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Article
Publication date: 19 August 2011

Paloma Almodóvar

Building on the recent literature on regionalization, the purpose of this paper is to explore the home‐region orientation of Spanish new multinationals in the manufacturing sector…

Abstract

Purpose

Building on the recent literature on regionalization, the purpose of this paper is to explore the home‐region orientation of Spanish new multinationals in the manufacturing sector and investigate the impact of the liability of foreignness (LOF) on Spanish firms.

Design/methodology/approach

The source of the empirical work is the Survey on Business Strategies from 2000 to 2008. The sample is fully representative of exporting Spanish manufacturing firms and collects more than 1,000 firms per year on average. The study defines and calculates the regionalization and multinationality ratios of home‐region oriented firms. Three moderating factors that affect the international behaviour of Spanish firms are introduced and analysed – the degree of foreign ownership, the level of advertising intensity and the level of research intensity.

Findings

The results demonstrate a strong home‐region orientation for Spanish exporting firms in manufacturing and that the three moderating factors are critical to their regional orientation and degree of multinationality. Furthermore, the results are linked to the LOF.

Originality/value

The paper sheds light on the regionalization topic, so far unexplored in the Spanish context. The original triad defined by Rugman is modified by dividing the world into three groups – the European Union, Latin America and the rest of the world – in order to fit Spanish interests. This paper contributes to understanding how firm specific advantages affect firms' behaviour and how they are related to the LOF.

Article
Publication date: 18 September 2007

Nieves Carrera, Nieves Gómez‐Aguilar, Christopher Humphrey and Emiliano Ruiz‐Barbadillo

In recent international debates on auditing regulation, Spain has assumed a real prominence as a claimed practical example of where a policy of mandatory audit firm rotation did…

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Abstract

Purpose

In recent international debates on auditing regulation, Spain has assumed a real prominence as a claimed practical example of where a policy of mandatory audit firm rotation did not work and was duly abolished. This study aims to provide an analysis of the implementation and subsequent removal of mandatory audit firm rotation in Spain in the 1990s.

Design/methodology/approach

This takes the form of historical analysis; the evidence in the paper derives from congressional hearings, financial newspapers and documents produced by the professional associations of auditors in Spain.

Findings

This paper demonstrates that at no stage was mandatory rotation of audit firms ever enforced on Spanish auditors. Further, the revision and subsequent removal of the Spanish law on mandatory audit firm rotation emerge as a rather politicized process, with no evident reference being made in the process of legislative reform to Spanish auditing experiences. The analysis also reveals that at the very time that Spain was being cited internationally for rejecting mandatory audit firm rotation, Spanish political parties and regulators were debating whether to “re‐introduce” such a regulation.

Originality/value

The clear implication of the paper is that considerable caution needs to be taken in today's international‐auditing arena, when analyzing the standpoints and claims made by professional associations and the evidence they provide to support their arguments for and against regulatory reform.

Details

Accounting, Auditing & Accountability Journal, vol. 20 no. 5
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 6 November 2018

Geeta Rani Duppati, Frank Scrimgeour and Albert Sune

This paper aims to examine the relevance of boards in driving firm level performance. For this purpose, it considers firms listed on Ireland and Spain stock exchanges for the…

Abstract

Purpose

This paper aims to examine the relevance of boards in driving firm level performance. For this purpose, it considers firms listed on Ireland and Spain stock exchanges for the period 2005 to 2014, over a period that includes the global financial crisis.

Design/methodology/approach

This study uses panel data regression analysis to analyse the effects of board characteristics on performance and also uses alternate model specifications to test the significance of robustness of relationships.

Findings

The impact of board size on performance is negative and significant for Irish and Spanish firms for the study period. In general, the board independence has a positive effect on the performance of Spanish firms for the complete study period and suggests consistency with the resource dependency theory.

