Baixauli Soler, Juan Samuel

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Baixauli Soler, Juan Samuel

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Baixauli Soler, Juan Samuel

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Universidad de Murcia. Departamento de Organización de Empresas y Finanzas

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Open Access
The effect of online class attendance on academic performance in finance education
(Elsevier, 2024-07) Martínez Serna, María Isabel; Baixauli Soler, Juan Samuel; Belda Ruiz, María; Yagüe, José; Organización de Empresas y Finanzas; Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas
This study presents new evidence on how attending class –particularly synchronous virtual lessons– affects academic performance in higher education. We analyse data from over 500 undergraduate students enrolled in four finance courses at the University of Murcia, a Spanish public university where attendance is non-mandatory. After controlling for the student’s previous admission grade, academic experience, and demographic factors, the results show that online class attendance significantly increases the likelihood of taking the exam and improves the success rate as well as the final grades. Moreover, when the analysis distinguishes between attending lectures and practical lessons, there is a similar (positive) effect on student performance.
Open Access
Dataset on Spanish medium-sized family firms: linking socioemotional wealth, HRM practices, and financial indicators
(Elsevier, 2026-01-19) Baixauli Soler, Juan Samuel; Belda Ruiz, María; Lozano Reina, Gabriel; Peláez León, Juan David; Sánchez Marín, Gregorio; Organización de Empresas y Finanzas; Facultad de Economía y Empresa
This article presents a dataset on 508 medium-sized Spanish family firms, collected between March and June 2016 through structured telephone interviews with CEOs or HR directors. The questionnaire covered four dimensions: family involvement and socioemotional wealth (SEW), human resource management (HRM) practices, financial strategies, and managerial demographics. To complement survey data, financial indicators were extracted from the SABI (Sistema de Análisis de Balances Ibéricos) database. The dataset integrates subjective managerial assessments with objective firm-level information, offering a unique resource for research on family business management, HRM, and financial policies. Variables include firm ownership and management, generational structures, SEW priorities, human capital and HRM practices, financial goals and capital access, as well as managers’ demographic characteristics. The database is released in cleaned, anonymized, and fully documented form (together with the questionnaire and a detailed codebook), enabling replication, comparative studies, and meta-analyses on family firms and related organizational topics.
Open Access
Variable selection for classification and forecasting of the family firm's socioemotional wealth
(WILEY, 2023-06-29) Álvarez Díez, Susana; Baixauli Soler, Juan Samuel; Belda Ruiz, María; Sánchez Marín, Gregorio; Organización de Empresas y Finanzas
Socioemotional wealth (SEW) refers to those family-centered goals that are likely to have a major influence on the strategic decision-making process and performance of family firms. Many studies have used indirect indicators related to family involvement in ownership and management to measure SEW; meanwhile, others have developed scales to directly measure the level and importance of SEW in family firms. Limitations of both indirect and direct measures of SEW lead empirical research on SEW to be under threat. In the current study, we use random forests to identify the important indicators related to financial and economic decisions, as well as family related measures, for explaining the family firms' SEW and to design a good prediction model using the smallest set of nonredundant indicators. Our results show that the model that exhibits the minimum out-of-bag sample (OOB) error rate includes variables that refer to the presence of family members in the firm's management positions, long-term nonfinancial debt, personnel expenditures, longterm financial investments, short-term financial debt, average storage period, and accounts receivables. For prediction, the model with a reasonably low estimated classification error includes only three variables, which refer to the presence of family members in the firm's management positions, long-term nonfinancial debt, and accounts receivables.
Open Access
Next Generation EU and industrial transformation: evidence from Spain
(Elsevier, 2026-01-06) Lozano Reina, Gabriel; Sánchez Marín, Gregorio; Baixauli Soler, Juan Samuel; Organización de Empresas y Finanzas; Facultad de Economía y Empresa
Next Generation EU (NGEU) funds represent a large-scale public investment aimed at mitigating the economic impact of COVID-19 and advancing industrial modernization across the European Union. This study analyzes their early effects in Spain through three objectives: (i) to provide an integrated overview of the design and industrial orientation of the Spain Can Plan, including the role of Industrial Policy Spain 2030 and PERTEs as mission-oriented instruments; (ii) to examine the macro-level implementation of NGEU funds across strategic policy levers, beneficiaries, and regions; and (iii) to assess how sectoral patterns and firm-level characteristics shape the absorption of support. Evidence from the ELISA and SABI databases shows pronounced territorial and sectoral asymmetries, with energy-related and capital-intensive activities receiving a high share of resources. At the firm level, funding allocation is closely linked to pre-existing structural capabilities, whilst post-COVID financial indicators point to improvements in profitability, productivity, and financial stability. The study concludes with policy recommendations to strengthen Spain’s industrial modernization and its strategic positioning in the global economy.
