La solvencia empresarial: pirámides de ratios vs. marco teórico

En esta Tesis se analizan los principales problemas de las pirámides de ratios, ilustrando su incapacidad para explicar las causas de desequilibrio financiero. Asimismo, se propone un marco teórico y se diseñan indicadores de solvencia a partir de éste, que son aplicados a cuatro casos de empresas diferentes con fines ilustrativos. Finalmente se exponen las conclusiones del trabajo

Orientación Emprendedora e Innovación en Productos. El Efecto Moderador de la Implicación Familiar en la Gestión

In this current research it has been examined, firstly, the Entrepreneurial orientation in relation with Product innovation, Incremental innovation and Radical innovation, and, secondly, the moderating effect of Family involvement in the management of companies in the relationship between Entrepreneurial orientation and Product innovation, Incremental innovation and Radical innovation. Using a sample of 634 Spanish family firms, the results found conclude that the Entrepreneurial orientation has a positive effect on Product innovation, Incremental innovation and Radical innovation, and moreover, they reveal that the Family involvement in the management of companies has a moderating effect on these relations, witnessing that family firms with higher scale of Family involvement in the management of the companies reduces the effect of Entrepreneurial orientation on Product innovation, Incremental innovation and finally, Radical innovation. En el presente trabajo se ha analizado, en primer lugar, la relación entre la Orientación emprendedora y la Innovación en productos, Innovación incremental e Innovación radical, y en segundo lugar, el efecto moderador que tiene la Implicación familiar en la gestión de la empresa sobre la relación entre la Orientación emprendedora y la Innovación en productos, Innovación incremental e Innovación radical. Para tal análisis se ha utilizado una muestra de 634 empresas familiares españolas, y los resultados obtenidos han demostrado que la Orientación emprendedora tiene un efecto positivo sobre la Innovación en productos, Innovación incremental e Innovación radical, y además, también han demostrado que la Implicación familiar en la gestión de la empresa tiene un efecto moderador en dichas relaciones, de tal forma que las empresas familiares con mayor Implicación familiar en la gestión reducen el efecto de la Orientación emprendedora sobre la Innovación en productos, Innovación incremental e Innovación radical

El papel de la dirección familiar y los sistemas de control de la gestión en el fomento de la innovación tecnológica en las PYMES familiares

This paper seeks to resolve the controversy regarding the relationship between family management and technological innovation outcomes. In contrast to prior studies, we focus on small and medium enterprises (SMEs) and go beyond the traditional input-output statistical analysis, by introducing the mediating effect of the use of management control systems (MCS). We also further examine heterogeneity among family firms, studying whether a greater family management influences, directly or indirectly, on technological innovation outcomes. Our results from a data consists of 199 Spanish family-owned small and medium enterprises (FSMEs) were not able to indicate a significant direct influence of the level of family management on technological innovation outcome but supported the notion that the utilization of MCS mediated the above relationship.Este trabajo participa en el debate académico sobre la relación entre la gestión familiar y los resultados de innovación tecnológica. A diferencia de estudios anteriores, nos centramos en pequeñas y medianas empresas (PYMES) y vamos más allá del tradicional análisis estadístico input-output, introduciendo el efecto mediador del uso de los sistemas de control de gestión (SCG). También examinamos la heterogeneidad entre las PYMES familiares, estudiando si una mayor gestión familiar influye, directa o indirectamente, en la innovación tecnológica. Nuestros resultados, obtenidos a partir de una muestra de 199 PYMES familiares, no pudieron confirmar una influencia directa significativa del nivel de gestión familiar sobre los resultados de innovación tecnológica, pero confirmaron que la utilización de los SCG media en la relación mencionada

The mediation of the environmental strategies in hotel financial performance in the context of Creating Shared Value

The tourism sector stakeholders in general, and the hotel companies stakeholders in particular, keep demanding more and more intensity the implementation and development of environmental policies that ensure sustainable tourist services, being the national and international large hotel chains the ones that make the biggest efforts in this area. There are numerous studies that value, in an unequal way, the cost and consequences of these environmental sustainability strategies on the performance of companies. For the hotel sector in particular, the scientific literature does not offer convincing enough conclusions in regards to the influence of these strategies on hotels performance. Some authors affirm that the clients are willing to pay higher rates when they recognise a high environmental component in the product. Other studies have concluded that when clients detect the proper implementation of energy saving, waste recycling or low emissions policies, they manifest very positive opinions on social media and online review platforms, notably improving the company’s reputation. In addition, the Creating Shared Value strategies between companies and stakeholders supported by Porter, consider that the redefinition of the companies’ configuration of their chain of value is highly important, including the implementation of environmental policies that involve the whole company. The results obtained grant clarity about the stimulus that entails the application of hotel environmental policies (in a shared value strategy) and the improvement of reputation, in hotel performance.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tec

Disentangling organizational commitment in hospitality industry: The roles of empowerment, enrichment, satisfaction and gender.

Política de acceso abierto tomada de: https://v2.sherpa.ac.uk/id/publication/12572This Paper identifies how the motivational strategies of empowerment and enrichment affect on the organizational commitment of hotel staff, and how the job satisfaction mediates in these relationships. We applied a Structural Equations Modeling to a sample of 257 front line hotel employees from Madrid, of which 144 were men and 113 were women. Our results provide evidence about several contributions: first, employees empowerment significantly grows job enrichment and organizational commitment; second, job enrichment increase workers’ satisfaction and commitment; third, job satisfaction enhances organizational commitment; fourth, job enrichment plays a mediating role between empowerment and both satisfaction and organizational commitment; fifth, satisfaction mediates between enrichment and commitment; finally, gender moderates the relationship between enrichment and commitment

Analysis of Value Creation in Real Estate.

