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This paper empirically examines whether the cultural environment plays a role in entrepreneurial decisions in Europe, the United States, Canada and Australia.

To explore this issue, we use data from the Adult Population Survey of 2010–2015 provided by the Global Entrepreneurship Monitor (GEM). To calculate the cultural factor, we utilize additional information from the GEM National Expert Survey data and estimate a probit model to measure the effect of culture based on an unobserved latent variable of satisfaction, measured through a dichotomous variable identifying entrepreneurs.

Results show a positive and statistically significant relationship between the cultural factor and the individual choice of entrepreneurial activity. Our findings are subjected to a range of robustness checks. We extend this analysis to an examination of cultural values as predictors of entrepreneurship status in collectivist and individualist countries. Our results point to collectivist and individualist roles as being among the mechanisms through which the cultural environment may operate.

This is the first empirical work that clusters a wide range of variables provided by the GEM NES data to obtain a cultural indicator, and then applies this indicator to the GEM APS micro-data. Policy-makers should consider these results in order to promote entrepreneurship through culture in collectivist and Mediterranean countries, but use other channels in individualist and Anglo-Saxon countries.

The purpose of this paper is to analyze whether family support, measured through the labor status of parents and the presence of both parents in the household during adolescence, may be an important determinant of unemployment in Spain.

To address this issue, we follow the Quantity-Quality model of Becker–Lewis (Becker and Lewis, 1973), using data from the Survey of Living Conditions (2011).

First, the results show that individuals living with both parents at home during their teenage years are less likely to be unemployed in the future. Second, the authors find evidence of the intergenerational transmission of unemployment outcomes, and that the unemployment status of the mother is strongly transferred to the child. Additionally, the authors extend this work to an analysis of other labor characteristics, finding that family support is an important determinant of self-employment and temporary employment. The findings are robust to controls for observable and unobservable characteristics by region, and to the use of different subsamples.

This study can be considered as first evidence of the effect of family support during adolescence on the Spanish labor market.

Europe’s leading marina group has cut employee turnover from around 30 percent to 18 percent, improved motivation and morale, and created an environment that embraces new ideas and products, through training that won a south‐east England award in the latest National Training Awards.

The purpose of this study is to analyse how implementation of corporate social responsibility (CSR) policies following United Nations’ Global Compact (UNGC) guidelines can contribute to firm’s performance during a global crisis, such as the case of COVID-19. Based on the triple bottom line theoretical framework, this work explores the relation between the creation of value and sustainable business models with long-term strategies and strong policy commitments, and their performance in the stock market years later during a crisis. By doing so, new insights on strategic management to create value and consolidate sustainable business models are provided.

The present study analyses firms within the context of the European Union, considering the involvement of the region in achieving sustainable development. In particular, the long-term impact in the usage of the UNGC management model and the firm's sustainability performance based on the results during COVID-19 crisis. To achieve this goal, energy firms operating in Spain and subscribing to UNGC were evaluated, specifically those publicly listed in the IBEX35, benchmark index of Spain's Stock Market Interconnection System. In addition, firms were also considered regarding the strong impact within their industries not only nationally but also worldwide.

Findings show long-term CSR strategies and a strong commitment to sustainable development contribute to firm’s overcoming periods of economic crisis. In addition, considering the environmental impact of the firms’ actions, transition to sustainable business and widening portfolio in the case of energy firms proved to have a positive impact in overcoming a hard context such as COVID-19. The virtuous cycle can be created by honouring the social contract, yet the tools and management models shall be further tailored to ensure an effective win-win situation.

This study evaluates a company's strategic involvement in sustainability, considering the UNGC 10 principles and SDG and the effects of these strategies in the long-term. Specifically, the role of UNGC management model is evaluated in designing effective policies that can help firms better overcome a context of crisis such as COVID-19. Consequently, researchers studying business strategy can incorporate the findings in strategic planning. Practitioners can learn the implications of CSR strategic planning in the long-term. Moreover, work illustrates corporate results in sustainability matters after the first decade of the UNGC management model and the impact of a crisis context.

