Artículos (Economía Financiera y Dirección de Operaciones)

URI permanente para esta colecciónhttps://hdl.handle.net/11441/11216

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Achieving plant responsiveness from reconfigurable technology: Intervening role of SCM
(Elsevier, 2019-06-15) Ortega Jiménez, César Humberto; Garrido-Vega, Pedro; Cruz Torres, Cristian Andrés; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
The aim of this paper is to examine relationships between the following production programs that lead to the greater plant responsiveness-PR necessary for market needs: strategic reconfigurable system-SRS (reconfigurable technology-RT supported by manufacturing strategy-MS and technology management-TM), with the emphasis on SCM's intervening role. The research model relating the programs to support and enhance PR is tested using the High-Performance Manufacturing survey database of 330 plants (3 sectors, 16 countries) and CB-SEM with latent variables. First, RT, MS and TM together form SRS, with a significant impact on PR. Second, when theorizing for mediation processes, SCM intervenes the relationship between the SRS program and PR. Third, the intervening role of SCM is also confirmed by testing for mediation processes. Fourth, environmental complexity interacts with the SRS program in its relationship with SCM. Research implications are twofold: (1) more responsive plants need a more holistic view in which SCM must be deployed in conjunction with SRS; and (2) SCM supports the execution of SRS by playing a key role in improving PR, even when contextual factors are present. Applied implications are that plants can achieve greater responsiveness if they match their production resources around RT through SRS programs. Further, due to SCM's intervening role, SC practitioners should link SCM dimensions to SRS to improve PR. The originality of this paper is that a fuller SRS is defined and its impact on PR is empirically tested. In addition, SCM fit logic is developed theoretically with empirical evidence of its intervention in the relationship between SRS and PR.
Extending lean management along the supply chain: impact on efficiency
(Emerald, 2021-01) Moyano Fuentes, José; Maqueira Marín, Juan Manuel; Martínez Jurado, Pedro J.; Sacristán Díaz, Macarena; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones; Ministerio de Ciencia e Innovación; UJA-FEDER Andalusian Operational Program
Purpose – The purpose of this paper is to investigate the contribution to improving the efficiency of the focal firm made by lean management at the internal and supply chain levels. Design/methodology/approach – An empirical study was conducted of 285 Spanish focal companies from industrial sectors that occupy an intermediate position in the supply chain. The data gathering method consisted of a telephone survey using computer-assisted telephone interviewing. A structural equation was used to test the hypotheses. Findings – The results indicate that there is an improvement in efficiency of the focal firm when lean management extends throughout the supply chain, in line with the resource-based theory and integrated supply chain management. In addition, lean management at the internal level is observed to impact positively on the focal firm’s efficiency only when it contributes to enhancing the implementation of lean supply chain management. Practical implications – To achieve the best operational performance derived from lean management, managers should pay attention to the transfer to their supply chain members of knowledge, competencies and cultural change linked to the level of internal lean implementation of the focal firm. Moreover, this paper provides a way to assess the operational aspects of lean supply chain strategy implementation and lean supply chain planning. Originality/value – This study uses a holistic focus on lean supply chain management, to which it applies a validated instrument. It underlines that lean on the internal level should be complemented with lean on the supply chain level to provide a better understanding of the drivers of the efficiency of the focal firm.
A Triple-A supply chain measurement model: validation and analysis
(Emerald, 2018-09-05) Marín García, Juan Antonio; Alfalla Luque, Rafaela; Domínguez Machuca, José Antonio; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones; Junta de Andalucía; Spanish National Program of Industrial Design and Production
Purpose – The purpose of this paper is to establish definitions and dimensions of Triple-A supply chain (SC) variables based on a literature review and to validate a Triple-A SC measurement model using a worldwide multiple informant sample. Design/methodology/approach – Following a literature review, Triple-A SC variables (agility, alignment and adaptability) are conceptualized and a list of possible items is created for their measurement. An international 309 plant sample is used to validate the convergent and criterion validities of the composites proposed to measure Triple-A SC. Findings – Contributions to the literature: clarification of Triple-A SC variable concepts; identification of key dimensions of Triple-A SC variables; development of a validated Triple-A SC measurement scale for future empirical research and industrial applications. Research limitations/implications – A rigorously validated instrument is needed to measure Triple-A SC variables and enable researchers to credibly test theories regarding causal links between capabilities, practices and performance. Practical implications – Proposal of a scale for use by managers of different functions to analyze Triple-A SC deployment in the company. Originality/value – The only Triple-A SC scale used in the previous literature has serious limitations: scales were not taken from an extended literature review; data were collected from single respondents in a single country. This is the first validated Triple-A SC measurement model to overcome these limitations.
