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Copper concentrates are the primary product sold by copper mines to traders or smelters. Their price is set in private agreements following unofficial market practices which, along with the fact of the wide variety of concentrates layouts traded worldwide, make problematic for any market participant to have a clear price reference for a specific concentrate. This paper presents a copper concentrates benchmark price model which provides suitable short-term price estimations based on metals and discounts forecasts, as well as on copper, gold and silver spot and future prices data from the LME and COMEX. The model, which redeems considerably low forecast error values for the short-term concentrate prices, constitutes a useful and applicable tool for miners, traders and smelters to set a benchmark price level for their copper concentrate transactions, also helping them optimize their operations, as well as estimate their immediate liquidity needs or their actual necessity to hedge the price risks associated to their concentrate trading. In addition, different concentrates layouts have been analyzed to test the model's behavior with the most common specification and blends of copper concentrates demanded by the market, as well as to portray the model's forecasting capacity and its ability to convey information on the future relevance of the different components of pricing in the most frequent timeframe in which copper concentrate trading takes place.
Francisco J. Díaz-Borrego; Bernabé Escobar-Peréz; María Del Mar Miras-Rodríguez. Estimating copper concentrates benchmark prices under dynamic market conditions. Resources Policy 2020, 70, 101959 .
AMA StyleFrancisco J. Díaz-Borrego, Bernabé Escobar-Peréz, María Del Mar Miras-Rodríguez. Estimating copper concentrates benchmark prices under dynamic market conditions. Resources Policy. 2020; 70 ():101959.
Chicago/Turabian StyleFrancisco J. Díaz-Borrego; Bernabé Escobar-Peréz; María Del Mar Miras-Rodríguez. 2020. "Estimating copper concentrates benchmark prices under dynamic market conditions." Resources Policy 70, no. : 101959.
Previous research on the effects on corporate social responsibility (CSR) is inconclusive and academics have increasingly discussed the credibility of CSR reporting. Our research analyses the influence of CSR reporting on corporate reputation by considering different scenarios based on companies' CSR consistency, which reflects the coherence between their CSR reporting and CSR commitment. Theoretically, CSR reporting initiatives could be perceived by stakeholders as a substantive or symbolic strategy. Our findings highlight that corporate reputation tends to be negatively affected by CSR reporting, which is generally identified by stakeholders as an impression management strategy (particularly gaining an ‘in accordance’ Global Reporting Initiative level and assurance), although the relationship between CSR reporting and corporate reputation depends on the CSR consistency of a firm. This evidence has direct implications for academics to refine theoretical frameworks as well as for companies and regulators to better understand the effects of CSR reporting.
María Del Mar Miras‐Rodríguez; Francisco Bravo‐Urquiza; Bernabé Escobar‐Pérez. Does corporate social responsibility reporting actually destroy firm reputation? Corporate Social Responsibility and Environmental Management 2020, 27, 1947 -1957.
AMA StyleMaría Del Mar Miras‐Rodríguez, Francisco Bravo‐Urquiza, Bernabé Escobar‐Pérez. Does corporate social responsibility reporting actually destroy firm reputation? Corporate Social Responsibility and Environmental Management. 2020; 27 (4):1947-1957.
Chicago/Turabian StyleMaría Del Mar Miras‐Rodríguez; Francisco Bravo‐Urquiza; Bernabé Escobar‐Pérez. 2020. "Does corporate social responsibility reporting actually destroy firm reputation?" Corporate Social Responsibility and Environmental Management 27, no. 4: 1947-1957.
Forecasting copper prices has been the objective of numerous investigations. However, there is a lack of research about the price at which mines sell copper concentrate to smelters. The market reality is more complex since smelters obtain the copper that they sell from the concentrate that mines produce by processing the ore which they have extracted. It therefore becomes necessary to thoroughly analyse the price at which smelters buy the concentrates from the mines, besides the price at which they sell the copper. In practice, this cost is set by applying discounts to the price of cathodic copper, the most relevant being those corresponding to the smelters’ benefit margin (Treatment Charges-TC and Refining Charges-RC). These discounts are agreed upon annually in the markets and their correct forecasting will enable making more adequate models to estimate the price of copper concentrates, which would help smelters to duly forecast their benefit margin. Hence, the aim of this paper is to provide an effective tool to forecast copper TC/RC annual benchmark levels. With the annual benchmark data from 2004 to 2017 agreed upon during the LME Copper Week, a three-model comparison is made by contrasting different measures of error. The results obtained indicate that the LES (Linear Exponential Smoothing) model is the one that has the best predictive capacity to explain the evolution of TC/RC in both the long and the short term. This suggests a certain dependency on the previous levels of TC/RC, as well as the potential existence of cyclical patterns in them. This model thus allows us to make a more precise estimation of copper TC/RC levels, which makes it useful for smelters and mining companies.