Open Access (https://www.ajhssr.com/)The real estate sector is strategic for the Spanish economy, having experienced significant fluctuations in recent years, including numerous retailer bankruptcies that often generate distrust among shareholders who fear their investments will not be compensated. To obtain relevant information about these companies' ability to create value for their shareholders, we analyzed real estate companies listed on the Spanish stock market. Financial data were processed, and the necessary variables were calculated to conduct an exhaustive analysis of value creation for these companies, following the main theories in the literature. The results indicate that construction and civil engineering companies successfully create value for their shareholders and are thus better equipped to face potential trust crises in times of financial market instability

Influencia en el análisis de estados contables de las deudas por efectos descontados como pasivos reales o contingentes

This paper analyzes two objectives. The first one is to ascertain whether the discounting notes receivable must be considered as a real loan, or they should only be disclosed in the notes accompanying the financial statements, deeming them as a contingent liability. The first accounting procedure is followed by Spanish accounting standards since 1991. The second one is in line with the recognition and measurement criteria proposed by the IFRS, and stood in line for much of the legal doctrine and accounting rules, as, i.e., the FAS Statements 77 and 140. The second aim is to discuss the impact of the choice of either alternative on the analysis of financial statements in three major areas: financial, economic and heritage. Accordingly, it illustrates how the discounting notes receivable consideration by the Spanish accounting rules results in distorting effects on the financial statement analysis, exacerbating the perception of the analyst on the financial position of the entity. This causes serious damage to the companies that make use of this tool in raising finance for accounts receivable, since that undermine their ability to access other sources of bank financing.En este trabajo se plantean dos objetivos. En primer lugar, discernir si las deudas por efectos descontados deben aparecer en balance, por su consideración de pasivo, o bien en la memoria, con la consideración de pasivo contingente. El primero de los criterios contables apuntados es seguido por la normativa contable española desde 1990. El segundo de ellos resulta acorde con los criterios de reconocimiento y valoración propuestos por las NIIF, y se sitúa en la línea de buena parte de la doctrina jurídico-contable, entre otras, las SFAS 77 y 140 norteamericanas. En segundo lugar, analizar la repercusión de la elección de una u otra alternativa sobre el análisis de estados financieros en sus tres vertientes principales: financiera, económica y patrimonial. En consecuencia, se ilustra cómo el tratamiento contable del descuento bancario por parte de los PGC españoles de 1990 y 2007 provoca efectos distorsionadores en el análisis de balances, empeorando la percepción del analista respecto de la situación económico-financiera de la entidad. Este hecho provoca un grave perjuicio a las compañías que hacen uso de esta herramienta de movilización financiera de cuentas a cobrar, toda vez que merman su capacidad de acceso a otras fuentes de financiación bancaria

Investment in Human Capital and Corporate Social Responsibility in SMEs providing accommodation services. The specificity of family firms

The general purpose of this paper is to investigate the effect of Human Capital Investment (HCI) on Corporate Social Responsibility (CSR) practices in small and medium-sized enterprises providing accommodation services. Thus, this study has two aims: first, analyzing the effect that HCI exerts on CSR practices; and second, examining the moderating effect of being a family firm on prior relationship. The sample is obtained from a survey carried out during 2017 in Spain to 1136 family and non-family businesses, which 41 belong to "Accommodation Services" and the methodology used is PLS-SEM.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Disentangling the effect of ICT adoption on SMEs performance: The mediating roles of Corporate Social Responsibility and Innovation

©2022. This manuscript version is made available under the CC-BY 4.0 license http://creativecommons.org/licenses/by/4.0/ This document is the Submitted, Accepted, Published, version of a Published Work that appeared in final form in OeconomiA copernicana. To access the final edited and published work see https://doi.org/10.24136/oc.2022.024Research background: The literature on the effects of Information and Communication Technologies (ICT) on performance is extensive and shows a significant positive effect. Likewise, the use of ICT to facilitate and report on Corporate Social Responsibility (CSR) practices implement-ed by Small and Medium Enterprises (SMEs) contributes to improve business performance. Moreover, through innovative activities, firms also obtain competitive advantages that impact positively on their performance, even more so when they are impacted by CSR. For this reason, it is expected that the adoption of ICTs in companies through a CSR-oriented strategy will increase their impact on business performance. Purpose of the article: This article tries to examine how ICT affects SMEs’ performance through CSR and innovation. Methods: We tested our hypotheses using a sample of 2,825 Spanish SMEs and by applying a Partial Least Squares Path Modeling (PLS-PM) with a double confirmatory and predictive purpose: to identify the causal relationships between latent variables, and to evaluate the ability of the model to make predictions for individual cases. Findings & value added: The results show that CSR-oriented ICT impacts innovation by changing strategies and business model in companies. Moreover, the implementation of CSR practices gave them competitive advantages to increase their performance. We highlight how innovation gives companies greater capacity to respond to changes in their environment and how innovation positively impacts the link between CSR and performance. Finally, our research makes two significant contributions to the literature by incorporating two sequential mediating effects into the model. On the one hand, the indirect effect of ICT on innovation through CSR. On the other hand, the indirect effect of CSR on SME performance through innovation