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Publication The EU Platform Work Directive. What’s new, what’s missing, what’s next?(European Trade Union Institute, 2024) Aloisi, Antonio; Rainone, Silvia; Vandaele, Kurt; European Union’s Erasmus+; https://ror.org/02jjdwm75Policy recommendations The adoption of the Platform Work Directive by the European Parliament and the Council of the European Union (EU) enhances the EU and national labour law systems by introducing a number of concrete advancements. They include a presumption of employment for platform workers, clearer rules on algorithmic management and data rights, stronger collective labour rights, and robust enforcement safeguards. By granting algorithmic management and collective rights to genuinely self-employed platform workers, the Directive significantly expands the personal scope of application of labour rights. This initiative should be seen as one of the first steps towards redesigning the normative paradigms that govern labour law. By establishing a comprehensive framework for algorithmic management and data rights at both the individual and collective levels, the Directive highlights the urgent need for a new EU instrument regulating data-driven technology in the workplace, applicable to workers across all conventional sectors. Given the broad discretion left to national legislators, it is crucial that trade unions, employers and labour advocates take advantage of the Directive’s groundwork to prevent the emergence of fragmented, burdensome and ineffective regimes during (and after) the two-year transposition period, which will start from the moment the Directive is published in the Official Journal of the EU and thus is likely to end in autumn 2026.Publication Sovereign Wealth Funds Report 2023(IE Center for the Governance of Change, 2023-10-10) Capapé, Javier; https://ror.org/02jjdwm75The 2023 edition of the Sovereign Wealth Funds report investigates the latest trends in the field, examines the biggest transactions and identifies the preferred areas of investment. This year, the following investments stand out: technology, infrastructure (especially renewable energies), the industrial sector, biotechnology and health. The 2022-2023 period marked a historical record in the volume of assets under management by sovereign funds, which reached 11.4 trillion dollars. Geographically, the United States is consolidating its position as leader in attracting sovereign investments, in a geopolitical context of blocs that penalizes investments in China and increases the share received by countries such as India, the United Kingdom or Saudi Arabia. The 2023 report analyzes in depth the difficult task of sovereign funds to reconcile short-term results with long-term investment horizons in the current context of inflation and high interest rates. The report also examines the role of sovereign funds in the field of sustainability and evaluates the potential of sovereign funds in Latin America, in coordination with the development agencies and banks present in the region. Finally, the report focuses on the role of funds in Spain, which this year reached record numbers and presents new features with the arrival of Cofides’ FOCO fund.Publication Data Collaboratives: Enabling a Healthy Data Economy Through Partnerships(IE Center for the Governance of Change, 2023-07-01) Verhulst, Stefaan; https://ror.org/02jjdwm75The second paper makes the case for an emerging model of data sharing between different sectors that could address current imbalances in access and (re)use of data between the private sector, government entities and citizens, helping solve public problems.Publication Democracy-affirming technologies: Aligning Technology with Public Interest and Social Good(IE Center for the Governance of Change, 2023-06-27) Barker, Tyson; Blázquez Navarro, Irene; Braw, Elisabeth; https://ror.org/02jjdwm75This report is an integral component of Tech4Democracy, a global initiative led by IE University in partnership with the U.S. Department of State that was incorporated into The Summit(s) for Democracy launched in 2021 by President Biden. The initiative showcased its achievements in March 2023 at the Second Summit for Democracy in Washington, DC.Publication Data Policy: A Conceptual Framework(IE Center for the Governance of Change, 2023-06-01) Renda, Andrea; https://ror.org/02jjdwm75The first policy paper offers a conceptual framework to address the elusive economics of data and a decalogue for policymakers to optimize the value of data flows, highlighting the need for tailored approaches based on data's utility