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A life settlement is a financial transaction by which an existing life insurance policy is sold to an investor for a greater price than its cash surrender value. In this way, the investor undertakes to pay, if any, the outstanding premiums and has the right to receive the death benefit when the insured dies. This work carries out a descriptive analysis of this type of transaction and a study of its main quantitative aspects. Thus, among other aspects, an overview of the product is offered and its main agents, the nature of the parameters involved in its value and the risks related to it are described. In regards to the quantitative point of view, a new way of analysing the sensitivity of the price of a life settlement to changes in the insured's life expectancy is introduced. Indeed, we extend the duration and convexity indicators of Stone and Zissu (2008), which use a deterministic approach, to the analytical framework provided by the probabilistic valuation method. Then, we propose to measure the sensitivity of this product to changes in the insured's mortality multiplier, and not in their life expectancy. The paper also describes the applicability of the new measures for risk management purposes. [ABSTRACT FROM AUTHOR]

In the last decade, the interest for the study of ownership structure as a determinant of diversification arises. However, there is a lack of researches that analyze the influence of the nature of the ultimate owner in the level and type of diversification. Therefore, the objective of this paper is to analyze the diversification strategies used by the main Spanish business groups whose parent company is listed on the stock markets, and to study the differences between family and non-family business groups, considering in these last, the type of ultimate owner. In the study a sample of ninety-nine listed companies is used, where companies that constitute the business group are identified. In the paper are used as econometric methodologies the binomial logistic models and panel data models. The results show that family nature of business group positively influences in specialization and related diversification and negatively on unrelated diversification. Family groups differ most form those non-family groups where there is not a reference shareholder than can exercise effective control and ownership dispersion is higher, the groups referred as "non effective control". The research allows further analysis of differences between family and non-family groups, considering the nature of the ultimate owner for non-family groups. [ABSTRACT FROM AUTHOR]

The paper presents a revision of literature related to discourse in the study of organizations, based on its theoretical fundamentals and its main contributions. The unit of analysis was 88 texts selected from a systematic revision of 5509 papers, published between 2000 and 2012 in ten of the principal international journals related to the subject defined. In order to highlight and categorize pertinent data, the qualitative research software Atlas. ti version 6.2 was used. The understanding of the information was complemented with contents and frequency strategic and communicational. Additionally, a classification of the papers was made based on their approaches on discourse and the organizational themes studied. The contributions found in such revision support the idea that discourse is not only what is actually said, but also what has been silenced within the organization, which opens a field for research that has not been explored thoroughly in the analyzed texts. This paper incorporates a valuable contribution to the field of management and organizational studies, especially for all those professionals interested in organizational analysis from the perspective of discourse, both in the academy and in consultancy and organizational intervention. [ABSTRACT FROM AUTHOR]

The aim of this paper is to determine a bibliometric study through the Web of Science (WoS) database, to know the state of the art of the ISO 9001 and ISO 14001 standards. This is done through a search for publications, from the year of standard's publication until the year 2018. The main contribution of this work is to take a view from the research lines taken to date in this emerging knowledge field, analyzing the countries, institutions, the most productive authors, as well as the main scientific journals that publish on the subject. Three main lines of research for ISO 9001 were related to its compression and benefits, its integration with other management systems, and its relationship to the financial performance of companies have been identified. On the other hand, around ISO 14001 there were four lines of research associated with its relationship with financial performance and sustainable development, its integration with other management systems, and its association with other environmental management systems, such as EMAS. From the review carried out, the need to deepen issues that have not yet received adequate attention from researchers, such as the rapid expansion of certifications in emerging countries imposed directly and indirectly by developed countries, is highlighted, the difficulties in the adoption process of norms and the perception of the implementation and certification of the ISO management systems by different interest groups, inter alia. [ABSTRACT FROM AUTHOR]

The Basque Country is internationally famed for its cuisine and chefs. It is the geographical place of the world with more Michelin stars per square meter. This great reputation impacts positively on the entire gastronomic industry (restaurants and so on) and on the touristic image of the Basque Country and has been achieved due to the sustained efforts of an initial group of chefs, followed by others, that made and still make major efforts to collaborate and, at the same time, compete with each other (as a clear example of coopetition). The analysis of the relationship between these basque chefs and their environment, allows us to identify a cluster, which is currently in phase of maturity with a promising future and has yielded significant benefits to that industry in general, each of its members in particular and to the region as a whole especially in terms of innovation, notoriety and reputation. This paper is one of the main results of a cooperation agreement between the "Institute of Applied Economics to Business" (University of the Basque Country) and "Innobasque" (The Basque Agency for Innovation), in which the latter fixed the research objectives and the methodology. So the main methodology we used in order to develop this paper, in addition to the review of the relevant literature, was a qualitative one. We did seven indepth interviews to the chefs founders and patrons of Basque Culinary Center (the first University in Europe on Gourmet Studies). [ABSTRACT FROM AUTHOR]

