Search results

Research has demonstrated that family businesses limit the goal of maximizing profits in exchange for maintaining control of the company and passing control to future generations. However, these decisions are not always shared by the stakeholders who are outside the family context, making tensions arise within the company that may affect profitability and the share prices of the family business. The purpose of this paper is to analyse the internal tensions in family businesses in the value-added (VA) distribution, and whether these tensions harm their performance as a result of the restrictions under which these companies operate.

A factor analysis has been used to measure the tension that results from VA distribution of a sample of 105 Spanish listed firms for the 2005-2012 period. A regression analysis has been used to study the impact of this tension on their share prices.

Results show that being a family business has a positive effect on the business tension factor and that returns and share prices are inversely related to tension factors. Thus, the authors conclude that the decision to maintain control over the family business threatens profitability and share prices.

An analysis of distribution of VA in family businesses sheds light on whether or not the management in its decisions preserves its socioemotional wealth (SEW) generating tensions among its economic agents, affecting its profitability and continuity. This knowledge is important for company stakeholders and future investors.

This is the first study in which the value-added statement is used to analyse how the management style of firms, and especially family businesses, are seeking to preserve their SEW and internal tensions generated by them.

Se ha investigado que las empresas familiares limitan el objetivo de maximización del beneficio a cambio de mantener el control de la empresa y de transmitir ese control a futuras generaciones. Sin embargo, no siempre esas decisiones son compartidas por los accionistas que se encuentran fuera del contexto familiar, es entonces cuando surgirán tensiones en el interior de la empresa que podrán afectar a la rentabilidad y a la cotización en bolsa de la empresa familiar. Nuestro objetivo es analizar las tensiones internas que sufren las empresas familiares en la distribución del valor añadido y si estas perjudican sus resultados por las restricciones en las que basan su funcionamiento.

Se ha realizado un análisis factorial para medir la tensión que resulta de la distribución del VA en una muestra de 105 empresas españolas cotizadas durante el periodo 2005-2012. Un análisis de regresión ha sido utilizado para estudiar el impacto de esta tensión sobre los precios de sus acciones.

Los resultados muestran que ser empresa familiar ejerce un efecto positivo en el factor tensión empresarial y que, tanto la rentabilidad, como el precio de las acciones, están inversamente relacionados con los factores de tensión. Por ello concluimos que la decisión de mantener el control en las empresas familiares pone en riesgo la rentabilidad y cotización de las acciones.

Un análisis de la distribución del VA en las empresas familiares arroja luz sobre si la dirección, mediante sus decisiones, preserva o no su riqueza socioemocional generando tensiones entre los agentes económicos, afectando a su rentabilidad y continuidad. Este conocimiento es importante para los grupos de interés de la empresa así como para futuros inversores.

Este es el primer estudio en que el Estado del Valor Añadido es utilizado para analizar el estilo de gestión de las empresas, y especialmente como las empresas familiares tratan de preservar su riqueza socioemocional, y las tensiones internas generadas por ello.

The results of recent macroeconomic studies have consistently reflected economic convergence among the Economic and Monetary Union (EMU) countries. In this paper, we propose to analyse financial measures to discover whether or not the business structures of the EMU countries have grown any closer together. The study is based on a non‐linear principal components analysis in order to achieve a double objective. In the first place, the aim is to find out which factors have been significant for the joint evolution of financial variables over a ten‐year period (1990 to 1999). In the second place, it is to examine the performance of firms in each of the EMU countries in order to assess business convergence between them. The results of the study indicate high levels of convergence in the profitability vs. leverage dimension, while structural differences between countries in the labour productivity vs. sales efficiency dimension have hindered convergence in business practices.

In many parts of the globe, drought is becoming frequent and severe. Drought is related to water and for that reason, this chapter begins by describing the movement of water on planet earth. In a second phase, the drought concept is defined and the different types of drought are identified. At the end, the impacts and the relationship between climate change and drought are described.

The purpose of this paper is to examine the relevance of accounting variables to explain the evolution of a company's share price; and more specifically, we analyse the influence of cash flow and book value on the evolution of the share price, taking into account certain covariates which have traditionally been regarded as helping explain this effect.

A hierarchical Bayesian model is used to analyse the relevance of the accounting figures considered by the markets.

The empirical results obtained show that the firm size and the speed of asset turnover are a company's most relevant features, which is indirectly consistent with the theory of company life cycles.

The empirical results obtained are of value to support the validity of company life cycle theory.

It is common to identify democracy with a form of organization of national states and to study democratization primarily at the national level. But in the early twenty-first century, questions are being raised about a variety of geographic scales, from transnational and global processes to sites much smaller than national states. We describe here a program of research into the relationship of local struggles for democracy and national processes in Spain over an extended period of time. Apart from its well-known democratic transition beginning in the mid-1970s Spain has not garnered much attention from students of democratization and within Spain rural Andalusia has not seemed in the forefront of democratization at any time. We are assembling data on local social movements and local political life for two contrasting small Andalusian towns and their surrounding countryside. Preliminary results suggest that these apparently unlikely places have been sites of significant movements for democracy and that there is much to learn about the history of democracy generally from the study of such sites. We describe here the kinds of data we have been assembling and present a few preliminary results.

Historically, Panama has always been “a place of transit.” While technically the isthmus formed part of Colombia in the nineteenth century, it was linked geopolitically to the United States soon after the California gold rush, beginning in the late 1840s. The first attempt at building a canal ended in failure in 1893 when disease and poor management forced Ferdinand de Lesseps to abandon the project. The U.S. undertaking to build the canal could only begin after Panama declared itself free and broke away from Colombia in 1903, with the support of the United States.

The objective of this chapter is to identify the key characteristics of Global Services businesses that will thrive and achieve success in the future. These factors are integrated into three main pillars, which we refer to as the Triple-Win. The first and most obvious pillar is technology as a tool. The second pillar is the design and sustainability of the business model, without which the previous factor would be merely a cost and not an investment. And last but not the least, there is the purpose which gives meaning to the proposal, focusing on the human being and their environment. The DIDPAGA business model sits at the intersection of these three elements.