Juan Sapena - Academia.edu (original) (raw)

Papers by Juan Sapena

Technological Forecasting and Social Change

Sustainability, 2021

After the World Health Organization (WHO) declared the COVID-19 pandemic on 11 March 2020, almost... more After the World Health Organization (WHO) declared the COVID-19 pandemic on 11 March 2020, almost all European countries entered a lockdown. This context caused sudden changes at multiple levels, affecting the way people were working, buying, studying and even the way they were interacting. Moreover, during lockdown people showed a special attention to local and sustainable brands giving momentum to the interest on sustainability, that has been increasing in the last years. Therefore, this study aims to determine the intention of buying sustainable and local brands due to the COVID-19 lockdown. An online survey was conducted for two groups of young adults from Spain and Romania, between April and June 2020. The questionnaire respects the methodological recommendations of Azjen (1985) and related literature on how to construct a survey based on the theory of planned behavior (TPB) and it aims to gather information about the three main constructs that determine the individual’s behavi...

Sustainability, 2020

In this paper we set out a three-pillar monetary-financial framework to (i) analyze, categorize a... more In this paper we set out a three-pillar monetary-financial framework to (i) analyze, categorize and compare past, current and emerging means of payment; to (ii) capture their creation and destruction processes through sectoral balance sheet dynamics; and to (iii) identify the inherent risks to the current monetary-financial system, also known as the fractional reserve banking system. These risks, which stem from sudden shifts in money demand and supply, are as follows: (I) risk of a cashless society; (II) risk of structural bank disintermediation; (III) risk of systemic bank runs; (IV) risk of currency substitution; and (V) risk of economic and financial bubbles. This framework will guide the assessment of the central bank digital currencies (CBDC), which are considered as the next step in monetary evolution. We will analyze two large groups of CBDC proposals: (i) proposals aimed at complementing cash and bank deposits; and (ii) proposals aimed at replacing all bank deposits with CB...

Humanistic Management Journal, 2020

Innovation is strongly associated with survival and growth of all kind of organizations in a glob... more Innovation is strongly associated with survival and growth of all kind of organizations in a global competitive economy. Moreover, nowadays companies are increasingly questioned on how they deliver innovative solutions to deep-seated problems, such as poverty. Our research aims to understand how Economy of Communion (EoC) compa nies respond to this challenge by applying the logic of gratuitousness and giving. This paper examines the altruistic behaviour of EoC leaders and the connection with organi zational innovation, necessary for firm's survival in the long-term. We analyse these connections through a qualitative descriptive case study of three Spanish EoC companies. The findings reveal altruistic behaviours of leaders seeking the Common Good. Innova tion derives from the desire to help others, such as employees and customers. Moreover, the findings reveal that a culture of dialogue among employees, managers and the whole organisation enhances risk-taking and, therefore, innovation The paper contributes to our understanding of how EoC companies are able to reconcile innovation with the ideal of altruism, distinctive of the Economy of Communion. We believe that this study opens up a wide range of future research opportunities on the antecedents of an innovative organizational culture.

Economic Modelling, 2020

We develop a probabilistic approach to measure a country's external debt sustainability. Using da... more We develop a probabilistic approach to measure a country's external debt sustainability. Using data on international investment position and balance of payments from the International Monetary Fund, we estimate a vector autoregressive model for 38 countries (11 developed and 27 developing). Using the estimated parameters, we perform a Monte Carlo simulation to compute the distribution of the capacity to repay for each country. A large portion of the projected distribution to the right of current debt is a warning indicator, signalling the need for devaluation. We provide simulations for each country. One scenario is where the discount factor is lower than 1. According to the literature, this situation should prevail in the medium and long run. A quite different situation is where external sustainability is achieved because of a simulated discount factor of more than 1. Here, interest on debt is lower than GDP growth. This situation is associated with dynamic inefficiency. The results suggest that flight to safety is penalising some developing countries, whilst benefiting some developed countries. ☆ The authors gratefully acknowledge comments from the participants of the IV International Workshop on "Financial Markets and Nonlinear Dynamics" (FMND-2019). We also thank the editor and his valuable remarks and guidance, and the two anonymous referees for their thoughtful comments and efforts to improve our manuscript.

ICE, Revista de Economía, 2020

El objetivo de este artículo es analizar las características de las agencias de promoción de inve... more El objetivo de este artículo es analizar las características de las agencias de promoción de inversión extranjera poniendo el foco en las agencias del ámbito autonómico español, con el fin de entender el papel que desempeñan en la atracción de inversión extranjera directa. El estudio se dirige específicamente a analizar la evolución, estructura, características y organización interna.

