2024-03-28T18:34:11Zhttps://repositori.udl.cat/server/oai/requestoai:repositori.udl.cat:10459.1/676832019-12-10T00:13:08Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Tong, Yehui
Saladrigues Solé, Ramon
2019-12-09T13:03:46Z
2019-12-09T13:03:46Z
2016
L.427-2009
2013-4916
http://hdl.handle.net/10459.1/67683
This paper does research on the predictability of seven financial factors and one nonfinancial
factor on the success or failure of entrants. It enriches the empirical study of the
literature of predicting business success or failure and post-entry performance. Particularly
chosen are the firms incorporated in 2000, 2001, 2008 and 2009 in manufacturing and
distributive industries. Logistic model is used for analysis and comparison of the changes of
the predictability in three dimensions: year after year versus just the first year,
manufacturing versus distributive industries, and before versus during the recent crisis. The
results show instability in the predictability of some financial factors especially in the year
after year analysis. However, positive effects of firm size, profitability and corporate group
on success are observed; besides, asset liquidity plays a more significant role in
manufacturing industries. The predictability of liability-related factors seem to be
particularly influenced by the crisis: in the year after year analysis, when stepping into the
crisis the predictability of indebtedness is not as strong as it is in the pre-crisis period and
the predictability of liability liquidity weakens more in manufacturing industries compared
to distributive industries.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2016
(c) AEGERN (UdL), 2016
Post-entry success
Predictability
Changes
Manufacturing industries
Distributive industries
Crisis
The predictability of financial data on post-entry success or failure before and during the recent crisis
info:eu-repo/semantics/workingPaper
oai:repositori.udl.cat:10459.1/718812021-09-18T00:13:19Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Amofah, Kwaku
Saladrigues Solé, Ramon
2021-09-17T07:59:31Z
2021-09-17T07:59:31Z
2020
https://doi.org/10.21001/workingpapers.18.2020
2013-4916
http://hdl.handle.net/10459.1/71881
Using the entrepreneurial intention model, we examine how parental self-employment/role
models moderates (using Multi-Group Analysis) the relationship between the antecedents of
entrepreneurial intention and Social Valuation, Closer Valuation, Entrepreneurial Skills and
Environmental Support.
The data of three hundred and nineteen respondents were analysed by structural equation
modelling (SEM). Thus, SEM was used to examine the structure model of developing entrepreneurial
intentions and bootstrap confidence intervals were estimated to test the mediation
role. Multi-Group Analysis was used to test the moderating role of parental self-employment
(PSE) to determine whether there is significant relationship between respondents with PSE
and respondents without PSE.
Consistent with prior studies, ATE and PBC have a positive effect on EI. The results prove
that entrepreneurial skills have an influence on ATE, PBC and SN. Regarding the influence
of perceived environmental knowledge (ENSUP) and ATE, the relationship was insignificant,
though the impact of ENSUP on PBC and SN was significant. With respect to the correlations
between SV and CV and the antecedents of TPB respectively, all the hypotheses were accepted
except CV→ATE and SV→PBC relationships. This study revealed that respondents with
parental self-employment perceive a higher attitude towards entrepreneurship, PBC, entrepreneurial
skills, entrepreneurial support, and entrepreneurial intention that those without PSE.
However, the MGA established that the formation of entrepreneurial intentions is similar for
respondents with parental self-employment and respondents without PSE. Thus, there was no
significant relationship between respondents with PSE and respondents without PSE.
A limitation of this study is the missing link between intentions and actual behavior.
The results of this paper indicate that entrepreneurial intention is explained by the three antecedents
(ATE, SN, and PBC) of the TPB. This study adds empirical support to the robustness
and reliability of the TPB in entrepreneurial research. This study has implications for the content
of entrepreneurial intentions, especially with the incorporation of culture, motivations,
skills and knowledge of the entrepreneurial environment within a higher educational institution.
Thus, this study moves a step further by analyzing other variables that are considered
critical to the antecedents of entrepreneurial intentions.
