Artículos de revista DGE - EKS Aldizkari artikuluak

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Open Access
Absorptive capacity in family firms: exploring the role of the CEO
(Emerald, 2024) Garcés Galdeano, Lucía; Kotlar, Josip; Caicedo Leitón, Ana Lucía; Larraza Kintana, Martín; Frattini, Federico; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Purpose: Absorptive capacity (AC), the ability to leverage external knowledge for innovation, helps explain the mixed findings on family firms' innovation performance. Our research focuses on the CEO's role - whether family or non-family, and founding or later generation - in influencing AC. We also explore how firm size and environmental dynamism affect these relationships, offering insights into varying AC levels among family firms. Design/methodology/approach: OLS regression models were estimated to test the hypotheses using a sample of 364 family firms in Spain. Findings: Family firms¿ absorptive capacity is greater when the CEO is a family member, and even more so when the family CEO belongs to the founding family generation. While AC diminishes in larger family firms this effect is mitigated when the CEO is a family member. The predicted moderating effect of environmental dynamisms is not supported by the analyses. Originality: This paper adds insights about the drivers of heterogeneity in innovation among family firms, addressing recent calls for more nuanced views of how family members drive the strategic behavior of the business, and incorporating considerations of different types of family firms based on the identity of the firm CEO. The results overall support the theoretical claims, but also open up important questions for future studies.
Open Access
Analysing the relationship between QM, performance appraisal and pay for performance
(Routledge, 2021) Bayo Moriones, José Alberto; Torre Martínez, Rocío de la; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas
The purpose of this paper is to analyse the relationship between quality management, performance appraisal and pay for performance in a sample of 203 manufacturing plants (including firms that do not apply quality management) in Spain employing at least 20 workers. We make a distinction between collaboration with suppliers, customer focus and the use of quality tools. This consideration of quality management as multidimensional will help to disentangle the complex interrelationships with performance appraisal and pay for performance. Our findings point to a positive association of customer focus, collaboration with suppliers and quality tools with performance appraisal evaluating results and behaviours. Regarding pay for performance, closer collaboration with customers is positively related to individual pay for performance. The use of quality tools is positively related to individual and firm pay for performance. The managerial implications point out that there is still room for improving the effectiveness of quality initiatives by incorporating changes in pay for performance and performance appraisal oriented to the adaptation to the principles of quality management. From the theoretical perspective, our paper underlines the importance of not considering quality management as a unidimensional reality when examining its relationship with other management practices.
Embargo
Analyst responses to changes in credit risk
(Wiley, 2025-02-03) Abinzano Guillén, María Isabel; Corredor Casado, María Pilar; Martínez García, Beatriz; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Do analysts adjust their recommendations when a company's credit risk changes? Using an extensive sample of 300,145 observations, covering 3722 US firms from 2000 to 2021, we find that analysts revise their recommendations when a firm's credit risk decreases but not when it increases. This result is consistent with analysts¿ optimism bias, as previously identified in the literature. However, we further find that this optimism bias disappears for firms with low information asymmetry or good informativeness. The fact that analysts for these firms have less cognitive bias and greater pressure to make accurate recommendations may explain this result. Our research highlights that analyst disclosures should be treated with caution, especially in firms with poor informational characteristics. A proper understanding of analyst recommendations is critical for the decision-making processes of investors and companies and calls for better regulations.
Open Access
Analysts herding: when does sentiment matter?
(Routledge, 2018) Blasco de las Heras, Natividad; Corredor Casado, María Pilar; Ferrer Zubiate, Elena; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas
Herding among analysts emerges when analysts give priority to their peers’ opinions instead of their own beliefs or information. Some circumstances may enhance or restrain this type of behaviour. We postulate that market sentiment is one of them. This article analyses the effect that investor sentiment may have on analysts’ herding behaviour in the U.K. Our results suggest that ‘easy situations’ such as analysing easy-to-value securities and releasing optimistic information at times of high market sentiment clearly reduce herding practices, whereas herding clearly increases in difficult situations when analysts have to release negative information at moments of high investor sentiment.
