This paper seeks to develop a theoretical model to explain the role of knowledge integration and knowledge options in the case of external knowledge acquisition via employee training. It considers ...types of knowledge acquired through specific or general training and heterogeneous or homogeneous production processes at companies. It also considers the possibility of opportunistic behaviour by trained employees. We propose key conditions that companies should consider when they acquire external knowledge by means of training. Insights are given into the process of and success conditions for dynamic value creation due to the adoption and the internal sharing of knowledge. Even at this early stage our theoretical model provides guidelines for decision-makers as to how to improve investments in training issues. The model leads to several propositions and provides a starting point for developing hypotheses that can be contrasted empirically in further research.
Purpose The gap that this research attempts to fill is to analyse the explanatory factor “industry” when assessing the reputation of a corporate group. In other words, this research attempts to ...demonstrate the impact of the “industrial halo” on the assessment of corporate reputation, given that, to date, the academic literature has not considered industry as an explanatory variable in the assessment of the reputation of private companies. Design/methodology/approach A sample of 43 Spanish companies was used to analyse the relationship between the reputation of firms as measured by the Merco Empresas index, and the industries to which they belong, after controlling for company performance, size, turnover, public recognition of their leadership, and corporate responsibility. This involved conducting a cross-sectional analysis of the relationship between the variables for each year in the time period from 2005 to 2016. The available data were taken from the firms' annual financial reports and websites, as well as from the Merco. Findings The paper shows the existence of industrial halos that account for the corporate reputation of businesses in Spain. It is also shown that industrial halos are not permanent over time, and that they tend to occur in years of crisis. Research limitations/implications It would have been desirable for this study to have had sufficient data to include other industries, but this was not possible. As for possible extensions, in addition to expanding the period considered, other analytical techniques, such as panel data models, could be applied to allow comparison with the results obtained here. Practical and social implications The results of this study have some practical implications. Firstly, firms that publish corporate reputation rankings should be aware of the distortion that the industrial halo can produce, especially in times of uncertainty, and seek to correct for it in their measurements. And secondly, corporate groups themselves should assume that the reputation of the industry affects their individual reputation, and consequently, they should see the other companies in the industry not only as competitors but also as “reputational allies”. They should therefore make collective efforts to improve in this respect, especially in the face of reputational crises. Originality/value This paper provides a better understanding of the relationship between the reputation of a company and the industry to which it belongs, and of its permanence over time. This relationship has been little studied in the Spanish market to date.
研究目的 本研究擬分析當企業集團的信譽被評估時的解釋性因素-行業,以填補現時的研究缺口。具體來說,研究人員鑒於學術文獻至今仍未於評估私營企業的信譽時、把行業當作是一個解釋變量來看待,故擬進行研究、以顯示行業光環在評估企業信譽時所產生的影響。 研究設計/方法/理念 研究使用的樣本為43間西班牙公司。研究人員分析以Merco Empresas 指數來測量的公司信譽與公司所屬行業之間的關係。有關的分析調控了公司的業績、規模、營業額、企業責任、以及企業領導能力的公眾認可程度所帶來的影響。研究人員對有關變量間的關係進行橫向分析 分析於2005年至2016年期間年度性地進行。現有數據取自有關公司的年度財務報表和其網站,也有取自Merco的。 研究結果 研究結果表明了可解釋西班牙企業信譽的行業光環是存在的。研究結果亦顯示、行業光環不是永恆的,而且,行業光環往往會在營運極其困難的年度內出現。 研究的原創性/價值 本文讓我們更深入瞭解公司信譽與公司所屬行業之間的關係,以及其在時間上的永恆性。就這相關的關係而言,探討西班牙市場的研究至今為數不多。
Benchmarking has been deemed useful for the study of regional competitiveness and innovation and is quickly expanding. The aim of this work is the formulation and validation of a method to select the ...right regions to compare. The proposed method is of general application and can therefore be used by any region across the world wishing to benchmark against others in the field of competitiveness and innovation. This method is carried out in two successive stages. In the first stage, regions with higher innovation and competitiveness than the region under study are identified. In the second, a subset of regions with a resource base similar to the one under study is selected, which makes them suitable for the comparison. The method is validated by applying it to a European region. The results show the validity and robustness of the proposed method.
