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Publication Diversidad y pensamiento tribal en organizaciones colaborativas(Tuners, 2015) Anca, Celia de; Aragón, Salvador; https://ror.org/02jjdwm75Los profesores Celia de Anca y Salvador Aragón examinan cómo la colaboración se ha convertido en una de las consignas de la era digital y cómo cocrear, cotrabajar, compartir, codiseñar y copensar son hoy elementos clave de una nueva modalidad de actividad económica. En esta economía colaborativa, las personas organizan cada vez más sus vidas sobre una base colectiva, mezclando vida laboral y personal y operando en pequeños grupos similares a los clanes tradicionales capaces de funcionar con igual facilidad estando próximos o remotos, como si lo global y lo local fueran un continuum. Esta mentalidad colectiva ha cambiado nuestra visión tradicional de la diversidad, que ahora incluye también identidades culturales nuevas donde lo determinante no es solo el origen, también las aspiraciones. De Anca y Aragón llaman a esto «comportamiento tribal» y sugieren cómo canalizarlo en actividad económica, integrándolo de paso en sistemas que exploran y explotan con éxito nuevos escenarios y modelos de negocio.Publication Unveiling the Myth: A Causal Reassessment of Gender Diversity's Impact on Corporate Environmental Performance(2025-04-15) González, Ainara; Gabaldón, Patricia; Gelabert, Liliana; https://ror.org/02jjdwm75This study reassesses the impact of gender diversity in corporate boards on firms’ environmental performance, using a panel of 4,950 firm-year observation from Standard and Poor’s (S&P) 500 companies from 2010 to 2020. Using traditional econometric techniques such as Ordinary Least Squares (OLS) and Instrumental Variables (IV), we initially find strong evidence suggesting that appointing women to corporate boards enhances environmental performance. These results remain robust across different instruments, control variables, and fixed effects specifications. However, when employing a more rigorous causal identification strategy through Staggered and Honest Difference-in-Differences (DID) methodologies, we find no significant evidence supporting a causal relationship. Instead, our findings reveal that firms tend to adopt greener practices before appointing women directors, suggesting that corporate sustainability strategies and board gender diversity evolve concurrently rather than in a causally linked manner. Our results call for a reevaluation of the existing evidence on gender diversity and environmental performance and highlight the need for more robust causal methodologies in examining corporate governance and sustainability dynamics.Publication The novel liquid learning system and the online gap in academic performance(Routledge, 2021-10-08) González, Ainara; Alegría, Rodrigo; Cárabe, Pablo; Chahoud, Alejandro; https://ror.org/02jjdwm75This research considers the innovative educational strategy known as the liquid learning system, which allows students attending classes either online or face-to-face. This system was implemented for the first time at a private European university in 2020 as a reaction to the Covid-19 pandemic. Emphasis is placed on the effect of the online choice on student academic performance. Using Instrumental Variables to control for self-selection bias, our findings show a significant gap in the form of lower grades for online students. Quantile regressions reveal that those in the lower tail of the grade distribution are the most adversely affectedPublication Insider Trading Restrictions and Earnings Management(Taylor & Francis, 2020-01-22) Scarlat, Elvira; Garcia Osma, Beatriz; Shields, Karin; https://ror.org/02jjdwm75We study whether firms that voluntarily restrict insider trading have lower incentives for earnings management. Using a large sample of US firms, we measure these restrictions based on the extent to which insider transactions happen shortly after quarterly earnings announcements. We find that the adoption of insider trading restrictions is associated with a reduction of 9.92% in absolute discretionary accruals. Our findings are robust to controlling for changes in corporate governance, and we do not find evidence of a substitution effect between accruals and real earnings management, target beating or timeliness of loss recognition. Taken together, our results indicate that the voluntary adoption of blackout periods that limit insider trading improves the quality of financial reporting.Publication The Idea of a Theatre in Sixteenth-Century China: Xu Wei’s (1521-1593) Nanci xulu(University of Hawai‘i Press, 2005) Llamas, Regina; https://ror.org/02jjdwm75Xu Wei was not the first to write about theater: before him others had written about the life of actors, the authors and their works, about music and prosody, singing methods, the function and style of drama and the composition of plays. The birth of drama was already understood as a by-product of leisure, and so was its potential as a popular instrument for improving, expounding and disseminating social values.1 But Xu Wei’s essay, A Record of Southern Drama Song written in 1559, is the first and only “defense” of southern drama (nanxi) we