Using data from 3,638 Spanish firms between 1996 and 2000, this article studies the relationship between the presence of large shareholders in the ownership structure of firms and R&D investment. ...Consistent with our theoretical contention, our results indicate that the impact of large shareholders on the R&D investment is (1) negative when blockholders are banks, (2) positive when blockholders are non-financial corporations and (3) null when blockholders are individuals. In addition, we find a systematic negative relationship between the number of blockholders and R&D investment. Finally, we extend our study by analysing the influence that the combined effect between blockholder type and R&D investment has on the firm’s economic performance. Results of this work provide relevant implications for policy makers and academic research.
In this paper, we argue that corporate social responsibility (CSR) to various stakeholders (customers, shareholders, employees, suppliers, and community) has a positive effect on global brand equity ...(BE). In addition, policies aimed at satisfying community interests help reinforce the credibility of social responsibility policies with other stakeholders.Wetest these theoretical contentions by using panel data comprised of 57 global brands originating from10 countries (USA, Japan, South Korea, France, UK, Italy, Germany, Finland, Switzerland, and The Netherlands) for the period from 2002 to 2008. Our findings show that CSR toward each of the stakeholder groups has a positive impact on global BE. In addition, global brands that follow local social responsibility policies in communities obtain strong positive benefits through the generation of BE, enhancing the positive effects of CSR toward other stakeholders, particularly customers. Therefore, for managers of global brands, when generating brand value, it is particularly effective to combine global strategies with the need to satisfy the interests of local communities.
Este trabajo aborda, en primer lugar, la modelización integrada de las duraciones de los contratos laborales y financieros, y predice la existencia de una correlación positiva entre ambas duraciones. ...En segundo lugar, se contrasta la relación entre la duración de la deuda y la política de contratación temporal de las empresas manufactureras españolas en el período 1983-95. En este análisis empírico encontramos evidencia favorable a la complementariedad en las duraciones de ambos tipos de contratos.---
In this paper we argue that corporate social responsibility (CSR) to various stakeholders (customers, shareholders, employees, suppliers, and community) has a positive effect on global brand equity ...(BE). In addition, policies aimed at satisfying community interests help reinforce credibility to social responsible polices with other stakeholders. We test these theoretical contentions using panel data comprised of 57 global brands originating from 10 countries (USA, Japan, South Korea, France, UK, Italy, Germany, Finland, Switzerland and the Netherlands) for the period 2002 to 2008. Our findings show that CSR to each of the stakeholder groups has a positive impact on global BE. In addition, global brands that follow local social responsibility policies over communities obtain strong positive benefits in terms of the generation of BE, as it enhances the positive effects of CSR to other stakeholders, particularly to customers. Therefore, for managers of global brands it is particularly productive for generating brand value to combine global strategies with the satisfaction of the interests of local communities.
We have two main objectives in this work. Firstly, to link product market structure with the inventory policy followed by firms. Secondly, to study the effect of different financila contracts in ...firm's policy, in particular in its inventory policy. This will allow to define for a given economic environment (expansions or recessions), and a given market structure, the best financial instruments to diminish the variability of stocks.
This paper has three objectives: first to analyze the interaction between the basic internal contracts that shape the firm (labour and financial contracts). In particular we show how their temporal ...dimension are related. The linkage between firm's internal contracts and the project choice (short-term or long-term) is the second objective of our study. Finally, we check how sensitive are the type of financial intermediary (banks or markets) to the relations previously studied. These results allow us to rationalize several facts to characterize the US-UK financial system and the German-Japanese one. Finally, as a direct implication our theoretical model, some empirical tests are proposed which are particularly relevant to describe some features of the Spanish economy.
Using data from 3,638 Spanish firms between 1996 and 2000, this article studies the relationship between the presence of large shareholders in the ownership structure of firms and R&D investment. ...Consistent with our theoretical contention, our results indicate that the impact of large shareholders on the R&D investment is (1) negative when blockholders are banks, (2) positive when blockholders are non-financial corporations, and (3) null when blockholders are individuals. In addition, we find a systematic negative relationship between the number of blockholders and R&D investment. Finally, we extend our study by analyzing the influence that the combined effect between blockholder type and R&D investment has on the firm’s economic performance. Results of this work provide relevant implications for policy makers and academic research.
In this article, we empirically assess the impact of the Corporate Ethical Identity (CEI) on the firm’s financial performance. Drawing on formulation of both normative and instrumental stakeholder ...theory, we argue that firms with a strong ethical identity achieve greater degree of stakeholder satisfaction, which in turn, positively influence the firms’ financial performance. We further analyze two different dimensions of the CEI of firms: corporate revealed ethics and corporate applied ethics. Our results indicate that while revealed ethics has informational worth and enhance shareholder value, applied ethics has a positive impact through the improvement of stakeholder satisfaction. However, revealed ethics by itself (i.e. decoupled from ethical initiatives) is not sufficient to boost economic performance.
In this paper we argue that corporate social responsibility (CSR) to various stakeholders (customers, shareholders, employees, suppliers, and community) has a positive effect on global brand equity ...(BE). In addition, policies aimed at satisfying community interests help reinforce credibility to social responsible polices with other stakeholders. We test these theoretical contentions using panel data comprised of 57 global brands originating from 10 countries (USA, Japan, South Korea, France, UK, Italy, Germany, Finland, Switzerland and the Netherlands) for the period 2002 to 2008. Our findings show that CSR to each of the stakeholder groups has a positive impact on global BE. In addition, global brands that follow local social responsibility policies over communities obtain strong positive benefits in terms of the generation of BE, as it enhances the positive effects of CSR to other stakeholders, particularly to customers. Therefore, for managers of global brands it is particularly productive for generating brand value to combine global strategies with the satisfaction of the interests of local communities
FUNDAMENTO y OBJETIVOS: Se estudia el efecto en la innovación farmacéutica de la cooperación entre universidades y empresas farmacéuticas en España. De modo análogo, se considera el efecto que tiene ...la universidad como fuente de información para la innovación en medicamentos. MATER IAL Y MeTOOO: Se emplean datos procedentes del panel de innovación tecnológica (PITEC) elaborado a partir de las encuestas de innovación de los años 2003 a 2005. Para un total de 132 empresas, se dispone de información de su actividad innovadora (cuatro indicadores), la cooperación con universidades, así como la utilidad del conocimiento que éstas generan. También se emplean variables de control como el tamaño del gasto en 1+0 o la actividad en biotecnología. R ESULlAOOS: El efecto de la cooperación con universidades es positivo y significativo (p < 0,01). Además se observa un efecto positivo de la 1+0 en biotecnología. De modo similar, el efecto de la universidad como fuente de información para la innovación es igualmente positivo (p < 0,01). CONCLUSIONES: Las empresas farmacéuticas que han cooperado con universidades tienen una mayor probabilidad de solicitar patentes, así como de que éstas les sean concedidas. Además, la proporción de ventas de productos nuevos es sensiblemente mayor en las empresas que han cooperado con universidades que en las que no lo hacen.---
