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PurposeEuropean elite professional basketball clubs do not pursue economic profit maximization per se, but they also seek to create social value for stakeholders due to the community outreach and the emotional bonding that such organizations create. Here the purpose of this paper is to use an accounting system called social accounting to measure the social effects of an organization's activity in an effort to monetize and describe the holistic value created by these sports organizations for their stakeholders.Design/methodology/approachThis study applies an adapted, redesigned social accounting using SPOLY methodology to two elite basketball clubs in the ACB League (Spanish First Division), in order to monetize their social value. This methodology integrates non-market social value (value created for stakeholders without a financial transaction) with market social value (value created for stakeholders through market transactions), by monetizing validated dimensions for non-market and market social value obtained via information provided by clubs and their financial statements.FindingsClubs create a quantifiable social value for stakeholders through non-market and market dimensions. Value creation is not merely restricted to securing financial profit for shareholders but rather takes on another dimension in which the various stakeholders receive a holistic value from clubs.Originality/valueThis study provides evidence that clubs generate a quantifiable social value for their stakeholders that complements their economic value. This can help clubs to set up their own narrative concerning value creation for stakeholders and enable them to convey and manage the overall distributed value for stakeholders.

This paper is an attempt to empirically examine the influence of corporate governance on zombie theory. Recent data indicates that the problem affects more than 10% of all firms and is worth close to a billion Euros in the European Union. It is thus an important problem worth analysing in European countries, and Spain is one of the worst affected. The sample studied here thus consists of Spanish companies with negative equity over the five business years from 2013 to 2017. The analysis focuses on establishing how corporate government aspects-board size, dedication to board meetings, concentration of ownership, owners and gender of the CEO-, affect the severity of extreme zombie firms. It uses the amount and temporality dimensions of EZIndex. The results confirm that internal dimensions such as corporate governance are important aspects to be introduced into zombie analysis. To control zombiness our results suggest structuring boards of directors with more than one member, CEOs with non-exclusive dedication, non-concentrated ownership and female CEOs. We also find that all these factors affect both amount and temporality, so factors do not affect zombie companies partially but totally. The contributions of the paper are twofold: first it includes corporate governance factors as a relevant approach for understanding zombie theory; and second, it encourages companies to manage risk-taking decisions efficiently so as to avoid the proliferation of zombies.

espanolEn la actualidad, las organizaciones tienden a legitimarse por el valor social que generan, y no solo por el economico. Para el caso de la sanidad, esta perspectiva es obvia, ya que las entidades sanitarias se deben a sus pacientes y a su bienestar. Para ello, sera necesario saber que opinan los stakeholders perceptores del valor social. Este articulo va mas alla, y no solo se conocen los valores sociales, sino que se llegan a monetizar. Asi se logra saber cual es el valor social generado por un hospital, el Hospital de Santa Marina de Bilbao. Ademas, se analiza cuales son los aspectos mas complicados en su aplicacion, que les aporto y como es posible extenderlo a otros hospitales. euskaraGaur egun, erakundeek haien burua legitimatzeko joera dute sortu ohi duten balio sozialagatik; ez soilik ekonomikoagatik. Osasunaren kasuan, ikuspegi hori agerikoa da, osasun-entitateek haien gaixoei eta ongizateari zor baitiote. Horretarako, interesdunek zein balio sozial lortzen duten adierazi beharko dute. Artikulu honetan harago joaten gara eta balio sozialak ezagutzeaz beste, aldagai ekonomikoen bitartez ere adierazi egingo dira. Horrela, ospitale batek, Bilboko Santa Marina Ospitaleak, sortzen duen balio soziala zein den jakin daiteke. Horrez gain, bere aplikazioan alderdi zailenak zeintzuk diren, zer ekarpen egin zien balio soziala islatzeak eta beste ospitale batzuetara nola hedatu daitekeen aztertzen da artikulu honetan, lana bereziki aberasten duen alderdia.

