Revistas Científicas de la Universidad de Deusto
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¿La inclusión de criterios ESG en la selección de títulos mejora el rendimiento de las carteras en el mercado europeo?
No full textThis paper analyse whether the inclusion of ES G criteria in the process to create investment portfolios has a significant impact in their performance. We apply the Factor investing methodology following Fama and French (2015). Our sample covers from January 2008 to December 2021. Our results show a neutral effect in the performance with complementary signal depends on the economic cycle.
Received: 11 septiembre 2022Accepted: 26 septiembre 2022El presente trabajo tiene como objetivo analizar si la incorporación de una estrategia que incluye criterios ES G en la elaboración de una cartera de inversión, en combinación con los cinco factores propuestos por Fama y French (2015), tiene un impacto significativo en el rendimiento de dicha cartera. Para ello, se ha utilizado un universo de datos corporativos europeos para el periodo de enero de 2008 a diciembre de 2021. Los resultados obtenidos demuestran que el hecho de que los inversores incorporen criterios ES G, a la hora de seleccionar las empresas que conforman sus carteras, tiene un efecto neutro sobre los resultados de éstas.
Recibido: 11 septiembre 2022Aceptado: 26 septiembre 202
Integración de los criterios ASG en los modelos de gestión y procesos de negocio
No full textThis article argues the need for the management of ESG aspects to move from a reactive approach driven by regulatory changes and reporting obligations, to a proactive one, where the concepts of sustainability are embedded in each one of the processes of the company, being necessary to review the processes, the organization and the information and integration tools used. After carrying out an in-depth reflection on governance models, operating models and risk management, the article highlights the role that digital transformation and the development of collaboration and innovation ecosystems throughout value chains, as fundamental drivers of this change.
Received: 17 October 2022Accepted: 08 November 2022El presente artículo expone la necesidad de que la gestión de los aspectos ESG pase de un enfoque reactivo empujado por los cambios regulatorios y las obligaciones de reporting, a uno proactivo, donde los conceptos de sostenibilidad son embebidos en todos y cada uno de los procesos de la empresa, siendo necesario revisar los procesos, la organización y las herramientas de información e integración utilizadas. Tras realizar una reflexión en profundidad sobre modelos de gobierno, modelos operativos y de gestión de riesgos, el artículo destaca el papel que la transformación digital y el desarrollo de ecosistemas de colaboración e innovación a lo largo de las cadenas de valor, como palancas fundamentales de este cambio.
Recibido: 17 octubre 2022Aceptado: 08 noviembre 202
La reconfiguración de la acción concertada reservada a la iniciativa no lucrativa basada en la regulación de los servicios de interés general de solidaridad
No full textTraditionally, social economy organisations have played a leading role in the provision of social services to citizens. The configuration of the welfare state as a manifestation of the social state led to the incorporation of numerous publicly-owned welfare services provided in collaboration with thirdsector social action entities through various public-private partnership instruments. However, third sector entities, due to their own intrinsic characteristics, cannot compete on equal terms with for-profit entities in the awarding of contracts for the provision of social services. In this context, concerted action emerged as a means of indirect management of a non-contractual nature for the provision of services to individuals; a model based on respect for the principles of Community law and which, on many occasions, was reserved for nonprofit entities. It is precisely this reservation to not-for-profit entities that has been putting the concerted action model at risk. Specifically, its main threat derives from the challenge before the High Court of Justice of the Valencian Community, by the State Association of Home Care Services Entities (ASADE), of the regional regulations governing concerted action, on the grounds that they are unlawful because they exclude for-profit entities. Given the risk that the courts may conclude that the concerted action reserved for non-profit organisations may be contrary to the principles of equal treatment and non-discrimination, as has already occurred with the reservation of public contracts for special social initiative employment centres, it will be necessary for social economy organisations to work on a new approach to concerted action that ensures the current model based on the absence of economic profit in the provision of services to people and the prioritisation of quality care. Thus, this paper sets out the areas on which a reconfiguration of the regime of concerted action reserved for non-profit organisations should be based, taking into consideration the differentiation of social services of general economic interest from those of non-economic interest, as services that meet the needs of the most vulnerable citizens based on the principles of equality, universality, solidarity, efficiency and adequacy, not subject to competition law, so that there is a distinction and a specific development for services of general interest of solidarity.