have.2 It is also an apology that reflects and responds to current concerns with the genre and how this genre had to be understood. This paper will explore how Xu Wei attempted to establish the reputation of southern theater on the basis of contemporary values of naturalness and authenticity, and how he modified and honed these values to fit his defense. It will show that Xu’s advocacy of natural language and authentic music in Southern Drama implied standards that had long since departed the popular milieu he claimed conceived them and became instead the aesthetic values of an educated class wed to distinctive regional and ethnic alliances.Publication Machine learning approaches to understand IT outsourcing portfolios(Springer, 2023-01-10) Ravindran, Kiron; Lu, Yingda; Susarla, Anjana; Mani, Deepa; https://ror.org/02jjdwm75The outsourcing of IT services poses a conundrum to the traditional theories of the firm. While there are many prescriptive sourcing metrics that are geared towards the evaluation of tangible and measurable aspects of vendors and clients, much of the information that is traditionally important in making such decisions is unstructured. To address this challenge, we train and apply our own NLP model based on deep learning methods using doc2vec, which allows users to create semi-supervised methods for representation of words. We find two novel constructs, vendor–client alignment and vendor–task alignment, that shape partner selection and the alternatives faced by clients in IT outsourcing, as opposed to agency or transaction cost considerations alone. Our method suggests that NLP and machine learning approaches provide additional insight, over and above traditionally understood variables in academic literature and trade and industry press, about the difficult-to-elicit aspects of vendor–client interaction.Publication The Employee Perspective on Pay Transparency(Journal of Total Rewards, 2023-09) Tenhiälä, Aino; Karaeminogullari, Aysegul; Varma, Arup; https://ror.org/02jjdwm75This study asked a random sample of employees about their perceptions of pay transparency with regard to pay processes, guidelines and methods employers use to communicate pay information. The results affirm that employee perceptions of pay transparency and a culture of pay secrecy differ substantially across employees from various organizational contexts. Employers should anticipate that there will be increasing demands from governments and employees for pay transparency. Given the positive outcomes commonly associated with pay transparency, it benefits employers to be more open with their rationale for employee pay practices. However, employers must be aware of the challenges associated with pay transparency, which include having sound pay systems based on clear policies and rationale, and providing individual pay privacy. Employers are advised to make sure that managers understand the pay system and pay transparency policies, so they can accurately communicate pay programs.Publication Leveraging synergies versus resource redeployment: Sales growth and variance in product portfolios of diversified firms(Wiley, 2021-04-02) Pasquini, Martina; Giarratana, Marco; Santaló, Juan; State Research Agency; https://ror.org/02jjdwm75Research Summary This article analyzes the relationship between sales growth and variance for diversified firms. Distinguishing product niches linked by scale free versus non-scale free resources, this study predicts that the more a firm diversifies leveraging on a non-scale free resource, the more likely its sales growth and variance are positively correlated. However, this relationship is negatively moderated by the presence of a scale-free resource such that the presence of scale-free resources of high value implies a negative correlation. These theoretical intuitions are consistent with data from 2008 to 2013, reflecting firm sales growth rates in five industries spanning 45 product niches in seven EU countries and the United Kingdom. These industries prioritize shelf space as a non-scale free resource, and brand as a scale free resource. Managerial Summary Diversifiers may base their value creation either in pursuing synergies or in exploiting the benefits derived by internal resource redeployment across products or across industries. Here, we highlight the different managerial implications on risk/performance structure derived from diversification based on resource redeployment compared to diversified companies exploiting synergies. Can the disparity of sales growth between products of the same firm's portfolio be good for the corporate performance? Here, we show that diversification based on resource redeployment goes hand in hand with a positive relation between overall firm growth and variance of results within the same firm. On the contrary, firm diversification based on synergies implies a negative relationship between within firm disparity and overall firm growth.Publication The Uncertain Future of Constitutional Democracy in the Era of Populism: Chile and Beyond(University of Miami Law Review, 2023-01-25) Verdugo, Sergio; Issacharoff, Samuel; https://ror.org/02jjdwm75Largely missing from the extensive discussions of