Triple-A and competitive advantage in supply chains: empirical research in developed countries
(Elsevier, 2018-05-19) Alfalla Luque, Rafaela; Domínguez Machuca, José Antonio; Marín García, Juan Antonio; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
Based on his own experience in a number of companies, Lee (2004) posits that the Triple-A (agility, adaptability and alignment) is essential for supply chain (SC) management to achieve a sustainable competitive advantage (CA). However, there is a lack of empirical research that analyzes the Triple-A SC and its impacts on CA. The objective of the present work is to address this omission and to provide empirical evidence on this topic using a multiple-informant, international sample from eight developed countries. A consistent partial least squares structural equation model (PLSc) is used on data for 151 manufacturing plants in three industrial sectors to determine whether agility, alignment and adaptability have individual and/or joint effects on achieving a CA in SCs. In relation to the individual effects, different CAs are achieved by each of the Triple-A variables. SC adaptability has been shown to have a significant positive relationship with all the dimensions of CA. SC alignment affects most of these dimensions, but SC agility only affects financial CA and flexibility CA. This research does, however, confirm the positive relationship for the joint effect of the Triple-A SC variables and CA. The effects are significant on all the CA measures except quality. Important implications can be drawn for managers by showing how SC levers can be set to improve performance indicators.
Triple-A supply chains: unveiling the mediating power of collaboration and innovation on operational performance
(2024-10-28) Alfalla Luque, Rafaela; Garrido-Vega, Pedro; Martínez Jurado, Pedro J.; Sacristán Díaz, Macarena; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
Triple-A (agile, adaptable, and aligned) Supply Chain (SC) has been analyzed as a source of competitive advantage but the influence of variables that mediate in this relationship is an underexplored field. The present study seeks to advance the Triple-A SC framework by considering and testing the mediating effects of SC collaboration and innovation levels on the Triple-A SC–operational performance (efficiency and responsiveness) relationship. The research model was tested with partial least squares structural equation modeling (PLS-SEM) using a sample of 277 Spanish manufacturing firms with a minimum of 50 employees from 14 different sectors. The results show that SC collaboration and innovation levels significantly mediate relationships between Triple-A SC and operational performance. Additionally, we found that collaboration level plays a more important role in responsiveness than efficiency, while innovation level has similar effects on both performance dimensions. This work contributes to knowledge on the impact of Triple-A SC on operational performance and alerts managers to the need to strengthen their levels of collaboration with SC partners and innovation over their main competitors.
Cruising challenging seas: 'how was your experience?'
(Routledge, 2024-08-07) Castillo Manzano, José I.; Castro Nuño, Mercedes; Pozo Barajas, Rafael del; Universidad de Sevilla. Departamento de Análisis Económico y Economía Política; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
After a text-mining process analyzing over 204,710 semantic cruise reviews on social media for the period 2000-2024, this paper examines how cruisers’ satisfaction and emotions evolved pre-, during-, and post-COVID. Applying a novel methodological mix of sentiment analysis and econometric models, the results show that cruisers’ global satisfaction has increased, possibly due to a loyalty bias among cruise enthusiasts. The experience improved regarding specific issues such as ship size, premium services, timely post-cruise reviews, particular destinations, and cruise crew.
