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This paper argues that, when using a large database, organizational researchers would benefit from the use of specific multivariate exploratory data analysis (MEDA) before performing statistical modelling. Issues such as the representativeness of the database across domains (countries or sectors), assessment of confounding among categorical covariates, missing data, dimension reduction to produce performance indicators and/or remedy multicollinearity problems are addressed by specific MEDA. The proposed MEDA is applied to data from the Community Innovation Survey (CIS), a large database commonly used to analyse firms' innovation activities, prior to fitting ordered logit and Tobit regression models. A set of recommended practices involving MEDA are proposed throughout the paper. [ABSTRACT FROM AUTHOR]

This paper aims to offer a critical reflection on the way Talent Management (TM) is investigated in practice, by addressing the key issues regarding the quality (in terms of rigor and relevance) of academic empirical TM research and therefore the critical scrutiny of TM scholars' work. We will argue that despite the growth in the quantity, the quality of many empirical TM papers is lagging behind and hindering the progress of the academic field of TM. Based on a content analysis of 174 peer-reviewed articles published between 2006 and 2017, the paper outlines nine critical issues regarding the quality of the existent empirical TM research. In order to improve the positioning of the field as well as the impact of TM research on practice it is absolutely necessary for TM scholars to secure the quality of academic empirical TM research. Also, the collaboration between practitioners and scholars should increase. [ABSTRACT FROM AUTHOR]

After a steady growth in global offshoring activities, it appears now a marked flow in the opposite direction with both a partial and full reversal of offshoring decisions. Research on reshoring put less stresses on the operation of dispersed facilities of an intra-firm network manufacturing. The purpose of this paper is to address the relevance of strategic capabilities for the operation of international manufacturing to the reshoring decision. The paper reports on retrospective studies of three European based companies, which have had recent reshoring experience. We adopt qualitative research using a case-based methodology that includes multiple in-depth interviews based on three companies. The study demonstrates that managerial challenges in the operation of dispersed facilities have played an important role in the reshoring decision. The findings allow understanding how the capability dimensions, 'thriftiness' and 'learning' being the most important, connect with the phenomenon of reshoring. [ABSTRACT FROM AUTHOR]

This paper simultaneously analyzes antecedents and consequences of organizational ambidexterity. Regarding antecedents, the paper examines the influence of internal antecedents (organizational structure) and external antecedents (environmental dynamism). With regard to consequences, the paper analyzes the impact of ambidexterity on firm performance. Moreover, we use two different approaches to ambidexterity (structural and contextual perspectives). The findings show that a hybrid organizational structure, with organic (decentralization) and mechanistic characteristics (differentiation and formalization), and environmental dynamism, influence ambidexterity, and there is a positive impact of ambidexterity on firm performance. [ABSTRACT FROM AUTHOR]

This study delves in the controversy about the nature and the sign of the effect of interorganizational relationships on entrepreneurial orientation. The paper analyses the effects of networks of interorganizational relationships at firm level. Specifically, we study the influence of closure of interorganizational relationships in entrepreneurial orientation and the mediating role of dynamic capabilities. The empirical analysis was developed on a sample of 292 Spanish agri-food firms. We detect a positive mediating effect of the closure of interorganizational relationships, mainly cooperative relationships, on entrepreneurial orientation through dynamic capabilities. It highlights the emergence of a suppression effect uncovering the dark side of closed interorganizational relationships in several dimensions of entrepreneurial orientation - proactiveness, autonomy and risk-taking -. This paper contributes to link three theoretical approaches - social capital, entrepreneurship and dynamic capabilities - to probe further into the implications of interorganizational relationships. [ABSTRACT FROM AUTHOR]

This paper analyzes whether effective boards of directors in addressing shareholder interests also prove to be effective in guaranteeing the interests of the rest of the firm's stakeholders. We measure board effectiveness based on the shareholder perspective, and test whether it is valid for the stakeholder perspective. The novelty of this paper precisely lies in its approach, given that it considers both perspectives of corporate governance at a time. Using the transparency of sustainability reports as a proxy for the stakeholder perspective in an international sample of 2366 companies, the paper shows that effective boards are more likely to address the interests of both the shareholders and the rest of the firm's stakeholders. Furthermore, we propose a measure of board effectiveness by gathering several board characteristics. Our results contribute to research on corporate governance and corporate social responsibility reporting, and it has implications for policy makers. [ABSTRACT FROM AUTHOR]

