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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
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 Working Papers Anys Anteriors 

200920082007 - 2006 - 2005 - 2004 - 2003 - 2002 - 2001 -2000

10/8- A cognitive attempt to understanding female entrepreneurial
potential: therole of social norms and culture.

Francisco Liñán, Muhammad A. Roomi , Francisco J. Santos
Abstract: This article analyzes the different perceptions of both male and female potential entrepreneurs from three European regions differing in their respective level of economic development and entrepreneurial culture. We use an extended cognitive model of entrepreneurial intentions based on the theory of planned behaviour, the theory of normative social behaviour and social capital literature. Results show females have lower self-efficacy and entrepreneurial attraction than males, thus leading to lower entrepreneurial intention. Differences between the three subsamples are small when males are studied. However, female entrepreneurial intentions and perceptions are more affected by the cultural context.

10/7- Nuevos y viejos criterios de rentabilidad que concuerdan con el
criterio del Valor Actual Neto.

Emilio Padilla, Joan Pascual
Abstract: El análisis de criterios clásicos de rentabilidad, como la Tasa Interna de Rendimiento o el Cociente Beneficio/Coste, revela que, contra lo que se suponía, concuerdan con el criterio Valor Actual Neto si se aplican correctamente. Lo mismo ocurre con los viejos criterios Valor Final Neto y Anualidad Equivalente y los nuevos Demora Máxima de Beneficios y Plazo de Recuperación de Costes. Se demuestra, además, que para elegir entre dos proyectos mutuamente excluyentes, la aplicación de los criterios citados al proyecto diferencia o incremental es una condición suficiente para que exista concordancia con el criterio Valor Actual Neto.
Keywords: Anualidad Equivalente, Cociente Beneficio/Coste, Demora Máxima de Beneficios, Evaluación de Proyectos, Proyecto Diferencia, Tasa Interna de Rendimiento, Tiempo de Recuperación de Costes, Valor Actual Neto, Valor Final Neto.
10/6- Revisiting the Size-R&D Productivity Relation: Introducing the
Mediating Role of Decision-Making Style on the Scale and Quality
of Innovative Output.

José Lejarraga, Ester Martínez
Abstract: We develop a mediation model in which firm size is proposed to affect the scale and quality of innovative output through the adoption of different decision styles during the R&D process. The aim of this study is to understand how the internal changes that firms undergo as they evolve from small to larger organizations affect R&D productivity. In so doing, we illuminate the underlying theoretical mechanism affecting two different dimensions of R&D productivity, namely the scale and quality of innovative output which have not received much attention in previous literature. Using longitudinal data of Spanish manufacturing firms we explore the validity of this mediation model. Our results show that as firms evolve in size, they increasingly emphasize analytical decision making, and consequently, large sized firms aim for higher-quality innovations while small firms aim for a larger scale of innovative output.

10/5- The Complementarity Between Segment Disclosure and Earnings Quality,and its Effect on Cost of Capital.
Belén Blanco, Juan M. García, Josep A. Tribó
Abstract: We investigate the role of earnings quality in determining the levels of segment disclosure, and whether and how better quality earnings and segment disclosure influences cost of capital. Using a large US sample for the period 2001-2006, we find a positive relation between earnings quality and levels of segment disclosures. We also find that firms providing better quality segment information, contingent upon good earnings quality, enjoy lower cost of capital. We base our empirical tests on a self created index of segment disclosure. Our results contribute to a better understanding of (1) the incentives for providing segment disclosures, and (2) how accounting quality (quality of segment information and earnings quality) is related to the cost of capital.
Keywords: Segment disclosure, earnings quality, diversification, information, asymmetries, forecast error, cost of capital.
10/4- Accounting Conservatism and Firm Investment Efficiency.

Beatriz García, Juan Manuel García, Fernando Penalva
Abstract: Conservatism, through the timelier recognition of losses in the income statement, is expected to increase firm investment efficiency through three main channels: (1) by decreasing the adverse effect of information asymmetries between outside equity holders and managers, facilitating the monitoring of managerial investment decisions; (2) by increasing managerial incentives to abandon poorly performing projects earlier and to undertake fewer negative net present-value investments; and (3) by facilitating the access to external financing at lower cost. Using a large US sample for the period 1990-2007 we find a negative association between conservatism and measures of over- and under- investment, and a positive association between conservatism and future profitability. This is consistent with firms reporting more conservative numbers investing more efficiently and in more profitable projects. Our results add to a growing stream of literature suggesting that eliminating conservatism from accounting regulatory frameworks may lead to undesirable economic consequences.
Keywords: Conservatism, earnings asymmetric timeliness, investment efficiency, overinvestment, underinvestment.
10/3 - Environmental Factors And Social Entrepreneurship    
Elisabet Ferri, David Urbano
Abstract: Social entrepreneurship has been a subject of growing interest by academics and governments, however little still being known about environmental factors that affect this phenomenon. The main objective of this study is to analyze how these factors affect social entrepreneurial activity, in the light of the institutional economic theory as the conceptual framework. Using linear regression analysis for a sample of 49 countries, is studied the impact of informal institutions (social needs, societal attitudes and education) and formal institutions (public spending, access to finance and governance effectiveness) on social entrepreneurial activity. The findings suggest that while societal attitudes increase the rates of social entrepreneurship, public spending has a negative relationship with this phenomenon. Finally, the empirical evidence found could be useful for the definition of government policies on promoting social entrepreneurship.
Keywords: Social entrepreneurship, social entrepreneurial activity, social enterprise creation, institutions, institutional economics
10/2- Los derivados financieros como herramienta para evaluar la
reforma laboral: una aproximación binomial.

Sílvia Bou, Albert Hernández, Carlota Linares
Abstract: Este artículo tiene como objetivo realizar un análisis de la reforma laboral del mercado español mediante la utilización de derivados financieros reales. El trabajo consiste en modelizar la función incentivo del contratador desde el punto de vista de una cartera de derivados con el fin de analizar el impacto sobre la creación de empleo indefinido de las distintas propuestas realizadas por los principales agentes participantes del debate. La principal aportación de este trabajo consiste en la creación de un simulador que nos permite analizar las sensibilidades de las principales variables suceptibles de ser modificadas en la Reforma Laboral para cada uno de los escenarios considerados.
Keywords:  Reforma Laboral, Derivados Financieros Reales.
10/1 - Devolution Dynamics of Spanish Local Government.

Maria Teresa Balaguer-Coll, Diego Prior, Emili Tortosa-Ausina
Abstract: Over the last few years, ther has been a devolutionary tendency in many developed  and developing countries. In this article we propose a methodology to decompose whether the benefits in terms of effciency derived from transfers of powers from higher to municipal levels of government "the economic dividend" of devolution) might increase over time. This methodology is based on linear programming approaches for effciency measurement. We provide anapplication to Spanish municipalities, which have had to adapt to both the European Stability and Growth Pact as well as to domestic regulation seeking local governments balanced budget. Results indicate that efficiency gains from enhaced decentralization have increased over time. However, the way through which these gains accrue differs across municipalities -in some cases technical change is the main component, whereas in others catching up dominates.
Keywords: activity analysis, decentralization dynamics, efficiecny, local government.

09/7 - Start-up Conditions and the Performance of Women - and Men-Controlled Businesses in Manufacturating Industries.

Otilia Driga, Diego Prior
Abstract:  Recent research on the economic performance of women-controlled firms suggests that their underperformance may not result from differences in the managerial ability of women as compared to men, but it can be the result of different levels of start-up resources. Using accounting data, this paper examines the effects that selected start-up conditions have on the economic performance observed in a sample of 4450 Spanish manufacturing firms. The results indicate significant differences regarding the initial conditions, showing lower levels of assets and number of employees what have implications on the economic performance of women-controlled firms.

09/6 - Assesing Advertising Efficiency: Does the Internet Play a Role?

Albena Pergelova, Diego Prior, Josep Rialp
Abstract: This research focuses on a major concern for marketers addressing the claims of inefficiency of the spending on advertising. We examine whether the Internet can help increase overall advertising efficiency. Using a sample from the Spanish automobile industry, we combine a nonparametric method - Data Envelopment Analysis - with recent important insights from statistics and econometrics studies, and we find that online advertising improves the efficiency levels and this effect is more pronounced in the long-term temporal framework.
09/5 - Glocalization as a Generic Entrepreneurial Strategy.

