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This paper examines the evolution of Intellectual Property (IP) commercialization in historical perspective. IP Law imposes an incentive structure that determines the extent of societal investment in those assets. From their inception at the dawn of the Industrial Revolution, IP has expanded due to the introduction of new technologies. Property rights allocation over these assets has traditionally been assigned to governments centralizing the recognition of such property. For a long period of time, government intervention was critical to allow IP commercialization; hence, the political economy of IP was dictated by the prevailing ideology of policymakers in favor or against market transactions. The resulting clash of ideologies has marked the position of developing countries seeking exclusions from open IP commercialization to obtain temporary relief from foreign competition of technology producing countries, as well as that of industrialized countries, seeking to export their technologies overseas. The emergence of blockchain technology, as a decentralized transaction exchange protocol that makes intermediary centralized institutions (i.e. governments) certifying IP irrelevant over a large portion of intellectual property (i.e., trade secrets and copyrights) will create revolutionary institutions facilitating IP commercialization, such as NFTs. We examine this historical evolution in the context of legal institutions governing intellectual property transactions and technology transfer.

Efflorescence formation is very common in cement-based materials. In the case of mortar, efflorescence is more studied when only Portland cement is used as a binder. However, the repair of historical heritage, as well as the construction system of some countries, usually uses mortars composed of hydrated lime and Portland cement. This study aims to determine the influence of the hydrated lime content on the incidence of efflorescence in mortars.

Mortars with 0%, 50%, and 100% lime/cement ratio were studied, using three different methods to accelerate efflorescence formation. The surface area of mortars affected by efflorescence was quantified by analysis using image software. Also, analysis of mercury intrusion porosity test, flexural tensile, compressive strength, absorption of water by capillarity, porosity, XRD and TGA was performed.

More efflorescence in mortars with a higher amount of lime in their composition was observed. The results show that the increase in the lime content reduces the flexural tensile and the compressive strength and increased the absorption of water by capillarity and the porosity of the mortars. The material formed by the efflorescence was calcium carbonate, proven by microstructural tests.

The results of greater efflorescence formation in mortars with lime are important to alert users who apply this type of material. Some type of protection must be done more rigorously for lime-cement mortars, especially concerning contact with water, since efflorescence tends to be faster for this type of material.

We investigate the link between firm volatility and risk-taking (RT) among 4232 institutions across 11 countries during the period of 2000–2017 and find RT is negatively correlated with volatility measures. Second, a decomposition of the primary risk measure, the Z score and Merton distance-to-default, reveals that high RT contributed to lower stock return volatility mainly through better corporate governance, firm size, higher information efficiency, and strong BOD. Third, Australia firms engage in more RT compared to other countries. Finally, majority of the selected countries show the negative impact of RT in firm volatility in the pre-crises period (2002–2006) and during the crises period (2007–2009) but not in the post-crises period (2010–2014).

We analyze how entry order in a new field influences the stock market reaction to strategic alliances and acquisitions aimed at expanding firm boundaries. We argue that alliances would be more valued by investors at the early stages of a process of convergence between two markets, whereas acquisitions would be more valued in the later stages. Using a sample of alliances and acquisitions carried out by European telecom firms, our hypotheses have been confirmed.

This study evaluates the relationship between the entrepreneurial ecosystem and business competitiveness in four different contexts (i.e. France, Spain, Hungary and Costa Rica).

The study uses a sample of 348 manufacturing and knowledge-intensive business service firms operating in four countries with different entrepreneurial ecosystems (France, Spain, Costa Rica and Hungary) for 2019. Firm competitiveness is computed via the “benefit-of-the-doubt” (BOD) method, and a multilevel model is employed to assess the connection between the entrepreneurial ecosystem and firm competitiveness.

The results of the multilevel model indicate that the entrepreneurial ecosystem is related to firm competitiveness, while the BOD results suggest that firms operating in settings with a more consolidated entrepreneurial ecosystem are better able to realize the outcomes of strategic choices linked to the exploitation of key resources and capabilities. Country-specific results suggest that “human capital” is the most relevant competitive pillar prioritized by all sampled businesses.

The proposed analysis of the connection between the entrepreneurial ecosystem and business competitiveness in different contexts contributes to the development of the entrepreneurial ecosystem frame by offering insights into how the properties of the entrepreneurial ecosystem (i.e. interactions among individuals, organizations and institutions) can produce economically meaningful effects on business performance.

The relationship between risk and return has been widely analysed in the scope of listed companies. However the present literature leaves uncovered an important study area with regards to privately held firms. In order to cover this gap, this study analyses the risk-return trade-off in the context of private enterprises. Furthermore, the authors incorporate the contingent effect of being a family firm on the abovementioned relationship.

Using information from the SABI (Sistema de Análisis de Balances Ibéricos) database, a sample of 2,297 private manufacturing firms were analysed for the period of 2009–2016. So as to ascertain the proposed hypotheses, dynamic panel data methodology was applied. Specifically, the authors estimated the two-step general method of moments (GMM).

