DigitalUM :: Browsing by browse.metadata.contributordepartment "Organización de Empresas y Finanzas"

Browsing by browse.metadata.contributordepartment "Organización de Empresas y Finanzas"

Now showing 1 - 20 of 113

Open Access
A missing link: the behavioral mediators between resources and entrepreneurial intentions
(2016) Aragón-Sánchez, Antonio; Baixauli-Soler, Samuel; Carrasco-Hernández, Antonio Jose; Organización de Empresas y Finanzas; Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas
Purpose – Based on the theory of planned behaviour and the resource-based perspective, the purpose of this paper is to provide a well-supported explanation of how access to resources, defined as those controlled by the family context and not necessarily controlled by the student, changes attitudes, subjective norms and perceived control and, consequently, the entrepreneurial intentions of secondary students. Design/methodology/approach – In contrast to traditional research methodologies, this study used a different approach based on primary survey data collected from secondary students to study future entrepreneurial intentions. Structural equation models were used in the empirical analysis. Findings – Secondary students with more access to resources – financial and human capital – have stronger entrepreneurial intentions because they have more favourable attitudes and subjective norms, and greater perceived behavioural control. This study finds that cultural capital has no significant impact on entrepreneurial intention. Practical implications – Key policy actions should increase access to resources for young people. Originality/value – This study shows that the effect of access to resources on entrepreneurial intention is mediated by attitudes, social norms and perceived behavioural control. The results suggest that the relationship between access to resources and entrepreneurial intentions is more complex and nuanced than previously thought.
Open Access
An integrative view of knowledge processes and a learning culture for ambidexterity: towards improved organisational performance in the banking sector
(IEEE, 2019-06-06) Cegarra-Navarro, Juan Gabriel; García-Pérez, Alexeis; Jiménez-Jiménez, Daniel; Organización de Empresas y Finanzas; Facultad de Economía y Empresa
Banks are the backbone of the financial sector and catalysts in the economic development of any country. Current changes in their global business ecosystem make of knowledge about the fund-supplying and fund-demanding parties of the society a key resource for the fulfilment of banks’ investment and saving functions. This research addresses the relationship between performance and a learning culture that is supported by knowledge processes within the organisation. Given the relevance of this subject for organisations from most knowledge-intensive domains, this research has focused on the Spanish banking sector. Using a structural equation model, feedback received from 215 employees from 142 individual branches from a major banking institution in Spain was studied. The results of the data analysis show that in addition to maximising on what is already known about the customer base, employees’ learning about the potential new stakeholders and also about the internal strategies, tools and techniques is directly related to the bank’s performance which, in turn, influences economic recovery and socio-economic development. Our findings suggest that an active pursuit of learning within the context of the organisation is required for banks to remain competitive in the dynamic, global business ecosystem where international, national and local banking sectors operate. These findings are applicable to sectors characterised by a high degree of tacit knowledge, which real products are the specialised expert knowledge and problem-solving know-how.
Open Access
Análisis de la actividad ferial en España: la perspectiva sectorial de una década (1995-2005)
(Secretaría de Estado de Comercio, 2008-02-29) Jiménez Guerrero, José Felipe; Pemartín González-Adalid, María; Organización de Empresas y Finanzas
A pesar de la importancia de las ferias comerciales como herramienta de comunicación, y de su impacto en la economía, en la literatura apenas encontramos estudios que analicen la evolución del sector ferial. En la última década, la actividad ferial nacional ha experimentado un crecimiento sin precedentes habiéndose duplicado el número de certámenes y de expositores, e incrementándose también la superficie de exposición. No obstante, aunque son cada vez más los sectores empresariales objetivo de esta herramienta de marketing, la madurez que ha alcanzado el mercado ferial no está afectando a todos ellos por igual. El objetivo de este trabajo es analizar la evolución sectorial de la actividad ferial durante el período 1995-2005 a través del estudio de las memorias y estadísticas que presenta anualmente la Asociación de Ferias Españolas (AFE), única fuente de datos de la actividad ferial a nivel nacional. Su análisis nos permitirá realizar un diagnóstico sobre la situación actual de los diferentes sectores empresariales, y plantear algunos elementos de discusión sobre el previsible futuro del mercado ferial y sus principales agentes, los expositores y los visitantes.
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Analysis of variance in household financial portfolio choice: evidence from Spain
(2017) Callado Muñoz, Francisco José; González Chapela, Jorge; Utrero González, Natalia; Organización de Empresas y Finanzas
We analyse the determinants of the household financial portfolio allocation using an estimator and a variance decomposition that take into account the constrained nature of household portfolio allocations. We apply these methods to a large data set of financial assets. Results show that the main factors underlying household financial portfolio choice in Spain are age and net wealth. Among others, there is also evidence of sizeable effects associated with risk aversion, education, liquidity constraints and income, but very modest effects are associated with family size and having accounts in stand-alone internet banks. Implications for policy are also derived.