Bengt Johanisson

09/4 - Public Policy for Entrepreneurship and Innovation: Impact in
Managed and Entrepreneurial Economies.

Karen Murdock

09/3 - Agency Cost of Government Ownership: A Study of Voluntary
Audit Comitte  Formation  in China.

David Hillier, Charlie X. Cai, Gaoliang Tiang, Qinghua Wu     
Abstract: In this paper, we investigate the agency costs of government ownership and their impact on corporate governance and firm value. China is used as a laboratory because of the prevalent state shareholdings in exchange-listed firms. In this context, we specifically consider the trade-offs involved in the voluntary formation of an audit committee when the controlling shareholder is the state. The decision to improve corporate governance (in this case, introduce an audit committee) is shown to be value relevant and a function of existing agency relationships and non-trivial implementation costs. Our findings are robust to the level of pyramid groups, the ownership-control wedge, and financial leverage. The research adds to the debate regarding the effect of government shareholdings on corporate culture and performance - a topic that hastaken on renewed importance in recent times.
Keywords: Government Owned Enterprises; Corporate Governance; Auditing; Audit Committee; Pyramid Groups.
09/2 - Organizational Configurations of Strategic Choices and Strategic Management Accounting.

Simon Cadez, Chris Guilding
Abstract: This is the first study to adopt a configurational paradigm in an investigation of strategic management accounting (SMA) adoption. The study examines the alignment and effectiveness of strategic choice and strategic management accounting (SMA) system design configurations. Six configurations were derived empirically by deploying a cluster analysis of data collected from a sample of 193 large Slovenian companies. The first four clusters appear to provide some support for the central configurational proposition that higher levels of vertical and horizontal configurational alignments are associated with higher levels of performance. Evidence that contradicts the theory is also apparent, however, as the remaining two clusters exhibit high degrees of SMA vertical and horizontal alignment, but low performance levels. A particular contribution of the paper concerns its demonstration of the way that the configurational paradigm can be operationalised to examine management accounting phenomena and the nature of management accounting insights that can derive from applying the approach.
Keywords: Strategic management accounting, configurations, equifinality, strategy, market orientation.

09/1 - Narrating Urban Entrepreneurship: A Matter of Imagineering?

Chris Steyaert, Timon Beyes


08/7 - Entorno e iniciativa emprendedora: una perspectiva

Claudia Álvarez, David Urbano
Abstract: El objetivo de este trabajo es analizar la influencia que tienen las instituciones en la actividad emprendedora, utilizando como marco teórico de referencia la Teoría Económica Institucional. A partir de un modelo de datos de panel y con información del Global Entrepreneurship Monitor (GEM), se demuestra estadísticamente el impacto que algunas instituciones tienen en la creación de empresas. Los resultados más relevantes indican que la formación en gestión, el control de la corrupción y los modelos de referencia incrementan las tasas de actividad emprendedora. Así mismo, la estabilidad política, el PIB-PPP y el desempleo tienen una relación negativa con la creación de empresas. A partir de los resultados de este trabajo puede inferirse que los factores informales tienen un mayor impacto en la actividad emprendedora que los factores formales. Las evidencias encontradas podrían ser muy útiles para el diseño de políticas gubernamentales relativas al fomento de la actividad emprendedora.

08/6 - Gender Effects on Performance in Bulgarian Private Enterprises.

Desislava Yordanova
Abstract: Many of the newly established private enterprises in transition economies in Central and Eastern Europe (CEE) are owned and managed by women (Degtiar, 2000). However, there are limited research and knowledge on gender, management, and organization in CEE (Metcalfe and Afanassieva, 2005) and, particularly, on the performance of female-owned companies. Sporadic empirical evidence shows that female-owned companies have worse performance than male-owned companies in transition economies (Drnovsek and Glas, 2006; Aidis, 2006). The purpose of this paper is twofold. First, we study the factors that affect the performance of female-owned companies in a transition context. Second, we compare how performance varies between female and male-owned businesses in such a context. Combining the Feminist Theory, the Institutional Theory, and the literature on determinants of firm performance, we derive hypotheses about the determinants of the performance of female-owned companies and about gender differences in performance. The proposed hypotheses are tested in a sample of 501 private Bulgarian companies. Our results indicate that a number of individual, organizational, and environmental characteristics are significant determinants of the performance of both female and male-owned companies. Although there are gender differences in performance, they disappear when other factors are controlled for. We conclude with some recommendations for policy implications and place the current results in respect to future research.

08/5 - Desempeño de la Política Comercial Pública en España.

Manuel Sánchez, Ignacio Cruz, David Jiménez, Juan Carlos Gázquez.
Abstract: La organización política de un país tiene importantes consecuencias sobre la política económica. El desarrollo de los distintos tipos de federalismo, en particular el federalismo asimétrico, tiene su traslación a diferencias en las políticas comerciales implementadas entre los diversos territorios. Cabe preguntarse las consecuencias económicas de estas diferencias. El presente trabajo intentar aproximarse al problema, evaluando la posible existencia de efectos diferenciados sobre la estructura del comercio.
 08/4 - From creative ideas to new emerging ventures: the process of
identificationand exploitation among finnish design entrepreneurs.

Henrik Tötterman
Abstract: This study focuses on identification and exploitation processes among Finnish design entrepreneurs (i.e. selfemployed industrial designers). More specifically, this study strives to find out what design entrepreneurs do when they create new ventures, how venture ideas are identified and how entrepreneurial processes are organized to identify and exploit such venture ideas in the given industrial context. Indeed, what does educated and creative individuals do when they decide to create new ventures, where do the venture ideas originally come from, and moreover, how are venture ideas identified and developed into viable business concepts that are introduced on the markets? From an academic perspective: there is a need to increase our understanding of the interaction between the identification and exploitation of emerging ventures, in this and other empirical contexts. Rather than assuming that venture ideas are constant in time, this study examines how emerging ideas are adjusted to enable exploitation in dynamic market settings. It builds on the insights from previous entrepreneurship process research. The interpretations from the theoretical discussion build on the assumption that the subprocesses of identification and exploitation interact, and moreover, they are closely entwined with each other (e.g. McKelvie & Wiklund, 2004, Davidsson, 2005). This explanation challenges the common assumption that entrepreneurs would first identify venture ideas and then exploit them (e.g. Shane, 2003). The assumption is that exploitation influences identification, just as identification influences exploitation.
Based on interviews with design entrepreneurs and external actors (e.g. potential customers, suppliers and collaborators), it appears as identification and exploitation of venture ideas are carried out in close interaction between a number of actors, rather than alone by entrepreneurs. Due to their available resources, design entrepreneurs have a desire to focus on identification related activities and to find external actors that takem care of exploitation related activities. The involvement of external actors may have a direct impact on decisionmaking and various activities along the processes of identification and exploitation, which is something that previous research does not particularly emphasize. For instance, Bhave (1994) suggests both operative and strategic feedback from the market, but does not explain how external parties are actually involved in the decisionmaking, and in carrying out various activities along the entrepreneurial process.
08/3 -Entrepreneurial intention, cognitive social capital and culture:
empiricalanaylisis for Spain and Taiwan.

Francisco Liñán, Francisco Santos, José L. Roldán
Abstract: Objectives: The main purpose of this paper is building a research model to integrate the socioeconomic concept of social capital within intentional models of new firm creation. Nevertheless, some researchers have found cultural differences between countries and regions to have an effect on economic development. Therefore, a second objective of this study is exploring whether those cultural differences affect entrepreneurial cognitions.
Research design and methodology: Two samples of last year university students from Spain and Taiwan are studied through an Entrepreneurial Intention Questionnaire (EIQ). Structural equation models (Partial Least Squares) are used to test the hypotheses. The possible existence of differences between both sub-samples is also empirically explored through a multigroup analysis.
Main outcomes and results: The proposed model explains 54.5% of the variance in entrepreneurial intention. Besides, there are some significant differences between both subsamples that could be attributed to cultural diversity.
Conclusions: This paper has shown the relevance of cognitive social capital in shaping individuals' entrepreneurial intentions across different countries. Furthermore, it suggests that national culture could be shaping entrepreneurial perceptions, but not cognitive social capital. Therefore, both cognitive social capital and culture (made up essentially of values and beliefs), may act together to reinforce the entrepreneurial intention.
08/2 - Why do convertible issuers simultaneously repurchase stock?
An arbitragebased explanation.

