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  • Publication
    Diversification decisions among family firms: The role of family involvement and generational stage
    (2018-02-01) Muñoz-Bullón, Fernando; Sánchez-Bueno, María José; Suárez González, Isabel; Ministerio de Economía y Competitividad (España)
    While prior literature has focused on whether family firms are more or less inclined to diversification than non-family firms, the examination of differences in diversification among family firms has received much less attention. We analyze how family involvement (in ownership, control, and management) and the generational stage in the company (first versus later generations) influence diversification among family firms. The empirical evidence is provided by a sample of publicly listed family firms from the EU. Our results show that larger levels of family involvement in the firm are associated with lower diversification. Furthermore, first-generation family firms are found to be less diversified than their later-generation counterparts. (C) 2017 ACEDE. Published by Elsevier Espana, S.L.U.
  • Publication
    The case of a subsidized reverse supply chain in the Chinese electronics industry
    (Elsevier, 2023-08-06) Yanzi, Zhang; Berenguer Falguera, Gemma; Zhi-Hai, Zhang; Comunidad de Madrid; Agencia Estatal de Investigación (España)
    We study a special environmental producer responsibility policy for the Chinese electronics industry that is based on awarding a per unit subsidy to qualified returned electronic products and ensuring a minimum producer collection volume while allowing larger collection volumes. Based on a real application from a Chinese electronics company that produces LCD TVs, our paper studies the optimal design of the product’s reverse supply chain when there is flexibility in settling the inspection locations of the returned products and flexibility in the volume of returned products collected. The problem is modeled as a nonlinear mixed-integer program and an efficient outer approximation-based solution approach is proposed. Analytical results and extensive numerical experiments based on this real application are conducted. Observations novel to the reverse logistics literature are related to the testing location decisions (upstream or downstream) and the optimal collection volumes of returned products. Particularly, we show how the government can stimulate the collection amount of returned products by increasing the unit subsidy and we also find that the company’s marginal benefit from improving the subsidy increases in a superlinear fashion. Furthermore, the highest collection volumes may not occur at the highest quality level of returned products for capacitated remanufacturers. The company can also be incentivized to increase the collection of returned products by permitting flexible testing locations. We also observe how the optimal testing locations vary for different levels of unit subsidy and different ratios of qualified and non-qualified returned products. Finally, conclusions and future research directions are provided.
  • Publication
    Managing volunteers and paid workers in a nonprofit operation
    (INFORMS, 2023-10-06) Berenguer Falguera, Gemma; Haskell, William; Li, Lei; Comunidad de Madrid; Agencia Estatal de Investigación (España)
    Some nonprofit organizations (NPOs) manage a complex workforce composed of a mix of volunteers, part-time workers, and full-time workers. We study the NPO’s finite-horizon staffing problem to determine the optimal initial staff planning decisions and per period optimal hiring and assignment decisions given a budget, capacity constraints, and an uncertain supply of volunteers and part-time workers. Our main goal is to solve this problem in a way that is effective and easy to implement while obtaining interesting managerial insights. To this end, we first demonstrate that the optimal staffing policies are computationally challenging to identify in general. However, we demonstrate that a prioritization assignment policy and a hire-up-to policy for part-time workers can be conveniently applied and are close to optimal. These policies are, in fact, optimal under staff scarcity and staff sufficiency. In our numerical analysis, we study the value and impact of the general optimal solution that considers flexibility and turnover of part-time workers versus the prioritization assignment policy and a constant hire-up-to policy that omit flexibility and turnover behaviors. We further suggest two easy-to-implement heuristics and theoretically analyze them and run a numerical performance study. We observe that both heuristics have low relative optimality gaps. Finally, we extend our analysis by studying how the optimal policy varies under three different practical considerations: a concave social value objective, nonzero volunteer costs, and dynamic volunteer behaviors.
