Non-conventional data and default prediction: the challenge of companies’ websites

Small and Medium Enterprises (SMEs) contribution to the European Union economy has always been relevant, for both value added and the creation of jobs. That is why the prediction of their survival is considered one of the economic pillars UE keeps under observation. Default prediction models, accounting for SMEs idiosyncratic traits, are based on several types of data, mainly accounting indicators. Balance sheet data, indeed, are considered the standard predictors for classification models in this field, although they do not allow to completely overcome the information opacity that is one of the main barriers preventing these firms from accessing credit. In our work, we explore the possibility of complementing accounting information with data scraped from the firms’ websites. We modeled the data using a nonlinear discriminant analysis and we benchmarked the results with the Logistic Regression. The evidence of our study is promising although the combination of online and offline data shows better results in case of survival firms than for defaulted companies

Changes in corporate websites and business activity: automatic classification of corporate webpages

[EN] Every time a firm or institution performs an activity on the Web, this is registered, leaving a "digital footprint”. Part this digital footprint is reflected on their websites as these officially represent them on the Web. We plan to automatically monitor the changes that periodically occur in a website to relate them with the business activity. The aim of this paper is to propose a theoretical classification of corporate webpages to associate changes that occur on them with the regular activity of the firms, and to evaluate the possibility of an automatic categorization using classification models. To generate the classification of corporate webpages, a significant number of today corporate webpages were analyzed and observed, distinguishing four theoretical types of corporate webpages. To evaluate the automatic categorization of corporate webpages, a dataset of 1005 today corporate pages was generated by manually labeling them and evaluating their automatic categorization using classification models.This work was partially supported by grants PID2019-107765RB-I00 and funded by MCIN/AEI/10.13039/501100011033.Valenzuela Rubilar, JM.; Domenech, J.; Pont, A. (2022). Changes in corporate websites and business activity: automatic classification of corporate webpages. En 4th International Conference on Advanced Research Methods and Analytics (CARMA 2022). Editorial Universitat Politècnica de València. 213-220. https://doi.org/10.4995/CARMA2022.2022.1509021322

The evolution of web pages for a strategic description of large firms

Carefully examining the site map of a firm with a well-developed website can provide both patterns about its corporate strategy– considering all the elements that surround the organization–and a primary source for benchmarking. Our paper’s aim is to use this technique: (a) to highlight the key strategic management issues which affect the top large Spanish firms; and (b) to show trends identified amongst such companies during the last ten years. Our methodology consists of a content analysis focused on websites of the Ibex35 companies listed on the Spanish Stock Market. It includes drawing a comparison with these same websites as two photos with a difference of ten years. Rather than carrying out a breakdown of the businesses developed by each corporation, the appropriate approach is the assessment of their respective corporate principles, as this would allow for a better identification of the underlying managerial, organisational and strategic realities of these organisations. The results evidence the high usefulness of this technique when it comes to detecting the most significant strategic management issues faced by the leading large Spanish firms, as well as their evolution over time

Web pages as a tool for a strategic description of the Spanish largest firms

The need for this study lies in the assumption that an in-depth examination of the map site of a firm that has a well-developed website can provide patterns about its corporate strategy through all the elements surrounding the organisation, and even a primary source for benchmarking. This technique has made it possible to identify the key issues in the strategic management of the most excellent large Spanish firms and also to describe trends in this sense. The methodology used consisted in a content analysis of the web pages of the Ibex35 companies of the Spanish Stock Market. Rather than focusing on the breakdown of businesses developed by each corporation, it was thought more appropriate to assess their respective corporate principles, as this would allow a better identification of the underlying managerial, organisational and strategic realities of these organisations. As a conclusion we can say that thanks to this technique, it has been possible to identify the key issues in the strategic management of the most excellent large Spanish firms. Additionally, it is shown how this way of working can be generalised to any group of enterprises

Cues adopted by consumers in examining corporate website favorability: an empirical study of financial institutions in the UK and Russia

