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The aim of this paper is to identify potential causal relationships between macroeconomic variables and the stock market in Spain. Numerous articles recognize the influence of macroeconomic variables on the stock market and value this knowledge as essential for good investment management. However, there are very few empirical studies that justify the influence of disaggregated macroeconomic variables on the stock market in Spain and vice versa. This article uses the general index of the Madrid Stock Exchange as a proxy variable of the stock market and numerous macroeconomic variables, analyzing monthly data from January 2001 to December 2020 from various published data sources. A descriptive analysis is carried out and a vector autoregressive model (VAR) is applied. Finally, the causality is analyzed identifying the transmission of effects between them. The results confirm the impact of lagged interest rate, monetary aggregate M1 and unemployment rate on the stock market but also identify new features, such as the influence of the stock market on the interest rate, industrial production index, manufacturing activity index and economic sentiment index. This research is useful for Public Administration to detect possible risks in the economy, and it enables investors to better manage their investments. [ABSTRACT FROM AUTHOR]

Early access programs (EAPs) generally refer to patient access to medicines/indications before marketing authorization, possibly extended to price and reimbursement approval. These programs include compassionate use, which is usually covered by pharmaceutical companies, and EAPs reimbursed by third-party payers. This paper aims at comparing EAPs in four European countries (France, Italy, Spain, UK) and providing empirical evidence on EAPs in Italy. The comparative analysis was conducted through a literature review (including scientific and grey literature), complemented by 30-min semi-structured interviews with local experts. The Italian empirical analysis employed data available on the National Medicines Agency website. Although EAPs are very different across countries, they exhibit some common features: (i) eligibility criteria refer to the absence of valid therapeutic alternatives and a presumed favourable risk–benefit profile; (ii) payers do not allocate a pre-determined budget to these programs; (iii) total spending on EAPs is unknown. The French EAPs seem to be the most structured, financed through social insurance, covering pre-marketing, post-marketing and pre-reimbursement phases and providing for data collection. Italy's approach to EAPs has been varied, with several programs covered by different payers, including the cohort-based 648 List (for both early access and off-label use), the nominal-based 5% Fund, and Compassionate Use. Most applications to EAPs are from the Antineoplastic and immunomodulating drug class (ATC L). Some 62% of indications in the 648 List are either not under clinical development or have never been approved (pure off-label use). For those subsequently approved, most approved indications coincide with those covered through EAPs. Only the 5% Fund provides data on economic impact (€ 81.2 million in 2021; average cost per patient € 61.5K). Diverse EAPs are a possible source of inequalities in access to medicines across Europe. A harmonization of these programs, though difficult to achieve, could be modelled on the French EAPs and provide key advantages, not least of which a common effort to collect real-world data in parallel with clinical trials and clear separation between EAPs and off-label use programs. [ABSTRACT FROM AUTHOR]

This paper presents a naïve map that attempts to reflect the vision that Philip II and his advisors probably had of the Spanish road network in the second half of the sixteenth century, a crucial aspect for the choice of the seat of the capital of the kingdom. The elaboration of the naïve map was carried out in two phases: in the first, the road network was reconstructed based on a thorough revision of the primary sources that have survived to the present day. As these sources showed evident problems of completeness, the network was completed using mathematical methods, which were statistically contrasted. The analysis carried out is an important novelty since it shows that most of the transport in the Iberian Peninsula was channeled through the center following a radial structure with six principal axes two centuries before what has been traditionally considered. [ABSTRACT FROM AUTHOR]

This study aims to explore the differing online banking adoption in Spanish cities and towns through Technology Acceptance Model (TAM). This paper is the first to unveil such differences between cities and towns. Data was collected from the Centre for Sociological Research and analyzed with PLS-SEM through SmartPLS. The analyzed model comprised perceived ease of use (PEOU), perceived usefulness (PU), and online banking use behaviour (UB) as variables directly associated. Perceived security (PS) was included as a mediator of the effects in UB. Multi-group analysis (MGA) and Importance-Performance Map Analysis (IPMA) were implemented. Most of the hypothesised direct and indirect effects were statistically significant and found support for both cities' and towns' populations. PEOU did not present a statistically significant influence over PS. The direct effects expected were found to be different in cities and towns, although differences were minimal. The study makes an outstanding contribution regarding the banking sector's social responsibility, which may be further studied to mirror inclusive practices. It also corroborates the importance of PS as a mediator that influences online banking services use. [ABSTRACT FROM AUTHOR]

