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PurposeThis study aims to examine the attractiveness of the regional Dow Jones Sustainability Indexes (DJSI) and several renewable energy indexes during December 31, 2010 to December 31, 2019. This study uses a risk-return analysis and a set of explanatory factors. Lastly, this study conducts a comparative analysis of these indexes with conventional indexes.Design/methodology/approachThis study uses data from Eikon, a Thomson Reuters database. To analyze the indexes’ behavior, this study uses the indexes’ annual return as of December 31 for each year. Next, this study estimates the Fama and French’s five-factor model using an ordinary least squares regression for regional DJSI and renewable energy indexes.FindingsThe results show that regional DJSIs delivered returns both above and below conventional indexes. In contrast, renewable energy indexes had high betas and negative returns, making them unattractive to investors.Practical implicationsThe results imply the need for public financing programs that support the transition to a sustainable economy and reduce risk and increase the return on private investment.Social implicationsThis study provides insights for policymakers regarding the importance of sustainability indexes in the transition to a green economy.Originality/valueThis study contributes to the growing literature on Fama and French’s five-factor model of sustainability indexes, especially in the current context characterized by intense green political changes. In particular, this study complements the few studies that have addressed the economic implications of renewable energy indexes in markets.

The aim of this empirical research was to provide useful information for health system managers on the costs and investments involved in improving the quality of the National Health Service (NHS) based on patient assessments and from a gender perspective, i.e., without assuming that the perceived experience is identical for men and women. A cross-sectional study of 31 variables was applied using partial least squares structural equation modeling (PLS-SEM) as a research tool. The data were obtained from the Spanish Ministry of Health, Consumption, and Social Welfare for the entire Spanish territory between 2005 and 2018. The influence of expenditure, resource allocation, and mortality was hypothesized with regard to patient satisfaction according to disconfirmation theory. Patient satisfaction reflects clinical effectiveness, and therefore is a measure of health system quality. The results show that women are more sensitive to public investment in health than men, i.e., an increase in the level of spending and resources increases satisfaction more in women. In both sexes, the level of expenditure has a direct influence on patient satisfaction, and therefore on the quality of the healthcare system. It is important to increase spending on primary care, especially on specialized medical care and diagnostic equipment. However, reducing the use of drugs in favor of alternative treatments or therapies is considered to be positive. Likewise, spending has an impact on available resources, and these, in turn, have a positive influence on the level of use and a negative impact on mortality. Resources, especially healthcare staff, nuclear magnetic resonance equipment, and the number of posts in day hospitals, increase patients’ positive perception of the NHS.

This article aims to provide information to public agencies and policymakers on the determinants of health systems and their relationships that influence citizens’ health–disease status. A total of 61 indicators for each of 17 Spanish autonomous communities were collected from the Spanish Ministry of Health, Social Services, and Equality between 2008 and 2017. The applied technique was partial least squares structural equation modeling (PLS-SEM). Concerning health–disease status, an influence of sustainability and performance on the health system was hypothesized. The findings revealed that health system sustainability had a negative effect on health–disease status, measured in terms of disease incidence. However, the relationship between health system performance and health–disease status is positive. Furthermore, health system performance mediates the relationship between sustainability and health–disease status. According to our study, if we consider the opposite poles that make up the definition of health–disease status (well-being and disease), this concept is defined more by the incidence of the negative aspect.

The main goal of this work is to analyze the financial statements of the five major multinational oil and gas companies, for the 2011-2015 period, in the framework of the peak oil phenomenon. Peak oil can affect key financial indicators (e.g., earnings volatility, leverage) that are used by managers, investors, and stockholders and which may potentially lead to changes in the decision making by management. Our results show that the decline in oil production affects the decisions about investment in new oil wells, leverage, dividends paid, shares purchased and net income involving the five major companies. In addition, we study the evolution of oil prices, and its influence in several items of the financial statements. Even though oil prices were at high levels during 2011-2014, however, the net income of the five companies actually declined due to the impact of peak oil. Finally, data for the last year studied (2015) indicate a general deterioration in return ratios and other accounting variables. Although the new investments should have been profitable, they have been influenced by peak oil, compromising the economic position of the companies. The advice to these companies would be to relax their investments, especially during a period of falling oil prices. Company managers need to recognize the prolonged duration of peak oil and price trends to promote profitability recovery decisions.

