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.

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.

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.

Propósito. Mostrar los resultados de un estudio que procura analizar en qué medida en la enseñanza primaria y secundaria se promueve no ya la creación de empresas en general, sino la creación de empresas de participación en particular.Temas. Se pretende ahondar en el análisis de la correlación existente entre las iniciativas desarrolladas bajo fórmulas participativas en los centros de enseñanza cooperativos con dos objetivos más ambiciosos. El primero, contrastar si estos promueven, en mayor medida, la creación de sociedades cooperativas y laborales que otros centros educativos que no sean sociedades cooperativas. El segundo, conocer en el ámbito universitario, la influencia que puedan tener los centros de educación cooperativos en la posible creación de empresas bajo fórmulas jurídicas de sociedad cooperativa y sociedad laboral.Desarrollo. Se ha constatado la necesidad de una evidente coordinación de las materias y competencias en todos los niveles educativos en materia emprendedora. Conclusiones. Es importante incentivar la creación y puesta en marcha de proyectos empresariales de participación en niveles inferiores de enseñanza, y que sea la Universidad (las oficinas técnicas universitarias de apoyo en materia de creación de empresas y el profesorado) quienes culminen el proceso de apoyo y seguimiento de estos proyectos, prestándoles asesoramiento y formación.

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The aim of this research is to use different economic variables to establish whether there are differences in economic performance between companies as a result of their inclusion in the sustainability index. 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. 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. Morover, it is confirmed 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. The basic conclusion is that adhering to social and environmental standards does not harm a firm's competitive position and, therefore, provide support for the development policy of responsible practices so that they become a tool to help improve the resilience of the economy and investor trust.

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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.