Grupos Investigadores

Miembros del Grupo

Colaboradores
Ivet de los Milagros
Echevarría Velásquez
María Paula
Flórez Jiménez
Samuel Estuardo
Trejo Menendez

Líneas de Investigación

  • El propósito organizativo como palanca para potenciar la sostenibilidad corporativa.
  • Estrategias sostenibles en las empresas familiares.
  • Innovación corporativa y prácticas sostenibles.
  • La ética del gobierno y la actividad corporativa y su relación con los objetivos de sostenibilidad.
  • Regulación y compliance de las prácticas de sostenibilidad de las empresas.

Palabras Clave

  • Empresas familiares
  • Gobierno corporativo
  • Innovación
  • Propósito corporativo
  • Sostenibilidad corporativa

Publicaciones Científicas desde 2018

  • Autores: Cabaleiro Cerviño, Goretti (Autor de correspondencia); Mendi Güemes, Pedro
    Revista: EURASIAN BUSINESS REVIEW
    ISSN: 1309-4297 2024
    Resumen
    This paper investigates the impact of aligning an innovation strategy with Environmental, Social, and Governance (ESG) practices on innovation and non-innovation performance variables. Drawing on principles from Stakeholder Theory and Social Network Theory of Innovation, the research hypothesizes that ESG-driven firms will outperform firms that are not ESG-driven in terms of future innovation outcomes, labor productivity, exporting and survival rates. Using the Technological Innovation Panel (PITEC) database, a panel of Spanish companies, the study compares the performance of two groups of innovative firms: firms that declare that at least one of the ESG goals are relevant for their innovation activities (ESG-driven companies) and matched firms that regard all three ESG goals as not important (non-ESG companies). Our findings reveal that ESG-driven companies exhibit a better future innovation performance and that, in terms of labor productivity, exporting, and survival their performance is never inferior than that of innovative firms that are not ESG-driven.
  • Autores: Redín Goñi, Dulce; González Peralta, Óscar
    Revista: REVISTA DE DERECHO DE SOCIEDADES
    ISSN: 1134-7686 Vol.67 2023 págs. RR-3.1 - RR-3.11
    Resumen
    En las últimas décadas, los consejeros independientes han ido adquiriendo más peso en los consejos de administración para aportar un juicio independiente, garantizado por un desinterés financiero y social. En la práctica, existe un enfoque negativo de la independencia que contrasta con los llamamientos de las organizaciones internacionales a centrarse en los aspectos positivos y con el concepto de independencia que varios estudios teóricos asocian con la integridad, la libertad, la autonomía y la ausencia de dependencia. En la práctica, existe una gran heterogeneidad en la definición y los requisitos de independencia para los consejeros, lo que plantea dudas sobre cuál es el verdadero papel de los independientes y hasta qué punto estos consejeros están en condiciones de poderlo desempeñar. Este trabajo pretende responder a estas preguntas y, para ello, se realiza un estudio comparativo del concepto de independencia y sus implicaciones prácticas en los códigos de gobierno corporativo de los países del G20, llegándose a la conclusión de que la figura del consejero independiente sólo tiene sentido desde el punto de vista de la teoría de la agencia, a los efectos de reforzar la posición de los accionistas con respecto a las posiciones ejecutivas de la empresa. Así, cabe esperar que los consejeros independientes aporten un equilibrio de poder e imparcialidad, pero sus incentivos no están alineados con coherencia para orientarlos a tal fin.
  • Autores: Redín Goñi, Dulce (Autor de correspondencia); Meyer, Marcel; Rego, A.
    Revista: FRONTIERS IN PSYCHOLOGY
    ISSN: 1664-1078 Vol.13 2023 págs. 977750
    Resumen
    This article presents the Positive Leadership Action Framework (PLAF) to structure Positive Leadership (PL). The novelty of the PLAF is that it incorporates the connections of PL to positive outcomes (financial and economic performance and social well-being) and organizational virtuousness. Also, it acknowledges its conditional nature on the virtues to achieve flourishing within the organization and society at large. We argue that the leader's actions function as the engine for positive change within the organization, bridging the gap between individual virtues and organizational virtuousness and creating a feedback loop among both. To develop a positive organization, a leader needs to create positive assumptions among (and about) coworkers, positively impact the personal and professional development of employees, and balance positive formal and informal conditions at work. To do so, it is a sine qua non condition that the positive leader fosters his/her personal development by exercising the virtues and developing practical wisdom. In this way, the positive leader automatically provides followers with a vision of the final end towards the common good and achieves to set his/her organization on a pathway towards excellence.
  • Autores: Lleo De Nalda, Álvaro; Ruiz-Palomino, P. (Autor de correspondencia); Guillén Parra, M.; et al.
    Revista: ETHICS AND BEHAVIOR
    ISSN: 1050-8422 Vol.33 N° 2 2023 págs. 151 - 173