Exploring the links between human resources and Triple-A supply chain capabilities
(Emerald, 2024) Alfalla Luque, Rafaela; Marín García, Juan Antonio; Domínguez Machuca, José Antonio; Díaz Curbelo, Alina; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
Purpose – To explore the role of human resources (HR), specifically ability, motivation and opportunity practices (AMO) framework and supply chain orientation top management support (SCO-TMS), in driving the dynamic capabilities of the Triple-A (agility, adaptability and alignment), which help to overcome the challenges faced by global supply chains (SC). Design/methodology/approach – A survey is answered by managers from different functions in a sample of 287 manufacturing plants (three manufacturing sectors) and 14 countries(nine developed and five developing). The database is analyzed by PLS-SEM. In-sample and out-of-sample model predictive capacity is assessed by PLSPredict and CVPAT. A multigroup analysis (MGA) has been done to assess the possible influence of the countries’ economic development context in the model. Findings – This research confirms significant positive relationships between AMO and SCO-TMS and AAA capabilities, with SCO-TMS showing a stronger relationship. This highlights the importance of HR aspects (AMO and SCO-TMS) as drivers of Triple-A SC, and particularly the importance of top management’sstrategic vision to support SCO and develop collaborative relationships with suppliers and customers. The wide multicountry/multi-sector sample, reinforced by a good model’s in-sample and out-of-sample predictive capacity, makes these results more reliable and generalizable to other settings than other research in the field. Practical implications – Managers are encouraged to develop AMO practices and SCO-TMS (focusing on SCO-TMS as the main lever) to enhance Triple-A SC capabilities. The analysis of the country’s economic development contextstill encouragesthe use of SCO-TMS asthe main leversince its effect is higher than that of AMO. This knowledge is crucial to improving the allocation of limited resourcestoward developing appropriate capabilities. Originality/value – Following the DCV and ROT perspectives, this research pioneers the analysis of HR practices (AMO) and SCO-TMS as antecedents of the Triple-A SC capabilities, making relevant contributions to the knowledge on the drivers of these relevant dynamic capabilities, an area with limited prior research.
Strategic incentives and natural capital accounting for sustainable supply chain management: Measuring reputational impacts and consumers’ perceptions of the use of water through behavioural experimental studies
(elsevier, 2024-10-10) Fracarolli Nunes, Mauro; Lee Park, Camila; Domínguez Machuca, José Antonio; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
Within a sustainable supply chain management approach, this study investigates strategic issues that can either favour or impede the implementation of natural capital accounting. Among other things, the originality of such consists of the joint consideration of sustainability, operational, and reputational issues, forging the link between measuring the use of natural resources and preserving companies’ intangible capital. More specifically, through two scenario-based behavioural experiments with a total sample of 252 consumers in the UK, we analyse how information regarding the use of water (i.e., water footprint) affects firms’ reputation (i.e., trust, attitude towards the firm, word-of-mouth, brand avoidance). We also investigate consumers’ perceptions when companies seek to (1) increase the transparency of their consumption of natural capital (i.e., a conceptual proxy for the adoption of natural capital accounting) and (2) rationalize this consumption (i.e., a goal aligned with the objectives of natural capital accounting). The method employed is adequate as it allows the detection and measurement of respondents’ perceptions of specific issues presented in the different scenarios. The choice of the UK as the setting reflects the importance of the country in the fashion industry, as it has a solid consumer base and is home to several international fashion brands. The supply chain management scope refers to the link between water consumption (which often takes place in the production of raw materials (e.g., cotton) and in transformation processes (e.g., fabric dyeing, tanning) by suppliers), fashion brands’ reputation, and consumers’ perceptions, with the joint consideration of these four phases sustaining the delimitation. Building on the premises of the resource-based view and signalling theory, the study is contextualized in the fashion industry as its currentproduction levels require a significant consumption of natural resources, particularly water. Results show that, while the publication of the water footprint may damage companies’ reputations, initiatives aimed at increasing transparency and reducing environmental impact can reverse these losses to a large extent. In this sense, the study advances the idea that, despite possibly presenting undesirable consequences at first, the adoption of natural capital accounting can be beneficial to firms later on, with reputational gains representing important strategic incentives. Further research in different countries and industries will be beneficial to assess the possible context impact on our results.