Research limitations/implications

The analysis suggests that in general, the non-executive and the board size do not affect the corporate performance of Irish and Spanish firms during the financial crisis. The fixed effects model suggests positive effects of gender diversity on performance for Spanish firms, while the random effects indicates negative relationship between gender diversity and performance for Irish companies.

Practical implications

The evidence on the Spanish firms suggests that female representation on the boards may be critical during the financial crisis

Social implications

The quota legislation on female board representation in Spain is yielding superior results over the soft law approach by Irish firms during the times of financial crisis period.

Originality/value

This study contributes to the literature on the corporate governance practices and performance of two countries that were strongly affected by the crisis in the European Union. As governments increasingly contemplate board gender diversity policies, this study offers useful empirical insights on Spanish and Irish firms.

Details

Corporate Governance: The International Journal of Business in Society, vol. 19 no. 2
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 28 September 2012

Josep Tàpies and María Fernández Moya

The purpose of this article is to offer an empirical study on the particular topic of the role of values on longevity of family firms in order to open the future research agenda.

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Abstract

Purpose

The purpose of this article is to offer an empirical study on the particular topic of the role of values on longevity of family firms in order to open the future research agenda.

Design/methodology/approach

To analyse the first issue, the article contrasts samples from Spain, Italy, France and Finland. The second and third issues are focused on the Spanish sample, but, to enrich the debate, Italian and French samples have also been included.

Findings

The present paper seeks to shed light on this stream of research by developing an analysis that focuses on three key elements: the ranking of values that have the most influence on family business longevity, the process of value transmission, and the condition of longevity as an asset.

Originality/value

The link between longevity and values has been pointed out by several authors, who underlined values as an important factor to support a long‐term vision, as well as a source of competitive advantage based on using values as specific company resources. Nevertheless, not many empirical works have dealt with this topic.

Details

Journal of Family Business Management, vol. 2 no. 2
Type: Research Article
ISSN: 2043-6238

Keywords

Article
Publication date: 6 June 2016

M. Dolores Vidal-Salazar, Eulogio Cordón-Pozo and José M. de la Torre-Ruiz

The purpose of this paper is to analyze three different forms of benefit systems and the effects of their application on Spanish firms’ attraction and retention capacity…

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Abstract

Purpose

The purpose of this paper is to analyze three different forms of benefit systems and the effects of their application on Spanish firms’ attraction and retention capacity, differentiating these systems depending on the flexibility offered to the workers.

Design/methodology/approach

The data of this study have been collected from a sample of 308 human resources managers in Spanish firms, through an online questionnaire. The hypotheses were tested by ordinary least squares regression analyses.

Findings

The results show that firms having more flexible compensation systems, that is, those providing greater freedom to workers in the election of their benefits and the design of the benefit system, reported to have a higher attraction and retention capacity than firms offering to their employees a unique and similar benefit package for all the employees.

Research limitations/implications

Future studies could extent this study by analyzing different contexts in order to determine whether some institutional factors can influence these results. Similarly, it would be interesting to analyze the effects of these systems on other organizational outcomes, such as their financial performance.

Practical implications

Human resources policies and, especially, compensation policies have a significant influence on the ability of firms to recruit and retain core employees, necessary for corporate success. This study sheds light on the effectiveness of different benefits systems in enhancing the firms’ capacities to attract and retain core employees. Taking into account the hard financial and labor environment that the Spanish firms have to face, the results of this study can have important implications for managers.

Originality/value

This paper responds to recent calls asking for the necessity of analyzing the effect of different benefit systems in contexts different to the broadly considered American context. Similarly, these results could be applied to other countries with conditions similar to Spain, that is, countries where the benefit systems have been traditionally less flexible and with an offer of benefits quite different than firms located in countries where the State offers a less-social assistance to citizens.

