Working Papers (Economia i Empresa)

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Open Access
La decisión de endeudamiento y los factores de mayor relevancia. Una aplicación empírica en la empresa industrial española
(Edicions de la Universitat de Lleida, 2009) Vendrell Vilanova, Anna
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.
Open Access
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.
Open Access
Measuring service quality in sport management: an application of the SERVQUAL scale
(Edicions de la Universitat de Lleida, 2010) Cristóbal Fransi, Eduard; Gómez Adillón, Ma. Jesús; Thorsson Johansson, Ann; Daries Ramón, Natalia
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.
Open Access
Competitive positioning of Spanish agricultural cooperatives
(Edicions de la Universitat de Lleida, 2011) Montegut Salla, Yolanda; Cristóbal Fransi, Eduard; Marimon Viadiu, Frederic
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.
Open Access
Análisis 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, Manuel
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.
Open Access
Optimal capital structure: a trade-off model and its empirical testing
(Edicions de la Universitat de Lleida, 2012) Salvador Figueras, Manuel; Vendrell Vilanova, Anna
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.
Open Access
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.
Open Access
Ownership 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, Manuel
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.
Open Access
Audit expectation gap. A comparative study Romania-Spain
(Edicions de la Universitat de Lleida, 2014) Briciu, Sorin; Gallizo Larraz, José Luis; Pop, Ioana-Iuliana
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.
Open Access
Anàlisi dels factors d’elecció de la Universitat de Lleida. La demanda universitària a les Terres de Lleida
(Edicions de la Universitat de Lleida, 2015) Solsona Solé, Joan
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.
Open Access
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.
Open Access
Exploring 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 Luis
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.
Open Access
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.
Open Access
Determinantes 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 Alexander
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.
Open Access
How does board characteristics and insider ownership affect non-performing loans (NPLS) in European banking?
(Edicions de la Universitat de Lleida, 2018) Akwaa Sekyi, Ellis Kofi; Moreno Gené, Jordi; Miglietta, Federica; Roncone, Valeria
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.
Open Access
Eficiencia de mercado y aplicación de test de estacionariedad al modelo de valoración CAPM en el mercado bursátil chileno
(Edicions de la Universitat de Lleida, 2019) González, Pedro Antonio
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.
Open Access
Cost Structure and Economies of Scale in Chilean Traditional Universities: Comparative Study between State and Private Universities of CRUCH
(Edicions de la Universitat de Lleida, 2019) Aguirre Álvarez. Juan Pablo
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.
Open Access
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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