Artículos de revista INARBE - INARBE aldizkari artikuluak

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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.
Open Access
Sports betting and the Black-Litterman model: a new portfolio-management perspective
(FiT Publishing, 2021) Abinzano Guillén, María Isabel; Campión Arrastia, María Jesús; Muga Caperos, Luis Fernando; Raventós Pujol, Armajac; Institute for Advanced Research in Business and Economics - INARBE
This paper transfers and adapts the Black-Litterman portfolio management model and its subsequent generalizations to the characteristics and specificities of assets quoted on sports betting markets. The results show that these assets are suitable for the application of portfolio management models with possible inclusion of investors' opinions. Information based on the variability of market prices and the attention received by NBA teams in Google Trends is successfully used to simulate the opinions expressed by a hypothetical portfolio manager. Furthermore, this makes these assets suitable for inclusion in portfolios in which managers are seeking returns uncorrelated with other assets.
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
The impact of oil shocks on the stock market
(Elsevier, 2024) Castro Rozo, César Augusto; Jiménez Rodríguez, Rebeca; Economía; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE
This paper investigates the reaction of real stock returns and their volatility in the three main euro area economies (France, Germany and Italy), the U.K. and the U.S. to oil price changes caused by different shocks in the supply-side and demand-side of the global crude oil market, including the shock on the demand for oil inventories. Our findings suggest that the impact of oil supply and aggregate demand shocks on real stock returns and volatility are not altered when oil inventories are explicitly considered in the modeling of global crude oil market. However, the effects of oil-specific demand shocks on real stock returns are modified by the inclusion of oil inventories in the model, stressing the importance of the uncertainty channel in the link between the oil and stock markets. Finally, oil inventory shocks have a negative impact at medium time horizons on real stock returns, as the surge in the price of oil causes depletion of inventories.
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.
Open Access
Impact of artificial intelligence on customer engagement and advertising engagement: a review and future research agenda
(Wiley, 2024) Suraña Sánchez, Clara; Aramendia Muneta, María Elena; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
This study, through a bibliometric analysis, aims to provide increased knowledge of the evolution and effects of artificial intelligence over the last 30 years in customer engagement and advertising engagement. Articles were gathered from three databases by using combinations of keywords (artificial intelligence, customer engagement, advertising engagement, marketing, machine learning, etc.). A set of inclusion/exclusion criteria were then applied to obtain the final sample. The final sample was made up of 190 peer-reviewed articles. Three separate analyses were performed to test the sample. A performance analysis identified the articles' years of publication, contributions per country and the performance/output of the relevant journals. A data analysis created 10 clusters; these are examined in depth, and provide explanations of the evolution of the relevant scientific production. The study's findings offer a wide perspective of research undertaken to date, and identify possible research gaps. This research contributes to the marketing field by bridging a gap, through undertaking a bibliometric analysis, in the research about the impact of artificial intelligence on customer and advertising engagement over the years 1991 through 2022. It offers scholars and researchers ideas for future research.
Open Access
Liability of political embeddedness in Chinese multinationals: implications for headquarters' roles and reverse knowledge transfer
(Elsevier, 2023) Su, Cong; Holm, Ulf; Martín Martín, Óscar; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
It is well known that Chinese multinationals' international expansion is often supported by the home-country government. This study argues that the political embeddedness of Chinese multinationals' headquarters may impair their managerial intentions and abilities to carry out their entrepreneurial and administrative roles and, indirectly, their capacity to achieve reverse knowledge transfers from their foreign subsidiaries. Based on a study of 177 subsidiaries of 99 Chinese multinationals, we find no support for the argument that political embeddedness affects headquarters' centralization of subsidiary decisions, although such centralization is negatively associated with reverse knowledge transfer. Additionally, our findings show that home-country political embeddedness is negatively associated with headquarters' entrepreneurial role vis-à-vis individual subsidiaries. This hampers subsidiaries' reverse knowledge transfers. The results contribute to understanding the value of political embeddedness and headquarters' roles in the context of Chinese multinationals. They also provide insights into the strategic asset-seeking internationalization of Chinese multinationals. By developing and operationalizing the multidimensional concept of political embeddedness, this study further contributes to the research on firm-government relations.
