Historia de Unión Fenosa no marco do sector eléctrico 1982 - 2008. Evolución empresarial, financeira e impacto do marco regulador

O presente traballo ten por obxectivo analizar a vida de Unión Fenosa como unha das principais empresas do sector eléctrico español. Dende o ano 1982, no que FENOSA e Unión Eléctrica Madrileña deciden realizar a súa fusión, a compañía situarase como unha empresa de tamaño medio, que foi quen de adaptarse a diversos contextos para sobrevivir até a súa desaparición no ano 2008. Así, analizaranse as diversas estratexias empresariais desenvoltas pola empresa no marco do sector eléctrico, moi cambiante no período, facendo especial énfase ás condicionantes económicas, financeiras e reguladoras, determinantes nun sector como o eléctrico. Deste xeito, valorarase a necesidade real de realizar a fusión, así como as diversas estratexias empresariais, dende a necesidade de asumir o novo marco regulador para afrontar os problemas da débeda até a necesidade de expansión da compañía, en particular sobre a base da internacionalización e a diversificación empresarial. Deste xeito, o factor fundamental para a fusión entre ambas compañías pasaba pola necesidade de solventar os importantes problemas financeiros dunha estratexia de investimentos demasiado grande para as necesidades do mercado nun contexto complexo: desaceleración de consumo eléctrico, deterioro do tipo de cambio e elevados tipos de xuro. Ante esta situación a fusión preséntase como mecanismo para ampliar a escala da compañía e conseguir superar estes problemas, en paralelo á actuación do sector público, fundamental para que o sector eléctrico pervivise no tempo. Unha vez superados os problemas financeiros, a compañía inicia unha senda de crecemento baseada en primeiro lugar na internacionalización e diversificación da compañía ante o esgotamento do mercado natural nun sector maduro como o eléctrico en España, para posteriormente dar lugar a unha nova estratexia de retorno dos investimentos para afrontar os crecementos da demanda eléctrica de comezos da década dos 2000, o que supuxo abandonar a estratexia previa de constitución dunha empresa transnacional multiservizos para converterse nunha empresa integral da enerxía a través da expansión do negocio eléctrico e a creación dunha sección adicada ao control da cadea de valor do gas

Mortalidad empresarial en Galicia, 1972-2008 : factores de impacto y gestión del riesgo

El objetivo que se plantea este estudio es conocer las principales causas de mortalidad de un grupo de empresas gallegas durante el periodo de cuarenta años que transcurre entre el comienzo de la crisis del petróleo y el de la Gran Recesión de 2008, y si, en este turbulento periodo caracterizado por un pro-ceso de globalización muy fuerte y por la existencia de diversos shocks y crisis recurrentes, la falta de buenas prácticas en la política de gestión de riesgos tuvo algún efecto en aquell

Size and survival: an analysis of the university spin-offs

Universities have created USOs to exploit the research knowledge and contribute to the economic development of their regions in the last decades, leading to an extensive literature on the topic. However, this growing literature has widely overlooked the links between firm size and survival. This paper explores simultaneously the role of size and other firm characteristics on the likelihood of the USOs’ survival, mainly drawing on the RBV of the firm. The empirical study uses an unbalanced panel consisting of 2,220 observations from 465 Spanish USOs observed between 2005 and 2013 and event (survival) analysis techniques. The results confirm than firm size is positively associated with the USOs’ survival. Moreover, the empirical evidence seems to support the existence of a minimum size that, once reached, makes the failure risk of USOs not significantly dependent on size itself. The findings also confirm that the determinants of survival consistently differ between micro USOs and SML USOs. Thus, the survival of micro USOs is negatively affected by those activities that involve high needs of resources, like patent activity or debt payment. In contrast, exporting increases the survival probability of SML USOsS

Os fatores determinantes do empreendedorismo estudantil de administração de empresas. : Uma análise descritiva para o caso da Costa Rica da Universidade Estatal a Distância da Costa Rica

