th 10-12 july, 2013 Spain & th 7 International Conference on Industrial Engineering and Industrial Management XVII Congreso de Ingeniería de Organización 2013 ICIEOM XIX 2013 www.cio2013.org Asociación para el Desarrollo de la Ingeniería de Organización ABEPRO ASSOCIA ÃO BRASILEIRA DE ENGENHARIA DE PRODUÇÃO Ç INSISOC ENGINEERING CENTRE SOCIAL SYSTEMS Managing Complexity: Challenges for Industrial and Operations Management . Industrial Engineering and Complexity Management Book of Proccedings of the
Transcript
1. 10-12th july, 2013&2013SpainICIEOMXIX7 th International
Conference on Industrial Engineering and Industrial Management XVII
Congreso de Ingeniera de Organizacin2013www.cio2013.orgFundacin
GeneralINSISOCS O C I A L S Y S T E M S ENGINEERING
CENTREbpmsatBusiness SolutionsABEPROASSOCIAO BRASILEIRA DE
ENGENHARIA DE PRODUO&Project Management TechnologiesCtedra
UVaAsociacin para el Desarrollo de la Ingeniera de
OrganizacinIndustrial Engineering and Complexity ManagementBook of
Abstracts of theManaging Complexity: Challenges for Industrial and
Operations Management.Industrial Engineering and Complexity
Management Book of Proccedings of theABEPROASSOCIAO BRASILEIRA DE
ENGENHARIA DE PRODUOAsociacin para el Desarrollo de la Ingeniera de
OrganizacinINSISOCS O C I A L S Y S T E M S ENGINEERING CENTRE
2. Industrial Engineering and Complexity Management
3. BOOK OF PROCEEDINGS 7th International Conference on
Industrial Engineering and Industrial Management XVII Congreso de
Ingeniera de Organizacin. Valladolid July 10-12th, 2013
4. Tittle/Ttulo de la obra: Industrial Engineering and
Complexity Management. Book of Proceedings of the 7th International
Conference on Industrial Engineering and Industrial Management -
XVII Congreso de Ingeniera de Organizacin.Executive
Editors/Editores: Cesreo Hernndez Iglesias Jos M. Prez Ros
Editorial Management / Coordinacin editorial: Cristina Ruiz Martn
David Jess Poza Garca Ivn Velasco Jimnez Grupo INSISOC Universidad
de Valladolid Escuela de Ingenieras Industriales, sede Paseo del
Cauce C/ Paseo del Cauce 59 47011 Valladolid (Spain) Printed /
Imprimido Copyright, by the authors Legal Deposit/Depsito Legal:
ISBN: 978-84-616-5410-9Not authorized for further reproduction or
distribution of any kind without prior permission from the authors.
No est permitida la reproduccin total o parcial, ni su tratamiento
informtico, ni la transmisin de ninguna forma o por cualquier
medio, ya sea electrnico, fotocopia, registro u otro, sin permiso
previo y por escrito de los autores.
5. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Foreword and Welcome It is our honour to
present the Proceedings of the 7th International Conference on
Industrial Engineering, XVII Congreso de Ingeniera de Organizacin
(CIO2013) and the XIX International Conference on Industrial
engineering and Operations Management (ICIEOM). The CIO&ICIEOM
2013 is being organized by the INSISOC Group and the Industrial
engineering School of the University of Valladolid. Following with
the promotion of internationalization the Conference is the first
joint event of ADINGOR (Asociacin para el Desarrollo de la
Ingeniera de Organizacin) and ABEPRO (Associao Brasileira de
Engenharia de Produo) the two main Spanish and Brazilian Scientific
Societies in the field of Industrial and Management Engineering.
The mission of the Conference is to promote links between
researchers and practitioners from different branches to enhance an
interdisciplinary perspective of industrial engineering and
management. It is a forum to exchange ideas, academic and
professional experiences to all branches of industries, information
on the most recent and relevant research, theories and practices in
Industrial Engineering, Management and Operations. The motto of the
Conference Managing Complexity: Challenges for Industrial and
Operations Management underlies the fact that in an open and global
world, to handle complexity, cooperation is needed. We want to
thanks the support given by the Ctedra Michelin of Industrial
Organization and the Industrial Engineering School of the
University of Valladolid. We also send our recognition to the
keynote speakers for sharing with us their wisdom and experience
and to the authors that sent their work for revision. Last but no
least we gratefully acknowledge the hard and generous effort of
those that took part in the peer-review process to maintain the
high scientific level of the Conference series. And of course we do
not forget the backstage work of the Scientific and Organizing
Committees. We hope that the Conference will meet your expectations
and will strength your professional and personal relations. We
invite you to enjoy Valladolid, a name full of historical
significance for the Spanish, Portuguese and Brazilian citizens,
since the signing of the Tordesillas Treatry back in 1494. Best
wishes, Valladolid, July 2013Cesreo Hernndez Iglesias Chair of the
ConferenceJos M. Prez Ros Chair of the Scientific Committee i
6. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Organizing Committee Chair: Cesreo
Hernndez Iglesias, Universidad de Valladolid Vice-chair: Adolfo
Lpez Paredes, Universidad de Valladolid Support crew: Fernando
Acebes Senovilla, Universidad de Valladolid Alberto Arazo Arazo,
Universidad de Valladolid Aldora Gabriela Gomes Fernandes,
Universidad de Valladolid Mnica Iglesias Sanzo, Universidad de
Valladolid Javier Pajares Gutirrez, Universidad de Valladolid Jos
M. Prez Ros, Universidad de Valladolid Marta Posada Calvo,
Universidad de Valladolid David J. Poza Garca, Universidad de
Valladolid Mario Ramrez Ferrero, Universidad de Valladolid Cristina
Ruiz Martn, Universidad de Valladolid Pablo Snchez Mayoral,
Universidad de Valladolid Ivn Velasco Jimnez, Universidad de
Valladolid Flix A. Villafez Cardeoso, Universidad de Valladolid
Secretariat: Natividad Cabreros Martnez, Universidad de Valladolid
Webmaster: Flix A. Villafez Cardeoso, Universidad de
Valladolidiii
7. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Scientific Committee Chair: Jos M. Prez
Ros, Universidad de Valladolid, Spain Vice-chair: Francisco Soares
Msculo, Universidade Federal da Paraba, Brazil. Members: Segismundo
S. Izquierdo Milln, Universidad de Burgos, Spain Jose M. Galn
Ordax, Universidad de Burgos, Spain Angel Gento Municio,
Universidad de Valladolid, Spain Jess Gutirrez Cilln, Universidad
de Valladolid, Spain Juan Hernanagmez Barahona, Universidad de
Valladolid, Spain Adolfo Lpez Paredes, Universidad de Valladolid,
Spain Miguel ngel Manzanedo del Campo, Universidad de Burgos, Spain
Natalia Martin Cruz, Universidad de Valladolid, Spain Gianni
Mummolo, Politecnico di Bari, Italy Javier Pajares Gutirrez,
Universidad de Valladolid, Spain Marta Posada Calvo, Universidad de
Valladolid, Spain Heitor M. Quintela Unisys, Brazil Alfonso Redondo
Castn, Universidad de Valladolid, Spain Ana Isabel Rodrguez
Escudero, Universidad de Valladolid, Spain Lourdes Saiz Brcena,
Universidad de Burgos, Spain Jos Ignacio Santos Martn, Universidad
de Burgos, Spain Luis Felipe Scavarda, PUC-Rio, Rio de Janeiro,
Brazil Markus Schwaninger, Univ. of St.Gallen, Institute of
Management, Switzerland Tom Taylor, President of Association for
Project Management (APM), UK Milton Vieira Junior, UNINOVE, Brazil
Referees: Mara del Mar Eva Alemany Daz Universitat Politcnica de
Valncia, Spain Rui Manuel Alves Silva Sousa DPS - UMINHO, Portugal
Dilanthi Amaratunga University of Salford, UK Antonio Andrade Dias
President of APOGEP, Portugal Carlos Andrs Romano Universitat
Politcnica de Valncia, Spain Madalena Arajo DPS - UMINHO, Portugal
Jos Dinis Arajo Carvalho DPS - UMINHO, Portugal Eugenia Babiloni
Universitat Politcnica de Valncia, Spain Bopaya Bidanda University
of Pittsburgh, USA Andrs Boza Garca Universitat Politcnica de
Valncia, Spain v
8. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Agostino Bruzzone University of Genova,
Italy Luis Camarinha Matos Uninova, Portugal Francisco Campuzano
Bolarn Universidad Politcnica de Cartagena, Spain Manuel Cards
Carboneras Universitat Politcnica de Valncia, Spain Javier Carrasco
Arias Universidad Politcnica de Madrid, Spain Vagner Cavenaghi
UNESP - Bauru, Brazil Juan Gabriel Cegarra Navarro Universidad
Politcnica de Cartagena, Spain Ernesto Cilleruelo E.T.S. de
Ingeniera de Bilbao, Spain Jos A. Comesaa Benavides Universidad de
Vigo, Spain Ramn Companys Pascual Universitat Politcnica de
Catalunya, Spain Albert Corominas Subias Universitat Politcnica de
Catalunya, Spain Pablo Corts Achedad Universidad de Sevilla, Spain
Anna M. Coves Moreno Universitat Politcnica de Catalunya, Spain Jos
Crespo de Carvalho ISCTE, Portugal Virgilio Cruz Machado Uninova,
Portugal Llus Cuatrecasas Arbs Universitat Politcnica de Catalunya,
Spain Llanos Cuenca Gonzalez Universitat Politcnica de Valncia,
Spain Ricardo Chalmeta Rosale Universidad Jaume I, Spain Jens J.
