Jorge Fleta | University of Zaragoza (original) (raw)

Papers by Jorge Fleta

Research paper thumbnail of When bigger is better: Investment volume drivers in infrastructure public-private partnership projects

Socio-Economic Planning Sciences

This research studies the factors that favour the establishment of high-investment infrastructure... more This research studies the factors that favour the establishment of high-investment infrastructure public-private partnership (PPP) projects. We analyse 9121 PPPs, hosted in 107 developing countries, in the period 1997-2017. We find that PPP projects adopting contractual forms in which the private party takes more risks, awarded through competitive methods and benefitting from indirect government support programmes, are characterized by a larger investment volume. A more business-friendly economy and robust institutions configure the most conducive environment to establish larger investment PPPs. Furthermore, multilateral development banks' support of the projects relates positively to their investment volume.

Research paper thumbnail of Institutional distance and US-based international mutual funds’ financial performance

Finance Research Letters

In this research, we analyse the impact of the institutional distance between investor and invest... more In this research, we analyse the impact of the institutional distance between investor and investee countries on the risk-adjusted financial performance for a broad sample of US-based international mutual funds in the period 1997-2021 (1,704 equity mutual funds/106,521 monthly portfolios). Our results show that a greater institutional distance jeopardizes mutual fund financial performance. Another relevant finding is that holding a more country-concentrated portfolio positively impacts financial performance. In addition, we reveal an interaction effect between the two variables, meaning that the portfolio country concentration moderates the negative impact of institutional distance, supporting the information advantage theory.

Research paper thumbnail of Does the past matter? Unravelling the temporal interdependencies of institutions in the success of public–private partnerships

Public Management Review

This paper examines the impact of institutional forces – legal origin, current institutions, and ... more This paper examines the impact of institutional forces – legal origin, current institutions, and institutional stability – and their relationship with the success of 6,805 public – private partnerships (PPPs) deployed in 57 developing economies in the period 1997–2017. The results indicate that better current institutions and higher stability influence the success of PPPs. Furthermore, when legal origin, current institutions, and stability are positively aligned, their interaction has a significant impact on PPPs’ performance. The findings are consistent with complementary and substitution institutional effects, which could help policymakers and practitioners to identify success factors for these agreements.

Research paper thumbnail of “Sand” or “grease” effect? The impact of corruption on the investment volume of public−private partnerships

International Journal of Emerging Markets, 2021

PurposeSome scholars argue that corruption hinders economies and investment because it generates ... more PurposeSome scholars argue that corruption hinders economies and investment because it generates extra costs, while others suggest that it can act as a stimulus. Their mixed empirical findings have prompted the analysis of whether investors' attitude towards corruption changes depending on its degree of prevalence.Design/methodology/approachThe authors examined 4,518 public–private partnerships (PPPs) located in 46 developing countries for the period 1997–2017. The data were collected from the World Bank PPP database. The authors investigated the relationship between the amount of investment in PPP projects and the level of corruption using regression with multilevel mixed effects.FindingsCorruption and the amount of investment in PPP projects are inversely related at the low and high end of the spectrum of corruption, but the relationship is positive towards the middle. Further analysis revealed that this was spurred by high investment PPP projects in less developed countries.O...

Research paper thumbnail of How does risk transference to private partner impact on public-private partnerships’ success? Empirical evidence from developing economies

Socio-Economic Planning Sciences, 2020

This work analyses how risk transference to the private partner affects the success of public-pri... more This work analyses how risk transference to the private partner affects the success of public-private partnerships (PPP). For this purpose, a broad sample from the World Bank database of 6,022 PPP infrastructure projects in 59 developing countries in the period 1997 to 2016 is analysed. Using multilevel logistic models our results show that PPPs' success is more likely when the private partner takes more risk and the economic and institutional environments are better. Another interesting finding is that an excessive transference of risks to the private party when certain institutional features show good records could prejudice PPPs' performance.

