IESE
UNIVERSIDAD DE NAVARRA
Boletín Informativo
División Investigación
Julio-septiembre 1998
Newsletter
Research Division
July-September 1998
Nº 94
EN ESTE NUMERO
IN THIS ISSUE
LIBROS
BOOKS
1
CONTRIBUCIONES EN LIBROS
CONTRIBUTIONS TO BOOKS
2
ARTICULOS
ARTICLES
2
CONFERENCIAS Y SEMINARIOS
CONFERENCES AND SEMINARS
4
VARIOS
OTHERS
8
ACTIVIDADES DOCENTES
TEACHING ACTIVITIES
10
CASOS - NOTAS TECNICAS
CASES - TECHNICAL NOTES
10
DOCUMENTOS INVESTIGACION
RESEARCH PAPERS
15
MATERIAL PEDAGOGICO
INCORPORADO DE OTRAS
INSTITUCIONES
TEACHING MATERIAL
INCORPORATED FROM OTHER
INSTITUTIONS
16
LIBROS
BOOKS
Josep Faus - L’dia Pradas
Ð Manuales pedag—gicos de los libros ÇFinanzas OperativasÈ y
ÇPol’ticas y decisiones financierasÈ, Estudios y Ediciones IESE, S.L.,
p‡gs. 308 y 295, respectivamente, 1998.
Jordi Gual - Lars Bergman (et al.)
Ð ÇEuropeÕs Network Industries: Conflicting Priorities. TelecommunicationsÈ, Monitoring European Deregulation 1, Centre for Economic
Policy Research, London, 1998.
Abstract: The first part of the report explores ten conflicting priorities
that European policy-makers face in defining an appropriate
competition and regulatory policy framework for the network
industries: short term versus long term objectives; efficiency versus
equity objectives; competition versus monopoly; slow versus fast
liberalization; public versus private ownership; sector-specific
regulation versus general competition law; rules versus discretion;
permanent versus temporary regulation; centralized versus
decentralized regulation; and light-handed versus heavy-handed
regulation.
The second part of the report focuses specifically on the
telecommunications industry, a sector where shifting patterns of
ownership and market structure in combination with extraordinary
technological change are creating enormous challenges for regulators
at both EU and national level. The report examines the risk that new
national or Europe-wide regulation will tilt the playing field in favour
of some competitors with potentially detrimental consequences both
for consumers and for the long term development of the industry.
Pedro Nueno
Ð ÇCompitiendo en el siglo XXI. C—mo innovar con ŽxitoÈ, Gesti—n
2000, 1998, 308 p‡g. (con la colaboraci—n de Cristina Pallˆs).
Resumen: Si en las œltimas dŽcadas las empresas europeas tuvieron
que mejorar su calidad y su productividad, en los pr—ximos a–os
tendr‡n que competir con su innovaci—n. Adem‡s, hay que saber
integrar la innovaci—n en el conjunto de los procesos de la empresa
para conseguir el Žxito comercial.
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Boletín Informativo – Newsletter
IESE, Universidad de Navarra
Esta obra profundiza en un conjunto de empresas
capaces de regenerarse continuamente mediante la
innovaci—n y sostener con ella unos buenos
resultados. Se analiza la innovaci—n en distintos
contextos, que van desde la cŽlula emprendedora a
la gran empresa, y desde los productos de consumo
a los bienes de equipo o los productos de alta
tecnolog’a.
El libro ÇServicios y beneficiosÈ, de Luis Mar’a
Huete, publicado por Ediciones Deusto en 1997, ha
sido traducido al portuguŽs por el AESE de Lisboa.
La presentaci—n del libro en este mercado se har‡
proximamente.
CONTRIBUCIONES EN LIBROS
CONTRIBUTIONS TO BOOKS
Prentice Hall Europe has published a second edition
of the book ÇPrinciples of Marketing. The European
EditionÈ, edited by Philip Kotler, Gary Armstrong,
John Saunders and Veronica Wong, which includes
the case ÇTroll-AEGÈ (M-890-E) by Llu’s G. Renart
and Francisco ParŽs, pages 303-311.
ARTICULOS
ARTICLES
Journals
Antonio Argando–a
Ð ÇThe Stakeholder Theory and the Common
GoodÈ, Journal of Business Ethics, vol. 17, Nos. 9-10,
July 1998, pages 1093-1102.
Abstract: The theory of the social responsibility of
the firm oscillates between two extremes: one that
reduces the firmÕs responsibility to the obtainment
of (the greatest possible) profit for its shareholders,
and another that extends the firmÕs responsibility to
include a wide range of actors with an interest or
ÇstakeÈ in the firm. The stakeholder theory of the
social responsibility of business is more appealing
from an ethical point of view, and yet it lacks a solid
foundation that would be acceptable to a variety of
schools of thought.
2
In this paper I argue that the stakeholder theory
could be founded on the concept of the common
good. First, I explain the foundations of the theory
of the common good, the concept itself, how it
relates to the individual good, and its role in the
firm. Following that, I explain how the theory of the
common good could be applied to the stakeholder
theory. Finally, I draw some conclusions.
Africa Ari–o - JosŽ de la Torre
Ð ÇLearning from Failure: Towards an evolutionary
Model of Collaborative VenturesÈ, Journal: Organization Science, Vol. 9, No. 3, May-June 1998, pages
306-325.
Abstract: This paper reports on a longitudinal case
study of the interaction between two partners to a
failed international joint venture. We develop a
model of the collaboration process in partnerships
and alliances based on earlier work by Ring and
Van de Ven (1994) and by Doz (1996). We employ a
series of events that occurred in the course of the
relationship as the unit of analysis in order to trace
the interactions between the partners, and to
explicate the impact that external shocks have on
their perceptions of efficiency and equity. The
impact of these events and the responses they elicit
on the quality of the relationship (and vice versa) is
also considered. We find that the partnersÕ
assessment causes them to either engage in
renegotiation of the terms of the contract, or modify
their behaviour unilaterally, in a attempt to restore
balance to the relationship. The process feeds back
until a new mutual understanding of equity is
restored, or else the relationship deteriorates
gradually until the venture is dissolved. We
conclude that positive feedback loops are critical in
the evolutionary process, that relationship quality is
both an outcome and a mediating variable, and that
procedural issues are critical from the start in
fostering a climate for positive reinforcement and
the building of mutual trust and confidence in the
relationship.
Jean-Marie Hiltrop
Ð ÇPreparing People for the Future: The Next
Agenda for HRMÈ, European Management Journal,
Vol. 16, No. 1, February 1998, pages 70-78.
Abstract: As organisations demand much more
from their employees as a result of external
pressures, the role of managers in the future will
have to change. Jean-Marie Hiltrop explores the
implications for future managers, which include
more stress, new career perspectives, new skills and
at least four new key competencies. There are also
implications for human resource management. The
new flexible, process-orientated organisations will
need new recruitment and training systems which
encourage adaptable managers, and managers
themselves will have to live with a large flow of
IT-processed data as well as organisational
complexity and ambiguity. The author makes a
number of suggestions for accelerating some of the
changes needed in organisations.
Otras publicaciones / Other publications
Pablo Cardona - M» Nuria Chinchilla
Ð ÇIntrategia. En busca del alto rendimiento y de la
supervivencia a largo plazoÈ, Harvard Deusto
Business Review, nº 85, julio-agosto de 1998,
p‡gs. 36-41.