Open Access
Are acquirers different? Identifying firm precursors to acquisitions
(Emerald, 2023) King, David; Shijaku, Elio; Urtasun Alonso, Ainhoa; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Purpose: The authors propose and test a theoretical framework that develops and analyzes precursors to firm acquisitions to determine if acquirers differ from other firms. Design/methodology/approach: The authors use longitudinal, archival data from a sample of the largest firms in the global pharmaceutical industry from 1991 to 2012 with 1,327 firm-year observations. Findings: The authors integrate prior research to show that the firm characteristics involving (1) R&D investment, (2) prior experience and (3) network centrality influence the likelihood that a firm will complete an acquisition. Originality/value: In contrast to research focusing on the performance of acquiring firms, the authors show that firm characteristics predict acquisition activity by highlighting that acquiring firms differ from other firms. The authors also develop how network synergies can be realized by acquirers that have information advantages from more central network positions.
Open Access
Are mediterranean nonprofits adopting the social enterprise model?
(Springer, 2023) López Arceiz, Francisco José; Bellostas Pérezgrueso, Ana José; Rivera, Pilar; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
The social enterprise model, which is characterized by economic, social, and governance dimensions, has become a key aspect of modern welfare states in Europe. Despite its potential to increase revenue diversification for nonprofits, particularly through commercial income, its effects in the context of Mediterranean countries within the European Union are untested. This study aims to examine the adoption of the social enterprise model by Mediterranean nonprofits. The results suggest that organizations with high levels of diversification through commercial income exhibit some characteristics of the social enterprise model, and this behavior is influenced by factors such as the type of promoter, user, organizational aims, and activities.
Open Access
Are public employees more satisfied than private ones? The mediating role of job demands and job resources
(Emerald, 2021) Gastearena Balda, María Lourdes; Ollo López, Andrea; Larraza Kintana, Martín; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Purpose – This paper aims to compare job satisfaction in public and private sectors and the mediating role of several job demands and resources on the relationship between the employment sector and job satisfaction. Design/methodology/approach – Drawing on the job demands-resources model, this study argued that differences in job satisfaction were explained largely by the job characteristics provided in each sector. Data comes from the quality of working life survey, a representative sample of 6,024 Spanish public and private employees. Findings – This study revealed that public employees were more satisfied than private ones. This relationship was partially mediated by job demands and job resources, meaning that the public and private employment sectors provided different working conditions. Public employees, in general, had fewer demands and more job resources than private ones, which resulted in different levels of job satisfaction. Additionally, partial mediation indicated that public employees are more satisfied than private ones, despite accounting for several job demands and job resources. Research limitations/implications – While the findings of this study highlighted the relative importance of job demands and job resources in affecting job satisfaction of public and private employees, the generalizability of the results to other countries should be limited as the study only used data from a single country. Practical implications – A significant portion of the positive effect on job satisfaction of public employees is channeled through the lower levels of routine work and lower number of required working hours and through better job resources such as higher salary, more telework, greater prospects at work and more training utility. To improve job satisfaction, it is apparent that managers should pay special attention to things such as routine work, working hours, training and telework. Originality/value – This paper contributes to the comprehension of how several job demands and resources simultaneously play a mediating role in explaining the relationship between the employment sector and job satisfaction.
Open Access
Attention to online channels across the path to purchase: an eye-tracking study
(Elsevier, 2019) Cortiñas Ugalde, Mónica; Cabeza Laguna, Rafael; Chocarro Eguaras, Raquel; Villanueva Larre, Arantxa; Ingeniaritza Elektrikoa, Elektronikoaren eta Telekomunikazio Ingeniaritzaren; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Ingeniería Eléctrica, Electrónica y de Comunicación; Gestión de Empresas
Currently, consumers display what is known as omnichannel behavior: the combined use of digital and physical channels providing them with multiple points of contact with firms. We combine the stimulus-organism-response (S-O-R) model and visual attention theory to study how customers’ attention to digital channels varies across different purchasing tasks. We use eye-tracking techniques to observe attention in an experimental setting. The experimental design is composed of four purchasing tasks in four different product categories and measures the attention to the website and time spent on each task in addition to several control variables. The results show that shoppers attend to more areas of the website for purposes of website exploration than for performing purchase tasks. The most complex and time-consuming task for shoppers is the assessment of purchase options. The actual purchase and post-purchase tasks require less time and the inspection of fewer areas of interest. Personal involvement also plays a role in determining these patterns by increasing attention to the product area.