  • Publication
    Applicant reactions to social network web use in personnel selection and assessment
    (Elsevier España, S.L.U, 2016-01-01) Aguado García, David; Rico Muñoz, Ramón; Rubio, Víctor J.; Fernandez, Lucia
    Human Resource (HR) professionals are increasingly using Social Networking Websites (SNWs) for personnel recruitment and ion processes. However, evidence is d regarding their psychometric properties and their impact on applicant reactions. In this paper we present and discuss the results of exploring applicant reactions to either the use of a professional SNW (such as LinkedIn) or a non-professional SNW (such as Facebook). A scale for assessing applicant reactions was applied to 124 professionals. The results showed more positive attitudes to the use of professional SNWs compared with non-professional SNWs. Both gender and age moderated these results, with females and young applicants having a less positive attitude than males and older participants towards the use of non-professional SNWs
  • Publication
    Learning by hiring: The effects of scientists' inbound mobility on research performance in academia
    (INFORMS, 2016-01-01) Slavova, Kremena Slavcheva; Fosfuri, Andrea; Castro Campbell, Julio Orlando De; Ministerio de Economía y Competitividad (España)
    This study investigates the effects of scientists' inbound mobility on the research performance of incumbent scientists in an academic setting. The theoretical framework integrates insights from learning theory and social comparison theory to suggest two main mechanisms behind these effects: localized learning and social comparison. The authors propose several hypotheses about the conditions that might intensify or weaken such effects. Specifically, the arrival of new scientific personnel is likely to exert stronger positive effects on the performance of incumbent scientists with shorter (cf. longer) organizational tenure; in addition, academic departments with less diversified expertise and with higher levels of internal collaborations likely reap greater benefits from learning by hiring. The empirical findings, based on a longitudinal analysis of a sample of 94 U.S. academic chemical engineering departments, provide empirical support for these contentions.
  • Publication
    Knowledge work intensification and self-management: The autonomy paradox
    (Pluto Journals, 2016-10-01) Pérez Zapata, Oscar; Serrano Pascual, Amparo; Álvarez Hernández, Gloria; Castaño Collado, Cecilia
    In the analysis of the sustainability of knowledge work environments, the intensification of work has emerged as probably the single most important contradiction. We argue that the process of knowledge work intensification is increasingly self-driven and influenced by subjectification processes in the context of trends of individualisation and self-management. We use a qualitative case study of a leading multinational company in the information and communications technology sector (considered to be ‘best-in-class’) to discuss this intensification and its linkage with self-disciplining mechanisms. The workers studied seem to enjoy a number of resources that current psychosocial risk models identify as health promoting (e.g. autonomy, learning, career development and other material and symbolic rewards). We discuss the validity of these models to assess the increasingly boundaryless and self-managed knowledge work contexts characterised by internalisation of demands and resources and paradoxical feelings of autonomy. Knowledge work intensification increases health and social vulnerabilities directly and through two-way interactions with, first, the autonomy paradox and new modes of subjection at the workplace; second, atomisation and lack of social support; third, permanent accountability and insecurity; and finally, newer difficulties in setting boundaries.
  • Publication
    CSR serves to compete in the sport industry? An exploratory research in the football sector in Peru
    (Virtus Interpress, 2016-12) Quispe Salguero, Julio; Rivera Camino, Jaime Eduardo
    Corporate social responsibility (CSR) is a concept used by firms to obtain competitiveness. Although the focus of academic research has been on identifying the link between financial and social performance, the causal evidence of this relationship remains unclear. Our research attempts to fill this gap by validating hypotheses indicating that the effect of CSR on business competitiveness requires integrating other variables. The literature review shows limited research conducted on CSR and professional sports in emerging countries. Our article fills these gaps by investigating the effect of CSR on competitiveness of football teams. Our results will expand the applicability of CSR to other organizations, while at the same time offering recommendations to a sector with economic and sociological global repercussions.