Resumen: Las compa–’as que consiguen tener un
alto rendimiento y que han sobrevivido a cambios
del entorno durante un largo per’odo de tiempo,
muestran una caracter’stica comœn: un alto nivel
de unidad. La confianza y el compromiso de las
personas con la empresa son condici—n necesaria
para los procesos de innovaci—n y adaptaci—n que
caracterizan a las empresas de Žxito en un mundo
cada vez m‡s competitivo. Del mismo modo que la
estrategia mira el impacto econ—mico de las
decisiones directivas, la intrategia mira c—mo
las decisiones directivas afectan al nivel de unidad
de la compa–’a. Dado que las decisiones directivas
tienen impacto no s—lo en el resultado econ—mico
ÐbeneficioÐ, sino tambiŽn en el resultado
organizativo ÐunidadÐ, los directivos deber’an
evaluar sus decisiones desde ambos puntos de
vista: el estratŽgico y el intratŽgico.
Javier Estrada
Ð ÇInvertir en mercados emergentes. Tendencias y
perspectivasÈ, Iniciativa Emprendedora y Empresa
Familiar, nº 11, julio-agosto de 1998, p‡gs. 35-40.
Resumen: Los mercados emergentes est‡n de
moda. Basta abrir la prensa internacional para ver
nuevas secciones que cubren los hechos
importantes ocurridos en regiones emergentes y
organizaciones que construyen nuevos ’ndices
burs‡tiles para seguir de cerca el comportamiento
de estos mercados de valores. En el caso de Espa–a,
el interŽs por los mercados emergentes, en
particular los latinoamericanos, se ha despertado
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Boletín Informativo – Newsletter
hace ya tiempo y est‡ claramente reflejado en las
inversiones directas que empresas espa–olas han
realizado en estos pa’ses.
Miguel A. Gallo - Carlos Garc’a Pont
Ð ÇLa proyecci—n internacional de la empresa
familiar. Factores impulsores y retardadoresÈ,
Iniciativa Emprendedora y Empresa Familiar, nº 11,
julio-agosto de 1998, p‡gs. 41-45.
Resumen: El ‡mbito geogr‡fico de actuaciones de
muchas empresas ha cambiado en los œltimos
a–os. La adhesi—n a la Uni—n Europea ha causado
cambios estructurales en la econom’a espa–ola. Se
ha incrementado la importancia de las empresas
multinacionales en Espa–a y en el mundo
empresarial se ha desarrollado una actitud
positiva hacia el desarrollo de operaciones
internacionales. Las empresas familiares no est‡n
exentas de estas tendencias. En este art’culo se
analizan los factores espec’ficos que favorecen o
dificultan la internacionalizaci—n de este tipo de
empresas.
Dom•nec MelŽ
Ð ÇLa DSC e la gestione delle imprese. LÕesperienza
dello IESE di BarcelonaÈ, La societˆ, nº 2, p‡gs.
361-370, 1998.
Resumen: Se describe el enfoque de la direcci—n de
empresas en el IESE que, desde sus comienzos, ha
pretendido inspirarse en la doctrina social de la
Iglesia. Entre las realizaciones m‡s recientes para
una integraci—n efectica de la doctrina social en
direcci—n de empresas se incluyen el desarrollo de
cursos de Žtica empresarial y de moral cristiana, la
realizaci—n de un coloquio anual interdisciplinar y
numerosas publicaciones que dan cuenta de la
actividad investigadora y docente llevada a cabo en
Žtica empresarial de inspiraci—n cristiana.
Paddy Miller - Rama Velamuri
Ð ÇFinanzauto, the target of one of SpainÕs largest
hostile takeover bidsÈ, Barcelona Management
Review, No. 8, May-August 1998, pages 156-163.
Abstract: In 1998 Finanzauto had one of its most
successful years. This was not a foregone
conclusion during the disastrous takeover of the
company by Barlows in 1992. This article deals with
the conditions under which the new management
operated at that time to bring about change.
During a three-year period, 1992-1995, the new
CEO had to deal with strikes, a massive bad debt
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IESE, Universidad de Navarra
Boletín Informativo – Newsletter
situation, a downturn in the Spanish market and a
head office in London unsure of the eventual
outcome.
(Also available in Spanish, pages 148-155).
Ahmad Rahnema
Ð ÇEl euro y las finanzas de las peque–as y
medianas empresasÈ, Euroasesor, nº 2, junio de 1998,
p‡gs. 5-7.
Resumen: En el proceso de adaptaci—n de las
Pymes a la UEM, la funci—n financiera ser‡ la m‡s
afectada de todas, y no s—lo por los cambios en las
pol’ticas de inversi—n y financiera de la empresa,
sino, y sobre todo, por el impacto de extraordinaria
magnitud que el euro tendr‡ sobre los mercados
financieros y las entidades financieras, que en s’
mismo provocar‡ cambios y repercusiones directas
e indirectas en la funci—n financiera de la empresa.
En este art’culo se realiza una breve reflexi—n sobre
el impacto del euro tanto en las entidades
financieras como en los mercados financieros, para
luego trasladar sus consecuencias a la funci—n
financiera de la empresa.
JosŽ L. Su‡rez - Arturo Garc’a
Ð ÇLa diversificaci—n espa–ola en las bolsas
latinoamericanasÈ, Expansi—n, 13 de julio, p‡gs. 45-46.
Resumen: En este art’culo se explican las ventajas
de la diversificaci—n desde el punto de vista del
inversor espa–ol. La acogida en la bolsa espa–ola
de compa–’as iberoamericanas supondr‡ mayor
potencial de negocio para nuestros mercados y
mayor facilidad para la diversificaci—n de las
carteras de los inversores. Este efecto beneficioso se
concreta, si la elecci—n es correcta, en aumentar la
rentabilidad y/o disminuir el riesgo.
Juan C. V‡zquez-Dodero
Ð ÇClaves para negociar un crŽditoÈ, Ideas &
Negocios, septiembre de 1998, p‡gs. 22-24.
Resumen: Este art’culo tiene por objetivo revisar
las cuestiones que se formula un emprendedor
cuando busca financiaci—n externa. Algunas ideas y
sugerencias pueden sonar a triviales, pero proceden
de la experiencia real y ayudar‡n a prevenir ciertos
errores. Hay que partir de la premisa de que un
banco no es un enemigo, sino un colaborador en
una aventura empresarial, pero tiene que estar
seguro de lo que hace y obtener un beneficio
con ello. Por eso la colaboraci—n debe basarse en
el mutuo respeto y confianza, fruto de la
transparencia, la anticipaci—n y la profesionalidad.
4
CONFERENCIAS Y SEMINARIOS
CONFERENCES AND SEMINARS
JosŽ L. Alvarez - Carmelo Mazza
Ð On July 29-31, attended the 3rd. International
Conference on Organizational Discourse: Pretexts,
Subtexts and Contexts, which took place at KingÕs
College, University of London, England, where they
presented the paper ÇClaim, Intent and Persuasion:
Seeking Legitimacy Through the Rhetoric of
Mission StatementsÈ.
Abstract: Organization theory has been addressing
the issue of legitimacy since the late fourties.
Legitimacy is the typical concept adopted to
deal with unclear and ambiguous aspects
of organizational life. Although all the
approaches recognize the symbolic character
of legitimacy-seeking within organizations,
researchers have neglected to investigate the
rhetoric issues involved.
This paper proposes to look at the organizational
legitimation process from a linguistic perspective.
By looking at legitimacy as a multifaceted social
process rather than as an organizational variable Ðas
many organizational frameworks sustainÐ this
paper explores the symbolic and rhetoric strategies
organizations develop to align with this process.
Through the analysis of corporate mission
statements, the narratives adopted to enhance
organizational legitimacy are reconstructed and
made explicit.
Three types of narratives emerge from the
reconstruction of mission statements: they are
labeled as claim, intent, and persuasion. The claim
narrative within mission statements emphasizes
past organizational successes and current
performance as sources of legitimation. The intent
narrative emphasizes the effort in playing a key role
within the socio-economic context. The persuasion
narrative stresses organizational conformity (that is
to say, symbolic obedience) to the social norms.