espanolEl objetivo de este estudio es estimar la probabilidad de fraude y de manipulacion de beneficios para una empresa familiar espanola, Pescanova. En el contexto de los estados financieros, se utiliza el modelo Beneish para detectar el comportamiento fraudulento. Nuestros resultados revelan que Pescanova presentaba propension a cometer fraude y que llevo a cabo practicas contables agresivas, antes de revelar sus problemas financieros. El indice de manipulacion y la probabilidad de manipulacion, han sido usados como indicadores de fraude y de gestion de beneficios. Los resultados tambien muestran que Pescanova llevo a cabo practicas contables agresivas a traves de la manipulacion de indices como, Ventas diarias sobre cuentas por cobrar y Devengos totales sobre activos totales. Ademas, se aporta evidencia empirica de que el indice de crecimiento de ventas y el indice de endeudamiento, estan alineados con el informe reportado por la Administracion concursal. Nuestra principal contribucion es la demostracion de la validez del modelo para el caso Pescanova. Por lo tanto, la aplicacion del modelo Beneish podria haber detectado el comportamiento fraudulento de la empresa, en los anos previos al colapso de Pescanova. EnglishThe aim of this study is to estimate the probability of fraud and earnings management for a specific Spanish family business, Pescanova. In the context of financial statements, the Beneish model is used to detect fraudulent behavior. Our findings reveal that Pescanova presented propensity to commit fraud and carried out aggressive accounting practices before the disclosure of its financial problems. The manipulation index and the probability of manipulation are used as indicators of fraud and earnings management. Results also show that Pescanova made aggressive accounting practices, through the manipulation of Day's sales in receivables index and Total accruals to total assets. Next, we provided evidence that the Sales Growth index and Leverage index are aligned with the position of technical default shown by the pre-bankruptcy board of Pescanova. Our main contribution is demonstrating the validity of the model for the case of Pescanova. Therefore, the application of the Beneish model might have detected fraudulent behavior, in the years prior to Pescanova's collapse.

espanolLa relacion y la direccion de causalidad entre variables energeticas y economicas, como el PIB, el ingreso o el empleo, ha sido un tema emergente en los ultimos anos. El objetivo principal de este trabajo es saber si existe una relacion significativa entre el consumo de energia electrica, el uso de la energia y el crecimiento economico. La muestra esta compuesta por los 11 paises que componen Europa Central y Balcanes: Bulgaria, Republica Checa, Estonia, Croacia, Hungria, Lituania, Polonia, Rumania, Republica Eslovaca y Eslovenia. Los resultados sugieren que el uso de la energia tiene una relacion negativa con el PIB per capita, mientras que el consumo de energia electrica tiene una relacion positiva. Los resultados pueden tener implicaciones politicas y sociales importantes. Futuras investigaciones en este campo pueden ser consideradas. EnglishThe relationship and direction of causality between energy consumption and economic variables such as GDP, income or employment have been an emerging topic in recent years. The main objective of this work is to know if there is a committed relationship between the consumption of electric power, the use of energy and economic growth. The sample consists of the 11 countries of Central Europe and Balkans: Bulgaria, Czech Republic, Estonia, Croatia, Hungary, Lithuania, Poland, Romania, Slovak Republic and Slovenia. The results suggest that the consumption of electric power does have a positive relationship with the GDP per capita, while the use of energy has a negative relationship. The results may have relevant political and social implications. Future research in this field could be considered.

This work addresses how information systems and training-learning affect the innovation of productive processes and in turn how they influence the performance of the agricultural banana companies (AC). Particularly, it analyzes the moderation effect that being a family farm exerts on these relationships. To do that we apply partial least square technique to 416 AC in the province of El Oro—Republic of Ecuador. Data were obtained by an in hand self-administered questionnaire addressed in 2017 to the owners and managers of these businesses. The results show that (1) information systems contribute significantly to the innovation of productive processes of AC. It also contributes directly and significantly to the performance of the AC as well as through the innovation of productive processes mediation; (2) training directly and significantly influences the innovation of productive processes, but not on performance, which it influences only through the mediation effect of the innovation of productive processes; (3) innovation of productive processes significantly affects the performance of the AC Further, we demonstrate the moderating effect that the family farms have on the information systems—the innovation of productive processes—performance relationship.

