Papers by Manuel López Millán
Sustainability
The main objective of this research is to contribute to the economic literature on cooperative en... more The main objective of this research is to contribute to the economic literature on cooperative entrepreneurship as a model for sustainable development, taking into account the special alignment of the cooperative principles (ICA) with the UN Sustainable Development Goals (SDGs). It offers new empirical evidence from Spain, based on Stakeholder Theory, about the differences between cooperatives (Coops) and Capitalist Firms (CFs) in relation to the distribution of economic value between the different stakeholders. For this purpose, panel data was analysed using the Correlated Random Effects approach. The results reveal that cooperative firms generate value for some of the stakeholders analysed, specifically for their partners and creditors, but no significant differences have been found with CFs in terms of workers and the state. In both cases, it can be inferred that the period analysed has influenced the results, since it has been found that, first, cooperatives adjust wages downwar...
Economic Research-Ekonomska Istraživanja, 2019
Employee-owned firms (EOFs) form part of the so-called social economy, and they are seen as an al... more Employee-owned firms (EOFs) form part of the so-called social economy, and they are seen as an alternative business model that aims to establish itself as a third way, different to conventional capitalist firms and public enterprises. These firms meet the Spanish legal requirements (Law 44/2015) for employee ownership designation. This paper assesses whether the capital ownership structure is a key factor determining operating performance, productivity and solvency, or in other words, the impact the firm's capital ownership structure may have on its economic performance, labour factor and capital factor. Based on a sample of small employee-owned firms and non-employee owned firms, the study develops an empirical methodology using a panel data analysis. The study shows the characteristics of Spain's EOFs as an alternative legal form of employee share ownership, which is included in the Social Economy, but different from cooperative societies.
Journal of International Development, 2018
This study focuses on the role of employee-owned firms (EOFs) in value creation from a stakeholde... more This study focuses on the role of employee-owned firms (EOFs) in value creation from a stakeholder perspective. EOFs have been defined as Social Economy enterprises in Spain following guiding principles that in our opinion should empower stakeholder governance. Therefore, the impact of employee share ownership on value creation for shareholders and stakeholders has been measured on the basis of a sample of 1006 enterprises. The results reveal that EOFs have a positive and significant influence on the distribution of value in favour of the employees but not the other stakeholders. This finding, which allows us to partially accept one of the proposed hypotheses, is consistent with previous evidence that EOFs set their objectives to maximize the value obtained by the participating employees through their financial participation in the business, and not, therefore, to maximize profits.
El desarrollo de la inteligencia artificial ofrece metodologias innovadoras. El asistente virtual... more El desarrollo de la inteligencia artificial ofrece metodologias innovadoras. El asistente virtual puede resultar de gran utilidad para un contacto y formacion permanente, y es una realidad en creciente expansion en el ambito empresarial. Este proyecto de innovacion se apoya en cuestiones de desarrollo tecnologico de nuestra realidad social, cada vez mas inmersa en un mundo de ciencia, tecnologia e ingenieria, que se va extendiendo rapidamente al resto de disciplinas cientificas. El principal objetivo del proyecto es incorporar de forma beneficiosa la tecnologia y utilizarla al servicio del aprendizaje. En un entorno de aprendizaje que requiere capacidad de juicio y de pensamiento critico para la de toma de decisiones, es importante hacer participes a los profesores en la busqueda de sus necesidades no resueltas y la adopcion de posibles soluciones, utilizando la tecnologia mas moderna. Ademas, tambien en una sociedad que avanza a una velocidad imparable en el ambito digital, facilit...
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Papers by Manuel López Millán