The impact of the circular economy on sustainable development: A European panel data approach

The circular economy (CE) has attracted considerable attention because of its potential to help achieve sustainable development (SD). This paper presents a comprehensive analysis of the effect of the CE on the three dimensions of SD at the country level. We analysed the impact of each CE source of value (renewable energy, reuse, repair, recycling) and the influence of an overall factor-analysis-derived measure of the CE on the economic, environmental and social dimensions of SD. The aim was to compare the individual impacts and outcomes of the CE and its sources of value in a single study. Panel data analysis was performed using a sample of 25 European countries for the period 2010 to 2019. The findings show a major impact of the CE on achieving SD, which has positive effects on the economy, environment and society. However, the results show that the impact of each CE value source on the three SD dimensions varies. While renewable energies and reuse reduce the impact on the environment, recycling has no effect, and repair increases GHG emissions. However, repair is the only CE source with a positive economic impact at the country level. Finally, renewable energy, repair and recycling reduce unemployment. Decision makers should conduct impact analysis to design suitable, efficient and targeted measures depending on each country's specific objectives

The impact of ownership structure on corporate reputation: evidence from Spain

Research Question/Issue: This study examines the influence of firms' ownership structure on corporate reputation. Research Findings/ Insights: Using archival data from a panel of firms in Spain for 2000–2007, we found that ownership concentration in the hands of the largest shareholder erodes corporate reputation, whereas contestability of the main shareholder's power enhances it. Insider ownership shows a non-linear relationship with corporate reputation, with lower corporate reputation at low and very high levels of insider ownership. Finally, if the largest shareholder is either a pressure-resistant or a pressure-sensitive institutional investor, as opposed to other types of largest shareholder, corporate reputation is lower. This last finding markedly differentiates our sample of firms in Spain, a civil law country, from firms in common law countries such as the USA and the UK, where studies have found a positive relationship between institutional investors and corporate reputation. Theoretical/Academic Implications: Drawing on signaling and agency theories, our paper is, to the best of our knowledge, the first to analyze the influence of ownership structure on corporate reputation in civil law countries. Practitioners/Policy Implications: This study suggests that managers and directors should recognize how each characteristic of ownership structure influences the expectations of stakeholders. Low levels of ownership concentration in the hands of the largest shareholders, low differences in ownership concentration between first and second largest shareholders, and moderate levels of insider ownership are positive signals that should be communicated to foster corporate reputation. High levels of ownership concentration in the hands of the largest shareholders or high differences in ownership concentration between first and second largest shareholders impair corporate reputation and should be compensated by introducing corporate governance mechanisms that favor corporate reputation, such as increasing the number of independent directors or avoiding CEO duality

La influencia de la estructura de propiedad sobre la reputación corporativa. Evidencia empírica para el caso español

Este trabajo ha obtenido el 2.º Premio Estudios Financieros 2008 en la modalidad de CONTABILIDAD Y ADMINISTRACIÓN DE EMPRESAS. Directivos y académicos coinciden en reconocer a la reputación corporativa como una de las principales fuentes de ventaja competitiva. La importancia de este activo no ha hecho sino aumentar el interés por el estudio de los factores que influyen en su consolidación. En este sentido, el objeto de este trabajo es analizar la influencia de la estructura de propiedad en la reputación corporativa. En particular, analizamos la influencia de la propiedad y naturaleza del principal accionista, de la presencia de un segundo accionista y de la propiedad de los consejeros sobre la reputación corporativa. Nuestros resultados, para un panel de empresas españolas cotizadas para el período 2000-2004, muestran una relación curvilínea tanto entre la concentración de la propiedad en manos del principal accionista y la reputación corporativa, como en el caso de la propiedad de los consejeros. La presencia de un segundo accionista con suficiente poder para controlar al principal accionista consolida la reputación corporativa. Finalmente, la naturaleza del principal accionista también parece influir en las percepciones de los stakeholders que conforman la reputación corporativa