Uncertainty on labour market makes entrepreneurship an alternative to absorb unemployment, also contributing to create social welfare. University students play an important role to develop entrepreneurship given his formal education. This paper analyses perception of business students in Costa Rica about entrepreneurship, including difference by gender. A survey was created to make the study, which was answered by students of the Universidad Estatal a Distancia de Costa Rica. Results show that personal factors are the most important to boost entrepreneurship, but macroeconomic factors slow down his development. At the same time, gender differences are relevant. We also propose some recommendations on economic policy based on these results.Dadas las incertidumbres en el mercado de trabajo, el emprendimiento se presenta como una alternativa relevante para absorber los excedentes de mano de obra existentes, contribuyendo además a un mayor bienestar social. En particular, los estudiantes universitarios juegan un papel importante para el desarrollo del emprendimiento dada su formación formal. Por ello, en el presente artículo se trata de observar la percepción sobre el emprendimiento entre estudiantes de administración de empresas en Costa Rica, incluyendo también una diferenciación por género. Para realizar el estudio se emplearon encuestas entre estudiantes universitarios de la Universidad Estatal a Distancia de Costa Rica. Los resultados muestran que son los factores personales los que en mayor medida impulsan el interés sobre el emprendimiento, si bien existen factores macroeconómicos que limitan su desarrollo. Del mismo modo, las diferencias de género en las respuestas son relevantes. En base a los resultados obtenidos se realizan una serie de recomendaciones de política económica.Dadas as incertezas no mercado de trabalho, o empreendedorismo é apresentado como uma alternativarelevante para absorver os excedentes de trabalho existentes, além de contribuir para um maior bem-estar social. Em particular, os estudantes universitários desempenham um papel importante no desenvolvimento do empreendedorismo, devido à sua formação formal. Por esse motivo, este artigo tenta observar a percepção de empreendedorismo entre estudantes de administração de empresas da Costa Rica, incluindo também uma diferenciação por gênero. Para a realização do estudo, foram utilizadas pesquisas entre estudantes universitários da Universidad Estatal a Distancia de Costa Rica. Os resultados mostram que fatores pessoais são os que mais despertam interesse no empreendedorismo, embora existam fatores macroeconômicos que limitam seu desenvolvimento. Da mesma forma, as diferenças de gênero nas respostas são relevantes. Com base nos resultados obtidos, é feita uma série de recomendações de política econômica

A EVOLUCIÓN DO MIX ELÉCTRICO EN DIVERSOS PAÍSES EUROPEOS, 1995-2014: ALEMAÑA, FRANCIA, REINO UNIDO, DINAMARCA, ITALIA E ESPAÑA

A transformación do mix eléctrico nas últimas décadas foi un dos piaresfundamentais da estratexia empresarial no sector enerxético. Tendo en conta as enormesdiferenzas entre países, a escasa conexión eléctrica europea e o grao de concentraciónempresarial, avalíase a evolución en 6 países europeos. O presente estudo realiza unhaanálise descritiva desta transformación, tendo en conta a evolución de diversas variablescuantitativas no sector. As evolucións son dispares, baseadas moitas veces en realidadesestatais diferentes. A mesma estrutura do sector, dende mercados liberalizados eteoricamente en competencia con outros regulados e baseados en campións nacionaiscomo grandes empresas eléctricas que controlan boa parte do sector impide realidadessemellantes, malia que a regulación europea trata de homologar a realidade continentalpara o sector. Do mesmo xeito, as transformacións internacionais teñen un impactodeterminante na toma de decisións semellantes do sector, malia que moitas veces conestratexias dispares. En particular, a redución do consumo de fuel oil para a produción e aintrodución de novas tecnoloxías renovables son procesos comúns por múltiplesempresas. O presente traballo trata tamén de realizar un estudo comparativo, dende unhaperspectiva rexional, dunha importante empresa eléctrica como Unión Fenosa con parteda contorna europea nos anos de vida da compañía, entre 1982 e 2007.The transformation of the electricity mix in the past decades has become one ofthe cornerstones of business strategies in the energy industry. Whilst weighing theconsiderable differences among countries, the scarce electricity connection in Europe andthe degree of existing business clusters, the evolution is assessed in six Europeancountries. This paper aims to offer a descriptive analysis of such changes, bearing in mindthe evolution of various quantitative variables in the industry. Progress is unalike,frequently based on different state circumstances. The mere structure of the industry,from liberalized markets theoretically competing against other regulated ones which arenational leaders as big electrical companies controlling a huge share of the industry,presents similar circumstances despite the fact that European regulations aims tostandardize conditions throughout the continent in the industry. Likewise, internationaltransformations have a fundamental impact on similar decision-making processes in theindustry, even though these might often result in different strategies. In particular, areduction of fuel oil comsumption encouraging the production and introduction ofrenewable technologies are common processes for several companies. This paper alsoaims to present a regional comparative study between an electricity provider as importantas Unión Fenosa and the European zone during the years the company has existed, ie,between 1982 and 200

