Papers by carlos serrano cinca
Social Indicators Research, 2021
Managing for shareholders means maximising the market value of a company by increasing their retu... more Managing for shareholders means maximising the market value of a company by increasing their returns. Managing for stakeholders means simultaneously creating value for multiple parties, such as employees, government, suppliers, customers, the environment and even society as a whole, which requires a multiple-criteria decision-making approach. This paper develops social indicators to measure the value that a company has distributed to stakeholders since the foundation of the company, and then calculates its relative efficiency using data envelopment analysis (DEA). The accumulated value of the investments made by the shareholders, the subsidies received and the loans borrowed are proposed as inputs. The accumulated value of taxes paid by the company, personnel payments, interest payments to creditors, and purchases from suppliers are proposed as outputs. All values are adjusted for the time value of money at the valuation date. We chose a weighted DEA model 1✉ 1 1 1 22/3/2021 e.Proofing https://eproofing.springer.com/journals_v2/printpage.php?token=1fjvg8VyUs-XiaxwKS2DdsiTGwMa7NASm-rJbFhTGeI 2/27 because not all stakeholders are worth the same, obtaining the weights from the preferences of social investment experts using a multi-attribute decisionmaking technique. A practical case is presented, obtaining the relative efficiency of a sample of companies in creating value for five years since their foundation. We found a positive relationship between efficiency in generating value for shareholders and efficiency in generating value for some nonshareholders, although the results are sensitive to the outputs chosen. The proposed method is useful for social investors when they invest or for public administrations when they provide subsidy to entrepreneurs.
Online Information Review, 2018
Purpose
The purpose of this paper is to analyse if citizens’ searches on the internet coincide wi... more Purpose
The purpose of this paper is to analyse if citizens’ searches on the internet coincide with the services that municipal websites offer. In addition, the authors examine municipal webpage rankings in search engines and the factors explaining them.
Design/methodology/approach
The empirical study, conducted through a sample of Spanish city councils, contrasted if the information that can be found on a municipal website fits with citizens’ demands. This has been done by comparing the most-searched keywords with the contents of municipal websites.
Findings
A positive relationship between the supply and demand of municipal information on the internet has been found, but much can still be improved. Analysed administrations rank the basic data of the organisation, as well as some of the fundamental competences thereof, at the top in search engines, but the results are not entirely effective with some keywords still highly demanded by citizens, such as those related to employment or tourism. Factors explaining internet ranking include the number of pages of the municipal website, its presence in social networks and an indicator designed to measure the difficulty of ranking the municipal place-name.
Originality/value
The results obtained from this study provide valuable information for municipal managers. Municipal websites should not only include information in which citizens are interested, but achieve accessibility standards, have a responsive web design, and follow the rules of web usability. Additionally, they should be findable, which also requires improvement in terms of the design of the municipal website thinking in search engines, particularly in terms of certain technical characteristics that improve findability. A municipal website that wants to have a good positioning should increase its contents and attain the maximum degree possible of visibility in social networks.
International Journal of Information Management, 2019
In the last 20 years, microfinance has moved from a promise to reality, although with ups and dow... more In the last 20 years, microfinance has moved from a promise to reality, although with ups and downs. This paper reviews 1874 papers published from 1997 to 2017 to perform a scientometric analysis of the microfinance field. The literature review is based on bibliometric data: keyword co-occurrence networks and citation networks were exploited for knowledge mapping. Data analysis shows the two research traditions: papers focusing on clients (welfarists) and papers focusing on microfinance entities themselves (institutionalists). Institutionalism, which had little presence in the early research in microfinance, now exhibits great strength. A chronological analysis reveals the evolution of the topics most interesting to researchers: the first stage described the innovations of the microcredit practices and their impact; the second and very expansive stage in which microfinance institutions' peculiarities were analyzed; and nowadays the sector is mature but with negative aspects arising, such as mission drift. The keywords analysis discovers emerging research topics, shows the use of sophisticated techniques, and recognizes an emerging trend of the sector: achieving financial inclusion.
