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.

Adam Smith on labour and value: challenging the standard interpretation

This paper was presented at the Seminars of the Department of Foundations of Economic Analysis I, University of the Basque Country in September 2004.

Unions, Monetary Shocks and the Labour Market Cycle

Published as an article in: Economic Modelling, 2011, vol. 28, issue 3, pages 1140-1149.

Efecto de la formación en el trabajo sobre la movilidad laboral

[ES] En este trabajo se analiza empíricamente la relación existente entre la formación dada por la empresa a sus trabajadores y la posterior salida de la empresa de dichos trabajadores. La principal aportación a la literatura existente en este campo se encuentra en la metodología empírica que se utiliza. En concreto, se propone un modelo de estimación que específicamente tiene en cuenta la posible endogeneidad existente entre la variable de formación y la de movilidad laboral.

Arduino bidez trafikoa kontrolatzeko sistema baten diseinua eta garapena

In this project, a system to detect and control traffic through Arduino has been designed and developed. The system has been divided in three parts. On the one hand, we have a software simulator which have been designed and developed to manage the traffic from a computer. The simulator is written in the Java Language and it is able to control four different types of crossroads, offering several options to the user for each one of them. On the other hand, with relation to the hardware, an Arduino board to make a scale model of one of the crossroads that controls the application has been used. This Arduino receives and processes the messages sent from the computer, next it shows the traffic light of the scale model in the same way that are seen in the simulator. And finally, to detect the traffic by the system, it has also been designed and developed a traffic sensor using another Arduino. To communicate the simulator in the computer and the Arduino which has been used to control the hardware of the scale model, and share information among them, the serial communication of each one of them has been used. Once completely developed each part of the system, several tests have been made to validate the correctness of both, software and hardware.

Geographical mobility and the labour market

This paper studies the e ect of home-owners' migration costs on migration and unemployment in an economy where workers move both for work- and nonwork- related reasons. To this end, a search model with heterogeneous locations is developed and calibrated to the U.S. economy. Consistent with the empirical evidence, the model predicts that home-owners have a lower unemployment rate than renters despite their higher migration costs. The result is due to home-owners' higher transition rate to employment and lower transition rate to unemployment.In addition, the model generates lower inequality in home-owners' local unemployment rates than in renters'. In line with this result, it is documented that, for the period 1996-2013, home-owners had less unemployment dispersion across metropolitan areas than renters.

The labour market in the Basque Country: University Employment Centers

This project is a study of the Labour Market in the Basque Country. First of all, we have analysed the position of the Basque Country in the European Union employment situation by gender and age. Secondly, we have studied the educational level of the Basque Country from the European Union perspective. Thirdly, we have showed the importance of labour orientation in educational level, especially in higher education. Finally, the design of new employment policies to promote the creation of jobs and stability of the labour market depends on: new industries and university employment policies.