This study is perhaps one of the pioneering works to conduct an MGA to assess the relationship
between respondents with parental self-employment and respondents without PSE, using
the entrepreneurial intention model.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2020
(c) AEGERN (UdL), 2020
Theory of Planned Behaviour
Entrepreneurial intention
Social valuation
Closer valuation
Entrepreneurial skills
Entrepreneurial support
Role models/PSE
Entrepreneurial Intentions: The Moderating Role of Parental Self-Employment
info:eu-repo/semantics/workingPaper
oai:repositori.udl.cat:10459.1/463772015-10-13T09:26:38Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Montegut Salla, Yolanda
Cristóbal Fransi, Eduard
Marimon Viadiu, Frederic
2012-12-20T11:52:46Z
2012-12-20T11:52:46Z
2011
L-427-2009
016261
2013-4916
http://hdl.handle.net/10459.1/46377
Cooperatives are the basis of the social economy in many agricultural sectors. The present research work investigates the management situation of the olive oil cooperatives in Catalonia. The study identifies a typology of cooperatives based on their attitudes towards to the sector. A positioning map of the different types of cooperatives is then established on the basis of their characteristics. The study concludes with important managerial aspects of olive oil
cooperatives in Catalonia.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2011
(c) AEGERN, 2011
Management
Commercialization
Segmentation
Cooperatives
Olive sector
Competitive positioning of Spanish agricultural cooperatives
workingPaper
oai:repositori.udl.cat:10459.1/676992019-12-12T00:12:28Zcom_10459.1_225com_10459.1_2col_10459.1_1861
González, Pedro Antonio
2019-12-11T07:45:07Z
2019-12-11T07:45:07Z
2019
2013-4916
http://hdl.handle.net/10459.1/67699
Los modelos de valoración de activos más reconocidos por la teoría y la práctica como el
CAPM Y EL APT presumen que los mercados financieros son eficientes. Esta suposición ha
evolucionado con el paso del tiempo encontrándose una amplia diversidad en la eficiencia de
los mercados asociada al concepto de igualdad de condiciones de información, pero también
dependiendo del nivel de desarrollo o tipo de región donde se realiza el estudio. Así, Ojah
y Karamera (1999) no rechazan la eficiencia en los mercados de Argentina, Brasil, Chile y
Méjico para el periodo 87-97, mientras otros trabajos encuentran para estos mismos mercados
que no hay eficiencia (Urrutia 1995).
Este estudio realiza un análisis de las series de tiempo en el mercado financiero chileno, entre
los años 2007 y 2017 con el fin de probar la hipótesis de eficiencia. A partir del modelo de
valoración CAPM (Capital Asset Pricing Model) obtenemos las correspondientes regresiones
para determinar si los precios de las acciones son estacionarios o poseen características de
camino aleatorio y la prima de riesgo de la cartera
El trabajo somete a un test de estacionariedad este modelo. Para dicho análisis el modelo se
someterá a diferentes pruebas, tanto para activos individuales como para carteras de activos.
The asset valuation models most recognized by theory and practice such as CAPM and APT
presume that financial markets are efficient. This assumption has evolved over time, finding
a wide diversity in the efficiency of the markets associated with the concept of equality of information
conditions, but also depending on the level of development or type of region where
the study is carried out. Thus, Ojah and Karamera (1999) do not reject the efficiency in the
markets of Argentina, Brazil, Chile and Mexico for the period 87-97, while other works find
for these same markets that there is no efficiency (Urrutia 1995).
This study analyzes the time series in the Chilean financial market between 2007 and 2017
in order to test the efficiency hypothesis. Based on the CAPM (Capital Asset Pricing Model)
valuation model, we will obtain the corresponding regressions to determine if the stock prices
are stationary or have random path characteristics and the risk premium of the portfolio.
