Employee‐Owned Firms from a Stakeholder Perspective

Guadaño, Josefina Fernández; López-Millán, Manuel

doi:10.1002/jid.3363

Cited by 6 publications

(7 citation statements)

References 29 publications

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“…The four models have shown a good fit and explanatory power. Some results are similar to those in the empirical evidence to date [30,35]. The result of the Hausman test in the four models proposed rejects the null hypothesis, thus indicating that we should use the FE estimator.…”

Section: Resultssupporting

confidence: 86%

“…The four models have shown a good fit and explanatory power. Some results are similar to those in the empirical evidence to date [30,35]. The results of model 1 show that cooperatives have a positive and significant influence on the DIVVA variable, therefore allowing us to accept Hypothesis 1: Coops positively influence shareholder value added.…”

Section: Resultssupporting

confidence: 86%

“…Finally, the size variable has a negative influence in models 1, 3 and 4 in favour of SMEs compared to micro-enterprises, and similar results were found for Employee Owned Fims in previous studies [30]. Similarly, the activity sector was significant in models 1 and 4, in favour of the service sector, and in model 3 in favour of the industrial sector.…”

Section: Resultssupporting

confidence: 84%

“…The following were selected as explanatory variables on the basis that previous research has found them to be relevant [20,[28][29][30]. The main independent dichotomous variable takes the value 0 if it is a CF and 1 if it is a Coop.…”

Section: Explanatory Variablesmentioning

confidence: 99%

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Cooperative Entrepreneurship Model for Sustainable Development

2020

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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.

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Section: Resultssupporting

confidence: 86%

Section: Resultssupporting

confidence: 86%

Section: Resultssupporting

confidence: 84%

Section: Explanatory Variablesmentioning

confidence: 99%

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Cooperative Entrepreneurship Model for Sustainable Development

2020

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“…A number of economic and control variables have been added because in last studies were significant. t [7,35]: Financial risk and investment policy are included as is the variable Marg which represents Gross Operating Margin; with regard to size, large and medium-sized enterprises are differentiated. Furthermore, we included a dummy variable for the sector of economic activity (See Table 1).…”

Section: Explanatory Variablesmentioning

confidence: 99%

Impact of Corporate Social Responsibility on Value Creation from a Stakeholder Perspective

Guadaño

Sarria-Pedroza

2018

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.

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Social Entrepreneurship Impact in Ten EU Countries with Supportive Regulations

Fernández-Guadaño,

Diez

2023

J Knowl Econ

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This research examines the impact of social entrepreneurship (SE) on sustainability and innovation by considering the determining factors of entrepreneurship as identified in the literature. The authors undertake an empirical analysis with structural equation modeling for ten European Union countries with supportive regulations related to SE: Belgium, Holland, Slovenia, Spain, Finland, Greece, Italy, Luxembourg, Portugal, and Romania. The data used is obtained primarily from the Global Entrepreneurship Monitor-Specific report on SE (GEM), Eurostat Database, and SDG Index database. The findings show that social and economic factors are positively related to SE. The impact of SE on sustainability and innovation is also found to be positive. SE becomes an important asset by creating economic benefits through innovation and sustainable welfare. This research contributes to the gap in current empirical research. The authors identify reasons for these findings and offer some practical insights to design policies, such as an adequate legal and fiscal framework, to promote social entrepreneurship.

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Employee‐Owned Firms from a Stakeholder Perspective

Cited by 6 publications

References 29 publications

Cooperative Entrepreneurship Model for Sustainable Development

Cooperative Entrepreneurship Model for Sustainable Development

Impact of Corporate Social Responsibility on Value Creation from a Stakeholder Perspective

Social Entrepreneurship Impact in Ten EU Countries with Supportive Regulations

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