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Bank concentration and SME borrower discouragement: the moderating influence of banking system stability
(Taylor and Francis Group, Routledge, 2025-08-19) Hernández-Cánovas, Gines; Mol-Gómez-Vázquez, Ana; Martínez-Solano, Pedro; Organización de Empresas y Finanzas
This study uses a multilevel analysis to examine how banking system stability influences the relationship between bank concentration and borrower discouragement. The analysis uses 26 rounds of the Survey on the Access to Finance of Enterprises for 11 Eurozone countries between 2010 and 2022. We find that banking system stability reduces or even reverses the negative effect of bank concentration on borrower discouragement for small and medium-sized enterprises. Specifically, increased bank concentration reduces borrower discouragement when banking system stability, measured using the Z-score, is above certain thresholds: 20.6 for term loans and 21.97 for credit lines. These thresholds correspond to the 90th–95th percentiles of banking system stability in the data, meaning that only about 5–10% of firms operate in banking systems sufficiently stable for concentration to reduce discouragement. Micro firms benefit the most from bank concentration in stable banking systems but suffer the most in unstable ones. Additionally, increased bank concentration discourages credit line borrowers more than term loan borrowers in unstable systems, with the opposite effect in stable systems. Overall, maintaining banking system stability is essential for realizing the potential benefits of bank concentration, especially for small firms.
Open Access
Block connectedness between the EU-ETS and corporate returns: evidence from high- and low-emission firms
(Elsevier, 2025-09-03) Álvarez Diez, Susana; Baixauli Soler, J. Samuel ; Lozano Reina, Gabriel ; Rodríguez-Linares Rey, Diego; Organización de Empresas y Finanzas
This study analyzes volatility transmission between the EU-ETS –used here as a proxy for carbon price dynamics– and the stock returns of European firms with varying emission levels during the third and fourth phases of the EU-ETS (from January 01, 2013 to April 30, 2025), applying a connectedness framework that integrates time-frequency decomposition and block-level analysis. The empirical evidence confirms that carbon market volatility significantly affects corporate financial dynamics, especially in the short term and particularly for high-emission firms. These results validate the three hypotheses posed: (i) there is statistically significant volatility connectedness between carbon and stock markets; (ii) short-term spillovers dominate; and (iii) high-emission firms are more exposed to volatility transmission than their low-emission counterparts. These findings are robust across two different classification criteria and highlight the relevance of carbon pricing not only as an environmental policy tool but also as a financial market signal.
Open Access
Board of directors and firm debt in Spanish SMEs: A power perspective
(Elsevier España, 2023-11-02) Martín Ugedo, Juan Francisco; Mínguez Vera, Antonio; Organización de Empresas y Finanzas; Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas
Open Access
Canalización de los fondos europeos procedentes del “Next Generation EU” por parte de las Entidades Locales. Un apoyo a la innovación local
(Cátedra de Hacienda Territorial, Universidad de Murcia, 2021-11) Baixauli Soler, J. Samuel; Lozano Reina, Gabriel; Portillo Navarro, María José; Organización de Empresas y Finanzas
Open Access
CANVAS Platform user guide para estudiantes
Valle Mestre, Ledian; Organización de Empresas y Finanzas; Facultad de Economía y Empresa
This guide shows step-by-step instructions on how students can configure the CANVAS platform.
Open Access
CANVAS Platform user guide para profesores
Valle Mestre, Ledian; Organización de Empresas y Finanzas; Facultad de Economía y Empresa
In this guide, we show, step by step, how LMS CANVAS must be configured.
Open Access
Corporate social responsibility and financial performance: Does country sustainability matter?
(WILEY, 2023-06-07) Vargas Santander, Karen Gloria; Álvarez Díez, Susana; Baixauli Soler, Juan Samuel; Belda Ruiz, María; Organización de Empresas y Finanzas
Drawing on stakeholder and institutional theoretical frameworks, this study aims to examine how corporate social performance (CSP) impacts corporate financial performance (CFP) and the moderating role of country sustainability and its environmental (ENV), social (SOC) and governance (GOV) dimensions. Using a broad international sample with firms from 47 countries―and through multilevel and panel data analysis―results show a positive and significant influence of CSP on CFP, while country sustainability negatively moderates the CSP–CFP relationship. This is consistent with the idea that in countries with a high level of sustainability, firms have greater difficulty obtaining competitive advantages through actions related to corporate social responsibility. Results also indicate that country sustainability has a direct and positive impact on CFP (Tobin's-Q), regardless of CSP. Additionally, applying country sustainability in a disaggregated manner, we find that social and governance dimensions influence the CSP–CFP relationship, while the environmental dimension does not. Evidence thus confirms that the effect of CSP on CFP varies depending on the institutional context in which the firm is located.