This paper discusses the gradual eclipse of a water management paradigm governed by the dominance of hydropower and irrigation-driven development. With the advent of new values, the former approach has given way to an acknowledgement of the value of water for its intangible contribution to the landscape, among other things. The European Water Framework Directive has lent further impetus to changes in water management and governance. Future water authorities and stakeholders will face additional management challenges such as growing water scarcity, climate change and the predominant role of regional governments in water use negotiation and decision-making. [ABSTRACT FROM AUTHOR]

Carefully examining the site map of a firm with a well-developed website can provide both patterns about its corporate strategy– considering all the elements that surround the organization – and a primary source for benchmarking. Our paper's aim is to use this technique: (a) to highlight the key strategic management issues which affect the top large Spanish firms; and (b) to show trends identified amongst such companies during the last ten years. Our methodology consists of a content analysis focused on websites of the Ibex35 companies listed on the Spanish Stock Market. It includes drawing a comparison with these same websites as two photos with a difference of ten years. Rather than carrying out a breakdown of the businesses developed by each corporation, the appropriate approach is the assessment of their respective corporate principles, as this would allow for a better identification of the underlying managerial, organisational and strategic realities of these organisations. The results evidence the high usefulness of this technique when it comes to detecting the most significant strategic management issues faced by the leading large Spanish firms, as well as their evolution over time. [ABSTRACT FROM AUTHOR]

Since the first months of 2020, the Covid-19 pandemic has driven social distancing measures in many countries, which have made it potentially more attractive to reside in less populated areas. This paper visualizes whether the registered populations in municipalities with fewer than 2000 inhabitants in Spanish regions have changed during 2020 in a different way than previous years. The per cent variation of the rural population is measured, as well as the proportion of the rural population over the total population, in two periods: January 2000-January 2020 and during 2020. The results show an increase in the rural population in 13 of the 17 Spanish regions, and an increase in the proportion in 14 regions during 2020, in contrast to the declining trends prevailing in previous years. [ABSTRACT FROM AUTHOR]

Employee-owned firms (EOFs) form part of the so-called social economy, and they are seen as an alternative business model that aims to establish itself as a third way, different to conventional capitalist firms and public enterprises. These firms meet the Spanish legal requirements (Law 44/2015) for employee ownership designation. This paper assesses whether the capital ownership structure is a key factor determining operating performance, productivity and solvency, or in other words, the impact the firm's capital ownership structure may have on its economic performance, labour factor and capital factor. Based on a sample of small employee-owned firms and non-employee owned firms, the study develops an empirical methodology using a panel data analysis. The study shows the characteristics of Spain's EOFs as an alternative legal form of employee share ownership, which is included in the Social Economy, but different from cooperative societies. [ABSTRACT FROM AUTHOR]

The existence of works proving the possible relationship empirically that Airbnb lodgings could have with crime in Spain is not known. This research analyzes the relationship between Airbnb lodgings and crimes against the properties and people in Barcelona's neighbourhoods. To achieve this, we use an ordinary least squares regression model and a geographically weighted regression model. The results show a significant and positive relationship between the higher density of Airbnb lodgings and the higher crime rates in the neighbourhoods, especially of patrimonial nature. Divided by type of leased space, the Airbnb homes, in which the guest shares a room with other guests, show a higher relationship with crimes against property and people. The results of the local model show a spatial heterogeneity in all variables used, indicating the need to address non-stationary spatial processes that reveal hidden patterns. However, the only variable that shows statistically significant local variability is the total Airbnb lodgings variable. Finally, we discussed some unexpected results, proposing some future lines of research. [ABSTRACT FROM AUTHOR]

