza del 95% y sorprende el elevado estadístico R2 del modelo, cercano al 50%, es decir que, a
pesar de la volatilidad que se observa en la cotización de los fan token, solamente a través del número de
seguidores podemos explicar la mitad del precio del activo.
No obstante, el estudio presenta limitaciones que podrán ser cubiertas en futuras investigaciones.
La principal es el reducido número de observaciones que tenemos en la muestra. En este estudio nos
hemos centrado en los equipos de fútbol europeos que han lanzado su fan token, pero no todos los clubes
tienen su fan token, de hecho, lo clubes emisores de tokens ni siquiera son los más relevantes o los más
grandes (tal vez sí se podría decir que los más valientes y pioneros). Por ejemplo, el Real Madrid, el
equipo que más ingresos tiene, todavía no ha lanzado su fan token. A medida que este activo siga
aportando valor a los clubes emisores, más clubes lanzarán su token y tendremos más datos para estudiar
este nuevo activo.
Materiales complementarios: Datos disponibles online, Figura 1: https://www.binance.com/es/price/atletico-de-
madrid-fan-token). Figura 3: https://coinmarketcap.com/currencies/atletico-de-madrid-fan-token
CRediT Contribuciones de los autores: Conceptualización, R.G., M.M., & L.P.; metodología, R.G.; software, M.M.;
validación, R.G., M.M., & L.P.; análisis formal, R.G.; investigación, L.P.; recursos, R.G.; gestión de datos, R.G.;
redacción—preparación del borrador original, M.M., & L.P.; redacción—revisión y edición, R.G.; visualización, R.G.;
supervisión, R.G. “Todos los autores han leído y aprobado la versión publicada del manuscrito.”
Conflictos de interés: “Los autores declaran no tener conflictos de interés.”
Valoración de criptoactivos: El caso de los fan token en equipos de fútbol europeos 9
Economicus Journal of Business and Economics Insights 2024 1(1), 1–9
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Economicus Journal of Business and Economics Insights 2024 1(1), 10–37
OJS: https://revistascientificas.uach.mx/index.php/economicus
ISSN: 3061-8169
How to cite / Como citar:
Barros-Contreras, I., Aragón-Villarroel, A., Solís-Sorhaburu, J., & Vera-Rodríguez, A. (2024). Innovation through tradition in
family firms: Evidence from case studies in Chile. Economicus Journal of Business and Economics Insights, 1(1), 10–37.
https://doi.org/10.54167/ejbei.v1i1.1668
Este artículo está bajo los términos de la Licencia Creative Commons Atribución/Reconocimiento NoComercial 4.0 Internacional.
This article is under the terms of the Creative Commons Attribution-NonCommercial 4.0 Internacional License.
(https://creativecommons.org/licenses/by-nc/4.0/).
Article
Innovation through tradition in family firms: Evidence
from case studies in Chile
Innovación a través de la tradición en empresas
familiares: Evidencia de estudios de caso en Chile
Ismael Barros-Contreras 1*, Andrés Aragón-Villarroel 2, Javier Solís-Sorhaburu 3, Ailyn Vera-
Rodríguez 4
1 Instituto de Gestión e Industrias, Universidad Austral de Chile, Sede Puerto Montt, Chile;
ismaelbarros@uach.cl; ORCID: 0000-0003-4355-9050
2 Instituto de Gestión e Industrias, Universidad Austral de Chile, Sede Puerto Montt, Chile;
andres.aragon@alumnos.uach.cl; ORCID: 0009-0000-4237-1553
3 Instituto de Gestión e Industrias, Universidad Austral de Chile, Sede Puerto Montt, Chile;
javier.solis@alumnos.uach.cl; ORCID: 0009-0001-5287-2586
4 Instituto de Gestión e Industrias, Universidad Austral de Chile, Sede Puerto Montt, Chile;
ailyn.vera@alumnos.uach.cl; ORCID: 0009-0001-5062-8168
* Correspondence author / autor de correspondencia
Received: 05/05/2024; Accepted: 06/26/2024; Published: 07/02/2024.
DOI: https://doi.org/10.54167/ejbei.v1i1.1668
Abstract: Innovation has become a vital element for the growth and projection of organizations. The literature on
family businesses presents mixed evidence regarding the orientation of this type of companies towards innovation.
Normally, this type of organization is rooted in its history and tradition, conditioning innovation. However,
tradition can provide unique distinctive resources to leverage innovation in the family business. In this way, this
study is dedicated to the search for evidence that allows advancing in the analysis of the innovation through
tradition paradox. To carry out this research, it is qualitative in nature and will use the case study as a
methodological tool, family businesses from the Los Lagos region in Chile will be analyzed. The results showed
that tradition (legacy knowledge and deep-rooted values and principles) is related to and can drive innovation in
the family business.
Keywords: Family Businesses, Innovation, Tradition, Legacy Knowledge, Values, Principles.
JEL Classification: M1, M2, O32.
Ismael Barros-Contreras, Andrés Aragón-Villarroel, Javier Solís-Sorhaburu, Ailyn Vera-Rodríguez 11
Economicus Journal of Business and Economics Insights 2024 1(1), 10-37
Resumen: La innovación se ha convertido en un elemento vital para el crecimiento y proyección de las
organizaciones. La literatura sobre empresas familiares presenta evidencia mixta respecto de la orientación de este
tipo de empresas hacia la innovación. Normalmente, este tipo de organizaciones hunde sus raíces en su historia y
tradición, condicionando la innovación. Sin embargo, la tradición puede proporcionar recursos distintivos únicos
para aprovechar la innovación en la empresa familiar. De esta manera, este estudio está dedicado a la búsqueda de
evidencia que permita avanzar en el análisis de la paradoja de la innovación a través de la tradición. Esta
investigación es de carácter cualitativo y utilizó como herramienta metodológica el estudio de caso. Se analizaron
empresas familiares de la región de Los Lagos en Chile. Los resultados demuestran que la tradición (conocimientos
heredados y valores y principios profundamente arraigados) está relacionada con la innovación en la empresa
familiar y puede impulsarla.
Palabras clave: Empresas Familiares, Innovación, Tradición, Conocimiento Heredado, Valores, Principios.
Clasificación JEL: M1, M2, O32.
1. Introduction
The family business is characterized by having a deep-rooted set of beliefs and practices that make
up its tradition that makes it special (Erdogan et al., 2020). Tradition understood as “consciously
transmitted beliefs and practices that express identification with a shared past” (Dacin et al., 2019, p. 356),
are part of the idiosyncratic features of this group of organizations, since they reinforce their collective
identity, and they provide them with a sense of continuity and belonging. Hibbert and Huxham (2010)
indicated that tradition could then be seen as a key resource for organizations because it is a unique,
singular and inimitable resource.
Scholars researching family businesses find both theoretical and empirical support for arguing that
family involvement influences inputs, outputs, and innovation-related activities (De Massis et al., 2015).
The literature on family businesses and innovation presents different perspectives. Some studies suggest
that they are more conservative and less innovative due to concerns about tradition and generational
continuity (Dunn, 1995), however others argue that family businesses can be more innovative (Craig &
Dibrell, 2006).
Naldi et al. (2007) highlighted the importance of innovation in companies and focused specifically
on innovative behavior in family businesses. These companies are characterized by having a unique set
of norms, culture and processes that distinguish them from non-family businesses. It is vitally important
to understand how family influence can enhance or hinder a family business's ability to innovate, because
innovation plays a fundamental role in "renewing businesses, improving their competitive advantage,
stimulating growth, creating new employment opportunities and generating wealth" (Hayton & Kelley,
2006, p. 407).
The tensions between the preservation of family tradition and the need to innovate can generate
unique challenges in the field of family businesses, since the coexistence of these two concepts: tradition
and innovation, would seem paradoxical. This is evident in the lack of consensus among academics and
professionals regarding the relationship between tradition and its influence on business innovation
caused by the existence of different interpretations and perspectives on the subject. Shoham (2011)
maintained that tradition and innovation are often seen as two paradoxical concepts, however, De Massis
et al. (2016) stated that they can generate and cultivate a competitive advantage by using their tradition
as the basis for a new product innovation strategy called "Innovation through Tradition” (De Massis et
al., 2016). Some argued that tradition can be an obstacle to business innovation, arguing that adhering to
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entrenched practices limits the ability to adapt and explore new opportunities. "Resistance to change,
very often present in both families and workers in family businesses, is a factor that influences innovative
capacity" (Arzubiaga et al., 2019b). On the other hand, there are those who maintained that tradition can
be a source of strength and competitive advantage, being based on knowledge, values and beliefs
accumulated over time. It is common for companies with strong connections in their community and a
long history of innovation to take advantage of the knowledge accumulated in the past, as it is
increasingly recognized as a valuable source of inspiration for innovation (Messeni-Petruzzelli & Albino,
2012; Barros-Contreras et al., 2021, 2022).
Family businesses are then faced with the need to adapt and evolve without losing sight of their
elemental traits that have been fundamental to their success. Therefore, it is crucial that they can adapt,
change and innovate to remain competitive (Adner & Snow, 2010). Harnessing tradition to drive
innovation is presented as a possible answer to this challenge, allowing family businesses to take
advantage of their inherited resources and knowledge, while opening to new ideas, technologies and
opportunities. Although some researchers and practitioners see that tradition has great potential for
innovation, current research is insufficient to understand the importance of tradition for companies and
how they can take advantage of it to innovate. Limited research sheds light on how innovation is
produced and developed through tradition (Arzubiaga et al., 2019a).
Therefore, it is crucial to conduct comprehensive research to address this ambiguity and provide a
consistent basis to assist in making informed decisions to promote greater business innovation. In this
way, the rigorous analysis of this problem aims to provide a solid foundation for innovation and
adaptation in a dynamic business environment. It will explore how family businesses can use their
tradition as a resource to promote innovation and how this can be transferred to similar contexts, because
if the problem is not adequately addressed, there is a risk that companies will ignore the opportunities
that may arise. by challenging traditional practices, such as valuable knowledge that can be extracted
from tradition to drive innovation. Therefore, in this research, an analysis of the tradition and innovation
variables will be carried out, examining different aspects associated with each of them. In the case of
tradition, knowledge inherited from generation to generation will be considered, as well as deep-rooted
values and principles. On the other hand, regarding innovation, the innovation of new products and/or
processes will be specifically studied. The research model will be aimed at answering: How does
tradition, measured through legacy knowledge and deep-rooted values and principles, influence
innovation for the generation of new products and/or processes in the family business?
To test the research model, the study will use a qualitative methodology with a case study according
to Eisenhardt (1989) and Yin (2003). A case study methodology is an appropriate way to investigate a
topic in which few studies have been developed previously (Cepeda, 2006). The case study gives us the
opportunity to investigate and understand various processes in depth, allowing us to analyze and
examine specific situations in detail. By doing so, we can consider and use different methods to collect
relevant data and obtain a more complete and holistic view of the phenomenon under study (Van
Maanen, 1983). In this sense, this study will be carried out in three family businesses in the Los Lagos
region in Chile. Businesses must have at least two generations of family involved in ownership and
management. In-depth interviews will be applied to family members, as well as non-family employees
working in the companies.
The results propose a positive relationship between legacy knowledge and deep-rooted values and
principles with business innovation. The deep connection and commitment of family members to the
legacy of the companies contribute significantly to their development, facilitating the balanced
management of the paradox between tradition and innovation.
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After this introduction, the literature review will be presented, then the methodology, the results
and their discussion will be presented, and finally the conclusions, limitations and future lines of
research.
2. Literature review
2.1. Family business and innovation
The literature on family businesses has attracted the attention of many academics for its unique
culture, objectives to be achieved and resources used (Zellweger et al., 2010). Likewise, due to its
economic and social importance, which makes it the most dominant organizational and business
structure globally. The family business can be understood as whose ownership resides in the hands of
two or more members of the same family, in which there is active participation of the family in
management and a perspective of long-term generational continuity (Astrachan et al., 2002).
Family businesses have certain characteristics and traits that make them distinctive and interesting.
Some of these characteristics and traits are shared values, a sense of belonging and an entrepreneurial
spirit.
Shared values are an element of great importance in this type of company, if managed properly, it
can favor the performance of the organization, since teamwork is strengthened, which leads to greater
efficiency and cohesion among employees, who feel integrated into the company and develop greater
loyalty towards it, therefore, these fundamental values of family businesses can be summarized in two
key concepts: identification and commitment (De Clercq & Belausteguigoitia, 2015).
Sense of belonging, the idea of being part of a legacy and contributing to the future. This emotional
approach strengthens the commitment to build something that benefits both the family and society at
large, creating wealth and generating significant impact (Craig et al., 2008).
The entrepreneurial spirit is fundamental in family businesses, and although it is not hereditary, its
maintenance ensures the survival of the organization. The most successful family businesses, as well as
those with the greatest longevity, embody this entrepreneurial spirit at its finest, which contributes to
their continued success (Boling et al., 2016).
Long-established family businesses have a deep-rooted set of beliefs and practices that make up
their tradition. According to Hibbert and Huxham (2010), tradition refers to the accumulation of
knowledge, cultural symbols and micro-institutional practices that are transmitted from generation to
generation. This accumulation contributes to shaping the identity of individuals, organizations and
territories. Tradition refers to the belonging of a family, the legitimacy of a belief and practice transmitted
or inherited over time. Tradition is considered a legacy of past generations that must be protected and
passed on to future generations (Erdogan et al., 2020).
According to De Massis et al. (2016) family businesses may have an advantage in successful
innovation due to their idiosyncrasy. Based on the Innovation through Innovation (ITT) model, which
states that family businesses can successfully innovate by taking advantage of the knowledge and
resources coming from their own business tradition and the tradition of the territory where they are
located. This model distinguishes two main sources of knowledge relevant to innovation: knowledge
transmitted throughout the history of the company (such as raw materials, production processes,
designs, etc.) and knowledge linked to local tradition (such as typical ingredients, artisanal techniques of
the area, cultural values, etc.). Likewise, it differentiates two types of innovation: in the
functionalities/characteristics of the product (through technical improvements) and in the meaning of the
product (by incorporating cultural and symbolic aspects). In this way, family businesses can successfully
innovate by creatively drawing on their legacy and tradition.
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Innovation encompasses both the creation of new products or services and the development of new
production systems. The first implies a form of innovation focused on technological aspects or the
improvement of products, while the second refers to an innovation in the organization of processes or
management systems (Crossan & Apaydin, 2010).
Innovation involves adopting new ideas and behaviors, but to do so, groups need to be willing to
be alert and open to information and knowledge. Furthermore, they must work constantly and be
prepared to find creative solutions to problems that arise (Açikgöz et al., 2016). Innovation becomes the
fundamental tool of entrepreneurs, who see change as an opportunity to take advantage of. It is
important that the members of the organization constantly analyze their environment, searching for new
ideas and solutions that allow them to satisfy the demands of a market characterized by short product
life cycles and intense competition (Açikgöz et al., 2016).
Family businesses can show resistance to change (Vago, 2004), as family members establish
emotional ties with the company's original strategies. When innovative ideas are not explored and
leveraged, family businesses run the risk of becoming stagnant and experiencing a decline in market
share (Arzubiaga et al., 2019a). Despite the challenges that may arise in the context of the family business,
innovation becomes essential to ensure its survival. It is crucial that these companies continually strive
to identify and capitalize on new opportunities, as well as optimize their resources to achieve successful
growth and competitiveness (Zahra, 2005).
2.2. Tradition and innovation paradox
Family businesses are faced with the need to adapt and evolve without losing sight of the values
and principles that have been fundamental to their success. These challenges occur, as tradition is related
and intertwined with the roots of the past, deep-rooted commitment and the firmness of stability
(Jaskiewicz et al., 2015), innovation is associated with transformation and change by feeding a bold and
renewing spirit and whose capacity involves breaking with continuity and developing new competencies
and skills (Adner & Snow, 2010), so the coexistence of these two concepts would seem paradoxical or
contradictory (Lattuch, 2019).
On the other hand, according to conventional innovative thinking, traditional knowledge is
considered a threat to innovation effectiveness as it can lead to path dependence, inflexibility,
conservatism, inertia and core rigidity (Sørensen & Stuart, 2000). The assumption mentioned above sees
the past as an obstacle or barrier that limits the potential for innovation and hinders the ability to satisfy
current environmental needs. Shared beliefs, rituals and legacy have been key to survival over time, but
they can also become a barrier to change, especially if the company holds firmly to its traditions
(Lumpkin et al., 2008; Rondi et al., 2019).
2.3. Innovation through tradition
Several recent studies have explored how family businesses can generate and cultivate a competitive
advantage by utilizing their tradition, giving shape to a new product innovation strategy called ITT,
which was presented previously based on the model developed by De Massis et al. (2016). This model
suggests that family businesses can successfully innovate by taking advantage of the knowledge and
resources that come from their own tradition. Likewise, the resource of tradition allows capturing value
from innovation (Arzubiaga et al., 2019b). Although more and more academics and professionals
recognize that knowledge of the past lies a great potential to drive innovation, there is still a lack of
literature on how innovation is specifically produced and developed through tradition according to the
ITT approach.
ITT theory identifies two main sources of knowledge (De Massis et al., 2016). Firstly, we find
knowledge linked to business tradition, while, secondly, we find knowledge rooted in the territorial
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tradition where the company is established (Messeni-Petruzzeli & Albino, 2012). Therefore, these two
sources of knowledge are often closely interrelated in the context of family businesses that have ensured
their sustainability over time. This model distinguishes between the source and type of innovation and
describes two types of innovation: innovation in product features and innovation in product meaning.
Furthermore, the model also highlights the importance of internalizing knowledge about materials and
manufacturing processes, as well as reinterpreting product beliefs to bring new meanings to innovative
product functionalities.
Several studies have been based on the ITT (De Massis et al., 2016), as is the case of the study by
Vallone and Iannone (2020), which was based on the previous research by De Massis et al. (2016) but
expanded the model by including process innovation. This new addition involved significant changes in
product processes, manufacturing, packaging and commercial aspects. The results of the study pointed
out that process innovation could be a crucial strategy to improve production efficiency and
manufacturing capacity. It was observed that mechanization could be a way to achieve these objectives
and, at the same time, maintain authenticity and family traditions in Hungarian wine production. With
this extension of the original model, it was highlighted how the reinterpretation of beliefs and knowledge
about materials and manufacturing processes, as well as innovation in processes, could contribute to
providing new meanings and innovative functionalities to the products of these family wineries.
The authors Vallone and Iannone (2020) used a structured questionnaire divided into four different
themes: governance, innovation, tradition and value creation and competitiveness, the objective of
applying the questionnaire was to obtain deeper information about the family's wishes, the reputation,
innovation and family tradition.
The study discovered important value creation factors such as: brand, family commitment,
knowledge, product quality. These factors were considered important for value creation in family
businesses and were discovered through direct interviews with the family, surveys, literature review,
archives, observation of the life of the company, website, etc. Furthermore, it is mentioned that these
factors can be influenced by the traditions of family businesses and their relationship with innovation.
The study identified a series of factors important for value creation in these organizations. The variables
chosen in this study (legacy knowledge and deep-rooted values and principles) are related to these
factors and are relevant to understanding how family tradition influences innovation and value creation
in this type of companies. By considering these variables, a more complete and in-depth view can be
obtained of how family businesses manage to remain competitive and relevant in the market through
generating value through innovation and preserving their identity and legacy.
Therefore, according to De Massis et al. (2016) tradition variables, legacy knowledge, inherited
values, and principles, are chosen because they are key components of tradition and can influence a
company's ability to innovate. Legacy knowledge can provide a solid foundation for innovation, as it is
based on knowledge and resources that are reliable and validated over time. Inherited values and
principles can guide decision-making and company culture, which can be beneficial for innovation.
Deep-rooted beliefs can also influence the way innovation is approached, and new ideas adopted, which
can be both a help and a hindrance to innovation.
2.4. Legacy knowledge
Legacy knowledge refers to knowledge accumulated and transmitted through generations, which
can be used by companies to innovate and improve their performance. Legacy knowledge provides a
base of unique wisdom and experience that can be a source of new ideas and inspiration for innovation
in family businesses. By reinterpreting and recombining this knowledge, family businesses can generate
valuable product and process innovations. It has an advantage in ancient knowledge management due
to its conservative nature and its ability to establish close and lasting links with tradition, allowing them
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to store, retrieve and exploit past knowledge resources (Magistretti et al., 2020). Legacy knowledge refers
to past knowledge transmitted orally from generation to generation within a family business, which can
come from both the tradition of the company and the tradition of the territory where the company is
established. This knowledge can be both codified and tacit and can be an important source of competitive
advantage for the family business (Arzubiaga et al., 2022).
2.5. The impact of legacy knowledge on innovation through new products or processes
According to a recent study of Magistretti et al. (2020), the impact of legacy knowledge on new
product and process innovation was examined during periods in which the firm had a majority stake. At
this time, companies launched products with a design more rooted in tradition, reviving historical
elements. This study makes valuable contributions to the knowledge management literature by revealing
how companies can measure and leverage the management and exploitation of ancient and traditional
knowledge, thereby generating innovative business offerings. Regarding the impact of legacy
knowledge, the long-standing accumulated experience that these companies have, preserved and
transmitted between generations, constitutes an invaluable asset to promote their innovation. This legacy
knowledge, both explicit and tacit, provides a deep understanding of your business, markets and
production processes. By creatively applying and reinterpreting this knowledge in the creation of new
products and techniques, family businesses can produce genuine and distinctive innovations, reflecting
the best of their tradition while integrating with the modern.
The fundamental route to achieving this innovation advantage lies in how a company capitalizes on
its prior knowledge base. This implies their ability to access, use (through a knowledge search process),
internalize, reinterpret (through a recombination of processes) and transfer knowledge that may be
temporally distant (Swan et al., 1999). In this way, it is proposed:
H1: Legacy knowledge can positively impact innovation through the generation of new products and/or
processes in the family business.
2.6. Deep-rooted values and principles
Deep-rooted values and principles refer to the fundamental and ethical beliefs that are important to
a person, family, or community and that have been maintained over time. These values and principles
can be transmitted from generation to generation and can influence the way decisions are made and
actions are carried out (Erdogan et al., 2020) they provide an identity and purpose that guides innovation
in family businesses. By combining traditional aspects with new approaches, these companies can
achieve meaningful innovation in both goods and production methods. Evidence has been found in other
contexts that positively links tradition and deep-rooted culture with higher levels of innovation in family
businesses. They are those that are fundamental to the identity and culture of a person or a community.
These values and principles are deeply ingrained in the way people think, feel and act, and are considered
unquestionable truths (Feranita et al., 2017).
2.7. The impact of deep-rooted values and principles on innovation through new products
The values and principles embedded in family businesses, such as tradition, history, and family
control, have a direct relationship with innovation in these companies. Understanding traditional values
can contribute to the development of new products or services, and combining tradition with technology
can achieve successful innovation (Heidrich et al., 2022).
In the same context, deep-rooted values and principles can influence product innovation in several
ways. For example, cultural values and ethical principles can inspire new ideas for products or
production processes. Furthermore, long-held values and principles can influence how consumers
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perceive and accept new products. Therefore, companies can leverage long-held values and principles to
innovate products and production processes, if they are willing to challenge existing values and
principles and seek new combinations of knowledge (De Massis et al., 2016).
Therefore, it is proposed:
H2: Deep-rooted values and principles can be used to favorably influence innovation through the creation of
new products and/or processes in the family business.
Figure 1. The research model.
3. Methodology
A qualitative methodology was chosen in this study because it allows for an in-depth analysis of the
complex social and human factors involved in the management of family businesses, including dynamic
variables such as traditions, values and beliefs. Through a flexible and interpretive approach, this
methodology makes it possible to understand the perspectives and meanings that actors in these
organizations give to various organizational processes. Furthermore, the exploratory nature of the
research makes a qualitative approach especially appropriate. Thus, the use of strategies as case studies
is relevant, facilitating a detailed examination of the phenomenon in its own natural context. Family
businesses have been recognized as a favorable field for qualitative analysis (De Massis & Kotlar, 2014)
and, as suggested by Hernández-Sampieri et al. (2010), for whom: “qualitative research is based on an
interpretive perspective focused on understanding the meaning of the actions of living beings, especially
humans and their institutions (it seeks to interpret what it actively captures)” (p. 9). Furthermore, and
according to Yin (2003), the qualitative approach is particularly appropriate given the question “how”,
qualitative allows us to encompass the complexity of the variables and capture deep interpretations of
the participants about how tradition and innovation are managed in its reality. organizational.
For the purposes of understanding the impact, incidence or influence of the variables in the
generation of new products and/or services, observation of these in natural contexts for the participants
is required, for which direct observation will be carried out. allows a more subjective immersion with the
phenomenon, from the first source, through in-depth interviews, which will also make it possible to
observe and record behaviors, gestures and other elements such as cohesion and the sense of belonging
or teamwork, among others, such as norms, cultures and institutional processes. Thus, through an
interview script based on the operational variables of the study, a set of predefined questions or topics
allow greater flexibility for participants to expand, deepen, and share their experiences and perspectives
more openly. Although Hernández-Sampieri et al. (2010) pointed out that in the case of studies in which
“data are collected about a new area without predetermined ideas and with openness, they are rather
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exploratory” (p. 165), they maintain a theoretical perspective that guides the researcher to focus in your
problem and avoid deviations from the original approach, which also allows you to measure the
constructs more carefully (Eisenhardt, 1989).
The study will be applied to three family businesses to which in-depth interviews will be conducted
and will be visited at a single time of data collection. Once the data has been collected, patterns and
propositions will be sought that must be related to the theoretical variables (mutually exclusive) present
in the question script extracted from the operationalization of the study variables to explore their
relationships and correspondences. to better understand the phenomenon and its elements. In this sense,
3 companies were examined with a total of 12 participants, where in each company 4 members were
interviewed (2 family members and 2 non-family members).
Following the methodology proposed by Miles et al. (2014) and Yin (2014), data collection will be
carried out through semi-structured in-depth interviews with participants from family businesses in
accordance with the research model. Then, transcription and organization will be carried out, where the
interviews are transcribed to facilitate the management of the collected information, which is organized
according to the variables to be examined. With the information obtained, a content analysis will be
carried out to identify patterns, themes and emerging relationships in the data, which, when identified,
will be grouped into the corresponding category. The procedure continues with data coding, in which
codes are assigned to specific segments of data that represent the variables and their relationships. This
coding will be carried out systematically, allowing efficient classification of the data according to the
variables of interest. The results will be emptied into tables, where tools such as Excel will be used to
organize and summarize the coded data. The analysis of organized data allows for triangulation,
comparing the information collected from the different participants in each company and with the
corresponding literature, which gives validity and reliability to the results and their implications. In this
sense, it will include a documentary review, a review for which an exhaustive analysis of information
related to aspects associated with tradition and innovation of products and processes adopted by the
family businesses participating in the study will be carried out. This analysis includes secondary sources
such as institutional documents, protocols and standards that reflect its organizational culture, such as
its website, among others. Finally, the results are interpreted and discussed in the context of the research
objectives.
3.1. Variables
Below, the variables and their items to be measured are presented. The variables and their
measurements were adapted according to De Massis et al. (2016).
Tradition
Legacy knowledge
Raw materials: The influence of tradition on the choice of raw materials for production will be
measured, evaluating the extent to which decisions are based on knowledge transmitted over
generations.
Graphic elements: It will be analyzed how traditional elements, such as logos, labels or designs and
graphic elements in general influence the visual identity of the products and how this can be a
manifestation of tradition.
Production processes: It will be investigated how production methods and processes have been
inherited and to what extent tradition influences.
Deep-rooted values and principles
Beliefs and brand identity: It will be measured how brand identity reflects values and principles that
contribute to positioning in the market, considering beliefs and assumptions rooted in the company's
culture.
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Innovation
Product innovation
Add New Features: The company's ability to introduce new functions or features into its products
or services will be measured, and how these innovations can be related to tradition.
Creation of a New Product Line: It will be investigated whether the company has developed new
product lines that, in some way, are connected to its heritage and tradition.
New Meanings: It will be analyzed how the company has reinterpreted or redefined traditional
aspects to adapt to changing market demands and how this has contributed to innovation.
Process innovation
New processes: It will be analyzed how the company can use its heritage and experience as
inspiration to develop new processes. This could involve incorporating traditional elements into new
methods or reinterpreting old practices in a more up-to-date and efficient way.
Process improvement: It will investigate how the company reviews and optimizes its processes,
taking its heritage and experience as inspiration. It analyzes how the organization incorporates
traditional elements into new methods or how it reinterprets old practices in a more updated and efficient
way.
3.2. Sample
The sample for in-depth interviews is non-probabilistic because in this type of sample the choice of
elements does not depend on probability, but on causes related to the characteristics of the research or
who makes the sample and for convenience and accessibility. two very important dimensions to consider
of the environment according to Mertens (2005). On the other hand, two family members and two non-
family employees per organization will be interviewed, who must have knowledge and experience in the
company regarding the resources, scope and limitations of the research. In this study, three companies
will be analyzed: Cecinas Ancud, Cecinas Llanquihue and Cecinas Braunau.
Cecinas Llanquihue, a Chilean company founded in 1914 in Puerto Montt, Chile, is dedicated to the
production and marketing of meat products, especially cured meats and sausages. It is a family business
that has maintained a strong connection with its traditional values throughout generations, which is
reflected in the quality and authenticity of its products. The company has managed to stand out in the
national and international market thanks to its focus on family heritage and its commitment to excellence
in the meat industry.
Cecinas Ancud is a Chilean company dedicated to the production and marketing of meat products,
especially cured meats and sausages. Founded in 1977 in Ancud, Chiloé, the company has stood out for
its focus on tradition and the quality of its products. Cecinas Ancud has achieved a significant presence
in the Chilean market and has maintained a solid reputation in the food industry.
Cecinas Braunau is a family business founded on May 22, 1992, with the idea of recovering those
old German recipes, which were somehow being lost. In this way the motto “It is the tradition of the
German Colonists” was born.
Cecinas Braunau has always been concerned about the environment, complying with all current
environmental regulations, receiving an award, given by the Superintendency of Sanitary Services
(S.I.S.S.), for the continuous treatment of its liquid industrial waste.
The selection of the three companies under study is based on their suitability to provide a
comprehensive perspective with respect to the objectives established in this research. The investigation
into how family businesses in the Los Lagos region can capitalize on tradition as a resource for
innovation. The chosen companies not only exhibit solid permanence in a highly competitive market, but
also stand out for their ability to evolve and adapt over time.
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4. Results
To identify the members of the three companies, a unique code system has been established. In the
first company, Cecinas Braunau, identified as E1, the codes E1F1 and E1F2 are assigned to refer to the
first and second family member, respectively, and E1NF1 and E1NF2 are used for the two non-family
members of the company. The identification codes are distributed as follows: E1F1 for the owner and
commercial manager with 32 years of experience, E1F2 for the commercial manager with 22 years of
experience, E1NF1 for the production operator with 7 years of experience, and E1NF2 for the manager of
the crude oil line with 32 years of experience.
For the second company, Cecinas Llanquihue, identified as E2, 2 family members and 2 non-family
members were interviewed. The codes E2F1 and E2F2 are used for the two family members, as well as
E2NF1 and E2NF2 for the two non-family members. The identification codes are distributed as follows:
E2F1 for the owner and commercial manager with 45 years of experience, E2F2 for the treasury manager
with 23 years of experience, E2NF1 for the support manager with 22 years of experience, and E2NF2 for
the sales administrator with 33 years of experience.
Finally, in the third company, Cecinas Ancud, designated as E3, 2 family members and 2 non-family
members were interviewed. The assigned codes are E3F1, E3F2, ENF1 and E3NF2 to refer to specific
members of this company. The identification codes are distributed as follows: E3F1 for the human
resources manager with 15 years of experience, E3F2 for the logistics manager with 21 years of
experience, E3NF1 for the production subject with 10 years of experience, and E3NF2 for the sales
manager with 13 years of experience.
This coding approach will facilitate the organization and analysis of the interviews, providing a clear
way to refer to each family and non-family member in the context of each company. Below, in Table 1
are the main quotes from those interviewed for the three companies.
Cecinas Braunau: Tradition and innovation relationship
Table 1. Impact of legacy knowledge on innovation.
Items
Quotes from interviewees
Raw Materials – Product Innovation
In creating new product lines, has the
company drawn on legacy knowledge
about raw materials as a source of
inspiration or as a distinctive element of
family tradition?
E1F1: “Yes, but the recipe is kept because, furthermore, I don't know how to do
it any other way, people are not stupid. So, if I give you a sausage to try, I'll
make this one. And you say, 'now'. And then I'll give you another one. What
changed? It baffles you. “We cannot lose that tradition and that flavor, that is
our hallmark.”
E1F2: “The recipe is the essence, the heart of what we do. We stick to those
ingredients and the choice of live animals; they are our ace up our sleeve. We
are inspired by what has worked and that foundation is what allows us to create
new things.”
E1NF1: “The company always starts from the traditional recipe and ingredients
when it ventures to create new products. “It's like going back to your German
roots.”
E1NF2: “For the company, when creating new products, they always start from
the basis of respecting quality, flavor and the German essence that has earned
them an important place in the hearts of customers.”
Raw Materials - Process Innovation
Has continuous improvement of
production processes involved the
application of legacy knowledge about
raw materials?
E1F1: “What happens is that, of course, before things were done manually or
with very basic machines. And over time, those manual machines have
improved. Today, many of the tasks are carried out by a machine, but I don't
want you to think that we have lost that homemade touch, the same processes
and each treatment according to the raw material are still respected, but as I told
you, increasing efficiency, being faster.
E1F2: “The processes are greatly influenced by the choice of raw materials and
our beliefs. “Each process is based on characteristics of those ingredients that
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have always been that way, such as the choice of live animals and traditional
spices.”
E1NF1: “They have incorporated new technology to improve, but always
related to those characteristics of the raw materials that have been part of the
tradition.”
E1NF2: “The continuous improvement of processes has been like fine-tuning a
recipe that is already classic. “It's like looking for ways to do things better
without changing what has already worked for a long time.”
Graphic Elements - Product Innovation
Has the knowledge passed down from
generation to generation about graphic
elements been used to add new visual
features to existing products?
E1F1: “I don't know, we must comply with the demands of what he says and
has to say, even when it is a simple sausage that seems to be nothing more than
a little piece of paper. Even though regulations push us to adjust, we try to hold
firm to that identity rooted in the tradition of the German settlers.”