Decision Support Systems, 2016
This study goes beyond peer-to-peer (P2P) lending credit scoring systems by proposing a profit sc... more This study goes beyond peer-to-peer (P2P) lending credit scoring systems by proposing a profit scoring. Credit scoring systems estimate loan default probability. Although failed borrowers do not reimburse the entire loan, certain amounts may be recovered. Moreover, the riskiest types of loans possess a high probability of default, but they also pay high interest rates that can compensate for delinquent loans. Unlike prior studies, which generally seek to determine the probability of default, we focus on predicting the expected profitability of
investing in P2P loans, measured by the internal rate of return. Overall, 40,901 P2P loans are examined in this study. Factors that determine loan profitability are analyzed, finding that these factors differ from factors that determine the probability of default. The results show that P2P lending is not currently a fully efficient market. This means that data mining techniques are able to identify the most profitable loans, or in financial jargon, “beat the market.” In the analyzed sample, it is found that a lender selecting loans by applying a profit scoring system using multivariate regression outperforms the results obtained by using a traditional credit scoring system, based on logistic regression.
Social Indicators Research, 2017
A poverty penalty arises when the poor pay more than the non-poor to access goods and services. A... more A poverty penalty arises when the poor pay more than the non-poor to access goods and services. An example is the cost to access credit. Microfinance Institutions (MFIs) usually explain their high interest rates on the grounds of the high risk involved in microcredit, the high fixed cost associated with small loans and the high financial expenses borne by MFIs due to difficulties in deposit collection. The paper finds that a poverty penalty exists. After identifying drivers of the poverty penalty in a sample of MFIs from 17 countries, this paper focuses on the Colombian case. Operating costs is the most important factor explaining effective interest rates. Other factors, such as risk, cost of funds, or profitability, are relevant in some regions. This paper encourages transparent pricing as a keystone for ethics in these entities.
Applied Economics, 2016
Microfinance institutions (MFIs) lend to the poor. However, microfinance clients suffer from high... more Microfinance institutions (MFIs) lend to the poor. However, microfinance clients suffer from high interest rates, a type of poverty penalty. This article analyses the margin determinants in MFIs. A banking model has been adapted to microfinance. This model has been tested using 9-year panel data. Some factors explaining bank margin also explain MFI margin, with operating costs being the most important factor. Specific microfinance factors are donations and legal status, as regulated MFIs can collect deposits. It has also been found that MFIs operating in countries with a high level of financial inclusion have low margins.
Journal of The Operational Research Society 60(1):104-119, Jan 1, 2009
Microfinance institutions (MFIs) are a special case in the financial world. They have a double fi... more Microfinance institutions (MFIs) are a special case in the financial world. They have a double financial and social role and need to be efficient at both. In this paper, we try to measure the efficiency of MFIs in relation to financial and social outputs using data envelopment analysis. For the analysis of financial efficiency, we rely on existing literature for traditional financial institutions. To this we have added two indicators of social performance: impact on women and a poverty reach index. We have studied the relationship between social and financial efficiency, and the relationship between efficiency and other indicators, such as profitability. Other aspects studied are the relation between social efficiency and type of institution-Non-Governmental Organization (NGO)-, non-NGO, and the importance of geographical region of activity. The results reveal the importance of social efficiency assessment.
Journal of Cleaner Production, 2016
Microfinance institutions provide loans to low-income individuals. Their credit scoring systems, ... more Microfinance institutions provide loans to low-income individuals. Their credit scoring systems, if they exist, are strictly financial. Although many institutions consider the
social and environmental impact of their loans, they do not incorporate formal systems to estimate these social and environmental impacts. This paper proposes that their creditworthiness evaluations should be coherent with their social mission and, accordingly, should estimate the social and environmental impact of microcredit. Thus, a decision support system to facilitate microcredit granting is proposed using a multicriteria evaluation. The assessment of social impact is performed by calculating the Social Net Present Value. The system captures credit officers’ experience and addresses incomplete and intangible information. The model has been tested in a microfinance institution. The paper shows how a small institution can include social and environmental issues in its decision-making systems to evaluate credit applications. A gap in the preferences was found between members of the
board, who are socially driven, and managers and credit officers, who are financially drifted. This mission drift was corrected. The approach followed contributed to creating a culture of social and environmental assessment within the institution, especially among credit officers, thereby translating Microfinance institutions’ social mission into numbers.