The work applies this model to a stationarity test. For this analysis, the model will be subject
to different tests, both for individual assets and asset portfolios.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2019
(c) AEGERN (UdL), 2019
CAPM (Capital Asset Pricing Model)
Valoración CAPM
Eficiencia de mercado y aplicación de test de estacionariedad al modelo de valoración CAPM en el mercado bursátil chileno
info:eu-repo/semantics/workingPaper
oai:repositori.udl.cat:10459.1/676962020-11-24T12:15:38Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Akwaa Sekyi, Ellis Kofi
Moreno Gené, Jordi
Miglietta, Federica
Roncone, Valeria
2019-12-10T13:29:49Z
2019-12-10T13:29:49Z
2018
l
028210
2013-4916
http://hdl.handle.net/10459.1/67696
Manuscript type
Empirical
Research question/issue
The state of non-performing loans (NPLs) poses serious threat to the European financial market
and this has increased pressure on board of directors to intensify their monitoring functions to
safeguard shareholder assets. Yet there is a dearth of research that complement board characteristics
with managerial incentives to address NPLs. We examine 102 banks from 22 European
countries to ascertain how board characteristics and insider ownership affect NPLs.
Research findings/insight
We find that whilst gender diversity, board size and insider ownership have negative relation
with NPLs, average board age and board tenure show positive relation. The inclusion of
insider ownership improves the significance of board characteristics therefore confirming a
complementary instead of substitutable approaches in addressing NPLs. We report significant
differences in the intrinsic board characteristics of diversified and non-diversified banks.
Theoretical/academic implications
We contribute to existing literature by providing empirical support for the stakeholder and
agency theories in safeguarding assets of shareholders and indirect stakeholders (society).
Practitioner/policy implications
Our study adopts an incentivizing approach to risk management and provides a framework
for dealing with moral hazards in bank management, which lead to loan losses. Again, our
findings justify the European Banking Authority’s policy of the mandatory 40% female independent
directors among member countries.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2018
(c) AEGERN (UdL), 2018
Board Characteristics
Corporate Governance
European Banking
Insider Ownership
Non- Performing Loans
How does board characteristics and insider ownership affect non-performing loans (NPLS) in European banking?
info:eu-repo/semantics/workingPaper
info:eu-repo/semantics/article
oai:repositori.udl.cat:10459.1/676972019-12-11T00:13:00Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Tong, Yehui
Saladrigues Solé, Ramon
Gallizo Larraz, José Luis
2019-12-10T13:40:29Z
2019-12-10T13:40:29Z
2018
2013-4916
http://hdl.handle.net/10459.1/67697
With using decision tree approach, this paper explores the predictability and impacts of some
firm-specific factors (mainly financial factors) and industry-specific factors on the survivalbased
success of Spanish new firms in manufacturing sector. In particular, decision trees are
built not only for comparing the impacts between different factors but also for observing the
change of factor’s impact with firm´s ageing and after industry adjustment. The results from
the generated trees are quite detailed and relatively complex, and the main results can be
summarized as follows: (1) profitability is the most significant variable because of ranking
at the first level in most trees; (2) the impact of firm size is also important due to frequently
appearing at the second level; (3) the impact of liquidity tends to weaken with ageing; (4)
industry adjustment degrades the impact of indebtedness; (5) as for industry-specific variables,
concentration and entry rank before industry growth in the age 1 and age 2 predictions.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2018
(c) AEGERN (UdL), 2018
Firm-specific and industry-specific factors
Survival-based success
Decision tree
A study on the impacts of firmspecific and industry-specific factors on the survival-based success of Spanish new firms
info:eu-repo/semantics/workingPaper
oai:repositori.udl.cat:10459.1/469882015-10-13T09:26:53Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Salvador Figueras, Manuel
Vendrell Vilanova, Anna
2014-01-31T12:28:46Z
2014-01-31T12:28:46Z
2012
L-427-2009
020429
2013-4916
http://hdl.handle.net/10459.1/46988
In the present research we have set forth a new, simple, Trade-Off model that would allow us to calculate how much debt and, by default, how much equity a company should have, using easily available information and calculating the cost of debt dynamically on the basis of the effect that the capital structure of the company has on the risk of bankruptcy; in an attempt to answer this question. The proposed model has been applied to the companies that make up the Dow Jones Industrial Average (DJIA) in 2007. We have used consolidated financial data from 1996 to 2006, published by Bloomberg. We have used simplex optimization method to find the debt level that maximizes firm value. Then, we compare the estimated debt with real debt of companies using statistical nonparametric Mann-Whitney. The results indicate that 63% of
companies do not show a statistically significant difference between the real and the estimated debt.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2012
(c) AEGERN, 2012
Bankruptcy cost
Capital structure
Trade-off
Dynamic analysis
Optimal capital structure: a trade-off model and its empirical testing
workingPaper
oai:repositori.udl.cat:10459.1/18642020-07-14T08:39:34Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Cristóbal Fransi, Eduard
Gómez Adillón, Ma. Jesús
Thorsson Johansson, Ann
Daries Ramón, Natalia
2010-05-26T08:17:20Z
2010-05-26T08:17:20Z
2010
L-427-2009
015284
2013-4916
http://hdl.handle.net/10459.1/1864
The aim of this study is to provide an instrument for measuring service quality in sports enterprises from the point of view of the customers. For this purpose we intend to elaborate an enquiry starting out from a more general scale called SERVIQUAL.