Further developments in the application of linguistic
analysis to organizational legitimation processes are
also explored and discussed. The need to include the
analysis of corporate communicationÕs rhetoric in
the research agenda on the interaction between
organizations and the institutional environment is
sustained.
Rafael Andreu - Sandra Sieber
Ð On July 9-11, attended the 14th EGOS Colloquium in
Maastricht, The Netherlands, where they presented
the paper ÇLearning, Knowledge and Interaction:
Towards a New Approach to Organizational
LearningÈ.
he presented the paper ÇSharing out in alliances:
The role of ethicsÈ.
Abstract: In todayÕs competitive landscape,
traditional sources of competitive advantage seem
to be no longer sufficient. Firms have to concentrate
on their distinctive competencies, and therefore
have to develop idiosyncratic, difficult to imitate
capabilities. Effective knowledge deployment and
development are at the heart of what firms need in
order to face this challenge. This paper first
discusses how knowledge and learning are seen
to be crucial for todayÕs firmsÕ competitiveness,
how they interrelate, and what seem to be the
relevant dimensions of learning and the role of
organizational structure. As knowledge and
learning are interrelated, the paper then proceeds
to concentrate on organizational learning, pointing
out how it differs from and relates to individual
learning in order to better understand its
contribution to a firmÕs competitiveness. Some of
the main characteristics of organizational learning
are pinpointed, and a model of individual and
collective learning is proposed, based on problem
solving. Finally, suggestions are made as to how
the model can be used to design actions that foster
learning in organizations. The conclusion points
out directions for further research.
Abstract: Alliances are relatively new forms of
relationships between businesses which allow
cooperation in some areas of activity while
maintaining competition in others, even in those
areas where cooperation is the established
procedure. Logically, this demands a mutual trust
on the basis of which the cooperation can be
established. The nature of this relationship is,
furthermore, dynamic inasmuch as it develops
over a period of time and generates new conditions
which either enhance or destroy trust.
This article reviews the general issues of alliances
and, in particular, the special relationships between
the parties. The discussion of the creation and
development of trust in an alliance describes both
what technical, psychological, sociological and,
particularly, ethical conditions make an alliance
possible and the ethical nature of the necessary step
which must be taken as trust is transformed from
mere possibility into the actual fact of placing trust
in a partner.
Antonio Argando–a
Ð Del 27 al 30 de julio, asisti— al I Congresso de Etica,
Neg—cios e Economia na AmŽrica Latina, organizado
por el Centro de Estudos de Etica nas
Organiza•oes, en Sao Paulo, donde present— la
ponencia ÇLa contribuci—n de la Žtica al desarrollo
econ—micoÈ.
Resumen: DespuŽs de muchos a–os en que se
defendi— la neutralidad Žtica de la ciencia
econ—mica, se ha pasado, recientemente, a la
publicaci—n de un elevado nœmero de trabajos que
pretenden articular la relaci—n de la filosof’a moral
con la ciencia econ—mica. En este art’culo se
pretende ofrecer una visi—n panor‡mica de algunas
de las cr’ticas Žticas a la econom’a, con especial
referencia a la formulaci—n de pol’ticas para el
desarrollo econ—mico. Se revisan las objeciones de
fondo a la actividad econ—mica, al sistema
capitalista, al funcionamiento del mercado, a la
controversia entre justicia y eficiencia y al papel del
Estado, para acabar con algunas recomendaciones.
Ð On September 9-11, took part in the 11th Annual
EBEN Conference, held in Leuven (Belgium), where
IESE, Universidad de Navarra
Boletín Informativo – Newsletter
Africa Ari–o
Ð On August 7-12, attended the Annual Meeting of
the Academy of Management in San Diego,
California, where she presented the paper
ÇCommission and Omission: Which Behaviour
Matters Most in Interfirm Ventures?È.
Abstract: We
distinguish
between
noncooperative behaviour by commission and
non-cooperative behaviour by omission,
and show that a firmÕs perception of its partnerÕs
behaviour has a stronger association with the
firmÕs own behaviour when the partner is
perceived to behave non-cooperatively by
commission than by omission. We do so using
qualitative and quantitative methodologies.
Manel Baucells
Ð On July 20-24, attended the 9th Stony Brook
International Conference in Game Theory organized
by the Center for Game Theory in Economics,
where he presented the paper ÇA Theory of Multiperson UtilityÈ, co-authored by Lloyd S. Shapley.
His presentation was attended by the 1994 Nobel
Laureate John F. Nash.
Abstract: The starting point of welfare analysis is
the assumption of interpersonal comparisons of
utilities. For many, the theoretical basis for such
comparisons is still unsatisfactory. This paper
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IESE, Universidad de Navarra
Boletín Informativo – Newsletter
presents a theory of multi-person preference based
on the ability of some pairs of individual agents to
agree on a joint preference. If such pairs form a
spanning tree of the set of players, then the sole
acceptance of the Pareto rule implies a unique
preference for the entire group. Moreover, there are
some weights, unique up to a common factor of
proportionality, such that the utility for the group
can be expressed as a weighted sum of the
individual utilities.
Jordi Canals
Ð El 6 de julio, particip— en el curso de la
Universidad Internacional MenŽndez y Pelayo en
Barcelona, donde imparti— la conferencia
ÇGlobalizaci—n de los mercados financieros:
Nuevos retos para el sector bancarioÈ.
Resumen: La puesta en marcha de la moneda œnica
supone un impulso m‡s hacia la globalizaci—n del
sector financiero. Las presiones competitivas y los
costes de adaptaci—n de los bancos a la nueva
situaci—n ser‡n enormes. El margen financiero
seguir‡ cayendo. Sin embargo, la moneda œnica,
adem‡s de provocar un ÇshockÈ competitivo
de enorme intensidad Ðespecialmente en los
segmentos de banca corporativa, banca de
inversiones y mercadosÐ supondr‡ una oportunidad
para la consolidaci—n del sector y el establecimiento
de alianzas transnacionales m‡s estables y con unos
objetivos m‡s claros y definidos.
Carlos CavallŽ
Ð On June 14-17, attended the Global Forum for
Management Education, organized by the AACSB
(American Assembly of Collegiate Schools of
Business) in Chicago on the subject of ÇLearning
without BoundariesÈ, where he presented the paper
ÇChanging market expectations for the MBAÈ.
Ð El 14 de julio, imparti— la conferencia ÇLa
formaci—n del directivo del siglo XXIÈ, en el curso
de verano de la Fundaci—n General de la
Universidad Complutense de Madrid.
Jordi Gual
Ð El 2 de septiembre, pronunci— la conferencia
inaugural del curso ÇPol’ticas de empleo en la
Uni—n Europea: Presente y futuroÈ, que tuvo lugar
en San Sebasti‡n en el marco de los Cursos de
Verano del Pa’s Vasco. La conferencia vers— sobre el
tema ÇCreaci—n de empleo: El papel de las reformas
institucionalesÈ.
6
Resumen: El objetivo de esta ponencia es analizar
las causas de la escasa participaci—n del factor
trabajo en el crecimiento de la econom’a espa–ola.
Se discuten, adem‡s, las medidas de pol’tica
econ—mica y social que pueden conducir a un
nuevo modelo de crecimiento que aproveche en
mayor medida el potencial productivo de la fuerza
laboral.
El an‡lisis que se lleva a cabo muestra que los
conocidos rasgos diferenciales del mercado laboral
espa–ol (paro elevado, baja participaci—n, alta
temporalidad, persistencia regional del paro, alto
nivel de paro juvenil y otros) son, en parte, el
resultado de un modelo de crecimiento econ—mico
que ha fomentado el uso del factor capital en
detrimento del empleo.
Desde esta perspectiva, la adopci—n de tecnolog’as
ahorradoras de mano de obra es el resultado del
ajuste empresarial ante los aumentos del coste de
uso del factor trabajo que tuvieron lugar a lo largo
de los a–os ochenta.
