Health Systems and Health Reform in Europe

The organisation of health care differs widely across Europe. Access to services, financing schemes, incentives for better care, and administrative efficiency are challenges that are being dealt with in a variety of ways. Are insurance-based systems the best solution for balancing resources and services or are national health funds preferable? Does the introduction of competition fulfil high hopes for better service at lower costs? What are the relative advantages and drawbacks of central and local management of health care?     

Efficiency of travel agency franchises: a study in Spain

Efficiency in a firm is important because it ensures that the economy’s scarce resources are not being wasted. It produces something else of value—profits or the continued existence of the organisation. This work contributes to the literature on efficiency in franchising. Specifically, it is focused on the sector of travel agencies which operate in the franchising system in Spain. This fact is an original contribution and is very important because until now there have not been any studies about efficiency in this sector of franchising. The results show that the number of brand names which are efficient is around 50%. This means that many chains are not efficient. This result may be, to a great extent, a result of the dynamics of this sector in recent years. A Tobit model is also used in order to characterise the franchisors’ efficiency. Some important findings are showed.     

An exploratory study of the determinants of switching and loyalty in prepaid cell phone users. An application of concept mapping

This study uses empirical data to identify the reasons that lead customers to discontinue their association with a cell phone company, along with aspects that foster customer loyalty with a view to strengthening business strategy, so that factors valued by customers are reinforced and those that can lead to switching can be avoided. Pricing strategy, network quality, innovation and development of products and services, and customer care are the major determinants of loyalty: while costly rates, problems related to technological capability, a lack of innovative promotions and deficiencies in the quality of customer care are the main reasons for switching.     

Just about money? CEO satisfaction and firm performance in small family firms

This paper examines how family ownership and family ties influence the relative importance of economic and non-economic goals on the CEO’s satisfaction with the firm. Using a sample of small high-tech family and non-family firms, we show that the influence of past firm economic performance on CEO satisfaction is weaker in the case of CEOs leading a family firm. Our results also suggest that this influence becomes weaker as the family firm transitions into subsequent generations. However, contrary to our expectations, we were not able to find a differential effect of firm performance on CEO satisfaction between CEOs who belong to the controlling family and those who do not.     

How Positive and Neo‐Aristotelian Leadership Can Contribute to Ethical Leadership

Virtuous leadership is crucial for advancing leadership ethics. By comparing Positive Leadership and its notion of virtuousness with neo‐Aristotelian leadership based on virtue, this article sheds light on this research field. We expound on the differences and commonalities between the two and present possibilities of how they can enrich each other and further ethical leadership theory. Our findings concern the purported Aristotelian roots of virtuousness, the relative strengths and weaknesses of the positive and the neo‐Aristotelian approaches, and the interplay between technical skills and ethical excellence in leadership. We propose the adoption of practical managerial tools and procedures from Positive Leadership, making them dependent upon the virtues to achieve flourishing within organizations and society at large. © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Do Personal Taxes Destroy Tax Shields? A Critique to Miller’s (1977) Proposal

We discuss the relevance of personal taxes on tax shields. Interest and taxes are the basis for defining an optimal capital structure. When personal taxes are greater than or equal to TS, an optimal capital structure does not exist.

We suggest that the approach proposed by Miller (1977) might understate the effect of personal taxes in the net TS and/or its associated net value. We consider the irrelevance of personal taxes on interest received by debtholders on the value of TS earned by the firm on interest paid. We conclude that Miller’s approach might be wrong and has some inconsistencies.     

Family control and investment–cash flow sensitivity: Empirical evidence from the Euro zone

This paper considers the ownership structure of family firms to determine whether family control alleviates or exacerbates investment–cash flow sensitivity in the Euro zone. We find that family-controlled corporations have lower investment–cash flow sensitivities. Further, our results show that this reduced sensitivity is mainly attributable to family firms with no deviations between cash flow and voting rights and to family firms in which family members hold managerial positions. We also find that second largest shareholders affect family firms' sensitivity and are associated with either monitoring (non-family second blockholders) or collusion (family second blockholders). Overall, family control seems to mitigate investment inefficiencies that derive from capital market imperfections.     

DOES THE ECONOMY MATTER? AN EMPIRICAL ANALYSIS OF THE CAUSAL CHAIN CONNECTING THE ECONOMY AND THE VOTE IN GALICIA

In this paper the causal chain connecting the economy and the vote in 2001 Galician regional elections is analyzed. Our findings demonstrate that economic voting is not just a matter of reactions to economic perceptions. It also depends to a great extent on two intermediate mechanisms: whether or not the incumbent is held responsible for economic outcomes and performance and voters' views of the relative economic management capabilities of opposition parties.     

Country Risk,Regulation, and Liquidity Transformation in Palestine and Neighboring Countries

This study analyzes the impact of economic, financial, and political instability on the liquidity transformation of banks operating in unstable environments. Our main goal is to assess the relationship between overall risk in a country and liquidity transformation. With this goal in mind, we use a sample of five Middle Eastern countries during the period 2005–2010. Our results showed that the high-risk environment has a significant and negative impact on both liquidity transformation and the extension of credit. In addition, we conclude that high capital requirements may reduce further lending, while imposing liquidity requirements seems to be a better strategy for enhancing liquidity transformation.