populism and illiberal democracy is the emerging question of 21st century constitutionalism. Nowadays, it is hard to see relevant constitutional changes without a strong appeal to direct popular political participation. Institutional mechanisms such as referenda, citizens’ assemblies, and constitutional conventions emerge as near universal parts of the canon of every academic and political discussion on how constitutions should be enacted and amended. This article’s aim is to offer a cautionary approach to the way participatory mechanisms can work in constitution-making and to stress the difference between the power to ratify constitutional proposals and the forms of governance that must follow. Constitutions are necessarily the product of political and historical moments. Ours is a time of populist challenge to the restraining institutions of governance. We show how constitution-making processes taking place under existing political contexts can fail not simply despite the existence of participatory mechanisms but in large part because of them. We identify two types of failures. First, the authoritarian failure, which consists of constitution-making processes that lead to authoritarian outcomes or become part of democratic backsliding or abusive processes. Second, the activation failure, by which constitutions are not passed. This failure is likely to take place when reforms attempt to bypass established, functioning institutional actors, whatever their flaws. This article will turn to the recent failure of the Chilean constitutional effort (2022) to focus on the historic roles of non-state organizations, most notably political parties, in stabilizing and legitimizing successful democratic governance. The current trend in constitutional formation, reflecting the ascending populist ethos of our times, is to bypass the representative institutions that do exist in favor of a pact between the state and an ill-defined entity known as the people. The tendency of political power without structural checks and balances to lead to autocracy is reasonably well understood. But Chile, together with other recent examples of failed constitutional processes, highlights the risks of activation failure in democratic settings—i.e., contexts in which representative institutions exist and function, though flawed. We will argue that a relevant condition to prevent the activation failure is to use the constitution-making processes as an opportunity to strengthen the political party system by including the existing parties in the process. Success stories of constitution-making have widely shown the advantages that political compromises among rival actors bring in terms of procedural legitimacy—wide acceptance of the constitution’s content—and substantive legitimacy—the inclination of those processes in promoting politically liberal institutions but little has been said about activation failures lacking those features. This article seeks to fill this gap.Publication How do constitution-making processes fail? The case of Chile’s Constitutional Convention(Cambridge University Press, 2023-10-27) Verdugo, Sergio; García Huidobro, Luis Eugenio; https://ror.org/02jjdwm75This introduction to the symposium ‘How do Constitution-Making Processes Fail? The Case of Chile’s Constitutional Convention (2021–22)’ situates the project in the field of constitution-making, provides context regarding the Chilean case, summarizes some possible explanations for the failure, and describes how each article contributes to the symposium as a whole.Publication Can Brazil’s Democratic Institutions Be Rebounded from Bolsonaro’s Authoritarian Agenda?(Quaderni costituzionali, 2023) Verdugo, Sergio; https://ror.org/02jjdwm75[No abstract available]Publication Auditor Ethics: Do Experience and Gender Influence Auditors’ Moral Awareness?(Managerial Auditing Journal, 2020-12-16) Carrera, Nieves; Van der Kolk, Berend; https://ror.org/02jjdwm75Purpose – The purpose of this paper is to examine how experience and gender relate to the auditors’ moral awareness. Design/methodology/approach– Hypotheses are informed by a neurocognitive approach of ethical decision-making and tested using survey data from 191 auditors of a Big Four audit firm in The Netherlands. Findings – The main findings indicate that more experienced auditors (i.e., those with more years of work experience, a higher rank, and older) show higher levels of moral awareness. This positive relationship is stronger for morally questionable situations related to accounting and auditing, compared to general business moral dilemmas. In addition, the results support the expectation that on average, female auditors have higher moral awareness than their male counterparts. Originality/value – To our knowledge, this is the first study that considers a neurocognitive approach to inform hypotheses about the antecedents of auditors’ moral awareness. The findings suggest that the involvement of experienced auditors in ethical decision-making processes may be beneficial given their enhanced ability to identify ethically disputable situations as such. Furthermore, increasing the number of females in senior positions may positively affect ethical