Economic Research-Ekonomska Istraživanja, 2019

We adopt a long-run perspective to investigate the size of the shadow economy and explore the tre... more We adopt a long-run perspective to investigate the size of the shadow economy and explore the trends in this area. The analysis is based on a panel of peripheral EMU countries over the period 1965-2015. Our empirical approach relies on a multiple indicators and multiple causes (MIMIC) framework. This approach is a variant of structural equation modelling (SEM). We used two sets of variables, (i.e. potential determinants and indicator variables) to estimate an underlying (unobserved) index that measures the evolution of the shadow economy. Ascertaining the relative importance of the shadow economy enabled analysis of its relationship with other institutional and social issues (e.g. corruption, productivity and economic growth), and helped identify the channels through which the shadow economy might negatively influence the performance of different economies. In the sampled countries, shadow activity increased over the study period. It also seemed to be affected by the economic cycle.

Tourism and Hospitality Research, 2019

Leadership provides a strategy to deal with intense competition and high customer expectations in... more Leadership provides a strategy to deal with intense competition and high customer expectations in the hotel industry. This paper analyses the ability of managers’ transformational and authentic leadership to predict customer satisfaction. A sample of 18,944 customers and managers of eight hotels in the Canary Islands was used for the analysis. The data were collected using the Multifactor Leadership Questionnaire-6s, the Authentic Leadership Questionnaire and ReviewPro management software. The data were analysed to confirm the ability of transformational and authentic leadership to predict overall customer satisfaction. The results indicate that the transformational subscales of idealised influence and intellectual stimulation and the authentic subscales of relational transparency and balanced processing predict overall customer satisfaction. However, there are discrepancies between the results for self-managed service departments and outsourced service departments. This study provi...

Sustainability, 2019

The relationship between leadership and job satisfaction has attracted considerable scientific in... more The relationship between leadership and job satisfaction has attracted considerable scientific interest, especially in relation to the quality of tourism businesses. This study investigated this relationship within the framework of authentic leadership. The study also explored differences between outsourced workers and internal hotel employees in terms of the influence of authentic leadership on job satisfaction. Fuzzy-set qualitative comparative analysis (fsQCA) offered valuable new insight. This study was based on a sample of 58 heads of department of four/five star hotels in the Canary Islands, Spain. The results suggest that high levels of leadership in the four subscales of authentic leadership (balanced processing, relational transparency, self-awareness, and internalized moral perspective) are sufficient to increase job satisfaction. The same outcome is achieved with high levels of balanced processing, even though it is accompanied by low transparency and low levels of intern...

Journal of Innovation & Knowledge, 2018

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public.

Computational Economics, 2019

In this paper, we develop a State-Space framework for modeling panel time series data. Our resear... more In this paper, we develop a State-Space framework for modeling panel time series data. Our research extends the simple canonical model generally employed in the literature, into a panel-data time-varying parameters framework, combining both fixed (either common and country-specific) and varying components. Under some specific circumstances, this setting can be understood as a mean-reverting panel time-series model, where the mean fixed parameter can, at the same time, include a deterministic trend. Regarding the transition equation, our structure allows for the estimation of different autoregressive alternatives, and include control instruments, whose coefficients can be setup either common or idiosyncratic. This is particularly useful to detect asymmetries among individuals (countries) to common shocks. We develop a GAUSS code that allows for the introduction of restrictions regarding the variances of both the transition and measurement equations. Finally, we use this empirical framework to test for the Feldstein-Horioka puzzle in a 17-country panel. The results show its usefulness to solving complexities in macroeconomic empirical research.

International Entrepreneurship and Management Journal, 2019

This study illustrates how entrepreneurship may contribute to enhancing economic growth and prosp... more This study illustrates how entrepreneurship may contribute to enhancing economic growth and prosperity by reducing inequality and exclusion. Assessing relationships between new ventures and reduction of inequalities enables us to disentangle the mechanisms through which entrepreneurial processes may contribute to societal transformations. The proposed theoretical model is estimated by using fsQCA. The findings suggest that one crucial root of sustainable development through entrepreneurial attitude is strongly linked to the existence of inclusive institutions, and avoidance of extractive ones. The findings contribute to showing the importance of institutions to favour prosperity through entrepreneurship. This research can provide crucial implications and applications for both academics and practitioners such as policymakers. In sum, this paper provides a framework for understanding the connection between entrepreneurship and societal development.

Sustainability, 2017

The relationship between social and environmental performance and financial performance in compan... more The relationship between social and environmental performance and financial performance in companies has been a subject widely debated in the literature but the results obtained to date are not conclusive. This research employs the fuzzy-set qualitative comparative analysis (fsQCA) and offers new evidence on the relationship between both types of performance in a sample of companies listed in the Spanish capital market. Financial performance is measured by the return on equity (ROE) ratio, variable that is widely used in Finance and Accounting related research. The corporate performance of the company is measured by its inclusion or not in the sustainability index used as reference for the Spanish capital market, the FTSEGood4 IBEX. The model also incorporates other business variables that might affect the relationships between both types of performance, such as return on assets (ROA) ratio, company size, debt ratio, and industry. The results suggest that, for specific industries, return on assets is a necessary condition for companies with leverage to reduce the cost of debt due to their sustainability profile and consequently boost their ROE.