The aim of this article was to determine which key indicators influence patient satisfaction with the Spanish NHS to provide useful information for policy decision-making. A total of 33 variables for each of the 17 Spanish autonomous communities were collected from the statistical portal of the Spanish Ministry of Health, Social Services, and Equality between 2005 and 2016. A cross-sectional study was applied using Partial Least Squares to a Structural Equation Model (PLS-SEM). The influence of expenditures, resource allocation, and safety were hypothesized about patient satisfaction. Gross Domestic Product (GDP) and life expectancy were used as control variables. Moreover, the influence of resource allocation on use was tested. The model explained 57.1% of patient satisfaction with the Spanish NHS. It was positively influenced mainly by resource allocation and expenditures, followed by safety and life expectancy. Additionally, resources directly influenced the level of use. The number of hospital beds, hemodialysis equipment, rate of adverse drug reactions, and expenditure positively influenced patient satisfaction. In contrast, the number of posts in day hospitals, the hospital infection rate, and the percentage of pharmacy spending negatively influenced patient satisfaction.

This article investigates the conceptual evolution of qualitative research in the field of energy and fuel focus on oil and gas research from 1990 to 2018 identifying the main topics and practical applications which it has been used. The automatic approach was based on a co-word analysis and combines performance analysis and science mapping. The considerable number of studies published according to the journals in energy and fuel field focus on oil and gas research indexed in ISI Web of Science makes it possible to undertake a conceptual analysis of how the field has evolved. To observe the conceptual evolution of energy and fuel, we define three consecutive periods: 1990-2000, 2001-2008, 2009-2018. The results show that energy and fuel focus on oil and gas research are distributed in ten main theoretical areas: VEGETABLE-OILS, BIO-OIL, OIL, DIESEL-FUEL, PERFORMANCE, BIO-DIESEL, BIOMASS, CRUDE-OIL, RENEWABLE-ENERGY, SHALE. The research output could be used by the scientific community to identify thematic areas and to know the evolution of the energy and fuel field.

En este trabajo se analiza el criterio de coste amortizado, tanto en su vertiente financiera como en la contable, estudiando el caso mas complejo de una operacion de prestamo concertada por el sistema de amortizacion frances y con tipo de interes indiciado. Se explica, con caracter general, y se ilustra con un ejemplo particular como se construyen los cuadros de amortizacion financiera de la operacion y de amortizacion con el criterio de coste amortizado, el calculo del coste efectivo de la operacion despues de impuestos y el proceso contable desde el punto de vista del prestatario. Se considera, ademas, la posibilidad de que se cancele la operacion anticipadamente y se reflexiona sobre las consecuencias de registro que se derivan de ello.

Este trabajo estudia, desde un punto de vista financiero, el funcionamiento del sistema de depósitos y de créditos en la cooperativa bancaria ética sueca JAK, calculando cuál es el coste efectivo real de una operación de préstamo. Los resultados ponen de manifiesto que el original modelo de esta autodenominada “banca libre de interés” sí supone en realidad para el prestatario un coste efectivo real en sus préstamos. Además, se muestra cómo, en circunstancias normales, este coste es muy superior al promedio del coste ofertado por los bancos tradicionales. Ello es debido a que JAK exige un depósito no remunerado de cuantía superior, debido a la aplicación de un coeficiente reductor, e igual plazo al del préstamo concedido. En consecuencia, considerando solamente criterios económicos personales, este tipo de banca no resulta atractiva. No obstante, si se tienen en cuenta los beneficios sociales, así como la posibilidad de ceder derechos de préstamo (puntos de ahorro positivos) a otros miembros, entonces su utilidad es considerable desde un punto de vista económico y social.