Working Papers (Economia i Empresa)

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Browsing Working Papers (Economia i Empresa) by Author "Saladrigues Solé, Ramon"

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    A 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 Luis
    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.
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    Entrepreneurial Intentions: The Moderating Role of Parental Self-Employment
    (Edicions de la Universitat de Lleida, 2020) Amofah, Kwaku; Saladrigues Solé, Ramon
    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.
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    Financial convergence in transition economies: EU enlargement
    (Edicions de la Universitat de Lleida, 2009) Gallizo Larraz, José Luis; Saladrigues Solé, Ramon; Salvador Figueras, Manuel
    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.
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    The 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, Manuel
    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.
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    The predictability of financial data on post-entry success or failure before and during the recent crisis
    (Edicions de la Universitat de Lleida, 2016) Tong, Yehui; Saladrigues Solé, Ramon
    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.