Dahlgaard Linkping University, Sweden Valrio de Carvalho DPS -
UMINHO, Portugal Mara Victoria De la Fuente Aragn Universidad
Politcnica de Cartagena, Spain David Alfonso De la Fuente Garca
Universidad de Oviedo (EPI GIJON), Spain Carmen De Nieves Nieto
Centro Universitario de la Defensa (CUD), Spain Ricardo Del Olmo
Martnez Universidad de Burgos, Spain Pablo Daz de Basurto Uraga
Universidad del Pas Vasco, Spain Silvio do Carmo Silva DPS -
UMINHO, Portugal Alfonso Durn Heras Universidad Carlos III, Spain
Enda Enda Fallon NUI, Ireland Ander Errasti Opacua Centro de
Estudios e Inv. Tcnicas de Guipzcoa, Spain Sofa Estells Miguel
Universitat Politcnica de Valncia, Spain Vicen Fernndez Alarcn
Universitat Politcnica de Catalunya, Spain Arturo Jos Fernndez
Gonzlez Universidad de Vigo, Spain Isabel Fernndez Quesada
Universidad de Oviedo, Spain Paulo Ferro Director do MIT Portugal,
IST-Portugal Adriana Ferreira de Faria UFV, Brazil Rui Francisco M.
Maral PUC-PR, Brazil Jose M. Galn Ordax Universidad de Burgos,
Spain Jess Garca Arca Universidad de Vigo, Spain Jos Pedro
Garca-Sabater Universitat Politcnica de Valncia, Spain Angel Gento
Municio Universidad de Valladolid, Spain Sergio Eduardo Gouvea da
Costa PUC-PR, Brazil Gonzalo Grau Gadea Universitat Politcnica de
Valncia, Spain Gil Gutirrez Casas Universidad Carlos III, Spain
vi
9. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Jess Gutirrez Cilln Universidad de
Valladolid, Spain Cesreo Hernndez Iglesias Universidad de
Valladolid, Spain Antonio Hidalgo Nuchera Universidad Politcnica de
Madrid, Spain Eloy Hontoria Hernndez Universidad Politcnica de
Cartagena, Spain M. Carmen Jaca Garca Universidad de Navarra, Spain
Segismundo S. Izquierdo Milln Universidad de Burgos, Spain Tomasz
Janowsky UNU-IIST, Macau Kalle Khknen Tampere University of
Technology, Finland Franz-Josef Kahlen University of Cape Town,
South Africa Katja Klingebiel Technische-Universitt Dortmund,
Germany Francisco Cruz Lario Esteban Universitat Politcnica de
Valncia, Spain Gilson Lima Universidad Federal Fluminense, Brazil
Rui M. Lima DPS - UMINHO, Portugal Adolfo Lpez Paredes Universidad
de Valladolid, Spain Amaia Lusa Garca Universitat Politcnica de
Catalunya, Spain Julient Maheut Universitat Politcnica de Valncia,
Spain Anna-Bella Manalang De La Salle University (DLSU),
Philippines Miguel ngel Manzanedo del Campo Universidad de Burgos,
Spain Juan A. Marin-Garcia Universitat Politcnica de Valncia, Spain
Natalia Martin Cruz Universidad de Valladolid, Spain Eva Martnez
Caro Universidad Politcnica de Cartagena, Spain Carme Martnez Costa
Universitat Politcnica de Catalunya, Spain Francisco Soares Msculo
Universidade Federal da Paraba, Brazil Manel Mateo Doll Universitat
Politcnica de Catalunya, Spain Ana Mara Mejas Sacaluga Universidad
de Vigo, Spain Pedro Mondelo Universitat Politcnica de Catalunya,
Spain Josefa Mula Bru Universitat Politcnica de Valncia, Spain
Gianni Mummolo Politecnico di Bari, Italy Jess Muuzuri Sanz
Universidad de Sevilla, Spain Luis Onieva Gimnez Universidad de
Sevilla, Spain ngel Ortiz Bas Universitat Politcnica de Valncia,
Spain Sergio Palomero Rdenas Universidad Jaume I, Spain Javier
Pajares Gutirrez Universidad de Valladolid, Spain Juan E. Pardo
Frojn Universidad de Vigo, Spain Edson Pinheiro de Lima PUC-PR,
Brazil Ral Poler Escoto Universitat Politcnica de Valncia, Spain
Eva Ponce Cueto Universidad Politcnica de Madrid, Spain Marta
Posada Calvo Universidad de Valladolid, Spain Jos Carlos Prado
Prado Universidad de Vigo, Spain Bernardo Prida Romero Universidad
Carlos III, Spain Goran Putnik DPS - UMINHO, Portugal Heitor M.
Quintela Unisys, Brazil Shahin Rahimifard Loughborough University,
UK vii
10. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Alfonso Redondo Castn Universidad de
Valladolid, Spain Imma Ribas Vila Universitat Politcnica de
Catalunya, Spain Ana Isabel Rodrguez Escudero Universidad de
Valladolid, Spain Carlos Rodriguez Monroy Universidad Politcnica de
Madrid, Spain Luiz Felipe Roriz R. Scavarda do Carmo PUC-RIO,
Brazil Diego Ros McDonnell Universidad Politcnica de Cartagena,
Spain Lorenzo Ros McDonnell Universidad Politcnica de Cartagena,
Spain Patxi Ruiz de Arbulo Lpez Universidad del Pas Vasco / EHU,
Spain Rui Manuel S Pereira Lima DPS - UMINHO, Portugal Rashed
Sahraeian Shahed University, Tehran, Iran Lourdes Saiz Brcena
Universidad de Burgos, Spain Javier Santos Universidad de Navarra,
Spain Jos Ignacio Santos Martn Universidad de Burgos, Spain Luis
Felipe Scavarda PUC-Rio, Rio de Janeiro, Brazil Markus Schwaninger
Univ. of St.Gallen, Institute of Management, Switzerland M. Val
Segarra Oa Universitat Politcnica de Valncia, Spain Pep Sim Guzmn
Universitat Politcnica de Catalunya, Spain Rui Sousa Universidade
Catlica Portuguesa, Portugal Ana Surez Snchez Universidad de
Oviedo, Spain Gursel A. Suer Russ College of Eng. & Technology,
Ohio University, USA Josu Takala University of Vaasa, Finnland Tom
Taylor President of Association for Project Management (APM), UK
Senhorinha Teixeira DPS - UMINHO, Portugal Guilherme L. R. Vaccaro
UNISONOS, Brazil Jaume Valls Pasola Universidad de Barcelona, Spain
Ton van der Wiele Erasmus University, The Netherlands Mario
Vanhoucke Ghent University, Belgium Mara Jos Verdecho Sez
Universitat Politcnica de Valncia, Spain Eduardo Vicens Salort
Universitat Politcnica de Valncia, Spain Milton Vieira Junior
UNINOVE, Brazilviii
11. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Proceedings Index English Tracks
.....................................................................................................
13 EN-01 Strategy and Entrepreneurship
.............................................................. 15 A
Valuation of SAREB, the Spanish Bad Bank, Upside Using the Real
Options Methodology
..........................................................................................
17 Roux Martnez F, Ruiz Lpez F, Eguren SCorporate Entrepreneurship:
Types and Determinant Factors. A Case Study Based Analysis of
Technology Based and R+D Active Companies. ................ 25
Onaindia E, Goyogana U, Ochoa Laburu CThe impact of innovation
management techniques on radical innovation: An empirical study
....................................................................................................
33 Igartua J.I, Errasti N, Ganzarain JAn Empirical Analysis of the
Spanish Gas Price Structure ............................. 42
Cansado P, Rodrguez Monroy CCapabilities Generation Mechanisms in
Alliances. Case Based Analysis ....... 50 Morcillo Bellido J, Duran
Heras ABest Practices in Sustainable Supply Chain Management: A
Literature Review
..................................................................................................................
59 Mejas A.M, Pardo J.EState of the Art of Challenges on
International Operations Management for
SMEs.....................................................................................................................
67 Martnez S, Mediavilla M, Errasti A, Santos J, Mula JEconomic and
Financial Profile of High-Growth Firms vs. Normal Firms from New
Industry in the Basque Country: a Discriminant Analysis
............ 76 Ruiz de Arbulo P, Landeta B, Basaez A, Insunza G,
Gonzalez XHigh-growth Firms: Qualitative Analysis Via Case Study
.............................. 85 Insunza Aranzeta G, Basaez
Llantada A, Ruiz de Arbulo Lpez P, Landeta Manzano B, Gonzlez
Laskibar X1
12. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Analysis and Characterisation of the
High-growth Firm in the Basque Country
................................................................................................................
94 Gonzalez X , Ruiz de Arbulo P, Landeta B, Basaez A, Insunza GThe
Delphi Method Applied for Validates the Regional Innovation Model.
Case Study Applied in Central Region Romania.
........................................... 102 Moica S, Ganzarain
JRegional Strategic Development Method as a Tool for the Emergence
of New Industries at Regional Level
.............................................................................
111 Ganzarain J, Igartua J.I , Markuerkiaga LCosting a Product by
Old and New Techniques: Different Wines for Different Occasions
............................................................................................................
120 Ruiz de Arbulo Lpez, P, Fortuny-Santos, J, Vintr-Snchez, CAn
Electric Taxi Fleet Charging System Using Second Life Electric car
Batteries Simulation and Economical Approach
............................................ 129 Canals Casals Ll,
Amante BDecision Tool Based on Cloud Computing Technology
................................. 137 Zabalza-Vivanco J, Rio-Belver
R, Cilleruelo E, Acera-Osa F.J, Garechana GProductivity in
Knowledge Worker Teams
..................................................... 146 Moreno A,
Varanki H, Mahou A.Return of Equity Issues in the Spanish Stock
Market from the Investors Perspective, during the 1997-2012 Period
....................................................... 154 Parreo
J, Ruiz F, Roux FSustainable Balanced Scorecard: Practical
Application to a Services Company
............................................................................................................
163 Redondo A, Pascual J.A, Gento A, Muoz JApplying Cluster
Analysis to Renewable Energy Emergent Sector at Local Level
...................................................................................................................