De este an‡lisis se deriva que la soluci—n del
problema del paro no puede provenir œnicamente
de la expansi—n econ—mica, sino que ser‡ preciso
adoptar un modelo de crecimiento m‡s intensivo
en empleo. Para ello, esta ponencia argumenta que
ser‡ necesaria una fuerte ca’da del coste de uso del
trabajo, que conduzca a un nuevo cambio
tecnol—gico en favor de este factor.
Este descenso en el coste de uso de la fuerza
laboral se puede conseguir reduciendo los costes
indirectos del trabajo que conllevan las excesivas
regulaciones del mercado de trabajo espa–ol. En
concreto, las reformas que parecen m‡s
prometedoras se centran en la duraci—n del seguro
de desempleo, la eliminaci—n de los salarios
m’nimos para j—venes, la reducci—n de la
imposici—n sobre el trabajo de baja cualificaci—n,
la descentralizaci—n de la negociaci—n colectiva
y la reducci—n y homogeneizaci—n de las
indemnizaciones por despido.
Ð El 10 de julio, imparti— la conferencia
ÇCrecimiento regional en la Uni—n Monetaria
EuropeaÈ, en el curso ÇCrecimiento regional:
Teor’as, factores y pol’ticasÈ de la Universidad
Internacional MenŽndez Pelayo en Santander.
Luis M» Huete
Ð El 30 de septiembre, asisti— en Tenerife a la XX
Convenci—n de Directores de Marketing de las Cajas
de Ahorros, donde imparti— la conferencia
inaugural ÇEl marketing interno en instituciones
financierasÈ.
Dom•nec MelŽ
Ð Attended the International Symposium ÇNature and
purpose of the organization within Catholic Social
ThoughtÈ in St. Paul, Minnesota, organized by
the Institute for Christian Social Thought of the
University of St. Thomas, where he delivered a reply
to two papers: ÇThe Moral Issues in Allocating
Corporate
Resources:
Shareholders
versus
StakeholdersÈ (author: Lee Tavis, University of Notre
Dame) and ÇClearing Ground: Toward a Social Ethic
of Corporate ManagementÈ (authors: S. Cortright E. S. Pierucci, Saint Mary College, California, and
M. Naugton, University of St. Thomas, St. Paul,
Minnesota).
Ð At this same symposium he presented the
paper ÇBeyond Shareholders and Stakeholders:
Concentric responsibilitiesÈ.
Abstract: The stockholder and stakeholder
approaches are two well known frameworks that
compete in setting general guidelines for business.
However, the ethical and anthropological
assumptions underlying these two theories have
not been widely discussed, much less justified or
proven. This paper aims to foster discussion and,
above all, to outline a new approach based on an
identification of the moral responsibilities
of management. We contend that a firmÕs
responsibilities extend outward from the firm in
concentric circles that indicate a correct order of
priorities. Looking beyond the stockholder and
stakeholder approaches, our proposal is inspired
by some basic ideas upheld by the Catholic Social
Tradition (CST).
If we consider the company as a community within
society, its responsibilities must have a greater
priority the more closely related they are to the
contribution the company makes to the common
good through its specific activity. We can draw
three concentric circles of responsibilities. Primary
responsibilities concern the companyÕs specific
activity; secondary responsibilities have to do with
the companyÕs relationship with social groups that
are in some way dependent on the company,
beyond the responsibilities that are a matter of
strict justice or strategic interest; and tertiary
responsibilities extend to the companyÕs efforts to
improve society through any function other than its
specific activity.
Paddy Miller
Ð On September 3, attended a seminar on
globalisation organized by the Graduate School of
IESE, Universidad de Navarra
Boletín Informativo – Newsletter
Business Association in Cape Town (South Africa),
where he presented the paper ÇGlobalisation: A
bridge too far for most managersÈ.
Fernando Pe–alva
Ð On August 16-19, attended the Annual Meeting of
the American Accounting Association, held in New
Orleans, where he presented the paper ÇLoss
Reserves and Accounting Discretion in the
Property-Casualty Insurance IndustryÈ. Previously,
this paper was presented at the universities of:
UCLA, Duke, UNC, NYU, Rochester, Wharton,
Columbia, Harvard, INSEAD and the London
Business School.
Abstract: This paper investigates whether
property-casualty insurance companies exercise
accounting discretion when reporting the claim
loss reserve in response to regulatory, tax,
signaling, and financial reporting incentives. The
loss reserve that would be reported in the absence
of managerial discretion is estimated using a latent
variable technique, the Kalman filter. The results
indicate that financially strong insurers use
accounting discretion to reduce the tax burden, to
signal information about future performance, and
to better reflect the economic content of the
loss reserve. Financially weak insurers use the loss
reserve to avoid regulatory scrutiny.
Llu’s G. Renart
Ð On July 23-25, attended the 1998 Marketing
Exchange Colloquium, organized by the American
Marketing Association in Vienna, where he
presented the case study ÇCEAC-ChinaÈ (M-1024-E).
Abstract: In October 1995, the Board of Directors
of the CEAC Group has to decide whether or not to
go ahead with the creation of a joint venture in
China with the aim of penetrating the Chinese
market. CEAC is the leading company in Spain in
the sale of vocational distance training courses.
Founded in 1945, it undertook its first international
activities in Spanish-speaking countries. Later, after
the fall of communism, it started to penetrate
Poland and Hungary. The case describes the
preparations for the setting up of a joint venture in
China with a local partner in the publishing
industry. The initial negotiations were conducted
with the help of Manuel Vallejo, a Spanish
consultant with extensive experience in the
Chinese market.
7
IESE, Universidad de Navarra
Boletín Informativo – Newsletter
Joan E. Ricart
Ð On September 20-22, attended the 1st International
Conference on ÇCreating Value Through Effective
Board Leadership and Strategic DirectionÈ
organized by the Henley Management College, UK,
where he presented the paper ÇGovernance
Mechanisms for Effective Leadership: The Case of
SpainÈ.
Abstract: Most current work on Boards of
Directors has focused on what can be considered
best practices for effective governance in terms of
roles, composition, process and style. Furthermore,
this literature can be divided into very practically
oriented managerial work, on the one hand, and
more rigorous, theoretically based work, on the
other. Most of the empirical research in this area
has been centered on Anglo-Saxon countries. Some
European countries, like Spain, have a very
different governance tradition. Given this context,
this paper has three complementary objectives:
1. To ascertain the current status of governance
practices in Spain. 2. To obtain evidence about
which of these practices may be associated with
effective governance. 3. To find out which factors
account for the composition of General ManagersÕ
compensation.
Carlos S‡nchez-Runde
Ð On August 10, attended the Annual Meeting of the
Academy of Management, held in San Diego,
California, where he presented the following
papers:
ÇA conceptual approach to the creation and early
development of human resource management
departmentsÈ.
Abstract: This paper deals with the creation of
HRM departments in small to medium sized firms.
It presents propositions based on efficiency, agency,
and institutional theory on transferring personnel
practices from the top management to the new
department. Applications are made towards a
strategic and systemic view of HRM. Implications
follow.
ÇNew forms of organizing: Human resource
management implicationsÈ, coauthored by
Richard Whittington (Templeton College, Oxford
University) and Javier Quintanilla.
Abstract: Adopting a process view, we explore
the personnel (HRM) implications of new forms of
organizing (NFOs). We review the characteristics of
NFOs and explain how they require a renewed
HRM approach. We illustrate the HRM approach
8
with preliminary results from a European
comparative study, and comment on the challenges
ahead.
Joaquim Vilˆ
Ð On August 8, participated in the Professional
Development Workshop of the Academy of
Management, within the activities of the
Iberoamerican Academy of Management, held in
San Diego, California, where he gave the lecture
ÇIESE: The experience of a network of
Iberoamerican business schoolsÈ.