Open Access
Critical Mass of Women on Boards and Firm Performance: Insights from Spanish State‑Owned Enterprises
(Springer, 2025) Moreno Enguix, María del Rocío; Gras Gil, Ester; Esteban Lloret, Nuria Nevers; Economía Financiera y Contabilidad; Organización de Empresas y Finanzas
State-owned enterprises (SOE) are very important entities for the development of the economic and financial policy of the governments of countries. Despite policies to promote gender equality and the requirement of minimum quotas for women in management positions, the presence of women in these positions in the SOE continues to be very low. We carried out a study, using panel data, on the relationship between gender diversity in management positions and the results obtained by unlisted Spanish SOE during the years 2014–2021. Our results show that the presence of women in boardrooms positively affects the financial performance of SOEs, and in line with Kanter (1977), improvements are higher for a critical mass of women on boards.
Open Access
Dataset on Spanish medium-sized family firms: linking socioemotional wealth, HRM practices, and financial indicators
(Elsevier, 2026-01-19) Baixauli Soler, Juan Samuel; Belda Ruiz, María; Lozano Reina, Gabriel; Peláez León, Juan David; Sánchez Marín, Gregorio; Organización de Empresas y Finanzas; Facultad de Economía y Empresa
This article presents a dataset on 508 medium-sized Spanish family firms, collected between March and June 2016 through structured telephone interviews with CEOs or HR directors. The questionnaire covered four dimensions: family involvement and socioemotional wealth (SEW), human resource management (HRM) practices, financial strategies, and managerial demographics. To complement survey data, financial indicators were extracted from the SABI (Sistema de Análisis de Balances Ibéricos) database. The dataset integrates subjective managerial assessments with objective firm-level information, offering a unique resource for research on family business management, HRM, and financial policies. Variables include firm ownership and management, generational structures, SEW priorities, human capital and HRM practices, financial goals and capital access, as well as managers’ demographic characteristics. The database is released in cleaned, anonymized, and fully documented form (together with the questionnaire and a detailed codebook), enabling replication, comparative studies, and meta-analyses on family firms and related organizational topics.
Open Access
Defence Contracting and Accrual-Based Earnings Management
(2026-02-11) Callado Muñoz, Francisco José; Sánchez Ballesta, Juan Pedro; Utrero-González, Natalia; Yagüe, José; Economía Financiera y Contabilidad; Organización de Empresas y Finanzas
We examine accrual-based earnings management in Spanish defence firms in 2011–2020, using a unique database from the Spanish Ministry of Defence. We find higher levels of accrual-based earnings management and lower accrual quality in firms where defence contracts represent a high proportion of their total sales. Defence contractors manage earnings upwards under financial constraints and downwards when profitability is high. These findings suggest that defence firms may strategically manage earnings to enhance financial image or reduce visibility. Distinguishing among current defence suppliers, potential suppliers, and nondefence firms, we show that earnings management occurs specifically in years with defence sales.
Embargo
Defence Spending, Institutional Environment and Economic Growth: Case of NATO
(Taylor and Francis Group, 2017-11-24) Callado Muñoz, Francisco José; Hromcová, Jana; Utrero González, Natalia; Organización de Empresas y Finanzas
This paper analyses the impact of participating in a military alliance on the nexus between defence spending and economic growth. In particular, we study how the process of gradual association to a military organization influences the defence spending of newcomers, and consequently their economic growth. Conclusions from the theoretical model are tested empirically for countries in the North Atlantic Treaty Organization. Results show that the prospect of intensified military alliance partnership and membership has a positive effect on economic growth. In addition, increased security and stability gained by closer military cooperation reinforces the positive link with economic growth. Empirical evidence supports theoretical priors.
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Determinants of employee training: impact on organizational legitimacy and organizational performance
(Taylor & Francis, 2018) Esteban Lloret, Nuria Nevers; Aragón Sánchez, Antonio; Carrasco Hernández, Antonio José; Organización de Empresas y Finanzas
Employee training is one of the most studied human resource practices, as it is considered critical for organizational success. However, employee training and its impact on organizational performance have usually been studied from an economic-rational perspective, in terms of the economic and competitive advantages that companies can achieve by training employees. This study goes beyond the economic-rational approach and draws on institutional theory. We introduce contextual factors in the analysis of the determinants of employee training to complement the variables of competitive advantage and explain the relationship between employee training and organizational outcomes. Data were collected from 374 organizations using a questionnaire administered in Spain. The findings support the idea that both economic-rational and institutional determinants influence employee training. There are also two different kinds of outcome from training employees: organizational legitimacy improves at the same time as organizational performance.
