Artículos de revista INARBE - INARBE aldizkari artikuluak

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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.
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
The critical role of the health-care sector in promoting employment for women and migrants in the EU. A multicountry input-output analysis
(Elsevier, 2025-02-26) Barba Areso, Izaskun; Iraizoz Apezteguia, Belén; Economía; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
A disproportionate concentration of women in low-pay and low-status sectors is a trend that has grown in significance with the globalization of production systems. For the health and social care sector, this has interesting socio-spatial implications, particularly in terms of immigration, the dimensions of which are worth investigating. This study employs the novel extended multiregional input-output FIGARO database to estimate the employment-generating capacity of the sector in the EU28, with a focus on the gender and geographic origin of its workers. The analysis takes into account both indirect and induced effects and considers both cross-country and cross-sectoral linkages. The findings identify the healthcare sector as a key source of employment for both national and immigrant women in more than half of EU countries. At the same time, this sector contributes to the earnings disadvantage experienced by women, which suggest that equality policies should consider the sectoral distribution of employment.
Open Access
Cambio de vecindad civil en el sistema plurilegislativo español: ¿dónde queda la voluntad testamentaria?
(Universidad Carlos III de Madrid, 2024-10-11) Egusquiza Balmaseda, María Ángeles; Derecho; Zuzenbidea; Institute for Advanced Research in Business and Economics - INARBE
La vecindad civil ha sido históricamente el eje central de la resolución de los conflictos interregionales en España. De ella se ha hecho depender la ley civil aplicable a la sucesión ¿mortis causa¿ del nacional español. La consideración de la vecindad civil como norma de conflicto, de competencia exclusiva del Estado -art. 149.1.8 CE-, ha mantenido abierto un debate, ya clásico, que resulta relevante en el sistema plurilegislativo civil español. En particular, se advierte sobre las reglas del art. 9.8 del CC, norma que evidencia la falta de neutralidad y paridad en el conflicto móvil sucesorio cuando entran en liza los distintos Derechos civiles que conviven en España. La reflexión sobre la adecuación a la realidad social de la vigente normativa conflictual del Código civil, el alcance efectivo de la voluntad testamentaria y la demandada renovación legal en esta materia son las vías sobre las que se asienta el presente trabajo.
Open Access
EU State aid and the tax allocation of multinationals' profits
(Kluwer Law International, 2024) López López, Hugo; Navarro, Aitor; Derecho; Zuzenbidea; Institute for Advanced Research in Business and Economics - INARBE
This contribution examines the impact of the EU prohibition of State aid over the tax allocation of multinationals' profits. All EU Member States apportion the taxable profit of multinational groups in accordance with transfer pricing regulations based on the arm's length standard, namely, following a market valuation rationale. Although apparently neutral, such a standard may lead to prohibited aid both at the level of its regulatory design and its enforcement. These issues have been recently exacerbated due to the assessment of the "tax rulings" cases, i.e. State aid proceedings opened against the granting of individual, unpublished rulings by certain Member States to some of the largest multinationals operating in the EU, recently reviewed by the ECJ. Unlike most of the scholarly literature, which has focused on the specific issues raised in these cases, this article aims to comprehensively analyse the issues raised by the said regulations when confronted with the EU State aid regime, in line with the latest jurisprudence in this field. The examination starts by defining the aim and contradictions of the arm's length standard, which is necessary to build a proper reference framework against which deviations resulting in a selective advantage may be detected. Such derogations potentially resulting in prohibited aid may arise when assessing the scope of these regulations, the existence of specific regimes deviating from the arm's length standard rationale, and in the context of individual administrative acts (e.g. tax rulings) deviating from the content of the applicable transfer pricing regulations.
