Downsizing implementation and financial performance

In the present study we explore the relationship between downsizing decisions and corporate financial performance after top management has decided to downsize. Our focus is on the financial consequences arising from the amount of downsizing and the use of disengagement incentives. For this purpose, we use a sample of downsizing announcements in the Spanish press from 1995 up to 2001. Although the results show that the amount of downsizing is not significantly related to post-downsizing profitability, the evidence provided supports the finding that the use of disengagement incentives (which motivate workers to leave the organization) is negatively related to firm performance. Our analysis helps to understand the role that strategic downsizing decisions play in explaining observed variance in the performance of downsized firms. Thus, it advances scholarly organizational research by reinforcing the concept that corporate performance is not only contingent on strategies, but also influenced by the means through which these strategies are implemented

Does downsizing improve organizational performance? An analysis of Spanish manufacturing firms

The objective of this study is to examine the effect of downsizing on corporate performance, considering a sample of manufacturing firms drawn from the Spanish Survey of Business Strategies during the 1993- 2005 period. No significant differences in post-downsizing performance arise between companies which downsize and those that do not. Likewise, we find that substantial workforce reductions through collective dismissals do not either lead to improved performance levels. Downsizing, therefore, may not be a way for managers to increase performance, particularly in a context like the Spanish one, where the labour market is characterized by a high protection of employees’ rights and substantial contract termination costs

Are regional institutional factors determinants of the capital structure of SMEs?

This paper analyses the role that institutional factors play in explaining differences in the capital structure of small and medium-sized enterprises (SMEs) across regions belonging to a single country. Specifically, it studies the effect of the development of the financial sector and of the economic situation on leverage of firms. Furthermore, the standard firm-factor determinants of debt, such as firm size, asset structure, profitability, growth, business risk and age are also incorporated. For this empirical study, we use a sample of 638 SMEs representing every Spanish region for the period 1999-2007, and apply the panel data methodology. Our results suggest that the capital structure depends on the regional financial sector and the regional economic situation which implies that institutional factors at regional level help to better explain financing decisions of SMEs

Financial forecasts of SMEs in IPOs: fact or fiction?

Este artículo valora el proceso de previsión financiera de las pequeñas y medianas empresas (PYME) en sus salidas a bolsa. Específicamente, se analiza la calidad de las previsiones de beneficios realizadas y se exploran los factores que determinan la precisión de tales previsiones. Este estudio considera todas las empresas que han salido a cotizar al Mercado Alternativo Bursátil español (MAB). Los resultados muestran que los directivos de las empresas del MAB han sido mayoritariamente optimistas y altamente imprecisos en la estimación de los beneficios futuros.This article assesses the financial forecasts of small and medium-sized enterprises (SMEs) in their process of initial public offering (IPO). In particular, the quality of earnings forecasts is analysed and the determinants of accuracy of earning forecasts are explored. To this end, the empirical study considers all the companies listed on the Spanish Alternative Stock Market (MAB). The results show that managers of newly listed Spanish SMEs have mostly been optimistic and highly inaccurate when estimating their future earnings

La formación como promotora del desarrollo sociopersonal. Una propuesta de evaluación

Se presenta en este estudio un modelo de evaluación multidimensional para un programa formativo con mujeres de nivel socioeconómico bajo. En el programa formativo —que duró dos años— participaron 20 mujeres de entre 24 y 49 años. Las dimensiones estudiadas según un diseño pretest-postest fueron (1) la autoestima, (2) el locus de control, (3) el apoyo social y (4) los conocimientos. Además, se realizó un cuestionario de satisfacción. Los datos parecen apoyar la idea de que el proceso formativo ha creado cambios significativos en las dimensiones evaluadas. Se discute acerca de la conveniencia de evaluaciones multidimensionales para poder maximizar los efectos de los programas de intervenciónIn this study we present a model of evaluation for a formative program with low socio-economic level women. In the formative program —during two years— twenty 24-49 years old women participated. Dimensions studied according to a pretest-postest design were (1) the self-esteem, (2) the locus of control, (3) the social support and (4) the knowledge. Also, a questionnaire of satisfaction was created. Data show that formative process has produced significant changes in the evaluated dimensions. We discuss about the convenience of multidimensional evaluations to be able to maximize the effects of the formative programs

La minería en España

Copia digital. Valladolid : Junta de Castilla y León. Consejería de Cultura y Turismo, 2009-201

