Financial performance of socially responsible companies

El objeto del presente trabajo es analizar determinadas variables de naturaleza financiera en las empresas consideradas socialmente responsables, las que forman parte del índice de sostenibilidad español FTSE4Good IBEX, y determinar si existen diferencias significativas en su comportamiento respecto a las del resto de índices de la familia IBEX. Los resultados muestran que las acciones de las empresas socialmente responsables obtienen una rentabilidad superior para el mismo nivel de riesgo sistemático y que su sensibilidad ante los cambios en el mercado es mayor.This paper analyses financial performance of companies considered as highly socially responsible. For this purpose, companies that compose the Spanish sustainability index FTSE4Good IBEX (as well as other IBEX indices) are examined. Two basic results can be highlighted: first, stocks of companies that are socially responsible earn returns on excess over systematic risk, making them investment-attractive. Second, they have a higher systematic risk

Financial performance of socially responsible firms: the short- and long-term impact

The pressure of society for firms to adopt socially responsible behavior is evident. Yet, Corporate Social Responsibility (CSR) needs an economic justification. In response to this, there exists a comprehensive literature that analyzes the possible relation between social and business financial performance. During the last decade, the literature has been heading toward the carrying out of dynamic studies as researches find that the relationship between social and financial performance is not static. The purpose of this work is to analyze the relevance for the financial performance of Spanish listed firms of maintaining their responsible behavior. To do so, we carry out a comparison between two analyses—one cross-sectional, and the other longitudinal—to be able to conclude whether or not adopting responsible criteria makes a difference in business financial performance in the short and long-term. Some of the results obtained in the cross-sectional study are consolidated in the long-term study. In this sense, responsible firms exhibit a higher systematic risk and have greater size. As a conclusion, be responsible does not mean less stock profitability or a lower business result. It certainly contributes to firms continuing to voluntarily incorporate good corporate social responsibility practices into their business models. What is more, these results support the governmental policies and initiatives that bolster corporate social responsibility

Competencias directivas para el nuevo milenio: la gran empresa española en clave de género

En el nuevo entorno globalizado en el que compiten las empresas españolas resulta esencial la incorporación en sus cúpulas directivas de las personas más capacitadas, ya sean hombres o mujeres, para así subsanar el coste de oportunidad que lleva aparejado el empleo de modelos de liderazgo tradicionales. A pesar de ello nos encontramos con un mercado de trabajo con una fuerte segregación de género que no se correlaciona con la formación o valía de lo/as candidato/as, con un buen porcentaje de mujeres en niveles directivos intermedios que no acceden a la cúspide de la pirámide organizativa. En este estudio pretendemos proporcionar un perfil de la mujer en puestos de responsabilidad en la gran empresa española por medio de una encuesta dirigida al personal directivo de las mismas, con especial hincapié en sus competencias y habilidades y en la relación de las mismas con las características que la literatura de gestión asocia al liderazgo de éxito. Trataremos también de dar una explicación a la paradoja que surge entre promoción y eficiencia en la gestión, a partir del análisis de las incongruencias existentes entre rol directivo y rol de género tras la aplicación de la teoría del rol social al comportamiento directivo.As global competition intensifies, the opportunity cost of historic pattern of male-dominated leadership increases. Most Spanish companies can no longer afford to ignore potential talent and should incorporate both men and women to their top management positions. We face nevertheless a labour market characterized by strong gender segregation which does not square with the training or merits of the candidates: a good percentage of women in intermediate management positions who cannot reach the top. The aim of this paper is to provide the profile of the Spanish female executive through ad hoc surveys, focusing on their competences and abilities and relating them to the characteristics of successful leadership according to literature. We will also explain the paradox between promotion and management efficiency, using the social role approach to leadership behaviour.Ministerio de Trabajo y Asuntos Sociales IMUP06-0

Delimitation, description and success factors of family businesses in Spain: a European comparison

The aim of this paper is to delimit the concept of family business and based on it to provide a profile of large and medium-sized family businesses in Spain. We will analyze their distinctive characteristics by comparing them to non-family businesses and focus on the study of a series of economic-financial variables in order to identify their key success factors as compared to non-family businesses of the same sizes and in the same geographical areas. The paper also includes a comparative study of Spanish and European family businesse

Perfil de la empresa familiar en España y Andalucía

El propósito de este trabajo es proporcionar el perfil de la mediana y gran empresa familiar española en general, y en Andalucía en particular. Se analizarán las características distintivas que presentan este tipo de empresas familiares, con especial atención al estudio de una serie de variables económico-financieras que nos permitan identificar los factores claves de éxito de las mismas con respecto a las no familiares del mismo tamaño y localización geográfica. La información relativa a las 1.182 empresas que conforman la población objeto de nuestro estudio procede de la base de datos SABI para los tres últimos años de los que se podía obtener información completa.The purpose of this paper is to provide the profile of the median and large Spanish family business in general, and in Andalusia in particular. We will analyze the distinctive features of this type of family business, with special attention to the study of a series of economic and financial variables that allow us to identify the key success factors of the same with respect to non-relatives of the same size and geographical location . The information about the 1,182 companies that make up the population of our study comes from the SABI database for the last three years from which complete information could be obtained

