10/8- A cognitive attempt to understanding female entrepreneurial potential: the role of social norms and culture

Francisco Liñán, Muhammad A. Roomi , Francisco J. Santos

Abstract: This article analyzes the different perceptions of both male and female potential entrepreneurs from three European regions differing in their respective level of economic development and entrepreneurial culture. We use an extended cognitive model of entrepreneurial intentions based on the theory of planned behaviour, the theory of normative social behaviour and social capital literature. Results show females have lower self-efficacy and entrepreneurial attraction than males, thus leading to lower entrepreneurial intention. Differences between the three subsamples are small when males are studied. However, female entrepreneurial intentions and perceptions are more affected by the cultural context.

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                10/7- Nuevos y viejos criterios de rentabilidad que concuerdan con el criterio del Valor Actual Neto

Emilio Padilla, Joan Pascual

Abstract: El análisis de criterios clásicos de rentabilidad, como la Tasa Interna de Rendimiento o el Cociente Beneficio/Coste, revela que, contra lo que se suponía, concuerdan con el criterio Valor Actual Neto si se aplican correctamente. Lo mismo ocurre con los viejos criterios Valor Final Neto y Anualidad Equivalente y los nuevos Demora Máxima de Beneficios y Plazo de Recuperación de Costes. Se demuestra, además, que para elegir entre dos proyectos mutuamente excluyentes, la aplicación de los criterios citados al proyecto diferencia o incremental es una condición suficiente para que exista concordancia con el criterio Valor Actual Neto.

Keywords: Anualidad Equivalente, Cociente Beneficio/Coste, Demora Máxima de Beneficios, Evaluación de Proyectos, Proyecto Diferencia, Tasa Interna de Rendimiento, Tiempo de Recuperación de Costes, Valor Actual Neto, Valor Final Neto

                10/6- Revisiting the Size-R&D Productivity Relation: Introducing the Mediating Role of Decision-Making Style on the Scale and Quality of Innovative Output

José Lejarraga, Ester Martínez

Abstract: We develop a mediation model in which firm size is proposed to affect the scale and quality of innovative output through the adoption of different decision styles during the R&D process. The aim of this study is to understand how the internal changes that firms undergo as they evolve from small to larger organizations affect R&D productivity. In so doing, we illuminate the underlying theoretical mechanism affecting two different dimensions of R&D productivity, namely the scale and quality of innovative output which have not received much attention in previous literature. Using longitudinal data of Spanish manufacturing firms we explore the validity of this mediation model. Our results show that as firms evolve in size, they increasingly emphasize analytical decision making, and consequently, large sized firms aim for higher-quality innovations while small firms aim for a larger scale of innovative output.

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                10/5- The Complementarity Between Segment Disclosure and Earnings Quality, and its Effect on Cost of Capital

Belén Blanco, Juan M. García, Josep A. Tribó

Abstract: We investigate the role of earnings quality in determining the levels of segment disclosure, and whether and how better quality earnings and segment disclosure influences cost of capital. Using a large US sample for the period 2001-2006, we find a positive relation between earnings quality and levels of segment disclosures. We also find that firms providing better quality segment information, contingent upon good earnings quality, enjoy lower cost of capital. We base our empirical tests on a self created index of segment disclosure. Our results contribute to a better understanding of (1) the incentives for providing segment disclosures, and (2) how accounting quality (quality of segment information and earnings quality) is related to the cost of capital.

Keywords: Segment disclosure, earnings quality, diversification, information, asymmetries, forecast error, cost of capital.

                10/4- Accounting Conservatism and Firm Investment Efficiency                               Beatriz García, Juan Manuel García, Fernando Penalva

Abstract: Conservatism, through the timelier recognition of losses in the income statement, is expected to increase firm investment efficiency through three main channels: (1) by decreasing the adverse effect of information asymmetries between outside equity holders and managers, facilitating the monitoring of managerial investment decisions; (2) by increasing managerial incentives to abandon poorly performing projects earlier and to undertake fewer negative net present-value investments; and (3) by facilitating the access to external financing at lower cost. Using a large US sample for the period 1990-2007 we find a negative association between conservatism and measures of over- and under- investment, and a positive association between conservatism and future profitability. This is consistent with firms reporting more conservative numbers investing more efficiently and in more profitable projects. Our results add to a growing stream of literature suggesting that eliminating conservatism from accounting regulatory frameworks may lead to undesirable economic consequences.

Keywords: Conservatism, earnings asymmetric timeliness, investment efficiency,
overinvestment, underinvestment

                10/3 - Environmental Factors And Social Entrepreneurship                           

Elisabet Ferri, David Urbano

Abstract: Social entrepreneurship has been a subject of growing interest by academics and governments, however little still being known about environmental factors that affect this phenomenon. The main objective of this study is to analyze how these factors affect social entrepreneurial activity, in the light of the institutional economic theory as the conceptual framework. Using linear regression analysis for a sample of 49 countries, is studied the impact of informal institutions (social needs, societal attitudes and education) and formal institutions (public spending, access to finance and governance effectiveness) on social entrepreneurial activity. The findings suggest that while societal attitudes increase the rates of social entrepreneurship, public spending has a negative relationship with this phenomenon. Finally, the empirical evidence found could be useful for the definition of government policies on promoting social entrepreneurship.

Keywords: Social entrepreneurship, social entrepreneurial activity, social enterprise creation, institutions, institutional economics

10/2- Los derivados financieros como herramienta para evaluar la reforma laboral: una aproximación binomial
 Sílvia Bou, Albert Hernández, Carlota Linares

Abstract: Este artículo tiene como objetivo realizar un análisis de la reforma laboral del mercado español mediante la utilización de derivados financieros reales. El trabajo consiste en modelizar la función incentivo del contratador desde el punto de vista de una cartera de derivados con el fin de analizar el impacto sobre la creación de empleo indefinido de las distintas propuestas realizadas por los principales agentes participantes del debate. La principal aportación de este trabajo consiste en la creación de un simulador que nos permite analizar las sensibilidades de las principales variables suceptibles de ser modificadas en la Reforma Laboral para cada uno de los escenarios considerados.

Keywords:  Reforma Laboral, Derivados Financieros Reales.

10/1 - Devolution Dynamics of Spanish Local Government
  Maria Teresa Balaguer-Coll, Diego Prior, Emili Tortosa-Ausina

Abstract: Over the last few years, ther has been a devolutionary tendency in many developed  and developing countries. In this article we propose a methodology to decompose whether the benefits in terms of effciency derived from transfers of powers from higher to municipal levels of government "the "economic dividend" of devolution) might increase over time. This methodology is based on linear programming approaches for effciency measurement. We provide anapplication to Spanish municipalities, which have had to adapt to both the European Stability and Growth Pact as well as to domestic regulation seeking local governments balanced budget. Results indicate that efficiency gains from enhaced decentralization have increased over time. However, the way through which these gains accrue differs across municipalities -in some cases technical change is the main component, whereas in others catching up dominates.

Keywords: activity analysis, decentralization dynamics, efficiecny, local government