IME. Artículos del Instituto Multidisciplinar de Empresa

How does employment protection legislation affect labor investment inefficiencies?

Sun, 01 Jan 2023 00:00:00 GMT

[EN]This paper analyzes how labor investment decisions are affected by the operational risk related to different dimensions of employment legislation (general, regular, and temporary employment protection). Labor investment efﬁciency is usually described as efﬁcient investing and resource management; employment protection legislation can be regarded as an obstacle that increases hiring and ﬁring costs, representing a source of operational risk and leading to lower output and ﬁnancial ﬂexibility. This study uses data from 612 companies from 30 countries between 2011 and 2019 (4044 observations) and a dynamic panel data estimator to investigate the relationship between employment protection legislation and labor investment inefﬁciencies. Our results show that general employment protection legislation reduces inefﬁciencies, whereas regular and temporary speciﬁc employment protection laws increase the incentive to overinvest. Our ﬁndings can be explained by the agency theory and the ways in which different aspects of employment protection legislation create operational risk.

Actionable human-water system modelling under uncertainty

Mon, 14 Oct 2024 00:00:00 GMT

[EN]This paper develops an actionable interdisci-plinary model that quantifies and assesses uncertainties in water resource allocation under climate change. To achieve this objective, we develop an innovative socio-ecological grand ensemble that combines climate, hydrological, and mi-croeconomic ensemble experiments with a widely used deci-sion support system for water resource planning and manage-ment. Each system is populated with multiple models (multi-model), which we use to evaluate the impacts of multiple cli-mate scenarios and policies (multi-scenario, multi-forcing) across systems so as to identify plausible futures where wa-ter management policies meet or miss their objectives and to explore potential tipping points. The application of the meth-ods is exemplified by a study conducted in the Douro River basin (DRB), an agricultural basin located in central Spain. Our results show how marginal climate changes can trigger non-linear water allocation changes in the decision support systems (DSSs) and/or non-linear adaptive responses of ir-rigators to water shortages. For example, while some irriga-tors barely experience economic losses (average profit and employment fall by < 0.5 %) under mild water allocation re-ductions of 5 % or lower, profit and employment fall by up to 12 % (∼ 24 ×) when water allocation is reduced by 10 %or less (∼ 2×). This substantiates the relevance of informing the potential natural and socio-economic impacts of adapta-tion strategies and related uncertainties for identifying robust decisions.

Does money supply shape corporate capital structure? International evidence from a panel data analysis

Wed, 01 Jan 2020 00:00:00 GMT

[EN]We investigate how the growth rate of money supply, as a key dimension of the mon-etary policy, affects corporate debt decisions using a broad sample of companies from developed and emerging economies. Although expansionary measures increase mar-ket liquidity and encourage the use of debt, our results show that there is an optimal level of money supply beyond which additional liquidity discourages firms from using debt. However, the intensity of the effect of money growth on debt and the level of liquidity at which firms’ access to debt financing is maximized depends on the charac-teristics of the banking system. The effect is mitigated in countries where banks hold a higher fraction of liquid assets. By contrast, the relation between money supply and corporate leverage is more pronounced when a higher proportion of banks’ resources are allocated to private credit.

Doing good does not always lead to doing well: the corrective, compensating and cultivating goodwill CSR effects on brand defense

Sat, 01 Jan 2022 00:00:00 GMT

[EN]This study investigated the relative impacts of three corporate social responsibility (CSR) types – namely corrective, compensating and cultivating CSR – on brand defense by considering customer–company’s (C–C’s) identification mediation role and CSR authenticity’s moderation role in these relationships. A between-subject experiment was conducted on 573 coffee shop customers in the United States. The findings revealed corrective CSR is the strongest brand defense predictor, followed by compensating and cultivating CSR. The CSR types’ relative effects are mediated by C–C identification, and as such, compensating CSR’s indirect effects on brand defense through C–C identification are stronger than cultivating CSR’s indirect effects on brand defense. When the CSR authenticity level is high, cultivating CSR has a significant indirect effect – through C–C identification – on brand defense that is stronger than when the CSR authenticity level is low. When the level is high, compensating CSR has an insignificant indirect effect – through C–C identification – on brand defense, similar to when the level is low. Finally, findings on moderated mediation revealed the indirect relationship between the three CSR types on brand defense – through C–C identification – is moderated by CSR authenticity.