E1F2: “We face regulations and standards that force us to innovate in this sense.
“It's quite a juggling act, but we try to balance what they ask of us with keeping
our identity strong.”
E1NF1: “No big changes have been made in the visual aspect of things, rather
they have had to make adjustments due to the law.”
E1NF2: “It seems that the company has not made so many changes to the
graphics.”
Graphic Elements - Process Innovation
Considering the importance of graphic
elements in the visual identity of products,
in what way has the company used these
symbols of its heritage as inspiration to
develop new, more efficient production
processes?
E1F1: “From my point of view, the graphic elements are not what really change
the production processes.”
E1F2: “Look, processes are fundamental, there is no doubt about that. But
honestly, I don't know how the logo or the graphic elements directly influence
those processes.”
E1NF1: “I don't know if it influences, maybe they don't have much relationship,
it doesn't occur to me.”
E1NF2: “The logo and that, surely have their importance in the image, but in the
production line, I don't know.”
Production Processes - Product Innovation
Has the company turned to legacy
production processes as a resource for
creating new products?
E1F1: “It is crucial to highlight that we keep intact all the legacy processes that
have been fundamental to the success and identity of our company. The
selection of the live animal, for example, is a vital belief embedded in our
production practices.”
E1F2: “We believe that the authenticity of our traditional processes is reflected
in the quality of the products we offer.”
E1NF1: “Still the same steps, but now faster to catch up with demand. “It's like
adding turbo to production, but the steps are the same as always.”
E1NF2: “So, yes, they have used those legacy processes to continue to innovate
and bring new things to market. It's like the formula that continues to bear
fruit."
Production Processes - Process Innovation
In relation to the inheritance of production
methods and processes influenced by
tradition, how is this influence related to
the company's ability to successfully
introduce new processes?
E1F1: “We have undoubtedly experienced adaptations in our production
processes due to improving efficiency and productivity. However, it is crucial to
highlight that we keep all legacy processes intact.”
E1F2: “When it is time to get our hands on new processes, we do it with
complete confidence that we do not lose our essence that has brought us to a
successful conclusion. We maintain those lifelong methods. “We introduce them
to the latest technology, so as not to be left too far behind”
E1NF1: “Obviously, the processes have been maintained because I believe it is
fundamental. and what makes this cecineria so special. But, as I said, we have
also added some machinery to give it more speed.”
E1NF2: “It's like having a solid foundation and then building on it. So, for them,
that influence of tradition is not a burden, but rather a guide to continue
evolving.”
Source: Authors.
Regarding raw materials, the importance of maintaining the traditional recipe as the heart and
essence of the company's products is highlighted. In the words of E1F1, "People are not stupid. So, if I give
you a sausage to try, I will make this one. And you say, 'now'. And then I give you another one. What changed? It
baffles you. We can't lose that tradition and that flavor, that is our hallmark." This underlines the need to
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preserve the recipe as a distinctive feature that creates a unique connection with customers. E1F2
reinforces this point by stating that the recipe is the essence and heart of what they do, allowing them to
be inspired by what has worked to create new proposals without losing authenticity. According to E1F2,
"The recipe is the essence, the heart of what we do. We hold on to those ingredients and the choice of live animals,
they are our ace up our sleeve. We are inspired by what has worked and that base is what gives us allows us to create
new things." In general, they highlight that, when venturing into new products, the company always
starts from the basis of respecting quality, flavor and the German essence that has earned them an
important place in the hearts of customers and a large part of these dynamics is based in the use of
traditional raw materials.
In the innovation in production processes, the quotes indicate a technological evolution without
losing the traditional touch. E1F1 mentions: "Today, many tasks are done by a machine, but I don't want you
to think that we have lost that homemade touch." This emphasizes the importance of maintaining efficiency
without sacrificing authenticity. On the other hand, E1NF2 comments "The continuous improvement of
processes has been like fine-tuning a recipe that is already classic. It is like looking for ways to do things better
without changing what has already worked for a long time." This statement highlights that improvement
continuous is aimed at fine-tuning an already classic recipe, looking for ways to do things better without
changing what has worked for a long time.
Regarding graphic elements, it is important to note that, according to E1NF2, innovation in these
visual elements is mainly driven by external regulations: "We are faced with regulations and standards that
force us to innovate in that sense. It is quite a juggling act, but we try to balance what they ask of us with keeping
our identity firm." This highlights that innovation arises primarily in response to external regulations
rather than as an internal initiative, underscoring the significant influence of regulatory requirements on
the direction of product innovation.
Although innovation responds to external regulations, the company prioritizes maintaining its
identity rooted in these elements. E1F1 points out “Although regulations push us to adjust, we try to hold firm
to that identity rooted in the tradition of German settlers." As noted, even though existing regulations exert
some pressure for the company to adjust and adapt, it seeks to maintain firmly the identity that is rooted
in the tradition of the German settlers who established these productive practices in the area.
There is an effort to preserve that legacy and those distinctive features originating in its historical
and cultural roots. E1F1 emphasizes the need to maintain intact inherited processes, fundamental to the
company's identity and success, by highlighting that "The selection of live animals, for example, is a vital belief
rooted in our production practices." This quote highlights the essential connection between deep-rooted
traditions and the productive identity of the company. E1NF2, by describing that "They are still the same
steps, but now faster to catch up with demand", highlights the company's ability to adapt agilely to market
demands without compromising the fundamental steps.
The metaphor of "turboing production" suggests that if you are committed to innovating without
losing the essence. E1F2 also mentions that "When it is time to get our hands on new processes, we do so with
complete confidence that we do not lose our essence." This quote reflects the conscious strategy of technological
innovation, carefully implemented to improve efficiency and productivity without giving up the
traditional and German essence that characterizes the company. Therefore, the company innovates in its
production processes by incorporating technologies to adapt agilely to market demands, but this
innovation is carried out consciously and carefully, firmly maintaining the connection with the German
tradition that has been essential for the identity and company success. For greater detail, review quotes
from the interviewees in Table 2.
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Table 2. Impact of deep-root values and principles on innovation.
Items
Quotes from interviewees
Brand Beliefs and Identity - Product
Innovation
How has brand identity influenced the
creation of a new product line, ensuring
that the new products reflect the essence
and values of the family brand?
E1F1: “The idea is that each new line of products reflects the essence of our
brand, maintaining the quality standards that have characterized us over time.
“The authenticity and purity of the ingredients are valued, aligning us with the
German tradition that has been the basis of our success.”
E1F2: “At work, we are all clear that when we get our hands on a new line of
products, it must have a taste of us, with those values and principles that run in
our blood. “It is not a matter of launching something on the market for the sake
of launching it.”
E1NF1: “They want people, when trying something different, to feel that they
are still in tune with what has always characterized the company. For one, the
identity of the company is summed up in keeping the German tradition alive in
every sausage that leaves here.”
E1NF2: “The idea is that each new product is not just something to sell, but an
extension of identity and tradition. “Everyone agrees that quality and German
essence must continue to be the pillars of any new product they launch on the
market.”
Beliefs and Brand Identity - Process
Innovation
How has the brand identity inspired and
guided the creation of new production
processes, ensuring that they are aligned
with the image and values of the family
brand?
E1F1: “The important thing is that, when introducing new production processes,
we strive to maintain the essence of our tradition. Modernization may involve
the incorporation of more advanced machinery, but always ensuring that
fundamental steps, such as the selection of live animals, are maintained. It is not
just innovating for the sake of innovating.”
E1F2: “Of course, for us it is super key to maintain that essence and flavor that
identifies us. Yes, obviously, we want to improve productivity and modernize,
but without breaking away from what has made us unique. We cannot risk
industrializing everything and losing what it has taken us years to build.
Innovation has to be as precise, taking care of every detail, because the client
will know if we go out of style. It is a complicated balance, but you have to
know well what to innovate.”
E1NF1: “In short, new processes are designed with the idea of evolving, but
without losing the authenticity that distinguishes us.”
E1NF2: “For example, improvements were implemented in the selection of raw
materials, more advanced smoking processes and more efficient packaging
methods, but all respecting the flavors and processes that have always
characterized us.”
Source: Authors.
The company emphasizes the importance of each new product line reflecting the essence of the
brand and maintaining the quality standards that have characterized it over time. According to E1F1,
"The idea is that each new line of products reflects the essence of our brand, maintaining the quality standards that
have characterized us over time. The authenticity and purity of the ingredients are valued, aligning us with tradition
German that has been the basis of our success.” Here, the direct connection between the quality of the
products and the German tradition that has been fundamental to the success of the company is
highlighted. E1F2 complements this approach by noting that when introducing a new product line,
everyone in the company is clear that it must reflect the unique flavor of the brand, aligned with the
values and principles embedded in its identity: "At work, everyone We are clear that when we get our hands
on a new line of products, it has to have a flavor of ours, with those values and principles that run in our blood. It
is not a matter of launching something on the market for the sake of launching it." Here the importance of
authenticity and emotional connection with each product launched on the market is highlighted. Each
new product seeks not only to be something to sell, but an authentic extension of the company's identity
and tradition. Quality and German essence are considered the fundamental pillars in any innovation that
the company launches on the market. For greater detail, review quotes from the interviewees in Table 2.
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Cecinas Llanquihue: Tradition and innovation relationship
Table 3 collects the main quotes from the interviewees of the Cecinas Llanquihue company
regarding the tradition – innovation relationship.
Table 3. Impact of legacy knowledge on innovation
Items
Quotes from interviewees
Raw Materials – Product Innovation
In creating new product lines, has the
company drawn on legacy knowledge
about raw materials as a source of
inspiration or as a distinctive element of
family tradition?
E2F1: “Yes, we have innovated, we have released new products, but what we
have not changed, and we are not going to change is our raw materials. Our raw
materials are 100% animal protein, whether it be pork or beef, and that is what is
defined as jerky, because that is also how our ancestors began to make it."
E2F2: “Yes, the wealth of experience and knowledge accumulated over
generations has been a valuable source of ideas to develop products that not
only respect the essence of tradition but also take advantage of the authenticity
and quality of raw materials.”
E2NF1: “If, for example, the person who was head of production, Víctor
Mödinger, studied in Germany, he studied how to make jerky, he came and
made a recipe there that he then made here and he said that this is maintained
over time and That has been happening and that has not changed over time.“
E2NF2: “Inherited raw material knowledge has been leveraged to add new
meanings to our existing products. “Beyond simply being ingredients, these raw
materials are carriers of stories, traditions and a legacy.”
Raw Materials - Process Innovation
Has continuous improvement of
production processes involved the
application of legacy knowledge about
raw materials?
E2F1: “Yes, continuous improvement of production processes has involved the
application of inherited knowledge about raw materials. “The company has
taken advantage of, and applied knowledge transmitted over time.”
E2F2: “Yes, the continuous improvement of production processes has involved
the application of inherited knowledge about raw materials.”
E2NF1: “Operational efficiency and consistent product quality. I believe that the
deep understanding of raw materials has not only influenced the selection and
acquisition of inputs but has also had a positive impact on the production of the
cured meat itself.”
E2NF2: “This integration of the traditional with the innovative has been crucial
to maintaining our unique identity, while allowing us to adapt and thrive in an
ever-changing business environment.”
Graphic Elements - Product Innovation
Has the knowledge passed down from
generation to generation about graphic
elements been used to add new visual
features to existing products?
E2F1: “Yes, the importance of maintaining the authenticity and
representativeness of the southern area of Chile in the graphic elements has
been recognized, which not only contributes to the cultural identity, but also
adds a distinctive value to the products.”
E2F2: “The elements, rooted in family tradition, have not only served as visual
inspiration, but have also contributed to maintaining an authentic connection
with the company's identity and values over time.”
E2NF1: “Yes, I believe that it has been possible to integrate graphic elements
that not only respect the family heritage, but also make consumers feel
identified.”
E2NF2: “I think rescuing the old vibe in the designs. “With traditional graphic
elements, we ensure that the new products maintain that familiar vibe, but with
a modern touch that everyone likes.”
Graphic Elements - Process Innovation
Considering the importance of graphic
elements in the visual identity of products,
in what way has the company used these
symbols of its heritage as inspiration to
develop new, more efficient production
processes?
E2F1: “It is very important to keep in mind that in my opinion the graphic
elements do not really change the processes. Well, based on the production
processes, which may be an element of tradition, as it is normally done, or on
the processes that they have always had.”
E2F2: “On the subject of graphic elements, I think I am not sure if they have
been used to develop improvements in any process.”
E2NF1: “The technology and sustainable practices implemented reflect the
company's commitment to consistent quality, while respecting the authenticity
and tradition represented in its graphic symbols.”
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E2NF2: “The thing is, symbols and efficiency are not incompatible. “They have
realized how they have always done it and have improved the processes so that
everything is faster, but without losing the essence that makes them unique.”
Production Processes - Product Innovation
Has the company turned to legacy
production processes as a resource for
creating new products?
E2F1: “I could tell you that the experience accumulated over time has provided
a solid base of practical knowledge about manufacturing, allowing the company
to identify opportunities to improve and diversify its products.”
E2F2: “Of course, for the creation of new products our values and knowledge
from our ancestors will always be present in order to reflect the essence of the
company.”
E2NF1: “Ancestral experience in production processes is not only a legacy, but a
tool that is used to give a special twist to what we already know.”
E2NF2: “When you launch products, you always build on what you already
know. The processes of yesteryear are not just history, they are valuable
resources. They adapt to new products, and thus the essence of always in
innovative things is maintained.”
Production Processes - Process Innovation
In relation to the inheritance of production
methods and processes influenced by
tradition, how is this influence related to
the company's ability to successfully
introduce new processes?
E2F1: “The German heritage in the methods and processes of our cured meat
company is key to its success, new functions for our products. Being connected
to those traditions not only gives us identity, but also serves as a basis for
innovating and trying new things.”
E2F2: “Yes, the company has capitalized on inherited knowledge about
production processes as a resource to innovate in the creation of new
manufacturing methods.”
E2NF1: “The company takes advantage of inherited knowledge in production
processes to innovate in the creation of new methods. It's not just following the
beaten path; it's taking what has always worked and adapting it to create
something fresh.”
E2NF2: “When the production line is modernized, heritage is used. The
methods that have always been taught are like the base of the pyramid. “They
give us the direction to innovate in manufacturing processes and be more
efficient.”
Source: Authors.
In the impact of legacy knowledge on product innovation, Cecinas Llanquihue's commitment to the
quality and authenticity of its products is evident, using exclusively animal protein raw materials
according to tradition. The experience accumulated in these raw materials is considered a valuable source
for developing products that respect this tradition. A relevant example is the contribution of the recipe
by production manager Víctor Mödinger, which has endured over time. As expressed, E2F1: “Yes, we
have innovated, we have released new products, but what we have not changed, and we are not going to change is
our raw materials. Our raw materials are 100% animal protein, whether it be pork or beef, and that is what is
defined as jerky, because that is also how our ancestors began to make it."
In relation to innovation in processes, continuous improvement stands out through the application
of inherited knowledge about raw materials, increasing the efficiency and quality of products by
impacting the acquisition of inputs and production methods. The integration of traditional and
innovative aspects is highlighted to maintain the unique identity while adapting to new conditions. As
noted by: E2F1: “Yes, the continuous improvement of production processes has involved the application of
inherited knowledge about raw materials. The company has taken advantage of, and applied knowledge transmitted
over time.” E2NF2: “This integration of the traditional with the innovative has been crucial to maintaining our
unique identity, while allowing us to adapt and thrive in an ever-changing business environment.”
Regarding the effect of the values and principles rooted in product innovation, the presence in new
products of values and knowledge transmitted between generations stands out, thus reflecting the
essence of the company. As E2F2 states: “Of course, for the creation of new products our values and knowledge
from our ancestors will always be present in order to reflect the essence of the company.”
About innovation in production processes, the German heritage in methods and procedures is
highlighted as a fundamental pillar, serving as a basis for improvements and innovations by providing
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identity and tradition on which to build: E2F1: “The German heritage in methods and processes of our cured
meat company is key to their success, new functions for our products. Being connected to those traditions not only
gives us identity, but also serves as a basis for innovating and trying new things.” E2NF2: “When the production
line is modernized, heritage is used. The methods that have always been taught are like the base of the pyramid.
They give us the direction to innovate in manufacturing processes and be more efficient.”
Regarding brand identity and product innovation, the company believes that brand identity has
played a fundamental role in adding new values. In addition, it has always sought to maintain visual
and conceptual coherence to ensure that the incorporations respect the aesthetics and values rooted in
the brand. E2F1: “Brand identity has been a fundamental tool to add new meanings and values to our products.
It's not just a pretty logo; It is the essence of who we are and what we represent.”
Table 4. Impact of values and principles on innovation.
Source: Authors.
Regarding brand identity and process innovation, the company believes that the intention to
improve is always without losing the essence and ensuring that they are aligned with the image and
values of the family brand. E2F1: “The brand identity has been a constant source of inspiration and guidance in
the creation of new production processes, ensuring that they are aligned with the image and values of the family
brand.” E2NF1: “From my perspective as a worker with 20 years of experience at Cecinas Llanquihue, each new
approach we have adopted over the two decades has been designed with the clear purpose of reflecting and
highlighting the visual essence and values rooted in the company. identity of our family brand.” For greater detail,
review quotes from the interviewees in Table 4.
Cecinas Ancud: Tradition and innovation relationship
Items
Quotes from interviewees
Brand Beliefs and Identity - Product
Innovation
How has brand identity influenced the
creation of a new product line, ensuring
that the new products reflect the essence
and values of the family brand?
E2F1: “Brand identity has been a fundamental tool to add new meanings and
values to our products. It's not just a pretty logo; It is the essence of who we are
and what we represent.”
E2F2: “We have sought to maintain visual and conceptual coherence with the
family tradition, ensuring that the additions respect the aesthetics and values
rooted in the brand. This has contributed to strengthening the recognition of our
products in the market.”
E2NF1: “I believe that brand identity is not only a visual distinctive, but a
strategic vehicle to add meaning and values to each of our products.”
E2NF2: “The brand identity has been like a compass when creating new things.
When a different line is launched, they always make sure that it breathes the
same air of the familiar brand.”
Beliefs and Brand Identity - Process
Innovation
How has the brand identity inspired and
guided the creation of new production
processes, ensuring that they are aligned
with the image and values of the family
brand?
E2F1: “The brand identity has been a constant source of inspiration and
guidance in the creation of new production processes, ensuring that they are
aligned with the image and values of the family brand.”
E2F2: “We have ensured that these processes are aligned with the image and
values of the family brand, maintaining the quality and authenticity that the
brand represents.”
E2NF1: “From my perspective as a worker with 20 years of experience at
Cecinas Llanquihue, each new approach we have adopted over the two decades
has been designed with the clear purpose of reflecting and highlighting the
visual essence and values rooted in the company. identity of our family brand.”
E2NF2: “In the worker experience, the brand acts as a trusted guide when
introducing changes to processes. The intention is to improve without losing the
connection with the essence of the brand, using history as a lighthouse that
ensures that each innovation is aligned with the tradition of Llanquihue.”
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Economicus Journal of Business and Economics Insights 2024 1(1), 10-37
Table 5. Impact of legacy knowledge on innovation.
Items
Quotes from interviewees
Raw Materials – Product Innovation
In creating new product lines, has the
company drawn on legacy knowledge
about raw materials as a source of
inspiration or as a distinctive element of
family tradition?
E3F1: “Yes. To create new products, or to create new processes, or improve
processes, or improve products. Something that, as has always been done
before, is used for the creation of new products.”
E3F2: “Creating innovative procedures both in existing processes and products
is necessary but tradition always has to be there, it cannot not be there.”
E3NF1: “Whether for product innovation, the creation of new processes or to
improve both processes and products. It is something that is traditional, it is
used for new creations.”
E3NF2: “To generate new products, the tradition and knowledge that is passed
on to us is essential, since it is the way in which people recognize us.”
Raw Materials - Process Innovation
Has continuous improvement of
production processes involved the
application of legacy knowledge about
raw materials?
E3F1: “Obviously over the years the tradition has had to be adapted.”
E3F2: “Tradition, as expected, has had to adapt to changing dynamics.”
E3NF1: “Of course, over the years, it has been necessary to adjust the tradition.
It is something that, naturally, has been adapted to the circumstances.”
E3NF2: “Undoubtedly, as the years have passed, tradition has had to adapt to
circumstances, in this case to new processes.”
Graphic Elements - Product Innovation
Has the knowledge passed down from
generation to generation about graphic
elements been used to add new visual
features to existing products?
E3F1: “Well our logo is quite unique, so it has to be reflected in each of our
products, you immediately recognize our brand with our logo.”
E3F2: “We strive to reflect this seal in any new article, to enhance recall and the
emotional bond with the brand.”
E3NF1: “Absolutely, our logo has its own unique style, which is why we
incorporate it on all our products. It’s like our visual form, something that
stands out immediately.”
E3NF2: “It's something that stands out instantly, a kind of hallmark that clearly
identifies our brand.”
Graphic Elements - Process Innovation
Considering the importance of graphic
elements in the visual identity of products,
in what way has the company used these
symbols of its heritage as inspiration to
develop new, more efficient production
processes?
E3F1: “Of course, that's a bit out of character. So, this condition of our products,
here the company wants to keep it very rooted and does not want to
compromise that. Although for us it would be much more comfortable to have
products that will last a long time.”
E3F2: “The company really values keeping that feature ingrained in our
products, it's something they are not willing to negotiate.”
E3NF1: “That essence rooted in our products is something they are not willing
to compromise, although of course the processes must maintain an evolution.”
E3NF2: “The company really insists on preserving that characteristic, the
owners transmit that to us.”
Production Processes - Product Innovation
Has the company turned to legacy
production processes as a resource for
creating new products?
E3F1: “Yes, here at Cecinas Ancud we have taken inherited production
processes as a valuable resource in the creation of new products.”
E3F2: “The company has used the usual production processes as a strong card
when creating new products.”
E3NF1: “Making sure each release has the authenticity and quality that comes
with those same old processes.”
E3NF2: “The company has opted for the usual production methods to launch
new products, of course it has innovated in some things, but the recipe is there”
Production Processes - Process Innovation
In relation to the inheritance of production
methods and processes influenced by
tradition, how is this influence related to
the company's ability to successfully
introduce new processes?
E3F1: “The tradition is the same. It is about respecting the recipe as it was done
then. With that difference, until today, 55 years later because that has been
evolving.”
E3F2: "The essence is maintaining tradition, making sure that the recipe is
respected."
E3NF1: “Of course, for us it is essential to preserve tradition, ensuring that the
recipe remains faithful to its origins.”
E3NF2: “Of course, the basis is preserving the tradition, making sure that the
recipe remains the same as it was in the beginning.”
Source: Authors.
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Regarding tradition and innovation at Cecinas Ancud, from the management of raw materials and
product innovation, the company reflects its constant concern for tradition, without wanting to lose the
thread that makes them so characteristic. Although they recognize the importance of innovation, they
consider it essential to maintain their values. When it comes to innovating, they use all legacy knowledge.
E3F2: “Creating innovative procedures both in processes and in existing products is necessary, but tradition always
has to be there, it cannot not be there.”
The adaptation of raw materials over time has been a necessity, but it is the recipe applied to the
products that distinguishes them and makes them special. The company has sought to innovate existing
products, introducing new features. From a process innovation perspective, the company has adopted
new practices to adapt to changing market demands. E3NF2: “Undoubtedly, as the years have passed,
tradition has had to adapt to circumstances, in this case to new processes.”
About graphic elements and product innovation, the company maintains its logo as an essential part
of its identity. They have innovated in new product lines, maintaining the traditional essence that has
contributed to their success. People identify the brand immediately by its distinctive logo. E3NF1: “Our
logo is truly distinctive, so we incorporate it on all our products. It is something that immediately identifies our
brand.”
In relation to graphic elements and process innovation, the company seeks to reflect its heritage and
values in its logo. Although they seek to innovate in processes, they do not want to deviate from their
deep-rooted principles. E3F1: “Although for us it would be much more comfortable to have products that will
last a long time. The company wants to keep the condition of our products deeply rooted and does not want to
compromise that.”
From the perspective of production processes and the relationship with product innovation, the
company uses legacy knowledge to create new products, especially in the production of condiments,
maintaining the original recipe with no intention of changing it. E3NF1: “Making sure each release has the
authenticity and quality that comes with those same old processes.”
In relation to production processes and process innovation, the company insists that tradition must
be respected as it was in the beginning, although it recognizes the evolution over the years. E3F1: “The
tradition in it. It is about respecting the recipe as it was done then. With that difference, until today, 55 years later
because that has been evolving.” For greater detail, review quotes from the interviewees in Table 5.
Table 6 shows the results of Cecinas Ancud in the analysis of the relationship between deep-rooted
values and principles and innovation.
Table 6. Impact of values and principles on innovation.
Items
Quotes from interviewees
Brand Beliefs and Identity - Product
Innovation
How has brand identity influenced the
creation of a new product line, ensuring
that the new products reflect the essence
and values of the family brand?
E3F1: “Well, the brand identity is tradition, it is the character of craftsmanship,
of what was created a long time ago. And that's how we want the company to
perceive it.”
E3F2: “Well, I firmly believe that the identity of our brand is found in tradition,
in that artisanal touch that brings us.”
E3NF1: “The essence of our identity lies in the richness of tradition, in the
artisanal imprint that lasts over time.”
E3NF2: “I think the identity of our brand is rooted in tradition, in that artisanal
touch.”
Beliefs and Brand Identity - Process
Innovation
How has the brand identity inspired and
guided the creation of new production
processes, ensuring that they are aligned
E3F1: “We want it to last forever, because we firmly believe that that
distinguishes us. We are convinced that this will be the case. That is why we
strive to work in a way that reflects our identity. “We want each new process to
not only be efficient, but also a testament to our values and what we stand for as
a family brand.”
E3F2: “We want this to last forever, because we truly believe that makes us
stand out.”
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Economicus Journal of Business and Economics Insights 2024 1(1), 10-37
with the image and values of the family
brand?
E3NF1: “We are completely convinced that this is how it will be, and that is why
we have a chance working in this way that really represents us.”
E3NF2: “We want this to go on forever, because that's where our true essence is.
We are super confident that this will be the case, and that is why we put
everything into it, working in this way that completely reflects who we are.”
Source: Authors.
Related to deep-root values and principles, the company considers it essential to remain in the
market as a traditional brand, transmitting an image of artisanal and quality products. The brand's
identity is rooted in tradition and that artisanal touch. E3NF2: “I think the identity of our brand is rooted in
tradition, in that artisanal touch.” The relationship between brand identity and process innovation is clear
for the company. They want every process innovation to be efficient but also reflect their deep-rooted
values. E3F1: “We want each new process to not only be efficient, but also a testament to our values and what we
stand for as a family brand. E3F2: “We want it to last forever, because we firmly believe that that distinguishes us.”
The company strives to work in a way that reflects its identity, ensuring that innovation does not
compromise its style and deep-rooted values.
5. Discussion
The case study was applied to 3 family businesses in the Los Lagos region. The companies analyzed
correspond to the field of cured meat production and are recognized both locally and nationally.
The results obtained suggest that inherited knowledge involves deep knowledge especially in
recipes, according to E1F2: “Quality meat, old school spices and those small details that make us unique. The
thing is to continue sticking to the German wave.” E1F2 also indicates: “The recipe is the essence, the heart of
what we do. We stick to those ingredients and the choice of live animals; they are our ace up our sleeve. We are
inspired by what has worked and that foundation is what allows us to create new things.” Similarly, E3NF2 states:
“We look closely, we look for the best touch, but we always use the same suppliers. It's like our trademark in terms
of flavors, always the same.” Companies agree that the use of raw materials must be inherited and
legitimized as a transmitted practice since it is based on the idea of respecting the original recipe of the
legacy of past generations that must be protected (Erdogan et al., 2020). In this sense, companies agree
that their success with the final consumer and the loyalty of their customers has to do with respecting
the traditional recipe, the origin and tradition of the German settlers, as E1F1 points out: “You have to be
consistent between what do you think, say and do, look, I want the company to be perceived as a company that
follows the German tradition. It must be that way, we have to be consistent, because if the word says it is tradition,
then we are in the right place.” Which would apply both to the raw materials and to the graphic elements
that accompany the brands, which manifest their tradition and influence the visual identity of their
products by being conceived as key, according to what E2F2 mentions: “I would define them as elements
graphics that adjust to what we want to convey that we are a company that was born in the south, is family-owned
and that we deliver premium products,” and this is also pointed out by E2NF2: “I would define it as
characteristic of the area, representing the essence of the company,” identity that the 3 companies share,
considering them as details that make the products have their own story, according to E3NF2: “They are
those little details that make our products have their own story. And the logo is a little gem that never goes out of
style.” In this case, companies maintain that the roots in traditional visual elements have contributed to
maintaining an authentic connection with the company's identity and values, as well as cultural identity,
also adding distinctive value to the products.
Family businesses have an invaluable asset: the accumulated knowledge and traditions inherited
over generations. Far from hindering innovation, several authors have found that this legacy can catalyze
adaptation to market dynamism. Swan et al. (1999) highlighted the importance of companies knowing
how to access, use, recombine and transfer their prior knowledge to achieve valuable innovations.
Innovation through tradition in family firms: Evidence from case studies in Chile 30
Economicus Journal of Business and Economics Insights 2024 1(1), 10-37
Magistretti et al. (2020), examined how inherited knowledge drives product innovation with designs
more rooted in tradition.
Furthermore, it is observed that the legacy knowledge from tradition influences production methods
and processes, according to E1F2: “From the careful selection of live animals, through smoking and sealing with
that traditional touch, to the cooking that bears the signature of the German tradition,” is also indicated by E3F1:
“They have always been related to tradition, as was done in the past, the past knowledge was passed on to the
production people and they lead the way and teach the younger ones.” Therefore, although they are susceptible
to continuous improvements, these would be based on automation with the incorporation and
implementation of new technologies, preserving the methods, recipes, procedures, making the processes
more efficient, we see this in Table 3 as E2NF2 points out: “When the production line is modernized, heritage
is used. The methods that have always been taught are like the base of the pyramid. They give us the direction to
innovate in manufacturing processes and be more efficient”, also as seen in Table 1, according to E1F1: “We
have undoubtedly experienced adaptations in our production processes due to improving efficiency and
productivity. However, it is crucial to highlight that we keep all inherited processes intact” in this sense E1F1
indicates that: “What happens is that, of course, before things were done manually or with very basic machines.
And over time, those manual machines have improved. Today, many of the tasks are carried out by a machine, but
I don't want you to think that we have lost that homemade touch, the same processes and each treatment depending
on the raw material are still respected, but as I told you, increasing efficiency, being faster” (Table 1). This could
be due to the importance that the interviewees attribute to the importance of not varying the flavor or
the recipe, an issue that they say has worked from generation to generation and has proven to be
successful. The findings on the integration between traditional production processes and improvements
in efficiency through innovations. Specifically, Vallone and Iannone (2020) expanded the Innovation
Through Tradition model by incorporating innovation in processes, concluding that changes such as
mechanization can increase productivity while maintaining essence. This dynamic vision of tradition
allows us to understand that inherited practices can be complemented with adaptations and innovations,
enhancing it instead of weakening it. The companies studied exemplify this by automating previously
manual tasks, but without altering recipes or flavor, which they attribute to their transgenerational
success.
The results also agree that the management of preserving artisanal methods anchored to traditional
practices would be fundamental, as seen in Table 3, as indicated by E2NF1: “Ancestral experience in
production processes is not only a legacy, but a tool that is used to give a special twist to what we already know,”
as well as the transmission of the values that they attribute to each of the raw material treatment processes
they use since they maintain that the methods they follow are a legacy which is transmitted from
generation to generation as E3NF1 points out: “In our company, we are proud of the tradition in our production
processes and it is reflected in our products. The methods we follow are a legacy passed down from generation to
generation. The veterans share their knowledge with the new members.” Veterans share their knowledge for
both products and processes, which for them is a legacy that must be preserved between generations, as
E3F2 points out: “We like to follow the traditional vibe. Production processes are like a kind of inheritance that is
passed from hand to hand. The masters of the hit are like the stars who share their tricks with the youngest ones.”
The results of the study agree with the literature in that inherited artisanal production processes
constitute a crucial source of tradition from which to drive innovation, as indicated by E3NF1 (Table 5)
“Of course, for us it is essential to preserve tradition, ensuring that the recipe remains faithful to its origins.”
Specifically, De Massis et al. (2016) proposed as one of the sources of knowledge relevant to innovation,
the knowledge linked to artisanal techniques and traditional manufacturing processes of the territory
where the family business is located.
The perspective of Messeni-Petruzzelli and Albino (2012) also emphasized how the local cultural
and historical heritage, of which the inherited production procedures are part, nourishes the capacity for
Ismael Barros-Contreras, Andrés Aragón-Villarroel, Javier Solís-Sorhaburu, Ailyn Vera-Rodríguez 31
Economicus Journal of Business and Economics Insights 2024 1(1), 10-37
adaptation and distinguished innovation of these companies. Therefore, the importance given by the
companies analyzed to preserving their artisanal methods as an intergenerational legacy is fully
consistent with the vision of tradition and innovation presented in the reference literature. Its
enhancement represents a lever for change based on what is known.
When it comes to deep-rooted values and principles, companies demonstrate that their brand
identity, with its deep-rooted beliefs and assumptions, influences their market positioning. The results
suggest that companies seek to be recognized for their authenticity, which is reflected in each new
product line, in their production processes and in their organizational culture. The latter is also associated
with the visual and conceptual coherence of the family tradition that the three companies agree on,
E2NF2: “I believe that it aspires to be recognized as a company with centuries-old flavors and bearer of a heritage
that lasts”. In fact, the company E3 points out that it was their own ancestors, the first owners, who went
to look for the raw materials themselves, according to E3F1: “Yes, the first owners went directly to look for
the raw materials and processed it themselves, now we use suppliers who bring the processed product, but our recipe
and ingredients are the same.” In Table 3 for E2NF2: “When you launch products, you always build on what you
already know. The processes of yesteryear are not just history, they are valuable resources. They adapt to new
products, and thus the essence of always in innovative things is maintained.” The accumulation of experiences
and knowledge over generations has proven to be a precious resource for generating ideas that shape
products. These not only maintain the essence rooted in tradition, but also ensure the authenticity and
quality of the raw materials. This combination offers a unique fusion between ancestral heritage and
modern demands, as reflected in Table 2, according to E1F1: “The idea is that each new product line reflects
the essence of our brand, maintaining the quality standards that they have characterized us over time. The
authenticity and purity of the ingredients are valued, aligning us with the German tradition that has been the basis
of our success.”