Open Access
Solidarity to achieve stability
(Elsevier, 2024) Alcalde Unzu, Jorge; Gallo, Oihane; Iñarra, Elena; Moreno Ternero, Juan D.; Economía; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa, PJUPNA2023-11403
Agents may form coalitions. Each coalition shares its endowment among its agents by applying a sharing rule. The sharing rule induces a coalition formation problem by assuming that agents rank coalitions according to the allocation they obtain in the corresponding sharing problem. We characterize the sharing rules that induce a class of stable coalition formation problems as those that satisfy a natural axiom that formalizes the principle of solidarity. Thus, solidarity becomes a sufficient condition to achieve stability.
Open Access
ENUSA y los orígenes de la fabricación de combustible nuclear en España
(Publicaciones DYNA, 2023) Sánchez Sánchez, Esther M.; López García, Santiago M.; Torre Campo, Joseba de la; Economía; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE
El objetivo de este artículo es explorar los orígenes de la fabricación industrial de combustible nuclear en España. Fundada en 1972 para gestionar de manera centralizada el ciclo del combustible nuclear, la Empresa Nacional del Uranio SA (ENUSA) acordó con las multinacionales americanas Westinghouse y General Electric la cesión de licencias y asistencia técnica para fabricar elementos combustibles destinados a reactores de agua ligera (en sus dos variantes, PWR y BWR). Esta es la única fase del ciclo del uranio que conserva hoy ENUSA (planta de Juzbado, Salamanca). Pese a la crisis energética actual y la incertidumbre de la opción nuclear, la empresa ha celebrado su 50 aniversario en un momento de éxito, resultado de su importante actividad exportadora y tecnológica en los campos nuclear, logístico y medioambiental.
Open Access
Decomposition of fuzzy relations: an application to the definition, construction and analysis of fuzzy preferences
(MDPI, 2023) Campión Arrastia, María Jesús; Induráin Eraso, Esteban; Raventós Pujol, Armajac; Estadística, Informática y Matemáticas; Estatistika, Informatika eta Matematika; Institute for Advanced Materials and Mathematics - INAMAT2; Institute for Advanced Research in Business and Economics - INARBE
In this article, we go deeper into the study of some types of decompositions defined by triangular norms and conorms. We work in the spirit of the classical Arrovian models in the fuzzy setting and their possible extensions. This allows us to achieve characterizations of existence and uniqueness for such decompositions. We provide rules to obtain them under some specific conditions. We conclude by applying the results achieved to the study of fuzzy preferences.
Open Access
Resolución de disputas crypto a través del arbitraje: el caso de Binance ante la Cámara Internacional de Arbitraje de Honk Kong (HKIAC)
(La Ley, 2024) Santaolalla Montoya, Cayetana; Derecho; Zuzenbidea; Institute for Advanced Research in Business and Economics - INARBE
El 19 de abril de 2021, con la caída que se produjo en el mundo cripto, la exchange de Binance dejó de funcionar durante 4 horas. Ello provocó que muchos de sus clientes, que estaban apalancados en su posición, no pudieron entrar para mejorar sus posiciones, de tal manera, que transcurrido el fallo técnico de Binance, entraron y encontraron sus cuentas vacías. Para reclamar el daño que ese fallo en la plataforma les había causado, solo podían acudir a la Cámara Internacional de Arbitraje de Hong Kong (HKIAC), porque así estaba establecido en las cláusulas de contratación de la propia plataforma. Acudir a la HKIAC representa tener que hacer un desembolso individual de 65.000$ para iniciar el procedimiento, lo que hace que sea muy costoso para los usuarios. En este artículo se analizan las cláusulas en la contratación de la Exchange, el arbitraje como método de resolución de conflictos, la medida procesal de la acción colectiva, y las particularidades de Binance como persona jurídica desde el Derecho Internacional privado.
