Search results

The purpose of this paper is to examine the effect of female CEO board members on listed family firms’ corporate default risk, integrating upper echelons theory with social role theory and the socio-emotional wealth approach and proxying default risk with the Black–Scholes–Merton model. It also searches for possible differences attributable to the type of female CEO.

This study is applied to a longitudinal sample of listed US family firms. After a preliminary analysis of the main descriptive, several models are estimated with the system GMM estimator, which is a panel data estimator. The models are dynamic, including the lagged value of the dependent variable. In addition, the model estimation is repeated with a different measure of default risk, for robustness.

This research findings show that default risk diminishes in the presence of a female CEO, whose reduction is even greater if she is a family member. The results are proven to be robust to the measure for proxying default risk.

This study primarily contributes to the existing literature by exploring a possible link between female CEOs, particularly those with a family affiliation, and a lower level of default risk in family firms. It also provides practical implications for policymakers, who would be advised to promote conditions enabling women to contribute towards family business viability. In addition, this study offers encouragement for family business owners to value the potential of their female family members in company succession processes.

This paper investigates the impact of board gender diversity on the readability of the annual reports of family-controlled public companies.

Grounded in the premises of the restricted and extended views of the socioemotional wealth (SEW) approach and executive power theory, this paper explores the ways in which family-affiliated female directors influence report readability in a sample of 133 publicly traded US companies listed in the Fortune 1,000. We use the system GMM estimator, which deals with two key sources of endogeneity by controlling first for reverse causality, using the lags of the endogenous variables as instruments, and then for omitted variables, capturing the individual effect.

Our analysis confirms that the significant enhancement in annual report readability is associated with the presence of female family directors, particularly those who are insiders within the company. In contrast, non-family female directors and family outsider directors appear to have a negative impact on annual report readability.

While scholars have increasingly focused on variations in annual report readability among family firms, the contribution of female directors to this phenomenon has received minimal attention. In our study, we integrate the theories of restricted and extended SEW perspectives with the theory of women’s executive power within the board. This integration is essential for considering two critical factors: firstly, the primacy of their SEW objectives, and, secondly, their legitimacy within the board.

Agribusiness shows a growing degree of competitiveness and innovation. However, the organizational mechanisms that compete for innovation and organizational performance are not sufficiently studied. Thus, this study aims to analyze the influence of market orientation and organizational structure on innovation generated and its influence on market and financial performance in agribusiness firms in Extremadura (Spain).

A conceptual model was designed and tested. Data were collected from a questionnaire sent to innovative agri-food companies. The analysis of the model methodologically combines partial least square structural equation modelling, necessary condition analysis and importance-performance map analysis.

The main results reveal that low levels of innovation ambidexterity impact significantly performance but when compared to exploitative innovation, explorative innovation shows a stronger influence on the market and financial performance.

The results are intended to be useful to managers to improve their innovative performance by incorporating new strategies in the market orientation and organizational structure.

The originality of this research lies in the novelty of the proposed mediators, as well as the sector under study. The study expands the knowledge of the influence that market orientation and organizational structure have on the types of innovation (exploitative/explorative).

The agribusiness in Extremadura (Spain) is one of the main economic activities in the region. Within this industry, cooperativism stands out as a strategic component that influences the fixation of the rural population and the development of the territory. Likewise, innovation is fundamental for the competitiveness of companies. The aim of this study is to analyse the existence of a relationship between several business variables: strategy, culture, work climate, management, organisation and market orientation in the innovative performance of agri-food cooperative companies. Differences with other types of agri-food organisations are also analysed.

The authors proposed a conceptual research model, which aims to determine the influence of several business variables on innovative performance. A qualitative methodology was used through a multiple case study where five Extremaduran agri-food cooperatives were chosen to carry out the research.

The results show that the business variables are valued positively as factors that enhance innovative performance. Moreover, the peculiarities of cooperatives show several differences with respect to non-cooperative companies.

The results contribute to agri-food cooperatives' managers developing specific actions that improve the competitiveness and sustainability of agribusiness based on innovation.

La agroindustria en Extremadura (España) es una de las principales actividades económicas de la región. Dentro de esta industria, el cooperativismo destaca como un componente estratégico que influye en la fijación de la población rural y en el desarrollo del territorio. Asimismo, la innovación es fundamental para la competitividad de las empresas. El objetivo de este estudio es analizar la existencia de relación entre diversas variables empresariales: estrategia, cultura, clima laboral, gestión, organización y orientación al mercado en el desempeño innovador de las empresas cooperativas agroalimentarias. También se analizan las diferencias con otros tipos de organizaciones agroalimentarias.

Se propuso un modelo conceptual de investigación, cuyo objetivo es determinar la influencia de diversas variables empresariales en el rendimiento innovador. Se utilizó una metodología cualitativa a través de un estudio de caso múltiple en el que se eligieron cinco cooperativas agroalimentarias para llevar a cabo la investigación.