Details

Employee Relations, vol. 38 no. 4
Type: Research Article
ISSN: 0142-5455

Keywords

Article
Publication date: 1 July 2005

Elizabeth F. Cabrera and José M. Carretero

This paper addresses the extent to which culture is affecting the adoption of global human resource management (HRM) practices by Spanish organizations. One of our main objectives…

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Abstract

This paper addresses the extent to which culture is affecting the adoption of global human resource management (HRM) practices by Spanish organizations. One of our main objectives was to offer a thorough review of the recent empirical evidence regarding HRM practices in Spanish organizations. Another goal was to discuss these findings in light of the Spanish culture in order to identify possible cultural barriers to the adoption of global HRM practices. Our results suggest that Spanish organizations are slowly adopting global practices; however, many traditional practices remain. We suggest that the cultural variables of low future orientation, high power distance, and low institutional collectivism may exert continuing pressures that will hinder the adoption of certain global HRM practices.

Details

Management Research: Journal of the Iberoamerican Academy of Management, vol. 3 no. 2
Type: Research Article
ISSN: 1536-5433

Keywords

Article
Publication date: 1 April 2004

Cristina Bayona, Pilar Corredor and Rafael Santamaría

This paper examines the impact of technological alliance announcements in a nonfavorable environment, using event study methodology that includes robust tests to allow…

Abstract

This paper examines the impact of technological alliance announcements in a nonfavorable environment, using event study methodology that includes robust tests to allow heteroskedasticity across firms and over time. The study is based on Spanish data, and focuses on the fact that Spanish market conditions do not favor firms that are deciding whether to enter a technological alliance. The paper is extended to analyze different features of alliances. Results suggest no stock market reaction on the day of the announcement, and a negative reaction on the days that follow. Our results also show that the stock market exacts no penalty on joint venture alliances, alliances involving public entities, alliances between Spanish firms, or alliances between competitors. The common feature revealed in these subgroups is the pursuit of security, a phenomenon that is consistent with the study environment.

Details

Management Research: Journal of the Iberoamerican Academy of Management, vol. 2 no. 1
Type: Research Article
ISSN: 1536-5433

Keywords

Article
Publication date: 29 July 2014

Paolo Saona and Eleuterio Vallelado

The purpose of this paper is to determine whether bank debt‐maturity decisions are conditioned by growth opportunities, the firms’ ownership structure, or the institutional…

Abstract

Purpose

The purpose of this paper is to determine whether bank debt‐maturity decisions are conditioned by growth opportunities, the firms’ ownership structure, or the institutional environment.

Design/methodology/approach

The empirical analysis is undertaken using an unbalanced panel data of Chilean and Spanish firms.

Findings

The results indicate that when banks are not allowed to become stockholders, managers use bank debt‐maturity as a corporate governance mechanism. When banks can participate in the ownership of the firms that they finance, short‐term bank debt can serve as a substitute for a governance mechanism.

Originality/value

The main contribution of this paper is the analysis of how differences in financial development among countries modify financial decisions by firms.

Details

Academia Revista Latinoamericana de Administración, vol. 27 no. 2
Type: Research Article
ISSN: 1012-8255

Keywords

Article
Publication date: 27 June 2023

Paolo Saona, Laura Muro, Pablo San Martín and Ryan McWay

This study aims to investigate how gender diversity and remuneration of boards of directors’ influence earnings quality for Spanish-listed firms.

Abstract

Purpose

This study aims to investigate how gender diversity and remuneration of boards of directors’ influence earnings quality for Spanish-listed firms.

Design/methodology/approach

The sample includes 105 nonfinancial Spanish firms from 2013 to 2018, corresponding to an unbalanced panel of 491 firm-year observations. The primary empirical method uses a Tobit semiparametric estimator with firm- and industry-level fixed effects and an innovative set of measures for earnings quality developed by StarMine.

Findings

Results exhibit a positive correlation between increased gender diversity and a firm’s earnings quality, suggesting that a gender-balanced board of directors is associated with more transparent financial reporting and informative earnings. We also find a nonmonotonic, concave relationship between board remuneration and earnings quality. This indicates that beyond a certain point, excessive board compensation leads to more opportunistic manipulation of financial reporting with subsequent degradation of earnings quality.