PurposeProfessional basketball clubs generate value not only for shareholders, but also for other stakeholders. These organizations create a broader social value for a wide range of stakeholders, and thus, it is useful to consider these stakeholders' perceptions of social value creation. Therefore, under the generic framework of grounded theory, this paper aims to create a stakeholder map of professional basketball clubs, taking into account the common coopetition context in sporting competitions.Design/methodology/approachIn total, 49 qualitative semi-structured interviews were conducted in collaboration with the representatives of two Spanish basketball clubs to establish the particularities of the stakeholders of these organizations compared with non-sport businesses (NsP) to confirm the stakeholder map. The Bryson process was used to develop the stakeholder map.FindingsThe map shows that there are three kinds of stakeholders of professional basketball clubs compared with non-sport organizations: similar, singular and entirely different. The perception of different social value dimensions confirm the findings of the stakeholder map, emphasizing that these organizations should take into account multidimensional stakeholder-value creation (functional, social, emotional and epistemic).Originality/valueThis study provides evidence from a holistic point of view that economic performance is not a unique indicator for measuring basketball clubs as efficient organizations, proving the usefulness of the stakeholder map.

With the aim of improving the quality and efficiency of corporate management, a number of standardised norms have been developed, such as TQM, but in parallel; for example; SCOR or ISO9000. Neverth...

Purpose The purpose of this paper is to extend the literature on Islamic banking by examining their ethical dimension using transparency, placement of assets, guarantees and participation from Radical Affinity Index. Design/methodology/approach To this end, a sample of 20 Islamic banks from 13 countries (Bahrain, Saudi Arabia, Malaysia, Pakistan, Kuwait, Tanzania, Great Britain, Oman, Iraq, Egypt, Bangladesh and Qatar) was used. Findings The results are robust to ethical effects. The evidence suggests that among Islamic banks, at least some of them could improve their ethical requirements of the Sharia; they obtained lower scores than ethical banks in terms of RAI variables (transparency, placement of assets, guarantees and participation). Research limitations/implications It is used a random sample rather than population with the limitations that entails. The variables in the index are based on ethical perspective; then, the index is applied in Islamic banking but with the ethical view limitation. Practical implications The Islamic banks have the option to increase their transparency including further information regarding the beneficiaries of the benevolent funds; moreover, it would offer a clearer view about their ethical and social commitment towards society. Originality/value Additionally, this paper broadens the scope of the literature by analysing the determinants of Islamic banking around ethical dimensions of financial entities.

There is no doubt that a PhD Degree is valuable, but its value is important from the perspective of university management, so measuring it using monetary theory is a useful way to illustrate and increase university outcomes. Universities generate and create value for stakeholders, but what actual value is generated by these highest university degrees? Furthermore, is the concept of value for measuring PhD degrees unique? The theory of value is more than 300 years old, but there is still a gap in the literature in terms of monetising entities’ actions. There are a number of options which depend on what criteria are used to monetise value, including cost, price, opportunity costs and future benefits. We carry out a Delphi analysis based on 20 Management Science Experts, establishing consensus as the basis. We seek to contribute to the subjective theory of value in which value depends on users’ perspectives. Our findings reveal first that it is indeed possible to monetise the value of a PhD degree and second that views of the concept of value differ and therefore so do the actual values. One final conclusion is that not only is it necessary to establish the value of such degrees but also to identify how to factor that value into the strategic plans of universities. This means that the criteria used need to be clarified, because when measuring and monetising a PhD degree properties are less important than individual views in achieving the desired objectives.

