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Alfonso Andrés Rojo Ramírez, MCarmen Martínez-Victoria and María J. Martínez-Romero
The relationship between risk and return has been widely analysed in the scope of listed companies. However the present literature leaves uncovered an important study area with…
Abstract
Purpose
The relationship between risk and return has been widely analysed in the scope of listed companies. However the present literature leaves uncovered an important study area with regards to privately held firms. In order to cover this gap, this study analyses the risk-return trade-off in the context of private enterprises. Furthermore, the authors incorporate the contingent effect of being a family firm on the abovementioned relationship.
Design/methodology/approach
Using information from the SABI (Sistema de Análisis de Balances Ibéricos) database, a sample of 2,297 private manufacturing firms were analysed for the period of 2009–2016. So as to ascertain the proposed hypotheses, dynamic panel data methodology was applied. Specifically, the authors estimated the two-step general method of moments (GMM).
Findings
The obtained findings reveal that, according to prospect theory arguments, privately held firms adopt a conservative attitude toward risk when results are higher than a target level, while becoming risk seeking when results are lower than a target level. Moreover, the fact of being a family firm softens the risk-return relationship both when performance is above the target level and also when firms find themselves in the lowest performing case.
Originality/value
This article is, to the best of the authors' knowledge, one of the first studies dealing with the risk-return relationship in a privately held firm context. Moreover, the inclusion of being a family firm as a contingent factor in the abovementioned link is a complete novelty.
Objetivo
La relación riesgo-rentabilidad ha sido ampliamente analizada en el ámbito de las empresas cotizadas. Sin embargo, la literatura existente deja al descubierto una importante área de estudio en relación con las empresas no cotizadas. Para cubrir esta brecha, el presente estudio analiza el binomio riesgo-rentabilidad en el contexto de empresas privadas. Adicionalmente, incorporamos el efecto contingente de ser una empresa familiar sobre esta relación.
Diseño/metodología/enfoque
Utilizando información de la base de datos SABI (Sistema de Análisis de Balances Ibéricos) se analizó una muestra de 2.297 empresas manufactureras privadas para el período 2009–2016. Para comprobar las hipótesis propuestas se aplicó la metodología de datos de panel, específicamente, utilizamos el Método de los Momentos Generalizado (GMM).
Resultados
Los resultados muestran que, de acuerdo con la Teoría Prospectiva, las empresas no cotizadas presentan una mayor aversión al riesgo cuando su nivel de rentabilidad es superior al valor de referencia establecido, mientras que presentan una mayor propensión al riesgo cuando su rentabilidad es inferior al valor de referencia. Además, el hecho de ser una empresa familiar suaviza la relación riesgo-rentabilidad en ambos escenarios.
Originalidad/valor
Este es uno de los primeros estudios en abordar la relación riesgo-rentabilidad en el contexto de empresas no cotizadas. Además, la inclusión de ser una empresa familiar como factor contingente es completamente novedosa.
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Aimad Koulali, Paweł Ziółkowski, Piotr Radomski, Luciano De Sio, Jacek Zieliński, María Cristina Nevárez Martínez and Dariusz Mikielewicz
In the wake of the COVID-19 pandemics, the demand for innovative and effective methods of bacterial inactivation has become a critical area of research, providing the impetus for…
Abstract
Purpose
In the wake of the COVID-19 pandemics, the demand for innovative and effective methods of bacterial inactivation has become a critical area of research, providing the impetus for this study. The purpose of this research is to analyze the AuNPs-mediated photothermal inactivation of E. coli. Gold nanoparticles irradiated by laser represent a promising technique for combating bacterial infection that combines high-tech and scientific progress. The intermediate aim of the work was to present the calibration of the model with respect to the gold nanorods experiment. The purpose of this work is to study the effect of initial concentration of E. coli bacteria, the design of the chamber and the laser power on heat transfer and inactivation of E. coli bacteria.