Purpose: The main aim of this research was to explore experiences of care during the lockdown of the first wave of COVID-19 syndemic in Spain Methods: This is a qualitative and explorative study using self-photo-elicitation as a data collection method. Fifteen participants (Twelve women and three men) shared 25 photographs and one video between the June 18 and August, 2020. Participants' photographs and texts were collected online. Data were analysed based on Thematic Analysis. Results: Three emerging categories were constructed: 1) the deconstruction of care: self-care and collective care 2) the crisis of care and gendered care, 2) beyond anthropocentrism: animalism and ecology. Findings indicate the need to understand "care" in terms of social reproduction, including self-care, care towards other humans and non-human animals, and collective care. Also, the need to care for planetary health and to be in contact with nature as a form of self-care and social care. Conclusions: Care in a period of social and health crisis puts human relationships and also non-human life at the centre. Care requires adopting taking an ecological one-health perspective. [ABSTRACT FROM AUTHOR]

This paper uses a new approach to the concept of green budgeting within the context of green economy to analyse the different factors influencing the lack of consistency on environmental policies in Spain. It appears that structural issues have prevented Spain from becoming a real green economy, and thus from taking the right measures that could lead it into a sustainable growth path. This case study is presented as example of failure to integrate environmental issues in policy-making, with political factors being one of the main variables under analysis. A quantitative analysis on the approach to public environmental budget management during the period prior to the recent economic crisis is conducted at national and regional levels. Some of the findings are consistent with other European countries but some distinctive structural issues are also identified. [ABSTRACT FROM AUTHOR]

This article examines the long-term development of two strategic alliances between major Spanish (RUI and Iberostar) and German (TUI and Neckermann) tourist firms. Our research builds on the literature on foreign direct investment and institutionalism applied to cross-border cooperation, yet using business history research methods. The study aims to understand how the local Spanish context shaped the interaction between foreign and domestic firms and how this interaction influenced the development of the Spanish companies. Our cases suggest that the Spanish institutional framework affected the nature and strength of alliances. Foreign partners were crucial in providing financial and commercial support, brand consolidation, market knowledge and reputation. However, local actors also played an important role as proactive partners eager to develop their domestic business and upgrade their existing capabilities. Ultimately this strategy would contribute to the internationalisation of Spanish firms after 1990. [ABSTRACT FROM AUTHOR]

The study of population changes across space and time of cohorts at different life stages is relevant for regional planning, but it is often not taken into account. We focus on a case study along the urban-rural gradient of continental Spain from 2002 to 2017 at a municipal scale. Making use of longitudinal data from the municipal registers, we studied changes in total population and three birth cohorts: the cohort joining the workforce, the cohort at a mature working age and the cohort reaching retirement during the study period. The results showed key spatiotemporal population variations. The absolute population increased in 36% of the municipalities, but at least one of the study cohorts showed an increase in 75% of the municipalities. While the cohort joining workforce tended to concentrate in urban and suburban areas, the retiring cohort tended to move to small suburban and rural municipalities. In the next decades the retirement of large birth cohorts in Spain will be a relevant issue for planning. This methodological approach allows us to understand life cycle residential movements across urban, suburban and rural areas and better enables spatial planning decisions. The method can be applied to other study areas at different spatial and temporal scales. [ABSTRACT FROM AUTHOR]

This paper discusses project splitting in environmental impact assessment (EIA), investigating the current state of knowledge through literature, legislation, case-law and practice, discussing problems and providing solutions. The focus is on Spain, but many of the conclusions are applicable worldwide. Project splitting is a much more common practice than generally accepted. The main efforts have been focused on preventing salami-slicing as a mechanism to avoid the EIA, but it is a much more complex problem, with different ways of splitting and reasons for doing so. Measures to avoid this practice should include strengthening the strategic environmental assessment, a greater involvement of the approval authority, specific prohibitions in regulations, using case-by-case examinations instead of thresholds, compulsory scoping and avoid the exclusion of project parts during the EIA. [ABSTRACT FROM PUBLISHER]

History can represent an effective marketing resource because it can establish an emotional relationship with consumers. This article examines trademark applications in order to show how Spanish companies used the past in their branding strategy during the twentieth century. The article analyses which historical themes were used the most, over which periods, for what types of products and services and according to which Spanish regions. The study indicates that this commercial use of the past was closely linked to the spread of Spanish nationalism. Brands try to connect emotionally with consumers by evoking historical national myths and, therefore, their use increased during the periods of intensive nationalist expression. [ABSTRACT FROM AUTHOR]

