Publication: Capital humano y éxito de carrera de directores generales en empresas latinoamericanas
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2020-03-27
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Universidad Complutense de Madrid
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Abstract
Si bien se han enfatizado la naturaleza contextual de las carreras, la mayor parte de la literatura sobre carreras se ha llevado a cabo en países occidentales, educados, industrializados, ricos y democráticos. Y con el fin de explicar el éxito de carrera objetivo, la teoría de capital humano ha sido muy utilizada. Sin embargo, los estudios sobre la influencia del capital humano en el éxito de carrera en contextos no occidentales han ofrecido resultados diversos. Al ser las posiciones de Directores Generales las más influyentes en las jerarquías corporativas, los indicadores de éxito de carrera de los mismos conciernen no sólo a la persona sino también a las organizaciones y sociedades. A pesar de su relevancia, la literatura sobre capital humano y éxito de carrera objetivo en Directores Generales (CEOs) de firmas latinoamericanas es limitada. En consecuencia, bajo el marco teórico de la teoría de capital humano y de la literatura sobre éxito de carrera, este trabajo examinará la influencia de la educación y experiencia sobre el time to the top de los CEOs que trabajan en empresas latinoamericanas. Time to the top refleja la cantidad de años que les lleva a los ejecutivos ser designados como CEOs desde el inicio de sus carreras profesionales. Estudiaremos, también, la influencia de estas variables en los CEOs de empresas de origen familiar. Nos centramos en este grupo de empresas debido a su importancia en la región: generan el 60% del producto bruto y emplean el 70% de la fuerza de trabajo. Además, al analizar educación y experiencia, exploraremos variables ya propuestas por la literatura -en un nuevo contexto- como otras nuevas (estudios de posgrado en instituciones de elite en el extranjero, puesto previo a la designación como CEO), e identificaremos variables moderadoras. Consideramos que este estudio resulta relevante por varias razones. En primer lugar, no pueden explicarse las carreras sin comprender su contexto. Además, América Latina es una región con pocas investigaciones en el ámbito de carreras y gestión de negocios y su importancia en la economía mundial es creciente. Finalmente, la región cuenta con características particulares: economías de mercado jerárquicas, desigualdad en el acceso a la educación, y características culturales. En línea con estudios previos, hemos empleado una estrategia de investigación cuantitativa. La muestra está compuesta por 169 empresas que integran las 300 firmas top ¿ 500 empresas más grandes en América Latina- y las 100 multilatinas top. Ambos rankings son ofrecidos por América Economía (2014). Hemos construido un conjunto de datos tanto a nivel empresa como a nivel CEO, empleando información proveniente de diferentes fuentes secundarias. Los resultados ofrecen soporte parcial a la teoría de capital humano -educación y experiencia- y contribuyen a distintas ramas de la literatura: capital humano, carreras, gestión internacional y empresas familiares en América Latina. Nuestros resultados reflejan la importancia de factores culturales, socioeconómicos e institucionales que influyen en la velocidad a la cima en las carreras de los CEOs en empresas latinoamericanas. Podemos mencionar, entre otros, la relevancia de las empresas familiares, el proceso de transferencia del aprendizaje idiosincrático en las empresas familiares, el acceso desigual a la educación, la importancia de los estudios universitarios de grado en instituciones de élite, el bajo desempeño de las universidades locales/regionales, las variables culturales de colectivismo y familismo así como la importancia de la confianza y las relaciones personales para construir capital humano específico. Por otra parte, el hecho de ser o no integrante de la familia constituye una variable que no es frecuentemente considerada en la literatura de carreras y juega un rol central en las carreras en la región.