    Resumen
    The purpose of this study is to investigate the role of school principal trustworthiness components (i.e., ability, integrity, benevolence) in helping shape teacher trust and affective commitment within schools. Using data from 1,026 teachers in Spain and structural equation modeling (via EQS 6.3), this study establishes how a principal's integrity and benevolence are key in determining, both directly and indirectly (via trust in the principal), teachers' affective commitment to their school. It also reveals that the perceived ability of a principal is not effective in generating trust or affective commitment to the school in teachers. As a contribution to the literature, these findings reveal that the ethical trustworthiness (benevolence, integrity) of principals is key in engendering trust and affective commitment to schools. Thus, to shape work environments that are high in trust and commitment, principals should focus on behaving in ways that make their integrity and benevolence manifest to their teachers.
  • Autores: Sison Galsim, Alejo José; Redín Goñi, Dulce (Autor de correspondencia)
    Revista: BUSINESS ETHICS, THE ENVIRONMENT & RESPONSIBILITY
    ISSN: 2694-6416 Vol.32 N° 1 2023 págs. 274 - 291
    Resumen
    The purpose of this paper is to show how a MacIntyre-inspired business school could contribute to developing practical wisdom in students through its curriculum, methods, faculty, student selection criteria, and governance. Despite MacIntyre's critiques, management can be presented, in MacIntyrean terms, as a second-order, domain-relative practice, with practical wisdom as corresponding virtue. Management education consists in developing practical wisdom. How? Primarily by initiating students and enabling them to participate in communal traditions of inquiry focused on, although not limited to, the purposes and ends of business. The transmission of objective knowledge, analytical skills, and techniques is subordinated to the end goal. We consider traditions centered on shareholder value maximization, the balancing of stakeholder interests, and the fulfillment of the common good of firms. Each gives rise to a particular kind of business school. A MacIntyrean business school is one that seeks the common good of firms.
  • Autores: Redín Goñi, Dulce (Autor de correspondencia); Cabaleiro Cerviño, Goretti; Rodríguez Carreño, Ignacio; et al.
    Revista: FRONTIERS IN PSYCHOLOGY
    ISSN: 1664-1078 Vol.13 2023 págs. 1045508
    Resumen
    As a result of contemporary culture¿s focus on continuous innovation and ¿change before you have to,¿ innovation has been identified with economic gains rather than with creating added value for society. At the same time, given current trends related to the automation of business models, workers seem all but destined to be replaced by machines in the labor market. In this context, we attempt to explore whether robots and Artificial Intelligence (AI) will be able to innovate, and the extent to which said activity is exclusively inherent to human nature. Following the need for a more anthropological view of innovation, we make use of MacIntyrean categories to present innovation as a domain-relative practice with creativity and practical wisdom as its corresponding virtues. We explain why innovation can only be understood within a tradition as it implies participating in inquiry about the principle and end of practical life. We conclude that machines and ¿intelligent¿ devices do not have the capacity to innovate and they never will. They may replicate the human capacity for creativity, but they squarely lack the necessary conditions to be a locus of virtue or engage with a tradition.
  • Autores: Macoris, L. S.; Kabbach De Castro, Luiz Ricardo (Autor de correspondencia); Kalatzis, A. E. G.; et al.
    Revista: CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW
    ISSN: 0964-8410 Vol.31 N° 3 2023 págs. 491 - 514
    Resumen
    Research Question/Issue Do the motivations of cross-border minority acquisitions differ from those of domestic minority acquisitions? We examine and compare the underlying motivations for and consequences of domestic and cross-border minority acquisitions by analyzing data from transactions that took place across 31 countries over a 13-year period. Research Findings/Insights Using a sample of 11,926 domestic and cross-border minority acquisitions, we show that the interplay of financing and country-level governance motives is the main driver of such deals in both settings. We find that financially constrained firms are more likely to engage in both domestic and cross-border minority acquisitions, even in the face of higher information asymmetry and transaction costs that international transactions entail. In the wake of either domestic or cross-border deals, financially constrained firms' long-term debt increases; their short-term debt, cash holdings, and equity decrease. The greater likelihood of minority acquisitions of financially constrained firms is explained by the degree of corporate governance institutions in the country in which the targeted firm is based and by differences in levels of creditor and shareholder