172 Larruscain J, Ro-Belver R, Cilleruelo E, Garechana G,
Gavilanes-Trapote JApplication of Reverse Innovation in SMEs
................................................... 180 Garcia
Miranda I, Duran Heras A, Giraldo Casado EAnalysis of the Electric
Car Via Patents
......................................................... 189
Fernandez de la Bastida E, Gavilanes-Trapote J, Ro-Belver R,
Cilleruelo E, Larruscain J2
13. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Quality in a Small Service Organization
and its Relation with Sand Cone Model
..................................................................................................................
197 Braga C, Migowski S, Libnio C, Spindler G, Duarte FCBA and CEA
Analysis on Occupational Safety and Health. A New Proposal for
Investment Decisions
...................................................................................
209 Cuervo MANew Technologies and Entrepreneurial Intention
.......................................... 221 Martin-Cruz N,
Rodriguez-Escudero AIEN-02 OR, Modelling and Simulation
............................................................. 233
Toward Various Exact Modeling the Job Shop Scheduling Problem for
Minimizing Total Weighted Tardiness
............................................................ 235
Namakshenas M , Sahraeian RTwo Simple Constructive Algorithms for
the Distributed Assembly Permutation Flowshop Scheduling Problem
................................................... 245 Hatami S,
Ruiz R, Andrs Romano CSet-up Continuity in Tactical Planning of
Semi-continuous Industrial Processes
.............................................................................................................
253 Prez D, Alemany M.M.E, Lario F.C , Fuertes V.SLiterature Review
of Master Planning Models with Lack of Homogeneity in the Product
Characteristics under Uncertainty Context
............................... 262 Mundi I, Alemany M.M.E, Poler
R, Fuertes V.SA MILP Model for the Scheduling of Non-continuous
Serial Multi-product Multi-stage Batch Processes with Non-identical
Machines. ........................... 271 Latorre F, Garca-Snchez
A, Mndez C, Aguirre A, Ortega-Mier MNTIGen: a Software for
Generating Nissan Based Instances for Time and Space Assembly Line
Balancing
.......................................................................
281 Chica M, Cordn O, Damas S, Bautista JAgent-based Modelling and
Archaeological Complexity ............................... 289 Poza
D, del Olmo ROptimizing Stochastic Supply Chains via Simulation:
What is an Appropriate Simulation Run Length?
...................................................................................
297 Arreola-Risa A, Fortuny-Santos J, Vintr-Snchez C3
14. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Localization Based on Business
Interactions through a Simulated Annealing Algorithm
...........................................................................................................
306 Snchez R.M, Galn J.M, Santos J.IApplications of the Lagrangian
Relaxation Method to Operations Scheduling315 Lavis-Villahoz J.J
,Arauzo J.A, del-Olmo-Mrtinez R, Manzanedo-del-Campo
M.A,Methodology for the Strategic Capacity Planning in Universities
................ 324 de la Torre R, Lusa A, Mateo MA MILP Event
Based Formulation for a Real-world Multimode RCSP with Generalized
Temporal
Constraints..................................................................
332 Borreguero T, Garca A, Ortega MA Model of Makespan Flow-shop
Scheduling under Ergonomic Requirements
.....................................................................................................
341 Asensio-Cuesta S, Gomez-Gasquet, P, Andrs C, Alemany
M.M.ESolving the Car Resequencing Problem with Mix Banks
.............................. 354 Valero-Herrero M, Garcia-Sabater
J.P , Vidal-Carreras P, Canos-Daros LGaia Analysis and Design of a
Multi-agent-based Shop Floor Control System363 Arauzo J.A,
del-Olmo-Mrtinez R, Labis-Villahoz J.JEstimating Costs in the EOQ
Formula
............................................................ 372
Vidal-Carreras P.I, Garcia-Sabater J.P, Valero-Herrero M,
Santandreu-Mascarell CIntegrated Production and Simulation
Scheduling Tool to Solve the Mix Model Assembly Line Problem
Considering Heijunka and Operational Constraints: a Case Study
................................................................................
381 Maheut J, Garcia-Sabater J.P, Garcia-Sabater J.JElectrical
Markets and Agent-Based Computational Economics: a Critical Review
of the Last Two Decades of Researching
............................................ 389 Ferrero RThe
Inventory Routing Problem for the Mixed Car Model Assembly Line.
398 Pulido R, Garca-Snchez A, Ortega-Mier MEN-03 Logistics,
Production and Information Systems
................................. 4074
15. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Solving the Mixed Model Sequencing Problem
with Workload Minimization with Product Mix Preservation
........................................................................
409 Bautista J, Cano A, Alfaro R, Batalla CEnhanced Supply Chain
Management Using SCOR and BPM. Application to the Spanish Road
Transport SME.
..................................................................
418 Franconetti P, Ortiz AIncorporating the Work Pace Concept into
the MMSP-W ............................ 427 Bautista J, Alfaro R,
Batalla C, Cano AImpact of Ergonomic Risk Reduction in the TSALBP-1
................................ 436 Bautista J, Batalla C, Alfaro
R, Cano AOrder Promising Process for Supply Chains with Lack of
Homogeneity in the Product
...............................................................................................................
445 Alemany MME, Boza A, Ortiz A, Poler RModeling the Master Plan
for Supply Chains with Lack of Homogeneity in the Products
.......................................................................................................
454 Alemany MME, Cuenca L, Ortiz A, Prez DA Design Framework for
Flexible Automated Warehouses .......................... 463 Marn
L.F., Carrasco-Gallego RSupplier Evaluation and Selection: a Review
of the Literature since 2007 .. 472 Molin JI, Coves AMA
Collaborative Me Crossroad: Individual Beliefs and the Adoption of
Corporate Blogs
.................................................................................................
481 Fernndez-Cardador P, Hernndez-Garca A, Iglesias-Pradas
SImproving the Distribution Process in a Meat Company
.............................. 490 Prez I,Ulabarry L. E, Moreno
K,Parra CA New Constructive Heuristic for the Fm|Block|T
...................................... 500 Companys R, Ribas IA
Roadmap to Establish Collaboration among SMEs belonging to
NonHierarchical Networks
......................................................................................
508 Andres B, Poler R5
16. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Measures to Diagnose the Power Balance in
a Non-hierarchical Manufacturing Network
...................................................................................
517 Andres B, Poler RNew Tool for Aiding Warehouse Design Process
............................................ 526 Chackelson C,
Errasti A, Santos JCalculation of the Approaches to CSL in
Continuous Review Policy (s,Q) from an Analogy of a Periodic Review
Policy (R,S). ...................................... 534
Estelles-Miguel S, Albarracin J.M, Cards M, Guijarro E.Determining
the Order-up-to-level Using the Normal Approximation in a Discrete
Context
................................................................................................
543 Guijarro E, Babiloni E, Cards M, Palmer MOn the Selection of
Customer Service Metrics in Inventory Control ........... 551
Guijarro E, Babiloni E, Cards M, Estells SAnalysing the Purchase
Intention of Spanish Consumer: A Study about Remanufactured
Products
................................................................................
560 Jimnez-Parra B, Rubio S, Vicente-Molina M ANon Parametric
Estimation of the Cycle Service Level of a Periodic Review Policy
in a Discrete Context
..............................................................................
568 Cards M, Babiloni E, Estells S, Guijarro EProposal of a
Classification of the Different Data Models to Manage Materials in
Industry
........................................................................................
576 Maheut J, Garcia-Sabater JP, Marin-Garcia JAPackaging
Logistics. A Case Study in Dairy Sector
....................................... 585 Garca Arca J, Prado
Prado JC, Gonzlez-Portela Garrido A.TInter Enterprise Framework for
Hierarchical Decisions ............................... 594 Vargas
A, Boza A, Cuenca L, Ortiz AEnterprise Resilience Assessment: A
Categorisation Framework of Disruptions
.........................................................................................................
603 Sanchis R, Poler RTrajectory Analysis of the Valencian
Automobile Industry Implementing Lean Management
.............................................................................................
611 Valero-Herrero M, Marin-Garcia J , Garcia-Sabater J,
Vidal-Carreras P6
17. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Long Term Capacity Planning with Products
Renewal ............................... 620 Yilmaz G, Lusa A,
Benedito EMultiagent Model for Supply Chain Management
......................................... 630 Ponte B, Pino R,
Fernndez I, Garca N, Monterrey MRevisiting the SEC Classification
Framework in Traditional and Electronic Commerce
..........................................................................................................
639 Agudo-Peregrina AF, Chaparro-Pelez J, Pascual-Miguel
FJUtilization of Tool Value Stream Mapping (VSM) for Improvement of
Welded Assembly Manufacturing Process
...................................................... 647 Guimares
G, Muller M, Taffarel L, Lash M, Bechert TLogistic Management in a
Fresh Food Firm: A Case Study .......................... 655 Garca
Mrquez F.P, Pea Garca-Pardo I, Trapero Arenas J.RCity Logistics:
Are Sustainability Policies Really Sustainable?
.................... 665 Grosso R, Muuzuri J, Cortes P, Carrillo JA
Model for Coordination of Production Planning, Forward and Reverse
Logistics Management in a Multi-product and Multi-plant
Environment, with Reusable Bottles Constraints
...................................................................
674 Parra Pea J, Vicens-Salort E, Ortiz Bas ANeural Network
Application for Risk Factors Estimation in Manufacturing Accidents.
...........................................................................................................