Despite the significance of the subprime crisis, there are few studies of its impact on the dynamics between stock markets and exchange rates in Eurozone countries. This study helps to remedy that ...shortage by analysing the dynamics between the stock market and exchange rates for the Spanish economy in the period 1999-2015 with sub-periods 1999-2007 and 2008-2015, both before and after the financial crisis. We analyse the Granger causality between the Spanish stock market and real effective exchange rates and EUR/USD, EUR/JPY, EUR/CNY and EUR/GBP bilateral rates, through the Toda and Yamamoto procedure. To check robustness and sign in the direction of causality we use impulse-response analysis. On the one hand, the results show that the relationships analysed are significant only in the crisis sub-period (2008-2015), in which bilateral exchange rates lead fluctuations in the stock market while the latter leads the real effective exchange rate. On the other hand, for bilateral exchange rates the directions that show the impulse-response analysis are consistent with those shown in the Granger-causality analysis and the sign coincides with the data on the merchandise trade balance with the countries in question.
This paper seeks to analyze the influence investment in that investment in intangible resources, specifically training and advertising, has on the corporate market value. A sample of the main Spanish ...companies, those quoted on the IBEX-35, revealed that both investing in training and in advertising separately have a positive relationship with the Market/Book ratio a year ahead (in both periods analyzed, 2006–2009 and 2008–2011). Regarding the joint effect, a positive and significant impact is also seen in both periods. The results are even more relevant for the second period (2008–2011) and we could therefore check how investments made during the current period of crisis have had a higher impact on market value. The relevance of our paper for academics and practitioners should be noted, as there were no previous similar studies in Spain relating investments in these types of intangibles and market value using IBEX-35 companies. Practitioners likewise need to consider the positive effect on competitiveness of investment in competencies (human and relational competencies).
Problemática: la crisis subprime, junto con impactos como la covid-19 y el conflicto en Ucrania han expuesto los riesgos asociados a la globalización económica basada en redes de suministro ...complejas, pero vulnerables. Estos eventos, junto con otras críticas, han llevado a considerar también en las empresas la necesidad de ir hacia una cierta desglobalización. Ahora bien, ese posible mundo desglobalizado, con menor interconexión y cierta fragmentación, ¿será menos complejo e incierto? ¿Cómo debe afrontarlo la gestión empresarial? Objetivos: se pretende alcanzar dos objetivos: el primero es analizar las críticas al proceso de globalización y las posibles respuestas en forma de desglobalización; el segundo es mostrar desarrollos de gestión que permitan a las empresas afrontar el entorno futuro. Materiales y métodos: adoptando prácticamente un enfoque basado en la complejidad, se analiza la literatura sobre la globalización y la reciente desglobalización, así como sobre las últimas aportaciones en gestión empresarial frente a complejidad e incertidumbre. Resultados: el proceso hacia cierta desglobalización parece asentado, aunque el mundo futuro seguirá siendo complejo e incierto, por lo que se requiere adaptación de la gestión empresarial. Discusión: la gestión empresarial, especialmente a largo plazo, deberá experimentar cambios radicales, basados principalmente en ambidestrezas. Conclusiones: a mediano plazo, la acción empresarial debe centrarse en la reestructuración de las redes de suministro, la digitalización y la atención a las personas. A largo plazo se proponen como propósitos generales sostenibilidad e innovación, conseguibles mediante el desarrollo de varias capacidades interrelacionadas, donde se destacan seis ambidestrezas. Contribución/originalidad: este trabajo contribuye al análisis del entorno organizacional futuro desde un enfoque basado en la complejidad y avanza en la propuesta novedosa de varias ambidestrezas que deberán desarrollar las empresas para sobrevivir en el futuro previsible.