Under this logic, regarding the Innovation variable, the three companies explored have developed
new products or production lines during the last five years, always demonstrating a strong connection
with their heritage and tradition, as pointed out by E1NF1: “Yes, in the company they have launched new
products in the last five years. It is not an easy task, but they always add that German flavor,” and as E3NF2 also
indicates: “We have introduced some new features to our products, now we opt for suppliers that provide us with
already processed products. The recipe and ingredients remain the same as always.” Regarding product
innovation, two of the three companies indicate that they are strongly attached to their ingredients and
raw materials for the manufacture of their products; however, E2 has carried out other innovative
practices from a proactive approach and continued, adjusting and perfecting its ingredients with the
knowledge of expert cured meats brought directly from Germany who would rectify certain recipes and,
subsequently, the company carries out market analysis strategies to evaluate the acceptance of its
products and gather opinions from consumers, always maintaining the same component. of value: the
traditional German flavor through its raw materials, as E2F1 points out: “Yes, we are constantly trying to
innovate. In fact, as I told you before, last week, we had two German technicians who were making new products.”
On the other hand, companies agree that, although they are not willing to innovate in raw materials,
they are willing to innovate with respect to its processing and the management of the production chain,
by turning to suppliers who bring raw materials already processed, maintaining the recipe, E3F1
indicates: "Yes, the first owners went directly to look for the raw materials and processed it themselves, now we
turn to suppliers who bring the processed product but our recipe and ingredients are the same." It is observed
from the innovation of characteristics, that the companies explored demonstrate reluctance to change
their image, which would put their identity at risk, which is why the innovation of their characteristics
has to do in some cases with modifying the ingredients without altering the recipe, as well as the image
of the product, removing symbolic seals in response to the new animal market on the scene, and with
this, also redefining its products by demonstrating responsibility for the management of raw materials
Innovation through tradition in family firms: Evidence from case studies in Chile 32
Economicus Journal of Business and Economics Insights 2024 1(1), 10-37
and respect for its production process, local culture and its values, in addition to modernize the
packaging, without altering the colors and brand identity. The above is observed in Table 1, as E1F1
points out: “I don't know, we have to comply with the demands of what it says and has to say, even when it is a
simple sausage that seems to be nothing more than a little piece of paper. Even though regulations push us to adjust,
we try to hold firm to that identity rooted in the tradition of the German settlers.” Furthermore, as E2NF1 points
out: “It is very particular because until a while ago and because of everything that the issue implies today,
animalistic and all, animals were removed from all brands, the traditional pig was asked to come out,” and as also
indicated by E2F1 in Table 3: “Yes, the importance of maintaining the authenticity and representativeness of the
southern area of Chile in the graphic elements has been recognized, which not only contributes to cultural identity,
but also adds a distinctive value to the products.” In this regard, E2F1 indicates “The brand identity has been a
constant source of inspiration and guidance in the creation of new production processes, ensuring that they are
aligned with the image and values of the family brand” (Table 4).
Undoubtedly, tradition has experienced challenges for these companies, however, the results on
process innovation demonstrate that it is the element that has emerged most naturally when making
processes more efficient, which has involved the use of knowledge. inherited from generation to
generation. In this sense, in response to modernization, the family employees of the companies
interviewed demonstrate that they have complemented this knowledge with formal knowledge in
careers related to the value chain of the companies to which they belong, demonstrating commitment to
the optimization of modern processes. to keep the original recipes consistent with the values and
principles embedded in the organizations. Similarly, Boling et al. (2016), for their part, suggested that the
entrepreneurial spirit present in these generations is characteristic of the continued success of this type
of companies, as well as those with greater longevity, which, although it would not be hereditary, assures
the survival of organizations.
This, through the implementation of technologies, software and processes that, from the perspective
of process innovation, has responded to the need to evolve and adapt the factory, innovating in
specialized machinery, for example, to meet market demands to satisfy customers. Under this logic, the
companies explored would rather represent an innovation model focused on the organization of
processes or management systems, beyond embodying a model of product improvement.
With the above, it can be concluded that the family businesses explored in the Los Lagos region
demonstrate a high sense of belonging by feeling that they contribute to the social, local and
organization's future, creating wealth and generating a significant impact (Craig et al., 2008) as indicated
in E2F1: “The company is perceived as a family business, rooted in the south and that has been consolidated over
the years and the consumer perceives this, values it and that is why they continue to consume the product.” That
the set of beliefs and practices that make up their tradition can be summarized in remaining strictly
attached to the original flavors and raw materials, by updating production methods related to the
authenticity of their recipes, according to E1F2: “We want people to see it as the very essence of German
tradition, with a familiar touch and top quality products” and as E1NF2 indicates: “They want to be loyal to their
customers, maintain that consistency that makes each product unmistakable. Imagine, if one day it came out sweet,
another salty, another black, people wouldn't know what to expect. For the company, being faithful to the flavor is
being faithful to its roots and to the people who choose us again and again.” Both their family and non-family
employees refer in their quotes to what, for De Clercq and Belausteguigoitia (2015), would be two key
concepts, such as identification and commitment, which would influence the management of shared
value to the performance of the organization, such as indicates E3NF1: “We are modernizing our way of
operating, but always with the commitment to preserve the authenticity that characterizes us” and as E3F1 points
out in Table 6: “We want it to last forever, because we firmly believe that that distinguishes us. We are convinced
that this will be the case. That is why we strive to work in a way that reflects our identity. “We want each new
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Economicus Journal of Business and Economics Insights 2024 1(1), 10-37
process to not only be efficient, but also a testament to our values and what we stand for as a family brand.” Thus,
these key traits make these companies, all successful and distinctive.
Furthermore, they are firmly customer-oriented, giving them an important role in their innovations
as they are the ones to whom they respond in terms of preserving the traditional elements that have led
them to success and to whom they limit themselves to taking advantage of this inherited knowledge. the
production processes, their efficiency and productivity since the brand identity to which their raw
materials and flavors respond represent “non-negotiable” and “non-tradeable” elements of their
tradition which, for Erdogan et al. (2020), is considered a legacy of past generations that must be protected
and passed on. The above, according to E1NF2: “They want to be loyal to their customers, maintain that
consistency that makes each product unmistakable. Imagine, if one day it came out sweet, another salty, another
black, people wouldn't know what to expect. For the company, being faithful to the flavor is being faithful to its
roots and to the people who choose us again and again" and also in Table 2, as E1NF1 points out: "They want
people, when trying something different, to feel that they are still in harmony with what has always characterized
the company. For one, the identity of the company is summed up in keeping the German tradition alive in every
sausage that leaves here.” E1F2 points out: “Of course, for us it is super key to maintain that essence and flavor
that identifies us. Yes, obviously, we want to improve productivity and modernize, but without breaking away from
what has made us unique. We cannot risk industrializing everything and losing what it has taken us years to build.
Innovation has to be as precise, taking care of every detail, because the client will know if we go out of style. It is a
complicated balance, but you have to know well what to innovate” (Table 2). E1F2 also indicates in Table 1: “We
face regulations and standards that force us to innovate in that sense. It's quite a juggling act, but we try to balance
what they ask of us with keeping our identity strong.” Furthermore, E2NF2 points out (Table 3): “I think it is
worth rescuing the old vibe in the designs. With traditional graphic elements, we ensure that the new products
maintain that familiar vibe, but with a modern touch that everyone likes.” It can be concluded that the presence
of different family generations in the company influences its governance and administration by
coexisting conventional, more traditionalist innovative thoughts of older generations with the new trends
of entrepreneurial innovative thinking, which sees not tradition, but resistance as a threat, thereby
providing a fresh look at the inflexibility, conservatism, inertia and rigidity of the core, as well as the
development of new competencies and skills through the visualization of change and innovation as a
fundamental tool and characteristic of the entrepreneurial spirit of the new generations (Boiling et al.,
2016; Sørensen & Stuart, 2000; Lumpkin et al., 2008; Rondi et al., 2019). These characteristics, added to
the sense of belonging and the sense of contribution to the area and the future, typical of family members,
would represent essential elements to manage the paradox.
Finally, this study shows notable affinities in terms of the way of managing the paradox with the
ITT proposed by De Massis et al. (2016), which has been fundamental in family business research. The
observations made in this work align with the key variables of the ITT: legacy knowledge, deep-rooted
values and principles, and their impact on innovation. Thus, the results suggest that inherited
knowledge, in accordance with De Massis et al. (2016), have a positive impact on innovation since the
management and exploitation of ancient and traditional knowledge generates innovative commercial
offers. These findings support both hypothesis H1, indicating that inherited knowledge can be a key
catalyst for innovation in family businesses in the Los Lagos region of Chile allowing the capitalization
of the knowledge stock, as well as hypothesis H2, which suggests that deep-rooted values and principles
can be used to favorably influence innovation through the creation of new products and/or processes in
family businesses in the region.
6. Conclusion
In this study, we investigate the tradition-innovation paradox with the aim of providing evidence
to the debate. To carry out this, a qualitative study was carried out through a case study of family
Innovation through tradition in family firms: Evidence from case studies in Chile 34
Economicus Journal of Business and Economics Insights 2024 1(1), 10-37
businesses in the Los Lagos region in Chile. The evidence obtained indicates a strong root in the elements
that make up the tradition (legacy knowledge and deep-rooted values and principles), especially about
ancestral recipes, distinctive flavors, raw materials of local origin and visual identity representative of its
legacy. These elements are considered the heart of the business and fundamental pillars that strengthen
the positioning and prestige achieved by the companies analyzed.
Although companies are cautious and reluctant to introduce changes in those factors that constitute
their traditional core, they do demonstrate openness to innovate in terms of production processes,
implementing new technologies and seeking efficiency gains, as long as this does not alter the distinctive
quality, nor the authenticity that characterizes its products.
Likewise, an alignment is seen between the results of the study and the main factors considered in
the Tradition-Innovation Paradox Model (ITT) developed by De Massis et al. (2016), which reinforces the
importance of elements such as legacy knowledge and deep-rooted values and principles to understand
the way in which these companies manage the permanent tension between tradition and innovation.
The findings support the hypotheses about the positive impact of legacy knowledge, deep-rooted
values and principles on business innovation. The deep connection and commitment of family members
to the legacy of the companies contribute significantly to local development, facilitating the balanced
management of the paradox between tradition and innovation.
This study makes contributions to the literature by providing empirical background on how these
types of companies capitalize on their legacy and cultural roots to promote innovations, manage the
tradition-innovation paradox and ensure their durability over time (De Massis et al., 2016) and
differentiate themselves from their non-familial peers (Gusenbauer et al., 2023). This study also
contributes to expanding research on family businesses in Chile.
It also provides important contributions to the management of family businesses. The consideration
by those who lead this type of company of aspects linked to the history and traditions of the family and
the company seems to be a key aspect for innovation. The family business is rich in idiosyncratic
components, many of them rooted in traditions and strongly supported by emotional components.
This research has not been free of limitations; conducting qualitative studies based on case studies
may limit the generalization of the contributions. However, given the nature of the study, this type of
methodology is appropriate to analyze in depth the sources of the relationships that are the subjects of
the research. Future studies may expand the base of companies or carry out surveys that allow greater
coverage of companies and support quantitative studies. On the other hand, considering companies only
in the field of jerky production could be a limitation. In this sense, the area of the country under analysis
is rich in traditions, some of them coming from the German immigration of the mid-19th century that has
allowed the appropriation of a multiplicity of products, tastes and customs that have been taking root
and adopted in the area and which was considered an interesting area for the application of this study.
Future research may expand the productive areas and sectors of family businesses to test the study of the
tradition – innovation paradox. The resources and capabilities coming from tradition can become a
source of competitive advantage and leverage the continuity of the family business.
CRediT Author Contributions: Conceptualization, I.B.; methodology, I.B.; validation, I.B.; formal analysis, A.A., J.S.,
A.V; investigation, A.A., J.S., A.V.; data curation, A.A., J.S., A.V.; writing—original draft preparation, A.A., J.S., A.V.;
writing—review and editing, I.B.; supervision, I.B. “All authors have read and agreed to the published version of the
manuscript.”
Conflicts of Interest: “The authors declare no conflicts of interest.”
Ismael Barros-Contreras, Andrés Aragón-Villarroel, Javier Solís-Sorhaburu, Ailyn Vera-Rodríguez 35
Economicus Journal of Business and Economics Insights 2024 1(1), 10-37
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Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
OJS: https://revistascientificas.uach.mx/index.php/economicus
ISSN: 3061-8169
How to cite / Como citar:
Carbajal-Marrón, M., Herrero-Crespo, A., & Collado-Agudo, J. (2024). Determinants of growth intention in SMEs: Analysis
from the perspective of owners and managers. Economicus Journal of Business and Economics Insights, 1(1), 38–56.
https://doi.org/10.54167/ejbei.v1i1.1669
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Article
Determinants of growth intention in SMEs: Analysis
from the perspective of owners or managers
Determinantes de la intención de crecimiento en PYMEs:
Análisis desde la perspectiva de los propietarios y
gerentes
Moisés Carbajal-Marrón 1*, Ángel Herrero-Crespo 2, Jesús Collado-Agudo 3
1 Eugenio Garza Lagüera Institute for Entrepreneurship, Tecnologico de Monterrey, Queretaro, Mexico;
moises@tec.mx; ORCID: 0000-0002-9335-7601
2 Department of Business Administration, Faculty of Economics and Business Sciences, University of Cantabria,
Santander, Spain; herreroa@unican.es; ORCID: 0000-0001-8103-9174
3 Department of Business Administration, Faculty of Economics and Business Sciences, University of Cantabria,
Santander, Spain; colladoj@unican.es; ORCID: 0000-0002-4152-4439
* Correspondence author / Autor de correspondencia
Received: 04/15/2024; Accepted: 06/20/2024; Published: 07/02/2024.
DOI: https://doi.org/10.54167/ejbei.v1i1.1669
Abstract: This paper proposes a model of growth intention of SMEs based on an entrepreneurial approach. In
particular, the general objective of this work was to analyze the factors that determine the business growth intention
of SMEs from the perspective of the individual decision-maker (owner or manager), utilizing the Theory of Planned
Behavior as a theoretical framework. The paper analyzed the information obtained from a sample of 254 Mexican
SMEs that were at least two years old. The PLS analyses confirmed that the business growth intention was
positively influenced by the attitude towards growth and the perceived control. In contrast, the subjective norm
did not directly influence the growth intention, although the empirical evidence confirmed an indirect effect of this
variable on the growth intention by way of both variables: attitude and perceived control (0.54; p<0.01). For its part,
entrepreneurial orientation had a positive influence on perceived control, although there was no significant impact
on attitude towards growth. Accordingly, there was also empirical evidence to support the indirect effect of
entrepreneurial orientation on growth intention, in this case through the perceived control over business growth.
Keywords: Growth Intention, Entrepreneurial Orientation, Attitudes, Subjective Norms, Perceived Control, SMEs.
JEL Classification: L26, D9.
Moisés Carbajal-Marrón, Ángel Herrero-Crespo, Jesús Collado-Agudo 39
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
Resumen: Este artículo propone un modelo de intención de crecimiento de las PYMEs basado en un enfoque
emprendedor. El objetivo general de este trabajo fue analizar los factores que determinan la intención de
crecimiento empresarial de las PYMEs desde la perspectiva del tomador de decisiones individual (propietario o
gerente), utilizando la Teoría del Comportamiento Planeado como marco teórico. Este artículo analizó la
información obtenida de una muestra de 254 PYMEs mexicanas que tienen al menos dos años de antigüedad. Los
resultados PLS confirmaron que la intención de crecimiento empresarial está influenciada positivamente por la
actitud hacia el crecimiento y el control percibido. En contraste, la norma subjetiva no influyó directamente en la
intención de crecimiento, aunque la evidencia empírica confirma un efecto indirecto de esta variable en la intención
de crecimiento a través de ambas variables: actitud y control percibido (0.54; p<0.01). Por su parte, la orientación
emprendedora tuvo una influencia positiva en el control percibido, aunque no tiene un impacto significativo en la
actitud hacia el crecimiento. En consecuencia, también hay evidencia empírica que respalda el efecto indirecto de
la orientación emprendedora en la intención de crecimiento, en este caso a través del control percibido sobre el
crecimiento empresarial.
Palabras clave: Intención de Crecimiento, Orientación Emprendedora, Actitudes, Norma Subjetiva, Control
Percibido, PYMEs.
Clasificación JEL: L26, D9.
1. Introduction
Business growth and its determinants are one of the most relevant topics on economic and
management research, due to its impact on economic development, employment, and firm’s
competitiveness (Penrose, 1959; Storey, 1994). However, Achtenhagen et al. (2010) point out that the
business growth literature is too fragmented to build a comprehensive theory of growth and highlight
the need to deepen in the research on this topic, integrating the perspective of both scholars and
practitioners. In this sense, the academic field of entrepreneurship has been the most prolific one in the
effort to scientifically measure and analyze the phenomenon of business growth.
Thus, business growth has been interpreted almost implicitly as a condition or as part of the concept
of entrepreneurship (Gundry & Welsch, 2001). Stevenson and Jarillo (1990) explicitly include growth in
the concept of entrepreneurship when they mention “entrepreneurship is the way in which growth can
be achieved, not just the act of creating a business.” However, the exact association between the
entrepreneurship and growth has been unclear (Davidsson et al., 2002), largely because of definitional
problems with the concept of entrepreneurial activities (Achtenhagen et al., 2010). At the most basic level,
the process of entrepreneurship is manifested as growth when a business expands as a consequence of
adding new activities. Consequently, organic growth can also be referred to as entrepreneurship,
whereas growth by acquisition is not interpreted in the same way. This is the sense in which
Venkataraman (1997) emphasizes that the discovery and exploitation of opportunities in some way
justifies organic growth as a reflection of entrepreneurship, including when the growth is only in terms
of volume. Accordingly, entrepreneurship is a complex phenomenon that includes the growth of
businesses together with other factors related to business creation and development, while not every
business growth is the result of an entrepreneurial process.
Some empirical studies posit that organic growth is primarily a phenomenon of young SMEs, while
larger and more mature enterprises grow almost exclusively through acquisition (Davidsson & Delmar,
1998). These results suggest that the “growth is entrepreneurship” theory is more applicable in the case
of young enterprises and SMEs (Davidsson et al., 2002). These types of businesses are characterized by
their small number of employees and by centralized decision-making, usually by the owner or manager,
Determinants of growth intention in SMEs: Analysis from the perspective of owners and managers 40
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
which range from decisions about operation to administration of the business (Delmar & Wiklund, 2008).
Specifically, Rasmussen et al. (2018) highlight that further growth of small firms is not simply an
evolutionary process, and a firm’s growth intention constitutes an essential predictor of its growth
together with market opportunities and access to resources and capabilities. Therefore, the focus on the
individual is fundamental to understand and explain business growth in SMEs as a manifestation of
business expansion. However, the research on the factors that determine the strategic decision of
pursuing the business growth in SMEs is very limited, especially from the perspective of the owners and
managers as the main decision-makers in this kind of companies (Delmar & Wiklund, 2008; Wiklund et
al., 2009; Rasmussen et al., 2018).
In this way entrepreneurial behavior, and specifically business growth (Douglas, 2013), can be
analyzed through theories of individual behavior such as the Theory of Planned Behavior - TPB (Ajzen,
1991), the Entrepreneurial Event Model (Shapero & Sokol, 1982) and the Potential Entrepreneur Model,
which allow a deeper understanding of the characteristics and factors that influence the entrepreneur.
According to these theories, a greater intention implies a greater probability of entrepreneurship on the
part of the individual (Degeorge & Fayolle, 2008; Finisterra do Paco et al., 2011; Gird & Bagraim, 2008;
Liñan et al., 2011; Sommer, 2010). Nevertheless, and despite the widespread use of these theories to study
entrepreneurial intention, the research on business growth based on the Theory of Planned Behavior is
limited. Therefore, the knowledge about how business growth is influenced by the decision-maker’s
(owner or manager) attitudes, subjective norm and perceived control on the achievement of business
growth is clearly insufficient (Barros-Contreras et al., 2022).
To cover this gap in the literature, the general objective of this work is to analyze the factors that
determine the business growth intention of SMEs from the perspective of the individual decision-maker
(owner or manager), utilizing the Theory of Planned Behavior as a theoretical framework. Moreover,
given the entrepreneurial nature of business growth in SMEs, this research also considers the role of
entrepreneurial orientation on growth intention. In this sense, while the influence of entrepreneurial
orientation on business performance of SMEs is well-supported in the literature (Solano et al., 2018;
Arzubiaga et al., 2019; 2022), its effect on the business growth is less studied (Wiklund et al., 2009),
particularly from the perspective of the individual decision-maker. Moreover, as far as we know, there
is not research integrating the theories of entrepreneurial orientation and the TPB to analyze the strategic
decision to pursue the business growth in SMEs.
Accordingly, this research provides two main contributions regarding previous literature. First, we
study the factors that determine decision-makers’ (owner or manager) intention to pursue the business
growth in SMEs using the Theory of Planned Behavior as a theoretical framework. This provides new
knowledge on the role of individual attitudes, subjective norm and perceived control on the strategic
decision to foster the growth of the business, an issue scarcely studied in the literature on
entrepreneurship. Second, this research examines the relationship between these variables and
entrepreneurial orientation, providing a new perspective of how this last construct influence business
growth intention, as part of the entrepreneurial process of SMEs. We consider that the explanatory
variables included in the Theory of Planned Behavior act as mediators of the influence of entrepreneurial
orientation on growth intention when the decision depends on the owner or manager of the firm (as is
the case in SMEs).
The following outlines the theoretical justification of the work, placing especial attention to the
influence of the explanatory variables included in the Theory of Planned Behavior on the growth
intention of owners and managers of SMEs, and on the relationship between them and entrepreneurial
orientation. We subsequently describe the methodology utilized to develop the empirical study,
undertaken in the context of the Mexican SME, and present the results obtained from a Structural
Equation Models approach using PLS-SEM. Finally, we draw principal conclusions, outline limitations
and suggest areas of future research.
Moisés Carbajal-Marrón, Ángel Herrero-Crespo, Jesús Collado-Agudo 41
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
2. Theoretical Framework
2.1. Growth determinants of SMEs outlined by owners or managers
Business growth is a complex phenomenon that has been conceptualized from different perspectives
and measured in diverse ways (Davidsson & Wiklund, 2000). In her seminal theory, Penrose (1959, p. 1)
support a dual nature of business growth by stating that (1959, p. 1): “The term ‘growth’ is used in
ordinary discourse with two different connotations. It sometimes denotes merely increase in amount,
e.g., when one speaks of ‘growth’ in output, export, sales. At other times, however, it is used in its
primary meaning implying an increase in size or improvement in quality because of a process of
development … in which an interacting series of internal changes leads to increase in size accompanied
by changes in the characteristics of the growing object.” According to Whetten (1987) this implies the
distinction between size (an absolute measure) and growth (a relative measure of size over time).
However, this controversy is still unsolved in the entrepreneurship field, as many studies still conceive
and measure business growth as “increase in amount”, while only a few focus on subjective measures,
such as the manager’s satisfaction with the business growth, or her/his willingness or intention towards
growth (Achtenhagen et al., 2010). Therefore, the conceptualization and measurement of growth is still a
controversial issue in the entrepreneurship and management theory.
Given the focus of this research on the strategic decision of the owner or manager to foster the
growth of the business and following the approach of Douglas (2013) and Rasmussen et al. (2018), we
use growth intention as the main dependent variable. According to the Theory of Planned Behavior
(Ajzen, 1991), intentions address the motivational factors which serve as indicators of the level to which
people are disposed to develop a behavior or how much effort they are disposed to make to achieve a
desired outcome. In this sense, in the most current models, attitude is commonly used to explain the
intention towards a behavior, such as in the Theory of Reasoned Action (Ajzen & Fishbein, 1980), the
Theory of Planned Behavior (Ajzen, 1991) and Theory of Trying (Bagozzi & Warshaw, 1990). According
to the Theory of Planned Behavior (Ajzen, 1991), the beliefs regarding the possible consequences of a
given behavior produce a favorable or unfavorable attitude towards the behavior which, in turn, affects
positively or negatively the intention to carry it out.
In previous literature relating to business growth, there is the underlying belief that people act in
different ways with the main objective of maximizing profits (Wiklund et al., 2009). Nevertheless,
psychologists involved in studying aspects of human behavior have a wider understanding of the
motives and attitudes underlying economic conduct. This is the argument behind the criticism of Sexton
and Bowman-Upton (1991) to the models of growth that do not consider the role of SME manager or
owner attitudes, as they consider that the attitudes towards growth held by these individuals will
establish the limits of development that the business will reach. Furthermore, diverse authors
(Davidsson, 1989; Storey, 1994; Wiklund et al., 2003) argue that those who start and operate their own
businesses are motivated by a variety of different reasons rather than the simple maximization of
economic benefit. More recently, Wiklund et al. (2009) and Douglas (2013) support that growth intention
is determined by the decision-maker’s attitude towards growth or its consequences. That is to say, the
owners and managers’ strategic decision to pursue the business growth will depend on the degree to
which they consider that this outcome (or its consequences) is positive or desirable, and therefore have a
positive predisposition toward it. Accordingly, we propose the following research hypothesis:
H1: The attitude of owners or managers of SMEs towards business growth positively influences the business
growth intention.
Determinants of growth intention in SMEs: Analysis from the perspective of owners and managers 42
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
Secondly, and following the Theory of Planned Behavior (Ajzen, 1991), this research addresses the
positive effect of subjective norms on growth intention of the business. In this sense, there is a consensus
with regard that social environment can exert a strong influence on both intention and behavior (Fishbein
& Ajzen, 2010). Reference groups have been recognized as crucial links between individuals, behavior
and social systems (Merton, 1968) as they are where individuals orient themselves, regardless of whether
they belong to these groups (Singer, 1981). Previous research has studied many kinds of reference groups,
including those to which individuals aspire, those to which they belong, and those to which they are only
loosely linked (Siegel & Siegel, 1971).
In the field of entrepreneurship, diverse authors have highlighted the effect of the subjective norms
of reference groups on entrepreneurial intention (Krueger et al., 2000). In a meta-analysis of
entrepreneurial intention, Schlaegel and Koenig (2014) confirmed that the empirical evidence available
support the influence of social norms on the intention to create and develop a new venture (Basu, 2010;
Carr & Sequeira, 2007; Chowdhury et al., 2012). Whereas the research on the effect of subjective norm on
growth intention is very scarce, it is reasonable to assume that the decision of owners and managers to
pursue the business growth is also influenced by social norms from reference groups. Accordingly,
managers and owners of SMEs have a stronger intention to grow the business if they consider that they
have the backing of social groups relevant to them, which gives rise to the following research hypothesis:
H2: The subjective norm of owners and managers of SMEs concerning business growth positively influences
the business growth intention.
Thirdly, and consistent with the Theory of Planned Behavior (1991), this research examines the effect
of perceived behavioral control of decision-makers (owners and managers) on growth intention of the
business. Perceived control is defined as “the degree to which the person believes they are capable of
carrying out a determined behavior” (Fishbein & Ajzen, 2010). It is expected that those with a heightened
perception of behavioral control are motivated to carry out the specific behavior and will persevere in
their intention to do so. In contrast, those individuals with a lower awareness of behavioral control will
be less motivated to carry out a given behavior and their efforts will be of lesser duration (Yzer, 2012).
Believing that a behavior can be carried out motivates people to try to develop it and increases the
probability that they will make the effort and persevere in their attempts (Ajzen, 1991; Ajzen, 2002). In
this sense, Ajzen and Fishbein (2005) highlighted that perceived control is related to the perception of
both internal and external factors which condition the possibility of a behavior being developed.
The literature on entrepreneurship based on the Theory of Planned Behavior has confirmed
empirically the relationship between perceived control and entrepreneurial intention (Gird & Bagraim,
2008; Rueda et al., 2014; Miralles et al., 2016; Al-Jubari et al., 2018). Moreover, previous research has
supported the significant effect on entrepreneurial intention of perceived feasibility (Krueger et al., 2000;
Veciana et al., 2005; Giordano et al., 2017, 2018), a variable that have been identified as being similar or
even identical to perceived behavioral control (Finisterra do Paco et al., 2011; Singh et al., 2012). As far as
we know, there is limited research that have analyzed the influence of perceived behavioral control on
growth intentions of owners and managers of SMEs. Nevertheless, it is reasonable to assume that the
decision-makers’ intend to foster the business growth is conditioned by the degree they consider this
process as a volitional decision, controlled by them to some extend (for example, through their own
managerial decisions of targeting new clients or markets and employing more people). According to this
rationale and based on previous research on entrepreneurial intention, we propose the following
hypothesis:
H3: The perceived control of owners or managers of SMEs over business growth positively influences the
business growth intention.
Moisés Carbajal-Marrón, Ángel Herrero-Crespo, Jesús Collado-Agudo 43
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
In addition to the direct effect of subjective norm on growth intention proposed above, previous
research have indicated that this variable can also influence attitudes towards the behavior as well as
perceived behavioral control. Thus, although the Theory of Planned Behavior does not consider the direct
effect of the subjective norm on attitude, diverse studies have found empirical evidence of this in
entrepreneurship (Liñan & Chen, 2009; Finisterra do Paco et al., 2011; Rueda et al., 2014). This
phenomenon is consistent with the Social Influence Theory developed by Kelman (1958, 1974) that
identifies the internalization stage as the culmination of social influence, in which individuals do not just
behave in accordance with other people's opinions, but they accept others’ beliefs and attitudes as their
own. In accordance with this approach, the beliefs of SMEs owners and managers regarding the opinions
received by third parties about business decisions associated with business growth influence not only
their intention to grow but are also internalized and can affect attitudes. In other words, if the decision-
maker perceive that other people consider business growth as something positive (or negative), they will
develop a positive (or negative) attitude towards business growth. As a result, we propose the following
research hypothesis:
H4: The subjective norm of SME owners and managers concerning business growth positively influences
attitudes towards business growth.
In line with the previous argument, this research also posits a direct and positive effect of the
subjective norm on perceived control of business growth. In this sense, reference groups are taken to
mean a group of people from whom an individual receives information which they subsequently use to
interpret and act in daily life (Kelman, 1958, 1974). These interpretations and actions help individuals
connect with social systems and give relevance to reference groups (Lawrence, 2006), enabling
reinforcement of perceptions of control over the development of the conduct to take place. Accordingly,
when the decision-maker perceives that the subjective norm encourages a behavior from her/his part
(e.g., business growth), this will strengthen her/his perception of feasibility, and the control perceived to
develop the behavior. In other words, if owners and managers of SMEs consider that social referents
positively reinforce business growth, this in turn will reinforce their perceptions in respect of the control
that they have over this behavior. The following research hypothesis is therefore proposed:
H5: The subjective norm of SME owners and managers concerning business growth has a positive influence
on perceived control over business growth.
2.2. Influence of the entrepreneurial orientation on the part of SME owners and managers on attitude and
perceived control of business growth
Since its first conceptualization in the seminal works by Miller (1983) and Covin and Slevin (1989),
entrepreneurial orientation has been a key concept in the fields of entrepreneurship and business.
According to Miller (1983), an entrepreneurial business is one which “is committed to innovation, is
prepared to take risks and is the first to discover proactive innovations, overcoming competitors ‘at a
blow’ (…)”. This definition has been widely accepted in the literature (Zahra & Covin, 1995; Rauch et al.,
2009), and most researchers has conceptualized and measured entrepreneurial orientation as a second
order factor integrated by the three original dimensions (George & Marino, 2011): Innovativeness,
Proactiveness, and Risk-Taking. This approach implies that entrepreneurial orientation fosters and leads
the development of the business through developing innovative processes and products, proactively
taking managerial decisions and taking reasonable risks. Accordingly, the influence of entrepreneurial
orientation on SMEs performance has been widely supported in the literature (Rauch et al., 2009; Irwin
et al., 2018), while its effect on growth intention has been hardly explored. Previous studies have mainly
Determinants of growth intention in SMEs: Analysis from the perspective of owners and managers 44
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
focused on the outcome of entrepreneurial orientation (performance or growth) but not on the decision-
making that leads to pursue that outcome, reflected by business growth intention.
Moreover, the scarce studies focused on this topic establish a direct and positive effect of
entrepreneurial orientation on growth intention (Wiklund et al., 2009). However, this direct link between
a wide and abstract strategic orientation, such as entrepreneurial orientation, and the intention to pursue
a particular behavior (business growth) is unclear. Ajzen and Fishbein (2002, pp. 200) state that “factors
of this kind can further our understanding of the behavior by providing insight into the origins of
underlying beliefs, but their effects on intentions and behavior tend to be indirect”. Accordingly, more
research is needed on the gap between the effect of entrepreneurial orientation and business growth
intention.
In this regard, the general framework of the Theory of Planned Behavior establishes that more
general and abstract factors, such as culture, values and personality, influence on more concrete or
domain-specific factors such as beliefs, perceptions, attitudes and intentions (Ajzen, 2001; Ajzen &
Fishbein, 2005). In this sense, entrepreneurial orientation is part of the organizational culture (Kantur &
Iseri-Say, 2013), and its dimensions (innovativeness, proactiveness and risk-taking) have individual
counterparts, that are traditionally considered personality traits of entrepreneurs (Zhao et al., 2010;
Fellnhofer, 2016; Kozubíková et al., 2018). Therefore, we postulate that the effect of entrepreneurial
orientation on business growth intention is mediated by the decision-makers’ attitudes towards business
growth and their perceived control to develop this behavior.
As stated above, entrepreneurial orientation is conceived as a key decision-making strategy of the
company which establishes the purpose of the organization (Lumpkin & Dess, 1996; Miller, 1983), based
on the identification and exploitation of business opportunities. This process of identifying business
opportunities therefore implies a favorable climate for business growth, conceived as a facet of
entrepreneurship in SMEs (Gundry & Welsch, 2001; Davidsson et al., 2002). Specifically, the
entrepreneurial orientation of the SMEs fosters the development of the business through innovation,
proactivity and risk taking, therefore supporting a favorable disposition towards growth within the
organization and, particularly, in the main decision-maker (owner or manager). In accordance with this
view, entrepreneurial orientation can be considered as a direct antecedent of the attitude of SME owners
or managers towards the growth of their business, and the following research hypothesis is therefore
proposed:
H6: Business entrepreneurial orientation directly affects the attitude of SME owners or managers towards
business growth.