Open Access
Female CEOs and default risk in listed family firms
(Emerald, 2023) 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: The purpose of this paper is to examine the effect of female CEO board members on listed family firms’ corporate default risk, integrating upper echelons theory with social role theory and the socio-emotional wealth approach and proxying default risk with the Black–Scholes–Merton model. It also searches for possible differences attributable to the type of female CEO. Design/methodology/approach: This study is applied to a longitudinal sample of listed US family firms. After a preliminary analysis of the main descriptive, several models are estimated with the system GMM estimator, which is a panel data estimator. The models are dynamic, including the lagged value of the dependent variable. In addition, the model estimation is repeated with a different measure of default risk, for robustness. Findings: This research findings show that default risk diminishes in the presence of a female CEO, whose reduction is even greater if she is a family member. The results are proven to be robust to the measure for proxying default risk. Originality/value: This study primarily contributes to the existing literature by exploring a possible link between female CEOs, particularly those with a family affiliation, and a lower level of default risk in family firms. It also provides practical implications for policymakers, who would be advised to promote conditions enabling women to contribute towards family business viability. In addition, this study offers encouragement for family business owners to value the potential of their female family members in company succession processes.
Open Access
Bitcoin vs CBDC: última llamada para la libertad
(Universidad Carlos III de Madrid, 2024) Santaolalla Montoya, Cayetana; Derecho; Zuzenbidea; Institute for Advanced Research in Business and Economics - INARBE
El 12 de enero de 2023, el protocolo Bitcoin cumplió 14 años desde su puesta en marcha. El documento fundacional de Bitcoin (el Whitepaper) fue dado a conocer al mundo el 31 de octubre del 2008, por Satoshi Nakamoto**, quien desapareció para siempre el 10 de diciembre del 2010. En cada una de sus etapas a lo largo de más de 40 años de evolución, siempre estuvieron presentes en su estructura y su columna vertebral la libertad financiera del individuo, como derecho fundamental que tiene todo ser humano. Ahora, los Bancos Centrales, al albur del éxito y toma firme de posiciones del mercado criptográfico y económico por parte de la moneda creada por Satoshi, pretenden aplicar con premura y precipitación un programa de implantación paulatina en todo el mundo para sus monedas digitales, estrategia que llevan ya muy adelantada en países como China, Panamá o Nigeria. En este artículo se analizan las monedas digitales de los bancos centrales (CBDC-central bank digital cryptocurrencies), en contraposición a Bitcoin, con sus implicaciones jurídicas: la fe pública de la cadena de bloques, la jurisprudencia en torno a bitcoin, la (ausencia de) rendición de cuentas de los bancos centrales, los peligros de la centralización y la concentración de poder en la toma de decisiones, la pérdida de privacidad y anonimato, y la necesidad de hablar de un derecho en el ciberespacio.
Open Access
La extinción de las cuotas lácteas en la Unión Europea y el futuro del ganadero español en el mercado mundial de alimentos
(Asociación Española de Profesores de Derecho internacional y Relaciones internacionales, 2015) Santaolalla Montoya, Cayetana; Derecho; Zuzenbidea; Institute for Advanced Research in Business and Economics - INARBE
El trabajo aborda la implantación del sistema de las cuotas lácteas en Europa y en España y el alcance de su extinción para los ganadores. Para ello, se presentan los rasgos más característicos del mercado mundial de lácteos y la incidencia que ha tenido la Política Agraria Común (PAC), y sus continuas reformas, en el sector. Se exponen las posturas de las diferentes instituciones comunitarias y se detallan los desafíos y oportunidades que presenta el sector tras el final de las cuotas lácteas el pasado 31 marzo de 2015. Finaliza con una batería de propuestas y conclusiones.
Open Access
La Ley 12/2013 de la cadena alimentaria, ¿réplica o complemento de la Ley de defensa de la competencia?
(Universidad de La Rioja, 2016) Santaolalla Montoya, Cayetana; Derecho; Zuzenbidea; Institute for Advanced Research in Business and Economics - INARBE
La Ley 12/2013 de medidas para mejorar el funcionamiento de la cadena alimentaria entró en vigor el 1 de enero de 2014. Su objetivo era proteger al sector primario como escalón más débil dentro de la cadena alimentaria y darle más fuerza en las negociaciones con los compradores y los mayoristas. Su aprobación y el funcionamiento a través de los inspectores de la Agencia de Información y Control Alimentario (AICA) cuestiona la labor que no ha realizado la legislación de defensa de la competencia con el sector agroalimentario. Este artículo muestra el origen, la evolución y las razones que han sido necesarias para que se aprobara esta ley especial. Y aclara el interrogante de si la Ley 12/2013 complementa a la actual legislación de defensa de la competencia o si representa una duplicidad de esfuerzos económicos, materiales y humanos.