BUSCADOR RECOLECTA

[EN] This article provides evidence on the institutional determinants of firm size for the period 1980-1998. Using a comprehensive longitudinal database across 29 industrial sectors in 15 Organisation for Economic Co-operation and Development (OECD) countries, we study how labour regulations and barriers to entrepreneurship (BE) affect industrial organization in the presence of capital market frictions. We show that strict employment protection laws (EPL) and high BE negatively affect firm size in sectors that are more dependent on external funds. Our findings demonstrate that the interaction between market regulations and financial market imperfections help to explain some of the differences in firm structure across countries., This work was supported by the Spanish Ministry of Education and Science [ECO2013-48496-C4-4-R, ECO2015-67999-R], the Regional Government of Aragon, the European Social Fund [S125 project: Compete], and the Centro Universitario de la Defensa Zaragoza [2013-08 project].

[EN] We analyse the determinants of the household financial portfolio allocation using an estimator and a variance decomposition that take into account the constrained nature of household portfolio allocations. We apply these methods to a large data set of financial assets. Results show that the main factors underlying household financial portfolio choice in Spain are age and net wealth. Among others, there is also evidence of sizeable effects associated with risk aversion, education, liquidity constraints and income, but very modest effects are associated with family size and having accounts in stand-alone internet banks. Implications for policy are also derived., We are most grateful to the editorial team and to two anonymous referees for their helpful comments.
This work was supported by the Ministry of Education and Science [grants ECO2013-45395-R, ECO2013-
48496-C4-4-R, ECO2015-67999-R], Ministry of Economy and Productivity [grant ECO2016-76255-P],
the Regional Government of Aragón and the European Social Fund [grant S125 project: Compete], the
Diputación General de Aragón and the European Regional Development Fund [research project
CREVALOR] and the Centro Universitario de la Defensa Zaragoza [grant 2013-08].

[EN] This paper analyses the impact of participating in a military alliance on the nexus between defence spending and economic growth. In particular, we study how the process of gradual association to a military organization influences the defence spending of newcomers, and consequently their economic growth. Conclusions from the theoretical model are tested empirically for countries in the North Atlantic Treaty Organization. Results show that the prospect of intensified military alliance partnership and membership has a positive effect on economic growth. In addition, increased security and stability gained by closer military cooperation reinforces the positive link with economic growth. Empirical evidence supports theoretical priors., Financial support from the Ministry of Education and Science through [grant number ECO2013-45395-R], [grant number
ECO2013-48496-C4-4-R], [grant number ECO2015-67999-R] (MINECO/FEDER), [grant number ECO2016-76255-P]; the
Regional Government of Aragón and the European Social Fund (S125 project: Compete), and the Centro Universitario de
la Defensa Zaragoza through the 2016-06 project is gratefully acknowledged.

[EN] The purpose of this paper is to analyze the combination of institutional factors and technology advances as determinants for the choice of payment instruments. The theoretical set up suggests that countries that enter into a new institutional environment adopt the attitudes of the accepting group towards the payment choices as a consequence of institutional pressure and technology development. We apply the results of the model to the European Union enlargement process of 2004. Our findings confirm the relevance of both institutional environment and technology development in retail payment choice decisions particular to Central and Eastern European Countries., We would like to thank the editor and anonymous referees for helpful comments on earlier versions of the paper. We are also grateful to participants of SAEe 2011 meeting for
comments. Financial support from the Spanish Ministry of Science (projects ECO2013-
45395-R, ECO2010-16353, ECO2012-37572 and ECO2013-48496-C4-4-R), the Regional
Government of Aragón and FSE (project S125: Compete Research Group) and Generalitat
de Catalunya (grant SGR 2009-0600) is also gratefully acknowledged.

This research attempts to empirically examine the relationship between leadership styles and innovative entrepreneurship through regression analysis, using a sample of 43 countries and data from Global Entrepreneurship Monitor and Global Leadership and Organizational Behavior Effectiveness. In light of institutional approaches and specifically based on the normative dimension, the main findings of the study indicate that participative leadership and higher education represent the strongest explanatory factor in the variance of the current rates of innovative entrepreneurship. This study has contributions for both researchers and policymakers on new firm creation (entrepreneurship) and on the generation of innovation within organizations (intrapreneurship)., Stefan van Hemmen acknowledges the financial resources from ECO2013-48496-C4-4-R (Spanish Ministry of Economy & Competitiveness) and 2014-SGR-1259 (Economy & Knowledge Department -Catalan Government-). Marta Peris-Ortiz acknowledges support from the Universitat Politecnica de Valencia through the project Paid-06-12 (Sp 20120792). Claudia Alvarez and David Urbano acknowledge the financial support from the Projects ECO2013-44027-P (Spanish Ministry of Economy & Competitiveness) and 2014-SGR-1626)Economy & Knowledge Department -Catalan Government-).

The paper investigates the productivity level of technology transfer offices (TTOs) affiliated to Spanish public universities. The proposed approach allows the development of a framework that matches universities’ technology transfer concerns with the need to accurately analyze the role of the outcome configuration of TTOs. We analyze the productivity of Spanish TTOs during 2006–2011 by computing total factor productivity models rooted in non-parametric techniques, namely the Malmquist index. The results confirm that technology transfer productivity is affected by changes in the configuration of the TTO’s outcome portfolio that result from benchmarking own and market peers’ performance levels. While benchmarking own performance levels facilitates the exploitation of internal resources and yields superior productivity results, changes in TTO’s portfolio based on comparisons with market peers might generate greater operational costs that negatively impact productivity., Peer Reviewed

