Abinzano Guillén, María Isabel

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Abinzano Guillén

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María Isabel

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Gestión de Empresas

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INARBE. Institute for Advanced Research in Business and Economics

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Now showing 1 - 10 of 30
  • PublicationOpen Access
    Régimen fiscal de las fundaciones navarras: efectos en la estructura de ingresos
    (AECA, 2021) Abinzano Guillén, María Isabel; López Arceiz, Francisco José; Zabaleta Arregui, Idoia; Gestión de Empresas; Enpresen Kudeaketa
    El objetivo de este estudio es analizar el régimen fiscal especial para fundaciones contenido en la regulación tributaria de dos comunidades autónomas, Aragón y Navarra. En particular, se analizan los efectos de la regulación contenida en ambos regímenes sobre la estructura de ingresos de estas entidades. Para ello, se accedió a una muestra compuesta por 406 fundaciones durante el período 2008-2018. Nuestros resultados revelan que algunos aspectos de la regulación relacionados con el interés tutelado, la dotación inicial, el desarrollo de la actividad comercial y el nivel de rendición de cuentas favorecen una estructura de ingresos diversificada.
  • PublicationOpen Access
    Duty calls: prediction of failure in reorganization processes
    (Emerald, 2023) Abinzano Guillén, María Isabel; Bonilla Acosta, Harold; Muga Caperos, Luis Fernando; Institute for Advanced Research in Business and Economics - INARBE
    Purpose – Using data from business reorganization processes under Act 1116 of 2006 in Colombia during the period 2008 to 2018, a model for predicting the success of these processes is proposed. The paper aims to validate the model in two different periods. The first one, in 2019, characterized by stability, and the second one, in 2020, characterized by the uncertainty generated by the COVID-19 pandemic. Design/methodology/approach – A set of five financial variables comprising indebtedness, profitability and solvency proxies, firm age, macroeconomic conditions, and industry and regional dummies are used as independent variables in a logit model to predict the failure of reorganization processes. In addition, an out-ofsample analysis is carried out for the 2019 and 2020 periods. Findings – The results show a high predictive power of the estimated model. Even the results of the out-ofsample analysis are satisfactory during the unstable pandemic period. However, industry and regional effects add no predictive power for 2020, probably due to subsidies for economic activity and the relaxation of insolvency legislation in Colombia during that year. Originality/value – In a context of global reform in insolvency laws, the consistent predictive ability shown by the model, even during periods of uncertainty, can guide regulatory changes to ensure the survival of companies entering into reorganization processes, and reduce the observed high failure rate.
  • PublicationOpen Access
    The role of investor type in the fee structures of pension plans
    (Springer, 2016) Abinzano Guillén, María Isabel; Muga Caperos, Luis Fernando; Santamaría Aquilué, Rafael; Gestión de Empresas; Enpresen Kudeaketa
    We examine the role of the investor type in the fee structure of pension plans. Our examination uses a data set of employer-sponsored and individual private pension funds in Spain. We find different determinants of the fees between these two pension plans. We find evidence of market penetration strategies in individual plans but none in employer-sponsored plans. In these plans, the fees are negatively related to their financial groups’ market share, whereas in individual plans this relation is negative for management fees but positive for custodian fees. Further, except in the case of custodian fees in individual plans, we find that all fees diminish when the custodian and management firms belong to different financial groups.
  • PublicationOpen Access
    Dimensión económica y dimensión social de la empresa social: ¿cómo influye la concreción de los fines fundacionales?
    (Universidad Complutense de Madrid, 2023) Abinzano Guillén, María Isabel; González Álvarez, Karen; Zabaleta Arregui, Idoia; Economía; Ekonomia; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
    Las empresas sociales fijan como objetivo primordial la consecución de impactos sociales garantizando al mismo tiempo la consecución de beneficios económicos y una adecuada gestión. Este enfoque tridimensional (económico, social y de gestión) puede ser adoptado por distintos tipos de organización. En concreto, las fundaciones pueden ser consideradas como empresas sociales en la medida en que desarrollen estas tres dimensiones. Sin embargo, la definición de un objetivo social podría afectar a la dimensión económica. La posibilidad de que emerjan tensiones entre la dimensión económica y social de estas organizaciones podría estar relacionada con la forma de definir el fin fundacional. No obstante, no existe hasta la fecha evidencia empírica que soporte esta afirmación. El objetivo de este estudio es examinar la relación que existe entre la concreción del fin fundacional, como expresión de la dimensión social de estas organizaciones, y el impacto en su viabilidad económica. Para ello, se cuenta con una muestra compuesta por fundaciones españolas ubicadas en dos regiones, Aragón y Navarra, que poseen regulaciones diferentes que afectan a la concreción del fin fundacional o misión social. Mediante el análisis de contenido, se evidencian notables diferencias en las fundaciones ubicadas en ambas regiones cuando se analiza la definición del fin fundacional y la dimensión económica.
  • PublicationOpen Access
    Prediction of failure in reorganization agreements under Colombia's Corporate Insolvency Act