Research limitations/implications

This study only covers nonfinancial Spanish listed firms and is silent about how alternative board features’ influence earnings quality and their informativeness.

Originality/value

This study introduces measures of earnings quality developed by StarMine that have not been used in the empirical literature before as well as measures of board gender diversity applied to a suitable Tobit semiparametric estimator for fixed effects that improves the precision of results. In addition, while most of the literature focuses on Anglo-Saxon countries, this study discusses board gender diversity and board remuneration in the underexplored context of Spain. Moreover, the hand-collected data set comprising financial reports provides previously untested board features as well as a nonlinear relationship between remuneration and earnings quality that has not been thoroughly discussed before.

Details

Gender in Management: An International Journal , vol. 39 no. 1
Type: Research Article
ISSN: 1754-2413

Keywords

Article
Publication date: 5 March 2018

María Milagros Vivel-Búa and Rubén Lado-Sestayo

The purpose of this paper is to analyse the Spanish business sector’s economic exposure to currency risk in Latin America between 2010 and 2016, testing the effectiveness of…

Abstract

Objective

The purpose of this paper is to analyse the Spanish business sector’s economic exposure to currency risk in Latin America between 2010 and 2016, testing the effectiveness of hedging with derivatives for the reduction of this risk.

Methodology

Economic exposure is tested with the Jorion model (1990) using both a currency basket and an individualised analysis for the main currencies sustaining business activities between Spain and Latin America: the Mexican peso, Brazilian real, Argentine peso, Chilean peso, and Colombian peso. For the hedging analysis, dynamic panel data models were estimated using a generalised method of moments.

Results

The results reveal that the number of firms with significant economic exposure is sensitive to the temporal frequency of the observations. The evidence denotes that the firms’ export profile is predominant, both when considering a basket of Latin American currencies and when individually considering the five main pairs of currencies. The only exception is the Argentine peso, where firms’ import profile is slightly higher. The Chilean peso stands out as the currency with the greatest number of firms with significant exposure.

Originality

This work provides unpublished evidence on economic exposure to currency risk in Latin America in a recent period characterised by two main aspects: an important devaluation of some Latin American currencies with respect to the euro; and an enhancement of Spanish business activities in the region to favour growth during the recent recession of the Spanish economy.

Propósito

este trabajo analiza la exposición económica al riesgo cambiario en Latinoamérica por parte del sector empresarial español entre 2010 y 2016. Asimismo, evalúa la efectividad de la cobertura con productos derivados en su reducción.

Metodología

la exposición económica es estimada a través del modelo de Jorion (1990), utilizando tanto una cesta de divisas como un análisis individualizado para las principales divisas que sustentan la actividad entre España y Latinoamérica, a saber, Peso mexicano, Real brasileño, Peso argentino, Peso chileno, y Peso colombiano. Respecto al análisis de la cobertura, se estiman modelos dinámicos con datos de panel a través del método generalizado de momentos.

Resultados

los resultados muestran que el número de empresas con exposición económica significativa es sensible a la frecuencia temporal de las observaciones. Asimismo, la evidencia denota que el perfil exportador de las empresas es mayoritario, tanto al considerar una cesta de divisas latinoamericanas como, individualmente, los cinco principales pares de divisas. La única excepción es el peso argentino, donde el perfil importador de las empresas es levemente superior. Asimismo, el peso chileno destaca como la divisa con mayor número de empresas con exposición significativa.

Originalidad

este trabajo aporta evidencia inédita sobre la exposición económica al riesgo cambiario en Latinoamérica en un período reciente caracterizado por dos aspectos principales: i) una importante depreciación de algunas divisas latinoamericanas respecto al euro; ii) una potenciación de la actividad empresarial española en esa región para favorecer su crecimiento durante la reciente recesión de la economía española.

Details

Academia Revista Latinoamericana de Administración, vol. 31 no. 1
Type: Research Article
ISSN: 1012-8255

Keywords

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