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Sánchez-Robles Rute, Blanca

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0000-0001-8528-9189
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Sánchez-Robles Rute
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Blanca
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2020 - 20248
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Mostrando 1 - 8 de 8
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    Outsourcing of research and development and efficiency: a DEA non-parametric analysis of the contract research organisations industry
    (Taylor & Francis, 2022-12-14) Díaz, Ricardo F.; Sánchez-Robles Rute, Blanca
    Outsourcing to Contract Research Organisations (CROs) has become a widespread practice by bio-pharmaceutical firms seeking to reduce the costs associated with the development of new products. This study empirically analyses the efficiency of the CROs industry by looking at a sample of firms operating internationally over 2012–2020. We compute Data Envelopment Analysis (DEA) efficiency scores for each firm and year. The average bootstrap efficiency in the sample is 0.665, robust across specifications and increasing over 2012–2020. The best performing firms are PPD Australia, Centre Recherches Biologiques and Oy Medfiles. Our results suggest that very large and very small companies outperform the rest in terms of efficiency, which points to the co-existence of increasing returns to scale and niche competitive advantages in the industry.
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    Successful entrepreneurship, higher education and society: from business practice to academia
    (Nature, 2024-10-23) Sevilla Bernardo, J.; Herrador Alcaide, Teresa Carmen; Sánchez-Robles Rute, Blanca
    This research explores the coverage of success factors for entrepreneurship in higher education through the lens of the actual practice in prosperous company launchings. Accordingly, the paper analyzes how universities prioritize the importance of the success factors in entrepreneurship identified by business practitioners. Through the text analysis of a set of syllabi of courses on entrepreneurship we find that the success factors underlined in the teaching-learning process are the idea, business model, CEO, finance, and marketing. The exploration of a collection of recent papers on entrepreneurship education suggests that the factors emphasized by researchers are CEO, social impact, team, and formation. We find differences in the teaching-learning and research spheres regarding the ranking of success factors. Teaching-learning focuses on more traditional aspects of entrepreneurship and firm management, associated with key functional areas in companies. Research, in contrast, emphasizes social and psychological aspects and pays more attention to recent trends in management, like gender, diversity, and social impact. This suggests that research enjoys more flexibility and capacity for quick adaptation to new trends and ideas in society than teaching. Our findings imply that the process of teaching-learning in entrepreneurship must strive to remain closer to the reality of firms to prioritize the transmission and development of knowledge and skills more in accord with business practice.
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    Non-parametric analysis of efficiency: An application to the pharmaceutical industry
    (MDPI, 2020-09-07) F. Díaz, Ricardo; Sánchez-Robles Rute, Blanca
    Increases in the cost of research, specialization and reductions in public expenditure in health are changing the economic environment for the pharmaceutical industry. Gains in productivity and efficiency are increasingly important in order for firms to succeed in this environment. We analyze empirically the performance of efficiency in the pharmaceutical industry over the period 2010–2018. We work with microdata from a large sample of European firms of different characteristics regarding size, main activity, country of origin and other idiosyncratic features. We compute efficiency scores for the firms in the sample on a yearly basis by means of non-parametric data envelopment analysis (DEA) techniques. Basic results show a moderate average level of efficiency for the firms which encompass the sample. Efficiency is higher for companies which engage in manufacturing and distribution than for firms focusing on research and development (R&D) activities. Large firms display higher levels of efficiency than medium-size and small firms. Our estimates point to a decreasing pattern of average efficiency over the years 2010–2018. Furthermore, we explore the potential correlation of efficiency with particular aspects of the firms’ performance. Profit margins and financial solvency are positively correlated with efficiency, whereas employee costs display a negative correlation. Institutional aspects of the countries of origin also influence efficiency levels.
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    Do trade and investment agreements promote foreign direct investment within Latin America? Evidence from a Structural Gravity Model
    (MDPI, 2020-10-30) Bengoa, Marta; Sánchez-Robles Rute, Blanca; Shachmurove, Yochanan
    Latin America has experienced a surge in foreign direct investment (FDI) in the last two decades, in parallel with the ratification of major regional trade agreements (RTAs) and bilateral investment treaties (BITs). This paper uses the latest developments in the structural gravity model theory to study if the co-existence of BITs and two major regional agreements, Mercosur and the Latin American Integration Association (ALADI), exerts enhancing or overlapping effects on FDI for eleven countries in Latin America over the period 1995–2018. The study is novel as it accounts for variations in the degree of investment protection across BITs within Latin America by computing a quality index of BITs. It also explores the nature of interactions (enhancing/overlapping effects) between RTAs and BITs. The findings reveal that belonging to a well-established regional trade agreement, such as Mercosur, is significantly more effective than BITs in fostering intra-regional FDI. Phasing-in effects are large and significant and there is evidence of enhancing effects. Results within the bloc are heterogeneous: BITs exert a positive, but small effect, for middle income countries. However, BITs are not effective in attracting FDI in the case of middle to low income countries, unless these countries ratify BITs with a high degree of investment protection.