This paper seeks to shed further light on the capital budgeting techniques used by Spanish companies. Our paper posits that the gap between theory and practice might be related to the nature of sources of value and to the efficiency of mechanisms aligning managerial and shareholder incentives, rather than to resource restrictions or model misinterpretation. We analyze data from a survey conducted in 2011, the final sample comprising 140 non-financial Spanish firms. Our findings show a behaviour pattern similar to that reported in prior research for firms in other countries. Particularly noteworthy is that payback appears to be the most widely used tool, while real options are used relatively little. Our results confirm that size and industry are related to the frequency of use of certain capital budgeting techniques. Further, we find that the relevance of growth opportunities and flexibility is an important factor explaining the use of real options. [ABSTRACT FROM AUTHOR]

This paper studies how the nature and shape of the relationship between inter- national diversification (ID) and performance (P) may vary according to a firm's geographical focus of internationalization. Using a sample of Spanish multinational firms for the 2004--2012 period we find an M-shaped relationship. However, significant differences are found when the different geographical foci of internationalization are considered. Strong support is found when firms adopt a regional focus (an inverted S-curve when the ID measure refers to the number of foreign countries and an M-curve when it refers to the size of the network of foreign sub- sidiaries), a biregional focus (an S-curve) and a semiglobal focus (an inverted S-curve but also an M-curve with foreign subsidiaries). These findings and their pattern suggest the critical impor- tance of the country of origin and the geographical focus of internationalization in explaining the relationship between ID--P. [ABSTRACT FROM AUTHOR]

The present work addresses how and to what extent the personal and professional relationship networks of small-scale local entrepreneurs help improve their scarce resource endowments. Adopting a mechanistic and functioning oriented view of social capital, the paper suggests the existence of two different mechanisms which may explain the enrichment and entrepreneurial exploitation processes of social capital's resources: (1) the resource mechanism, based on a network's size and diversity, providing quantity and variety of social capital resources, and (2) the exchange mechanism, based on a network's cohesion and relational quality, favouring the interchangeability of these resources among network members. The empirical study individually explores both the personal and professional networks of 958 Spanish entrepreneurs. Findings reveal how the two mechanisms are necessary and mutually complementary, although the resource mechanism proves more advantageous when exploiting personal networks, whereas the exchange mechanism prevails in the case of professional networks. [ABSTRACT FROM AUTHOR]

Studies of the relationship between employee training and outcomes at the company level, in general, do not produce conclusive results. The objective of this paper is to analyze the drivers and outcomes of managers training. Drawing on institutional and economic-rational perspectives, this research explores the reasons why firms train their managers and which outcomes improve in response to training, to explain the ambiguity of the training effect on performance. To achieve the main objective, an empirical study was carried out on 374 Spanish firms. Findings support the idea that managers training is driven by institutional forces, particularly normative and mimetic forces, and to a lesser extent by competitive factors. That implies two different kinds of outcome are achieved by training managers: organizational legitimacy improves as well as organizational performance. While previous studies focus on the rational economic side of the training-outcome relation- ship, this paper aims to show the importance of the institutional forces in this relationship, looking at drivers and outcomes and so providing further explanations of the effect of training on performance. [ABSTRACT FROM AUTHOR]

Thus, this paper aims at understanding how the nature of strategic thinking has influenced the research in the field of MNEs' strategy. A content analysis of 1116 papers was conducted. The intellectual structure and dynamics of research to date are provided, without losing sight of the key foundations of strategy and strategic management. The links between human capital and knowledge are the factors on which to underpin the explanation of the MNEs' strategies and support the coevolving theory. This theory is a promising avenue of research under the umbrella of RBV and KBV approaches. The context-dependency of strategy implies that different contexts require different approaches. Accordingly, we provide insights for future research by combining main schools of strategy thought. [ABSTRACT FROM AUTHOR]

Over the last few years, a new stream of research has emerged in the field of strategic management which focuses on the analysis of its microfoundations. This line of research analyzes strategic topics examining their foundations rooted in individual actions and interactions. The main purpose of this paper is to examine this emerging literature of microfoundations, indicating its usefulness and main characteristics. Through a systematic literature review, this paper contributes to the field by identifying the main areas studied, the benefits and potential of this approach, and some limitations and criticisms. Moreover, the paper studies how the integration of micro and macro aspects in strategy research may be carried out, examining several works that use a multilevel approach. Some methodological approaches that may help to effect this integration are indicated. These aspects will be analyzed in relation to the resource-based theory. [ABSTRACT FROM AUTHOR]