This article examines the development of Spanish capitalism under Franco's dictatorship (1939–1975) through the interaction between two major actors: the book publishing industry, a fast growing and internationally minded sector, and the Spanish Government. We argue that Spanish publishers, by defending their interests and redefining their strategies in an extremely restrictive and vulnerable environment, strengthened their coordinating capacities while shaping Spain's economic institutions. The main conclusion of this empirical study is that engaged and/or legitimacy seeking actors can effectively contribute to change the rules of the economic game. We contend that this ability of entrepreneurial actors to shape the rules over time needs to be better integrated into the VOC theoretical framework. [ABSTRACT FROM AUTHOR]

This article examines the evolution of the machine-tool industry in Spain between 1960 and 2015, its international competitiveness and its adaptability to the changes that have taken place in this industry worldwide as regards markets, technology and competitors. Drawing on the theoretical literature on the resilience of regions, cities and production systems, the article offers an exploratory analysis of the three main factors that account for the resilience of this industry in Spain: business size, flexibility and production specialisation; absorptive and innovative capacity; and geographical concentration in a region with an ecosystem that is highly supportive of skilled human capital training and innovation. [ABSTRACT FROM AUTHOR]

In contrast to the widespread view which posits that large current account deficits and net international debt were at the epicenter of the crisis in the Euro Zone, with diverging competitiveness playing a central role, this article points to the huge volume of bank credit that banks refinanced in international markets. With a focus on the Spanish economy, we ground our view in an analysis linking gross—not net—capital flows, bank credit, and gross external debt, which provides more adequate information about a country's international financing patterns and its external exposure. The main conclusion of this article is that the principle driver of gross external debt in Spain was bank credit, with accumulated current account deficits accounting for less than 50 percent of gross external debt. Other consequences in keeping with this view are: the measures of economic policy required to sort out current account imbalances—particularly wage devaluation to improve competitiveness—may do more harm than good and they do not prevent the problem of too much bank credit from occurring again, and the residence of debt holders in the Euro Zone crisis is relevant for the understanding of the crisis as the result of a power imbalance [ABSTRACT FROM AUTHOR]

Corporate Social Responsibility (CSR) is implemented unevenly in the Spanish tourism industry. The hotel infrastructure of the country is not an exception. This study analyses the environmental, social and economic dimensions of initiatives with respect to the hotel offer which consumers living in Spain appreciate and value more based on their gender. Empirical analysis is approached using a model of structural equations in which the intensity and sign of differences between men and women can be seen. The main results show that aspects related to the environment are the most important for both genders. The dimensions in which differences are defined are the economic, more valued by men; and social, more valued by women. The document provides relevant information, filling a knowledge gap in this field. [ABSTRACT FROM AUTHOR]

This study assesses the economic and environmental impacts that have arisen from the adoption and use of genetically modified (GM) insect resistant (IR) maize in Spain and Portugal in the 21 years since first planted in Spain in 1998. A total of 1.65 million hectares have been planted to maize containing these traits since 1998, with farmers benefiting from an increase in income of €285.4 million. For every extra €1 spent on this seed relative to conventional seed, farmers have gained an additional €4.95 in extra income. These income gains have mostly arisen from higher yields (+11.5% across the two countries using the technology). The seed technology has reduced insecticide spraying by 678,000 kg of active ingredient (−37%) and, as a result, decreased the environmental impact associated with herbicide and insecticide use on these crops (as measured by the indicator, the Environmental Impact Quotient (EIQ)) by 21%. The technology has also facilitated cuts in fuel use, resulting in a reduction in the release of greenhouse gas emissions from the GM IR maize cropping area and contributed to saving scarce water resources. [ABSTRACT FROM AUTHOR]

This article examines the influence of early exposure to advanced markets of the United States and Germany in the growth and internationalization of health care firms from Spain, a late industrialised country. Based on the case studies of the Spanish corporations Grifols and Ferrer, the study shows that early exposure to advanced markets helped them grow in their national markets, and in the world health care industry. It shows further that the specific capabilities developed by both firms were determined by path-dependent networks with scientists and institutions, on the one hand; and strategic alliances, acquisitions and mergers with German and US corporations on the other. [ABSTRACT FROM AUTHOR]