The purpose of this paper is to explore, reconcile and depict corporate website favorability (CWF), its antecedents and consequences in the financial setting in the UK and Russia context. To achieve the goals of this study, the research adopted a mixed method research design by using a survey, which is supported by insights from in-depth interviews and focus group discussions. Exploratory factor analysis (EFA), confirmatory factor analysis (CFA) and Structural equation modeling (SEM) were applied to gain insight into the various influences and relationships. The paper develops and empirically validates the framework of CWF antecedents and consequences. The paper indicates essential guidance for cross-functional managers and designers regarding the integrated and holistic utilization of building favorable corporate websites as part of the corporate identity management. The paper adds to the understanding of CWF and discusses the antecedents of CWF by drawing upon the existing literature. Furthermore, it offers possible consequences of CWF and provides a framework for future testing

4th. International Conference on Advanced Research Methods and Analytics (CARMA 2022)

Research methods in economics and social sciences are evolving with the increasing availability of Internet and Big Data sources of information. As these sources, methods, and applications become more interdisciplinary, the 4th International Conference on Advanced Research Methods and Analytics (CARMA) is a forum for researchers and practitioners to exchange ideas and advances on how emerging research methods and sources are applied to different fields of social sciences as well as to discuss current and future challenges. Due to the covid pandemic, CARMA 2022 is planned as a virtual and face-to-face conference, simultaneouslyDoménech I De Soria, J.; Vicente Cuervo, MR. (2022). 4th. International Conference on Advanced Research Methods and Analytics (CARMA 2022). Editorial Universitat Politècnica de València. https://doi.org/10.4995/CARMA2022.2022.1595

Cues adopted by consumers in examining corporate website favorability: an empirical study of financial institutions in the UK and Russia

The purpose of this paper is to explore, reconcile and depict corporate website favorability (CWF), its antecedents and consequences in the financial setting in the UK and Russia context. To achieve the goals of this study, the research adopted a mixed method research design by using a survey, which is supported by insights from in-depth interviews and focus group discussions. Exploratory factor analysis (EFA), confirmatory factor analysis (CFA) and Structural equation modeling (SEM) were applied to gain insight into the various influences and relationships. The paper develops and empirically validates the framework of CWF antecedents and consequences. The paper indicates essential guidance for cross-functional managers and designers regarding the integrated and holistic utilization of building favorable corporate websites as part of the corporate identity management. The paper adds to the understanding of CWF and discusses the antecedents of CWF by drawing upon the existing literature. Furthermore, it offers possible consequences of CWF and provides a framework for future testing

Design and Evaluation of Web-Based Economic Indicators: A Big Data Analysis Approach

