Influencia y utilización de las tecnologías de la información y la comunicación en el desarrollo de la gestión de tesorería

IX, 721 p.La creciente complejidad y sofisticación de los mercados financieros, la aparición de nuevos productos financieros, la internacionalización empresarial y la globalización económica, y el desarrollo y uso de las tecnologías, han propiciado un cambio en la forma de gestionar la tesorería. Este cambio se refleja en las distintas concepciones adoptadas sobre la misma a través del tiempo. En su origen, la gestión de tesorería era considerada como la gestión propia del disponible de la empresa, esto es, gestión de la liquidez, centrada en la formalización del montante de tesorería de la compañía, con objeto de poder efectuar cuantos cobros y pagos requería el buen funcionamiento de la empresa a la cual hemos denominado gestión de tesorería restringida. Posteriormente, adoptando una noción más extendida, la gestión de tesorería no sólo se centra en gestionar el nivel de atesoramiento de disponible en la empresa, sino que considera también la forma de administrar el circuito global de tesorería, gestionando el circuito de cobros, el disponible y el circuito de pagos. En la actualidad, la gestión de tesorería o cash management, puede conceptualizarse como la agrupación de responsabilidades asociadas a los movimientos de fondos en el corto plazo: acciones de gestión de la liquidez, funciones de gestión de cobros y pagos, desempeño hacia la obtención de previsiones y presupuestos de tesorería, labores de gestión bancaria, prácticas de gestión de inversión y financiación de excedentes y déficits de tesorería y tareas de gestión de riesgos financieros. En este sentido debemos hacer especial mención a la introducción de las tecnologías de la información y la comunicación TIC en la gestión empresarial en general, y en la gestión de tesorería, en particular. De esta forma, la gestión de tesorería es más dinámica, flexible y adaptable a las nuevas situaciones Finacieras, esencialmente por la rapidez de obtención y análisis de las disponibilidades líquidas

Is It Possible to Monetarily Quantify the Emotional Value Transferred by Companies and Organizations? An Emotional Accounting Proposal

[EN] Social accounting focuses on value transactions between organizations and their stakeholders; both market ones, where the value perceived by the different stakeholders is identified, and non-markets ones, where transactions are monetized at their fair value. There was long awareness of an emotional value translation, linked to the transfer of different products, services, remunerations, and incentives, regardless of whether they were market or non-market. Yet that emotional value seemed to be anchored in the field of psychology and managed to elude economic science. This study seeks to identify emotional value with consumer surplus and, by extension, of the other stakeholders in a value transfer process. This proposal allows the emotional value to be anchored in the micro-economy and allows it to be objectively calculated using a regression involving three elements: the market price, the fair value interval, and a perceived satisfaction score by the different stakeholders in the form of significant sampling. The result obtained not only allows Social Accounting to be complemented with emotional value, but it also facilitates its incorporation in the strategy to optimize the emotional value. Furthermore, it enables a quantification of the perceived subjective utility, which opens up a research path where some possible lines are clearly identified.Funding for this project was received through a research project called US20/11 from the University of the Basque Country to improve the normalization of social and emotional accounting

The management of moral hazard through the implementation of a Moral Compliance Model (MCM)

[EN] Moral hazard in an organization occurs when people make decisions and take a high risk for their own benefit, given that they would not have to bear all the negative ensuing consequences should they occur. This risk transferred to third parties is generally due to the catalysts that foster this risk, namely, information asymmetries, power, trust and temporality. The contribution of our research lies in the inclusion of moral decisions in project management, thus demonstrating the feasibility of a Moral Compliance Model (MCM). This model is a complement to legal compliance and allows a connection to be established between Risk Management, Governance & Compliance. In 2019, experimental action research, combined with a Plan-Do-Check-Action applied to a company, were used to perform the analysis. The findings show that implementing this moral model in organisations is possible. However, what moral hazard is needs to be shown, along with identifying moral hazard situations and planning how to introduce moral hazard into the risk management model in order to reduce its negative effect or, ideally, eliminate it. We provide an overview of risks, including those around moral dilemma decisions; moral hazard situations that will expand compliance to integrated compliance in which not only legal, but also moral aspects are identified and assessed. Incorporating ethical dilemmas in strategic decisions is a robust advance towards responsible businesses.This research has developed using the funds of UPV/EHU and the Projects titled US20/11 AND PES20/10 (GEAccounting, Lantegibatuak & UPV/EHU)

