A microeconometric analysis of the springboard subsidiary: the case of spanish firms
This paper provides a microeconometric analysis of the distinctive characteristics of springboard subsidiaries that have a positive impact on the subsidiaries’ performance. Based on panel data estimations for subsidiaries of European multinational companies with a presence in Spain, the authors foun...
- Autores:
-
Caicedo Marulanda , Carolina
Pla Barber, Jose
León-Darder, Fidel
Mora Rodriguez, Jhon James
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2015
- Institución:
- Universidad Autónoma de Occidente
- Repositorio:
- RED: Repositorio Educativo Digital UAO
- Idioma:
- spa
- OAI Identifier:
- oai:red.uao.edu.co:10614/11857
- Acceso en línea:
- http://red.uao.edu.co//handle/10614/11857
- Palabra clave:
- Econometría
Econometrics
Microeconometric analysis
Springboard country
Springboard subsidiary
Subsidiary – specific advantage
Firm performance
Panel data
- Rights
- openAccess
- License
- Derechos Reservados - Universidad Autónoma de Occidente
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A microeconometric analysis of the springboard subsidiary: the case of spanish firms |
| title |
A microeconometric analysis of the springboard subsidiary: the case of spanish firms |
| spellingShingle |
A microeconometric analysis of the springboard subsidiary: the case of spanish firms Econometría Econometrics Microeconometric analysis Springboard country Springboard subsidiary Subsidiary – specific advantage Firm performance Panel data |
| title_short |
A microeconometric analysis of the springboard subsidiary: the case of spanish firms |
| title_full |
A microeconometric analysis of the springboard subsidiary: the case of spanish firms |
| title_fullStr |
A microeconometric analysis of the springboard subsidiary: the case of spanish firms |
| title_full_unstemmed |
A microeconometric analysis of the springboard subsidiary: the case of spanish firms |
| title_sort |
A microeconometric analysis of the springboard subsidiary: the case of spanish firms |
| dc.creator.fl_str_mv |
Caicedo Marulanda , Carolina Pla Barber, Jose León-Darder, Fidel Mora Rodriguez, Jhon James |
| dc.contributor.author.none.fl_str_mv |
Caicedo Marulanda , Carolina Pla Barber, Jose León-Darder, Fidel Mora Rodriguez, Jhon James |
| dc.subject.armarc.spa.fl_str_mv |
Econometría |
| topic |
Econometría Econometrics Microeconometric analysis Springboard country Springboard subsidiary Subsidiary – specific advantage Firm performance Panel data |
| dc.subject.armarc.e.fl_str_mv |
Econometrics |
| dc.subject.proposal.eng.fl_str_mv |
Microeconometric analysis Springboard country Springboard subsidiary Subsidiary – specific advantage Firm performance Panel data |
| description |
This paper provides a microeconometric analysis of the distinctive characteristics of springboard subsidiaries that have a positive impact on the subsidiaries’ performance. Based on panel data estimations for subsidiaries of European multinational companies with a presence in Spain, the authors found that if the subsidiary is located in the springboard country, then the performance improvement (increase in profit margin) of the subsidiary is about 49 percentage points. When the Spanish subsidiary is considered a springboard subsidiary, its performance is 7.7 percentage points higher than the performance of other subsidiaries that are not springboard subsidiaries. If the subsidiary has a technological relationship with another subsidiary, its performance is 6.7 percentage points higher than the performance of other subsidiaries that do not have a technological relationship. Finally, when the firm has low autonomy, the performance of the subsidiary is 6.2 percentage points lower than that of firms that are independent or have a high level of autonomy |
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2015 |
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2015 |
