Capital structure of foreign affiliates and the investment decision: Two questions to consider

ABSTRACT This paper analyses the ownership structure of foreign affiliates of Spanish firms. In contrast to previous studies on the participation degree, the paper highlights the importance of the previous decision to invest abroad. To do so, an econometric model with a limited dependent variable helps to show that to ignore the previous decision modifies…

Offshoring, outsourcing and the Economic Geography of Europe

ABSTRACT Globalisation has altered the appeal of each region to host economic activities. As firms are pushed to be more competitive, they develop outsourcing and relocation strategies, displacing some production activities to new emplacements. These changes have important impacts in some regions and are modifying the economic geography of Europe. This paper presents the impact…

Family SME’s internationalization: Disentangling the influence of familiness on Spanish firms’ export activity

ABSTRACT This paper studies the relationships between family involvement and internationalization of family SMEs, examining the effects exerted by the three main dimensions that comprise the concept of familiness: power, experience, and culture. Disentangling the influence of familiness dimensions lead us to discover the combined effects of family’s governance, generation and culture on SMEs’ export…

Offshoring in the Spanish footwear industry: A return journey

ABSTRACT During the 1990s and the first decade of the twenty-first century, outsourcing and offshoring constituted one of the most significant changes made by companies throughout the world. However, in more recent years, the process of offshoring manufacturing activities has been subject to reconsideration by some industry leaders, which has led to cases of bringing…

From Bargaining Solutions to Claims Rules: a Proportional Approach

Abstract: Agents involved in a conflicting claims problem may be concerned with the proportion of their claims that is satisfied, or with the total amount they get. In order to relate both perspectives, we associate to each conflicting claims problem a bargaining-in-proportions set. Then, we obtain a correspondence between classical bargaining solutions and usual claims…

Cost Sharing Solutions Defined by Non-Negative Eigenvectors

Abstract: The problem of sharing a cost M among n individuals, identified by some characteristic ci in R+, appears in many real situations. Two important proposals on how to share the cost are the egalitarian and the proportional solutions. In different situations a combination of both distributions provides an interesting approach to the cost sharing…

Participation and solidarity in redistribution mechanisms

ABSTRACT Following Bossert (1995), we consider a model where personal income depends on two different characteristics: skills and effort. Luttens (2010) introduces claims that individuals have over aggregate income and that only depend on the effort they exert. Moreover, he proposes redistribution mechanisms in which solidarity is based on changes in a lower bound on…

Graneries (pósitos): a source of finance for Spain´s small farmers, 1900-1950.”

Abstract: Under the Ancien Régime in Spain local granaries (in Spanish, pósitos) acted as welfare institutions designed to help small farmers in times of crisis. During the first third of the twentieth century they were subject to an intense reorganisation in Spain and this transformed them into the only microfinance institution to which a significant part of the…

Net energy analysis in a Ramsey–Hotelling growth model

Abstract: This article presents a dynamic growth model with energy as an input in the production function. The available stock of energy resources is ordered by a quality parameter based on energy accounting: the “Energy Return on Energy Invested” (EROI). In our knowledge this is the first paper where EROI fits in a neoclassical growth…

Identifying the Most Relevant Lag with Runs

ABSTRACT In this paper, we propose a nonparametric statistical tool to identify the most relevant lag in the model description of a time series. It is also shown that it can be used for model identification. The statistic is based on the number of runs, when the time series is symbolized depending on the empirical…