La sèrie Documents de Treball d'economia de l'empresa presenta els avanços i resultats d'investigacions en curs que han estat presentades i discutides en aquest departament; això no obstant, les opinions són responsabilitat dels autors/es. El document no pot ser reproduït total ni parcialment sense el consentiment de l'autor/a o autors/res. Dirigir els comentaris i suggerències directament a l'autor/a o autors/res.

ISSN: 1988-7736. Documents de Treball (Departament d’Empresa, Universitat Autònoma de Barcelona)

Working Papers 2016
Working Papers 2015
Working Papers 2014
Working Papers 2013
 Working Papers 2012 
Working Papers 2011
Working Papers Anys Anteriors

Working Papers 2012

12/8 How Does Ownership Structure Influence Bank Risk? Analizyng the Role of Managerial Incentives.

Mónica López-Puertas Lamy
Abstract: This paper analyzes how ownership concentration and managerial incentives influences bank risk for a large sample of US banks over the period 1997-2007. Using 2SLS simultaneous equations models, we show that ownership concentration has a positive total effect on bank risk. This is the result of a positive direct effect, which reflects monitoring and opportunistic behavior, and a negative indirect effect, which works through the design of managerial incentive contracts and reflects shareholder preferences toward risk. Large shareholders reduce bank risk by reducing the sensitivity of CEO wealth to stock volatility (Vega) and by increasing the CEO pay-performance sensitivity (Delta). In addition, we show that the direct and indirect effect of ownership concentration on bank risk depends on the type of the largest shareholder (a family, a bank, a corporation or an institutional investor), as well as, on the total shareholding held by each type as a group. Our results suggest that the positive relation between ownership concentration and risk is not the result of preferences towards more risk. Rather, they point at opportunistic behavior of large shareholders.

12/7 The Effects of Walking While Working on Productivity and Health: A Field Experiment.

Avner Ben-Ner, Darla Flint Paulson, Gabriel Koepp, James Levine
Abstract: Lack of physical activity can cause health problems and diminish organizational productivity. We conducted a 12-months long field experiment in a financial services company to study the effects of slow-moving treadmills outfitted for office work on employee productivity and health. 43 sedentary volunteers were assigned randomly to two groups to receive treadmill workstations 7 months apart. Employees could opt at will for standard chair-desk arrangement. Biometric measurements were taken quarterly and weekly online performance surveys were administered to study participants and to more than 200 non-participants and their supervisors.
In this study we explore three questions concerning the effects of the introduction of treadmills in the workplace. (1) Does it improve overall physical activity? (2) Does it improve health measures? (3) Does it improve performance?
The answers are as follows. (1) Yes (net effect of almost half an hour a day). (2) Yes (small gains, one minor decline). (3) No and yes (initial decline followed by increase to recover to initial level within one year) – based on weekly employee self reports.

12/6 The Hidden Costs of Hidden Debt.

Johan Almenberg, Arteshes Karapetyan
Abstract: We report evidence that salience may have economically significant effects on homeowners borrowing behavior, through a bias in favour of less salient but more costly loans. Survey evidence corroborates the existence of such a bias. We outline a simple model in which some consumers are biased and show that under plausible assumptions this affects prices in equilibrium. Market data support the predictions of the model. 

12/5  Organizational resources and intrapreneurial antivities:
A cross-country study.

Andreu Turró, David Urbano
Abstract:The importance of entrepreneurship for social and economic growth is generally accepted. In addition, intrapreneurship or corporate entrepreneurship is recognized as one of the key elements for organizational development. In this context, corporate culture and, specifically, entrepreneurial competences are considered to be catalysts for intrapreneurship. The main purpose of this paper is to analyse the influence of resources and capabilities on the probability of becoming an intrapreneur. Using data obtained from the Global Entrepreneurship Monitor (GEM) for 39 countries, and a logistic model, the study shows that entrepreneurial resources and capabilities, such as previous entrepreneurial experience, entrepreneurial competences and the ability to detect business opportunities, influence intrapreneurial behaviour. The contributions of this research are both conceptual (advancing corporate entrepreneurship theory) and practical (relating to the design of policies to foster intrapreneurial activities).
Keywords:intrapreneurship, corporate entrepreneurship, innovation, resource-based theory, GEM.