function.Publication Chinese versus European entrepreneurship(IE University, 2019-04-14) Valdivieso, José Félix; https://ror.org/00c5kmy11Within the unfathomable solitude of the world, humanity is incapable of escaping the magical power wielded by the symbolism of the center. From the moment we each realize we don’t know exactly where it is we come from, it’s only logical we try desperately to connect with an afterlife that justifies our existence. Mircea Eliade summed up the architectural symbolism of the Center by pointing out that all cultures search for the Mountain or Sacred Temple that serves as Axis Mundi, the point where heaven, earth, and hell converge. The prevailing idea seems to be that if we can locate ourselves in the center, we can connect with the divine and will be saved, or at the very least we can mitigate our loneliness. This idea has manifested itself in various ways. In the West, there was a time when the Christian temple was a representation of the universe (imago mundi). In the East, the example of China is perhaps the best known: in Mandarin it is known as the Country of the Center ( 中国 the first character, zhōng (中) means “center”, and guó (国) means “country”)Publication Prácticas y políticas de Compliance y sostenibilidad en América Latina: casos de estudio de Brasil, Chile y México(IE-ELECNOR Observatory on Sustainable Compliance Cultures, 2023-05-09) Garralda Ruíz de Velasco, Joaquín; Miller, Katharina; Gabaldón, Patricia; Garot, Marie José; https://ror.org/00c5kmy11Desde mayo de 2021, tengo el honor de gozar de la confianza del IE-Elecnor Observatory on Sustainable Compliance Cultures, del que soy director académico. Fundado a finales de 2019 por la Fundación IE y la Fundación Elecnor, cuenta con la asistencia técnica del despacho de abogados Eversheds Sutherland. En el Observatorio, combinamos la experiencia de Elecnor y de su Fundación en el fomento de culturas organizativas basadas en una gestión empresarial ética, prácticas de gestión responsable y cumplimiento de la legalidad, con los objetivos de la Fundación IE de contribuir a la mejora de la sociedad mediante proyectos de investigación que aporten soluciones novedosas a los desafíos sociales y del mundo empresarial actual y difundir el conocimiento generado. A través de su trabajo y sus estudios, el Observatorio desea dotar a la sociedad, en general, y al mundo empresarial, en particular, de herramientas para la reflexión acerca de los múltiples desafíos que afrontan las empresas y la sociedad, así como sobre el impacto de sus acciones y omisiones. El cumplimiento normativo y la sostenibilidad afectan no solo a las empresas, sino también a la sociedad en su conjunto. Cuando aquellas no cumplen con lo que las leyes imponen o no operan de manera sostenible, se generan impactos negativos en el medioambiente, en la salud y la seguridad de las personas, así como en la equidad y la economía, entre otros ámbitos. Por tanto, es necesario promover culturas de cumplimiento y sostenibilidad o, dicho de otro modo, culturas corporativas éticas basadas en valores que persigan no solo el cumplimiento de la norma por parte de la organización o la exención de responsabilidad penal de la persona jurídica, sino la generación de un impacto positivo en la sociedad y el desarrollo del máximo potencial de las personas, teniendo en cuenta los principios éticos y las expectativas de los diferentes grupos de interés, más allá incluso de las exigencias legales. Con este segundo estudio, titulado Práctica y políticas de compliance y sostenibilidad en América Latina - Casos de estudio de Brasil, Chile y México, se extiende a Latinoamérica el análisis presentado en nuestro primer estudio, Radiografía de la cultura de compliance sostenible en las pymes españolas. Elaborado por un magnífico equipo de investigadores de IE University, refleja las barreras, las oportunidades y las mejores prácticas identificadas durante el análisis de la realidad de cada uno de los países examinados, y expone las lecciones aprendidas con el objetivo de que puedan ser de aplicación tanto en Latinoamérica como en otras partes del mundo. A lo largo de sus páginas, se muestra cómo los conceptos de cumplimiento y sostenibilidad están arraigándose en esta región del continente americano que ha experimentado importantes avances económicos y sociales durante las últimas décadas, pero que aún afronta desafíos significativos en términos de desarrollo sostenible. La publicación de este estudio se alinea con el objetivo que perseguimos desde el Observatorio: convertir esta institución en una referencia internacional en materia de cumplimiento