Esther de Quevedo-Puente

The Trade-Off Between Financial Resources and Agency Costs in the Family Business: An Exploratory Study

This exploratory study is intended to analyze how a combination of the resources-based view and agency theory can provide a better understanding of the internal dynamic of the family business and its evolution. Our evidence seems to suggest that the desire to keep family control produces specific sources of value and conditions the firms financial capacity to acquire resources. These peculiarities change between first and following generations. During the first generation, we find that less severe agency costs balance the negative effect of scarce financial structure on the family firms value. After descendants join the firm, the increasing agency costs are compensated by the enlargement of the firms financial structure.

The Impact of Corporate Reputation on Firm Risk: A Panel Data Analysis of Spanish Quoted Firms

Researchers have traditionally addressed the influence of corporate reputation on firm performance, but have not considered the influence of corporate reputation on firm risk. This research develops hypotheses regarding the opposing influence of corporate reputation on a firms systematic risk, unsystematic risk and total risk, as well as the moderation effect of firm size and industry concentration. Using a panel data method, these relationships are analysed, controlling for the effects of endogeneity, for a sample of Spanish quoted firms in the period 2001–2007. Specifically, two complementary analyses are performed. The first distinguishes firms included and not included in the MERCO index of the most reputable firms. The second analyses the impact of corporate reputation for the sub�?sample of most reputable firms. Being reputable reduces a firms unsystematic risk and total risk, but increases systematic risk. In addition, firm size weakens these influences of corporate reputation on firm risk. However, among the most reputable firms, differences in reputation score have a lower effect on risk. Specifically, the corporate reputation level only influences firm unsystematic risk. It seems that what matters is not the degree of corporate reputation, but whether being or not being reputable is the question in terms of risk.

How Affect Relates to Entrepreneurship: A Systematic Review of the Literature and Research Agenda

The study of how affect relates to entrepreneurship has become a relevant topic of research in recent years. Unfortunately, such rapid developments have led to theoretical inconsistencies and empirical gaps that could result in an incomplete understanding of entrepreneurships affective dimensions. To address these issues and motivate future work, the authors conducted a systematic review of 65 articles on the role of affect in entrepreneurship. The results show that research has focused on the valence facet of affect, has paid little attention to affects role beyond the individual level of analysis, and has devoted more attention to the consequences of affect than to its antecedents. The results also show that unbalanced attention has been paid to affects role in different stages of the entrepreneurial process. Building on these analyses, the authors propose a research agenda that not only encourages investigations of previously overlooked topics and facets of affect, but also stresses the potential of examining competing cognitive and non‐cognitive arguments relating to affects role. The authors also encourage future investigations of affects role across levels of analysis and stages of the entrepreneurial process.

The impact of city reputation on city performance

ABSTRACT Studies have found that good corporate reputation benefits firm outcomes. Our research tests whether these benefits also hold for city reputation. We use a sample of 76 Spanish cities to analyse the effect of city reputation on city performance as measured by city economic activities, unemployment rates and net migration rates. After controlling for endogeneity and spatial autocorrelation, we find that good city reputation is positively associated with economic activities and negatively with unemployment, but not related to net migration. Our results may be of interest to local authorities, as they indicate the relevance of efforts to consolidate city reputation.