The obtained findings reveal that, according to prospect theory arguments, privately held firms adopt a conservative attitude toward risk when results are higher than a target level, while becoming risk seeking when results are lower than a target level. Moreover, the fact of being a family firm softens the risk-return relationship both when performance is above the target level and also when firms find themselves in the lowest performing case.

This article is, to the best of the authors' knowledge, one of the first studies dealing with the risk-return relationship in a privately held firm context. Moreover, the inclusion of being a family firm as a contingent factor in the abovementioned link is a complete novelty.

La relación riesgo-rentabilidad ha sido ampliamente analizada en el ámbito de las empresas cotizadas. Sin embargo, la literatura existente deja al descubierto una importante área de estudio en relación con las empresas no cotizadas. Para cubrir esta brecha, el presente estudio analiza el binomio riesgo-rentabilidad en el contexto de empresas privadas. Adicionalmente, incorporamos el efecto contingente de ser una empresa familiar sobre esta relación.

Utilizando información de la base de datos SABI (Sistema de Análisis de Balances Ibéricos) se analizó una muestra de 2.297 empresas manufactureras privadas para el período 2009–2016. Para comprobar las hipótesis propuestas se aplicó la metodología de datos de panel, específicamente, utilizamos el Método de los Momentos Generalizado (GMM).

Los resultados muestran que, de acuerdo con la Teoría Prospectiva, las empresas no cotizadas presentan una mayor aversión al riesgo cuando su nivel de rentabilidad es superior al valor de referencia establecido, mientras que presentan una mayor propensión al riesgo cuando su rentabilidad es inferior al valor de referencia. Además, el hecho de ser una empresa familiar suaviza la relación riesgo-rentabilidad en ambos escenarios.

Este es uno de los primeros estudios en abordar la relación riesgo-rentabilidad en el contexto de empresas no cotizadas. Además, la inclusión de ser una empresa familiar como factor contingente es completamente novedosa.

The purpose of this case study is to describe the Costa Rican coffee roaster and retail company Grupo Britt and provides sufficient information for readers to discuss the company's growth options in the US and Latin American markets. It has been prepared to facilitate discussion and learning about appropriate growth strategies and the building, positioning and branding of companies from emerging economies within the internationalization processes.

The case study is based on primary research conducted in conjunction with the company, including interviews with senior management and an ample review of documents. Secondary research was also conducted into the relevant environmental, industry and competitor trends and characteristics.

The case presents the ways in which Grupo Britt has been successful in developing a new business model based on the concept of a “sense of place.” This translates as meaning that the company generates products and services that highlight the particular characteristics of the place(s) in which it operates.

This is a complex, in‐depth case study suitable for use with advanced MBA students and practitioners. Depending on the aims of the instructor, different aspects of the case can be highlighted and it can be used in a course or module focussing on strategies for growth or internationalization, international business or marketing, or brand management

The purpose of this paper is to discuss the transnational entrepreneurial activities of Colombian emigrants to the USA in the context of the Colombian government’s policies and initiatives aimed at encouraging and facilitating emigrants’ transnational entrepreneurship. It examines the profile of Colombian emigrants, the entrepreneurial transnational activities they pursue and the actual and potential role of the government in instigating and shaping these activities.

The paper analyzes data obtained from focus groups with migrant families and interviews with governmental officials and an expert researcher. It also evaluates secondary data sources relevant to the subject of the paper.

The impact of transnational activities of Colombian migrants upon Colombian economy and society is much lower compared with the activities of migrants in other countries and with the potential these activities could have for contributing to the economic development of Colombia. Possible causes of this include: the specific characteristics of the Colombian emigrant and entrepreneur profile, the fragmentation of transnational networks of the migrants and the lack of governmental strategies to support the development of transnational activities of migrants.

The paper contributes to the debates on emigrant–state relation through offering an analysis of migrant entrepreneurship, technology and knowledge transfer and investment activities of Colombian emigrants in the home country. It also provides recommendations for policy action and concrete government programs that might encourage greater involvement of Colombian migrants in high value-adding activities that could benefit the country’s development.

This paper aims to analyse the transnational activities of Colombian migrants in the USA; the reasons why migrants engage, or not, in these activities; and the impact of migrants’ transnational activities at the household, community and national levels.

This paper analyses data obtained from focus groups with migrant families and interviews with government officials and an expert researcher, as well as secondary data sources.

The main transnational activities in which Colombian migrants engage in are individually oriented, while participation in collective actions such as philanthropy or membership of political parties and hometown associations is limited. The impact of those activities varies when analysed at different levels. Overall, transnational activities of Colombian migrants can be seen as contributing to the perpetuation of south–north dependency, even if they help improve the socioeconomic situation of migrants and their families.

This paper contributes to the migration–development nexus debate by pointing to the significance of distinguishing the level of analysis (micro, meso and macro) when studying the impacts of transnationalism on development.