Examinando por Autor "Minondo, Asier"

Mostrando 1 - 10 de 10
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    Are family firms’ export relationships more persistent?
    (Elsevier Ltd, 2025-03) Aragón Amonarriz, Cristina; Iturrioz Landart, Cristina; Mínguez, Raúl; Minondo, Asier; Requena Silvente, Francisco
    This paper examines the persistence of family firms’ international relationships. We theoretically argue how socioemotional wealth's gains and losses balancing process supported by network closure allows family firms to develop more persistent relationships with their foreign partners than their non-family counterparts. Our study empirically tests this hypothesis and confirms that export relationship survival is higher in family firms than in their non-family counterparts. We further show that this difference is magnified during economic crises or when operating in culturally distant markets.
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    The border effect on mergers and acquisitions
    (Springer Science and Business Media Deutschland GmbH, 2022-03) Carril Caccia, Federico; Garmendia-Lazcano, Aitor; Minondo, Asier
    Using a firm-level dataset of more than 500,000 domestic and cross-border mergers and acquisitions (M&As) for 95 countries during the period 1995–2015, we measure the level and evolution of the border effect on M&As. We find that the number and value of M&As between same-country firms are five times larger than between firms of different countries. We show that the border effect on the number and value of M&As remained constant during the period. The border effect on M&As in the European Union is substantially lower than elsewhere. We find that the border effect is lower for large investors and firms operating in the primary industry and utilities.
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    Comments are welcome
    (Springer Science and Business Media B.V., 2022-01-27) Minondo, Asier
    Scholars present their new research at seminars and conferences and send drafts to peers in hopes of receiving comments and suggestions that will improve the quality of their work. Using a dataset of projects that were initiated when authors were doing their doctoral studies, this article measures how much peers’ individual and collective comments improve the quality of research. Controlling for the quality of the research idea and author, I find that a one-standard-deviation increase in the number of peers’ individual and collective comments is associated with a 43% increase in the quality of the journal in which the project is published.
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    Do firms react to supply chain disruptions?
    (Elsevier B.V., 2023-09) Lucio Fernández, Juan José de ; Díaz Mora, Carmen; Mínguez, Raúl ; Minondo, Asier ; Requena Silvente, Francisco
    Since the outbreak of the Covid-19 pandemic, the disruption of supply chains has become a major concern for global firms. This article uses a representative sample of Spanish manufacturers that participate in global value chains to analyze whether firms are implementing strategies to respond to this concern. Using data for the period 2017–2022, we find that, on average, manufacturers have not increased the number of countries from which they source their input since the Covid-19 pandemic. Firms have not either shifted their imports to countries that are geographically and geopolitically close to Spain, and have not reshored imports. However, firms have significantly increased the stock of intermediates. Firms only diversify when they have one supplier, export to many destinations, and the imported input has a high risk of experiencing a supply chain disruption. Firms nearshore and friendshore when their main supplier is geographically distant.
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    Exporters' reaction to positive foreign demand shocks
    (John Wiley and Sons Inc, 2023-09) Minondo, Asier
    I use the quasi-natural experiment of the 2018 African swine fever (ASF) outbreak in China to analyze swine exporters' reaction to a foreign market's positive demand shock. I use the universe of Spanish firms' export transactions to China and other countries and compare the performance of swine and other exporters before and after the ASF. The ASF almost tripled Spanish swine exporters' sales to China. The increase in exports to China positively impacted export revenue and survival in other foreign markets. This positive impact was especially intense for small swine exporters.
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    How exporters neutralised an increase in tariffs
    (John Wiley and Sons Inc, 2024-03) Minondo, Asier
    I use the unanticipated and large additional tariffs the US imposed on European Union products due to the Airbus-Boeing conflict to analyse how exporters reacted to a change in trade policy. Using firm-level data for Spain and applying a difference-in-differences methodology, I show that the export revenue in the US of the firms affected by the tariff hike did not significantly decrease relative to the one of other Spanish exporters to the US. I show that Spanish exporters were able to neutralise the increase in tariffs by substituting Spanish products with products originated in countries unaffected by tariffs and shifting to varieties not affected by tariffs. My results show that tariff avoidance is another margin exporters can use to counteract the effects of a tariff hike
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    The negative impact of disintegration on trade: the case of Brexit
    (Elsevier B.V., 2024-04) Lucio, Juan de; Mínguez, Raúl; Minondo, Asier; Requena Silvente, Francisco
    Using firm-level export and import transactions and by applying an event study methodology, we quantify the impact of the UK's withdrawal from the EU's single market and customs union on Spain–UK trade flows. We find that Spanish exports and imports to the UK decreased by 24% and 27%, respectively, compared to the period before the Brexit referendum. The probability of Spanish exporters and importers starting a trade relationship with the UK decreased and the probability of ending one increased. Products subject to sanitary and phytosanitary measures, stringent rules of origin, and whose technical standards had not been harmonized before disintegration experienced a stronger decline in trade flows. Large firms faced a more severe decrease in exports than small ones after disintegration
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    Networks and the disappearance of the intranational home bias
    (Elsevier B.V., 2012-08) Garmendia-Lazcano, Aitor; Llano, Carlos; Minondo, Asier; Requena Silvente, Francisco
    Previous studies have shown that, not only countries, but also regions have a preference to trade within their administrative borders. Using unique trade flows data, we also find a large home bias in Spanish intranational trade. However, we show that this home bias tends to disappear once we take into account the higher density of social and business networks within regions than between regions. We also find that the home bias does not disappear if intranational trade flows are measured in quantity rather than value. This fact might explain why previous studies on other European countries still find an intranational home bias, even when network effects are taken into account.
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    Social ties and home bias in mergers and acquisitions
    (Springer Science and Business Media Deutschland GmbH, 2023-08) Carril Caccia, Federico; Garmendia-Lazcano, Aitor; Minondo, Asier
    This paper explores whether social ties, proxied by Facebook friendship links, can explain why the number and value of mergers and acquisitions (M&As) are greater within countries than between countries. We find that social ties are positively correlated with the number and value of M&As. We also demonstrate that the home bias in M&As is greatly reduced once we control for the differences in social ties between and within countries. We further find that social ties particularly facilitate M&As when the level of corruption is high, press freedom is limited in the target country, and there are more cultural differences between the acquirer and target countries.
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    Spillovers de exportación y supervivencia exportadora en España
    (Ministerio de Economía, Comercio y Empresa, Secretaría de Estado de Comercio, 2020-12-18) Esteve Pérez, Silviano; Requena Silvente, Francisco; Lucio Fernández, Juan José de; Mínguez, Raúl; Minondo, Asier
    Utilizando datos de empresas manufactureras exportadoras españolas, este trabajo investiga si la presencia de empresas que exportan de forma regular un producto a un país ayuda a otras empresas en la misma provincia que empiezan a exportar a mantener relaciones de exportación más duraderas. Nuestros resultados muestran que: (i) la tasa de supervivencia de las nuevas empresas exportadoras es mayor en las relaciones de exportación definidas a nivel de provincia-producto-destino cuando hay presencia de al menos un exportador regular en la misma provincia; (ii) cuando hay más de 10 exportadores regulares en la misma provincia, el impacto positivo se incrementa significativamente; y, (iii) el efecto positivo de la concentración de exportadores regulares es específico al nivel provincia-producto-destino puesto que el impacto es menor o no existe a nivel provincia-producto, provincia-industria o provincia-destino.