The Social Efficiency for Sustainability: European Cooperative Banking Analysis

This paper seeks to establish the relationship between economic efficiency and social efficiency to analyze the sustainability of banking in Europe. The type-effect has been analyzed, as stakeholder value bankscooperatives and saving banksshould not be less socially and economically efficient than commercial banks. This European analysis was made using the Bankscope database, as it provides a unique insight into the stakeholder view that clarifies, by an analysis of two-stage boundaries, that there is no single model of social and economic efficiency according to the type of financial entity in Europe. These findings contribute to the social cost paradox and shared value perspective, and more broadly to stakeholder theory. It is established that a tradeoff between economic and social efficiency is not needed. There are different behaviors in different European countries. Moreover, our results could lead to the development of social indicators of the sustainability aspects of organizations without resorting to traditional accounting.This research was funded by UPV/EHU (GIU15/10 and US17/24) and Management and the Governance of Financial Cooperatives-Sorbonne (Axe 2)

Lankidetza ekonomia diruzaintza kudeaketan aplikatzea posible al da?

[EUS] Lan honek lankidetza ekonomiari egingo dio ekarpena, baina orain arte gutxi garatutako ikuspegi batetik, finantza alorretik, eta hain zuzen ere, diruzaintzatik. Lan honetan hainbat enpresen diruzaintza modu elkartu batean kudeatzeko helburuz elkarrekin lan egitea posible dela defendatzen dugu, beti ere enpresak antentzeko helburu duen lankidetza ekonomia ikuspuntutik. Analizatutako hiru kasuak, honako hauek dira: Mondragon Corporation, Arboribus eta Trocobuy. Hiru kasu hauen analisiaren oinarrituz, finantza arloan lankidetza ekonomia posible izateko beharrezkoak diren ezaugarriak aurkezten ditugu: gardentsauna, kudeaketa, elkarren arteko mozkina lortzeko itxaropenak, bermeak, elkarren arteko onura eta konfiantza. Honela, lan honek erakusten du, alde batetik, lankidetza ekonomiaren ahalera orain arte ekonomia paradigma hori gutxi garatu den hainbat alorretan, hala nola, erakundeen diruzaintzan. Bestetik, lan honen bidez agerian geratzen da lankidetza ekonomiak kasu guztietan enpresaren desagregazioa ez dakarrela.[EN] The work contributes to the literature on collaborative economy; but from an underdeveloped perspective that is the field of finance, and specifically of the cash holding. This paper defends the possibility of collaborations to jointly manage the treasury between different companies, always under the prism of the collaborative economy based on the maintenance of the company as an organization. The three cases analyzed are: Mondragon Corporation, Arboribus and Trocobuy. It presents the necessary characteristics from these three cases so that the collaborative economy in the field of finance is possible: transparency, management, expectations of mutual benefit, guarantees, mutual benefit and trust. Thus, this work shows, on the one hand, the potential of the collaborative economy in areas where it currently has little presence; as is the cash holding of the organizations; and on the other hand, that the collaborative economy does not have to suppose in all the cases the disaggregation of the company

Design of a protocol model for the integration of social value in strategic management through social accounting

Purpose This study aims to structure a model for integrating social value into strategic management based on identifying the critical success factors (CSF) for such integration in the investigated companies. Design/methodology/approach This research was based on the actor–network theory. Through a rigorous approach to the case study methodology in a two-stage process lasting 21 months, we carried out this study. Findings Companies that use the polyhedral social accounting model in their strategic management processes do so without a reference model. We identified CSF for integrating social value, which was incorporated into a protocol model based on stakeholder theory and the use of social accounting. Practical implications Practitioners can use the proposed model to maintain the alignment of strategic performance and purpose. Using social accounting based on indicators and financial proxies allows managers to incorporate social value into strategic management in terms of financial value. Social implications The institutional demand for social information is based on the growing sensitivity of companies. Aligning social values with business strategies contributes to social sustainability. Originality/value This study focuses on an unresearched emerging phenomenon. Since the first approach to stakeholder theory, the development of a stakeholder-oriented strategy has faced the lack of a stakeholder accounting system. The polyhedral model of social accounting could help overcome this problem as it provides information that allows a novel and innovative method to make a stakeholder-oriented strategy effective.The authors want to thank for funds of ECRI Research Group (GIU), FESIDE (BOPV20) and UES22/15 (UPV/EHU)

