Initiatives for the improvement of continuous management training

[EN] Purpose. This work aims to present, from the company viewpoint, a structured account of management proposals and practices directed toward improving the intensity and effectiveness of continuous management training (CMT). Design/methodology/approach. The article takes as its main theoretical referents the Theory of Human Capital, the Resource-Based Vision and the contributions made via the new institutional economy with regard to the problems of information asymmetry between companies, employees and training providers and completes the proposals that derive from this theoretical approach. To do this, experience-based contributions are collected from a selection of company training and HR managers from twelve Basque companies characterised by their strong investment in management training. The methodology used was qualitative and obtained by different qualitative techniques: Focus Groups, Nominal Groups and the Delphi Method, which make up the so-called Hybrid Delphi. Findings and implications. The proposals are aimed at the main agents in training activity: training providers, associations and public agents engaged in management training and, particularly, companies themselves. The initiatives seek above all to increase training market transparency, to improve mutual commitments between companies and managers, and to link training and development with culture and strategic management, so that firms make optimal investment in management training. Originality/value. The methodology used is original, and the contributions are consistent with the theory, have a proven practical utility, and are presented in a hierarchy, which facilitates decision making.

Measuring the influence of customer-based store brand equity in the purchase intention

[EN] Store brands account for and important market share in the Spain and a further increase in expected in the next years due to the downturn. However, there is lack of research on store brand customer-based Brand Equity. This study attempts to propose an integrated model of Brand Equity in store or retailer brands, based on Aaker s well-known conceptual model. We propose a consumer-based model, including the main sources or dimensions of Brand Equity and considering the intention to purchase as a consequence. Based on a sample of 362 consumers and 5 store brands, structural equation modeling is used to test research hypotheses. The results obtained reveal that store brand awareness, loyalty along with store brand perceived quality have a significant influence on consumers intention to purchase store brands. Our study suggests that marketers and marketing managers from retailing companies should carefully consider the Brand Equity components when designing their brand strategies, and develop marketing activities in order to enhance their brands awareness.

Does rating shopping exist in spanish securitization issues?

[EN] Debt issue credit ratings can lead to conflicts of interest as the issuer itself is entrusted with contracting and compensating the rating agency. Into the bargain, the credit rating agency may be involved in designing the issues that the same agency subsequently rates. Credit rating agencies thus could have incentives to rate issues advantageously. Given the economic importance of this issue, in this paper we have proposed to analyze this phenomenon, known as rating shopping in academic literature, for Spanish market securitization issues for the period of time comprehensive from January 1993 to December 2011. In sum 3,665 published ratings are been analysed, for an issued nominal amount of 791,090 million Euros. The results show an association between the credit rating agency contracted and the mean rating awarded. Significant differences are observed in the ratings associated to the contracting manager (or special purpose vehicle SPV- manager firm), to the number of ratings or to the type of collateral. Furthermore, a pattern compatible with rating shopping was observed for some types of collateral: abnormally high market shares associated with certain agencies awarding unusually generous ratings. However, this phenomenon is not seen to be widespread on the rating market associated to Spanish securitization issues.

Could innovative teams provide the necessary flexibility to compete in the current context?

[EN] In the modern era firms should look for a sustainable and profitable business model. They operate in highly volatile and competitive markets. Innovation is a key element that allows firms to survive in these complex environments. Accordingly, some companies are developing human resource models that align to the actual competitive context. For instance, they establish democratic systems, flexible work practices, they focus on responsibility and initiative and increase the self-control of team members. In this framework, firms tend to use resources such as creativity, capacity for innovation or development of human talent. Therefore, innovative teams are able to adapt and react to turbulent, complex and dynamic environments, which allow them to handle in a more efficient way several subtasks. This fact gives rise to a higher effectiveness in the activities of firms. This paper analyze the characteristics and performance of multifunctional teams, virtual teams, open-innovation teams and self-managing teams. It also study the case of Semco, a company that is characterized by its innovative practices in human resources management and focus on responsibility and initiative and increase the self-control of team members.

