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The purpose of this paper is to identify whether Latin American (LA) firms are adopting any hedging strategy when designing foreign exchange risk (FXR) measures. To that end, the authors explore the impact of several drivers of FXR management.

The sample consists of 342 non-financial listed firms established in a group of representative countries of the LA region and covers the period from 2008 to 2016. Hypothesis testing is performed through a Logit model that measures the likelihood to adopt hedging practices. In addition, a Tobit test offers further insights into the derivatives users.

The authors corroborate capital structure-related hypotheses such as tax goals, financial distress, liquidity and growth opportunities. In addition, both ownership concentration and income tax payable seem to be negative and significant determinants of FXR coverage.

Results reported in this study are relevant for the LA region with high tradition in raw materials and commodities exports. The results show that LA firms still make limited use of derivatives and there is still much room for improvement. Hence, additional efforts to promote FXR hedging should be desirable, to meet authorities’ recommendations (OECD et al., 2007). Further research exploring corporate governance relationships and differences between large and small firms might be helpful.

Este estudio tiene como objetivo identificar si las empresas Latinoamericanas (LA) están adoptando alguna estrategia de cobertura frente al riesgo de tipo de cambio (FXR). Para ello exploramos el impacto de varios determinantes de gestión de FXR.

La muestra está formada por 342 empresas del sector no financiero de un grupo representativo de países latinoamericanos y abarca el período 2008 a 2016. Para testar las hipótesis se aplican modelos Logit que miden la probabilidad de adoptar diferentes prácticas de cobertura. Adicionalmente, los resultados de la aplicación de un modelo Tobit ofrecen información extra sobre los usuarios de derivados.

Corroboramos las hipótesis relacionadas con la estructura de capital, tales como objetivos fiscales, dificultades financieras, liquidez y oportunidades de crecimiento. Además, tanto la concentración de propiedad como los impuestos sobre la renta por pagar parecen ser determinantes negativos y significativos de la cobertura de FXR.

Los resultados reportados en este estudio son relevantes para la región Latinoamericana con una gran tradición en exportaciones de materias primas y productos básicos. Nuestros resultados muestran que las empresas Latinoamericanas utilizan de manera limitada los derivados y todavía hay mucho por mejorar. Por lo tanto, es deseable la promoción de esfuerzos adicionales en cuanto a la cobertura de FXR para cumplir con las recomendaciones de las autoridades (OECD, 2007). Entre otras, serían de gran ayuda las investigaciones adicionales que exploren factores adicionales de Gobierno Corporativo (CG) así como profundizar en las diferencias entre empresas grandes y pequeñas.

The purpose of this paper is to provide a comprehensive review of the literature that links auditor’s industry specialization (AIS) and audit fees (AFs) in order to clarify the puzzle of published results and provide overall conclusions that would help in future research.

To achieve this goal, the authors applied meta-analysis techniques in order to summarize, quantify and evaluate the published data related to the association between AIS and AF.

The meta-results are more robust when the proxy for AIS is the audit firm’s market share above 20 percent or the audit firm is jointly the national and city leader. For US-based studies, results are homogeneous in the post-SOX period. This is likely due to the higher demand for specialized auditors. The authors found positive and homogeneous results in the upper and lower market segment, which led to the conclusion that the bargaining power of the big auditees does not fully counteract the higher auditor specialization costs. Although the authors identified a publication selection bias, a specialization coefficient of around 2.0 percent was estimated.

The conclusions are relevant for those researchers that would benefit from a structured and systematic review of the published results. The outcomes help to understand the somehow contradictory empirical evidence and to provide solid foundations for future hypothesis developments. This contribution is also relevant for the regulatory bodies, always watchful of audit market behavior and the evolution of audit prices.

Ofrecer una revisión de la literatura que vincula la especialización industrial del auditor y los honorarios de auditoria, con el objetivo de esclarecer el actual puzzle de resultados y suministrar conclusiones generales que faciliten investigaciones futuras.

Para conseguir este objetivo, aplicamos técnicas de meta-análisis que resumen, cuantifican y evalúan los datos publicados relativos a la asociación entre la especialización industrial del auditor y los honorarios de auditoria.