sostenible y en un punto de encuentro académico y empresarial para la generación y difusión de conocimiento en esta disciplina. Es nuestra aspiración fomentar el diálogo y la colaboración entre empresas, instituciones y sociedad civil, y confiamos en que este estudio contribuya a la materialización de ese propósito.Publication Understanding Family Businesses in China: the Path, the Trend, and the Future(IE University, 2020-04-14) Valdivieso, José Félix; https://ror.org/00c5kmy11If, in a bid to unravel the knots of our recent history and identify the most important events of the fi rst two decades of the 21st century, we were to tele-transport ourselves into the living room of a historian in the year 3020—and in the absence of a further surprise by the goddess Clio—I believe our historian would undoubtedly highlight the impact of two things on our world. Firstly, the fall of the Twin Towers in 2001, and secondly, today’s economic/health crisis: both events can only be seen as creating an inescapable part of a new paradigm of globality, as yet to be defi ned.Publication The Intangible Concept Behind a Tangible Economic Miracle A calling: what drives China's entrepreneurial class to new heights?(IE University, 2021-04-14) Valdivieso, José Félix; https://ror.org/00c5kmy11For reasons not worth exploring here, religion is no longer in fashion in the world today, with the exception of the Muslim nations: a certain secularization has spread across the planet. At the very least, religion is no longer fashionable in the traditional sense of the word, as a system of beliefs and practices that bring together the majority of the population of a country or region around a social structure. This traditional concept of religion was introduced in China in the 19th century, through Japan, which has so often served to transmit ideas and trends to its neighbor. Japan coined the word Shūkyō (宗教), religion, and the Chinese borrowed the concept, adopting the same characters, but pronouncing it zōngjiào (宗教). From the first Chinese Republic, after the fall of the Qīng Empire in 1911, to the present day, Buddhism, Taoism, Christianity and Islam have been recognized as religions in this traditional sense. All other religious beliefs and practices, local cults and other types of spiritual manifestations not part of these major religions were relegated to the category of superstitions and beliefs (míxìn 迷信)Publication ¿Qué información reciben los accionistas de los ciberriesgos a Ios que están expuestas las empresas cotizadas?: Un análisis comparado de las empresas del Ibex-35 y el Dow Jones en el periodo 2015-2017(IE University, 2020-04-14) Sánchez Ruiz, Patricia; Esteves, José; Núñez Letamendía, Laura; https://ror.org/02jjdwm75A día de hoy, la ciberseguridad es un problema que afecta prácticamente a todas las empresas. El Informe de Riesgos Globales 2019, elaborado por el Foro Económico Mundial, sitúa los ciberataques y el fraude masivo de datos en el top 5 de los riesgos globales con mayor probabilidad de ocurrencia1. Asimismo, el Barómetro de Riesgos de Allianz, que se publica anualmente, refleja desde hace años ya, la preocupación creciente de las empresas por el impacto que los ciberriesgos pueden tener en su negocio. Este informe recoge datos sobre la importancia que las empresas otorgan a diversos riesgos globales. En el informe de 20192, basado en 2415 encuestas a directivos de 86 países, los eventos de ciberseguridad se sitúan a la cabeza, junto con la interrupción del negocio, como las dos mayores amenazas según los encuestados. Con relación a la interrupción del negocio, los encuestados declaran que los incidentes de ciberseguridad son el detonante más temido.Publication The pulse of customer centricity in leading European companies 2021(IE University, 2022-04-14) Keller, Tecla; Kreth, Reinhard; Alvarado, María; Eizaguirre, María; https://ror.org/02jjdwm75It is a great pleasure sharing with all the C-Centricity community (academia, corporate managers, consultancy firms…) this Monitor, a paramount study that shades a very necessary light on the state of the art of such a vibrant, hot topic as C-Centricity. C-Centricity is as new as classic, because placing customers at the very center of our organization’s strategies is a principle that has been considered pivotal for success for decades. However, digitalization has turned this guiding idea into a leading priority for many (practically all) organizations. C-Centricity is hype: The best proof is that NPS has become the most relevant KPI, not only in terms of customer satisfaction but, and even more relevant, as the key to profitability