Research paper thumbnail of Renewable energy public–private partnerships in developing countries: Determinants of private investment

Sustainable Development, 2021

In this research, we study, for the first time, the determinants of private investment participat... more In this research, we study, for the first time, the determinants of private investment participation in public-private partnership (PPPs) projects in renewable energies. We analyse a broad sample formed by 1,371 PPPs from 63 developing countries in the period 1997-2016. Using a Tobit estimation technique, our findings reveal that PPPs that are smaller, younger, where the private partner takes more responsibilities, and the prime revenue source comes from the electricity consumers' payments, show a greater degree of private investors' participation. In addition, better institutional and economic environments impact positively on the attractiveness of private investment. Other interesting findings are that the support of multilateral development banks (MDBs) positively affects the participation of private investors in renewable energy PPPs, and this becomes more important when the institutional and economic frameworks are weaker. The article sheds light for practitioners and policymakers on promoting actions that reinforce the determinants that positively affect private participation. In this way, government actions that promote the institutional financing of third parties, as well as improvements to their institutions and economic environment, enable efforts to be prioritised due to the positive impact it has on private participation. Similarly, good indicators of these factors allow private investors to select projects that will be more successful.

Research paper thumbnail of Tipologías de los inversores europeos (UE-15) en España

ICE - Información Comercial Española, 2013

La entrada de inversiones directas extranjeras en un país tiene numerosos beneficios, por lo que,... more La entrada de inversiones directas extranjeras en un país tiene numerosos beneficios, por lo que, en los momentos actuales de crisis, puede ser una vía para favorecer la recuperación económica de las economías receptoras. Conocer mejor el tipo de inversor extranjero que entra en España resulta especialmente útil en estos momentos. Los principales inversores extranjeros en España proceden de la Unión Europea de los 15, por ello se selecciona una muestra de 414 empresas que invirtieron en España durante 2010 y se analiza si existe una tipología de inversores que permita agrupar a las empresas por comportamientos similares, obteniéndose cinco tipos de inversores diferentes.

Research paper thumbnail of La violencia de género en el colectivo extranjero: factores culturales e indicadores de prevención - Gender violence in foreigner collective: cultural factors and prevention indicators

Revista Jurídica de Igualdad de Oportunidades entre Mujeres y Hombres. Aequalitas, 2010

La violencia de género parece no tener un perfil concreto que defina al agresor y a la víctima, s... more La violencia de género parece no tener un perfil concreto que defina al agresor y a la víctima, sin embargo, el colectivo extranjero parece estar sobrerepresentado en las estadísticas. El presente trabajo revisa mediante un test de hipótesis de proporciones poblacionales, los agresores extranjeros que cometieron agresiones extremas en España, constatando diferencias significativas en cada una de las nacionalidades al compararlas con la española. Además, se aborda una perspectiva inédita de los factores culturales que podrían motivar la violencia de género, confirmando una leve influencia de algunas dimensiones culturales. Sin embargo, ante la insuficiencia explicativa de la cultura como desencadenante de la violencia, se establecen ratios de detección que permiten planificar políticas informativas segmentadas por nacionalidades. Por último, se sugiere el estudio cualitativo por colectivos, como medio de extraer factores desencadenantes de violencia que son comunes a todas las víctimas extranjeras, abordando de forma exploratoria el colectivo chino en España.

Research paper thumbnail of Nutritional and economic assessment of the use of algae

Revista Española de Estudios Agrosociales y Pesqueros, 2019

In the present work, we review the effects derived from the consumption of algae, as well as the ... more In the present work, we review the effects derived from the consumption of algae, as well as the economic valuation of its production and trade by geographical areas in the period 2000-2016. From the review of the literature, it is concluded that, although the consumption of algae can be beneficial for the nutrients it provides, it is advisable to moderate its consumption in the case of certain types of algae and previous pathologies of the consumer. Regarding its global economic valuation, in the last ten years of the period the value of its production has doubled, concentrated almost entirely in the Asian continent, mainly in China and Indonesia. Despite the low relative weight of the other countries, Spain occupies the twelfth position in value of its production, the fifteenth as an exporter and the sixth as a global importer in 2016, so it can constitute an opportunity for the agri-food industry.

Research paper thumbnail of How does risk transference to private partner impact on public-private partnerships' success? Empirical evidence from Developing Economies

Socio-Economic Planning Sciences, 2020

This work analyses how risk transference to the private partner affects the success of public-pri... more This work analyses how risk transference to the private partner affects the success of public-private partnerships (PPP). For this purpose, a broad sample from the World Bank database of 6,022 PPP infrastructure projects in 59 developing countries in the period 1997 to 2016 is analysed. Using multilevel logistic models our results show that PPPs' success is more likely when the private partner takes more risk and the economic and institutional environments are better. Another interesting finding is that an excessive transference of risks to the private party when certain institutional features show good records could prejudice PPPs' performance.