We have limited our research project to sports enterprises where the customer participates actively, i.e., we have excluded sports clubs and other organizations which offer sport as entertainment. Our choice is mainly due to the fact that few studies have been carried out in this area and that sports has been earning an increasing amount of adepts during the last decades in Spain. The DELPHI method has been applied with the collaboration of a panel of experts in
order to evaluate the viability and adequacy of the modified SERVQUAL scale.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2010
(c) AEGERN, 2010
Service Quality
Sports Marketing
SERVQUAL scale
DELPHI method
Measuring service quality in sport management: an application of the SERVQUAL scale
workingPaper
oai:repositori.udl.cat:10459.1/576382016-12-21T11:43:38Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Solsona Solé, Joan
2016-07-15T11:00:59Z
2016-07-15T11:00:59Z
2015
L-427-2009
021279
2013-4916
http://hdl.handle.net/10459.1/57638
Treball d’investigació basat en l’àmbit de l’economia de l’educació que tracta d’analitzar els factors determinants en el procés d’elecció de centre universitari, a les comarques
lleidatanes, per part dels alumnes que finalitzen el Batxillerat i, en concret, com afecta
aquesta decisió en la demanda d’estudis a la Universitat de Lleida.
En els últims anys, s’ha produït uns canvis en l’entorn institucional i acadèmic dels
ensenyaments universitaris que justifiquen l’estudi de la demanda universitària en un
context lleidatà. En les conclusions del treball, s’hi estableix com a factors determinants de la demanda els relacionats amb la proximitat geogràfica, la qualitat ocupacional, l’itinerari acadèmic previ, la reputació de la universitat, les notes de tall, i el nivell d’estudis de la mare.