A evolución do mix eléctrico en diversos países europeos, 1995-2014: Alemaña, Francia, Reino Unido, Dinamarca, Italia e España

The transformation of the electric mix in the last decades has been one of the fundamental pillars of the business strategy in the energy sector. Taking into account the huge differences between countries, the low European electricity connection and the degree of business concentration, the evolution in 6 European countries is evaluated. The present study performs a descriptive analysis of this transformation, taking into account the evolution of various quantitative variables in the sector. The evolutions are disparate, based on many occasions in different state realities. The very structure of the sector, from liberalized markets and theoretically in competition to others regulated and based on national champions such as large electricity companies that control a large part of the sector, prevents similar realities, although European regulation tries to standardize the continental reality for the sector. In the same way, international transformations do have a decisive impact in making similar decisions in the sector, although often with disparate strategies. In particular, the reduction of fuel oil consumption for production and the introduction of new renewable technologies are common processes by multiple companies. The present work also tries to perform a comparative study, from a regional perspective, of an important electricity company such as Unión Fenosa with part of the European environment in the years of the company's life, between 1982 and 2007.A transformación do mix eléctrico nas últimas décadas foi un dos piares fundamentais da estratexia empresarial no sector enerxético. Tendo en conta as enormes diferenzas entre países, a escasa conexión eléctrica europea e o grao de concentración empresarial, avalíase a evolución en 6 países europeos. O presente estudo realiza unha análise descritiva desta transformación, tendo en conta a evolución de diversas variables cuantitativas no sector. As evolucións son dispares, baseadas moitas veces en realidades estatais diferentes. A mesma estrutura do sector, dende mercados liberalizados e teoricamente en competencia con outros regulados e baseados en campións nacionais como grandes empresas eléctricas que controlan boa parte do sector impide realidades semellantes, malia que a regulación europea trata de homologar a realidade continental para o sector. Do mesmo xeito, as transformacións internacionais teñen un impacto determinante na toma de decisións semellantes do sector, malia que moitas veces con estratexias dispares. En particular, a redución do consumo de fuel oil para a produción e a introdución de novas tecnoloxías renovables son procesos comúns por múltiples empresas. O presente traballo trata tamén de realizar un estudo comparativo, dende unha perspectiva rexional, dunha importante empresa eléctrica como Unión Fenosa con parte da contorna europea nos anos de vida da compañía, entre 1982 e 2007

Los factores determinantes del emprendimiento en estudiantes de administración de empresas.: Un análisis descriptivo para el caso costarricense a partir de la Universidad Estatal a Distancia de Costa Rica

Dadas las incertidumbres en el mercado de trabajo, el emprendimiento se presenta como una alternativa rele-vante para absorber los excedentes de mano de obra existentes, contribuyendo además a un mayor bienestar social. En particular, los estudiantes universitarios juegan un papel importante para el desarrollo del empren-dimiento dada su formación formal. Por ello, en el presente artículo se trata de observar la percepción sobre el emprendimiento entre estudiantes de administración de empresas en Costa Rica, incluyendo también una diferenciación por género. Para realizar el estudio se emplearon encuestas entre estudiantes universitarios de la Universidad Estatal a Distancia de Costa Rica. Los resultados muestran que son los factores personales los que en mayor medida impulsan el interés sobre el emprendimiento, si bien existen factores macroeconómicos que limitan su desarrollo. Del mismo modo, las diferencias de género en las respuestas son relevantes. En base a los resultados obtenidos se realizan una serie de recomendaciones de política económica.Uncertainty on labour market makes entrepreneurship an alternative to absorb unemployment, also contribu-ting to create social welfare. University students play an important role to develop entrepreneurship given his formal education. This paper analyses perception of business students in Costa Rica about entrepreneurship, including difference by gender. A survey was created to make the study, which was answered by students of the Universidad Estatal a Distancia de Costa Rica. Results show that personal factors are the most important to boost entrepreneurship, but macroeconomic factors slow down his development. At the same time, gender differences are relevant. We also propose some recommendations on economic policy based on these results.Dadas as incertezas no mercado de trabalho, o empreendedorismo é apresentado como uma alternativa relevante para absorver os excedentes de trabalho existentes, além de contribuir para um maior bem-estar social. Em particular, os estudantes universitários desempenham um papel importante no desenvolvimento do empreendedorismo, devido à sua formação formal. Por esse motivo, este artigo tenta observar a percepção de empreendedorismo entre estudantes de administração de empresas da Costa Rica, incluindo também uma diferenciação por gênero. Para a realização do estudo, foram utilizadas pesquisas entre estudantes universi-tários da Universidad Estatal a Distancia de Costa Rica. Os resultados mostram que fatores pessoais são os que mais despertam interesse no empreendedorismo, embora existam fatores macroeconômicos que limitam seu desenvolvimento. Da mesma forma, as diferenças de gênero nas respostas são relevantes. Com base nos resultados obtidos, é feita uma série de recomendações de política econômica

