<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1659-3359</journal-id>
<journal-title><![CDATA[Tec Empresarial]]></journal-title>
<abbrev-journal-title><![CDATA[Tec Empre.]]></abbrev-journal-title>
<issn>1659-3359</issn>
<publisher>
<publisher-name><![CDATA[Instituto Tecnológico de Costa Rica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1659-33592020000100054</article-id>
<article-id pub-id-type="doi">10.18845/te.v14i1.4955</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Análisis de la relevancia de la diversificación financiera y operativa en la rentabilidad de las empresas constructoras en cataluña (2005-2016)]]></article-title>
<article-title xml:lang="en"><![CDATA[Analysis of the role of financial and operation al diversification on the economic performance of catalan construction businesses (2005-2016)]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Álvarez Cuccia]]></surname>
<given-names><![CDATA[Sabrina]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,UniversitatPolitècnica de Catalunya  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>04</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>04</month>
<year>2020</year>
</pub-date>
<volume>14</volume>
<numero>1</numero>
<fpage>54</fpage>
<lpage>70</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.sa.cr/scielo.php?script=sci_arttext&amp;pid=S1659-33592020000100054&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.sa.cr/scielo.php?script=sci_abstract&amp;pid=S1659-33592020000100054&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.sa.cr/scielo.php?script=sci_pdf&amp;pid=S1659-33592020000100054&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN El estudio presentado en este artículo analiza, desde una perspectiva descriptiva, la relación entre desempeño económico (rendimientos sobre activo y productividad laboral) y variables relacionadas con opciones estratégicas para obtener recursos financieros, en este caso crédito comercial y uso de redes bancarias. El análisis descriptivo de los patrones de rentabilidad en 5.825 empresas constructoras de Cataluña para el periodo 2005-2016 indica que es posible delinear una relación entre el crédito comercial y la diversificación bancaria y el desempeño empresarial. Los resultados sugieren que el crédito comerciales un importante mecanismo para mantener un nivel de flujo de caja que permita a la empresa poner en marcha sus proyectos y, consecuentemente, generar valor económico, en términos de ROA y productividad laboral. El uso de una red formal de bancos se asocia a mejores resultados económicos; sin embargo, la diversificación bancaria (número de bancos con que formalmente trabaja la empresa) parece generar mayores beneficios económicos a las empresas en periodos de desaceleración económica, mientras que, en periodos de crecimiento, la concentración de relaciones con un banco aparece como una estrategia asociada a mayores niveles de desempeño.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This study analyzes, from a descriptive perspective, the relationship between economic performance (returns on assets and labor productivity) and variables related to strategic sources of financial resources, in this case trade credit and the use of banking networks. The descriptive analysis of the performance patterns of 5825 Catalan construction firms, during 2005-2016, suggest a relationship of trade credit, bank diversification and business performance. The results indicate that trade credit is an important mechanism to maintain a level of cash flow that allows the business to run its projects and, consequently, generate economic value, in terms of ROA and labor productivity. The use of banking networks associates with better economic results, however, bank diversification (number of banks formally working with the business) seems to generate greater economic benefits in periods of economic slowdown.While, in growth periods, working with one bank appears as a valid strategy associated with higher performance levels.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Crédito comercial]]></kwd>
<kwd lng="es"><![CDATA[crédito bancario]]></kwd>
<kwd lng="es"><![CDATA[desempeño]]></kwd>
<kwd lng="es"><![CDATA[sector de la construcción]]></kwd>
<kwd lng="en"><![CDATA[Trade credit]]></kwd>
<kwd lng="en"><![CDATA[bank credit]]></kwd>
<kwd lng="en"><![CDATA[economic performance]]></kwd>
<kwd lng="en"><![CDATA[construction industry]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[AAuriol]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Straub]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Flochel]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Public procurement and rent-seeking: the case of Paraguay.]]></article-title>
<source><![CDATA[World Development]]></source>
<year>2016</year>
<volume>77</volume>
<page-range>395-407</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Biais]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Gollier]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Trade Credit and Credit Rationing.]]></article-title>
<source><![CDATA[Review of Financial Studies]]></source>
<year>1997</year>
<volume>10</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>903-37</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bigelli]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Sánchez-Vidal]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Cash holdings in private firms.]]></article-title>
<source><![CDATA[Journal of Banking &amp; Finance]]></source>
<year>2012</year>
<volume>36</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>26-35</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Burkart]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Ellingsen]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[In-kind finance: A theory of trade credit.]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>2004</year>
<volume>94</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>569-90</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Burkart]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Ellingsen]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Giannetti]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[What You Sell Is What You Lend? Explaining Trade Credit Contracts.]]></article-title>
<source><![CDATA[Review of Financial Studies]]></source>
<year>2011</year>
<volume>24</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1261-98</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Castro]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Galan]]></surname>
<given-names><![CDATA[J.L.]]></given-names>
</name>
<name>
<surname><![CDATA[Casanueva]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Antecedents of construction project coalitions: a study of the Spanish construction industry.]]></article-title>
<source><![CDATA[Construction Management and Economics]]></source>
<year>2009</year>
<volume>27</volume>
<numero>9</numero>
<issue>9</issue>
<page-range>809-22</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chava]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Roberts]]></surname>
<given-names><![CDATA[M.R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How Does Financing Impact Investment? The Role of Debt Covenants.]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>2008</year>
<volume>63</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>2085-121</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cuñat]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Trade Credit: Suppliers as Debt Collectors and Insurance Providers.]]></article-title>
<source><![CDATA[Review of Financial Studies]]></source>
<year>2007</year>