While the contextual nature of careers has been emphasized, most of the career literature has been conducted in Western, educated, industrialized, wealthy, and democratic countries. And in order to explain objective career success, human capital theory has been widely used. However, studies on the influence of human capital on career success in non-Western contexts have offered mixed results. As the positions of CEOs are the most influential in corporate hierarchies, the indicators of their career success concern not only the person but also the organizations and societies. Despite its relevance, the literature on human capital and objective career success in CEOs of Latin American firms is limited. Consequently, under the theoretical framework of human capital theory and the literature on career success, this paper will examine the influence of education and experience on the time to the top of CEOs working in Latin American companies. Time to the top reflects the number of years it takes for executives to be appointed as CEOs from the start of their professional careers. We will also study the influence of these variables on CEOs of family-owned companies. We focus on this group of companies due to their importance in the region: they generate 60% of the gross product and employ 70% of the workforce. In addition, when analyzing education and experience, we will explore variables already proposed by the literature -in a new context- as well as new ones (postgraduate studies in elite institutions abroad, prior to the appointment as CEO), and we will identify moderating variables. We consider this study to be relevant for several reasons. First, careers cannot be explained without understanding their context. In addition, Latin America is a region with little research in the field of careers and business management and its importance in the world economy is growing. Finally, the region has particular characteristics: hierarchical market economies, inequality in access to education, and cultural characteristics. In line with previous studies, we have employed a quantitative research strategy. The sample is made up of 169 companies that make up the 300 top firms - 500 largest companies in Latin America - and the top 100 multilatinas. Both rankings are offered by América Economía (2014). We have built a dataset at both the company and CEO level, using information from different secondary sources. The results offer partial support to the theory of human capital -education and experience- and contribute to different branches of the literature: human capital, careers, international management and family businesses in Latin America. Our results reflect the importance of cultural, socioeconomic, and institutional factors that influence speed to the top in CEO careers in Latin American companies. We can mention, among others, the relevance of family businesses, the process of transferring idiosyncratic learning in family businesses, unequal access to education, the importance of undergraduate university studies in elite institutions, the low performance of local / regional universities, the cultural variables of collectivism and familism as well as the importance of trust and personal relationships to build specific human capital. On the other hand, the fact of being a family member or not constitutes a variable that is not frequently considered in the racing literature and plays a central role in careers in the region.
While the contextual nature of careers has been emphasized, most of the career literature has been conducted in Western, educated, industrialized, wealthy, and democratic countries. And in order to explain objective career success, human capital theory has been widely used. However, studies on the influence of human capital on career success in non-Western contexts have offered mixed results. As the positions of CEOs are the most influential in corporate hierarchies, the indicators of their career success concern not only the person but also the organizations and societies. Despite its relevance, the literature on human capital and objective career success in CEOs of Latin American firms is limited. Consequently, under the theoretical framework of human capital theory and the literature on career success, this paper will examine the influence of education and experience on the time to the top of CEOs working in Latin American companies. Time to the top reflects the number of years it takes for executives to be appointed as CEOs from the start of their professional careers. We will also study the influence of these variables on CEOs of family-owned companies. We focus on this group of companies due to their importance in the region: they generate 60% of the gross product and employ 70% of the workforce. In addition, when analyzing education and experience, we will explore variables already proposed by the literature -in a new context- as well as new ones (postgraduate studies in elite institutions abroad, prior to the appointment as CEO), and we will identify moderating variables. We consider this study to be relevant for several reasons. First, careers cannot be explained without understanding their context. In addition, Latin America is a region with little research in the field of careers and business management and its importance in the world economy is growing. Finally, the region has particular characteristics: hierarchical market economies, inequality in access to education, and cultural characteristics. In line with previous studies, we have employed a quantitative research strategy. The sample is made up of 169 companies that make up the 300 top firms - 500 largest companies in Latin America - and the top 100 multilatinas. Both rankings are offered by América Economía (2014). We have built a dataset at both the company and CEO level, using information from different secondary sources. The results offer partial support to the theory of human capital -education and experience- and contribute to different branches of the literature: human capital, careers, international management and family businesses in Latin America. Our results reflect the importance of cultural, socioeconomic, and institutional factors that influence speed to the top in CEO careers in Latin American companies. We can mention, among others, the relevance of family businesses, the process of transferring idiosyncratic learning in family businesses, unequal access to education, the importance of undergraduate university studies in elite institutions, the low performance of local / regional universities, the cultural variables of collectivism and familism as well as the importance of trust and personal relationships to build specific human capital. On the other hand, the fact of being a family member or not constitutes a variable that is not frequently considered in the racing literature and plays a central role in careers in the region.
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Departamento de Organización de Empresas y Marketing, leída el 29-10-2019