In recent years, a renewed interest in value creation for stakeholders has been witnessed in different contexts. Different tools have been proposed to try to grasp and measure such value(s) but, in many cases, the main perspective remains that of the shareholders. To contribute to the field of research that aims to discuss novel ways of thinking about value creation measurement, this paper addresses the relationship between ESG (Environmental, Social, and Governance) ratings and Value Added, as proxies of value creation and distribution for stakeholders. In particular, we consider whether ESG ratings are able to capture companies that are characterized by their capacity for generating higher Value Added for stakeholders. Our analysis uses the frontier methodology combined with means comparison. Data from 2018 were downloaded from EIKON, for all companies within the Euro zone and for all sectors (1932 companies, of which 399 held an ESG rating, compared with 1533 without ESG analysis). Our analysis reveals that, although ESG is theoretically considered a good social responsibility proxy, ESG indices cannot be used as an indicator of value creation for stakeholders but, rather, must be considered as only one of the components. This implies a need to review the limitations of ESG ratings and establish that the relevant indices are not suitable for use in universal or absolute decision-making. This research was funded by the University of Bergamo (Italy) Programma STaRs “Stars Supporting Talented Researchers”—Azione 2: “Grants for Visiting Professor and Scholar Incoming”—2018 and by the University of the Basque Country (UPV/EHU), grant number US20/11.

El objetivo de este documento es analizar el efecto de la transformación de cajas de ahorro en bancos comerciales. Las cajas de ahorro españolas durante el periodo de 2012 a 2014 se han utilizado como “cuasiexperimento” o como ejemplo para otros países en los que actualmente existe esta estructura. El objetivo es mostrar si hay diferencias de eficiencia entre los bancos y las antiguas cajas de ahorro. El resultado es que, al menos en los primeros años posteriores a su transformación, las cajas de ahorro siguen obteniendo resultados sociales positivos y, además, están mejorando sus resultados económicos. Estos hallazgos son útiles tanto para posibles transformaciones de cajas de ahorro de otros países europeos en los que existe este tipo de entidades financieras, como para futuras investigaciones con datos financieros en América Latina, Asia o África The aim of this paper is to analyse the effect of the transformation from savings banks into commercial banks. The Spanish savings banks during the 2012-2014 period have been used as a “quasi-experiment” or as an example for other countries in which there are savings banks nowadays. The aim is to show if there are efficiency differences between banks and former savings banks. Then, at least in the first years after their transformation, savings banks are still achieving very positive results in social activities, and, besides, they are improving their economic results. These findings are useful for both potential transformations of savings banks in other European countries with this type of financial entities, and for future research with Latin America, Asia or Africa financial data Este trabajo es parte de la investigación del Grupo ecri Ethics in Finance and Social Value (www.ehu.eus/ecri), financiada por la Universidad del País Vasco (upv/ehu) y la Fundación Emilio Soldevilla para la Investigación y el Desarrollo en Economía de la Empresa (feside) (GIU19/30)

The companies avoid going to the bankruptcy process, they do it late and a great majority finish with liquidation; probably because the bankruptcy process does not meet the objective of restructuring companies with financial problems. If the active resources and the granted credit were in balance (standard accounting principle); this problem would disappear; but it certainly is not the case and the problem persists. Thus, our work aims to determine the degree of impairment shown by the assets in bankruptcy proceedings to try to reveal the variables that could explain the greater or lesser impairment. This work highlights the lack of efficiency of the bankruptcy process due to the poor credit satisfaction of its creditors in liquidation. This helps to establish a cause, specifically, the low liquidation value of the assets. This implies that the culture in the bankruptcy process must change one should go to the process as soon as possible and try to balance assets and equity and payable at all times. Keywords: bankruptcy proceeding, liquidation value, efficiency, risk, illiquidity.

This paper examines the flow of thoughts on ethics in finance both from academic experts and from published contributions that constitute an alternative view of the financial field from an ethical point of view. A Delphi method was used to achieve consensus about the perceptions and opinions academic experts hold about ethics in financial matters and in the research agenda. This approach permits the early detection of emerging lines, narrowing the research line and shortening subject selection time. An active research map of researchers, countries and lines of investigation was drawn up, and recommendations made of areas that could be highlighted or moderated.