Marie Duturdoir, Patrick Verwijmeren
Abstract: We examine why firms combine convertible debt offerings with stock repurchases. In 2006, 33% of the convertible issuers in the US simultaneously repurchased stock. These combined transactions are inconsistent with traditional motivations for convertible issuance. We document that convertible arbitrage drives these stock repurchases. Convertible debt arbitrageurs simultaneously buy convertibles and short sell the issuer?s common stock, resulting in downward pressure on the stock price. To prevent such short-selling activity, firms repurchase their stock directly from arbitrageurs. We show that combined transactions exhibit lower short-selling activity and that convertible arbitrage explains both the size and speed of the stock repurchases.
Keywords: Convertible debt, convertible arbitrage, stock repurchases

08/1 -Earnings Management and cultural values.

Kurt Desender, Christian Castro, Sergio Escamilla
Abstract: Using theory and empirical data from social psychology to measure for cultural differences between countries, we study the effect of individualism as defined by Hofstede (1980) and egalitarianism as defined by Schwartz (1994, 1999, 2004) on earnings management. We find a significant influence of both cultural measures. In line with Licht et al. (2004), who argue that individualistic societies may be less susceptible to corruption, we find that countries scoring high on individualism tend to have lower levels of earnings management. In addition, we find that egalitarianism, defined as a society's cultural orientation with respect to intolerance for abuses of market and political power, is negatively related with earnings management. Our results are robust to different specifications and controls. The main message of this paper is that besides formal institutions, cultural differences are relevant to explain earnings management behaviour. We think that our work adds to the understanding of the importance of cultural values in managerial behaviour across countries contributing to the literature on earnings management and law and institutions.
Keywords: Culture, Earnings Management, Informal Institutions, quality of financial information, Individualism, Egalitarianism



07/6 - Longitudinal Analysis of entrepreneurship and competitiveness dynamics in Latin America.

José Ernesto Amorós, Óscar Cristi

Abstract: This study analyzes the relationship between entrepreneurial dynamics in Latin-American countries and the level of competitiveness these countries show. Based on the research conducted by Wennekers et al. (2005) that demonstrates a U-shaped relationship between the country's rate of entrepreneurship and its level of competitiveness and economic development, we hypothesize that Latin-American countries have a descending behaviour under the U-shaped curve approach. The results from three regression models support this relationship and suggest that region's competitiveness and economic growth have not had an important effect on entrepreneurial dynamics. We discuss that Latin-American countries need to improve some structural factors to achieve a high level of entrepreneurial dynamics.
Keywords: Entrepreneurship, competitiveness, economic growth, Latin America.

07/5 - Organisational status and efficiency: The case of the spanish

Magda Cayón, Joaquim Vergés

Abstract: Purpose of this paper: The purpose of this paper is to provide new evidence on the issue of the effect on public enterprises economic performance of the introduction of some given changes in organisational status and management practices, while keeping the enterprises under public control. Approach: Our approach is case study type and relies on comparative efficiency literature. We identify relevant changes on the organisational status of a State owned large hotel group along a period of twenty years, next we measure its annual efficiency indicators, and then evaluate to which extent the observed changes in economic performance can be attributable to the corresponding management reforms carried out. Findings: As a result we find that the formally more relevant change in organisational status (the enterprise passing to be a Limited Company), which implied a substantial increase in the enterprise autonomy, did not produce a significant improvement in its economic performance; a finding contrary to what we expected according to agency theory. However, a second relevant organisational change - five years later- when both the principal (government) and the agent (firm's CEO) changed is consistently related to a significant improvement in economic performance. Research implication: As a research implication we abide for use more precise agency theory statements; and as a practical implication we argue here that potentialities of improvement brought about by a formal-legal change in the status of the enterprise may require also in order to actually improve firm's efficiency- some changes in the firm's key personal positions: supervisor (principal) and CEO (agent), in the sense that a change to a greater-autonomy for the enterprise it seems should come together a parallel new management culture?. Practical implications: Management good practises to apply to other public enterprise's restructuring in order to improve their efficiency. Original paper: It's the first study on organizational changes and efficiency for an important Spanish public enterprise.
Keywords: State owned Enterprise, Organisational status reforms, Efficiency measurement, Agency theory, Management control, Hotel sector.

07/4 - El impacto de la gestión activa en la performance de los fondos
de inversión
de renta fija.

Sílvia Bou Ysàs

Abstract: Este trabajo tiene como objetivo estudiar el impacto de las estrategias activas de gestión en la performance de los fondos de inversión de renta fija y se realiza en tres fases, en primer lugar, a partir de la información homogénea disponible para cualquier partícipe se elabora un perfil de riesgo de los fondos a partir de los tipos de riesgo asociados a la renta fija. En segundo lugar, se propone una medida de performance que permite la comparación entre fondos, a dos niveles: por un lado, tomando como benchmark una cartera puramente pasiva y por otro lado, adecuando el benchmark al vencimiento de la cartera. En tercer lugar se realiza un contraste con el fin de determinar el impacto en la performance de los fondos estudiados de los indicadores de actividad de la estrategia asociados al perfil de riesgo del fondo.
Keywords: Estrategias de gestión de carteras, Evaluación de performance, Fondos de inversión de renta fija.

07/3 - The Impact of Prevention Measures and Organisational Factors on Occupational Injuries.

Pablo Arocena, Imanol Núñez, Mikel Villanueva

Abstract: This paper analyses the impact of a series of managerial and organisational factors on occupational injuries. These consist of occupational safety measures, as regards both the intensity and the orientation of risk prevention in companies, and the adoption of certain work organisation practices, quality management and the use of flexible production technologies. We estimate a negative binomial regression based on a sample of 213 Spanish industrial establishments, defining a constant random parameter to take account of non-observable heterogeneity. Our results show that ccupational safety measures, the intensive suse of quality management tools and the empowerment of workers all help to reduce the number of injuries. We have also confirmed the presence of synergies between the organisational factors analysed and the development of an occupational safety strategy featuring participation and the extension of prevention to all levels of the organisation.
Keywords: Occupational Safety, Prevention Management, Organisational Factors.

07/2 - Public Enterprise Reforms and Efficiency in Regulated
Environments: the
Case of the Postal Sector.

Juan Carlos Morales Piñero, Joaquim Vergés Jaime

Abstract: Purpose. This paper focuses on analyzing the effect that public reforms have on the efficiency of state-owned enterprises in regulated environments.
Design, methodology, approach. The research is focused in the postal sector where public and private companies must obey a legal framework related to provide a universal service. The analysis is carried out using a panel of 7 European postal operators for the period 1997-2003. The activity analyzed was the letter mail division; we take as key variable the unit cost of a letter and use a translog cost function where as independent variables we include traffic levels, labor cost per employee, quality and availability of the service as well as the type of ownership (public or private). Additionally, in a second stage the geographical differences among countries are considered.
Findings. Results indicate that postal operators that experienced organizacional changes without being privatized, such as the Spanish and Greek operators, do not have higher unit costs than privatized postal operators like the one of Germany and the Netherlands. Moreover, we find that in all cases the operator of Ireland appear to be the most efficient. In this case restructuring process has been carried out giving an important leadership role to workers. This suggests us that labor culture could be a key variable to study when analyzing reform processes in public enterprises.
Originality, value. Our findings show that in a regulated environment like in the postal sector, public and private companies can obtain similar efficiency levels in term of unit costs.
Keywords: efficiency, public enterprise reforms, postal sector.

07/1 - Technological Trampolines for new venture creation in
the case of University of Girona.

Andrea Bikfalvi, Christian Serarols, David Urbano, Yancy Vaillant

Abstract: Recent trends in technology transfer show an intensification of spin-off creation as a modality of university research commercialisation, complementary to the conventional ones, contract research and licensing. In this paper we analyse the evolution, objectives, resources and activities of a specialised unit -Technological Trampoline (TT) - in charge of new venture creation at the University of Girona (Catalonia-Spain). Based on two theoretical frameworks, Resource-based-view and Institutional Theory, we adopt a multi-dimensional approach to study the strategy of spinning-off new ventures at the University of Girona in terms of resources and activities, how this process is organised and if the outputs fit with this UdG's objectives and the local environment. Our main contribution is an in-depth analysis of the spin-off creation unit with special emphasis on its variety of resources and activities. The results have a series of implications and recommendations at both university and TT level.
Keywords: Spin-off, technology transfer, entrepreneurship, commercialisation of research.