Company financial performance: Does board size matter? Case of the EUROSTOXX50 index

[EN] This study analyzes the relationship between board size and economic-financial performance in a sample of European firms that constitute the EUROSTOXX50 Index. Based on previous literature, resource dependency and agency theories, and considering regulation developed by the OECD and European Union on the normative of corporate governance for each country in the sample, the authors propose the hypotheses of both positive linear and quadratic relationships between the researched parameters. Using ROA as a benchmark of financial performance and the number of members of the board as measurement of the board size, two OLS estimations are performed. To confirm the robustness of the results the empirical study is tested with two other similar financial ratios, ROE and Tobin s Q. Due to the absence of significant results, an additional factor, firm size, is employed in order to check if it affects firm performance. Delving further into the nature of this relationship, it is revealed that there exists a strong and negative relation between firm size and financial performance. Consequently, it can be asseverated that the generic recommendation one size fits all cannot be applied in this case; which conforms to the Recommendations of the European Union that dissuade using generic models for all countries.

Systematic liquidity: commonality and inter-temporal variation in the Portuguese stock market

[EN] The aim of this paper is to study systematic liquidity at the Euronext Lisbon Stock Exchange. The motivation for this research is provided by the growing interest in financial literature about stock liquidity and the implications of commonality in liquidity for asset pricing since it could represent a source of non-diversifiable risk. Namely, it is analysed whether there exist common factors that drive the variation in individual stock liquidity and the causes of the inter-temporal variation of aggregate liquidity. Monthly data for the period between January 1988 and December 2011 is used to compute some of the most used proxies for liquidity: bid-ask spreads, turnover rate, trading volume, proportion of zero returns and the illiquidity ratio. Following Chordia et al. (2000) methodology, some evidence of commonality in liquidity is found in the Portuguese stock market when the proportion of zero returns is used as a measure of liquidity. In relation to the factors that drive the inter-temporal variation of the Portuguese stock market liquidity, the results obtained within a VAR framework suggest that changes in real economy activity, monetary policy (proxied by changes in monetary aggregate M1) and stock market returns play an important role as determinants of commonality in liquidity.

Traditional budgeting during financial crisis

[EN] This study examines the evolution of budgeting practices in the extremely difficult Spanish economic environment. In order to analyse if companies are still maintaining their budgeting process and if, right now, they are facing more difficulties in forecasting accurate indicators, two similar web surveys were addressed over two periods of time, firstly in 2008 at the beginning of the financial crisis, and secondly in 2013 after five years of a downward trend. In addition, in-depth interviews were conducted to investigate how companies brought more flexibility to their budgeting process in order to cope with environmental uncertainty. The survey indicates that 97% of respondents are still using a traditional budgeting process being this result similar to the one found in 2008. However, 2013 showed that the reliance on forecasted information is being increasingly questioned. Furthermore the study revealed that the respondents are bringing more flexibility to their processes, being able to modify the objectives once the budget is approved and to obtain new resources outside the budgeting process. This paper contributes to revealing information about difficulties in setting reliable objectives in a turbulent environment and provides data about the evolution of budgeting practices over five years during an austere economic crisis.

Crecimiento y rentabilidad en el mercado emergente brasileño

[ES] En los últimos años, las economías emergentes están tomando las primeras posiciones a nivel mundial. Las consecuencias de la crisis financiera han provocado que inversores y empresas dirijan sus capitales y esfuerzo hacia los mercados emergentes en busca de crecimiento y rentabilidad empresarial que los países desarrollados no ofrecen. En este contexto, el objetivo del presente estudio consiste en analizar el crecimiento empresarial en Brasil durante el periodo 1995-2011 y, más específicamente, sus variables explicativas y la interrelación con la rentabilidad empresarial. Para ello, en primer lugar realizamos la estimación de un modelo de regresión dinámico con datos de panel empleando el Método Generalizado de los Momentos (GMM). En segundo lugar, empleamos un sistema de Vectores Autorregresivos (VAR) para analizar la relación entre crecimiento y rentabilidad. Los principales resultados obtenidos nos indican que la obtención de mayores tasas de rentabilidad proporcionan un mayor crecimiento empresarial, pero no al contrario. Además cabe señalar que el comportamiento del crecimiento empresarial es diferente según la propiedad y el control de las empresas. Además, aportan un mayor conocimiento del comportamiento del crecimiento empresarial en Brasil, siendo útil para la toma de decisiones de empresarios e inversores, y así pueden ser utilizados para la toma de decisiones en el ámbito de la política regional y social.