Impacto de la diversidad de género sobre el éxito empresarial: un estudio de la empresa española

El objetivo de este trabajo es estudiar las repercusiones económicas que se pueden derivar de la participación de la mujer en los procesos de toma de decisiones de alto nivel en las empresas que cotizan en el mercado español de capitales. Concretamente, pretendemos analizar la posible relación existente entre la presencia de mujeres en puestos de responsabilidad empresarial y el éxito de la organización, medido este último por medio de indicadores ampliamente refrendados por la literatura económico-financiera, tales como el ROI, el ROS y el ROE

Women and Globalization

Economic globalization is a process tending towards neoliberal economic policy reforms (such as deregulation and privatization) and increases in capital, goods, services, and workforce movement. Economic theory on globalization’s impacts on growth and wellbeing does seldom make distinctions between genders. It is frequently assumed that women will pay the cost of market liberalization by an unquestionable loss of jobs, or of high-income jobs. However, trade theory suggests that a growing international trade should benefit women, especially in developing countries. In order to determine the impacts of the globalization process on women’s quality of life, equality, and status it is first necessary to define what is understood under such terms and which variables are involved in their measurement. There seems to be some consensus in identifying the set of variables that define women’s quality of life: economic, political, and social. There are two schools of thought in analyzing the effects of globalization on women. One school, basically optimistic but with some reserves, argues that participation in global trade and in financial markets will improve the situation of all citizens, including women. The other has got a more critical perspective and argues that economic globalization will further increase existing inequalities and will lead to new ones. Both sides of the discussion on the effects of globalization on women are valid, but there is a the need to go beyond the sterile debate on whether globalization is good or bad, and reach a more constructive and wider-scope debate on how to achieve the best possible outcomes of globalization for women. Globalization must be analyzed from a multidimensional perspective and it is only by means of this process and by analyzing the real experiences of actors in adapting to globalization that we can understand the true outreach of globalization. According to this alternative perspective and in trying to develop a constructive debate on the impact of globalization on women a set of practices have to be detected, analyzed, and promoted in order to minimize the negative impacts of globalization on women and reinforce the positive ones. They include, among others: cultural change; sustained and mutuallyagreed action programs among business schools, companies, and other interest groups such as the public sector; and removing the glass ceiling in MNCs, including codes of conduct as a part of their corporate social responsibility

Mujeres y poder empresarial en España

Esta publicación contiene la totalidad de los trabajos del Pro - yecto de Investigación 121/05 sobre La participación de las mujeres en la toma de decisiones en las empresas. Esta te - mática se ha abordado desde diferentes perspectivas comple - mentarias, teóricas y aplicadas; cuantitativas y cualitativas. En el primer capítulo se ha llevado a cabo una revisión y clasificación de la literatura y la investigación científica existente sobre la problemática objeto de estudio y la elabo - ración de un análisis crítico de la misma con arreglo a los epígrafes siguientes: – Los estereotipos de género. – El papel de las mujeres directivas en la mejora de la efi - ciencia. – Estilos de dirección masculinos y femeninos. – Gestionar la diversidad. – Liderazgo y cambio de valores. – Liderazgo y talento: los valores en la crisi

The most relevant variables to support risk analysts for loan decisions: an empirical study

This paper presents an empirical study about risk analysis using several technologies. We have investigated two fundamental questions: we have analized the results obtained using each specific technology (discriminant analysis, logistic regression, and an artificial intelligence technology) and we have pointed out the most relevant variables for this kind of decision making.The percentage of error when using an artificial intelligence technology allows us to conclude that these intelligent systems are a good support in decision-making for risk analysts from banking entities.The most important variable using an artificial intelligence technology is the firm’s economic situation, followed by firm rating and by firm image

La mujer directiva en la gran empresa española: perfil, competencias y estilos de dirección

La escasa presencia de mujeres directivas en la gran empresa española evidencia una fuerte segregación de género del mercado de trabajo, independiente del nivel formativo. El objetivo de este trabajo es proporcionar el perfil y estilos de dirección de las altas ejecutivas españolas, a partir de la realización de un cuestionario y de su tratamiento estadístico usando el análisis factorial. El marco teórico lo proporcionan la gestión de la diversidad y las teorías sobre paradigmas de liderazgo en la empresa. A la luz de las mismas se tratará de comprobar si existe congruencia entre el rol de género y el rol organizativo, para proponer un nuevo paradigma que minimice los efectos negativos de las posibles incongruencias