Make me happy, make it credible – the effect of CSR message framing on online brand engagement

Sun, 01 Jan 2023 00:00:00 GMT

[EN]Purpose: The objective of this study is to investigate the differential impact of gain versus loss message framing on the effectiveness of corporate social responsibility (CSR) communications in eliciting online brand engagement within the hospitality industry. Furthermore, this research aims to examine the extent to which evoked happiness and message credibility mediate the relationship between CSR message framing and online brand engagement, as these mediating factors have not been thoroughly examined in the existing academic literature. Design/methodology/approach: This study utilizes a between-subjects experimental design to test an integrative research framework, which is grounded in message framing theory and the elaboration likelihood model (ELM), in order to examine the interrelationships among the various constructs of the study within a coffee shop context on Facebook. Findings: The findings of this study indicate that gain framing is a more powerful predictor of online brand engagement than loss framing. A mediation analysis supports the assertion that the effects of CSR framing communications on online brand engagement are mediated by evoked happiness and message credibility. Specifically, when the CSR message was framed in a positive (gain) manner, it was perceived as more credible and evoked more happiness, leading to increased online brand engagement. Additionally, the study’s results provide empirical evidence for the notion that the happiness elicited by brand messages enhances their credibility, leading to further online brand engagement. Originality/value: This research makes a novel contribution to the literature by investigating the distinct effects of message framing on online brand advocacy and examining the complex interrelationships that modulate consumer engagement within the context of the hospitality industry.

The differential impact of user- and firm-generated content on online brand advocacy: customer engagement and brand familiarity matter

Mon, 01 Jan 2024 00:00:00 GMT

[EN]Purpose – The aim of this study is first, to investigate the relative effect of user-generated content (UGC) and firm-generated content (FGC) on online brand advocacy, and second, to examine the mediation effect of customer engagement and the moderation effect of brand familiarity in the relationship between UGC and FGC and online brand advocacy. The differential impact of UGC and FGC on consumer behavior has yet to receive sufficient academic attention among hospitality scholars. Design/methodology/approach – Based on social learning theory, cognitive consistency theory and schema theory, this study established an integrated research framework to explain the relationship between the constructs of the study. This study adopts a scenario-based experimental design in two separate studies within contexts to examine the proposed hypotheses. Findings – The results revealed that UGC is a stronger predictor of online brand advocacy than FGC. A mediation analysis supported that the effect of digital content marketing types on online brand advocacy occurs because of customer engagement. Further, when the brand was familiar, participants showed a higher level of online brand advocacy than when they were exposed to FGC (vs. unfamiliar brand), whereas the effect of familiar and unfamiliar brands on online brand advocacy remains slightly close to each other when the participants were exposed to UGC. Brand familiarity positively enhanced participants’ engagement when they were exposed to UGC. Further, customer engagement is only a significant mediator when the brand is unfamiliar. Practical implications – This paper presents significant managerial implications for hospitality companies about how they can effectively enhance brand advocacy in the online medium. Originality/value – This research provides a novel contribution by examining the differential impact of UGC and FGC on online brand advocacy as well as uncovering the underlying mechanism of how and under what conditions user- and firm-generated content promotes online brand advocacy in the hospitality context.

Leveraging blockchain for ecosystem service transparency: enhancing consumer value and sustainability in the beef industry

Wed, 01 Jan 2025 00:00:00 GMT

[ES]Blockchain technology has the potential to enhance transparency and traceability in the agrifood sector, particularly in the beef industry. However, its adoption remains limited in many regions, including Europe. This study investigates the role of ecosystem services in sustainable beef production, highlighting the value these services bring not only to the environment but also to the industry and consumers. By using QR codes linked to blockchain-based traceability systems, consumers can access detailed information about the environmental benefits of extensive livestock farming, such as carbon sequestration, biodiversity preservation, and soil health improvement. Based on a representative sample of 1158 Spanish consumers, our study shows that providing ecosystem service information through QR codes significantly increases consumers’ willingness to pay a premium for beef products. This finding highlights the growing consumer demand for transparency and sustainability in food systems. The integration of information on ecosystem services into product labeling, facilitated by blockchain and QR codes, presents an opportunity for the beef industry to differentiate itself in a competitive market while promoting more sustainable consumption patterns. This study contributes to the food industry by showing how blockchain-enabled transparency regarding ecosystem services can reshape consumer behavior, thus driving both environmental and economic benefits.