According to the definition proposed by Miller (1983), widely accepted in the literature, SMEs with
a high entrepreneurial orientation will be more proactive implementing innovative decisions, assuming
a reasonable risk (Casillas et al., 2009; Solano et al., 2018). In this sense, Pehrsson (2016) highlights that
by being entrepreneurially orientated the firm improves its capability of identifying and exploiting
market opportunities in competitive markets (Hakala, 2011). Therefore, it is reasonable to assume that
entrepreneurial orientation contributes to improve the capacity of SMEs to develop the business, which
would lead managers and owners to perceive fewer obstacles to growth. This rationale is coherent with
the Theory of Planned Behavior (Ajzen, 2001; Ajzen & Fishbein, 2005), as it implies that a general factor
such as entrepreneurial orientation (a strategic organizational variable) influences the decision-makers’
perceptions about their control to pursue a specific behavior, such as business growth. Accordingly, in
SMEs with higher entrepreneurial orientation the managers will perceive a greater control over the
process that leads to the business growth. We therefore propose the following research hypothesis:
H7: Business entrepreneurial orientation positively influences perceived control over business growth.
Figure 1 shows the theoretical model of our paper, including all research hypotheses.
Moisés Carbajal-Marrón, Ángel Herrero-Crespo, Jesús Collado-Agudo 45
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
Figure 1. Theoretical model.
3. Method
With the intention of addressing the objectives and research hypotheses, a quantitative study was
undertaken focusing on the perceptions and variables that influence business growth intention of
managers and owners of Mexican SMEs with over two years of operation. We subsequently describe the
methods used to evaluate the concepts of the study, the sample and the fieldwork.
3.1. Measuring instruments
The method utilized for the collection of information was online interviews with SME owners and
managers. These interviews included a set of multi-item scales to measure the variables proposed in the
model (Appendix). Five-stage Likert scales were used (1-completely disagree; 5- completely agree).
In accordance with the recommendations of Fishbein and Ajzen (2010), before beginning a research
work studying behavioral intention, the conduct object of interest should be clearly defined in terms of
the objective, the action, the context and the period. The behavior object of study must be defined
precisely prior to the development of the measurement instrument. According to the dimensions
suggested by Fishbein and Ajzen (2010), the behavior under research is defined as the “growth of
Mexican SMEs by owners and managers over the coming 12 months”. Considering this, multi-attribute
scales are used to measure intention, attitude, subjective norm and perceived control over conduct. In
particular, the scales used are based on the instruments applied by Finisterra do Paco et al. (2011) and
Rueda et al. (2014). Entrepreneurial orientation is conceived as a second-order factor, reflective in nature,
comprised of three dimensions: innovativeness, proactiveness and risk-taking. The scale utilized is that
proposed by Miller (1983), and Covin and Slevin (1989), which is the most common in the field of research
on entrepreneurial orientation (Rauch et al., 2009).
Before fieldwork was undertaken, and with the objective of ensuring the quality of both information
and answers, a “pre-test” was applied to 15 managers of SMEs. This allowed the questions to be analyzed
and modified for the benefit of both researchers and research subjects.
Attitude
Growth Intention
Perceived
Control
Subjective Norm
Entrepreneurship
Orientation
H1
H2
H3
H4
H5
H6
H7
Determinants of growth intention in SMEs: Analysis from the perspective of owners and managers 46
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
3.2. Sample and fieldwork
As has been previously stated, the aim of this research is the analysis of the factors that determine
the intention of SME´s owners and managers to foster business growth. We do not examine the intentions
and attitudes during business set-up, as the strategic focus during this period is growth as survival
(Nunes et al., 2013). As a result, for the analysis of business growth intention, we define as target
population the owners and managers of Mexican SMEs working in enterprises with over two years of
operation. The sampling procedure used was non-probabilistic because there is no definitive list of SMEs
in Mexico that includes reliable contact data. To obtain contact data, we used the database of businesses
involved in the Business Start-up and Incubator Network of the Tecnologico de Monterrey, a higher-
education institution ranked as the 10th entrepreneurial university worldwide. The survey was carried
out using the Survey Monkey online software. The questionnaire was sent by email to a database
comprised of 3,152 SMEs which had completed the Business Incubator Network program. Finally, 254
valid questionnaires were obtained.
The sample obtained for this study is primarily composed of micro-businesses (63.7%) belonging to
the service sector (58% of the total), as shown in Table 1. In terms of the composition of SME´s owners
and managers surveyed, 72.7% were male and 59.6% were between 30 and 40 years of age, with 95.9%
having been educated to university level. This last factor can be explained by the characteristics of the
sample, which is derived from an entrepreneurial university background.
Table 1. Characteristics of the SME sample.
Source: Authors.
4. Results
In order to validate the hypotheses proposed in this research, a causal analysis was carried out using
PLS-SEM, which allows statistical estimation for small research samples, as is the case in this study. In
the following sections, we explain the results obtained for the validation of the measurement scales used
in the model and the estimation of the structural model.
4.1. Estimation of the measurement model
The results of the confirmatory factorial analysis (CFA) of the model are shown in Table 2. First,
these confirm the reliability of the measurement scales due to the fact that for all the scales Cronbach
Alpha and composite reliability coefficients are higher than the minimum required value of 0.7 (Hair et
Variable
(Personal)
Sample (%)
(n=254)
Variable
(Entrepreneurial)
Sample (%)
(n=254)
Sex
Age of the business
Male
72.7
From 2 to 5 years
43.0
Female
27.3
From 6 to 10 years
31.5
Educational level
Greater than 10 years
22.4
High school
3.2
Unknown/no response
3.5
Bachelor’s degree
59.5
Sector
Master’s
33.2
Service
58.4
Doctorate
3.2
Commercial
19.6
None of the above
0.8
Industrial
22.0
Age
Business size (in sales)
Less than 20 years
0.8
Micro
63.7
Between 20 and 29 years
17.0
Small
32.9
Between 30 and 39 years
31.5
Medium
3.4
Between 40 and 49 years
28.1
Over 50
18.7
Unknown/no response
3.0
Moisés Carbajal-Marrón, Ángel Herrero-Crespo, Jesús Collado-Agudo 47
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
al., 2010). Second, convergent validity is supported through the analysis of the AVE coefficients (in all
cases greater than 0.50) and of the weights of the items (values higher than 0.7 and significant to a level
of 0.01).
Table 2. Confirmatory factor analysis.
Construct
Items
Weights
Cronbach
Alpha
Composite reliability Index
AVE
Growth Intention (GI)
GI1
0.91
0.94
0.96
0.85
GI2
0.92
GI3
0.94
GI4
0.92
Attitude (ATT)
ATT1
0.96
0.97
0.98
0.91
ATT2
0.97
ATT3
0.94
ATT4
0.95
Subjective Norm (SN)
SN1
0.86
0.92
0.94
0.80
SN2
0.87
SN3
0.93
SN4
0.92
Perceived Control (PC)
PC1
0.92
0.88
0.93
0.81
PC2
0.90
PC4
0.87
Innovativeness (INN)
INN1
0.80
0.75
0.85
0.66
INN2
0.84
INN3
0.80
Proactivity (PRO)
PRO1
0.84
0.85
0.91
0.77
PRO2
0.90
PRO3
0.89
Risk-taking (RIS)
RIS1
0.78
0.75
0.86
0.66
RIS2
0.83
RIS3
0.83
Source: Authors.
Finally, in order to test the discriminant validity of the measurement scales the Fornell and Larcker
(1981) criterion and the heterotrait-monotrait ratio analysis (HT-MT) are used (Tables 3 and 4). According
to the first of these procedures, all the factors fulfil the criterion proposed by Fornell and Larcker (1981),
as the square roots of the corresponding AVE coefficients are greater than the correlations between each
pair of factors. Likewise, the Heterotrait-Monotrait (HT-MT) values are above the threshold of 0.90
(Henseler et al., 2015). Accordingly, both procedure confirm the discriminant validity of the measuring
scales proposed in this research.
Table 3. Results of the Fornell and Larcker criterion for discriminant validity
GI
ATT
SN
PC
INN
PRO
RIS
GI
0.92a
ATT
0.72
0.95a
SN
0.65
0.75
0.89a
PC
0.70
0.71
0.75
0.90a
INN
0.27
0.13
0.20
0.24
0.81a
PRO
0.47
0.26
0.31
0.40
0.65
0.88a
RIS
0.51
0.40
0.33
0.43
0.52
0.51
0.82a
Source: Authors. Note: a Square root of the AVE coefficient. The elements below the diagonal show the correlations
between the constructs.
Determinants of growth intention in SMEs: Analysis from the perspective of owners and managers 48
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
Table 4. Results of the heterotrait-monotrait ratio analysis (HT-MT)
GI
ATT
SN
PC
INN
PRO
ATT
0.75
SN
0.70
0.80
PC
0.77
0.77
0.83
INN
0.31
0.15
0.24
0.29
PRO
0.53
0.29
0.36
0.47
0.80
RIS
0.61
0.47
0.40
0.53
0.70
0.64
Source: Authors.
4.2. Estimation of the hypothesized structural model
This research follows the three-stage approach proposed by Aldás (2016) for analyzing the structural
model: (1) coefficient of determination (value R2) for latent variables; (2) predictive relevance Q2
(blindfolding), and (3) significance of the structural model path coefficients and effect size
(bootstrapping).
Figure 2 summarizes the results of the structural model using a bootstrap method with 5,000
samples. Each sample contains the same number of observations as the original sample in order to
calculate standard deviations and T values (Chin, 1998; Hair et al., 2013). The R2 statistics in all cases show
coefficients above the minimum reference value of 0.40 (Chin, 1998), thus confirming that the theoretical
model proposed adequately explains the variance in the dependent variables (attitude, perceived control
and growth intention). Additionally, all the Q2 coefficients, calculated using the blindfolding method, are
considerably larger than zero, thus supporting the predictive relevance of the model in relation to the
dependent variables.
The results of the estimation of the proposed causal relationships are shown in figure 2 and in Table
5. Firstly, the empirical evidence obtained confirm the second-order factorial structure proposed for
entrepreneurial orientation, which is integrated by innovativeness (0.85; p<0.01), proactivity (0.88;
p<0.01) and risk-taking (0.79; p<0.01). With regard to the research hypotheses, the results obtained
confirm that the business growth intention is positively influenced by the attitude towards growth (0.41;
p<0.01) and the perceived control (0.36; p<0.01), thus supporting hypotheses H1 and H3. In contrast, the
subjective norm does not directly influence the growth intention (0.07; p>0.10), a result which leads to
the rejection of hypothesis H2.
Figure 2. Estimation of the structural model.
Moisés Carbajal-Marrón, Ángel Herrero-Crespo, Jesús Collado-Agudo 49
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
In relation to the influence of the subjective norm on other explanatory variables of the research
model, the empirical evidence confirms a positive effect on attitude (0.73; p<0.01) and perceived control
(0.69; p<0.01), supporting hypothesis H4 and hypothesis H5. Moreover, these results show that there is
an indirect effect of the subjective norm on the growth intention by way of both variables: attitude and
perceived control (0.54; p<0.01). For its part, entrepreneurial orientation has a positive influence on
perceived control (0.19; p<0.01), although there is no significant impact on attitude towards growth (0.07;
p>0.10), results which lead us to accept hypothesis H7 and reject hypothesis H6. There is also empirical
evidence to support the indirect effect of entrepreneurial orientation on growth intention (0.10; p<0.05),
in this case through the perceived control over business growth. Finally, Cohen’s f2 for the significant
paths in the inner model take values above 0.02, which suggest satisfactory effects for all endogenous
latent factors (Henseler et al., 2009).
Table 5. Estimation of the structural model.
Coefficient
Effect Size (f2)
T value
Second order factors
Entrepreneurial orientation > Innovativeness
0.85**
2.62
42.96
Entrepreneurial orientation > Proactivity
0.88**
3.33
44.33
Entrepreneurial orientation > Risk-taking
0.79**
1.68
22.68
Direct effects
H1: Attitude > Growth intention
0.41**
0.16
4.25
H2: Subjective norm > Growth intention
0.07
0.00
0.07
H3: Perceived control > Growth intention
0.36**
0.12
4.06
H4: Subjective norm > Attitude
0.73**
1.08
14.30
H5: Subjective norm > Perceived control
0.69**
1.06
15.32
H6: Entrepreneurial orientation > Attitude
0.07
0.01
1.20
H7: Entrepreneurial orientation > Perceived control
0.19**
0.08
4.00
Indirect effects
Entrepreneurial orientation > Growth intention
0.10*
-
2.22
Subjective norm > Growth intention
0.54**
-
7.01
Source: Authors. Note: **p < 0.01; *p<0.05.
5. DISCUSSION
5.1. Theoretical implications
Given the nature of SMEs and the fundamental role of owners and managers in the decision-making
of this kind of organizations (Delmar & Wiklund, 2008), this study examines the determinants of business
growth intention using the Theory of Planned Behavior and entrepreneurial orientation as the main
theoretical frameworks. Therefore, this research covers a relevant gap on previous literature by focusing
on a topic scarcely studied (Wiklund et al., 2009; Rasmussen et al., 2018) and by taking into consideration
both individual (perceptions, attitudes and intentions) and organizational factors (entrepreneurial
orientation).
Thus, the results obtained in this study provide two main contributions with regard to previous
literature on entrepreneurship and the management of SMEs. First, our empirical evidence confirm that
the Theory of Planned Behavior (Ajzen, 1991) is a valid conceptual framework to study business growth,
a field in which it have not been used in previous literature. This allows examining the influence of
decision-makers (owners and managers) attitudes, subjective norm and perceived behavior control on
business growth intention in the context of SMEs. In particular, the empirical evidence obtained shows
that the attitudes of decision-makers towards business growth and their perceived control over this
Determinants of growth intention in SMEs: Analysis from the perspective of owners and managers 50
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
process have a positive influence on the decision to pursue the growth of the business. This results
confirm the findings of Wiklund et al. (2009) with regard to the effect of decision-makers’ attitudes on
growth intention, which to our knowledge is among the very few studies that have adopted this
approach. On the contrary, as far as we know, and despite this relationship is quite intuitive from the
perspective of the Theory of Planned Behavior, no previous research on business growth had analyzed
the influence of the perceived control of owners and managers. Regarding subjective norm, the empirical
evidence obtained indicates that this variable only influences growth intention indirectly, through its
effects on attitudes and perceived behavioral control. Accordingly, the social norm regarding the
business growth will affect the owners and managers through an internalization process (Kelman, 1958,
1974), so that the perception of others opinion with regard to the business growth will affect the
predisposition of decision makers towards growth (attitudes) and the control perceived in this process.
The second theoretical contribution of this research relates to the effect of entrepreneurial orientation
on business growth intention, an issue scarcely studied in the literature. More specifically, the results
obtained show that entrepreneurial orientation exerts an indirect influence on the business growth
intention of decision-makers through its effect on perceived control. Thus, the proactivity, innovativeness
and risk-taking that characterizes entrepreneurially oriented SMEs implies a context that increases their
perceived control to pursue and achieve the growth of the business. This result is contradictory with the
approach of Wiklund et al. (2009), who establish a direct effect of entrepreneurial orientation on business
growth intention. However, this direct relationship is unclear according to the models of behavioral
intentions given the abstract and more general nature of entrepreneurial orientation in contrast with the
specificity of perceptions, attitudes and intentions towards a particular behavior (Ajzen, 2001; Ajzen &
Fishbein, 2005). Therefore, our results contribute to the literature by evidencing the mediating role of
individual variables of the owners and managers (such as control perceptions), on the relationship
between entrepreneurial orientation and business growth intention.
5.2. Implications for management of SMEs
The results obtained in this research have interesting implications for the management of SMEs,
both in the area of promoting growth in companies and from the perspective of support programs for
entrepreneurs and boosting SMEs.
Firstly, it is important to foster the decision-makers attitudes towards the business growth and the
perceived control in this process. In this sense, growth implies a series of benefits for SMEs, mainly
related to accessing relevant resources, acquiring new capabilities and increasing the firm’s competitive
advantage (Wiklund et al., 2009; Arzubiaga et al., 2022). On the contrary, the business growth also implies
some disadvantages for the management of the firm. Therefore, it is important to show the owners and
managers that growth have positive impacts for the company, and how the potential negative outcomes
of business growth can be faced or managed. Besides, business growth intentions are determined by the
decision-makers perception about their capacity to control this process, which should be strengthened
trough experience and training, and also by providing owners and managers with relevant information
on the external variables that may condition business growth. Similarly, the subjective norm, evaluated
in terms of the support obtained by the owners or managers for the implementation of strategies directed
towards growth, is also a key variable to foster growth of SMEs. Specifically, it is important to create a
positive social context towards business growth, so that the owners and managers perceive that the
reference groups support its decision to pursue the development of the firm. In the end, this social
influence will lead to a more positive attitude of the decision-makers towards growth and will reinforce
their confidence on their capability to manage (i.e. control) this process and achieve the desired outcome.
Secondly, the model of growth intention put forward in this research suggests that entrepreneurial
orientation is a direct antecedent of the perceived control and indirect of growth intention. This
Moisés Carbajal-Marrón, Ángel Herrero-Crespo, Jesús Collado-Agudo 51
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
demonstrates the importance of introducing elements that allow for the development of a culture of
proactivity, innovativeness and controlled risk in the SME, not only on the part of the business owner
but also throughout the entire organization. This being the case, it seems reasonable to encourage support
programs for SMEs focused on growth strategies and which support the entrepreneurial culture not only
in managers and owners of SMEs but in other key staff linked to the strategic and operating management
in the company.
5.3. Limitations and further research
The following explains the principal limitations of the investigation, from which future areas of
research can be obtained. Firstly, it is worth highlighting the limitations of the information-gathering
process, which was based on self-administered questionnaires as is common in studies of intention,
although evidence suggests possible vulnerability to information bias (Armitage & Conner, 2001). As a
result, in order to avoid bias, it would be valuable to employ longitudinal studies or to focus on the
effective behavior of the decision maker and the company.
Additionally, the sample used in the empirical investigation was obtained from the database of the
Business Incubator and Accelerator Network of the Tecnologico de Monterrey in Mexico. This being the
case, although the institution is considered one of the most important private universities in Latin
America and it has been ranked as the tenth entrepreneurial university worldwide, it could be argued
that there is a specific bias in the characteristics of the sample. Future research could widen the scope of
the study to include the entire entrepreneurial ecosystem in Mexico, and the model could also be
replicated in other countries, contexts and cultures.
Finally, this study uses as dependent variable the growth intention of the business on the part of
SME owners and managers, but it does not analyze the actual conduct of those interviewed. As a result,
it does not confirm whether the intentions of the decision-makers correspond to the development of
effective behaviors and, if so, whether the variables identified as antecedents of the behavior do influence
business growth. Although this is normal procedure in studies based on models of intention, a future
area of research would be to undertake a longitudinal study with a focus on effective conduct, where the
degree in which intention converts into actual behavior by SME owners and managers can be measured.
CRediT Author Contributions: Conceptualization, A.H., & M.C.; methodology, J.C.; software, J.C.; validation, A.H.,
& J.C.; formal analysis, A.H.; investigation, M.C.; data curation, J.C.; writing—original draft preparation, M.C.;
writing—review and editing, M.C.; supervision, A.H. “All authors have read and agreed to the published version of
the manuscript.”
Conflicts of Interest: “The authors declare no conflicts of interest.”
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Appendix. Measurement Scales
Business growth intention - Adapted from Rasmussen et al. (2018), and Rueda et al. (2014)
GI1. I have the firm intention that my company grows as much as possible in the next 12 months.
GI2. My goal as director/CEO is that my company grow as much as possible in the next 12 months.
GI3. I am determined to make my business grow as much as possible in the next 12 months.
GI4. I will do everything I can for my business to grow as much as possible in the next 12 months.
Attitude towards business growth - Adapted from Finisterra do Paco et al. (2011)
ATT1. I find it very attractive the idea that my company grow as much as possible in the next 12 months.
ATT2. I am excited about the idea that my company grow as much as possible in the next 12 months.
ATT3. Would be a great satisfaction to me that my business grows as much as possible in the next 12 months
ATT4. I think it is a good idea to grow my business as much as possible in the next 12 months.
Subjective norm concerning business growth - Adapted from Finisterra do Paco et al. (2011)
SN1. My family agrees to do everything necessary for my business to grow as much as possible in the next 12 months.
SN2. My colleagues agree to do everything necessary for my business to grow as much as possible in the next 12 months.
SN3. The people next to me approve of the fact that I do everything for my business to grow as much as possible in the next 12
months.
SN4. The people whose opinions I value see positive that I do everything for my business to grow as much as possible in the
next 12 months.
Perceived control over business growth - Adapted from Finisterra do Paco et al. (2011)
PC1. If we try, there is a high probability that my company grow as much as possible in the next 12 months.
PC2. It is very possible that my company grow as much as possible in the next 12 months.
Determinants of growth intention in SMEs: Analysis from the perspective of owners and managers 56
Economicus Journal of Business and Economics Insights 2024 1(1), 38–56
PC3. It will be easy to grow my business as much as possible in the next 12 months.
PC4. We are in readiness for my business to grow as much as possible in the next 12 months.
Business entrepreneurial orientation – Adapted from Miller (1983), and Covin and Slevin (1989)
PRO1. My company is proactive in making decisions to get ahead of the competence.
PRO2. My company is often the first to introduce innovations in product, processes, operations, technologies, etc.
PRO3. In general, my company tends to stay ahead of competitors in the introduction of new ideas or products/services.
INN1. My company makes a strong emphasis on R&D, technology leadership and innovation.
INN2. My company has introduced many new products/services.
INN3. The changes in the products/services have been quite radical.
RIS1. My company favors high-risk projects (with the possibility of high profitability).
RIS2. My company believes that, due to the environment, it is necessary to take bold measures to achieve the company
objectives.
RIS3. In situations of uncertainty, it is usually taken aggressive measures to maximize the chance to exploit potential
opportunities.
Economicus Journal of Business and Economics Insights 2024 1(1), 57–75
OJS: https://revistascientificas.uach.mx/index.php/economicus
ISSN: 3061-8169
How to cite / Como citar:
Irigoyen-Borunda, J. D. (2024). Incentivizing voting turnout through gifts and promotions: An analysis of 'The Civic Thumb'
program in Chihuahua, Mexico. Economicus Journal of Business and Economics Insights, 1(1), 57–75.
https://doi.org/10.54167/ejbei.v1i1.1670
Este artículo está bajo los términos de la Licencia Creative Commons Atribución/Reconocimiento NoComercial 4.0 Internacional.
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Article
Incentivizing voting turnout through gifts and
promotions: An analysis of 'The Civic Thumb' program
in Chihuahua, Mexico
Incentivando la participación electoral a través de
regalos y promociones: Análisis del programa 'El Gordo
Cívico' en Chihuahua, México
Juan David Irigoyen-Borunda 1
1 Florida State University, United States of America; jirigoyen@fsu.edu; ORCID: 0000-0001-6654-2265
Received: 05/19/2024; Accepted: 06/28/2024; Published: 07/02/2024.
DOI: https://doi.org/10.54167/ejbei.v1i1.1670
Abstract: This study evaluates the effect of the get-out-the-vote program ´el Gordo Cívico´ which translates to ´The
Civic Thumb´ implemented in the state of Chihuahua in Mexico on electoral participation. Using a Difference-in-
Difference design, with the states of Sinaloa and Zacatecas as control cases, evidence was found that suggests that
this program has not met its goal of incentivizing participation. A triple Difference-in-Difference design was used
to explore if the program may have only had an effect on urban municipalities. The results of these additional
estimations confirmed that, at least at the municipality level, the program did not increased turnout.
Keywords: Voting Behavior, Turnout-buying, Mexican Elections, Participation Incentives.
JEL Classification: D720.
Juan David Irigoyen-Borunda 58
Economicus Journal of Business and Economics Insights 2024 1(1), 57-75
Resumen: Este estudio evalúa el efecto que ha tenido sobre la participación electoral el programa ´el Gordo Cívico´
de incentivación de participación implementada en el estado de Chihuahua en México. Usando un diseño de
Diferencia-en-Diferencia, con los estados de Sinaloa y Zacatecas como casos de control, se encontró evidencia que
sugiere que este programa no ha cumplido su meta de incrementar la participación. Adicionalmente, se usó un
diseño de triple Diferencia-en-Diferencia para explorar si el programa pudiera haber tenido únicamente un efecto
en municipios urbanos. Los resultados de estas estimaciones adicionales confirmaron que, al menos a nivel
municipal, el programa no incrementó la participación.
Palabras clave: Comportamiento del Votante, Compra de Participación, Elecciones Mexicanas, Incentivos de
Participación.
Clasificación JEL: D720.
1. Introduction
In the run-off stage of the 1993 Los Angeles mayoral election, Democratic candidate Michael Woo
decided that it would be a good idea to mobilize voters by offering six free donuts to those who could
provide proof that they had voted, regardless of for whom they voted. While the goal of the strategy was
to mobilize voters who were more likely to vote for the Democratic party, Republican voters reportedly
claimed their share of donuts as well (Fiore, 1993). Anecdotal evidence suggests that the "donut strategy"
did affect turnout, but not in the way Democrats were expecting. It is possible that this bribe attracted a
disproportionate number of Republicans to the polls; so, if the anecdotes do mirror reality, the Democrats'
plan—which cost around USD 100,000 at the time—backfired (Fiore, 1993; Heckelman, 1995).
The apparent failure of the Los Angeles Democratic Party plan notwithstanding, it is noteworthy to
consider the logic behind it. Michael Woo’s strategy was an effort to mobilize the vote of potential
Democratic supporters by countering the cost of voting with a material incentive. After all, empirical
evidence suggests that Democratic voters seem to face higher relative costs of voting—in part because
they tend to have fewer resources available—which in turn means that these voters are more likely to be
deterred from turning out on election day by said costs (e.g., Gomez et al., 2007; Verba et al., 1995). As
trivial as it may sound, the offer of half a dozen donuts in exchange for providing evidence of having
voted in the mayoral election could have been attractive enough to some voters who would not have
voted otherwise. Of course, it is safe to assume that there were voters for whom the donut offer was not
appealing enough to make them show up to the polls.
Further, considering that empirical research shows that when voters perceive that democracy is
flawed, levels of turnout could decrease (Gerber et al., 2013), it could have been the case that a fraction
of voters were deterred from voting due to perceiving that this was an undemocratic action. These voters
could have expressed disappointment in the overall electoral process by abstaining from participating in
the election. Now, whatever the real effect might have been, it is clear that the Democratic Party intended
to buy turnout, as they aimed at directly increasing the payoffs from voting in the mayoral election.
Panagopoulos illustrates how these strategies have been used in other elections in the late 1990s and early
2000s, especially in the state of California, where these campaign practices are not illegal (2013).
Panagopoulos himself took advantage of the Californian legal framework to perform a couple of
experiments that measured the effect of turnout-buying strategies as the size of the offered incentives
varies.
Incentivizing voting turnout through gifts and promotions: An analysis of 'The Civic Thumb' program in Chihuahua, Mexico 59
Economicus Journal of Business and Economics Insights 2024 1(1), 57-75
Panagopoulos´ study is substantially important as it shows that extrinsic incentives may indeed be
effective in mobilizing voters without necessarily crowding out intrinsic motivations, as has been argued
by Gerber et al. (2013). Yet again, the subject warrants further investigation as it is not clear if voters in
his study took the offers seriously or if they were aware that they would not be breaking any laws if they
had accepted the incentive. However, what if this turnout-buying was an official policy to boost voter
turnout? How would voters respond if a vote-buying program was implemented by an official authority?
Well, just south of the US border, there is a case that does offer the opportunity to study the effects
of turnout-buying when it is implemented as an official strategy to promote voter participation. In the
year of 2016, the electoral authority of the state of Chihuahua, in Mexico, launched the program “El Gordo
Cívico”—which translates to “The Civic Thumb”—with the goal of incentivizing turnout1. This initiative
could act as a turnout-buying program as it consists of offering discounts at different local businesses to
those citizens who show their marked thumb at these businesses as proof that they have voted2. Thus,
the “El Gordo Cívico” program offers the opportunity to investigate if an official agency, through
incentives offered by private businesses, can influence the payoffs of citizens from participating in an
election to increase turnout.
In this study, I aim to answer the question posited above by empirically analyzing the effects of the
turnout-buying program “El Gordo Cívico” implemented in the state of Chihuahua in Mexico. First, I
briefly discuss the relevant theoretical framework of voting behavior necessary to address this research
question. Then, I describe the Difference-in-Difference designs implemented to estimate the effect of the
program, along with the data used for these estimations, which includes electoral data from the states of
Chihuahua, Sinaloa, and Zacatecas. I also discuss both the strengths and limitations of using this
estimation strategy to address this research question. Next, I discuss the results of each of the estimations.
Finally, I discuss the implications of the results, as well as potential future avenues of research regarding
this get-out-the-vote program.
1.1. When do people vote?
In According to the rational choice theory of voting proposed by Downs (1957), and refined by Riker
and Ordeshook (1968), voting should be motivated by reasons other than the actual benefit the voter
would derive from her preferred candidate winning the election. The inequality, given by the calculus of
voting that this theory proposes, shows a clear explanation of the logic of the statement above:
pB + D > C,
(1)
In this inequality, the parameter p is the probability that the vote of the individual who is deciding
whether or not to cast a vote is the decisive one in the election. Meanwhile, B is the benefit that the voter
gets from her preferred candidate winning the election. Note that as the size of the electorate grows, the
value p will tend to zero, which means that the product pB will also tend to zero. It is clear that if a voter
is aware that their vote has a minuscule probability of being decisive in the election, whatever benefit
they associate with a particular candidate winning the election will, in all likelihood, not be their
motivation for showing up to the polls on election day. Only if the cost associated with turning out to
vote, C, is smaller than the product pB will a voter cast a vote moved by the utility derived from their
preferred candidate winning the election. This cost of voting can be defined as the resources that a voter
1 The program was rebranded “El Pulgar Cívico” in the 2024 election, but it still translates to “The Civic Thumb.”
2 In Mexican elections, voters’ thumbs are marked with a special indelible ink as a proof that they have voted. The national electoral
authority provides this ink, and it is used to prevent voters from trying to vote twice.
Juan David Irigoyen-Borunda 60
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has to expend to cast a vote; these resources include—but are not limited to—time, physical effort, mental
effort, or money. Every voter will face different costs; however, it is safe to assume that all voters have to
pay a cost for voting, as minimal as it might be.
Considering that the costs of voting are non-zero and that the probability of casting a decisive vote
tends to zero, it is evident that most citizens who vote do so because they derive a positive payoff from
the act of voting itself, and this payoff outweighs their costs of voting. This is represented by the
parameter D in the inequality above. This term is usually referred to as the satisfaction a voter gets from
performing her civic duty. Note that this is an abstract concept that is not clearly defined, yet it is the
parameter that drives individuals’ decisions to cast a vote. It could be argued that, beyond civic duty,
this term represents the different non-consequentialist motivations of voting, which could be divided
into (1) expressive voting, (2) moral reasons and duties, and (3) self-image concerns (Shayo & Harel,
2012). Scholars have focused on studying these motivations for voting because, as mentioned above, they
can explain why people decide to go to the polls even when their vote is practically inconsequential. In
doing so, they have found that these non-consequentialist motivations do explain—at least in part—
individuals’ decision to cast a vote.
For instance, researchers have argued that peer pressure and, somewhat related, social desirability
are both manifestations of the D parameter. Since the act of voting is interpreted as a duty that citizens
should perform, whenever a potential voter perceives that her peers can observe her actions, the
probability that said voter would cast a vote will tend to increase (Funk, 2010; Dellavigna et al., 2016).
This is because voters derive a positive payoff from signaling to their peers that they are good citizens.
This positive utility, in turn, can be high enough to offset the costs associated with voting. Additionally,
the D term could also represent how some voters may want to express their support for a particular
candidate, even if they know that their single vote will not matter in deciding the election. In some sense,
it is the same satisfaction a sports fan derives from attending the stadium to cheer their favorite team
(Brennan & Buchanan, 1984; Green et al., 2002). While scholars have found that these non-
consequentialist reasons for voting have an impact on an individual’s decision to cast a vote, it is clear
that the D term in the calculus of voting has been used as an all-encompassing parameter that seems to
represent any immaterial incentives that affect a person's utility when deciding whether or not to vote.
Thus, policymakers who try to use the insight of these turnout studies to develop programs that aim to
increase voter participation might have a hard time trying to translate whatever the D parameter
represents. This term is highly individual and context-dependent, as it is an abstraction of intrinsic or
cultural motivations. It is a fact that these motivations matter; nevertheless, it is not always clear how
they will present themselves in different contexts.
If policymakers want to increase turnout, knowing that pB tends to zero, they could either attempt
to diminish the value of C or increase the value of D. In other words, policymakers could enact a policy
that reduces the costs related to casting a vote (e.g., implementing voting centers, easier voter registration
procedures, minimizing voters' distance to their poll) to incentivize turnout. This has been a common
strategy for trying to increase voter participation, and there is evidence that suggests that these programs
have successfully increased turnout (Knack, 1995; Jackson, 1996; Haspel & Knotts, 2005; Stein &
Vonnahme, 2008). Alternatively, policymakers could figure out the non-consequentialist motives for
voting in their context and create a program that increases the payoffs associated with them. For example,
face-to-face canvassing campaigns have successfully increased turnout since they constitute a form of
peer pressure (Gerber & Green, 2000), which has been related to the ! term. Nevertheless, as I have
mentioned above, this parameter depends on social and cultural factors that might not be easy to identify
and exploit by policymakers to increase turnout rates. That said, what if policymakers introduced an
additional material payoff to the calculus of voting instead as a way to counter the costs associated with
voting?
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1.2. Rewarding voter participation
Consider again the inequality given by the calculus of voting. Given that the D term can represent
different forms of incentives, Gerber et al. (2008) propose breaking it down into two component
parameters that represent intrinsic motivations and extrinsic incentives (2008), such that:
D = U (DI, DE).
(2)
Further, Panagopoulos extends this theoretical framework in his study about monetary rewards in
California so that the calculus of voting is given by the inequality (2013: 270)
pB + ß1DI + ß2DE + ß3DIDE > C;
(3)
this means that, according to Panagopoulos, the marginal effect of extrinsic incentives over the
decision of turning out is:
ß2 + ß3DI.
