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Josefina Fernández-Guadaño
Accounting and Finance Department, Complutense University, 28040 Madrid, Spain

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Journal article
Published: 23 July 2021 in CIRIEC-España, revista de economía pública, social y cooperativa
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El objetivo de esta investigación es el de contribuir en la literatura económica acerca de la importancia de la evaluación del impacto de las políticas públicas en orden a mejorar la asignación de los recursos financieros, así como contribuir a la productividad y eficiencia de las empresas. Para ello se ha tomado como referencia el programa REINDUS, que es uno de los instrumentos más representativos de la política industrial en España y, que otorga, entre otros, préstamos blandos a empresas con el propósito de impulsar el desarrollo industrial a través de la mejora empresarial y la eficiencia de los sectores productivos. El periodo analizado comprende las convocatorias entre 2009 y 2014, teniendo como base 689 PYMEs con información requerida. Los resultados obtenidos mediante el cálculo del Índice de Productividad de Malmquist y sus componentes, muestran que esta política pública no ha tenido un impacto positivo en la productividad (TFP) de las empresas tratadas respecto a las de control, presentándose un retroceso tecnológico (frontier-shift), compensado con una mejora de la eficiencia (catch-up) que puede atribuirse en parte al comportamiento del mercado laboral en el periodo analizado. El retroceso tecnológico observado en las empresas contrasta con los objetivos de la política, que sugiere una revisión de los criterios de asignación y seguimiento en la ejecución de las inversiones financiadas.

ACS Style

Jesús Sarria-Pedroza; Josefina Fernández-Guadaño. Evaluación del impacto de políticas públicas: análisis temporal del programa de reindustrialización en España. CIRIEC-España, revista de economía pública, social y cooperativa 2021, 291 -328.

AMA Style

Jesús Sarria-Pedroza, Josefina Fernández-Guadaño. Evaluación del impacto de políticas públicas: análisis temporal del programa de reindustrialización en España. CIRIEC-España, revista de economía pública, social y cooperativa. 2021; (102):291-328.

Chicago/Turabian Style

Jesús Sarria-Pedroza; Josefina Fernández-Guadaño. 2021. "Evaluación del impacto de políticas públicas: análisis temporal del programa de reindustrialización en España." CIRIEC-España, revista de economía pública, social y cooperativa , no. 102: 291-328.

Journal article
Published: 07 July 2020 in Sustainability
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The main objective of this research is to contribute to the economic literature on cooperative entrepreneurship as a model for sustainable development, taking into account the special alignment of the cooperative principles (ICA) with the UN Sustainable Development Goals (SDGs). It offers new empirical evidence from Spain, based on Stakeholder Theory, about the differences between cooperatives (Coops) and Capitalist Firms (CFs) in relation to the distribution of economic value between the different stakeholders. For this purpose, panel data was analysed using the Correlated Random Effects approach. The results reveal that cooperative firms generate value for some of the stakeholders analysed, specifically for their partners and creditors, but no significant differences have been found with CFs in terms of workers and the state. In both cases, it can be inferred that the period analysed has influenced the results, since it has been found that, first, cooperatives adjust wages downward rather than dismiss workers during a recession, which is in line with previous research, and second, that their tax contribution to the state is lower because they are subject to a more favourable tax system in Spain.

ACS Style

Josefina Fernandez-Guadaño; Manuel Lopez-Millan; Jesús Sarria-Pedroza. Cooperative Entrepreneurship Model for Sustainable Development. Sustainability 2020, 12, 5462 .

AMA Style

Josefina Fernandez-Guadaño, Manuel Lopez-Millan, Jesús Sarria-Pedroza. Cooperative Entrepreneurship Model for Sustainable Development. Sustainability. 2020; 12 (13):5462.

Chicago/Turabian Style

Josefina Fernandez-Guadaño; Manuel Lopez-Millan; Jesús Sarria-Pedroza. 2020. "Cooperative Entrepreneurship Model for Sustainable Development." Sustainability 12, no. 13: 5462.

Journal article
Published: 18 June 2018 in Sustainability
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In recent years, we have witnessed how companies and institutions have devoted significant effort to developing Corporate Social Responsibility (CSR) policies, basing their decision on the improvement in company results and the subsequent benefits for shareholders and other stakeholders. CSR means that managers must go beyond the mere satisfaction of the shareholders and take steps to establish balanced relations with all their stakeholders. The principles behind the CSR approach empower stakeholder governance. To test whether CSR policy constitutes a factor in value creation for shareholders and certain stakeholders such as employees, creditors and the State, we conducted an explanatory study, using a Correlated Random Effects approach, which compares the socially responsible companies included in the Spanish sustainability index, FTSE4Good Ibex, with the companies listed on the other indices of the IBEX family. On the one hand, the data show that sustainability reporting is well established in large companies in Spain but that it needs to be introduced more extensively in small and medium-sized enterprises. On the other hand, the findings point out that CSR has a positive and significant influence on the distribution of value in favor of the State, a negative influence for employees and no influence on other stakeholders.