  • Publication
    Strategies of legitimacy through social media: the networked strategy
    (Wiley, 2016-05-01) Castelló Molina, María Itziar; Etter, Michael; Nielsen, Finn Arup; Ministerio de Economía y Competitividad (España)
    How can corporations develop legitimacy when coping with stakeholders who have multiple, often conflicting sustainable development (SD) agendas? We address this question by conducting an in-depth longitudinal case study of a corporation's stakeholder engagement in social media and propose the concept of a networked legitimacy strategy. With this strategy, legitimacy is gained through participation in non-hierarchical open platforms and the co-construction of agendas. We explore the organizational transition needed to yield this new legitimacy approach. We argue that, in this context, legitimacy gains may increase when firms are able to reduce the control over the engagements and relate non-hierarchically with their publics.
  • Publication
    Una primera aproximación a los SPOCs-FC en el contexto de la Gestión de la Cadena de Suministro
    (Universitat Politècnica de Valencia, 2017-05-10) Álvarez, María José; Montes-Sancho, María J.; Mendonça Tachizawa, Elcio; Ministerio de Economía y Competitividad (España)
    This study provides a first overview of how to combine some of the elements of the blended teaching models, such as SPOCs, with new teaching approaches, like the Flipped Classroom, in the domains of the Supply Chain Management education. Its main goal is to raise the learning rate in a heterogeneous students' group. The proposal takes into account both classic curricular concerns on the teaching of Supply Chain Management, as in Visich and Khumawala (2006), and its pedagogical new trends, like in Wisner (2017).
  • Publication
    The hedging effectiveness of electricity futures in the Spanish market
    (Elsevier, 2023-05) Peña, Juan Ignacio; Comunidad de Madrid; Ministerio de Ciencia e Innovación (España)
    This paper studies the year-by-year and month-by-month (the same month in all years) hedging effectiveness of futures contracts in the Spanish electricity market from 2007 to 2022. We compare the in-sample and out-of-sample hedging ability of naïve, minimum variance, partially predictable, non-parametric, and BEKK_T hedge ratios. Hedging effectiveness varies over time and across months because of unstable correlations between spot price changes and futures price changes. Some methods present meaningful in-sample performance, but the out-of-sample hedging effectiveness is limited. The hedging effectiveness of the naïve ratio on a year-by-year (month-by-month) basis, with monthly differences, is 16% (40%).
  • Publication
    Quarterly earnings guidance and real earnings management
    (Wiley, 2023-05-01) García Osma, Beatriz; Guillamon-Saorin, Encarna; Mercado, Facundo; Comunidad de Madrid; Ministerio de Ciencia, Innovación y Universidades (España)
    We examine if quarterly earnings guidance induces real earnings management. Quarterly guidance may cause myopia and inefficient decision-making, if managers become overly concerned with setting and beating short-term earnings targets. We test these associations on a large sample of US firms. Our evidence suggests that quarterly guidance is informative and lowers myopic incentives. However, our analyses also reveal endogenous associations exist between guidance and real earnings management. In contrast with existing concerns over frequent guiders, we find that guidance appears problematic in infrequent guiders, and in firms that issue good news earnings guidance and that operate in settings where earnings pressures are high.
  • Publication
    Mindfully Aware and Open: Mitigating Subjective and Objective Financial Vulnerability via Mindfulness Practices
    (Wiley, 2022-09-16) Bayuk, Julia; Lee, Hyun Jung; Park, Jooyoung; Saka, Serkan; Talukdar, Debabrata; Sinha, Jayati; Comunidad de Madrid; Ministerio de Ciencia, Innovación y Universidades (España)
    Our research presents mindfulness as a potential intervention to mitigate financial vulnerability, defined as the ability to handle unexpected future financial setbacks. As potential interventions to mitigate consumer financial vulnerability, we provide a conceptual framework on how two types of mindfulness practices (i.e., non-judgmental awareness and openness to experience) can mitigate the subjective and objective financial vulnerability differently. We suggest ways to manipulate the two types of mindfulness and discuss the results of our initial pilot study, focusing on lower-income consumers. In addition, we propose fruitful avenues for future research and provide recommendations for managers and policymakers to better address consumer financial vulnerability and enhance consumer welfare via mindfulness practice
  • Publication
    Performance feedback and productivity: Evidence from a field experiment
    (Wiley, 2023-01-01) Awaysheh, Amrou; Bonet, Rocio; Ortega, Jaime; Comunidad de Madrid; Ministerio de Ciencia e Innovación (España); Ministerio de Economía y Competitividad (España)
    We theorize that employees use the performance feedback they receive to reassess their beliefs about the marginal benefit of their effort, which may lead them to increase or reduce their effort. To test our model, we conduct a field experiment at the distribution center of a Fortune 500 firm where employees receive individual performance pay, and we study two types of feedback, individual and relative. The results show that employees react to feedback content in a way that is consistent with the model: They increase their effort if the information provided implies that the marginal benefit of increasing effort is high and decrease it if they learn that it is low. Moreover, performance feedback has a greater impact on the lower quantiles of the distribution of productivity.