Resultados – Nuestros meta-resultados son más robustos cuando se identifica a una firma auditora como especializada si en ese sector industrial, o bien su cuota de mercado es superior al 20% o bien es la firma líder tanto en el ámbito de ciudad como nacional. En aquellos estudios desarrollados en EEUU, los resultados son homogéneos sólo en el periodo post-SOX, debido probablemente a que dicha ley generó una mayor demanda de auditores especializados. También encontramos que existe prima por especialización y resultados homogéneos tanto en el segmento de mercado inferior como superior, por lo que concluimos que el poder de negociación de los clientes mayores no compensa totalmente los mayores costes de especialización. Aunque identificamos un sesgo de selección en la publicación, estimamos que el coeficiente de especialización es aproximadamente del 2%.

Nuestras conclusiones son relevantes para aquellos investigadores que necesiten una revisión estructurada y sistemática de los resultados publicados, puesto que ayudan a comprender resultados previos aparentemente contradictorios y facilitan el desarrollo de futuras hipótesis de investigación. Esta contribución también es relevante para los organismos reguladores, siempre pendientes del comportamiento del mercado de auditoría y de los precios de este servicio.

This paper aims to explore the position of women in the communication management sector in Spain from their own experiences. The study examines female communication and leadership styles, emphasising the cost of leadership in which they are leaders or led.

This study used a qualitative methodology based on in-depth interviews with 22 women actively working in top companies and agencies: female communication directors, female employees with a female leader and female employees with a male leader. Data were analysed through thematic analysis.

Results show mixed communication and leadership styles. In addition, the high level of self-demand of female communication managers stands out, making it challenging to achieve a work-life balance and the implementation of successful role models.

Exploring the factors of female leadership remains necessary to understand and make their situation in various industries and positions visible. It also helps remove barriers to leadership, guide organisations in addressing gender discrimination issues and develop mechanisms for the internal promotion of female professionals.

To the best of authors' knowledge, this is the first study exploring the leadership and communication styles of women in the Spanish Public Relations (PR) and communication management industries. It also highlights the aspects influencing the cost of leadership.

The purpose of this paper is to investigate and identify the price sensitivity of consumers of three- and five-star hotels and to determine the impact of bundling strategies on consumers’ price sensitivity.

To calculate price sensitivity, authors apply the van Westendorp’s price sensitivity meter (PSM). To understand the impact of bundling strategies, univariate and bivariate techniques are applied.

PSM results reveal the optimal prices and the range of acceptable prices for three- and five-star hotel. The bundling strategy results reveal that five-star customers are less sensitive to mixed-leader bundling. Regarding mixed-joint bundling, managers could improve sales through bundling strategies if they selected an attractive service (e.g. restaurants).

Findings assist hotel managers to understand the different price sensitivities, according to the hotel typology. Managers can manage prices without the risk of losing market share or revenue. The results help managers in deciding which bundling strategies they can create, as well as the services to be included to achieve highest profitability.

No research to date to the best of the authors’ knowledge has attempted to understand and compare the role of bundling strategies in three- and five-stars hotels. Moreover, no research has attempted to measure and compare customers’ price sensitivity of three- and five-stars hotels.

The purpose of this article is to determine the factors in the context of entrepreneurship that are evident in Ecuador, a country that has the highest rate of female entrepreneurship worldwide with 34% according to the Global Entrepreneurship Monitor (GEM) (2019).

A qualitative study was carried out with 39 cases, applying in-depth personal interviews and focus groups to selected cases in the main cities of Ecuador.

The results suggest that “mumpreneurship”, copreneurship and sustainable thinking arise in response to the environment. Deepening then in the perspective of the 5M proposes by Brush et al. (2009) that give us a framework of the macroenvironment of women entrepreneurship and offers a holistic understanding of women's entrepreneurship, adding a sixth “M” which is “Environmental Thinking” or the environmental thinking that is present in the current context.

