Person: Santaló, Juan
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Juan
Last Name
Santaló
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IE University
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IE Business School
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Strategy
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Publication The Friday Effect: Firm Lobbying, the Timing of Drug Safety Alerts, and Drug Side-Effects(Informs, 2020-08-01) Santaló, Juan; Barber, Benjamin; Diestre, Luis; Santaló, Juan; https://ror.org/02jjdwm75Safety alerts are announcements made by health regulators warning patients and doctors about new drug-related sideeffects.However, not all safety alerts are equally effective. We provide evidence that the day of the week on which thesafety alerts are announced explains differences in safety alert impact. Specifically, we show that safety alerts announcedon Fridays are less broadly diffused – they are shared 34% less on social media, mentioned in 23-66% fewer news articles,and 12-51% less likely to receive any news coverage at all. As a consequence of this, we propose Friday alerts are lesseffective in reducing drug-related side-effects. We find that moving a Friday alert to any other weekday would reduceall drug-related side-effects by 9-12%, serious drug-related complications by 6-15%, and drug-related deaths by 22-36%.This problem is particularly important since Friday was the most frequent weekday for safety alert announcements from1999 to 2016. We show this greater prevalence of Friday alerts might not be random: firms who lobbied the FDA in thepast are 49-56% more likely to have safety alerts announced on Fridays.Publication Balancing Variety and Quality: Examining the Impact of Benefit-Linked Cross-Subsidization on Multisided Platforms(John Wiley and Sons Inc, 2024) Tavalaei, Mahdi; Gawer, Annabelle; Santaló, Juan; https://ror.org/02jjdwm75Multisided platforms face a fundamental trade-off: should they ease entry for a larger number of providers of complementary products or services (complementors) to join the platform and benefit from cross-side network externalities,or should they limit entry to maintain complementors’ incentives to provide high-quality offerings? We contend that a specific cross-subsidizing pricing strategy – where the amount of subsidy to complementors is explicitly linked to the overall revenue they generate on the other side of the platform – may mitigate this trade-off. Using data from the airport industry,we demonstrate that following a reduction of airlines’ entry barriers,airports that subsidize airlines,based on the aforementioned scheme,can boost their financial performance and maintain traffic composition in favour of legacy airlines,which bring passengers who spend more in airport shops. Our findings shed light on how cross-subsidization may balance the variety and quality of complementors and their offerings on multisided platforms. © 2024 The Author(s). Journal of Management Studies published by Society for the Advancement of Management Studies and John Wiley & Sons Ltd.Publication The value of flexibility in multi-business firms(Wiley, 2022-05-29) Santaló, Juan; Folta, Timothy; Giarratana, Marco; Dickler, Teresa; Spanish Ministry of Science and Innovation; Agencia Estatal de Investigación; https://ror.org/02jjdwm75Whether diversified firms have advantages over their single-business counterparts is the focus of much research in strategic management. Indeed, there is sparse evidence that corporate advantage exists, on average. We explore one potential driver of corporate advantage—that multi-business firms have more flexibility than single-business firms to cope with uncertainty, because they can internally redeploy resources across businesses. Using Compustat data, we show that uncertainty increases the relative advantage of multi-business firms, a finding robust to controls for endogeneity. Consequently, the paper provides important insight and evidence around when corporate advantage might obtain. Moreover, we find that growth option value is accentuated in the presence of switching flexibility. Finally, multi-business firms with redeployment experience and businesses with more inversely correlated returns benefit more from uncertainty.Publication Are strategy researchers worse strategy teachers in business schools?(IE University, 2019-05-14) Santaló, Juan; Moschieri, Caterina; Spanish Ministry of Economy; European Regional Development Fund; https://ror.org/02jjdwm75In this study we examine whether in business schools a professor’s research quality impacts her performance in the classroom. We build a novel dataset of students’ teaching evaluations of 922 strategic management courses in a top-ranked business school in Spain in the period 2011-2016 linking it to the publication outcome of each professor. We find a significant positive association between research quality measured by the sum of the number of publications in a six-year interval and students’ evaluations of teaching. Specifically, we find that an increase of two standard deviations on our variable of research quality is associated to an increase in students’ evaluations equivalent to the jump from being a median professor to being in the top quartile of best performers in class. Moreover, we find that a professor with four publications in a six year period increases the likelihood of her students choosing strategy elective courses up to 21.5 percent. We also find a positive and strongly significant interaction of research quality with course length, suggesting that the benefits of research may emerge specifically in longer courses. These findings extend the current discourse on the impact of research on teaching to strategic management courses in business schools.Financiado por parcialmente: Ministerio de Economía, Industria y Competitividad Título: How do institutional forces shape firms' strategic decisions? Acrónimo: IFS Numero: ECO2016-77205-PPublication 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.