Academic spin-offs incubation strategies: the case of the Andalusian region

[EN] The objective of this paper is to analyze the incubation strategies developed in the universities of Andalusia, a relatively low-income region of Spain, to promote the creation of university spin-offs. These strategies are also compared to the incubation models noted in the literature. The performance of the university spin-offs created and its relation to the incubation strategies developed by the university are also analysed. The analysis is based on data from a survey of nine public universities that carry out strategies for the promotion of university spin-offs. The result of the analysis shows that university spin-off incubation strategies in Andalusia present specific characteristics not covered by certain models that are well-known in the literature on innovation. Then, a new stage in the process of the university spin-off incubation is proposed. We consider it to be a pre-strategic stage to the academic spin-off incubation strategies. The analysis also finds certain environmental factors associated to those spin-offs promoted by Andalusian universities that achieve the highest level of performance. This result suggests that previous to making any decision involving investment into developing incubation strategies, universities should gauge whether they have sufficient resources and the possibilities of connecting with a Technology Park.

Brand image and lexicographic analysis: an application to shopping malls

[EN] The concept of image in its different aspects is very important in today s society as well as in the business management field. Some authors reports that most of the studies that measure image do not take into account neither previous theoretical and conceptual models nor other possible empirical evidence alternatives. Given this need, a research regarding the concept of brand image applied to shopping malls was conducted based on the conceptual model of the consumer cognitive response in order to empirically explore and contrast it. For this reason, a survey was applied to 420 consumers in five shopping malls in Bogotá, achieving a database of 3.749 cases. The results show attribute-shopping mall associations expressed in unique, differentiated, and notorious vocabulary obtained applying lexicometric and multivariate analysis techniques. Attribute-shopping mall associations such as spacious , good location , good variety of stores , and the existence of movie theaters . Finally, this research aims to potentially improve the management of shopping malls and increase their attractiveness and customer loyalty by applying the development of service quality systems, integral communication, segmentation, and positioning.

El discurso en el estudio de las organizaciones. Una revisión de la literatura

[ES] En el documento se presenta una revisión de la literatura referente al discurso en el estudio de las organizaciones, que parte de sus fundamentos teóricos y sus principales aportes. La unidad de análisis fueron 88 textos seleccionados en una revisión sistemática de 5.509 artículos, publicados entre 2000 y 2012, en diez de las principales revistas internacionales relacionadas con la temática definida. Para relevar y categorizar los datos pertinentes, se utilizó el software de investigación cualitativa Atlas.ti, versión 6.2. La comprensión de la información se complementó con métodos de análisis de contenido y de frecuencia. De los principales resultados se infirieron cuatro dimensiones del discurso: instrumental, simbólica, estratégica y comunicacional. Además, se realizó una clasificación de los artículos con base en los enfoques sobre el discurso y las temáticas organizacionales estudiadas. Los aportes encontrados en dicha revisión permiten plantear que el discurso no solo es lo dicho sino también aquello que ha sido silenciado en la organización, campo de investigación que ha sido poco explorado en los textos analizados. Este artículo realiza contribuciones importantes para el área administrativa y organizacional, en especial para todos aquellos profesionales que se interesen por el análisis de las organizaciones desde la perspectiva del discurso, tanto en la academia como en la asesoría e intervención en ellas.

Linking transformational leadership and organizational trust: has organizational commitment a mediating effect on it?

[EN] The main goal of this study is to analyze how organizational commitment has a mediating effect on the relation between transformational leadership and organizational trust. Therefore we developed an organization analysis based on a survey that was used to collect primary data from a sample of 58 employees. We obtained a 71% response rate and these data were analyzed using quantitative methodological techniques and linear regression. The research was conducted at the Serralves Foundation (Porto, Portugal) to empirically test the proposed research model and its hypotheses. The empirical results confirm that transformational leadership positively enhances organizational trust. However, transformational leadership and organizational trust are not significantly influenced by organizational commitment, thus not having a mediating effect on this relationship. Such results assume particular relevance because they become a basis for comparative studies in similar organizations. This study brings some theoretical contributions to the literature by analyzing the mediating effect of organizational commitment on the relation between transformational leadership and organizational trust in cultural organizations and has also some practical management implications, as it draws attention to the importance of a set of practices, job satisfaction oriented, which can effectively lead to organizational commitment intervention in the relationship between transformational leadership and organizational trust.