  • Publication
    Patterns of team adaptation: the effects of behavioural interaction patterns on team adaptation and the antecedent effect of empowering versus directive leadership
    (Wiley, 2021-10-01) Rico Muñoz, Ramón; Dorta, Daniel; Uitdewilligen, Sjir G.; Comunidad de Madrid; Ministerio de Economía y Competitividad (España)
    In this study, we analysed the effects of team leadership style and magnitude of change on team behavioural interaction patterns (TBIPs) and performance in teams coping with unexpected task changes. Sixty‐seven 3‐person teams took part in a computer‐based fire‐fighting simulation task and were randomly assigned to one of the four conditions resulting from our 2 (leadership style: directive vs. empowering) × 2 (magnitude of change: high vs. low) longitudinal factorial design. Our results showed that empowering‐led teams tend to display more TBIPs than directive‐led teams. Through discontinuous random coefficient growth modelling, we observed that prechange TBIPs negatively affect teams' transition adaptation. However, postchange TBIPs were beneficial for teams' reacquisition adaptation. Implications for theory and practice are discussed.
  • Publication
    There is light and there is darkness: On the temporal dynamics of cohesion, coordination, and performance in business teams
    (Frontiers, 2019-04) Marques Quinteiro, Pedro; Rico, Ramón; Passos, Ana M.; Curral, Luis
    This study examines teams as complex adaptive systems (tCAS) and uses latent growth curve modeling to test team cohesion as an initial condition conducive to team performance over time and the mediational effect of team coordination on this relationship. After analyzing 158 teams enrolled in a business game simulation over five consecutive weeks, we found that change in team coordination was best described by a continuous linear change model, while change in team performance was best described by a continuous nonlinear change model; and the mediation latent growth curve model revealed a negative indirect effect of team cohesion on the level of change in team performance over time, through the level of change in team coordination. This study contributes to the science of teams by combining the notions of initial conditions with co-evolving team dynamics, hence creating a more refined temporal approach to understanding team functioning.
  • Publication
    Maximum entropy methods for loss data aggregation and disaggregation problems
    (MDPI, 2019-08) Gomes Gonçalves, Erika; Gzyl, Henryk; Mayoral, Silvia
    The analysis of loss data is of utmost interest in many branches of the financial and insurance industries, in structural engineering and in operation research, among others. In the financial industry, the determination of the distribution of losses is the first step to take to compute regulatory risk capitals; in insurance we need the distribution of losses to determine the risk premia. In reliability analysis one needs to determine the distribution of accumulated damage or the first time of occurrence of a composite event, and so on. Not only that, but in some cases we have data on the aggregate risk, but we happen to be interested in determining the statistical nature of the different types of events that contribute to the aggregate loss. Even though in many of these branches of activity one may have good theoretical descriptions of the underlying processes, the nature of the problems is such that we must resort to numerical methods to actually compute the loss distributions. Besides being able to determine numerically the distribution of losses, we also need to assess the dependence of the distribution of losses and that of the quantities computed with it, on the empirical data. It is the purpose of this note to illustrate the how the maximum entropy method and its extensions can be used to deal with the various issues that come up in the computation of the distribution of losses. These methods prove to be robust and allow for extensions to the case when the data has measurement errors and/or is given up to an interval.