Francisco J. Díaz-Borrego; María Del Mar Miras-Rodríguez; Bernabé Escobar-Pérez. Looking for Accurate Forecasting of Copper TC/RC Benchmark Levels. Complexity 2019, 2019, 1 -16.
AMA StyleFrancisco J. Díaz-Borrego, María Del Mar Miras-Rodríguez, Bernabé Escobar-Pérez. Looking for Accurate Forecasting of Copper TC/RC Benchmark Levels. Complexity. 2019; 2019 ():1-16.
Chicago/Turabian StyleFrancisco J. Díaz-Borrego; María Del Mar Miras-Rodríguez; Bernabé Escobar-Pérez. 2019. "Looking for Accurate Forecasting of Copper TC/RC Benchmark Levels." Complexity 2019, no. : 1-16.
Although several studies have analyzed the role that specific corporate governance mechanisms have on Corporate Social Responsibility (CSR) reporting practices, their findings have not been conclusive and the evidence from developing countries is scarce. The theoretical support for this relationship in the previous literature is found in Stakeholder, Agency, Legitimacy, and Good Management theories. Undoubtedly, as the institutional environment has an important impact on CSR reporting practices, it would be relevant for this field of research to analyze this relationship in companies from emerging countries. It is suggested for the sake of convenience to consider different levels of corporate governance mechanisms together due to the high interdependence among them. Consequently, the aim of this paper is to analyze whether different levels of corporate governance mechanisms (at the institutional, group, and firm level) are determinant factors of the CSR reporting practices in BRICS countries (Brazil, Russia, India, China, and South Africa). The final sample was composed of 281 companies. On the basis of our results, we conclude that institutional corporate governance mechanisms influence the company’s CSR reporting strategy and that both CSR disclosure practices analyzed are affected by group-level corporate governance mechanisms in companies from family-based societies. Our findings support the appropriateness of separately analyzing this issue in emerging countries.
María Del Mar Miras-Rodríguez; Domingo Martínez-Martínez; Bernabé Escobar-Pérez. Which Corporate Governance Mechanisms Drive CSR Disclosure Practices in Emerging Countries? Sustainability 2018, 11, 61 .
AMA StyleMaría Del Mar Miras-Rodríguez, Domingo Martínez-Martínez, Bernabé Escobar-Pérez. Which Corporate Governance Mechanisms Drive CSR Disclosure Practices in Emerging Countries? Sustainability. 2018; 11 (1):61.
Chicago/Turabian StyleMaría Del Mar Miras-Rodríguez; Domingo Martínez-Martínez; Bernabé Escobar-Pérez. 2018. "Which Corporate Governance Mechanisms Drive CSR Disclosure Practices in Emerging Countries?" Sustainability 11, no. 1: 61.
Maria Del Mar Miras; Jose A.D. Machuca; Bernabé Escobar-Pérez. Drivers that encourage environmental practices in manufacturing plants: A comparison of cultural environments. Journal of Cleaner Production 2018, 179, 690 -703.
AMA StyleMaria Del Mar Miras, Jose A.D. Machuca, Bernabé Escobar-Pérez. Drivers that encourage environmental practices in manufacturing plants: A comparison of cultural environments. Journal of Cleaner Production. 2018; 179 ():690-703.
Chicago/Turabian StyleMaria Del Mar Miras; Jose A.D. Machuca; Bernabé Escobar-Pérez. 2018. "Drivers that encourage environmental practices in manufacturing plants: A comparison of cultural environments." Journal of Cleaner Production 179, no. : 690-703.
The aim of this paper is to examine what kinds of CG mechanisms (institutional, firm or group level) are driving getting an Assurance or a GRI application level, like CSR disclosure decisions linked with credibility and usefulness of the information disclosed, in the particular context of energy companies. Previous evidence is scarce and does not jointly consider all levels of CG mechanisms. Our sample is composed by 176 energy companies worldwide which currently report about CSR through a sustainability report. On the basis of our findings, we could support the idea that the credibility of the CSR report of the utilities companies will be greater if the company listed in a Relation-Based country has an Assurance report. In addition, those companies that have a concentrated ownership and the fewer insiders sitting in the BoD present more probabilities of having an Assurance. Moreover, the usefulness of the CSR information provided by this kind of firms will be higher, the greater the efficiency of the BoD will be. The enhancement of the credibility and the usefulness of the information reported is essential for companies involved in this sector due to the frequent claim of window-dressing behaviours.