The purpose of this study is to analyze the perception of CSR policies and the implementation of UNGC management model in firms operating at a national and an international level. Specifically, in the framework of stakeholder theory, this work explores the relation between internationalization and the usage of UNGC management model in the design and implementation of successful CSR strategies. By doing so, new insights on CSR management to gain competitive advantage are provided.

The present study analyzes impact of internationalization in their sustainability performance, as well as the relationship between the usage of the UNGC management model and the firm's sustainability performance. To achieve this goal, the Spanish firms subscribing to the UNGC were evaluated following the tenth anniversary of the Spanish UNGC Chapter's inauguration. Both internationalized companies and companies only operating at a national level were evaluated, first through a survey, followed by a focus group and lastly a qualitative analysis of their CSR performance reports.

Findings show that perception of CSR performance and relevance allocated to CSR matters is consistent with the firms' practices. However, internationalization does not hold a relation with the companies' performance in sustainability matters as expected due to a series of factors. Similarly, the implementation of the UNGC management model does not correlate to the firm's perception and performance. The virtuous cycle can be created by honoring the social contract, yet the tools and management models shall be further tailored to ensure an effective win-win situation.

This study evaluates a company's perception and strategic involvement in sustainability, considering the UNGC 10 principles and SDG. Specifically, the role of internationalization and usage of the UNGC management model are evaluated. Consequently, researchers studying business strategy can incorporate the findings in strategic planning. Practitioners can learn the implications of CSR strategic planning using the UNGC management model and the limitations of this tool, to ensure sustainable growth of their firms. Moreover, work illustrates corporate results in sustainability matters after the first decade of the UNGC management model implementation in a specific UNGC Chapter.

The purpose of this study is to evaluate whether the implementation of sustainable business models contributes to improving a firm’s performance during a global crisis, such as the one caused by COVID-19. Based on the triple bottom line theory, the paper explores the relation between the creation of value through solid corporate social responsibility (CSR) strategies, United Nations (UN) Global Compact’s (GC) business model proposals and Global Reporting Initiative’s (GRI) reporting scheme.

The present paper studies companies within the European Union, focusing specifically on the long-term impact of using the world’s most widely used standards for sustainability reporting – the GRI’s standards and/or the UNGC management models, as well as on the firm’s performance based on the financial results during COVID-19 crisis. To achieve this goal, the study analyses the share price of firms publicly listed in the FTSEMIB (benchmark index of Italy’s largest trading platform) out of those companies that are implementing the UN and GRI’s tools.

Findings show how a commitment to sustainable business models and long-term CSR strategies can contribute to firm’s ability to overcome periods of economic crisis. Furthermore, implementing GRI standards and UNGC guidelines within the business model seems to have a positive impact in overcoming a hard context such as COVID-19. In addition, it contributes to a better understanding of stakeholders’ needs, consumer profiling and value creation.

This study evaluates firms’ business models, considering the effects of decisions made in the context of COVID-19. The role of UNGC and GRI is evaluated in terms of their contribution to firms’ financial performance and corporate reputation during a context of hardship. Consequently, this study contributes to academia and practice, adding value in areas related to strategic planning and business model design.

This paper aims to investigate the internal factors of resources and capabilities of five born globals (BGs) from Estonia. It explores quantitatively the internal factors between a medium BG and four small BGs.

The study used a survey questionnaire in collecting information from the CEOs of BGs. The questionnaire consisted of 105 questions relevant to export sales related to differences in internal factors.

The firms’ size and industrial sector play a role in export sales due to differences in internal factors. Small BGs expect financially based rewards, non-financial rewards, the job satisfaction of sales representatives with the export manager, and with work in general, and the representatives’ job satisfaction is higher in the small BGs than in the medium BG. The sales representatives’ job performance, their work performance, sales presentations, technical knowledge, adaptiveness, teamwork, planning, support, the organisational capabilities for business identification, relationship-building and innovation are all higher in medium BGs than in small BGs. Eleven sub-constructs of the model were shown to be important for small BGs.

The current study is focused on BGs from Estonia, i.e. small BGs and medium BGs. The study contributes to the internal factors of resources and capabilities of BGs as well as to the literature review on BGs. It also provides a logical conceptual model, indicating that the export manager’s job satisfaction is the central construct influenced by antecedent factors and is related directly to the export sales performance of the BG.

