Do cultural and creative entrepreneurs make affectively driven decisions? Not when they evaluate their opportunities

Our research studies the influence of positive affect on entrepreneurs' evaluations of opportunities (i.e. novelty assessments and entrepreneurial selection) as well as how this influence may be different for entrepreneurs belonging to cultural and creative industries. Drawing on arguments on the role of affect in cognition and considering the particular situational and individual-level factors of entrepreneurship in cultural and creative industries, we hypothesize that positive affect influences entrepreneurs' opportunity evaluation. We also hypothesize that this effect of positive affect is barely present for cultural and creative entrepreneurs. We test our hypotheses in a sample of nascent entrepreneurs who took part in entrepreneurship training programmes in six incubators in Spain, who we asked to evaluate their own opportunity. Our results show that positive affect positively impacts the perceived novelty and entrepreneurial selection of non-creative entrepreneurs though this impact is limited for cultural and creative entrepreneurs

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

Family CEO affect and R&D investments of family firms: The moderation effect of family ownership structure

The last decades have seen increasing interest in the determinants of heterogeneity in family firm innovation. In this study, we respond to recent calls to address the micro-level mechanisms behind innovation in family firms. Specifically, we analyze the effect of family CEO affect, namely positive and negative affective traits, on the R&D investment decisions of family firms. We also analyze the moderating effect of family ownership structure on the influence of CEO affect on these strategic decisions. Consistent with affect maintenance arguments, our findings of a sample of 142 Spanish family firms show that positive family CEO affect negatively influences the R&D investments of family firms, while negative affect positively influences these investments. The results also show that family CEO ownership and family CEO branch ownership strengthen the effects of family CEO affect on R&D investments, whereas ownership concentration in other family branches weakens these effects.This work was supported by grant from the Spanish Ministry of Science and Innovation (Ministerio de Ciencia e Innovacion) ´ PID2020-120288 GB-I00

The role of affect in the development of entrepreneurial intentions

Producción CientíficaAdvances on the study of entrepreneurial intention among students from universities motivate to further investigate the factors behind this intention. In this paper, we focus on the effect of affective traits (positive and negative) on the entrepreneurial intention antecedents proposed by Ajzen’s theory of planned behavior drawing on the arguments of affect priming. Using a sample of 597 students from Spain, we use structural equation model to test our hypotheses. Our results show that positive affective traits have a positive impact on the attitude toward entrepreneurship (ATE), perceived behavioral control of entrepreneurship (PBC), and social norms toward entrepreneurship (SN). Negative affective traits negatively influence ATE and SN, but not PBC. In addition, using a K-means clustering analysis and an analysis of variance, our study further explores how different affective personalities relate to a particular level of entrepreneurial intention. Our results contribute to understand of the psychological processes that influence entrepreneurial intention. Overall, our research contributes to the literature on affect and entrepreneurial cognition by evaluating the interaction of affect and the cognitive antecedents of entrepreneurial intention

¿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 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

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

Are interactions between need for achievement and social networks the driving force behind entrepreneurial Intention? A trait activation story

Producción CientíficaEntrepreneurial intention plays a key role in entrepreneurship. Over the years, scholars have explained it using personality traits, cognitive models and, to a lesser extent, the role of social environment. Since this role has been underestimated, we build on trait activation theory to explore how social networks are especially relevant and can trigger the activation of individuals’ need for achievement to predict entrepreneurial intention. We test our hypotheses on a sample of 597 university students from Spain using partial least squares (PLS). Our results confirm that social network size positively influences the entrepreneurial information obtained in social networks, which in turn, positively impacts entrepreneurial intention. Additionally, we found that need for achievement is activated in the context of social networks, enhancing the influence of this information on entrepreneurial intention. Through fuzzy-set qualitative comparative analysis (fsQCA), we also identify alternative configurations of the previous variables that lead to greater entrepreneurial intention

Investigación para la coordinación entre asignaturas dela materia organización de empresas en el Grado de Administración y Dirección de Empresas

Ponencia presentada en: VIII Jornadas de Innovación Docente de la UBU, Burgos, 5 de abril de 2016, organizadas por el Instituto de Formación e Innovación Educativa-IFIE de la Universidad de Burgo