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Jesús Sarria-Pedroza
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.