Artículos de revista DGE - EKS Aldizkari artikuluak

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Open Access
The role of female directors in family firms' annual report's readability
(Emerald, 2024) Abinzano Guillén, María Isabel; Garcés Galdeano, Lucía; Martínez García, Beatriz; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Purpose: this paper investigates the impact of board gender diversity on the readability of the annual reports of family-controlled public companies. Design/methodology/approach: grounded in the premises of the restricted and extended views of the socioemotional wealth (SEW) approach and executive power theory, this paper explores the ways in which family-affiliated female directors influence report readability in a sample of 133 publicly traded US companies listed in the Fortune 1,000. We use the system GMM estimator, which deals with two key sources of endogeneity by controlling first for reverse causality, using the lags of the endogenous variables as instruments, and then for omitted variables, capturing the individual effect. Findings: our analysis confirms that the significant enhancement in annual report readability is associated with the presence of female family directors, particularly those who are insiders within the company. In contrast, non-family female directors and family outsider directors appear to have a negative impact on annual report readability. Originality/value: while scholars have increasingly focused on variations in annual report readability among family firms, the contribution of female directors to this phenomenon has received minimal attention. In our study, we integrate the theories of restricted and extended SEW perspectives with the theory of women's executive power within the board. This integration is essential for considering two critical factors: firstly, the primacy of their SEW objectives, and, secondly, their legitimacy within the board.
Open Access
How do both firm-level resources and country-level competitiveness shape the relationship between alliance portfolio diversity and radical innovation? A comparison between the food and other manufacturing industries
(Wiley, 2024) Ancín Rípodas, María; Zouaghi, Ferdaous; Sánchez García, Mercedes; Gestión de Empresas; Enpresen Kudeaketa; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
This study examines how European food companies can operationally leverage the value created by strategic alliances into commercially viable products. More importantly, it emphasizes that the effects of alliance portfolio diversity (APD) on radical innovation performance can be achieved not only directly, but also via moderating roles, that is, the firm's social capital and the level of competitiveness of the country. Using three waves of the European Community Innovation Survey, our results show that the optimal level of APD varied depending on the industry in which the company operates (food manufacturing industry vs. the rest of manufacturing industries). Furthermore, social capital seems to be a crucial factor to mitigate the difficulties of leveraging very diverse knowledge from partners, especially in the food manufacturing industry. Moreover, the external environmental context where the firm is operating, measured as the growth competitive index that reflects the competitive level of the country, was shown to have an influence on the firms' innovative efforts.[EconLit Citations: M10, 013, 036].
Open Access
Green bond issuance and credit risk: international evidence
(Elsevier, 2024) Ballester Miquel, Laura; González Urteaga, Ana; Shen, L.; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa, PJUPNA2023-11379
We present the first empirical study of the impact of corporate green bond issuance announcements on issuer credit risk, as measured by their CDS spreads. We use a broad international sample of 1,048 green bonds issued between 2013 and 2022 by 200 entities from 26 countries. Our analysis reveals a significant, though not uniform, reaction in the CDSs. The sector of activity emerges as a critical determinant, particularly with respect to environmental exposure. While sectors highly exposed to environmental risk exhibit a reduction in issuer credit risk, all others, especially financial entities, react in the opposite direction. Our study highlights that the impact on credit risk is influenced by several other factors, including the issuer's overall ESG score, its E score, and various country-level metrics such as development level, environmental performance and political rights. We also identify other factors that affect credit risk, such as green bond ratings and operating cash flow.
Open Access
"The best" and "The least": cross-country cluster analysis of Instagram and tourism destinations
(Taylor and Francis Group, 2022) Aramendia Muneta, María Elena; Olarte-Pascual, Cristina; Gestión de Empresas; Enpresen Kudeaketa
The study provides an analysis of the key destination image attributes influencing the number of likes and comments by cross-country cluster on the basis of Stimulus-Organism-Response. The two main clusters are "the best" and "the least", measured by their success in numbers of likes or comments from Instagrammers. Photographs taken during daytime showing tourism or entertainment facilities and panoramic natural seascapes prevail in the successful cluster group. Photographs showing visitors interacting in daily life tourist activities of their destination, are common among the successful images. Presenting people and water impacts positively, whereas multi-images of countries and destinations lacking authenticity have the opposite effect. Overall, the results are consistent with the hypothesis that attributes in Instagram photographs are associated with the success of a country's image.