Design/methodology/approach
Using the CFD simulation, the work combines three main concepts. 1. The conversion of laser light to heat has been described by a combination of three distinctive approximations: a- Discrete particle integration to take into account every nanoparticle within the system, b- Rayleigh-Drude approximation to determine the scattering and extinction coefficients and c- Lambert–Beer–Bourger law to describe the decrease in laser intensity across the AuNPs. 2. The contribution of the presence of E. coli bacteria to the thermal and fluid-dynamic fields in the microdevice was modeled by single-phase approach by determining the effective thermophysical properties of the water-bacteria mixture. 3. An approach based on a temperature threshold attained at which bacteria will be inactivated, has been used to predict bacterial response to temperature increases.
Findings
The comparison of the thermal fields and temporal temperature changes obtained by the CFD simulation with those obtained experimentally confirms the accuracy of the light-heat conversion model derived from the aforementioned approximations. The results show a linear relationship between maximum temperature and variation in laser power over the range studied, which is in line with previous experimental results. It was also found that the temperature inside the microchamber can exceed 55 °C only when a laser power higher than 0.8 W is used, so bacterial inactivation begins.
Research limitations/implications
The experimental data allows to determinate the concentration of nanoparticles. This parameter is introduced into the mathematical model obtaining the same number of AuNPs. However, this assumption introduces a certain simplification, as in the mathematical model the distribution of nanoparticles is uniform.
Practical implications
This work is directly connected to the use of gold nanoparticles for energy conversion, as well as the field of bacterial inactivation in microfluidic systems such as lab-on-a-chip. Presented mathematical and numerical models can be extended to the entire spectrum of wavelengths with particular use of white light in the inactivation of bacteria.
Originality/value
This work represents a significant advancement in the field, as to the best of the authors’ knowledge, it is the first to employ a single-phase computational fluid dynamics (CFD) approach specifically combined with the thermal inactivation of bacteria. Moreover, this research pioneers the use of a numerical simulation to analyze the temperature threshold of photothermal inactivation of E. coli mediated by gold nanorods (AuNRs). The integration of these methodologies offers a new perspective on optimizing bacterial inactivation techniques, making this study a valuable contribution to both computational modeling and biomedical applications.
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Nicolás Marín Ruiz, María Martínez-Rojas, Carlos Molina Fernández, José Manuel Soto-Hidalgo, Juan Carlos Rubio-Romero and María Amparo Vila Miranda
The construction sector has significantly evolved in recent decades, in parallel with a huge increase in the amount of data generated and exchanged in any construction project…
Abstract
The construction sector has significantly evolved in recent decades, in parallel with a huge increase in the amount of data generated and exchanged in any construction project. These data need to be managed in order to complete a successful project in terms of quality, cost and schedule in the the context of a safe project environment while appropriately organising many construction documents.
However, the origin of these data is very diverse, mainly due to the sector’s characteristics. Moreover, these data are affected by uncertainty, complexity and diversity due to the imprecise nature of the many factors involved in construction projects. As a result, construction project data are associated with large, irregular and scattered datasets.
The objective of this chapter is to introduce an approach based on a fuzzy multi-dimensional model and on line analytical processing (OLAP) operations in order to manage construction data and support the decision-making process based on previous experiences. On one hand, the proposal allows for the integration of data in a common repository which is accessible to users along the whole project’s life cycle. On the other hand, it allows for the establishment of more flexible structures for representing the data of the main tasks in the construction project management domain. The incorporation of this fuzzy framework allows for the management of imprecision in construction data and provides easy and intuitive access to users so that they can make more reliable decisions.
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María Lourdes Arco-Castro, María Victoria López-Pérez, Ana Belén Alonso-Conde and Javier Rojo Suárez
This paper aims to identify the effect of environmental management systems (EMSs), commitment to stakeholders and gender diversity on corporate environmental performance (CEP) and…
Abstract
Purpose
This paper aims to identify the effect of environmental management systems (EMSs), commitment to stakeholders and gender diversity on corporate environmental performance (CEP) and the extent to which an economic crisis moderates these relationships.