Open Access
Do financial constraints lead to environmental, social and governance controversies? The role of country context
(WILEY, 2024-10-31) Vargas-Santander, Karen Gloria; Álvarez Díez, Susana; Baixauli Soler, Juan Samuel; Belda Ruiz, María; Organización de Empresas y Finanzas
The term sustainability and environmental, social and governance (ESG) criteria has gained greater importance globally in recent decades. As social and environmental issues increase, firms are advocating the need to be more sustainable. However, in this scenario, corporate controversies still persist, and an analysis of their causes is required. This study focuses on establishing the relationship between financial constraints (FC) and ESG controversies and on determining whether the country context might modify the controversial behaviours of financially constrained firms. Through a Tobit analysis for panel data—and using a sample of firms with headquarters in 47 countries—our results show a positive and significant influence of FC on ESG controversies. In addition, our evidence confirms that country context impacts relationships within the firm, and that opting for controversial activities is increasingly less viable for firms located in countries where there is institutionalized sustainability.
Open Access
Influence of family-centered goals on dividend policy in family firms: a socioemotional wealth approach
(Springer, 2021-02-17) Belda Ruiz, María; Sánchez Marín, Gregorio; Baixauli Soler, Juan Samuel; Organización de Empresas y Finanzas
Socioemotional wealth (SEW) preservation is likely to be a key determinant for family firms to shape their dividend policy. This paper analyzes how family-centered goals captured by SEW influence on dividend policy in private family firms, exploring as well the moderating role on these relationships of family involvement in management, generational stage, and firm hazard. Results indicate a negative association between SEW preservation and both the likelihood of giving dividends and the amount of dividend paid. This negative relationship is stronger when the CEO is a family member, in early generational stages and when the firm faces greater performance hazard. The amount of dividend paid is also lower when there are family members in other top management positions beyond the CEO. Thus, the evidence provided suggests that the existing heterogeneity regarding dividend policy in the context of privately held family firms is strongly driven by differences in SEW priorities.
Open Access
Corporate social responsibility and financial performance: Does country sustainability matter?
(WILEY, 2023-06-07) Vargas Santander, Karen Gloria; Álvarez Díez, Susana; Baixauli Soler, Juan Samuel; Belda Ruiz, María; Organización de Empresas y Finanzas
Drawing on stakeholder and institutional theoretical frameworks, this study aims to examine how corporate social performance (CSP) impacts corporate financial performance (CFP) and the moderating role of country sustainability and its environmental (ENV), social (SOC) and governance (GOV) dimensions. Using a broad international sample with firms from 47 countries―and through multilevel and panel data analysis―results show a positive and significant influence of CSP on CFP, while country sustainability negatively moderates the CSP–CFP relationship. This is consistent with the idea that in countries with a high level of sustainability, firms have greater difficulty obtaining competitive advantages through actions related to corporate social responsibility. Results also indicate that country sustainability has a direct and positive impact on CFP (Tobin's-Q), regardless of CSP. Additionally, applying country sustainability in a disaggregated manner, we find that social and governance dimensions influence the CSP–CFP relationship, while the environmental dimension does not. Evidence thus confirms that the effect of CSP on CFP varies depending on the institutional context in which the firm is located.
Open Access
Developing a country’s sustainability indicator: an analysis of the effect on trade openness
(Elsevier, 2023-07-13) Vargas Santander, Karen Gloria; Álvarez Díez, Susana; Baixauli Soler, Juan Samuel; Belda Ruiz, María; Organización de Empresas y Finanzas
Several proposals have been put forward for measuring sustainability performance at the country-level, in addition to the considerable debate surrounding which pillars (or dimensions) should form part of this sustainability and which variables should make up these pillars. To date, no clear consensus has been reached regarding which sustainability measures are the most appropriate when seeking to reflect not only a country’s economic development but also its environmental, social, and governance aspects. To provide an alternative to the existing indicators developed by private agencies, this study proposes an index to measure sustainability at the country-level, considering the Environmental, Social and Governance (ESG) pillars. In addition, this indicator will serve as a counterpoint to the majority of current sustainability indicators, some of which involve a strong component in per capita income, or which are over-represented in economic terms. In a second stage –and in order to apply the indicator– this study analyses how sustainability at the country-level, and its ESG pillars, influence trade openness through a study of panel data from 47 countries. The results indicate that applying a disaggregated index in its dimensions (pillars) shows both the positive and negative effects that sustainability can have on the variable studied. A non-disaggregated index only reflects the joint effect, which might be insignificant in certain cases. This study contributes to the existing literature as well as to current understanding of how to measure national sustainability and its implications for macroeconomic variables, and it also provides a clear method for future research.