Received: 20 July 2022 Accepted: 27 April 2023Tradicionalmente, las entidades de la economía social han sido un agente protagonista en la prestación de servicios sociales a la ciudadanía. La configuración del Estado de bienestar como manifestación del Estado social supuso la incorporación de numerosos servicios asistenciales de titularidad pública prestados en colaboración con entidades del tercer sector de acción social a través de varios instrumentos de colaboración público-privada. No obstante, las entidades del tercer sector, por sus propias características intrínsecas, no pueden competir en condiciones de igualdad con entidades con fines lucrativos en la adjudicación de contratos para la prestación de servicios sociales. En este contexto, surgió la acción concertada como vía de gestión indirecta de naturaleza no contractual para la prestación de servicios a las personas; modelo basado en el respeto a los principios del Derecho comunitario y que, en muchas ocasiones, se reservó a entidades sin fines lucrativos. Precisamente, dicha reserva a entidades sin ánimo de lucro ha venido poniendo en riesgo el modelo de acción concertada. En concreto, su principal amenaza deriva de la impugnación ante el Tribunal Superior de Justicia de la Comunidad Valenciana, por parte de la Asociación Estatal de Entidades de Servicios de Atención a Domicilio (ASADE), de la normativa autonómica reguladora de la acción concertada, por considerar que resulta contraria a Derecho al excluir a las entidades con ánimo de lucro. Ante el riesgo de que los tribunales puedan concluir que la acción concertada reservada a entidades sin ánimo de lucro puede resultar contraria a los principios de igualdad de trato y no discriminación, como ya ha ocurrido con la reserva de contratos públicos a centros especiales de empleo de iniciativa social, será necesario que las entidades de la economía social trabajen en un nuevo planteamiento de la acción concertada que asegure el modelo actual basado en la ausencia de beneficio económico en la prestación de servicios a las personas y la priorización de la calidad asistencial. Para ello, en este trabajo se plantean las áreas sobre las que debería pivotar una reconfiguración del régimen de la acción concertada reservada a entidades sin ánimo de lucro que tuviera en consideración la diferenciación de los servicios sociales de interés económico general de aquellos servicios de interés no económico, como servicios que atienden a las necesidades de los ciudadanos más vulnerables basados en la doctrina fijada por el Tribunal de Justicia de la Unión Europea en relación con los principios de igualdad, universalidad, solidaridad, eficiencia y adecuación, como servicios no sometidos al derecho de la competencia, de forma que se produzca una distinción y un desarrollo específico para los servicios de interés general de solidaridad.
Recibido: 20 julio 2022 Aceptado: 27 abril 202
Areas and dimensions of universities response to COVID-19: Diversity, trends, and evidence from the University Social Responsibility Network
No full textThe University Social Responsibility Network (USRN) promotes civic engagement in higher education and awareness of the nature of University Social Responsibility (USR), how it functions, and what it means depending on its context. In 2019 the USRN started a collaborative Massive Open Online Course (MOOC) called Introduction to University Social Responsibility. The outbreak of COVID-19 affected the production of the course, however this also led to the addition of a Special Session on Universities’ Response to the MOOC showing how members addressed the challenges of the pandemic. Based on the experiences from 13 universities and the USRN, this article portrays flagship responses of how universities in the network tackled some of the challenges presented by the pandemic in range of academic and non-academic initiatives categorized as University Social Responsibility (USR) Areas of Engagement, namely research, education, advisory role, outreach, information management, provision of support, institutional reforms, and extended services. The article discusses broader questions referring to how COVID-19 impacted the understanding of what USR is; therefore, looking into both policy and theoretical implications of how the concept of USR and universities responses can be understood and applied in different contexts and universities.
Received: 31 January 2022Accepted: 30 August 202
Teaching in a COVID-19 pandemic: perceptions and practices of university faculty in Spain
No full textThe full impact of the COVID-19 crisis on higher education remains unclear, with some topics still under-researched. This research explores the challenges faced by Spanish academics during emergency remote teaching and is a pioneering study in this context due to the number of participating universities and variety of profiles of university faculty. Three focus groups were conducted to gain a deeper understanding on two dimensions: academic (methodology, materials, assessment, workload and institutional response) and personal (socio-emotional dimension, work–life balance and learnings). The main findings revealed the extensive adaptation of university faculty to the new situation and collected a series of teaching strategies. The conclusions reflect on the role that universities should play in the coming years, not only in the Spanish context but also at an international level. Most importantly, our findings can be taken into consideration for further research and teacher education policy in higher education.
Received: 15 March 2022 Accepted: 24 July 202
Understanding critical thinking: A comparative analysis between university students’ and teachers’ conception
No full textCritical thinking is a key competence in higher education. However, little is known about the conception that students have of this competence. This study aims to analyze what university students understand by critical thinking and if these conceptions agree with those of university teachers analyzed in a previous study. A total of 263 participants took part in the study. The findings reveal that students tend to consider critical thinking as a competence related to reasoning/arguing and questioning/asking oneself. Also, that students’ conception about critical thinking differs from that of teachers. Whereas students tend to consider critical thinking as related to reasoning/arguing, questioning/asking oneself and, to a lesser extent, to acting/compromising. Teachers, on the other hand, tend to consider critical thinking as related to analyzing/organizing and evaluating. No significant differences were found regarding students’ gender and academic year. These results highlight the importance of considering students’ views when designing the curricula and the learning activities to develop students’ critical thinking.