Open Access
Developing a country’s sustainability indicator: an analysis of the effect on trade openness
(Elsevier, 2023-07-13) Vargas Santander, Karen Gloria; Álvarez Díez, Susana; Baixauli Soler, Juan Samuel; Belda Ruiz, María; Organización de Empresas y Finanzas
Several proposals have been put forward for measuring sustainability performance at the country-level, in addition to the considerable debate surrounding which pillars (or dimensions) should form part of this sustainability and which variables should make up these pillars. To date, no clear consensus has been reached regarding which sustainability measures are the most appropriate when seeking to reflect not only a country’s economic development but also its environmental, social, and governance aspects. To provide an alternative to the existing indicators developed by private agencies, this study proposes an index to measure sustainability at the country-level, considering the Environmental, Social and Governance (ESG) pillars. In addition, this indicator will serve as a counterpoint to the majority of current sustainability indicators, some of which involve a strong component in per capita income, or which are over-represented in economic terms. In a second stage –and in order to apply the indicator– this study analyses how sustainability at the country-level, and its ESG pillars, influence trade openness through a study of panel data from 47 countries. The results indicate that applying a disaggregated index in its dimensions (pillars) shows both the positive and negative effects that sustainability can have on the variable studied. A non-disaggregated index only reflects the joint effect, which might be insignificant in certain cases. This study contributes to the existing literature as well as to current understanding of how to measure national sustainability and its implications for macroeconomic variables, and it also provides a clear method for future research.
Open Access
Dividend announcement and the value of sentiment analysis
(Taylor & Francis Group, 2024-02-26) Álvarez Díez, Susana; Baixauli Soler, Juan Samuel; Kondratenko, Anna; Lozano Reina, Gabriel; Organización de Empresas y Finanzas; Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas
Payout policy constitutes one of the most important corporate financial decisions since dividends are essential factors in determining a firm’s value. A dividend announcement generates a market signal which translates into changes in stock returns, impacting short-term price fluctuations and producing abnormal returns. The sample consists of 394 companies listed on the S&P500 index, from which 1574 dividend announcements and 7222 news items are derived during the years 2022–2023. News pieces are obtained from 58 specialized sources, and ChatGPT is used to automate the sentiment extracted from them. Using sentiment analysis, this paper shows the key role played by sentiments derived from financial news posted just after dividend announcements in predicting market reaction and helping investors to select optimal investment strategies. This paper contributes to the current literature, highlighting the influence that sentiments have on determining stock market returns.
Open Access
Do financial constraints lead to environmental, social and governance controversies? The role of country context
(WILEY, 2024-10-31) Vargas-Santander, Karen Gloria; Álvarez Díez, Susana; Baixauli Soler, Juan Samuel; Belda Ruiz, María; Organización de Empresas y Finanzas
The term sustainability and environmental, social and governance (ESG) criteria has gained greater importance globally in recent decades. As social and environmental issues increase, firms are advocating the need to be more sustainable. However, in this scenario, corporate controversies still persist, and an analysis of their causes is required. This study focuses on establishing the relationship between financial constraints (FC) and ESG controversies and on determining whether the country context might modify the controversial behaviours of financially constrained firms. Through a Tobit analysis for panel data—and using a sample of firms with headquarters in 47 countries—our results show a positive and significant influence of FC on ESG controversies. In addition, our evidence confirms that country context impacts relationships within the firm, and that opting for controversial activities is increasingly less viable for firms located in countries where there is institutionalized sustainability.
Open Access
Do investors react to corporate governance news? An empirical analysis for the Spanish market
(SAGE Publications, 2015-06-06) Callado Muñoz, Francisco José; Utrero González, Natalia; Organización de Empresas y Finanzas
This work adds to the debate on corporate governance regulations and its effects on performance and firm value. The paper empirically tests whether there is a significant price reaction to corporate governance announcements following the publication of the Aldama Code of Best practice (2003) in Spain. In particular, news announcements are classified according to the code principles to distinguish among different dimensions of corporate governance and have a better understanding of investors’ reaction. Results show first, that investors react to this kind of practices, second, that the sign of their reaction depends crucially on the nature and extension of the recommendation and finally that firms that disclose more do not enjoy higher market prices or return on the medium-long term.