Current debates around talent management echo previous concern about the development of the field of IHRM. This paper uses historical analysis to examine two questions: has the field followed a logical progression and process of increasing coherence; and has its narrative been shaped in ideological ways? It identifies six concepts that guided and enabled the subsequent development of the talent management field. It shows how a selection of these ideas were re-packaged through the introduction of new notions to build two competing narratives: a star performer perspective and a human capital management perspective. It examines the progressive critiques and problems that then had to be solved to address these concerns. There is evidence of periodic ideological re-interpretations of talent management but there has nonetheless been a logical, progressive and issues-driven evolution of ideas in the field into which the current critical perspectives must now be fitted. [ABSTRACT FROM AUTHOR]

The field of talent management (TM) has grown over the last two decades, and much theoretical and methodological progress has been made in an effort to better conceptualize the field. Despite these efforts, the construction of knowledge within TM research has ignored power and gender dynamics. In this paper, we adopt a feminist poststructuralist perspective and unveil how talent management theory is underpinned by predominant masculinist discourses that create and sustain business elites in a neoliberal world order. Based on a textual and discourse analysis of foundational texts on TM, we identify the power effects of language in shaping current TM theory. This study raises questions concerning the epistemological foundations of talent management as objective, neutral, and observable. We suggest that future researchers adopt critical methods of inquiry to ensure that gender and equity issues are interrogated within dominant talent management writings. [ABSTRACT FROM AUTHOR]

The forces and systems, which shape the available supply, composition and flow of talent into and out of organisations today have become increasingly complex and fluid. Most firms today extend their operations across regions and many compete globally, existing within one or more external contexts, known as macro talent management systems (MTM). Shaped by economic, political, regulatory, technological, and cultural conditions, MTM has the potential to directly or indirectly empower or disrupt organisational ability to attract, engage, and retain the talent crucial to achieving competitive business objectives. Yet organisations today may overlook the influence of external MTM systems to complement or constrain organisational talent management effectiveness, limiting the firm's ability to generate benefit and mitigate risk stemming from variance in macro talent contexts. Introducing a macro-contingent view of talent management, this paper identifies three pivotal shifts needed to enable effective talent management practice and proposes a framework for future research. [ABSTRACT FROM AUTHOR]

This paper analyses the influence of bank ownership and lending on capital structure for a sample of listed and unlisted Spanish firms in the period 2005---2012. The results suggest that bank ownership allows banks to obtain better information and reduce the agency costs of debt, as it has a positive relationship with the maturity of debt and a negative relationship with the cost of debt. These results are consistent with the predominance of the monitoring effect in bank ownership over the expropriation effect. The role of banks as shareholders and lenders also contributes to reduce agency cost of debt, as it reduces debt cost. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyse the influence of financial system liquidity and corporate leverage on a firm's overinvestment. We posit that when external funds are easily available, as in expansionary monetary periods, debt loses its traditional role as a managerial control mechanism. Instead, the supply of systemic liquidity results in corporate leverage exacerbating the problem of overinvestment. Using a sample of over 12,400 companies from 25 OECD countries between 2003 and 2014, our results show a significant and positive relationship between corporate leverage and overinvestment when the liquidity of the financial system is high, confirming the shift in the role played by leverage. At the macroeconomic level, our research raises certain caveats concerning worldwide liquidity injections. At the microeconomic level, our study shows that the disciplinary role of debt might become a false friend when money abounds. [ABSTRACT FROM AUTHOR]

This paper examines whether or not the relative importance of the firm and industry effects in explaining performance variations is the same regardless of the firm size. In relation to size, we think that there has been particular neglect of studying medium-sized firms separately from SMEs in general. That is why we study separately large, medium-sized and small firms. We also contribute to knowledge on the firm-industry debate testing empirically both effects distinguishing the firms by size according to a standard classification in the EU. Our results show that the performances of large and small firms are mainly explained by the firm effect, albeit for different reasons, while the performance of medium-sized firms is explained primarily by the industry effect. [ABSTRACT FROM AUTHOR]

This paper analyzes opportunity entrepreneurship through the interplay between formal and informal institutions. It seems evident that not all entrepreneurial initiatives have the same quality, thus the goal of a society should be to encourage the activities that best contribute to innovation and value generation. We theorize that informal institutions are contingent to the formal institutional environment where the new ventures operate. Our empirical results, using GEM data, confirm that, in countries with a more individualistic orientation, the relationship between formal institutions and opportunity entrepreneurship is more intense, as happens in societies with lower levels of uncertainty avoidance. [ABSTRACT FROM AUTHOR]

