Artículos de revista DGE - EKS Aldizkari artikuluak

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Open Access
Exploring unconscious user responses to affective computing in interactive prototypes: a consumer neuroscience study
(Taylor & Francis, 2025-05-18) Saavedra Montejo, Álvaro; Chocarro Eguaras, Raquel; Cortiñas Ugalde, Mónica; Rubio, Natalia; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
Affective Computing (AC) has gained increasing attention for its potential to enrich Human-Computer Interaction by enabling technologies to recognise and respond to human emotions. However, there is limited research on how users unconsciously react to AC-based interactive prototypes at a physiological level during interaction. This study examines user cognitive and affective responses to two interactive AC-based Prototypes using consumer neuroscience techniques - Electroencephalogram (EEG), Galvanic Skin Response (GSR), and Eye-tracking - to capture unconscious physiological responses. Two laboratory experiments were conducted with a total sample of 34 participants, each experiment employing a different interactive AC-based prototype. The objective is to explore how users engage in cognitive and affective responses, as well as visual behaviour, through unconscious physiological responses generated during interactions with AC-based Prototypes. Results indicate that AC-based Prototypes exhibit greater engagement, cognitive load, and emotional impact on users compared to conventional technology. This study contributes to the field by providing evidence on how AC Prototypes influence user responses at an unconscious level, offering insights into how these technologies can enhance human-computer interactions. These findings indicate that AC technology enables more personalized and emotionally adaptive interactions between humans and machines by responding to users' affective states.
Open Access
La descarbonización de las eléctricas españolas: Iberdrola, Endesa y Naturgy, un relato comparado (1960-2020)
(Asociación Española de Historia Económica, 2025-01-31) Cano-Rodríguez, Sara; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas; Enpresen Kudeaketa; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
Este estudio analiza la evolución del cambio tecnológico en la generación de electricidad de las principales compañías eléctricas españolas entre 1960 y 2020 en el contexto de la transición hacia una economía baja en carbono. La investigación se centra en determinar si todo el sector progresó de manera uniforme o si, por el contrario, emergen patrones distintos entre las empresas. Los hallazgos revelan una convergencia tecnológica reciente entre las firmas líderes que contrasta con perfiles tecnológicos claramente diferenciados en etapas anteriores. Estos legados han influido en la posición de partida de las empresas para iniciar la descarbonización. En el contexto contemporáneo, las empresas eléctricas representan un paradigma fundamental para comprender las dinámicas de la transición energética en la configuración del panorama actual.
Open Access
When is environmental performance most valued?: international evidence from the CDS market
(Elsevier, 2025-03-17) Ballester Miquel, Laura; González Urteaga, Ana; Martínez García, Beatriz; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
Using a sample of 516 firms with CDS data from 37 countries for the period 2010-2022, this study finds that companies with higher environmental performance, particularly in emissions reduction and product innovation, exhibit a reduction in credit risk, supporting the risk mitigation perspective. Our results also highlight the importance of considering both internal and external factors when assessing the financial impact of sustainability initiatives. Firms with initially lower environmental performance, less exposure to the environmental sector, and higher credit ratings experience a more significant reduction in credit risk as they improve their environmental performance. In addition, the CDS market places a higher value on environmental efforts for firms located in countries with lower environmental scores, credit ratings and GDP growth. Conversely, out findings support the overinvestment view for firms in sectors with high environmental risk exposure or in countries with poor climate change performance. Overall, the effect of a firm's environmental performance on credit risk is heterogeneous rather than uniform.
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.
Embargo
Can new knowledge be generated while solving a real company problem? Success factors for action research in operations management
(Taylor & Francis, 2024-12-20) Mediavilla, Miguel; Alfaro Tanco, José A.; Erro Garcés, Amaya; Mendibil, Kepa; Gestión de Empresas; Enpresen Kudeaketa
The aim of this special issue is to contribute to the debate around the factors that impact the quality of action research in operations manegement, specifically the criteria of theoretical novelty; research rigour, practical relevance and usefulness; and applicability of the findings in other situations (Eden and Huxham 1996; Gummesson 2000; Coughlan and Coghlan 2002; Mediavilla, Errasti, and Mendibil 2015). In that respect, the scope of this SI goes beyond the description of specific cases in which AR was used and includes a discussion of those factors that can help the OM community when putting AR into practice.