Research paper thumbnail of When bigger is better: Investment volume drivers in infrastructure public-private partnership projects

Socio-Economic Planning Sciences, 2023

This research studies the factors that favour the establishment of high-investment infrastructure... more This research studies the factors that favour the establishment of high-investment infrastructure public-private partnership (PPP) projects. We analyse 9121 PPPs, hosted in 107 developing countries, in the period 1997-2017. We find that PPP projects adopting contractual forms in which the private party takes more risks, awarded through competitive methods and benefitting from indirect government support programmes, are characterized by a larger investment volume. A more business-friendly economy and robust institutions configure the most conducive environment to establish larger investment PPPs. Furthermore, multilateral development banks' support of the projects relates positively to their investment volume.

Research paper thumbnail of IS THE IMPORTANCE OF LOCATION FACTORS DIFFERENT DEPENDING ON THE DEGREE OF DEVELOPMENT OF THE COUNTRY

Journal of International Management, 2016

The increasing importance of Foreign Direct Investment (FDI) in the global markets and its unequa... more The increasing importance of Foreign Direct Investment (FDI) in the global markets and its unequal distribution throughout the world have been the source of studies on the importance of country factors in determining where foreign investors choose to invest. Our paper aims to provide a better understanding of the location factors of FDI. Based on the Investment Development Path (IDP) we study how the importance of these country factors, such as location advantage, varies depending on the degree of development of the host economy. We consider a broad set of well-known location factors (13) and we analyze them using panel data for a broad set of economies (117) over the period 2006-2013 (8 years). Our results establish that most of the location factors studied are not only decisive in attracting FDI, but also that their importance is moderated by the host economy's stage of development.

Research paper thumbnail of “Sand” or “grease” effect? The impact of corruption on the investment volume of public− private partnerships

International Journal of Emerging Markets, 2021

Purpose Some scholars argue that corruption hinders economies and investment because it generat... more Purpose

Some scholars argue that corruption hinders economies and investment because it generates extra costs, while others suggest that it can act as a stimulus. Their mixed empirical findings have prompted the analysis of whether investors' attitude towards corruption changes depending on its degree of prevalence.
Design/methodology/approach

The authors examined 4,518 public–private partnerships (PPPs) located in 46 developing countries for the period 1997–2017. The data were collected from the World Bank PPP database. The authors investigated the relationship between the amount of investment in PPP projects and the level of corruption using regression with multilevel mixed effects.
Findings

Corruption and the amount of investment in PPP projects are inversely related at the low and high end of the spectrum of corruption, but the relationship is positive towards the middle. Further analysis revealed that this was spurred by high investment PPP projects in less developed countries.
Originality/value

The findings allow the authors to reconcile the opposing positions in the literature through a “sand–grease–sand the wheels” effect between the volume of investment and corruption, which can be configured as a reverse S-shape consisting of three stages.

Research paper thumbnail of Determinants of contract duration in outsourced services in the defense sector

Applied Economics Letters, 2017

In this article we analyze the contract duration using Transaction Cost Theory with a sample of 2... more In this article we analyze the contract duration using Transaction Cost Theory with a sample of 283 outsourced services in the Spanish Army during the period 2009-2014.The analysis results show that the greater the specificity of the service, the greater the duration of the contract. In addition, it is obtained that the greater the uncertainty about the behaviour of the provider, the lower the duration of the agreement. These results are consistent with existing literature and empirical works. However, in the case of external uncertainty and incompleteness of the contract, they do not affect the contract duration. This may be because less complex services for shorter terms can be specified better and are less affected by external circumstances. Therefore, the uncertainty should be decomposed and analyzed according to their sources.

Research paper thumbnail of Renewable energy public-private partnerships in developing countries: Determinants of private investment

Sustainable Development, 2021

In this research, we study, for the first time, the determinants of private investment participat... more In this research, we study, for the first time, the determinants of private investment participation in public-private partnership (PPPs) projects in renewable energies. We analyse a broad sample formed by 1,371 PPPs from 63 developing countries in the period 1997-2016. Using a Tobit estimation technique, our findings reveal that PPPs that are smaller, younger, where the private partner takes more responsibilities, and the prime revenue source comes from the electricity consumers' payments, show a greater degree of private investors' participation. In addition, better institutional and economic environments impact positively on the attractiveness of private investment. Other interesting findings are that the support of multilateral development banks (MDBs) positively affects the participation of private investors in renewable energy PPPs, and this becomes more important when the institutional and economic frameworks are weaker. The article sheds light for practitioners and policymakers on promoting actions that reinforce the determinants that positively affect private participation. In this way, government actions that promote the institutional financing of third parties, as well as improvements to their institutions and economic environment, enable efforts to be prioritised due to the positive impact it has on private participation. Similarly, good indicators of these factors allow private investors to select projects that will be more successful.