Design/methodology/approach
A regression analysis was conducted on a sample of 14,217 observations from 1,933 firms from 26 countries from 2002 to 2010. The estimator used is ordinary least squares with heteroscedastic panel-corrected standard errors (PCSEs), which allows us to obtain consistent results in the presence of heteroscedasticity and autocorrelation.
Findings
The results show that EMSs and stakeholder engagement are mechanisms that drive CEP but lose their effectiveness in times of crisis. However, the presence of women on boards has a positive effect on CEP that is not affected by an economic crisis.
Research limitations/implications
The study has some limitations that could be addressed in the future. We present board gender diversity as a governance mechanism because its role is strongly related to non-financial performance. Future studies could focus on other corporate governance mechanisms, such as the presence of institutional or long-term investors. In addition, other mechanisms could be found that can counteract poor environmental performance in times of crisis. Finally, it might be useful to contrast these results with the crisis generated by the coronavirus pandemic.
Practical implications
The results obtained have important practical implications at the corporate and institutional levels. At the corporate level, they highlight, as essential contributions, that environmental management systems and stakeholder orientation are not effective in times of economic crisis, except for with the presence of women on the board.
Social implications
Following the crisis, the European Commission has promoted gender diversity on boards as a mechanism to improve the governance of entities – improving, among other aspects, sustainability. In this sense, another one of the practical implications of the study is support for the policies that the European Union has implemented over the last two decades.
Originality/value
The paper analyses how a crisis affects the moral and cultural institutional mechanisms that promote CEP. Gender diversity on the board of directors not only promotes environmental performance but also appears to be a governance mechanism that ensures this performance in times of crisis when the other mechanisms lose their effectiveness. The study proposes specific policies that help maintain environmental performance in an economic crisis.
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Juan-José Nájera-Sánchez, Ricardo Martinez-Cañas, María-Ángeles García-Haro and María Pilar Martínez-Ruiz
Given the growing importance of the relationship between customer value co-creation and customer satisfaction, it is essential to assess the implications of this connection from…
Abstract
Purpose
Given the growing importance of the relationship between customer value co-creation and customer satisfaction, it is essential to assess the implications of this connection from both a managerial and an academic perspective. The literature on this link has grown enormously in recent years. However, there lacks an integrative framework to improve its understanding. Based on the use of bibliometric techniques, the purpose of this article is threefold: firstly, to shed light on the relationship's knowledge structure by identifying the main clusters of topics; secondly, to propose an integrative conceptual framework and finally, to identify future avenues of research.
Design/methodology/approach
The authors analyze a database of 133 recent documents dealing with this pairing to address this gap. A bibliometric coupling methodology was used. Additionally, an in-depth analysis of centrality, density and citations for the different clusters identified in the last years was performed. The authors characterize each group in the knowledge map of the relationship.
Findings
This bibliometric analysis identified seven thematic clusters. Three of these, with a more transversal nature, have fostered the growth of this literature. The subsequent clusters used theoretical frameworks present in the first three clusters, adapting them to the specific circumstances analyzed, following different patterns of evolution. The authors present the behavior of the citations in each cluster over recent years, analyzing their intellectual base, trends and development potential.
Originality/value
Derived from their findings, an integrative conceptual framework for explaining the knowledge structure of research in value co-creation and the customer satisfaction literature is proposed. The authors identify main topics by clusters and then detect research gaps and propose new research avenues for the future.
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Maricela Salgado, María Valeria De Castro Martínez, Esperanza Marcos Martínez, Marcos López-Sanz and María Luz Martín-Peña
The purpose of the paper is to present a service design (SD)-based methodology developed to help small and medium enterprises (SMEs) undertake organisational change.
Abstract
Purpose
The purpose of the paper is to present a service design (SD)-based methodology developed to help small and medium enterprises (SMEs) undertake organisational change.
Design/methodology/approach
This research used the design science research methodology, which enabled the creation of the Service Design for Organisational Change (SD4OCh) methodology. A real case study of a small service company specialised in neuropsychological disorders was used for the definition and validation of SD4OCh.
