6 results
Search Results
2. Profit efficiency and its determinants in small and medium-sized enterprises in Spain.
- Author
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Pérez-Gómez, Pilar, Arbelo-Pérez, Marta, and Arbelo, Antonio
- Subjects
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SMALL business , *BUSINESS enterprises , *FINANCIAL performance , *CORPORATE profits , *PROFITABILITY - Abstract
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]
- Published
- 2018
- Full Text
- View/download PDF
3. Target leverage and speed of adjustment along the life cycle of European listed firms.
- Author
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Castro, Paula, Tascón Fernández, Maria Teresa, Amor-Tapia, Borja, and de Miguel, Alberto
- Subjects
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BUSINESS enterprises , *BUSINESS development , *BUSINESS size , *CAPITAL structure , *CORPORATE profits - Abstract
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]
- Published
- 2016
- Full Text
- View/download PDF
4. Social responsibility and financial performance: The role of good corporate governance.
- Author
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Rodriguez-Fernandez, Mercedes
- Subjects
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SOCIAL responsibility of business , *FINANCIAL performance , *CORPORATE governance , *EMPIRICAL research , *BUSINESS enterprises - Abstract
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]
- Published
- 2016
- Full Text
- View/download PDF
5. Investment decisions of companies in financial distress.
- Author
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López-Gutiérrez, Carlos, Sanfilippo-Azofra, Sergio, and Torre-Olmo, Begoña
- Subjects
- *
INVESTMENTS , *BUSINESS enterprises , *DECISION making , *GENERALIZED method of moments , *FINANCIAL crises - Abstract
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]
- Published
- 2015
- Full Text
- View/download PDF
6. Training and performance: The mediating role of organizational learning.
- Author
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Barba Aragón, Maria Isabel, Jiménez Jiménez, Daniel, and Sanz Valle, Raquel
- Subjects
- *
ORGANIZATIONAL learning , *ORGANIZATIONAL performance research , *EMPLOYEE training , *BUSINESS enterprises , *ORGANIZATIONAL behavior research - Abstract
Although there is a general recognition in the literature that training improves a firm's performance, empirical research does not always provide evidence to support this effect. One possible explanation is that training does not have a direct effect on performance but an indirect effect by improving other organizational outcomes. This paper suggests that organizational learning is one of those variables and that it mediates the relationship between training and performance and that the adoption of a learning-oriented training enhances performances through its positive effect on organizational learning. Using a sample of Spanish firms we obtain empirical evidence, which supports the view that this mediating effect is present. [ABSTRACT FROM AUTHOR]
- Published
- 2014
- Full Text
- View/download PDF
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