This article is one of the first to analyse the context of female entrepreneurship in Ecuador and determine the context factors that influence the identification of opportunities and the exploitation of entrepreneurial opportunities. It also presents the expectations and challenges of the women who shape the authors’ case studies and give voice to Ecuadorian women. Consequently, this research will support the configuration of policies that supports each of the stages of women's entrepreneurial processes.

Este artículo pretende determinar los factores del contexto del emprendimiento que se evidencian en el Ecuador, país que ostenta la tasa más alta de emprendimiento femenino a nivel mundial con un 34% de acuerdo al GEM (2019).

Se realizó un estudio cualitativo con 39 casos, aplicando entrevistas personales a profundidad y grupos focales a casos seleccionados en las principales ciudades del Ecuador.

Los resultados sugieren que el “mumpreneurship”, el copreneurship y el pensamiento sostenible surgen como respuesta al entorno. Profundizando entonces en la perspectiva de las 5Ms propuesta por Brush et al. (2009) que ofrece una comprensión holística del emprendimiento de mujeres, añadiendo una sexta “M” que es el “Medioambiental Thinking” o el pensamiento ambiental que está presente en el contexto estudiado.

Este artículo es uno de los primeros en analizar el contexto del emprendimiento femenino en Ecuador y determinar los factores del contexto que influyen en la identificación y en la explotación de oportunidades emprendedoras. Además presenta las expectativas y retos de las mujeres que configuran nuestros casos de estudio y dan voz a las mujeres ecuatorianas. En consecuencia nuestra investigación servirá de apoyo para la configuración de políticas que apoyen cada una de las etapas del proceso emprendedor de las mujeres.

Governments around the world have shown poor capabilities in responding effectively to the COVID-19 health emergency outbreaks. After the declaration of COVID-19 as an international pandemic by the World Health Organization on January 31, 2020, three countries experienced the greatest initial impact in Europe. Sequentially Italy, Spain and the United Kingdom (UK) were hit by the highest numbers of contagion and death in the first few months in Europe. The aim of this paper is to assess how information channels and sources influenced the public’s evaluation of the three government’s communication response strategies.

An online survey was conducted between March 14 and April 14, 2020, during the first wave of lockdowns and declarations of States of Emergency in the three countries.

Findings show particularities for the different countries, but also similarities in response and reactions of the public in the three scenarios. The response strategy of the UK Government was the most untrusted and criticized by citizens. In contrast, the Italian and Spanish Governments, which both chose to respond with the severest restrictions, attracted more support from citizens, especially in Italy, which was the first to close borders and impose lockdowns for the population.

Despite the national differences in the preference of information channels and sources, overall, an empirical relationship between government communication assessment and media use were found in all the scenarios.

This empirical study has theoretical and practical implications. Theoretically, findings will add evidence of implications of the Channel Complementary Theory to the field of risk, crisis and emergency communication. The results also provide insights for communication practitioners in the public sector on how forms of information and trust in sources influence the public’s assessment of authorities’ communication.

Implications for theory and empirical research about communication during a health pandemic are identified and discussed.

Citizens engage at a high level and synchronize their use of multiple media and platforms in all the three national scenarios.

Stronger criticism is provided by online media, especially social media and online press in the different national contexts.

Results corroborate that factors related to media choice need to be operationalized for risk and crisis communication research.

When public health depends on people understanding the actions they need to take, the possibility of disobedience is highly dependent on trust.

Compared with Spain and the United Kingdom (UK), trust in government institutions in Italy was stronger and could be explained by the higher use of owned media for information-seeking.

It is well established that greater resilience buffers the negative effects of adverse events and conditions, allowing the affected individual to recover adequately. Resilience is a core trait for public relations practitioners, due to the challenging and pressure-laden nature of their work. However, as an individual-level trait, this phenomenon remains underexplored in the communication field. The purpose of this paper is to examine the dimensionality and measurement invariance of the 25-item Connor-Davidson Resilience Scale (Connor and Davidson, 2003), evaluate the level of resilience and identify predictors of resilience among Latin American public relations practitioners.

A population of 898 public relations professionals from 18 Latin American countries working on different hierarchical levels, both in communication departments and agencies across the region were surveyed.