Findings
The main outcome of this study is the SD4OCh methodology, which is based on three key stages: diagnosis (knowing where to begin by detecting the organisation's strengths and weaknesses), innovation (improving the structure/processes and designing/redesigning services by employing a customer-centric approach), and implementation (enabling the definition of the route towards organisational change). There is also a transversal evaluation stage, which quantifies the organisational changes.
Research limitations/implications
This study adds valuable knowledge to the service science research field and contributes to the awareness of the usefulness of SD theory within companies, especially those which are small and medium-sized, since those companies lack the tools and methods required to tackle organisational change, signifying that the challenges the companies confront are different to those of larger companies.
Originality/value
Although this is a SD-based research, the SD4OCh methodology was developed in order to enable companies to make holistic changes, namely, to innovate their services, structure, and processes, thus supporting and guiding organisational change.
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María-Jesús Martínez-Usarralde and and Carmen-María Fernández-García
This chapter presents the development of Comparative Education in the most representative countries for this discipline in Western Europe, taking into account the diachronic…
Abstract
This chapter presents the development of Comparative Education in the most representative countries for this discipline in Western Europe, taking into account the diachronic evolution (since the first texts of Jullien de Paris in 1718 or the written work of Sadler in 1900) and the synchronicity of the discipline from which our patterns of committed intellectual activism have been perceived and have consequently allowed the regulation of its current mapping.
Special reference will be given to some of the classic and renewed dilemmas that have prevailed over the decades as cross-cutting themes of interest for specialists in Comparative Education with issues related to denomination, its purposes of ideographic or nomothetic nature, its sometimes problematic entailment with International Education, the significance of the lending and transferring policies in the current scenarios or the present increasing globalization phenomenon in our educational reality, among others.
The chapter also aims at recognizing the possibilities and, at the same time, the limitations currently faced by “Comparative Educations” in Cowen´s words, through working effectively with the most idiosyncratic signs of identity in the discourse and its most immediate future projection in the coming years.
We focus our article on the reasons that support the importance of the discipline: the global evolution of the current supranational scenarios from a social, economic or cultural perspective; the state of education since the contribution of educational policies or the situation of higher education in the context of the European Higher Education Area (EHEA) that, among other aspects, mark the good stage through which the analyzed discipline is experiencing.
Finally, the ratification of this statement is complemented by the firm consolidation of Comparative Education in the European context, giving reference not only to the articulation of its own associations or societies created but also to the journals emerged from them, with a notable impact on the rest of the world and their special contribution to the dissemination of the purposes of the discipline related to the generation and diffusion of policies and practices from a comparative view.
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The global slack hypothesis is central to the discussion of the trade-offs that monetary policy faces in an increasingly more integrated world. The workhorse New Open Economy…
Abstract
The global slack hypothesis is central to the discussion of the trade-offs that monetary policy faces in an increasingly more integrated world. The workhorse New Open Economy Macro (NOEM) model of Martínez-García and Wynne (2010), which fleshes out this hypothesis, shows how expected future local inflation and global slack affect current local inflation. In this chapter, I propose the use of the orthogonalization method of Aoki (1981) and Fukuda (1993) on the workhorse NOEM model to further decompose local inflation into a global component and an inflation differential component. I find that the log-linearized rational expectations model of Martínez-García and Wynne (2010) can be solved with two separate subsystems to describe each of these two components of inflation.
I estimate the full NOEM model with Bayesian techniques using data for the United States and an aggregate of its 38 largest trading partners from 1980Q1 until 2011Q4. The Bayesian estimation recognizes the parameter uncertainty surrounding the model and calls on the data (inflation and output) to discipline the parameterization. My findings show that the strength of the international spillovers through trade – even in the absence of common shocks – is reflected in the response of global inflation and is incorporated into local inflation dynamics. Furthermore, I find that key features of the economy can have different impacts on global and local inflation – in particular, I show that the parameters that determine the import share and the price-elasticity of trade matter in explaining the inflation differential component but not the global component of inflation.