Research paper thumbnail of Does the past matter? Unravelling the temporal interdependencies of institutions in the success of public-private partnerships

Public Management Review, 2022

This paper examines the impact of institutional forces – legal origin, current institutions, and ... more This paper examines the impact of institutional forces – legal origin, current institutions, and institutional stability – and their relationship with the success of 6,805 public – private partnerships (PPPs) deployed in 57 developing economies in the period 1997–2017. The results indicate that better current institutions and higher stability influence the success of PPPs. Furthermore, when legal origin, current institutions, and stability are positively aligned, their interaction has a significant impact on PPPs’ performance. The findings are consistent with complementary and substitution institutional effects, which could help policymakers and practitioners to identify success factors for these agreements.

Research paper thumbnail of Institutional distance and US-based international mutual funds’ financial performance

Finance Research Letters, 2023

In this research, we analyse the impact of the institutional distance between investor and invest... more In this research, we analyse the impact of the institutional distance between investor and investee countries on the risk-adjusted financial performance for a broad sample of US-based international mutual funds in the period 1997-2021 (1,704 equity mutual funds/106,521 monthly portfolios). Our results show that a greater institutional distance jeopardizes mutual fund financial performance. Another relevant finding is that holding a more country-concentrated portfolio positively impacts financial performance. In addition, we reveal an interaction effect between the two variables, meaning that the portfolio country concentration moderates the negative impact of institutional distance, supporting the information advantage theory.

Research paper thumbnail of Análisis de la incorporación de la mujer a las Fuerzas Armadas en España 2009-2016

Revista de Pensamiento Estratégico y Seguridad CISDE, 2019

En el presente trabajo se analiza la incorporación de la mujer a las Fuerzas armadas en españa du... more En el presente trabajo se analiza la incorporación de la mujer a las Fuerzas armadas en españa durante el periodo 2009-2016. Para ello, en la introducción se señala la importancia de las cuestiones de género y la necesidad de elaborar medidas más precisas de la presencia de la mujer en las organizaciones. Posteriormente, se motiva la importancia estratégica de la incorporación de la mujer en el sector de la defensa. A continuación, se analizan las segregaciones horizontales mediante el Índice de disimilitud, así como el Índice de techo de cristal en cada uno de los cuerpos. Los resultados de los análisis muestran que las segregaciones siguen presentes, si bien muestran una convergencia gradual tanto en cuerpos/armas como en escalas profesionales.

Research paper thumbnail of Segregación horizontal y vertical de género en el profesorado

Acciones e Investigaciones Sociales, 2017

En el presente trabajo se examina la segregación por género que existe en el profesorado en Españ... more En el presente trabajo se examina la segregación por género que existe en el profesorado en España durante el periodo 2004-2014. Para ello, en la introducción se justifica la importancia de la igualdad de género en las organizaciones. Posteriormente, en el apartado de literatura académica, se revisan los fundamentos sobre las causas que explican su existencia y se establece como hipótesis de trabajo que la discriminación debería disminuir en los últimos años. A continuación, en el apartado de metodología y métodos se expone y calcula la segregación horizontal del profesorado entre los distintos niveles de educación a través del Índice de Disimilitud, así como la segregación vertical a través del Índice del Techo de Cristal. Los resultados revelan que continúan existiendo discriminaciones por género en el profesorado, si bien a lo largo del tiempo han disminuido tanto las diferencias horizontales como verticales. Además, el análisis muestra que las discriminaciones horizontales se han corregido menos que las dificultades para ascender una vez se decide el campo educativo en el que trabajar, por lo que la concienciación hacia las mujeres -frente a las medidas legislativas- resulta un elemento clave para alcanzar mayor igualdad en el ámbito educativo.

Research paper thumbnail of Public-private partnerships: determinants of the type of governance structure

Public Management Review, 2019

Despite the spread of Public-Private Partnerships (PPPs) and their interest among academicians an... more Despite the spread of Public-Private Partnerships (PPPs) and their interest among academicians and policy-makers, many investigations generally treat them as a homogenous mode of governance neglecting their different forms. The present work investigates the factors that determine the concrete form of PPP finally adopted. We use the Transaction Costs Theory (TCT) to analyse 11,821 PPPs in 110 developing countries from 1997 to 2017. The results show that the greater the amount of specific investment and the more unfavourable the context in which it is implemented, PPP adopts forms where the private party has a greater degree of control.