CD-RISC global scorings show direct correlations with age, years of experience, type of organization, hierarchy and social media skills. However, education, salary, gender or working in an excellent, successful and influential communication department were not predictors of resilience. Additionally, results provide supporting evidence that the CD-RISC has good psychometric properties and can be used as a reliable and valid tool to assess resilience among Latin American public relations practitioners.

As in any study using self-report measures, the results may have been influenced by participants’ acquiescence and need for social desirability. Greater participation is needed from some countries to allow for a more comprehensive comparative analysis.

Identifying factors that protect against negative outcomes is important for the development of strengths-based approaches that emphasize resilience. Moreover, in predicting the ability to tolerate stress and its negative effects, this study may help in the selection of personnel who will manage tougher job demands.

Research on the concept of resilience has gained substantial momentum over the past decades and has become a multidisciplinary field of research spanning a variety of theoretical and conceptual positions. However, practitioner resilience has not formally addressed in the public relations research, with the sole exception of the qualitative research conducted by Guo and Anderson in 2018 using a critical incident technique approach. This field provides an intriguing context to study resilience because practitioners are regularly engaged in work that may require the ability to “bounce back” from challenging work.

Although interorganizational relationships are acknowledged as positive for tourism, studies on the subject fail to systematically analyze the joint effects of relationships with different types of organizations. The purpose of this paper is to analyze the influence of the interaction between different types of interorganizational relationships over a hotel firm’s performance.

A structured questionnaire applied to hotel managers was used to assess hotel relationships. Hotel performance was assessed through Trip Advisor information. Structural equations modeling (SEM) was used for data analysis.

Results reveal that only relationships with other hotels had a significant influence on performance. The competition had a negative effect on hotel performance, as well as on horizontal and support organization relationships. Relationships with support organizations presented a significant effect on the formation of relationships between companies (horizontal and vertical) and mediated the negative effect of competition over horizontal relations.

Hotel relationships are idiosyncratic and path-dependent, hence monitoring and copying competitors’ relationships is not advisable. Hotels may improve their productive integration by relating with support organizations. From a destination management perspective, results show that support organizations facilitate interfirm relationships and productive integration within a destination.

The paper systematically analyzes the influence of different interorganizational relationships and competition on hotel performance. Empirical results contradict some aspects of networks and clusters. Some relationships may have positive effects on destinations, but not on hotel firms. Additionally, support organizations play a central role on interfirm relationship formation and maintenance.

集群或网络：组织间关系对巴西酒店绩效的影响Clú

但有关该主题的研究未能系统地分析与不同类型组织之间关系的联合影响。本文的目的是分析不同类型的组织间关系之间的相互作用对酒店公司绩效的影响。

应用于酒店经理的结构化问卷用于评估酒店关系。通过Trip Advisor信息评估了酒店的表现。使用结构方程建模 进行数据分析。

只有与其他酒店的关系才对业绩产生重大影响。竞争对酒店业绩以及横向e支持组织的关系都具有负面影响。与支持组织的关系对公司间关系有显着影响, 对竞争的中介作用对水平关系有负面影响。

本文系统地分析了不同组织间关系和竞争对酒店绩效的影响。实证结果与网络和集群的某些方面相矛盾。某些关系可能对目的地有利, 但对酒店公司却没有相同的影响。此外, 支持组织在公司间关系的形成和维护中起着核心作用。

因此建议不要监视和复制竞争对手的关系。酒店可以改善与支持组织有关的生产整合。从目的地管理的角度来看, 结果表明, 支持组织促进了旅游企业之间的关系以及目的地内的生产整合。

Clústeres o redes: la influencia de las relaciones interorganizacionales en el desempeño de los hoteles brasileños

Si bien las relaciones interorganizacionales se reconocen como positivas para el turismo, las investigaciones sobre el tema no logran analizar sistemáticamente los efectos conjuntos de las relaciones con diferentes tipos de organizaciones. El propósito de este artículo es analizar la influencia de la interacción entre diferentes tipos de relaciones interorganizacionales sobre el desempeño de la empresa hotelera.