¿Es relevante la reputación del Consejero Delegado? Un análisis de su influencia en los resultados empresariales para el contexto español

Previous literature has not still reached to a consensus on the influence of CEO's reputation on firm performance. Our research advances in this debate/discussion, and analyzes that influence on corporate reputation and firm performance. Moreover, we analyze the possible mediating effect of corporate reputation in the relationship of the CEO's reputation and firm performance. To test our hypothesis, we analyze a sample of 83 Spanish companies for the period 2000-2012. We use an analysis of dynamic panel data with the Generalized Method of Moments (GMM) to control the potential endogeneity. Our results show that CEO's reputation is positively related to the corporate reputation in periods of economic growth as crisis one. The results also show that CEO's reputation positively affects firm performance, but only in the period of economic crisis. Finally, we found that the relationship between CEO reputation and firm performance is not mediated by the corporate reputation. Our researchs help to explain the conflicting results of previous literature, and it has also implications for the selection and control of the Chief Executives.En la literatura no hay consenso sobre la influencia de la reputación del Consejero Delegado en el resultado de las empresas. Nuestra investigación avanza en este debate, y analiza dicha influencia en la reputación y la rentabilidad de la empresa, así como el posible efecto mediador de la reputación corporativa en la relación entre la reputación del Consejero Delegado y la rentabilidad. Para contrastar nuestras hipótesis analizamos una muestra de 83 empresas españolas para el periodo 2000-2012. Para controlar la posible endogeneidad, empleamos un análisis de datos de panel dinámico con el Método Generalizado de Momentos (GMM). Nuestros resultados muestran que la reputación del Consejero Delegado está positivamente relacionada con la reputación corporativa tanto en periodos de crecimiento económico como de crisis. Los resultados también evidencian que la reputación del Consejero Delegado afecta positivamente a la rentabilidad, pero únicamente en el periodo de crisis económica. Finalmente, encontramos que la relación entre la reputación del Consejero Delegado y la rentabilidad no está mediada por la reputación corporativa. Nuestra investigación contribuye a explicar los resultados contradictorios de la literatura previa, y también tiene implicaciones en la selección y el control de los Consejeros Delegados

La influencia de la intensidad de los lazos afectivos en el conflicto de agencia entre los directivos y los propietarios familiares

The literature on family firms has reiterated on innumerable occasions that succession is the principal challenge faced by these types of organizations. In the past, researchers have centred their attention on ownership dispersion, which takes place with generational change, and which causes the appearance of agency conflicts between the internal and external family owners in the management of the firm. However, this conflict may also be marked by another as yet unexplored aspect: changes in the intensity of the affective bonds. Thus, this study analyzes the influence of weakening family bonds in the impact of the conflict between family owners and family managers on the returns of family firms. Likewise, the capacity of different governance mechanisms to regulate this influence has been studied. An analysis performed on a sample of unlisted Spanish family firms show us that important qualitative changes occur in the first succession when the single affective core breaks up into different family units. Likewise, it is confirmed that the way in which direct control is exercised over family managers by family owners is an appropriate mechanism to regulate this conflict.La literatura en empresa familiar ha reiterado en innumerables ocasiones que la sucesión es el principal reto al que han de enfrentarse este tipo de organizaciones. Tradicionalmente, los investigadores han centrado su atención en la dispersión de la propiedad, que se produce con el cambio generacional, y que provoca la aparición del conflicto de agencia entre los propietarios familiares internos y externos a la gestión de la empresa. Sin embargo, desde nuestro punto de vista, este conflicto también está marcado por otro fenómeno aún inexplorado, el cambio en la intensidad de los lazos afectivos. Por este motivo este trabajo analiza la influencia del debilitamiento de los lazos afectivos en el impacto del conflicto entre los propietarios y los directivos familiares sobre los resultados de la empresa familiar. Asimismo, se ha estudiado la capacidad de distintos mecanismos de gobierno para regular esta influencia. Los resultados obtenidos de los análisis efectuados sobre una muestra de empresas familiares españolas no cotizadas permiten observar que el cambio cualitativamente importante se produce en la primera sucesión cuando el único núcleo afectivo se disgrega en distintas unidades familiares. Asimismo, se comprueba cómo el control directo que los propietarios ejercen sobre los directivos familiares es un mecanismo de gobierno apropiado para regular este conflicto