This chapter seeks to provide an overview of the role that culture plays in the effective governance and sustainability of an entrepreneurial ecosystem (EE). In particular, the authors draw upon their own experience at “Marina de Empresas” (MdE), an EE located in Valencia (Spain). MdE is an emerging and exciting EE that provides a unique context. Within the same complex, an entrepreneurial university, an incubator and accelerator (Lanzadera), and an entrepreneurial financing company (Angels) are all co-located. Thus, in one locality, the complete cycle of entrepreneurship is covered. Through an embedded case study methodology and using semi-structured interviews carried out with multiple key stakeholder’s insights are generated into the distinctive culture that the ecosystem holds. In so doing, the impact of entrepreneurial values, entrepreneurial spaces, and entrepreneurial practices, are considered in relation to how they can influence ecosystem functioning. The aim is to provide comprehension toward the transcending value that culture emits across an entrepreneurial community. The findings are relevant to entrepreneurs, incubators, accelerators, and the policy makers.

This paper researches a bidirectional volatility transmission effect between stocks and exchange rate markets in the six East European and Eurasian countries.

Research process involves creation of transitory and permanent volatilities via optimal component generalized autoregressive heteroscedasticity (CGARCH) model, while these volatilities are subsequently embedded in Markov switching model.

This study’s results indicate that bidirectional volatility transmission exists between the markets in the selected countries, whereas the effect from exchange rate to stocks is stronger than the other way around in both short-term and long-term. In particular, the authors find that long-term spillover effect from exchange rate to stocks is stronger than the short-term counterpart in all countries, which could suggest that flow-oriented model better explains the nexus between the markets than portfolio-balance approach. On the other hand, short-term volatility transfer from stock to exchange rate is stronger than its long-term equivalent.

This suggests that portfolio-balance theory also has a role in explaining the transmission effect from stock to exchange rate market, but a decisive fact is from which direction spillover effect is observed.

This paper is the first one that analyses the volatility nexus between stocks and exchange rate in short and long term in the four East European and two Eurasian countries.

The purpose of this study is to evaluate the influence of sustainable business models in building corporate reputation and resilience. Specifically, the financial performance of listed companies will be evaluated following the beginning of the armed conflict in Ukraine on 24 February 2022. Taking as a standpoint the triple bottom line (TBL) theory, the case of firms listed in the Spanish IBEX-35 index is analysed. The present paper evaluates financial performance and corporate reputation, based on the usage of Environment, Social and Corporate Governance (ESG) strategies to adhere to their Corporate Social Responsibility (CSR).

To achieve this goal, energy firms operating in Spain are evaluated. Specifically, companies operating in the energy sector listed in the IBEX35, benchmark index of Spain’s largest trading platform are considered. The analysis comprises evaluating the fluctuation in the value of their stock and the influence of usage of renewable and other power sources that limit dependency on foreign events. In addition, communication and dissemination of non-financial information, and usage of international standards within these areas, are considered as well.

Results show long-term CSR commitments and ESG strategies significantly impact firm’s ability to overcome crises and improve financial performance. Additionally, energy firms that adhered to the energy transition into renewables display stronger performance and lower dependency on uncertain and weakened markets during the Ukraine armed conflict.

The results contribute to the advancement of the TBL theory and the creation of sustainable business models. By introducing ESG strategies, firms are able to improve the people-profit-planet balance and at the same time improve their resilience. This contributes to an overall enhancement of their capacity to overcome crises and sustain their financial performance and corporate reputation over time. Policy makers can also benefit from this knowledge, introducing regulation that promotes and supports companies’ development of their CSR through ESG strategies, to ensure more sustainable organisations that can support the economy in a context of hardship.

The analysis evaluates the results of a firm’s long-term commitment to the TBL through adequate ESG strategies when operating in unexpected and unprecedented hostile environments. Previous research has focused on the link between some variables concerning financial performance and ESG strategies yet not considering the specific context of an enhanced crisis (i.e. a pandemic and armed conflict). This can provide significant insight into the contribution that people, profit and planet can provide in building sustainable and successful organisations. Lastly, the paper outlines the key factors that contributed to the firm’s ability to overcome extreme hardships, such as operating in an environment affected by a combination of two crises.