The influence of blockholders on R and D investments intensity : evidence from Spain

This article studies the relationship between the presence of large shareholders in the ownership structure of firms and R and D investment. In our analysis, we consider the influence of three types of blockholders: banks, non-financial corporations, and individuals. Moreover, we incorporate an additional feature largely ignored in previous research, namely the number of blockholders. Consistent with our theoretical contention, our results indicate that the impact of large shareholders on the R and D investment is (1) negative when blockholders are banks, (2) positive when blockholders are non- financial corporations, and (3) null when blockholders are individuals. In addition, we find a systematic negative relationship between the number of blockholders and R and D investment. Finally, we contribute to current literature by extending our analysis in two novel ways. First, we test the impact of each blockholder type contingent to the life-cycle stage of firms. Second, we analyze the influence that the combined effect between blockholder type and R and D investment has on the firm's economic performance. Results of these extensions provide relevant implications for policy makers and academic research

Corporate ethical identity as determinant of firm performance : a test of the mediating role of stakeholder satisfaction

In this article, we empirically assess the impact of the Corporate Ethical Identity (CEI) on the firm's financial performance. Drawing on formulation of both normative and instrumental stakeholder theory, we argue that firms with a strong ethical identity achieve greater degree of stakeholder satisfaction, which in turn, positively influence the firms' financial performance. We further analyze two different dimensions of the CEI of firms: corporate revealed ethics and corporate applied ethics. Our results indicate that while revealed ethics has informational worth and enhance shareholder value, applied ethics has a positive impact through the improvement of stakeholder satisfaction. However, revealed ethics by itself (i.e. decoupled from ethical initiatives) is not sufficient to boost economic performance

Stochastic resource allocation with a backhaul constraint for the uplink

We propose a novel stochastic radio resource alloca- tion strategy for the uplink that achieves long-term fairness in terms of similar bitrates considering backhaul and air-interface capacity limitations. We focus on a single cell scenario based on WCDMA technology. We propose to use a maximin criteria to introduce fairness among the different users’ throughputs. An stochastic approximation is implemented to obtain an online algorithm where the Lagrange multipliers are estimated at each scheduling period. Our results show that the proposed scheme achieves higher fairness among the users and, in some cases, a higher sum-rate compared with the well-known proportional fair scheduler.Postprint (author's final draft

El Consejo Superior de Investigaciones Científicas está envejecido

Don José Antonio Martin Pereda es vicerrector de Investigación y Relaciones Exteriores de la Universidad Politécnica de Madrid y catedrático de laboratorio de electrónica y componentes de -la Escuela Técnica Superior de Ingenieros de Telecomunicación. A través de su conversación se entra en el panorama del momento científico actual