(4)
This functional form considers the possibility that intrinsic motivations may interact with extrinsic
incentives, and Panagopoulos´ results show that, at the very least, if there is indeed an interaction
between these two types of incentives, it is not a negative one (2013). Thus, this evidence suggests that
an attempt to incentivize turnout by appealing to extrinsic motivations–DE in equations 3 and 4–is not
likely to backfire and may indeed meet its goal.
Now, in an ideal democracy, the effect of parameter DE would be zero, as there would be no extrinsic
reward or punishment associated with the act of voting. Further, such payoffs are usually related to vices
of democracy–like vote-buying or clientelism–as they are used by party machines to mobilize a specific
set of voters (Hicken, 2011; Nichter, 2008; Cantú, 2019; Gans-Morse et al., 2014). However, extrinsic
incentives can also be associated with fines for not voting, which are used in several countries. These
negative extrinsic incentives are not targeted to specific voters, and instead of being a vice of democracy,
they could be interpreted as an effort to correct a lack of participation. Moreover, Kaplan (1994) argues
that positive extrinsic incentives distributed among all voters could be a valid and helpful strategy to
promote participation and educate voters on how valuable their vote is. Hence, even if appealing to
extrinsic incentives does not align with the concept of an ideal democracy, it can be argued that it is not
always a sign of a flawed electoral democracy.
Taking this into consideration, policymakers have an additional strategy at hand to increase voter
turnout. Instead of reducing the costs of voting—or on top of it—they could devise a program that offers
a material positive reward to those citizens who participate in the election. In some sense, this program
could be thought of as a turnout-buying strategy. Such a program could be effective in mobilizing those
citizens for whom the motivations captured by the term DI are not enough to offset the costs of voting.
The question then is, how would a program like this look in reality? Fortunately, there is no need to
imagine such hypothetical programs, as one already exists in the state of Chihuahua in Mexico3.
3 While the state of Chihuahua is not the only one that has implemented a program such as “El Gordo Cívico,” this specific program
was one of the first ones that were both implemented and institutionalized by the local electoral authority. From 2016 onward, the
program has become a staple of all state and federal elections.
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1.3. "El Gordo Cívico" a turnout-buying policy
The program “El Gordo Cívico” or "The Civic Thumb" in English, was first implemented in the 2016
election as an innovative strategy to incentivize turnout. The name of the program is a reference to the
way citizens would offer proof of having voted to receive a discount–or some other benefit–from
participant vendors. In Mexican elections, voters' thumbs are marked with a special ink so that it is clear
that they have voted4. This is done to prevent voter fraud since if any voter tries to cheat the system and
attempts to vote twice, the marked thumb serves as a safeguard as those voters with a marked thumb
will not be allowed in the voting booth again. Thus, having a marked thumb has become a symbol of
electoral participation in Mexico. The “El Gordo Cívico” program appeals to this civic symbol, and so
voters who showed their marked thumbs at participating vendors would be entitled to the discounts
offered through “El Gordo Cívico.”
The electoral authority claimed that the program was successful in 2016 and applied it in the
subsequent federal and state elections (Instituto Estatal Electoral Chihuahua, 2018, 2019). The process by
which this program operated–before it was recently refurbished in 20245–was quite simple. The electoral
authority openly invited any business interested in participating in the program to download the official
imagery of the program to display at their locations and social media platforms. Additionally, the
electoral authority created social media accounts dedicated to this program, and they were available for
participating venues to promote the sales and discounts they offered in relation to this get-out-the-vote
campaign. Note that participating businesses included restaurants, convenience stores, jewelry stores,
health services, private schools, coffee shops, and clothing stores, among others. Thus, there was a wide
variety of venues, which suggests that the campaign could reach voters from diverse demographic
backgrounds. Finally, on election day, and in some cases on the following days, businesses made valid
the promotions they publicized to those individuals who showed their marked thumb as proof that they
did indeed vote.
Now, before proceeding to the description of the methodology for this study, it is necessary to give
a final note about the program “El Gordo Cívico.” This is not a policy that was enacted by legislators or
by any other elected official. The state electoral authority, the State Electoral Institute of Chihuahua,
devised and implemented this program. This is an autonomous agency that includes citizens unaffiliated
with any political parties among its decision-making body. Political parties have representation in this
agency, but they do not control the decision-making process, and all parties have equal representation
within the agency. Thus, even if not impossible, it is unlikely that any political party in this agency
conceived the program to gain a political advantage.
2. Methodology
To estimate if the “El Gordo Cívico” program has indeed increased electoral participation since it
was implemented, it is necessary to disentangle its potential effects on turnout from those caused by
other variables. This is especially tricky because the period in which this program was implemented
included electoral reforms and political events that could have also increased the rate of voter
participation. First, in the 2016 state election, independent candidates were allowed to participate in the
election for the first time in the state of Chihuahua. This novelty might have motivated citizens to become
more engaged in that year's electoral process.
4 It is important to note that this special ink has been developed by the National Polytechnical Institute of Mexico (IPN), and it has
special pigmentation that differentiates it from other commercial inks and, while it disappears in a matter of days, itis not washable
(Instituto Politécnico Nacional, 2018).
5 The potential effects of this refurbishment do warrant a separate study.
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Economicus Journal of Business and Economics Insights 2024 1(1), 57-75
Further, since independent candidates were seen as outsiders who were challenging the political
establishment, this might have produced an underdog effect (Levine & Palfrey, 2007) as voters were eager
to support the newcomers even if their chances of winning were slim. At the same time, major parties
perceived a competitive environment since the two major parties in the state, PRI and PAN, were battling
each other, the former to retain power, the latter to capture it. Hence, this perceived competitive
environment might have also increased turnout due to a competition effect (Levine & Palfrey, 2007).
Next, the 2016 election was different from other state elections in that the term for which elected
candidates would remain in office was extraordinary. Typically, a municipal president would be elected
for a term of three years and the state governor for a term of six years. However, for the 2016 election,
the state legislature passed a bill to synchronize future state elections with federal elections. Thus, those
candidates elected in the 2016 election would be in office for one year less than usual. Additionally,
municipal presidents elected in 2016 would have the option of running for reelection in the 2018 election
for an additional three-year term. Finally, the 2018 election not only included state and federal elections,
but the federal presidential race involved one of the most popular—and yet divisive—candidates in
several years. These features of the 2018 federal and local elections might have resulted in downstream
effects on turnout. Hence, taking all these factors into consideration, I use a difference-in-difference (DiD)
design to control for these and other confounders that might cloud the real effect of the turnout-buying
program implemented by the electoral authority in Chihuahua. As discussed in the previous section, for
this design, I use two other states that experienced similar conditions during the period studied as control
cases: Sinaloa and Zacatecas.
Specifically, I resort to the classic two-way fixed effects model (TWFE) to estimate the average
treatment on the treated effect (ATT). The TWFE estimator allows me to introduce time-variant controls
and fixed effects at the municipality level, which, due to the nature of the analyzed elections, is necessary
to suggest the conditional parallel trends assumption holds for these cases. Now, as Sant’Anna and Zhao
explained, a TWFE model with time-variant controls introduces three additional assumptions to the
classical parallel-trends assumption of DiD estimation (2020). These assumptions can be summarized as
the treatment not affecting the controls and the controls not having specific trends. In other words, not
using bad controls with respect to treatment and a parallel-trends assumption for the controls as well.
Considering this, it is necessary to address what makes the TWFE model the preferred option in this case.
While DiD estimators like outcome regression (Heckman et al., 1997), inverse probability weighting
(Abadie, 2005), or the doubly robust (Sant’Anna & Zhao, 2020) do not rely on additional assumptions,
they are implemented using pre-treatment time invariant controls. This means that, for this study, they
are not the most appropriate tool. As discussed above, there were a couple of important changes
regarding the electoral calendar and the participation of independent candidates implemented along the
turnout-buying program; therefore, using pre-treatment variables would miss some of these changes that
may have also affected turnout. Additionally, each election in the periods analyzed has features that may
affect the outcome variable; thus, an estimator that allows me to control for time-varying covariates is
better for this case, even considering its limitations and underlying assumptions.
Now, in the DiD design I use, the turnout rates at the municipal level before and after the
implementation of the “El Gordo Cívico” program give the first difference. I include five elections before
the implementation of the policy: the federal midterm elections of 2009 and 2015, the state election of
2010, the federal election of 2012, and the midterm state election of 2013. After the implementation of the
policy, I include the 2016 local election and the federal and local elections of 2018 and 2021. It should be
mentioned that turnout levels are based on the number of registered voters per section and not the total
number of citizens eligible to vote. This is because this campaign focused on incentivizing turnout on
election day, which is far removed in time from the date on which the national electoral authority closes
registration of new voters for the upcoming election.
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Further, since most official paperwork and some bank transactions require federal identification,
citizens often have an incentive to register to vote, as the voter ID card is the most common form of
identification in Mexico. While passports are also accepted as official federal identification, they are
expensive, and it is easier for citizens to obtain a voter ID card, which is issued at no cost to the person
who registers to vote. Therefore, using turnout levels based on the number of registered voters instead
of on the number of eligible citizens should not affect the results of this study. These turnout rates are
publicly available from the websites of the State Electoral Institutes of Chihuahua, Sinaloa, Zacatecas,
and the National Electoral Institute.
For the second difference, I will compare turnout rates in the municipalities of the state of
Chihuahua, where the “El Gordo Cívico” program was implemented from the 2016 election onwards,
with turnout rates in the municipalities of the states of Sinaloa and Zacatecas. These offer a good case for
comparison as they experienced similar electoral reforms to those that took place in Chihuahua. Both
states used to hold federal and state elections in different years, and they both implemented an electoral
reform to synchronize state elections with federal elections after 2016. Further, all three states have local
elections spaced out by three years, during which all municipalities renew their administrations, and the
state Congress is also voted. Additionally, gubernatorial elections are held every six years on the same
date as the rest of the local elections. Finally, when it comes to the electoral calendar, the legislation
implemented to synchronize electoral calendars was similar for all these states. Those municipal
authorities elected in 2016 would have the possibility of being reelected in the election of 2018 since their
terms would be a year shorter than usual. Meanwhile, the governor elected in 2016 would have a five-
year term, as opposed to the usual six-year term.
Other states, like Aguascalientes, Puebla, or Tamaulipas, also enacted similar electoral reforms to
those in Chihuahua, Zacatecas, and Sinaloa; however, the conditions for the synchronization of the
elections and the rules regarding reelection were not the same. Additionally, Chihuahua and Sinaloa
share a border and have had similar political landscapes for many years. The PRI was the dominant party
in both states from the 1990s up to the mid-2010s, and this dominance has waned, first in favor of the
PAN and, more recently, MORENA6. Moreover, according to the Mexican Association of Market
Research Agencies (AMAI), the population in Sinaloa and Chihuahua are distributed similarly among
socioeconomic levels (2017), and their Human Development index has been similar over the last decade.
In the case of Chihuahua, this indicator oscillated between 0.772 and 0.782 during the period of study,
while for Sinaloa, it remained between 0.781 and 0.8027 (Global Data Lab, 2023).
Finally, both states have experienced a rise in drug cartel violence in the last couple of decades,
which has caused politicians and citizens alike in both cities to focus on the same social and economic
problems. For these reasons, Sinaloa offers a good control case to measure the effect of the turnout-buying
program that has been implemented in Chihuahua. Nevertheless, the number of municipalities in each
state is one important aspect in which they differ. While Chihuahua has sixty-seven municipalities,
Sinaloa only has eighteen. This difference is relevant because small municipalities might be more
engaged in local elections due to phenomena like clientelism (Stokes, 2005), the competitiveness of
elections (Edlin et al., 2007), peer pressure (Funk, 2010; Gerber et al., 2013), and potentially lower costs of
mobilization through canvassing (Gerber & Green, 2000). Hence, the inclusion of Zacatecas as a control
state attempts to remedy this lack of balance between the number of municipalities of Sinaloa and
Chihuahua.
6 After the 2021 election, MORENA won the Governor’s race and most municipal races in Sinaloa, while in Chihuahua, it became
the second political force in the local Congress.
7 This is an index that ranges from 0 to 1. The larger the value of the index, the higher the level of human development.
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The socio-political landscapes of Chihuahua and Zacatecas are not as similar as those of Chihuahua
and Sinaloa. For instance, according to the AMAI (2017), the socioeconomic distribution in Zacatecas is
made up of a larger share of lower-income households. Furthermore, the PRD was the governing party
in the state from 1998 to 2010, while the PRI was the second political force in the state. The PAN
eventually joined forces with the PRD after the PRI won the gubernatorial election of 2010, and this
coalition became the major opposition block in the state until 2021 when MORENA almost completely
swept the state elections. Now, these differences with the political structure of Chihuahua are not stark,
as up to 2021, there were two major political blocks that included the PRI and the PAN, and both were
challenged recently by MORENA. Additionally, the differences in the distribution of socioeconomic
levels in the state are, in part, a consequence of the reason for including Zacatecas as an additional control.
This state is divided into fifty-eight municipalities, and–according to census data–none of them surpass
a population of two hundred and fifty thousand people. In fact, most of these municipalities have
populations below thirty thousand people (Instituto Nacional de Geografía y Estadística, 2021). The
prevalence of low-population municipalities in this state seems to be related to the distribution of
socioeconomic levels in the state, and it might explain why the PAN has not been as strong in this state.
The PAN is a right-wing party that has been more successful in urban rather than rural regions.
Together, Sinaloa and Zacatecas seem to constitute a fitting control case for studying the effects of
the “El Gordo Cívico” program in Chihuahua. Zacatecas offers balance in the number of small
municipalities, while Sinaloa provides relevant urban comparisons. All three states have experienced
similar electoral legislations and share electoral calendars. Moreover, while the political dynamics of
Zacatecas vary a little, they are in line with what would be expected in a state with mostly small
municipalities. Finally, while it is impossible to prove that the conditional parallel trends assumption
holds, prior to presenting the results of the analysis, I use event studies to provide evidence that offers
some reassurance that it is reasonable to expect that parallel trends hold for these cases. But first, I discuss
the model specification along with the hypotheses of this analysis.
2.1. Model specification and hypotheses
The TWFE model specification for this study is as follows:
Turnout Rateit =
"
1 +
"
2Treatedi +
"
3PostTreatmentt + ∂Treatedi × PostTreatmentt +
#
Controlsit +
$
Municipality Fixed Effectsi +
%,
(5)
The variable Treatedi is a dummy variable that indicates if municipality i is in the state of Chihuahua.
Similarly, PostTreatmentt is a dummy variable that has a value of one for all the elections that took place
after the turnout-buying program was implemented. In other words, this dummy variable divides
observations into two periods, one before the program was implemented and one after its application. I
include five elections from the period before the implementation of the “El Gordo Cívico” program: the
midterm federal elections of 2009 and 2015, the federal presidential election of 2012, the local midterm
election of 2013, and the local gubernatorial election of 2010. Meanwhile, the three elections that have
been held after the implementation of the program are included: the local gubernatorial election of 2016,
the local midterm concurrent with the 2018 presidential election, and the local gubernatorial concurrent
with the 2021 federal midterm. This means that the turnout rates are averaged across each period8. Next,
8 Given that each type of election may have unique dynamics, this approach does a better job of capturing the difference between
the averages among all types of elections in each period than a TWFE model with multiple time periods where election years are
included as part of the fixed effects specification. Further, it allows me to include dummy variables to indicate the type of election
without creating perfect collinearity.
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the interaction between Treatedi and PostTreatmentt yields the estimated ATT, and its value is given by
coefficient ∂. In other words, the estimate for this coefficient will reveal whether the implemented
program has an effect on turnout rates.
Controlsit refers to a vector of time-variant control variables relevant to this study. Specifically, I first
include the log of the number of registered voters in the electoral section. This is an important variable
to consider since mobilization and canvassing efforts may be more successful when the size of the
electorate is small. Now, it could be argued that another reason to include this control is that a small
increase (or decrease) in the raw number of voters in a small municipality would have a higher impact
on the turnout rate than the same raw increase in a large municipality. However, this issue is addressed
by weighting observations by the total number of registered voters in all three states in each of the
elections included.
Next, I include two variables that the Mexican National Electoral Institute has consistently identified
as being associated with turnout rates: the proportion of female registered voters in a municipality and
the proportion of registered voters between twenty and thirty-nine years old and those older than eighty
(Instituto Federal Electoral, 2011, 2013; Instituto Nacional Electoral, 2016, 2019, 2022). The National
Electoral Institute reports that, at least in federal elections, women and those younger than twenty years
old or between the ages of forty and seventy-nine years tend to vote at higher rates; thus, it is important
to control for these variables. Unfortunately, these data are only available for federal elections; those for
the local elections of 2010, 2013, and 2016. Thus, I have imputed values by interpolating using the federal
elections that surround each local election. For instance, for the local election of 2010, I took the difference
between the values of these variables in the years 2009 and 2012, divided the result by three, and added
it to the value reported in 2009.
Given that resources available and the quality of infrastructure in a community may influence the
cost of voting and, consequently, electoral participation, I include the marginalization index calculated
at the municipal level and normalized as reported by Mexico’s Secretariat of Government. The National
Population Council calculates this index every five years using Census and mid-census population count
data (Consejo Nacional de Población, 2021). Therefore, this index is available for the years 2010, 2015,
and 2020. In this case, I have populated the values for the years 2009, 2012, 2013, 2016, and 2018 with the
value of this index that is closest to each of these years. In other words, the value of this index imputed
for a municipality in 2009 and 2012 corresponds to the value of the index in 2010. Meanwhile, for the year
2013, the value would be the same as the one reported for 2015.
Additionally, I include the margin of difference between the top two parties in the most important
election held in each year included in the study, calculated at the municipal level. This variable aims to
control for the competitiveness of the most important election held. The importance of an election, along
with its perceived competitiveness, are important determinants of voter participation (Edlin et al., 2007).
Next, I also include dummies to indicate the party in power at the municipal level and a dummy that
takes the value of one when the incumbent municipal party is the same as the incumbent party at the
state level. In a clientelist setting like Mexico (Beltrán & Castro-Cornejo, 2019; Cantú, 2019; Greene &
Simpser, 2020), having control of the municipal and state purses can be an element that contributes to
mobilization through clientelist incentives (Calvo & Murillo, 2004).
The next set of controls corresponds to dummies that identify the type of election held each year.
The baseline category is federal midterm elections, that is, only when the federal Congress is voted. These
are the elections with the lowest turnout rates in the data for all states. Thus, the dummy variables
included indicate the following types of elections: federal-only presidential, local-only gubernatorial,
local-only midterm, federal presidential and local midterm, and federal midterm and local gubernatorial.
Finally, the last two controls are also dummies that specify the first election in which independent
candidates were allowed to participate and if the election resulted in a change of power at the state level
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after the incumbent party had been in office for twelve years or more. Both events might be related to a
surge in participation. In the case of independent candidates, their novelty, in addition to potentially
being perceived as anti-establishment politicians, may mobilize some voters. Similarly, a change of party
in power after a long period of time could be related to a surge in participation as voters might have been
motivated due to the potential alternation of power. The final term of the specification, γ, corresponds to
municipality-fixed effects. This term is included to control for any unaccounted variations that are related
to the characteristics of the municipalities.
Before presenting the hypotheses of this study, consider Panagopoulos’ revised calculus of voting
equality presented in equations 2, 3, and 4. The turnout-buying program should increase the value of
parameter DE for all voters in Chihuahua. Now, Panagopoulos argues that assuming the functional form
is correct, the marginal effect of DE always seems to be positive. At the very least, there is no evidence
that suggests that DE has a crowding-out effect on DI (Panagopoulos, 2013). Thus, Hypothesis 1 states:
H1. Holding everything else constant, the implementation of the turnout-buying program in Chihuahua has a
positive effect on the level of turnout in electoral sections in Chihuahua. Hence ∂ > 0.
Now, one essential thing to consider is that, as reported in the social media pages that promoted the
“El Gordo Cívico” program, most promotions offered were concentrated in urban municipalities. Hence,
if the program had an effect on these municipalities, but none on rural municipalities, and the effect was
not large, it is possible that the estimate of the coefficient δ is not significantly different from zero as rural
municipalities would bring the value of the estimate down. Considering this, I extend the original TWFE
estimator to a difference-in-difference-difference (DDD) model as follows:
Turnout Rateit =
"
1 +
"
2Treatedi +
"
3PostTreatmentt +
"
4
Urban Municipalityi + ∂1Treatedi ×
PostTreatmentt + ∂2Treatedi × Urban Municipalityi + ∂3PostTreatmentt × Urban Municipalityi +
∂4Treatedi × PostTreatmentt × Urban Municipalityi +
#
Controlsit +
$
Municipality Fixed Effectsi +
%
.
(6)
I created the urban municipality variable using Pérez-Rasgado’s Mexican municipalities typology
(Pérez-Rasgado, 2014). This variable is a dummy that indicates if the municipality is classified as
metropolitan or urban according to this typology. Next, the coefficient of interest from this specification
is δ_4, as it represents the ATT, considering that treated units might only be the urban municipalities and
not the rural ones. Therefore, Hypothesis 2 can be described as follows:
H2. Holding everything else constant, the implementation of the turnout-buying program in Chihuahua has a
positive effect on the turnout rates of urban municipalities in Chihuahua. Hence ∂4 > 0.
2.2 Event studies and the parallel trends assumption
Before discussing the results of this study, I present the results of event studies (ES) made only with
election data prior to 2016. An essential condition for giving credence to the results obtained from the
estimators discussed above is that the conditional parallel trends assumption holds for the cases used in
this analysis. Further, as I mentioned earlier, the use of time-variant controls in the TWFE specification
means that parallel trends should also hold for these controls. Now, while it is not possible to prove that
the assumptions hold (after all, they are assumptions), at least ES can offer some reassurance about the
reasonability of these assumptions.
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Table 1. Event studies results using periods of 2009-2010 and 2012-2015.
Model
ES
SE
2009-2010 and 2012-2015 ES with controls Zacatecas and Sinaloa
0.8338
1.6093
2009-2010 and 2012-2015 ES, Urban Chihuahua with controls Zacatecas and Sinaloa
0.7616
2.0962
2009-2010 and 2012-2015 ES with control Zacatecas
0..0382
1.6847
2009-2010 and 2012-2015 ES, Urban Chihuahua with control Zacatecas
1.0849
1.6341
2009-2010 and 2012-2015 ES with control Sinaloa
1.0374
1.8474
2009-2010 and 2012-2015 ES, Urban Chihuahua with control Sinaloa
-0.1499
2.1130
Source: Author.
Figure 1. Event studies with periods 2009-2010 and 2012-2015.
Note: The three upper coefficients represent the ES coefficients when urban units are considered the
treated units within Chihuahua. The bottom ES coefficients are from the estimations where all
municipalities in Chihuahua are considered equally treated.
I used the specifications described in the previous section to compare two periods before the
implementation of the program in Chihuahua. The first period includes the federal midterm election of
2009 and the gubernatorial election of 2010. Meanwhile, the second period consists of the federal
presidential election of 2012, the local midterm of 2013, and the federal midterm of 2015. This split
Incentivizing voting turnout through gifts and promotions: An analysis of 'The Civic Thumb' program in Chihuahua, Mexico 69
Economicus Journal of Business and Economics Insights 2024 1(1), 57-75
manages to include one federal midterm and one major election–a gubernatorial and a presidential–in
each period; hence, it seems to be the most balanced way to split the elections to perform the ES.
Additionally, I subsetted the data to run ES estimations with only the data from Zacatecas and Chihuahua
and then only with the observations from Sinaloa and Chihuahua. Thus, I made six different ES
estimations, using these three sets of data and calculating a coefficient where all observations from
Chihuahua are considered as equally treated and another one where urban municipalities are considered
the treated units within Chihuahua, as shown in Table 1.
If the coefficients from these calculations are not statistically different from zero, this will offer
reassurance that the conditional parallel trends assumption is reasonable for these cases. It is crucial to
reiterate that this is in no way conclusive evidence of parallel trends since this is, to reiterate, an
assumption. But at least these calculations suggested that up to the year of the treatment, there is evidence
of parallel trends. With this in mind, it is possible to interpret the results of the ES as they relate to this
research. Table 1 presents the results of the ES estimations; the ES column presents the estimated ES
coefficient, while the SE column displays the estimated standard errors clustered by municipality. Note
that in all but one of the ES estimations, the standard error is larger than the absolute values of the
estimated coefficients; thus, none of these coefficients are significantly different from zero. As for the one
in which the absolute value is larger than the standard error, this latter estimated parameter is still large
enough so that the coefficient is not significantly different from zero (ES -2.2092, SE 2.1810).
Figure 1 offers a visual summary of these estimates through a coefficients plot, and through it, it is
easy to observe that the whiskers of all the estimated ES coefficients cross the vertical line, indicating a
value not statistically different from zero. As discussed above, the main takeaway from these results is
that the assumption of parallel trends is reasonable in this study. Thus, these results offer some
reassurance that the results presented below are reliable.
3. Results
Table 2 summarizes the results of all the models I estimated for this analysis. The column labeled
ATT includes the estimated average treatment on the treated, which corresponds to coefficients ∂ and ∂4
of the TWFE DiD and DDD models described above. The SE column includes the standard error clustered
by municipality. The main specifications are those found in the first two rows, as they include all three
states and all election data available for this study. It is evident that the estimated ATT is not statistically
significant–at 0.05 and 0.10 significance levels– in either the DiD (ATT -0.1407, SE 2.1347) or the DDD
(ATT -1.0708, SE 2.0962) models. Not only are the standard errors clearly larger than the estimated
coefficients, but these coefficients have the opposite sign to the one hypothesized. In other words, in both
models, there is no evidence to claim that the ATT is different from zero and positive. Hence, when the
elections of 2016 through 2021 are averaged together, “El Gordo Cívico” program did not affect turnout
rates when compared to the average turnout rate in Chihuahua from 2009 through 2015.
Now, there is a possibility that the year 2021 bias the results since the Business Coordinating Council
of the state of Durango–an organization that promotes the interests of private businesses in this state–
along with the National Electoral Institute, launched a program similar to “El Gordo Cívico” called “Mi
Voto Vale” or, in English, “My Vote Is Worthy.” While the program was mainly implemented in
Durango, businesses in other states also participated. At least one business in Sinaloa and three in
Zacatecas were part of this initiative. While these numbers might not be much, it can still be argued that
just like in Chihuahua with “El Gordo Cívico,” an electoral authority–even if it was not the state electoral
authority–also implemented a turnout-buying program in Sinaloa and Zacatecas. With this in mind, I
dropped the 2021 election and estimated the ATT again. Just as with the original estimations, the
estimates of the ATT have a negative sign and are not significantly different from zero, -3.0118 (SE 2.4872)
for the DiD model and -2.1338 (SE 1.9338) for the DDD model.
Juan David Irigoyen-Borunda 70
Economicus Journal of Business and Economics Insights 2024 1(1), 57-75
Table 2. DiD and DDD results.
Model
ATT
SE
1
2009-2021 DiD with controls Zacatecas and Sinaloa
-0.1407
2.1347
2
2009-2021 DDD with controls Zacatecas and Sinaloa
-1.0708
2.0962
3
2009-2018 DiD with controls Zacatecas and Sinaloa
-3.0118
2.4872
4
2009-2018 DDD with controls Zacatecas and Sinaloa
-2.1338
1.9338
5
2009-2016 DiD with controls Zacatecas and Sinaloa
-4.6620
4.3758
6
2009-2016 DDD with controls Zacatecas and Sinaloa
4.5348
2.6242
7
2009-2021 DiD with control Zacatecas
-1.0690
1.8214
8
2009-2021 DDD with control Zacatecas
0.8440
2.4734
9
2009-2018 DiD with control Zacatecas
-4.0466
2.4727
10
2009-2018 DDD with control Zacatecas
0.0109
2.6953
11
2009-2016 DiD with control Zacatecas
-13.5903
6.4524
12
2009-2016 DDD with control Zacatecas
2.7606
2.4433
13
2009-2021 DiD with control Sinaloa
-1.1868
2.7141
14
2009-2021 DDD with control Sinaloa
-4.5126
2.2504
15
2009-2018 DiD with control Sinaloa
-4.0452
2.8150
16
2009-2018 DDD with control Sinaloa
-2.1338
1.9338
17
2009-2016 DiD with control Sinaloa
-4.0182
4.5691
18
2009-2016 DDD with control Sinaloa
-0.8681
2.4193
Source: Author.
I performed an additional estimation, dropping both the elections of 2018 and 2021. Given that the
election of 2018 was the first one where federal and local elections were held at the same time, it could
be the case that the effect on the turnout rates in each state was different, which would bias the ATT
estimate. Nevertheless, it should be noted that this estimator compares the average turnout rates of the
elections of 2009 through 2015 with the turnout rate of a single election after the implementation of the
program. However, since there are no other elections after the implementation of the program, this is a
limitation that cannot be circumvented. As for the results of these estimations, the ATT from the DiD
model is even more negative than the previous ones (-4.6620), and it is still not different from zero at
traditional levels of significance (SE 4.3758). Meanwhile, the estimate from the DDD model has the
expected sign (4.5348), and it is statistically different from zero, but only at the 0.10 significance level (SE
2.2642). Considering the results from the previous estimators, this is only weak evidence in favor of H2.
Finally, I also performed the analyses again, dropping one of the control states each time. If one of
these states is a bad control, then it would bias the ATT estimates. Rows seventh through eighteenth of
Table 2 display the calculated ATT from these models. There is not much to discuss from these quantities
as they confirm the conclusions from the first five models; none of these estimations are significantly
different from zero, and most of them are negative. Further, the estimated ATT that is larger in magnitude
is also one of those that have the wrong sign. All these results, including those discussed above, can be
visualized in the coefficient plot presented in Figure 29. With this cumulative evidence and the limitations
of the data for the estimator that do not include the elections of 2018 and 2019, it is not possible to
conclude that the turnout-buying program implemented by the electoral authority of the state of
Chihuahua, “El Gordo Cívico,” has had any effect on turnout rates.
9 This paper's online appendix contains detailed tables with all variables in each model specification: https://www.jd-irigoyen-
borunda.com/_files/ugd/eb96bb_29ea3883ed0b4bf1b905def70d086737.pdf
Incentivizing voting turnout through gifts and promotions: An analysis of 'The Civic Thumb' program in Chihuahua, Mexico 71
Economicus Journal of Business and Economics Insights 2024 1(1), 57-75
Figure 2. DiD and DDD coefficients of all estimated model specifications.
Note: The nine upper coefficients are the DiD coefficients, which indicate that all municipalities in
Chihuahua are considered equally treated. The nine bottom coefficients are the DDD coefficients, which
indicate that urban units are considered the treated units within Chihuahua.
4. Discussion and conclusions
From the election of 2016 onwards, the electoral authority of the state of Chihuahua, along with local
businesses, has implemented the “El Gordo Cívico” program in hopes of increasing turnout by
rewarding voters with special sales and discounts at several venues across the state. This program can
be described as a form of turnout-buying since it aims to counteract the costs of voting by offering
material rewards to voters in exchange for their participation. Nevertheless, the results from this study
strongly suggest that the program has not accomplished its objective. Even when voter participation in
Chihuahua increased in the 2016, 2018, and 2021 elections compared to that of previous years (Instituto
Federal Electoral, 2011; 2013; Instituto Nacional Electoral, 2016; 2019; 2022), it cannot be said that this
increase was due to the “El Gordo Cívico” program. When considering other changes in the electoral
environment that occurred during these years, the turnout-buying program did not contribute to the
observed increase in turnout in Chihuahua.
Now, given that the program does not seem to affect turnout, are the results from this study just an
interesting curiosity but nothing to explore any further? I would argue that this is not the case. Beyond
its effectiveness, the setup of the program may raise some concerns. The first question that might come
to mind is, what do businesses get for participating in the program? As has already been mentioned, at
least up to the 2021 election, all businesses could freely partake in this program. Further, the electoral
Juan David Irigoyen-Borunda 72
Economicus Journal of Business and Economics Insights 2024 1(1), 57-75
authority promotes those venues that want to publicize their offers on the campaign’s social media
accounts. This means that election day is potentially a special sales day for local businesses that
participate in the program. Thus, what these local businesses expect is that their sales will increase
because of taking part in this program. It is also possible that some of the participants in the program
simply derive satisfaction from knowing they are doing something to promote democracy in their
community. These business owners might be motivated to participate in the turnout promotion program
even if the influx of customers in their business does not increase significantly because of the program.
Nevertheless, the one worrying concern–at least from a normative perspective– comes when
considering the possibility that participant businesses could take advantage of the program to promote
a particular candidate. In such a case, the program could quickly turn into a form of clientelism funded
with private resources. Participating businesses may act strategically and attempt to exploit the program
to benefit their preferred candidate by mobilizing a particular sector of the population that may find the
offered promotions more appealing. Unfortunately, these concerns cannot be addressed with the data
presented in this work. Thus, further research is warranted so that these questions can be addressed. The
good news is that starting in the 2024 election, the Chihuahua electoral authority refurbished this get-
out-the-vote program, rebranding it as “El Pulgar Cívico.” With this refurbishment, participant
businesses now must register to be part of the program. Hence, obtaining specific data about participant
vendors and the special sales they offer will be possible. These data, along with geospatial data regarding
both businesses’ locations and poll stations, could shed light on potential differential effects of the
program based on location and type of promotion offered. Further, having a set list of participant
businesses is an essential step for surveying these businesses so that we can understand their motivations
for participating in this program. It is possible that business owners, through the local chamber of
commerce, attempt to coordinate to exploit the program by targeting only that segment of voters that
would vote in line with the interest of these business owners. Alternatively, they might perceive this day
as a special sales holiday. Hence, they mainly participate to increase their sales. Finally, it might be the
case that business owners have the sole intention of promoting participation, and this is why they
participate in the program. Of course, these scenarios are not mutually exclusive, and this is another
reason for studying the different caveats of the “El Gordo Cívico” program beyond its effects on turnout.
Additionally, given that the available data are at the municipality level and voting is an individual
behavior, is that this study is not exempt from the ecological fallacy. Hence, there exists the possibility
that the program is indeed affecting the behavior of some individuals; nevertheless, on the aggregate,
this is not perceivable. For instance, the program could affect different groups of people differently. Some
would be incentivized to participate by the program, while for others, it could have a crowd-out effect,
meaning that the extrinsic reward ends up decreasing intrinsic motivation (Deci et al., 1999). These
differential effects cannot be inferred from municipality-level data. Thus, an extension of this study using
individual-level data is necessary to safely conclude that the program has not had any effects on turnout.