Open Access
Testing the significance of pricing factors of oil and gas companies
(PLOS, 2024-12-30) García Amate, Antonio Jesús; Molero-González, Laura; Sánchez-Granero, Miguel Ángel; Trinidad-Segovia, Juan Evangelista; García-Medina, Andrés; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
For decades, fossil fuels have accounted for 70% to 80% of global primary energy demand. Far from ending this trend, O&G companies continue to be the main fore-runners in providing secure, versatile and widespread energy to the entire world. The relevance of this sector in the economic-financial landscape and the concern for its stability, makes that the high interest of the scientific community to explore the factors that explain the O&G cross-sectional expected returns remains intact. Through a new approach from the Random Matrix Theory, the aim is to know how many are the factors that explain the market performance of the O&G subsectors (upstream, midstream & downstream), and also if the Brent price can be considered an explanatory factor. We will show that for certain periods, Brent becomes the only factor explaining the movements in the upstream and midstream subsectors, while for most of the time the only factor is the market. Other interesting finding is that no significant factors are found for the downstream subsector, except in certain periods. With a purely statistical approach, we show the factors that explain the cross-sectional expected return of the O&G companies, providing information of special relevance for the decision making of investors, executives and politicians.
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
Leader-follower gender and job satisfaction: a two-wave study from Europe
(Fundação Escola de Comércio Álvares Penteado (FECAP), 2024-10-04) Erro Garcés, Amaya; Urien Angulo, Begoña; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Purpose – This paper studies leadership behavior in relation to leader gender, gender congruence, and their relationships with employee job satisfaction over time. Theoretical framework – Drawing on the perspective of gender stereotypes and the role congruity framework, this study examines how communal stereotypes socially attributed to females can compromise their assessment as competent leaders. Design/methodology/approach – Two sets of data from the European Working Conditions Survey were studied. Mean comparisons and multivariate regression analyses were carried out on samples of 25,649 at Time 1 and 26,047 at Time 2. Findings – The main findings show different leadership behaviors between male and female leaders. Contrary to expectations, females displayed more of both instrumental-and relationship-oriented behaviors, and this difference has increased over time. However, fewer differences are observed in instrumental-oriented behaviors. The results also suggest that employees' gender affects how some leadership behaviors are perceived. Finally, no gender differences were found in job satisfaction, as the behaviors studied positively relate to it. Practical & social implications of research – From a practical perspective, fostering a diverse array of leadership behaviors is important for enhancing employee job satisfaction within organizations. Female leaders are increasingly viewed positively in the workplace. Originality/value – Female leaders show a more versatile set of leadership behaviors compared to their male counterparts. Differences in relationship-oriented behaviors persist, and the gender of the employee is important in perceiving which behaviors male or female leaders engage in more.
Open Access
Nota editorial - Número especial "Decisiones financieras empresariales en países emergentes"
(Universidad Nacional de Colombia, 2024-10-01) Abinzano Guillén, María Isabel; Ayres Barreira de Campos Barros, Lucas; Melgarejo, Zuray; Navarro Pérez, Paula Andrea; Vera-Colina, Mary Analí; Gestión de Empresas; Enpresen Kudeaketa
Comprender cómo se desenvuelven las empresas en entornos marcados por una mayor volatilidad económica, un acceso limitado al capital y complejos retos institucionales es crucial para mejorar los marcos de toma de decisiones. Por esta razón, el número especial "Decisiones financieras empresariales en países emergentes" pretende ofrecer nuevas perspectivas que puedan orientar futuras investigaciones y contribuir al desarrollo de estrategias financieras adaptadas a las necesidades de las empresas de estos mercados. De este modo, aborda temas relacionados con la toma de decisiones financieras empresariales, tanto desde una visión tradicional como desde perspectivas recientes e innovadoras, en el contexto de países emergentes, con alto potencial, y para los que es esencial aportar todo el conocimiento necesario en la marcha hacia el desarrollo.
