Artículos de revista INARBE - INARBE aldizkari artikuluak

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Open Access
Strategy-proofness with single-peaked and single-dipped preferences
(Elsevier, 2024-07-01) Alcalde Unzu, Jorge; Gallo, Oihane; Vorsatz, Marc; Economía; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE
We analyze the problem of locating a public facility in a domain of single-peaked and single-dipped preferences when the social planner knows the type of preference (single-peaked or single-dipped) of each agent. Our main result characterizes all strategy-proof rules and shows that they can be decomposed into two steps. In the first step, the agents with single-peaked preferences are asked about their peaks and, for each profile of reported peaks, at most two alternatives are preselected. In the second step, the agents with single-dipped preferences are asked to reveal their dips to complete the decision between the preselected alternatives. Our result generalizes the findings of Moulin (1980) and Barberà and Jackson (1994) for single-peaked and of Manjunath (2014) for single-dipped preferences. Finally, we show that all strategy-proof rules are also group strategy-proof and analyze the implications of Pareto efficiency.
Open Access
International market, network, and opportunity selection: a systematic review of empirical research, integrative framework, and comprehensive research agenda
(Elsevier, 2024-06-29) Francioni, Barbara; Martín Martín, Óscar; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
International Market Selection (IMS) is a strategic and complex decision by which firms choose the markets in which to be present. Despite the undisputed academic and managerial relevance of IMS, extant reviews do not include the most recent empirical literature, do not consider different perspectives linked to alternative units of analysis and research domains, and ignore important changes in the international business environment. This research aims to carry out a holistic and systematic assessment of recent IMS empirical research, propose an IMS framework, and provide directions for future research. We contribute to the international business and management literature by updating and upgrading our understanding of IMS, by expanding the IMS conceptualization, proposing an integrative conceptual framework, and developing research propositions, and by suggesting a comprehensive, updated, and radically original research agenda.
Open Access
The post-COVID inflation episode
(Elsevier, 2024-07-22) Aguirre Osa, Idoia; Casares Polo, Miguel; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
This study examined the recent inflation episode in the US using an estimated NK-DSGE model with endogenous unemployment fluctuations. We find that the US price inflation accelerated due to a sudden wage increase during the COVID-19 lockdown, the 2021 expansionary monetary policy, and price-push shocks in the quarters of a global surge in energy costs. The disinflation path predicts that further indexing prices or wages to lagged inflation will lead to higher wage inflation and slower price disinflation. Moreover, severely tightening the Fed's monetary policy will only slightly reduce inflation but increase unemployment.
Open Access
Navigating firm financial distress in turbulent times: the impact of the institutional context
(Wiley, 2024-08-08) Zouaghi, Ferdaous; García Marco, María Teresa; García Martínez, Marian; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa, PJUPNA2024-11704
This paper explores the impact of environmental practices on firm financial distressduring the COVID-19 pandemic in both emerging and developed countries. Analysinga sample of 12,181 firm observations from 2016 to 2021, our results indicate thatadopting of environmental practices leads to reduced financial distress and morecrisis-resilient economies. The mitigating effect of environmental practices is morepronounced in developed countries. This study provides crucial implications for gov-ernments and policymakers, emphasizing the importance of encouraging firms toadopt environmental practices to reduce the likelihood of default.