Navigating crises: leveraging socioemotional wealth and slack resources to build resilience

Wed, 01 Jan 2025 00:00:00 GMT

[EN] Purpose—To gain insights into firms’ resilience, this article investigates whether family-owned small and medium-sized enterprises (SMEs) are more proactive than non-family SMEs in building their resilience capabilities, as well as whether their socioemotional wealth (SEW) might determine their levels of proactivity. As relevant features, this study considers firms’ capabilities for absorbing shocks, renewing in response to changing conditions, and learning from crises. The authors examine both direct effects and mediation by firms’ potential to mobilize slack resources. Design/methodology/approach—The analysis of 175 family and non-family SMEs based in Spain relies on structural equation modeling for the hypothesis tests. The data were collected with a comprehensive survey, administered to top-level executives directly involved in strategic decision-making processes. Findings—Family SMEs exhibit superior absorption, renewal, and learning capabilities. Slack resources are a necessary condition for absorbing shocks; and they also help develop the renewal and learning capabilities. High levels of SEW emerge as positively related to all three capabilities: directly to renewal and learning capabilities, and indirectly to absorption capability. Originality—This study advances family SME resilience literature by differentiating the ways that family SMEs develop resilience, compared with non-family SMEs. By establishing nuanced insights into the impact of SEW on resilience capabilities, it also offers a deeper understanding of the mechanisms that can enable family businesses to navigate crises.

Nearby or faraway? Determinants of target selection in family firm acquisitions

Mon, 01 Jan 2024 00:00:00 GMT

[EN] We posit that, beyond the distinction between domestic and cross-border deals, family ownership configurations and board ownership determine whether family firms (FFs) prefer targets from closer or more distant markets, thus highlighting the crucial role of geographical distance when conducting acquisitions abroad. We further investigate whether target selection depends on firm performance relative to its aspirations. To test our hypotheses, we gather a comprehensive sample of 7,297 acquisition deals, of which 3,180 are cross-border transactions, undertaken by family and non-FFs from 30 European countries during the 2007–2015 period, with target firms located in 65 different countries. Our empirical strategy allows us to analyze FFs’ preference in terms of geographical distance when they decide to acquire a foreign company. The main findings suggest that FFs acquire targets from closer locations when there is a group of minority family shareholders or a higher level of board ownership. Meanwhile, FFs performing below their aspirations acquire more distant targets compared to other FFs. Our findings contribute to international business (IB) research by demonstrating that the distinction between domestic and foreign targets is not enough when investigating acquisitions, but the distance to the target firm is vital for a better understanding of cross-border deals.

Circular economy practices in locally rooted family SMEs: the role of the socio-spatial context

Mon, 19 May 2025 00:00:00 GMT

[EN] This paper examines whether family owned SMEs differ from non-family SMEs in their adoption of circular economy (CE) practices, with a focus on how these differences are shaped by sociospatial contexts. Specifically, we investigate the role of a firm’s rural or urban location and the level of country environmental awareness. Using a sample of 13,319 SMEs, we find that family ownership increases the probability of adopting a higher number of CE practices. Furthermore, we find that the positive effect of family ownership on the adoption of CE practices is stronger in rural areas. Finally, while both family and non-family SMEs are more likely to adopt CE practices in countries with greater environmental awareness, non-family SMEs appear to be relatively more influenced by this factor. These findings offer new insights into the intricate interplay of ownership and the socio-spatial context as determinants of the adoption of CE practices in SMEs.

Sound in mode on: how sound stimuli influence customer engagement?