The academic literature provides excellent methodologies to identify best practices and to calculate inefficiencies by stochastic frontier analysis. However, these methodologies are regarded as a black box by policy makers and managers and therefore results are hard to accept. This paper proposes an alternative class of stochastic frontier estimators, based on the notion that some observations contain more information than others about the true frontier. If an observation is likely to contain much information, it is assigned a large weight in the regression analysis. In order to establish the weights, we propose an iterative procedure. The advantages of this more intuitive approach are its transparency and its easy application. The method is applied to Dutch local administrative services (LAS) in municipalities. The method converges quickly and produces reliable estimates. About 25% of the LAS are designated as efficient. The average efficiency score is 93%. For the average sized LAS no economies of scale exist. [ABSTRACT FROM AUTHOR]

This paper estimates profit efficiency and its determinants in small and mediumsized manufacturing enterprises in Spain. The stochastic frontier methodology and the model proposed by Battese and Coelli (1995) were used to determine the impact of the technological and environmental differences between these companies on their efficiency. The results indicate that the average profit efficiency of food SMEs is 49.37%. The results also reveal that company size, export orientation, government assistance and labour productivity are all positively related to the efficiency of food SMEs; age, however, is negatively related. Finally, the strategic implications of these findings are discussed. [ABSTRACT FROM AUTHOR]

A complex critical decision in marketing and economics is pricing. Finding the right price for a product requires careful assessment of the product attributes. Product efficiency evaluation establishes the relative appeal of a product, when compared with the observable attributes and prices of competing products. The main contribution of this paper is combining hedonic pricing with frontier analysis to estimate product efficiency, which is a novel approach. We apply this method to the running shoes market. We find four attributes as main drivers of price: Stability, Cushioning, Flexibility and Response. The model also identifies overpriced products and predicts the price reductions needed in order to be comparatively competitive, a prerequisite for overall business performance. Our results show the dynamics of price adjustments in the market. Overpriced products adjust prices down quickly gaining comparative appeal. Another interesting finding is that product efficiency strongly correlates with the evaluations made by independent experts. [ABSTRACT FROM AUTHOR]

R&D cooperation has become a core aspect of the innovation strategy of R&Dperforming organisations over the last three decades. Globalization has increased the imperative to organise these cross-border, inter-firm agreements efficiently, and this has led to a cross-fertilisation of ideas from a variety of fields, including international business, management, geography and, more recently, psychology. The aim of this paper is to review and synthesise this literature to identify new directions for research. The breadth of the academic discussion has evolved towards a general consensus on governance choice decisions, motives for collaboration, partner selection decisions and performance implications. Despite having achieved some degree of clarity on these issues, the growing complexity and international nature of these alliances requires a multidisciplinary approach, both in relation to the theories to apply, as well as in the type of data needed. [ABSTRACT FROM AUTHOR]

This article aims to gain a better understanding of the relationship between economic recession and entrepreneurship. The process of entrepreneurship, rather than the action itself, is a complex phenomenon, and such complexity surfaces when local context conditions worsen after an economic recession. This paper addresses the issue of how the likelihood of individuals to engage in the creation of new firms is affected by a recessionary climate. Furthermore, the study focuses on how the recession-driven shake-out effect varies across local contexts (i.e., sub-national regions). The case of Spain in the critical period of 2007---2010 is examined by using multilevel logistic mediation models on individual-level and sub-national region-level panel data. The results show that entrepreneurship shrinks during economic downturns, suggesting a pro-cyclical trend. A weaker perception by individuals of business opportunities resulting from the shake-out explains, to a large extent, the lower propensity to create firms during economic recession. [ABSTRACT FROM AUTHOR]

The objective of this paper is to analyze the influence of board resource diversity on firm reputation. We classify board members as business experts, support specialists, political directors and other community influentials, in an effort to address whether business, technical expertise or political ties in the boardroom affect stakeholders' opinion and, therefore, firm reputation. This study confirms that not all outside directors are equally effective in improving firm reputation, and that certain kinds of outside directors, especially business experts, help increase it. However, the findings note an inverted U-shaped non-linear relationship with these directors, which means that the effect of business experts on reputation is positive up to a point, after which the relationship becomes negative. The findings also evidence that, contrary to popular beliefs, directors with previous experience as politicians are not negatively viewed by stakeholders. Moreover, this type of community influential directors has positive effects on firm reputation in regulated firms as well as in those of the public work sector. [ABSTRACT FROM AUTHOR]

