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Papers by Javier García Sánchez
Revista Empresa y humanismo, 2007
Este trabajo desarrolla una justificación para la teoría de los stakeholders basada en las motiva... more Este trabajo desarrolla una justificación para la teoría de los stakeholders basada en las motivaciones. La metodología utilizada es diferente y complementaria de la usada en trabajos anteriores, que imponen consideraciones normativas a esta teoría. Enfocado al proceso emprendedor, analiza los mecanismos que explican las acciones y el alineamiento de los distintos participantes. El argumento principal es que cada grupo de interés actiía motivado tanto por el resultado de sus acciones como por el aprendizaje que genera el proceso en sí mismo. A su vez, ese proceso, como motivación central, provee una identidad individual y colectiva y , en último término, explica el alineamiento de los distintos grupos. Este argumento tiene implicaciones tanto a nivel directivo como normativo.
SSRN Electronic Journal, 2010
The Revealed Preferences Theory (RPT) was developed with the goal of liberating Economic Theory f... more The Revealed Preferences Theory (RPT) was developed with the goal of liberating Economic Theory from criticism that came from its origin tied to Utilitarianism. The purpose was to establish the foundations of Economic Theory only in facts, with philosophical neutrality to all human action theories, and without leaning on any introspective consideration. Despite this, I will show that assumptions — that are not based in facts — are subtly introduced to derive the basic results from Economic Theory. I propose to abandon RPT because it will foster a richer debate on the human action assumptions present in the foundations of Economic Theory.
Academy of Management Proceedings, 2015
Business cycles affect the economic and business life prospects of firms anywhere; but alas liter... more Business cycles affect the economic and business life prospects of firms anywhere; but alas literatures in management and strategy have persistently developed theories and empirical models that ove...
SSRN Electronic Journal, 2010
The expected cost of capital is a crucial component for most of the topics in corporate finance. ... more The expected cost of capital is a crucial component for most of the topics in corporate finance. Unfortunately in the presence of risky debt, it is systematically overestimated. This bias is increasing in leverage and the volatility of cash flows. We show the existence of the bias and assess its size. We finally propose a novel methodology to obtain a direct unbiased estimation of the expected return on assets. This method avoids the computational error that is obtained from the estimation of the individual components.
Journal of Applied Corporate Finance, 2010
Most of the foundations of valuation theory have been designed for use in developed markets. Beca... more Most of the foundations of valuation theory have been designed for use in developed markets. Because of the greater, and in some cases different, risks associated with emerging markets (although recent experience might suggest otherwise), investors and corporate managers are often uncomfortable using traditional methods. The typical way of capturing emerging-market risks is to increase the discount rate in the
Revista Empresa y humanismo, 2007
Este trabajo desarrolla una justificación para la teoría de los stakeholders basada en las motiva... more Este trabajo desarrolla una justificación para la teoría de los stakeholders basada en las motivaciones. La metodología utilizada es diferente y complementaria de la usada en trabajos anteriores, que imponen consideraciones normativas a esta teoría. Enfocado al proceso emprendedor, analiza los mecanismos que explican las acciones y el alineamiento de los distintos participantes. El argumento principal es que cada grupo de interés actiía motivado tanto por el resultado de sus acciones como por el aprendizaje que genera el proceso en sí mismo. A su vez, ese proceso, como motivación central, provee una identidad individual y colectiva y , en último término, explica el alineamiento de los distintos grupos. Este argumento tiene implicaciones tanto a nivel directivo como normativo.
SSRN Electronic Journal, 2010
The Revealed Preferences Theory (RPT) was developed with the goal of liberating Economic Theory f... more The Revealed Preferences Theory (RPT) was developed with the goal of liberating Economic Theory from criticism that came from its origin tied to Utilitarianism. The purpose was to establish the foundations of Economic Theory only in facts, with philosophical neutrality to all human action theories, and without leaning on any introspective consideration. Despite this, I will show that assumptions — that are not based in facts — are subtly introduced to derive the basic results from Economic Theory. I propose to abandon RPT because it will foster a richer debate on the human action assumptions present in the foundations of Economic Theory.
Academy of Management Proceedings, 2015
Business cycles affect the economic and business life prospects of firms anywhere; but alas liter... more Business cycles affect the economic and business life prospects of firms anywhere; but alas literatures in management and strategy have persistently developed theories and empirical models that ove...
SSRN Electronic Journal, 2010
The expected cost of capital is a crucial component for most of the topics in corporate finance. ... more The expected cost of capital is a crucial component for most of the topics in corporate finance. Unfortunately in the presence of risky debt, it is systematically overestimated. This bias is increasing in leverage and the volatility of cash flows. We show the existence of the bias and assess its size. We finally propose a novel methodology to obtain a direct unbiased estimation of the expected return on assets. This method avoids the computational error that is obtained from the estimation of the individual components.
Journal of Applied Corporate Finance, 2010
Most of the foundations of valuation theory have been designed for use in developed markets. Beca... more Most of the foundations of valuation theory have been designed for use in developed markets. Because of the greater, and in some cases different, risks associated with emerging markets (although recent experience might suggest otherwise), investors and corporate managers are often uncomfortable using traditional methods. The typical way of capturing emerging-market risks is to increase the discount rate in the