Research paper thumbnail of When bigger is better: Investment volume drivers in infrastructure public-private partnership projects

Socio-Economic Planning Sciences

This research studies the factors that favour the establishment of high-investment infrastructure... more This research studies the factors that favour the establishment of high-investment infrastructure public-private partnership (PPP) projects. We analyse 9121 PPPs, hosted in 107 developing countries, in the period 1997-2017. We find that PPP projects adopting contractual forms in which the private party takes more risks, awarded through competitive methods and benefitting from indirect government support programmes, are characterized by a larger investment volume. A more business-friendly economy and robust institutions configure the most conducive environment to establish larger investment PPPs. Furthermore, multilateral development banks' support of the projects relates positively to their investment volume.

Research paper thumbnail of Institutional distance and US-based international mutual funds’ financial performance

Finance Research Letters

In this research, we analyse the impact of the institutional distance between investor and invest... more In this research, we analyse the impact of the institutional distance between investor and investee countries on the risk-adjusted financial performance for a broad sample of US-based international mutual funds in the period 1997-2021 (1,704 equity mutual funds/106,521 monthly portfolios). Our results show that a greater institutional distance jeopardizes mutual fund financial performance. Another relevant finding is that holding a more country-concentrated portfolio positively impacts financial performance. In addition, we reveal an interaction effect between the two variables, meaning that the portfolio country concentration moderates the negative impact of institutional distance, supporting the information advantage theory.

Research paper thumbnail of Does the past matter? Unravelling the temporal interdependencies of institutions in the success of public–private partnerships

Public Management Review

This paper examines the impact of institutional forces – legal origin, current institutions, and ... more This paper examines the impact of institutional forces – legal origin, current institutions, and institutional stability – and their relationship with the success of 6,805 public – private partnerships (PPPs) deployed in 57 developing economies in the period 1997–2017. The results indicate that better current institutions and higher stability influence the success of PPPs. Furthermore, when legal origin, current institutions, and stability are positively aligned, their interaction has a significant impact on PPPs’ performance. The findings are consistent with complementary and substitution institutional effects, which could help policymakers and practitioners to identify success factors for these agreements.

Research paper thumbnail of “Sand” or “grease” effect? The impact of corruption on the investment volume of public−private partnerships

International Journal of Emerging Markets, 2021

PurposeSome scholars argue that corruption hinders economies and investment because it generates ... more PurposeSome scholars argue that corruption hinders economies and investment because it generates extra costs, while others suggest that it can act as a stimulus. Their mixed empirical findings have prompted the analysis of whether investors' attitude towards corruption changes depending on its degree of prevalence.Design/methodology/approachThe authors examined 4,518 public–private partnerships (PPPs) located in 46 developing countries for the period 1997–2017. The data were collected from the World Bank PPP database. The authors investigated the relationship between the amount of investment in PPP projects and the level of corruption using regression with multilevel mixed effects.FindingsCorruption and the amount of investment in PPP projects are inversely related at the low and high end of the spectrum of corruption, but the relationship is positive towards the middle. Further analysis revealed that this was spurred by high investment PPP projects in less developed countries.O...

Research paper thumbnail of How does risk transference to private partner impact on public-private partnerships’ success? Empirical evidence from developing economies

Socio-Economic Planning Sciences, 2020

This work analyses how risk transference to the private partner affects the success of public-pri... more This work analyses how risk transference to the private partner affects the success of public-private partnerships (PPP). For this purpose, a broad sample from the World Bank database of 6,022 PPP infrastructure projects in 59 developing countries in the period 1997 to 2016 is analysed. Using multilevel logistic models our results show that PPPs' success is more likely when the private partner takes more risk and the economic and institutional environments are better. Another interesting finding is that an excessive transference of risks to the private party when certain institutional features show good records could prejudice PPPs' performance.

Research paper thumbnail of Renewable energy public–private partnerships in developing countries: Determinants of private investment

Sustainable Development, 2021

In this research, we study, for the first time, the determinants of private investment participat... more In this research, we study, for the first time, the determinants of private investment participation in public-private partnership (PPPs) projects in renewable energies. We analyse a broad sample formed by 1,371 PPPs from 63 developing countries in the period 1997-2016. Using a Tobit estimation technique, our findings reveal that PPPs that are smaller, younger, where the private partner takes more responsibilities, and the prime revenue source comes from the electricity consumers' payments, show a greater degree of private investors' participation. In addition, better institutional and economic environments impact positively on the attractiveness of private investment. Other interesting findings are that the support of multilateral development banks (MDBs) positively affects the participation of private investors in renewable energy PPPs, and this becomes more important when the institutional and economic frameworks are weaker. The article sheds light for practitioners and policymakers on promoting actions that reinforce the determinants that positively affect private participation. In this way, government actions that promote the institutional financing of third parties, as well as improvements to their institutions and economic environment, enable efforts to be prioritised due to the positive impact it has on private participation. Similarly, good indicators of these factors allow private investors to select projects that will be more successful.