Religious oriented organizations (ROOs) have frequently higher levels of motivation among their employees, because the aims of ROOs and those of collaborators and stakeholders are usually aligned. However, sometimes, when the management of ROOs becomes professionalized, tensions between aims and efficiency are more frequent, and productivity levels start to decline. The most widespread current management theories are focused on profit maximization and are not especially helpful to religious organizations which try to enhance their productivity levels and, at the same time, achive their mission and aims. In order to fill this gap, in this research, we will develop two main concepts: social accounting and organizational citizenship behavior (OCB). We will propose the use of social accounting to calculate the social value generated by ROOs and, from that point, build new indicators able to measure the organizational citizenship behavior (OCB) of collaborators working in ROOs. We will exemplify this theoretical development with the actual case of the diocese of Bilbao. In short, the main objectives of this work are two. The first objective is the development of a theoretical framework able to enhance the levels of social value creation inside religious (and socially oriented) organizations using social accounting. The second objective is the use of data from the 16 educative centers of the diocese of Bilbao to ilustrate that social accounting is a valid tool to measure social value. Additionally, we will show that social accounting can be a tool to assess management decisions in order to enhance organizational and individual OCB in ROOs and, in this way, generate moral satisfaction for employees and collaborators in their organizations.

Public procurement accounts for almost 20% of Spain&rsquo, s gross domestic product (GDP). The current legislation allows for the inclusion of social considerations in contracting processes, hence the interest of this study, which defines the procedures and improvement actions for socially efficient public procurement. The Delphi technique has been used, based on online surveys completed by 71 Spanish experts. The universe includes the set of nomenclature of territorial units for statistics (NUTs), as well as a number of agents with the potential to intervene in the analysis process, namely, academia, the business sector, and public administrations. There is an increasing call for the inclusion of social considerations in tender procedures. However, to date, few studies have provided detailed insight into the inclusion of these social aspects. This study contributes to the scientific literature by identifying six possible strategies for including social considerations into public tenders, namely: objectivizing procedures, generating monitoring tools, developing information and training actions for decision-makers, incorporating awareness-raising initiatives, creating transparency systems, and including information and communication technologies (ICTs). The following four key action areas were also detected: social clauses, reserved markets, social impact assessment, and innovation in public procurement. A consensus was reached on four frames for incorporating the strategies and action areas, namely: socio-economic, procedural, competence, and conceptual. This allows for the efficient inclusion of social considerations into public tenders, thereby generating a twofold impact&mdash, one via the goods or services acquired, and the second via the impact on the process of producing said goods or services.

Las técnicas de valoración de empresas se centran en aspectos económico-financieros, que no resultan suficientes para las entidades no lucrativas, cuyas prioridades se asocian a la consecución de un interés general. Hasta ahora, diversas técnicas de contabilidad social como el Valor Social Integrado (VSI) han servido para reflejar estas inquietudes en las entidades no lucrativas. En este artículo, utilizando un museo como caso ilustrativo, se va a demostrar cómo es posible la valoración de las entidades no lucrativas utilizando la contabilidad social, y aprovechando al tiempo (de forma adaptada) las bases de las técnicas de valoración de empresas. Los principales resultados demuestran, en primer lugar, que el Valor Social Integrado es una variable monetizable, y por tanto útil y sencilla para realizar valoraciones de entidades. Aunque esta variable puede ser utilizada para todo tipo de organizaciones, para las no lucrativas es esencial ya que permite la comparación de su dimensión social, más acorde con su propósito como entidades. La principal contribución consiste en demostrar que es posible calcular el Valor Social Esperado (VSE, mediante la proyección y actualización de VSI) para valorar entidades de todo tipo. Esto tiene también implicaciones en las teorías relacionadas con la valoración de empresas, que podrán tener en cuenta variables más allá de las meramente económicas o transaccionales, y adaptarse a las situaciones actuales donde lo social es una variable más a valorar por parte de los decisores, tanto estratégicos, institucionales, como inversionistas.

