The Multi-Sectoral Thirlwall’s Law: evidence from 14 developed European countries using product-level data

The paper reports estimates of import and export functions for five technological sectors in 14 developed European countries. These functions have never before been estimated for developed countries adopting a technological classification of sectors. The paper compares estimates of income elasticities found using vector error-correction models employing aggregate deflators, with estimates found using cross-product panels employing product-specific quality-adjusted price indexes recently calculated by Feenstra and Romalis. The results indicate that the income elasticities of imports and exports are higher for medium- and high-tech manufactures, which suggests the importance of moving from the production of simple goods to the production of goods with high technological content. The estimates also suggest that the Multi-Sectoral Thirlwall’s Law holds for the countries analysed, while comparing the estimates revealed that cross-product panels with quality-adjusted prices generate considerably more robust results. The investigation reveals that using a more recent time period generates estimates of income elasticities of demand for primary products and resource-based manufactures that tend to be higher than the estimates found by studies that have used longer time periods, while the opposite holds for low-, medium-, and high-tech manufactures.     

Corporate Social Responsibility as a Strategic Opportunity for Small Firms during Economic Crises

The aim of this study is to analyze if there is a direct causal relationship between small firms’ orientation toward corporate social responsibility and their competitive success, mediated by innovation and performance. A structural equation model has been applied to a sample of 758 small Spanish firms. The results indicate that, in times of economic crisis, socially responsible strategies are a determining factor in firms’ competitiveness. Pragmatic advice for practitioners derives from research results, considering that social responsibility represents an opportunity for small firms in the complex and turbulent time. The findings encourage small firms to manage operations responsibly as a guarantee of market success.     

The trade balance effects of infrastructure services regulation

This paper addresses the relationship between the design of incentives to firms under regulation, mainly the rule for adjusting tariffs, and trade balance performance of the country. We also explore whether this relationship is relevant or not for a typical developing economy like Argentina. We find it is. To study these issues we perform comparative static numerical exercises using a CGE model where service obligation and no entry in regulated industries are assumed. We show that the capital account openness and the rate of exchange regime could be key elements to match with the regulatory regime. The potential inconsistency between the international trade regime and the regulatory regime should not be rejected a priori.     

A multi-level approach to the study of production chains in the tourism sector

This paper proposes a multi-level approach to analyse the production chains in which two characteristic tourism activities – the hotel and travel agency industries – participate. Firstly, from a macroeconomic perspective, input-output techniques are used to identify the most significant tourism production chains from the regional input–output table of Andalusia (Spain). Secondly, from a microeconomic perspective, a different approach is taken based on the concept of Global Value Chains (GVC). In this respect, the structure and main agents participating in the tourism GVC are presented, and the role of small and medium-sized enterprises (SMEs) in the hotel and travel agencies industries in Andalusia is put forward. Finally, these two approaches are compared and connected, exploring some characteristics of these tourism production chains at the mesoeconomic level of analysis.     

Dirty work and the construction of identity. An ethnographic study of management accounting practices

This paper examines the processes by which identity work influences accounting and organisational practices. Analysing ethnographic material, we study how accountants engage in a struggle for recognition in a context where tensions emerge from the confrontation between idealised occupational aspirations and situated possibilities. To theorise this struggle we draw on Everett Hughes’s conceptualisation of a moral division of labour. Building on his concept of “dirty work”, we differentiate between the “unclean” and the “polluted”. Accountants have to perform tasks that are incompatible with the aspirational identities they claim; more than “boring”, these tasks become symbols of misrecognition. We call these unclean tasks. Yet even tasks that, in a more favourable context, would be associated with prestigious aspects of the job, can become degrading in specific situations. We call them polluted work. We highlight how trying to comply with a positively-anticipated role transition can help avoid unclean work yet generate more polluted work. Our analysis suggests that paying greater attention to symbolic differentiations between prestigious and shameful aspects of work can improve our understanding of accounting, identity work and organisational practices.     

Trust and community building in the Doñana (Spain) toxic spill disaster

Appeals to public participation and, more generally, to a wider involvement of civic networks in the management of environmental conflicts are becoming more common after the difficulties that both the Market and the State appear to have in regulating these conflicts. The concern of this paper is with how central elements in civic society, such as interpersonal trust and community-building mechanisms, are influenced by environmental catastrophes. The case of the toxic spill disaster in Doñana, Spain, is presented in order to examine whether this accident had any effect on interpersonal trust and the mobilization of civic networks in the area. From the analysis, it can be concluded that involvement of civic networks in the management of these situations depends on the magnitude (real or perceived) of the disaster but also on the performance of public institutions regarding the event.     

Risk-taking behaviour and ownership in the banking industry: The Spanish evidence

This paper analyses the determinants of risk-taking in Spanish financial intermediaries, with special emphasis on the ownership structure and size of the different entities. On the one hand, the specific legal configuration of Spanish Savings banks may lead them to differ from Commercial banks in their risk behaviour. In particular, they may invest in riskier projects. Nevertheless, other theories indicate that greater stockholder control in Commercial banks may induce them towards greater risk-taking in certain situations. In this paper we test these hypotheses with a dynamic panel data model (1993–2000) for Spanish Commercial banks and Savings banks. We analyse whether differences in risk behaviour are related to different ownership structures or to other factors such as the size of the entity.     

Sustainability reporting and stakeholder engagement in Spain: Different instruments,different quality

The purpose of this paper is to compare the quality of the sustainability information issued following the three most common reporting models: annual report (addressed to shareholders), sustainability report (addressed to stakeholders), and integrated report (addressed to shareholders). To this aim, we create a quality index based on previous literature, analyzing the content of the sustainability information disclosed by Spanish listed companies during the years 2013 to 2015. We find that companies issuing sustainability reports or integrated reports provide higher quality information than companies including their sustainability information within the annual report. We also find that sustainability reports are issued with higher quality than integrated reports. Both findings indicate that companies in Spain are engaged in a dialogue with all stakeholders, not only shareholders. Our results offer insights on the need to improve the framework of the integrated report in order to achieve the objectives of the International Integrated Reporting Council and to get a speed up in the adoption of this new reporting tool.