Mon, 01 Jan 2024 00:00:00 GMT

[EN] The objectives of this research are as follows: (i) to study whether the presence of sound stimuli influences customer engagement; (ii) to assess this effect on different dimensions of customer engagement (sensory experience, approach-avoidance response, and emotional response); and (iii) to study whether product type and customer involvement moderate the effect of sound on customer engagement. This research analyzes the effect of two different sound stimuli for two different product types on two digital channels. The experimental design for Study 1 is a 2 sound (sound associated with the product vs. no sound) × 2 product type (hedonic vs. utilitarian) displayed in a social network (Instagram) environment. The experimental design for Study 2 is a 2 sound (voiceover vs. no sound) × 2 product type (hedonic vs. utilitarian) displayed in a blog. Both studies additionally incorporate measured variables, with a particular focus on customer involvement (low and high). A total of 512 participants interacted with a condition and then completed a questionnaire. The presence of sound increases customer engagement in the sensory experience and approaching response. The interaction of sound (voice-over) and the hedonic product positively influences the emotional response, and customer involvement negatively moderates the influence of sound on the sensory experience.

Women and circular transition in agri‐food industry: The commitment to gender diversity as an engine of change

Mon, 01 Jan 2024 00:00:00 GMT

[EN] The agri-food industry has a positive impact on society, providing a sustainable andhigh-quality food source for the world's population. However, this industry has a sig-nificant impact on the environment, which is essential to know and understand. Inthis article, we explore the importance of the circular transition in the agri-foodindustry and analyse the role that female directors, C-suite executives or managersand employees play in it. For a sample of the most relevant 243 agri-food companiesworldwide, over the period 2013–2022, we conduct Tobit and lineal regressions forpanel data to attend to gender diversity in firms and its consequences concerning thiscircularity environmental model. In a sector with unbalanced organisational levels interms of gender, the results show that the overall diversity of the companies favoursthe transition towards a circular model that is respectful of the environment, favour-ing the optimisation of resources and processes that lead to the generation of mini-mum waste, and unequivocally opting for ecological inputs, technologies, spaces andother goods. However, the individualised study of diversity at the organisationallevels confirms the unquestionable role that female leadership plays in the circulartransition of the agri-food sector when exercised from C-suite positions.

Firm's emission reduction effectiveness and the influence of the five institutional dimensions of the quintuple helix model: European evidence

Wed, 01 Jan 2025 00:00:00 GMT

[EN] Based upon the quintuple helix model (QHM), this study explores whether the differ-ences in firms' emission reduction effectiveness can be attributed to the five institu-tional helices related to educational system, economic development, political–legalsystem, cultural orientation, and the natural capital. Using a set of listed Europeanfirms for the 2015–2020 period, we show that firms with better emission reductioneffectiveness operate in nations with more public educational expenditure and scien-tific production, more extensive economic development, and better institutional andgovernance quality. Moreover, emission reduction strategies are more pronouncedin firms located in countries characterized by less masculinity, individualism, powerdistance, and uncertainty avoidance, and more long-term orientation and indulgence.In addition, we find that companies with better emission reduction effectiveness arefound in countries with more natural capital, characterized by a life in harmony withnature and employing the finite resources available in a sustainable and environmen-tally conscious manner. Moreover, employing a two-stage model to identify the mostrelevant helix, we find that the political–legal system helix is the most pivotal in pro-moting firms' commitment to reducing environmental emissions

Do boards care about planetary boundaries? A gender perspective on circular economy disclosures

Mon, 01 Jan 2024 00:00:00 GMT

[EN] The need to develop environmentally respectful business activities has led academics to propose the circular economy (CE) as a more sustainable production and consumption model than the linear model, where interest groups demand greater disclosure of information that makes it possible to evaluate the business transition towards the CE. Also, the planetary boundaries framework provides thresholds for different natural processes that are affected by business activities, so in this research, we link the CE to planetary boundaries by designing a score, and we analyse the presence of female directors and the role women play in the presentation of CE information that attends to planetary boundaries. We also examine the effect that national cultures characterized by high power distance and masculinity can have on their performance. We use a sample of 832 companies around the world from 2011 to 2020. The results show that women directors promote the presentation of CE information at a global level and disaggregated by CE issues, framed within planetary boundaries—a relation that is reinforced in societies with high power distance.