Can the Media Prevent Economic Crises by Alerting of their Risk? A Debate on the Limited Effects of the Watchdog

Research on coverage of the economic developments in the run-up to the 2008 crisis concludes that the media did not warn of the risks involved, failing in their watchdog role by not anticipating the crisis. However, a key issue remains unaddressed: what would have happened if the media had warned about the factors of instability that led to the crisis? This article explores some answers to this question, for the 2008 crisis and for economic crises in general. To do this, we perform a joint critical review of the literature on watchdog journalism, on economic crises theories, and on media effects on the economy. More specifically, we consider the media’s influence on financial markets, on macroeconomic dynamics (via conditioning the households’ and firms’ behavior), and on economic policy; discussing, at the theoretical level and supported by the empirical evidence available, the ways each kind of media influence could (or not) prevent a structural economic crisis. If the crisis is interpreted as the consequence of dysfunctions in the economic model, or specific errors by agents, it is logical to think that the media could have helped prevent it, by warning of the dangers and promoting changes in public policies and investment decisions. If, on the other hand, the crisis is understood as a necessary readjustment of capitalism in the face of an exhausted accumulation model, the media’s influence would have been very limited in terms of preventing it

Can the Media Prevent Economic Crises by Alerting of their Risk? A Debate on the Limited Effects of the Watchdog

Research on coverage of the economic developments in the run-up to the 2008 crisis concludes that the media did not warn of the risks involved, failing in their watchdog role by not anticipating the crisis. However, a key issue remains unaddressed: what would have happened if the media had warned about the factors of instability that led to the crisis? This article explores some answers to this question, for the 2008 crisis and for economic crises in general. To do this, we perform a joint critical review of the literature on watchdog journalism, on economic crises theories, and on media effects on the economy. More specifically, we consider the media’s influence on financial markets, on macroeconomic dynamics (via conditioning the households’ and firms’ behavior), and on economic policy; discussing, at the theoretical level and supported by the empirical evidence available, the ways each kind of media influence could (or not) prevent a structural economic crisis. If the crisis is interpreted as the consequence of dysfunctions in the economic model, or specific errors by agents, it is logical to think that the media could have helped prevent it, by warning of the dangers and promoting changes in public policies and investment decisions. If, on the other hand, the crisis is understood as a necessary readjustment of capitalism in the face of an exhausted accumulation model, the media’s influence would have been very limited in terms of preventing it

Working capital management and firm sales growth: evidence from fish processing industry

Working capital management (WCM) is a critical matter forthe growth of firms, especially small and medium‐sizedmanufacturing companies faced with liquidity shortageswhose current assets account for a significant part of theirinvestments. These characteristics describe most compa-nies in the fish processing industry. Using a sample of morethan 1050 European fish processing companies duringthe period 2013–2020 and applying dynamic panel datamethods, this paper analyses the extent to which workingcapital investment and financing policies affect firm's salesgrowth. The empirical evidence reveals that the trade creditchannel (i.e., accounts receivable and accounts payable)enhances sales growth, while the opposite effect is foundfor investment in inventories. Additionally, the findingsinsist on the importance of financing current assets withpositive working capital to boost sales growth. [EconLitCitations: C23, G31, L25, L79, Q22]S