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Publicaciones científicas más recientes (desde 2010)

Autores: Calderón Cuadrado, Reyes (Autor de correspondencia); Piñero Moral, Ricardo; Redín Goñi, Dulce
ISSN 1664-1078  Vol. 11  2020  págs. 552152
On August Business Roundtable (2019), the Business Roundtable redefined the purpose and social responsibility of the corporation. Yet, this statement must be followed by substantial changes in the business models of corporations for it to avoid becoming empty rhetoric. We believe that the figure of the independent director may be one of the catalysts needed for this change of paradigm for corporations. In spite of the positive correlation between Corporate Social Responsibility (CSR) and board independence, the development of the independence of boards during the last decade has not lead to the expected CSR results. Academics and regulators point to a weak definition and the non-standardized measurement of both independence and board independence (BI) as one possible explanation, and agree that a broader definition is needed. This paper aims to contribute to this debate. We develop a second-generation definition of independence based on a positive approximation to the concept by integrating an Aristotelian perspective of virtue ethics with the best practices of corporate governance. Thus, we define independence as a virtue guided by practical wisdom, that implies autonomy and autarky and which enables a person to act with integrity, fairness and truthfulness. In the context of corporate governance, independence is associated with an honest disposition to serve. Our proposal has political implications for supervisors that make decisions relating to the suitability of (...)
Autores: Sison Galsim, Alejo José; Ferrero Muñoz, Ignacio; Redín Goñi, Dulce
ISSN 0167-4544  2019  págs. 1 - 14
Not only individuals and frms, but also families engage in business as a social activity and this is true beyond the case of family businesses. Cultural diferences in the way families are construed might infuence the way they do business. There are diferent types of families, and among these are those described by Aristotelian and Confucian traditions, representing the West and the East respectively. The literature on virtue in business has been dominated by a Western¿mainly Aristotelian¿tradition (Ferrero and Sison in Bus Ethics Eur Rev 30(1): 8¿24, 2014), neglecting the role of the family and focusing on the individual. In this paper, we seek to fll this gap by explaining diferences and similarities in the normative evaluation of certain family-related business attitudes and practices, in light of Confucian and Aristotelian virtue ethics standards. After comparing the structure, organization and dynamics of Aristotelian and Confucian families, we shall draw some inferences regarding ¿virtuous¿ or excellent business practices¿such as nepotism, bribery, gift-giving and guanxi and attitudes¿on codifed rules or written norms. For this analysis we shall make use of Aristotelian and Confucian ethical accounts as well as inputs from Family Science applied to organizations, which provides conceptual categories to compare the two traditions. Thus we hope to contribute not only to the comparative study of Aristotelian and Confucian virtue ethics in business, but also to the understan
Autores: Calderón Cuadrado, Reyes; Piñero Moral, Ricardo; Redín Goñi, Dulce (Autor de correspondencia)
ISSN 0962-8770  Vol. 27  Nº 2  2018  págs. 195 - 206
The compliance-based approach and the integrity approach have been the mainstream responses to corporate scandals. This paper proposes that, despite each approach comprising necessary elements, neither offers a comprehensive solution. Compliance and integrity, far from being mutually exclusive, reinforce each other. Working together, in a correct relationship, they build a harmonized system that yields positive synergies and which also advocates prudence (phrónesis). It enables the generation of a culture of compliance that tends to minimize the technical and ethical errors in decision making. In order to explore an applied harmonized approach, we analyze the audit committee, a specific and broadly accepted regulatory instrument. Formed by non-executive members, regulation requires these members to be dedicated, qualified, and independent as a guarantee of efficiency. We show how the compound of those elements produces positive effects in a context of solid governance. We conclude that it is the strong relationship between efficiency and prudence, in the creation of a culture of compliance, which enables the minimization of errors.
Autores: Redín Goñi, Dulce; Rodríguez Carreño, Ignacio; Cuñado Eizaguirre, Juncal; et al.