Research paper thumbnail of Tipologías de los inversores europeos (UE-15) en España

ICE - Información Comercial Española, 2013

La entrada de inversiones directas extranjeras en un país tiene numerosos beneficios, por lo que,... more La entrada de inversiones directas extranjeras en un país tiene numerosos beneficios, por lo que, en los momentos actuales de crisis, puede ser una vía para favorecer la recuperación económica de las economías receptoras. Conocer mejor el tipo de inversor extranjero que entra en España resulta especialmente útil en estos momentos. Los principales inversores extranjeros en España proceden de la Unión Europea de los 15, por ello se selecciona una muestra de 414 empresas que invirtieron en España durante 2010 y se analiza si existe una tipología de inversores que permita agrupar a las empresas por comportamientos similares, obteniéndose cinco tipos de inversores diferentes.

Research paper thumbnail of La violencia de género en el colectivo extranjero: factores culturales e indicadores de prevención - Gender violence in foreigner collective: cultural factors and prevention indicators

Revista Jurídica de Igualdad de Oportunidades entre Mujeres y Hombres. Aequalitas, 2010

La violencia de género parece no tener un perfil concreto que defina al agresor y a la víctima, s... more La violencia de género parece no tener un perfil concreto que defina al agresor y a la víctima, sin embargo, el colectivo extranjero parece estar sobrerepresentado en las estadísticas. El presente trabajo revisa mediante un test de hipótesis de proporciones poblacionales, los agresores extranjeros que cometieron agresiones extremas en España, constatando diferencias significativas en cada una de las nacionalidades al compararlas con la española. Además, se aborda una perspectiva inédita de los factores culturales que podrían motivar la violencia de género, confirmando una leve influencia de algunas dimensiones culturales. Sin embargo, ante la insuficiencia explicativa de la cultura como desencadenante de la violencia, se establecen ratios de detección que permiten planificar políticas informativas segmentadas por nacionalidades. Por último, se sugiere el estudio cualitativo por colectivos, como medio de extraer factores desencadenantes de violencia que son comunes a todas las víctimas extranjeras, abordando de forma exploratoria el colectivo chino en España.

Research paper thumbnail of Nutritional and economic assessment of the use of algae

Revista Española de Estudios Agrosociales y Pesqueros, 2019

In the present work, we review the effects derived from the consumption of algae, as well as the ... more In the present work, we review the effects derived from the consumption of algae, as well as the economic valuation of its production and trade by geographical areas in the period 2000-2016. From the review of the literature, it is concluded that, although the consumption of algae can be beneficial for the nutrients it provides, it is advisable to moderate its consumption in the case of certain types of algae and previous pathologies of the consumer. Regarding its global economic valuation, in the last ten years of the period the value of its production has doubled, concentrated almost entirely in the Asian continent, mainly in China and Indonesia. Despite the low relative weight of the other countries, Spain occupies the twelfth position in value of its production, the fifteenth as an exporter and the sixth as a global importer in 2016, so it can constitute an opportunity for the agri-food industry.

Research paper thumbnail of How does risk transference to private partner impact on public-private partnerships' success? Empirical evidence from Developing Economies

Socio-Economic Planning Sciences, 2020

This work analyses how risk transference to the private partner affects the success of public-pri... more This work analyses how risk transference to the private partner affects the success of public-private partnerships (PPP). For this purpose, a broad sample from the World Bank database of 6,022 PPP infrastructure projects in 59 developing countries in the period 1997 to 2016 is analysed. Using multilevel logistic models our results show that PPPs' success is more likely when the private partner takes more risk and the economic and institutional environments are better. Another interesting finding is that an excessive transference of risks to the private party when certain institutional features show good records could prejudice PPPs' performance.

