Factores que impactan los resultados empresariales: Un estudio comparativo entre empresas chilenas y españolas

Business performance is an issue that continues to focus the interest of researchers and that has not been resolved yet. Based on this, the following study has two main objectives: first, to conduct a literature review of the factors that impact on firm performance; and second, to contrast previous approaches in order to provide empirical evidence about this issue by means of a comparative analysis of firms in Chile and Spain. A contrast over a complete panel of Chilean and Spanish industrial firms is performed by using two databases for each country, respectively: (i) the Annual National Industrial Survey (ENIA), and (ii) the Survey of Business Strategies (ESEE), both for the period 2000-2007. Using components for the analysis of variance we identified the factors that explain more than 90% of business results, additionally, via techniques for panel data, we found these factors also influence the results obtained. Thus, this paper advances in the discussion of the subject through its application on firms in a developing country such as Chile. Furthermore, this study analyzes a neglected matter in literature: the study of the influence of the factors, without focusing only in the analysis of the percentage of explanation of the factors based on firm performance. At the same time, this study serves as an update to the traditionally researched period and incorporates geographical location as a relevant factor that was not analyzed in other studies, and which contributes to explain the proposed model. Among the implications of the study, it is clear that results allow managers and firms’ owners to understand the elements that influence organizational results, considered the basis of their existence and survival in the future.