In this paper we propose a fuzzy control model that can help to choose and filter the application for grants in business start-up programs run by public institutions. We think that using fuzzy logic has advantages over regular procedures since we move into a complex and vague stage of performance. Fuzzy control introduces expert knowledge in a very natural way, it uses linguistic variables and inference processes that are characteristic of ordinary language, which facilitates decision-making in complex situations. Our model considers on the one hand the business idea and on the other the person as entrepreneur. Indicators and criteria that experts consider relevant to the evaluation of the grant are modeled as linguistic variables and treated as antecedent and consequent of a fuzzy inference engine, whose output provides the final assessment of the application. At the end of our paper we solve a simple case study to clarify the procedure. [ABSTRACT FROM AUTHOR]

A successful resolution of a banking entity is linked to the level of capital and loss-absorbing debt instruments available at the time when the resolution is triggered. This article aims to propose an alternative methodology to determine the minimum requirement of loss absorption and recapitalisation capacity for banks. The model proposed uses probability of default and loss given default data together with a series of adjustment factors to estimate the necessary requirement of loss absorption capacity. One of the main advantages of this method is the simplicity and transparency of the model. The second part of this document is focused on applying the methodology proposed to a sample of Spanish banks composed of entities with total assets above EUR200bn. Results of the analysis point out that total loss absorption and recapitalization capacity of 27.5%-34% over risk-weighted assets is desirable. This range is above the current loss absorption requirements set by most of the international regulatory and supervisory bodies. The results presented in this paper are meant to be especially relevant to banking regulators and supervisors, since propose an alternative methodology for calculating the loss absorption requirements. [ABSTRACT FROM AUTHOR]

In March 2011, the model of cost accounting for Spanish public universities was approved and published based on the CANOA project of the Ministry of Education, Culture and Sport (MECD 2011). This paper focuses on rule 23 contained in chapter 8 of this document, where which regulates the treatment of the teaching and research dedication of university staff (PDI) and the allocation of corresponding cost to teaching, research and management. A reflection is made on certain points where there is the possibility of making different interpretations or in which satisfactory results are not obtained, with the consequences that this entails in the quality of the information and in the comparisons between universities. Finally, we present the preliminary results that the Universitat de València (UV) has obtained in its first pilot test around this rule. It is observed that 70% of the population analysed belong to the categories of teachers that according to rule 23 carry out research activity, and therefore the cost linked to them will not be fully passed on to the teaching activity. Of the total number of lecturers to whom rule 23 has not recognized any research activity, 83% belong to the body of a sort of lecturers, which is currently a minority and is on the way to extinction. [ABSTRACT FROM AUTHOR]

The corporate marketing perspective is a new paradigm which identifies the management of the business identity, image and reputation as an essential tool for the survival and success of companies. Accordingly, the correct understanding of these three concepts is a basic pre-requisite for the companies interested in managing their businesses in accordance to the latest marketing trends. Nonetheless, the proliferation of diverse approaches to the study of the identity, image and reputation hampers the generation of useful knowledge regarding these issues. In this paper, an integrative perspective is proposed to better understand the concepts and dimensions of the business identity, image and reputation. The theoretical review provided in the paper allows scholars and practitioners to better understand these three faces of the corporate marketing perspective. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to present a theoretical overview of innovation management and the tools that can aid in this endeavour. The paper adopts a user-oriented description, aiming at making SMEs familiar with the possibilities opened by innovation management tools in general and technology outlook in particular. The goal of technology outlook is to search, interpret and evaluate information on technological developments in the areas of interest for the company. The process is divided into three general stages: observe, analyze and use. The paper explores all dimensions included in these stages together with the requirements for their implementation in the context of SME5. In addition we also introduce the roles required for such a process to systematically work: observers, analysts and decision makers. These roles correspond to the previous three stages, so observers are involved during the first step, analysts are related to the second phase and decision makers to the final exploitation. The paper closes by raising some concerns as to why innovation management tools in general and technology outlook in particular are underused in the context of SMEs. The author concludes that if SMEs are to increase their innovative potential, this challenge will be to a great extent dependent on their ability to introduce innovation management routines and tools aligned with their general strategies. [ABSTRACT FROM AUTHOR]

There is clear acknowledgment in the literature of the importance of developing regional innovation strategies to build to build competitiveness advantages. However the concept remains fuzzy in terms of its limits and contents applied to the territorial field. This paper aims to shed light on the contents a territorial strategy should include as well as on the main characteristics characteristics that present the development process of territorial strategies. Moreover, this paper analyses one concrete type of territorial strategy, which is currently being disseminated by the European Commission for regional development: the smart specialization strategy. In consequence, this paper analyses the aspects that remain under discussion and opened to a greater development and precision under the smart specialization concept. [ABSTRACT FROM AUTHOR]

