Working Papers (Economia i Empresa)
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- ItemOpen AccessEntrepreneurial Intentions: The Moderating Role of Parental Self-Employment(Edicions de la Universitat de Lleida, 2020) Amofah, Kwaku; Saladrigues Solé, RamonUsing 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.
- ItemOpen AccessCost 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 PabloIn 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.
- ItemOpen AccessEficiencia 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 AntonioLos 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.
- 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 AccessHow 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, ValeriaManuscript 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.