María Del Mar Miras-Rodríguez; Roberto Di Pietra. Corporate Governance mechanisms as drivers that enhance the credibility and usefulness of CSR disclosure. Journal of Management and Governance 2018, 22, 565 -588.
AMA StyleMaría Del Mar Miras-Rodríguez, Roberto Di Pietra. Corporate Governance mechanisms as drivers that enhance the credibility and usefulness of CSR disclosure. Journal of Management and Governance. 2018; 22 (3):565-588.
Chicago/Turabian StyleMaría Del Mar Miras-Rodríguez; Roberto Di Pietra. 2018. "Corporate Governance mechanisms as drivers that enhance the credibility and usefulness of CSR disclosure." Journal of Management and Governance 22, no. 3: 565-588.
Most thalassotherapy centres in Spain do not have any quality certification but they are carrying out several actions of quality management in an attempt to obtain better results. Consequently, the aim of this research is to study if the implementation of quality practices on thalassotherapy centres has the same impact on companies’ results as on the results of those companies that got the quality certifications. In addition, the relationships between different factors considered are going to be studied. Our sample is composed of Spanish thalassotherapy centres, and the statistical technique used is based on structural equation modelling, in particular partial least squares (PLS) regression. The data were provided by the answers given by 31 managers (70.45% of the selected sample) to a structured questionnaire based on previous research and statistically validated. The results of this research allow us to conclude that these kinds of organizations have implemented informal practices to improve the quality of the service in terms of leadership, personnel management, alliances, and resources and show that the practices that have been carried out by these centres to enhance the quality of the service have an impact on companies’ results. Managers of these kinds of establishments that want to improve customer results should focus their efforts on continuous improvement, whereas, if they are pursuing enhancement of other results, their efforts should be focused on process management.
José Álvarez-García; María De La Cruz Del Río-Rama; María Del Mar Miras-Rodríguez. How Do Quality Practices Affect the Results?: The Experience of Thalassotherapy Centres in Spain. Sustainability 2017, 9, 671 .
AMA StyleJosé Álvarez-García, María De La Cruz Del Río-Rama, María Del Mar Miras-Rodríguez. How Do Quality Practices Affect the Results?: The Experience of Thalassotherapy Centres in Spain. Sustainability. 2017; 9 (4):671.
Chicago/Turabian StyleJosé Álvarez-García; María De La Cruz Del Río-Rama; María Del Mar Miras-Rodríguez. 2017. "How Do Quality Practices Affect the Results?: The Experience of Thalassotherapy Centres in Spain." Sustainability 9, no. 4: 671.
The aim of this article is to analyze whether the institutional environment has a direct effect on Corporate Social Responsibility (CSR) reporting practices or if this effect is explained by the influence of the institutional environment on Corporate Governance (CG) mechanisms. To conduct our study, we focused on two countries that reflect different types of institutional environment: relation-based (Brazil) and rule-based (Spain). Based on our results, we can affirm that the institutional environment influences CG mechanisms (Board Size and Reference Shareholder) as well as companies' CSR disclosure. Additionally, the CG mechanisms affected by the institutional environment also help to explain differences in CSR reporting practices. As relation-based societies evolve into rules-based environments, the information disclosed about CSR becomes more complex due to a strengthening of CG mechanisms.
María Del Mar Miras Rodríguez; Bernabé Escobar Pérez. DOES THE INSTITUTIONAL ENVIRONMENT AFFECT CSR DISCLOSURE? THE ROLE OF GOVERNANCE. Revista de Administração de Empresas 2016, 56, 641 -654.
AMA StyleMaría Del Mar Miras Rodríguez, Bernabé Escobar Pérez. DOES THE INSTITUTIONAL ENVIRONMENT AFFECT CSR DISCLOSURE? THE ROLE OF GOVERNANCE. Revista de Administração de Empresas. 2016; 56 (6):641-654.
