VERGARA FARÍAS, MARCOS ANDRÉS

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Precautionary saving in mean-variance models and different sources of risk
(2021)
VERGARA FARÍAS, MARCOS ANDRÉS
;
Claudio A. Bonilla
Scopus© Citations 4 1
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The impact of government support programs for the development of businesses in Chile
(2015)
Christian A. Cancino
;
Claudio A. Bonilla
;
VERGARA FARÍAS, MARCOS ANDRÉS
<jats:sec><jats:title content-type="abstract-heading">Purpose</jats:title><jats:p>– The purpose of this paper is to analyze the impact on businesses in Chile of the Seed Capital Program (SCP) implemented by Chile’s Technical Cooperation Services.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-heading">Design/methodology/approach</jats:title><jats:p>– In order to analyze the impact of this SCP, a counter-factual scenario was used that entailed a combination of the propensity score matching with difference in difference methods. A total of 682 businesses were surveyed (378 in the treatment group and the rest in the control group), 164 of which gave complete responses to the surveys, 89 belonging to the treatment group and 75 to the control group.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-heading">Findings</jats:title><jats:p>– The results are mixed. On the one hand, the impact of sales is positive but its statistical significance depends on the model used. With regard to the number of employees, however, the results are positive and statistically significant regardless of the model used. The results also show that participating in the program has no incidence on the probability of later obtaining financing.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-heading">Research limitations/implications</jats:title><jats:p>– This study highlights the importance of differentiating between opportunity-driven entrepreneurship programs and necessity-driven entrepreneurship programs.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-heading">Practical implications</jats:title><jats:p>– It also suggests improvements in public policy to develop entrepreneurship in small businesses in Chile. These suggestions may also be interesting for other countries facing similar challenges in terms of developing private entrepreneurship as a vehicle to generate economic development.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-heading">Originality/value</jats:title><jats:p>– This exploratory work may be interesting to those in charge of designing, implementing and evaluating public programs in support of small- and mid-sized enterprise development.</jats:p></jats:sec>
Scopus© Citations 32 1
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New results on precautionary saving and nonlinear risks
(2022)
BONILLA, CLAUDIO
;
VERGARA FARÍAS, MARCOS ANDRÉS
42Scopus© Citations 4
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Changes in risk and entrepreneurship
(2022)
Claudio A. Bonilla
;
VERGARA FARÍAS, MARCOS ANDRÉS
;
Richard Watt
4Scopus© Citations 1
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The effect of bank ownership and deposit insurance on monetary policy transmission revisited: The role of precautionary savings
(2022)
SEPULVEDA UMANZOR, JEAN PAUL
;
VERGARA FARÍAS, MARCOS ANDRÉS
Scopus© Citations 1 2
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The complementarity effect: Effort and sharing in the entrepreneur and venture capital contract
(2016)
VERGARA FARÍAS, MARCOS ANDRÉS
;
Claudio A. Bonilla
;
SEPULVEDA UMANZOR, JEAN PAUL
Scopus© Citations 30 3
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Precautionary saving: A taxonomy of prudence
(2017)
VERGARA FARÍAS, MARCOS ANDRÉS
Scopus© Citations 7 3
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Risk aversion, downside risk aversion, and the transition to entrepreneurship
(2020)
Claudio A. Bonilla
;
VERGARA FARÍAS, MARCOS ANDRÉS
43Scopus© Citations 11
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Hybrid entrepreneurship and risk
(2023)
BENÍTEZ LAVADOS, IGNACIA MARÍA
;
Claudio A. Bonilla
;
VERGARA FARÍAS, MARCOS ANDRÉS
Scopus© Citations 1 2
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Testing the theory of the firm under price and background risk
(2024)
Claudio A. Bonilla
;
Jorge Sabat
;
VERGARA FARÍAS, MARCOS ANDRÉS
<jats:title>Abstract</jats:title><jats:p>A generalized version of the classical model of the firm under risk is proposed in order evaluate the effects of an increase in price risk on a firm's production choices where background risk is present. It is shown theoretically that in this setting, these effects are ambiguous. This purely analytical result is then tested empirically using survey data on manufacturing firms in Chile. The results indicate that an increase in price risk induces greater production levels across the entire sample, thus revealing the presence of a precautionary effect. When the sample is divided on the basis of firm size, however, evidence of significant heterogeneous effects is found. While larger firms exhibit a precautionary effect, smaller firms display a strong substitution effect that prompts them to reduce output levels.</jats:p>
Scopus© Citations 1 1

VERGARA FARÍAS, MARCOS ANDRÉS

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