The number of university spin offs in the Spanish University System have increased in the last years. However, these companies still have to face financial and organizational problems, like the lack of management abilities of their founder members. Based on a panel of 72 spin offs created in Spain in the last decade, this paper analyzes the main problems of these companies, and proposes financial and organizational tools to solve some of them. As a result of this previous research, we describe, on the one hand, a series of applied initiatives in organizational design and human resources policies. On the other hand,from afinancial perspective, we propose the use of venture capital resource as potential financial instrument. This paper contributes to increase the data frame of university spin offs in Spain, and proposes new approaches to support the management abilities of entrepreneurs, through the proposal of applied organizational and financial tools. [ABSTRACT FROM AUTHOR]

Purpose: The objective of this paper is to identify the influence of political skills and strategies of integrative and distributive negotiation on self-efficacy, responsible for determining activities, motivation, effort, as well as persistence in the difficulties that are presented to young entrepreneurs in Mexico. Design and Methodology: This study was developed in the state of Guanajuato, Mexico; where it was possible to obtain a sample of 432 young entrepreneurs. A hypothetical structural equation model (SEM) was developed through the statistical software Mplus v.7.0, as well as statistical analyzes were performed through the software STATA v.12. As for the goodness and fit indices of the SEM model (χ2 = 242.24 gl = 85, CFI = 0.958 and TLI = 0.949, RMSEA = .06, SRMR = 0.05) were absolutely acceptable (Jöreskog y Sörbom, 1981; Rigdon, 1996; Muthén y Muthén, 2010). Results:According to the results obtained, it is statistically shown that political skills influence in a positive and significant way the entrepreneurial self-efficacy and the integrative negotiation strategy. Likewise, the distributive negotiation does not influence significantly, because this type of strategy only It benefits from a part in the negotiation and not in an equitable way like the distributive strategy. On the other hand, there is a positive and significant mediating effect of the integrative negotiation strategy between political skills and entrepreneurial self-efficacy. Likewise, there is no significant mediating effect of the distributive negotiation strategy between political skills and entrepreneurial self-efficacy. Originality / Value: This study is one of the few that analyzes the relationship between political ability, negotiation and entrepreneurial self-efficacy. Especially in the Mexican context. [ABSTRACT FROM AUTHOR]

This paper analyses the perception the people working at the organizations of ner Group in the Basque Country have of the cultural features of the new style of relationships (ner), created by Koldo Saratxaga during his successful running of Irizar Group. The ner, an innovation in culture and management, an answer to the challenges placed by the Technologies of Information and Communication and the Knowledge Society, is based on persons, basic pillars of the organizations; persons who work in self-managed teams with responsibility, confidence and freedom to reach customers satisfaction. The commitment and integration of persons with the organization they work for are strengthened by implementing internal solidarity based on the reduction of the wage differences, the profit sharing and the employment security in case of crisis, using then the relocations between organizations of ner Group. The developed empirical research, once designed an specific questionnaire, allows us to conclude that the majority of the people declare a high level of Involvement, consider the ner an organizational and management tool which makes directing activity to reach customer satisfaction feasible, they perceive the existing Consistency and voice that this makes possible relationships based on mutual trust and they judge positively the existing Adaptability, portrayed by commitment to the internal solidarity and to society and community. [ABSTRACT FROM AUTHOR]

The objective of this research paper is to investigate, from a theoretical point of view, the strategic relevance of social capital. In recent years, academic literature in this field has witnessed remarkable growth, recognizing social capital as a key element for companies, due to its contribution to the creation of competitive advantages. However, it might be said that its development is still emerging, given the number of discrepancies among researchers regarding its definition, measurement, and its positive or negative impact on other variables. For this reason, a set of empirical studies that show the social capital effect on diverse types of organizational results have been reviewed, taking as a reference the definition and dimensions proposed by Nahapiet and Ghoshal (1998). Additionally, different theoretical links between social capital and four related Strategic Management approaches are presented, such as the Intellectual Capital-Based View, the Knowledge-Based View, the Resource-Based View and the Dynamic Resource-Based View. A main conclusion drawn from this review is that social capital, being a knowledge-based resource, enables access to both internal and external resources and thus a firm's competitive advantage and, consequently, its value creation can be generated from the combination of both areas. Going in depth and clarifying this strategic linkage are thus a challenge to address in future studies. [ABSTRACT FROM AUTHOR]

This paper aims to identify, diagnose and evaluate the practices of Corporate Social Responsibility (CSR) of eight hotels of different sizes located in Santa Marta, Colombia. From the theory of sustainable development based on ethic, the case study method was applied. It was found that hotel companies are located within a range of minimum, low and medium application, classified in philanthropic-reactive, legal-reactive and active groups, giving greater importance and value to the development of economic activities related to customers, product, workers and local suppliers. The study provides useful information on CSR, to improve decision making, both hotel owners, and their most influential stakeholders. Specifically, for employers, management and operation; for political leaders, public policy in the sector; for customers, in purchasing decisions; for academy, in decisions about ongoing investigations or further research; for local community, enabling control and monitoring legitimize or business. Future research should include more stakeholders and companies from other economic sectors in the study area. [ABSTRACT FROM AUTHOR]