se utilizó un cuestionario estructurado aplicado a los gerentes de hoteles para evaluar las relaciones con los hoteles. El desempeño del hotel se evaluó a través de la información de Trip Advisor. Se utilizó el Modelado de Ecuaciones Estructurales (SEM) para el análisis de datos.

los resultados revelan que solo las relaciones con otros hoteles tuvieron una influencia significativa en el rendimiento. La competencia tuvo un efecto negativo en el desempeño del hotel, así como en las relaciones horizontales de las organizaciones de apoyo electrónico. Las relaciones con las organizaciones de apoyo tienen un efecto significativo en las relaciones entre empresas y un efecto de mediación en la competencia, influencia negativa en las relaciones horizontales.

el documento analiza sistemáticamente la influencia de las diferentes relaciones interorganizacionales y la competencia en el desempeño del hotel. Los resultados empíricos contradicen algunos aspectos de redes y clústeres. Algunas relaciones pueden ser positivas para los destinos, pero no tener los mismos efectos para las empresas hoteleras. Además, las organizaciones de apoyo juegan un papel central en la formación y el mantenimiento de relaciones entre empresas.

las relaciones hoteleras son idiosincrásicas y dependen de la ruta, por lo que no es aconsejable monitorear y copiar las relaciones de la competencia. Los hoteles pueden mejorar su integración productiva relacionándose con las organizaciones de apoyo. Desde una perspectiva de gestión de destinos, los resultados muestran que las organizaciones de apoyo facilitan las relaciones entre empresas del turismo y la integración productiva dentro de un destino.

The purpose of this paper is to analyze if the composition and activity of the appointment and remuneration committee have a significant effect in the remunerations of the members of the board of directors.

To achieve the paper's objective the authors proposed four hypotheses in order to analyze the repercussions of independent, institutional and executive directors in the Appointment and Retribution Committee (ARC) and its activity in the directors’ remunerations.

The results put into evidence that the composition (independent, institutional and executive members) of the ARC is not associated with the variation of the directors remuneration mean, while the activity of the ARC influences positively this remuneration mean, contrary to what was expected.

The ARC in Spain is not effective in fixating the directors’ remunerations.

El objetivo de este artículo es analizar si la configuración y actividad de las comisiones de nombramientos y remuneraciones (CNR) tienen un efecto significativo en las remuneraciones de los miembros del consejo de administración.

Para alcanzar el objetivo del artículo hemos planteado cuatro hipótesis con la finalidad de analizar la repercusión de los consejeros independientes, dominicales y ejecutivos de las CNR y la actividad de las mismas en las remuneraciones de los consejeros.

Los resultados ponen de manifiesto que la composición (miembros independientes, dominicales y ejecutivos) de las CNR no se asocian con la variación de las remuneraciones medias de los consejeros, mientras que la actividad de las CNR influye de manera positiva, contrario a lo pronosticado, en las variaciones de las retribuciones medias de los consejeros.

Las CNR en España no son efectivas en la fijación de las retribuciones de los consejeros.

The purpose of this paper is to study the optimization of the geographical location of a network of points of sale, so that each retailer can have access to a potential geographic market. In addition, the authors study the importance of the distance variable in the commercial viability of a point of sale and a network of points of sale, analysing if the best location for each point (local optimum) is always the best location for the whole (global optimum).

Location-allocation models are applied using p-median algorithms and spatial competition maximization to analyse the actual journeys of 64,740 car buyers in 1240 postal codes using a geographic information system (GIS) and geomarketing techniques.

The models show that the pursuit of individual objectives by each concessionaire over the collective provides poorer results for the whole network of points of sale when compared to coordinated competition. The solutions provided by the models considering geographic and marketing criteria permit a reduction in the length of journeys made by the buyers. GIS allows the optimal control of market demand coverage through the collaborative strategies of the supplying retailers, in this case, car dealerships.

The paper contributes to the joint research of geography and marketing from a theoretical and practical point of view. The main contribution is the use of information on actual buyer journeys for the optimal location of a network of points of sale. This research also contributes to the analysis of the correlation between the optimum local and optimum global locations of a commercial network and is a pioneering work in the application of these models to the automotive sector in the territorial area of the study.