683 Carrillo JA, Guadix J, Grosso R, Onieva LEN-04 Quality and
Product Management
....................................................... 691
Information Capability in Basque Country Quality Award Winners
.......... 693 Zrraga-Rodrguez M, lvarez MJMarket Oriented New
Product Development Process: a Case Study ........... 702 Nunes M,
Afonso PThe Logical Framework Approach and Worker Commitment
.................... 720 Paipa-Galeano L, Jaca C, Viles E, Mateo R,
Santos JHow to Choose the Best Order when Implanting HIWP in
Operations Area728 Marin-Garcia JA, Perello-Marin MR, Canos-Daros
L, Valero-Herrero M7
18. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.EN-05 Knowledge and Project Management
.................................................. 737 Competitive
Intelligence Practices in Microenterprises and SMEs from the
Industrial Sector: the Case of Basque Country
.............................................. 739 Aldasoro J C,
Cantonnet M L, Cilleruelo EWeb 2.0 as a Key Tool for Sharing
Knowledge in Basque Country SMEs .. 747 Alvarez Meaza I, Cilleruelo
Carrasco E, Zamanillo Elguezabal IPredisposition of Workers to
Share Knowledge: an Empirical Study .......... 755 Siz L, Dez J I,
Manzanedo, M A, Del Olmo, RUser Software and Information Systems in
Engineering Project Management763 Arias J, Rubio R, Solana
JApplication of Public Private Partnerships to the Spanish Airport
System 772 Coello N, Rodrguez Monroy C, Calvo FTowards Strategic
Project Management
......................................................... 780
Hermano V, Martn-Cruz N.Analysis of Common Maturity Models Applied
to Project Management .... 788 Montero GPatterns in Innovative
Companies in Rio de Janeiro (Brazil) ....................... 795
Cans-Dars L, Santandreu-Mascarell C, Marin-Garcia JA, Garca-Sabater
JJHow Organizational Cybernetics Can Help to Organize Debates on
Complex
Issues...................................................................................................................
803 Prez Ros J, Velasco Jimnez I, Snchez Mayoral PThe M.A.G.
Factor. Management, Administration and Guidance. Where and How Much
MAG Does Each Project Deserve and Need? A New, Original Assessment
and Scoring System
.......................................................................
813 Taylor TEN-06 Service Systems
......................................................................................
823 Tourism Destination Web Monitor: A Technological Platform for
the Acquisition of Tourist Information through the Web Presence of
the DMOs825 Rebon F, Gerrikagoiti J.K, Ochoa Laburu C8
19. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Methodology for Analysis and Decision
Making by Sampling in Buildings. 833 Aparicio P, Guadix J, Onieva
L, Escudero AE-Government Interoperability Frameworks:
Administration to Business. 842 Andres B, Poler REconomic
Performance and Financial Profitability: Two Study Cases in F&B
Industry
..............................................................................................................
851 Santandreu-Mascarell C, Cans-Dars L, Vidal-Carreras PI,
Valero-Herrero MAppropriate Work Design in Lean Production Systems
................................ 858 Dombrowski U, Hellmich E-M.,
Mielke T.Model of a Public Private Partnership in the Spanish
Health Context ........ 867 Prez JComplex Networks Applied to
Communication Management in Emergency Crisis
...................................................................................................................
876 Ruiz Martn C, Ramrez Ferrero M, Gonzlez lvarez J.L, Poza DEN-07
Education................................................................................................
885 Applying the LEGOstics Concept in Formal Education at Technical
University of Cartagena
....................................................................................
887 Bojan P, de la Fuente Aragn MV, Ros McDonnell LTeaching
Operation Management with GeoGebra. An example of Make-tostock
Problem Solving
.......................................................................................
895 Calona Z, Santos J, Arcelus MFactors Involved in the
University-industry Collaboration; a Final YearProject Approach
......................................................................................
903 Errasti N, Ganzarain J, Markuerkiaga L, Martinez de Zuazo MHow
to Assess the Innovation Competency of Higher Education Students .
912 Marin-Garcia JA , Perez-Pealver MJ, Vidal-Carreras PI, Maheut
JUsing Rubrics for Monitoring and Evaluating Degree Projects in
Industrial Management Engineering
.................................................................................
921 Barbera-Ribera T, Estelles-Miguel S, Dema Perez C.M,
Garrigos-Simon F.J.Spanish Tracks
..................................................................................................
9319
20. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.SP-01 Estrategia y Entrepreneurship
.............................................................. 933
La Satisfaccin de Clientes como Estrategia de Marketing para la
Venta... 935 Dalongaro R.C, Froemming L.M.SLa Importancia de las
Innovaciones No Tecnolgicas en las Empresas Espaolas
...........................................................................................................
943 Larrea Unzain A, Aldasoro Alustiza J.C, Cantonnet Jordi M LOpen
E-Government y Cambios Organizativos en las Administraciones
Pblicas Espaolas
............................................................................................
951 Martnez Nez M , Prez Aguiar WS, Martin-Fernandez LAnlisis de
Buenas Prcticas en Transferencia Tecnolgica en el Sector TIC966
Artal A., Sanchez Granados A.M., Gil Garcia E.SP-02 Investigacin
Operativa, Modelado y Simulacin ............................... 975
Comparativa de Heursticas Multiobjetivo Voraces y Poblacionales
Aplicadas a la Optimizacin Mono-objetivo en Entornos Industriales
Flow Shop con Permutacin
.......................................................................................................
977 Valledor P, Gmez A, Daz D, Priore P, Rosillo REstudio sobre el
Efecto de la Complejidad e Incertidumbre en el ELSP ..... 986 Corts
R, Garca-Sabater J.P, Molina PSP-03 Logstica, Produccin y Sistemas
de Informacin ............................... 997 Mejora del
Sistema Productivo mediante Value Stream Mapping. Aplicacin a una
Empresa de Diseo
..................................................................................
999 De la Fuente MV, Alonso M, Hontoria E, Ros LSistema Integrado
de Planificacin de la Produccin y Distribucin para la Gestin de
Excepciones
...................................................................................
1007 lvarez E, Villaln L, Osaba E, Daz FTcnicas de Prediccin
Cuantitativas Aplicadas a la Cadena de Suministro. Un Caso de
Estudio
.........................................................................................
1016 Trapero Arenas J.R , Garca Mrquez F.PDecisiones en el Diseo de
Redes de Logstica Inversa: Propuesta de un Modelo de Decisin.
.........................................................................................
1025 Ribas I, Rubio S10
21. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.La Mejora Dinmica del Rutado de Vehculos:
Eventos de Reoptimizacin1034 Escudero A, Muuzuri J, Corts P,
Aparicio PSistemas de Ayuda a la Toma de Decisiones para la gestin
de Incidencias1043 Valero R, Boza A, Vicens ESistema de Control y
Reprogramacin de la Produccin basado en Captura Inalmbrica de Datos
en Planta
.....................................................................
1050 Eguizbal L, Lago A, Fernndez APlanificacin y Control de la
Produccin en la Mejora del Proceso de Produccin de Fabricacin de
Juegos Mesas: un Estudio de Caso ............. 1060 RaposoJ,
Costa-de MatosAN, NunesASP-04 Calidad y Gestin del Producto
........................................................... 1069
Las Empresas de Servicios Energticos (ESE) en Espaa y su
contribucin al desarrollo de las Ciudades Inteligentes (Smart
Cities) .................................. 1071 Morcillo Bellido J,
Prida Romero BEl Anlisis del Ciclo de Vida en Espaa. Temas de
Investigacin Principales y Agentes Clave
...................................................................................................
1080 Basaez Llantada A, Martnez de Alegra Mancisidor I, Insunza
Aranzeta G, Gonzlez Laskibar XUn Sistema Integrado de Gestin como
Elemento de Mejora Competitiva 1089 Fortea E, Mikeo IModelo para la
Implementacin de Sistemas de Gestin Preventivos en Sectores
Singulares
..........................................................................................
1097 Solano Martos J, Maeso Gonzlez ESP-05 Gestin del Conocimiento
y de Proyectos ........................................... 1107
Estimacin de la Evolucin de Proyectos en el mbito de la Produccin
Industrial mediante la Parametrizacin de la Curva S del Coste
Acumulado1109 Garca Escribano EAprendizaje Organizacional: Estudio
de Caso Sector Turismo de Ciudad Guayana, Venezuela
........................................................................................
1118 DArmas M, Arzola M11
22. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Gestin de la Innovacin y el Papel de las
TIC: El caso de SILK ............... 1128 Planuch Prats C, Salvador
Valls RLa Intragestion Financiera a travs de las TIC Basada en la
Auditoria de Orden del Sector Universitario Venezolano
.................................................. 1137 Guaido
Suarez DSP-06 Sistemas de Servicios
............................................................................
1143 La Calidad de E-Servicio en Portales Web B2C: Evaluacin
Mediante Sistemas de Inferencia Borrosos
....................................................................
1145 Castro A, Puente J, de la Fuente D, Parreo J, Lozano JSP-07
Educacin
..............................................................................................
1155 Tendencias y Aseguramiento de la Calidad en la Educacin
Superior: Mapa Europeo y Caso de Espaa
.............................................................................
1157 Gonzalez Lasquibar X, Ruiz de Arbulo Lpez P, Landeta Manzano
B, Basaez Llantada A, Insunza Araceta GSatisfaccin en la Utilizacin
del Video por el Discente en su Proceso Activo de Aprendizaje. Una
Experiencia en el Contexto de los Grados en Ingeniera de
Telecomunicacin.
......................................................................................
1167 Prez-Aguiar W, Martnez-Nez MAplicacin de la Tecnologa BPMS en
la Gestin de los Procesos Relacionados con la Actividad Docente en
un Centro Universitario .................................. 1178
Pardo JE , Mejas AM12
23. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.English Tracks13
24. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.EN-01 Strategy and Entrepreneurship15
25. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.A Valuation of SAREB, the Spanish Bad
Bank, Upside Using the Real Options Methodology Roux Martnez F1,
Ruiz Lpez F2, Eguren S3 Abstract This paper develops a model to
analyze the upside potential of profitability of the SAREB (Asset
Management Company for Assets Arising from Bank Restructuring), the
Spanish Bad Bank. The model is based in the Real Options
methodology, that is especially adequate due to the convergence of
two elements, (i) depreciated assets with a high upside potential,
and (ii) a highly volatile market as it has shown to be the real
estate Spanish market. Our results suggest that the SAREB has a
higher than expected profitability potential that would be
dedicated to increase the return to its shareholders, mainly
private banks. Consequently we also show that after the financial
crisis are emerging two types of banks in Spain, in one hand the
losers who are transferring their real estate assets at a deep
discount, and in the other hand the winners, capturing the upside
potential of those assets as shareholders of SAREB, and
consequently consolidating their strength in the Spanish Real
Estate Industry. It is worth to mention that Governments should
make an effort in properly redistribute the wealth generated by the
real Estate industry.Keywords: Bad Bank, Real Options, Valuation,
Financial Crisis, Real Estate.1FlixRoux Martinez ( e-mail:
[email protected]) Dpto. de Administracin de Empresas. Escuela
Tcnica Superior de Ingenieros Industriales. Universidad Politcnica
de Madrid. c/ Jos Gutirrez Abascal, 2. 28006 . Madrid2FlipeRuiz
Lpez ( e-mail: [email protected]) Dpto. de Administracin de
Empresas. Escuela Tcnica Superior de Ingenieros Industriales.