The entrepreneurial attitude of companies is key to compete in a globalized and dynamic economic environment. Thus, it is of special interest the analysis of the factors that promote or hinder the entrepreneurial orientation (EO) of organizations. In the case of family businesses, the interaction between the family and the business can directly affect the OE, although this effect may vary depending on whether it occurs in the top management team or in the Board of Directors. In addition, the effect of family involvement in both organs may be affected by their respective sizes. Based on a sample of 91 family SMEs, this paper shows the negative effect on OE of a high proportion of family members in the Board and in the top management team, an effect that is reinforced when the number of decision-makers in each organ is greater. This study also finds that the involvement of different family generations in the top management team has a positive effect on EO, decreasing this influence in larger top management teams In addition to the theoretical implications of these findings, the practical implications for managers and owners of family SMEs that are immersed in a period of professionalization are especially interesting. Thus, this study can be helpful in designing the size and the composition of the top management team and the Board of Directors of this type of organization. [ABSTRACT FROM AUTHOR]

The knowledge generated by academics in the field of Management is often criticized because of its reduced relevance for professionals. In recent studies, researchers agree that there is an important gap between management research and practice. However, the literature in this topic does not represent a finely structured discourse, and for the most part, it is not based on empirical works. In this paper, we make a double contribution to this literature: 1) First, an extensive literature has been developed with the aim of analysing and providing different solutions that allow linking both communities. In order to offer a more systematic view of literature in this topic, we classify these works into three different currents according to the ideas in which they are held. 2) On the other hand, the review of the literature shows that there is a need to develop more empirical evidence to help identify different causes or determinants of the gap between both communities in our field. Therefore, we identify different causes that may cause a disconnection with professionals in our field, through empirical evidence obtained in interviews with 15 academics belonging to the discipline of Management. Finally, this work concludes with a discussion of the main findings derived from the qualitative analysis and different practical recommendations that could help close the gap. [ABSTRACT FROM AUTHOR]

The aim of this paper is to contribute to the understanding of innovation patterns in hospitality firms. To this end, we have use a representative sample of 443 Spanish hospitality firms (NACE-55) taken from the Third Community Innovation Survey (CIS-3), which is based on the revised version of the Oslo Manual. For the attainment of the objective of the paper we carry out, on the first place, a descriptive analysis to provide empirical evidence on a variety of aspects of innovation activities in hospitality firms. On the second place, we carry Out a multivariate analysis and, in particular factor and cluster analysis to identify innovation patterns. The results confirm the existence of 5 clusters or patterns of innovation among hospitality firms that we have called "high process-innovating firms", "high product-innovating firms", "traditional process-oriented firms", "innovative low cooperated firms", and "innovative strongly cooperated firms". [ABSTRACT FROM AUTHOR]

Many works have analyzed franchising and identified the major research lines regarding the scientific works published until that moment (Elango and Fried, 1997; Díez de Castro and Rondán, 2004). The present paper tries to follow this process. Moreover, it is identified the theories used by researchers to study franchising -agency theory, resource scarcity theory, risk extension theory, contractual theory, transaction cost theory, as well as signaling theory-, and explained its contributions to the literature. Subsequently, four research lines are highlighted in conjunction with main literature about the topic, and emphasized those studies developed by Spanish researchers under the form of papers, conference proceedings, books, book's chapters, as well as dissertations. In doing so, we attempt to offer a whole vision about franchising literature from the 60s up to date. [ABSTRACT FROM AUTHOR]

The objective of this paper consists in analysing whether Local Productive Arrangements (APLs) - the Brazilian version of a cluster-can improve the local development of their host municipalities. Most studies concern about the identification and mapping of APL but only a few examine their effects on the socio-economic development of their regions. The major challenge to identifying lessons learned from APL is the lack of robust tools to measure whether or not such policies are successful at local development level. In this line a quantitative research is made to compare the local development among municipalities from the Sao Paulo State, in Brazil by using data from SEADE (Fundação Sistema Estadual de Análise de Dados). Local development is measured by a composite index (IDL) built by the authors and the Sao Paulo State Social Responsibility Index (IPRS). The former includes health and demographic dimensions which are not included in the latter. Municipalities with APL represent about 19% of the total. Based on analysis of variance, results suggest they have a better local development than municipalities without APL. Since most APLs are relevant for economic local development reasons, they play an important role both for the sectorial policies and for local development policy. This finding would validate the Sao Paulo State policies towards building and consolidation of APL. [ABSTRACT FROM AUTHOR]

The ISO 9001 Standard - a quality assurance standard for products and services - is well established in the construction industry, which is one of the major industries in the world, including Spain. The objectives of this paper are, on the one hand, to analyse the results of adhering to this standard for construction companies in Spain, and on the other, to examine whether these results are affected by the size of the organization and the seniority of the certification. To this end, a questionnaire was sent to quality managers of 302 companies in the industry, and the responses of 126 valid questionnaires received were treated by descriptive analysis and ANOVA. From the answers gathered is concluded that obtaining the ISO 9001 certification has positive effects leading to benefits which are both "internal" and "external". Some of the most significant internal benefits mentioned were improvements to the organisational processes, while among the external benefits, commercial aspects, such as better chances of competing on the market, were mentioned most frequently. It was also observed that the size of the organization does not significantly modify the positive effects of adherence to the standard, while the age of the certification itself, has a significant influence on the positive results of the adherence. [ABSTRACT FROM AUTHOR]

