From a reactive, antagonistic stance towards environmental regulations, many firms have evolved to act in a pro-active fashion to integrate environmental issues into their core strategies. Using measures of different corporate governance instruments that proxy for the ability of managers or...

We use the GRASP procedure to select a subset of financial ratios that are then used to estimate a model of logistic regression to anticipate financial distress on a sample of Spanish firms. The algorithm we suggest is designed "ad-hoc" for this type of variables. Reducing dimensionality has...

More than thirty years of research exploring the link between corporate social responsibility (CSR) and corporate financial performance (CFP) could not provide a satisfying resolution to the tension exists between economic and social objectives. In this paper, we have contributed to the existing...

(WP 10/03 Clave pdf) We show that when the thresholds and the polychoric correlation are estimated in two stages, neither Pearson´s X² nor the likelihood ratio G² goodness of fit test statistics are asymptotically chi-square.We propose a new test statistic, Mn, that is asymptotically...

Internet telephony (VOIP) has the potential to transform the world of voice communications more profoundly than anything since the invention of the telephone itself. As telecommunications incumbents and a range of new entrants begin rolling out commercial VOIP services, policymakers around the...

Se plantea una aproximación a la evaluación del desempeño en las administraciones públicas que va de lo genérico a lo concreto a través del análisis de dos experiencias desarrolladas en España; se presta especial atención a sus potencialidades como instrumento de apoyo a una gestión...

We report evidence that Product Market Competition is positively associated to widely-used Corporate Social Responsibility ratings. In particular we show that different market concentration measures are negatively associated to social impact ratings. We also provide evidence that changes in...

Focusing on product development, this study extends the understanding of the environment-strategy framework and investigates the relative effect of two classical environmental variables, dynamism and complexity, on the knowledge strategy. Adopting a knowledge-based view, and assuming that the...

There are several economic reasons why investors might want to hedge local risk resulting from relative wealth concerns; namely, keeping up with the Joneses preferences and competition for local assets in short supply. In equilibrium, hedging for these purposes results in a negative risk Premium...

(WPE 05/04 Clave pdf) Las empresas tecnológicas incluyen las de la nueva economía y aquellas cuya base de negocio es el I + D. El objetivo de este trabajo es evaluar y determinar cuáles son los métodos más adecuados de valoración para empresas tecnológicas. En concreto, mediante la...