Further, even if the results hold after looking at individual-level data, a study with this level of
disaggregation can help us understand why voters are not mobilized by this program. It could be that
the program does not have much penetration among voters; thus, they are not aware of the rewards
available to them. On the other hand, they could perceive the program as an illegitimate strategy to
incentivize participation; this could also decrease turnout. Finally, it could also be the case that those
voters who take advantage of the program are those who already participated regularly. Even if the
program can be labeled as turnout-buying, offering sales and discounts implies that voters are going to
spend money after voting. Therefore, it could be possible that voters do not perceive these sales as
rewards, or at least not as something that is reducing the cost of voting. For voters, this could be an
incentive to spend more and not vote; hence, voters with more available resources will be the ones likelier
Incentivizing voting turnout through gifts and promotions: An analysis of 'The Civic Thumb' program in Chihuahua, Mexico 73
Economicus Journal of Business and Economics Insights 2024 1(1), 57-75
to take advantage of the program. In general, these voters tend to be the ones that already participate in
elections (Carlin et al., 2015).
In conclusion, this study is only a first step in understanding how turnout-buying programs
implemented by official electoral authorities can affect the electoral environment. This is particularly
important given that the electoral authority of the state of Baja California has also implemented a similar
program to that in Chihuahua, and in 2021, the Business Coordinating Council of the state of Durango,
with the sponsorship of the National Electoral Institute, has promoted another program like the “El
Gordo Cívico” in Durango and some other states. We still need to understand how the public perceives
these programs, whether they are legitimized by the sponsorship of electoral authorities, and if they
could be exploited to mobilize some voters over others. Thus, even if this research suggests that these
programs do not increase overall turnout, this is only a piece of a larger puzzle regarding turnout-
rewarding programs.
Supplementary Materials: The online appendix is available online at https://www.jd-irigoyen-
borunda.com/_files/ugd/eb96bb_29ea3883ed0b4bf1b905def70d086737.pdf.
CRediT Author Contributions: “The author has read and agreed to the published version of the manuscript.”
Conflicts of Interest: “The author declares no conflict of interest.”
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OJS: https://revistascientificas.uach.mx/index.php/economicus
ISSN: 3061-8169
Como citar / How to cite:
Barajas-Bustillos, H. A., & García-De la Torre, M. F. (2024). Cambios en la estructura del gasto en vivienda y transporte de los
hogares de Chihuahua de 2018 a 2022. Economicus Journal of Business and Economics Insights, 1(1), 76–88.
https://doi.org/10.54167/ejbei.v1i1.1671
Este artículo está bajo los términos de la Licencia Creative Commons Atribución/Reconocimiento NoComercial 4.0 Internacional.
This article is under the terms of the Creative Commons Attribution-NonCommercial 4.0 Internacional License.
(https://creativecommons.org/licenses/by-nc/4.0/).
Artículo
Cambios en la estructura del gasto en vivienda y
transporte de los hogares de Chihuahua de 2018 a 2022
Changes in the structure of household expenditure on
housing and transportation in Chihuahua from 2018 to
2022
Héctor Alonso Barajas-Bustillos 1*, Maryann Fernanda García-De la Torre 2
1 Departamento de Ciencias Sociales, Universidad Autónoma de Ciudad Juárez, Chihuahua, México;
hbarajas@uacj.mx; ORCID: 0000-0002-3468-3052
2 Departamento de Ciencias Sociales, Universidad Autónoma de Ciudad Juárez, Chihuahua, México;
al233412@alumnos.uacj.mx; ORCID: 0009-0000-8355-644X
* Autor de correspondencia / Correspondence author
Recibido: 06/05/2024; Aceptado: 30/06/2024; Publicado: 02/07/2024.
DOI: https://doi.org/10.54167/ejbei.v1i1.1671
Resumen: Este documento hace un análisis exploratorio de los gastos de los hogares de Chihuahua antes, durante
y después del confinamiento del COVID 19. La política pública “Quédate en Casa” modificó el uso de las viviendas
debido a la educación en línea y al teletrabajo lo cual generó adaptaciones e incrementos en gastos para éstas. La
disminución de la movilidad trajo una reducción en las unidades de transporte público circulante obligando a los
hogares a modificar sus gastos de transporte. Se construyó una base de datos por hogar y se rastreó en qué clases
del gasto de los hogares hubo cambios para afrontar las alteraciones antes mencionadas.
Palabras clave: Gasto de Transporte, Gasto de Vivienda, Gasto Substituto, Gasto Complementario, Gasto de los
Hogares.
Clasificación JEL: D12, E21, R21.
Héctor Alonso Barajas-Bustillos, Maryann Fernanda García-De la Torre 77
Economicus Journal of Business and Economics Insights 2024 1(1), 77–88
Abstract: This document provides an exploratory analysis of household expenses in Chihuahua before, during,
and after the COVID-19 lockdown. The public policy of ‘Stay at Home’ modified housing usage due to online
education and telecommuting, resulting in adaptations and increased expenses. Reduced mobility led to a decrease
in available public transportation units, prompting households to adjust their transportation expenses. A
household database was built, and changes in household spending categories were tracked to address the
aforementioned disruptions.
Keywords: Transportation Expense, Housing Expense, Substitute Expense, Complementary Expense, Household
Expense.
JEL Classification: D12, E21, R21.
1. Introducción
La llegada del COVID-19 a México en febrero de 2020 trajo con la cuarentena y la campaña “Quédate
en Casa” un cambio radical en los patrones de consumo de los individuos. El trabajo a distancia, la
educación en línea y las medidas de distanciamiento social modificaron los gastos de las familias en los
rubros de salud, transporte, equipos de comunicación y gastos del hogar y con ello la disminución de
otros rubros.
En el tercer semestre del 2020 en México se perdieron más de 4 millones de empleos,
paradójicamente, esto no incrementó el número de desempleados sino de personas desanimadas
(personas que tenían un empleo y al perderlo ya no buscaron otro), los individuos entre 25 y 44 años
fueron los más perjudicados, disminuyeron los salarios y los efectos de lo anterior repercutieron
mayormente en las personas de menores recursos incrementando así la pobreza y la desigualdad de
ingresos (Ortiz & Rodríguez, 2023; Razafindrakoto et al., 2023). Los cambios en la estructura del empleo
favorecieron el teletrabajo lo cual aumento la desigualdad entre trabajadores que no contaban con las
habilidades digitales necesarias para la rápida adaptación, asimismo, genero una carga extra diferenciada
pues las mujeres se enfrentaron a una sobrecarga con el cuidado familiar, el trabajo doméstico y el
teletrabajo (Weller, 2020).
Lo anterior también tuvo consecuencias en la estructura de la familia, la pandemia obligó a los
estudiantes a tomar clases en casa, atribuyendo nuevas obligaciones a los padres de familia con nuevas
ocupaciones y una reducción en los tiempos de ocio y diversión. La educación también trajo efectos
diferenciados entre los hogares de menores recursos respecto al resto, dada la precaria adaptación digital
y menor posesión de dispositivos que facilitaran la enseñanza en línea (González et al., 2013). Aunado a
esto, los hogares mexicanos de menores ingresos presentaron una reducción en el consumo de frutas,
verduras y proteínas de origen animal que junto con la limitación a la actividad física al exterior llevó a
un deterioro físico, mental y nutricional que tuvo repercusiones en el aprendizaje y es un problema de
salud pública (Rodríguez-Ramírez et al., 2021).
Los efectos de la pandemia no fueron homogéneos en el territorio nacional, en el año de 2020 con la
política del confinamiento “Quédate en casa” el producto interno bruto, según el Instituto Nacional de
Estadística y Geografía (INEGI), tuvo una caída del 8.62 por ciento. A nivel entidad federativa los estados
de Baja California Sur y Quintana Roo tuvieron caídas superiores al 15 por ciento de su producción, los
estados con fuerte presencia de industria automotriz tuvieron caídas de alrededor de 10 por ciento.
Destaca el estado de Chihuahua con una de las caídas menos pronunciadas, siendo esta de 6 por ciento,
fue la cuarta entidad con menor tasa, y es la entidad que en el periodo de 2018 a 2022 tuvo mayor
Cambios en la estructura del gasto en vivienda y transporte de los hogares de Chihuahua de 2018 a 2022 78
Economicus Journal of Business and Economics Insights 2024 1(1), 77–88
crecimiento, solo después de tabasco, cabe destacar que 17 de las entidades de la república mexicana en
el periodo de estudio no recuperaron el nivel de producción que tenían en 2018.
Chihuahua es el estado de la República Mexicana con mayor extensión territorial, su población se
concentra en dos municipios de los 67 que existen, los municipios de Juárez y Chihuahua concentraron
en el año 2020 el 65 por ciento de la población, concentración que se ha ido incrementando con el tiempo
a un ritmo promedio de 2.78 por ciento por periodo censal. En la producción concentraron el 79.5 por
ciento. Tiene frontera con Texas y Nuevo México, lo que favorece las exportaciones, en promedio entre
2018 y 2022 las exportaciones representaron el 26 por ciento del producto interno bruto estatal. La
producción creció a un ritmo promedio de 3.19 entre el año 2003 y 2017 y 3.18 por ciento promedio anual
en el periodo de estudio.
Los patrones de consumo analizan como la clase social, la edad, el género, la religión, el ingreso, etc.,
afectan las preferencias del consumidor dependiendo de las aspiraciones e interacciones sociales de estos
(Singh, 2010). Basados principalmente en la teoría neoclásica del consumidor de la maximización de la
utilidad, los gastos en transporte, vivienda y alimentación son considerados de primera necesidad y
tienen menos variaciones que el cuidado personal, vacaciones, bienes durables y alimentación fuera del
hogar que son considerados como bienes de lujo (Galindo et al., 2021; Gómez et al., 2015).
Figura 1. Incremento de gasto en adquisición de vehículos.
Fuente: Cálculos propios de la ENIGH (2018, 2020 y 2022) en el marco geoestadístico de INEGI.
Héctor Alonso Barajas-Bustillos, Maryann Fernanda García-De la Torre 79
Economicus Journal of Business and Economics Insights 2024 1(1), 77–88
El confinamiento disminuyó el gasto de los individuos en transporte público un 43 por ciento en
promedio para los estados de la república, el estado de Chihuahua fue de los más perjudicados en este
rubro al tener una disminución del 51.77 por ciento, esto ocasionó que circularan menos unidades de
transporte público y obligó a las familias a modificar la forma de transportarse, aumentando el gasto en
adquirir vehículos y los gastos asociados a éstos en un 39 por ciento según datos de la Encuesta Nacional
de Ingreso Gasto de los Hogares (ENIGH).
La vivienda pasó de ser un hogar para la familia a una extensión del lugar de trabajo, de la escuela,
de los cuidados médicos, de sitio de esparcimiento y zona de actividad física con todos los gastos y
adecuaciones que ello signifique, la vivienda paso a ser una unidad de producción. Los efectos de la caída
del gasto de transporte público (TP) por hogar se dieron en todo el país, no así las variables relacionadas
con el uso del automóvil, se puede ver en la Figura 1 que el incremento del gasto en adquirir vehículos
(ADVEHI) se concentró en el noreste y el sureste del país, el mantenimiento (MANT), Refacciones (REF)
y Combustible (COM) el estado de Chihuahua aparece en los de mayor incremento, contrario a la variable
cuidado personal que donde aparece en los de menor aumento. En las variables de vivienda (VIVI), agua
(AGUA) y alquiler (ALQ), relacionadas con los gastos de vivienda también fueron en Chihuahua donde
mayor incremento hubo en el periodo de estudio. Son visibles los cambios en las variables relacionadas
con el transporte y la vivienda derivados del confinamiento a causa del COVID-19 en Chihuahua, este
documento busca describir que efectos tuvieron estos incrementos sobre el gasto en alimentación, en el
vestido, en la salud, en el cuidado personal y en el esparcimiento en los años de 2018, 2020 y 2022.
2. Metodología
Para profundizar en los efectos que tuvo el incremento del gasto en transporte y vivienda sobre los
gastos de la familia se utilizó a los hogares del estado de Chihuahua como la unidad de análisis, la base
de datos se construyó a partir del concentrado hogar de la Encuesta Nacional de Ingreso Gasto de los
Hogares de los años 2018, 2020 y 2022 que realiza el Instituto Nacional de Estadística y Geografía.
Dado que los datos son monetarios, para que puedan ser comparados a través del tiempo fueron
deflactados, teniendo así a todos hogares de los tres años como miles de pesos de 2018. Los cálculos se
realizaron con el factor de expansión que incluye el propio instrumento.
Tabla 1. Variación del gasto por decil en gastos de transporte.
Decil
Transporte público
Adquirir vehículos
Mantenimiento
Refacciones
Combustible
18-20
20-22
18-20
18-20
20-22
18-20
18-20
20-22
18-20
18-20
20-22
18-20
18-20
20-22
18-20
1
-3.3
14.1
10.8
13.7
16.2
29.9
154.1
124.2
278.3
21.5
-32.9
-11.4
132.6
157.1
289.7
2
-117.0
5.7
-111.2
68.8
49.1
118.0
-40.6
361.1
320.5
-26.5
33.5
6.9
-14.1
327.7
313.6
3
-129.5
34.5
-95.0
138.0
-120.7
17.3
334.6
490.4
824.9
18.0
29.5
47.6
316.5
460.8
777.3
4
-255.4
80.2
-175.2
159.7
205.4
365.1
374.7
418.5
793.2
35.4
-8.6
26.8
339.3
427.1
766.4
5
-324.6
221.0
-103.5
436.5
-405.2
31.3
176.9
122.3
299.1
41.5
-3.9
37.6
135.4
126.2
261.6
6
-285.8
71.1
-214.7
-188.1
455.9
267.8
64.8
505.5
570.3
-22.7
-17.6
-40.3
87.5
523.1
610.6
7
-296.5
88.4
-208.1
-113.4
601.0
487.6
-667.7
811.0
143.3
-87.0
37.6
-49.3
-580.7
773.3
192.6
8
-368.5
272.9
-95.7
-209.6
128.0
-81.6
-853.1
936.6
83.5
-102.4
3.8
-98.6
-750.8
932.9
182.1
9
-329.2
242.7
-86.6
338.3
-897.7
-559.4
-896.0
1268.3
372.3
-0.8
160.7
159.8
-895.2
1107.6
212.5
10
-106.4
129.0
22.6
-4579.3
2460.7
-2118.7
-2658.2
1720.8
-937.3
-303.1
247.7
-55.4
-2355.1
1473.2
-882.0
Fuente: Cálculos propios con ENIGH.
La variación en el gasto de transporte no fue homogénea entre los hogares, en la Tabla 1 se presenta
las primeras diferencias entre los periodos consecuentes y acumulado, se puede apreciar la disminución
en el gasto en transporte público en el periodo 2018-2020 para todos los deciles, sin embargo es mayor en
Cambios en la estructura del gasto en vivienda y transporte de los hogares de Chihuahua de 2018 a 2022 80
Economicus Journal of Business and Economics Insights 2024 1(1), 77–88
los deciles del 4 al 9, en el acumulado se observa como del decil 4 al 7 la disminución del gasto en
transporte público fue mayor, esto se puede explicar con los resultados de la columna de adquirir
vehículos, donde los mismo deciles son los que mayor incremento del gasto dedicaron, al cambiar el
transporte público por vehículos particulares estos mismos deciles tuvieron incrementos en el gasto de
mantenimiento, refacciones y combustible.
Respecto a los gastos de los hogares en Vivienda, el incremento se dio solo entre los primeros seis
deciles en el periodo 2018-2020, siendo los primeros deciles los más afectados en el acumulado. El mismo
efecto se repite en la variable de alquiler, como se muestra en la Tabla 2, los gastos en sostenimiento de
la vivienda aumentaron esto debido al cambio de vivienda familiar a vivienda productiva.
Tabla 2. Variación del gasto por decil en gastos de vivienda.
Decil
Vivienda
Alquiler
Agua
Energía
Cuidados
18-20
20-22
18-20
18-20
20-22
18-20
18-20
20-22
18-20
18-20
20-22
18-20
18-20
20-22
18-20
1
330.2
-57
273.2
162
11.68
173.68
40.937
-6.067
34.87
139.2
-64.1
75
36.968
-69.88
-32.9
2
186.7
129
315.9
104.11
-11.45
92.657
42.552
6.979
49.53
86.21
125
211
58.889
-36.14
22.75
3
250.9
257
508
117.66
120.5
238.14
107.14
-56.28
50.86
43.9
180
224
61.104
28.12
89.23
4
124.5
231
355.7
63.104
164.5
227.62
21.828
3.042
24.87
49.18
57.7
107
26.644
120.1
146.7
5
251
-65.1
185.9
19.265
41.89
61.155
115.94
-41.91
74.03
109.1
-80.1
29
68.36
2.407
70.77
6
219.6
-119
101
186.58
-145.8
40.806
44.939
-47.69
-2.75
14.7
83.4
98.1
36.748
-63.32
-26.6
7
-47.6
223
175.6
-24.95
81.53
56.579
-15.7
4.956
-10.7
-32.8
151
119
-35.56
12.67
-22.9
8
-27.6
407
379.1
-18.22
223.5
205.31
27.31
63.69
91
16.7
92.9
110
-38.37
37.42
-0.95
9
-317
391
73.78
-346.5
210.4
-136.1
26.799
96.75
123.6
-14.6
37.8
23.2
-39.69
100.7
61.02
10
-266
497
231.1
-296.8
462.5
165.71
2.725
-37.06
-34.3
141.6
127
268
-483.9
636.3
152.4
Fuente: Cálculos propios con ENIGH.
Dados los cambios descritos anteriormente, para evaluar los efectos que estos tuvieron se utiliza la
regresión lineal múltiple para cada uno de los años, se agregan como variables de control al número de
integrantes del hogar (tot_integ), la variable binaria sexo del jefe (sexo_jefe) donde 1 es mujer, a los
miembros del hogar mayores de 65 años (p65mas), el ingreso corriente el hogar (ing_cor), a los niños
menores de 6 años (menores), el gasto en bebidas (bebidas), el gasto en tabaco (tabaco), el gasto en
medicinas (medicinas), el gasto en comunicación (comunica) y pago a tarjetas (pago tarje). Como
variables explicativas de transporte se utilizó transporte público (publico), adquirir vehículos
(adqui_vehi), mantenimiento (mantenim), refacciones (refaccion) y combustible (combus), como
variables explicativas de vivienda se utilizó alquiler (alquiler), energía (energía), agua (agua), Cuidados
del hogar (cuidado), impuestos del hogar (pred_cons). Por último, como variables dependientes se utilizó
alimentos (alimentos), alimentos dentro del hogar (ali_dentro), alimentos fuera del hogar (ali_fuera),
vestido y calzado (vesti_calz), salud (salud), cuidado personal (personales) y esparcimiento (esparci).
Las ecuaciones que se estimaron quedan de la siguiente forma:
! = #!+ #"# %"# + #"$ %"$ + #%%%+ &.((( (1)
Donde Y toma el valor de una de las variables dependientes, %"# toma el valor de las variables
explicativas de transporte, cada una con su respectivo estimador, %"$ toma el valor de las variables
explicativas de vivienda y %% el valor de las variables de control teniendo así siete distintas variables
dependientes para cara uno de los tres periodos.
Héctor Alonso Barajas-Bustillos, Maryann Fernanda García-De la Torre 81
Economicus Journal of Business and Economics Insights 2024 1(1), 77–88
3. Resultados y discusión
La estimación inicial es con la variable de gasto en alimentación, la necesidad más básica del ser
humano, los signos son los esperados para las variables de total de integrantes e ingreso corriente, una
relación directa. Para la población vulnerable por edad, los menores de edad y mayores de 65 años, los
resultados muestran una relación indirecta, los gastos en vivienda son significativos, pero no tienen
efectos negativos sobre el gasto en alimentación, no así las variables relacionadas al gasto en transporte,
las variables de adquirir vehículo tuvieron un efecto negativo en el primer periodo y el mantenimiento
en el segundo y tercer periodo como se aprecia en la Tabla 3.
Tabla 3. Efectos del gasto de transporte y vivienda sobre el gasto en alimentación.
2018
2020
2022
tot_integ
642.2062***
676.2956***
1198.669***
(77.75368)
(70.69664)
(100.3147)
p65mas
-572.2532***
-413.361***
(158.5436)
(145.8267)
ing_cor
0.007268***
0.0024713***
0.0079062***
(0.001728)
(0.0004508)
(0.000857)
menores
-396.2404***
-282.8146***
-874.9237***
(133.8081)
(122.5508)
(179.1942)
bebidas
2.157322***
2.049293***
2.130054***
(0.0922001)
(0.0656441)
(0.0810004)
tabaco
1.154155***
1.096266***
0.6864478***
(0.2098936)
(0.1620046)
(0.2428678)
medicinas
1.106337***
0.4637339***
0.3292898***
(0.1759447)
(0.1525818)
(0.079974)
comunica
0.3494871***
0.6121541***
0.2584755***
(0.0536024)
(0.0572626)
(0.0490158)
esparci
0.5271845***
0.3533775***
(0.0617835)
(0.0620776)
publico
0.335755***
0.2601421***
0.2078054***
(0.0879111)
(0.1024093)
(0.0891845)
adqui_vehi
-0.0387275***
(0.0109621)
mantenim
0.7824663***
-0.2450082***
-0.242765***
(0.1118384)
(0.0247656)
(0.1148797)
combus
-0.6191002***
0.5617904***
(0.118026)
(0.1222113)
alquiler
0.2133713***
0.1458809***
0.1940574***
(0.0384857)
(0.0322014)
(0.0336314)
pred_cons
0.6680769***
0.6674724***
(0.1186261)
(0.152586)
energia
0.2296799***
0.1253093***
(0.0683143)
(0.0513138)
cuidados
0.5913204***
0.2130076***
0.3587907***
(0.0658415)
(0.0562156)
(0.0566577)
_cons
2247.705***
2673.792***
2171.3***
(234.7142)
(218.3087)
(284.1212)
R2
0.4335
0.4447
0.4717
Fuente: Elaboración propia. Nota: El error estándar aparece entre paréntesis. *Significancia estadística al 10%,
**Significancia estadística al 5%, ***Significancia estadística al 1%
Para ver mejor los efectos de sobre el gasto en alimentación, la variable se separó en gastos dentro
del hogar, Tabla 4 y gastos fuera del hogar, Tabla 5, en estos se aprecian diferencias notables, en el caso
de la variable sexo del jefe, los hogares con jefatura femenina gastan más en alimentación fuera del hogar,
Cambios en la estructura del gasto en vivienda y transporte de los hogares de Chihuahua de 2018 a 2022 82
Economicus Journal of Business and Economics Insights 2024 1(1), 77–88
el total de integrantes tiene una relación directa con alimentación dentro del hogar, pero inversa con
alimentación fuera del hogar, en la población vulnerable persiste la relación inversa en ambas
estimaciones.
Tabla 4. Efectos del gasto de transporte y vivienda sobre el gasto en alimentación dentro del hogar.
2018
2020
2022
sexo_jefe
-338.0683**
(170.234)
tot_integ
741.4279***
697.3348*
1093.005***
(61.61628)
(63.8128)
(79.44314)
p65mas
-221.547***
(126.2494)
menores
-366.2108***
-205.52**
-558.3336***
(106.3334)
(108.2162)
(142.6439)
bebidas
2.120805***
1.985229*
1.918143***
(0.0729944)
(0.0586478)
(0.0635662)
medicinas
0.9565545***
0.306571**
0.4622056***
(0.1403257)
(0.1370313)
(0.0641013)
comunica
0.1163318***
0.4664932***
0.1555519***
(0.0427549)
(0.0519369)
(0.0389289)
esparci
0.1101312***
0.2078077**
(0.0491509)
(0.1024179)
pago_tarje
0.0341542**
-0.0104862***
(0.0197816)
(0.0038457)
publico
0.1748289***
0.2269374***
(0.0701229)
(0.0712254)
adqui_vehi
-0.0300769***
(0.0070637)
mantenim
0.3233775***
0.2615122***
(0.0891705)
(0.0920572)
combus
-0.2810805***
-0.1644224*
0.2042718***
(0.0941304)
(0.0983595)
(0.0209898)
alquiler
0.1062424***
0.0912308***
(0.0306762)
(0.0287754)
pred_cons
0.1835072***
0.3954017***
(0.0939178)
(0.1225828)
agua
0.5201226***
0.5851719***
(0.1132152)
(0.1128535)
energia
0.3780556***
(0.0510134)
cuidados
0.216969***
0.1785295***
0.1220767***
(0.0518829)
(0.0505215)
(0.0436827)
_cons
1874.559***
2249.084***
2082.518***
(186.4158)
(209.927)
(224.3856)
R2
0.5567
0.5302
0.5219
Fuente: Elaboración propia. Nota: El error estándar aparece entre paréntesis. *Significancia estadística al 10%,
**Significancia estadística al 5%, ***Significancia estadística al 1%.
En cuanto a los gastos en transporte, adquirir vehículo y combustible son consistentes en ambas
estimaciones, con mayor parámetro para la alimentación fuera del hogar, el mantenimiento solo tiene
efectos negativos en la alimentación fuera del hogar. Mientras que los gastos de vivienda solo el gasto en
energía tiene efectos negativos sobre la alimentación fuera del hogar.
Héctor Alonso Barajas-Bustillos, Maryann Fernanda García-De la Torre 83
Economicus Journal of Business and Economics Insights 2024 1(1), 77–88
Tabla 5. Efectos del gasto de transporte y vivienda sobre el gasto en alimentación fuera del hogar.
2018
2020
2022
sexo_jefe
202.3173**
325.0839**
(97.86775)
(157.5252)
tot_integ
-110.0652***
-49.40562*
(35.02275)
(25.85177)
p65mas
-356.1899***
-305.5044***
(99.50683)
(73.78484)
ing_cor
0.006635***
0.0031149***
0.0073477***
(0.0008943)
(0.0002308)
(0.0005574)
menores
-199.3091**
(79.55955)
bebidas
0.0558485*
0.1787217***
(0.0337461)
(0.0483375)
medicinas
-0.1349986**
(0.0486838)
tabaco
0.145059*
(0.0833144)
comunica
0.2341452***
0.0898279**
0.0850944**
(0.0336384)
(0.0289287)
(0.029439)
esparci
0.4181448***
0.384734***
(0.0394976)
(0.0377988)
pago_tarje
0.0393449***
-0.0101684***
(0.0112534)
(0.0031495)
publico
0.1704228***
0.1930531***
(0.0557936)
(0.0525633)
adqui_vehi
-0.0265873***
(0.0076006)
mantenim
-0.4764648***
-0.1022367***
(0.0710502)
(0.0126223)
combus
-0.3545519***
-0.1025707***
(0.0750549)
(0.0167167)
alquiler
0.1069551***
0.0519174**
0.1896357***
(0.0245093)
(0.0164463)
(0.0203096)
pred_cons
0.4932827***
0.2201461**
(0.0756061)
(0.0934394)
energia
-0.1437799***
0.1285235***
(0.0435171)
(0.0306691)
cuidados
0.3872694***
0.2097554***
(0.0415879)
(0.0344677)
_cons
437.971***
344.2019**
-171.0488*
(142.6182)
(120.9179)
(156.4109)
R2
0.6724
0.6013
0.6221
Fuente: Elaboración propia. Nota: El error estándar aparece entre paréntesis. *Significancia estadística al 10%,
**Significancia estadística al 5%, ***Significancia estadística al 1%.
Las Tablas 6 y 7 despliegan información consistente en cuanto a las variables de control con las
estimaciones anteriores, sin embargo, son las estimaciones con el menor coeficiente de ajuste, los
parámetros son mínimos, esto implica que los gastos en vestido y calzado y salud no están sujetos a
externalidades, son consumos independientes que no pueden ser explicados por bienes sustitutos o
complementarios. En el caso del vestido y el calzado pudo no verse afectado ya que el confinamiento
redujo la necesidad de cambio de prendas de vestir. Respecto al gasto en salud al ser de primera
necesidad no puede ser reducido o alterado por el consumo de otros bienes.
Cambios en la estructura del gasto en vivienda y transporte de los hogares de Chihuahua de 2018 a 2022 84
Economicus Journal of Business and Economics Insights 2024 1(1), 77–88
Tabla 6. Efectos del gasto de transporte y vivienda sobre el gasto en vestido y calzado.
2018
2020
2022
sexo_jefe
-171.3098***
(0.0006879)
tot_integ
82.93653***
55.3891***
149.457***
(18.33874)
(12.31202)
(35.02275)
p65mas
-258.5819***
-161.7266***
-232.0074***
(52.4566)
(35.22923)
(25.85177)
ing_cor
0.000243**
0.0021788***
(0.0001107)
(0.0038457)
bebidas
0.1539345***
0.0755673***
0.1330109***
(0.0309226)
(0.0161223)
(0.0126223)
tabaco
0.0851742**
(0.0397846)
medicinas
0.2328417***
0.1375191***
(0.0595636)
(0.0375758)
comunica
0.0770144***
0.1089368***
0.0782866***
(0.0179758)
(0.014103)
(0.0394976)
esparci
0.3585001***
0.2138554***
0.2069139***
(0.0208167)
(0.0280024)
(0.0384857)
pago_tarje
-0.0079485***
(0.0572626)
adqui_vehi
0.0133865***
0.0096109***
-0.0081187***
(0.0029264)
(0.0030236)
(0.0579163)
refaccion
0.2694838***
0.1733192***
0.3114995***
(0.0378571)
(0.0252376)
(0.0579163)
combus
0.0575619***
0.0284402***
0.0523128***
(0.0083657)
(0.0066105)
(0.0142944)
alquiler
0.0339727***
0.0440921***
(0.0078833)
(0.0035332)
agua
0.0976024***
(0.0308842)
pred_cons
0.1084559***
0.1818148***
(0.0397211)
(0.0075103)
cuidados
0.1388181***
0.0630722***
0.1209836***
(0.0218922)
(0.0138835)
(0.0252062)
_cons
42.33672*
-80.36547**
18.57412*
(75.99231)
(52.16594)
(12.31202)
R2
0.2792
0.2421
0.2521
Fuente: Elaboración propia. Nota: El error estándar aparece entre paréntesis. *Significancia estadística al 10%,
**Significancia estadística al 5%, ***Significancia estadística al 1%.
Tabla 7. Efectos del gasto de transporte y vivienda sobre el gasto en salud.
2018
2020
2022
tot_integ
-124.8077***
-95.42471*
(45.37278)
(51.38359)
p65mas
273.4854*
250.197*
(147.2936)
(155.9707)
ing_cor
0.0093643***
0.0040881***
(0.0010147)
(0.0006879)
menores
144.456*
(77.95368)
medicinas
2.547348***
1.95444***
1.142825***
(0.105368)
(0.1564398)
(0.0628216)
comunica
-0.1218168***
-0.1405252**
(0.0314652)
(0.0593097)
Héctor Alonso Barajas-Bustillos, Maryann Fernanda García-De la Torre 85
Economicus Journal of Business and Economics Insights 2024 1(1), 77–88
esparci
0.0901627***
-0.0977874***
(0.0362406)
(0.0468654)
esparci
0.066233***
-0.0100989***
(0.0225612)
(0.0040498)
pago_tarje
0.2893442***
(0.1048518)
adqui_vehi
0.0205254***
0.0693279***
(0.006531)
(0.0097458)
refaccion
-0.1366071**
0.9177278***
1.02767***
(0.0664209)
(0.1049503)
(0.0868345)
pred_cons
0.4497647***
(0.1185753)
combus
0.1275592***
(0.0280953)
agua
-0.3090388***
(0.1321611)
energia
0.0680685*
0.1387287***
(0.0404344)
(0.0551573)
cuidados
0.118152***
0.3241536***
(0.0386615)
(0.0579163)
_cons
60.59465*
-148.3482*
50.56876*
(128.594)
(212.7435)
(119.086)
R2
0.2107
0.2823
0.2131
Fuente: Elaboración propia. Nota: El error estándar aparece entre paréntesis. *Significancia estadística al 10%,
**Significancia estadística al 5%, ***Significancia estadística al 1%.
Finalmente, en las Tablas 8 y 9 se manifiestan los mayores efectos del gasto en transporte y gasto en
vivienda. Refacciones y combustible tienen relación negativa con el gasto en cuidado personal y
esparcimiento tanto durante como después del confinamiento, no siendo así antes, este cambio de signo
implica que el confinamiento cambió el patrón de consumo debido al incremento en el uso de vehículos
particulares. En el gasto de vivienda, las variables relacionadas con los servicios de las viviendas, la
variable de energía y la variable de agua fueron las que disminuyen los gastos en ambas estimaciones,
en el caso de la variable agua también hay un cambio de signo al pasar a negativo durante y después del
confinamiento, mientras que la variable energía solo es relevante en su relación con el esparcimiento.
Tabla 8. Efectos del gasto de transporte y vivienda sobre el gasto en cuidado personal.
2018
2020
2022
sexo_jefe
-193.4775**
(84.63949)
tot_integ
147.7931***
130.3638***
242.9383***
(21.03787)
(22.49171)
(34.99284)
p65mas
-155.906***
-195.5354***
(59.42925)
(63.86443)
ing_cor
0.0037017***
0.0008063*
(0.0006578)
(0.0004453)
bebidas
0.1652197***
0.1524223***
0.1189123***
(0.0348997)
(0.0292192)
(0.0382762)
medicinas
0.4077806***
0.4345532***
0.0789312**
(0.0671784)
(0.0681006)
(0.0385083)
comunica
0.1165657***
0.207494***
0.1693863***
(0.020432)
(0.0256749)
(0.0234823)
esparci
0.2760498***
0.4757661***
0.3594011***
(0.0235538)
(0.0508831)
(0.0299016)
publico
0.0960925***
(0.0333584)
pago_tarje
0.081529***
-0.0085987***
Cambios en la estructura del gasto en vivienda y transporte de los hogares de Chihuahua de 2018 a 2022 86
Economicus Journal of Business and Economics Insights 2024 1(1), 77–88
(0.0099275)
(0.0024907)
adqui_vehi
0.0153267***
0.0200558***
(0.0041793)
(0.0060027)
refaccion
0.2286818***
-0.2813085***
-0.5195989***
(0.042714)
(0.0457708)
(0.0544528)
combus
0.0828378***
-0.1334306***
-0.1635003***
(0.0099056)
(0.0118499)
(0.0130508)
alquiler
0.0575898***
0.0548654***
(0.0142944)
(0.0160841)
pred_cons
0.1090506***
0.2122587***
0.7066262***
(0.0452866)
(0.0438078)
(0.0739832)
agua
0.2264834***
-0.1547396***
-0.1344098**
(0.0413621)
(0.0565612)
(0.0677628)
energia
0.0477964*
(0.0262635)
cuidados
0.3766131***
0.34458***
0.3257394***
(0.0251256)
(0.0252062)
(0.0271714)
_cons
95.68073*
311.7473***
-56.44479*
(87.01963)
(106.1391)
(128.3215)
R2
0.4061
0.5881
0.5262
Fuente: Elaboración propia. Nota: El error estándar aparece entre paréntesis. *Significancia estadística al 10%,
**Significancia estadística al 5%, ***Significancia estadística al 1%.
Tabla 9. Efectos del gasto de transporte y vivienda sobre el gasto en esparcimiento.