as well. This revolution is influencing organizations in multiple ways. A new customer understanding, deeper than that from traditional market research techniques, has emerged. Organigrams are changing, including new positions and new cross-disciplinary teams. Customer (and employee) voices have become the compass to innovation and optimal customer experience. Moreover, and this is probably the big novelty, all this can be parametrized and measured with new metrics that can encapsulate customer experience, which assess the impact on profitability and market share.Publication Conocimientos y hábitos financieros de la población mayor en España(IE University, 2022-11-18) Sánchez Ruiz, Patricia; Cristina Silva, Ana; Núñez Letamendía, Laura; https://ror.org/00c5kmy11El cuarto informe del Observatorio del Ahorro Familiar analiza los hábitos, comportamientos y percepción de bienestar financiero de los adultos mayores en España, para entender y afrontar mejor el reto que supone el disfrute de una de las mayores longevidades del mundo, desde el punto de vista financiero. La población española de entre 55 y 64 años es la que más estrés financiero sufre, en contraste con el mayor bienestar financiero de la población jubilada.Publication The Digital Economy and the New Social Contract(IE Center for the Governance of Change, 2022-12-12) Otero Iglesias, Miguel; Oliver Llorente, Paula; https://ror.org/02jjdwm75“The Digital Revolution and the New Social Contract” is a multiannual research project of the Center of the Governance of Change at IE University composed of four work packages addressing the impact of technology and digital developments on existing social structures. This report analyzes the key findings of the eight papers published within the first work package of the project focused on the digital economy. The papers aim to analyze the social impact of the digital economy and the resulting power relations and start drawing preliminary conclusions on how the social contract needs to evolve to respond to the new reality. The papers are multidisciplinary and diverse in their conception.1 They combine the analyses of senior and more junior academics from top research centers in the field, such as the Fletcher School at Tufts University, the Humboldt Institute for Internet and Society, the Oxford Internet Institute at the University of Oxford, the Institute for Innovation and Public Purpose at University College London, and the Centre for Digital Governance at the Hertie School, with those of practitioners from the Joint European Disruptive Initiative (JEDI), think tankers from CEPS and the Elcano Royal Institute, and activists from Apadrinaunolivo.org and Asociación por la Resiliencia del Alto Mijares (ARAM). All authors have a proven trajectory in the areas of the digital economy they covered, and their perspectives provide policymakers with useful insights, and concrete policy recommendations, that enable a better understanding of the socioeconomic consequences that the digital economy is generating, and how to address them.Publication Towards a Fair Data Economy: Key Lessons from Finland on Building a National Roadmap(IE Center for the Governance of Change (CGC), 2023-10-01) Halenius, Laura; Rastas, Taru; Toivanen, Meeri; Kippo, Johanna; https://ror.org/02jjdwm75The digital revolution is only getting started. Until recently, digitalization and technological advances had mostly transformed select industries, but in the last few years, their impact has increasingly started to permeate more and more sectors of the economy and society. Indeed, the advent of emerging technologies, from artificial intelligence (AI) to quantum computing, combined with the exponential growth of digitally stored information (i.e., data), offer a vast range of future opportunities.Publication Is there Social Value in Crypto Economics?(IE Center for the Governance of Change, 2022-06-21) Dempsey, Mark; Oliver Llorente, Paula; Otero Iglesias, Miguel; https://ror.org/02jjdwm75Before the 2008 financial crisis, the term "crypto assets" was primarily the preserve of a minority of computer scientists and engineers experimenting with new technologies as a means of decentralizing finance. They subsequently launched the first projects involving blockchain, but it was the white paper on Bitcoin by Satoshi Nakamoto in 2008 that introduced crypto assets as an area of interest for investors and financial institutions with higher risk appetites. The wider public followed shortly afterward and, later, regulators.Publication Closing the Digital Skill Gap : The Potential of Online Platform Data For Active Labour