Abstract The aim of this paper is to analyse the effect of the transformation from savings banks into commercial banks. The Spanish savings banks during the 2012-2014 period have been used as a “quasi-experiment” or as an example for other countries in which there are savings banks nowadays. The aim is to show if there are efficiency differences between banks and former savings banks. Then, at least in the first years after their transformation, savings banks are still achieving very positive results in social activities, and, besides, they are improving their economic results. These findings are useful for both potential transformations of savings banks in other European countries with this type of financial entities, and for future research with Latin America, Asia or Africa financial data.

Resumen El objetivo de este documento es analizar el efecto de la transformación de cajas de ahorro en bancos comerciales. Las cajas de ahorro españolas durante el periodo de 2012 a 2014 se han utilizado como “cuasiexperimento” o como ejemplo para otros países en los que actualmente existe esta estructura. El objetivo es mostrar si hay diferencias de eficiencia entre los bancos y las antiguas cajas de ahorro. El resultado es que, al menos en los primeros años posteriores a su transformación, las cajas de ahorro siguen obteniendo resultados sociales positivos y, además, están mejorando sus resultados económicos. Estos hallazgos son útiles tanto para posibles transformaciones de cajas de ahorro de otros países europeos en los que existe este tipo de entidades financieras, como para futuras investigaciones con datos financieros en América Latina, Asia o África.

Resumo Objetivo: O primeiro objetivo deste artigo é explicar e comparar novos modelos de negócio que estão sendo aplicados com sucesso em todo o mundo atualmente. O segundo objetivo é realizar uma análise empírica para observar a percepção dos especialistas sobre esses modelos, as diferenças entre eles e sua orientação para a teoria tradicional de empresas ou para a abordagem das partes interessadas em alguns dos elementos característicos da estrutura organizacional das empresas. Metodologia: Em uma primeira etapa, realizamos uma análise da literatura que compara a teoria dominante de empresas (modelo neoclássico) com a teoria das partes interessadas. Em segundo lugar, apresentamos seis modelos de negócio adicionais e os comparamos com as abordagens neoclássica e das partes interessadas. Em uma segunda parte do artigo, usamos uma metodologia Delphi difusa para coletar informações qualitativas de um grupo de especialistas sobre esses seis modelos de negócio adicionais. Resultados: A abordagem das partes interessadas é uma ferramenta explicativa útil para abordar como as empresas podem gerar um impacto positivo mais amplo no nível social. A identificação das partes interessadas que interagem na empresa permite que os gestores levem em consideração suas necessidades específicas, que geralmente não se limitam à maximização do lucro. Contribuições: Modelos de negócio emergentes podem se beneficiar da abordagem das partes interessadas para integrar essas necessidades, devido a uma estrutura organizacional focada nos interesses das partes interessadas.

Abstract Purpose: The first objective of this paper is to explain and compare new business models that are currently being successfully applied worldwide. The second objective is to carry out an empirical analysis to observe the perception of experts regarding these models, the differences between them, and their orientation toward the traditional theory of the firm or the stakeholder approach in some of the characteristic elements of the organizational structure of the firm. Design/methodology/approach: In a first step we conduct a literature review that compares the dominant theory of the firm (neoclassical model) with the stakeholder theory. Secondly, we present six additional business models and compare them with both the neoclassical and stakeholder approaches. In a second part of the paper we use a fuzzy Delphi methodology in order to collect qualitative information from a group of experts about those six additional business models. Findings: The stakeholder approach is a valuable explanatory tool to address how firms can generate a broader positive impact at the social level. Identifying the stakeholders that interact within the firm allows the firm’s managers to take into account their specific needs, which are usually not limited to profit maximization. Originality/value: Emerging business models can benefit from the stakeholder approach to integrate those needs due to an organizational structure focused on stakeholders’ interests.

ABSTRACT Objective: This paper describes a different perspective on the application of stakeholder theory, concentrating only on the interests of stakeholders rather than on their roles. The purpose of this article is to provide an option for solving Jensen’s “problem of governance”; this approach will allow the agent to manage the stakeholders having ascertained that the needs of stakeholders overlap and, accordingly, the agent should be able to monitor multiple stakes as they are aligned. Design/methodology/approach: A Delphi method was used with the aim to achieve consensus about the interests of stakeholders for companies in Spain. The confirmatory phase was based on interviews to test whether the interests identified in the preliminary study match the interests that the IBEX-35 firms recognized in relation with their stakeholders. Findings: The main contributions are: the addition of a new interest-based perspective to the different classifications made by stakeholder theory; a solution to the diversity of indicators between stakeholders and shareholders; and, finally, a proposal for an integrated accounting system, incorporating economic as well as social issues employing a common metric (monetary). Practical implications: A new perspective focusing on stakeholder interests and the confirmation that interests may converge permits the control and management of multiple principals in transnational corporations operating in different countries. Originality/value: There is a gap in the applicability of stakeholder management that the interest-based perspective can help resolve; moreover the monetization of social value is an option to efficiently manage transnational corporations.