This paper provides a deeper understanding of the role of social influences on positive eWOM behaviour (PeWOM) of heavy-users of online communities. Drawing on Social Interaction Utility Framework, Group Marketing and Social Learning Theories, we develop and test a research model integrating the interactions between the social climate of a website and Interpersonal Influences in PeWOM. 262 Spanish heavy-users of online communities were selected and the data analysed using partial least squares equation modelling. Overall, the model explains 59% of the variance of PeWOM on online communities. Findings reveal that interaction with other members of the online community (Social Presence) is the main predictor of PeWOM. Social Identity is a mediator between Social Presence and PeWOM. Interpersonal Influence has an important role as a moderator variable; the greater the impact of Interpersonal Influence, the stronger the relationship between Social Presence and PeWOM. [ABSTRACT FROM AUTHOR]

This paper investigates whether and to what extent individual firms improve their innovation from behaving as brokers connecting other actors in the Spanish ceramic tile cluster. The effects of the brokerage roles are analyzed for different innovation levels by means of quantile regressions. Finally, we speculate about the indirect and interactive effects of the distinct individual organization attributes and these benefits. Results show that brokerage activities unevenly influence the broker's innovative performance. In addition, the intensity of the impact varies for different innovation levels and the firm's absorptive capacity moderate the final effect of acting as a broker. [ABSTRACT FROM AUTHOR]

The literature regarding entry timing suggests that pioneering orientation (PO) is a key determinant factor of new product performance (NPP) due to 'first mover advantages'. The contradictory results and specific biases raise a research gap on which conditions and processes lead PO to a higher NPP. This paper proposes to fill this gap by designing and testing a model examining to what extent development of competitive tactics drive and explain the way from PO to NPP. We test the model on a sample of 224 footwear firms. Results show that, separately, each of the competitive tactics has a total mediating effect linking PO with NPP. Introducing the competitive tactics into a multiple mediator model the routes from PO to NPP through low cost and innovation differentiation are relevant and compatible. However, marketing differentiation is less effective. The study provides new ways of linking the entry timing and advantage strategy perspectives. [ABSTRACT FROM AUTHOR]

Online reputation is nowadays particularly significant in the context of hotel firms due to the high sensitivity and enormous influence of electronic word-of-mouth activities of customers. Since there is still no clear set of online reputation-generating factors, the aim of this paper is to contribute to this knowledge considering the role of family governance as an antecedent of hotel online reputation. Specifically, our purpose is to explain whether the heterogeneity among family firms regarding their family influence on the business exerts a significant effect on online reputation of hotel firms, investigating how family ownership and family management dimensions interact in terms of influencing online reputation. Our findings, based on a sample of 157 Spanish family hotels, indicate a positive influence of family ownership on a hotel's online reputation, augmented by a positive moderating effect of the family management represented by the presence of a family CEO managing the hotel. [ABSTRACT FROM AUTHOR]

This paper reviews the literature on global value chain configuration, providing an overview of this topic. Specifically, we review the literature focusing on the concept of the global value chain and its activities, the decisions involved in its configuration, such as location, the governance modes chosen and the different ways of coordinating them. We also examine the outcomes of a global value chain configuration in terms of performance and upgrading. Our aim is to review the state of the art of these issues, identify research gaps and suggest new lines for future research that would advance our understanding of how firms are implementing new ways of organizing and managing activities on a global scale. [ABSTRACT FROM AUTHOR]

This paper examines the determinants of perceived and actual knowledge of commission paid by contributors in the Chilean pension funds industry. Results show that price consciousness and brand credibility are positively associated with perceived and actual knowledge of commission paid by pension fund contributors. Results also show that financial literacy is only positively associated with actual knowledge of commission paid by contributors. Additionally, results show that price based advertising exposure is only positively associated with perceived knowledge of commission paid by contributors. This association is stronger for contributors with a high use of the price-quality cue. Based on the findings presented, implications for managers, regulators and researchers are drawn. [ABSTRACT FROM AUTHOR]

The empirical evidence devoted to analyze the impact of perceptual factors in explaining the differences in the entrepreneurial intention of men and women is still limited and not entirely conclusive (Shinnar et al., 2012; Wilson et al., 2009). This non-conclusive research is significantly more noteworthy when the analysis is focused on the entrepreneurial intention of men and women once they become entrepreneurs. Drawing on this gap and taking as starting point the premises of Social Feminist Theory, our paper aims to examine the mediating role of perceptual factors on the relationship between gender and entrepreneurial intention of nonentrepreneurs and entrepreneurs. Drawing on a sample provided by the Global Entrepreneurship Monitor Project of 21,697 Spanish non-entrepreneurs and 2899 Spanish entrepreneurs, our results have shown that, in general terms, perceptual factor fully mediate the relationship between gender and the entrepreneurial intention of non-entrepreneurs, whereas such mediating impact disappears when people become entrepreneurs. [ABSTRACT FROM AUTHOR]