Journal of International Financial Markets, Institutions and Money, 2017

The aim of this paper is to study the sustainability of public finances in the Eurozone particula... more The aim of this paper is to study the sustainability of public finances in the Eurozone particularly after the 2007 financial crisis. This paper goes beyond the standard analysis of the univariate properties of the fiscal variables through the estimation of a time-varying fiscal reaction function on a 11-country panel for a period spanning from 1970 to 2014. Even if panel unit root or stationary tests may provide a rough first insight on the sustainability of the public finances, they fail to highlight the adjustment mechanisms to debt overhang in recent years. The main advantage of our empirical approach is that it clearly captures the government´s dynamic response to debt accumulation, which signals its commitment to readjust public debt towards a sustainable path. Time-varying estimates of the fiscal reaction function shed new light on this respect and reveal certain heterogeneity among EMU countries on the way they manage their public finances. This paper helps ascertain whether the public resources destined to bail out troubled countries triggered effective fiscal responses.

Journal of Promotion Management, 2016

ABSTRACT This study performs a fuzzy set qualitative comparative analysis (fsQCA) on entrepreneur... more ABSTRACT This study performs a fuzzy set qualitative comparative analysis (fsQCA) on entrepreneurial recipes. The research focuses on the moderating role of the 2007 financial crisis on the antecedents of entrepreneurship. Standard regressions analysis proves insufficient to uncover asymmetrical and complex relationships that explain the effect of credit constraints on new business. Empirical results on longitudinal data suggest that the crisis moderated entrepreneurial recipes in Spain. This research contributes to QCA analysis by studying moderation effects on time-series data.

Innovation, Technology, and Knowledge Management, 2015

This chapter describes a teaching experience whereby students learnt by teaching and assessing ot... more This chapter describes a teaching experience whereby students learnt by teaching and assessing other students. A group of students was tasked with explaining a topic from the course and preparing an exam on that topic. The remaining students in the class completed a questionnaire to measure their satisfaction. They also completed an online test on the topic following the presentation by their peers. Assessment was based on a win-win strategy because the average mark on the test counted towards the final assessment of the students who gave the presentation. The methodology allows students to study content in greater depth level and develop skills like responsibility, critical analysis and empathy. Learning by teaching lets students take individual actions that demonstrate responsibility for the group as a whole Survey results indicated high student satisfaction. Furthermore, social interaction was greater with the learning by teaching method than with the traditional case study approach.

Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l'Administration, 2015

Building on legitimacy and social strategy theories, this research proposes a conceptual and empi... more Building on legitimacy and social strategy theories, this research proposes a conceptual and empirical framework that links social entrepreneurial activity (SEA) with foreign direct investment (FDI). Investing in foreign countries with a high degree of SEA contributes to increasing foreign investors' legitimacy. Additionally, firms may consider SEA as a constituent of their social strategy. A key contribution of this study is the comprehensive conceptual framework used to analyze the link between social entrepreneurship and international business. The second key contribution is the econometric analysis of SEA's effect on greenfield FDI, foreign employment, and foreign projects. The estimation results of the gravity equation suggest that social entrepreneurship fosters FDI. This research offers theoretical insight on legitimacy theory's relevance in explaining the link between FDI and SEA.

New Challenges in Entrepreneurship and Finance, 2014

ABSTRACT Economic crises have mixed effects on entrepreneurship. Through demand shocks, credit co... more ABSTRACT Economic crises have mixed effects on entrepreneurship. Through demand shocks, credit constraints, and unemployment, systemic banking crises affect the rate of start-up business creation, although the extent of their impact varies. Consequently, previous studies on the effect of crises on Entrepreneurship are inconclusive. The surge of global demand coupled with low credit availability reduces the prospects for new businesses. On the other hand, job losses caused by an economic crisis might lead many entrepreneurs to undertake new projects. These inconsistent conclusions highlight the need for more studies that explore the effect of systemic banking crises on entrepreneurship. This article presents analysis of a global panel database consisting of data on new business activity and density for 106 countries during 2004–2012. A range of regression techniques yielded robust results that show that systemic banking crises have a consistently negative impact on entrepreneurship.

Journal of Business Research, 2015

Firm-level heterogeneity shapes foreign direct investment (FDI) flows, whereby a few firms are re... more Firm-level heterogeneity shapes foreign direct investment (FDI) flows, whereby a few firms are responsible for most of the world's FDI. Aggregate outcomes of FDI are highly skewed, and the estimates of FDI's antecedents vary largely depending on FDI level. The incidence of individual firms, however, varies across FDI's quantiles. To study the individual firms' effect on FDI flows, this study develops a quantile regression method for bilateral FDI panel data. This study estimates the differential incidence of individual firm-level projects on aggregate flows among 161 countries from 2003 to 2012. Results suggest that FDI's determinants vary across quantiles. In particular, the effect of individual projects on FDI flows increases in the upper quantiles. Policymakers may use this insight to target polices on the few to benefit the many.