Examining the Impact of Innovation Forms on Sustainable Economic Performance: The Influence of Family Management

The aim of this research is to explore the effect that innovation, as a potential source of sustained competitive advantage and firm growth, has on the achievement of sustainable economic performance. In particular, this paper empirically examines the influence of four innovation forms (intramural R&D, extramural R&D, product innovation, and process innovation) on firms’ sustainable economic performance, considering the moderating effect of family involvement in management. To test the hypotheses, random-effects regression analyses are applied to a longitudinal sample of 598 Spanish private manufacturing firms throughout the 2006–2015 period. The results show a negative effect of intramural and extramural R&D on sustainable economic performance and a positive effect of process innovation on sustainable economic performance. Moreover, a reinforced relationship between process innovation and sustainable economic performance is also revealed when family involvement in management acts as a moderator. The findings make several contributions to research and practice

The Forward and Backward Shift on the Hardy Space of a Tree

In this paper we initiate the study of the forward and backward shifts on the Hardy space of a tree and the little Hardy space of a tree. In particular, we investigate when these shifts are bounded, find the norm of the shifts if they are bounded, characterize the trees in which they are an isometry, compute the spectrum in some concrete examples, and completely determine when they are hypercyclic.Comment: 23 page

Financial literacy and risk-taking propensity as predictors of undergraduates' entrepreneurial intention

Entrepreneurial intention, as one of the best entrepreneurship predictors, is related to the individual's choice to start a new business. Entrepreneurship education is, without a doubt, the topic that arouses the greatest interest in the entrepreneurship research community. However, empirical evidence is contradictory regarding the influence of entrepreneurship education on entrepreneurial intention, leading academics to the recent claim to delve into the existing heterogeneity regarding the relationship between knowledge, skills and competencies and entrepreneurial intention. Consequently, this article proposes individuals' financial literacy as a relevant predictor of undergraduates' entrepreneurial intention. Financial literacy-entrepreneurship evidence is scarce and limited: (1) they do not focus on entrepreneurial intention; (2) they incompletely measure the multidimensional construct of financial literacy; (3) they do not analyse undergraduates, despite being an important starting point for entrepreneurship. Therefore, this article applies covariance-based structural equation models to 568 Spanish undergraduates with business and tourism degrees to obtain the impact of financial literacy (measured through its three dimensions, i.e., financial knowledge, attitude, and behaviour) on entrepreneurial intention through the mediating role of risk-taking propensity. The results show that: (1) financial knowledge positively influences indirectly; (2) financial attitude negatively influences indirectly; (3) financial behaviour positively influences both directly and indirectly. These findings are highly relevant for the entrepreneurship research community in general and policymakers in particular since we demonstrate the entrepreneurial potential derived from undergraduates' financial literacy thanks to the mediating role of risk-taking propensity, which establishes a novel channel to promote entrepreneurship and, thus, solve the serious youth unemployment problems.Ministerio de Educación y Formación Profesional. Formación de Profesorado Universitario (FPU20/02328). Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Exploring the relationship between financial literacy, risk-taking propensity and entrepreneurship in Spanish undergraduates

This article uses covariance-based structural equation models in a sample of 568 Spanish undergraduates to provide evidence on the impact of financial literacy (measured through its three dimensions, that is, financial knowledge, attitude, and behaviour) on entrepreneurial intention through the mediating role of the risk-taking propensity. The results show that: (i) financial knowledge has an indirect positive impact; (ii) financial attitude has an indirect negative impact; (iii) financial behaviour has a positive impact both directly and indirectly. These findings are highly relevant in demonstrating the mechanism that explains the relationship between financial literacy and entrepreneurial intention considering the role of risk-taking propensity, an important channel to promote youth entrepreneurship.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Does the Female Presence in Corporate Governance Influence the Level of Indebtedness in Agri-Food Family Firms?

Family firms form the backbone of most of the world’s economies. While the issues surrounding family firms are diverse, gender diversity and its impact on the strategic and financial decisions of such firms is a topic that has generated significant debate in recent years. In particular, one of the most crucial unresolved questions is whether or not increasing the female presence in the family firms’ corporate governance bodies would be beneficial for improving their internal functioning. To shed new light on these issues, our study aims to examine the influence of gender diversity on the level of indebtedness of Spanish agri-food family firms. Specifically, and applying a risk-aversion perspective, the research goal is to analyse whether the female presence in corporate governance structures (board of directors, top management team and general shareholders’ meeting) influences the level of firm indebtedness. To test the suggested relationships, ordinary least square regression models were applied to a sample of 137 firms. The final sample was obtained by combining quantitative data from the SABI database and qualitative data from a survey conducted by the Spanish Institute of Family Firms and the Spanish Network of Family Business Chairs. This study reveals an inverse relationship of female presence in the board of directors, in the top management team, and in the general shareholders’ meeting on the level of indebtedness of Spanish agri-food family firms. In other words, the findings show that female presence in corporate governance structures contributes to enhanced business management behaviour and, thus, to a better utilisation of firms’ financing strategies. The obtained results have very important practical and social implications, insofar as they contribute to the building of a more inclusive and sustainable business world, aimed at reducing gender inequality at top positions in firms

Architecture for Text Sign Localization and Recognition

This paper describes a low complexity strategy for detecting and recognizing text signs automatically. Traditional approaches use large image algorithms for detecting the text sign, followed by the application of an Optical Character Recognition (OCR) algorithm in the previously identified areas. This paper proposes a new architecture that applies the OCR to a whole lightly treated image and then carries out the text detection process of the OCR output. The strategy presented in this paper significantly reduces the processing time required for text localization in an image, while guaranteeing a high recognition rate. This strategy will facilitate the incorporation of video processing-based applications into the automatic detection of text sign similar to that of a smartphone. These applications will increase the autonomy of visually impaired people in their daily life

¿Son las empresas familiares proactivas en términos medioambientales más innovadoras?