Open Access
Automotive fuel prices at branded and unbranded service stations: differences in the impact of seller density, brand concentration and search costs
(Taylor and Francis Group, 2023) Arocena Garro, Pablo; Bello Pintado, Alejandro; Contín Pilart, Ignacio; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
This paper analyses the impact of local competition on gasoline and diesel pricing at branded and unbranded independent service stations. Based on our theory-driven discussion we derive a number of hypotheses, which are empirically tested on a sample of service stations in Spain. In Spain, retail prices of motor fuels have been under the spotlight since the dismantling of the state monopoly in the 1990s. The concentration of the retail market and the behavior of the main oil operators are of constant concern to the competition authorities. Our empirical analysis provides evidence for the existence of different competitive dynamics between branded and unbranded stations, and between gasoline and diesel retail pricing. Specifically, the results show that (i) fuel prices at branded (unbranded) service station are positively (negatively) associated with the number of stations operating in the same local market, (ii) prices of both motor fuels at a branded station are higher the larger the share of stations carrying the same brand in its local market, (iii) diesel price at an unbranded station is lower the larger the share of unbranded stations in its local market, and (iv) unbranded service stations undercut the price of diesel more than that of gasoline compared with prices at branded stations.
Open Access
Beyond the headlines: understanding the organizational dynamics of sector-specific sexual harassment
(Emerald, 2024-12-03) Núñez Aldaz, Imanol; Ollo López, Andrea; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Purpose – Sexual harassment, a global concern, varies in prevalence across sectors. This article analyzes in detail the higher prevalence of harassment in these sectors. Design/methodology/approach – Drawing on data from a representative sample of European workers and using the inductive method, we posit four propositions regarding the organizational dynamics in four different sector-specific scenarios. Findings – Contrary to perception, our research finds no conclusive evidence supporting a higher prevalence of sexual harassment within the armed forces. Economic and labor conditions drive sexual harassment in the entertainment industry, while the hospitality and non-profit sectors exhibit an elevated incidence potentially attributed to environmental factors. The healthcare industry presents a concerning scenario, with heightened prevalence due solely to organizational. Originality/value – The originality of the paperis in its focus on how external and environmental factors, rather than just internal organizational mechanisms, contribute to sector-specific dynamics of sexual harassment. This approach provides deeper insights for developing tailored interventions and prevention strategies across different sectors.
Open Access
Bundles of HRM practices in family and non-family firms: the impact on enhancing performance
(Routledge, 2019) Bello Pintado, Alejandro; Garcés Galdeano, Lucía; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
This paper analyzes how ability, motivation and opportunity bundles of HRM practices affect enhanced manufacturing performance in family firms (FFs) and non-family firms (NFFs). Five hypotheses were proposed and tested using data from a unique survey of 301 manufacturing plants located in Uruguay and Argentina. Estimations indicate that coherent bundles comprising HRM practices aimed at enhancing abilities (A) and giving workers the opportunity to participate in the decision-making process (O), individually and interactively, have a positive effect on manufacturing performance in FFs. A motivational bundle of HRM practices (M) has a positive effect on enhanced performance in NFFs. The study therefore establishes the existence of hierarchies among bundles, which vary with company ownership.
Open Access
Business analytics in sport talent acquisition: methods, experiences, and open research opportunities
(IGI Global Publishing, 2021) Torre Martínez, Rocío de la; Calvet, Laura O.; López López, David; Juan, Ángel A.; Hatami, Sara; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Recruitment of young talented players is a critical activity for most professional teams in different sports such as football, soccer, basketball, baseball, cycling, etc. In the past, the selection of the most promising players was done just by relying on the experts' opinions but without systematic data support. Nowadays, the existence of large amounts of data and powerful analytical tools have raised the interest in making informed decisions based on data analysis and data-driven methods. Hence, most professional clubs are integrating data scientists to support managers with data-intensive methods and techniques that can identify the best candidates and predict their future evolution. This paper reviews existing work on the use of data analytics, artificial intelligence, and machine learning methods in talent acquisition. A numerical case study, based on real-life data, is also included to illustrate some of the potential applications of business analytics in sport talent acquisition. In addition, research trends, challenges, and open lines are also identified and discussed.