06/8 - A Literature Review on Entrepreneurial Universities:
An Institutional

Maribel Guerrero-Cano, David Urbano and David Kirby

Abstract:It is now generally accepted that globalization process and internationalization have modified the roles of main agents of social and economic changes. In this case, Universities have been affected by new responsibilities such as regional economic and social development, the reduction of public funds, and the educational market competence. On this, universities are being required to operate more entrepreneurially, commercializing the outcomes of their research and spinning out new, knowledge-based enterprises. In this context, the main purposeof this paper is to revise the literature about the environmental factors that affect the creation and development of the Entrepreneurial Universities. With this aim the study adopts institutional economic theory, and more specifically the works realized by North (1990, 2005), to focus on the formal and informal factors that facilitate or retard the phenomenon of an entrepreneurial university. The main contribution of this paper could be help design policies that will stimulate the entrepreneurial activity of universities and stimulate, therefore, their contribution to the development of the modern knowledge economy.
Keywords:Entrepreneurship, Intrapreneurship, Universities, Institutional Economics

06/7 - Testing the Entrepreneurial Intention Model on a Two-Country Sample.

Francisco Liñán, Yi-Wen Chen

Abstract: This paper tests the Entrepreneurial Intention Model -which is adapted from the Theory of Planned Behavior- on a sample of 533 individuals from two quite different countries: one of them European (Spain) and the other South Asian (Taiwan). A newly developed Entrepreneurial Intention Questionnaire (EIQ) has being used which tries to overcome some of the limitations of previous instruments. Structural equations techniques were used in the empirical analysis. Results are generally satisfactory, indicating that the model is probably adequate for studying entrepreneurship. Support for the model was found not only in the combined sample, but also in each of the national ones. However, some differences arose that may indicate demographic variables contribute differently to the formation of perceptions in each culture.
Keywords: Entrepreneurship, Entrepreneurial intention, Theory of Planned Behavior, Psychometric properties, Structural Equations.

06/6 - Demand Elasticity and Market Power in the Spanish Electricity Market.

Aitor Ciarreta, María Paz Espinosa

Abstract: In this paper we check whether generators' bid behavior at the Spanish wholesale electricity market is consistent with the hypothesis of pro-fit maximization on their residual demands. Using OMEL data, we find the arc-elasticity of the residual demand around the system marginal price. The results suggest that the larger firms are not actually profit-maximizing on their residual demands while smaller generators' behavior is consistent with profit maximization. We argue how the regulatory environment may drive these results. Finally, we repeat the analysis for the first session of the intra-day market where presumably firms may not have the same incentives as in the day-ahead market.
Keywords: market power, electricity market, residual demand elasticity, profit maximization

06/5 - The Efect of Relationship Lending on Firm Performance.

Judit Montoriol Garriga

Abstract: We examine how relationship lending affects firm performance using a panel dataset of about 70,000 small and medium Spanish firms in the period 1993-2004. We model firm performance jointly with the firm's choice of the number of bank relationships. Controlling for firm fixed effects and using instrumental variables for the decision on the number of bank relationships, we found that firms maintaining exclusive bank relationships have lower profitability. The result is consistent with the view that banks appropriate most of the value generated through close relationships with its borrowers as long as they do not face competition from other lenders.

06/4 - Corporate governance in banking: The role of the Board of Directors.

Pablo de Andrés Alonso, Eleuterio Vallelado González

Abstract: We test hypotheses on the dual role of boards of directors for a sample of large international commercial banks. We find an inverted U shaped relation between bank performance and board size that justifies a large board and imposes an efficient limit to the board's size; a positive relation between the proportion of non-executive directors and performance; and a proactive role in board meetings. Our results show that bank boards' composition and functioning are related to directors' incentives to monitor and advise management. All these relations hold after we control for bank business, institutional differences, size, market power in the banking industry, bank ownership and investors' legal protection.
Keywords: Corporate Governance, Board of Directors, Commercial Banks.

06/3 - El riesgo y las estrategias en la evaluacion de los fondo de
inversion de renta

Sílvia Bou

Abstract: El objetivo de este trabajo consiste en proponer una medida de performance adecuada para los fondos de inversión de renta variable. Las características específicas de este tipo de carteras inducen a tomar un enfoque basado en la L.M.C., por lo que se escoge como medida de riesgo el riesgo total de la cartera (). Se introducen las estrategias pasivas y activas en el análisis, con lo que se consigue desarrollar una medida de performance que, además de medir la rentabilidad por gestión efectiva, la pondera en función del grado de actividad asumido por la cartera a evaluar.

06/2 - Triple Bottom Line: A business metaphor for a social construct.

Darrel Brown, Jesse Dillard, R. Scott Marshall

06/1 - Entrepreneurship, Management Services and Economic Growth.

Vicente Salas Fumás, J. Javier Sánchez Asín

Abstract: We model the joint production of entrepreneurs and workers where the former provide both entrepreneurial (strategic) and managerial (coordination, motivation) services, and management services are shared with individual workers in an output maximizing way. The static equilibrium of the model determines the endogenous share of entrepreneurs in the economy in a given moment of time. The time dynamics of the solution implies that a given growth rate in quality of entrepreneurial services contributes to productivity growth proportionally to the share of entrepreneurs at the start of the period and improvement in quality of entrepreneurial services is convergence enhancing. Model predictions are tested with data from OECD countries in the period 1970-2002. We find that improvements in quality of entrepreneurial services over time explain up to 100% of observed average productivity growth in these countries.



05/3 - Financial Development, Labor and Market Regulations and

Raquel Fonseca, Natalia Utrero

Abstract: This paper investigates the importance that market regulation and financial imperfections have on firm growth. We analyse institutions affecting labor market as Employment Protection Laws (EP) and Product Market Regulation (PM). We show that together with the beneficial effects of financial development, a firm will get less financing, and thus investless, in a weak financial market (finance effect), the strictness of product and labor market regulations also affect firm growth (labor effect). In particular, we show that the stricter the rules the more detrimental the influence on growth in sectoral value added for a large number of coun-tries. We also show that the labor effect overcomes the positive finance effect.
Keywords: Financial development, labor and product market institutions, growth.

05/2 - Efficiency and environmental regulation: a "complex situation"

Andrés J. Picazo-Tadeo, Diego Prior

Abstract: Production of desirable outputs is often accompanied by undesirable by-products that have damaging effects on the environment, and whose disposal is frequently regulated by public authorities. In this paper, we compute directional technology distance functions under particular assumptions concerning disposability of bads in order to test for the existence of what we call "complex situations", where the biggest producer is not the greatest polluter. Furthermore, we show that how in such situations, environmental regulation could achieve an effective reduction in the aggregate level of bad outputs without reducing the production of good outputs. Finally, we illustrate our methodology with an empirical application to a sample of Spanish tile ceramic producers.
Keywords: environmental regulation, efficiency, disposability of bads.

05/1 - IFRS Adoption in Europe: the Case of Germany.

Soledad Moya, Jordi Perramon, Anselm Constans

Abstract: From 2005 onwards, consolidated financial statements of listed European companies will have to comply with IFRS (IAS). Many German companies began adopting those standards in the 1990s, on a voluntary basis, because of their need to access international capital funding. Spanish companies, by contrast, are not permitted to adopt IFRS before 2005. This paper has two purposes: first, it analyses the financial impact of initial IFRS adoption on the statement of changes in equity and the income statement of individual German companies. Second, and taking into account the German experience, it focuses on the expected impacts on a sample of listed Spanish companies in two industrial sectors: chemical-pharmaceutical and fashion. Our analysis of German companies comprised all non-financial DAX groups applying IFRS plus additional listed companies in the two selected industrial sectors identified above. The impact of initial adoption of IFRS on German companies was, both individually and overall, very significant. The analysis suggests that the expected impact on Spanish companies is likely to be significant but to a lesser degree than in respect of the German companies in the study.
Keywords: IFRS adoption, Germany, Spain, IFRS adjustments, chemical-pharmaceutical sector, fashion sector.



04/3 - Estructura de propiedad en las grandes sociedades anónimas por acciones. Evidencia empírica española en el contexto internacional.

Rafel Crespí, Eva Jansson

04/2 - The Barcelonnettes: an Example of Network-Entrepreneursin
XIX Century
Mexico. An Explanation Based on a Theory of Bounded Rational Choice with Social Embeddedness.