Climate risk and capital requirements – findings for the Polish banking sector based on empirical research
(Polskie Towarzystwo Ekonomiczne, 2024-09-30) Korzeb, Zbigniew; Gospodarowicz, Marcin; Niedziółka, Paweł; Torre Gallegos, Antonio de la; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
This article addresses the consequences for Polish commercial banks of modifying capital requirements by adding an environmental factor. Applying a simulation method, CRISK and MCRISK estimation, and a linear ordering method, the following conclusions were drawn: (i) while it is reasonable to consider the way(s) in which climate risk may impact credit, market and operational risks in scenario analyses, the lack of reliable historical data makes any calibration of GSF and BPF very difficult; (ii) simulating the implementation of adjustments to the calculation of capital adequacy ratios by GSF and BPF should not significantly lower the Tier 1 ratio for the largest banks; (iii) large retail banks are characterised by relatively high rankings reflecting a combination of financial characteristics (financial performance) and environmental (taxonomy) disclosures; and (iv) climate risk does not currently (2023) pose an immediate threat to the Polish banking sector, although the risk of climate transformation is a factor of significant importance.
The future of European universities on the path to sustainable development
(Sciendo, 2024-06-01) Korzeb, Zbigniew; Alonso-Fariñas, Bernabé; Irimia Diéguez, Ana Isabel; Jiménez Naharro, Félix; Kobylińska, Urszula; Di Pietro, Filippo; Palacín Sánchez, María José; Rollnik-Sadowska, Ewa; Szpilko, Danuta; Szydło, Joanna; Torre Gallegos, Antonio de la; Universidad de Sevilla. Departamento de Ingeniería Química y Ambiental; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones; Polish National Agency for Academic Exchange; Universidad de Sevilla. TEP135: Ingeniería ambiental y de procesos; Universidad de Sevilla. SEJ566: Finanzas y Responsabilidad Social Corporativa; Universidad de Sevilla. SEJ500: Grupo de Investigación en Finanzas y Turismo
The article addresses the issue of the future of European universities on the path to sustainable development. The main aim of the article is to describe foreseeable future directions of the sustainable development of universities and ways to achieve Sustainable Development Goals. In effect, the authors identify weaknesses, assess threats and recommend coordinated solutions and alternatives for the sustainable development of universities. This research will contribute to future work by explaining what the future of universities will look like on their sustainability journey. The results of the Delphi study conducted with the participation of 201 experts from 47 countries allowed for the identification of factors shaping the future of universities on the path to sustainable development.
The natural landscape as a strategic element in nature tourism management
(Interinstitutional Scientific Committee, 2024) Mestanza-Ramón, Carlos; Jiménez Caballero, José Luis; Segarra, Estefanía; Guapi, Fausto; López, Carlos; Yaulema Brito, Luis Miguel; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
Objective: The aim of this study is to investigate the role of the natural landscape as a strategic element in nature tourism management, in order to understand its conceptual evolution, analyze its relationship with tourism activities and explore the processes of valorization and stereotyping of landscapes in the context of sustainable tourism development. Method: The methodology adopted for the research includes an exhaustive bibliographic search in high-impact databases such as Scopus and Web of Science, complemented with a search in regional databases in Spanish such as Scielo and Redalyc. The selected documents were subjected to a process of critical reading and content analysis to extract key concepts, theories and findings relevant to the study. Results and Discussion: The results revealed that the concept of landscape has evolved from a purely aesthetic and visual perspective to a more holistic understanding that encompasses social, cultural and economic dimensions. The discussion highlights the close relationship between natural landscape and tourism, with landscape serving as a key resource and attraction for nature-based tourism activities. The processes of valorization and stereotyping of landscapes are also explored, emphasizing their influence on tourists' perceptions and destination choice. Research Implications: The findings of this study have implications for sustainable tourism planning and management, especially in areas with significant natural and cultural landscapes. The research emphasizes the need for a multidisciplinary approach to landscape conceptualization and management, as well as the importance of considering landscape as a central element in the development of sustainable tourism products and experiences. Originality/Value: This study contributes to the literature by providing a comprehensive and up-to-date review of the relationship between natural landscape and nature tourism, bridging knowledge from diverse disciplines.
Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regions
(Springer, 2024) Vega Pascual, Manuela; Di Pietro, Filippo; Palacín Sánchez, María José; Alfalla Luque, Rafaela; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
This study analyses the effect of the financial ecosystem on the growth of young firms at the regional level. This subject is relatively new in entrepreneurial finance research since most of the previous studies have failed to consider all the alternative sources of external financing to which young firms have access. This study highlights the relevance of alternative resources and actors in the financial environment beyond traditional banks, such as crowdfunding, business angels, peer-to-peer lending, accelerators, incubators and venture capital. Specifically, our research incorporates a proxy of the development of the financial ecosystem based on survey data from the Global Entrepreneurship Monitor (GEM). Moreover, our investigation uses a sample of young small and medium-sized enterprises (SMEs) representing every Spanish region between 2008 and 2015. The empirical analysis applies panel data methodology. The results show that the growth of young enterprises depends on developing a regional financial ecosystem, evidencing that better access to external finance favours the growth of young firms. This relationship is even more relevant among early-stage firms, which suggests that firm age moderates the relationship between the regional financial ecosystem and the growth of young SMEs.
ESG and climate-related risks versus traditional risks in commercial banking: A bibliometric and thematic review
(Springer, 2024) Korzeb, Zbigniew; Niedziółka, Paweł; Szpilko, Danuta; Di Pietro, Filippo; Universidad de Sevilla. Departamento de Economía Aplicada III
The aim of this study is to classify scientific research on the impact of ESG and climate-related risks on the conduct of the banking business. The systematic literature review was based on a bibliometric analysis of articles found in the Scopus and Web of Science databases. The search was confined to materials published between 2000 and August 2023. After applying criteria limiting the search, the final result was 869 unique literature items which were later analysed towards establishing the relationship of ESG and climate-related risks (‘new banking risks’) with other (so-called ‘traditional’) banking risks and identifying research gaps at the interface between traditional and new banking risks. This article introduces a variety of findings, including the most productive authors, organisations, countries and journals, the most cited articles and keyword distribution. In addition, a map of the evolution of the approach to ESG risk in banking was constructed on the basis of the literature review. The study identified 11 clusters of banking risk influenced by ESG risk and 10 clusters of banking risk affected by climate-related risk.
Digital transformation voluntary disclosure: Insights from leading European companies
(Elsevier, 2024) Borrero Domínguez, Cinta Rocío; Cortijo Gallego, Virginia; Escobar Rodríguez, Tomás; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
Purpose: The first goal of this paper is to propose guidelines for digital transformation (DT) voluntary disclosure, using as a starting point the DT voluntary disclosure practices followed by leading European companies. As a second goal, we analyse the factors that may be influencing the DT reporting practices adopted by these companies. Design/ methodology/ approach: This paper combines qualitative text data mining and panel least squares methodologies to explore current DT disclosure practices followed by leading European companies in their annual reports, and to test our hypotheses identifying the factors that may be influencing the DT reporting practices. Findings: Our findings show that leading European companies are currently disclosing information about DT on a voluntary basis. However, we find significant differences in their reporting practices, which means that there is still a lack of standardization that can be overcome through DT voluntary disclosure guidelines. Our study contributes to the literature by showing the significant effect of company size, economic sector, the Covid-19 pandemic and CEO gender on DT voluntary disclosure practices. Originality: We created DT voluntary disclosure guidelines for leading European companies. Having globally harmonised disclosure practices may lead to making meaningful comparisons among companies. Furthermore, results from the panel least squares method significantly contribute to our understanding of the factors that shape the disclosure practices of companies regarding their DT voluntary disclosure initiatives.
