Juan Sapena Bolufer

Catholic University of Valencia "San Vicente Martir" · "Betelgeux-Christeyns" Chair for a sustainable economic development

Ethical and economic perspectives on foreign direct investment (FDI) often appear in opposing frameworks. To combat this antagonism, this research proposes a consolidation between foreign private wealth and general welfare in host countries. The first contribution of this study is to provide a comprehensive conceptual approach to the study of FDI e...

Public expenditure, tax-smoothing, and optimal budget deficit: the case of Spain In this paper, we test the optimal taxation theory based on the tax-smoothing rule for the Spanish case. The sample period covers from 1964 to 1995. The empirical approach con- sidered is based on Ghosh (1995a) which leads to two main improvements in the estima- tion....

En este trabajo se revisa la literatura empírica que analiza el papel atribuible al SME como mecanismo para facilitar un proceso de desinflación a través de un acuerdo cambiario. La existencia de un efecto credibilidad asociado al SME podría haber facilitado la reducción de los costes en términos de producción y empleo inherentes a la consecución d...

In this paper, we analyze the evolution of the counterinflation reputation implied by joining the exchange rate mechanism of the European Monetary System. We apply a Backus and Driffill (1985a, b) type model where maintaining the existing parity would improve the probability perceived by agents that an existing tough government is in charge. We con...

En este trabajo se estudian las propiedades cíclicas de las variables fiscales macroeconómicas de la economía española utilizando la metodología de los "hechos estilizados" de los ciclos económicos. Además, se intenta clasificar los distintos cambios de régimen de la política fiscal española, utilizando recientes contrastes econométricos capaces de...

Quantifying the spreading power of a pandemic like COVID-19 is important for the early implementation of early restrictions on social mobility and other interventions to slow its spread. This work aims to quantify the power of spread, defining a new indicator, the pandemic momentum index. It is based on the analogy between the kinematics of disease...

Competitiveness has always been a multifaceted illusive concept, which has made it a real challenge for scholars and practitioners to find the most suitable measurement tools to completely encapsulate all the complex nuances of competitiveness. This becomes even more of a challenge when approached in relation to particular economic sectors. The agr...

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) companies respond to this...

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 attentio...

In the context of the COVID-19 pandemic, the use of forecasting techniques can play an advisory role in policymakers’ early implementation of non-pharmaceutical interventions (NPIs) in order to reduce SARS-CoV-2 transmission. In this article, we present a simple approach to even day and 14 day forecasts of the number of COVID-19 cases. The 14 day f...

Recent developments in inflation and M3 velocity in the euro area have raised serious doubts about the reliability of M3 growth as a pillar of the ECB’s monetary policy strategy. We develop a very flexible and comprehensive state-space framework for modeling the velocity of circulation. Our specification allows for the estimation of different autor...

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 th...

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 s...

In this paper, we develop a very flexible and comprehensive state-space framework for modeling time series data. Our research extends the simple canonical model usually employed in the literature, into a panel-data time-varying parameters framework, combining fixed (both common and country-specific) and varying components. Under some specific circu...

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, ca...

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 mod...

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...

This study examined how social media (Twitter and LinkedIn) relates to the operating revenue by investigating the effect of the use of social media by the board of directors. To tackle this question, we analyzed the mediating and moderating relationship of social media on the effect of board size in operating revenue (turnover). We studied the impl...

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 propo...

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 t...

The purpose of this chapter is to better understand the growth of EoC, analysing this movement from the perspective of social innovation and examining the innovative activities of EoC businesses. We have found that EoC is based on solid values and principles, and has a clear objective, which is to fight for a better world, eliminating poverty. Comp...

Poverty eradication has been repeatedly identified as the largest challenge facing international society in its quest for a peaceful, prosperous, and just world.The present document summarizes academic reflections on the links between the concepts of poverty, development and sustainability. Departing from Catholic Social Teaching documents, we stud...

This study examines how corporate governance and ownership structure relate to the financial performance of firms. We estimated this relationship using fsQCA. We enhanced our analysis using complementary linear and non-linear multiple regression analysis. The panel data used in this study covered 1207 companies from 59 countries across 19 sectors f...

This paper provides further analysis on the determinants of sovereign debt spreads for peripheral Eurozone countries since the start of EMU, paying special attention to episodes that characterized the global financial crisis aftermath starting in 2007. More specifically, the purpose of our research is to disentangle the role of fundamental variable...

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 197...

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 p...

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...

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 which explain the effect of credit c...

The literature on innovation and entrepreneurship policy has yet to deepen its analysis of Young Innovative Companies (YICs). To fill this gap in the literature, the aim of this study was to provide empirical evidence of the special features of YICs versus the full scope of innovative firms, within the context of innovation policy and social entrep...

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 deman...

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 increase foreign investors’ legitimacy. Additionally, firms may consider SEA a...

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 indiv...

This paper provides further analysis of the determinants of sovereign debt spreads for peripheral euro countries since the start of the EMU paying special attention to the episodes that followed the global financial crisis in 2007. Our aim is to de-compose sovereign spreads determinants between fundamentals and markets perceptions about present and...

Social media has become a common place for communication, networking and content sharing. Many companies seek marketing and business opportunities in these platforms. However, link between the resources generated in these sites and business performance remains largely unexploited. Both managers and financial advisors can profit from the lessons lea...

This paper studies the effect of credit constraints on the jobs created by multinational enterprises (MNE) in host countries. Although most Foreign Direct investment (FDI) is labour-intensive, few studies delve into the determinants of Foreign Direct Employment (FDE). This paper constructs a model of limited commitment between the financed and fina...

The aim of this paper is to test the fulfillment of the intertemporal budget constraint for the case of some peripheral European Monetary Union (EMU) countries: Greece, Portugal, Ireland, Italy and Spain (PIIGS), on which, and particularly after the 2007 financial crisis, hangs the shadow of "default”. To this end, we analyze firstly the univariate...

This paper proposes a golden rule to analyze international business ethics (IBE) with an empirical perspective. Levering on literature of ethics, economics and foreign direct investment (FDI), the first contribution of this study is the conceptualization and measurement of IBE. The second key contribution is the analysis of the influence of the leg...

This paper presents a conceptual and empirical framework to analyse international knowledge brokerage from an ethical perspective through political and corporate incentives on foreign employment. Exploiting non-linear regressions on a global dataset covering bilateral jobs created by Foreign Direct Investment (FDI) between 161 countries during a se...

RESUMEN En este trabajo se analiza, con datos para la economía española durante el periodo 1986-1997, la influencia de algunos determinantes macroecnómicos sobre las expectativas de depreciación de la peseta con respecto al marco alemán medida a partir de la persistencia de un diferencial de intereses entre títulos denominados en ambas monedas. Par...

En este trabajo se analiza, con datos para la economía española durante el período 1986-1997, la influencia de algunos determinantes macroeconómicos sobre las expectativas de depreciación de la peseta respecto al marco alemán, medidas a partir de la persistencia de un diferencial de intereses entre títulos denominados en ambas monedas. Para ello se...