Ð On August 9-12, attended the Academy of
Management Meeting, held in San Diego, California,
where he presented the paper ÇStrategic Thinking:
Strategy as a Shared Framework in the Minds of
ManagersÈ, coauthored by Esteban Masifern.
Abstract: The paper advances a set of propositions
to guide managers in their attempt to overcome the
limitations of traditional strategic planning. It
develops an approach to strategic thinking which
takes into account both process and content aspects.
Strategic thinking is a state of mind as well as a way
of managing; it consists of a set of ideas, principles,
policies, concrete rules and operational approaches
which shape the way managers think about their
role and which guide their daily actions. Strategy
then becomes a shared framework in the minds of
managers.
The paper sheds new light on some basic subjects
of debate in strategic management; for instance,
the link between strategy formulation and
implementation, the strategy Ð organizational
design interaction, emergent versus deliberate
strategy, and the failure to renew strategy.
Implications for both academics and managers are
included.
VARIOS
OTHERS
JosŽ L. Alvarez
Ð On July 8-11, participated in the 14th Colloquium
of the European Group of Organizational Studies
(EGOS) held in Maastricht, where he co-convened
(with Lars Engwall, Uppsala University) the
Group ÇThe Creation and Diffusion of European
Management PracticesÈ. Also, he has been
appointed Spanish National Representative of
EGOS.
Ð On August 16-19, attended the Conference
ÇBreaking the Code of ChangeÈ, at the invitation of
the Organizational Behaviour Department of the
Harvard Business School. This conference, attended
by leading scholars, consultants and practitioners,
discussed the new challenges in the management of
organizational transformation after more than a
decade of generalized change processes.
Ð He has accepted the chairmanship of the 1999
Round Table of the Centre for Organizational
Studies of the JosŽ Mar’a de Anzizu Foundation.
This meeting will take place on September 29-30 on
the topic ÇManaging managers: Tasks, careers and
identityÈ.
Economic Policy Research and the Swedish Centre
for Business and Policy Studies.
Luis M» Huete
Ð Las editoriales Tibidabo y Ediciones 2000 han
editado conjuntamente tres CD-Rom con el t’tulo
ÇServicios y beneficiosÈ. Los discos compactos
versan respectivamente sobre la fidelizaci—n de
clientes, la fidelizaci—n de empleados y la
inteligencia emocional en los negocios.
Ð Has been appointed Associate of Integral, a
consulting company founded by Harvard
professors Kim Clark and Steven Wheelwright.
Rafael Andreu - Josep Valor
Ð On July 9-11, acted as convenors of subtheme 11
ÇProcess OrganisationsÈ at the 14th EGOS
Colloquium in Maastricht, The Netherlands.
Eduardo Mart’nez Abascal
Ð El d’a 29 de septiembre, imparti— la conferencia
ÇAgosto negro: Causas y consecuencias de una
crisisÈ, en el C’rculo Ecuestre de Barcelona.
Antonio Argando–a
Ð El 3 de julio pronunci— una conferencia sobre ÇEl
nuevo horizonte de la Uni—n Monetaria EuropeaÈ
en las Tertulias Cala Galdana, Menorca.
Paddy Miller - Lori Rockett
Ð Obtained the Management Education and
Development DivisionÕs Best Symposium award at
the Annual Meeting of the Academy of
Management in San Diego (August 98). The award
is sponsored by McGraw-Hill & Irwin.
Africa Ari–o
Ð On August 7, took part in the International
Management Division Junior Faculty Consortium
in San Diego (California).
Ð Los d’as 24-25 de septiembre, asisti— a las XIV
Jornadas de Econom’a Industrial organizadas por la
Fundaci—n Empresa Pœblica en Madrid, donde
particip— como comentarista en la sesi—n
ÇUnilateral commitments in research joint
ventures. When are they rational?È.
Carlos CavallŽ
Ð El 15 de julio, asisti— a los Cursos de Verano de la
Fundaci—n
General
de
la
Universidad
Complutense de Madrid, donde particip— en una
Mesa Redonda sobre ÇLas nuevas tecnolog’as al
servicio del ciudadanoÈ.
Jordi Gual
Ð On July 3, presented to the European
Commission (Brussels) the report ÇMonitoring
European Deregulation: Telecommunications in
EuropeÈ, prepared jointly with other European
researchers and commissioned by the Centre for
IESE, Universidad de Navarra
Boletín Informativo – Newsletter
Pedro Nueno
Ð Del 31 de agosto al 3 de septiembre particip—
como moderador en el encuentro ÇLas
telecomunicaciones y la nueva era econ—micaÈ, en
la Universidad Internacional MenŽndez Pelayo, en
Santander.
Francisco ParŽs
Ð El 22 de septiembre, organiz— el seminario ÇEl
marketing en Internet a debateÈ, en la feria
ExpoInternet 98, en Barcelona; asimismo, imparti—
la conferencia ÇAn‡lisis tradicional de marketing
con InternetÈ.
Ahmad Rahnema
Ð Ha sido nombrado ÇeditorÈ de la revista
Euroasesor, de Ediciones Deusto.
Llu’s G. Renart
Ð El 22 de septiembre, asisti— al seminario
ÇEl marketing en Internet a debateÈ, en
ExpoInternet 98, en Barcelona, donde imparti—
9
IESE, Universidad de Navarra
Boletín Informativo – Newsletter
la conferencia ÇDel marketing de las transacciones
al marketing de las relacionesÈ.
Josep Valor
Ð During the Annual Meeting of the Academy of
Management in San Diego (California), took part in
the symposium ÇWhat matters most in a virtual
learning community?È, where he presented the
work done with Professor Paddy Miller and
doctoral candidate Lori Rockett in designing and
conducting a course at three universities
simultaneously, using videoconferencing and
Internet technologies to support group work. The
symposium won the first prize awarded by the
Management Education and Development
Division.
Juan C. V‡zquez-Dodero
Ð El 11 de septiembre asisti—, en Oporto (Portugal),
a la conferencia ÇO espirito do DouroÈ.
ACTIVIDADES DOCENTES
TEACHING ACTIVITIES
Seminarios
Ð ÇV Encuentro de empresarios y directivos del
sector de productos sanitariosÈ, coordinador:
Pedro Nueno, 2 de julio, Madrid.
Ð ÇNegociar con eficacia: Tarea diaria del
directivoÈ, coordinador: Juan Roure, 1 de julio,
Santiago de Compostela; 6 y 7 de julio, Barcelona.
CASOS Y NOTAS TECNICAS
CASES - TECHNICAL NOTES
NOTA: La bibliograf’a actualizada se puede
consultar en Internet: http://www.iese.edu
Dirección Financiera / Financial Management
Ð El 22 de junio, en la Universidad Internacional
MenŽndez Pelayo, en Santander, se present— el
estudio realizado por M» Nuria Chinchilla, Pablo
Cardona, y por B‡rbara Azcona y Pablo L‡zaro, de
la Unidad de Investigaci—n de Servicios de Salud
(Instituto de Salud Carlos III de Madrid), sobre la
importancia de la motivaci—n de los profesionales
de la salud para el uso y distribuci—n de recursos de
los sistemas sanitarios.
Ð On June 7-10, at the 14th Meeting of the
International Society of Technology Assessment in
Health Care, a presentation was given of the
conclusions of a study conducted by M» Nuria
Chinchilla, Pablo Cardona and B‡rbara Azcona
and Pablo L‡zaro of the Health Service Research
Unit (Instituto de Salud Carlos III, Madrid) on the
motivational structure of doctors in the Madrid
region.
