Artículos de revista INARBE - INARBE aldizkari artikuluak

Permanent URI for this collection

http://hdl.handle.net/2454/25863

Browse

Now showing 1 - 20 of 313

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
An approach to distributed systems from orderings and representability
(Springer, 2024) Estevan Muguerza, Asier; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa, JIUPNA19-2022
In the present paper, we propose a new approach on ‘distributed systems’: the processes are represented through total orders and the communications are characterized by means of biorders. The resulting distributed systems capture situations met in various fields (such as computer science, economics and decision theory). We investigate questions associated to the numerical representability of order structures, relating concepts of economics and computing to each other. The concept of ‘quasi-finite partial orders’ is introduced as a finite family of chains with a communication between them. The representability of this kind of structure is studied, achieving a construction method for a finite (continuous) Richter–Peleg multi-utility representation.
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.
Open Access
Analyst optimism and market sentiment: evidence from European corporate sustainability reporters
(Elsevier, 2024) Río Solano, María Cristina del; Ferrer Zubiate, Elena; López Arceiz, Francisco José; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
This study investigates the effect of investor sentiment on analysts’ optimism bias for a set of European companies with high-quality non-financial information reporting. The contents of the reports should make stock recommendations for such firms that are less prone to sentiment-driven optimism bias; our observations show this to be the case. For further insight, we analysed the informative value of stock recommendations in high- and low-sentiment periods, taking sustainability reporting quality into account. We find that buy recommendations for high-sustainability stocks have no informational value when sentiment is high, whereas informative recommendations in the form of sell recommendations for low-sustainability stocks appear when sentiment is high.
Open Access
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 football managers as efficient as coaches? Performance analysis with ex ante and ex post inputs in the Premier league
(Routledge, 2019) Zambom Ferraresi, Fabíola; Iraizoz Apezteguia, Belén; Lera López, Fernando; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE; Economía; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
There is a controversy on sport performance literature about what type of inputs might explain more deeply the performance of sports clubs (inputs specification controversy). By one side, several papers have analysed sports teams' performance using the match-related statistics or wages as inputs, well-known as ex post inputs. By other side, some authors have criticized the use of these ex post inputs, and recommend the use of ex ante inputs, as the market value of the players. We have analysed the performance of football teams estimating technical efficiency with three different inputs specification. The methodologies employed were data envelopment analysis (DEA) and a bootstrapped DEA. Our sample is composed by English Premier League football clubs, during three seasons (2012/13-2014/15). The DEA results indicate that the correlation between the three models is positive and significant. The DEA-bootstrapped results help to restate the robustness of the estimations and endorsed the inputs choices. The correlations of the estimations with market value and match-related statistics are the most striking (90% and 94%, DEA and bootstrapped DEA), which indicate that the existent discussion related to the use of match-related statistics as input is unjustified, because it does not affect significantly the efficiency estimations.
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
Assigning numerical scores to linguistic expressions
(MDPI, 2017) Campión Arrastia, María Jesús; Falcó Díaz de Cerio, Edurne; García Lapresta, José; Induráin Eraso, Esteban; Institute for Advanced Research in Business and Economics - INARBE; Institute for Advanced Materials and Mathematics - INAMAT2; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
In this paper, we study different methods of scoring linguistic expressions defined on a finite set, in the search for a linear order that ranks all those possible expressions. Among them, particular attention is paid to the canonical extension, and its representability through distances in a graph plus some suitable penalization of imprecision. The relationship between this setting and the classical problems of numerical representability of orderings, as well as extension of orderings from a set to a superset is also explored. Finally, aggregation procedures of qualitative rankings and scorings are also analyzed.
Open Access
At the crossroad between green and thirsty: carbon emissions and water consumption of Spanish thermoelectricity generation, 1969–2019
(Elsevier, 2022) Cano-Rodríguez, Sara; Rubio Varas, María del Mar; Sesma Martín, Diego; Institute for Advanced Research in Business and Economics - INARBE
The energy sector is the main contributor to greenhouse gas emissions and one of the thirstiest sectors worldwide. Within the energy sector, thermoelectricity directly impacts on both emissions and water. This study assesses the evolution of the direct CO2 emissions and operational water consumption of the Spanish thermoelectricity generation from 1969 to 2019. Both carbon emissions and water consumption correlate over time, led by the trends in total thermal generation, although over the past half century, water requirements swelled far more than carbon emissions. This results in a long-term trade-off between carbon emissions and consumptive water use in relative terms: while the CO2 per thermal MWh generated halved since 1969 in Spain, the operational water consumption per MWh of thermoelectricity generated more than doubled due to switching from coal burning to nuclear and combined cycle technologies. We find no real trade-off in absolute levels. Although moving towards smaller environmental impacts since the mid-2000s, thermoelectricity remains one of the largest carbon emitters while becoming one of thirstiest energy technologies in Spain.
Open Access
The atomic business: structures and strategies
(Routledge, 2020) Rubio Varas, María del Mar; Torre Campo, Joseba de la; Connors, D.P.; Institute for Advanced Research in Business and Economics - INARBE