Desarrollo regional y estructura de capital de las PYME

This article studies the influence of regional institutional environment, measured as regional development, on capital structure of small and medium-sized enterprises (SMEs). Furthermore, the standard firm-factor determinants and the business sector of the firm are also incorporated. To this end, a sample of 6,560 Spanish firms for 2007 is analysed, where all regions of Spain and all sectors, except the financial sector, are considered. Spain provides a suitable and unexplored laboratory for the analysis of regional differences in the financial structure of SMEs, since, on the one hand, SMEs constitute the most relevant firms in this country, and on the other hand, Spain shows regional disparities at various levels. Moreover, the empirical analysis uses Partial Least Squares (PLS), a variance-based structural equation modelling (SEM). In this respect, PLS has several clear advantages to multiple linear regression (MLR). Thanks to this study, how each of these factors explains the variation in the capital structure could be shown. Moreover, the results show that although firm factors and the business sector explain a large proportion of the variance of capital structure of SMEs, it is important to take into account the regional institutional environment to better ascertain the level of debt of SMEs in a single country.Este artículo estudia la influencia del entorno institucional regional, medido a través del desarrollo regional, en la estructura de capital de las pequeñas y medianas empresas (PYME). Además, este estudio también considera los factores de empresa clásicos determinantes de las decisiones de financiación y el sector de actividad de la empresa. Para el análisis empírico, se toma una muestra de 6.560 PYME españolas donde todas las regiones de España y todos los sectores, excepto el financiero, son considerados. España ofrece un laboratorio adecuado e inexplorado para el análisis de las diferencias regionales en la estructura financiera de las PYME, ya que, por una parte, las PYME son las empresas más preponderantes en el mismo y por otro lado, España muestra diferencias regionales a varios niveles. Como metodología se utiliza un modelo de ecuaciones estructurales basado en la varianza (Partial Least Squares-PLS). A este respecto, PLS ofrece una serie de ventajas claras sobre el análisis de regresión lineal múltiple. Gracias a este estudio, se ha podido identificar cómo cada una de las variables analizadas explica la variación en la estructura de capital. Además, los resultados muestran que aunque los factores de empresa y el sector de actividad explican una gran proporción de la varianza de la estructura de capital de las PYME, es importante tener en cuenta el entorno institucional regional para determinar mejor el nivel de deuda de las PYME en un país determinado

Effect of agro-climatic conditions on near infrared spectra of extra virgin olive oils

Authentication of extra virgin olive oil requires fast and cost-effective analytical procedures, such as near infrared spectroscopy. Multivariate analysis and chemometrics have been successfully applied in several papers to gather qualitative and quantitative information of extra virgin olive oils from near infrared spectra. Moreover, there are many examples in the literature analysing the effect of agro-climatic conditions on food content, in general, and in olive oil components, in particular. But the majority of these studies considered a factor, a non-numerical variable, containing this meteorological information. The present work uses all the agro-climatic data with the aim of highlighting the linear relationships between them and the near infrared spectra. The study begins with a graphical motivation, continues with a bivariate analysis and, finally, applies redundancy analysis to extend and confirm the previous conclusions.Peer Reviewe

Large Amplitude Harmonic Driving of Highly Coherent Flux Qubits

The device for the Josephson flux qubit (DJFQ) can be considered as a solid state artificial atom with multiple energy levels. When a large amplitude harmonic excitation is applied to the system, transitions at the energy levels avoided crossings produce visible changes in the qubit population over many driven periods that are accompanied by a rich pattern of interference phenomena. We present a Floquet treatment of the periodically time-dependent Schr\"odinger equation of the strongly driven qubit beyond the standard two levels approach. For low amplitudes, the average probability of a given sign of the persistent current qubit exhibits, as a function of the static flux detuning and the driving amplitude, Landau-Zener-St\"uckelberg interference patterns that evolve into complex diamond-like patterns for large amplitudes. In the case of highly coherent flux qubits we find that the higher order diamonds can not be simply described relying on a two-level approximations. In addition we propose a new spectroscopic method based on starting the system in the first excited state instead of in the ground state, which can give further information on the energy level spectrum and dynamics in the case of highly coherent flux qubits. We compare our numerical results with recent experiments that perform amplitude spectroscopy to probe the energy spectrum of the artificial atom.Comment: 12 Pages and 12 Figures Phys. Rev. B (in press