GESPALETS
(F-680 - 0.298.063)
Gespalets, una empresa de gesti—n de palets
estandarizados, presenta un modelo de empresa en
crecimiento parecido al de Butler & Lumber (F-515)
o Distribuidora de Pl‡sticos Miranda (F-596), en el
que el crecimiento anual de la actividad supera al
que la empresa puede sostener por s’ misma, por
lo que debe acudir a ampliaciones de capital con
cierta frecuencia. Los objetivos principales del
caso son dos: a) observar c—mo evolucionan las
necesidades financieras de la empresa al
aumentar su actividad, y b) estudiar el atractivo
que tendr‡ para la empresa de capital riesgo
una nueva ampliaci—n de capital para abordar un
nuevo per’odo de expansi—n.
Pradas L.; Tˆpies J.; 16 p‡ginas.
BANCO CENTRAL HISPANO
(F-681 - 0.298.072)
A finales de 1995, el consejo de administraci—n del
Banco Central Hispano, BCH, ten’a que decidir
10
acerca del dividendo del ejercicio. Se planteaba
la conveniencia o no de seguir disminuyŽndolo o,
incluso, suprimirlo. La decisi—n se enmarca en un
plan de saneamiento muy riguroso, en marcha
desde enero de 1992, y que hab’a comprendido la
venta de activos, en especial participaciones del
grupo, y fuertes dotaciones para insolvencias.
La decisi—n afectar’a a los 371.448 accionistas del
banco que llevan Çapret‡ndose el cintur—nÈ
durante tres ejercicios y esperan el momento de
obtener un natural resarcimiento. Si se pagase un
dividendo similar al del a–o pasado, 125 pesetas,
el banco deber’a destinar a ese concepto 20.742
millones de pesetas, una cuant’a mayor que el
beneficio del ejercicio.
IESE, Universidad de Navarra
Boletín Informativo – Newsletter
SOBRE LA PREDICCION DE LOS TIPOS DE
CAMBIO
(FN-427 - 0.297.244)
Muchas veces se dice que el precio ÇforwardÈ (o
precio del seguro de cambio) es el mejor predictor
del tipo de cambio futuro. Curiosamente, esta
afirmaci—n se hace œnicamente al hablar de los
tipos de cambio, pero no al hablar de acciones,
’ndices...
En esta nota se analizan cuatro tipos de cambio:
peseta/d—lar, peseta/marco alem‡n, peseta/yen y
marco alem‡n/d—lar.
Fern‡ndez P.; 4 p‡ginas.
Garc’a A.; Su‡rez J.L.: 16 p‡ginas.
LA OFERTA PUBLICA DE VENTA DE TELEFONICA DE ESPA„A, S.A. - 1997
(F-682 - 0.298.073)
La oferta pœblica de venta, OPV, de acciones de
Telef—nica de Espa–a, S.A., en donde la Sociedad
Estatal de Participaciones Patrimoniales, S.A.
(SEPPA) pon’a a la venta la totalidad de su
participaci—n en la compa–’a (un 20,9%, que
correspond’a a 196.783.320 acciones). Esta era la
mayor oferta de acciones que se hab’a hecho jam‡s
en Espa–a, suponiendo aproximadamente un 5%
de la capitalizaci—n de la bolsa espa–ola. Adem‡s,
hab’a unelevado nœmer o de privatizaciones de
compa–’as de telecomunicaciones programadas
para estos ejercicios, cuyo importe total se estimaba
en aproximadamente un 18% del Çfree floatÈ del
sector de telecomunicaciones a nivel mundial.
Diversos factores eran importantes para el Žxito:
el ÇtimingÈ de la operaci—n, y la distribuci—n en
tramos nacional-internacional.
EVALUACION DE RESULTADOS EN CARTERAS
(FN-431 - 0.298.003)
Medidas de rentabilidad y de riesgo en carteras.
Uso pr‡ctico de estas medidas. Procedimientos
para la atribuci—n de resultados. Medida de la
capacidad de previsi—n del mercado. Uso de
carteras de referencia o ÇbenchmarksÈ.
Mart’nez Abascal E.; 22 p‡ginas.
LA HIPOTESIS DE LA EFICIENCIA DE LOS
MERCADOS
(FN-432 - 0.298.004)
Concepto de eficiencia. Tipos de eficiencia y sus
consecuencias. Resultados de la investigaci—n
emp’rica sobre eficiencia en sus formas, dŽbil,
semifuerte y fuerte. El estado de la cuesti—n en la
actualidad. Resumen y glosario de tŽrminos m‡s
usuales. Bibliograf’a principal.
Garc’a A.; Su‡rez J.L.: 17 p‡ginas.
Mart’nez Abascal E.; 16 p‡ginas.
GESPALETS - NOTA DEL INSTRUCTOR
(FT-52 - 5.298.064)
(Caso F-680).
Uso restringido a Instituciones AcadŽmicas.
Pradas L.; Tˆpies J.; 18 p‡ginas.
PRODUCTOS ESPECIALES: DERECHOS, DIVIDENDOS Y CONVERTIBLES
(FN-434 - 0.298.012)
Explicaci—n sobre los derechos de suscripci—n,
dividendos y bonos convertibles, como productos
de inversi—n. Caracter’sticas de una ampliaci—n de
capital. Calendario. Valor te—rico del derecho. Valor
de las acciones nuevas. Modo de aprovechar
las ampliaciones de capital. Dividendos. C—mo
funcionan. Modo de aprovecharlos. Bonos
11
IESE, Universidad de Navarra
Boletín Informativo – Newsletter
convertibles: quŽ son, caracter’sticas, criterios de
decisi—n para el inversor.
Coello de Portugal M»; Mart’nez Abascal E.;
14 p‡ginas.
PORTFOLIO MANAGEMENT: TOP DOWN
ANALYSIS
(FN-447-E - 0.298.062)
Introduction to active portfolio management based
on analysis of the main macroeconomic variables
and their influence on the stock market.
The note analyses the effect on the stock market of
interest rates, inflation, public deficit, exchange
rates, economic growth, etc., and the way these
variables relate to one another. Empirical data
from the last ten years are provided. The note
concludes with a practical example of the
application of top down analysis to investment in
a particular countryÕs stock market.
(Also available in Spanish).
Mart’nez Abascal E.; 14 pages.
FUNDAMENTAL ANALYSIS: STOCK VALUATION
(FN-449-E - 0.298.069)
Introduction to fundamental analysis in portfolio
management. The note reviews the main stock
valuation systems, always from the point of view
of portfolio management: net worth, stock market
ratios ÐP/E, dividend yield, Gordon-Shapiro
model, Graham modelÐ and finally the methods
based on the discounting of cash flows for
shareholders, and how to apply them.
(Also available in Spanish).
Fern‡ndez P.; Mart’nez Abascal E.; 26 pages.
CAPM, APT AND MULTIFACTOR MODELS
(FN-455-E - 0.298.088)
Use of the CAPM, market model and multifactor
models in equity portfolio management. The note
contains a brief explanation of each model, together
with the statistical apparatus needed to apply and
interpret them. The advantages and disadvantages
of each are pointed out.
12
This note is intended for use in a course on portfolio
management.
(Also available in Spanish).
Mart’nez Abascal E.; 17 pages.
PORTFOLIO PERFORMANCE EVALUATION EXERCISES
(FE-33-E - 0.297.221)
Exercises to accompany technical note FN-431-E.
They cover: measures of return (arithmetic v.
geometric mean); measures of risk and return;
market timing abilities; and performance
attribution.
(Also available in Spanish).
Mart’nez Abascal E.; 4 pages.
Comportamiento Humano en la Organización /
Organizational Behaviour
COMO MEJORAR EL TRABAJO EN EQUIPO
(FHN-317 - 0.499.004)
Breves instrucciones para que un equipo analice
su funcionamiento y elabore planes de mejora.