This article analyses the determinants for social and economic efficiency in microfinance institutions using a seemingly unrelated regression. We find two factors that improve their relative efficiency: legal status and target market; however, age and scale are not clear determinants. The main contribution of this paper is to engage microfinance institutions to achieve the desired social efficiency without giving up economic efficiency as the two can be complementary; moreover, it is possible to be efficient as a Non Banking Financial Institution/Non-Governmental Organization with small size and low-end target, at least. The paper is a new contribution in line with the so-called paradox of social cost. Copyright © 2016 John Wiley & Sons, Ltd.

The aim of this paper is to determine the success factors based on principal change driving forces when implementing social accounting into social companies, and by extension, gain an insight into the overall impact of social accounting, in other words the monetization of social value. It includes a quantitative analysis of the various effects involved in implementing social accounting in Social Economy companies: 1) improving relations with stakeholders; 2) the commitment of company employees; 3) an interest in comparing results with other companies that have also introduced social accounting; 4) networking with other organizations through social accounting. Twenty-seven percent of the social companies that apply social accounting participated in the study. It was applied at three points (prior to, immediately after and six months after applying social accounting), social accounting in order to compare expectations of perceptions regarding communication, strategy and results after implementing social accounting. The results of statistical analysis conducted by SPSS Statistics 26.0 suggest that the main reason that leads social companies to apply social accounting is to improve reputation. Likewise, they suggest that the more time passes, the greater the incidence of social accounting in communication and strategy. This study contributes to ?Lewin?s change theory? whereby the change project is implemented by generating greater collaborator participation through empowerment in social economy entities, where employee participation is crucial.

This paper presents comprehensive data on cash pooling between companies of the biggest cooperative corporation in Spain Mondragon Cooperative Corporation. The case study highlights financial phenomena using the concept of stakeholder theory based on management to create and generate value into the economy. Using Delphi technique combined with Cross-impact Matrix, we find that there are short and long variables necessary to an efficient cash pooling model: a mutual benefit based on trust is the main element but others as cycle and cooperation within managers’ skills are relevant, as well. Our results highlight that a high future positive expectation and the need for trust and mutual results in holding the cash are factors dissuading the isolation of a unique self benefit of the implicated companies.

This chapter was based on one of the largest Spanish cooperative groups, which is part of the social economy sector (SES). Added value is a useful concept; however, after analyzing this case, the authors found that social accounting provides additional information about the social value that companies generate. Then, by applying social accounting complemented by a value-added statement, these companies belonging to the SES can quantify, monetize, and compare their social value and added value, and demonstrate their contribution to society. Social accounting is necessary to demonstrate and understand the value of social economy companies, since their value is not always fundamentally centered on commercial activity; at least not only. They can monitor their effort in terms of specific social values that are not part of the market. Because of this, their value is not reflected in traditional financial statements.

The objective of this paper is to demonstrate that it is possible to monetize the social value generated by a hospital and use it to establish a different perspective to analyze the efficiency of public spending.A public hospital in Spain was selected using the case method. It is suitable for two reasons; first, the hospital activity is small and therefore dialogue with stakeholders is easy; and second, as it is a hospital of a residential nature, it allows an easy, modifiable and testable approximation of social accounting in hospitals.It establishes the monetary translation of the activity of a hospital, including the social part of the economic transactions (market), the variables that have not been created based on economic transaction, but have been perceived and valued by the stakeholders (not market), and the satisfaction of the stakeholders (emotional). This socio-emotional value amounts to approximately 60 million Euros per year from 2013 to 2017.The social value generated for the stakeholders, and its monetization, allows more efficient management of decisions towards the social purpose of public hospitals. In particular, the social value added index can be a tool for the social-efficiency of hospitals, as it establishes how much social value it generates from the public funding allocated to it. Thus, the decline in this value in recent years denotes a problem that, without this analysis with a social perspective and from the stakeholders, could not have been detected.

