This paper analyzes the stock market reaction to global alliance formation in the Spanish context. For the purposes of this study, global alliances are those which are established with international partners in order to coordinate actions in several countries, seeking the development of complementary relationships on a global scale. Using a sample of 72 global alliances formed between 1987 and 1997 by Spanish firms listed on the Madrid Stock Exchange, it shows that the Spanish firms gained an average abnormal return of 0.2 percent on the day of the announcement.
AbstractThis article explores the connections between business activity and development aid that can help achieve the sustainable development goals placed by the United Nations (UN) in its development agenda. The article relies on an exhaustive review of the recent literature on development aid in the context of the European Community of West African States (ECOWAS). Connections exist between private firms' activity and both private and official aid, as firms can engage in business philanthropy, impact migrants' remittances, act as suppliers for bilateral or multilateral financially supported projects and participate in cross sector partnerships that involve agents from different societal sectors.
Purpose– The purpose of this paper is to study the influence of cultural positions on the choice of entry mode in foreign direct investment (FDI) – joint ventures vs wholly owned subsidiaries. The paper focusses on the impact of cultural positions along four cultural dimensions, as well as on the interactions between these positions and FDI's contextual variables (i.e. linguistic differences).Design/methodology/approach– A fuzzy set qualitative comparative analysis is performed on a data set of Spanish investments located in the European Union.Findings– Existence of interaction effects among cultural positions along different dimensions, as well as between cultural positions and FDI's contextual variables.Research limitations/implications– Main limitations relate to the data set, as only FDIS carried out by big corporations and coming from a single country are considered.Practical implications– Managers making decisions on the choice of entry mode must take into account the position relative to each individual cultural dimension, as well as its interaction with other cultural dimensions and FDI's contextual variables, rather than just considering cultural distances (CDs) between countries.Originality/value– First, focus on cultural positions (rather than CDs). It allows taking into account both the cultural characteristics of each party and their relative values along individual cultural dimensions. Second, development of a qualitative analysis that considers the contextual features of the investment.
AbstractThe Sustainable Development Goals (SDGs), adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure peace and prosperity, call on companies everywhere to advance sustainable development through the investments they make, the solutions they develop, and the business practices they adopt. This research work carries out a systematic review of the previous literature related to the adoption of SDGs as a corporate strategy in companies, that shows an exponential increase in the papers related to this topic during the first years after the adoption of the 2030 Agenda. Our findings show that the economic dimension of sustainability has lost lightly interest in the academic world since then, with the spheres of governance and society being predominant, without forgetting the field of protecting the planet, especially about the fight against Climate Change (SDG13/ESG). And despite the importance of the 2023 Agenda for the future of the world, even today there are few reference authors in this field of study.