Open Access
Mental wellbeing and work-related quality of life across European workers: characteristics and associated factors
(Emerald, 2024-11-25) Erro Garcés, Amaya; Iriarte Redin, Concha; Gestión de Empresas; Enpresen Kudeaketa
Purpose: Mental well-being of employees has decreased as a result of the COVID-19 pandemic. Based on the data collected by Eurofound in the electronic survey 'Living, working and COVID-19' (2020), this paper aims to identify which aspects of the work-related quality of life and other sociodemographic variables can explain the mental well-being of workers in, especially, convulsive times like those experienced during COVID-19 and beyond. The main objective is to improve labor welfare in the future. Design/methodology/approach: With a sample of 8,777 observations (Round 2), cross-sectional analyses were conducted. Findings: The results indicated that all factors of work quality of life such as working conditions, work–family interface, job stress and job satisfaction were predictors of the mental well-being of workers. Likewise, being a woman, being of mature age, having a partner and having good training/education were variables also associated with mental well-being. Originality/value: The research revealed that the pandemic in Europe had a greater impact on the psychological well-being of women compared to men. Also, younger populations exhibited decreased levels of mental health.
Open Access
Green products in the fashion industry: consumer segmentation to develop communication campaigns
(Taylor & Francis, 2024-12-16) Martínez Huete, Laura; Aramendia Muneta, María Elena; Gestión de Empresas; Enpresen Kudeaketa; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
The rise of green awareness due to the environmental challenges the world faces has enhanced consumers' consciousness of, and attitudes toward green products. This study explores consumers' perceptions of green fashion products by analyzing consumer profiles. A cluster analysis differentiated four consumer segments with divergent demographic and behavioral features. Antigreeners, green followers, green professionals and supergreeners differ in green fashion awareness and their level of understanding of the benefits, challenges, enablers and attitudes of using green products. Overall, extensive ignorance of green fashion products was found, particularly among antigreeners and green followers, which should incentivize fashion companies to increase green fashion awareness and position their green fashion brands in this niche market. The present study helps bridge the research gap about consumers' buying behavior regarding green fashion products. Considering the fashion industry's global standing as one of the most polluting yet profitable sectors, this analysis offers valuable insights into the Circular Economy Action Plan of the European Green Deal.
Open Access
The power of persuasion: exploring the relationship between advertising and nuclear energy in Spain
(Emerald, 2024-12-09) Aramendia Muneta, María Elena; Rubio Varas, María del Mar; Torre Campo, Joseba de la; Economía; Ekonomia; Gestión de Empresas; Enpresen Kudeaketa; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa, PJUPNA2023–11931
Purpose: this study aims to examine how the nuclear energy issue was used for advertising purposes at the dawn of the atomic era in Spain. Design/methodology/approach: newspapers and magazines from the atomic era were reviewed to assess the impact of nuclear energy on advertising campaigns for all kinds of unrelated products. This study interprets the message and information contained in several marketing campaigns from the detonation of the first nuclear bomb in 1945 until the inauguration of the first nuclear facility in Spain in 1968. Findings: private companies leapt at the chance to use the new technology, with its promises of a brighter future, to promote their products, including watches, Venetian blinds, anisette, chocolates, pencils and fountain pens, spa resorts, books and encyclopaedias, laundry detergents, pressure cookers, concentrate feeds and hair restorers. This study makes a major contribution to the history of marketing literature, focusing on nuclear energy as an influential agent in industry, advertising agencies and popular culture. It shows how advertising campaigns used terms such as 'nuclear', 'atomic' and 'atomic bomb' and images of mushroom clouds or atom symbols to denote modernity and allure and explores how government policies - in this case, concerning nuclear energy - can influence marketers and advertisers. Originality/value: the paper's originality stems from its analysis of Spanish advertisements to explore marketing history through the terms and imagery associated with nuclear energy and its industry. It further contributes to the understanding of how nuclear energy is represented and conceptualised for various purposes in popular culture.