decision-making in audit firms. Lastly, this paper presents directions for future research.Publication Institutional Logics and Risk Management Practices in Government Entities: Evidence from Saudi Arabia(Emerald Publishing Limited, 2022-09-13) Carrera, Nieves; Murr, Peter; https://ror.org/02jjdwm75Purpose This study aims to understand how institutional logics influence the adoption and implementation of risk management (RM) practices by government entities in a non-western, developing country. Design/methodology/approach This study draws on the institutional logics perspective (ILP) to analyze a case study of a government entity in Saudi Arabia. Data were obtained from semi-structured interviews, observations and documentary evidence. Findings Findings suggest that the adoption and implementation of RM projects by Saudi governmental agencies was rooted in a traditional logic, even though the catalyst of the government for adopting a RM culture across government agencies was framed within a reform program inspired by a modernization logic. In the entity under investigation, the RM project led to an unstable situation where actors were confronted with these two competing logics. Although the project used manifestations of a modernization logic, the actions of individuals within the organization were embedded in a traditional logic. Research limitations/implications The study is based on a single case study in a specific country, limiting the generalizability of the findings. Originality/value This study provides novel evidence of the adoption and implementation of RM in governmental entities in a developing, non-western, country using ILP. Doing so enhances our knowledge about how managers struggle with competing institutional logics in an underexplored setting and enriches current accounts of key drivers and barriers of RM. It also addresses calls for a deeper understanding of the logics and managerial practices interplay in the public sector.Publication Accounting and Finance Literacy and Entrepreneurship: an Exploratory Study(Elsevier, 2023) Trombetta, Marco; https://ror.org/02jjdwm75The aim of this study is to investigate whether the level of financial literacy differs significantly among entrepreneurs in three European countries: Italy, Spain, and the UK. Moreover, I analyze whether financial literacy fosters or hinders entrepreneurial resilience and success. I find that the level of basic financial literacy is significantly lower among entrepreneurs in the UK. I provide an explanation based on job opportunities arguing that basic financial literacy increases the chances of survival of a business, whereas advanced financial literacy decreases it. I propose a taxonomy linking levels of financial literacy with different approaches to financial management. I conclude that a “conservative” approach to financial management (cash based, debt-averse and diversified) is more likely to guarantee survival even if it is not necessarily the best way to maximize firm value.Publication How do impact investors leverage non-financial strategies to create value? An impact-oriented value framework(Elsevier, 2024-06) Justo, Rachida; Nachyla, Pola; https://ror.org/02jjdwm75One of the ways to understand the success of impact investing firms is to examine how they add value to the social enterprises they invest. Did their investment boost social and/or environmental change? And what type of support, beyond financial capital, can they provide to enhance impact? Drawing on a design-based methodology, we seek to address some of these questions by developing a tool called the Impact Oriented Value Framework. Putting impact at the centre of the funds' purpose, the framework provides actionable solutions to infuse impact into investors’ non-financial support strategies and activities, enhancing their additionality to portfolio companies as well as their contribution to the impact ecosystem.Publication Getting Your Hopes Up but Not Seeing Them Through? Experiences as Determinants of Income Expectations and Persistence During the Venturing Process(Taylor & Francis, 2020-01-16) Lejarraga, José; Pindard, Lejarraga, Maud; Tietz, Matthias; https://ror.org/02jjdwm75In this study, we investigate the effects of industry and startup experiences on income expectations and persistence of nascent entrepreneurs. We posit that experience can have two interrelated effects: (1) it provides skills that may affect persistence, but also (2) affects performance expectations. We develop and test hypotheses about the impact of industry and startup experience on both expectations and persistence. Data of 808 nascent entrepreneurs from the Panel Study of Entrepreneurial Dynamics show that industry experience increases income expectations and persistence alike, whereas startup experience increases expectations without increasing persistence. We discuss implications for scholarship and practice.Publication Bounded rationality: Cognitive limitations or adaptation to the environment? The implications of ecological rationality for management learning(Academy of Management Learning & Education, 2020-10-26) Pindard, Lejarraga, Maud; Lejarraga, José; https://ror.org/02jjdwm75We examine why bounded