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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This paper analyzes how an infertile body is shaped by social discourses and reproductive technologies. Reproductive governances are articulated in this context by ideas and…
Abstract
This paper analyzes how an infertile body is shaped by social discourses and reproductive technologies. Reproductive governances are articulated in this context by ideas and social values regarding family and motherhood, the binomial of infertility-TRA, legislation and norms and health professionals' practices. In addition, it shows how diverse infertile bodies experience (and withstand) these reproductive governances. Various sources have been consulted, including newspapers, biographical books, bibliographic sources from specialized literature and interviews carried out by the author.
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Esmeralda Crespo-Almendros, M. Belén Prados-Peña, Lucia Porcu and Juan Miguel Alcántara-Pilar
This study seeks to analyze the influence of the consumer's perceived benefits deriving from two different promotional incentives offered via social media on the perceived…
Abstract
Purpose
This study seeks to analyze the influence of the consumer's perceived benefits deriving from two different promotional incentives offered via social media on the perceived quality of the heritage complex.
Design/methodology/approach
A quasi-experimental study was carried out among online users, implementing two different promotional stimuli. Facebook was selected as the social network through which the promotional incentives were offered in the experiment. The sample was obtained via a panel of Internet users provided by Sondea Internet SL.
Findings
The results showed that the benefits perceived by the tourists will depend on the sales promotion type offered. On the one hand, free VIP pass was found to be mostly related to hedonic benefits that positively affect perceived quality. On the other hand, 2 × 1 offer would be perceived as a utilitarian benefit and is likely to exert a fairly negative effect on perceived quality.
Practical implications
Tourism managers and practitioners are encouraged to analyze the characteristics of certain types of sales promotions, as each promotional incentive bears different values and associated benefits. The findings of this study suggest managers and practitioners to implement non-monetary promotions to enhance brand equity and perceived quality. Thus, it is paramount for the managers of cultural institutions and heritage sites to trust in sales promotions which can be very helpful if they are designed carefully.
Originality/value
This study pioneers the analysis of the impact of the benefits associated with different typologies of sales promotions on social networks on the perceived quality of a heritage site.
Objetivo
Este estudio busca analizar la influencia de los beneficios percibidos por el consumidor derivados de dos incentivos promocionales diferentes ofrecidos a través de las redes sociales sobre la calidad percibida del complejo patrimonial.
Metodología
Se realizó un estudio cuasi-experimental entre usuarios en línea, implementando dos estímulos promocionales diferentes. Facebook fue seleccionada como la red social a través de la cual se ofrecieron los incentivos promocionales en el experimento. La muestra se obtuvo a través de un panel de internautas facilitado por Sondea Internet SL.
Recomendaciones
Los resultados mostraron que los beneficios percibidos por los turistas dependerán del tipo de promoción de ventas ofrecida. Por un lado, se descubrió que el pase VIP gratuito se relaciona principalmente con los beneficios hedónicos que afectan positivamente la calidad percibida. Por otro lado, la oferta 2 × 1 se percibiría como un beneficio utilitario y es probable que ejerza un efecto bastante negativo en la calidad percibida.
Originalidad
Este estudio es pionero en el análisis del impacto de los beneficios asociados a diferentes tipologías de promociones de ventas en redes sociales sobre la calidad percibida de un sitio patrimonial.
Implicaciones prácticas
Se alienta a los gerentes y profesionales del turismo a analizar las características de ciertos tipos de promociones de ventas, ya que cada incentivo promocional tiene diferentes valores y beneficios asociados. Los hallazgos de este estudio sugieren que los gerentes y profesionales implementen promociones no monetarias para mejorar el valor de la marca y la calidad percibida. Por tanto, es primordial que los gestores de las instituciones culturales y los sitios patrimoniales confíen en las promociones de venta que pueden resultar muy útiles si se diseñan con cuidado.
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Sarah W. Nelson, Maria G. de la Colina and Michael D. Boone
This paper aims to contribute to the literature on principal preparation by examining the experiences of novice principals and what their experiences mean for principal…
Abstract
Purpose
This paper aims to contribute to the literature on principal preparation by examining the experiences of novice principals and what their experiences mean for principal preparation in the USA.
Design/methodology/approach
The researchers employed qualitative methods to examine the experiences of four novice principals over a two‐year period.
Findings
The findings suggest that the current climate of efficiency and accountability is contributing to the socialization of principals who focus on the technical aspects of administration over the of relational aspects leadership.
