Suchergebnisse

RESUMEN. Las modificaciones realizadas en los últimos años en las legislaciones concursales de diferentes países, y las diferencias que aún persisten, ponen de manifiesto la ausencia de un modelo teórico de referencia sobre cuál es la estructura óptima que debe tener un sistema concursal. Nuestra propuesta es que solo teniendo en cuenta los tres tipos de eficiencia de la legislación, y su importancia en cada una de las fases por las que puede atravesar la empresa, es posible evaluar la utilidad de las medidas contempladas en los procedimientos de insolvencia. La pregunta que da título al trabajo no tiene una respuesta sencilla. El carácter mucha veces antagónico de los diferentes tipos de eficiencia hace que las legislaciones traten de lograr un equilibrio en función de cuáles sean los objetivos buscados. No obstante, esto no debería ser, en nuestra opinión, una cuestión fundamental. Lo importante no debe ser si la ley es eficiente totalmente o no, sino si las medidas que establece son realmente útiles para alcanzar los objetivos propuestos. Y es ahí donde una comprensión profunda de los tres tipos de eficiencia resulta imprescindible si se quiere realizar una normativa eficaz que logre de la mejor manera posible sus metas. ; ABSTRACT. The modifications made in recent years to bankruptcy legislation in diverse countries and the differences which still persist show the lack of a theoretical reference model regarding the optimum structure that a bankruptcy system must have. Our proposal is that only by taking into account the three types of efficiency in such legislation, and their importance in each of the phases through which a company may go, is it possible to evaluate the usefulness of measures contemplated in bankruptcy procedures. The frequently antagonistic nature of different types of efficiency means that legislation aims to achieve a balance in terms of the objectives sought. Nonetheless, in our view this should not be a fundamental question. The important thing must not be whether or not a law is totally efficient but rather that the measures that it establishes must be truly useful in achieving the proposed objectives. And that is where a profound understanding of the three types of efficiency is indispensable if the aim is to create effective regulations to best achieve its goals.

Las modificaciones realizadas en los últimos años en las legislaciones concursales de diferentes países, y las diferencias que aún persisten, ponen de manifiesto la ausencia de un modelo teórico de referencia sobre cuál es la estructura óptima que debe tener un sistema concursal. nuestra propuesta es que solo teniendo en cuenta los tres tipos de eficiencia de la legislación, y su importancia en cada una de las fases por las que puede atravesar la empresa, es posible evaluar la utilidad de las medidas contempladas en los procedimientos de insolvencia. la pregunta que da título al trabajo no tiene una respuesta sencilla. el carácter mucha veces antagónico de los diferentes tipos de eficiencia hace que las legislaciones traten de lograr un equilibrio en función de cuáles sean los objetivos buscados. no obstante, esto no debería ser, en nuestra opinión, una cuestión fundamental. Lo importante no debe ser si la ley es eficiente totalmente o no, sino si las medidas que establece son realmente útiles para alcanzar los objetivos propuestos. y es ahí donde una comprensión profunda de los tres tipos de eficiencia resulta imprescindible si se quiere realizar una normativa eficaz que logre de la mejor manera posible sus metas. ; The modifications made in recent years to bankruptcy legislation in diverse countries and the differences which still persist show the lack of a theoretical reference model regarding the optimum structure that a bankruptcy system must have. Our proposal is that only by taking into account the three types of efficiency in such legislation, and their importance in each of the phases through which a company may go, is it possible to evaluate the usefulness of measures contemplated in bankruptcy procedures. The frequently antagonistic nature of different types of efficiency means that legislation aims to achieve a balance in terms of the objectives sought. Nonetheless, in our view this should not be a fundamental question. The important thing must not be whether or not a law is totally efficient but rather that the measures that it establishes must be truly useful in achieving the proposed objectives. And that is where a profound understanding of the three types of efficiency is indispensable if the aim is to create effective regulations to best achieve its goals.

RESUMEN. La valoración que el mercado realiza de los problemas de insolvencia empresarial se ve condicionada por las características de la legislación concursal, siendo tradicional la distinción entre normativas orientadas a la protección del deudor o de los acreedores. Sin embargo, resulta necesario atender también al propósito perseguido con cada medida concreta establecida en la legislación para tratar de solucionar las difi cultades fi nancieras. En el presente trabajo se realiza una aproximación considerando los diferentes tipos de efi ciencia de la normativa concursal, el carácter antagónico que, en ocasiones, tienen entre sí, y la valoración que el mercado realiza de cada uno de ellos a través de un análisis internacional en los principales países de la Unión Europea. ; ABSTRACT. The market valuation of corporate insolvency problems is conditioned by the attributes of bankruptcy laws, with different codes traditionally being oriented toward protecting the debtor or the creditor. Nevertheless, it is also necessary to address the objective of each concrete measure established in the legislation to try to resolve fi nancial distress. This study carries out an approximation, taking into account the different types of effi ciency in bankruptcy regulations, the antagonistic character that, on occasions, exists between them, and the market valuation of each one of these, by way of an international analysis undertaken within the main European Union countries.