Understanding Cash Sharing: A Sustainability Model

Traditionally, corporate treasury management has been strategically based on the idea of advancing collections and delaying payments, which has been regulated through the intermediation of financial entities using, for example, credit accounts. New technologies applied to the financial field facilitate direct interaction between companies and reduce the transaction costs, because they allow adjustment of the flows of needs, but high confidence is required. The current ease of access to credit does not promote the incorporation of new financial relationship systems, but the operation of these systems should be studied, since a future credit restriction, like that known in Europe at the end of the 2000s, could change the situation. The aim of this paper was to identify the factors involved in this relationship among companies and establish the main conditions for cash sharing between companies to achieve a successful financial function. The investigation is based on a Delphi analysis used to analyze the successful experiences of shared cash (Mondragon Corporation, Trocobuy, and Arboribus), the needed variables, and their context. Then, our model was created from that exploratory knowledge. Our model is called mutual cash holding and its relevance and reliability were contrasted using structural equations based on a questionnaire administered to financial managers of large- and medium-sized Spanish companies. The result generates knowledge that articulates a new collaborative tool that expands the possibilities for treasury management among companiesThis research was funded by University of the Basque Country UPV/EHU, (US17/24 grant number) and FESIDE foundation

Propuesta de un modelo determinante de las inversiones socialmente responsables

Este trabajo analiza la materia no muy conocida entre nosotros como son los procesos de decision en las Inversiones Socialmente Responsables (ISR) – Social Responsibility Investment (ISR). El proceso de decision en la inversion social es fundamental, y basandonos en el analisis de caso se ha desarrollado un modelo determinante con el fin de obtener la eficiencia necesaria en dicho proceso. Este modelo esta basado en la formacion, transparencia, legislacion, el compromiso de los gobiernos y la rentabilidad. Por su parte, el proceso de decision esta basado en un ideario etico y las decisiones tomadas dependen del nivel de responsabilidad y formacion que tengan las personas. A traves del modelo, las entidades gestoras pueden mejorar sus procesos de decision. Sin embargo, hemos tenido las siguientes limitaciones: escasa información en la literatura relacionada con la materia, falta de homogeneizacion en los conceptos y necesidad de mayor implicacion de mas entidades gestoras.Este trabajo ha sido financiado por la Universidad del Pas Vasco / Euskal Herriko Unibertsitatea (GIU12_58) y FESIDE

The lemon market of insolvency proceedings in Spain in the new normal: Information, asymmetry, and adverse selection problems

Insolvency proceedings are strategic for the competitiveness of a national economy. The new law, but also new financial situation of organizations affect the new normal of insolvency framework. In Europe, standards aimed at creating an efficient framework for corporate insolvency resolution are constantly changing to enhance the efficiency of such mechanisms. This pursuit contrasts with the lack of specific efficiency data available to both legislators and researchers, there are no solid statistics to investigate the phenomenon from the perspective of its efficiency, which makes it impossible in practice to investigate its explanatory variables. Previous studies have led us to reflect on key information asymmetry and adverse selection problems resulting from a gap between the new challenges on insolvencies processes and options, because the lack of information. Based on this reflection, we have identified parallelisms between the lemon market, and current insolvency proceedings in Spain. Although, the legal system is modified, the insolvency process itself is a drag, for the achievement of the long-awaited efficiency of the process. It will be necessary to change, not only the legislation, but also the information provided, and create a new insolvency system because actual has “lemons signals”, this circumstance is producing negative effects on the efficiency and competence of a key figure in the process: the insolvency administrator.The authors declare that they have received financial support to conduct research, write and/or publish this article: this research was funded by the Emilio Soldevilla Foundation for Research and Development in Business Economics (Fundación Emilio Soldevilla para la Investigación y el Desarrollo en Economía de la Empresa – FESIDE; FESIDE023/005TI) and University of the Basque Country (PES20, GIU22/03)

Stakeholder Value Creation: Comparing ESG and Value Added in European Companies

In recent years, a renewed interest in value creation for stakeholders has been witnessed in different contexts. Different tools have been proposed to try to grasp and measure such value(s) but, in many cases, the main perspective remains that of the shareholders. To contribute to the field of research that aims to discuss novel ways of thinking about value creation measurement, this paper addresses the relationship between ESG (Environmental, Social, and Governance) ratings and Value Added, as proxies of value creation and distribution for stakeholders. In particular, we consider whether ESG ratings are able to capture companies that are characterized by their capacity for generating higher Value Added for stakeholders. Our analysis uses the frontier methodology combined with means comparison. Data from 2018 were downloaded from EIKON, for all companies within the Euro zone and for all sectors (1932 companies, of which 399 held an ESG rating, compared with 1533 without ESG analysis). Our analysis reveals that, although ESG is theoretically considered a good social responsibility proxy, ESG indices cannot be used as an indicator of value creation for stakeholders but, rather, must be considered as only one of the components. This implies a need to review the limitations of ESG ratings and establish that the relevant indices are not suitable for use in universal or absolute decision-making.This research was funded by the University of Bergamo (Italy) Programma STaRs “Stars Supporting Talented Researchers”—Azione 2: “Grants for Visiting Professor and Scholar Incoming”—2018 and by the University of the Basque Country (UPV/EHU), grant number US20/11