¿Cómo gestionar una buena reputación corporativa? Las empresas no solo deben ser socialmente responsables sino parecerlo

Corporate social responsibility (CSR) is considered as one of the main factors that affects corporate reputation and, therefore, CSR reporting quality can strengthen this relationship through two effects: first, it may improve credibility of CSR as it is a tool that allows reducing managerial discretion; and second, it may help to increase the visibility of CSR actions beyond the direct stakeholders involved in them. For this reason, this study aims to analyze the relationship between CSR and corporate reputation while it also tries to examine the existence of a moderating effect of the quality of the CSR information disclosed by the company in this relationship. The results of the analysis of an international sample of 133 companies for the period between 2011 and 2016, confirm that a good CSR positively affects corporate reputation and support the positive and significant effect of each of its dimensions (social, environmental and economic) on corporate reputation. On the other hand, results also reveal that CSR reporting quality increases the intensity of the effects of social and environmental performance on corporate reputation.La responsabilidad social corporativa (RSC) es considerada como uno de los principales factores que afecta a la reputación corporativa, y, por ello, la calidad de la información divulgada por la propia empresa sobre su RSC puede fortalecer esta relación a través de dos vías: primero, puede mejorar la credibilidad de la RSC al ser una herramienta que permite reducir la discrecionalidad directiva sobre esta; y segundo, puede ayudar a aumentar la visibilidad de las acciones de RSC más allá de los stakeholders directamente afectados por dichas acciones de la empresa. Por ello, este estudio tiene como objetivo analizar la relación entre la RSC y la reputación corporativa a la vez que trata de examinar la existencia de un efecto moderador de la calidad de la comunicación de la empresa sobre su RSC en esta relación. Los resultados del análisis de una muestra internacional de 133 empresas para el periodo comprendido entre 2011 y 2016 revelan que una buena RSC afecta positivamente a la reputación corporativa, confirmando el efecto positivo y significativo de cada una de sus dimensiones (social, medioambiental y económica) en la reputación de la empresa. Por otro lado, los resultados revelan que la calidad de la información divulgada por la empresa sobre su RSC aumenta la intensidad de los efectos del desempeño social y medioambiental de la empresa en su reputación corporativa

Diverse Large HIV-1 Non-subtype B Clusters Are Spreading Among Men Who Have Sex With Men in Spain

In Western Europe, the HIV-1 epidemic among men who have sex with men (MSM) is dominated by subtype B. However, recently, other genetic forms have been reported to circulate in this population, as evidenced by their grouping in clusters predominantly comprising European individuals. Here we describe four large HIV-1 non-subtype B clusters spreading among MSM in Spain. Samples were collected in 9 regions. A pol fragment was amplified from plasma RNA or blood-extracted DNA. Phylogenetic analyses were performed via maximum likelihood, including database sequences of the same genetic forms as the identified clusters. Times and locations of the most recent common ancestors (MRCA) of clusters were estimated with a Bayesian method. Five large non-subtype B clusters associated with MSM were identified. The largest one, of F1 subtype, was reported previously. The other four were of CRF02_AG (CRF02_1; n = 115) and subtypes A1 (A1_1; n = 66), F1 (F1_3; n = 36), and C (C_7; n = 17). Most individuals belonging to them had been diagnosed of HIV-1 infection in the last 10 years. Each cluster comprised viruses from 3 to 8 Spanish regions and also comprised or was related to viruses from other countries: CRF02_1 comprised a Japanese subcluster and viruses from 8 other countries from Western Europe, Asia, and South America; A1_1 comprised viruses from Portugal, United Kingom, and United States, and was related to the A1 strain circulating in Greece, Albania and Cyprus; F1_3 was related to viruses from Romania; and C_7 comprised viruses from Portugal and was related to a virus from Mozambique. A subcluster within CRF02_1 was associated with heterosexual transmission. Near full-length genomes of each cluster were of uniform genetic form. Times of MRCAs of CRF02_1, A1_1, F1_3, and C_7 were estimated around 1986, 1989, 2013, and 1983, respectively. MRCA locations for CRF02_1 and A1_1 were uncertain (however initial expansions in Spain in Madrid and Vigo, respectively, were estimated) and were most probable in Bilbao, Spain, for F1_3 and Portugal for C_7. These results show that the HIV-1 epidemic among MSM in Spain is becoming increasingly diverse through the expansion of diverse non-subtype B clusters, comprising or related to viruses circulating in other countries

