BUSCADOR RECOLECTA

[EN] In this paper, we study closely the relationship between arms exports, labor productivity and economic growth. Using a connectedness-measurement technology fundamentally grounded in modern network theory, we determine the size and direction of the spillover effects between these three variables. Our findings indicate that shocks from arms exports have direct spillovers over the labor productivity and GDP growth, whereas the reverse is not captured by our data. We also provide a dynamic analysis of the spillovers that confirm the direction of spillovers from arms exports to the other variables. The recent evolution of arms exports from the United States together with the changes in arms exports policy show the timeliness of studying the effects of this particular trade to the rest of the economy., Financial support from Ministerio de Educacion y Ciencia through grants PID2019-106642GB-I00 and PID2020115018RB-C32 and Government of Aragon-Spain-and FEDER COMPETE (S52_20R) research group

[EN] In this paper we analyse the effect of multilateral defence alliances and arms trade on economic growth of allies. Previous literature shows that military alliances may improve institutional development and efficiency in defence budget allocation, with consequent enhancement of economic performance. We postulate that importing advanced weapons from allies can bring about technology diffusion. This conjecture is developed theoretically assessing the effect of arms imports on domestic military technology and output. The model is tested for the countries that have a partnership relationship with the North Atlantic Treaty Organization for years 1990 to 2019. We confirm empirically the theoretical suggestion of military technology spillovers, namely, that imports of frontier technology arms from allies, have positive effects on output and productivity through a diffusion of foreign knowledge. Our findings imply that policy makers should have in mind that foreign policy issues, security matters in this case, can interact with economic goals., We are grateful to the editor, the associate editor and two anonymous referees for helpful comments and suggestions. We also thank the participants at the 2021 Conference on Economics and Security for their suggestions and comments. Financial support from the Spanish Ministry of Education and Science through grants PID2019-106642GB-I00 and PID2020-115018RB-C32.

[EN] Purpose ¿ This paper aims to analyse gender wage gaps by university majors along the entire wage
distribution in Spain before and after the 2008 financial crisis.
Design/methodology/approach ¿ The authors perform unconditional quantile regressions to estimate
the gender wage gap and use the Oaxaca¿Blinder approach to decompose the gender gap.
Findings ¿ The observed gender gap among graduates hides significant differences across various fields of
study, and both the gap and its unexplained part are highly dependent on the position in the distribution.
Engineering and Experimental sciences are the fields with the highest wage differences, and the gap size
worsens with the crisis. Health and Humanities, the majors with the highest women presence, show a higher
proportion of unexplained part at the bottom tail of the wage distribution, especially after the crisis,
suggesting that discrimination against low-paid women has aggravated in these majors.
Originality/value ¿ The paper adds to the existing knowledge by analysing the role that educational
decisions play in shaping the wage gap, the variability of the gap along the wage distribution and its response
to a change in macroeconomic conditions, The authors thank support from project PID2019-106642GB-I00 financed by MCIN/AEI/
10.13039/501100011033, project PID2020-115018RB-C32, project PID2022-138003NB-I00/MICIU/AEI/
10.13039/501100011033/FEDER, UE, and Fundacion Cajamurcia.

We investigate determinants of the frequency of ICT usage of three types of self-employed workers —self-employed with employees; independent own-account self-employed; and dependent self-employed workers— in 305 European NUTS-2 regions. Besides individual-level determinants, we also investigate the role of regional-level general human capital and of regional-level digital human capital, which capture distinct sources of regional knowledge spillovers. Our results show clear evidence for both types of spillover effects to exist. Moreover, we find that these effects also contribute to a convergence process in ICT use frequency (i) among the three types of self-employed within a given region and (ii) among regions., Funding for open access charge: Universidad de Huelva / CBUA, Economía

There has been growing interest in service-augmented products and the subsequent formation of product-service innovation (PSI) ecosystems. Hence, the objective of this paper is to empirically address an unexplored aspect of PSI ecosystems research by offering answers as to whether territories develop more performant PSI ecosystems in terms of manufacturing employment growth when they arise from an existing industrial base. Running a fixed-effects model on a sample of all 17 Spanish autonomous communities in the period from 2006 to 2012, the importance of territories having a strong incumbent manufacturing sector before developing PSI ecosystems is revealed. Specifically, it is found that PSI ecosystems will generate greater industrial employment growth in manufacturing-led territories. Our model and findings suggest various implications for scholars, managers, and policymakers alike., Peer Reviewed