Received: 30 June 2022Accepted: 6 March 202
El Instituto Nacional del Cooperativismo (INACOOP) y las políticas públicas de promoción del cooperativismo
No full textThis article takes a brief tour of the history of public policy and institutionality prior to the appearance of INACOOP with in order to place the Institute on the national stage and to be able to appreciate the dimension of the changes made. Then the internal conditions that favored its creation and the inspiring ideas that sustain the new institutionality. Its legal figure and its governance system are analyzed with emphasis on the co-creation of public policy and the coordinating role that the institution has with state entities and the cooperative movement and the economy Social. Policies developed in permanent connection with others are reviewed actors. The legislative evolution for which new laws were attributed to it is reported. tools and extension to a broader universe of recipients. Finally, the continuity of the great public policies is highlighted, which transcend the span of each management period.
Received: 03 November 2022Accepted: 12 January 2023En este artículo se realiza un recorrido breve por la historia de la política pública y la institucionalidad previa a la aparición de INACOOP con el fin de ubicar al Instituto en el escenario nacional y poder apreciar la dimensión de los cambios operados. Luego se analizan las condiciones internas que favorecieron su creación y las ideas inspiradoras que dan sustento a la nueva institucionalidad. Se analiza su figura jurídica y su sistema de gobernanza con énfasis en la cocreación de política pública y el papel articulador que la institución tiene con los entes estatales y el movimiento cooperativista y la economía social. Se repasan las políticas desarrolladas en permanente conexión con otros actores. Se relata la evolución legislativa por la que se le atribuyeron nuevas herramientas y la extensión a un universo más amplio de destinatarios. Finalmente, se resalta la continuidad de las grandes políticas públicas, que trascienden el lapso de cada período de gestión.
Recibido: 03 noviembre 2022Aceptado: 12 enero 202
Integração de lacunas do Código Cooperativo-paradoxo ou o futuro do direito cooperativo português?
No full textThe present article, starting from the cooperative legal regime of the civil liability of the board members towards the cooperative, seeks to test the substantial autonomy of cooperative law in relation to corporate law. The Portuguese Cooperative Code determines that the Commercial Companies Code and the provisions of public limited companies is subsidiarily applicable law to cooperatives, provided that it is in conformity with the cooperative principles. The article concludes that conformity with the cooperative principles is not in itself sufficient to stop the societarisation of Portuguese cooperative law and that the subsidiary application of the law of public limited companies, particularly in matters of governance, exposes cooperatives to normative solutions which are not decided by the cooperative lawmaker.
Received: 5 May 2023Accepted: 9 June 2023El presente artículo, partiendo del régimen jurídico cooperativo de la responsabilidad civil de los consejeros con respecto a la cooperativa, pretende testar la autonomía sustancial del derecho cooperativo en relación con el derecho societario. El Código Cooperativo portugués determina que el Código de Sociedades Mercantiles y, en particular, la normativa de las sociedades anónimas es una ley subsidiariamente aplicable a las cooperativas, siempre que sea conforme a los principios cooperativos. El artículo concluye que el cumplimiento de los principios cooperativos no es suficiente en sí mismo para frenar la societarización del derecho cooperativo portugués y que la aplicación subsidiaria del derecho de las sociedades anónimas introduce en las cooperativas soluciones normativas que no son decididas por el legislador cooperativo.
Recibido: 5 mayo 2023Aceptado: 9 junio 202
O regime fiscal das cooperativas em Portugal: tributação do rendimento, do consumo e do património
No full textThe Portuguese tax system grants a specific tax regime for the cooperative sector, which, to protect the mutualistic operating model of these entities, provides some tax benefits regarding corporate income tax, VAT and real estate taxation. In this paper, we will study the main particularities of this specific tax regime through the analysis, for each of the taxes mentioned above, of the most relevant aspects related to their scope of application, the exemptions provided in the law and the liquidation and payment operations. In this context, a particular approach will be given to the essential aspects of the most controversial issues between the Portuguese doctrine and jurisprudence.
Received: 5 May 2023Accepted: 12 June 2023El ordenamiento jurídico portugués consagra un régimen fiscal específico para el sector cooperativo que, buscando proteger su modelo de funcionamiento mutualista, prevé la existencia de beneficios fiscales en materia de tributación de la renta, del consumo y del patrimonio. En el presente trabajo estudiaremos las principales particularidades de este régimen fiscal específico a través del análisis, para cada uno de los impuestos incluidos en las categorías de tributación mencionadas, de los aspectos más relevantes relacionados con la sujeción al impuesto, las exenciones aplicables y las operaciones de liquidación y pago previstas en la ley. Se prestará especial atención a los aspectos esenciales de las cuestiones más controvertidas que se plantean al respecto en la doctrina y la jurisprudencia.
Recibido: 5 mayo 2023Aceptado: 12 junio 202