cat
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2015
(c) AEGERN, 2015
L'educació econòmica
Demanda universitària
Factors de l'elecció de la Universitat de Lleida
Anàlisi dels factors d’elecció de la Universitat de Lleida. La demanda universitària a les Terres de Lleida
workingPaper
oai:repositori.udl.cat:10459.1/576342016-07-16T01:08:34Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Briciu, Sorin
Gallizo Larraz, José Luis
Pop, Ioana-Iuliana
2016-07-15T07:41:29Z
2016-07-15T07:41:29Z
2014
L-427-2009
022058
2013-4916
http://hdl.handle.net/10459.1/57634
This article is based on an empirical study of the role, utility and independence of the
financial audit. The statistical sample consists of three groups involved in the audit:
auditors, financial managers and users of the audited financial information in Romania and Spain. The results of the questionnaire have been processed with the help of the Kruskal Wallis and Mann Whitney tests, and we have tested the hypothesis that there are differences between the expectations of the three groups analyzed in Spain and Romania, in terms of functionality, usefulness and independence of the current practice of financial audit. We have conducted a complete interpretation and have proposed a model of differences of perspectives on and expectations of the role, utility and independence of the financial audit. From this model we have determined the differences between perspectives and expectations, indicating the causes that lead to the existence of these differences. At the end of the study we have proposed solutions that will lead to closing the gap in expectations between the three groups.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2014
(c) AEGERN, 2014
Differences of perspectives
Expectations
The role of the audit
Models in the economic sciences
The independence of the auditors
Audit expectation gap. A comparative study Romania-Spain
workingPaper
oai:repositori.udl.cat:10459.1/469902018-08-31T13:41:17Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Saladrigues Solé, Ramon
Gallizo Larraz, José Luis
Gargallo Valero, Pilar
Salvador Figueras, Manuel
2014-01-31T13:09:04Z
2014-01-31T13:09:04Z
2013
L-427-2009
020433
2013-4916
http://hdl.handle.net/10459.1/46990
This study offers a statistical analysis of the persistence of annual profits across a sample of firms from different European Union (EU) countries. To this end, a Bayesian dynamic model has been used which enables the annual behaviour of those profits to be broken down into a permanent structural component on the one hand and a transitory component on the
other, while also distinguishing between general effects affecting the industry as a whole to which each firm belongs and specific effects affecting each firm in particular. This break down enables the relative importance of those fundamental components to be evaluated. The data analysed come from a sample of 23,293 firms in EU countries selected from the AMADEUS data-base. The period analysed ran from 1999 to 2007 and 21 sectors were
analysed, chosen in such a way that there was a sufficiently large number of firms in each country*sector combination for the industry effects to be estimated accurately enough for meaningful comparisons to be made by sector and country. The analysis has been conducted by sector and by country from a Bayesian perspective, thus making the study more flexible and realistic since the estimates obtained do not depend on asymptotic results. In general terms, the study finds that, although the industry effects are significant, more
important are the specific effects. That importance varies depending on the sector or the country in which the firm carries out its activity. The influence of firm effects accounts for more than 90% of total variation and display a significantly lower degree of persistence, with adjustment speeds oscillating around 51.1%. However, this pattern is not homogeneous but depends on the sector and country analysed. Industry effects have a more marginal importance, being significantly more persistent, with adjustment speeds oscillating around 10% with this degree of persistence being more homogeneous at both country and sector levels.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2013
(c) AEGERN, 2013
Dynamic models
Bayesian Inference
MCMC
Abnormal Returns
Persistence of Profits
Return on Assets
The persistence of return on assets: differences between industries and differences between firms
workingPaper
oai:repositori.udl.cat:10459.1/676912019-12-11T00:12:56Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Gallizo Larraz, José Luis
Román Gárate, Jorge Javier
Cancino del Castillo, Christian Alexander
2019-12-10T11:34:02Z
2019-12-10T11:34:02Z
2018
2013-4916
http://hdl.handle.net/10459.1/67691
Este trabajo examina los principales factores que ocasionan el rápido crecimiento de los beneficios
de las empresas chilenas exportadoras de vino. La investigación del rápido crecimiento
centrada en la cifra de negocios es un campo que se ha desarrollado ampliamente en los últimos
años pero los estudios centrados en el crecimiento de los beneficios es todavía escaso,
más aún en el ámbito del sector vitivinícola chileno, afectado enormemente por la globalización
de los mercados.
A partir de una muestra representativa del total de empresas exportadoras de vino y mediante
un análisis multivariante se quiere identificar cuales son las características que tienen mayor
influencia en el rápido crecimiento del beneficio.