Traditionally, the literature has defined "innovation" as an aspect necessary for economic and competitive development of companies and / or industries. It has been considered a decisive factor for wealth creation and growth of economies. This paper intends to carry out an approach to the concept of "innovation in retailing", identifying its nature and scope, and defining associations with traditional variables in marketing research such as the benefits and costs of the relationship, consumer perceived satisfaction and loyalty towards the establishment. A theoretical model is proposed and investigated through an empirical study conducted on a sample of 300 consumers, customers of two retail food establishments, ranked supermarkets and hypermarkets. For the analysis of the data obtained and in order to estimate the structural model, use was made of the technique of partial least squares regression (PLS) and the software used was Smart PLS (version 3.0). The analysis of the results demonstrates the relationship between ICT and innovation in retail, and of the latter with the benefits / sacrifices effect chain of the relationship, and satisfaction. Additionally, the outcomes of the study also confirm the relationship between customer satisfaction and loyalty towards the establishment. [ABSTRACT FROM AUTHOR]

In today's tourism market, consumers seek differentiated tourism products, hence the offer must adapt by offering alternatives to mass tourism. Examples are tourist routes, which create a route based on a subject or resource. Hence many of them currently exist: economic, dining, wine tourism..., or even some lesser known like linked to films or series. In the case of the series they are still very few studies conducted so that it is facing a new field of research. In order to deepen this subject, this paper analyzes two tourist routes linked to two series known in the Spanish panorama: Doctor Mateo and Gran Reserva. After surveying 143 individuals who have made some of these routes, we seek to know their level of satisfaction and influence of sociodemographic variables in the valuation of a tourist route of this type, seeking positive or negative aspects that set an example for other destinations in the series that have been recorded and want to exploit the tourism potential that entails. Both routes get positive feedback, especially Gran Reserva, and areas for improvement as could be signalling. It concludes with including a destination in a high impact series and creating a tourist route is a good way to start a destination promotion, promotion should be complemented by other strategies. [ABSTRACT FROM AUTHOR]

In recent years, audience development has become one of the most important issues and current affairs within the cultural sector. The specific case of opera is one of the most extreme examples, since it is the most expensive genre of all the performing arts and also has a minority and very aged audience. In this paper we reflect on the development of young opera audiences. Specifically, the aim is to identify what type of initiatives relating to the artistic content are pursuing European opera houses to reach children, teenagers and young people in general. The methodology is based on a review of the scientific literature on the topic under study and an empirical qualitative research, relying on two different techniques: content analysis and in-depth interviews. The study confirms that the reduction of the average age of the audience by incorporating younger audiences is a priority for opera houses as it is considered a key factor for their future sustainability. However, just as in the case of children the strategy to follow seems to be clear, this is not so evident in the case of youngsters. [ABSTRACT FROM AUTHOR]

The purpose of the present paper is to study the performance and persistence of the returns of the spanish real estate mutual funds universe from the beginning of their activity, late 1994 until august 2012. We adopt the Jensen's alpha model, Sharpe's ratio and Carhart's (1997) methodology. In terms of efficiency, Sharpe's ratio shows negative values in the first three years of activity of each fund and very low or even negative values in the last three or four years. Jensen's indicator shows that the overall funds have underperformed the market, which has been approximated by the housing profitability and a half of the profitability of all real estate funds. Benchmarks portfolios that reflect the behavior of the bond or equity markets, did not turn out to be significant variables. There is evidence of persistence for one, two, three and four years, for the universe of funds. The evidence obtained in our work for the real estate funds in Spain, efficiency lower than that of the market and persistence in performance, allows us to confirm the difficult situation that has gone through and which continues to suffer this type of collective investment, highlighting the need and the urgency of driving measures to boost their activity. [ABSTRACT FROM AUTHOR]

This paper delves into the study of the factors that influence the international competitive position of international new ventures, and consequently, their international performance. By combining international entrepreneurship and marketing disciplines, this work attempts to emphasise the importance of relational knowledge by the influence of network market orientation on the international results obtained by these firms through the mediating effect of competitive advantages. The approach was used to test our hypotheses. The results obtained, using structural equations models and multi-sample analysis, confirm that network market orientation is a determining factor for new ventures to achieve superior international results. This influence is observed indirectly with the mediating effect on the differentiation- and cost-based competitive advantages developed by these firms. This study extends previous international entrepreneurship research, including insights from the marketing discipline on antecedents of international new ventures' competitiveness and success in foreign markets. In addition, the results obtained encourage entrepreneurs in the international context to consider the explicit value of other factors different from experiential knowledge, which the company acquired gradually with increasing its experience in the foreign market, to realize the potential value of relational knowledge associated to network market orientation as an antecedent for the achievement of competitive advantages in the international market. [ABSTRACT FROM AUTHOR]