Rodr’guez J.M.; 2 p‡ginas.
Dirección General / Business Policy
SIFI
(DG-1215-E - 0.398.094)
SIFI, with sales of 58 billion lire in 1997, is
the leading manufacturer of ophthalmological
products in Italy. Its growth has intensified since
1990, when it started up a new factory and signed
an exclusive license agreement with Schering
Plough to produce antibiotics.
The companyÕs capital belongs to two families,
each holding 50%. All the second and third
generation family members have university
degrees, but only one works in the company, as
general manager.
The Board of Directors, made up of
representatives of each family and outside
consultants, has played an active role for over ten
years.
Important shareholders believe that the strategy
of investing in R&D and accelerating the pace of
growth is very risky. The Board and the general
manager have to decide what to do.
(Also available in Spanish).
MARGI, S.A.
(DG-1235 - 0.398.144)
FRICO, S.A. es un caso preparado especialmente
para la formaci—n en el ÇModelo para el
autodiagn—stico medioambiental estratŽgico e
integralÈ. A partir de la informaci—n recogida en
el caso sobre la compa–’a ficticia FRICO y del
mencionado modelo, es posible determinar los
puntos fuertes y las ‡reas de mejora de su gesti—n
medioambiental, y desarrollar el consiguiente
plan de mejora.
Margi es una empresa de distribuci—n con unos 500
empleados que durante bastantes a–os se
desarroll— con mucho Žxito a partir de un peque–o
negocio iniciado por dos socios, con aportaciones
paritarias de capital. Uno de estos socios, ya
jubilado, sigue en el consejo de administraci—n,
mientras que el otro muri— hace algunos a–os,
heredando sus hijos. Desde hace varios a–os ha
cambiado notablemente el entorno competitivo
de Margi y poco se ha hecho para adecuar la
empresa a la nueva situaci—n. Finalmente, el
director general acepta la necesidad de cambiar
de estrategia, pero esto requiere una notable
inversi—n. Ante esta posibilidad, el socio fundador
que todav’a vive y mantiene el 50% del capital, se
resiste, pidiendo adem‡s que le compren sus
acciones a un precio un 20% superior a su valor
contable.
Ricart J.E.; Rodr’guez M.A.; 16 p‡ginas.
Gallo M.A.; Vilaseca A.; 14 p‡ginas.
Corbetta G.; Gallo M.A.; 15 pages.
FRICO, S.A.
(DG-1217 - 0.398.097)
AB ASESORES
(DG-1218-E - 0.398.102)
AB Asesores is facing the challenge of the euro
and has to assess the impact it is likely to have on
its different businesses.
(Also available in Spanish).
Ari–o A.; Cast‡n L.; 27 pages.
JUGUETES MARTI, S.A.
(DG-1221-E - 0.398.118)
The Board of Directors of Jelsa, a company that
manufactures toys, has to decide whether to
transfer part of its production to the factory of
Juguetes Mart’, another toy manufacturer which
Jelsa acquired in 1994.
Juguetes Mart’Õs factory has been idle for two
years because when it was bought, the employees
refused to allow JelsaÕs management to draw up a
new collective agreement to ensure that the
duration of the production campaign would be
flexible enough to match the demands and
conditions of the market.
(Also available in Spanish).
IESE, Universidad de Navarra
Boletín Informativo – Newsletter
COSTA (A)
(DG-1238-E - 0.398.147)
The family-owned Costa group started its
activities in Genoa in 1854, trading olives. By the
1920s it was already a large group of companies,
with interests in edible oil refining and
distribution, national and international goods
and passenger transport by sea, textiles, and real
estate.
In 1978 the Costa group was one of ItalyÕs largest
conglomerates and a world leader in Çocean
cruisesÈ. In that same year, in its fourth generation,
the Costa family was made up of 42 members, only
18 of whom were shareholders. All held senior
management positions and were members of the
Board of Directors.
In 1982 the group went through a serious financial
crisis and embarked on a drastic restructuring,
hiring non-family managers and bringing in
outside capital.
(Also available in Spanish).
Corbetta G.; Gallo M.A.; Montemerlo D.; 13 pages.
Gallo M.A.; Gallo Y.; 13 pages.
13
IESE, Universidad de Navarra
Boletín Informativo – Newsletter
COSTA (B)
(DG-1239-E - 0.398.148)
AB ASESORES - TEACHING NOTE
(DGT-18-E - 5.398.114)
In 1996, now in its fifth generation, the Costa
family consists of some 300 members. It has its
wealth invested in the company Costa Crociere, of
which it owns 30.76%, and is allied with other
shareholders in a syndicate that controls 50.29% of
the capital.
Costa Crociere has experienced considerable
growth and is profitable. It is the market leader in
Europe and has a 5.3% share of the world market.
The cruise business is undergoing concentration
Ðthe top three companies hold 50% of the marketÐ
and steady growth.
The Costa family is considering a firm offer it has
received for its shares in the company.
(Also available in Spanish).
(Case DGÐ1218-E).
Use is restricted to Academic Institutions.
(Also available in Spanish).
Corbetta G.; Gallo M.A.; Montemerlo D.; 11 pages.
GRUPO VELAZQUEZ
(DG-1241-E - 0.398.150)
The founder of the family-owned Vel‡zquez
group led his companies through almost thirty
years of extraordinary growth. But his dedication
to his businesses was detrimental to the amount of
time and effort he spent bringing up his three
children.
On the founderÕs death, the children inherit and
one of them, Lorenzo, takes over at the head of the
group. Lorenzo continues the family business
with some success, while at the same time living a
life of luxury and ostentation. After a while, he
begins to commit irregularities in the group
companies in order to maintain his lifestyle and,
above all, to finance the extravagant tastes and
whims of his only son, who joins the company at
the age of 30, without completing his university
degree. The difficulties and tensions between the
owning partners grow, until a critical situation is
reached where it seems impossible for the
company to continue.
Gallo M.A.; Mozo E.; 16 pages.
14
Ari–o A.; Cast‡n L.; 15 pages.
Dirección Comercial / Marketing
COMPORTAMIENTO GENERAL DE LA AUDIENCIA FRENTE AL TELEVISOR
(MN-317 - 0.598.019)
Esta nota tŽcnica tiene el cometido de mostrar a
grandes rasgos cu‡l es el comportamiento de la
audiencia frente al televisor. Para este prop—sito,
se inicia con una descripci—n global en la que se
introduce el concepto de consumo televisivo y
se analiza su evoluci—n a lo largo de los a–os con
sus variaciones en el a–o 1996.
Posteriormente, se analiza el comportamiento
est‡ndar de los televidentes frente a un programa
de televisi—n. Finalmente, se concluye analizando la
reacci—n de los telespectadores al ser interrumpidos
por un bloque publicitario durante la emisi—n de los
programas.
Ramas S.; Toro J.M.; 16 p‡ginas.
NOW AVAILABLE IN ENGLISH
PRODESDIR (A)
(C-684-E - 0.198.014)
This is the first in a series of three cases (Prodesdir
A, B and C) that are intended to teach the basic
concepts of cost accounting.
The company Prodesdir has three products and is
working below capacity. One of the three products
is not profitable based on an analysis of the
complete cost. Students are required to decide
what measures should be taken and, as an
exercise, to calculate the break-even point,
prepare the income statement, etc.
This case is particularly suitable for use with a
spreadsheet, both for preparing the answers and
for class presentation.
(Also available in Spanish).
Rosanas J.M.; 3 pages.
IESE, Universidad de Navarra
Boletín Informativo – Newsletter
Por otra parte, el an‡lisis Žtico lleva tambiŽn a
considerar la responsabilidad en la que incurren los
diversos actores del proceso. Entre estos œltimos se
encuentran la empresa anunciante, la agencia de
publicidad, los medios, el pœblico, las autoridades
pœblicas y las asociaciones especializadas. El grado
de voluntariedad existente ayuda a valorar la
responsabilidad de los diversos actores.