The objective of this special issue is to produce theoretical and empirical work that provokes and fertilizes the scholarly debate on product-service innovation (PSI) systems, that is, the adoption of externalized service-augmented strategies by manufacturing businesses. With this end goal at the center of our priorities, we expect to advance our understanding of the connection between PSI and the innovation trajectories of manufacturers, as well as of the mechanics underlying external PSI systems in terms of their formation, evolution and performance., Peer Reviewed

We evaluate the co-innovation trajectory of firms adopting different collaborative innovation networks (i.e., vertical, horizontal, and institutional). The results of the empirical applications are obtained from a multilevel regression, and a Nash bargaining model estimated via data envelopment analysis on a sample of 734 enterprises from seven OECD countries form Europe and Latin America. Findings point to important national and firm-level distinctions across the optimal co-innovation configurations: whereas vertical co-innovation strategies are characteristic of firms with the highest innovation efficiency, institutions are frequently found to be optimal for co-innovation success in less developed innovation systems that may be faced with structural deficiencies. However, digital competency is found to disrupt co-innovation configurations for successful innovation, facilitating the development of efficient vertical and horizontal co-innovation trajectories., Peer Reviewed

We employ the ‘benefit of the doubt’ approach rooted in non-parametric techniques to evaluate the entrepreneurial ecosystem of 71 countries for the period 2016. By scrutinizing the relative efficiency of countries’ entrepreneurial ecosystems, the proposed analysis of composite indicators allows the computation of endogenous (country-specific) weights that can be used for developing more informed policy making. The results show that countries prioritize different aspects of their national system of entrepreneurship which confirms that, contrary to homogeneous prescription, tailor-made policy is necessary if the objective is to optimize the resources deployed to enhance the countries’ entrepreneurial ecosystem. The findings of the empirical application reveal significant improvements in the quality of the entrepreneurial ecosystem can be realized by targeting the policy priorities of the local entrepreneurship system identified by the ‘benefit of the doubt’ weights. By analyzing the variation in economic and entrepreneurship outcomes over the seven-year period centered on the study year (period 2013–2019), we found a significant positive correlation between quality improvements in the entrepreneurial ecosystem and venture capital investments., Peer Reviewed

Digitalization has played a key role in enabling the delivery of service-based solutions by facilitating customer-oriented needs-finding and personalized problem-solving capabilities. Artificial intelligence (AI) and Internet-of-Things (IoT) are decisive technologies in this process. This study evaluates how the use AI and IoT platforms impact solution delivery business models among servitized and non-servitized businesses. By running regression models on a sample of 213 Spanish businesses for 2023, it was found that the use of IoT platforms, rather than AI platforms, significantly assist companies down the analyzed solution delivery dimensions (i.e., customer embeddedness, operational adaptiveness, offering integratedness, and organizational networkedness). Additionally, results indicate that the combined use of IoT platforms when servitizing leads to greater customer embeddedness, whereas the use of AI platforms among servitized firms significantly contributes to improving operational adaptiveness, Peer Reviewed

In this paper, we study closely the relationship between arms exports, labor productivity and economic growth. Using a connectedness-measurement technology fundamentally grounded in modern network theory, we determine the size and direction of the spillover effects between these three variables. Our findings indicate that shocks from arms exports have direct spillovers over the labor productivity and GDP growth, whereas the reverse is not captured by our data. We also provide a dynamic analysis of the spillovers that confirm the direction of spillovers from arms exports to the other variables. The recent evolution of arms exports from the United States together with the changes in arms exports policy show the timeliness of studying the effects of this particular trade to the rest of the economy.

The study of the physical activity engagement (PA) has given rise to a relevant research agenda in a
wide range of fields, such as its close relationship with subjective well-being, self-perceived health
and social capital. Previous evidence has identified interrelationships among these variables, but
without considering different levels of physical activity. We have thus considered three levels of
activity: light (walking), moderate and vigorous. Structural Equation Modelling (SEM) is
undertaken on data from Spain’s National Health Survey in 2011–2012 to analyse these
interrelationships. The SEM shows a simultaneous and bidirectional relationship between
different levels of PA (moderate and vigorous activities) and happiness, with a more robust
association stemming from happiness to PA than vice versa. This relationship is mediated
through health. From a policy perspective, this implies a virtuous circle: involvement in different
levels of PA increases happiness and self-perceived health, while happiness involves higher PA
and subsequent positive increases in health and happiness. Nevertheless, this virtuous circle
does not always run successfully when social capital is considered to mediate the relationship
between PA and happiness, which might explain why it has proven to be very difficult for
health policymakers to fight against inactivity and a sedentary lifestyle within a great part of the
population., This work was supported by Ministry of Economy and Competitiveness [grant number: Project CSO2017-86178-R]; Spanish Ministry of Science and Innovation [grant number: Project PID2020-115018RB-C32 (MCIN/AEI/10.13039/50)] Open access funding provided by Universidad Pública de Navarra.