Embargo
A new approach to continuous assessment: moving from a stressful sum of grades to meaningful learning through self-reflection
(Elsevier, 2024-11-01) Rodríguez Rincón, Yeray; Munárriz Iriarte, Ana; Magreñán Ruiz, Ángel Alberto; Estadística, Informática y Matemáticas; Estatistika, Informatika eta Matematika; Institute for Advanced Research in Business and Economics - INARBE
This paper proposes a new approach of continuous assessment of a formative nature, aimed at achieving meaningful learning with lower stress levels. This approach minimizes the punitive nature of traditional summative continuous assessment and replaces typical graded activities with self-reflecting ones. To conduct the formative evaluation, a teaching model has been developed to guide the choice of feedback and feed-forward strategies to be implemented by the instructors, depending on the students¿ levels of competence and confidence. To validate the effectiveness of this approach, a quasi-experimental design was employed, with the new continuous assessment method in the experimental group and the summative continuous assessment method in the control group. The experiment was conducted in a Mathematics course with undergraduate Economics and Business students. Data were collected through test scores and a perception questionnaire. The results indicate that the new evaluation method promotes meaningful learning and yields better academic results compared to the traditional continuous evaluation. Students expressed high satisfaction with the new approach, noting that it allows them to understand their formative status and address deficiencies before undertaking evaluable activities. They also believe this strategy helps reduce the stress associated with the summative evaluation itself.
Open Access
Water for whom?: unravelling the allocation of water storage capacity between irrigation and electricity uses in Spain during the 20th century
(Sociedad Española de Historia Agraria, SEHA, 2024-12-01) Bartolomé-Rodríguez, María Isabel; Rubio Varas, María del Mar; Sesma Martín, Diego; Economía; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE
Esta investigación examina la complejidad de la relación entre la asignación de recursos hídricos, la generación de energía y el regadío en España. Esta tarea se acomete tras el examen de la evolución del marco regulatorio de la asignación de recursos hidráulicos e introduciendo un enfoque novedoso para cuantificar los usos del agua. Por vez primera, se descompone la categoría de usos mixtos, que corresponde a la mayoría de los embalses de propiedad pública, gracias a la información disponible sobre las entidades que disponen no de la propiedad sino de las concesiones de agua. Nuestros resultados revelan el significativo peso de las compañías eléctricas privadas en la gestión de los recursos hidráulicos, pese a la prevalencia de la propiedad pública de las infraestructuras. La hegemonía hidroeléctrica en la asignación del agua contribuye a hacer patente la complejidad de la relación entre la propiedad pública y la gestión privada de las infraestructuras por parte de las compañías eléctricas. Finalmente, la contribución a una mejor comprensión de la singularidad histórica de la gobernanza del agua en España apuntala la necesidad de consideraciones más matizadas en el terreno de políticas que conciernen las relaciones entre agricultura y energía.
Open Access
Converging pathways: new approaches to integrate vocational education training and higher education
(Routledge, 2024-11-14) Farrán Blanch, Inmaculada; Núñez Aldaz, Imanol; Institute for Advanced Research in Business and Economics - INARBE; Institute for Multidisciplinary Research in Applied Biology - IMAB
The evolving professional landscape necessitates educational innovation to prepare students for emerging challenges. This paper explores the integration of Vocational Education and Training (VET) and Higher Education (HE) through double-degree programs, challenging the conventional perception of these pathways as independent. Recognising the transformative potential in synergising competencies from VET and HE, we advocate for enhancing students' employability through collaborative curriculum design and shared learning objectives. Addressing limitations in the current VET-to-HE transition, we identify four criteria for successful double programs (i) coherent competency map, (ii) unified methodology, (iii) distinctive profile, (iv) own signalling. The paper concludes with a case study of an emerging dual VET/HE program in Navarra (Spain) built on the criteria outlined above.
Open Access
El pacto sucesorio en el Derecho Foral de Navarra: su utilidad para la conservación generacional de la empresa familiar.
(Fundación Iuris Tantum, 2025-01-31) Vidán Peña, Luis Javier; Derecho; Zuzenbidea; Institute for Advanced Research in Business and Economics - INARBE
Si bien la delación contractual no se admite en el derecho común español, sí se encuentra recogida en algunos ordenamientos forales o especiales, siendo el Derecho foral navarro el que la regula con una mayor amplitud. En este trabajo se analiza la configuración legal y las distintas modalidades de pactos sucesorios en Navarra, y se examina la relevancia de esta institución jurídica en el contexto de la transmisión generacional de la empresa familiar, subrayando su utilidad para la conservación generacional de la misma.