The crisis of welfare states in Europe has offered a growing market share to private health insurance companies. Health insurance is currently one of the fastest growing branches of private insurance business in developed countries. However, much remains to investigate about the origin and evolution of the companies in this sector. This article analyses the genesis, growth and organisational changes of health insurance companies in Spain from the creation of the first medical associations in the 1930s to the modern health insurance companies of today. Spain represents an interesting case study to investigate how changes in the public health model for the long period under study allowed private companies to maintain a changing relationship competitive and partnership with the state. [ABSTRACT FROM AUTHOR]

The aim of this article is to analyse the trajectory of FASA-Renault during the stagflation crisis. In late 1972, the Spanish government enacted the so-called Ford decrees. The intention was to stimulate specialisation in the European arena by inserting the Spanish subsidiaries within the international strategies of large transnational corporations. In doing so, the effects of the economic crisis were compounded by the restructuring of the sector. The goal is to understand how, in the midst of this situation, FASA-Renault was able to increase production and the size of its workforce, ultimately becoming the leading firm in the sector in terms of production and sales in Spain. This is remarkable, due to the fact that labour force participation in Spain fell by nearly 3 million people from 1974 to 1985. The article argues that FASA-Renault, albeit with nuances, kept its commitment to diversification, neither adopting practices inspired by the production systems of the large Japanese manufacturers nor following the model put forward by the US giants based on large-scale production of a single low- to mid-range car for export. [ABSTRACT FROM PUBLISHER]

The evolution trend of the Spanish network has not differed essentially from the path of other Western European corporate networks, but the configuration and factors that explain it have a specific pattern in accordance with their economic and social characteristics. The exchange of directors among the largest banks and utilities in Spain was one of the instruments used to consolidate its hegemonic position and to limit competition in other sectors. Network analysis confirms the existence of a crony capitalism, created in a context of institutional weakness and dominance of undemocratic political systems. The extractive elite used the network boards to restrict competition in key economic sectors, at the expense of the economic development of the country, until the liberalisation of the domestic market and its integration into the global economy. [ABSTRACT FROM AUTHOR]

This study analyses trends in low flows in Spain in the period 1949–2009, based on daily flow data collected at 60 gauging stations located in near-natural catchments. Two low-flow indicators were considered: (i) the seven-day annual minimum streamflow and (ii) the 10th percentile of the yearly flow duration curve. Catchments were clustered into three regions in terms of monthly mean flows. The Mann-Kendall test was used considering four periods between 1949 and 2009. A multi-temporal trend analysis was also applied to the longest series to identify wet and dry periods that could influence the results. Lastly, a field significance test provided a regional assessment of the at-site detected trends at each region. The results for each indicator reveal a clearly decreasing trend in low flows throughout the northern half of Spain that was found to be field-significant over the (Atlantic and Mediterranean) regions.Editor Z.W. Kundzewicz; Associate editor not assigned [ABSTRACT FROM PUBLISHER]

Part of economic theory has regarded co-operative firms as useful tools for dealing with market failures during periods of economic contraction, but also as suffering severe efficiency problems during periods of growth. The main aim of this article is to test this hypothesis in the case of Spanish co-operative wineries during the years of late Francoism. In order to do this, the balance sheets of 75 co-operative firms from the 1970s have been subject to financial-ratio analyses. The main conclusion is that these firms were inefficient due to their excessive financial debt. The Spanish Francoist government promoted their creation and granted financial aid – for their value as social and economic control systems – framing them within a rigid corporate system typical of authoritarian states. This involved limited autonomy and conditions conducive to free-riding behaviour, which is at the core of their inefficient performance. [ABSTRACT FROM PUBLISHER]

The article compares the role of tripartism during and after democratic transitions in Spain and Poland. In both countries it emerged after a negotiated transition from dictatorship, but it was poorly institutionalised. While it fell short of ‘neocorporatist’ levels of governance, it had a ‘foundational’ function in stabilising both political and economic transitions, and despite its limitations, it endured for decades in the frequent, if unregular, practice of negotiating ‘social pacts’. The comparison reveals some striking similarities despite the contrasting economic systems of origin, and identifies some structural constants in the evolution of post-democratic tripartism, up to the recent crisis. [ABSTRACT FROM PUBLISHER]