This paper seeks to establish the relationship between economic efficiency and social efficiency to analyze the sustainability of banking in Europe. The type-effect has been analyzed, as stakeholder value banks&mdash, cooperatives and saving banks&mdash, should not be less socially and economically efficient than commercial banks. This European analysis was made using the Bankscope database, as it provides a unique insight into the stakeholder view that clarifies, by an analysis of two-stage boundaries, that there is no single model of social and economic efficiency according to the type of financial entity in Europe. These findings contribute to the social cost paradox and shared value perspective, and more broadly to stakeholder theory. It is established that a tradeoff between economic and social efficiency is not needed. There are different behaviors in different European countries. Moreover, our results could lead to the development of social indicators of the sustainability aspects of organizations without resorting to traditional accounting.

There is an increasing concern about the value contributed by firms to the society as a whole. Transnational companies are particularly being questioned; therefore, legitimation for this kind of corporations is demanded. This chapter analyses four delegitimizing factors: negative added value, negative equity, tax evasion and moral hazard associated to potential situations of bankruptcy. Three legitimizing factors will also be analysed: added value distributed to stakeholders, value distributed by “non-market” mechanisms and emotional value generated to different stakeholders of the entity. Since the lack of legitimation affects large companies to a greater degree, two hypotheses related to the size of the firms have been tested. The first has to do with a larger presence of delegitimizing factors in large firms. The second analyses a smaller distribution in this sort of firms of value generated to stakeholders that are not shareholders assessed by means of the social efficiency ratio (SER). The obtained results allow for identifying whether the criticism towards large firms is supported by objective factors (confirmed hypothesis) or subjective ones (rejected hypothesis) and consequently whether the transnational companies should base their action plans of social legitimation on strategy or on communication.

Trade credit has only recently been taken seriously by business ethicists, despite the common practice of slow payment of suppliers. In response, the UK has introduced a series of voluntary 'payment codes'. However, at the time to which our data relate, relatively few FTSE 100 companies had signed up. Furthermore, although signatories paid more quickly, the difference was not statistically significant. These two findings might appear to suggest that payment codes are ineffective. However, some companies claimed to be following a code which was defunct. Their payment speed was indistinguishable from non-signatories, but those that had signed the extant code paid significantly more quickly. Our findings not only suggest that a payment code might be effective but also show a result relevant to codes of ethics more generally - that there might be signs that a company is not taking a code seriously, which we identify with the notion of hypocrisy.

Searching for greater inter efficiency has been used as a reason to modify the Spanish banking system since 2009. This paper aims to contribute to quantify the magnitude of efficiency, but not only the economic one, but also social and overall efficiency from 2000 to 2011. The case of Spain – compared to other banking systems – provides unique information regarding the stakeholder governance banking literature because over the last century savings banks have become rooted in the Spanish culture. The results – confirmed by a two-stage frontiers analysis, a DEA and a model combined with bootstrapped tests – indicate that Spanish savings banks are not less efficient globally than banks and are more efficient socially. Moreover, our results – with potentially important implications – encourage the participation of stakeholders in banking systems and underline the importance of attaining long-term efficiency gains to support financial stability objectives.

This article describes a theoretical way of understanding business enterprise, for what it is used the stakeholder theory as a theory of the firm. Thus, the purpose of this article is to show an innovative perspective called ontological perspective of stakeholders that relies on a phenomenological model where the subjective perspective of agents is the key, from a purely monetarist model to an economic, social and emotional value creation model, and from a deductive model of stakeholder interests to an inductive model. The main contributions are: add a new perspective to the different classifications made of stakeholder theory, avoid monetarist reductionism under the concept of value in a way that the manager takes into account all interconnected interests of stakeholders, and finally prioritize interests map instead of roles map without accepting the assumption that the role involves joint and no conflicting interests.