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The purpose of this paper is to employ a unique data sample to study the relationship between risk and the use of taxable real estate investment trusts (REITs) subsidiary (TRS).

Total volatility is decomposed into systematic risk and idiosyncratic risk in order to examine whether cross-sectional variations in REITs’ risk are related to use of TRS. The relation between REITs risk and REITs liquidity is also explored in this paper by using three liquidity measures: percentage spread, dollar volume and price impact. GMM regressions are used to explore diversification and risk-adjusted returns.

The evidence, using GMM regressions, suggests that: REITs increased in firm risk during the years 2002-2011; REITs with TRS are more liquid than REITs with non-TRS; TRS-REITs’ prices becomes more volatile than the broader market after year 2007 – S & P500 index is used as benchmark; and TRS-REITs’ portfolios requires a larger number of securities to obtain similar levels of diversification as non-TRS portfolio.

TRS-REITs’ portfolio is riskier (systematic risk) than non-TRS-REITs, its assets are the more demanded (liquid) among investor, meaning that when necessary those assets can be easier converted to cash without affecting to much its prices. When S & P500 is used as benchmark the TRS-REITs’ portfolio requires a larger number of securities to obtain similar levels of diversification as non-TRS portfolio.

This paper employs a unique data sample to study the relationship between risk and the use of TRS in the USA. Although the relationship between risk and returns has been largely studied in the finance field, still there is a gap in REIT literature about the relation between REIT return volatility and the use of TRS’s.

The focus of special education around the globe may be to provide specialized instruction to meet unique needs of children to help them achieve their full potential. However, each country around the globe may also have its own unique issues, barriers, legal frames, policies, and practices, as well as a history of its origin and evolution of policies and practices that govern special education in that country. This chapter describes how special education in Spain originated and evolved to its current state. It includes the following chapter sections: origins of special education in Spain; legislative acts; prevalence and incidence of various recognized disability areas; an overview of Spain’s education system including special needs education; current assessment and intervention practices; teacher education practices; family involvement considerations; and future challenges to special education.

This study aims to analyze the mediating effect of the open innovation processes of knowledge acquisition and exploitation as external embeddedness strategy on the relationships between strategic orientation toward digitalization and the three dimensions of the innovation capability: client, marketing and technology.

The research model was tested using a structural equation modeling design based on survey data from a financial and insurance sector multinational enterprise with direct operations in seven emerging countries. This sector is classified as being highly digitalized.

The results show that strategic orientation toward digitalization has an effect on innovation capability, with a greater impact on the client and technology dimensions than on the marketing dimension. However, the relationships with clients and technology are partially mediated by acquisition, while the one with marketing is mediated by exploitation.

This finding widens the current purpose and theoretical sense of external embeddedness as a type of inter-organizational arrangement key for digitalization in the literature, which is focused on the adaptation of digital technology of the head office to the needs of the subsidiaries and the systems of their local allies. By contrast, the study results show that external embeddedness is key for the multinational to be able, from its global way of creating value through digital technologies, not only to improve operating efficiency, but also to meet costumer experience expectations in each host country and innovate in local commercialization strategies, on account of the knowledge transfer between the multinational and the local players on customer preferences and technology uses in local markets.

The purpose of this study is to understand the influence of the transformational, transactional and laissez-faire leadership styles and collaborative integrative behavior of the team with respect to organizational ambidexterity (the combination of exploration and exploitation learning) in university research groups.

From a survey conducted with a sample of 506 researchers, members of 165 research groups, working in an emerging economy, a multiple regression model analysis was performed.

Findings of this study provide evidence that the coordinator's transformational leadership and the collaborative integrative behavior of the team positively influence organizational ambidexterity of research groups. Transactional leadership and laissez-faire style do not show any significant influence.

This study addresses the lack of knowledge regarding organizational learning in research groups to explore and exploit knowledge through research result transfer processes based on the organizational ambidexterity logic in higher education institutions (HEIs) from emerging economies. The study aims to contribute to the literature on leadership styles and ambidexterity in HEIs in emerging economies, particularly in Latin America, where there is still a scarcity of research on the attributes of effective leadership.

