Impacto de la estrategia de diversificación en la expansión a mercados exteriores sobre los resultados

El propósito de este trabajo consiste en examinar los determinantes de los resultados empresariales, derivados de la estrategia de diversificación en la expansión a mercados exteriores, en términos de los factores del mercado, del producto y de la empresa. Como novedad, la metodología aplicada utiliza el estudio del suceso ("event-study") para estimar los excesos de rentabilidad de las acciones generados en la Bolsa por una muestra de 35 noticias de expansión a mercados exteriores correspondientes a 11 empresas españolas diversificadas; así como el análisis de regresión para examinar el impacto de los factores del mercado, del producto y de la empresa sobre dichos excesos de rentabilidad. La aplicación empírica realizada en nuestro país permite detectar que, en promedio, el impacto de dichas noticias sobre la rentabilidad de las acciones es positivo, siendo sus determinantes la especialización del producto y el grado de desarrollo del país de destino.

Using multilevel modeling and mixed methods to make theoretical progress in microfoundations for strategy research

The microfoundations research agenda presents an expanded theoretical perspective because it considers individuals, their characteristics, and their interactions as relevant variables to help us understand firm-level strategic issues. However, microfoundations empirical research faces unique challenges because processes take place at different levels of analysis and these multilevel processes must be considered simultaneously. We describe multilevel modeling and mixed methods as methodological approaches whose use will allow for theoretical advancements. We describe key issues regarding the use of these two types of methods and, more importantly, discuss pressing substantive questions and topics that can be addressed with each of these methodological approaches with the goal of making theoretical advancements regarding the microfoundations research agenda and strategic management studies in general.

Export and import market-specific characteristics. How they drive the decision to trade and how much

Using a rich firm-level dataset on the Italian manufacturing industry, this paper provides a comprehensive analysis of the role that firms and market characteristics play in shaping firms’ trade activities. We enhance the previous analyses by considering firms’ engagement in international transactions, by focusing on either exports or imports. We show that the determinants of a firm’s export participation and value across countries also drive import behavior. Our research is consistent with the presence of country-specific sunk costs and with a qualitatively similar role of gravity forces and other country attributes on both sides of trading activities. Our evidence, however, militates in favor of a framework where variations in market characteristics have a larger impact on imports than exports.

Third-party complaints and firm performance: an application in Spanish banking

This article focuses on the impact of third-party complaints on firm performance. We propose two research hypotheses, which are developed from the literature of dissatisfaction, emotions, and economics. The methodology is based on an event study to estimate variation in firm share returns in the stock market due to the publication of the Annual Complaints Service Report by the Bank of Spain; as well as a regression analysis to examine the impact of the number of complaints per branch on the variation obtained. The empirical focus is on a sample of eleven banks to which complaints were made and which were quoted on the Spanish Stock Exchange between 1992 and 2001. The results show a negative impact of the publication of these annual complaint reports on the share returns of the banks concerned. Additionally, these returns have a negative relationship with the number of complaints per branch.

Quality management, environmental management and firm performance in the Spanish hotel industry

Comunicación presentada en el XVI Simposio Internacional de Turismo y Ocio, ESADE, 23 mayo 2007.