Las inversiones medioambientales se están convirtiendo rápidamente en una fuente indispensable y vital para lograr la sostenibilidad medioambiental. Las empresas familiares, que constituyen la columna vertebral de la mayoría de las economías mundiales, están adoptando medidas proactivas para desarrollar prácticas responsables con el medio ambiente. Su objetivo es abordar los acuciantes retos que plantean los problemas de sostenibilidad global y, en última instancia, contribuir a crear un mundo más verde para las generaciones futuras. Sin embargo, las inversiones medioambientales pueden requerir muchos conocimientos y estar plagadas de incertidumbres, lo que puede dificultar su aplicación. En particular, hay una falta de investigación en esta área, lo que dificulta nuestra comprensión de las dinámicas subyacentes y los factores potenciales que arrojan luz sobre cómo los esfuerzos proactivos de las empresas familiares en materia de medio ambiente influyen en sus actividades de innovación y en su rendimiento general. Para colmar esta laguna, este artículo pretende investigar y salvar la brecha existente entre la proactividad medioambiental y la innovación en las empresas familiares, considerando el papel mediador de la amplitud de la colaboración. Para ello, utilizamos un conjunto de datos de panel compuesto por 3.254 observaciones de empresas familiares españolas que operan en el sector manufacturero entre 2009 y 2017. Los resultados muestran que las empresas que son proactivas desde el punto de vista medioambiental obtienen mejores resultados de innovación. Además, la amplitud de la colaboración media completamente la relación entre la proactividad medioambiental y la innovación. El presente estudio proporciona una vía prometedora para ayudar a las empresas familiares a navegar por cada vez más compleja pero creciente intersección entre sostenibilidad medioambiental, innovación y colaboración

The importance of technological innovation in Spain: evidence before, during and after the global economic crisis

This paper examines the importance of Technological Innovation (hereafter TI) in Spain by analyzing the volume of financial resources that Spanish businesses invest in the development and promotion of innovations activities and projects. Based on the data available from the Cotec foundation and the Spanish National Statistics Institute, our research shows that Spanish businesses do not conceive innovation as an instrument to improve their competitiveness. However, this trend is now changing

Heterogeneous collaborative networks and firm performance: Do the contingent effects of family management and intellectual property rights matter?

Purpose – The aim of this study is to investigate the relationship between heterogeneous collaborative networks and firm performance, using the resource-based view (RBV) and its extension through the knowledge-based view (KBV) as theoretical lens. Moreover, the authors examine family management and intellectual property rights (IPRs) as contingent factors that enhance the effectiveness of heterogeneous collaborative networks in achieving superior firm performance. Design/methodology/approach – The hypotheses are developed and checked by using a panel data sample of 10,985 firm-year observations from 1,766 Spanish manufacturing firms over the period 2007–2016. Findings – The results indicate that heterogeneous collaborative networks positively influence firm performance. Furthermore, the positive impact of these innovation networks on firm performance is reinforced by high levels of family management, and such effect is even stronger when there exists high levels of IPRs. Originality/value – This research is the first, to our knowledge, to provide important new insights into the manner in which the effect of both family management and IPRs have the potential to amplify the performance gains attained from heterogenous collaborative networks

The impact of technological innovation efficiency on firm growth: The moderating role of family involvement in management

Purpose – The purpose of this study is to offer new insights regarding an issue that has attracted the interest of multitude academics and practitioners in business management and family firm literature: technological innovation (TI). Specifically, this study brings new knowledge regarding both the impact of TI efficiency on firm growth and the moderating role of family involvement in management on such relationship. Design/methodology/approach – The authors use a matched-pairs design and an ordinary least squares regression analysis to examine a sample of 152 Spanish manufacturing firms. Findings – First, the authors show that firms obtaining higher TI efficiency are also those that achieve superior growth. Second, the authors reveal that as family involvement in management increases, the positive effect that TI efficiency exerts on firm growth is strengthened. Practical implications – This study suggests that family managers should essentially consider various aspects such as tacit knowledge, social capital and long-standing collaborations with stakeholders to reinforce the relationship between TI efficiency and firm growth. Originality/value – To the best of our knowledge, this is the first study that analyses the effect of TI efficiency on firm growth, as well as, when and to what extent family involvement in management influences the TI efficiency-growth relationship. Thus, this paper provides a deeper understanding of the importance that family managers could have on firm growth deriving from TI efficiency