This case is appropriate for entrepreneurship courses where the topics are generation of business model, business model innovation and shared value. It can be used at undergraduate and graduate levels.

This case addresses the challenges that Mejor en Bici (in English: Best by Bike), a start-up that promotes mobility by bicycle, had to face from 2010 to 2015 at the level of its business model and generation of shared value. The case narrates the main achievements and obstacles in this path of entrepreneurship and how, through this process, a business model should be designed that allows strategic decisions to be taken to achieve sustained growth. In addition, this case examines how from early stages in entrepreneurship it is possible to generate shared value as a strategic component.

• Identify and present the value proposition of Mejor en Bici to understand where a business model starts.

• Design and evaluate the business model of Mejor en Bici from an innovation perspective.

• Apply the concept of shared value in the generation of a business proposal for Mejor en Bici based on their business model.

Identify and present the value proposition of Mejor en Bici to understand where a business model starts.

Design and evaluate the business model of Mejor en Bici from an innovation perspective.

Apply the concept of shared value in the generation of a business proposal for Mejor en Bici based on their business model.

• Osterwalder, A., & Pigneur, Y. (2010). Business model generation: a handbook for visionaries, game changers and challengers. John Wiley & Sons. Pages: 14-44; 56-108; 244-262.

• Porter, M. E. and Kramer, M. R. (2011). The big idea: Creating shared value. Harvard Business Review, 89, 1-18.

• Amit, R. and Zott, C. (2012). Creating value through business model innovation. MIT Sloan Management Review, 53, 40-59.

Osterwalder, A., & Pigneur, Y. (2010). Business model generation: a handbook for visionaries, game changers and challengers. John Wiley & Sons. Pages: 14-44; 56-108; 244-262.

Porter, M. E. and Kramer, M. R. (2011). The big idea: Creating shared value. Harvard Business Review, 89, 1-18.

Amit, R. and Zott, C. (2012). Creating value through business model innovation. MIT Sloan Management Review, 53, 40-59.

The social implication of this case lies in the motivation and guidance that potential entrepreneurs and students who analyze this case will receive. They can learn from a successful but complex experience how to start a business in a sustainable and responsible way.

CSS 3: Entrepreneurship

This paper aims to analyze the moderating effect of technological turbulence caused by artificial intelligence on the relationship between the traditional knowledge management strategies of personalization (tacit knowledge) and codification (explicit knowledge), and organizational improvisation, which refers to the firm's ability to generate ideas and respond to changes in the technological environment in real time. Until now, individuals have played a key and indispensable role in organizational improvisation since they are the owners of tacit knowledge and users of explicit knowledge.

The research model was tested in a sample of firms from sectors in which the adoption of intelligent robots is growing.

Both personalization and codification have a positive and significant influence on improvisation, the former to a greater extent. Nevertheless, when technological turbulence caused by artificial intelligence occurs, the relationship between personalization and improvisation is weakened, whereas the link between codification and improvisation is strengthened.

Contrary to the pre-digital literature consensus, explicit knowledge is becoming the new major driver of organizational improvisation, while tacit knowledge sharing is losing strength and relevance. This finding may be a first indication that intelligent robots are the new exponents of improvisation for their ability to respond to changes in the environment in real time because of a combination of explicit knowledge, beyond being a mere support tool for humans.

Puerto Rico (PR) is among the US jurisdictions with the lowest passing rates on the Certified Public Accountant (CPA) exam (National Association of State Boards of Accountancy (NASBA), 2016, 2017). No prior studies have addressed this issue. To fill this gap, the authors conducted a survey among candidates to examine the factors perceived as challenges on the exam. The authors also studied the relationship between respondents’ individual, educational, and CPA exam-related characteristics and the likelihood of success on the exam. Results reveal there are three factors perceived by respondents as their main challenges: level of technical difficulty, cost of the exam, and not enough time to study for the exam. Additional analysis indicates that age, major Grade Point Average, weekly study hours, and the time interval between graduation and the first attempt at the exam are significant factors that affect the passing rates on the exam. These findings suggest that a combination of individual, educational, and exam-related factors affect Puerto Rican candidates’ results on the exam. The socioeconomic background of PR may heighten the impact of such factors. Considering that the accounting profession is always adapting to the evolutionary demands of the business environment, these results may contribute to the development of adequate measures in support of Puerto Rican and other minorities with diverse backgrounds.