12/4 - Evaluación y rediseño de la red pública educativa.
Un anàlisis centralizado.

Laura López Torres, Diego Prior Jiménez
Resumen: El análisis de eficiencia de los centros escolares constituye un tema de interés actual. El número de publicaciones en este campo de investigación se ha incrementado en los últimos años, al intentar explicar que ciertas características del centro y del entorno influyen en los resultados de los alumnos. A la luz de la Teoría de la Producción y la Post-New Public Management, el objetivo del trabajo es la evaluación y rediseño, a través de técnicas frontera, de una muestra de centros de la red educativa pública de Catalunya. Los resultados obtenidos determinarán las acciones necesarias que permitan optimizar la red y redistribuir de forma óptima los recursos educativos. Por otro lado, aportarán información útil que ayude a la toma de decisiones por parte de las Administraciones Públicas y a la puesta en marcha de programas de mejora en los centros docentes.
Palabras clave: red educativa, centralización, eficiencia, DEA, reasignación.

12/3 - The Death of Environmentalism Debates: Forging Links
between SEA and Civil Society Discourses.

Judy Brown, Jesse Dillard
Abstract: Social and environmental accounting (SEA) is currently going through a period of critical self-analysis. Challenging questions are being raised about how SEA should be defined, who should be doing the defining, and what the agenda should be. We attempt to engage and enrich these debates from both a process and content perspective by drawing on the political philosophy of agonistic pluralism and a set of debates within the environmental movement  the death of environmentalism debates. The contribution of the paper is twofold: to set forth the death of environmentalism debates in the accounting literature and, in doing so, to contextualize and theorize the contested nature of SEA using agonistic pluralism. In contrast to consensually-oriented approaches to SEA, the desired outcome is not necessarily resolution of ideological differences but to imagine, develop, and support democratic processes wherein these differences can be recognized and engaged. We construe the Death debates as illustrative of the contestable practical and political issues facing both SEA and progressive social movements generally, demonstrating the context and content of the deliberations necessary in contemplating effective programs of engagement. The SEA community, and civil society groups, can benefit from the more overtly political perspective provided by agonistic pluralism. By surfacing and engaging with various antagonisms in this wider contested civic sphere, SEA can more effectively respond to, and move beyond, traditional politically conservative, managerialist approaches to sustainability.
Keywords: agonistic pluralism, death of environmentalism, social and environmental accounting, polylogic/dialogic accounting 
12/2 - Stockholder Conflicts and Dividends.
Janis Berzins, Øyvind Bøhren, Bogdan Stacescu
Abstract:Conflicts of interest between majority and minority stockholders affect a large proportion of firms in any economy, but has received little attention in the empirical literature. We examine the link between the potential for such conflicts and the firm's payout policy on a large sample of Norwegian private firms with controlling stockholders and detailed ownership data. Our evidence shows that the stronger the potential conflict between the stockholders, the higher the proportion of earnings paid out as dividends. This tendency to reduce stockholder conflicts by dividend payout is more pronounced when the minority is diffuse and when a family's majority block is held by a single family member. We also find evidence that a minority-friendly payout policy is associated with higher future minority investment in the firm. These results are consistent with the notion that potential agency costs of ownership are mitigated by dividend policy when the majority stockholder benefits from not exploiting the minority.
12/1 - Debt Enforcement and Relational Contracting.
Martin Brown, Marta Serra-Garcia
Abstract: We examine how third-party debt enforcement affects the emergence and performance ofrelational contracts in credit markets. We implement an experiment with finitely repeatedcredit relationships in which borrowers can default. In the weak enforcement treatmentdefaulting borrowers can keep their funds invested. In the strong enforcement treatmentdefaulting borrowers have to liquidate their investment. Under weak enforcement fewerrelationships emerge in which loans are extended and repaid. When such relationships doemerge they exhibit a lower credit volume than under strong enforcement. These findingssuggest that relational contracting in credit markets requires a minimum standard of thirdpartydebt enforcement.
Keywords: Relational contracts, Debt enforcement, Creditor rights, Bankin

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