Currently, the emerging economies are taking the top positions globally. The consequences of the financial crisis have caused investors and companies manage their capital and effort to emerging markets for growth and corporate profitability that developed countries do not offer. In this context, the aim of this paper is to analyze firm growth in Brazil over the 1995-2011 period and, more precisely, its explanatory variables and its interrelationship with firm profitability. To that end, we firstly estimate a dynamic panel data regression model employing the Generalized Method of Moments (GMM). Secondly, we employ a Vector Autoregressive (VAR) system to analyze the relationship between growth and profitability. Our main results indicate that to obtain higher rates of return provide increased business growth, but not vice versa. Also worth noting that business growth behavior is different depending on the ownership and control of companies. The findings provide a better understanding of the behavior of firm growth in Brazil being useful for making decision of entrepreneurs and investors, and can be used in the field of regional and social policy. [ABSTRACT FROM AUTHOR]

Active participation of users on the Internet has not only begun to stimulate new production models, but also business models around it. Many companies are beginning to exploit competitive advantages in costs or differentiation, derived from people participation and their willingness to collaborate on various projects, which did not always have an economic return; and when this return exists is often less than required by a professional for the same work. This paper analyzes the phenomenon of crowdsourcing from both sides and the economic and social impact that it has produced during recent years. We begin with a critical approach to Internet consideration as a participative space that empowers individuals and economic agents, given that crowdsourcing foundations are on the network effect, and with a discussion about its advantages and limitations. Later, main features are structured, based on the study of different cases, in order to set three basic patterns depending on crowdsourcing shall be considered either as a business model, as an altruistic collaborative production mean or as an hybrid of the above two. [ABSTRACT FROM AUTHOR]

The new solvency regulation in the European insurance sector, denominated Solvency II, will completely transform the system of capital requirements estimation. Recently it has introduced the latest quantitative im- pact study (QIS5), which provides the calculation method in the internal model for the determination of capital requirements. The aim of this paper is to analyze the adequacy of the calibration of the counterparty credit risk by the models proposed in recent quantitative impact reports (fourth and fifth). To do this we compare capital requirements obtained by the two alternatives, against which that results from applying a simulation model based on the structural approach. The results shows that the use of probabilities based on the methodology of Merton, which can be used in an internal model, compared to those based on ratings (standard model) result in substantially higher capital requirements. In addition, the model proposed in QIS4 based on Vasicek distribution is not appropriate when the number of counterparties is reduced, a common situation in the European insurance sector. Moreover, the new proposal (QIS5 or Ter Berg model) is more versatile and suitable than its predecessor but requires further research in order to improve the calibration hypothesis and, thus, to better approximate estimates to the risk actually assumed. [ABSTRACT FROM AUTHOR]

This paper analyzes the factors influencing the choice between different FDI modes: acquisitions or green-field investments. From a sample of 117 outward foreign direct investment (FDI) decisions made by the Indian multinational Tata in 43 countries, our findings show that industry technological intensity, host country risk, host market attractiveness, previous international experience and the volume of exports from India to the host country, are determining factors of this choice. [ABSTRACT FROM AUTHOR]

Corporate social responsibility (CSR) researchers focus on the performance of the firms indexed in their field, and they reach different conclusions. This paper analyses if there are differences in financial performance of companies considered as highly socially responsible (those that compose the Spanish sustainability index FTSE4Good IBEX) as well as other IBEX companies not included in that index. We theoretically examine the relationship between a Jinn responsible behaviour and its financial performance. We also make an empirical study to analyse this relationship. The results show that the differential aspects between both groups of companies are market risk variables and debts and size variables. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyze the influence of knowledge management in business performance. First, there has been a review of the literature, which enabled most common dimensions of knowledge management and results for subsequent measurement. Were taken as the dimensions of knowledge management, creation, storage and transfer and the application and use of knowledge. Information acquisition, dissemination and interpretation of this shared, were used as measures for the creation of knowledge. Have also been used as measures of implementation and use of knowledge, empowerment, teamwork and commitment to knowledge. As dimensions of the results have been used operating results, financial and innovation. The methodology used is based on case study, through primary and secondary data. The results show that knowledge management influences the operating results both as financial and innovation. Thus, the surveyed companies have a higher-degree of knowledge management through teamwork, increased empowerment, flexibility in decision-making and an overview of the company, including practices, get more results both operational and financial and innovation. [ABSTRACT FROM AUTHOR]