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2020-02-12T13:30:16Z |
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2020-02-12T13:30:16Z |
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Artículo de revista |
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http://purl.org/coar/resource_type/c_2df8fbb1 |
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10.5018/economicsejournal.ja.2015-23 |
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2015-23 |
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9 |
| dc.relation.cites.spa.fl_str_mv |
Marulanda, C., Pla-Barber, J., Darder, F. & Rodríguez, J. (2015). A Microeconometric Analysis of the Springboard Subsidiary: The Case of Spanish Firms. Economics, 9 (2015-23), 1–34. http://red.uao.edu.co//handle/10614/11857 |
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Economics: The Open-Access, Open-Assessment E-Journal |
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Adenfelt, M., and Lagerström, K. (2008). “The development and sharing of knowledge by Centers of Excellence and transnational teams: A conceptual framework”, Management International Review, 48(3): 319–338. http://link.springer.com/article/10.1007/s11575-008-0018-8 Aitken, B., and Harrison, A. (1999). “Do domestic firms benefit from direct foreign investment? Evidence from Venezuela,” American Economic Review, 89(3): 605–618. https://ideas.repec.org/a/aea/aecrev/v89y1999i3p605-618.html Andersson, U., Forsgren, M., and Holm, U. (2001). “Subsidiary embeddedness and competence development in MNCs a multi-level analysis”, Organization Studies, 22(6), 1013–1034. http://oss.sagepub.com/content/22/6/1013.abstract Ambos, T., and Birkinshaw, J. (2010). “Headquarters’ attention and its effect on subsidiary performance”, Management International Review, 50(4): 449–469. https://www.questia.com/library/journal/1G1-236877026/headquarters-attention-andits-effect-on-subsidiary Arnold, J., and Javorcik, B. (2005). “Gifted kids or pushy parents? Foreign acquisitions and plant performance in Indonesia”, Foreign Acquisitions and Plant Performance in Indonesia (April 2005). World Bank Policy Research Working Paper, 3597. http://econpapers.repec.org/paper/wbkwbrwps/3597.htm Barkema, H., Bell, J., and Pennings, J. (1996). “Foreign entry, cultural barriers, and learning”, Strategic Management Journal, 17(2), 151–166. http://onlinelibrary.wiley.com/doi/10.1002/(SICI)1097-0266(199602)17:2%3C151 Barney, J. (1991). “Firm resources and sustained competitive advantage”, Journal of management, 17(1): 99–120. http://jom.sagepub.com/content/17/1.toc Benito, G. (2005). “Divestment and international business strategy”, Journal of Economic Geography, 5(2): 235–251. http://joeg.oxfordjournals.org/content/5/2/235.abstract Birkinshaw, J. (1996). “How multinational subsidiary mandates are gained and lost”, Journal of International Business Studies, 27(3): 467–495. http://econpapers.repec.org/article/paljintbs/v_3a26_3ay_3a1995_3ai_3a4_3ap_3a729-753.htm Birkinshaw, J., and Hood, N. (1998): Multinational corporate evolution and subsidiary development, New York: St. Martin’s. Birkinshaw, J., and Morrison, A. (1995). “Configurations of strategy and structure in subsidiaries of multinational corporations”, Journal of International Business Studies, 26(4): 729–754. http://www.jstor.org/stable/155297Bouquet, C., and Birkinshaw, J. (2008). “Managing power in the multinational corporation: How low-power actors gain influence”, Journal of Management, 34(3): 477–508. http://www.sagepub.com/cleggstrategy/Cyril%20Bouquet%20and%20Julian%20Birkinshaw.pdf Brandt, K., and Hulbert, M. (1976). “Patterns of communications in the multinational corporation: An empirical study”, Journal of International Business Studies, 7(1): 57– 64. https://ideas.repec.org/a/pal/jintbs/v7y1976i1p57-64.html BvDEP (2009): BvDEP Ownership Database, Bureau van Dijk Electronic Publishing. http://www.bvdinfo.com/en-gb/home (access in March 2013) Caicedo, C. (2014). “La