The Spanish corporate structure through interlocking directorates

[EN] The aim of this paper is to determine to what extent globalization pressures are changing interlocking directorate networks modeled on continental capitalism into Anglo-Saxon models. For this purpose we analyse the Spanish network of interlocks, comparing the present structure (2012) with that of 1993 and 2006. We show how, although Spanish corporative structure continues to display characteristics of the continental economies, some major banks are significantly reducing industrial activity. Nevertheless, the financial organizations continue to maintain a close relationship with sectors such as construction and services. The analysis of the network of directorates shows a retreat in activity of industrial banking in Spain. Two large Spanish financial institutions, BSCH and La Caixa, continue to undertake activities of industrial banking in 2006, but this activity is significantly reduced in 2012. According to the theories on the role of the interlocking directorates, the companies in these sectors assure their access to banking credit by incorporating advisors from financial organizations to their board of directors. We cannot conclude that the structure of the Spanish corporate network has become a new case of Anglo-Saxon structure, but we got indications that are becoming less hierarchic as banks seem to slowly abandon centrality positions. This is especially salient if we compare the networks of 2006 and 2012, which show a continuing decrease of the role of banks and insurance companies in the network.

Estrategias de diversificación en los grupos familiares y no familiares: principales diferencias según el tipo de grupo no familiar

[ES] Durante la última década surge un interés por el estudio de la estructura de propiedad como elemento determinante de la diversificación. Sin embargo, existe una carencia de investigaciones que analicen la influencia de la naturaleza del último propietario en el nivel y tipo de diversificación. Por ello, el objeto del presente trabajo es analizar las estrategias de diversificación empleadas por los grandes grupos empresariales españoles cuya empresa matriz cotiza en los mercados de valores, estudiando las diferencias existentes entre grupos familiares y no familiares, y considerando en estos últimos la naturaleza del último propietario. Se parte de una muestra de noventa y nueve grupos empresariales, donde se identifican las compañías que constituyen el grupo empresarial, siendo empleadas como metodologías econométricas los modelos logísticos binomiales y los modelos datos panel. Los resultados muestran como la naturaleza familiar del grupo influye positivamente en la especialización y en el empleo de estrategias de diversificación relacionada, y negativamente en el empleo de estrategias de diversificación no relacionada. Los grupos familiares difieren en mayor medida de aquellos grupos no familiares donde no existe un accionista de referencia que pueda ejercer el control efectivo del grupo y la dispersión de la propiedad es mayor, los denominados grupos sin control efectivo . La investigación permite profundizar en el análisis de las diferencias existentes entre grupos familiares y no familiares, y más concretamente en el ámbito de las estrategias de crecimiento, considerando la naturaleza del último propietario de los grupos no familiares.

Un análisis empírico de las competencias directivas necesarias en la identificación de los empleados clave

[ES] El presente estudio analiza empíricamente de qué forma la composición de capital humano de los equipos directivos favorece el desarrollo de una de las fases más relevantes en la formulación de la estrategia de recursos humanos: la identificación de los empleados clave. Basándonos en las recientes llamadas de atención en la literatura en dirección de recursos humanos, este estudio parte de una perspectiva de "proceso" frente al clásico análisis de "contenido", con el fin de ir un paso más allá en la dinámica interna de estos procesos estratégicos. La aplicación del análisis de ecuaciones estructurales a través del procedimiento Partial Least Squares (PLS) sobre una muestra de 120 empresas españolas, reveló que la identificación de recursos humanos críticos requiere de habilidades cognitivas mixtas, tanto racionales como creativas, para completar eficientemente cada una de las etapas del proceso. Consecuentemente, la combinación de estas competencias se alcanzará en entornos de trabajo de carácter colectivista, favoreciendo la toma de decisiones cooperativa y colaborativa. En este contexto, el responsable de recursos humanos participará enriqueciendo con su poder experto las actividades más técnicas del proceso, para posteriormente integrar la información de recursos humanos en el proceso de deliberación estratégica con el resto de miembros del equipo. Asimismo, estos resultados ponen de manifiesto interesantes implicaciones profesionales relacionadas con la presencia de diversidad cognitiva de los equipos de alta dirección.