PLoS ONE, 2015
This paper studies P2P lending and the factors explaining loan default. This is an important issu... more This paper studies P2P lending and the factors explaining loan default. This is an important issue because in P2P lending individual investors bear the credit risk, instead of financial institutions, which are experts in dealing with this risk. P2P lenders suffer a severe problem of information asymmetry, because they are at a disadvantage facing the borrower. For this reason, P2P lending sites provide potential lenders with information about borrowers and their loan purpose. They also assign a grade to each loan. The empirical study is based on loans’ data collected from Lending Club (N = 24,449) from 2008 to 2014 that are first analyzed by using univariate means tests and survival analysis. Factors explaining default are loan purpose, annual income, current housing situation, credit history and indebtedness. Secondly, a logistic regression model is developed to predict defaults. The grade assigned by the P2P lending site is the most predictive factor of default, but the accuracy of the model is improved by adding other information, especially the borrower’s debt level.
Journal of Business Ethics, Nov 19, 2014
Ethical banking, microfinance institutions or certain credit cooperatives, among others, grant so... more Ethical banking, microfinance institutions or certain credit cooperatives, among others, grant socially responsible loans. This paper presents a credit score system for them. The model evaluates both social and financial aspects of the borrower. The financial aspects are evaluated under the conventional banking framework, by analysing accounting statements and financial projections. The social aspects try to quantify the loan impact on the achievement of Millennium Development Goals such as employment, education, environment, health or community impact. The social credit score model should incorporate the lender's know-how and should also be coherent with its mission. This is done by using the Analytic Hierarchy Process (AHP) technique. The paper illustrates a real case: a loan application by a social enterprise presented to a socially responsible lender. The decision support system not only produces a score, but also reveals strengths and weaknesses of the application.
Scire: representación y …, 1996
El EDI consiste en transmitir electrónicamente documentos comerciales y administrativo-contables ... more El EDI consiste en transmitir electrónicamente documentos comerciales y administrativo-contables entre aplicaciones informáticas en un formato normalizado, de forma las empresas puedan procesar dichos documentos sin intervención manual. En este trabajo describimos los sistemas de información electrónicos, las diferentes normas EDI que existen, los beneficios y los costes que para una empresa puede suponer el implantar estos sistemas y el impacto que puede tener sobre la gestión empresarial. Hemos clasificado este impacto en factores relativos a la gestión de los documentos, factores logísticos, estratégicos y organizativos, factores relativos a la seguridad y finalmente, las implicaciones legales y fiscales del EDI. (Autor) Palabras clave: Intercambio Electrónico de Datos. Sistemas de Información Contables.
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Papers by carlos serrano cinca
The purpose of this paper is to analyse if citizens’ searches on the internet coincide with the services that municipal websites offer. In addition, the authors examine municipal webpage rankings in search engines and the factors explaining them.
Design/methodology/approach
The empirical study, conducted through a sample of Spanish city councils, contrasted if the information that can be found on a municipal website fits with citizens’ demands. This has been done by comparing the most-searched keywords with the contents of municipal websites.
Findings
A positive relationship between the supply and demand of municipal information on the internet has been found, but much can still be improved. Analysed administrations rank the basic data of the organisation, as well as some of the fundamental competences thereof, at the top in search engines, but the results are not entirely effective with some keywords still highly demanded by citizens, such as those related to employment or tourism. Factors explaining internet ranking include the number of pages of the municipal website, its presence in social networks and an indicator designed to measure the difficulty of ranking the municipal place-name.