Perspectiva de Springboard: País Trampolín y Filial Trampolín Una nueva alternativa para el proceso de internacionalización” unpublished PhD thesis, Universidad de Valencia, España. Fuller, C., and Phelps, N. (2000). “Multinationals, intracorporate competition, and regional development”, Economic Geography, 76(3): 224–243. http://onlinelibrary.wiley.com/doi/10.1111/j.1944-8287.2000.tb00142.x/abstract Gammelgaard, J., McDonald, F., Stephan, A., Tüselmann, H., and Dörrenbächer, C. (2012). “The impact of increases in subsidiary autonomy and network relationships on performance”, International Business Review, 21(6), 1158–1172. https://ideas.repec.org/a/eee/iburev/v21y2012i6p1158-1172.html Garnier, H. (1982). “Context and decision making autonomy in the foreign affiliates of U.S. multinational corporations”, Academy of Management Journal, 25(4): 893–908. http://www.jstor.org/stable/256105?seq=1#page_scan_tab_contents Ghemawat, P. (2003). “Semiglobalization and international business strategy”, Journal of International Business Studies, 34 (2): 138–152. https://ideas.repec.org/a/pal/jintbs/v34y2003i2p138-152.html Jarillo, J., and Martínez, J. (1990). “Different roles for subsidiaries: The case of multinational corporations in Spain”; Strategic Management Journal, 11(7): 501–512. http://onlinelibrary.wiley.com/doi/10.1002/smj.4250110702/abstract Johanson, J., and Vahlne, J. (1977). “The internationalization process of the firm – A model of knowledge development and increasing foreign market commitments”, Journal of International Business Studies, 8(1): 23–32. http://econpapers.repec.org/article/paljintbs/v_3a8_3ay_3a1977_3ai_3a1_3ap_3a23-32.htm Johnson, J. (1995). “An empirical analysis of the integration – Responsiveness framework: U.S. construction equipment industry firms in global competition”, Journal of International Business Studies, 26 (3): 621–635. http://econpapers.repec.org/article/paljintbs/v_3a26_3ay_3a1995_3ai_3a3_3ap_3a621-635.htm Kawai, N., and Strange, R. (2013). “Subsidiary autonomy and performance in Japanese multinationals in Europe”, International Business Review. http://dx.doi.org/10.1016/j.ibusrev.2013.08.012 Lane, P., Salk, J., and Lyles, M. (2001). “Absorptive capacity, learning, and performance in international joint ventures”, Strategic Management Journal, 22(12): 1139–1161. http://onlinelibrary.wiley.com/doi/10.1002/smj.206/abstract Lasserre, P. (1996). “Regional headquarters: The spearhead for Asia Pacific markets”, Long Ranged Planning, 29(1): 30–37. http://www.researchgate.net/publication/240176982_Regional_headquarters_The_spearhead_for_Asia_Pacific_markets Morosini, P., Shane, S., and Singh, H. (1998). “National cultural distance and cross-border acquisition performance”, Journal of International Business Studies, 29(1): 137–158. https://ideas.repec.org/r/pal/jintbs/v29y1998i1p137-158.html Mudambi, R., and Navarra, P. (2004). “Is knowledge power? Knowledge flows, subsidiary power and rent-seeking within MNCs”, Journal of International Business Studies, 35(5), 385–406. https://ideas.repec.org/a/pal/jintbs/v35y2004i5p385-406.html O´Donnell, S. (2000). “Managing foreign subsidiaries: Agents of headquarters, or an interdependent network?”, Strategic Management Journal, 2 (5): 525–548. http://www.researchgate.net/profile/Sharon_Watson/publication/229442707_Managing_foreign_subsidiaries_agents_of_headquarters_or_an_interdependent_network/links/00b7d51aca5b4bc2fe000000.pdf Penrose, E. (1959): The theory of the growth of the firm, London: Basil Blackwell. Pla-Barber, J., and Camps, J. (2012). “Springboarding: A new geographical landscape for European foreign investment in Latin America”, Journal of Economic Geography, 12(2), 519–538. https://ideas.repec.org/a/oup/jecgeo/v12y2012i2p519-538.html Roth, K., and Morrison, A. (1992). “Implementing global strategy: Characteristics of global subsidiary mandates”, Journal of International Business Studies, 23(4): 