This paper analyses the effect of corporate governance on value creation. It relies upon a dataset that includes the companies listed on the Spanish Stock Exchange for the period from 2005 to 2012. Attention is focused on the structure and composition of boards. In particular, four variables are analyzed: BOARD_SIZE, BOARD_INDEPENDENCE, BOARD DILIGENCE (measured by the number of meetings), and DUALITY (chairman and chief executive officer being the same person). Over the period of the deepest economic crisis (2009---2012) the most significant variables that had a positive effect on value creation were BOARD_INDEPENDENCE and BOARD_SIZE. Hence, the global financial crisis has highlighted the need for effective corporate governance. Policy makers should think about translating the recommendations of the Good Governance Codes into legislation (mandatory), to improve corporate governance. [ABSTRACT FROM AUTHOR]

This paper analyzes differences in target leverage and speed of adjustment across three life cycle stages of European listed firms: introduction, growth and maturity. We determine that profitability and tangibility are the most stable determinants, whereas growth opportunities and size exhibit changing effects across stages. The speed of adjustment does not increase as the firms evolve, as firms in introduction are able to adjust the fastest. Firms changing stage adjust leverage at a lower speed, and the ir target is more affected by p ro fitability, primarily when the change is from growth to maturity. Finally, we confirm the existence of long-term debt targets, by providing evidence that the next-year target is a relevant factor to explain current debt when firms change from one stage to another. [ABSTRACT FROM AUTHOR]

The objective of this theoretical-empirical study is to investigate the bidirectional relationship between Corporate Social Responsibility and Financial Performance in Spanish listed companies. A complete theoretical framework - based on agency, stewardship, dependency resources, and stakeholder theories - provides the basis for the conceptual model. An important contribution is the use of a social behavioral index formed by four components: Global Reporting Initiative participation, Dow Jones Sustainability Index firm inclusion, Good Corporate Governance Recommendations compliance, and Global Compact signee. The conclusions drawn from the empirical study performed on the companies registered on the Madrid Stock Exchange demonstrate positive relationships in both directions, namely that the social is profitable and that the profitable is social, thereby originating a positive feedback virtuous circle. The results of this analysis have practical applications in the boardroom; they are proof that all social policies increment financial resources, and vice versa, that increased financial performances lead to greater social benefits. As a consequence, this paper encourages all board members to seriously weigh investing financial resources in developing policies that boost the levels of social behavior components in order to contribute globally to the improvement of society. [ABSTRACT FROM AUTHOR]

The paper analyzes the influence of management capabilities on the innovation performance of technology-based SMEs and the role that gender diversity in the top management team plays in this relationship. We use a sample of 205 Spanish SMEs from technology sectors and a hierarchical regression analysis to test our hypotheses. The results confirm that management capabilities affect both product and process innovation positively. In addition, gender diversity in the top management team moderates this relationship positively. In other words, management capabilities have a greater influence on both product and process innovation when the management team is more balanced in number of men and women. This study contributes to better understanding of the factors that explain how management capabilities translate into greater organizational achievements and argues the need to analyze the role of top management teams and their composition more extensively, especially in the context of technology SMEs. The study also contributes new evidence to the small number of studies that analyze the effect of gender diversity in top management teams on innovation. [ABSTRACT FROM AUTHOR]

This paper explores the relationship between productivity and sourcing strategies using a sample of Spanish manufacturing firms. In this analysis we use different measures of productivity and alternative ways of grouping firms. Our results indicate that productivity differs systematically across groups of firms with different sourcing strategies. The ranking of productivities we observe is not fully consistent with the predictions of Antràs and Helpman's (2004) model but we confirm many partial aspects of the proposed ranking. In our preferred specifications, the productivity advantage is highest for firms that import inputs from foreign subsidiaries. Moreover, the group of firms that outsource in the domestic market is, in general, at the bottom of the productivity distribution, with firms that outsource abroad having an intermediate productivity advantage. When analysing the direction of causality between productivity and sourcing strategies, we find weak evidence of self-selection of firms into offshoring and no influence of relocation on firm productivity. [ABSTRACT FROM AUTHOR]