ACS Style

Josefina Fernández-Guadaño; Jesús H. Sarria-Pedroza. Impact of Corporate Social Responsibility on Value Creation from a Stakeholder Perspective. Sustainability 2018, 10, 2062 .

AMA Style

Josefina Fernández-Guadaño, Jesús H. Sarria-Pedroza. Impact of Corporate Social Responsibility on Value Creation from a Stakeholder Perspective. Sustainability. 2018; 10 (6):2062.

Chicago/Turabian Style

Josefina Fernández-Guadaño; Jesús H. Sarria-Pedroza. 2018. "Impact of Corporate Social Responsibility on Value Creation from a Stakeholder Perspective." Sustainability 10, no. 6: 2062.

Article
Published: 23 February 2018 in Journal of International Development
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This study focuses on the role of employee-owned firms (EOFs) in value creation from a stakeholder perspective. EOFs have been defined as Social Economy enterprises in Spain following guiding principles that in our opinion should empower stakeholder governance. Therefore, the impact of employee share ownership on value creation for shareholders and stakeholders has been measured on the basis of a sample of 1006 enterprises. The results reveal that EOFs have a positive and significant influence on the distribution of value in favour of the employees but not the other stakeholders. This finding, which allows us to partially accept one of the proposed hypotheses, is consistent with previous evidence that EOFs set their objectives to maximize the value obtained by the participating employees through their financial participation in the business, and not, therefore, to maximize profits. Copyright © 2018 John Wiley & Sons, Ltd.

ACS Style

Josefina Fernández-Guadaño; Manuel López-Millán. Employee-Owned Firms from a Stakeholder Perspective. Journal of International Development 2018, 1 .

AMA Style

Josefina Fernández-Guadaño, Manuel López-Millán. Employee-Owned Firms from a Stakeholder Perspective. Journal of International Development. 2018; ():1.

Chicago/Turabian Style

Josefina Fernández-Guadaño; Manuel López-Millán. 2018. "Employee-Owned Firms from a Stakeholder Perspective." Journal of International Development , no. : 1.

Journal article
Published: 18 September 2013 in Service Business
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This paper does a comparative analysis of the economic performance between employee-owned firms (EOFs) and conventional capitalist companies (non-employee-owned firms, NEOFs). EOFs show good economic performance if the different objectives that distinguish them from NEOFs are considered. These differences stem precisely from the different capital-ownership structures. Nevertheless, the results deteriorate if profitability and productiveness are analysed. The results for productivity differ from theoretical thought which considers that the main differences between these two types of structures should be explained by the double condition people have as both partners and workers in the EOF; this link between company and workers should translate into increased productiveness. The results of the analysis do not empirically demonstrate the positive effects that were expected with an EOF structure. There are, however, sufficient motives for extending the study to the compared analysis of other subjects that work under specific legal regulations and even to the compared analysis of other regulative forms that exist in other Member States of the European Union.

ACS Style

Josefina Fernández-Guadaño. Employee-owned and capitalist firms: is performance linked to ownership? Service Business 2013, 8, 541 -558.

AMA Style

Josefina Fernández-Guadaño. Employee-owned and capitalist firms: is performance linked to ownership? Service Business. 2013; 8 (4):541-558.

Chicago/Turabian Style

Josefina Fernández-Guadaño. 2013. "Employee-owned and capitalist firms: is performance linked to ownership?" Service Business 8, no. 4: 541-558.

Journal article
Published: 01 March 2006 in Annals of Public and Cooperative Economics
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ACS Style

Josefina Fernández Guadaño. Structural Changes in the Development of European Co-operative Societes. Annals of Public and Cooperative Economics 2006, 77, 107 -127.

AMA Style

Josefina Fernández Guadaño. Structural Changes in the Development of European Co-operative Societes. Annals of Public and Cooperative Economics. 2006; 77 (1):107-127.

Chicago/Turabian Style

Josefina Fernández Guadaño. 2006. "Structural Changes in the Development of European Co-operative Societes." Annals of Public and Cooperative Economics 77, no. 1: 107-127.