Universidad Politcnica de Madrid. c/ Jos Gutirrez Abascal, 2. 28006
. Madrid 3SantosEguren ( e-mail: [email protected]) Dpto. de
Administracin de Empresas. Escuela Tcnica Superior de Ingenieros
Industriales. Universidad Politcnica de Madrid. c/ Jos Gutirrez
Abascal, 2. 28006 . Madrid17
26. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.1 SAREB Overview and Background1.1 Legal
Structure On 25 June 2012, Spain requested the Eurogroup financial
assistance to recapitalize the Spanish banking industry. In
accordance with this request, the Spanish Administration created
the SAREB to segregate impaired financial assets toxic assets of
those credit institutions receiving public funding. The legal
structure of the SAREB was defined in RDL 24/2012, now passed as
law 9/2012. The SAREB will be incorporated for a maximum period of
15 years, and initially as a Public Limited Company (Spanish
Sociedad Annima). The purpose of the SAREB is the holding,
management, acquisition and disposal of assets to be transferred to
it by credit institutions receiving public support. These
institutions receive debt securities issued by the SAREB with a
State guarantee as payment for the assets transferred. (European
Central Bank, 2012) In a second phase starting by 2013, the SAREB
eventually will set up a number of funds and a management company,
to create and finance portfolios of assets in response to specific
investor demand.1.2 Funding Required, Capital Structure and Cost of
Capital. SAREB shareholders are mixed, Public and Private, Public
ownership may not exceed 50% (BOE, Ley 9/2012) to prevent SAREB
debt to consolidate as public debt increasing the total amount of
Spanish debt outstanding. In any case the State guaranteed debt of
the SAREB should increase the overall risk of the Spanish debt. The
equity mix is expected to be in the range of 45% Public vs. 55%
Private. Although when facing a banking crisis regulators are
forced to improvise (Aghion P et al, 1999) this private majority,
could generate a conflict of interest (ECB, 2012) because private
shareholders are banks and financial institutions that also have
significant interests in the Spanish real estate industry, as shown
in Table1. The total amount of assets to be transferred initially
in December 2012 to SAREB will include those of; BFA-Bankia (22,318
million ), Catalunya Bank (6,708 million ), Novagalicia and Banco
Gallego (5,097 million ) and Banco de Valencia (1,964 million ), in
total 37.110 million (El Pas, 2012) The transfer of additional
assets of other banks, such as Caja Espaa-Duero, Liberbank, and
BMN, will start in 2013 and will require further capital by current
or new shareholders, but as stipulated in Law 9/2012 the total
amount of assets of SAREB will never exceed 90.000 million Euros.
18
27. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin. Table 1 SAREB ownership as at 28 December
2012 InstitutionCapital (million )Stake (%)Private
Stake12,11455%Direct funds52414%Subordinated Debt1,59042%Public
Stake1,70545%Direct funds43211%Subordinated Debt1,27333%Total
Equity 3,819 100% 1 Private shareholders include; Banco Santander,
CaixaBank, Sabadel Popular, Bankinter, Cajamar, Banca March,
Deutsche Bank, CCS, Mutua Madrilea, Catalana Occidente, Asisa y
Mutua Pelayo. Source: Expansion, 2012.Taking into account these
numbers we can build an illustrative balance sheet of SAREB, as
shown in Figure 1, it shows that when matching the total amount of
assets transferred with the sources of funds, it can be seen at a
glance that 91% of funds comes from state guaranteed debt and only
9% is equity. Assets (million Eur).Liabilities (million Eur).From
Novacaixa and Banco G. 6,122 M From Catalunya Caixa 6,708 MBonds
issued by SAREB State Guaranteed 37,110 MDEBT91%From Bankia BFA
22,318 MInitial Cash and equivalents Shareholders 3,818 MPublic S
hareholer (FROB); 45% of equity, 1,705 M Private S hareholers
(Banks); 55% of equity, 2,114MEQUITY (*) 9%From B.Valencia 1,962
M(*) Equity icludes shareholders funds and subordinated debtFig. 1
Illustrative Balance Sheet of SAREB by December 2012This high
proportion of debt will have a very low cost because is State
Guaranteed, consequently leverages the stream of earnings to be
paid to the equity, in fact borrowing at a fixed low rate is
increases sharply the rate of return of the firms equity (Brealey
Myers, 1996). The estimation of the minimum expected return on
equity (ROE) according to the FROB (Fund for Orderly Bank
Restructuring) is at 14%. But more importantly any increase on
profitability on the total volume of assets goes to the equity,
mainly controlled by Private banks. 19
28. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.1.3 Transfer Price of Real Estate Assets
to SAREB The transfer prices have been determined by Banco de
Espaa, and were sharply adjusted, they are based on the exercise
performed by Oliver Wyman, a consultancy firm, in 2012, as
presented in table 2, and include additional discounts taking into
account some costs of SAREB such as administration and financial
costs. Table 2 Type of asset and haircut applied in the transfer
price to SAREB according to FROB Asset TypeAverage haircutAsset
TypeAverage haircutLoans1 45.6% Foreclosed assets2 63.1% 1 Loans
include; loans on finished housing, land, projects, and other Real
Estate assets. 2 Foreclosed assets include; new housing,
developments in progress and land.As a consequence of the haircuts
applied, the final price of the assets ranges between 54% and 37%
of their initial book value, depending if they are loans on assets
or physical real estate assets.2 The Real Options Approach2.1
Advantages of the Methodology An increasing number of academics and
corporate practitioners defend that traditional discounted-cash
flow (DCF) approaches such as the standard net-presentvalue (NPV)
rule, cannot properly capture managements flexibility to adapt and
revise decisions in response to unexpected market developments
(Trigeorgis, 1996). DCF approaches build expected scenarios based
on assumptions. But they are not able to capture the managements
flexibility to make decisions throughout the process changing the
outcome of the project. Real Options methodology is based on the
financial options theory to value derivatives, but instead of using
a financial asset (e.g. a share) as underlying, uses a real asset
(e.g. a physical asset or a project), its advantage is that allows
to value investment decisions taking into account the flexibility
to adapt to the changing market conditions and make decisions
throughout the life of a project. An Option is conceived as a right
but not an obligation to make a decision in a period of time. There
are two kinds of options, calls and puts, a call option gives the
right to buy an asset at a specified exercise price, and the put
option gives the right to sell the asset at that exercise price.
Both calls and puts can be European, if they must be exercised at a
fixed date, or American if they can be exercised at any time before
a final date. 20
29. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.2.2 Numerical Methodology Application to
Value the SAREB To value the SAREB we take into account its
flexibility to adapt to market conditions, meaning that if Real
Estate Market conditions improve it can gain the upside, and if
they decline SAREB does not lose a lot because it can always sell
all or part of its assets that are valued at a low price vs. the
market. Consequently the assets of SAREB include an abandonment
option, which is an American Put Option. To show the value of it,
we build a base case and some sensitivities regarding (ii) the
standard deviation, and (iii) the abandonment price. The valuation
methodology applied is the simple discrete-time model presented by
Cox, Ross and Rubinstein in their famous article published in the
Journal of Financial Economics in 1979. As a starting point five
variables must be defined: The underlying assets; are the Real
Estate assets transferred from the affected banks. We take the
value of the assets transferred until December 2012 amounting
37,110 million . We assume that the haircut that they have suffered
is 55%, a figure between 46% and 63% as presented in previous
points, consequently their initial book value was 82,470 million .
We also treat the total amount of assets as a whole and its
evolution in percentage in order to show in a simple manner the
evolution of its value. Meaning that the 82,470 million are 100% of
the value before the haircut, and that 37,110 million are 45% of
the book value. One important element of the Real Options vs.
Financial Options, is that the owner of a financial option can not
affect the value of the underlying asset (e.g. a share of
Telefnica), but the manager of a real asset can raise its value
(Copeland Antikarov, 2003). Consequently the proper management
SAREB assets have a lot to do with the final value extracted from
them. The exercise price; the minimum price at which assets can be
sold. Due to the haircut suffered by the assets transferred to
SAREB it can be assumed that it is 37,110 million . Time to
expiration of the option; fifteen years, equal to the life of
SAREB. It is worth to mention that this long life increases the
value of the option because the probability of price increase of
the Real Estate underlying assets is also higher. The standard
deviation of the price of the underlying asset; is the standard
deviation of the price of the Real Estate assets. This industry
traditionally has shown higher volatility than the stock market,
and it has grown sharply during the last years, as shown in Table
3. In the base case it is assumed a standard deviation of 40%,
showing the higher than the IBEX 35 volatility of the industry. 5.