2018
2020
2022
tot_integ
-46.94586***
-20.21829***
-46.94586***
(14.30418)
(9.185172)
(14.30418)
p65mas
-111.1091***
-111.1091***
(40.81542)
(40.81542)
menores
42.44383***
(15.59141)
ing_cor
0.0016243***
0.0016243***
(0.0003661)
(0.0003661)
bebidas
0.1099189***
0.0286806***
0.1099189***
(0.0239305)
(0.0084357)
(0.0239305)
medicinas
-0.0924651***
0.0878909***
-0.0924651**
(0.0461717)
(0.0197543)
(0.0461717)
comunica
0.1029713***
0.0231851***
0.1029713***
(0.0137159)
(0.0075103)
(0.0137159)
pago_tarje
0.0346014***
0.0152271***
-0.0346014***
(0.0059118)
(0.0028473)
(0.0059118)
adqui_vehi
0.003509***
(0.0015903)
refaccion
0.2017162***
-0.0683612***
-0.2017162***
(0.0294285)
(0.0132554)
(0.0294285)
combus
0.0707118***
-0.0099272***
-0.0707118***
(0.0066355)
(0.0035332)
(0.0066355)
alquiler
0.0370355***
0.0370355***
(0.0100277)
(0.0100277)
agua
-0.0655344***
(0.0166806)
energia
-0.074194***
0.0222704***
-0.074194***
(0.0177769)
(0.0069406)
(0.0177769)
cuidados
0.1130697***
0.0266346***
0.1130697***
(0.0171847)
(0.0073185)
(0.0171847)
_cons
251.7629***
174.4685***
251.7629***
(59.48047)
(26.88436)
(59.48047)
Héctor Alonso Barajas-Bustillos, Maryann Fernanda García-De la Torre 87
Economicus Journal of Business and Economics Insights 2024 1(1), 77–88
R2
0.5937
0.5008
0.5937
Fuente: Elaboración propia. Nota: El error estándar aparece entre paréntesis. *Significancia estadística al 10%,
**Significancia estadística al 5%, ***Significancia estadística al 1%.
4. Conclusiones y recomendaciones
A raíz del confinamiento del COVID 19 los hogares tuvieron cambios es su estructura de gasto,
cambiaron de ser hogares familiares a extensión de las empresas, de las escuelas y del cuidado de salud,
generando con esto incrementos en los gastos del hogar, estos incrementos fueron tan marginales que no
afectaron el gasto en otros rubros más allá de una disminución de los gastos en alimentación fuera del
hogar, salud, cuidado personal y esparcimiento, lo anterior a través de las variables de energía y agua.
Los gastos en transporte publico disminuyeron en los hogares lo que ocasionó un problema de
disponibilidad de unidades que brinden el servicio, ante esto, los hogares incrementaron los gastos
relacionados con el automóvil, en este caso las variables de adquirir vehículos y combustible si tuvieron
efectos negativos en la alimentación en sus tres presentaciones, en esta misma dirección se comportó el
combustible, por otro lado, las refacciones y el mantenimiento tuvieron efectos negativos sobre los gastos
en vestido y calzado, salud, cuidado personal y esparcimiento.
De las variables de control, las bebidas y tabacos no tuvieron relación con las variables explicativas,
esto indica que son inelásticas, los hogares disminuyen los gastos en alimentación fuera del hogar en
lugar de disminuir bebidas y tabacos, el incremento en el gasto en medicinas disminuyó en la
alimentación fuera del hogar, los incrementos en comunicación disminuyeron los gastos en salud, en las
estimaciones de 2022, todos los parámetros de estimación fueron negativos para tarjetas de crédito, lo
que sugiere incrementos de deuda posterior al confinamiento.
CRediT Contribuciones de los autores: Conceptualización, H.B., & M.G.; metodología, H.B.; software, M.G.;
validación, H.B., & M.G.; análisis formal, H.B.; investigación, M.G.; gestión de datos, M.G.; redacción—preparación
del borrador original, M.G.; redacción—revisión y edición, H.B.; supervisión, H.B. “Todos los autores han leído y
aprobado la versión publicada del manuscrito.”
Conflictos de interés: “Los autores declaran que no existen conflictos de interés.”
Referencias
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González, S., Torres, C., Espino, J., Flores, M. D., & González, F. (2013). Sistema educativo mexicano, problemáticas
que ha presentado frente a la pandemia del COVID-19. Ciencia Latina Revista Científica Multidisciplinar, 7(1),
5718-5730. https://doi.org/10.37811/cl_rcm.v7i1.4878
Gómez, A., Fajardo, C., & Sarmiento, J. (2015). Composición de los hogares y niveles de gastos en bienes y servicios
básicos en el departamento del cauca, Colombia. Semestre Económico, 18(38), 67-104.
https://doi.org/10.22395/seec.v18n38a3
Ortiz, D., & Rodríguez, L. (2023). Índice de Vulnerabilidad al Desempleo en México: efectos de la pandemia por
Covid-19. Economía, sociedad y territorio, xxiii (71), 309-338. https://doi.org/10.22136/est20231862
Razafindrakoto, M., Roubaud, F., Salama, P., & Saludjian, A. (2023). Frente invertido: un análisis comparado Brasil-
México de la gestión económica y sanitaria de la covid-19. El trimestre económico, 90(360), 1001-1055.
https://doi.org/10.20430/ete.v90i360.1879
Rodríguez-Ramírez, S., Gaona-Pineda, E., Martínez-Tapia, B., Romero-Martínez, M., Mundo-Rosas, V., & Shamah-
Levy, T. (2021). Inseguridad alimentaria y percepción de cambios en la alimentación en hogares mexicanos
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durante el confinamiento por la pandemia de Covid-19. Salud pública de México, 63(6), 763-772.
https://doi.org/10.21149/12790
Singh, P. (2010). Consumer Culture and Postmodernism. SSRN. https://doi.org/10.2139/ssrn.1689098
Weller, J. (2020). La pandemia del COVID-19 y su efecto en las tendencias de los mercados laborales. Documentos de
proyectos e investigación, 1-31. https://repositorio.cepal.org/entities/publication/7bc229c9-c274-4208-b4a7-
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Economicus Journal of Business and Economics Insights 2024 1(1), 89–104
OJS: https://revistascientificas.uach.mx/index.php/economicus
ISSN: 3061-8169
Como citar / How to cite:
Zepeda-Burciaga, L. F. (2024). La economía social en México: Análisis de las cooperativas en el estado de Chihuahua.
Economicus Journal of Business and Economics Insights, 1(1), 89–104. https://doi.org/10.54167/ejbei.v1i1.1672
Este artículo está bajo los términos de la Licencia Creative Commons Atribución/Reconocimiento NoComercial 4.0 Internacional.
This article is under the terms of the Creative Commons Attribution-NonCommercial 4.0 Internacional License.
(https://creativecommons.org/licenses/by-nc/4.0/).
Artículo
La economía social en México: Análisis de las
cooperativas en el estado de Chihuahua
Social economy in Mexico: An analysis of cooperatives in
the state of Chihuahua
Luis Felipe Zepeda-Burciaga 1
1 Secretaría de Hacienda del Estado de Chihuahua, México; luis.zepeda@chihuahua.gob.mx; ORCID: 0009-0007-
5082-5923
Recibido: 20/03/2024; Aceptado: 31/05/2024; Publicado: 02/07/2024.
DOI: https://doi.org/10.54167/ejbei.v1i1.1672
Resumen: Esta investigación presenta una revisión de la literatura sobre la situación de la economía social en
México, su marco político, y el funcionamiento y marco jurídico de las sociedades cooperativas. Este análisis teórico
proporciona el contexto para un estudio exploratorio centrado en las sociedades cooperativas del estado de
Chihuahua. El estudio identificó y clasificó la estructura económica de estas cooperativas, utilizando datos
obtenidos de las plataformas digitales del Gobierno Federal y la Dirección de Economía Social. Como resultado, se
formalizó un Padrón de Sociedades Cooperativas que incluye 101 agrupaciones, de las cuales la mayoría (78%) son
micro unidades económicas. Además, el 47% pertenecen al sector secundario de la economía, con el rubro de
confección y costura predominando entre ellas (n=14). Geográficamente, la ciudad de Madera registra el mayor
número de cooperativas (n=18), seguida por Chihuahua (n=16) y Ciudad Juárez (n=12). El estudio concluye
destacando la importancia de promover la economía social mediante el desarrollo de capacidades empresariales
con enfoque social, incentivos económicos y la formalización de las organizaciones sociales, bajo la dirección de la
Secretaría de Innovación y Desarrollo Económico del gobierno de Chihuahua.
Palabras clave: Sociedades Cooperativas, Economía Social, Organizaciones Sociales, Incentivos Gubernamentales.
Clasificación JEL: J54, P13, D71.
Luis Felipe Zepeda-Burciaga 90
Economicus Journal of Business and Economics Insights 2024 1(1), 89–104
Abstract: This research presents a review of the literature on the state of the social economy in Mexico, its political
framework, and the functioning and legal framework of cooperatives. This theoretical analysis provides the context
for an exploratory study focused on cooperatives in the state of Chihuahua. The study identified and classified the
economic structure of these cooperatives using data obtained from the Federal Government’s digital platforms and
the Social Economy Directorate. As a result, a Registry of Cooperatives was formalized, listing 101 groups, of which
the majority (78%) are microeconomic units. Additionally, 47% belong to the secondary sector of the economy, with
clothing and sewing being the predominant field (n=14). Geographically, the city of Madera has the highest number
of cooperatives (n=18), followed by Chihuahua (n=16) and Juarez (n=12). The study concludes by highlighting the
importance of promoting the social economy through the development of socially focused entrepreneurial
capacities, economic incentives, and the formalization of social organizations, under the guidance of the Secretariat
of Innovation and Economic Development of the Chihuahua government.
Keywords: Cooperative societies, social economy, social organizations, government incentives.
JEL Classification: J54, P13, D71.
1. Introducción
La economía mexicana está compuesta por una estructura económica fortalecida por el desarrollo y
constitución de empresas dentro de distintas actividades económicas que son generadoras de empleos,
capital, ingresos y productos o servicios que contribuyen a un progreso en la sociedad aportando
bienestar social y económico (Saavedra-García, 2014).
El desarrollo y la constitución de las empresas entorno a los sectores económicos es variado y
contempla organizaciones productivas como las de economía social. Dentro de este escenario existen los
Organismos del Sector Social de la Economía (OSSE) los cuales participan como agentes en las
actividades económicas. Las mismas pueden ser descritas como una estructura social y productiva con
actividades de producción, distribución y consumo de bienes y/o servicios entre los integrantes de un
organismo que son tomados como factores importantes tanto en la estructura económica como en el
bienestar.
La economía social en México ha desempeñado un rol crucial en el desarrollo económico,
especialmente en el sector de las sociedades cooperativas, las cuales han emergido como agentes
fundamentales en la generación de empleo, la promoción de la inclusión social y el fortalecimiento del
tejido productivo regional. Se estima que en México existen alrededor de quince mil cooperativas que
involucran a cerca de siete millones de personas (ACI, 2017). Estas cooperativas están regidas por la Ley
General de Sociedades Cooperativas, que en su artículo 2 define a una cooperativa como una
"organización social conformada por individuos que comparten intereses comunes, basada en los
principios de solidaridad, esfuerzo propio y ayuda mutua, con el objetivo de satisfacer necesidades tanto
individuales como colectivas mediante la producción, distribución y consumo de bienes y servicios"
(Diario Oficial de la Federación, 2018).
Las cooperativas se fundamentan en valores de solidaridad y autogestión, lo que permite a grupos
organizados satisfacer necesidades comunes a través de actividades económicas (Montoya-Herrera &
Rivera-González, 2023). Un rasgo distintivo de estas organizaciones es su toma de decisiones igualitaria
y su compromiso con la democracia interna (Seguí-Mas, 2011). Como indican Jorge-Coto et al. (2021), sus
principios fundamentales incluyen la adhesión voluntaria, la gestión democrática, la independencia, la
participación económica, la educación continua, la cooperación y el compromiso con la comunidad.
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La región Paso del Norte en Chihuahua, debido a su ubicación estratégica en la frontera con los
Estados Unidos de América, ha sido testigo del establecimiento de un modelo económico sustentado
principalmente en la industria maquiladora de exportación. Esta área ha alcanzado altos niveles de
competitividad global, gracias a su diversificación industrial, fabricantes con operaciones de largo plazo,
avanzada infraestructura logística, una eficiente red de transporte y la presencia de activos militares clave
en América del Norte (Rosas-Heimpel, 2022). No obstante, a pesar de este auge industrial, amplios
sectores de la población siguen afectados por condiciones laborales desfavorables que priorizan la
productividad y la reducción de costos sobre el bienestar de los trabajadores. Esto perpetúa un ciclo de
pobreza, acentuado por la escasez de inversión pública en infraestructura y servicios sociales, así como
por la insuficiente inversión privada que no logra fortalecer el mercado interno de manera sostenida
(Rosas-Heimpel, 2022).
La importancia social, política y económica de visibilizar las sociedades cooperativas y su
participación en el estado, se exhibe en la naturaleza de los tipos de sociedades cooperativas bajo una
organización del sector social agrupada por personas que se unen con la intensión de enfrentar a los
fenómenos del desempleo. Al crear una empresa social desarrollarán actividades económicas que les
permitirán entrar al mercado formal y ofrecer sus productos o servicios; además, apoyarán la satisfacción
de la demanda de consumo de la sociedad en los tres grandes niveles de la economía nacional.
Adicionalmente, en el aspecto gubernamental, la continua formación de sociedades sociales fomenta la
productividad dentro de la economía social.
Las actividades económicas de las sociedades cooperativas no son limitativas por lo cual tienen
objetos sociales dentro del sector primario, secundario y terciario (Diario Oficial de la Federación, 2018).
Lo que constituye oportunidades de crecimiento y desarrollo en la participación de la estructura
económica de Chihuahua y generar un amplio campo de desarrollo para la competitividad de las
empresas y consolidación social para el bienestar e impulso económico en todas las regiones del estado.
Para interpretar el desarrollo económico de un estado, es necesario referirse a indicadores tanto
económicos como sociales que sean completos y pertinentes, tales indicadores servirán como dispositivos
que guiarán la toma de políticas públicas al evaluar y predecir situaciones, y valorar el desempeño
gubernamental en tal región (López & Gentile, 2008).
Considerando que las sociedades cooperativas son una fuente de ingresos para muchos
chihuahuenses; se observa entonces la necesidad de detallar mediante un censo actualizado el numero y
tipo de cooperativas funcionando en la entidad. Adicionalmente, es importante identificar la
participación que estas empresas cooperativas tienen dentro del quehacer económico de Chihuahua, los
beneficios sociales y económicos que proveen a los miembros, y finalmente, el fomento que el gobierno
estatal ha desarrollado a la economía social.
El informe integrador de este censo y los indicadores económicos y sociales de las sociedades
cooperativas en Chihuahua permitirán mejorar los procesos de diseño, evaluación, seguimiento y
monitoreo de las políticas públicas en materia económica del estado. Por lo anterior, el objetivo del
presente trabajo es describir cuál es la situación de la economía social en México, su marco político y
jurídico, además de identificar la estructura económica de las sociedades cooperativas operativas en el
estado de Chihuahua.
2. Revisión de literatura
2.1. Economía social en México
En México, la economía social tiene su origen práctico en la estructura de los pueblos nativos, en su
organización social y actividades económicas en la explotación de la tierra como factor de producción
agropecuaria, siendo identificadas como ejemplo el calpulli, una “circunscripción territorial” (Manzanilla
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Schaffer, 2004) donde se puede referenciar a la división de tierras de cultivos (calpullis) distribuidas entre
estratos sociales para su aprovechamiento en el pueblo Azteca (Izquierdo-Muciño, 2012).
Años más tarde, se encuentran algunos informes en la época colonial que mencionan “gremios y
cofradías” organizadas por los artesanos de la época; las cuales, de acuerdo con Muñiz-Díaz y Alanís-
Tavira (2018), fueron traídas a México como un modelo de organización laboral español. A su vez, las
precursoras de las cooperativas, mutualistas y cajas de comunidades los organismos sociales se crearon
como métodos de desarrollo en el trabajo de la población convencionalmente como medio de unión en
la búsqueda de cubrir sus necesidades (Huaylupo-Alcázar, 2007); lo que llevó a las organizaciones de
gremios de artesanos a las relaciones cooperativistas para realizar actividades en común hasta convenir
en sociedades cooperativas.
Después del movimiento independentista de 1821 y hasta 1860, los sectores minero y agrícola
crecieron moderadamente en México. Sin embargo, poco a poco empezaron a llegar empresas de
Inglaterra, Alemania y Estados Unidos quienes, principalmente, invirtieron en el sector minero y de
manufactura; y, en consecuencia, la economía mexicana se empezó a desarrollar de una manera más
rápida (Muñiz-Díaz & Alanís-Tavira, 2018).
Ante esa aceleración económica basada en la industria, los campesinos y agricultores empezaron a
sufrir; y para contrarrestar esos efectos empezaron a asociarse en los llamados “gremios” (Muñiz-Díaz &
Alanís-Tavira, 2018). Además, se encuentran las figuras de ejidos a lo largo de la historia con una
organización social básica donde hasta la actualidad se pueden encontrar en operación en propiedad de
comunidades o colectivos dentro de la estructura de economía social en México.
De esa manera, el Instituto Nacional de Economía Social (2019) considera que el origen de la
economía social en México fue el “asociacionismo obrero del siglo XIX”; movimiento de organización
obrera que surgió a partir de las primeras cooperativas y mutualistas presentes. Así como en otros países,
estos movimientos emergieron en México como una alternativa frente a las malas condiciones de vida y
el desempleo por la que pasaba la sociedad.
Se considera que el desarrollo de la economía social mexicana se debe a la práctica de trabajo
asociativo entre grupos de trabajadores en actividades con la finalidad de satisfacer sus necesidades. Las
experiencias dentro del ramo de organizaciones sociales en el país también se han visto denominadas
como economía social y solidaria, de la mano de la corriente de economía solidaria al dar connotación de
acciones colectivas subjetivas de la cultura, trabajo, autogestión y atención al medio ambiente, por lo que
en este caso de estudio se toman solo como parte del desarrollo de organizaciones sociales. Esta parte
solidaria aplica en sentido referente a un “modo solidario diferente de hacer economía” como menciona
el Instituto Nacional de Economía Social (2019).
2.2. Marco político de la economía social en México
En México, el reconocimiento legal de las sociedades y gremios arrancó con el Ministro de Relaciones
Exteriores Manuel Crescencio Rejón; quien en 1846 estableció el derecho a que los ciudadanos se
asociarían. Después, en 1856, se inician los trámites para establecer “colonias agrarias,” precursoras éstas
de la Sociedad de Artesanos en Guadalajara y la Sociedad Particular de Socorros Mutuos en Ciudad de
México (Muñiz-Díaz & Alanís-Tavira, 2018).
El sector social de la economía se conoce también como tercer sector; y fue reconocido formalmente
en 1983, bajo una reforma la cual se referencia dentro del artículo 25º de la Constitución Política de los
Estados Unidos Mexicanos “Al desarrollo económico nacional concurrirán, con responsabilidad social,
el sector público, el sector social y el sector privado, sin menoscabo de otras formas de actividad
económica que contribuyan al desarrollo de la Nación”, del cual se hace alusión dentro del mismo
artículo, en donde se indica que:
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La ley establecerá los mecanismos que faciliten la organización y la expansión de la actividad económica del
sector social: de los ejidos, organizaciones de trabajadores, cooperativas, comunidades, empresas que pertenezcan
mayoritaria o exclusivamente a los trabajadores y, en general, de todas las formas de organización social para la
producción, distribución y consumo de bienes y servicios socialmente necesarios (Constitución Política de los
Estados Unidos Mexicanos, Art. 25, 2019).
Esa misma ley que dio origen a la denominación de los Organismos del Sector Social de la Economía
(OSSE) en la Ley de la Economía Social y Solidaria (LESS). La creación de la LESS en México implantó
mecanismos para organizar, promocionar, fomentar y fortalecer las actividades económicas del Sector
Social de la Economía, buscando el desarrollo social y económico. Lo que estableció un marco de
identificación, políticas, capacitación técnica y apoyo a los OSSE bajo la creación y gestión del Instituto
Nacional de Economía Social (INAES).
Por su parte al INAES se le aprobó el Programa Fomento a la Economía Social 2015-2018, para que
creara condiciones favorables para el crecimiento y consolidación del sector social de la economía,
mediante la visibilización del sector, el desarrollo de capacidades empresariales de los organismos del
sector, el impulso de proyectos de inversión que incrementen las oportunidades de inclusión productiva
y laboral del sector, el fortalecimiento de las capacidades de operación de la banca social y de sus
actividades de ahorro y financiamiento empresarial (Diario Oficial de la Federación, 2014; 2015a).
2.3. Instituto Nacional de Economía Social
En la administración federal mexicana 2018-2024, y dentro de la Ley de la Economía Social y
Solidaria en su Título II “De la Estructura del Sector Social de la Economía”, de la Constitución Política
de los Estados Unidos Mexicanos (2019), se dispone al Instituto Nacional de Economía Social (INAES)
como un instituto desconcentrado de la Secretaría del Bienestar. Se le describe además como un
organismo con capacidad técnica, operativa y de gestión de las políticas públicas de fomento y desarrollo
del sector social en México; creado con el objeto de fortalecer y mejorar el desarrollo económico y social
del país, cumpliendo las disposiciones mencionadas en dicha ley.
Así, el INAES tiene como objeto instrumentar las políticas públicas de fomento y desarrollo del
sector social de la economía, con el fin de fortalecer y consolidar el sector como uno de los pilares de
desarrollo económico y social del país, a través de la participación, capacitación, investigación, difusión
y apoyo a proyectos productivos del sector (Instituto Nacional de Economía Social, 2020).
Es decir, las organizaciones dentro del sector social se encuentran bajo el fomento de las políticas
públicas del sector público, para el desarrollo económico y social, dándole una fuerte importancia a este
sector dentro de la estructura productiva de la economía (Diario Oficial de la Federación, 2015b).
2.4. Organismos del sector social de la economía en México
Los OSSE en México, han sido clasificadas bajo un “Catálogo de Organismos del Sector Social de la
Economía” por el INAES; mencionadas específicamente en artículo 4º. de la Ley de la Economía Social y
Solidaria donde se fundamentan algunas formas de organización social, que bajo el inciso VI las
describen como: “formas de organización social para la producción, distribución y consumo de bienes y
servicios socialmente necesarios” (Instituto Nacional de la Economía Social, 2019). En el mencionado
catálogo, los diferentes grupos se dividen de la siguiente manera con el objetivo de perfilar los apoyos y
estímulos del Programa de Fomento a la Economía Social del INAES:
1. Ejidos.
2. Comunidades.
3. Uniones de Ejidos.
4. Uniones de Comunidades.
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5. Asociaciones Rurales de Interés Colectivo integradas por dos o más ejidos, comunidades, uniones
de ejidos o comunidades, sociedades de producción rural integradas por ejidatarios y/o comuneros o
uniones de sociedades de producción rural integradas por ejidatarios y/o comuneros.
6. Sociedades de Producción Rural integradas por dos o más ejidatarios y/o comuneros.
7. Uniones de Sociedades de Producción Rural que estén integradas por ejidatarios y/o comuneros.
8. Sociedades Mercantiles que cuenten con participación de organismos del sector social de la
economía señalados en este Catálogo, con al menos 51% del capital social.
9. Cajas de ahorro de trabajadores.
10. Sociedades Cooperativas de productores de bienes y/o servicios.
11. Sociedades Cooperativas de consumidores de bienes y/o servicios.
12. Sociedades Cooperativas de ahorro y préstamo.
13. Organismos Cooperativos (Uniones, Federaciones de Sociedades Cooperativas de productores
de bienes y/o servicios; de consumidores de bienes y/o servicios; de ahorro y préstamo).
14. Sociedades de Solidaridad Social.
15. Sociedades Mutualistas constituidas por cualquier colectivo de individuos, sea gremial o no
gremial.
16. Uniones de Crédito integradas por ejidatarios, y/o comuneros u otro organismo del sector social
de la economía señalado en este Catálogo.
17. Sociedades Financieras Comunitarias integradas por ejidatarios, y/o comuneros u otro
organismo del sector social de la economía señalado en este Catálogo.
18. Sociedades Financieras de Objeto Múltiple No Reguladas, integradas por ejidatarios, y/o
comuneros u organismo del sector social de la economía señalado en este Catálogo.
19. OSSE en etapa previa a su constitución legal, integrados de conformidad con lo que señalan las
Reglas de Operación del Programa de Fomento a la Economía Social.
La descripción general de los OSSE como formas de organización social en el anterior listado
responden al reglamento de lo estipulado en la LESS de acuerdo a su intención, principios, valores,
actividades y prácticas dentro de la economía social en México (Diario Oficial de la Federación, 2015b).
En este artículo, se estudiaron los grupos clasificados como “Sociedades Cooperativas” (números 10, 11,
y 12 del listado) debido a su participación y representación en el sector social de la economía del estado
de Chihuahua.
2.5. Funcionamiento y marco jurídico de las sociedades cooperativas en México
Dentro de la legislación la Ley General de Sociedades Cooperativas (LGSC), Diario Oficial de la
Federación (2018), regula la creación, funcionamiento y extinción de sociedades cooperativas. Dando
definición de las mismas en su artículo 2º. como “una forma de organización social integrada por
personas físicas con base en intereses comunes y en los principios de solidaridad, esfuerzo propio y
ayuda mutua, con el propósito de satisfacer necesidades individuales y colectivas, a través de la
realización de actividades económicas de producción, distribución y consumo de bienes y servicios.”
Esta definición dentro de la LGSC reconoce a las sociedades cooperativas como organismos del
sector social integrada, según la misma ley, por un mínimo de cinco personas físicas que participarán en
tal asociación con base en los principios marcados en las disposiciones legales. Además, se marcan las
pautas para el funcionamiento de las cooperativas y la estructura como sociedad ante la cual deben
apegarse para el buen desarrollo de sus actividades productivas en la relación económica y comercial
hacia la comunidad. Siendo de esta manera un marco legal para la práctica en la estructura económica
nacional.
Dentro de las Disposiciones Generales, esta ley contempla el seguimiento de principios para su
funcionamiento (Ramírez-Díaz et al., 2016):
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1. Libertad de asociación y facilidades para que los asociados se retiren;
2. Gestión democrática;
3. En caso de establecerse de esa manera, limitación de intereses a algunas cuotas;
4. Distribución de las utilidades de acuerdo a la participación de los socios;
5. Fomento de la formación cooperativa y de la economía solidaria;
6. Participación en la integración cooperativa;
7. Respeto al libre albedrío de los socios de vincularse a cualquier partido político o asociación
religiosa, y
8. Desarrollo contínuo de la cultura ecológica.
Como se observa en el listado anterior, estas acciones dan un sentido de economía social al
funcionamiento y objeto de las cooperativas; de la misma manera, tales prácticas definen de manera
general la forma en que las cooperativas deben operar. A decir, la asociación de sus integrantes, retiro,
administración democrática (misma a la que más delante la ley hace alusión en la denominación de un
voto equivalente por cada socio de la cooperativa), aportaciones, distribución de rendimientos (basado
en la participación productiva de los socios por delante de la del capital social), el fomento de educación
en capacitación y fomento a la economía solidaria, el respeto al derecho individual entre los socios y la
promoción de la cultura ecológica.
En los párrafos siguientes se decribirá cada uno de los títulos y capítulos de la LGSC; explicando
algunos de los puntos más relevantes. La cooperativa deberá tener bases constitutivas de acuerdo a lo
que estipula ley en su Título I, Capítulo I, De la constitución y registro, para acreditar la personalidad
juridica, registro legal de la sociedad y desarrollar sus actividades productivas. Además, en el Título I,
Capítulo II, de la ley indica la denominación y reconocimiento de tres clases de sociedades cooperativas:
1. Sociedades Cooperativas de Consumo; tienen por objeto la obtención y comercialización de bienes
y/o servicios entre los socios.
2. Sociedades Cooperativas de Productores; éstas, a diferencia de las de consumo, tienen por objeto
la manufactura de bienes y/o servicios.
3. Sociedades Cooperativas de Ahorro y Préstamo; agrupaciones cuyo objetivo se relaciona con el
área financiera.
En este sentido, el DOF indicó que las cooperativas de consumo y productores se definen como
“aquellas cuyos miembros se asocien con el objeto de obtener en común artículos, bienes y/o servicios
para ellos, sus hogares o sus actividades de producción” (Diario Oficial de la Federación, 2018).
En ese mismo decreto, las sociedades cooperativas enfocadas en la producción, se definen como
“aquellas cuyos miembros se asocien para trabajar en común en la producción de bienes y/o servicios,
aportando su trabajo personal, físico o intelectual.” (Diario Oficial de la Federación, 2018).
Por último, las sociedades cooperativas de ahorro y préstamo se delimitan como aquellos colectivos
que realizan actividades de ahorro y préstamo en el sector financiero, remarcando que éstas se realizan
por aportaciones de los mismos socios.
Las cooperativas tienen participación en cualquier actividad económica lícita y sin limitación alguna,
como algunas otras sociedades mercantiles en el país. Asimismo, poseen una jerarquía que les permite
constituirse bajo la denominación de ahorro y préstamo regulada por la Ley General de Sociedades
Cooperativas y la Ley para Regular las Actividades de las Sociedades Cooperativas de Ahorro y Préstamo
(Diario Oficial de la Federación, 2014). El razonamiento es que estas agrupaciones formarán parte del
sistema financiero del país y deben ser supervisadas por la Comisión Nacional Bancaria y de Valores de
acuerdo con su nivel de operaciones.
Por otro lado, las sociedades cooperativas de productores y consumidores se categorizan como
Ordinarias o de Participación Estatal; las primeras son aquellas que se formalizan bajo constitución legal
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para funcionar, en cambio, las cooperativas de participación estatal son aquellas que tienen como socio
alguna autoridad gubernamental y que integran la administración estatal. Continuando con el análisis
de la actual LGSC, se advierte que, en su Título I, Capítulo III se mencionan las condiciones que estos
grupos deben seguir en su administración, vigilancia y funcionamiento. En este punto, es importante
destacar la función esencial de la denominada “Asamblea General” de las sociedades cooperativas;
colectividad fundamental en la toma de decisiones y práctica de los principios, y resoluciones operativas
y cooperativistas. El Título I, Capítulo IV la ley hace referencia a las ordenanzas económicas y de capital
social de esas agrupaciones; aquí es donde la LGSC contempla lo referente a la distribución, aportaciones,
fondos sociales y excedentes de los ejercicios sociales que se realizaran cada año fiscal. En el Capítulo V,
se pueden distinguir las cláusulas para definir las bases constitutivas de las sociedades cooperativas para
sus socios, incluyendo requisitos, derechos y deberes. Después, en el Capítulo VI se discuten los formatos
a seguir cuando la sociedad se quiera separar.
Continuando con el análisis de la LGSC, se observa que en el Título III en sus Capítulos I, II, III, se
define la disposición de grupos cooperativos en: Uniones, Federaciones, Confederaciones, Consejo
Directivo de las Federaciones y Confederaciones y otras formas asociativas dentro del movimiento
Cooperativo Nacional y su integración. Finalmente, se observa que esta ley concluye con un Capítulo
Único que discute los apoyos que estas sociedades podrían recibir de las autoridades gubernamentales
de los tres niveles; por ejemplo, asistencia para que las personas se asocien y constituyan una sociedad
cooperativa, la registren y reciban incentivos económicos.
Después del estudio detallado de esta ley, se observa cómo en México este tipo de organizaciones
está bien regulada; la ley especifica la manera de regular su funcionamiento y actividades conforme a las
normas jurídicas, lo que amplían la visión de estas organizaciones en la presente investigación y el
desarrollo que han tenido en la estructura económica de México.
3. Metodología
La investigación se llevó a cabo bajo un enfoque cuantitativo con un diseño exploratorio. Se utilizó
información recopilada a través de las plataformas digitales del Gobierno Federal y la Dirección de
Economía Social del gobierno de Chihuahua. La identificación y clasificación de las cooperativas se
realizó con base en datos oficiales y registros públicos, los cuales permitieron conformar un padrón de
sociedades cooperativas activas. Estas herramientas de apoyo permitieron una recolección de datos
satisfactoria; iniciando con la identificación por medio de llamadas telefónicas de un listado de figuras
jurídicas que correspondían a las sociedades cooperativas proporcionado por el Centro de Investigación
y Estadística (CIES) de la Secretaría de Innovación y Desarrollo Económico (SIDE). Este listado se
encontró en el Directorio Estadístico Nacional de Unidades Económicas (DENUE) e información
solicitada por el CIES a la Secretaría de Economía del Gobierno Federal, solicitando a su vez directorios
de Fomentos Económicos de administraciones municipales y Cámaras de Comercio en el estado.
Conjuntamente, las llamadas telefónicas realizadas se enfocaban en primera instancia en identificar
si correspondían a la unidad económica en cuestión. Durante ese procedimiento, se les invitaba a los
respondientes a registrarse en la página web de la SIDE con la finalidad de capturar datos generales de
la cooperativa y de mantener un contacto para el fomento de la economía social en su organización1. Al
hacer el primer contacto con una cooperativa se le daba oportunidad de apoyarla con su registro por
medio de llamada o si se haría por cuenta propia de la empresa en la página.