The study aims to present an agent-based simulation model (ABM) for exploring interorganizational coordination scenarios in local disaster preparedness. This approach includes local actors and logistical processes as agents to compare various strategic coordination mechanisms.

The ABM model, developed in the Latin American context, specifically focuses on a case study of Colombia. Three coordination mechanisms (centralized, decentralized and cluster-type) have been evaluated using three performance indicators: effectiveness, efficiency and flexibility.

Simulation results show that the decentralized scenario outperforms in terms of efficiency and flexibility. On the contrary, the centralized and cluster-type scenarios demonstrate higher effectiveness, achieving a greater percentage of requirements coverage during the disaster preparedness stage. The ABM approach effectively evaluates strategical coordination mechanisms based on the analyzed performance indicators.

This study has limitations due to the application of results to a single real case. In addition, the focus of the study is primarily on a specific type of disaster, specifically hydrometeorological events such as flash floods, torrential rains and landslides. Moreover, the scope of decision-making is restricted to key actors involved in local-level disaster management within a municipality.

The proposed ABM model has the potential as a decision-making tool for policies and local coordination schemes for future disasters. The simulation tool could also explore diverse geographical scenarios and disaster types, demonstrating its versatility and broader applicability for further insights and recommendations.

This paper aims to present the opinions of teaching staff at Spanish universities regarding the relative importance of a number of quality factors, and perceived levels of development of those factors in the context of their work.

The paper takes an empirical approach, with the opinions of teaching staff being collected via questionnaires and by telematic means.

Lecturers surveyed are particularly pessimistic in regard to the conditions in which students enter university, and probably do not share the priorities that education policy authorities and university management bodies proclaim in their discourses and policies.

This research may be supplemented with the use of more qualitative methods and extended to other geographical and cultural contexts.

The opinions of teaching staff comprise useful information for the design of education policies and quality management systems applicable to Spanish universities.

No studies have to date been conducted in Spain to identify the opinions of university teaching staff in regard to determinants of quality. Taken as a whole, the paper enables a diagnostic analysis to be made of university education quality conditions in Spain from the viewpoint of teaching staff.

Since the development of the COVID-19 vaccinations, questions surrounding race have been prominent in the literature on vaccine uptake. Early in the vaccine rollout, public health officials were concerned with the relatively lower rates of uptake among certain racial/ethnic minority groups. We suggest that this may also be patterned by racial/ethnic residential segregation, which previous work has demonstrated to be an important factor for both health and access to health care.

In this study, we examine county-level vaccination rates, racial/ethnic composition, and residential segregation across the U.S. We compile data from several sources, including the American Community Survey (ACS) and Centers for Disease Control (CDC) measured at the county level.

We find that just looking at the associations between racial/ethnic composition and vaccination rates, both percent Black and percent White are significant and negative, meaning that higher percentages of these groups in a county are associated with lower vaccination rates, whereas the opposite is the case for percent Latino. When we factor in segregation, as measured by the index of dissimilarity, the patterns change somewhat. Dissimilarity itself was not significant in the models across all groups, but when interacted with race/ethnic composition, it moderates the association. For both percent Black and percent White, the interaction with the Black-White dissimilarity index is significant and negative, meaning that it deepens the negative association between composition and the vaccination rate.

The analysis is only limited to county-level measures of racial/ethnic composition and vaccination rates, so we are unable to see at the individual-level who is getting vaccinated.

We find that segregation moderates the association between racial/ethnic composition and vaccination rates, suggesting that local race relations in a county helps contextualize the compositional effects of race/ethnicity.