The risk-free rate over the life of the option; we assume it is the
rate of the Spanish Public Debt for an equivalent period of time of
15 years, of 6.5%.21
30. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin. Table 3 Annual Standard deviation of Real
State Spanish quoted companies, average of them and IBEX 35 as a
reference Company Name, average and IndexStandard Deviation (3
years period 2010 - 2012)Reyal Urbis96%Colonial69%Sacyr y
Vallermoso59%Realia48%Average68%IBEX 35 Source: La Caixa, December
201229%Once the variables are identified, an event tree showing the
paths that could be followed by the value of the underlying asset
is built, as shown in Figure 2. Year =123456789101112138157%
3665%Million 82,4672457%% 100%1647% 1104%
740%Haircut45,35755,0%496% 333% 223% 149%Value of the assets
transferredMillion 37,11015 18154%12169%40% 5468%Book Value14100%%
45%67%100%45% 30% 20%45%20%45%20% 14%9%20% 14%9% 6%9%4%20%9%4% 3%
2%9%3%6% 4%3% 2%1% 1%14% 9%6% 4%2% 1%30% 20%14%6% 4%67%
45%30%14%6%3%45%20%149% 100%67%30%14%6%100%45%333%
223%149%67%30%740% 496%223%100%1647%333%149%67%30%496%223%100%2457%
1104% 740%333%149%67%30%14%223%100%45%496%3665%1647%
1104%740%333%149%67%30%496%223% 149%67%740%333%2457%
1647%1104%8157% 5468%3665%3% 2%1% 1%1%1% 1%1% 0%1% 0%0%0% 0% 0%Fig.
2 Present Value event tree without abandonment optionAfter building
the event tree, the real option to abandon is computed at each node
of the tree and calculated the present value of it. As shown in
figure 3, the flexibility has added value, enhancing the project
upside in case of Real State Price increases, and limiting the
downside to a level close to the initial assets value. When taking
into account the option to abandon, the value of the assets
obtained reaches 47,090 million , 9,980 million over the initial
asset valuation of 37,110 million , representing a 12%.22
31. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin. Year123456789101112131415 18154%12169%
8157% 5468% 3665% 2457% 1647% 1104% 740% 496% 333%Value of assets
transferred Including Real Option225% 152% 105%Million 47,090%
57%75% 57% 48%224% 152%105% 75% 47%45%47%47% 45%45%
45%45%46%45%45%45%45% 45%45% 45%45%45% 45%45%45%Abandon45% 45%67%
52%45% 45%45%149% 100%71% 54%45% 45%333% 223%149%
102%72%47%45%45%150%55%45% 45%45%% 12%56%740% 496%333%223%103%
73%1647% 1104%740%496%333%151% 104%74% 56%45% 45%Increase in Value
Million 9,980152%Go740%223%3665% 2457%1647% 1104%496% 333%224%104%
75%57%740% 496%333%3665% 2457%1647% 1104%8157% 5468%45%45%
45%45%45%45%45%45%45%45%45% 45%45%45%45% 45%45%45% 45%45% 45%45%
45%45%45% 45% 45%Fig. 3 Real Option calculation including per node
option and decisionsFinally a sensitivity analysis is done and
presented in Table 4, showing that even the most conservative case;
an additional haircut of 25% in the value of assets, and a low at
20%, well under the IBEX35 volatility, reaches a value of 38,018
million , over the initial value of assets of 37,110 million .
Table 4 Sensitivity analysis Standard Deviation ()Initial Value
37,110 million Additional haircut (-25%)120%40,486 million 38,018
million 30% (close to IBEX35)43,683 million 40,141 million
40%47,090 million (base case)42,694 million 50%50,242 million
45,214 million 1 An additional haircut of 25% of the price would
drive to an initial value of 27,833 million On top of this
valuation it is important to notice, that due to the high
proportion of State Guaranteed debt on SAREB funds (91%) the upside
on profitability will go directly to pay the equity, mainly
controlled by private banks. In fact the European Central Bank on
its opinion published on 14 December 2012 recommends to impose
limitations on the payment of dividends to ensure the timely
redemption of State guaranteed bonds, and that all cash held by the
SAREB could be applied to the early repayment of the State bonds
(BCE, 2012).23
32. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.3 Conclusions Since the SAREB bears a real
option that generates significant upside potential, it should be
taken into account. Our valuation of the upside is in the range of
10.000 million (+12% on the value of Real Estate assets
transferred). The high volume of State Guaranteed debt at a fixed
low rate on SAREB funds causes that all the upside goes to the
shareholders that are mainly private banks. This makes explicit
that after the financial crisis are emerging two types of banks in
Spain, in one hand the losers who are transferring their real
estate assets at a deep discount, and in the other hand the
winners, capturing the upside potential of those assets as
shareholders of SAREB and consequently consolidating their strength
in the Spanish Real Estate Industry. It is worth to mention that in
this environment Governments should make a real and proportionate
effort to redistribute the wealth generated by the Real Estate
industry.4 References Aghion, P., P. Bolton, and S. Fries (1999)
Optimal Design of Bank Bailouts: The Case of Trasition Economies,
Journal of Institutional and Theoretical Economics, 155(1), 51-70
Brealey RA, Myers SC (1996) Principles of Corporate Finance. Fifth
Edition, McGraw .Hill. International. Copeland T, Antikarov V
(2000) Real Options, A practitioners guide. Cengage Learning, New
York, New York Cox JC, Ross SA, Rubinstein M (1979) Option pricing:
a simplified approach. Journal of Financial Economics 7: 229-263
ECB (European Central Bank), Opinion of the European Central Bank
of 14 December 2012 on asset management companies (CON/2012/108).
El Pas, 26 December 2012. La banca nacionalizada traspasa al banco
malo activos por valor de 37.110 millones. Available via
http://economia.elpais.com/economia/2012/12/26/actualidad/1356524351_995160.html
El Pas, 28 December 2012. Bancos y aseguradoras aportan 1.590
millones a la Sareb en deuda subordinada. Available via
http://economia.elpais.com/economia/2012/12/28/agencias/1356706298_756836.html
Expansin, 13 December 2012. Sareb negocia contrarreloj la entra da
de Pimco y Fortress en el capital. Available via.
http://www.clipmedia.net/ficheros/2012/12_dic/sq270.pdf FROB Fondo
de Restructuracin Ordenada Bancaria (2012). Press Release 13
December 2012, Sareb increases capital to allow private investors
to take a stake. Available via.
http://www.frob.es/notas/20121213%20SAREB%20INGLES%20PROT.pdf Ley
9/2012, de 14 de noviembre, de reestructuracin y resolucin de
entidades de crdito. Available via.
http://www.boe.es/boe/dias/2012/11/15/pdfs/BOE-A-2012-14062.pdf
Luehrman, Timothy A (1998) Investment Opportunities as Real
Options: Getting started on the Numbers. Harvard Business Review
76: 51-67. Real Decreto-ley 24/2012, de 31 de agosto, de
reestructuracin y resolucin de entidades de crdito. Available via.
http://www.boe.es/boe/dias/2012/08/31/pdfs/BOE-A-2012-11247.pdf
Trigeorgis, L (1996) Real Options Managerial Flexibility and
Strategy in Resource Allocation. The MIT Press, Cambridge,
Massachusetts24
33. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Corporate Entrepreneurship: Types and
Determinant Factors. A Case Study Based Analysis of Technology
Based and R+D Active Companies. Onaindia E1, Goyogana U2, Ochoa
Laburu C3 Abstract Based on the integrative model proposed by
Narayanan V, Yang Y, Zahra S (2009) as theoretical framework and
using multiple case studies, we explore in this paper the
characteristics of new business, activities or ventures; created by
entrepreneurial companies and the cause-effect relationship of some
context agents, such as: external factors (industry, technological
change) and internal organizational factors (capital structure, top
management commitment, competitive strategy, organizational
structure, human resources management, use of public funds and
policies). We have selected six technology-based companies with
medium-high intensity in R+D, either small or medium-high
companies, from very different industries, but all of them involved
in Corporate Entrepreneurship. The preliminary results confirm the
thesis pointed out in scientific literature: the implication of top
management is critical, CE is a strategic issue with decisive
influence for the survival of the company and the Intrapreneur has
revealed to be a key agent. Nevertheless, there is a wide range of
possible combinations of factors, mainly of internal ones, and
their cause-effect relationships are very different.Keywords:
Corporate Entrepreneurship, Internal and External Factors, Multiple
Case Studies1Eneritz Onaindia Gerrikabeitia ( e-mail:
[email protected]) Dpto. de Organizacin de Empresas.
EUITI-Eibar. UPV-EHU Avda Otaola 29, 20600 Eibar.2 Unai Goyogana
Quesada ( e-mail: [email protected]) Dpto. Organizacin de
Empresas, UPV EHU. Escuela Politcnica. Universidad del Pas Vasco.
Plaza de Europa 1, 20018 San Sebastin. 3Carlos Ochoa Laburu (
e-mail: [email protected]) Dpto. Organizacin de Empresas,
UPV EHU. Escuela Politcnica. Universidad del Pas Vasco. Plaza de
Europa 1, 20018 San Sebastin.25
34. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.1 Introduction and Approach of the Project
The interest in business creation (entrepreneurship) and its
protagonists (entrepreneurs) is a classic issue in economic
literature and, specifically in literature about management. This
issue is specially recurrent and relevant in economic crisis times.
But, despite all the generated literature there is still a wide
field of study about the type of Corporate Entrepreneurship and how
new ventures are developed, and specifically, about Internal
Organizational Factors. A group of technology-based and active in
R+D companies which have experience on Corporate Entrepreneurship
is studied in this work. Consequently, classic questions about
Entrepreneurial Orientation or about the results of that
entrepreneurial activity are not proposed. The studied companies
are proactive on entrepreneurship and obtain economical and not
economical results from it. We question and attempt to analyze what
do technology-based and R+D investor entrepreneurial companies do?
and how? so that results can be translated to other companies.2
Theoretical Models to Analyze Corporate Entrepreneurship We have
selected the model by Narayanan, Yang and Zahra (2009) as a
theoretical framework because it is focused on the entrepreneuring
company, and specially because a section about Characteristics of
the new venture is included: Internally or externally developed. It
means, creating a new company or a new activity line in the current
company. 100% owned company or partnership as a major or minor
shareholder. Internal or external entrepreneur Developed according
to the strategy of the company or because of an opportunistic
decision. The model by Narayanan, Yang and Zahra (2009) is proposed
as a synthesis of the most relevant models: Guth-Ginsberg (1990),
Covin-Slevin (1991) and Lumpkin-Dess (1996). A positive
Entrepreneurial Orientation has a positive effect on the outcomes
of the company, especially in the economic outcomes (profitability,
sales increase and market share). The cause-effect relationship
between them may be reversible. Good outcomes may favour
Entrepreneurship. There is a set of External and Internal
Factors/Agents of the company which determine the characteristics
of the new activities and, by extension, their outcomes. The
cause-effect relationship between them, as well as its intensity,
are contingent. In other words, they do not act always in the same
way but their influence depends very much on their possible
combinations. 26
35. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.In the same way, there is a set of
factors, external and internal to the company and to the new
activities, which Moderate/Mediate in the entrepreneurship process.