Markets Policies(IE University, 2022-06-21) Stephany, Fabian; https://ror.org/02jjdwm75The global challenge of rapidly changing skill requirements due to task automation is currently overwhelming workers, firms, and governments. Indeed, the digital skill gap continues to widen as technological and social transformation outpaces national education systems, and the precise skill requirements for mastering emerging technologies, such as Artificial Intelligence (AI), remain opaque. For many newly emerging jobs, labour market mismatches occur as training lags behind workforce and industry needs. In this article, we report on how online user-generated data can provide useful foresight about skills requirements and training implications, showcasing how data from online labour platforms could help us to monitor and understand the complex system of skill formation. This data could allow us to establish a taxonomy of skills, understand their application and individual complementarity, and enable automated, individual, and far-sighted suggestions on the value of learning a new skill in a future of technological disruption. Policy recommendations are manifold. First, reskilling institutions, like the European Centre for the Development of Vocational Training, are a beneficiary of this highly individualised data. Workers with the need to reskill could be located in the data-based landscape of skills and would receive a targeted reskilling advice that allows them to switch to more sustainable occupations that are closely related to their existing skill set. Furthermore, official occupational and skill taxonomies could be improved with near real-time data, as conventional taxonomies currently struggle with the EC’s ambitious effort to define “AI jobs” and “green skills”. The European Commission’s 2022 Data Act1 acknowledges this versatile potential of online generated data. However, opening the Data Act towards data access practices via web-scraping and improving the legal security of data recipients would further facilitate the usage of data in the public interest.Publication El modelo concesional en España: Beneficios y cuestiones a resolver(IE University, 2022-06-29) Segovia, Alicia; Sánchez, Carmen; Barios, Juan; Gómez Pomar, Julio; https://ror.org/02jjdwm75Este informe analiza en detalle qué papel desempeña en la provisión de bienes y servicios públicos el modelo concesional. La principal conclusión es que, pese a todas las ventajas que se desprenden del modelo concesional, apenas se utiliza en España en la actualidad. Las razones son de muy diverso orden, pero el resultado es que se están perdiendo oportunidades de mejorar nuestras infraestructuras y prestar mejores servicios al tiempo que nuestras empresas están acudiendo con éxito al exterior a participar y ejecutar estos contratos.Publication Can the EU Digital Markets Act achieve its goals?(IE Center for the Governance of Change, 2022-06-21) Renda, Andrea; https://ror.org/02jjdwm75Over the past few years, EU and national regulators accelerated their plans to regulate digital platforms. The EU is not alone in this quest, as many other jurisdictions around the world are considering various options for regulatory intervention in digital markets. Rather than being an ‘outlier’ on this issue, Europe has a chance to set new standards in this domain, which other countries may end up emulating. In this context, the proposed EU Digital Markets Act (DMA) represents a major endeavour to tackle the concentration of economic power in the hands of large-scale Tech companies. One of its most significant features is that it marks a transition from the traditional application of ex post antitrust rules, towards an entirely new ex ante regulatory scrutiny, aimed at systematically preventing possible abuses by those platforms that can be defined as gatekeepers of entire digital ecosystems. This paper explores the pros and cons of this shift, and discusses whether the proposed enforcement of the DMA, concentrated in the hands of the European Commission, is likely to prove sufficiently effective. The author assesses whether the DMA, together with other legislative proposals presented by the European Commission over the past few months (Data Governance Act, Data Act, Digital Services Act, Artificial Intelligence Act, etc.) will pave the way for a more economically and socially sustainable digital ecosystem in the years to come.Publication La brecha de género en competencias financieras(IE University, 2022-03-16) Sánchez Ruiz, Patricia; Silva, Ana Cristina; Núñez Letamendía, Laura; https://ror.org/00c5kmy11Son las mujeres las que actualmente