Efectos del Reglamento 2021/1253 en la protección del inversor en el sistema financiero español (2023)
(Ilustre Colegio Nacional de Letrados de la Administración de Justicia, 2024) Burgos Baena, Agustín; Irimia Diéguez, Ana Isabel; Jiménez Naharro, Félix; Universidad de Sevilla. Departamento de Administración de Empresas y Comercialización e Investigación de Mercados (Marketing); Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
En la legislación española se ha normado un nuevo reglamento (Reglamento 2021/1253) el cual pretende fomentar la inversión sostenible pero que puede comprometer la protección del inversor dentro del marco jurídico de España. Se establece que las entidades financieras a la hora de aplicar el test de idoneidad y el test de conveniencia deben de consultar sobre las preferencias de inversión sostenible. Los autores pretenden aportar valor facilitando un debate sobre la eficacia y el efecto en la protección del inversor mediante un análisis crítico de la normativa legal.
Valores que guían: del comportamiento humano al diseño de estrategias empresariales exitosas. Un análisis teórico y práctico
(Universidad de Navarra, 2024) Clouet, María Eugenia; Leal Rodríguez, Antonio Luis; Sanchís Pedregosa, Carlos; Orero Blat, María; Universidad de Sevilla. Departamento de Administración de Empresas y Comercialización e Investigación de Mercados (Marketing); Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
Comprender los valores humanos es un ejercicio fundamental para desentrañar las motivaciones que impulsan tanto a individuos como a comunidades. Sin embargo, en la cultura corporativa existen discrepancias entre estos valores declarados y los que se practican en el día a día. Esto puede afectar a la estrategia empresarial
Productive electricity and non-electricity consumption effects on economic growth: A Latin America analysis
(Pergamon-Elsevier Science Ltd, 2024) Pablo-Romero Gil-Delgado, María del Populo; Pozo Barajas, Rafael del; Washburn, Christian; Universidad de Sevilla. Departamento de Análisis Económico y Economía Política; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
Electrification is a key pillar in energy transformation to reduce emissions. However, it may also have consequences on production. This study analyzes the effect of using electricity and non-electricity energy sources on production growth. An extended neoclassical production function, with the two uses of energy (electricity and non-electricity), is estimated for 17 Latin American countries from 1990 to 2019 and, for subsamples, based on the level of production per persons employed. The study is performed applying the cross-sectionally augmented, autoregressive distributed lag modeling approach and a non-parametric time-varying coefficients model. The parametric results indicate that the effect of both sources of energy on production are positive and significant. However, the production elasticity with respect to non-electricity consumption is higher than that with respect to electricity consumption. Only in countries with the lowest production levels could electrification be neutral. The non-parametric results show that the effect of non-electricity consumption is decreasing slightly over the period, while the effect of electricity use is increasing slightly, with a tendency towards stabilization at the end of the period. Nevertheless, these changes have been small.