Corporate brand identity management is a key issue for any organisation. Accordingly, its study is a research field of great interest. This paper seeks to broaden the understanding of this strategic activity and its effects. Specifically, it investigates the concept of corporate brand identity from the employees' perspective in the UK financial banking sector and analyses the link between brand identity management and employees' attitudes and behaviours. Results indicate that organisations should pay special attention to the corporate brand identity management, given its influence on employees' commitment with their organisations, as well as their brand performance and satisfaction. [ABSTRACT FROM AUTHOR]

In a financial economic scenario in which the corporate survival of small and medium enterprises (SMEs) is more conditioned than ever by competitive performance, this paper aims to show that the strategic incorporation of socially responsible actions, more concerned and engaged with stakeholders, contributes to improve the competitiveness of these organizations. Thus, the existence of a direct or mediated relationship between the development of Corporate Social Responsibility (CSR) practices and competitive performance has been analyzed from a multi-stakeholder perspective. To accomplish this task, data were collected from a sample of 481 Spanish SMEs and the technique of partial least squares (PLS) was used. Outcomes show that the development of CSR practices contributes to increase the competitive performance both directly and indirectly, through the ability of these organizations to manage their stakeholders. This study, therefore, supports the social impact hypothesis and offers evidence about some intangibles such as the relational capacity mediate the causal effect between CSR and competitive performance. [ABSTRACT FROM AUTHOR]

This work adds to the debate on corporate governance regulations and its effects on performance and firm value. The paper empirically tests whether there is a significant price reaction to corporate governance announcements following the publication of the Aldama Code of Best practice (2003) in Spain. In particular, news announcements are classified according to the code principles to distinguish among different dimensions of corporate governance and have a better understanding of investors' reaction. Results show first, that investors react to this kind of practices, second, that the sign of their reaction depends crucially on the nature and extension of the recommendation and finally that firms that disclose more do not enjoy higher market prices or return on the medium-long term. [ABSTRACT FROM AUTHOR]

This paper studies the impact of formal education on entrepreneurship rates. We propose that different levels of education not only vary between each other in terms of their impact, but also according to whether we analysis either formal or informal entrepreneurship. Our results show that tertiary education increases formal entrepreneurship as a consequence of the higher self-confidence, lower perceived risk and enhanced human capital. At the same time, tertiary education also has a negative effect on informal entrepreneurship as it increases awareness of and sensitivity to the possible negative repercussions of this kind of activities. In addition, we show that the impact of secondary education on formal entrepreneurship is positive as well, although in this case the effect on informal entrepreneurship is not significant. Even though secondary education also increases awareness of the potential negative repercussions of informal entrepreneurship, this effect is counteracted by a lack of management skills. [ABSTRACT FROM AUTHOR]

This paper analyzes the influence of financial distress on the investment behavior of companies. The analysis includes companies from Germany, Canada, Spain, France, Italy, UK and USA, which cover a wide spectrum of different institutional environments. The methodology used is panel data estimation using the Generalized Method of Moments (System-GMM), thereby allowing control of both unobservable heterogeneity and the problems of endogeneity in explanatory variables. The results show that the influence of financial distress on investment is different according to the investment opportunities available to companies. So, companies in difficulties with fewer opportunities have the greatest propensity to under-invest, while firms in difficulties with better opportunities do not present different investment behavior than healthy companies. [ABSTRACT FROM AUTHOR]

This paper discusses the formation process of CSR images from a customer perspective. It analyses the influence of company-CSR coherence, motivational attribution and corporate credibility in the way customers evaluate CSR images in the banking industry. It also describes the impact of customer gender, age and educational level on the formation of CSR images. Results show that CSR images are based on customer perceptions of the company-CSR coherence, the attribution of altruistic motivations and corporate credibility when developing CSR initiatives. The findings also demonstrate that gender, age and educational level do not allow identifying differences in the way customers construct CSR images. Thus, they are not useful in segmenting customers for the design of better CSR and communication strategies. [ABSTRACT FROM AUTHOR]

A This paper investigates the relationship between changes in interest rates and the Spanish stock market at the industry level over the period from January 1993 to December 2012 using a wavelet-based approach. The empirical results indicate that Spanish industries exhibit, in general, a significant interest rate sensitivity, although the degree of interest rate exposure differs considerably across industries and depending on the time horizon under consideration. In particular, regulated industries such as Utilities, highly indebted industries such as Real Estate, Utilities or Technology and Telecommunications, and the Banking industry emerge as the most vulnerable to interest rates. Further, the link between movements in interest rates and industry equity returns is stronger at the coarsest scales. This finding is consistent with the idea that investors with long-term horizons are more likely to follow macroeconomic fundamentals, such as interest rates, in their investment decisions. [ABSTRACT FROM AUTHOR]