Open Access
The Smartphoners: consumer segmentation by smartphone usage
(Italian Marketing Association, 2016) De Canio, Francesca; Pellegrini, Davide; Aramendia Muneta, María Elena; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Smartphone usage is becoming an integral part of consumer' lifestyle. Over 50% of the worldwide population own at least one smartphone and the adoption of mobile technologies have reshaped the boundaries between online and offline. This study aims to segment consumers by means of activities they perform on personal mobile phones. By analysing 264 online questionnaires and using ten smartphones¿ functionalities, we identify five main Smartphoners' profiles: Utility Users, Gamers, Unfriendly Users, Moderator Users and Supersmartphoners. Differences between smartphone users in terms of age, gender and area of residence, as well as brand of the smartphone owned, hours of usage and reasons to use have been investigated. Managerial and academic implications have been discussed.
Open Access
Nuclear energy promotion using collectable cards aimed at children
(Emerald, 2020) Aramendia Muneta, María Elena; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Purpose: This paper aims to examine how an innovative concept was introduced to a new market segment through varied marketing techniques. Design/methodology/approach: Newspapers from 1958 were reviewed to assess the impact of a chocolate company advertising campaign targeting children. The paper examines the interpretation of the campaign message and the information contained in an album of collectable cards. Findings: Parents leave the teaching role in the hands of companies when they do not clearly understand new technologies such as nuclear energy. Companies can take advantage of what governments introduce into the market to increase their sales. Originality/value: The originality of the paper lies in the examination of collectable cards as a means of researching marketing history and contributes to the study of market segmentation, particularly in the case of children, focussing on nuclear energy.
Open Access
The role of active and passive resistance in new technology adoption by final consumers: the case of 3D printing
(Elsevier, 2024) Villanueva Orbaiz, María Luisa; Arce Urriza, Marta; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Universida Pública de Navarra / Nafarroako Unibertsitate Publikoa
From a model or digital design, 3D printing is a set of “additive” manufacturing technologies capable of creating a 3-dimensional object. The maxim “If you can draw it, you can print it” defines the possibilities this technology offers. Society was surprised that new digital technologies allowed the transformation of tangible products into intangible products. Currently, 3D printing provides the opposite possibility, allowing for the creation of new and customized products at the time and place the user needs. This implies a change of mind from a subtractive to an additive process in the industrial field and a true innovation from buying to home production in the domestic sphere.
Open Access
Sex-dependent effect of socioeconomic status on cardiovascular event risk in a population-based cohort of patients with type 2 diabetes
(Oxford University Press, 2024) Enguita Germán, Mónica; Tamayo Rodríguez, Ibai; Librero, Julián; Ballesteros-Domínguez, Asier; Oscoz-Villanueva, Ignacio; Galbete Jiménez, Arkaitz; Arnedo Ajona, Laura; Cambra Contin, Koldo; Gorricho Mendívil, Javier; Moreno Iribas, Conchi; Millán-Ortuondo, Eduardo; Ibáñez Beroiz, Berta; Estadística, Informática y Matemáticas; Estatistika, Informatika eta Matematika; Ciencias de la Salud; Osasun Zientziak; Gestión de Empresas; Enpresen Kudeaketa
Background: Socioeconomic status (SES) factors often result in profound health inequalities among populations, and their impact may differ between sexes. The aim of this study was to estimate and compare the effect of socioeconomic status indicators on incident cardiovascular disease (CVD)-related events among males and females with type 2 diabetes (T2D). Methods: A population-based cohort from a southern European region including 24,650 patients with T2D was followed for five years. The sex-specific associations between SES indicators and the first occurring CVD event were modeled using multivariate Fine-Gray competing risk models. Coronary Heart Disease (CHD) and stroke were considered secondary outcomes. Results: Patients without a formal education had a significantly higher risk of CVD than those with a high school or university education, with adjusted hazard ratios (HRs) equal to 1.24 (95%CI: 1.09-1.41) for males and 1.50 (95%CI: 1.09-2.06) for females. Patients with <18 000euro income had also higher CVD risk than those with >= 18 000euro, with HRs equal to 1.44 (95%CI: 1.29-1.59) for males and 1.42 (95%CI: 1.26-1.60) for females. Being immigrant showed a HR equal to 0.81 (95%CI: 0.66-0.99) for males and 1.13 (95%CI: 0.68-1.87) for females. Similar results were observed for stroke, but differed for CHD when income is used, which had higher effect in females. Conclusion: Socioeconomic inequalities in CVD outcomes are present among T2D patients, and their magnitude for educational attainment is sex-dependent, being higher in females, suggesting the need to consider them when designing tailored primary prevention and management strategies.