protections between the home countries of the targeted and acquiring firms involved. Our results remain robust after controlling for alternative explanations such as the contracting motive, the gravity model of foreign transactions, economic development levels, and differences in tax and exchange rates. Theoretical/Academic Implications Our results extend prior literature on mergers and acquisitions that have focused solely on control transfers or domestic deals. We provide empirical evidence for the importance of jointly considering financing and governance motivations in seeking to explain domestic and cross-border minority acquisitions and their consequences in alleviating financial constraints. We provide new evidence on how firm- and country-level characteristics interact to affect minority acquisitions. Practitioner/Policy Implications Our results offer valuable insights for business policy by highlighting how firms can circumvent financial constraints through partial integration, especially in cross-border settings. The results also offer evidence of beneficial ex post outcomes for targeted firms' leverage and liquidity. In terms of public policy, the results show that minority shareholder protections improve the equity market and provide a positive externality to the debt market through a certification effect.
  • Autores: Kabbach De Castro, Luiz Ricardo (Autor de correspondencia); Castro Martins, H.; Schiehll, E.; et al.
    Revista: JOURNAL OF BUSINESS FINANCE AND ACCOUNTING
    ISSN: 0306-686X Vol.50 N° 7 - 8 2023 págs. 1402 - 1438
    Resumen
    We examine the role of country-level legal investor protection (i.e., shareholder and creditor protection) on firm investment-cash flow sensitivity (ICFS). Using underexplored research data on investor protection across 21 countries and working with a conservative empirical design, we extend prior literature on the relation between investor protection and ICFS and provide new evidence on how these country-level attributes interact to explain a firm's ICFS. We find that either the strong legal protection of minority shareholders or the strong legal protection of creditors reduces the sensitivity of investment to internal cash flow. However, in countries with strong levels of both minority shareholder and creditor protection, ICFS increases. Our results remain robust after controlling for several alternative explanations. The results support the argument that overregulation arises when policymakers increase investor protection at levels that lead firms to avoid external sources of finance, hampering firm investment. Our findings suggest that countries face a regulatory trade-off such that increasing investor protection (either shareholder or creditors protection) enhances financial markets efficiency, but excessive regulation can indeed lead to financial markets inefficiencies.
  • Autores: Kabbach De Castro, Luiz Ricardo (Autor de correspondencia); Kirch, G.; Matta, R.
    Revista: JOURNAL OF BANKING AND FINANCE
    ISSN: 0378-4266 Vol.143 2022 págs. 106573
    Resumen
    We develop a new rationale for capital allocation in business groups' internal capital markets. We show that productivity and pledgeable income jointly drive capital allocation within an internal capital market. In financially constrained business groups, an efficient internal capital market can allocate marginal funds to firms that have high pledgeability of income because of a multiplier effect: a dollar of internal funds generates a bigger increase in investment. This result has important implications for the business group affiliation strategy. Whether or not a financially constrained but highly productive firm will benefit from group affiliation depends on its borrowing capacity vis-a-vis other affiliates.
  • Autores: Kabbach De Castro, Luiz Ricardo (Autor de correspondencia); Kalatzis, A. E. G.; Pellicani, A. D.
    Revista: EMERGING MARKETS REVIEW
    ISSN: 1566-0141 Vol.50 2022 págs. 100838
    Resumen
    Prior research is not conclusive whether information asymmetries or managerial discretion are the cause of observed investment-cash flow sensitivity. This paper examines the effect of family firms' governance heterogeneity on firm's investment-cash flow sensitivity in Brazil. The Brazilian economic and corporate governance context present several idiosyncratic features, including weak minority shareholder protection, an underdeveloped capital market, macroeconomic uncertainties, the presence of controlling shareholders (especially families), and the excessive use of control-enhancing mechanisms, allowing us to explore in greater detail the drivers of investment-cash flow sensitivity. We find that investment is more sensitive to cash flow for firms with a highly entrenched family presence (divergence between corporate control and voting rights coupled with family management) than in less entrenched family firms. This result emerges primarily due to financial constraints from asymmetric information, rather than agency problems of free cash flow from abuse of managerial discretion. Our findings shed new light on the role of excessive control rights in investment decisions, allowing family managers to reallocate capital to cope with financial constraints in times of economic uncertainties.
