Book of proceedings 7th international conference on industrial engineering and industrial

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

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