Héctor Oscar Nigro and Sandra Elizabeth González Císaro
The purpose of this paper is to identify the aspects of service quality that citizens view as most important regarding the improvement of their quality of life within the city…
Abstract
Purpose
The purpose of this paper is to identify the aspects of service quality that citizens view as most important regarding the improvement of their quality of life within the city where they live, by finding out the intangible variables or factors that most influence citizen satisfaction with the local government. The paper uses a measuring instrument to obtain survey data and build a theoretical and empirical model that operates at the level of the local government.
Design/methodology/approach
It involves a construction of a causal theoretical model that follows a series of steps that connect the empirical context (data) with the same theoretical representation (model from reality). This model attempts to explain the relations between the latent variables included in the structural equation model from background knowledge inspired in the evolution of social sciences.
Findings
The emergent model discriminates three areas pertaining to quality of services, its relationship with the satisfaction of citizens in local government across local leadership image and expectations.
Practical implications
Citizens satisfaction indexes provide not only information about citizen satisfaction and the rate of fidelity and perceived quality but also suggestions about the factors influencing this satisfaction.
Originality/value
This article describes the many and varied possible relationships between the various precedents and consequences that influence the conceptualization of citizen satisfaction with the local government. The paradigm used focuses on perceptions of physical disorder rather than on the hierarchical approach of conceptualizing the perception of service quality.
Details
Keywords
Urbi Garay, Gwendoline Vielma and Edward Villalobos
The purpose of this paper is to present the formulation of the first exhaustive price index for Argentinian (and other Latin American countries) visual artists using 5,069 works…
Abstract
Purpose
The purpose of this paper is to present the formulation of the first exhaustive price index for Argentinian (and other Latin American countries) visual artists using 5,069 works sold in auctions by 71 Argentinian artists during the years 1980-2014.
Design/methodology/approach
The authors estimated a regression of hedonic prices using the ordinary least squares method. When the regression was run and the results were analysed, the authors then estimated the annual price index of Argentinian artists’ work to then compare them with different financial and economic variables.
Findings
The average annual nominal arithmetic rate of return in dollars for Argentinian art during this period was 6.81 per cent, with a 29.11 per cent standard deviation. Argentinian art shows a low correlation with Argentinian and US companies’ shares and a slightly negative correlation with US bonds. This is the reason for artworks to be included in investors’ portfolios despite the relatively high volatility.
Research limitations/implications
Valuating works of art in Argentina can be explained by a series of their attributes. The benefits of art as an investment should be contrasted with factors including illiquidity and high transaction costs that are inherent when investing in works of art.
Practical implications
Argentinian artists’ works have higher prices when, ceteris paribus, they are dated; they are auctioned in either Christie’s, Sotheby’s, Galería Arroyo, Roldan & Cia, Meeting Art, or Naon & Cia; they are oil or acrylic paintings; they are larger in size – although the price increase is decreasing when the size of the painting increases; and when the artist dies before their work is auctioned.
Originality/value
This work presents the first rigorous price index of Argentinian artists’ works. Additionally, and as far as the authors have been able to observe, the time-period in this article is the longest that has been used in studies on art as an investment in emerging markets.
Propósito
Este trabajo presenta la elaboración del primer índice exhaustivo de precios de artistas plásticos de Argentina (y de cualquier otro país de Latino América) a partir de 5.069 ventas de obras de 71 artistas argentinos realizadas en subastas durante el período 1980-2014.
Diseño/metodología/enfoque
Se estimó una regresión de precios hedónica por el Método de Mínimos Cuadrados Ordinarios. Una vez corrida la regresión y analizados sus resultados, se procedió a estimar el índice anual de precios de obras de artistas argentinos, para posteriormente relacionarlos con diversas variables financieras y económicas.
Hallazgos
El rendimiento promedio aritmético nominal anual en dólares del arte argentino durante ese período fue de 6,81% con una desviación estándar de 29,11%. El arte argentino exhibe una baja correlación con las acciones de empresas argentinas y de EEUU y ligeramente negativa con bonos de EEUU, lo cual le confiere atributos para ser incluido en las carteras de los inversionistas, a pesar de la elevada volatilidad.
Limitaciones e implicaciones de la investigación
Se consigue que la valoración de arte en Argentina puede ser explicada por una serie de atributos de las obras de arte. Los beneficios del arte como inversión deben ser evaluados con la iliquidez y los elevados costos de transacción, entre otros costos, inherentes a la inversión en obras de arte.
Implicaciones prácticas
Las obras de artistas argentinos tienen precios más altos cuando, ceteris paribus: están fechadas, se subastan en Christie's, en Sotheby's o en Galería Arroyo, son ejecutadas en óleo o en acrílico, tienen un mayor área, aunque el aumento de precio es decreciente al aumentar el área, y cuando el artista ya había fallecido al momento de celebrase la subasta.
Originalidad/valor
Este trabajo propone el primer índice riguroso de precios de obras de artistas de Argentina. Además, y hasta donde hemos podido comprobar, el período utilizado en este trabajo es el más largo que se haya empleado en estudios del arte como inversión en mercados emergentes.