Open Access
Measuring job risks when hedonic wage models do not do the job
(Elsevier, 2025-01-10) Ferreira, Susana; Martínez de Morentin, Sara; Erro Garcés, Amaya; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Economía; Ekonomia
The theory of compensating differentials predicts that wages should compensate for differences in job characteristics, including the risk of death on the job. Empirically estimating these compensating differentials in real-world labor markets has, however, proven difficult. This paper explores the potential of job satisfaction regressions as an additional valuation approach to estimate the tradeoffs between wages and job amenities along the wage-amenity frontier. In this approach, job satisfaction scores act as a proxy for utility at work, and can be used to directly estimate the tradeoffs between wages and amenities at the job taken by the worker. Conventional hedonic wage regressions with data on thirty-five thousand workers across thirty European countries show limited evidence that European workers facing larger job risks and other workplace disamenities receive higher wages. On the other hand, using the same data, workers who perceive their jobs to be riskier, are absent more days from work due to work accidents, or are exposed to worse conditions at their workplace are less satisfied with their jobs, ceteris paribus, revealing a negative valuation of those job disamenities.
Open Access
Enhancing innovation through ESG practices: the superior impact on family businesses
(Emerald, 2025-02-24) Barguilla Sanclaudio, Maite; Garcés Galdeano, Lucía; Salazar Morales, Iván Alfredo; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Purpose: This work contributes to the debate on the link between environmental, social and governance (ESG) criteria and firm innovation, incorporating ownership structure as a moderating variable. Design/methodology/approach: This research uses ordinary least squares (OLS) regression to analyse the impact of ESG criteria on innovation, considering firm ownership as a catalyst that strengthens the effect of environmental and social practices on innovative performance. Findings: Family-owned firms, with their unique characteristics like long-term orientation and commitment to family values, strengthen the relationship between environmental and social practices and innovation performance. This suggests that such firms are better positioned to leverage their corporate social responsibility (CSR) commitments and activities. Practical implications: The findings offer valuable insights for decision-making in organizations, particularly family firms focused on innovation and sustainability. The research shows that investing in sustainability practices not only ensures ESG compliance but also significantly fosters innovation. Originality/value: This study contributes to the debate regarding the relationship between ESG criteria and firm innovative performance. It highlights how the implementation of ESG practices influences innovation, and particularly how firm ownership further enhances the relationship between environmental and social practices and firm innovative performance.
Open Access
Organizational innovation, internal R&D and externally sourced innovation practices: effects on technological innovation outcomes
(Elservier, 2018-07-10) Anzola Román, Paula; Bayona Sáez, Cristina; García Marco, María Teresa; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
This paper focuses on determining how organizational innovation, together with other innovation activities, such as internal and externally sourced innovation practices, influences the probability of obtaining product and process innovations. The research relies on panel data methodology; random effects bivariate and univariate probit models are estimated, as well as the corresponding average marginal effects (AMEs) in order to examine the causal effects. The results confirm the existence of positive effects of internal R&D and externally sourced innovation practices, as well as a positive influence of organizational innovation on the realization of technological innovations. Regarding the enhancing influence of organizational innovation on the effect of internally or externally sourced innovation practices, findings point to a moderating effect only on the probability of obtaining complex technological innovations (product and process innovations, jointly).
Open Access
How the relationship between physical activity and health changes with age
(Springer, 2018-03-28) Lera López, Fernando; Ollo López, Andrea; Garrués Irisarri, Mirian; Cabasés Hita, Juan Manuel; Sánchez Iriso, Eduardo; Economía; Ekonomia; Gestión de Empresas; Enpresen Kudeaketa
In the context of age-related declines in physical activity (PA) and the dramatic increase in ageing populations in many countries, this paper sheds further light on the link between PA and self-perceived health (SPH) by examining whether the magnitude of this relationship is age specific. With a sample of 14,456 Spanish individuals aged 18–69, we estimated three levels of intensity in PA using the International Physical Activity Questionnaire. Individuals who did more PA per week showed higher levels of SPH (β = 0.28; 95% CI 0.24–0.32), and age moderated this relationship, with a positive effect over age 49. People aged 50–59 and 60–69 who practiced PA had higher probabilities of better SPH compared with those aged 40–49 (β = 0.14; 95% CI 0.04–0.24) and (β = 0.32; 95% CI 0.21–0.43), respectively. This association between PA and SPH also depended on the intensity of PA, especially for walking (β = 0.14; 95% CI 0.04–0.24). In particular, in comparison with people age 40–49, a statistically significant relationship with SPH was found among people age 50–59 who walked (β = 0.22; 95% CI 0.07–0.36) and people age 60–69 who did moderate PA (β = 0.38; 95% CI 0.23–0.54). This paper provides a major rationale for the design, organisation and implementation of public policies promoting PA and healthy ageing for different age groups.