Financial performance of Islamic and conventional banks in MENA region: a GLS approach
(Emerald Publishing Limited, 2024) Jarbou, Samah Ibrahim; Irimia Diéguez, Ana Isabel; Prieto Rodríguez, Manuela; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
Purpose – The purpose of this study is to assess and contrast the impact of various factors, including both bank-specific and macroeconomic factors, on the financial performance of Islamic and conventional banks (I&CB) in countries with a dual banking system. Design/methodology/approach – A general least square model is applied to a large data set of 103 I&CB operating in the Middle East and North Africa (MENA) region, comprising unbalanced annual panel data spanning the period from 2015 to 2020. The financial performance index (FPI) derived from capital adequacy, asset quality, management efficiency, earnings, and liquidity (CAMEL) ratios is used as the dependent variable. Findings – Key factors, such as overhead expenses, gross domestic product (GDP) and retained earnings, exert a substantial influence on the financial performance of both I&CB. Moreover, the findings suggest that certain parameters, including deposits, inflation and cellular banking usage, significantly impact on the financial performance of conventional banks, while bank size specifically affects the financial performance of Islamic banks. Research limitations/implications – While this study provides valuable insights, it is essential to acknowledge its limitations. The research focuses on a specific region (MENA) and may not be universally applicable to other geographical areas or banking systems. The study’s findings are based on historical data and might not fully reflect current or future market conditions. Additionally, the choice of variables and methodology may introduce bias or limitations, as with any empirical study. The theoretical implications of the research paper lie in the distinct ethical principles that constitute the foundation of Islamic finance. The ethical opposition to Riba is poised to have extensive implications, influencing market stability, commercial and economic impact and contributing to responsible banking practices within the Islamic banking sector. The study suggests that adherence to these sacred principles not only aligns with ethical considerations but also fosters social responsibility within Islamic banking institutions. This holds significance for broader societal and economic impacts, as responsible banking practices contribute to sustainable and equitable economic development. Practical implications – The study underscores the significance of efficient overhead cost management for conventional banks, particularly in the context of a rapidly evolving digital banking environment. The call for adaptation and innovation in operational strategies aligns with the broader principles of efficiency and effectiveness emphasized in Islamic finance. Social implications – In essence, the theoretical and practical implications of the study surpass the narrow focus on financial performance, resonating with the broader societal and economic landscape within the Islamic banking sector. The integration of ethical principles not only reinforces the unique identity of Islamic finance but also positions it as a model for responsible and sustainable banking practices in the MENA region and beyond. Originality/value – CAMEL ratios are used to build an FPI to evaluate bank performance, providing a more precise and comprehensive assessment compared to traditional return ratios like return on assets or return on equity. Second, the authors conduct a thorough analysis covering factors across bank-specific, financial and macroeconomic dimensions. Thus, the study stands out by not only examining bank-specific factors but also by considering external factors such as GDP, interest rates and the development of the financial sector. The focus on the MENA region allows us to offer generalizable findings, highlighting distinctions between I&CB and considering a period with boomyears (2015–2019) and a recession year (2020).
Financial assets against inflation: Capturing the hedging properties of gold, housing prices, and equities
(American Institute of Mathematical Sciences-AIMS, 2024) Almeida Márquez, Alejandro; Feria, Julia; Golpe, Antonio A.; Vides González, José Carlos; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
In this study, we employed a developed Fractional Cointegrating Vector Autoregressive (FCVAR) model to analyze the relationship between three different securities, i.e., housing prices, S&P500 stock prices and gold, and inflation rate, to determine the hedging properties of each type of asset against inflation shocks. Our analyses covered seven decades; ranging from January 1953 to January 2023. Our results suggested that housing prices and S&P500 performed partially against inflation and gold did not have hedging properties when attending to the full sample. Accounting for structural breaks, we discovered that these results changed. We found that housing prices and the S&P500 showed a superior hedging performance against inflation since the second regime. On the other hand, when we studied the behavior of gold, this security showed the inverse results, i.e., it showed no hedging performance in the second regime. Finally, these results were important for an optimal investment strategy, risk diversification, and monetarism.
A bibliometric analysis of ESG performance in the cooperative banks: from the current status to future directions
(Wydawnictwo Ekonomia i Srodowisko, 2024) Korzeb, Zbigniew; Niedziółka, Paweł; Szpilko, Danuta; Torre Gallegos, Antonio de la; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
The purpose of the study is to systematise research on the ESG activities in cooperative banks. Its objective is also to create thematic clusters of research directions dedicated to ESG performance in cooperative banks. The study is based on a bibliometric analysis of articles from Scopus and Web of Science between 2010 and March 2024. Our results allow the identification of 13 clusters of research directions dedicated to ESG performance. The research idea is justified by the importance of sustainable banking and the need to systematise knowledge on ESG practices in cooperative banks and to identify areas where in-depth research is needed. The originality of the study consists in that we do not refer to a specific geographical area, method and period, but on the basis of citation rates and the number of publications focusing on a given issue, and identify research directions that create space for further in-depth research.

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