Search results for "ddc:650"
showing 10 items of 65 documents
Exports of Spanish manufacturing firms and financial constraints
2020
We investigate the role of financial constraints on firms’ exporting behavior, including firms’ export decision, export intensity, firms starting to export decision, and exports persistence. Our financial constraints variable is a synthetic variable that summarizes information on different dimensions such as total assets, profitability, liquidity, solvency, repaying ability, and (new in this type of analyses) the cost of external financing. Using data on Spanish manufacturing for the period 1992–2014, we find evidence supporting that financial health is relevant to explain small and medium-sized enterprises (SMEs) exporting decisions and starting to export decisions but not those of large …
Interest rate changes and stock returns in Spain: A wavelet analysis
2015
This paper investigates the relationship between changes in interest rates and the Spanish stock market at the industry level over the period from January 1993 to December 2012 using a wavelet-based approach. The empirical results indicate that Spanish industries exhibit, in general, a significant interest rate sensitivity, although the degree of interest rate exposure differs considerably across industries and depending on the time horizon under consideration. In particular, regulated industries such as Utilities, highly indebted industries such as Real Estate, Utilities or Technology and Telecommunications, and the Banking industry emerge as the most vulnerable to interest rates. Further,…
Health care spending structures in Poland, Latvia, Lithuania and Estonia over the years as compared to other EU countries
2018
Abstract After joining the European Union in 2004, the post-communist countries have dramatically changed their structure of expenditure for medical services. The cause of this is legislative and ownership changes in the new economy. The study analyzed the expenditure on medical services in the European Union with a special focus on Poland, Latvia, Lithuania and Estonia. The European Union countries were divided into clusters using different methods, that is, Ward’s, Two Step and Centroid Clustering. In the paper, the structure and changes in health expenses were presented according to the types of expenditures over the years 2004-2015. Countries were assigned to clusters based on three var…
Market valuation and acquiring firm performance in the short and long term: Out-of-sample evidence from Spain
2019
We investigate bidder’s short- and long-term performance in periods of high and low valuation market in response to announcements of acquisitions carried out by Spanish listed firms over the period 1991–2016. We find that acquirers of unlisted targets fully react at the announcement date in high valuation periods, meanwhile the underreaction of listed target bidders at the moment of the announcement in low valuation markets is the result of return continuations. In addition, we find that the market reaction do not depend on recent merger history. Therefore, we provide evidence that bidder reaction to acquisitions is not consistent with the predictions of market sentiment (optimism) after c…
Networking and knowledge creation: Social capital and collaborative innovation in responding to the COVID-19 crisis
2022
This study empirically explores the role of social capital in creating collaborative innovation and collective intelligence and maintaining organizational sustainability in the unprecedented COVID-19 crisis. Data were collected from a sample of 289 managers, directors and heads of departments of top 50 manufacturing firms in Jordan and analyzed using Smart-PLS-SEM. The results indicate that social capital significantly impacts collaborative innovation, collective intelligence and organization sustainability during the COVID-19 crisis. They also reveal that collective intelligence significantly impacts collaborative innovation and organization sustainability. This study enriches the literatu…
¿Quién paga, quién gana? El caso de la venta del BdV
2016
ResumenEl proceso de venta del Banco de Valencia gestionado por el FROB duró 10 días. La venta se adjudicó a CaixaBank por un euro después de recibir 5.500 millones de fondos públicos. El informe de Oliver Wyman de 2012 motivó dicha reanudación. En él se estimaban unas necesidades de 1.846 millones en el escenario base, escenario que ha sido peor que el real.Este trabajo analiza el valor del BdV. Los resultados indican que el valor mínimo del BdV para CaixaBank es de más de 4.000 millones de euros. Sin embargo, no se ha podido determinar el porqué de esta diferencia. Diferencia reconocida en las cuentas de CaixaBank. Sin embargo, el precio pagado, un euro, después de un sacrificio muy impor…
Learning from foreign operation modes: The virtuous path for innovation
2020
In this article, we analyze the impact of learning from internationalization on small and medium enterprises’ (SMEs) performance along different development paths. Drawing on the exploitation versus exploration logic, we use an alternative view of foreign operation modes (the learning perspective) to provide insights into the impact of such learning on technological and organizational innovation as well as overall performance. Our results, which are derived from a sample of 132 SMEs active in traditional manufacturing industries, point to a path to superior performance that entails resource-augmenting operation modes and organizational innovation. JEL CLASSIFICATION: O31; F23; L25; M10; M1…
Hedging foreign exchange rate risk: Multi-currency diversification
2016
Abstract This article proposes a multi-currency cross-hedging strategy that minimizes the exchange risk. The use of derivatives in small and medium-sized enterprises (SMEs) is not common but, despite its complexity, can be interesting for those with international activities. In particular, the reduction in the exchange risk borne through the use of natural multi-currency cross-hedging is measured, considering Conditional Value-at-Risk (CVaR) and Value-at-Risk (VaR) for measuring market risk instead of the variance. CVaR is minimized using linear programmes, while a multiobjective genetic algorithm is designed for minimizing VaR, considering two scenarios for each currency. The results obtai…
Return on capital in Spanish tourism businesses: A comparative analysis of family vs non-family businesses
2016
The analysis of the keys to competitiveness in the tourism sector has an unquestionable justification for its importance in the Spanish economy and its global growth prospects. The need for a better understanding of the keys to the competitiveness of the tourism firm is also fuelled by the magnitude of the challenges that it faces and by the sector structure, characterised by a notable weight of family-owned businesses. The objective of this research lies precisely in developing a diagnosis of the return on capital of the tourism sector and the determinants of its evolution in the family business (FB) vs non-family business (NFB). Specifically, this study focuses on the analysis of both fir…
Managing innovation of care services: An exploration of Norwegian municipalities
2016
AbstractThe social impact of care services provided by the public sector is significant. Nevertheless, these services have received relatively little attention from prior innovation management practices research. This paper addresses this gap by raising the question: What characterises management-driven innovation processes in public organisations providing care services? The qualitative exploration of this question is based on in-depth interviews with key managers in three Norwegian municipalities, and in-depth observation of one ongoing innovation initiative in one municipality. Our findings supplement the findings of prior research by showing that different actors are involved in differe…