Open Access
Is passive sport engagement positively associated with happiness?
(Wiley, 2020-10-06) Lera López, Fernando; Ollo López, Andrea; Sánchez-Santos, José Manuel; Economía; Ekonomia; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Background: Previous empirical evidence has shown the positive relationship between happiness or subjective well-being (SWB) and sport participation. Nevertheless, passive sport participation has traditionally been ignored as a correlate with happiness. Methods: Based on a sample of 1,632 Spanish people, one ordered probit model and three extended ordered probit models with an ordinal endogenous covariate technique and robust standard errors were applied. Results: We find that different forms of passive sport participation, such as frequency of attending sporting events and a set of other forms of passive sports participation such aswatching sports on TV, listening to sports programmes, reading sports news, and talking to others about sports, are positively associated with happiness. Conclusions: The results indicate that passive sport participation generally appears to have a closer relationship with individual happiness than active sport participation and emphasise the role played by some forms of sport participation as a source of relational goods. This current research extends the field's understanding of sport participation and happiness, including passive participation, and the relevance of social interactions to account for this association. Finally, the relational aspect of different forms of sport participation offers new implications for the analysis of sport engagement and happiness.
Open Access
Retail store loyalty management via an analysis of the service elements
(Taylor & Francis, 2011-04-15) Cortiñas Ugalde, Mónica; Elorz Domezain, Margarita; Villanueva Orbaiz, María Luisa; Gestión de Empresas; Enpresen Kudeaketa
This paper follows a line of research opened up by a series of authors who use a marketing approach for the study of retail service productivity. Without departing from the line of reasoning established by these authors, the main purpose of this paper is to detect possible differences in marketing productivity within and between different types of retailing services, using a research model that includes both the firm's effort and that of the customer. The two services selected for this purpose are grocery outlets and petrol stations.
Open Access
Analizando el comportamiento de búsqueda de información de un servicio
(Instituto Português de Administração de Marketing, 2010) Chocarro Eguaras, Raquel; Cortiñas Ugalde, Mónica; Villanueva Orbaiz, María Luisa; Gestión de Empresas; Enpresen Kudeaketa
Entender el uso de los canales de información durante el proceso de compra es vital para el marketing por sus efectos en el proceso de toma de decisiones del consumidor y por sus implicaciones en la planificación de las estrategias de comunicación de las empresas. Este artículo examina cómo se pueden utilizar la capacidad y el atractivo de cada canal y una serie de variables situacionales e individuales para predecir la probabilidad de uso del canal cuando se decide acudir al cine. También se hace hincapié en los efectos marginales para detectar efectos sustitución entre canales de información. Aplicando el método estadístico Logit Multinomial se obtiene, por un lado, que cuanto mayor sea la percepción del valor de los canales (capacidad y atractivo), mayor será la probabilidad de que los consumidores accedan a esos canales y que, por otro lado, variables situacionales como la frecuencia de compra de entradas de cine moderan la elección de cada uno de los medios de información, mientras que las variables individuales apenas influyen. Los resultados sobre los efectos de sustitución entre canales indican que los canales de información operan como sustitutivos con respecto a la capacidad y al atractivo de cada canal.
Open Access
Understanding multi-channel banking customers
(Elsevier, 2009-11-17) Cortiñas Ugalde, Mónica; Chocarro Eguaras, Raquel; Villanueva Orbaiz, María Luisa; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
This paper contributes to the knowledge of the impact of the multi-channel strategy by analyzing its effects on one key aspect of the behavior of financial services customers. We analyze the factors influencing the extent of multi-channel shopping. Using a customer database, the study estimates one latent class regression model to control for heterogeneity, finding that customers' acquisition of diverse financial products and services and the total number of financial services are antecedents of multi-channel behavior. The study contributes a new measure to better assess the level of multi-channel consumer behavior.