Open Access
Prenatal care, son preference, and the sex ratio at birth
(Duke University Press, 2025-02-05) Echavarri, Rebeca; Beltrán Tapia, Francisco J.; Economía; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE
The sex ratio at birth (SRB) in Spain jumped abruptly in the late 1970s and temporarily reached values of more than 109 boys per 100 girls in the early 1980s. This article shows that health care system expansion increased the likelihood of male births in Spain between 1975 and 1995. By facilitating the delivery of preterm and dystocic babies and improving overall maternal conditions, these developments increased the survival chances of male fetuses, who are biologically weaker than females. However, biological factors alone cannot explain the biased SRB. Our analysis shows that the availability of prenatal sex determination technologies and a strong son preference nurtured by the Francoist dictatorship fostered gender-biased behaviors that resulted in an excessively high SRB. The lack of evidence on sex-specific abortions suggests that women took better care of themselves when carrying a son. The spread of gender-egalitarian values brought about by the end of the dictatorship and the transition to democracy undermined son preference and returned the SRB to normal levels.
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
A novel test of economic convergence in time series
(Springer, 2025-01-03) Hualde Bilbao, Javier; Olmo, José; Economía; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE
This paper proposes a novel test for the hypothesis of economic convergence. We extend the standard definition of convergence based on the parity condition and say that two economies converge if the time series of economic output are positively cointegrated and cotrended. With this definition in place, our main contribution is to propose a test of positive cointegration that does not require estimation of the cointegrating relationship, but is able to differentiate between positive and negative cointegration. Once the possibility of positive cointegration is established in a first stage, we test for cotrending in a second stage. Our sequential proposal enjoys an excellent performance in small samples due to the fast convergence of our novel test statistic under positive cointegration. This is illustrated in a simulation exercise where we report clear evidence showing the outperformance of our proposed method compared to existing methods in the related literature that test for economic convergence using cointegration methods. The results are particularly strong for sample sizes between 25 and 50 observations. The empirical application testing for economic convergence between the G7 group of countries over the period 1990–2022 confirms these findings.
Open Access
La vacunación de personas mayores en centros residenciales: aprendizajes extraídos desde la Covid-19 hasta la reciente jurisprudencia constitucional
(Sociedad Navarra de Geriatría y Gerontología, 2024) Elizari Urtasun, Leyre; Derecho; Zuzenbidea; Institute for Advanced Research in Business and Economics - INARBE
El trabajo presenta un recorrido por el consentimiento a la vacunación de personas mayores, que arranca con lo sucedido con la vacunación del COVID-19 y su autorización judicial en supuestos de personas institucionalizadas. De este proceso pueden extraerse algunos aprendizajes, de cara a futuros procesos de vacunación, que han de completarse con la reforma del Código Civil efectuada por la Ley 8/2021, y la importante sentencia del Tribunal Constitucional de 20 de abril de 2023.
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
La vinculación indemnizatoria en la conversión de un subagente en agente principal
(Universidad Carlos III de Madrid, 2024-11-05) Lara González, Rafael; Derecho; Zuzenbidea; Institute for Advanced Research in Business and Economics - INARBE
El artículo 17, apartado 2, letra a), de la Directiva 86/653/CEE del Consejo, de 18 de diciembre de 1986, relativa a la coordinación de los derechos de los Estados miembros en lo referente a los agentes comerciales independientes, debe interpretarse en el sentido de que la indemnización por clientela que el empresario abonó al agente principal en la medida de la clientela aportada por el subagente puede constituir, para el agente principal, una ventaja sustancial. Sin embargo, el pago de una indemnización por clientela al subagente no puede considerarse equitativo, a efectos de dicha disposición, cuando este siga actuando como agente comercial respecto de los mismos clientes y en relación con los mismos productos, pero en el marco de una relación directa con el empresario principal, y ello en sustitución del agente principal que lo había contratado anteriormente.
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).