siguen tomando la mayor parte de las decisiones cotidianas sobre asignación de recursos en el hogar. Son también ellas las que mayoritariamente transmiten los hábitos a sus hijos, al pasar más tiempo con ellos. Esta es la evidencia encontrada por Abio et al (2021)1 a partir de los datos de la encuesta sobre el empleo del tiempo en España del INE y por Ke (2021)2 con los de la encuesta de uso del tiempo en Estados Unidos, que reporta que, las esposas que trabajan, dedican al hogar y al cuidado de los hijos una media de 26 horas semanales, que es el doble de lo que dedican sus parejas. Como consecuencia, la capacitación financiera de las mujeres adquiere relevancia a tres niveles: (i) el suyo propio: una gestión adecuada de sus finanzas puede evitar ampliar las consecuencias de la brecha de género existente en ingresos salariales; (ii) el del hogar: las familias necesitan tomar decisiones financieras a diario sobre consumo-ahorro, y la mujer es la responsable de estas decisiones; (iii) y el de sus descendientes: los progenitores, y en particular las madres, son el ejemplo a través del cual los hijos van a adquirir hábitos con relación al consumo-ahorro. Tiene como finalidad contribuir a la mejora de la sociedad, fomentando los valores de Diversidad e Inclusión, Emprendimiento, Humanidades, Sostenibilidad e Innovación, mediante la promoción y participación en iniciativas destinadas a la mejora de la calidad de la educación y el desarrollo del talento, así como a la investigación aplicada y la divulgación del estado del arte del conocimiento. Sorpresivamente la literatura encuentra que en los países, tanto en desarrollo como desarrollados, las mujeres poseen en media menos competencias financieras que los hombres, a pesar de tener ellas, en estos últimos, un nivel de educación general superior al de los hombres3 (Lusardi & Mitchell, 20084; la OCDE, 20135, Bucher-Koenen et al. 20176, etc.). Estas diferencias de género se dan con independencia de las características socioeconómicas e incluso de la edad. Hasler & Lusardi, (2017)7 en un estudio a nivel mundial documentan esta brecha de género para casi todos los países, independientemente de su nivel de ingresos, desarrollo del mercado financiero y configuración institucional, así como de su contexto social y cultural.Publication Sovereign wealth funds 2021 : Changes and challenges accelerated by the Covid-19 Pandemic(IE University, 2022-03-16) Capapé, Javier; https://ror.org/02jjdwm75It has now been nearly two years since the onset of the coronavirus pandemic. Vaccine development and active public health campaigns have delivered us to the threshold of a return to “normal”, even as we struggle to reimage its definition. In the wake of the immediate onset of the crisis, sovereign investment slowed dramatically consistent with an abrupt halt to an economic activity generally. As interest rates continued to decline and public market equity valuations recovered in 2020, the pace of global M&A activity also rebounded with quarterly deal counts returning to late-2019 levels by Q4 2020. In the intervening period, deal activity remained robust in depth, breadth, and velocity, as 2021 ended with record volumes and values. This transformation has paralleled the growth in direct sovereign investment activity that we have tracked and studied since 2010 and continues to feature prominently in the direct investing activity of the sovereign investors whose recent deals comprise of our current sample. Not surprisingly, and quite as usual, prior patterns – participating funds, volumes, geographies, and even co-investment practices – persist. However, the five quarters that constitute our current student have been anything but “normal”. Our current sample includes direct sovereign equity investments announced between October 2020 and December 2021. Our coverage includes 418 investments across 448 discrete deals with the difference attributable to investments in which sovereign funds invested in the same deal. Thus, our current sample is nearly 3 times larger than our 2019-20 sample and on average considerably larger than any prior sample. We track the investment activity of 40 SWFs. Similarly to previous reports, activity was dominated by the top 5. These include Temasek who comprise 27.9% of investment activity, GIC, Mubadala, the Qatar Investment Authority, and the Abu Dhabi Investment Authority. This group of five together represent approximately 23% of the funds included in our sample, but over 85% of the investments. For our current sample, SWFs participated in transactions whose aggregate transaction value was approximately $120 billion.