Open Access
Cambios en el comportamiento inversor ante nuevos escenarios monetarios
(Fundación de las Cajas de Ahorros (FUNCAS), 2023-03-01) Blasco de las Heras, Natividad; Corredor Casado, María Pilar; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Este trabajo analiza los cambios que los inversores han presentado en sus decisiones de inversión ante las variaciones habidas en los últimos años en la política monetaria por parte del Banco Central Europeo. En una visión panorámica se observa que, si bien el efectivo y los depósitos son los instrumentos de ahorro más importantes para los inversores, la subida de tipos de interés iniciada en junio de 2022 está corrigiendo este efecto, moviendo la demanda de activos hacia los valores representativos de deuda a la vez que disminuye la solicitud de crédito por parte de los hogares. Destaca, asimismo, desde el período de pandemia , el crecimiento de las participaciones en fondos de inversión, especialmente en los vinculados a activos internacionales. Por otro lado, observamos también que el sentimiento del inversor fluctúa durante el período analizado, pasando del pesimismo durante el período de pandemia al optimismo en el período inflacionario posterior a la pandemia, y retornando a un cierto pesimismo con la subida de tipos. Estos vaivenes impactan, finalmente, en los volúmenes de los depósitos y los valores de deuda, así como en las acciones cotizadas y en su rentabilidad.
Open Access
Can agents sensitive to cultural, organizational and environmental issues avoid herding?
(Elsevier, 2017) Blasco de las Heras, Natividad; Corredor Casado, María Pilar; Ferreruela Garcés, Sandra; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas
Our findings indicate that herding behavior is affected not only by the cultural variables already discussed in the literature but also by other variables associated with organizational and environmental issues such as governance, technology, education and training, business style and conditions, and the development of equity and non-equity markets. Some of these act as catalysts, for example governance and technology. Others may have a corrective effect, such as the development of financial markets, business style, and education and training. If corrective factors are sufficiently developed, intentional herding practices could be reduced in the future.
Open Access
Casting a wide net for innovation: mediating effect of R&D human and social capital to unlock the value from alliance portfolio diversity
(Wiley, 2019) García Martínez, Marian; Zouaghi, Ferdaous; Sánchez García, Mercedes; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
This paper examines the performance effects associated with different alliance portfolio configurations in terms of geographical location and partner type. Based on these distinctions, the authors hypothesize that more diverse alliance portfolios enable firms to gain and exploit innovation opportunities. Additionally, the mediating effects of R&D human and social capital on the R&D alliance portfolio diversity-innovation performance relationship are explored. The authors reason that the absorptive capacity of R&D intellectual capital determines a firm's potential gains from highly diverse alliance portfolios. From panel data of manufacturing firms in Spain for the period 2008-2013, the results confirm the inverted U-shaped relationship between alliance portfolio diversity and firm innovation performance, implying that both insufficient and excessive alliance portfolio diversity may be detrimental to firm innovativeness. Additionally, R&D human and social capital partially mediates the R&D alliance diversity-innovation performance relationship, emphasizing the importance of internal capabilities to leverage the benefits of highly diverse alliance portfolios. These findings add a dynamic dimension to the conceptualization of alliance portfolios and how firms create value by balancing explorative and exploitative alliances.
Open Access
Catching the wave: Industry 4.0 in BRICS
(Emerald, 2020) Erro Garcés, Amaya; Aranaz-Núñez, Irene; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Purpose – This research aims to conduct, to the best of our knowledge, the first systematic review of the implementation of Industry 4.0 in BRICS. This review facilitates the identification of main factors that affect the readiness to adopt Industry 4.0 in BRICS and the role of different agents, such as multinationals, the public sector or educative institutions. Design/methodology/approach – Key publications published from 2010 to 2019 have been analysed. A total of 61 papers have been selected from the systematic review. Findings – Three factors of convergence of BRICS to developed economies in terms of Industry 4.0 are identified: (1) the public initiatives that can also result in the attraction of talent from developed countries to BRICS; (2) the role of multinationals and (3) the implication of educational institutions. Research limitations/implications – This review has some limitations. First, some grey literature, such as reports from non-governmental organisations and front-line practitioners’ reflections, were not included. Second, only research studies in English were reviewed. Practical implications – The heterogeneity of BRICS amongst themselves affects the implementation of Industry 4.0 policies. Therefore, public policies should differ among countries to achieve the different readiness of companies within each country. Industry 4.0 cannot be understood as a manufacturing strategy against delocalisation, as emerging countries, such as BRICS, are also aware of the potential of automation. Originality/value – Based on a systematic review, this article shows that the strategy created by Germany to increase industrial productivity has been also introduced in BRICS countries as a critical factor to improve their competitiveness.