715–735. https://ideas.repec.org/a/pal/jintbs/v23y1992i4p715-735.html Rugman, M., (1986): New theories of the multinational enterprise: An assessment of internalization theory, Bulletin of Economic Research, 38(2): 101–118. http://econpapers.repec.org/article/blabuecrs/v_3a38_3ay_3a1986_3ai_3a2_3ap_3a101-18.htm Rugman, M., and Verbeke, A. (1992). “A note on the transnational solution and the transaction cost theory of multinational strategic management”, Journal of International Business Studies, 23(4): 761–771. https://ideas.repec.org/a/pal/jintbs/v23y1992i4p761-771.html Surlemont, B. (1998). “A typology of centres within multinational corporations: An empirical investigation”. En J. Birkinshaw and N. Hood (Eds.), Multinational corporate evolution and subsidiary development: 162–188. New York: St. Martin’s. Taggart, J. (1998). “Strategy shifts in MNC subsidiaries”, Strategic Management Journal, 19 (7): 663–681. http://onlinelibrary.wiley.com/doi/10.1002/%28SICI%291097-0266%28199807%2919:7%3C663 Tran, Y., Mahnke, V., and Ambos, B. (2010). “The effect of quantity, quality and timing of headquarters-initiated knowledge flows on subsidiary performance”, Management International Review, 50(4): 493–511. http://www.researchgate.net/publication/225402807_The_Effect_of_Quantity_Quality_and_Timing_of_Headquartersinitiated_Knowledge_Flows_on_Subsidiary_Performance UNCTAD (2013): World investment report 2013. Global value chains: Investment and trade for development, United Nations, New York and Geneve. http://unctad.org/en/PublicationsLibrary/wir2013_en.pdf Wade, M., and Gravill, J. (2003). “Diversification and performance of Japanese IT subsidiaries: A resource-based view”, Information and Management, 40(4): 305–316. http://dl.acm.org/citation.cfm?id=775599 |
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Caicedo Marulanda , Carolina virtual::3074-1Pla Barber, Jose15e5f9a6a98c14daca3964d9ee4986d2León-Darder, Fidel69f69d4deec17d66dd58974a98ca66fdMora Rodriguez, Jhon James009fa4acf7b6c6a17e1197d66ecca62cUniversidad Autónoma de Occidente. Calle 25 115-85. Km 2 vía Cali-Jamundí2020-02-12T13:30:16Z2020-02-12T13:30:16Z2015http://red.uao.edu.co//handle/10614/1185710.5018/economicsejournal.ja.2015-23This paper provides a microeconometric analysis of the distinctive characteristics of springboard subsidiaries that have a positive impact on the subsidiaries’ performance. Based on panel data estimations for subsidiaries of European multinational companies with a presence in Spain, the authors found that if the subsidiary is located in the springboard country, then the performance improvement (increase in profit margin) of the subsidiary is about 49 percentage points. When the Spanish subsidiary is considered a springboard subsidiary, its performance is 7.7 percentage points higher than the performance of other subsidiaries that are not springboard subsidiaries. If the subsidiary has a technological relationship with another subsidiary, its performance is 6.7 percentage points higher than the performance of other subsidiaries that do not have a technological relationship. Finally, when the firm has low autonomy, the performance of the subsidiary is 6.2 percentage points lower than that of firms that are independent or have a high level of autonomyapplication/pdf35 páginasspaEconomicsDerechos Reservados - Universidad Autónoma de Occidentehttps://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessAtribución-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0)http://purl.org/coar/access_right/c_abf2A microeconometric analysis of the springboard subsidiary: the case of spanish firmsArtículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Textinfo:eu-repo/semantics/articlehttp://purl.org/redcol/resource_type/ARTREFinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85EconometríaEconometricsMicroeconometric analysisSpringboard countrySpringboard subsidiarySubsidiary – specific advantageFirm performancePanel