ISSN 1350-4851  Vol. 25  Nº 5  2018  págs. 305 - 308
This study examines the relationship between oil prices and economic activity in the G-7 economies during the period 1960M1¿2014M07 using a wavelet approach. The results show significant differences in the relationship between these two variables depending on the frequencies. Furthermore, we find that oil price shocks affect economic activity at low frequencies (long run) in all G-7 countries, while the effect at high frequencies (short run) is limited to a few countries.
Autores: Moreno Ibáñez, Antonio; Orlando, J.; Redín Goñi, Dulce
ISSN 1544-6123  Vol. 18  2016  págs. 199 - 204
We propose a novel methodology to identify latent factors influencing investment allocations in financial assets. By drawing logical paths in a structural equation model (SEM) framework, we uncover the role of a latent return factor that simultaneously shapes the dynamics of different financial assets. Our methodology allows for disentangling the different components of asset returns ¿ those driven by fundamental and non-fundamental variables. We apply this methodology to Euro-area stocks and sovereign bonds over the 2003¿2014 period. Lower economic and political uncertainty in Europe triggers a trade-off towards stocks and away from bonds, while U.S. Quantitative Easing boosts European stocks.
Autores: Redín Goñi, Dulce; Calderón Cuadrado, Reyes; Ferrero Muñoz, Ignacio
ISSN 0167-4544  2013 
The aim of this paper is to explore the ethical dimension of hawala, an ancient informal financial practice rooted in Islamic moral traditions. Widely used in countries with an Islamic background and their diasporas, hawala is considered an important vehicle for the financial and economic development of some less developed countries. Nevertheless, in Western countries, hawala is regarded with suspicion due its controversial ethical nature. Unlike other Islamic financial institutions, the controversial questions are not the legitimacy of profit sources or the interest charged, but rather the lack of transparency that surrounds hawala transactions. Yet, the literature on hawala has neglected its ethical perspective. Our study delves into this dimension with a critical approach, using the Triple Font Theory, grounded on virtue ethics. We conclude that if hawala transactions are carried out with honesty, and fairness, this practice deserves a positive ethical appraisal. However, it is necessary to implement efficient regulatory measures to guarantee that the system is not abused by money launders and criminals. In practice, it becomes imperative to bring over a change in the regulatory approach to hawala toward a more ethically, culturally, and economically sensitive strategy. Thus, future research should focus on how ¿hyper-norms¿ or fundamental principles inherent to humanity, which are common to both ¿formal¿ and ¿informal,¿ ¿Western¿ and ¿non-Western¿ financial practices, could run the new AML/CTF regulation agenda
Autores: Calderón Cuadrado, Reyes; Ferrero Muñoz, Ignacio; Redín Goñi, Dulce
ISSN 1469-3569  Vol. 14  Nº 4  2012  págs. 1 - 24
Codes of ethics contain a set of rules of conduct and corporate principles concerning the responsibility of a company to its stakeholders and shareholders. These codes help to guide corporate and employee behavior, and ­constitute ­verifiable elements of social responsibility. This study examines the Most Admired Companies of the World, ranked by Fortune magazine in 2009 to find out, first, whether their codes of ethics exhibit greater emphasis on social responsibility and strong implementation processes, and second, whether they could be considered codes of the third generation as elaborated by Stohl et al. in their article in the Journal of Business Ethics. Our results indicate that the codes of ethics of the 2009 Most Admired Companies of the World resemble 'codes of conduct' rather than strictly codes of ethics or 'codes of corporate social responsibility'. These codes continue to be governed by traditional norms related to immediate economic success, normative compliance, internal management and the pressing effects of their sector. This study thus provides empirical support for the idea that the philosophy of corporate social responsibility (CSR) is scarcely present in the codes of the most reputable companie
Autores: Pitlik, H.; Redín Goñi, Dulce; Rode, Martin Dieter
Libro:  Economic freedom of the world: 2015 annual report
2015  págs. 185 - 202
Autores: Redín Goñi, Dulce; Aranda León, María del Carmen; Arellano Gil, Javier
Libro:  Las soluciones a la situación de insolvencia : un análisis jurisprudencial económico
2014  págs. 439 - 460