Open Access
Causal foreign market selection and effectual entry decision-making: the mediating role of collaboration to enhance international performance
(Elsevier, 2024) Chetty, Sylvie; Martín Martín, Óscar; Bai, Wensong; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Foreign market selection and entry are important decisions for internationalizing small and medium-sized enterprises (SMEs) because they involve uncertainty, and influence performance. While it is inherent in effectual foreign market entry (FME) decision-making to rely on international partners and relationships to develop international markets, causal foreign market selection and business relationships/networks have frequently been presented as alternative ways to expand abroad. We conceive SMEs’ foreign market selection and entry as international business decisions and build on causal and effectual logic, and business network theory, to propose a model explaining SMEs’ international performance. We contribute to international business and SME literature by uncovering two different paths (causal and effectual) to FME collaboration and international performance. FME collaboration mediates the relation between causal foreign market selection and effectual entry decision-making and international performance. Our theoretical explanation for the mediating mechanism through which international performance can be enhanced is the network approach.
Open Access
Complexity is never simple: intangible intensity and analyst accuracy
(SAGE, 2020) Ferrer Zubiate, Elena; Santamaría Aquilué, Rafael; Suárez Suárez, Nuria; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas
We examine the relationship between intangible intensity and the accuracy of analyst forecasts. Using an international sample of 2,200 firms during 2000–2016, we show that analyst accuracy decreases significantly when intangible intensity grows. In exploring the determinants of this effect, we distinguish between firm risk and the risk associated with intangibles. Our results reveal the role of financial reporting quality, ownership structure, and institutional quality in moderating the relationship between intangible intensity and analyst accuracy. Analyst forecast accuracy acts as a channel through which the higher levels of information asymmetry associated with intangible intensity affect the cost of equity. Our results are robust to different intangible intensity measures; mandatory changes in financial reporting standards; the implementation of transparency rules in certain industry sectors; and financial crisis periods. We have devised alternative econometric tools that deal with potential sample selection bias and the dynamics of our empirical model.
Open Access
Computer use and pay for performance
(Wiley, 2021) Bayo Moriones, José Alberto; Erro Garcés, Amaya; Lera López, Fernando; Enpresen Kudeaketa; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas; Economía
Workplace digitalisation is a pervasive phenomenon associated to an increase in wage differentials between occupations. This paper analyses the relationship between computer use and pay for performance, whose incidence has also followed a positive growth pattern. More concretely, we examined three pay-for-performance schemes: productivity/piece rate, team and firm pay for performance. We also investigated the mediating role of job design in this relationship. The complementarity framework perspective and the economic theory of incentives were the theoretical approaches applied in the development of hypotheses. Data from four waves of the European Working Conditions Survey were used in the empirical analyses. A positive association was found between computer use and the three pay for performance schemes considered, particularly team and firm pay for performance. The results also indicated that this relationship was partially explained by changes in job design due to computerisation, such as higher job complexity, on-the-job training and teamwork.
Open Access
Consequences of open innovation: effects on skill-driven recruitment
(Emerald, 2020) Bello Pintado, Alejandro; Bianchi, Carlos; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas
Purpose This paper aims to focus on the human side of inbound open innovation by analyzing the effects that the adoption of different knowledge search strategies for innovation has on new recruitment needs. Design/methodology/approach Building on several theoretical perspectives, the study proposes three hypotheses regarding the relationship between openness and the need to recruit people with high technical and social skills. Using a pooled panel data from the Uruguayan Innovation Survey between 2004 and 2012, the authors identify open strategies followed by the firm. Findings The estimation results using pooled panel data confirm that the adoption of inbound open search strategies for innovation demands the recruitment of new employees with higher technical and social skills. Technical skills are more likely to be demanded than social skills. The effects observed are moderated by the intensity in the use of knowledge and information sources (KISs). Originality/value This paper revisits the analysis of specific knowledge search strategies at the firm level. In doing so, the study looks for the effects of specific strategies combining different knowledge sources and considers different levels of use of external KISs, from narrow to wide. While other studies have analyzed the human factor as a determinant of the success of openness for innovation, this paper re-examines the direction of this relationship. Finally, the study contributes to the evidence from a Latin American country, where these topics have received less attention.