Tesis por compendio[ES] En la Era Digital, el creciente uso de Internet y de dispositivos digitales está transformando completamente la forma de interactuar en el contexto económico y social. Miles de personas, empresas y organismos públicos utilizan Internet en sus actividades diarias, generando de este modo una enorme cantidad de datos actualizados ("Big Data") accesibles principalmente a través de la World Wide Web (WWW), que se ha convertido en el mayor repositorio de información del mundo. Estas huellas digitales se pueden rastrear y, si se procesan y analizan de manera apropiada, podrían ayudar a monitorizar en tiempo real una infinidad de variables económicas. En este contexto, el objetivo principal de esta tesis doctoral es generar indicadores económicos, basados en datos web, que sean capaces de proveer regularmente de predicciones a corto plazo ("nowcasting") sobre varias actividades empresariales que son fundamentales para el crecimiento y desarrollo de las economías. Concretamente, tres indicadores económicos basados en la web han sido diseñados y evaluados: en primer lugar, un indicador de orientación exportadora, basado en un modelo que predice si una empresa es exportadora; en segundo lugar, un indicador de adopción de comercio electrónico, basado en un modelo que predice si una empresa ofrece la posibilidad de venta online; y en tercer lugar, un indicador de supervivencia empresarial, basado en dos modelos que indican la probabilidad de supervivencia de una empresa y su tasa de riesgo. Para crear estos indicadores, se han descargado una diversidad de datos de sitios web corporativos de forma manual y automática, que posteriormente se han procesado y analizado con técnicas de análisis Big Data. Los resultados muestran que los datos web seleccionados están altamente relacionados con las variables económicas objeto de estudio, y que los indicadores basados en la web que se han diseñado en esta tesis capturan en un alto grado los valores reales de dichas variables económicas, siendo por tanto válidos para su uso por parte del mundo académico, de las empresas y de los decisores políticos. Además, la naturaleza online y digital de los indicadores basados en la web hace posible proveer regularmente y de forma barata de predicciones a corto plazo. Así, estos indicadores son ventajosos con respecto a los indicadores tradicionales. Esta tesis doctoral ha contribuido a generar conocimiento sobre la viabilidad de producir indicadores económicos con datos online procedentes de sitios web corporativos. Los indicadores que se han diseñado pretenden contribuir a la modernización en la producción de estadísticas oficiales, así como ayudar a los decisores políticos y los gerentes de empresas a tomar decisiones informadas más rápidamente.[CA] A l'Era Digital, el creixent ús d'Internet i dels dispositius digitals està transformant completament la forma d'interactuar al context econòmic i social. Milers de persones, empreses i organismes públics utilitzen Internet a les seues activitats diàries, generant d'aquesta forma una enorme quantitat de dades actualitzades ("Big Data") accessibles principalment mitjançant la World Wide Web (WWW), que s'ha convertit en el major repositori d'informació del món. Aquestes empremtes digitals poden rastrejar-se i, si se processen i analitzen de forma apropiada, podrien ajudar a monitoritzar en temps real una infinitat de variables econòmiques. En aquest context, l'objectiu principal d'aquesta tesi doctoral és generar indicadors econòmics, basats en dades web, que siguen capaços de proveïr regularment de prediccions a curt termini ("nowcasting") sobre diverses activitats empresarials que són fonamentals per al creixement i desenvolupament de les economies. Concretament, tres indicadors econòmics basats en la web han sigut dissenyats i avaluats: en primer lloc, un indicador d'orientació exportadora, basat en un model que prediu si una empresa és exportadora; en segon lloc, un indicador d'adopció de comerç electrònic, basat en un model que prediu si una empresa ofereix la possibilitat de venda online; i en tercer lloc, un indicador de supervivència empresarial, basat en dos models que indiquen la probabilitat de supervivència d'una empresa i la seua tasa de risc. Per a crear aquestos indicadors, s'han descarregat una diversitat de dades de llocs web corporatius de forma manual i automàtica, que posteriorment s'han analitzat i processat amb tècniques d'anàlisi Big Data. Els resultats mostren que les dades web seleccionades estan altament relacionades amb les variables econòmiques objecte d'estudi, i que els indicadors basats en la web que s'han dissenyat en aquesta tesi capturen en un alt grau els valors reals d'aquestes variables econòmiques, sent per tant vàlids per al seu ús per part del món acadèmic, de les empreses i dels decisors polítics. A més, la naturalesa online i digital dels indicadors basats en la web fa possible proveïr regularment i de forma barata de prediccions a curt termini. D'aquesta forma, són avantatjosos en comparació als indicadors tradicionals. Aquesta tesi doctoral ha contribuït a generar coneixement sobre la viabilitat de produïr indicadors econòmics amb dades online procedents de llocs web corporatius. Els indicadors que s'han dissenyat pretenen contribuïr a la modernització en la producció d'estadístiques oficials, així com ajudar als decisors polítics i als gerents d'empreses a prendre decisions informades més ràpidament.[EN] In the Digital Era, the increasing use of the Internet and digital devices is completely transforming the way of interacting in the economic and social framework. Myriad individuals, companies and public organizations use the Internet for their daily activities, generating a stream of fresh data ("Big Data") principally accessible through the World Wide Web (WWW), which has become the largest repository of information in the world. These digital footprints can be tracked and, if properly processed and analyzed, could help to monitor in real time a wide range of economic variables. In this context, the main goal of this PhD thesis is to generate economic indicators, based on web data, which are able to provide regular, short-term predictions ("nowcasting") about some business activities that are basic for the growth and development of an economy. Concretely, three web-based economic indicators have been designed and evaluated: first, an indicator of firms' export orientation, which is based on a model that predicts if a firm is an exporter; second, an indicator of firms' engagement in e-commerce, which is based on a model that predicts if a firm offers e-commerce facilities in its website; and third, an indicator of firms' survival, which is based on two models that indicate the probability of survival of a firm and its hazard rate. To build these indicators, a variety of data from corporate websites have been retrieved manually and automatically, and subsequently have been processed and analyzed with Big Data analysis techniques. Results show that the selected web data are highly related to the economic variables under study, and the web-based indicators designed in this thesis are capturing to a great extent their real values, thus being valid for their use by the academia, firms and policy-makers. Additionally, the digital and online nature of web-based indicators makes it possible to provide timely, inexpensive predictions about the economy. This way, they are advantageous with respect to traditional indicators. This PhD thesis has contributed to generating knowledge about the viability of producing economic indicators with data coming from corporate websites. The indicators that have been designed are expected to contribute to the modernization of official statistics and to help in making earlier, more informed decisions to policy-makers and business managers.Blázquez Soriano, MD. (2019). Design and Evaluation of Web-Based Economic Indicators: A Big Data Analysis Approach [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/116836TESISCompendi