    (Emerald, 2023) Abinzano Guillén, María Isabel; Bonilla Acosta, Harold; Muga Caperos, Luis Fernando; Institute for Advanced Research in Business and Economics - INARBE
    Purpose – The aim of this paper is to provide an overview of the impact of the implementation of Colombian Corporate Insolvency Act 1116 of 2006 in the period 2008–2018 and to assess the relevance of a broad set of financial predictors, as well as variables related to the economic context or the characteristics of the process itself, in explaining the failure of reorganization processes. Design/methodology/approach – Both logit and probit models are estimated, starting from a large number of variables proposed in the literature which are then narrowed down to a final selection based on their individual significance and machine learning. Findings – The results show the prevalence of a limited number of financial variables related to equity, indebtedness, profits and liquidity as predictors of the failure of reorganization processes. The use of financial information from the year prior to the completion of the reorganization improves predictive accuracy and reliability. The debt-to-equity indicator provides no significant explanatory power, while voluntary entry into a reorganization process favors its success. Originality/value – While financial and accounting information is used across the literature to predict insolvency events, it is used here to predict success or failure in reorganization processes under the conditions imposed by a specific legislative act in a Latin American context.
  • PublicationOpen Access
    Does family ownership always reduce default risk?
    (Wiley, 2021) Abinzano Guillén, María Isabel; Corredor Casado, María Pilar; Martínez García, Beatriz; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas
    This paper analyses the effect of family ownership on the outcome of the firm’s risk‐taking activities, measured by the company’s default risk. We show that family ownership reduces the probability of default, which is proxied by the Black–Scholes–Merton (BSM) model. Our study goes further than the initial approach by taking into account certain factors conditioning the aforementioned relationship. We find that the expected negative relationship between family ownership and default risk is modified when there is a significant participation of institutional investors, whose positive moderating influence intensifies if they are stable and long‐term oriented and/or during adverse financial circumstances.
  • PublicationOpen 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.
  • PublicationOpen Access
    Measuring credit risk in family firms
    (SAGE, 2020) Abinzano Guillén, María Isabel; Corredor Casado, María Pilar; Martínez García, Beatriz; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas
    This article attempts to identify the default risk measure which best reflects the idiosyncratic context of public family firms. Seven accounting- and market-based measures are compared over a sample of 981 US family and non-family firms for the period 2000–2016. The results show that the Black–Scholes–Merton (BSM) measure gives the best fit in both types of firm. However, all the accounting-based measures, especially Altman’s Z-score, come closest to the market-based measures when used to assess the credit risk of family firms. The two types of measures also coincide more closely in their default risk orderings of family than of non-family firms. Useful practical implications can be drawn from these findings, which show that accounting-based measures can be used reliably in the absence of market data for family firms with similar characteristics to those in our sample.
  • PublicationOpen Access
    Analysis of the feasibility of investment projects in real assets with PBL: a very real experience
    (Universitat Politècnica de València, 2023) Abinzano Guillén, María Isabel; Bonilla Acosta, Harold; Corredor Casado, María Pilar; Río Solano, María Cristina del; Ferrer Zubiate, Elena; González Urteaga, Ana; Mansilla Fernández, José Manuel; Martínez García, Beatriz; Muga Caperos, Luis Fernando; Gestión de Empresas; Enpresen Kudeaketa
    This paper studies the application of the PBL methodology in the Corporate Finance I course. The project to be carried out consists of the realization of a report on the feasibility of an investment project for a company that wants to take advantage of a subvention to finance the renovation of the bus fleet towards a more sustainable one. In addition to describing the implementation, this paper analyzes the impact that the introduction of the PBL methodology has in terms of class attendance and participation in the activity and also in the rest of the course. A clear decrease in absenteeism in class and in exams is observed. Moreover, the impact on grades is analyzed, with a significant increase in marks for all the degrees under study. Finally, we interpret the surveys that were passed to the students, showing that the students recognize the value of applying PBL in the subject.
  • PublicationOpen Access
    Is default risk the hidden factor in momentum returns? Some empirical results
    (Wiley, 2014) Abinzano Guillén, María Isabel; Muga Caperos, Luis Fernando; Santamaría Aquilué, Rafael; Gestión de Empresas; Enpresen Kudeaketa
    This paper analyzes the role of default risk in the momentum effect focusing on data from four developed European stock markets (France, Germany, Spain and the United Kingdom). Using a market-based measure of default risk, we show that it is not the hidden factor behind this effect. While the loser portfolio is characterized by high default risk, small size, high BTM and illiquidity, characterization of the winner portfolio is somewhat more complex. Given that the momentum strategy is the return differential between the winners and the losers, factors such as the stock market cycle or the evolution of momentum portfolios against their reference point make momentum profits difficult to forecast.