Open Access
Nurturing seeds of innovation: the relationship between entrepreneurial orientation and socio-emotional wealth and its implications for family business innovation
(Instituto Tecnologico de Costa Rica, 2024) Caicedo Leitón, Ana Lucía; Villanueva, Nuria; Garcés Galdeano, Lucía; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Esta investigación examina la relación entre la transmisión de la orientación emprendedora (OE) y la riqueza socioemocional (SEW), así como sus implicaciones para la innovación dentro de las empresas familiares. Para ello, se llevó a cabo un estudio de caso único sobre una empresa familiar española mediante entrevistas y revisión documental. Los datos fueron analizados utilizando análisis temático y análisis de incidentes críticos. Los hallazgos de este estudio de caso destacan que la relación entre la Orientación Emprendedora y la Riqueza Socioemocional en empresas familiares es compleja y posee importantes implicaciones para la innovación. La interrelación dinámica entre la orientación emprendedora y la riqueza socioemocional se caracteriza por una simbiosis que se refuerza mutuamente, lo que contribuye a garantizar la supervivencia a largo plazo de la empresa familiar analizada.
Embargo
Editorial note: heterogeneity in management and governance in family firms
(Elsevier, 2023) Garcés Galdeano, Lucía; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Heterogeneity within family firms has emerged as a pivotal area of research interest. This special edition of The Journal of High Technology Management Research makes a significant contribution to the existing body of knowledge on the diversity found within family-run enterprises, with a specific emphasis on the variances in governance and management structures. In this introductory piece, the proposition is put forth that family governance, encompassing both ownership and management, alongside the decisions guiding governance practices, plays a pivotal role in driving diversity within family businesses. This exploration delves into multiple facets of heterogeneity within family firms. The subsequent content of this issue comprises four studies that illuminate the impact of governance on diverse aspects, including the intergenerational transmission of knowledge, innovation in products and processes, strategic maneuvers, and the distinctive governance structures prevalent in Latin American family businesses. Furthermore, this discourse extends beyond the findings presented in these studies by delving into uncharted realms of research, focusing on the disparities evident in the contextual settings and governance mechanisms adopted by different family firms.
Open Access
Gestión de la innovación en la cadena alimentaria: relevancia de la colaboración
(Fondo para la Investigación Económica y Social de la Confederación Española de Cajas de Ahorros, 2024) Alarcón Lorenzo, Silverio; Barrena Figueroa, Ramo; García López de Meneses, Teresa; Pindado Tapia, Emilio; Sánchez García, Mercedes; Simón Elorz, Katrin; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Institute on Innovation and Sustainable Development in Food Chain - ISFOOD
La innovación se ha convertido en decisiva para las empresas agroalimentarias en sus desafíos de sostenibilidad, demanda cambiante e incremento de la competencia. Los procesos productivos con superior riesgo, su carácter estratégico, la estructura empresarial y los condicionantes rurales inciden en dichos procesos de innovación. Así, las opciones de colaboración en la innovación, el esfuerzo público-privado, y la creación de instrumentos de financiación y apoyo, favorecen el éxito innovador. Los retos en digitalización, ecoinnovación y el emprendimiento innovador también necesitan del ecosistema colaborativo. a aceptación final del consumidor de dichas innovaciones será más compleja, especialmente en contextos de incertidumbre económica
Open Access
Impossible is nothing: entrepreneurship in Cuba and small firms' business performance
(Taylor and Francis Group, 2024) Cerviño, Julio; Chetty, Sylvie; Martín Martín, Óscar; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
While entrepreneurs play a crucial role in shaping the business environment in transitional economies, there is a lack of studies that involve such contexts. Cuba represents an idiosyncratic collectivist economy that is gradually transforming into a socialist market economy, and there is a dearth of literature on entrepreneurship in Cuba. Understanding business performance drivers and challenges faced by small firms in this context may have important theoretical and practical implications. We explore the determinants of small firms’ business performance in Cuba. We combine a capabilities and institutional perspective on entrepreneurship to explain small firms’ business performance in this turbulent transitional market. Specifically, we suggest that managerial capabilities, supply-chain problems, and institutional factors explain small firms’ business performance. We contribute to both the small firm and entrepreneurship literature by contextualizing capabilities and institutional perspectives to identify the critical role played by managerial capabilities and supply-chain problems in economies where supply is constrained.