Los resultados obtenidos indican que las empresas que experimentan crecimientos acelerados
del beneficio no lo consiguen mediante simples incrementos de producción, sino mediante la
venta de vinos de mayor precio y años de envejecimiento. Además se observa que las empresas
que realizan gastos en investigación y desarrollo generan un efecto positivo en el crecimiento
acelerado, mientras que el hecho de ostentar un certificado de calidad y sostenibilidad
otorgado por agencia de calificación, provoca un efecto negativo en la variable dependiente
debido a los costes y restricciones que implican unas mayores exigencias dirigidas a seguir
criterios de calidad y disminuir riesgos ambientales y sociales.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2018
(c) AEGERN (UdL), 2018
Rápido crecimiento
Certificación de calidad
Gastos de I+D
Determinantes del rápido crecimiento de los beneficios: Evidencia en bodegas familiares chilenas
info:eu-repo/semantics/workingPaper
oai:repositori.udl.cat:10459.1/18632020-07-14T08:39:34Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Vendrell Vilanova, Anna
2010-05-26T07:59:48Z
2010-05-26T07:59:48Z
2009
L-426-2009
014147
2013-4916
http://hdl.handle.net/10459.1/1863
El presente trabajo aborda el estudio de los factores determinantes del endeudamiento empresarial para contrastar empíricamente la hipótesis del Pecking Order. El endeudamiento
empresarial se mide junto a su madurez y para los diferentes tamaños empresariales dada la importancia de diferenciar sus posibles efectos contrapuestos o compensados. Los modelos utilizados para el contraste de hipótesis se han estimado con una muestra de 1.320 empresas manufactureras españolas proporcionada por la Encuesta sobre Estrategias Empresariales (ESEE), para el período 1993-2001. El análisis empírico aplica un modelo multivariante de regresión logística que permite concluir que la teoría del Pecking Order es la de mejor cumplimiento, además de constatarse que las empresas de menor tamaño tienen mayores dificultades de acceso a la financiación con deuda a largo plazo.
The principal objective in this paper is to empirically test the Pecking Order theory of corporate leverage. Corporate debt is measured by his maturity and different company sizes, given the importance of differentiating their possible opposed or offset effects. The models used for the contrast of hypotheses have been estimated with a sample of 1,320 Spanish manufacturing firms from “Encuesta sobre Estrategias Empresariales” (ESEE) for the period 1993-2001. The
empirical analysis uses a multivariate logistic regression model that allows us to conclude that the Pecking Order theory is the better performance, plus the finding that smaller companies have greater difficulties in access to finance long-term debt.
spa
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2009
(c) AEGERN, 2009
Estructura de capital
Decisión de endeudamiento
Pecking Order theory
Trade-Off theory
Restricción de crédito
La decisión de endeudamiento y los factores de mayor relevancia. Una aplicación empírica en la empresa industrial española
workingPaper
oai:repositori.udl.cat:10459.1/576392019-12-09T14:09:54Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Román Gárate, Jorge Javier
Cancino del Castillo, Christian Alexander
Gallizo Larraz, José Luis
2016-07-15T11:24:23Z
2016-07-15T11:24:23Z
2016
025019
2013-4916
http://hdl.handle.net/10459.1/57639
While much has been studied regarding the wine industry in countries such as Spain, France and Italy, less has been studied in developing countries. Few studies in Chile observe that companies are primarily of family background, internationally-oriented, characterized by competing with low-prices. Given the increased global demand for wine products, questions are being raised in Chile on how to adapt the current development model, with wine companies that participate heavily in international trade, showing dynamic-growth, positioning Chile as the leading producer of sustainable and premium category wines in the new world countries. This paper reports six cases of family-owned wine companies, three of which are characterized by dynamic-growth versus three other companies presenting more gradual growth. A number of variables are analyzed to understand the distinctive features of dynamic entrepreneurships in the wine industry in Chile. These variables include prior experience and knowledge of its founders regarding leading large companies, the use of strategic-planning systems and the use of new technology in most of production. The results of this investigation could prove insightful for those wine entrepreneurs looking to enhance their growth based on greater differentiation and innovation, and not only remaining competitive in product pricing.