PRODESDIR (B)
(C-685-E - 0.198.015)
The case presents a situation following that
described in case (A), when demand has increased
substantially and is liable to reach the limit of
production capacity. The case raises the question
of how to deal with this situation and whether,
from an accounting point of view, it makes sense
to distribute the fixed costs according to real
production volume.
As in case (A), the use of a spreadsheet for
preparation and in class is recommended.
(Also available in Spanish).
Rosanas J.M.; 2 pages.
DOCUMENTOS DE INVESTIGACION
RESEARCH PAPERS
Nº 366 - Julio de 1998
Dom•nec MelŽ
ETICA DE LA COMUNICACION PUBLICITARIA: CRITERIOS DE LA ENSE„ANZA
SOCIAL CATOLICA
Resumen: Se presentan algunos criterios Žticos
para la comunicaci—n publicitaria tomando como
referencia la ense–anza social cat—lica y, m‡s
concretamente, el documento de la Santa Sede
ÇEtica en la publicidadÈ.
El an‡lisis Žtico de la comunicaci—n publicitaria
exige evaluar la intenci—n del sujeto que toma la
decisi—n y el objeto elegido, ya sea un simple
anuncio o toda una campa–a publicitaria. De ah’
surgen como relevantes el contenido del mensaje,
el modo de persuasi—n utilizado, la forma o estilo
publicitario y los efectos secundarios previsibles.
Se considera, en particular, la persuasi—n
manipuladora, la veracidad, el respeto hacia las
personas y grupos sociales, incluyendo el respeto a
la fama, al honor y a la propia imagen, a la intimidad
y a la privacidad, la decencia y la publicidad
actuando con lealtad hacia la competencia.
Nº 367 - Julio de 1998
Alfredo Pastor - Juan Perote
REPARTO FRENTE A CAPITALIZACION: LA
REFORMA DEL SISTEMA DE PENSIONES EN
ESPA„A
Resumen: El estudio aludido se enmarca en la l’nea
de ciertos trabajos fundamentalmente emp’ricos
que se han publicado en los œltimos a–os y que se
ocupan tanto de la valoraci—n cuantitativa de los
problemas financieros que afronta el actual sistema
de pensiones espa–ol Ðel llamado dŽficit del
sistema en el largo plazoÐ como de las alternativas
de provisi—n existentes. Adem‡s de dar una visi—n
bastante objetiva de la importancia y magnitud del
problema en Espa–a, el trabajo se enfoca hacia un
an‡lisis de su eficiencia poco explorado hasta ahora:
en vez de contemplar como valoraci—n del sistema
actual de reparto el futuro dŽficit del sistema, se
opta por una medida m‡s rigurosa y m‡s cercana
tambiŽn a la percepci—n de los beneficiarios y
contribuyentes de las pensiones de jubilaci—n:
se analiza el flujo de aportaciones Ðdurante la vida
laboralÐ y prestaciones Ðtras la jubilaci—nÐ de varias
generaciones de espa–oles promedio como si fuese
una inversi—n cualquiera en base a las predicciones
de evoluci—n del sistema de otros recientes estudios.
Los inesperados resultados son bastante fatalistas.
No 368 - July 1998
JosŽ Luis Alvarez - Carmelo Mazza
HAUTE COUTURE OR PRET-A-PORTER:
CREATING AND DIFFUSING MANAGEMENT
PRACTICES THROUGH THE POPULAR PRESS
Abstract: Management fads are increasingly a hot
topic within Organization Theory. Recent articles
have described the production process of fads, the
role of ÇideologicalÈ waves in explaining their
emergence, and the development of management
rhetoric supporting the fads. Despite this growing
interest, management fads are seen as an outcome
of the actions of Universities, business schools, and
consulting firms in producing formal management
knowledge; the role of the popular press,
meanwhile, remains largely unexplored.
15
IESE, Universidad de Navarra
Boletín Informativo – Newsletter
Our paper aims to fill this gap by exploring the role
of the popular press in producing and legitimating
management fads. We argue that the popular press
is a primary factor in diffusing and legitimating
management fads. The popular press also represents
a new laboratory for the construction of
management practices. Being deeply rooted in the
social context, magazines and newspapers link
management practices with social acceptance,
coupling management and society at large.
We use both qualitative and quantitative
methodologies to analyze the data. The data set
consists of a collection of articles on Human
Resource Management published during the last
decade in leading newspapers and magazines in
Italy. We suggest that the dynamics of the diffusion
and popularization of management practices in
Italy over the last decade represents a fair example
of the processes that have taken place throughout
the Western world.
MATERIAL PEDAGOGICO INCORPORADO DE OTRAS INSTITUCIONES
TEACHING MATERIAL INCORPORATED FROM OTHER INSTITUTIONS
¥ HARVARD BUSINESS SCHOOL
ASE-388
Citibank: Estrategia y organizaci—n en Europa,
19 p‡gs.
C-696
USA Today, 22 p‡gs.
C-700
Citibank: Evaluaci—n del desempe–o, 10 p‡gs.
DG-1223
Jack Welch: El revolucionario de General Electric,
24 p‡gs.
FH-641
La divisi—n Chattanooga Ice Cream, 13 p‡gs.
FN-451
Los mercados de cobre y cinc en 1996, 11 p‡gs.
M-1054
Ingersoll-Rand, 16 p‡gs.
M-1055
Rogers Communications, Inc.; la onda, 20 p‡gs.
DG-1230
IBM y Siemens: Revitalizar la Divisi—n Rolm (A),
9 p‡gs.
M-1056
Eastman Kodak Company: Pel’culas Funtime,
6 p‡gs.
DG-1231
IBM y Siemens: Revitalizar la Divisi—n Rolm (B),
3 p‡gs.
M-1057
Harper Chemical Company, Inc., 30 p‡gs.
DG-1232
IBM y Siemens: Revitalizar la Divisi—n Rolm (C),
3 p‡gs.
16
FH-637
Rudi Gassner y el comitŽ ejecutivo de BMG
International (B), 3 p‡gs.
M-1058
Tweeter, etc., 28 p‡gs.
F-686
Subasta de Antamina, 12 p‡gs.
M-1059
Reynolds Metals Company: Divisi—n de productos
de consumo, 16 p‡gs.
FH-636
Rudi Gassner y el comitŽ ejecutivo de BMG
International (A), 24 p‡gs.
M-1060
Imedia Corporation: La decisi—n sobre los precios,
33 p‡gs.
¥ HARVARD BUSINESS REVIEW
ASEN-210
La funci—n sigue a la forma: La transformaci—n
del negocio bancario, 12 p‡gs.
CN-204
ÀCu‡l es la rentabilidad de su esfuerzo directivo?,
13 p‡gs.
DP-125
El caso de la socia a tiempo parcial, 5 p‡gs.
IESE, Universidad de Navarra
Boletín Informativo – Newsletter
AD-243
American Lawbook Corporation (B), 4 p‡gs.
DG-1234
Jiffy Lube International, Inc., 29 p‡gs.
M-1053
Procter & Gamble: La asociaci—n con Wal-Mart (A),
22 p‡gs.
¥ DARDEN, UNIVERSITY OF VIRGINIA
¥ LOYOLA UNIVERSITY OF CHICAGO
AD-242
American Lawbook Corporation (A), 15 p‡gs.
DG-1240
Star Machining Services, Inc., 12 p‡gs.
RESEARCH NEWSLETTER
EDITA:
División de Investigación / Research Division
PUBLICA:
IESE, Universidad de Navarra
Avda. Pearson 21 – 08034 Barcelona – Spain
Fax: (34) 93 253 43 43
E-mail SILVIA @IESE.EDU
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