Gonzalo Castañeda

Abstract: A theory of network-entrepreneurs or "spin-off system" is presented in this paper for the creation of firms based on the community's social governance. It is argued that firm's capacity for accumulation depends on the presence of employees belonging to the same social/ethnic group with expectations of "inheriting" the firm and becoming entrepreneurs once they have been selected for their merits and loyalty towards their patrons. Such accumulation is possible because of the credibility of the patrons' promises of supporting newcomers due to high social cohesion and specific social norms prevailing in the community. This theory is exemplified through the case of the Barcelonnettes, a group of immigrants from the Alps in the South of France (Provence) who came to Mexico in the XIX Century.

04/1 - Regulación de la Distribución Eléctrica en España: Análisis
Económico de
una Década, 1987-1997.

Leticia Blázquez Gómez, Emili Grifell-Tatjé

Abstract: A principios de los años 80 se implantó en España un sistema de regulación para el sector eléctrico conocido como Marco Legal Estable, y que pretendía dar una solución a la situación de precariedad económica y financiera por la que atravesaba esta industria en esos momentos. Este marco legal se basaba en un sistema multiproducto, en el que se retribuía a las empresas no por los costes efectivamente incurridos, sino por unos costes estándar calculados por el regulador de igual modo para todas las empresas. En este trabajo se analizan las consecuencias que tuvo la aplicación de este sistema de regulación en la actividad de distribución eléctrica. Para ello se propone un modelo económico que nos permite realizar una evaluación de la evolución de los ingresos de las empresas distribuidoras, dentro de un contexto definido por un indicador de tipo Bennet. Los resultados obtenidos son discutidos en relación con las previsiones de comportamiento de los agentes realizadas por Crampes y Laffont (1995) en su estudio teórico del Marco Legal Estable.
Keywords: distribución eléctrica, regulación por incentivos, Marco Legal Estable, modelo de ingresos, indicador Bennet.



03/9 - Aplicación del DEA en el Análisis de Beneficios en un Sistema
Verticalmente Hacia Adelante.

Héctor Ruiz Soria

Abstract: En el presente trabajo se diseñan tres modelos DEA a partir de un sistema de producción cuyos componentes están colocados en un arreglo en serie que se integran verticalmente hacia adelante. El primer modelo busca optimizar los beneficios del sistema agregado, así como la mejora de los mismos en cada uno de los subsistemas. En el segundo de los modelos, además del objetivo anterior, se incluyen restricciones de transferencia de los recursos específicos asociados a cada subsistema, y en el tercer modelo se estima el intervalo de variación para los precios de transferencia de los inputs intermedios entre ambos subsistemas. Los modelos han sido programados y simulados en el software GAMS a partir de datos generados por una función de producción Cobb-Douglas para los inputs intermedios y los outputs finales.

03/8 - Evaluación de fondos de inversión garantizados por medio de
portfolio insurance.

Sílvia Bou

Abstract: Foundations for the construction of a performance index lay in the right definition of the risk measure that will be used. This paper proposes a performance measure suitable for guaranteed mutual funds. Given the idiosyncrasy of this kind of mutual funds we first need to define a measure that explains the specific risk characteristics of these portfolios. Starting from a portfolio insurance strategy we define a new measure of risk based on the downside risk. We propose as a measure for downside risk that part of a portfolio's total risk that can be eliminated implementing portfolio insurance while our measure for upside risk is the part of a portfolio's total risk that does not disappear using portfolio insurance. In this way the sum of the upside risk and the downside risk is the total risk. Starting from the upside risk measure and the Capital Asset Princing Model we propose a specific performance measure to evaluate guaranteed mutual funds.
Keywords: Performance, Medidas de riesgo, Portfolio insurance.

03/7 - Utilidad de una Medida de la Eficiencia en la Generación de
para la Predicción del Resultado.

María Cristina Abad Navarro

Abstract: En este trabajo evaluamos la utilidad de una medida de la eficiencia en la generación de ventas, para la predicción del resultado de explotación futuro, bajo la hipótesis de que si la medida de la eficiencia es capaz de capturar el componente permanente de los resultados, debería ser útil para la predicción de los resultados futuros, en adición a los resultados actuales. Con el objetivo anterior, en una primera etapa, utilizamos el Análisis Envolvente de Datos (DEA) para determinar la ineficiencia relativa de las empresas en el uso de los recursos a su disposición para generar el nivel máximo posible de ventas. Los inputs incorporados en el modelo DEA (gastos de personal, consumos de materias primas y otros, amortización, y otros gastos de explotación) se obtienen a partir de información contenida en la Cuenta de Pérdidas y Ganancias. En la segunda etapa, la medida de ineficiencia se introduce como variable explicativa en un modelo de regresión en el que la variable dependiente es el resultado de explotación en el año inmediatamente posterior. Los resultados del estudio empírico indican que la medida de ineficiencia relativa proporcionada por el modelo DEA tiene contenido informativo para la predicción del resultado de explotación futuro, en adición al resultado de explotación actual y pasado.

03/6 - Proceso del desarrollo exportador de las empresas industriales
españolas que
participan en un consorcio de exportación: un estudio
de caso.

Piedad C. Martínez Carazo

Abstract: El proceso de internacionalización ha dejado de ser visto como una aventura individual por parte de las empresas, porque cada vez se convierten en parte de una red de acuerdos que trascienden fronteras. Por lo tanto, el camino directo a la proyección internacional ha sido reemplazado por nuevos métodos de cooperación; de tal forma que, la elección de los socios, y el ámbito de los acuerdos y fórmulas contractuales se ha convertido en aspectos claves en la estrategia internacional de las empresas. En éste ámbito, han surgido los denominados consorcios de exportación los cuales se vienen desarrollando en España durante las últimas décadas a través de los programas de promoción para la creación de consorcios de exportación, a través del Instituto Español de Comercio Exterior (ICEX) y el Consorcio de Promoción Comercial de Cataluña (COPCA). Sin embargo, son pocos los consorcios existentes en España y muchos de los que se intentan, no llegan a constituirse. Por otra parte, son pocos los estudios existentes en éste área, por lo que se detecta un vacío en el cuerpo de la literatura existente sobre la internacionalización de las empresas. Razón por la cual, la presente investigación está dirigida al análisis de las fases del proceso del desarrollo de internacionalización de algunas empresas industriales españolas que participan en un prototipo real de consorcio de exportación, y a la identificación de los factores que influyen en la elección del mismo como una vía alternativa para penetrar en los mercados extranjeros, por parte de las empresas.
Keywords: consorcio de exportación, empresas-socio, fases del desarrollo del proceso exportador, estudio de caso.

03/5 - La Solvencia Financiera del Asegurador de Vida y su relación con el coste de Capital.

Jordi Celma Sanz

Abstract: Esta investigación relaciona el margen de solvencia que normativamente deben acreditar los aseguradores de vida con los recursos propios que cualquier empresa debe poseer para poder ejercer su actividad. Analizaremos la incidencia que la remuneración de esos recursos tiene en la propia actividad de comercialización de los seguros demostrando su relación inversa con el tipo de interés garantizado en los contratos. Analizaremos asimismo la incidencia que los eventuales cambios en los tipos de interés pueden tener en la remuneración que puede ofrecerse a esos recursos y propondremos una ecuación que incorpore todos estos aspectos, comprobando que las relaciones que actualmente ofrece la disciplina académica son casos particulares de la ecuación general, casos que demostraremos que incorporan unas hipótesis implícitas bastante restrictivas.
Keywords: Margen de solvencia, Coste de Capital, Riesgo de tipo de interés.

03/4 - El empresario digital como determinante del éxito de las
puramente digitales: un estudio empírico.