Open Access
The construction of the normative persuasion of social and environmental reporting regulation
(Emarald, 2024) Luque-Vílchez, Mercedes; Husillos Carques, Francisco Javier; Larrinaga González, Carlos; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Purpose – This study aims to understand why some social and environmental reporting (SER) regulations are more successful than others in modifying collective corporate reporting behaviour and expectations. More specifically, it presents a qualitative and historically informed exploration of the construction of the enabling conditions for corporate adoption of SER regulation in a national context. Design/methodology/approach – Drawing on insights from structuration theory and the sociological approach to legal studies, the authors examined the normative persuasion of the first regulation in Spain requiring firms to disclose social and environmental information in a stand-alone report: Article 39 of the Spanish Sustainable Economy Law. The case study is based primarily on 38 semi-structured interviews with relevant actors involved in this SER regulation from 2008 to 2014. Other sources such as legal and policy documents, historical documents, books, press reports and field notes from attendance at technical meetings related to the phenomenon under study help inform and complement the analysis of the interviews. Findings – The analysis reveals that the agency of regulators, regulatees and other relevant actors involved in the SER regulation led to the law becoming a dead letter. However, only by examining the structural circumstances, shaped by history and socio-economic context, can the authors understand how the normative persuasion of law is constructed or undermined. Research limitations/implications – The study underscores the importance of the national context in developing corporate social responsibility (CSR) regulation and the crucial role of history. The results of this research also suggest that significant progress towards a more transformative CSR regulation cannot be achieved without the support of enabling structures/ Practical implications – Recent SER regulations (European Corporate Sustainability Reporting Directive and IFRS sustainability standards, to mention those that are gaining most traction) may not achieve sufficient compliance if those responsible for drafting them do not ensure that the conditions for the emergence of regulatory persuasion are met. Regulators must therefore have a profound understanding of how these conditions are constructed as part of a historical process inextricably linked to the social structures of the environment in which the law is to be applied. Social implications – The study reveals the changing landscape of corporate social responsibility, where scientists, academics, NGO activists and civil society organisations struggle to gain some agency in a field populated by actors, such as trade unions or employers, who were constitutive of Western industrial liberal democracies. Originality/value – This study presents an in-depth and historically grounded analysis of the dynamics involved in creating the conditions that lead to successful SER legislation in a national context.
Open Access
R&D investment and network effects: a dynamic model of the search engine market
(Taylor and Francis Group, 2024) Shabgard, Bita; Gestión de Empresas; Enpresen Kudeaketa
This paper considers R&D investment for quality improvement in adynamic duopoly game in the search engine market. The aim is todetermine the circumstances under which asymmetry between searchengines (in terms of quality) tends to increase or decrease over time. Ishow that when the future sufficiently matters, the low-quality searchengine can catch up with the high-quality engine by investing inquality. In contrast, when only the present matters, the high-qualitysearch engine wins and the structure of the market transitions to amonopoly. I also show that a shift in asymmetry between firms canresult in either an increase or decrease in consumer welfare, dependingon the degree of substitutability between the two search engines.
Open Access
Language was always a companion of the empire
(Elsevier, 2024) Husillos Carques, Francisco Javier; Larrinaga González, Carlos; Martínez, Daniel E.; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
This editorial discusses how the hegemony of the English language in academic research shapes and perpetuates specific forms of power. This is a matter of both equity and justice—the additional effort faced by researchers to integrate themselves into the dominant language and the racial, economic, and social hierarchies that are often expressed and acknowledged through language. The aim of this special issue is to give the Spanish language a central position and in so doing, foster a space for contemplation that presents diverse viewpoints, research focuses, themes, and styles that have previously been overshadowed by the dominance of English. The special issue features five articles showcasing the diversity of critical accounting research in Spanish-speaking contexts. This editorial concludes with a note from the journal’s co-editors, reaffirming Critical Perspective on Accounting’s commitment to promoting multilingualism. This initiative aims to enrich academic dialogue and ensure that local contexts and perspectives are adequately represented in global discussions.
Open Access
A model for the competitive benchmarking of energy costs
(Elsevier, 2024) Arocena Garro, Pablo; Gómez Gómez-Plana, Antonio; Peña Vidondo, Sofía; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas; Enpresen Kudeaketa; Universidad Pública de Navarra / Nafaroako Unibertsitate Publikoa
Benchmarking is an essential tool for quantifying how a company's energy costs compare with those of competitors and understanding the sources of cost differences, with the ultimate goal of identifying strengths and opportunities for improving performance. The increasing relevance of energy as a factor in competitiveness has heightened interest in managing energy costs. This paper develops an analytical framework for benchmarking the energy cost variance across firms. In this framework, a cost frontier approach allows the decomposition of the observed energy cost gap between two firms, that is, the difference between the unit energy cost of a benchmark producer and the unit energy cost of a target firm. The unit energy cost gap is decomposed into six constituents: (i) energy prices; (ii) non-energy prices; (iii) energy efficiency; (iv) capital intensity; (v) outsourcing level; and (vi) production scale. We illustrate the implementation and usefulness of the proposed model via an empirical application of energy cost benchmarking on a sample of paper manufacturers.
