Lizarraga Dallo, Fermín

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https://academica-e.unavarra.es/handle/2454/49409

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Lizarraga Dallo

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Fermín

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Gestión de Empresas

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750656

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411

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2012 - 201912020 - 20252
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    PublicationEmbargo
    Leveraged buyouts in Spain: organic growth or industry consolidation?
    (Elsevier, 2025-08-01) Ayash, Brian; Lizarraga Dallo, Fermín; Sánchez Alegría, Santiago; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
    Private equity controlled firms are often utilized as platforms for the consolidation of industries. Using a sample of Spanish firms acquired in leveraged buyouts, we argue that add-on acquisitions are distorting conclusions presented in the literature. For instance, Boucly et al. (2011), Bernstein et al. (2019), Battistin et al. (2017) and others associate buyouts, and specifically leveraged buyouts, with growth. We present a simple but novel approach to isolate organic growth and observe that depreciation is greater than capital expenditures. While Bansraj et al. (2022) documents that in Europe, organic sales growth is negative, and acquisitions mask this decline, we focus on investment. Our results show that industry consolidation is also masking a decline in economically important investment. We also study outcomes, comparing the bankruptcy rate in our sample to a propensity score matched set of control firms. We find that leveraged buyouts in Spain are accelerating industry consolidation without visible operating performance improvements or long-term value creation.
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    PublicationOpen Access
    The role of accounting accruals for the prediction of future cash flows: evidence from Spain
    (Springer, 2012) Arnedo Ajona, Laura; Lizarraga Dallo, Fermín; Sánchez Alegría, Santiago; Gestión de Empresas; Enpresen Kudeaketa; Gobierno de Navarra / Nafarroako Gobernua
    The aim of this study is to determine whether accruals have information value beyond that provided by isolated current cash flows for the prediction of future cash flows. Using a sample of 4,397 Spanish companies (mostly privately held), we estimate in-sample regressions of future cash flows on isolated current cash flows and on accrual-based earnings. We then find that the out-of-sample prediction errors provided by the accrual-based earnings model are significantly lower than those obtained with the cash flows model. We also regress the decrease in prediction errors brought about by the addition of accruals on a set of firm-specific circumstances where accounting manipulation is expected. In all cases the decrease in prediction errors is significantly affected in the hypothesized direction.
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    PublicationOpen Access
    Is quality management a competitive advantage? A study after the Spanish financial crisis in the furniture industry
    (Routledge, 2021) Sánchez Alegría, Santiago; Lizarraga Dallo, Fermín; Marín Vinuesa, Luz María; Gestión de Empresas; Enpresen Kudeaketa
    The aim of this study is to test whether the use of non-financial quality performance indicators reduces bankruptcy probabilities. A questionnaire was sent to the population of small-and medium-sized enterprises (SMEs) from the Spanish furniture industry. The final sample consists of 126 SMEs from the referred industry during the recent economic crisis (2007–2014), a period characterised by a huge increase in business competition and the rate of failure. The main argument is that, in this context, the competitive response of the furniture industry, especially in the case of SMEs, revolves around quality. A logistic multivariate regression model is estimated in which we include both financial and non-financial quality-implementation measures. We use a variable inspired by Perera et al.’s (1997) scale which integrates a variety of factors related to quality practices. The results show that the pre-emptive use of quality non-financial indicators is a key fact for subsequent business survival. These findings suggest important implications for external and internal stakeholders as well as policymakers.