rationality continues to be considered an inferior form of rationallity in the field of management and what this implies for business education and practice. We develop a critique of the dominant and widespread conceptualization of heuristics as flawed and error-prone and argue that this poses unnecessary constraints for the field of management. We discuss consequences of that interpretation of bounded rationality and propose ecological rationality as an alternative, positive interpretation. Ecological rationality considers a decision maker’s environment and aims to identify how and when heuristics generate good outcomes. Evidence suggests that heuristics perform best when problems are ill-defined, many information cues are available, but they are not equally valuable, and there are many possible courses of action, that is, in the uncertain environments that are characteristic of managerial decision making. We contribute by (1) highlighting the distinctiveness of the ecological rationality framework for management learning, (2) acknowledging how it can help rehabilitate bounded rationality in the field of management against its widespread characterization as an inferior form of rationality; and (3) by identifying how it can provide practicable recommendations for managerial learning and decision making.Publication Regulating Gender Stereotypes in Advertising: When Persuasion Reinforces Inequality(Latin american legal studies, 2019-08-11) Martinez, Maria Guadalupe; https://ror.org/02jjdwm75Advertising is information that aims to persuade. The phenomenon of advertising connects the professional supplier (creator) and the consumer (receiver) under particular market dynamics and within the framework of a specific social and cultural context that reveals the complexity and significance of the act of consumption. However, the regulation of advertising has been mostly focused on the professional supplier’s duty to inform, on the one hand, and on the consumer’s access to information. In this article, I argue that in order to assess the scope of the impact of the phenomenon of advertising in our society and, in particular, of advertising that conveys gender stereotypes, we must abandon the simplified construal of advertising as information, of the professional supplier as informant, and of the consumer as informed sovereign. Such representations that completely disregard context can hardly help in the tasks of rethinking regulation of current advertising and proposing legal responses that are more sensitive to advertising’s persuasive aspect and thus better suited to deal with the problem of stereotyped advertising in our society.Publication Earthquakes on the surface: earthquake location and area based on more than 14 500 ShakeMaps(European Geoscience Union, 2018-06-20) Lackner, Stephanie; https://ror.org/02jjdwm75Earthquake impact is an inherently interdisciplinary topic that receives attention from many disciplines. The natural hazard of strong ground motion is the reason why earthquakes are of interest to more than just seismologists. However, earthquake shaking data often receive too little attention by the general public and impact research in the social sciences. The vocabulary used to discuss earthquakes has mostly evolved within and for the discipline of seismology. Discussions on earthquakes outside of seismology thus often use suboptimal concepts that are not of primary concern. This study provides new theoretic concepts as well as novel quantitative data analysis based on shaking data. A dataset of relevant global earthquake ground shaking from 1960 to 2016 based on USGS ShakeMap data has been constructed and applied to the determination of past ground shaking worldwide. Two new definitions of earthquake location (the shaking center and the shaking centroid) based on ground motion parameters are introduced and compared to the epicenter. These definitions are intended to facilitate a translation of the concept of earthquake location from a seismology context to a geographic context. Furthermore, the first global quantitative analysis on the size of the area that is on average exposed to strong ground motion – measured by peak ground acceleration (PGA) – is provided.Publication Management and Innovation in Latin America: introduction(Gestão & Regionalidade, 2019-05-27) Ogliastri, Enrique; Batista Pamplona, João; Gómez Villegas, Mauricio; https://ror.org/02jjdwm75In this introduction to the special issue of Gestão & Regionalidade entitled “Management and Innovation in Latin America,” we first review the published literature about the region, then introduce the ten new articles appearing in this issue, and finally reflect briefly on the current and future state of studies on innovation management and economics in the region. Latin America’s innovation performance remains far short of its economic relevance, despite increasing academic research on the issue. Future research should highlight interactive ways to promote innovation, social innova-tions, public innovation, innovations for sustainability, technological innovations associated with the fourth industrial revolution, and the very specific nature of Latin American entrepreneurship.