Posicionamiento y clasificación de las entidades financieras: El caso de Burgos

El sector financiero español se encuentra inmerso en un proceso de concentración y reestructuración que genera cambios en las estrategias y modos de actuación de bancos y cajas con el fin de situarse de una forma más diferenciada en el mercado. En este trabajo analizamos las entidades financieras que operan en Burgos a partir de la valoración que otorgan sus clientes principales a atributos referidos a la entidad, sus productos y empleados. Seguidamente, procedemos a la clasificación de los individuos muestrales de acuerdo con sus características y su comportamiento

Global and local corporate social responsibility: a study of foreign entry mode choice in Spanish quoted firms

Purpose – This study examines the relationships between the foreign entry mode (FEM) used by a company, its global corporate social responsibility (CSR) and the host country's local CSR environment in Spanish quoted firms. Additionally, it seeks to explore the moderating role of the host country's CSR in the relationship between firm's global CSR and FEM. Design/methodology/approach – To test the proposed hypotheses, binary logistic regression is used with a sample of 418 foreign direct investment (FDI) operations between 2002 and 2008. This period is chosen with the aim of knowing what happened after the boom in Spanish investments abroad in the 1990s and the uncertainty of the early 2000s. Findings – The results reveal firm patterns of behaviour regarding the FEM of companies and the two types of CSR according to the proposed hypotheses. Furthermore, it is found that the host country's local CSR may not only have a direct influence on the FEM decision but may also moderate the relationship between the firm's global CSR and firm's entry mode in a host country. Originality/value – This is one of the first studies to propose as explanatory variables of FEM two types of CSR (firm's global CSR and host country's local CSR). This has been possible by the creation of an ad-hoc database with data from different information sources of FDI (Instituto Español de Comercio Exterior) and CSR [Eikon™ and AccountAbility National Corporate Responsibility Index (NCRI)].Propósito – Se examina las relaciones entre el modo de entrada en el exterior (MEE) de una empresa, su responsabilidad social corporativa (RSC) global y el entorno de RSC local del país de destino en empresas cotizadas en España. Además, analiza el papel moderador de la RSC del país de destino en la relación entre la RSC global de la empresa y el MEE. Diseño/metodología/enfoque – Se utiliza la regresión logística binaria con una muestra de 418 operaciones de inversión directa exterior (IED) entre 2002–2008. Este período se elige para conocer qué sucedió durante el auge de las inversiones españolas en el exterior a principios de 2000. Hallazgos – Los resultados revelan patrones de comportamiento en relación al MEE de las empresas y los dos tipos de RSC según las hipótesis propuestas. Además, se encuentra que la RSC local del país de destino puede también moderar la relación entre la RSC global de la empresa y el MEE. Originalidad/valor – Este es uno de los primeros estudios en proponer como variables explicativas del MEE, dos tipos de RSC (RSC global de la empresa y RSC local del país de destino), gracias a la creación de una base de datos ad-hoc con datos de diferentes fuentes de información de IED (ICEX) y RSC (Eikon ™ y AccountAbility NCRI)