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Álvarez Díez, Susana

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Álvarez Díez, Susana
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Universidad de Murcia. Departamento de Métodos Cuantitativos para laEconomía y la Empresa
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    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.
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    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.
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    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.
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    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.
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