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
Pioneering a sustainable development goals monitoring framework for european regions
(Elsevier, 2024) Lella, Ludovica; Osés Eraso, Nuria; Stamos, Iraklis; Economía; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE
The adoption of the 2030 Agenda for Sustainable Development by the United Nations General Assembly, encompassing 17 Sustainable Development Goals (SDGs), established a universal framework for addressing global challenges. Within the European Union (EU), the commitment to these goals has prompted the integration of the SDGs into a strategic framework for sustainable and inclusive growth. Recognizing the need for localized and detailed monitoring to capture the nuanced progress and challenges across Europe’s diverse regions, this paper proposes a comprehensive set of regional indicators specifically designed for the European context. Through a systematic review of existing SDG monitoring frameworks at different territorial levels and an extensive methodological process, the paper identifies 116 indicators that address 75 SDG targets. This tailored set is derived from a combination of national, regional, and supranational sources. The paper discusses the critical balance between standardization for comparability and customization to accommodate unique regional characteristics. The proposed indicator set is evaluated for its capacity to reflect the holistic vision of the SDGs while allowing for effective regional benchmarking. The research emphasizes the need for robust regional data infrastructure, the importance of aligning policies with broader sustainability objectives, and the dynamic nature of indicators that can adapt to societal changes such as demographic shifts. Finally, the paper highlights the significance of a pragmatic and adaptive regional approach to SDG monitoring. The proposed indicator set is a strategic tool for policymakers, stakeholders, and practitioners, guiding Europe’s regions towards a sustainable future and contributing to the global effort to achieve the SDGs by 2030.
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 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 new Spanish reporting obligation for assets located abroad and its compatibility with EU law
(International Bureau of Fiscal Documentation, 2014) López López, Hugo; Derecho; Zuzenbidea; Institute for Advanced Research in Business and Economics - INARBE
In this article the author analyses the new reporting obligation contained in Law 7/2012 of 29 October regarding assets and rights located abroad. In particular, the compatibility of the reporting obligation with EU law is examined. The author concludes that the provision, as currently worded, is not proportionate and is, therefore, in conflict with the free movement of capital granted by EU law.
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
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
Breaking free? The evolution of intra-Asian trade at the dawn of globalization (1795-1839)
(Wiley, 2024) Ayuso Díaz, Alejandro; Institute for Advanced Research in Business and Economics - INARBE; Economía; Ekonomia; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
This article contributes to the scholarly discourse on the repercussions of trade liberalization in the late eighteenth and early nineteenth centuries that contributed to early globalization, offering a perspective that extends beyond the traditional focus on Atlantic economies. Our study centres on East and Southeast Asia, pivotal in Pacific and Indian Ocean trade. We overcome data scarcity by presenting a new, partner-disaggregated imports dataset spanning 10 ports across the region from 1795 to 1839. Employing a gravity model and incorporating interactions, we assess the degree of intra-Asian trade and its evolution following key events that liberalized East and Southeast Asian commerce in a period when measurable global integration started to become apparent. Supporting new Asian scholarship, our results highlight the remarkable intra-Asian trade before the high colonial era. We also show that, in general, colonial trade policies fostering inter-continental trade disproportionately augmented colonial imports in East and Southeast Asia, eclipsing gains in intra-Asian or Pacific trade, especially before 1830. We explore the impact of the influx of British textiles in the region as a mechanism to explain these trends. Our study illuminates complex trade dynamics in East and Southeast Asia during a transformative period of measurable global integration.
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
One guild, two merchants, and common property: a social capital crisis in textile manufacturing during the 18th century
(Universitat de Barcelona, 2024) Lana Berasain, José Miguel; Economía; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE
Un estudio de caso sobre el gremio de pelaires de la ciudad de Estella-Lizarra (Navarra) entre los siglos XVI y XIX sirve para discutir algunos juicios emitidos sobre estas instituciones de acción colectiva, en particular, su caracterización como monopolio. Se propone complementar el tradicional enfoque desde fuera, que toma al gremio como un agente unitario, con una perspectiva desde dentro, que permita observar las tensiones entre el interés del colectivo y el de los individuos que lo componen. Se toma como eje del relato el manejo colectivo de los bienes comunes (batán y tinte) hasta su pérdida en 1758, así como las relaciones con el capital mercantil, encarnado en un gran prestamista y una nueva fábrica. La crisis de este gremio tuvo su origen en las dificultades inherentes a la gestión financiera comunitaria y en la pérdida de capital social.
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
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.