Despite the increasing academic interest, the human resource management formulation process still remains unclear. Building on human capital and talent management literatures, this study investigates how top management teams identify critical human resources. The proposed model explores how top management teams' ability to identify core employees is conditioned by two human capital attributes of their members (cognitive skills and value orientation). The empirical analysis developed confirms the influence of human capital. Nevertheless, results only provide partial support to our hypotheses, showing that the identification of critical human resources is more complex than theoretically assumed. The estimation of the proposed model shows that, to efficiently develop this process, top management teams require the combination of rational and creative skills, as well as a collectivistic orientation. The implications of this conclusion for both academics and practitioners are discussed in the paper, as well as the limitations of the study. [ABSTRACT FROM AUTHOR]

This paper studies the influence of network market orientation on Spanish born globals' adaptation, absorption and innovation dynamic capabilities as well as their influence on the performance achieved by these companies. Based on an ambidexterity approach, which points to born globals' need to adopt a double exploration/exploitation function, this study considers these three specific knowledge-based dynamic capabilities analysing their interrelationship taking into account their exploration/exploitation duality. Results from the testing of the structural equation model proposed confirm that network market orientation facilitates the development of dynamic, exploratory capabilities (adaptation and absorption capabilities) in born globals and that these, in turn, influence their capacity to exploit knowledge through innovations, thereby obtaining higher performance. [ABSTRACT FROM AUTHOR]

Merchandising at point of sale comprises a set of techniques aimed at encouraging the purchase at the point of sale. This paper analyzes the impact on sales of two of these techniques, especially used in the context of non-specialized food stores and rarely distinguished in academic research: (1) the presentation of product in the ends of the aisles or main aisles, leading from the side aisle access and, (2) the presentation of the product in islands within the main aisles. This research combines cross-sectional and longitudinal data and analyzes specific information on sales and commercial stimulus for all references in two large categories of products from a hypermarket over ten weeks. Results show that both the ends of aisle and the islands have a positive effect on sales and their relative importance depends on the nature of the category analyzed. There are also greater synergies between ends of aisle and price promotions. Finally, the results provide some evidence into the impact of the extension or termination of these merchandising stimuli. [ABSTRACT FROM AUTHOR]

The introduction of information technology (IT) has become a necessity to compete in most industries, so simple implementation of an IT strategy is not enough to achieve a better firm performance. Literature review shows IT as a useful tool only when it is combined with other firm resources and practices. The purpose of this paper is to analyze the complementarity between IT and one of the most prevalent and well-established set of organizational practices, Quality management practices (QMP). Structural equation modeling with data collected from managers in 230 Spanish firms shows a positive and significant relationship between IT and QMP. The findings provide us with in-depth understanding of both disciplines and several conclusions for its success. [ABSTRACT FROM AUTHOR]

This study has analyzed the effect of cooperation with customers on firms' innovation activities. This issue is particularly novel and important as customers provide information that will be very useful to generate new products and to make the innovation process more efficient. This paper makes important contributions to the literature by analyzing how the cooperation with customers affected the creation of technological knowledge and the economic returns derived from such knowledge. Results have shown that firms cooperating with customers increased investments geared toward expanding the technological knowledge base within the firm's technological domain yet managed to reduce investments oriented to extend the frontier of technological knowledge, at least in the short term. It was also observed, that this cooperation had positive effects on firms' economic returns derived from the sales of pro- ducts new for the market allowing companies to maintain a competitive advantage over their rivals. [ABSTRACT FROM AUTHOR]

This paper develops a bank reputation model, in an environment of economic crisis specifically marked by the nationalization of Bankia and the offer of financial rescue from the Eurogroup to Spain. From a study among four hundred bank customers, an index is developed reflecting the new configuration of reputation of the leading Spanish financial institutions and its effect on the behavior of the consumer. The conclusions of this research show that, in an environment where the financial system has been identified as the main cause of the new socio-economic landscape, banks should focus their reputation strategies to convey reliability and to reinforce the leadership of their managers, paying special attention to consumer satisfaction and trust in order to achieve the maximum optimization of their reputation resources. [ABSTRACT FROM AUTHOR]