https://hdl.handle.net/10259/8642 2026-05-20T06:56:05Z 2026-05-20T06:56:05Z Elvira Lorilla, Teresa García Rodríguez, Íñigo Romero Merino, María Elena Santamaría Mariscal, Marcos https://hdl.handle.net/10259/11579 2026-05-13T09:04:40Z 2026-04-01T00:00:00Z

Rethinking Liquidity in Nonprofit Organizations: The Dual Role of Excess Cash in Explaining Financial Vulnerability Elvira Lorilla, Teresa; García Rodríguez, Íñigo; Romero Merino, María Elena; Santamaría Mariscal, Marcos This study examines the dual impact of excess cash holdings on the financial vulnerability of nonprofit organizations (NPOs) through an integrative framework that combines insights from the behavioral theory of the firm and agency theory. From a behavioral perspective, excess liquid assets represent unabsorbed organizational slack that can enhance financial resilience by buffering organizations against funding shocks. From an agency perspective, however, unusually high cash balances may be absorbed into administrative structures, increasing internal costs and weakening financial discipline. Using a large panel dataset of 9177 NPOs in England and Wales (42,350 observations from 2015 to 2022) and generalized structure equation modeling, we find that excess cash is directly associated with a lower likelihood of future financial vulnerability, consistent with its precautionary role as a financial buffer. At the same time, excess cash is associated with higher overhead costs, which in turn slightly increase financial vulnerability. This indirect channel partially offsets, but does not eliminate, the protective effect of excess liquidity. Overall, the findings show that excess cash can strengthen nonprofit financial resilience while simultaneously generating internal cost dynamics that attenuate its benefits. By distinguishing between unabsorbed and absorbed slack, the study clarifies how liquidity accumulation can have both stabilizing and potentially adverse consequences for nonprofit financial health.

2026-04-01T00:00:00Z Blanco Alcántara, David Elvira Lorilla, Teresa Sierra Calvo, Cristina https://hdl.handle.net/10259/10785 2026-05-13T10:24:16Z 2025-06-01T00:00:00Z

The Rule of Law and Antifraud Measures in the Allocation of Next Generation Eu Funds Blanco Alcántara, David; Elvira Lorilla, Teresa; Sierra Calvo, Cristina This study analyses the different factors that influence the allocation of Next Generation EU (NGEU) Funds among European Union (EU) Member States, particularly on the Recovery and Resilience Facility. We used a sample of the 27 EU countries and applied Fuzzy-set Qualitative Comparative Analysis (fsQCA) to carry out our analysis. Our results show that the EU considers informal criteria when making allocation decisions in the context of the NGEU Funds. Particularly, the quality of the Rule of Law and the presence of robust anti-fraud measures significantly impact the distribution of funds. In addition, there is no single path to receiving higher levels of funding; rather, multiple combinations of institutional and demographic conditions can lead to greater allocations. In fact, the informal governance indicators are especially considered for more populous Member States. The contributions of this study are twofold. It contributes to the literature by introducing a novel methodological approach and highlighting the importance of informal criteria in EU fund distribution. On the other hand, it has some practical implications since it offers practical insights for Member States seeking funding as well as guidelines for designing more effective allocation strategies for policymakers.

2025-06-01T00:00:00Z Benito Esteban, Clara I. Elvira Lorilla, Teresa García Rodríguez, Íñigo Romero Merino, María Elena https://hdl.handle.net/10259/9243 2024-06-13T00:05:14Z 2023-04-14T00:00:00Z

The Complex Relationship between the Board and Web Transparency in Nonprofit Organizations Benito Esteban, Clara I.; Elvira Lorilla, Teresa; García Rodríguez, Íñigo; Romero Merino, María Elena This research analyzes the relationship between board composition and web transparency in nonprofit organizations (NPOs). The board is conceived as a governance mechanism that not only monitors management but also gives voice to all stakeholders and considers accountability—and, more specifically, web transparency—as a key instrument for the NPO’s legitimization. To conduct this study, we manually built a database from the CVs of 793 directors of 67 Spanish non-governmental development organizations and we use fuzzy set comparative qualitative analysis (fsQCA). Our results indicate that board composition (size, independence, gender diversity, and presence of directors with financial or NPOs’ expertise) influences transparency and that, depending on the organizational size and legal form, there are different board configurations that lead to high transparency. Generally, NPOs should include experts in nonprofit sector and more female members on their boards to increase transparency.

2023-04-14T00:00:00Z Blanco Alcántara, David Díez Esteban, José María Romero Merino, María Elena https://hdl.handle.net/10259/8640 2024-05-13T07:30:38Z 2018-10-01T00:00:00Z

Board networks as a source of intellectual capital for companies Blanco Alcántara, David; Díez Esteban, José María; Romero Merino, María Elena The purpose of this paper is to use the dynamic capabilities framework to explain the effect of board networks, as a source of intellectual capital, on firm performance. The authors propose that the influence of board interlocks depends on their ability to contribute to strategic decision making. As a result, their effect is subject to the business context in which they occur and the different role of the interconnected directors involved.

2018-10-01T00:00:00Z