Pension Reform and the Development of Pension Funds and Stock Markets in Eastern Europe

MOCT-MOST: Economic Policy in Transitional Economies -     

Empirical analysis of savings behavior in European countries: New insights

The primary aims of this paper is to carry out an analysis of the savings behavior by separately analyzing its public and private components and the private savings components as well. Particularly, the authors will devote attention to appraise the extent to which the substitution effect between those magnitudes have held for the last few decades in the European context. The authors will apply unit root tests and have chosen the following: Augmented Dickey-Fuller, Phillips-Perron, and Kwiatkowski-Phillips-Schmidt-Shin tests. It's expected that empirical results will shed light for policymakers aimed at being capable of increasing aggregate private savings which, in turn, will improve the country's economic growth.     

Smiles, Bid‐ask Spreads and Option Pricing

Given the evidence provided by Longstaff (1995), and Peña, Rubio and Serna (1999) a serious candidate to explain the pronounced pattern of volatility estimates across exercise prices might be related to liquidity costs. Using all calls and puts transacted between 16:00 and 16:45 on the Spanish IBEX‐35 index futures from January 1994 to October 1998 we extend previous papers to study the influence of liquidity costs, as proxied by the relative bid‐ask spread, on the pricing of options. Surprisingly, alternative parametric option pricing models incorporating the bid‐ask spread seem to perform poorly relative to Black‐Scholes.     

When much is not better? Top management compensation,board structure,and performance in Spanish firms

Previous empirical results reveal several contradictions when relating top management compensation, board structure and levels of performance. While fewer directors and more external directors are associated with better supervision, there is no agreement on the effect on top management compensation level. This lack of consensus is even more noticeable when analyzing the effect performance. This paper offers a theoretical framework and a panel data methodology based empirical study to account for how earlier analyses have differed. Given the large board dimension in the Spanish market, information processing perspectives are confirmed which positively link board size with higher top management compensation. Similarly, a higher proportion of external directors reduces top management compensation levels since it improves supervision and reduces insiders' power. Finally, a quadratic relation is obtained between performance and top management compensation. This relation explains a positive effect, supported by agency theory on performance at low levels of management compensation, and a negative effect which is consequence of higher managers' discretion at high levels.     

A longitudinal study of the relationship between export activity and innovation in the Spanish firm: The moderating role of productivity

Does innovation lead the firm to export more products, or does a firm's export propensity induce it to innovate? How does a firm's productivity level change this relationship? After confirming that exporters develop more innovations than non-exporters, this study attempts to answer these questions by studying two effects. First, we analyse the impact of innovation on a firm's export activities while addressing potential endogeneity concerns. Second, we examine the impact of export activity on a firm's innovation performance. We must address both questions when considering firm productivity. To this end, we conduct a longitudinal analysis of 14,142 observations of an annual average of 1767 Spanish firms within the manufacturing sector during the period from 2001 to 2008. The results suggest that the self-selection hypothesis adequately explains the observed phenomena. That is, innovation induces firms to increase their export activities. This finding is robust to endogeneity. Nevertheless, firms do not experience any learning-by-exporting effects on the obtaining of product or process innovations. Productivity does not modify any of these relationships.     

Effects of family involvement on the monitoring of CEO compensation

International Entrepreneurship and Management Journal - This study examines the effectiveness of CEO compensation monitoring depending on the extent of family involvement in the firm. Considering...     

Corporate environmental reputation: Exploring its definitional landscape

Despite its growing strategic importance, the concept of Corporate Environmental Reputation (CER) still lacks a specific definition and content delimitation in the literature. This fact, together with its difficult differentiation from other similar constructs, hides the key role of this construct in the connection between management and environmental studies and in the development of corporate environmental management strategies. To address this issue, in this research, we develop a literature review on CER conceptualisation, operationalisation and measurement, and analyse its main effects on firm competitiveness and performance drawing on the Institutional Theory and the resource‐based view. As a result, we propose a CER definition, highlighting its main characteristics and drivers and delimitating it in relation to closely related concepts such as green corporate image and corporate environmental legitimacy.     

San Francisco Through Bogotá’s Eyes: Leveraging Urban Policy Change through the Circulation of Media Objects

This article connects two emerging debates in urban studies—the need to pay more attention to the role of nonhuman actors in urban planning and the ways in which media objects affect urban politics and planning—by examining how a video on Bogotá’s car‐free Ciclovía program facilitated the adoption and implementation of a similar program in San Francisco. The analysis shows that media objects have the capacity to act as fulcrums in processes of leveraging urban policy change owing to their potential to alter urban governance structures. The article analyzes the digital storytelling and ‘eye‐opening’ practices through which the video enabled policy changes to be implemented in San Francisco, while also tracing the local and transnational actors, networks and agendas that were involved in the production and circulation of the video through digital archival research and multi‐sited fieldwork. In doing so, it shows the active role that media objects play in shaping urban policymaking processes and provides an example of a relational methodology for studying the digital materialities through which urban policy ideas increasingly circulate.