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    Success factors of startups in research literature within the entrepreneurial ecosystem
    (MDPI, 2022-08-12) Sevilla Bernardo, Javier; Sánchez-Robles Rute, Blanca; Herrador Alcaide, Teresa Carmen
    What are the most important factors for the success of a startup? This study aims to shed light on this issue through the statistical analysis of a bibliographical sample of 60 recent articles. Through a detailed study of the selected literature, but from the perspective of business experience, we have identified the comparative relevance of those factors that recent research has highlighted as the main drivers of start-up success. Our analysis allows us to define a core of seven practical business success factors supported by the academic literature (Core-7 SF). This core makes it possible to identify the intersection between success in business practice and academic research. Our Core-7 SF shows that the most important variable to predict the success of a start-up is the Idea, followed by the CEO’s Leadership, the Business Model, the Marketing approach, and the Entrepreneurial Team. In addition, we found some differences between the geographic areas of affiliation of the authors, suggesting that cultural characteristics influence the weight given to the various reasons for success.
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    Efficiency of European oil companies: an empirical analysis
    (Springer Nature, 2022-11-12) Sánchez-Robles Rute, Blanca; Herrador Alcaide, Teresa Carmen; Hernández Solís, Montserrat
    We explore the efficiency in the oil industry employing a sample of around 300 companies operating in Europe over 2010–2019. We construct efficiency scores by means of DEA non-parametric techniques. Average efficiency in the sample is modest, 0.27, and decreasing over time. We examine the association of efficiency with economic and financial variables. Results suggest that size is closely associated to efficiency. Large (in the top 10th percentile of income) and very small firms are more efficient, ceteris paribus, whereas medium size and small firms exhibit lower levels of efficiency. Firms which have strived more to implement sustainable technologies and cut greenhouse emissions are more efficient too. Increases in employee costs and decreases in financial solvency jeopardize efficiency, which displays a positive correlation with economic activity and oil prices. As a robustness test, we have repeated the exercise by means of the Simar-Wilson methodology, which confirms our main results regarding efficiency levels and trends and correlations with other variables. Our findings suggest that an industry consolidation is foreseeable in the future.
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    Efficiency and Super-Efficiency in the CRO Industry, 2012–2021: A Two-Stage Exploration
    (Wiley, 2024-10-31) Díaz, Ricardo F.; Sánchez-Robles Rute, Blanca
    This paper explores the productivity of contract research organizations (CROs) by computing and exploring efficiency and super-efficiency data envelopment analysis (SDEA) scores for a sample of companies over 2012–2021. Main findings suggest that CRO efficiency and super-efficiency is high and has increased more than 25% over 2012–2021. The top positions in the rankings according to efficiency are not limited to a few companies; in contrast, many firms in the sample are able to reach a top position in at least one concept of efficiency, suggesting the high degree of rivalry and competition in this industry. A second-stage preliminary analysis of variables associated with efficiency suggests that best performers implement a sound human capital policy, with controlled costs. Moreover, they also have a careful short-term cash-flow management, with brief collection periods. Big and small firms outperform the rest of the companies, suggesting the presence of increasing returns and niche advantages in some stages of the supply chain. Finally, results suggest that the COVID pandemic had an asymmetric impact on CROs, affecting positively only large CROs.
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    COVID-19 Vaccines, Healthcare Policies and Stock Markets: Are There Winners and Losers?
    (Taylor and Francis Group, 2023-05-24) Diaz, Ricardo F; Herrador Alcaide, Teresa Carmen; Sánchez-Robles Rute, Blanca
    Purpose: This paper focuses on the stock market performance of a set of biopharmaceutical companies listed in the US stock exchange in response to news about the unfolding of the COVID pandemic and the development of COVID-19 vaccines. Methods: We analyze the short-term impact of some episodes by means of event analysis. We consider two categories of events: news related to the expansion of the pandemic and information about the development of COVID-19 vaccines. Results: We find that the impact during the first months of the pandemic news impacted the returns of the pharmaceutical firms, but the effect was not large, in general. The only exceptions are two small biotechnological firms, Moderna and Novavax, are exceptions since they registered large positive abnormal returns, which vanished over time. Encouraging announcements about the success of Phase III results had a positive impact the share prices of Pfizer, Moderna and Novavax. Our results also suggest that the emergency authorization provided by the US regulatory agency to the Pfizer vaccine was anticipated several days in advance and welcomed by the market. The announcement of a deal to supply vaccines between Moderna and the European Commission have generated large positive returns for this company. Conclusion: Our findings have policy implications. First, financial markets have supported and reinforced government strategies to fight the pandemic, characterized by funding of promising projects, building diversified vaccine portfolios and expediting approvals by regulatory agencies. Second, our findings suggest that not all drug developers have automatically obtained large profits from the design and manufacturing of COVID-19 vaccines, according to the behaviour of stock prices. These results cast doubts over attempts to discredit the efficacy of COVID-19 vaccines with the argument that they are primarily a means to obtain large and quick profits by pharmaceuticals, or than vaccination campaigns are driven by economic goals rather than by public health considerations.