Research paper thumbnail of When bigger is better: Investment volume drivers in infrastructure public-private partnership projects

Socio-Economic Planning Sciences, 2023

This research studies the factors that favour the establishment of high-investment infrastructure... more This research studies the factors that favour the establishment of high-investment infrastructure public-private partnership (PPP) projects. We analyse 9121 PPPs, hosted in 107 developing countries, in the period 1997-2017. We find that PPP projects adopting contractual forms in which the private party takes more risks, awarded through competitive methods and benefitting from indirect government support programmes, are characterized by a larger investment volume. A more business-friendly economy and robust institutions configure the most conducive environment to establish larger investment PPPs. Furthermore, multilateral development banks' support of the projects relates positively to their investment volume.

Research paper thumbnail of IS THE IMPORTANCE OF LOCATION FACTORS DIFFERENT DEPENDING ON THE DEGREE OF DEVELOPMENT OF THE COUNTRY

Journal of International Management, 2016

The increasing importance of Foreign Direct Investment (FDI) in the global markets and its unequa... more The increasing importance of Foreign Direct Investment (FDI) in the global markets and its unequal distribution throughout the world have been the source of studies on the importance of country factors in determining where foreign investors choose to invest. Our paper aims to provide a better understanding of the location factors of FDI. Based on the Investment Development Path (IDP) we study how the importance of these country factors, such as location advantage, varies depending on the degree of development of the host economy. We consider a broad set of well-known location factors (13) and we analyze them using panel data for a broad set of economies (117) over the period 2006-2013 (8 years). Our results establish that most of the location factors studied are not only decisive in attracting FDI, but also that their importance is moderated by the host economy's stage of development.

Research paper thumbnail of “Sand” or “grease” effect? The impact of corruption on the investment volume of public− private partnerships

International Journal of Emerging Markets, 2021

Purpose Some scholars argue that corruption hinders economies and investment because it generat... more Purpose

Some scholars argue that corruption hinders economies and investment because it generates extra costs, while others suggest that it can act as a stimulus. Their mixed empirical findings have prompted the analysis of whether investors' attitude towards corruption changes depending on its degree of prevalence.
Design/methodology/approach

The authors examined 4,518 public–private partnerships (PPPs) located in 46 developing countries for the period 1997–2017. The data were collected from the World Bank PPP database. The authors investigated the relationship between the amount of investment in PPP projects and the level of corruption using regression with multilevel mixed effects.
Findings

Corruption and the amount of investment in PPP projects are inversely related at the low and high end of the spectrum of corruption, but the relationship is positive towards the middle. Further analysis revealed that this was spurred by high investment PPP projects in less developed countries.
Originality/value

The findings allow the authors to reconcile the opposing positions in the literature through a “sand–grease–sand the wheels” effect between the volume of investment and corruption, which can be configured as a reverse S-shape consisting of three stages.

Research paper thumbnail of Determinants of contract duration in outsourced services in the defense sector

Applied Economics Letters, 2017

In this article we analyze the contract duration using Transaction Cost Theory with a sample of 2... more In this article we analyze the contract duration using Transaction Cost Theory with a sample of 283 outsourced services in the Spanish Army during the period 2009-2014.The analysis results show that the greater the specificity of the service, the greater the duration of the contract. In addition, it is obtained that the greater the uncertainty about the behaviour of the provider, the lower the duration of the agreement. These results are consistent with existing literature and empirical works. However, in the case of external uncertainty and incompleteness of the contract, they do not affect the contract duration. This may be because less complex services for shorter terms can be specified better and are less affected by external circumstances. Therefore, the uncertainty should be decomposed and analyzed according to their sources.

Research paper thumbnail of Renewable energy public-private partnerships in developing countries: Determinants of private investment

Sustainable Development, 2021

In this research, we study, for the first time, the determinants of private investment participat... more In this research, we study, for the first time, the determinants of private investment participation in public-private partnership (PPPs) projects in renewable energies. We analyse a broad sample formed by 1,371 PPPs from 63 developing countries in the period 1997-2016. Using a Tobit estimation technique, our findings reveal that PPPs that are smaller, younger, where the private partner takes more responsibilities, and the prime revenue source comes from the electricity consumers' payments, show a greater degree of private investors' participation. In addition, better institutional and economic environments impact positively on the attractiveness of private investment. Other interesting findings are that the support of multilateral development banks (MDBs) positively affects the participation of private investors in renewable energy PPPs, and this becomes more important when the institutional and economic frameworks are weaker. The article sheds light for practitioners and policymakers on promoting actions that reinforce the determinants that positively affect private participation. In this way, government actions that promote the institutional financing of third parties, as well as improvements to their institutions and economic environment, enable efforts to be prioritised due to the positive impact it has on private participation. Similarly, good indicators of these factors allow private investors to select projects that will be more successful.