Social media advertising efficiency on higher education programs

Wed, 01 Jan 2020 00:00:00 GMT

[EN] Purpose The purpose of this study is to examine the different results and the level of success obtained with advertising campaigns developed on Facebook to promote postgraduate programs to create awareness and engagement. Design/methodology/approach This study combined the data envelopment analysis technique to measure advertising efficiency with multidimensional scaling (MDS) representation, thus offering alternatives for practitioners and organizations on how to evaluate social advertising performance. Findings Investments on social paid advertising are an affordable and effective way both to promote postgraduate programs and create engagement with prospective students. Facebook advertisements maximize visibility, which improves social and online positioning and encourages student recruitment. Practical implications Higher education institutions can efficiently promote their programs with a minimal social investment contributing to dissemination and engagement. Compared to other forms of traditional or digital advertising, social media ads can be efficient and affordable with wider segmentation and targeting options. Moreover, results are immediate and measurable and campaigns can be instantly modified to better suit the audience’s requirements. Originality/value This study is unique as it offers a new, alternative way of measuring efficiency, in addition to the classic ratios of payment models in digital advertising that combine clicks and impressions, on a sector where there are few empirical studies. Moreover, it can be easily applied to many other sectors in public and private organizations. Propósito El objetivo de esta investigación es examinar los diferentes resultados y el nivel de éxito obtenido con las campañas publicitarias desarrolladas en Facebook para promover programas de postgrado que aumenten la notoriedad y la participación de los mismos. Diseño/método/enfoque Combinamos la técnica de análisis de envolvente de datos (DEA) para medir la eficiencia de la publicidad con la representación de escalado multidimensional (MDS), ofreciendo alternativas tanto a profesionales como a organizaciones sobre cómo evaluar el rendimiento de la publicidad social. Hallazgos Las inversiones en publicidad social pagada son una forma asequible y efectiva tanto para promover programas de postgrado como para crear un compromiso con los posibles estudiantes. Los anuncios en Facebook maximizan la visibilidad, lo que también mejora el posicionamiento social y en línea, fomentando la captación de estudiantes. Implicaciones prácticas Las instituciones de educación superior pueden promover eficazmente sus programas con una inversión social mínima que contribuya a la difusión y el engagement. En comparación con otras formas de publicidad tradicional o digital, los anuncios de los medios sociales pueden ser eficientes y asequibles, con una segmentación y opciones de orientación más amplias. Además, los resultados son inmediatos y cuantificables y las campañas pueden modificarse instantáneamente para adaptarse mejor a las necesidades del público objetivo. Originalidad/valor Esta investigación es única ya que ofrece una nueva y alternativa forma de medir la eficiencia, además de los ratios clásicos de los modelos de pago en la publicidad digital que combinan clics e impresiones, en un sector en el que hay pocos estudios empíricos. Además, puede aplicarse fácilmente a muchos otros sectores en organizaciones públicas y privadas.

Power Brand Defense Up, My Friend! Stimulating Brand Defense through Digital Content Marketing

Fri, 01 Jan 2021 00:00:00 GMT

[EN] Digital content marketing that increases consumers’ favorable behavior is of increasing interest to marketers. However, there is a lack of studies that examine the relative effect of digital content marketing on brand defense. Building on the theoretical lens of elaboration likelihood model, attachment theory, and source credibility theory, this experimental study examines the relative effect of two types of digital content marketing on brand defense, taking into consideration the mediation effect of behavioral engagement and the moderation effect of age generation. Based on 237 participants collected from a United States sample, the findings of this study revealed that user-generated content is a stronger predictor of brand defense and behavioral engagement compared to firm-generated content. Further, behavioral engagement served as a mediator variable between the digital content marketing types and brand defense. Significant evidence has additionally been found between behavioral engagement and brand defense. Moreover, the findings of the moderation analysis illustrated that Generation Z is the most influenced by user-generated content, followed by Generations X and Y. Generation Y is the most influenced by firm-generated content, followed by Generations Z and X. This study adds empirical relevance to the growing literature of the importance of digital content marketing, behavioral engagement, and generation as well validates the effects of those constructs on brand defense.