Christian Serarols, José M.ª Veciana

Abstract: El creciente desarrollo de las nuevas tecnologías de la información y telecomunicaciones ha afectado de manera ostensible empresas y mercados. La creciente aceptación de Internet y el descenso de los costes de acceso están provocando un aumento en el número de usuarios y compradores en la red. Ello provoca la aparición de nuevas organizaciones que comercializan productos y servicios exclusivamente a través de la red, sin ninguna presencia física. Actualmente, este tipo de están adquiriendo gran protagonismo en el mundo de Internet, aunque la mayoría aun no hayan conseguido un éxito destacable y su contribución a la venta tanto mayorista como minorista no sea cuantitativamente significativa A pesar de esta evidencia, parece no existir ningún marco para el estudio sobre cuáles son los factores que afectan al éxito de estas empresas. Este artículo pretende analizar si el empresario (aspectos biográficos, motivaciones y habilidad directiva) puede constituir un factor de éxito para éstas. Este análisis se ha realizado a partir de un modelo desarrollo por los autores basado en tres dimensiones (empresario, producto y adaptación al entorno) y aplicado sobre una muestra de 23 empresarios digitales.
Keywords: entrepreneurship, empresario digital, comercio electrónico, cyber-traders, entrepreneur, internet, factores de éxito

03/3 - Internal promotion versus external recruitment: evidence
in industrial

Alberto Bayo-Moriones, Pere Ortín-Ángel

Abstract: An analysis is carried out in a sample of 738 industrial plants of the determining factors in the use of internal promotion of blue-collar workers to middle managers and skilled technicians as against their external recruitment. The use of internal promotion is positively correlated with variables indicative of the efforts made by plants to measure employees' skills, and to a lesser extent, with the level of specificity of investments in human capital made by blue-collar workers. Contrary to what was expected, variables related with the use and efficiency of other incentive systems have no significant influence on the increased or decreased use of internal promotion. These results are initial evidence that internal promotions are used to protect and favour specific investments, especially those made by firms in order to discover their workers' skills.

03/2 - Assessing the structural change of strategic mobility
determinants under
hypercompetitive environments.

José Ángel Zúñiga Vicente, José David Vicente Lorente

Abstract: The primary purpose of this exploratory empirical study is to examine the structural stability of a limited number of alternative explanatory factors of strategic change. On the basis of theoretical arguments and prior empirical evidence from two traditional perspectives, we propose an original empirical framework to analyse whether these potential explanatory factors have remained stable over time in a highly turbulent environment. This original question is explored in a particular setting: the population of Spanish private banks. The firms of this industry have experienced a high level of strategic mobility as a consequence of fundamental changes undergone in their environmental conditions over the last two decades (mainly changes related to the new banking and financial regulation process). Our results consistently support that the effect of most explanatory factors of strategic mobility considered did not remain stable over the whole period of analysis. From this point of view, the study sheds new light on major debates and dilemmas in the field of strategy regarding why firms change their competitive patterns over time and, hence, to what extent the "contextdependency" of alternative views of strategic change as their relative validation can vary over time for a given population. Methodologically, this research makes two major contributions to the study of potential determinants of strategic change. First, the definition and measurement of strategic change employing a new grouping method, the Model-based Cluster Method or MCLUST. Second, in order to asses the possible effect of determinants of strategic mobility we have controlled the non-observable heterogeneity using logistic regression models for panel data.
Keywords: strategic mobility, dynamic analysis, structural change, hypercompetitive environments, MCLUST, "logit" model with panel data.

03/1 - A methodology to measure shareholder value orientation and
value creation aimed at providing a research basis to
investigate the link
between both magnitudes.

Stephan Hecking

Abstract: Does shareholder value orientation lead to shareholder value creation? This article proposes methods to quantify both, shareholder value orientation and shareholder value creation. Through the application of these models it is possible to quantify both dimensions and examine statistically in how far shareholder value orientation explains shareholder value creation. The scoring model developed in this paper allows quantifying the orientation of managers towards the objective to maximize wealth of shareholders. The method evaluates information that comes from the companies and scores the value orientation in a scale from 0 to 10 points. Analytically the variable value orientation is operationalized expressing it as the general attitude of managers toward the objective of value creation, investment policy and behavior, flexibility and further eight value drivers. The value creation model works with market data such as stock prices and dividend payments. Both methods where applied to a sample of 38 blue chip companies: 32 firms belonged to the share index IBEX 35 on July 1st, 1999, one company represents the "new economy" listed in the Spanish New Market as per July 1st, 2001, and 5 European multinational groups formed part of the EuroStoxx 50 index also on July 1st, 2001. The research period comprised the financial years 1998, 1999, and 2000. A regression analysis showed that between 15.9% and 23.4% of shareholder value creation can be explained by shareholder value orientation.
Keywords: shareholder value orientation, shareholder value creation, evaluation methodology, shareholder value variables.



02/11 - The phenomenon of international new ventures, global
start-ups, and born-
globals: what do we know after a decade
of exhaustive scientific inquiry?

Alex Rialp-Criado, Josep Rialp-Criado, Gary A. Knight

Abstract: In this paper, 27 studies from the last decade which deal more or less explicitly with the International New Venture, global start-up or born-global phenomenon are first identified, and then fully examined and critically assessed as a basis for obtaining an adequate view of the state-of-the-art of this increasingly important research avenue in the field of International Entrepreneurship (IE). The methodology used for this synthetic review allow us to analyze a number of recent, purposefully-chosen studies that are systematically compared along the following criteria: 1) main objective and type of research; 2) theoretical framework/s of reference, 3) methodological issues, and 4) main findings and/or conclusions. As a result of this literature review, a critical assessment follows in which the most relevant benefits and contributions as well as potential drawbacks, limitations or major discrepancies in the research activities conducted so far are discussed. Finally, some suggestions and implications are provided in the form of future research directions.
Keywords: International new ventures, global start-ups, born-globalness, international entrepreneurship, contemporary literature review.

02/10 - Endeudamiento y ciclos políticos presupuestarios:el caso de
ayuntamientos catalanes.

Pedro Escudero Fernández, Diego Prior Jiménez

Abstract: Este trabajo de investigación se dirige sobre el ámbito de los gobiernos locales y su objetivo es el de analizar cuál es el papel del endeudamiento en los Ciclos Políticos Presupuestarios, contrastando si, en la utilización de este instrumento financiero, se da una distribución temporal estratégica en torno a las citas electorales, y si la existencia de estos ciclos puede resultar un factor explicativo del endeudamiento acumulado en los gobiernos locales. Para el contraste empírico se utilizan datos presupuestarios de los ayuntamientos catalanes con una población superior a los 10.000 habitantes, para los cuales disponemos de datos durante el periodo 1988-1999, en total 86 municipios. La metodología empleada está basada en una Prueba T para muestras relacionadas.
Keywords: Ciclos Políticos Presupuestarios, Ayuntamientos, Endeudamiento, Ilusión Fiscal.

02/9 - Governance Mechanisms in Spanish Financial Intermediaries.

Rafel Crespí, Miguel A. García-Cestona, Vicente Salas

Abstract: This paper examines the governance of Spanish Banks around two main issues. First, does a poor economic performance activate those governance interventions that favor the removal of executive directors and the merger of non-performing banks? And second, does the relationship between governance intervention and economic performance vary with the ownership form of the bank? Our results show that a bad performance does activate governance mechanisms in banks, although for the case of Savings Banks intervention is confined to a merger or acquisition. Nevertheless, the distinct ownership structure of Savings Banks does not fully protect non-performing banks from disappearing. Product-market competition compensates for those weak internal governance mechanisms that result from an ownership form which gives voice to several stakeholder groups.
Keywords: Corporate governance, commercial and savings banks, executive turnover, mergers and acquisitions.

02/8 - Measuring Sustained Superior Performance at the Firm Level.

Emili Grifell-Tatjé, Pilar Marquès-Gou

Abstract: This paper proposes a two-dimensional Strategic Performance Measure (SPM) to evaluate the achievement of sustained superior performance. This proposal builds primarily on the fact that, under the strategic management perspective, a firm's prevalent objective is the pursuit of sustained superior performance. Three Basic conceptual dimensions stem from this objective: relativity, sign dependence, and dynamism. These are the foundations of the SPM, which carries out a separate evaluation of the attained superior performance and of its sustainability over time. In contrast to existing measures of performance, the SPM provides: (i) a dynamic approach by considering the progress or regress in performance over time, and (ii) a cardinal measurement of performance differences and its changes over time. The paper also proposes an axiomatic framework that a measure of strategic performance should comply with to be theoretically and managerially sound. Finally, an empirical illustration of the Spanish banking sector during 1987-1999 is herein provided by discussing some relevant cases.
Keywords: Sustained superior performance, persistent performance, profit differences, sustainable competitive advantage

02/7 - La revelación de información obligatoria y voluntaria (activos
en las entidades de crédito. Factores determinantes.

Gonzalo Rodríguez

02/6 - Restricción de crédito bancario en economías emergentes:
el caso de la
PYME en México.