  • Publication
    Can family firms nurture socioemotional wealth in the aftermath of Covid-19? Implications for research and practice
    (SAGE Journals, 2021-07) Firfiray, Shainaz; Gómez Mejía, Luis
    Family firms are the most prevalent form of economic organization in the world, but despite their reputation for resilience and agility, many of them are facing enormous challenges due to the Covid-19 pandemic. In this essay, we examine how the pressures to respond to this health emergency are affecting the ability of family firms to preserve their socioemotional wealth (SEW). In addition, we also provide implications for family business research in a post-Covid world.
  • Publication
    Green bond finance in Europe and the stock market reaction
    (Universidad de Almería, 2021-04-22) Laborda Herrero, Juan; Sánchez Guerra, Álvaro
    This paper examines the increasing importance of green, social and sustainable bonds in the financial markets. We first detail the theoretical framework, introducing sustainable development and green finance; relating green bonds to both ecological economics literature, and the central banks perspective; and, finally, analyzing the green bonds efficiency as a financial resource. Afterwards, we estimate the effect of green bond issues on the companies share’s price. So we collect the companies share’ prices around the announcement of the issue. Then we build an event time window with different time ranges before and after the announcement with the accumulated returns in order to be able to observe the reaction in the market in different stages. We demonstrate that the announcement of a green bond has a positive reaction in the market by increasing the return on shares of green bond issuing
  • Publication
    La influencia diferencial de las redes sociales en la participación social de mujeres y varones
    (Universitat Autònoma de Barcelona, 2019-10-25) Dávila de León, María Celeste; Zlobina, Anna; Álvarez Hernández, Gloria
    El propósito de este trabajo es analizar el perfil de las redes personales de mujeres y varones en cuanto a la participación social de sus contactos, y el diferente papel que pueden tener sus contactos débiles y fuertes a la hora de explicar la intención de desarrollar diversas formas de participación social. A través de una encuesta on-line 263 estudiantes universitarios actualmente no involucrados en ninguna forma de participación social estimaron la probabilidad de su futura implicación en ciertos tipos de participación social y aportaron el número aproximado de familiares, amigos y conocidos que desarrollaban cada tipo. Esta última información fue utilizada para calcular el grado de centralidad de los sujetos en sus redes sociales considerando los vínculos fuertes y débiles. Los análisis llevados a cabo confirman que mujeres y varones presentan diferencias en sus redes sociales. Sólo los vínculos débiles son predictores significativos de la intención de desarrollar la participación, pero hay diferencias por tipo de participación social y por género. La influencia de los vínculos sociales es significativa si el tipo de participación social se ajusta al estereotipo de rol de género. Se discuten los resultados a la luz de la aproximación focus norm y la influencia social normativa.
  • Publication
    The determinants of leverage decisions: evidence from Asian emerging markets
    (Taylor and Francis Group, 2019-03-23) Zafar, Quratulain; Wongsurawat, Winai; Camino Blasco, David
    This study provides a stage-level analysis of firm-scale pooled data of 16 Asian countries to classified income economy-based data for various firm- and country-specific predictors of leverage. Our analysis captures the selection impact of both micro- and macro-level determinants on capital structure with and without income economy-based models. The regression model evaluated the significance of predictor variables based on random effect model of panel data setting. The study further explores the issue of interest by looking at key individual regression models by income economy to avoid any potential loss of information. We argue that this approach provides a comprehensive and insightful set of determinants because of the newer dimension of income economy classification based on per-capita Gross National Product (GNP) defined by the World Bank. The estimating equations for financing determinants identify the additional variables of non-debt tax shield, liquidity, tax and GDP growth rate in case of Asian countries. Our study establishes that the core variables of tangibility, growth, size, and profitability retain their significance for leverage choice in both options during 2008-2014 in Asian economies. Furthermore, the findings show that the financing choices of firms in Asian regional markets are complemented by financial system development stages using the equity market, the bond market and the banking industry as proies.