  • Autores: Lleo De Nalda, Álvaro (Autor de correspondencia); Montaner, A.; Edmondson, A. C.; et al.
    Revista: MIT SLOAN MANAGEMENT REVIEW
    ISSN: 1532-9194 Vol.63 N° 4 2022 págs. 20 - 23
  • Autores: Ruiz Pérez, Fernando; Lleo De Nalda, Álvaro; Ormazábal Goenaga, Marta (Autor de correspondencia)
    Revista: JOURNAL OF CLEANER PRODUCTION
    ISSN: 0959-6526 Vol.329 2021 págs. 129742
    Resumen
    Corporate Sustainability is today a key issue for companies considering value generation, climate change and social requirements. This sustainability must be achieved in the economic, social, and environmental aspects; many authors have studied the variables that make up these aspects. Despite the importance of employees in Corporate Sustainability, to our knowledge, no studies have connected the variables with the impact that employees have on them. Therefore, in this study, combining a literature review with a Panel Delphi with 11 experts, we seek consensus on: 1) the relevance of the different variables that define Corporate Sustainability; 2) on which variables can employees have an impact; and 3) what employee behaviors are more susceptible of having this impact. The results show consensus on employees and propose behaviors that could enhance some of the most important variables of economic, social and environmental sustainability. This result opens up the possibility of developing a scale to measure employee sustainable behaviors and to understand how companies can facilitate these behaviors.
  • Autores: Lleo De Nalda, Álvaro (Autor de correspondencia); Bastons, M.; Rey, C.; et al.
    Revista: SUSTAINABILITY
    ISSN: 2071-1050 Vol.13 N° 4 2021 págs. 1921
    Resumen
    Understanding what drives effective purpose implementation is the key to making more sustainable organizations. Most studies on the subject of purpose focus on two of its dimensions: formulation (knowledge) and practical application (contribution). However, for it to be effectively implemented in the organization, purpose also involves motivating and exciting people. In this article, we propose a three-dimensional formative second-order construct of purpose implementation based on the knowledge, internalization and contribution of purpose. In this conceptualization of purpose, for effective purpose implementation to occur, its three dimensions must be implemented intensively and consistently in a balanced way. Two separate studies were combined to develop a validated scale for measuring the intensity of purpose implementation and for demonstrating that the more intensely and consistently purpose is implemented within a company, the greater its impact on organizational citizenship behaviors.
  • Autores: Mendes Aldrighi, Dante; Kabbach De Castro, Luiz Ricardo
    Título: Brazil
    Libro: Corporate Governing in Latin America: The Importance of Scandals to Institute Change
    ISSN: 978-3-030-85780-6 2023 págs. 247 - 270
  • Autores: Redín Goñi, Dulce; Sison Galsim, Alejo José
    Libro: Blockchain: aspectos jurídicos de su utilización
    ISSN: 978-84-19032-57-7 2022 págs. 105 - 141
  • Autores: Lleo De Nalda, Álvaro; Rey Peña, Carlos; Chinchilla Albiol, Nuria
    Libro: Purpose-Driven Organizations: Ideas for a better world
    ISSN: 978-3-030-17674-7 2019 págs. 119 - 130
    Resumen
    How are leaders to assess whether or not the purpose of the business is truly common and deeply shared? To be able to answer such questions, it is crucial we have a perspective that allows for the gathering of our employees¿ thoughts and feelings, a system that assesses the organization¿s health and its areas for improvement upon which to base our actions. This work develops the Purpose Strength Model, which establishes the basis for the development of measuring tools. The model integrates the different frameworks introduced in the previous chapters into four sequential areas: organizational purpose antecedents, purpose accelerators, shared purpose development, and purpose outcomes (individual and organizational). Theoretical implications and further research lines are discussed.

Proyectos desde 2018

  • Título: La Gobernanza de las prácticas ambientales, sociales y gobierno (ASG): El papel del propósito, la ética, el cumplimiento y la innovación (Govesg)
    Código de expediente: PID2021-124151NA-I00
    Investigador principal: DULCE MARIA REDIN GOÑI, LUIZ RICARDO KABBACH DE CASTRO.
    Financiador: AGENCIA ESTATAL DE INVESTIGACION
    Convocatoria: 2021 AEI Proyectos de Generación del Conocimiento
    Fecha de inicio: 01-01-2022
    Fecha fin: 31-12-2024
    Importe concedido: 80.041,50€
    Otros fondos: Fondos FEDER
  • Título: Diseño de las organizaciones y provisión de incentivos para la innovación
    Código de expediente: PGC2018-098131-B-I00
    Investigador principal: PEDRO MENDI GUEMES.
    Financiador: MINISTERIO DE CIENCIA, INNOVACIÓN Y UNIVERSIDADES
    Convocatoria: 2018 AEI - MCIU - Proyectos de Generación del Conocimiento
    Fecha de inicio: 01-01-2019
    Fecha fin: 30-09-2022
    Importe concedido: 43.439,00€
    Otros fondos: Fondos FEDER