Balance rather than critical mass or tokenism: gender diversity, leadership and performance in financial firms

Purpose: This study analyzes how board’s gender diversity, and more specifically a gender-balanced configuration—i.e., a proportion of women in the boardroom ranging between 40% and 60%—affects economic and risk oriented performance in financial firms. Design/methodology/approach: The empirical application uses a rich dataset that includes detailed accounting and organizational information for all financial firms in the Costa Rican industry during the period 2000-2012. The proposed hypotheses are tested using panel data (fixed-effects) regression models that emphasize that bank performance is affected by various dimensions of the banks’ gender diversity. Findings: The longitudinal analysis of the Costa Rican banking industry reveals that, unlike a proportion indicating a particular critical mass of women on the board, a balanced gender configuration yields superior economic performance (ROA and net intermediation margin). Additionally, the findings show that the performance benefits of gender diversity only exists in the presence of a gender balanced board configuration, and that this positive effect is not conditioned by the presence of women leadership in the corporate hierarchy (Chair or CEO). Originality/value: The paper further explores the influence of board gender diversity on organizational performance by adopting an approach to the gender diversity-performance relationship that goes beyond the mere representation of women within the corporate hierarchy.Peer ReviewedPreprin

Entrepreneurial experience and the innovativeness of serial entrepreneurs

Purpose - This paper examines the effects of past entrepreneurial experience on the reported innovativeness of serial entrepreneurs’ subsequent ventures. Building on insights from the generative entrepreneurial learning process and from cognition theories, we propose that regardless of the type of entrepreneurial experience, positive or negative, such experience enriches the cognitive schemas of serial entrepreneurs leading them to greater reported innovativeness. Knowing this will expand our knowledge of entrepreneurial career development. Design/Methodology/approach - The proposed hypotheses are tested using Heckman regression models relating past entrepreneurial experience, current business ownership and reported innovativeness of current businesses on a unique sample drawn from a Catalan adult population survey. The data on the past entrepreneurial experience of the Catalan adult population were collected specifically for the purpose of this study. Findings - Results reveal that practical experience is an essential prerequisite for entrepreneurial learning, and even negative entrepreneurial experience may induce generative entrepreneurial learning suitable for subsequent outperforming ventures for the psychologically strong who have managed to learn from their experience. Implications - This paper offers insights on how the nature of the past entrepreneurial activity influences future venturing decisions. This study contributes to the academic debate on whether increased entrepreneurial experience and generative learning processes best explain serial entrepreneurial behaviors. Originality/Value - The paper further explores the influence of previous entrepreneurial experience on current entrepreneurial activity by analyzing the relationship between serial entrepreneurship and reported innovativeness.Preprin

Vivencias, prácticas y concepciones urbanas en el barrio del Puerto de Tarragona

Con base etnográfica, el presente artículo aborda la transformación social y espacial que el Barrio del Puerto de Tarragona ha vivido en las últimas décadas y el resultado con el que se enfrenta al futuro. Parte de un análisis de corte lefebvriano, pues atiende el plano vecinal cotidiano, el plano de la práctica consciente del espacio y el plano proyectual en sentido político y urbanístico. La realidad de la unidad de observación ha llevado al análisis de fenómenos como la decadencia urbanística, la gentrificación, la xenofobia y la construcción de identidades. El caso refleja los conflictos de los procesos globales en lo particular de un barrio donde los agentes urbanos chocan y confluyen ante la pregunta de qué fueron, qué son y qué quieren ser

Copying, Superstars, and Artistic Creation

We provide a new perspective on the impact of unauthorized copying and copy levies on artistic creation. Our analysis emphasizes three important aspects of artistic markets: the predominance of superstars, the dynamics of talent sorting, and the importance of promotion expenditures. In the short run, piracy reduces superstars’ earnings and market share, and increases the number of niche and young artists. From a dynamic perspective, piracy may help more young artists start their careers, thereby increasing the number of highly talented artists in the long run. The long run impact on artistic creation of levies on copy equipment may crucially depend on whether their yields primarily accrue to superstars or are allocated to help young artists.artistic creation, superstars, private copy, piracy, levies

Global properties of the spectrum of the Haldane-Shastry spin chain

We derive an exact expression for the partition function of the su(m) Haldane-Shastry spin chain, which we use to study the density of levels and the distribution of the spacing between consecutive levels. Our computations show that when the number of sites N is large enough the level density is Gaussian to a very high degree of approximation. More surprisingly, we also find that the nearest-neighbor spacing distribution is not Poissonian, so that this model departs from the typical behavior for an integrable system. We show that the cumulative spacing distribution of the model can be well approximated by a simple functional law involving only three parameters.Comment: RevTeX 4, 7 pages, 4 figures. To appear in Phys. Rev.

Monitoring bank performance in the presence of risk

This paper proposes a managerial control tool that integrates risk in efficiency measures. Building on existing efficiency specifications, our proposal reflects the real banking technology and accurately models the relationship between desirable and undesirable outputs. Specifically, the undesirable output is defined as nonperforming loans to capture credit risk, and is linked only to the relevant dimension of the output set. We empirically illustrate how our efficiency measure functions for managerial control purposes. The application considers a unique dataset of Costa Rican banks during 1998–2012. Results’ implications are mostly discussed at bank-level, and their interpretations are enhanced by using accounting ratios. We also show the usefulness of our tool for corporate governance by examining performance changes around executive turnover. Our findings confirm that appointing CEOs from outside the bank is associated with significantly higher performance ex post executive turnover, thus suggesting the potential benefits of new organisational practices.Peer ReviewedPostprint (author’s final draft

UNION STRUCTURE AND THE INCENTIVES FOR INNOVATION IN OLIGOPOLY

In this paper we consider the effect of union structure on the adoption of innovation in the context of Cournot duopoly. With a market size large enough we show that the incentive to innovate is higher under a decentralized union structure (with each firm facing its own independent union) than under an industry-wide union. However, for a small market size (or, equivalently, for sufficiently drastic potential innovation) the new technology is more likely to be adopted in the presence of a centralized union. This result goes against the conventional view that unionization harms the incentive to innovate.Oligopoly, Unions, Innovation.

The Dead with No Wake, Grieving with No Closure: Illness and Death in the Days of Coronavirus in Spain

[EN] The pandemic caused by the spread of Covid-19 is giving rise to an exceptional social situation because of the great speed of propagation of the illness and the high level of mortality it has occasioned in a very short time. Moreover, the lockdown measures decreed in Spain prohibit the holding of wakes to avoid contagion, and limit funerals to three people plus the ofciant. Thus, coronavirus is robbing people of the opportunity of a fnal farewell, stripping the dead of their dignity and worsening the grief of the living. This article investigates the situation and the social and cultural impact it has provoked. The method used takes the line of critical dialogue analysis (CDA) applied to information contained in the mass media, employing qualitative material from a related small-scale study. The results show that in countries like Spain where there is a strong Roman Catholic tradition the importance of these rituals is unquestionable. Although the country has become laicized over recent years, many traditions around death are still maintained. Hence, the impossibility of holding funerals is triggering a large number of social and personal conficts. Furthermore, they indicate that lockdown, and the lack of rituals and of accompaniment constitute some of the most crucial stressors in the epidemic. Grief in solitude has become widespread and all the more fundamental in a society that values social support from close friends and family members. The conclusions show that the social distancing imposed by the epidemic is especially hard to bear when relatives are passing into death.S