Voto dual y efectos de segundo orden en las elecciones autonómicas y generales cuasi simultáneas de 2019 en España

Las elecciones autonómicas de 2019 en España se celebraron en un contexto de inestabilidad política y polarización en el país y apenas veintiocho días después de las elecciones generales. Aprovechando este escenario electoral cuasi simultáneo y sin precedentes, este artículo analiza el cambio de voto entre elecciones autonómicas y generales, tanto a nivel agregado como individual. Específicamente, el artículo explora si las elecciones regionales de 2019 cumplen con las expectativas del modelo de elecciones de segundo orden. Los resultados muestran que la cuasi simultaneidad entre las elecciones autonómicas y generales no implicó un mayor nivel de congruencia electoral. Además, si bien la mayoría de las predicciones del modelo de elecciones de segundo orden respecto a los resultados electorales agregados son válidas para las elecciones autonómicas de 2019, nuestros hallazgos sugieren que el voto dual a nivel individual no responde a la lógica del modelo de elecciones de segundo orden, sino más bien a consideraciones políticas regionales.The 2019 regional elections in Spain were held in a context of political instability and polarization in the country and just 28 days after the national elections. Taking advantage of this unprecedented quasi-simultaneous electoral setting, this article analyzes vote-switching between regional and national elections, both at the aggregate and individual levels. Specifically, it explores whether the 2019 regional elections match the expectations of the second-order election model. The results show that quasi-simultaneity between regional and national elections did not entail a higher level of election congruence. In addition, while most of the predictions of the second-order election model regarding aggregate election results hold for the 2019 regional elections, our findings suggest that dual voting at the individual level does not respond to the logic of the second-order election model but rather to regional political considerations

Analysis of the determinants of CSR disclosure in Spanish listed companies

Objeto: Este trabajo pretende profundizar en los determinantes de la divulgación de información sobre las acciones sociales que las empresas realizan. En particular, se centra en el papel que puede jugar un factor apenas considerado hasta el momento como es la estructura de propiedad. Diseño/metodología: Con el objetivo anterior, a partir de una muestra de empresas españolas cotizadas en el año 2008 hemos realizado un análisis de regresión lineal para analizar cómo la identidad del principal accionista de la empresa así como otras características empresariales afectan a la transparencia en RSC. Aportaciones y resultados: En contra de lo esperado, los resultados sugieren que la identidad del principal accionista no afecta a la transparencia informativa en RSC. Por el contrario, son otras características, como el tamaño de la empresa, su nivel de endeudamiento así como su nivel de transparencia en general, las que parecen explicar la transparencia sobre acciones socialmente responsables. Limitaciones: La existencia de otros indicadores de transparencia en RSC así como el haber realizado el estudio en un único país y en un momento temporal concreto, hace necesario ser cautos sobre los hallazgos obtenidos. estudio se encuadra en el ámbito de tres estados mexicanos y por tanto, los datos no son generalizables. El trabajo es un estudio exploratorio que nos aproxima a la realidad de las PYMES de México, no se pueden, por tanto, extraer relaciones de causalidad a partir de estos datos. Valor añadido: Un número reducido de estudios ha analizado la influencia de la estructura de propiedad en la transparencia en RSC, y además, de los pocos trabajos existentes, la mayoría se han centrado en el grado de concentración de la propiedad y no han tenido en cuenta la identidad o tipología del primer accionista.Purpose: This paper aims to analyse in depth the determinants of disclosure of corporate social activities. In particular, it is focused on a barely considered factor: ownership structure. Design/methodology/approach: Using a sample of Spanish listed companies in 2008 we employed a OLS model to analyse how the identity of the largest shareholder as well as other firm characteristics may influence the disclosure of social activities. Findings and Originality: Contrary to our expectations, the findings suggest that the identity of the main shareholder does not affect the disclosure of social activities. On the contrary, firm size, leverage and general level of disclosure seem to explain the information provided by the firms related to their social activities. Research Limitations/implications: Our results should be considered with caution because we have used a specific measure of disclosure of social activities and our study is carried out in a specific country and period of time. Originality/value: A reduced number of studies have analysed the influence of firm ownership structure on the disclosure of social activities, and the existing studies have mainly considered the ownership concentration but not the identity of the largest shareholder.Peer Reviewe

Explaining the performance of Spanish privatised firms: a panel data approach

[EN] Using a panel data of 70 Spanish privatised firms, we study whether the shares held in the divested firms’ capital by employees, managers and the State, the nationality of the buyer, the economic environment, as well as the firms’ size, may explain the performance of privatised firms. The results suggest that firms in which the State completely relinquishes control have more probabilities of maximizing efficiency. Besides, the entrance of foreign investors in the firms’ capital may provide firms with new know-how and access to new technologies and markets that may also improve the success of privatisations processes. Moreover, the results suggest that privatisations of SOEs per se may not be sufficient to improve their performance, since privatisations that are accompanied by liberalisation programs and competition turn out to be more successful. Finally, these results are in general terms the same both for firms privatised through direct sale and public offering

Determinants of post-privatisation performance of Spanish divested firms

[EN] This paper analyses the factors which may explain the improvements in performance taking place after privatisations. Using a sample of 58 Spanish privatised firms within the period 1985-2000, we find no significant mean increases in industry adjusted profitability and efficiency following privatisation over a medium term horizon (three years), although the results vary according to the privatised firm. More than 50% of the firms show increases in profitability and over 45% show increases in efficiency after the first stage of the privatisation process. When we analyse how different characteristics of the privatisation processes may explain the observed performance changes, the results suggest that competition may play an important role in the success of privatisation processes. Efficiency gains seem to take place in competitive markets, not in utilities. The results also suggest some positive influence of factors such as the entrance of foreign investors, the relinquishment of control by the State over privatised firms and the firms’ size on the performance of privatised firms

Introduction to Special Issue “Advances in Sustainability-Oriented Innovations”

8836This Special Issue focuses on the study of Sustainability-Oriented Innovations (SOIs). Our purpose is to shed light on the SOIs literature regarding their determining factors, implications and new challenges for the future. In this editorial, we are delighted to present the three papers included in this Special Issue. Each of them tackles di erent issues related to SOIs having important academic and managerial implications. Two papers analyze the influence of SOIs on urban development and resource productivity, respectively, and the third studies SOIs determinants, in particular, cooperation networks. Moreover, two of the papers analyze SOIs considering territory (cities or countries) as their unit of analysis while the third focuses on firms. This denotes that SOIs’ actions are important whatever the level of analysis and as either a determinant or a consequence.S