Working Papers (Economia i Empresa)
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Browsing Working Papers (Economia i Empresa) by Author "Gallizo Larraz, José Luis"
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- ItemOpen AccessA study on the impacts of firmspecific and industry-specific factors on the survival-based success of Spanish new firms(Edicions de la Universitat de Lleida, 2018) Tong, Yehui; Saladrigues Solé, Ramon; Gallizo Larraz, José LuisWith 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.
- ItemOpen AccessAnálisis mediante ratios financieros de la propiedad bancaria en los nuevos miembros de la UE(Edicions de la Universitat de Lleida, 2011) Moreno Gené, Jordi; Gallizo Larraz, José Luis; Salvador Figueras, ManuelEl 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.
- ItemOpen AccessAudit expectation gap. A comparative study Romania-Spain(Edicions de la Universitat de Lleida, 2014) Briciu, Sorin; Gallizo Larraz, José Luis; Pop, Ioana-IulianaThis 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.
- ItemOpen AccessDeterminantes del rápido crecimiento de los beneficios: Evidencia en bodegas familiares chilenas(Edicions de la Universitat de Lleida, 2018) Gallizo Larraz, José Luis; Román Gárate, Jorge Javier; Cancino del Castillo, Christian AlexanderEste 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.
- ItemOpen AccessExploring the determinant factors of dynamic entrepreneurship in the wine industry in Chile(Edicions de la Universitat de Lleida, 2016) Román Gárate, Jorge Javier; Cancino del Castillo, Christian Alexander; Gallizo Larraz, José LuisWhile 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.
- ItemOpen AccessFinancial convergence in transition economies: EU enlargement(Edicions de la Universitat de Lleida, 2009) Gallizo Larraz, José Luis; Saladrigues Solé, Ramon; Salvador Figueras, ManuelThis 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.
- ItemOpen AccessOwnership change and banking efficiency in the new EU members(Edicions de la Universitat de Lleida, 2013) Moreno Gené, Jordi; Gallizo Larraz, José Luis; Salvador Figueras, ManuelThe 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.
- ItemOpen AccessThe persistence of return on assets: differences between industries and differences between firms(Edicions de la Universitat de Lleida, 2013) Saladrigues Solé, Ramon; Gallizo Larraz, José Luis; Gargallo Valero, Pilar; Salvador Figueras, ManuelThis 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.