La pandemia de la covid-19 ha inducido una fuerte crisis económica, de duración e intensidad difíciles de prever. Muchas empresas de diferentes sectores han padecido sus efectos. ¿Qué puede hacerse ...para asegurar la supervivencia de las empresas, no solo frente a los efectos inmediatos de la crisis, sino, a más largo plazo, para superar las dificultades de un entorno progresivamente complejo e incierto? En este trabajo pretendemos aportar algunas respuestas al respecto. Por ello, tras examinar las características de esta crisis, tanto en sus diferencias como en sus similitudes con crisis anteriores, y aventurar algunas de las consecuencias esperables de la misma, se abordan sugerencias en el ámbito empresarial, tanto para superar sus efectos inmediatos como para afrontar la supervivencia empresarial a más largo plazo. A este último respecto, se plantea la consecución de dos propósitos básicos: la innovación y la sostenibilidad. Y para ello deben desarrollarse una serie de capacidades, en especial tres ambidestrezas.
This paper explains multi-tranche structuring and the yield that securitisation bonds offer by incorporating several factors into a comprehensive model. Results indicate that the degree of complexity ...of multi-tranche securitisation structures is related to market completeness and solving information asymmetry problems. We also find that the complexity of multi-tranche structure enables the yield offered by triple-A bonds to be reduced but not the average yield, concluding that tranching is a zero-sum game. This research uses a database comprising of all the MBS and ABS issues (1993-2011) in Spain, one of the world's main securitisation markets. Analysing this long period has allowed us, for the first time, to contrast the Great Financial Crisis (GFC) disruptive effect on the analysed relationships in the securitisation market.
Tras cuatro décadas de reformas estructurales, China se encuentra en un punto de inflexión histórico: depender básicamente de las exportaciones, o ser uno de los mayores productores, consumidores e ...inversores del mundo, con una importante presencia en las finanzas mundiales. Es cierto que en los últimos años han aparecido problemas, y que respecto del futuro se vislumbran incertidumbres, pero las autoridades chinas disponen todavía de margen para hacerles frente, y por otra parte continúan desarrollando iniciativas destinadas a expandir la presencia del país en la economía y las finanzas mundiales.En este trabajo en primer lugar se exponen los diversos aspectos de la presencia china en las finanzas mundiales, como son el tamaño de su sistema financiero, la tenencia de deuda externa pública estadounidense, la progresiva presencia internacional del yuan, manifestada por su entrada en la composición de los Derechos Especiales de Giro, y el incremento de las inversiones chinas en el exterior. Asimismo, se consideran las iniciativas de las autoridades chinas para incrementar la presencia de su país en el mundo, como son la “Iniciativa Belt and Road”, el “efecto China” como fuerza creadora de una nueva arquitectura económica y financiera mundial liderando al grupo de los BRICS, los acuerdos y tratados bilaterales de carácter comercial, monetario y de inversión, y el desarrollo de un mercado internacional para el oro físico en yuanes. Por último, se consideran los desafíos a los que deben hacer frente los gobernantes chinos para que tales iniciativas consigan sus objetivos.
In this paper, we discuss the evolution of the financial economic events that preceded the triggering of the subprime crisis. This crisis shares similarities with episodes that occurred in the ...previous two decades, coinciding with the development of the globalization process; one of them is the unpredictability of the events. There are a multitude of prediction and analysis models that are becoming increasingly more advanced, but they have shown a limited capacity to foresee financial and monetary crises. In this sense, the main objective of our research is to test the predictive validity of both the country risk index, published by Euromoney, and the credit ratings variable included therein, as a combination of the sovereign debt ratings issued by the three most relevant rating agencies. Specifically, we seek to verify if these country risk models are capable of foreseeing in the medium term the external financial crisis that occurred between 1992 and 2011. To this end, we apply logistic regression. We find that the results are negative, so it seems that neither the index nor the sovereign ratings are able to reflect the imbalances that may trigger crisis episodes. In this respect, we propose the development of new models for the correct management of country risk.
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