Moderators Environment hostility Context External Technology Demand
Entrepreneurial OrientationCV Characteristics Strategy
OrientationInternalFinanceTop ManagementOrganizationCorporate
CultureIntrapreneurOutcomes Economic Outcomes Market Performance
Strategic OutcomesProcesses Compensation/Incentives
ControlMediatorsTimingOrganizational Structure Market
OrientationControlled by the parent companyControlled by the new
businessFig. 1 Integrative model for Corporate Venturing by
Narayanan, Yang, Zahra (2009)3 Methodology: Multiple Case Study The
focus of this work is mainly exploratory. It means that the
available theoretical basis for the research questions are
considered inadequate or incomplete and that is why new theoretical
contribution is required to better understand the analysed
phenomenon. Consequently, multi-case study methodology has been
used (Yin, 1984). As many authors have pointed out, (Yin, 1984;
Eisenhardt, 1989; Villareal and Landeta, 2006; Toledano-Urbano,
2011) the main advantage is the potential to research deeply
complex phenomena, in which experience of participants are
specially important and the context is essential.27
36. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.4 Characterization of the Companies in the
Study We have analyzed six companies with medium-high technological
base: mediumhigh rates of assets/employee, sales/employee and added
value/employee. These six companies work in very different
industries. Four of them are mature companies, more than 30 years
old, so these companies are managed by the second or third
generation of owners. The other two are quite young, less than 10
years old, and these two companies are managed by the first
generation of owners, the entrepreneur. Table 1 Characterization of
the companies in the study CompanyBAge(Utilities design,
construction & operation) Buildings construction (Structures
design & construction)(No. of Employees)605.00040Electric power
generationSize(Years) AIndustry70CComputer interactive
graphics550DBicycle manufacturing1502505309080E FEngineering
services (Precision equipment for science design) Small and medium
domestic appliancesTechnology IntensityLowAssets/employee ()<
100.000Medium> 200.000Sales/employee ()< 100.000>
200.000Added value/employee ()< 40.000CompanyHigh> 70.000 C,
D, FA, B, EMediumHighR+D IntensityLowUniversity graduates<
10%> 50%R+D (Sales, employees)< 5%> 10%Patents CompanyFD,
BA, C, EInternationalizationLowMediumHigh(< 10% sales)
Company(>25% sales) B, C, F28A, D, E
37. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.5 Entrepreneurial Behaviour of the
Companies in the Study The duration of the life-cycle of product or
activity lines is decreasing to less than 10 years and companies
are forced to set up new activities, at least, every five years.
This is the reason why Corporate Entrepreneurship is so important
for them by two ways: new product development and new companies
development based on some of the former products. The features of
the relationship between the Entrepreneurial Behaviour of the
analyzed companies with their External Factors are summarized in
table 2. Table 2 Types of Corporate Entrepreneurship according to
External Factors change / Competitiveness of the
industry)(TechnologyLife-Cycle of the IndustryRelatedness to main
activitiesProduct life-cycle strategyWay of the new activityOrigin
of EntrepreneurNo. casesEmergentEmergent technology Same
Technology/ Different MarketPioneerSpin offExternal(2)
C,EInternal(2) A,BInternal(2) D,FMatureMatureSame Technology/
Different Market Emergent technology Emergent technology Different
Technology/ Same Market Different Technology/ Same MarketSpin off
PioneerStrategic renewal AcquisitionPioneerStrategic renewalSource:
elaborated by authorsThe features of the relationship between the
Entrepreneurial Behaviour of the analyzed companies with their
External Factors are summarized in table 3.29
38. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin. Table 3 Types of Corporate
Entrepreneurship according to Internal Factors (Boost for Corporate
Entrepreneurship / Strategy) Product lifecycle strategy
PioneerPioneerLifeCycle of the IndustryRelatedness to main
activitiesBoost for CEWay of the new activityOrigin of the
EntrepreneurNo. casesEmergentDifferent Technology/ Different
MarketBoard/Management Customers R+DSpin offInternal(1)
AEmergentSame Technology/ Different MarketBoard/Management
Customers R+D Technology partners EntrepreneurSpin offExternal(2)
C, ECorporation Board/Management R+DAcquisition Strategic Internal
renewalDifferent Technology/ Same Market Source: elaborated by
authors FollowerMature(3) B,D,F6 Analysis and Discussion Companies
in mature industries are more follower than pioneer, despite their
R+D departments. Companies in emergent industries show an opposite
behaviour. In this sample there is a similar number of both types.
There are more pioneer companies that launch technological
innovations which are very related to their current business. In
other words, they adapt current technologies and products to new
markets and customers. Most of them create ex-novo companies, but
there are also some cases of acquisitions. Almost in every case the
entrepreneur is external to the original company. He or she usually
comes from a partner of the company or a partner in a R+D project.
In fact, those collaboration projects are the main source of
original ideas for future entrepreneurial projects. But the Board
of the company is always on its back. The role of the entrepreneur
who pushes to make the new activity develop is more often in this
category Companies in mature industries in our sample adopt mainly
one type of innovation strategy: Related innovation. In other
words, different technology for same market - customers. It is
executed mainly through internal development though with
technological partners. The boost comes more frequently from the
Management and the R+D department frequently in cooperation with
technological partners. 30
39. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.Why the new ventures are created with a
100% or a majority share of the capital in some cases and with a
minority share in others? It is more usual the latter than the
former and the reason is not clear. It seems that the minority
position is more usual in not related innovations and in emergent
industries in which the company depends much more on technological
partners. Why some companies use intrapreneurs and others external
entrepreneurs? It is also not very clear. It seems that it is more
related with the diversification to new markets than with the
development of new technologies. When intending to enter in a new
market it seems more appropriate to use someone with experience in
them, frequently technological partners or collaborators in R+D
projects. When intending to develop a new technology it seems more
appropriate to rely on internal R+D and intrapreneurs. It is
obvious that the Top Management role is decisive. Some of the
companies in our sample (A, E) are presidential. In D it is the
Board of the corporation, not the company who has the boost to
promote innovation. In B it is the Executive Management and not the
Board. In C they are some of the partners and not the CEO. In this
same company, the entrepreneur was a main force in pushing forward
the decision to create a new venture. In any case the role of the
Board of the company is significantly moderated by (or
significantly moderates to) the R+D department, the technological
partners or the customers in the different cases. The use of Risk
Capital does not seem to be influenced by the technological
strategy (pioneering or follower) neither by the industry (emergent
or mature), nor the creation of a brand new company or the
acquisition of an existing one. What seems to have influence is
again the destiny of the innovation. Activities created to
penetrate new markets use more Risk Capital than the ones devoted
to the development of new technologies. Anyway, this strategy has
been used very few times. Almost all the companies in this study
have used some modality of public funds: public calls for financing
of R+D projects, establishments at Technology parks or Innovation
Poles, or assistance to create new enterprises from CEI (Innovation
and Enterprises Centres) or BIC (Business Innovation Centres).7
References Covin, J; Slevin, D. (1991) A conceptual model of
entrepreneurship as firm behaviour. Entrepreneurship: Theory and
Practice, 16(1):7-25 Dess, G.; Lumpkin, G.; Mc. Gee, J.,(1999)
Linking corporate entrepreneurship to strategy, structure and
process: suggested research direction. Entrepreneurship: Theory and
Practice, 23(3):85-102 Eisenhardt, K. M. (1989): Building Theories
from Case Study Research, Academy of Management Review, Vol. 14, n
4, pp.532-550. Guth, W.; Ginsberg, A (1990) Guest Editors
Introduction: Corporate Entrepreneurship. Strategic Management
Journal, 11:5-1531
40. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin. Lumpkin, G; Dess, G (1996) Clarifying the
entrepreneurial orientation construct and linking it to
performance. Academy of Management Review, 21:135-172 Narayanan VK,
Yang Yi, Zahra S.A (2009). Corporate venturing and values creation:
A review and proposed framework Research Policy 38; 58-76 Miles,
M.; Covin, J. (2002) Exploring the Practice of Corporate Venturing:
Some Common Forms and Their Organizational Implications.
Entrepreneurship: Theory and Practice, 26(3): 21-40 Urbano, David;
Toledano, Nuria; Ribeiro-Soriano, Domingo. Socio-cultural factors
and transnational entrepreneurship: A multiple case study in Spain.
International Small Business Journal 29. 2 (Apr 2011): 119.
Villarreal, O.; Landeta, J. (2007) El estudio de casos como
metodologa de investigacin cientfica en economa de la empresa y
direccin estratgica Empresa global y mercados locales: XXI Congreso
Anual AEDEM, Vol. 1, 2007 (Ponencias), pg. 34 Yin, R. K. (1994):
Case Study Research. Design and Methods, Applied Social Research
Methods Series, Vol. 5, Second Edition, Sage Publications,
London.32
41. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.The impact of innovation management
techniques on radical innovation: An empirical study Igartua J.I1,
Errasti N, Ganzarain J Abstract While research in innovation
management has provided many insights into specific aspects of
innovation, the encompassing problems confronting general managers,
especially managers of small and medium-size firms, have been
overlooked in the development of innovation management techniques
and tools. This paper analyses the way innovation management
techniques (IMTs) influence innovation in firms. Specifically, this
paper focuses on studying the role of IMTs on radical innovation.