Open Access
If the bitcoin market grows, size matters
(Taylor & Francis, 2021) Blasco de las Heras, Natividad; Corredor Casado, María Pilar; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
This paper studies the herding behaviour among different exchanges trading bitcoin. The analysis allows us to conclude that the size of the exchange is an influencing parameter. Since 2018, when the significant growth in the number of exchanges became a reality, smaller exchanges have shown strong herding behaviour, whereas large exchanges seem to respond to their own information and beliefs and lead the process of price definition. This result may originate some temporary profitable strategies in the process of evolution towards efficiency according to the Adaptive Markets Hypothesis.
Open Access
Emprendimiento y empresa familiar: ¿dos disciplinas hermanas o distintas?
(Universidad de Deusto, 2023) Garcés Galdeano, Lucía; Larraza Kintana, Martín; Gestión de Empresas; Enpresen Kudeaketa
El emprendimiento y la empresa familiar ¿son dos disciplinas hermanas o distintas? Ambas son disciplinas con entidad propia, pero desde el inicio ambas han estado fuertemente conectadas. De hecho, las empresas familiares han sido consideradas como un elemento central del proceso emprendedor donde la influencia de la familia es particularmente relevante en las primeras etapas de la creación de la empresa. Sin embargo, la etapa inicial de estas empresas ha sido poco explorada. Este artículo tiene un doble objetivo. En primer lugar, proporciona una pequeña perspectiva histórica de la evolución de las dos disciplinas académicas y sus interrelaciones, y, en segundo lugar, trata de resumir las principales conclusiones de la escasa literatura sobre la perspectiva del arraigo familiar que estudia el binomio familia-emprendimiento. Por último, el trabajo propone diferentes líneas de investigación para futuros estudios relacionados con la empresa familiar y el emprendimiento.
Open Access
Geographical and cognitive proximity effects on innovation performance: which types of proximity for which types of innovation?
(Wiley, 2024) García Martínez, Marian; Zouaghi, Ferdaous; Sánchez García, Mercedes; Gestión de Empresas; Enpresen Kudeaketa; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
The purpose of the paper is to explore the multi-dimensional and intersecting nature of proximity to drive innovation performance. Applying a multidimensional proximity framework, the study provides a deeper understanding of the importance of substitution and overlap mechanisms in the relation between geographical and cognitive proximity dimensions in innovation performance. The paper further analyses the moderation effect of organisational innovation in this relationship. Multivariate analysis proves the interaction effects between geographical and cognitive proximity, where cognitive proximity both substitutes and complements geographical proximity. However, external knowledge search for innovation along proximity dimensions differs depending on the type of innovation. Our findings corroborate the proximity paradox caused by lock-in effects with the optimal level of proximity influenced by the interdependencies between proximity dimensions. This inverse U-shaped relationship is flatter for firms that have adopted organisational innovation. External knowledge linkages should be tailored to the favourable characteristic of proximity to enhance firm innovation performance.
Open Access
Spanish fishing industry within the common fishery policy
(Elsevier, 2024) Kozinski Radomska, Aleksander; Aramendia Muneta, María Elena; Erro Garcés, Amaya; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
The main objective of this article is to study the evolution of the Spanish fishing industry, with a specific focus on examining the correlation between actual catches by Spanish vessels and recorded landings against national Total Allowable Catches, which may contribute to improving the current state of the Common Fisheries Policy. Firstly, we offer an overview of the geographical, economic, and legal factors surrounding Spanish fisheries, along with an examination of the Common Fisheries Policy and relevant international agreements impacting these fisheries. Subsequently, we analyze three species, namely hake, anchovy, and cod as they are the most traded fish in the Spanish markets. Thirdly, we conduct an examination to provide information regarding the role of Common Fishery Policy quotas and to explore potential reasons behind the observed results. The main findings reveal the identification of a significant lack of alignment between the Common Fishery Policy and its resulting implementation through the Total Allowable Catches over the last decade.