Las modificaciones que se están produciendo en los últimos años en las legislaciones sobre insolvencias en los países más desarrollados, y las diferencias que aún persisten entre ellas, ponen de manifiesto la ausencia de un modelo teórico de referencia sobre cuál es la estructura óptima que debe tener un sistema concursal. De esta forma, este trabajo trata tanto de analizar el esquema de funcionamiento de los actuales procedimientos como de sintetizar las principales propuestas teóricas realizadas, que si bien no han sido aplicadas en ninguna de las reformas legislativas realizadas, pueden aportar un nuevo horizonte sin explorar en materia de solución de los problemas de insolvencia empresarial. En este sentido, se trata de dar respuesta a la cuestión de si existe un sistema concursal óptimo aplicable universalmente, o éste puede venir condicionado por el entorno institucional que forma parte de su ámbito de aplicación. ; The changes in bankruptcy laws of the most developed countries in the last years, and the differences that remains between them until now, show the absence of a theoretic procedure that allows researchers and practitioners to have an optimal bankruptcy procedure as a benchmark in their studies. In this paper we analyze the scheme of the main procedures in force and we try to summarize the main theoretic proposals which have not been used in the recent reforms but could show a new perspective on the topic of resolution of financial distress. In this way, we try to answer the question of if there is an optimal procedure useful around the world or if we can take into account the differences in the institutional environment.

PurposeThe purpose of this study explores the effects that media coverage of corporate social responsibility (CSR) news related to primary stakeholders (e.g. customers, employees and investors) and secondary stakeholders (e.g. community) have on the market value of companies, measured as the impact generated in the positive and negative abnormal returns for those companies.Design/methodology/approachUsing a sample of 195 online papers published in the most important Spanish business newspaper during 2015, the authors implement an event study and a regression analysis that confirm the importance of CSR news for corporate financial goals.FindingsThe findings show that negative CSR news related to primary stakeholders such as investors and customers generate significant abnormal returns for companies that are notably larger than the abnormal returns generated by secondary stakeholders (e.g. community). Similarly, positive news related to primary stakeholders such as employees are the only positive news that affect market reactions significantly.Originality/valueThe study provides an empirical analysis that clarifies how media coverage of different types of CSR news affect the market value of companies. In doing so, the paper contributes to previous literature significantly because scant research exists that has compared the differential effects of CSR news focused on primary and secondary stakeholders. The findings are discussed under the premises of the managerial perspective of stakeholder theory.

AbstractThis article empirically analyses the reasons for crises in microfinance institutions (MFIs), using a sample of 832 MFIs from 74 countries for the period 2003–2011. The methodology used is logit analysis with panel data. The main results show that both internal and external factors influence the probability of a crisis. We find different factors that reduce the likelihood of a crisis (company's performance, country's economic growth, political stability, and existence of a private credit bureau). On the other hand, excessive liquidity, a higher proportion of deposits over loans and more loans per employee all increase the probability of a crisis. Copyright © 2015 John Wiley & Sons, Ltd.

Based on the principles of stakeholder theory, this paper explores the relationship between (1) the information reported to stakeholders in corporate social responsibility (CSR) reports and (2) companies' CSR reputation (CSRR). Design/methodology/approach. The paper implements two regression models to test how reporting to stakeholders influences the CSRR of 84 companies included in the Spanish "MercoEmpresas Responsables" reputation index. Findings.The results demonstrate that greater global reporting intensity to stakeholders does not necessarily mean a better CSRR. Contrarily, the reporting–reputation link depends on the intensity of reporting to specific stakeholders, such as investors, regulators and the media. The findings are explained largely by the institutional, political and business characteristics of Spain after the Great Recession of 2007-2008. Research limitations/implications. The evidence reported in this paper confirms stakeholder theory as an adequate framework to understand corporate reporting to stakeholders and its relationship with CSRR. The findings suggest that stakeholder salience (i.e., power, legitimacy and urgency) is a key concept for understanding the reporting–reputation link better in future research. Practical implications. In the light of the findings, companies willing to use reporting to stakeholders as a tool to improve CSRR should (1) establish regular mechanisms for monitoring stakeholder power, legitimacy and urgency, (2) provide complete information to investors in their CSR reports and (3) minimize the amount of detail provided to regulators and the media in their CSR reports. Originality/value. There is still little empirical evidence concerning how the information to stakeholders contained in CSR reports influences the processes by which CSRR is built or destroyed. This paper contributes to the previous literature by describing how the global intensity of reporting to stakeholders and the intensity of reporting to different stakeholder groups relate to CSRR.