<volume>20</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1657-95</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dubois]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Gadde]]></surname>
<given-names><![CDATA[L.E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The construction industry as a loosely coupled system: implications for productivity and innovation]]></article-title>
<source><![CDATA[Construction Management and Economics]]></source>
<year>2002</year>
<volume>20</volume>
<numero>7</numero>
<issue>7</issue>
<page-range>621-31</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="book">
<collab>European Commission</collab>
<source><![CDATA[Analytical Report: Stimulating favourable investment conditions]]></source>
<year>2016</year>
<publisher-loc><![CDATA[Brussels ]]></publisher-loc>
<publisher-name><![CDATA[European Construction Sector Observatory]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fernández-López]]></surname>
<given-names><![CDATA[X.L.]]></given-names>
</name>
<name>
<surname><![CDATA[Coto-Millán]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[From the Boom to the Collapse: A Technical EfficiencyAnalysis of the Spanish Construction Industry during the Financial Crisis.]]></article-title>
<source><![CDATA[Construction Economics and Building]]></source>
<year>2015</year>
<volume>15</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>104-17</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Franks]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Sussman]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial Distress and Bank Restructuring of Small to Medium Size U.K. Companies.]]></article-title>
<source><![CDATA[Review of Finance]]></source>
<year>2005</year>
<volume>9</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>65-96</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Garcia-Appendini]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Montoriol-Garriga]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Firms as liquidity providers: Evidence from the 2007-2008 financial crisis.]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2013</year>
<volume>109</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>272-91</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Horta]]></surname>
<given-names><![CDATA[I.M.]]></given-names>
</name>
<name>
<surname><![CDATA[Camanho]]></surname>
<given-names><![CDATA[A.S.]]></given-names>
</name>
<name>
<surname><![CDATA[Johnes]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Johnes]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Performance trends in the construction industry worldwide: An overview of the turn of the century.]]></article-title>
<source><![CDATA[Journal of Productivity Analysis]]></source>
<year>2013</year>
<volume>39</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>89-99</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Huyghebaert]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Van De Gucht]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Van Hulle]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Choice between Bank Debt and Trade Credit in Business Start-Ups.]]></article-title>
<source><![CDATA[Small Business Economics]]></source>
<year>2007</year>
<volume>29</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>435-55</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="">
<collab>Instituto Nacional de Estadística (INE)</collab>
<source><![CDATA[Construction and Housing, Building Construction Statistics]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kahle]]></surname>
<given-names><![CDATA[K. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Stulz]]></surname>
<given-names><![CDATA[R.M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Access to capital, investment, and the financial crisis.]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2013</year>
<volume>110</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>280-99</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kapelko]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Horta]]></surname>
<given-names><![CDATA[I.M.]]></given-names>
</name>
<name>
<surname><![CDATA[Camanho]]></surname>
<given-names><![CDATA[A.S.]]></given-names>
</name>
<name>
<surname><![CDATA[Lansink]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Measurement of input-specific productivity growth with an application to the construction industry in Spain and Portugal.]]></article-title>
<source><![CDATA[International Journal of Production Economics]]></source>
<year>2015</year>
<volume>166</volume>
<page-range>64-71</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kapelko]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Lansink]]></surname>
<given-names><![CDATA[A.O.]]></given-names>
</name>
<name>
<surname><![CDATA[Stefanou]]></surname>
<given-names><![CDATA[E.S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Assessing dynamic inefficiency of the Spanish construction sector pre- and post- financial crisis.]]></article-title>
<source><![CDATA[European Journal of Operational Research]]></source>
<year>2014</year>
<volume>237</volume>
<page-range>349-57</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lafuente]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Strassburger]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Vaillant]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Vilajosana]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Organizational Resilience and Performance: An Analysis of the Relevance of Suppliers&#8217; Trade Credit and Bank Diversification in the Spanish Construction Industry.]]></article-title>
<source><![CDATA[Construction Economics and Building]]></source>
<year>2017</year>
<volume>17</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1-19</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nini]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Smith]]></surname>
<given-names><![CDATA[D.C.]]></given-names>
</name>
<name>
<surname><![CDATA[Sufi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Creditor control rights and firm investment policy.]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2009</year>
<volume>92</volume>
<page-range>400-20</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rauh]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Sufi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital Structure and Debt Structure.]]></article-title>
<source><![CDATA[Review of Financial Studies]]></source>
<year>2010</year>
<volume>23</volume>
<numero>12</numero>
<issue>12</issue>
<page-range>4242-80</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sufi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Bank Lines of Credit in Corporate Finance: An Empirical Analysis.]]></article-title>
<source><![CDATA[Review of Financial Studies]]></source>
<year>2009</year>
<volume>22</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1057-88</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Teece]]></surname>
<given-names><![CDATA[D.J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Business models, business strategy and innovation.]]></article-title>
<source><![CDATA[Long Range Planning]]></source>
<year>2010</year>
<volume>43</volume>
<numero>2-3</numero>
<issue>2-3</issue>
<page-range>172-94</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wilner]]></surname>
<given-names><![CDATA[B.S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The exploitation of relationships in financial distress: The case of tradecredit.]]></article-title>
<source><![CDATA[JournalofFinance,]]></source>
<year>2000</year>
<volume>55</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>153-78</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
