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To what extent a firm’s resources (firm effect) and the structure of the sector (industry effect) are sources of a firm’s competitiveness has been debated for years in strategic management. Most of the empirical studies carried out have focused on large firms and have used static performance measures, and in them the firm effect generally outweighs the industry effect. This research contributes to this debate in trying to verify whether the competitive advantage that relies on the firm’s resources is sustainable, especially in small firms. We used a sample of almost 15,000 Spanish firms to test the impact that the firm and the industry effects have on sustainable performance, for both small and large firms, applying hierarchical linear modelling with a variable measured through time-varying parameters. Our results confirm the absolute importance of the firm effect on sustainable organizational performance, regardless the firm size, and show that, even though the industry effect has little weight in explaining sustainability, it is significantly higher in the case of small firms. This means that managers must concentrate efforts on providing their firm with the necessary resources to achieve a competitive advantage while choosing a good sector to position itself.
Vicente López-López; Susana Iglesias-Antelo; Esteban Fernández. Is Sustainable Performance Explained by Firm Effect in Small Business? Sustainability 2020, 12, 10028 .
AMA StyleVicente López-López, Susana Iglesias-Antelo, Esteban Fernández. Is Sustainable Performance Explained by Firm Effect in Small Business? Sustainability. 2020; 12 (23):10028.
Chicago/Turabian StyleVicente López-López; Susana Iglesias-Antelo; Esteban Fernández. 2020. "Is Sustainable Performance Explained by Firm Effect in Small Business?" Sustainability 12, no. 23: 10028.
This research uses Sharpe’s single-index model to analyze voting results in corporate meetings, thus assessing whether voting results at the corporate level are influenced by aggregated voting results at the industry level. We use a sample of votes regarding managerial proposals concerning executive election and compensation. The companies involved are included in the five most represented industries in NASDAQ, and the analysis focuses on the 2003–2017 period. The votes were disclosed by institutional investors who are especially concerned with corporate governance and sustainability issues, so we consider that they reflect sustainability-driven decisions. Based on previous research linking voting results to reputational consequences, we assess the systematic component of sustainability-related reputational risk within these five industries, finding significant differences among them. Thus, although the systematic component of sustainability-related reputational risk appears to be strong for financial and technological companies, it is weak for healthcare, consumer services, and capital goods companies. Implications for researchers and practitioners are reported.
Marcos Vizcaíno-González; Susana Iglesias-Antelo; Noelia Romero-Castro. Assessing Sustainability-Related Systematic Reputational Risk through Voting Results in Corporate Meetings: A Cross-Industry Analysis. Sustainability 2019, 11, 1287 .
AMA StyleMarcos Vizcaíno-González, Susana Iglesias-Antelo, Noelia Romero-Castro. Assessing Sustainability-Related Systematic Reputational Risk through Voting Results in Corporate Meetings: A Cross-Industry Analysis. Sustainability. 2019; 11 (5):1287.
Chicago/Turabian StyleMarcos Vizcaíno-González; Susana Iglesias-Antelo; Noelia Romero-Castro. 2019. "Assessing Sustainability-Related Systematic Reputational Risk through Voting Results in Corporate Meetings: A Cross-Industry Analysis." Sustainability 11, no. 5: 1287.
Vicente López-López; Susana Iglesias-Antelo; Antonio Vázquez-Sanmartín; Regina Connolly; Frank Bannister. e-Government, Transparency & Reputation: An Empirical Study of Spanish Local Government. Information Systems Management 2018, 35, 276 -293.
AMA StyleVicente López-López, Susana Iglesias-Antelo, Antonio Vázquez-Sanmartín, Regina Connolly, Frank Bannister. e-Government, Transparency & Reputation: An Empirical Study of Spanish Local Government. Information Systems Management. 2018; 35 (4):276-293.
Chicago/Turabian StyleVicente López-López; Susana Iglesias-Antelo; Antonio Vázquez-Sanmartín; Regina Connolly; Frank Bannister. 2018. "e-Government, Transparency & Reputation: An Empirical Study of Spanish Local Government." Information Systems Management 35, no. 4: 276-293.
This paper examines whether or not the relative importance of the firm and industry effects in explaining performance variations is the same regardless of the firm size. In relation to size, we think that there has been particular neglect of studying medium-sized firms separately from SMEs in general. That is why we study separately large, medium-sized and small firms. We also contribute to knowledge on the firm-industry debate testing empirically both effects distinguishing the firms by size according to a standard classification in the EU. Our results show that the performances of large and small firms are mainly explained by the firm effect, albeit for different reasons, while the performance of medium-sized firms is explained primarily by the industry effect.
Esteban Fernández; Susana Iglesias-Antelo; Vicente López-López; Marcos Rodríguez-Rey; Carlos M. Fernandez-Jardon. Firm and industry effects on small, medium-sized and large firms’ performance. BRQ Business Research Quarterly 2018, 22, 25 -35.
AMA StyleEsteban Fernández, Susana Iglesias-Antelo, Vicente López-López, Marcos Rodríguez-Rey, Carlos M. Fernandez-Jardon. Firm and industry effects on small, medium-sized and large firms’ performance. BRQ Business Research Quarterly. 2018; 22 (1):25-35.
Chicago/Turabian StyleEsteban Fernández; Susana Iglesias-Antelo; Vicente López-López; Marcos Rodríguez-Rey; Carlos M. Fernandez-Jardon. 2018. "Firm and industry effects on small, medium-sized and large firms’ performance." BRQ Business Research Quarterly 22, no. 1: 25-35.