In this paper we try to achieve a double objective. On one hand, we try to figure out how employee's affective commitment perceived by the manager influence on her/his level of trust and also on the organizational learning capability (OLC). In addition, we analyze how manager trust influences on OLC. On the other hand, we study how these variables (affective commitment of employees, manager trust and OLC) determine product innovation. Applying structural equation model (Partial Least Squares -PLS-) on a sample of 92 firms we obtain the next results: employee's affective commitment perceived by manager determine her/his level of trust and well we check that affective commitment and trust explain OLC. Finally, we probe that both variables (affective commitment and truss) are related with product innovation through OLC. [ABSTRACT FROM AUTHOR]

The paper studies the effect of innovative activities sources on innovation performance. For the empirical study we use data from the Encuesta sobre Innovación Tecnológica de las Empresas for the year 2007. The results suggest that the use of only one innovation activity source (internal or external) has a negative effect on innovation performance and that the best innovative performance is obtained when different innovation activities sources are combined. Finally, internal&external, only external and internal&external&cooperation are the innovative activities sources less dependent on the innovative performance measure. [ABSTRACT FROM AUTHOR]

This paper supplies a measure of the degree of firm's innovation performance. This indicator summarizes the impact of technological innovation activities on products, processes and sustainability of the firms. The data set used in this study was drawn up from the 2006 Panel on Technological Innovation (PITEC). The research focuses on firms that carried out a technological innovation from 2004 to 2006. We also show a characterization of Spanish innovative firms using the proposed indicator. [ABSTRACT FROM AUTHOR]

Recent studies within the innovation systems perspective have not paid enough attention to the role that Vocational Training (VT) centres and technical workers can play in innovation processes. In this paper we review the recent international literature on the issue and present an exploratory case study carried out in the Northern Spanish region of Navarre, which has a high level of both industrial activity and VT education. The study is based on quantitative and qualitative evidence from industrial SMEs and VT agents. The different types of relationships between VT centres and SMEs are analysed: formal education, in-company work training, hiring of graduates, continuous training, and innovation-related services. Results show that firms have a highly positive perception of VT centres' more 'traditional' missions (graduate education and employability), but more advanced and innovation- related missions have a limited reach right now. [ABSTRACT FROM AUTHOR]

The 'country/region of origin is a traditionally used strategy by food companies in order to differenriate their production from each other. Is the origin an useful strategy? Does it lead to differentiate a company's offer? This paper aims to resolve these questions from a theoretical perspective. In addition, a descriptive analysis of Spanish Designation of Origin's ham sector is developed. Such sector comprises only six Designations, so an in-deep analysis of all aspects related to place of origin will be easier [ABSTRACT FROM AUTHOR]

Advergames are marketing communication-driven videogames. As a hybrid message, they combine advertising content and entertainment content, providing interesting opportunities to marketing communications in a new media environment where traditional advertising has lost effectiveness. This paper clarifies the concept of advergame, analysing the different types of advergames and their effects on marketing and communication goals. Furthermore some recommendations for implementing marketing communication through advergames are provided, as well as ethic and moral issues that should be considered. [ABSTRACT FROM AUTHOR]

This paper deals with innovation management as an evolutionary process that take place in a heterogeneous and structured ecosystem. This allows understand Innovation Management as the management of the interactions in a particular ecosystem that is wanted to change. First, theoretical fundamentals for an evolutionary model are presented. Then, an example is given to illustrate the variation of an ecosystem as a function of learning, performance, interests, beliefs and values of the agents. The example also shows agents restrictive action frame when it is wanted to innovate on an "earthquake resistant buildings device" and, also, it identifies the mayor interactions to be managed when a new earthquake resistant device is introduced into that ecosystem. [ABSTRACT FROM AUTHOR]

The increasing interest in eco-innovation or environmental innovation as a strategy not only to address the serious global environmental problems but also as a source of competitive advantages for companies and for the emergence of new business areas, leads us to try to identify the different factors that act as determinants of its development and adoption at the micro level. In this paper we integrate the findings from several recent empirical studies according to our own classification offactors derived from the variables used in those analyses. From a conventional perspective we referred to the structural characteristics offirms (size, sector, age), the business logic (cost savings, market expansion) or to its technological competence (R&D, path dependencies, qualification of staff and management, cooperation and participation in networks, etc.). We added another category to refer to organizational or marketing innovations that reflect the existence of a certain environmental strategy within the company. In general, the findings show that factors influencing conventional innovation also work in relation to eco-innovation, in particular those related to cost savings and technological competence. Therefore, along with a stringent environmental regulation (justified because of the specific characteristics of eco-innovation) specific supply and demand side instruments are convenient. Measures to disseminate environmental information amongst all stakeholders can also be very useful to promote environmentally friendly and economically viable products and processes, as well as forms of organization and new business. [ABSTRACT FROM AUTHOR]

This paper analyzes some defactors that improve product innovation for the case of transformation sector and business services sector. Among this factors are human capital, technology, market competition, business expectations, and export intensity of entrepreneurs of these sectors. In addition, it is considered efficiency of instruments of R&D policy. To achieve these goals it is calculated two PLS estimation for 25 countries in 2007 for each sector. The estimations show that there arent significant differences between two sector except in the case of human capital. These factors have more effects on product innovation in the case transforming sector. [ABSTRACT FROM AUTHOR]