This paper investigates how the characteristics of operational processes—systematic and project-based—affect the impact of adopting the safety management systems on different performance metrics. The proposed approach allows the development of a framework which matches safety problems and risks encompassed by organizational tasks with solutions generated by new safety knowledge linked to the adoption of the OHSAS 18001 standard. Our analysis of the effect over work accidents, as well as operational and economic performance of implementing the OHSAS 18001 in Spanish manufacturing, construction and professional services organizations during 2006–2009 shows that organizations modify existing safety practices to mitigate work accidents, and that safety learning effects widely vary across industry sectors. Organizations whose current knowledge is mostly codified and processes are highly systematic benefit more from safety knowledge and experience, whereas the effects of the OHSAS 18001 dilute in organizations whose knowledge is high in tacitness, and whose processes difficult the visibility of the consequences of work accidents. This study has important implications for managing knowledge acquisition processes. The findings offer valuable insights on how managers can develop communication and coordination actions to cope with the potential incompatibilities between safety management systems, the properties of knowledge and work environmental conditions.

We analyse the determinants of the household financial portfolio allocation using an estimator and a variance decomposition that take into account the constrained nature of household portfolio allocations. We apply these methods to a large data set of financial assets. Results show that the main factors underlying household financial portfolio choice in Spain are age and net wealth. Among others, there is also evidence of sizeable effects associated with risk aversion, education, liquidity constraints and income, but very modest effects are associated with family size and having accounts in stand-alone internet banks. Implications for policy are also derived.

The purpose of this paper is to analyze the combination of institutional factors and technology advances as determinants for the choice of payment instruments. The theoretical set up suggests that countries that enter into a new institutional environment adopt the attitudes of the accepting group towards the payment choices as a consequence of institutional pressure and technology development. We apply the results of the model to the European Union enlargement process of 2004. Our findings confirm the relevance of both institutional environment and technology development in retail payment choice decisions particular to Central and Eastern European Countries.

This paper examines evidences of market labor income inequality in Spain, as if they were the outcome of the market equilibrium from occupational choices of individuals with different general skills. We find that the parameters of the distribution of skills, production technology, and internal organization of firms that match the observed organization of production (number of persons occupied as employees, entrepreneurs-managers and solo self-employed, distribution of firm sizes) in Spain, also explain reasonably well the distribution of market labor income, within groups and for all occupied individuals together. The proposed model can be of use in evaluating the potential consequences for labor income inequality of changes in the organization of production.

This paper analyses the impact of participating in a military alliance on the nexus between defence spending and economic growth. In particular, we study how the process of gradual association to a military organization influences the defence spending of newcomers, and consequently their economic growth. Conclusions from the theoretical model are tested empirically for countries in the North Atlantic Treaty Organization. Results show that the prospect of intensified military alliance partnership and membership has a positive effect on economic growth. In addition, increased security and stability gained by closer military cooperation reinforces the positive link with economic growth. Empirical evidence supports theoretical priors.

This paper models and simulates the formation of consensus through information sharing and social influences among bounded rational individuals connected through a communication network, who collectively decide whether to adopt a new project, policy or idea (innovation in short) or not. Next we examine the sensitivity of group fallibility in the collective adoption decision and the time spent on reaching consensus to parameters of the model such as the economic value of the innovation, the connectivity and size of the network and the degree of social influences. We find that group consensus decisions reduce the probability of commission errors to negligible values (adopting value-destroying innovations), but the probability of omission errors (rejecting value-creating ones) and the time to reach consensus are sensitive to the exogenous parameters with some trade-offs: higher average connectivity of communication networks increases the likelihood of making omission errors in adoption but reduces the time to reach consensus. The results of this research are relevant to managerial decisions affecting the performance of consensus by mutual influences on decision making in the expanding production and exchange systems of information-intensive networks of empowered workers.

This paper provides a theoretical and empirical analysis of an under-explored consequence of granting autonomy to workers: monitoring. In the principal-agent model that we develop, granting autonomy allows workers to carry out innovative tasks in the workplace. Given that innovative tasks are more difficult to monitor, the model predicts a positive relationship between autonomy and monitoring. Relying on information about blue-collar workers coming from a dataset of Spanish industrial plants, we provide strong support for this prediction.

Public intervention to foster entrepreneurship has been justified by the positive spillovers that regional entrepreneurship capital could have on firms' productivity. The available evidence shows a positive relationship between entrepreneurship capital measures and regional production. This paper argues that this evidence could be explained by the aforesaid spillovers but also by the presence of decreasing returns to scale in firms' production technology. The paper provides a simple methodological benchmark for distinguishing between and measuring both effects. The analysis conducted using a sample of 52 Spanish provinces over eleven years confirms the presence of decreasing returns to scale. Therefore, the previous literature could have overestimated the spillovers of regional entrepreneurship capital on firms' production

The purpose of this paper is to analyze the combination of institutional factors and technology advances as determinants for the choice of payment instruments. The theoretical set up suggests that countries that enter into a new institutional environment adopt the attitudes of the accepting group towards the payment choices as a consequence of institutional pressure and technology development. We apply the results of the model to the European Union enlargement process of 2004. Our findings confirm the relevance of both institutional environment and technology development in retail payment choice decisions particular to Central and Eastern European Countries.

This paper analyzes the surface of CDS implied firm's asset volatility at the aggregate market level, using a sample of European investment-grade firms during the 2007-2014 period. The term structure of asset implied volatilities is backed-out from the term structure of CDS spreads, while the moneyness dimension is proxied by the ratio of the default barrier to asset value. We find both a downward sloping term structure and a negative skew. Principal component analysis on the entire volatility surface shows that the first four components interpreted as a level, a term structure, a skew and a moneyness-related curvature mode capture 86% of the daily variation in asset implied volatility. We also find that the term structure slope is related to market and funding illiquidity, investors' risk aversion, informational frictions, demand/supply factors and momentum.