eng
info:eu-repo/semantics/openAccess
© Edicions de la Universitat de Lleida, 2016
© AEGERN (UdL), 2016
Wine industry
Dynamic entrepreneurship
High growth
Chile
Exploring the determinant factors of dynamic entrepreneurship in the wine industry in Chile
workingPaper
oai:repositori.udl.cat:10459.1/463782015-10-13T09:28:16Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Moreno Gené, Jordi
Gallizo Larraz, José Luis
Salvador Figueras, Manuel
2012-12-20T12:48:58Z
2012-12-20T12:48:58Z
2011
L-427-2009
015931
2013-4916
http://hdl.handle.net/10459.1/46378
El objetivo de este trabajo es analizar como ha evolucionado y los efectos que el tipo de propiedad tiene sobre el desempeño de los bancos en aquellos países de la Europa Central y del Este, que en los últimos años han experimentado con gran intensidad el proceso de
integración europea. Con este fin, hemos analizado 242 bancos correspondientes a 12 países (10 nuevos miembros de la UE y 2 en fase de negociación). Para verificar la existencia de un efecto derivado del tipo de propiedad, analizamos las dimensiones de la eficiencia bancaria, rentabilidad, costes, e intermediación, mediante la aplicación de distintas técnicas, tanto paramétricas como no paramétricas. Los resultados muestran la existencia de ciertos
efectos derivados del tipo de propiedad. Así, entre los principales resultados, destaca que los bancos privatizados tienden a presentar unos niveles de rentabilidad superiores a los presentados por otros tipos de propiedad, mientras que a su vez, los bancos de origen
extranjero son los que de media presentan unos menores niveles de costes, si bien esta diferencia no es estadísticamente significativa. Analizamos también la importancia que supone la presencia de un inversor estratégico en la propiedad de los bancos, obteniendo
una mejoría que si bien no es significativa en los ratios de rentabilidad, si lo es en relación a los gastos generales de gestión.
The aim of this study is to analyze how the banking ownership has evolved and which are the effects that it has on banking performance in a number of Central and Eastern European countries which have experimented the European Integration process during the last years.
We have analyzed 242 banks from 12 countries (10 new EU members and 2 countries that nowadays are in negotiation process). To verify the existence of a type ownership effects we have analyzed the dimensions of banking efficiency, profitability, cost, and intermediation, using both parametric and non-parametric methods. Results show the existence of some differences as a consequence of different banking ownership. For example, notes that privatized banks tend to be more profitable than other types of banking ownership, while foreign Greenfield banks are on average, who have less cost levels, although this difference is not statically significant. Furthermore, we have analyzed the importance that the presence
of a strategic owner in banking ownership has, obtaining an improvement that, while is not statistically significant in profitability ratios it is statistically significant in relation to management overheads.
spa
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2011
(c) AEGERN, 2011
Propiedad bancaria
Inversor estratégico
Nuevos miembros de la UE
Banking Ownership
Banking performance
New EU members
Análisis mediante ratios financieros de la propiedad bancaria en los nuevos miembros de la UE
workingPaper
oai:repositori.udl.cat:10459.1/677002019-12-12T00:12:24Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Aguirre Álvarez. Juan Pablo
2019-12-11T08:16:12Z
2019-12-11T08:16:12Z
2019
2013-4916
http://hdl.handle.net/10459.1/67700
In Chile, over the years, higher education has experienced a series of changes, with the creation
of new universities and the subsequent increasing number of enrolled students, among
other transformations. At present, there is little information about the efficiency with which
the state resources are managed regarding this issue. This investigation identifies the main
variables affecting the cost of Chilean traditional private and state universities, entities that
constitute the Chilean Traditional University Council or CRUCH. Furthermore, this paper
presents an evaluation of economies of scale in these universities, becoming evident that
average remunerations and full-time equivalents are relevant in these entities’ production,
this last input is relevant because represent the available human resource to develop all the
products. The results of this research will provide tools that will make it possible to plan the
expansion of these institutions in all their production lines and to make decision regarding
the placement of resources by the State. Finally, the study has allowed us to conclude that
CRUCH private universities are not more cost efficient than public universities in all their
production lines, thereby destroying the premise that the public sector is managed less efficiently
than the private sector.
La educación superior en Chile ha experimentado una serie de cambios que han impulsado la
creación de nuevas universidades y la expansión de la matrícula entre otras transformaciones.