Chicago/Turabian StyleMaría Del Mar Miras Rodríguez; Bernabé Escobar Pérez. 2016. "DOES THE INSTITUTIONAL ENVIRONMENT AFFECT CSR DISCLOSURE? THE ROLE OF GOVERNANCE." Revista de Administração de Empresas 56, no. 6: 641-654.
María Del Mar Miras-Rodríguez; Amalia Carrasco-Gallego; Bernabé Escobar-Pérez. Has the CSR engagement of electrical companies had an effect on their performance? A closer look at the environment. Business Strategy and the Environment 2014, 24, 819 -835.
AMA StyleMaría Del Mar Miras-Rodríguez, Amalia Carrasco-Gallego, Bernabé Escobar-Pérez. Has the CSR engagement of electrical companies had an effect on their performance? A closer look at the environment. Business Strategy and the Environment. 2014; 24 (8):819-835.
Chicago/Turabian StyleMaría Del Mar Miras-Rodríguez; Amalia Carrasco-Gallego; Bernabé Escobar-Pérez. 2014. "Has the CSR engagement of electrical companies had an effect on their performance? A closer look at the environment." Business Strategy and the Environment 24, no. 8: 819-835.
Based on the strong influence that national culture has on corporate social and responsibility (CSR) actions (institutional theory), it is necessary to study how the financial outcomes of CSR actions could be affected by these cultural characteristics. This fact is particularly interesting for managers whose companies operate in different cultures given that they have to deal with this aspect. The aim of this paper is to analyze the moderator role that national culture could have on the CSR and firm performance (CSR‐FP) relationship through a meta‐analysis, hence helping to clarify the debate existing about this relationship in the literature. The results show that this relationship is greatly affected by national culture. In this sense, countries with a high assertiveness and gender egalitarianism show a very negative relationship. Nevertheless, those with a higher future orientation, institutional collectivism, and a humane orientation reveal a positive correlation which reaches its maximum value in those countries with a high uncertainty avoidance. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment
María Del Mar Miras-Rodríguez; Amalia Carrasco-Gallego; Bernabé Escobar-Pérez. Are Socially Responsible Behaviors Paid Off Equally? A Cross-cultural Analysis. Corporate Social Responsibility and Environmental Management 2013, 22, 237 -256.
AMA StyleMaría Del Mar Miras-Rodríguez, Amalia Carrasco-Gallego, Bernabé Escobar-Pérez. Are Socially Responsible Behaviors Paid Off Equally? A Cross-cultural Analysis. Corporate Social Responsibility and Environmental Management. 2013; 22 (4):237-256.
Chicago/Turabian StyleMaría Del Mar Miras-Rodríguez; Amalia Carrasco-Gallego; Bernabé Escobar-Pérez. 2013. "Are Socially Responsible Behaviors Paid Off Equally? A Cross-cultural Analysis." Corporate Social Responsibility and Environmental Management 22, no. 4: 237-256.
Bernabé Escobar Pérez; María Del Mar Miras Rodríguez. Spanish savings banks' social commitment: just pretty words? Social Responsibility Journal 2013, 9, 427 -440.
AMA StyleBernabé Escobar Pérez, María Del Mar Miras Rodríguez. Spanish savings banks' social commitment: just pretty words? Social Responsibility Journal. 2013; 9 (3):427-440.
Chicago/Turabian StyleBernabé Escobar Pérez; María Del Mar Miras Rodríguez. 2013. "Spanish savings banks' social commitment: just pretty words?" Social Responsibility Journal 9, no. 3: 427-440.
Maria Del Mar Miras-Rodriguez; Bernabe Escobar-Perez. EFFECT OF ENVIRONMENTAL VARIABLES ON FINANCIAL PERFORMANCE: THE CASE OF ELECTRICAL INDUSTRY. Environmental Engineering and Management Journal 2013, 12, 1995 -2000.
AMA StyleMaria Del Mar Miras-Rodriguez, Bernabe Escobar-Perez. EFFECT OF ENVIRONMENTAL VARIABLES ON FINANCIAL PERFORMANCE: THE CASE OF ELECTRICAL INDUSTRY. Environmental Engineering and Management Journal. 2013; 12 (10):1995-2000.
Chicago/Turabian StyleMaria Del Mar Miras-Rodriguez; Bernabe Escobar-Perez. 2013. "EFFECT OF ENVIRONMENTAL VARIABLES ON FINANCIAL PERFORMANCE: THE CASE OF ELECTRICAL INDUSTRY." Environmental Engineering and Management Journal 12, no. 10: 1995-2000.