The goal of this paper is to analyze the mie played by innovations on economic activity. In this sense, the relationship between innovation and economic growth is studied, being economic growth the current main objective of economic policy to reduce unemployment and to increase social welfare. To carry out this analysis we base on Schumpeter's model, playing entrepreneurship and social climate an important role in the process. The empirical analysis an innovations equation for the case of 11 developed countries is included, showing that the social climate, represented by the training and income distribution, and monetary policy, represented by money supply, stimulate innovations. [ABSTRACT FROM AUTHOR]

In the current context of the so-called "Knowledge-based Economy" higher education institutions should give preferential attention to the new demands of stake holders information. The aim of this paper is to demonstrate the appropriateness of the universities incorporate information on intellectual capital in its current accounting information system. So, an empirical study has been designed to show the extent to which different accounting information users are demanding information on university intellectual capital for adequate decision making. To achieve this goal we designed a questionnaire that was sent to all members of the Social Councils in Spanish public universities. The results obtainedfrom this research show a list of the intangible elements on which universities should provide information in order to satisfy the changing information needs of its users. [ABSTRACT FROM AUTHOR]

In this paper we review the concept of corporate social responsibility. Subsequently we analyze the possibilities and problems of the use of benchmarking in CSR by analyzing the latest research that had developed a method of benchmarking. From this analysis we propose a homogeneous indicator that assesses 68 aspects related to the various stakeholders involved in CSR. It also provides information on the importance attached by respondents to these aspects. The results for each of the 5 sectors considered show the areas in which the work in CSR is greatest and others where improvement is needed. [ABSTRACT FROM AUTHOR]

Recent Spanish law and regulations have turned gender balance on Boards of Directors into a necessary element to manage in companies. The aim of this paper is to identify the stakeholders demanding such gender balance to companies, according to the Methodology of Mitchell et al. (1997) and Agle et al. (1999). The results sugest the shareholders are the most important group, so it seems that the financial goals continue being a priority. But we also observe that the Government is perceived as a very important stakeholder. Despite managers acknowledge the Government has a lot of power, its importance is explained by urgency and legitimacy attributes. This fact makes us doubting about the effectiveness of any development of a compulsory law, beyond the current one. [ABSTRACT FROM AUTHOR]

This paper focuses on earnings management around earnings benchmarks (avoiding losses and earnings decreases hypothesis) in international firms and non international firms belonging to the Spanish hotel industry. First, frequency histograms are used to determine the existence of a discontinuity in earnings in both segments. Second, the use of discretionary accruals as a tool to meet earnings benchmarks is analysed in international and non international firms. Empirical evidence shows that international and non international firms meet earnings benchmarks. It is also noted different behaviour between international and non international firms. [ABSTRACT FROM AUTHOR]

This paper deals with the process of how consumer dissatisfaction is formed, both from a cognitive and an affective perspective, and also with how it translates into complaint behavior intentions. Our main objective is, on the one hand, to gain an insight into the effect that the disconfirmarion of expectations has on dissatisfaction judgments, not only directly, but also indirectly through negative affects. On the other hand, we intend to analyze the influence these judgments exert on complaint behavior intentions, which can develop into complaint responses, third party responses, or private responses. From a sample of customers who have experienced an unsatisfactory situation with a restaurant and show different external attribution level, we have put forward a causal model to study the causal relationships. The results confirm a direct effect of disconfirmation on dissatisfaction and on affects, a direct effect of that dissatisfaction on complaint behaviour intentions and there are not significant differences according to external attribution level. The findings suggest management implications and future research. [ABSTRACT FROM AUTHOR]

The construction sector has, in Spain, a remarkable importance, due to the contribution to GDP, around 10%, and employment (10%) and the wide business network it includes. The present economic situation and the residential market saturation have led to a sharp contraction in building activity, after a long period of growth. This is, therefore, a good time to perform a structural analysis to identify the determinants of profitability and assess the projection of the companies operating therein. This paper identifies the rules of competition and reasonable business expectations for coming years, using the Model of Five Competitive Forces. This analysis will show opportunities and difficulties for constructors as a tool in making decisions. The success of the strategy will depend on the management of strengths and capabilities, especially in times of change in the competitive environment. [ABSTRACT FROM AUTHOR]

Each tourist destination has a brand the consumer can choose at the moment of travelling. This work analyzes, through a causal model empirically tested for the case of Mundo Maya-Mexico, the paper that reputation, emotions and trust play in the consumer's intention to go to a tourist destination. A theoretical frame is developed using contributions of the signalling theory, emotions theories and relationship marketing. A face-to-face survey was carried Out with consumers in travel agencies. Results confirm most of the proposed hypotheses and show interesting results: a reputation of a good management and high awareness of the tourist destination and consumer pleasure and trust in the destination reveal as antecedents of consumer intention to go to a certain tourist destination. [ABSTRACT FROM AUTHOR]