data2015-239Marulanda, C., Pla-Barber, J., Darder, F. & Rodríguez, J. (2015). A Microeconometric Analysis of the Springboard Subsidiary: The Case of Spanish Firms. Economics, 9 (2015-23), 1–34. http://red.uao.edu.co//handle/10614/11857Economics: The Open-Access, Open-Assessment E-JournalAdenfelt, M., and Lagerström, K. (2008). “The development and sharing of knowledge by Centers of Excellence and transnational teams: A conceptual framework”, Management International Review, 48(3): 319–338. http://link.springer.com/article/10.1007/s11575-008-0018-8Aitken, B., and Harrison, A. (1999). “Do domestic firms benefit from direct foreign investment? Evidence from Venezuela,” American Economic Review, 89(3): 605–618. https://ideas.repec.org/a/aea/aecrev/v89y1999i3p605-618.htmlAndersson, U., Forsgren, M., and Holm, U. (2001). “Subsidiary embeddedness and competence development in MNCs a multi-level analysis”, Organization Studies, 22(6), 1013–1034. http://oss.sagepub.com/content/22/6/1013.abstractAmbos, T., and Birkinshaw, J. (2010). “Headquarters’ attention and its effect on subsidiary performance”, Management International Review, 50(4): 449–469. https://www.questia.com/library/journal/1G1-236877026/headquarters-attention-andits-effect-on-subsidiaryArnold, J., and Javorcik, B. (2005). “Gifted kids or pushy parents? Foreign acquisitions and plant performance in Indonesia”, Foreign Acquisitions and Plant Performance in Indonesia (April 2005). World Bank Policy Research Working Paper, 3597. http://econpapers.repec.org/paper/wbkwbrwps/3597.htmBarkema, H., Bell, J., and Pennings, J. (1996). “Foreign entry, cultural barriers, and learning”, Strategic Management Journal, 17(2), 151–166. http://onlinelibrary.wiley.com/doi/10.1002/(SICI)1097-0266(199602)17:2%3C151Barney, J. (1991). “Firm resources and sustained competitive advantage”, Journal of management, 17(1): 99–120. http://jom.sagepub.com/content/17/1.tocBenito, G. (2005). “Divestment and international business strategy”, Journal of Economic Geography, 5(2): 235–251. http://joeg.oxfordjournals.org/content/5/2/235.abstractBirkinshaw, J. (1996). “How multinational subsidiary mandates are gained and lost”, Journal of International Business Studies, 27(3): 467–495. http://econpapers.repec.org/article/paljintbs/v_3a26_3ay_3a1995_3ai_3a4_3ap_3a729-753.htmBirkinshaw, J., and Hood, N. (1998): Multinational corporate evolution and subsidiary development, New York: St. Martin’s. Birkinshaw, J., and Morrison, A. (1995). “Configurations of strategy and structure in subsidiaries of multinational corporations”, Journal of International Business Studies, 26(4): 729–754. http://www.jstor.org/stable/155297Bouquet, C., and Birkinshaw, J. (2008). “Managing power in the multinational corporation: How low-power actors gain influence”, Journal of Management, 34(3): 477–508. http://www.sagepub.com/cleggstrategy/Cyril%20Bouquet%20and%20Julian%20Birkinshaw.pdfBrandt, K., and Hulbert, M. (1976). “Patterns of communications in the multinational corporation: An empirical study”, Journal of International Business Studies, 7(1): 57– 64. https://ideas.repec.org/a/pal/jintbs/v7y1976i1p57-64.htmlBvDEP (2009): BvDEP Ownership Database, Bureau van Dijk Electronic Publishing. http://www.bvdinfo.com/en-gb/home (access in March 2013)Caicedo, C. (2014). “La Perspectiva de Springboard: País Trampolín y Filial Trampolín Una nueva alternativa para el proceso de internacionalización” unpublished PhD thesis, Universidad de Valencia, España. Fuller, C., and Phelps, N. (2000). “Multinationals, intracorporate competition, and regional development”, Economic Geography, 76(3): 224–243. http://onlinelibrary.wiley.com/doi/10.1111/j.1944-8287.2000.tb00142.x/abstractGammelgaard, J., McDonald, F., Stephan, A., Tüselmann, H., and Dörrenbächer, C. (2012). “The impact of increases in subsidiary autonomy and network relationships on performance”, International Business Review, 21(6), 1158–1172. https://ideas.repec.org/a/eee/iburev/v21y2012i6p1158-1172.htmlGarnier, H. (1982). “Context