Stefan van Hemmen
Abstract: Los mercados financieros en economías emergentes como la mexicana se caracterizan por importantes asimetrías de información que dificultan el acceso de las PYMEs al crédito bancario. En este artículo se analiza el problema de la restricción de crédito a partir de una muestra de empresas industriales obtenida en el entorno industrial de Guadalajara (México). Nuestro propósito se centra en identificar qué elementos caracterizan a las empresas que sufren esta restricción, cuestión de gran interés desde la perspectiva de política económica, en el sentido de orientar los esfuerzos de las instituciones gubernamentales (banca de desarrollo) hacia las empresas con mayores problemas de financiación.
Keywords: financiación PYMEs, banca relacional, mercados emergentes, disponibilidad de crédito, México. 

02/5 - Caracterización de las empresas que colaboran con centros

Lluís Santamaria, Miguel Ángel García Cestona, Josep Rialp-Criado

Abstract: En este trabajo procedemos a caracterizar las empresas que colaboran con Centros Tecnológicos. Las investigaciones empíricas de Cassiman & Veugelers (1998b) y Bayona (2000), junto a los enfoques teóricos del cambio tecnológico y de las motivaciones para colaborar tecnológicamente, serán los principales referentes para la formulación de hipótesis acerca del perfil de las empresas que colaboran con Centros Tecnológicos. Los datos procedentes de la Encuesta Sobre Estrategias Empresariales de 1998 serán utilizados para elaborar el perfil de empresa - usuario y aportar así algunas intuiciones sobre las motivaciones específicas en la selección de un Centro Tecnológico en lugar de un Cliente o un Proveedor para una colaboración tecnológica. La búsqueda de recursos públicos y servicios tecnológicos concretos, así como una mayor confianza, parecen motivar la elección de dicha institución para colaborar en una alianza tecnológica.
Keywords: Innovación Tecnológica, Colaboración, I+D, Centro Tecnológico.

02/4 - Innovación tecnológica y resultado exportador: un análisis
aplicado al sector textil-confección español.

Rossano Eusebio, Alex Rialp-Criado

Abstract: In the latest years, the relationship between technology and export has been studied to explain the influence of the firms efforts in the technological activities and their export performance. With no doubt, most of the studies on this subject tend to approximate the innovation strategy of a Company to its expense in R&D, even if, in reality, the concept of technological innovation is broader than the simple fact of realising activities in R&D. In this study, we first identify those factors that approximate, more generally speaking, the technological innovation activities realised by a Company and then, we study if they influence the result of its export activities. Our study shows that the export figures of the textile-clothing Spanish Companies depends on not only their investments in R&D, but also on other facors linked to their innovation strategy.
Keywords: Export performance, Tecnological Innovation, R&D, Textile-clothing sector.

02/3 - Single Period Markowitz Portfolio Selection, Performance
Gauging and
Duality: A Variation on Luenberger's Shortage Function.

Walter Briec, Kristiaan Kerstens, Jean Baptiste Lesourd

Abstract: Markowitz portfolio theory (1952) has induced research into the efficiency of portfolio management. This paper studies existing nonparametric efficiency measurement approaches for single period portfolio selection from a theoretical perspective and generalises currently used efficiency measures into the full mean-variance space. Therefore, we introduce the efficiency improvement possibility function (a variation on the shortage function), study its axiomatic properties in the context of Markowitz efficient frontier, and establish a link to the indirect mean-variance utility function. This framework allows distinguishing between portfolio efficiency and allocative efficiency. Furthermore, it permits retrieving information about the revealed risk aversion of investors. The efficiency improvement possibility function thus provides a more general framework for gauging the efficiency of portfolio management using nonparametric frontier envelopment methods based on quadratic optimisation.
Keywords: shortage function, efficient frontier, risk aversion, mean-variance portfolios

02/2 - Efficiency and quality in local government management.
The case of spanish local authorities.

M.T. Balaguer, Diego Prior Jiménez, J.M. Vela

Abstract: This study analyses efficiency levels in Spanish local governments and their determining factors through the application of DEA (Data Envelopment Analysis) methodology. It aims to find out to what extent inefficiency arises from external factors beyond the control of the entity, or on the other hand, how much it is due to inadequate management of productive resources. The results show that on the whole, there is still a wide margin within which managers could increase local government efficiency levels, although it is revealed that a great deal of inefficiency is due to exogenous factors. It is specifically found that the size of the entity, per capita tax revenue, the per capita grants or the amount of commercial activity are some of the factors determining local government inefficiency.
Keywords: Local government performance, Data Envelopment Analysis, Efficiency and Quality.

02/1 - Access as a Motivational Device: Implications for Human

Pablo Arocena, Míkel Villanueva

Abstract: This paper analyzes the employment relationship on the basis of the notion of access. We argue that the degree of access provided by a job is an incentive to activate the employee's self-actualization needs. We investigate the effect of access on the workers' performance through an agency model and provide a number of propositions with practical implications for personnel policies. Our results are consistent with the intuition emerged from the real business practice as well as with many of the arguments on the substitutive role between monetary and non-monetary incentives frequently reported in the literature.

01/9 - Marco institucional formal de la creación de empresas en
Oferta y demanda de servicios de apoyo.

David Urbano, José M.ª Veciana

Abstract: El apoyo y el fomento a la creación de nuevas empresas se ha convertido en las últimas décadas en objetivo principal de las administraciones públicas, justificado principalmente por la incidencia positiva que tienen las mismas tanto en la generación de puestos de trabajo como en el crecimiento económico y en el potencial innovador. En esta investigación se analiza el marco institucional formal de la creación de empresas en Catalunya, tanto desde el punto de vista de la oferta (instituciones y programas de apoyo) como desde el punto de vista de la demanda (nuevos empresarios), tomando la teoría institucional como marco teórico. Para el estudio de la oferta se entrevistaron 20 responsables del área de creación de empresas de las instituciones catalanas más relevantes, completando dicha información con fuentes de datos secundarios (folletos de las instituciones, memorias, estadísticas, etc.). Para el análisis de la demanda se realizaron 307 encuestas telefónicas a empresarios potenciales y 60 entrevistas personales a empresarios actuales. Los resultados del presente trabajo ponen de manifiesto que en Catalunya existen muchas instituciones y programas de apoyo a la creación de empresas. Esta diversificación, junto a la falta de coordinación entre las instituciones implicadas, conduce a duplicaciones y solapamientos en la oferta de programas destinados a las nuevas empresas. En cuanto a la demanda, los resultados reflejan que la muestra de empresarios potenciales conoce y ha utilizado en mayor medida los programas de apoyo que la muestra de empresarios actuales. Por otra parte, ambas muestras valoran mejor los programas no económicos que los económicos, habiendo tenido también éstos mayor importancia en el proceso de creación de la empresa.
Keywords: nuevas empresas, creación de nuevas empresas, medidas de apoyo, factores institucionales formales.

01/8 - La gestión del conocimiento en pequeñas empresas de
tecnología de la
información: Una investigación exploratoria.

Laura Esther Zapata Cantú

Abstract: La habilidad de crear y replicar el conocimiento es especialmente crítico para empresas que compiten en entornos dinámicos, las cuales no solamente tienen recursos tecnológicos relevantes, sino que deben mostrar flexibilidad y capacidad administrativa para coordinar efectivamente sus competencias internas. Los procesos de generación y transferencia del conocimiento son analizados aquí a través de un estudio de casos de cuatro pequeñas empresas del sector de las tecnologías de la información en Barcelona. Como resultado del estudio, se diseña un modelo en el cual la generación del conocimiento es posible a través de la adquisición de conocimiento externo y de la creación interna de conocimiento, proceso este último facilitado por la motivación personal y la oportunidad de aprender de los miembros de la organización. La transferencia del conocimiento se realiza mediante la utilización de mecanismos formales e informales. Aún y cuando los mecanismos formales como los documentos y el Intranet proveen un apoyo a este proceso, los empleados prefieren transferir su conocimiento de una forma cara a cara.

01/7 - Un modelo de predicción de la insolvencia empresarial aplicado al sector textily confección de Barcelona (1994-1997).