Nuclear energy was one among business opportunities brought by the take off in science and technology after the Second World War. The narratives of the milestones of atomic history neglect the commercial, industrial and organizational aspects that made it possible. This paper concentrates on what makes the nuclear business exceptional (or not). We undertake an analysis of the nuclear supply business (designing, manufacturing and installing nuclear facilities) distinct from the analysis of the demand side (business operating nuclear power plants). We identify a continuing role of the state in civil nuclear businesses and a symbiotic relationship with private atomic business. And yet, for the most part the nuclear business applies the usual criteria of cost minimization and profit maximization within the boundaries of a non-perfectly competitive market. We argue that the development of civil nuclear projects is core not just to business history as a discipline but to post-war history. © 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.
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
Attention to product images in an online retailing store: an eye-tracking study considering consumer goals and type of product
(California State University Press, 2022) Chocarro Eguaras, Raquel; Cortiñas Ugalde, Mónica; Villanueva Larre, Arantxa; Institute for Advanced Research in Business and Economics - INARBE; Institute of Smart Cities - ISC
The visual content of the product area is crucial in an e-commerce site. This paper studies the differences in attention to product images in the product area in e-commerce sites considering the effects of purchase stage and product category. Attention to product images on websites is measured using eye-tracking in two experiments with 58 students and 66 subjects, with four product categories and four purchase tasks in each one. Our results show that pictures, in general, attract attention first, before the product names and price information. Furthermore, images attract less total attention than textual information. Images attract less attention when they are not crucial for completing the task, such as when purchasing a determined product or when locating product tracking information. Younger people (less than 30) spend much less time viewing the product pictures than older age groups (50 or more). According to our results, e-retailers could improve their sites’ performance by adapting the products’ presentation to the purchase tasks and visitor characteristics.
Open Access
Attitudes toward choice with incomplete preferences: an experimental study
(Elsevier, 2022) Arlegi Pérez, Ricardo; Bourgeois-Gironde, Sacha; Hualde Vidaurre, Mikel; Economía; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE; Gobierno de Navarra / Nafarroako Gobernua; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa, PJUPNA19-2022
We present an experiment to test different individual attitudes toward choice, such as preference for flexibility, choice aversion, betweenness and choice neutrality. Unlike other related experimental papers, we want to analyze whether different choice attitudes can coexist for the same subject, depending on the characteristics of the choice set she is facing. In particular, our main hypothesis is that the presence of incomparability among the alternatives in the choice set, and the time at which such incomparability is solved, affect crucially the kind of attitude towards choice that the subject will exhibit. We find that, indeed, choice attitudes are not homogeneous across choice sets, yet they are conditional on the preferences over the alternatives. We also find some evidence supporting that subjects tend to value heuristically sets as a whole.
Open Access
Austerity and asymmetries in the fiscal policies of the Eurozone: the case of Southern Europe
(Springer, 2025-04-23) Bajo Rubio, Óscar; Gómez Gómez-Plana, Antonio; Economía; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
In this paper, we analyse the effects of several austerity policies implemented by the Southern European countries, i.e., Portugal, Italy, Greece, and Spain on the economies of the European Union and the rest of the world. In particular, we simulate the reduction in one point in the government deficit-to-GDP ratio in each of these countries, through several alternative policies, both from the spending side and the revenue side. The empirical methodology is based on a computable general equilibrium model, which incorporates the backward sectoral linkages and inter-country flows generated by fiscal consolidations. Our results show that these austerity policies were generally more painful, in terms of a fall in the levels of activity and a worsening in income distribution for labour, in the scenarios of tax increases rather than in those based on spending cuts. The effects on the rest of the European Union and the rest of the world were however mostly negligible.
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
La autonomía en las decisiones en torno a la muerte: el documento de voluntades anticipadas y la eutanasia
(Sociedad Navarra de Geriatría y Gerontología, 2024) Arcos Vieira, María Luisa; Derecho; Zuzenbidea; Institute for Advanced Research in Business and Economics - INARBE
La relación asistencial se construye en torno a la voluntad del paciente quien, en caso de contar con la capacidad necesaria y previa la debida información, tomará la decisión que considere conveniente acerca de los tratamientos propuestos o ya iniciados, aun cuando estos sean imprescindibles para su curación o supervivencia. Esa voluntad puede proyectarse hacia el futuro, en previsión de situaciones en las que no sea posible transmitirla, a través de un documento de voluntades anticipadas, cuya potencial utilidad se ha visto intensificada una vez se ha reconocido en España un derecho a la prestación de ayuda para morir. Cabe, por tanto, si el paciente lo desea, manifestarse sobre esa posibilidad en ese tipo de documentos, tanto para adelantar el deseo de acogerse a ella como para dejar claro su rechazo. En cualquier caso, el derecho a la prestación de ayuda para morir se encuentra condicionado a la concurrencia de ciertos requisitos y a la observancia de un determinado procedimiento, al objeto de asegurar que la decisión es tomada siempre por una persona capaz y consciente, libre de cualquier tipo de presión ajena.
Open Access
An axiomatic approach to finite means
(Elsevier, 2018) Campión Arrastia, María Jesús; Candeal, Juan Carlos; García Catalán, Olga Raquel; Giarlotta, Alfio; Induráin Eraso, Esteban; Estatistika, Informatika eta Matematika; Institute for Advanced Research in Business and Economics - INARBE; Institute for Advanced Materials and Mathematics - INAMAT2; Estadística, Informática y Matemáticas
In this paper we analyze the notion of a finite mean from an axiomatic point of view. We discuss several axiomatic alternatives, with the aim of establishing a universal definition reconciling all of them and exploring theoretical links to some branches of Mathematics as well as to multidisciplinary applications.