and decision making autonomy in the foreign affiliates of U.S. multinational corporations”, Academy of Management Journal, 25(4): 893–908. http://www.jstor.org/stable/256105?seq=1#page_scan_tab_contentsGhemawat, P. (2003). “Semiglobalization and international business strategy”, Journal of International Business Studies, 34 (2): 138–152. https://ideas.repec.org/a/pal/jintbs/v34y2003i2p138-152.htmlJarillo, J., and Martínez, J. (1990). “Different roles for subsidiaries: The case of multinational corporations in Spain”; Strategic Management Journal, 11(7): 501–512. http://onlinelibrary.wiley.com/doi/10.1002/smj.4250110702/abstractJohanson, J., and Vahlne, J. (1977). “The internationalization process of the firm – A model of knowledge development and increasing foreign market commitments”, Journal of International Business Studies, 8(1): 23–32. http://econpapers.repec.org/article/paljintbs/v_3a8_3ay_3a1977_3ai_3a1_3ap_3a23-32.htmJohnson, J. (1995). “An empirical analysis of the integration – Responsiveness framework: U.S. construction equipment industry firms in global competition”, Journal of International Business Studies, 26 (3): 621–635. http://econpapers.repec.org/article/paljintbs/v_3a26_3ay_3a1995_3ai_3a3_3ap_3a621-635.htmKawai, N., and Strange, R. 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(2003). “Diversification and performance of Japanese IT subsidiaries: A resource-based view”, Information and Management, 40(4): 305–316. http://dl.acm.org/citation.cfm?id=775599Publicationa183c021-f01e-4ba4-a5c8-004ee18b06b7virtual::3074-1a183c021-f01e-4ba4-a5c8-004ee18b06b7virtual::3074-1https://scholar.google.com/citations?user=i12K1DcAAAAJ&hl=esvirtual::3074-10000-0003-0513-7578virtual::3074-1https://scienti.minciencias.gov.co/cvlac/visualizador/generarCurriculoCv.do?cod_rh=0000022753virtual::3074-1TEXTA0233.pdf.txtA0233.pdf.txtExtracted texttext/plain83988https://red.uao.edu.co/bitstreams/eef83878-941a-4ffd-922c-2a50407507bd/downloadadc0bcc6cc45eaf03783115874e9b249MD54A0233_A microeconometric analysis of the springboard subsidiary: the case of spanish firms.pdf.txtA0233_A microeconometric analysis of the springboard subsidiary: the case of spanish firms.pdf.txtExtracted texttext/plain83988https://red.uao.edu.co/bitstreams/8a8b69c3-0820-471d-8613-826f5007af43/downloadadc0bcc6cc45eaf03783115874e9b249MD56THUMBNAILA0233.pdf.jpgA0233.pdf.jpgGenerated Thumbnailimage/jpeg12571https://red.uao.edu.co/bitstreams/d17d8cb6-c8d7-4b21-84fa-9224104a67e0/downloadaac03f644a826d5bb3b78a0077830912MD55A0233_A microeconometric analysis of the springboard subsidiary: the case of spanish firms.pdf.jpgA0233_A microeconometric analysis of the springboard subsidiary: the case of spanish firms.pdf.jpgGenerated Thumbnailimage/jpeg12571https://red.uao.edu.co/bitstreams/92f17da6-e9cc-403c-ac2a-a50879b1430f/downloadaac03f644a826d5bb3b78a0077830912MD57ORIGINALA0233_A microeconometric analysis of the springboard subsidiary: the case of spanish firms.pdfA0233_A microeconometric analysis of the springboard subsidiary: the case of spanish firms.pdfTexto archivo completo del artículo de revista, PDFapplication/pdf363969https://red.uao.edu.co/bitstreams/eb3bcf76-7c9d-4eae-94ba-f7d48e2e2702/download53b0947136145f1fde20364992e5bc7fMD51CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; charset=utf-8805https://red.uao.edu.co/bitstreams/fc769f15-c8d7-4f9c-aac8-e0d72a6c6f83/download4460e5956bc1d1639be9ae6146a50347MD52LICENSElicense.txtlicense.txttext/plain; charset=utf-81665https://red.uao.edu.co/bitstreams/3767d9c7-e0c7-4e99-bc55-951fab77acf0/download20b5ba22b1117f71589c7318baa2c560MD5310614/11857oai:red.uao.edu.co:10614/118572024-03-08 15:07:03.913https://creativecommons.org/licenses/by-nc-nd/4.0/Derechos Reservados - Universidad Autónoma de Occidenteopen.accesshttps://red.uao.edu.coRepositorio Digital Universidad Autonoma de Occidenterepositorio@uao.edu.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 |