Examining the influence of corporate website favourability on corporate image, corporate reputation, consumer company identification and loyalty: a study of consumers’ perception in the context of the financial setting in the United Kingdom and Russia

The main aim of this study is to add to the current knowledge about the corporate website favourability within the discipline of marketing by developing a rigorous conceptual framework of factors that influence corporate website favourability, and to explore how corporate website favourability contributes to building corporate image, corporate reputation, consumer-company identification and loyalty within the context of the financial setting in the UK and Russia. This research addresses two main questions: 1) what is the impact of the specific antecedents of corporate website favourability on corporate image, corporate reputation, consumer-company identification and loyalty? 2) what are the main favourable influences of corporate website favourability on corporate image, corporate reputation, consumer-company identification and loyalty? To achieve the goals of this research, the thesis adopts a mixed method research design - a predominantly quantitative approach, which is supported by insights from an exploratory phase that embodies in-depth interviews and focus group discussions. The thesis draws on attribution, social identity and signalling theories. Based on the multi-disciplinary approach, this study resulted in the introduction of a validated conceptual framework that explains the phenomenon of corporate website favourability. The conceptual framework was supported and enhanced by a qualitative study (in-depth interviews and focus groups) that added three factors which influence corporate website favourability: customer service, website credibility and perceived corporate social responsibility. The conceptual framework was empirically evaluated through the insights from 555 questionnaires in the UK and 563 questionnaires in Russia. The sample of respondents permitted multivariate data analysis to be conducted in both contexts. The data from two contexts (consumers from HSBC in the UK and Sberbank in Russia) were analysed separately. This research employed exploratory factor analysis (EFA), cronbach’s alpha, and confirmatory factor analysis (CFA) to ensure that the scales developed and adapted were robust in terms of validity and reliability. Afterwards, structural equation modelling (SEM) was used to conduct the hypothesis testing for each context. The model confirmed a good fit to the data, good convergent, discriminant and nomological validity and stable reliability in both contexts. The proposed conceptual model showed that 17 hypotheses in the UK and 14 hypotheses in Russia were supported out of the 19 hypotheses. Thus, overall, the research framework was generally supported in both contexts. The results indicated that navigation, information, security, availability, perceived corporate social responsibility, and perceived corporate culture influence corporate website favourability in the UK and Russia. Furthermore, the findings showed that the usability factor does not influence corporate website favourability in either country. Unexpectedly, the visual, customisation, website credibility, and customer service factors were rejected in Russia, but accepted in the UK. Additionally, corporate website favourability was found to have a direct positive affect on corporate image and satisfaction in both the UK and Russia. However, the relationship between attractiveness and corporate image was only supported in Russia, and not in the UK. In addition, in both contexts, corporate image was positively related to corporate reputation, corporate reputation was positively connected to consumer-company identification, and, finally, consumer-company identification was positively related to loyalty. This study is the first systematic research which has conceptualised and operationalised the notion of corporate website favourability, its antecedents and its consequences. It is anticipated to be of value in advancing existing knowledge by proposing a threefold theoretical contribution to the literature: 1) theoretical extension (level of conceptualisation and measurement); 2) assessment of theory; and 3) investigation of generalisation. Additionally, it is hoped that the findings of this research would make a substantial managerial contribution to the understanding of marketing and communication managers and website designers regarding the entire association among corporate website favourability, its antecedents and consequence. Furthermore, it is expected that this examination will enhance the knowledge of company decision-makers, communication professionals and website specialists about the building of a favourable corporate website in line with the corporate identity strategy of the company. Corporate website favourability should be adopted by companies, as part of the overall corporate identity management