Person:
Fernández Guadaño, Josefina

Profile Picture
First Name
Josefina
Last Name
Fernández Guadaño
URI
https://hdl.handle.net/20.500.14352/74764
Affiliation
Universidad Complutense de Madrid
Faculty / Institute
Ciencias Económicas y Empresariales
Department
Administración Financiera y Contabilidad
Area
Economía Financiera y Contabilidad
Identifiers
UCM identifierORCIDScopus Author IDWeb of Science ResearcherIDDialnet IDGoogle Scholar ID

Filters

2015 - 20197
Reset filters

Settings

End date: 2019 × Start date: 2010 ×

Search Results

Now showing 1 - 7 of 7
  • Thumbnail Image
    Item
    Employee-Owned Firms from a Stakeholder Perspective
    (Journal of International Development, 2018) Fernández Guadaño, Josefina; López Millán, Manuel
    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.
  • Thumbnail Image
    Item
    Measuring the economic performance of socially responsible companies
    (Journal of Economics and Business, 2015) Fernández Guadaño, Josefina
    This paper presents a one-dimensional exploratory study which compares the socially responsible companies included in the Spanish sustainability index, FTSE4Good Ibex, with the rest of the indices in the IBEX family. The aim is to use different economic variables to establish whether there are differences in economic performance. Parametric testing was used to study whether there are differences between the two types of companies. The results demonstrate that there are no statistically significant differences in economic performance between the two groups. The study confirms that companies with good practices are as profitable as the rest, but it also demonstrates that the economic-financial behaviour is not better as a result of being in the sustainability index.
  • Thumbnail Image
    Item
    Employee-owned firms: A business model of Social Economy with potential
    (Transformations in Business and Economics, 2015) Fernández Guadaño, Josefina
    In Spain, the companies that are mainly owned by the employees form a part of the Social Economy and offer an alternative business model, which is found in a conventional capitalist economy. The objective of this study is to establish whether there are significant differences in the performance of Employee Owned Firms (EOFs) and more conventionally structured businesses, non-Employee Owned Firms (non-EOFs), due to the inherent differences in the capital-ownership structure. The aim is to establish whether or not a corporate governance structure characterised by the employee participation for both the financial and the informational decision-making aspects can be advocated. The results show differences in favour of the conventional non-EOFs for various indicators measuring economic performance and confirm the different objectives of each business type; however, they provide evidence of significant differences in favour of the EOFs in terms of the efficient use of the capital and labour factors of production, according to the theoretical literature.
  • Thumbnail Image
    Item
    Impact of Corporate Social Responsibility on Value Creation from a Stakeholder Perspective
    (Sustainability, 2018) Fernández Guadaño, Josefina; Sarria Pedoza, Jesús H
    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.
  • Thumbnail Image
    Item
    Assessing employee-owned firms: an examination of the Spanish economic model
    (Economic Research-Ekonomska Istrazivanja, 2019) Fernández Guadaño, Josefina; López Millán, Manuel
    Employee-owned firms (EOFs) form part of the so-called social economy, and they are seen as an alternative business model that aims to establish itself as a third way, different to conventional capitalist firms and public enterprises. These firms meet the Spanish legal requirements (Law 44/2015) for employee ownership designation. This paper assesses whether the capital ownership structure is a key factor determining operating performance, productivity and solvency, or in other words, the impact the firm’s capital ownership structure may have on its economic performance, labour factor and capital factor. Based on a sample of small employee-owned firms and non-employee owned firms, the study develops an empirical methodology using a panel data analysis. The study shows the characteristics of Spain’s EOFs as an alternative legal form of employee share ownership, which is included in the Social Economy, but different from cooperative societies.
  • Thumbnail Image
    Item
    Project number: 70
    ¿Necesitamos un asistente virtual para apoyo y formación permanente de profesores, alumnos y egresados en nuestra página web?
    (2019) Lambea Rueda, Ana; Grau Ruiz, Maria Amparo; Sánchez-Urán Azaña, Yolanda; Amesti Mendizabal, Christi; Briones Martínez, Irene; Callejo Rodríguez, Carmen; Muñoz García, Carmen; Iglesia Monje, María Isabel de la; Fernández Cano, Ana Cristina; López Ruiz, Tomás Enrique; Vázquez Muiña, Tania; Fernández Guadaño, Josefina; García Carretero, Belén; Verdesoto Gómez, Marta María; Moreno Mancebo, Manuela Asensia; Peña Velasco, Gaspar de la; Martín Fernández, Francisco Javier; Falcón Tella, Ramón; Gutiérrez-Sola Calvo, Beatriz Inmaculada; Fernández de la Iglesia, Elena; Sánchez-Castro Marín, Manuel Alejandro
    Se trata de identificar las necesidades no resueltas y otras cuestiones de interés, y proponer la utilización del asistente virtual como herramienta de apoyo en el acceso, la formación presente y futura, con carácter permanente, al alumno y al profesor; ello supone su utilidad en el momento presente y en el futuro, como herramienta de formación y acceso permanente. La originalidad del Proyecto estriba precisamente en el planteamiento de la incorporación de la asistencia virtual e inteligencia artificial para la asistencia y apoyo a los alumnos y profesores. El uso de la tecnología es cada vez más mayor, y puede revertir en beneficio al alumno desde una perspectiva más amplia de la que un profesor individualmente puede ofrecerle; se lograría así el acceso a la información con una intervención humana mínima, en cualquier momento y en cuestiones generales de amplio espectro, al que cada profesor en su especialidad no llega a abarcar, y los programas voluntarios de mentorías tampoco.
  • Thumbnail Image
    Item
    Employee-owned firms: a labour model with potential?
    (Transformations in business and economics, 2015) Fernández Guadaño, Josefina
    In Spain, the companies that are mainly owned by the employees form a part of the Social Economy and offer an alternative business model, which is found in a conventional capitalist economy. The objective of this study is to establish whether there are significant differences in the performance of Employee Owned Firms (EOFs) and more conventionally structured businesses, non-Employee Owned Firms (non-EOFs), due to the inherent differences in the capital-ownership structure. The aim is to establish whether or not a corporate governance structure characterised by the employee participation for both the financial and the informational decision-making aspects can be advocated. The results show differences in favour of the conventional non-EOFs for various indicators measuring economic performance and confirm the different objectives of each business type; however, they provide evidence of significant differences in favour of the EOFs in terms of the efficient use of the capital and labour factors of production, according to the theoretical literature.