Family owners differ from other types of owners due to the presence of socioemotional wealth (SEW) concerns. We take a closer look at this distinctive aspect by examining the impact of family control and influence dimension of SEW on the cash management choices of family firms, conceptualizing it as a mixed gamble choice. Our empirical analysis of 195 Italian firms listed on the Milan Stock Exchange between 2003 and 2015 shows that family firms derive more value and incur lower costs than nonfamily firms when they increase their cash holdings. We then delve deeper into family firms' cash management choices by exploring how different levels of family control and influence as well as types of board governance arrangements moderate this relationship. The empirical results indicate that the positive effects of family ownership are more pronounced under a high level of family control and influence and with separation of the board chair and CEO positions.

Research question/issue: Albeit the fact that the "one-size-fits-all" corporate governance model has been mostly discarded, the debate on what constitutes a well-governed firm has converged toward a set of practices that comprise what we refer to as the global good governance norm. Whereas extant research has focused mainly on the benefits of good governance, we build on neo-institutional theory to explore how firm conformity or nonconformity to this global norm is associated with the cost of board governance, captured as board compensation. Research findings/insights: Using a fuzzy set qualitative comparative analysis (fsQCA) of firms listed in the Stockholm Stock Exchange, we find that the configurations of board practices conforming to the global good governance norm are associated with higher board compensation than those that score low on conformity. Based on our findings, we deduce four archetypical board design strategies jointly shaped by two central forces: the pressure toward conformity to the good governance norm and the extent of governance discretion, denoting firm agentic behavior. Theoretical/academic implications: First, our study highlights that conformity to the global good governance norm is accompanied with higher costs than nonconformity. Second, while most of the extant research discusses conformity and agentic behavior as two opposing forces, we uncover that they simultaneously co-exist in board governance, stressing their interconnectedness. Practitioner/policy implications: Conformity to the global good governance norm influences the strategic choices of board designs and the costs associated with such choices.

We investigate the narcissists' response to failure and whether narcissists efectively learn from this negative experience. To address this, we leverage data from a leading crowdfunding platform, and analyze 116,981 failed crowdfunding attempts. Our analysis shows a positive relationship between narcissism and the probability of relaunching which is negatively moderated by the degree of failure. Indeed, due to their fragility, narcissistic entrepreneurs are more likely to engage in ego-defensive behavior, and thus, they are less likely to relaunch following high degrees of failure. Moreover, narcissistic entrepreneurs exhibit poorer performance in their subsequent endeavors. This underperformance is driven by external attribution of failure and lower levels of proactivity. In fact, following failure, narcissistic entrepreneurs are less likely to change internal factors that might contribute to their previous failure and they are more likely to respond to failure by reattempting in a diferent context. Managerial and policy implications are discussed.

Family firms often opt for a combined CEO and board chair positions, yet the implications of such leadership structure on firm performance remain a subject of scholarly debate. We introduce the socioemotional wealth (SEW) perspective as a unifying framework that bridges the divergent views of stewardship and agency theories. We argue that the effects of CEO duality on performance are contingent upon the balance between extended and restricted SEW priorities. Drawing on a sample of listed companies on the Milan Stock Exchange between 2003 and 2015, our empirical analysis reveals that listed family firms derive greater benefits from CEO duality compared to their non-family counterparts. Moreover, our findings demonstrate that such leadership structure renders the highest performance benefits in listed family firms when the CEO-chair is not a family member, particularly during periods of economic crisis.

The research presents two competing views on the welfare effects of occupational licensing. One stream of literature suggests that licensing is a barrier to entry into professions, limiting competition and resulting in economic rents. A second stream suggests that they can increase well-being by alleviating information problems. We use data on CPAs' salaries before and after certification to test these conflicting hypotheses. Consistent with the information-alleviation hypothesis, we find a positive correlation between performance on the CPA exam and auditors' salaries after the exam but not before the exam when the competencies have developed. Furthermore, we find that the positive association is stronger for auditors working at Big 4 firms, younger auditors and male auditors. The abovementioned results indicate that auditors' technical competencies are valued more highly by Big 4 firms than by non-Big 4 firms. After the CPA certification, we do not observe salary increases that are greater than expected based on previous years' increases and auditors' performance on the CPA exam, as the barrier-to-entry theoretical approach suggests. We discuss the implications of the results for the role of CPA regulation.