Originality/value
The results obtained from this study provide valuable information for municipal managers. Municipal websites should not only include information in which citizens are interested, but achieve accessibility standards, have a responsive web design, and follow the rules of web usability. Additionally, they should be findable, which also requires improvement in terms of the design of the municipal website thinking in search engines, particularly in terms of certain technical characteristics that improve findability. A municipal website that wants to have a good positioning should increase its contents and attain the maximum degree possible of visibility in social networks.
investing in P2P loans, measured by the internal rate of return. Overall, 40,901 P2P loans are examined in this study. Factors that determine loan profitability are analyzed, finding that these factors differ from factors that determine the probability of default. The results show that P2P lending is not currently a fully efficient market. This means that data mining techniques are able to identify the most profitable loans, or in financial jargon, “beat the market.” In the analyzed sample, it is found that a lender selecting loans by applying a profit scoring system using multivariate regression outperforms the results obtained by using a traditional credit scoring system, based on logistic regression.
social and environmental impact of their loans, they do not incorporate formal systems to estimate these social and environmental impacts. This paper proposes that their creditworthiness evaluations should be coherent with their social mission and, accordingly, should estimate the social and environmental impact of microcredit. Thus, a decision support system to facilitate microcredit granting is proposed using a multicriteria evaluation. The assessment of social impact is performed by calculating the Social Net Present Value. The system captures credit officers’ experience and addresses incomplete and intangible information. The model has been tested in a microfinance institution. The paper shows how a small institution can include social and environmental issues in its decision-making systems to evaluate credit applications. A gap in the preferences was found between members of the
board, who are socially driven, and managers and credit officers, who are financially drifted. This mission drift was corrected. The approach followed contributed to creating a culture of social and environmental assessment within the institution, especially among credit officers, thereby translating Microfinance institutions’ social mission into numbers.
The purpose of this paper is to analyse if citizens’ searches on the internet coincide with the services that municipal websites offer. In addition, the authors examine municipal webpage rankings in search engines and the factors explaining them.
Design/methodology/approach
The empirical study, conducted through a sample of Spanish city councils, contrasted if the information that can be found on a municipal website fits with citizens’ demands. This has been done by comparing the most-searched keywords with the contents of municipal websites.
Findings
A positive relationship between the supply and demand of municipal information on the internet has been found, but much can still be improved. Analysed administrations rank the basic data of the organisation, as well as some of the fundamental competences thereof, at the top in search engines, but the results are not entirely effective with some keywords still highly demanded by citizens, such as those related to employment or tourism. Factors explaining internet ranking include the number of pages of the municipal website, its presence in social networks and an indicator designed to measure the difficulty of ranking the municipal place-name.
Originality/value
The results obtained from this study provide valuable information for municipal managers. Municipal websites should not only include information in which citizens are interested, but achieve accessibility standards, have a responsive web design, and follow the rules of web usability. Additionally, they should be findable, which also requires improvement in terms of the design of the municipal website thinking in search engines, particularly in terms of certain technical characteristics that improve findability. A municipal website that wants to have a good positioning should increase its contents and attain the maximum degree possible of visibility in social networks.
investing in P2P loans, measured by the internal rate of return. Overall, 40,901 P2P loans are examined in this study. Factors that determine loan profitability are analyzed, finding that these factors differ from factors that determine the probability of default. The results show that P2P lending is not currently a fully efficient market. This means that data mining techniques are able to identify the most profitable loans, or in financial jargon, “beat the market.” In the analyzed sample, it is found that a lender selecting loans by applying a profit scoring system using multivariate regression outperforms the results obtained by using a traditional credit scoring system, based on logistic regression.
social and environmental impact of their loans, they do not incorporate formal systems to estimate these social and environmental impacts. This paper proposes that their creditworthiness evaluations should be coherent with their social mission and, accordingly, should estimate the social and environmental impact of microcredit. Thus, a decision support system to facilitate microcredit granting is proposed using a multicriteria evaluation. The assessment of social impact is performed by calculating the Social Net Present Value. The system captures credit officers’ experience and addresses incomplete and intangible information. The model has been tested in a microfinance institution. The paper shows how a small institution can include social and environmental issues in its decision-making systems to evaluate credit applications. A gap in the preferences was found between members of the
board, who are socially driven, and managers and credit officers, who are financially drifted. This mission drift was corrected. The approach followed contributed to creating a culture of social and environmental assessment within the institution, especially among credit officers, thereby translating Microfinance institutions’ social mission into numbers.