Actualmente, se cuenta con poca información respecto de la eficiencia con la que se administran
los recursos del estado en este ámbito. Esta investigación, ha permitido identificar
las principales variables que afectan el costo de las Universidades privadas y estatales del
CRUCH. Asimismo, se han evaluado las economías de escala de estas universidades, mostrando
que las remuneraciones promedio y las jornadas completas equivalentes, estas últimas
relevantes en la producción de estas instituciones, por cuanto representan el recurso humano
disponible para el desarrollo de todos sus productos. Los resultados de esta investigación,
entregarán herramientas que posibilitará planificar la expansión de estas instituciones en todas
sus líneas de producción y tomar decisiones en cuanto a la colocación de recursos por parte
del Estado. Finalmente, el estudio ha permitido concluir que las Universidades privadas del
CRUCH no son más costo eficiente que las Universidades públicas en todas sus líneas de
producción destruyendo con ello la premisa que el sector público se gestiona con menos eficiencia
que el sector privado.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2019
(c) AEGERN (UdL), 2019
Private and State Universities
Economies of Scale
Costs
Cost Function
Cost Structure
Cost Structure and Economies of Scale in Chilean Traditional Universities: Comparative Study between State and Private Universities of CRUCH
info:eu-repo/semantics/workingPaper
oai:repositori.udl.cat:10459.1/18622020-07-14T08:39:34Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Gallizo Larraz, José Luis
Saladrigues Solé, Ramon
Salvador Figueras, Manuel
2010-05-25T12:45:30Z
2010-05-25T12:45:30Z
2009
L-426-2009
020434
2013-4916
http://hdl.handle.net/10459.1/1862
This paper analyses the financial impact of the enlargement of the European Union (EU) to include 10 new Central and Eastern European Nations (CEEN) on firms’ business and financial structures. To this end, we employ quantitative analytic techniques and financial ratios. In this context, we hope to discover whether firms in the new EU member States tend to converge with business in the Europe of the 15 in terms of the structure of firms’ financial statements.
We examine the extent to which the increasing integration of the former may foster the convergence of productive structures. The methodology followed consists of an analysis of the evolution of 12 financial ratios in a sample of firms obtained from the AMADEUS data base.
To that end, we perform a Dynamic Factor Analysis that identifies the determining factors of the joint evolution of deviations in the financial ratios with respect to the average value of firms in the EU-15. This analysis allows us to analyse the convergence in each of the CEEN nations with respect to the EU-15.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2009
(c) AEGERN, 2009
EU enlargement
Financial structure
Financial convergence
Dynamic factor analysis
Financial convergence in transition economies: EU enlargement
workingPaper
oai:repositori.udl.cat:10459.1/470022016-07-15T13:03:21Zcom_10459.1_225com_10459.1_2col_10459.1_1861
Moreno Gené, Jordi
Gallizo Larraz, José Luis
Salvador Figueras, Manuel
2014-02-06T08:14:04Z
2014-02-06T08:14:04Z
2013
L-427-2009
020383
2013-4916
http://hdl.handle.net/10459.1/47002
The aim of this study is to analyze how European integration and, especially, changes in ownership, has affected banking efficiency in Central and Eastern European countries which have recently experimented this process more intensely. Using a stochastic frontier approach (SFA) applied to panel data, we have estimated bank efficiency levels in a sample of 189 banks from 12 countries during the period 2000 to 2008 and we have analyzed the
influence of some bank characteristics on these efficiency levels. The results show that European integration has significantly improved the cost efficiency of banks in these countries but profit efficiency has significantly decreased. We have found very small differences between different ownership types and only a very small impact of foreign ownership on cost efficiency, showing that the entry of foreign ownership is not enough to explain the significant variations in banking efficiency after the accession.
eng
info:eu-repo/semantics/openAccess
(c) Edicions de la Universitat de Lleida, 2013
(c) AEGERN, 2013
Banking efficiency
European integration
Banking ownership
Stochastic frontier model
Ownership change and banking efficiency in the new EU members
workingPaper