To this end, we propose a specific model of analysis, tested in a
sample of more than five hundred Spanish companies. Research
results highlight that different set of IMTs relate to radical and
incremental innovation in different ways, and that therefore
companies seeking for radical innovation look for certain IMTs
rather than others. This empirical study will help managers and
practitioners to understand the role of IMTs in structuring radical
innovation strategy, as well as to researchers to focus on the role
of such IMTs on innovation.Keywords: Innovation, Radical
Innovation, Innovation Management Techniques, IMTs1 Introduction
The need for understanding innovation appears to be widespread, at
business level. Some researchers have developed studies regarding
the measurement of innovative performance in enterprises (Mancebo
Fernndez and Valls Pasola, 2005), using instruments as the
Community Innovation Survey instrument (CIS) trying to discover the
factors that influence that result (Arundel and Hollanders, 2006).
On 1Juan Ignacio Igartua (e-mail: [email protected])
Departamento de Mecnica y Produccin Industrial. Escuela Politcnica
Superior, Mondragon Unibertsitatea, C/ Loramendi 4, 20500
Mondragon, Spain33
42. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.the other hand, other scholars have
investigate onto the role of innovation management and the analysis
of its impact on innovation and innovation performance of firms
(Rigby and Bilodeau, 2007, Adams et al., 2006) (Prajogo and Ahmed,
2006), including the emphasis on the role of systems and tools
(Chiesa and Masella, 1996). Finally another incipient research
approach it has been orientated to analyse the role of techniques
and tools for managing innovation (Hidalgo and Albors, 2008).This
approach highlights innovation as a fundamental process in
organization performance (Galanakis, 2006, Raymond and St-Pierre,
2010), a process that requires setting up well-organized and
well-run standardized set of tools (Igartua et al., 2010). In this
direction, the aim of this paper focuses on understanding the
influence of innovation management techniques (IMTs) on innovation
in firms. Specifically, this paper focuses on studying the role of
IMTs on radical innovation. Thus, the main purpose of the study
reported in this paper is to understand how companies
implementation of IMTs, affect innovation (product, service,
process, and other kind of innovations) and the specific role of
certain IMTs when looking for radical product or service innovation
(McDermott and O'Connor, 2002). The aim of this paper is to
understand whether IMTs play a significant role on innovation and
the achievement of radical innovations. After a brief introduction
to innovation management techniques (IMTs), we develop the
methodology used in this study. Subsequently we show some empirical
results of the investigation, including a conclusions section.2
Innovation Management Techniques (IMTs) The need to manage the
innovation process and context, demands that managers make
effective and timely decisions based on multiple functions, inputs
and disciplines (Brown, 1997); and therefore, management tools and
techniques are needed to support these complex decisions (Phaal et
al., 2006a). Brady et al. (Brady, 1997) define a management tool as
a document, framework, procedure, system or method that enables a
company to achieve or clarify an objective (p.418). Innovation
management techniques (IMTs) can be defined as the range of tools,
techniques and methodologies intended to support the process of
innovation and help companies to meet new market challenges in a
systematic way (Phaal et al., 2006a). Chiesa and Masella (Chiesa
and Masella, 1996), in their audit model of the process of
technological innovation, identified the effective use of
appropriate tools and systems as one of three facilitators of
innovation processes, in conjunction with the deployment of human
and financial resources and the leadership and direction of senior
management.34
43. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.A research conducted in Europe (European
Commission, 2000) affirmed that IMTs allow a company to combine
technology and business strategy, fostering increased employee
participation, and concluded that there is insufficient awareness
of the variety and range of IMTs available, as well as the
potential benefits of their use. More recently, Hidalgo and Albors
(Hidalgo and Albors, 2008) argue that IMTs are critical to
increasing competitiveness, showing that proper application of IMTs
facilitates a companys ability to introduce appropriate new
technologies in products or processes, as well as the necessary
changes to the organization. About the existing IMTs, several
authors as Phaal et al. (Phaal et al., 2006a) have worked towards
the development of a catalogue of tools, as well as a series of
research programs. In this direction, some works have tried to
summarize the existing set of techniques (Hidalgo and Albors,
2008), an approach followed by other researchers that focused on
the role of certain tools (Igartua et al., 2010, Lichtenthaler,
2011, D'Alvano and Hidalgo, 2012, Aagaard, 2012, Tipu, 2012,
Padilla-Melndez and Garrido-Moreno, 2012, Huang and Rice, 2012), or
empirical studies (Graner and Miler-Behr, 2012, Barge-Gil et al.,
2011, Chai et al., 2010). Thus, the present research focuses on the
role of 17 groups of IMTs identify in the literature (1.- creative
development, 2.- technology management, 3.- strategic management,
4.- people management, 5.- business intelligence, 6.- management
innovative projects, 7.- development of new products-services, 8.-
techniques and practices for collaboration and networking, 9.-
design management, 10.knowledge management, 11.- new business
development, 12.- financial resource management, 13.- industrial
property rights management, 14.- production management, 15.-
marketing, 16.- organizational practices, and 17.- process
improvement) (Hidalgo and Albors, 2008 4261, Phaal et al., 2006b
1409).3 Research Methodology The research was conducted through a
survey targeted to business managers, as others research studies
conducted in the field of innovation (O'Regan et al., 2006). The
research is based on survey focused on innovation management where
top managers, of more than five hundred companies over a defined
universe of six thousand companies, were asked to answer a
structured questionnaire from December 2008 till April 2009. The
measurement instruments developed for the measurement of innovation
(product-service and process) were based on variables used in the
literature and based on the Community Innovation Survey (CORDIS,
2008). On the other hand, the measurement of the implementation of
IMTs in companies was developed35
44. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.though a scale of 53 items from the
identification of the former mentioned 17 IMT groups identified in
the literature (Cronbach's alpha for these scale was 0,948). The
gathered data has been analysed using SPSS16 and statistical
methods as T Student Test, ANOVA and regression analysis (simple
linear and multiple linear). Due to the fact that the sample meets
the sampling criteria needed to ensure its representativeness, the
implications of the study are directly extrapolated to the entire
study population.4 Results In order to examine whether there are
significant differences between the implementation of IMTs in
companies and their innovation results, a Student's t-test
comparison of two means was developed. The results of this test are
summarized in Table 1. Thus, in all cases the t-statistic takes a
critical level of bilateral significance lower than the critical
value of 0.005 rejecting the null hypothesis of equality of means,
and therefore concluding that the use of IMTs in companies that
innovate is higher compared to those companies that do not
innovate. Table 1 IMTs use related to Innovation (Product, service,
process and other innovations) N Prod Inno Serv InnoYes No Yes
No362 186 327 221Mean 2,4700 1,7004 2,4267 1,8741Std.D. ,67465
,63001 ,68541 ,73550Std. Err. Mean ,03546 ,04619 ,03790 ,04948N
Proc Inno Other InnoYes No Yes NoMean Std.D.378 176 409 1482,4235
,71159 1,7732 ,67540 2,4319 ,69673 1,6291 ,62068Std. Err. Mean
,03660 ,05091 ,03445 ,05102It was also considered the fact that,
when analyzing the use of IMTs by companies, those could be
classified into four groups, depending on product-service and
process innovations (Table 2). Table 2 Companies classification
based on innovation Prod-Serv Inno YES YES NO NOProcess Inno NO YES
YES NOGroup 1 2 3 4N 85 332 44 93Thus, when analyzing the use of
IMTs on these four groups the statistical results based on ANOVA
analysis (with a significance of 0.000 lower that the significance
lower than the critical value of 0.005), show that for all the IMTs
groups 36
45. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.(excepted the group of techniques related
to production management: Just-in-time, ERP, Lean Management); the
mean use of IMTs is higher for those companies that do innovate in
product-service and process altogether, than for those that only
innovate in product, process or do not innovate (Figure 1).Fig. 1
Mean use of IMTs by companies innovation activity
classificationFinally, when analyzing the use of IMTs related to
the innovation radicalness, two simple linear regression studies
were developed, one for the radical innovation of product-services
and other for the incremental one (see Table 3). The models take a
very high R (0.596) for radical innovation and an also high R
(0.641) for incremental innovation; indicating that 35.5% of the
variability of performance in radical innovation of
product-services depends on the use of IMTs, while the 41.1% of the
variability of performance in incremental innovation of 37
46. Book of Proceedings of the 7th International Conference on
Industrial Engineering and Industrial Management - XVII Congreso de
Ingeniera de Organizacin.product-services depends on the use of
IMTs. In addition, the F statistic shows for both regressions a
value below the critical level (Sig 0.05), so it can be argued that
variables are linearly related. Table 3 Companies classification
based on innovation ModelRadical Innovation R R2 Adj. R2 Std.Err.
of Estimate1 ,596a ,355 ,354 a. Predictors: (Constant),
IMTs,77389ModelIncremental Innovation R R2 Adj. R2 Std.Err. of
Estimate1 ,641a ,411 ,410 a. Predictors: (Constant),
IMTs,78352Besides, and in order to identify the IMT groups that
most related to the radical innovation of product-services and to
the incremental one, two multiple linear regression analysis were
carried out introducing variables step by step till the models was
validated after five steps and six steps respectively (see Table 4
and Table 5). Table 4 Multiple linear regression (step-by-step)
relating IMTs and Radical Innovation Radical Innovation: Model
Summaryf Std.Err. of Change Statistics Estimate R Square F df1 df2
Change Change 5 ,606e ,368 ,361 ,75135 ,008 6,581 1 508 e.
Predictors: (Constant), TRed, TFinan, TCrea, TProp, TIntel f.
Dependent variable: InnoRadicalModel RR2Adj. R2Sig. F. Change
,011So, the model of radical innovation was tested in five steps,
after which the proposed model included a constant, and the
variables related to the use of IMTs related to networking,
economic and financial aspects, creativity techniques, techniques
related to industrial property management, as well as