Los datos generales recabados en esa base de datos incluían los siguientes criterios:
• Razón social
1 https://www.economiasocial.mx/Registros/Registro.html#facts
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• Número de empleados (socios)
• Fecha de inicio de operaciones
• Tipo de cooperativa
• Productos y servicios que produce
• Página web de cooperativa
• Domicilio de la cooperativa
• Nombre del representante legal
• Número telefónico
• Correo electrónico
La información recabada se estructuró dentro de un padrón de sociedades cooperativas que permite
a la Dirección dirigir sus apoyos de formación capacitación e incentivos económicos a su población
objetivo como se muestra en la Figura 1.
Figura 1. Padrón de Sociedades Cooperativas.
Además de la búsqueda de las cooperativas en listados y bases de datos para su contacto, la SIDE
cuenta con el apoyo a grupos productivos para su constitución legal como Sociedades Cooperativas de
Responsabilidad Limitida de Capital Variable, siendo tambien incluidas en el registro del padrón de
sociedades cooperativas para su posterior seguimiento.
Adicionalmente, se obtuvo acceso al Sistema Integral de Gestión Registral (SIGER) del Gobierno
Federal, accediento a la plataforma para realizar una consulta pública dentro de la base de datos del
Registro Público de Comercio2. En esa base de datos, se pudieron realizar búsquedas de sociedades
cooperativas por medio de palabras clave dentro del campo “Razón/Denominación Social”. Esta
plataforma permite encontrar a cualquier tipo de sociedad mercantil formalmente registrada ante el
gobierno federal en México y arrojando una copia de la forma del registro de la Constitución de una
Sociedad.
Las exploraciones por medio de Razón/Denominación Social se combinaron con la opción de
búsqueda por el criterio de “Oficina Registral” con una Clave/nombre con lo que se filtraron solo oficinas
del Registro Público en el estado de Chihuahua como se muestra en la Figura 2, que muestren datos de
aquellas sociedades mercantiles que se registraron dependiendo de la Oficina Registral correspondiente
al municipio donde establecieron su domicilio fiscal como sociedad.
2 https://rpc.economia.gob.mx/siger2/xhtml/login/login.xhtml
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Los datos encontrados de esta búsqueda se capturaron bajo un listado para buscar por medio de
directorios telefónicos, motores de búsqueda web en internet, redes sociales y portales de información
de empresas un contacto para su registro en la pagina web de economía social con el objetivo de alimentar
el padrón de sociedades cooperativas de la Dirección.
La captura y acceso a la base de datos del padrón de la Dirección permitió la manipulación de los
datos para la formulación de una clasificación de las cooperativas como unidades económicas por tamaño
por su plantilla de empleados, distribución espacial y estratificación sectorial para la medición de la
estructura económica de las sociedades cooperativas en el estado de Chihuahua, y el tipo de cooperativa
al que corresponden según la Ley General de Sociedades Cooperativas.
Figura 2. Consulta pública en SIGER.
Así, la clasificación de las empresas puede variar dependiendo de diversos factores, como su
tamaño, los procesos productivos o la naturaleza de sus productos y con base en estos criterios, se realizó
una clasificación de las empresas, donde se incorporaron esas variables para su medición y análisis. En
la Tabla 1 se pueden observar las variables utilizadas y su descripción.
Tabla 1. Variables utilizadas para el análisis de las cooperativas localizadas en el estado de Chihuahua.
Variable
Descripción
Unidad de medida
Tamaño de la unidad
económica
El tamaño de la unidad económica en
términos del número de integrantes.
Número de socios como parte de la plantilla de
trabajadores para la clasificación de unidad.
Sexo
El sexo de los integrantes (socios).
Hombre/mujer
Sector Económico
Primario, Secundario y Terciario para la
estratificación por sector.
Por tipo de dato:
a) primario
b) secundario
c) terciario
La economía social en México: Análisis de las cooperativas en el estado de Chihuahua 99
Economicus Journal of Business and Economics Insights 2024 1(1), 89–104
Actividad Económica
En relación de los productos y servicios que
desarrollan con el catálogo del SCIAN.
Clave
Distribución Espacial
Ubicación o localización
Entidad municipal de la ciudad de Chihuahua
Operación
Periodo desde inicio de operaciones
Tiempo en años, meses o días
Fuente: Elaboración propia.
Los datos obtenidos se analizaron para determinar la distribución geográfica de las cooperativas, su
tamaño, y el sector económico al que pertenecen. Para ello, se utilizaron criterios de estratificación
empresarial, como el número de empleados y el tipo de actividad económica. El análisis se enfocó en la
participación de estas cooperativas en los sectores primario, secundario y terciario, y en su capacidad
para generar empleo y beneficios sociales.
4. Resultados
Los resultados del estudio muestran que las sociedades cooperativas en Chihuahua presentan una
estructura económica variada y compleja, con un predominio de microempresas que operan en el sector
secundario de la economía. Del total de 101 cooperativas activas en el estado, el 78% corresponden a
microempresas, definidas por tener menos de 10 empleados y operar con recursos limitados. Este hecho
resalta la importancia de las cooperativas como generadoras de empleo en zonas rurales y semiurbanas,
donde la creación de puestos de trabajo por parte del sector privado es más limitada.
En términos sectoriales, se encontró que el 22% de las cooperativas operan en el sector primario,
como la agricultura y la transformación de alimentos, lo que refleja la diversidad económica de
Chihuahua y su capacidad para adaptarse a distintas actividades productivas. Mientras que el 31%
operan en el sector terciario, y el 47% en el sector secundario. Estas últimas con un enfoque particular en
actividades relacionadas con la confección y costura. Esto puede explicarse por la fuerte tradición
manufacturera del estado, que ha permitido que las cooperativas encuentren un nicho en la producción
de textiles y ropa, tanto para el mercado local como para exportación.
Figura 3. Distribución de las cooperativas en operación de acuerdo con su municipio. Fuente: Datos de la
Secretaría de Innovación y Desarrollo (2022).
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Geográficamente, las cooperativas se concentran en áreas específicas del estado, con Madera,
Chihuahua y Ciudad Juárez liderando el número de cooperativas activas. Como se puede observar en la
Figura 3, en Madera, se registraron 18 cooperativas, mientras que en Chihuahua y Ciudad Juárez se
contabilizaron 16 y 12, respectivamente. En la Figura 4, se aprecia la distribución geográfica, misma que
podría estar relacionada con la disponibilidad de recursos naturales y la infraestructura productiva
existente en estas áreas, lo que facilita la operación de las cooperativas en dichos municipios.
Figura 4. Representación visual de la distribución de las cooperativas en el estado de Chihuahua.
En la Tabla 2 se muestran los 101 registros desagregados, con características de las cooperativas en
el Estado que se encuentran en operaciones.
Tabla 2. Estructura de cooperativas operativas en Chihuahua.
Por entidad
Registradas
Primario
Secundario
Terciario
Micro
Pequeña
Mediana
Madera
18
3
6
9
15
3
0
Chihuahua
16
0
4
12
12
4
0
Ciudad Juárez
12
0
8
4
9
3
0
Guachochi
7
2
3
2
7
0
0
Jiménez
7
0
7
0
5
2
0
Cuauhtémoc
5
1
2
2
2
2
1
Nuevo Casas Grandes
5
4
0
1
4
1
0
Hidalgo del Parral
4
0
3
1
4
0
0
Camargo
3
1
1
1
3
0
0
Cusihuiriachi
2
0
0
2
1
0
1
Delicias
2
1
0
1
1
1
0
La economía social en México: Análisis de las cooperativas en el estado de Chihuahua 101
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Namiquipa
2
2
0
0
1
1
0
Satevó
2
2
0
0
2
0
0
Saucillo
2
0
2
0
2
0
0
Ahumada
1
1
0
0
1
0
0
Aldama
1
0
0
1
1
0
0
Ascensión
1
0
1
0
1
0
0
Bocoyna
1
0
1
0
0
0
1
Buenaventura
1
0
0
1
1
0
0
Coronado
1
0
1
0
1
0
0
Guerrero
1
1
0
0
1
0
0
Ignacio Zaragoza
1
0
1
0
1
0
0
La Cruz
1
1
0
0
1
0
0
Maguarichi
1
1
0
0
1
0
0
Riva palacio
1
1
0
0
1
0
0
San Francisco de Conchos
1
1
0
0
0
1
0
Santa Isabel
1
0
1
0
1
0
0
Urique
1
0
0
1
0
1
0
Total
101
22
41
38
79
19
3
Fuente: Elaboración propia.
La información permitió una estratificación por sector económico, de acuerdo a sus actividades
económicas y clasificación como unidades económicas en términos de la conformación de los socios.
Continuando con el análisis descriptivo, se comenta que el estado de Chihuahua cuenta con los tres
tipos de cooperativas que se describen en la Ley General de Sociedades Cooperativas, en Diario Oficial
de la Federación (2018), los cuales son aquellas con actividades de producción de Bienes y/o Servicios,
Consumo y Ahorro y Préstamo, las cuales se adaptan a todo tipo de actividades económicas sin alguna
limitación.
En ese sentido, la estructura económica mostrada en la Tabla 2 permitió la exploración en la
identificación desde una perspectiva de participación de las sociedades cooperativas en la economía
social del estado de Chihuahua. En esa tabla, se observa el marco general de las cooperativas constituidas
y las que se encuentran en operaciones en contexto económico. Dichos organismos, por naturaleza tienen
relevancia social en la contribución de la naturaleza de los OSSE como organizaciones sociales de
personas que se unen con la finalidad de desempeñar actividades económicas para su autoempleo y
gestión social; todo esto dentro de la formalidad de una sociedad mercantil participativa en la economía
de México.
Uno de los objetivos de la Dirección de Economía Social relativo al fomento a las cooperativas,
menciona que dicha institución debe aportar un desempeño gubernamental para que los OSSE en el
estado incrementen la competitividad empresarial. En la administración que es objeto de esta
investigación, dicho apoyo se realiza por medio del “Programa Apoyo para el Fomento a la Economía
Social 2021”; el mismo, comprende desde la asesoría para la formalización de organizaciones sociales en
sociedades cooperativas y fomento al autoempleo de grupos productivos, hasta capacitaciones e
incentivos económicos para el crecimiento y desarrollo de los OSSE.
La información detallada del servicio de este organismo de Gobierno del Estado de Chihuahua y los
objetivos mencionados se describen en la Tabla 3 por su tipo de contenido.
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Tabla 3. Programas para el fomento de la economía social en Chihuahua.
Tipo de
apoyo
Descripción
Beneficio social
Beneficio económico
Gestión para
la
Constitución
de
Sociedades
cooperativas
Gestión del proceso de
constitución legal de la figura
jurídica ante la Dirección de
Comercio de la SIDE.
Formalización de grupos
productivos u organizaciones
sociales en sociedades
cooperativas sin ningún costo
para su constitución legal.
Ingreso económico derivado de la
generación de empleos
(autoempleo) para los integrantes de la
cooperativa.
Integración de las cooperativas como
unidades económicas en la estructura
económica del estado.
Incentivos
Económicos
Subsidios en especie para
equipamiento,
maquinaria e insumos que
apoyen a la cooperativa a
incrementar su productividad.
Garantías líquidas para el
acceso de las cooperativas a
financiamiento.
Bienestar social dentro de los
procesos productivos de la
cooperativa.
Desarrollo de mejores
habilidades técnicas,
tecnológicas por medio del
equipamiento.
Innovación, tecnificación, renovación de
equipamiento, maquinaria, materia
prima para una mejor capacidad
productiva, gestión y soporte de los
productos o servicios.
Asesorías y
Capacitación
Capacitación para el desarrollo
y mejora continua de las
sociedades cooperativas
constituidas en capacidades
técnicas y empresariales.
Desarrollo de habilidades de
los integrantes de la
cooperativa en
especialización por áreas
operacionales.
Incentivar la mejora continua
en la adquisición de
conocimientos para la
administración y operación
de la cooperativa.
Identificación de áreas de oportunidad y
deficiencias en el desarrollo de los
procesos productivos de la cooperativa
para su atención y resolución con
enfoque en impacto productivo de la
cooperativa.
Fuente: Elaboración propia.
Los apoyos descritos se presentan como una oportunidad para el desarrollo, crecimiento y
seguimiento de las sociedades cooperativas formalizadas. Estos apoyos tienen un impacto directo en el
incremento de habilidades y capacidades empresariales en función de la organización social, incentivos
económicos para generar una mayor capacidad productiva, tecnificación y expansión de tal manera que
se obtengan más y mejores beneficios sociales y económicos para las cooperativas en el estado de
Chihuahua.
5. Conclusiones
Los resultados de este estudio indican que las cooperativas enfrentan diversos desafíos para su
sostenibilidad a largo plazo. Entre los principales problemas identificados están la falta de acceso a
financiamiento y la limitada capacidad de los miembros para administrar y expandir sus negocios.
Aunque el gobierno estatal ha implementado programas de apoyo, como el otorgamiento de incentivos
económicos y capacitación técnica, estas medidas aún resultan insuficientes para cubrir las necesidades
de todas las cooperativas. Esto limita su crecimiento y su capacidad para competir en el mercado formal.
Otro aspecto relevante es el impacto de las cooperativas en el bienestar social de sus miembros. A
través de encuestas y entrevistas, se pudo constatar que los miembros de las cooperativas valoran
altamente la capacidad de las organizaciones para generar ingresos y mejorar su calidad de vida. Sin
La economía social en México: Análisis de las cooperativas en el estado de Chihuahua 103
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embargo, también se destacó la necesidad de fortalecer las capacidades empresariales de los socios, a fin
de mejorar la gestión interna y aumentar la competitividad de las cooperativas en el mercado.
El análisis de la estructura financiera de las cooperativas muestra que muchas de ellas dependen en
gran medida de los subsidios y apoyos gubernamentales para mantenerse operativas. Esto las coloca en
una situación de vulnerabilidad frente a cambios en las políticas públicas o recortes presupuestarios. Las
cooperativas que han logrado diversificar sus fuentes de ingresos, ya sea a través de la comercialización
de productos en mercados externos o la creación de redes de colaboración con otras cooperativas, han
demostrado una mayor capacidad para resistir las crisis económicas.
No cabe duda de que las sociedades cooperativas juegan un papel fundamental en la economía
social de Chihuahua, particularmente en la generación de empleo y la integración de grupos marginados
en el mercado formal. A pesar de los desafíos que enfrentan, estas organizaciones han demostrado ser
resilientes y adaptables, logrando operar en sectores clave de la economía regional, como la manufactura
y la agricultura.
Sin embargo, es evidente que, para maximizar el potencial de las cooperativas, se requiere un mayor
apoyo en términos de políticas públicas. Las cooperativas necesitan acceso a financiamiento flexible,
capacitación técnica más especializada, y una mayor integración con las cadenas de valor a nivel local y
nacional. El fortalecimiento de estos aspectos no solo beneficiaría a las cooperativas, sino también a las
comunidades donde operan, promoviendo un desarrollo económico más equitativo y sostenible.
Las cooperativas de Chihuahua tienen el potencial de convertirse en un modelo exitoso de economía
social en México, siempre y cuando se les brinden las herramientas necesarias para crecer y competir en
igualdad de condiciones con otros actores del mercado. Además, el desarrollo de redes de cooperación
entre las cooperativas y la creación de alianzas estratégicas con empresas privadas podrían ser clave para
su expansión.
Finalmente, este estudio recomienda la implementación de políticas que incentiven la formación de
nuevas cooperativas, especialmente en sectores con alto potencial de crecimiento, como el turismo, la
tecnología y los servicios de salud. También se sugiere realizar estudios adicionales para profundizar en
las barreras que enfrentan las cooperativas en términos de acceso a recursos y sostenibilidad a largo
plazo, con el fin de proponer soluciones más efectivas para su consolidación.
CRediT Contribuciones de los autores: “El autor ha leído y aprobado la versión publicada del manuscrito.”
Conflictos de Interés: “El autor declara que no existen conflictos de interés.”
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Economicus Journal of Business and Economics Insights 2024 1(1), 105–110
OJS: https://revistascientificas.uach.mx/index.php/economicus
ISSN: 3061-8169
Como citar / How to cite:
Villegas-Garza, V. (2024). Reseña “Las Fintech desde la perspectiva del emprendimiento” por Raúl Gómez Martínez.
Economicus Journal of Business and Economics Insights, 1(1), 105–110. https://doi.org/10.54167/ejbei.v1i1.1673
Este artículo está bajo los términos de la Licencia Creative Commons Atribución/Reconocimiento NoComercial 4.0 Internacional.
This article is under the terms of the Creative Commons Attribution-NonCommercial 4.0 Internacional License.
(https://creativecommons.org/licenses/by-nc/4.0/).
Reseña
Reseña “Las Fintech desde la perspectiva del
emprendimiento” por Raúl Gómez Martínez
Review of “Fintech from an entrepreneurship perspective”
by Raúl Gómez Martínez
Verónica Villegas-Garza 1
1 Facultad de Derecho, Universidad Autónoma de Chihuahua, México; vvillegasg@uach.mx; ORCID: 0000-0002-
9669-7695
Recibido: 15/04/2024 Aceptado: 03/06/2024; Publicado: 02/07/2024.
DOI: https://doi.org/10.54167/ejbei.v1i1.1673
Resumen: Las Fintech nos permiten ahorrar tiempo y costos en las transacciones financieras y
operaciones más rápidas y agiles, solicitudes de crédito y transferencias casi instantáneas además de
que sus modelos de negocios son más eficientes y menos onerosas que las que realizan los bancos y las
instituciones financieras tradicionales ya que ofrecen servicios más baratos e incluso gratuitos en
comparación a las tradicionales.
Palabras clave: Empresas Financieras, Empresas Tecnológicas, Incubadoras.
Abstract: Fintech allows us to save time and costs in financial transactions and faster and more agile
operations, credit applications and almost instantaneous transfers, in addition to the fact that their
business models are more efficient and less onerous than those carried out by banks and traditional
financial institutions. since they offer cheaper and even free services compared to traditional ones.
Keywords: Financial Companies, Technological Companies, Incubators.
Verónica Villegas-Garza 106
Economicus Journal of Business and Economics Insights 2024 1(1), 105–110
Detalles del Libro
Raúl Gómez Martínez
Las Fintech desde la perspectiva del emprendimiento
Editorial Dykinson, S.L., Meléndez Valdés, 61 – 28015 Madrid.
1a. Edición, 2024. Páginas: 154
ISBN: 978-84-1170-992-7; ISBN electrónico: 978-84-1070-039-0
https://www.dykinson.com/libros/las-fintech-desde-la-perspectiva-del-emprendimiento/9788411709927
Introducción
De acuerdo a la biografía publica de Raúl Gómez Martínez, autor del texto analizado, es doctor y
profesor en economía de la empresa y finanzas por la Universidad Rey Juan Carlos de Madrid España,
profesor desde el año 2007 de las asignaturas de finanzas, valoración y adquisición de empresas,
mercados financieros, productos financieros y dirección financiera entre otras, además de elaborar
material informativo con diferentes escuelas de negocios y centros formativos y desde 1997 colabora
como consultor con las principales instituciones financieras nacionales tanto en España con del
extranjero, sobre todo en proyectos relacionados con mercados financieros.
El título del libro que comentamos, Las Fintech desde la perspectiva del emprendimiento, del autor
Raúl Gómez Martínez publicado en este 2024 en editorial Dykinson, S.L. es un claro ejemplo de lo que
constituye el deber ser de un libro dedicado a la tarea de divulgación, entendida esta característica como
la posibilidad de acercar conocimiento de carácter técnico financiero y económico a los estudiosos de
ambas disciplina, además del público en general, en esta obra Gómez Martínez explora la digitalización
del sector financiero y analiza el surgimiento de las Fintech. Es una lectura relevante para comprender
cómo estos startups desafiaron el contexto del sector financiero y utilizaron tecnología para innovar.
A Raúl Gómez Martínez se le puede considerar como un autor prolífico en el área económica ya que
además del libro que estamos comentando es autor de obras como: Métodos aplicados de valoración y
adquisición de empresas, el cual representa un referente respecto a la valoración y adquisición de
empresas ya que describe los métodos de valoración de empresas desde una perspectiva aplicada,
además de ser coautor de: Introducción a la Inteligencia Artificial: Sistemas expertos, redes neuronales
y computación evolutiva, que aborda temas relacionados con la inteligencia artificial.
La última década ha estado caracterizada por la llegada de las empresas Fintech, cuyo concepto
comentaremos más adelante, y de la mano del interés en su estudio, su relativo carácter nuevo y el
desconocimiento de su alcance, han hecho que surjan muchas dudas respecto a su impacto en sus
diversas variables, como es el caso del emprendimiento, sin embargo, a pesar de tratarse de un tema tan
importante, su análisis en detalle todavía muy limitado.
De acuerdo a lo anteriormente expuesto, hemos querido comprobar si existe la posibilidad de
relacionar el desarrollo de esta nueva industria con el destacado aumento del emprendimiento que ha
experimentado en diversas regiones del mundo y sobre del que apenas se ha investigado la cuestión.
Además de comprobar como la aparición de empresas financiero-tecnológicas ha influido
positivamente en el destacado avance de los emprendimientos experimentado en la última década y que,
efectivamente, los servicios de financiación por estas ofrecidos son uno de los factores que han dado lugar
a esta relación.
Reseña “Las Fintech desde la perspectiva del emprendimiento” por Raúl Gómez Martínez 107
Economicus Journal of Business and Economics Insights 2024 1(1), 105–110
¿Por qué Fintech?
Empezando por el significado de la palabra Fintech, que proviene de la abreviación de las palabras
en inglés: financial y technology término que engloba toda clase de innovaciones tecnológicas usadas para
proveer servicios financieros dirigidos tanto a usuarios privados como a empresas.
El concepto que, aunque parece relativamente nuevo, surge, en palabras del autor, hace más de 25
años a principios de la década de 1990, gracias al apoyo de lo que hoy se conoce como Citigroup (Gómez,
2024). El contexto histórico, político y económico en el cual hacen su aparición las Fintech se podría
englobar en la crisis económica del año 2008, la pérdida de confianza en los bancos, y las entidades
financieras tradicionales tratando de adaptarse a nuevas regulaciones legales.
También se considera como antecedente de estas empresas la Ley Glass-Steagall que entre sus
objetivos era la separación de las actividades bancarias, la prohibición de las activades especulativa y el
fomento de la transparencia y la estabilidad financieras y mientras que en Estados Unidos e Inglaterra
los cuerpos legales evolucionaron hacia un modelo de banca especializada, en el resto de Europa el
modelo predominante era el de una banca universal.
El autor señala que finalmente la ley Glass-Steagal fue revocada por Bill Clinton en 1999, es decir, 9
años antes de la quiebra de Lehman Brother por la Financial Services Modernization Act, más conocida
como Ley Gramm-Leach-Bliley (Gómez, 2024). Esta nueva regulación permitía el acceso a formas de
financiación más estables y de ayuda en caso de crisis financiera, pero implicaba estar sometido a una
regulación más estricta.
El origen de una startup puede variar ampliamente, pero en general, se trata de la conjunción de
una idea innovadora, un equipo de emprendedores apasionados, la determinación para llevar a cabo la
visión de la empresa en el mercado (Gómez, 2024).
Empecemos por el modelo de negocios que siguen las empresas Fintech, el que nos permiten ahorrar
tiempo y costos en las transacciones financieras y operaciones más rápidas y agiles, solicitudes de crédito
y transferencias casi instantáneas además de que son más eficientes y menos costosas que las que realizan
los bancos y las instituciones financieras tradicionales ya que ofrecen servicios más baratos e incluso
gratuitos en comparación a las tradicionales, además, su infraestructura encuentra su base tecnológica
en la nube lo que le permite almacenar grandes cantidades de datos y acceder a recursos informáticos de
manera rápida y flexible.
Las Fintech presentan distintas variables, dependiendo de su objetivo principal relacionada con la
inversión, en ellas los clientes acceden, gestionan y emprenden las oportunidades de inversión, lo que
resulta en una mayor inclusión financiera y una mayor capacidad para tomar decisiones de inversión
informadas, otra puede ser en el área de divisas ya que agilizan y acortan los procesos relacionados con
transferencias.
Pueden presentar variantes de pagos que simplifican y mejoran la forma en que las personas realizan
transacciones financieras diariamente y en relación con los seguros, los consumidores interactúan de
manera más amigable con las pólizas y las compañías de seguros que operan en el mercado
transformando la experiencia de la industria de seguros
Por lo general el término startup se asocia con empresas que están en sus primeras etapas de
desarrollo y que buscan crecer rápidamente y aunque el término está limitado exclusivamente al ámbito
tecnológico, muchas pertenecen a este rubro, entonces, una startup es una empresa emergente o de nueva
creación que busca desarrollar un modelo de negocio innovador, estas compañías por lo general buscan
satisfacer una necesidad específica.
Un factor que marca diferencia entre una startup y un fintech es la forma en como esta capta clientes
en relación las empresas de carácter tradicional que cuentan con oficinas a pie de calle y esperan
simplemente a que los clientes entren, al contrario, las fintech captan clientes en el mercado digital, lo
que les obliga a optimizar el costo de adquisición de clientes.
Verónica Villegas-Garza 108
Economicus Journal of Business and Economics Insights 2024 1(1), 105–110
El fenómeno de las fintech está sustentado en multitud de empresas nuevas que intentan aprovechar
el potencial tecnológico que ofrecen los servicios financieros diferenciales, sería imposible llegar a
comprender el alcance de este fenómeno sin comprender lo íntimamente ligado a este que se encuentran
las llamadas startup y sus características principales.
Para llegar a vislumbrar en su totalidad el alcance de esta revolución tenemos que entender cuales
con los principios en los que se sustenta una startup y sus rasgos más habituales que se dan también en
las Fintech.
Según el autor, el ciclo de vida de las Fintech se asemeja a las llamadas startup y cada una se
caracteriza por distintos atributos dependiendo del recorrido en el que se encuentre y a partir de
identificar y valorar la situación de cada una (Gómez, 2024).
Es decir, la mayoría de las Fintech son startup, pero con características específicas tales como, que
son empresas que se basan en la confianza de los clientes, debido a lo cual su normativa en materia de
seguridad y garantía es muy rígida, esta confianza se debe ganar ya que se trabaja con el dinero de sus
clientes.
Las empresas Fintech cambiaron el modelo de negocio sobre en dos aspectos fundamentales: su base
se encuentra en las tecnologías de la información y en dejar de lado el servicio tradicional que se da en
las instituciones financieras, permitiendo así una mejor atención al cliente, ahorrar tiempo, costo y en
general mejorar la experiencia de los usuarios.
Las Fintech adoptan características de las startups tales como innovación con la incorporación de
ideas nuevas y enfoques distintos a los tradicionales en el mercado, además están diseñadas para alcanzar
gran número de usuarios en poco tiempo, resolviendo necesidades de mercado o servicios al cliente.
En su nacimiento o etapa semilla, los emprendedores de las Fintech cuentan con prácticamente solo
una idea para convencer a posibles clientes e inversionistas para participar en el proyecto, en este
momento se forma el equipo inicial de la empresa, se acuerdan las reglas o bases de la misma, incluyendo
todos los procedimientos legales que les darán el carácter de socios o accionistas de la empresa y las
responsabilidades de cada una de las partes involucradas, además de las reglas en caso de posibles
conflictos y como se resolverán.
Los apoyos económicos e inversiones se obtienen por lo general de amigos y familia con los que se
puede patrocinar los primeros costos de la empresa, también se puede conseguir patrocinio con las
llamadas “aceleradoras o incubadoras” que pueden aportar asesoramiento aparte de financiamiento.
Una vez que se cuenta con estos apoyos la fase más crítica del proyecto es concentrarse en el objetivo
fundamental, es decir, desarrollar la idea del negocio y validarla para lo cual se requiere un Producto
Mínimo Viable o MVP, el producto mínimo viable es un producto con las características suficientes para
dar el servicio a los clientes iniciales, y que estos puedan otorgarnos retroalimentación que guie el
desarrollo del producto o servicio (Gómez, 2024).
Posteriormente la empresa comienza a registrar sus primeros clientes o usuarios, a cosechar sus
primeras métricas, teniendo en consideración estos datos, será básico para la mejora del producto a través
de un proceso de repetición, en el que se toma obligatoriamente la retroalimentación de los primeros
usuarios y se corrigen posibles errores.
En esta fase de crecimiento, cuando la Fintech ya es un producto con cierta rentabilidad en el
mercado y que cumple con las necesidades de los clientes y usuarios a los que va dirigidos y que la
evalúan de forma positiva y el cliente está dispuesto a pagar por el producto o servicio, el costo del
producto terminado es menor que lo se factura por el servicio y, además, el mercado está abierto a la idea
de negocio que puede ser rentable.
En conclusión, en esta etapa las Fintech han logrado atraer clientes, además de contar con una
estrategia de crecimiento concreta y de captación de clientes, es una fase de beneficios en números y en
clientes.
Reseña “Las Fintech desde la perspectiva del emprendimiento” por Raúl Gómez Martínez 109
Economicus Journal of Business and Economics Insights 2024 1(1), 105–110
Llegada la fase de expansión es normal que se empiecen a observar ciertos límites en su crecimiento,
por lo que es el momento de ampliar los mercados hacia donde se pueda dirigir la empresa o hacia nuevos
nichos para que al final y llegada la fase de vender la compañía y esto se puede llevar a cabo por medio
de la fusión o absorción o de la oferta pública o venta.
El origen del las Fintech
Las startups en general, y las Fintech en particular, siguen un ciclo de vida, que, si bien es verdad
que no es del todo riguroso, es muy didáctico para identificar el grado de madurez de cualquier nueva
empresa.
Ya comentamos que como en casi todos los inicios de cualquier stratup, el inicio de las Fintech se da
en el momento en que una empresa es ideada y comienza a desarrollarse, el origen varia en el términos
de cómo surge la idea y como se va desarrollando, muchas de estas empresas nacen al amparo de una
idea innovadora o para solucionar algún problema que aún no se ha visualizado del todo en el mercado,
puede ser que nazcan a partir de experiencias personales de sus fundadores, alguna situación personal y
la manera en cómo salieron avante de la misma, todo lo cual es una fuente de motivación y de dirección
para el desarrollo de la Startup.
Cuando se habla de las llamadas incubadoras, el autor afirma que estas: brindan apoyo y recursos
en sus primeras etapas, lo cual puede incluir financiamiento, mentoría, espacios de trabajo y acceso a
redes de contactos.
Además, Gómez afirma que, si esta incubadora se da un ecosistema emprendedor en un entorno o
conjunto de elementos interconectados que fomentan y respaldan la creación, desarrollo y el crecimiento
de startups y empresas emergentes, estos ecosistemas están diseñados para facilitar la innovación, el
intercambio de conocimientos, acceso a recursos, etc.
Un ecosistema emprendedor puede variar el tamaño y alcance, pero generalmente incluye una
combinación de elementos como: emprendedores, inversores, instituciones académicas, eventos y
conferencias, gobierno y regulación y capital de riesgo.
En relación con las incubadoras de grandes bancos su función es el fomento a la innovación en el
sector financiero, buscan nuevas iniciativas, fundadores y lideres para ayudar a montar su proyecto
desde cero con asesoría de expertos en distintos tramos de inversión.
Un ecosistema emprendedor, las incubadoras brindan apoyo y recursos a las startups en sus
primeras etapas. Las incubadoras Fintech organizadas por bancos grandes buscan nuevas iniciativas,
fundadores y lideres para ayudarles a montar su proyecto desde cero con la ayuda de expertos.
También es necesario tocar el tema de la financiación, que por lo general es riesgosa, ya que
representa mucha incertidumbre por su propia condición de strartups, por ese motivo se suele recurrir
a fuentes de financiación alternativas en la que se pueda vincular al acreedor con la innovadora idea de
negocio y sus futuros rendimientos, una de estas fuentes la encontramos en el Crowdfunding, donde
muchos inversores minoristas aportan sus ahorros para financiar el proyecto de la Fintech y a cambio de
su aportación pueden participar de sus beneficios, como ocurre en el Equity Crowdfundig, donde el
inversor es accionista de la Fintech; o pueden recibir unos intereses en el caso del Equity Crowdlending, ya
que los inversores son prestamistas de la Fintech.
Reflexiones finales
En resumen, el libro Las Fintech desde la perspectiva del emprendimiento ofrece una visión
completa de cómo estas empresas han revolucionado el mundo financiero y cómo los emprendedores
pueden aprovechar estas tendencias para crear soluciones innovadoras.
Verónica Villegas-Garza 110
Economicus Journal of Business and Economics Insights 2024 1(1), 105–110
Las Fintech desde la perspectiva del emprendimiento, es un claro ejemplo de lo que constituye el
deber ser de un libro dedicado a la tarea de difusión, entendida esta característica como la posibilidad de
acercar conocimiento de carácter técnico financiero y económico a los estudiosos de ambas disciplinas,
además del público en general, en esta obra Gómez Martínez explora la digitalización del sector
financiero y analiza el surgimiento de las Fintech. Es una lectura relevante para comprender cómo estos
emprendimientos desafiaron el contexto del sector financiero y utilizaron tecnología para innovar.
Se elabora un repaso un repaso de la situación del sector de este tipo de empresas destacando los
retos que deben afrontar, tales como posibles debilidades, viabilidad económica, continuar innovando y
con ello crear valor, superar posibles amenazas como contextos económicos volátiles y grandes amenazas
desde un punto de vista político y social, la competencia con la banca tradicional, donde las Fintech
pueden tomar la oportunidad y establecer acuerdos de colaboración que les permitan aprovechar las
capacidades de los grandes bancos.
Por ultimo saber detectar fortalezas y mejorar su capacidad de innovación y flexibilidad, orientando
sus estrategias comerciales para lograr modelos de colaboración, incrementar las transacciones online y,
por último, alcanzar acuerdos con los bancos tradicionales que aportan valor a ambas partes.
CRediT Contribuciones de los autores: “La autora ha leído y aprobado la versión publicada del manuscrito.”
Conflictos de Interés: “La autora declara que no existen conflictos de interés.”
Referencias
Gómez Martínez, R. (2024). Las fintech desde la perspectiva del emprendimiento. Editorial Dykinson, S.L.
Economicus Journal of Business and Economics Insights, Volume 1, Number 1
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