Originality/value
This study focuses on the link between preparation programs and the practice of novice principals, an area that has not been fully explored in the literature.
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José María García Garduño, Charles L. Slater and Gema López Gorosave
In 1992, Mexican authorities and Sindicato Nacional de Trabajadores de la Educación, (SNTE, National Education Workers Union) signed an agreement to decentralize the educational…
Abstract
In 1992, Mexican authorities and Sindicato Nacional de Trabajadores de la Educación, (SNTE, National Education Workers Union) signed an agreement to decentralize the educational system called ANMEB (National Agreement on the Modernization of Basic Education), in which the Ministry of Education transferred basic education services to the 32 states of the country. Secretaría de Educación Pública (SEP, the Federal Ministry of Education) still had the power to allocate money and enforce a national curriculum. SNTE, considered the largest and most powerful union in Latin America with 1.5 million affiliates, allowed the reform with the condition of keeping its status as national union.
Julia Rey-Perez and María Eugenia Siguencia Ávila
The purpose of this paper is to present a methodology developed on the basis of the Historic Urban Landscape (HUL) notion applied for the city of Cuenca in Ecuador. The…
Abstract
Purpose
The purpose of this paper is to present a methodology developed on the basis of the Historic Urban Landscape (HUL) notion applied for the city of Cuenca in Ecuador. The identification of cultural values – among all the actors involved in the city – draws up a series of sustainable urban development strategies.
Design/methodology/approach
This methodology is based on the city analysis from the local community and multiple disciplines such as geomorphology, environment, urban planning, historic cartography, architecture, archaeology, anthropology, and economy. Further qualitative data collection methods included 16 workshops with 168 citizens, specific surveys, mapping, and on-site observations. The challenge of this methodology is not only its implementation in the world heritage city of Cuenca in Ecuador, but also the integration of the management of the historic centre within the overall city development plan.
Findings
The application of the HUL concept has allowed the identification of a series of strategies for the urban development where the points of view coming from different stakeholders were gathered. The project reveals the existence of values and attributes, so far overlooked in the actual heritage management system. In addition, a Geographic Information System database has been created with all the information related to Cuenca with the possibility of making it available for the community in the future.
Research limitations/implications
The project has been developed within one year with scarce economic resources: that is the reason why the planned activities took longer than expected.
Social implications
Social participation has played a key role in the development of the project.
Originality/value
This research process in Cuenca has led to its incorporation as a Latin-American pilot city for a programme developed by the World Heritage Institute of Training and Research for the Asia and the Pacific Region.
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Sarah W. Nelson and Charles L. Slater
This introductory chapter provides background information and an organizational structure for the book. The authors begin with a brief history of the research project that…
Abstract
This introductory chapter provides background information and an organizational structure for the book. The authors begin with a brief history of the research project that undergirds the work presented in each chapter. Drawing from the fields of enology and viticulture, the authors introduce the concepts of terroir, millerandage, and appellations as section headings that help to frame brief descriptions of each chapter. The authors conclude with an invitation for the reader to engage with the authors in a discussion about the contents of the book.
This paper aims to highlight how a group of novice principals in Connecticut and New York used relational, dispositional and situational factors to respond to the COVID-19…
Abstract
Purpose
This paper aims to highlight how a group of novice principals in Connecticut and New York used relational, dispositional and situational factors to respond to the COVID-19 pandemic crisis. The study aims to support new principals and educational leaders.
Design/methodology/approach
Using Mutch's (2015) dispositional, relational and situational framework to guide the inquiry, this paper uses qualitative methods and interviewing in particular to explore the questions of interest. Six novice principals were each interviewed over the 2020–2021 school year, each interview lasting approximately forty-five minutes. Data were analyzed thematically using both deductive coding techniques and cross comparative analysis.
Findings
Findings show that novice principals tended to rely on dispositional factors to respond to the crisis. Additionally, novice principals reported limited responses to the situational factors of the crisis due to restricted access and guidance from the district leadership.
Research limitations/implications
Due to the small sample size and methodological approach, it may be inappropriate to generalize the findings across all novice principals in all settings. Further research in additional settings and larger samples are encouraged to support the proposed findings.
Practical implications
This paper has several implications for districts and leadership preparation programs. Among these is the need for leadership preparation programs to adjust their curricula to train new principals properly.
Originality/value
This work fills a gap in the research regarding how new principals respond to a crisis. It also provides insights into practice and possible means to enhance the growing population of new principals entering the educational leadership workforce.