Antoni Somoza López

Abstract: For the last 30 years the abundancy of quantitative models about insolvency prediction in the financial and accounting literature has awaked a great interest among the specialists and researchers of this field. What in the beginning were a few models with a unique objective, has derivated in a source of constant research. In this paper it is formulated an insolvency prediction model through a combination of different quantitative variables extracted from the Annual Accounts of a sample firms for the period 1994-1997. Using a stepwise procedure it has been chosen and interpreted which ratios were the most relevant as for information they take. What is more, two statistical procedures were used in this type of research: the logit and the multiple discriminant analysis. When we reached to this point, we compared which one let produce the best results.
Keywords: insolvencia, quiebra-suspensión de pagos, predicción, ratios.

01/6 - Opción de responsabilidad limitada y opción de abandonar:
Una integración
para el análisis del coste de capital.

Neus Orgaz Guerrero

Abstract: El objetivo de este documento es formalizar el valor de las acciones de una empresa endeudada, la responsabilidad limitada de los accionistas de una sociedad anónima y la rentabilidad exigida en un horizonte perpetuo, aplicando la teoría de opciones. El modelo que se elabora parte del establecido por Fisher Black y Myron Scholes en 1973 sobre el valor de las acciones de una empresa endeudada en un horizonte monoperiódico. En este modelo se encuentra un problema: la limitación del horizonte a un solo período. El modelo que se desarrolla en este documento, se basa en que el horizonte de la empresa es, en principio, ilimitado, y es frecuente que se mantenga un determinado grado de endeudamiento a lo largo de su vida. Es decir, se considera el endeudamiento de la empresa de horizonte perpetuo. Como consecuencia, los accionistas pueden declarar la quiebra en cualquier momento Independientemente del vencimiento de la deuda, dejando la empresa en manos de los acreedores. Basándose en este modelo de horizonte perpetuo, se introduce la opción de abandonar. Se utiliza el valor de venta que tiene el activo de la empresa en el mercado, los accionistas lo comparan con el valor de las deudas, y deciden si es más rentable seguir con la empresa o vender los elementos del activo en el mercado. Para la valoración, se utiliza la fórmula deducida por Merton (1990) de la opción de venta americana perpetua. También se utiliza las opciones de barrera. Una vez valorada la responsabilidad limitada de los accionistas en un horizonte perpetuo, se puede calcular el interés efectivo en    condiciones de riesgo.
Keywords: Valoración de acciones-coste de financiación-opciones de barrera-valoración de la responsabilidad limitada-opción de abandonar.

01/5 - Enfoque estructural vs recursos y capacidades: Un estudio
de los factores clave de éxito de las agencias de viajes en España.

Fabiola López Marín, José M.ª Veciana

01/4 - Calidad de servicio en la enseñanza universitaria: Desarrollo y
validación de
una escala de medida.

Joan-Lluís Capelleras-Segura, José M.ª Veciana

Abstract: En los últimos años se ha desarrollado un concepto operativo de la calidad de servicio que permite la elaboración de escalas para su medición que han sido aplicadas a diferentes tipos de servicios. Sin embargo, la literatura indica que poco se ha hecho hasta ahora sobre la calidad de servicio en la enseñanza universitaria. En este trabajo se desarrolla, evalúa y aplica una escala de medida de la calidad de servicio en este ámbito a partir de las percepciones de una muestra de 811 estudiantes. Se han analizado sus propiedades psicométricas, obteniéndose resultados satisfactorios tanto en lo que se refiere a la fiabilidad como a la validez. Se han identificado cinco dimensiones distintas y se ha comprobado que cada una de ellas tiene un efecto positivo y significativo sobre la calidad global de la enseñanza y que su importancia relativa varía en función de las características de los estudiantes.
Keywords: calidad de servicio, enseñanza universitaria, escala de medida, percepciones.

01/3 - Seniority-based pay: Is it used as a motivation device?

Alberto Bayo-Moriones

Abstract: The purpose of this article is to explain what factors determine the use of seniority-based pay for production workers in Spanish manufacturing industry. The data used in order to achieve these objectives was taken from 774 Spanish industrial plants. The estimation of several ordered probit models enabled us to see that in firms where it was more costly for management to engage in opportunistic behaviour, deferred payment shows a negative relation to the use of devices, like monitoring or incentive payment, designed to align workers' objectives with those of the company.
Keywords: seniority-based pay, delayed payment, manual workers, Spanish manufacturing firm.

01/2 - Modelo para la identificación de grupos estratégicos basado en el anàlisis envolvente de datos: Aplicación al sector bancario español.

Jordi Surroca, Diego Prior Jiménez

Abstract: Este trabajo explora la formación de grupos estratégicos en el Sector Bancario Español, a partir de una definición alternativa de grupo estratégico (GE). Un GE se define como un conjunto de empresas capaces de responder del mismo modo a perturbaciones. La capacidad de respuesta, o capacidad de adaptar la estrategia competitiva, se define a partir de las relaciones marginales (RM) entre las variables estratégicas (la pendiente de la frontera en un punto), y sirve de base para examinar la presencia de barreras a la movilidad. El Análisis Envolvente de Datos (DEA) es la herramienta utilizada para el cómputo de las RM, aunque su uso genera dos problemas que son solucionados en este trabajo; la multiplicidad de RM para las empresas situadas en la frontera (líderes estratégicos), y la imposibilidad de encontrar RM para las empresas situadas por debajo de la misma (seguidores estratégicos).
Keywords: grupos estratégicos, DEA, relaciones marginales, barreras a la movilidad, banca, España.

01/1 - Collaboration strategies and technological innovation:
A contractual perspective of the relationship between firms
and technological centers.

Lluís Santamaria, Alex Rialp-Criado, Josep Rialp-Criado

Abstract: In this paper, a theoretical framework for analyzing the selection of governance structures for implementing collaboration agreements between firms and Technological Centers is presented and empirically discussed. This framework includes Transaction Costs and Property Rights' theoretical assumptions, though complemented with several proposals coming from the Transactional Value Theory. This last theory is used for adding some dynamism in the governance structure selection. As empirical evidence of this theoretical explanation, we analyse four real experiences of collaboration between firms and one Technological Center. These experiences are aimed to represent the typology of relationships which Technological Centers usually face. Among others, a key interesting result is obtained: R&D collaboration activities do not need to always be organized through hierarchical solutions. In those cases where future expected benefits and/or reputation issues could play an important role, the traditional more static theories could not fully explain the selected governance structure for managing the R&D relationship. As a consequence, these results justify further research about the adequacy of the theoretical framework presented in this paper in other contexts, for example, R&D collaborations between firms and/or between Universities or Public Research Centers and firms.
Keywords: Collaboration, Technological Innovation, R&D, Technological Center


00/5 - Inefficient banks or inefficient assets?

Emili Tortosa-Ausina

00/4 - La elección de los socios: Razones para cooperar con centros de investigación y con proveedores y clientes.

Cristina Bayona Sáez, Teresa García Marco, Emilio Huerta Arribas

Abstract: We can assert, basing in a model of interactive innovation, that innovations are the result of the colaboration between different agents with complementary resources. The firms can colaborate on R&D with several organizations: competitors, suppliers, customers, universities or research centers. The aim of this study is to analyse the motives that have caused industrial firms to cooperate in R&D with universities and research centers and with suppliers and customers. The empirical analysis has been carried out using a sample of 747 Spanish firms that have entered into cooperative R&D agreements during the period 1994-1996. The results obtained suggest that vertical cooperation is focused on applied investigation and the cooperation with research centers is focused on a more basic investigation with a national character.

00/3 - A dynamic analysis of intrafirm diffusion: the ATMs.

Lucio Fuentelsaz, Jaime Gómez , Yolanda Polo
00/2 - Reasignación de recursos y resolución de contratos en el
          sistema concursal

Stefan van Hemmen

00/1 - The Cost Of Ownership In The Governance Of Interfirm Collaborations.

Josep Rialp-Criado, Vicente Salas Fumás

Abstract: This paper investigates the selection of governance forms in interfirm collaborations taking into account the predictions from transaction costs and property rights theories. Transaction costs arguments are often used to justify the introduction of hierarchical controls in collaborations, but the ownership dimension of going from "contracts" to "hierarchies" has been ignored in the past and with it the so called "costs of ownership". The theoretical results, tested with a sample of collaborations in which participate Spanish firms, indicate that the cost of ownership may offset the benefits of hierarchical controls and therefore limit their diffusion. Evidence is also reported of possible complementarities between reputation effects and forms of ownership that go together with hierarchical controls (i.e. joint ventures), in contrast with the generally assumed substitutability between the two.
Keywords: interfirm collaboration, property rights, transaction cost, Spanish firms.

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