The main purpose of this paper is to examine the effect of ‘strategic moves’ (or strategic change) on the likelihood of organizational survival in a population of firms which has undergone radical transformations in its environment. To this end, we propose and test two competitive hypotheses which are the result of two other theoretical perspectives about the consequences of strategic change: the adaptation view (classic strategic management and dynamic capabilities) and the ecological approach. While from the former, in general, it is assumed that strategic change has a positive effect on the likelihood of organizational survival, from the ecological approach, it is frequently argued that attempts at reorganization in general and strategic change in particular tend to be associated with an increase in the likelihood of organizational extinction. The sample used to test the two proposed hypotheses is the Spanish bank population over the period 1983–97. The results confirm the positive and significant effect of strategic moves (or strategic change) on the likelihood of organizational survival, in line with the conclusions of the adaptive perspective and other empirical research carried out in different settings. This paper introduces two important methodological innovations: (a) the definition and measurement of ‘strategic moves’ (or strategic change) by using a new cluster algorithm, the MCLUST; and (b) the control of the non‐observable heterogeneity using panel data models for ‘probit’ regression.

The reuse and recycling of construction and demolition waste is becoming an advisable choice to reduce the consumption of key raw materials and the environmental impact generated by the construction of new buildings. This study proposes the introduction of two new stages of recycled aggregate processing that allow redesigning the production process of recycled aggregates towards a more sustainable and eco-friendly system: sieving with secondary crushing and washing. Based on an experimental study, our findings show that the new stages reduce significantly the content of impurities and the water absorption of recycled aggregates, obtaining a better final product (i.e. cement mortar) for buildings. Moreover, the new final product made with treated recycled aggregates also experiences significant improvements in their physical and mechanical properties (i.e.: increased on average, 5% in flexural strength, 6% in compression strength and reduced shrinkage by 2%), in turn reducing both the costs associated with the manufacture of the new product and its environmental impact compared to other products that solely include untreated recycled aggregates. The potential economic and solid waste management implications for firms that choose to deploy the new production system depicted are also discussed.

This study examines how green bonds and environmental, social and governance (ESG) stock market returns have reacted to the COVID-19 crisis in the US. Unlike the Standard and Poor's (S&P) 500 index, the response of green bonds and ESG markets to pandemic progress is nonlinear: A low (large) level of confirmed new cases of COVID-19 has a positive (negative) impact. Furthermore, the implemented containment policies (stringency measures and vaccination campaigns) are positively valued, but their simultaneous use is perceived by investors as a bad signal. Overall, our findings question the resilience of investments in green bonds and ESG markets.

Purpose: Building on Upper Echelons Theory and prior research on strategic leadership, the purpose of this paper is to examine the possible effect on employee motivation of two sets of characteristics related to leaders: demographic (gender and age); and professional development (tenure, prior career experience in the organization and training).Design/methodology/approach: The empirical analysis is based on data from a survey of Spanish educational organizations (secondary schools). The hypotheses are tested using hierarchical multiple regression analysis estimations.Findings: The results reveal that the characteristics linked to a leader’s professional development have a significant impact on employee (teacher) motivation. Specifically, a long tenure in office has a negative effect, while prior career experience in an organization and continuous training have a positive impact. However, none of the leader’s demographic characteristics considered in the study has a significant impact on teacher motivation.Practical implications: Several lines of managerial and educational policy action are suggested for improving employee (teacher) motivation, especially in the specific case of the schools considered here.Originality/value: This study is one of the first attempts to explore what impact certain leaders’ characteristics have on employee motivation.

The building sector is currently involved in a process of change as a result of concerns about the sustainability of the construction industry. For this reason, the application of circular economy criteria that are committed to the development of new, more sustainable construction materials has become one of the major challenges included in the European Green Pact. In this research, the physical and mechanical characterisation of a new plaster composite material with the incorporation of recycled rubber granular particles and glass wool waste fibres has been carried out. It has been possible to replace up to 30% of the original plaster material with recycled raw material, improving the thermal behaviour of the prefabricated plaster plates. In addition, good mechanical performance has been obtained and the weight of the precast elements has been reduced. Finally, using the FlexSim simulation software, different scenarios have been examined which have permitted to know the increases in productivity in the manufacturing process derived from the use of these lightened sustainable materials, as well as to verify the reduction in fuel consumption (litres/plate) and CO2 emissions during transport. For all these reasons, the application of circular economy criteria applied to waste management is fundamental to progress towards the achievement of the Sustainable Development Goals. Key Words: circular economy, building/construction industry product innovation, sustainable prefabricated construction, efficiency, simulation.

This study sheds additional light on the product diversification‐performance relationship for firms in a country having recently attained an advanced economy status in our period of analysis. We assume there will be an inverted U‐shaped relationship and use a sample of small, medium, and large Spanish manufacturing firms between 1994 and 2008. Our findings provide solid support for this assumption, and are identical when the sample consists of small, medium, and large firms and of large firms alone. Our results also suggest that the larger the firm, the higher the optimal level of diversification. Panel data models are used to control for unobservable heterogeneity and potential endogeneity problems. Copyright © 2015 ASAC. Published by John Wiley & Sons, Ltd.