Research paper thumbnail of Does the past matter? Unravelling the temporal interdependencies of institutions in the success of public-private partnerships

Public Management Review, 2022

This paper examines the impact of institutional forces – legal origin, current institutions, and ... more This paper examines the impact of institutional forces – legal origin, current institutions, and institutional stability – and their relationship with the success of 6,805 public – private partnerships (PPPs) deployed in 57 developing economies in the period 1997–2017. The results indicate that better current institutions and higher stability influence the success of PPPs. Furthermore, when legal origin, current institutions, and stability are positively aligned, their interaction has a significant impact on PPPs’ performance. The findings are consistent with complementary and substitution institutional effects, which could help policymakers and practitioners to identify success factors for these agreements.

Research paper thumbnail of Institutional distance and US-based international mutual funds’ financial performance

Finance Research Letters, 2023

In this research, we analyse the impact of the institutional distance between investor and invest... more In this research, we analyse the impact of the institutional distance between investor and investee countries on the risk-adjusted financial performance for a broad sample of US-based international mutual funds in the period 1997-2021 (1,704 equity mutual funds/106,521 monthly portfolios). Our results show that a greater institutional distance jeopardizes mutual fund financial performance. Another relevant finding is that holding a more country-concentrated portfolio positively impacts financial performance. In addition, we reveal an interaction effect between the two variables, meaning that the portfolio country concentration moderates the negative impact of institutional distance, supporting the information advantage theory.

Research paper thumbnail of Análisis de la incorporación de la mujer a las Fuerzas Armadas en España 2009-2016

Revista de Pensamiento Estratégico y Seguridad CISDE, 2019

En el presente trabajo se analiza la incorporación de la mujer a las Fuerzas armadas en españa du... more En el presente trabajo se analiza la incorporación de la mujer a las Fuerzas armadas en españa durante el periodo 2009-2016. Para ello, en la introducción se señala la importancia de las cuestiones de género y la necesidad de elaborar medidas más precisas de la presencia de la mujer en las organizaciones. Posteriormente, se motiva la importancia estratégica de la incorporación de la mujer en el sector de la defensa. A continuación, se analizan las segregaciones horizontales mediante el Índice de disimilitud, así como el Índice de techo de cristal en cada uno de los cuerpos. Los resultados de los análisis muestran que las segregaciones siguen presentes, si bien muestran una convergencia gradual tanto en cuerpos/armas como en escalas profesionales.

Research paper thumbnail of Segregación horizontal y vertical de género en el profesorado

Acciones e Investigaciones Sociales, 2017

En el presente trabajo se examina la segregación por género que existe en el profesorado en Españ... more En el presente trabajo se examina la segregación por género que existe en el profesorado en España durante el periodo 2004-2014. Para ello, en la introducción se justifica la importancia de la igualdad de género en las organizaciones. Posteriormente, en el apartado de literatura académica, se revisan los fundamentos sobre las causas que explican su existencia y se establece como hipótesis de trabajo que la discriminación debería disminuir en los últimos años. A continuación, en el apartado de metodología y métodos se expone y calcula la segregación horizontal del profesorado entre los distintos niveles de educación a través del Índice de Disimilitud, así como la segregación vertical a través del Índice del Techo de Cristal. Los resultados revelan que continúan existiendo discriminaciones por género en el profesorado, si bien a lo largo del tiempo han disminuido tanto las diferencias horizontales como verticales. Además, el análisis muestra que las discriminaciones horizontales se han corregido menos que las dificultades para ascender una vez se decide el campo educativo en el que trabajar, por lo que la concienciación hacia las mujeres -frente a las medidas legislativas- resulta un elemento clave para alcanzar mayor igualdad en el ámbito educativo.

Research paper thumbnail of Public-private partnerships: determinants of the type of governance structure

Public Management Review, 2019

Despite the spread of Public-Private Partnerships (PPPs) and their interest among academicians an... more Despite the spread of Public-Private Partnerships (PPPs) and their interest among academicians and policy-makers, many investigations generally treat them as a homogenous mode of governance neglecting their different forms. The present work investigates the factors that determine the concrete form of PPP finally adopted. We use the Transaction Costs Theory (TCT) to analyse 11,821 PPPs in 110 developing countries from 1997 to 2017. The results show that the greater the amount of specific investment and the more unfavourable the context in which it is implemented, PPP adopts forms where the private party has a greater degree of control.