La importancia que las remesas han adquirido en la economía de los países receptores, sobre todo en los países en desarrollo, ha atraído la atención de los investigadores. El objetivo a desarrollar a través del presente artículo consiste en analizar la producción científica centrada en el estudio de las remesas como fuente de desarrollo, mediante un estudio bibliométrico, técnica que permite realizar un análisis cuantitativo de las publicaciones científicas, para el periodo 1900-2011, plasmando los resultados mediante el uso de redes sociales. Los hallazgos encontrados muestran cuatro líneas de investigación claramente definidas, como son los efectos de las remesas sobre la pobreza, la desigualdad y el desarrollo; los determinantes de las remesas; los efectos sobre la balanza de pagos y los efectos sobre la inversión en microempresas. El análisis realizado permite obtener conclusiones desde una doble perspectiva: la clasificación de las principales líneas de investigación y la identificación de futuras líneas que pueden servir de guía para los investigadores.

ABSTRACT: This article empirically analyses the reasons for crises in microfinance institutions (MFIs), using a sample of 832 MFIs from 74 countries for the period 2003-2011. The methodology used is logit analysis with panel data. The main results show that both internal and external factors influence the probability of a crisis. We find different factors that reduce the likelihood of a crisis (company's performance, country's economic growth, political stability and existence of a private credit bureau). On the other hand, excessive liquidity, a higher proportion of deposits over loans and more loans per employee all increase the probability of a crisis.

ABSTRACT: The main purpose of this article is to analyze how sovereign risk influences the loan supply reaction of banks to monetary policy through the bank lending channel. Additionally, we aim to test whether this reaction differs in easy and tight monetary regimes. Using a sample of 3,125 banks from the euro zone between 1999 and 2012, we find that sovereign risk plays an important role in determining loan supply from banks during tight monetary regimes. Banks in higher sovereign risk countries reduce lending more during tight regimes. However, we find little evidence to support any relationship between sovereign risk and loan supply reaction to monetary policy expansions. These results are very interesting for the way monetary policy is conducted in Europe. Banking union, banking system strength, and the budget control of governments would be necessary measures to reduce the heterogeneous transmission of the monetary policy in the euro zone.

El objetivo de este estudio es comprobar los efectos de la edad, el género y antigüedad en la satisfacción laboral de los docentes de educación física en Cienfuegos (Cuba). En este trabajo de tipo descriptivo, exploratorio y de corte transversal, participaron 122 profesores a los que se les administró el Overall Job Satisfaction Scale. Tras distintos análisis de correlación, los resultados revelaron que las posibilidades de utilizar las capacidades, la promoción, la atención que se presta a las sugerencias que se hacen y la variedad de tareas realizadas, son las más valoradas por los docentes; por el contrario el salario es lo menos puntuado por la práctica totalidad de los participantes. Igualmente, es importante señalar, que no se encontró asociación por género aunque la tendencia hacía la satisfacción laboral es superior en las mujeres, donde sí se apreciaron diferencias fue respecto a la antigüedad, motivada por una menor satisfacción en aquellos sujetos que llevan poco tiempo en la docencia. Como conclusión, este estudio muestra la relevancia que el género y antigüedad pueden tener sobre la satisfacción general en profesores de educación física.

According to the so-called "maritime economy", maritime activities are one of the key elements of the Lisbon Strategy. According to the European Union, those sectors related to the exploitation of the seas have contributed to the building of the Atlantic Area identity. Some subsectors from the maritime economy face tough times, while other o er great opportunities for economic growth and employment. In this context the HARVEST ATLANTIC (Harnessing All Resources Valuable to Economies of Seaside Territories on the Atlantic) project is developed, approved by the Atlantic Area Interreg IV-B Program. This study includes the main results obtained from the above mentioned project related to the recreational nautical sector in four countries from the Atlantic area (Spain, Portugal, Ireland and Scotland). The surveys that were conducted among companies from the sector included di erent aspects related with their location, innovation, human capital and policy making.

Maritime activities are one of the key elements of the Lisbon Strategy. According to the European Union, those sectors related to the exploitation of the seas represent 3-5% of the Union GDP. Those sectors have contributed to the building of the Atlantic Area identity. Some subsectors from the maritime economy face tough times, while other o_er great opportunities for economic growth and employment. In this context the HARVEST ATLANTIC (Harnessing All Resources Valuable to Economies of Seaside territories on the Atlantic) project is developed, approved by the Atlantic Area Interreg IV-B Program. This study includes the main results obtained from the above mentioned project related to the shipbuilding and repair sector in four countries from the Atlantic area (Spain, Portugal, Ireland and Scotland). The surveys that were conducted among companies from the sector included different aspects related with their location, innovation, human capital and policy making.