Fernando Dellano-Paz; Anxo Calvo-Silvosa; Susana Iglesias Antelo; Isabel Soares. Power generation and pollutant emissions in the European Union: A mean-variance model. Journal of Cleaner Production 2018, 181, 123 -135.
AMA StyleFernando Dellano-Paz, Anxo Calvo-Silvosa, Susana Iglesias Antelo, Isabel Soares. Power generation and pollutant emissions in the European Union: A mean-variance model. Journal of Cleaner Production. 2018; 181 ():123-135.
Chicago/Turabian StyleFernando Dellano-Paz; Anxo Calvo-Silvosa; Susana Iglesias Antelo; Isabel Soares. 2018. "Power generation and pollutant emissions in the European Union: A mean-variance model." Journal of Cleaner Production 181, no. : 123-135.
Fernando Dellano-Paz; Anxo Calvo-Silvosa; Susana Iglesias Antelo; Isabel Soares. Energy planning and modern portfolio theory: A review. Renewable and Sustainable Energy Reviews 2017, 77, 636 -651.
AMA StyleFernando Dellano-Paz, Anxo Calvo-Silvosa, Susana Iglesias Antelo, Isabel Soares. Energy planning and modern portfolio theory: A review. Renewable and Sustainable Energy Reviews. 2017; 77 ():636-651.
Chicago/Turabian StyleFernando Dellano-Paz; Anxo Calvo-Silvosa; Susana Iglesias Antelo; Isabel Soares. 2017. "Energy planning and modern portfolio theory: A review." Renewable and Sustainable Energy Reviews 77, no. : 636-651.
Fernando Dellano-Paz; Anxo Calvo-Silvosa; Susana Iglesias Antelo; Isabel Soares. The European low-carbon mix for 2030: The role of renewable energy sources in an environmentally and socially efficient approach. Renewable and Sustainable Energy Reviews 2015, 48, 49 -61.
AMA StyleFernando Dellano-Paz, Anxo Calvo-Silvosa, Susana Iglesias Antelo, Isabel Soares. The European low-carbon mix for 2030: The role of renewable energy sources in an environmentally and socially efficient approach. Renewable and Sustainable Energy Reviews. 2015; 48 ():49-61.
Chicago/Turabian StyleFernando Dellano-Paz; Anxo Calvo-Silvosa; Susana Iglesias Antelo; Isabel Soares. 2015. "The European low-carbon mix for 2030: The role of renewable energy sources in an environmentally and socially efficient approach." Renewable and Sustainable Energy Reviews 48, no. : 49-61.
Fernando De-Llano Paz; Susana Iglesias Antelo; Anxo Calvo Silvosa; Isabel Soares. The technological and environmental efficiency of the EU-27 power mix: An evaluation based on MPT. Energy 2014, 69, 67 -81.
AMA StyleFernando De-Llano Paz, Susana Iglesias Antelo, Anxo Calvo Silvosa, Isabel Soares. The technological and environmental efficiency of the EU-27 power mix: An evaluation based on MPT. Energy. 2014; 69 ():67-81.
Chicago/Turabian StyleFernando De-Llano Paz; Susana Iglesias Antelo; Anxo Calvo Silvosa; Isabel Soares. 2014. "The technological and environmental efficiency of the EU-27 power mix: An evaluation based on MPT." Energy 69, no. : 67-81.
Jean-Pierre Lévy Mangin; Susana Iglesias Antelo; Jesús Varela Mallou. Programas informaticos para el analisis estructural. Modelizacion con estructuras de covarianzas en Ciencias Sociales. Temas esenciales, avanzados y aportaciones especiales 2011, 59 -118.
AMA StyleJean-Pierre Lévy Mangin, Susana Iglesias Antelo, Jesús Varela Mallou. Programas informaticos para el analisis estructural. Modelizacion con estructuras de covarianzas en Ciencias Sociales. Temas esenciales, avanzados y aportaciones especiales. 2011; ():59-118.
Chicago/Turabian StyleJean-Pierre Lévy Mangin; Susana Iglesias Antelo; Jesús Varela Mallou. 2011. "Programas informaticos para el analisis estructural." Modelizacion con estructuras de covarianzas en Ciencias Sociales. Temas esenciales, avanzados y aportaciones especiales , no. : 59-118.
This work is a contribution to an incipient third line of empirical analysis within the context of the use of multifactor models to explain the covariation among asset returns. Such a line of research establishes a bridgehead between the one based on the selection of economic variables and that based on the extraction of factors by means of factor analysis. Specifically, this study focuses on macroeconomic magnitudes as potential sources of risk and uses a structural equation model to analyse data relative to the Spanish market. The market return is the only factor that is found to be significant.
Susana Iglesias Antelo; Jean-Pierre Lévy Mangin. An analysis of the risk–return relationship in the Spanish capital market using a structural equation model. Applied Economics Letters 2010, 17, 1397 -1403.
AMA StyleSusana Iglesias Antelo, Jean-Pierre Lévy Mangin. An analysis of the risk–return relationship in the Spanish capital market using a structural equation model. Applied Economics Letters. 2010; 17 (14):1397-1403.
Chicago/Turabian StyleSusana Iglesias Antelo; Jean-Pierre Lévy Mangin. 2010. "An analysis of the risk–return relationship in the Spanish capital market using a structural equation model." Applied Economics Letters 17, no. 14: 1397-1403.