Los resultados muestran que las variables empresariales se valoran positivamente como factores que potencian el rendimiento innovador. Además, las peculiaridades de las cooperativas muestran varias diferencias con respecto a las empresas no cooperativas.

Los resultados contribuyen a que los gestores de las cooperativas agroalimentarias desarrollen acciones específicas que mejoren la competitividad y sostenibilidad de la agroindustria basada en la innovación.

The purpose of this paper is to determine the students’ opinion on their proficiency in one or more foreign languages, and the importance they attribute to their foreign language competence because the adaptation to the European Higher Education Area (EHEA) implies the promotion of the mobility of teachers and students.

A qualitative and quantitative approach conducted at the University of Extremadura in Spain. The method used was to triangulate the data resulting from three quite different procedures: promoting the participating students’ awareness of the issue through a seminar on the importance of mastering other languages and their relevance for graduate employability; inquiring into the students’ impressions when receiving an English class with a focus group; and a questionnaire on their opinions about the importance of proficiency in foreign languages.

The findings highlight how teaching in English in European universities could bring real opportunities for the development of the EHEA. Furthermore, the development of foreign languages competences have to be a priority line of innovation in higher education in order to build a more meaningful relationship between education institutions and the European project.

The study is a first attempt to analyse the need to teach in English in European higher education institutions. Results are not completely generalizable because the study has been conducted in one university, in the field of social sciences in the branch of Economics and Business, and it has been examined only the views of students.

The paper draws attention to the need for, and suggestions on how higher education institutions can be more aware to the needs of developing studentś English competences when designing programmes in the EHEA.

The purpose of this study is to analyse the role played by institutional investors in a firm’s decision to hire sustainability assurance services and to determine the benefits of sustainability assurance for the functioning of the capital market. This analysis is complemented by examining the quality of the sustainability assurance service that institutional investors demand.

The authors selected a sample of 1,564 multinational firms from 2002 to 2017. Panel data logit and generalised method of moments (GMM) regressions were estimated to consider decisions about hiring sustainability assurance services or not, and the assurance quality indexes constructed by a checklist based on the academic literature, respectively.

Institutional pressures associated with the environmental and social impacts of a firm’s activities lead to the convergence of institutional investor attitudes towards corporate sustainability, so that, regardless of their investment horizon, they promote the hiring of sustainability assurance services by corporate boards, which favours analyst precision and a reduction in the cost of capital. Long-term (LT) institutional investors exert influence through a selection mechanism, whereas short-term (ST) institutional investors exert influence through their presence on the board. Once the company has decided to provide assurance about its sustainability report, both types of institutional investors promote a higher quality of such service, although this is not well valued by the stock market.

This paper extends research on the monitoring role of institutional investors into the sustainability assurance context. Researchers may benefit from this paper’s findings when they examine the factors that drive the hiring of sustainability assurance services and their characteristics. This paper also shows that sustainability assurance services are a significant weakness due to the lack of standardisation in comparison with financial auditing, which complicates the assessment of their quality by stock market participants, thereby penalising those companies that provide more complete sustainability assurance reports.

Considering this paper’s findings, it seems advisable that regulators establish a normative framework to standardise sustainability assurance processes. The results can also be used as an orientation for both companies, to design their sustainability disclosure policies and regulators, to improve the running of the capital market.

Sustainability assurance services have a positive effect on the running of the capital market and improve external stakeholder decision-making by providing more reliable information, which, in turn, will favour the implementation of more sustainable actions that contribute to the attainment of sustainable development goals.

This is one of the first papers to analyse the effect of institutional ownership on a firm’s decision to hire sustainability assurance services and consider the effect of the institutional investors’ investment horizon – LT versus ST – and the channel – selection methods and/or active engagement – used by them to exert their influence. The authors also propose several measures of sustainability assurance quality to demonstrate the relevance of the contents of the assurance statement for the capital market in general and the institutional investors in particular.

The purpose of this study is to identify how firms' sustainability performance is affected by external knowledge sources and absorptive capacity, accounting for the influence of being located in a science and technology park (STP).

Drawing on data from the Spanish Technological Innovation Panel, the authors estimate the determinants of sustainability performance using fixed effects multiple linear regression models with robust standard errors. The analysis covers the period 2009–2016, with a total panel of 8,874 companies and a total sample of 47,870 observations.

This study highlights the heterogeneity in on-park firms’ sustainability performance, which can be explained by the different capacities of these firms when it comes to embedding themselves in STP networks and processes and effectively absorbing the knowledge from the many knowledge sources that may be on offer in the park.

This paper contributes to the literature by examining the influence of external sources of knowledge and absorptive capacity, and the relationship between them, on sustainability performance. This study approaches sustainability performance as an aggregate measure of firms’ competitiveness and potential for long-term survival from the triple bottom line perspective. In addition, this study examines the effect that location in an STP can have on business sustainability performance and, more specifically, the mediating effect that knowledge sources and absorptive capacity can exert on this relationship.