The effects of macroeconomic stability on foreign trade. An analysis for Spain, 1986–2000

Two main factors underlie the rebirth of interest in the study of the influence of the real exchange rate on trade, the reduction of its volatility and the current trend towards price stability. The objective of this study is to analyse the effects of the process of nominal convergence, required of the European member states for the fulfilment of monetary integration, on foreign trade flows. The case of Spain, which is especially interesting in this context, is studied for the period 1986 to 2000. The results of estimating the aggregate functions of the export and import of goods shows how macroeconomic stability has altered the behaviour of trade with respect to the two basic determinants – income and prices – how it has caused a significant structural change in the real exchange rate and, finally, how it has laid the explanatory bases for transactions in the twenty-first century with the single currency – the euro.     

The case of market and system failures in services innovation

This paper reviews and analyses the rationale for an innovation policy in services. It focuses on the relevance of the various categories of market and system failures, on the basis of economic arguments and some empirical evidence at EU level. Results show that market and system failures affect service innovation, so that there are no economic reasons supporting any discrimination of policy actions against service activities. Moreover, some of the market and system failures may be even more relevant in the field of services than of goods, although differences between categories of services should be also taken into consideration.     

The Formation of a Tourist Destination's Image via Information Sources: the Moderating Effect of Culture

The present study aims to outline the growing importance of culture in the field of tourism. More specifically, it highlights culture as a moderating variable in pre‐visit tourist destination image formation, through the information sources utilized by the tourist in the selection of a holiday destination (that is, travel agencies alone vs. travel agencies together with the Internet). For this purpose primary research used a multicultural sample of 371 tourists from different European countries. The results show that the formation of a destination's pre‐visit image amongst tourists, based on the information sources they use, is moderated by the level of uncertainty‐avoidance of their national cultures. Copyright © 2011 John Wiley & Sons, Ltd.     

Critical issues in health and wellness tourism: an exploratory study of visitors to wellness centres on Gran Canaria

The growing commodification of health care and therapeutic landscape, as well as the recent growth in international demand for wellness services and treatments, has led to the proliferation of destinations and enterprises that have selected health and wellness tourism as part of their corporate strategy, including coastal tourism destinations such as the Spanish island of Gran Canaria. This study discusses the commodification of health care and landscape, the relationship between everyday life and going on holiday, as well as the motives for medical and wellness tourism. Wellness tourism development on Gran Canaria is also analysed as a case study that could prove useful for those working on diversification within coastal tourism. An exploratory study of European visitors to wellness centres on the island is also presented. Major findings and contributions relate to socio-demographic characteristics, motives for the visit to the island, the importance of the wellness offer, tourist and travel behaviour and wellness behaviour both at the destination and at the place of residence. Another contribution refers to differences in the use of wellness centres and treatments among visitors, based on their place of origin, gender, age, marital status and job situation. Management and marketing implications are also suggested.     

The effect of a destination branding strategy for rural tourism on the perceived value of the conservation of the indigenous resources of the rural tourism destination: the case of Spain

The identification of mechanisms that encourage the tourism sector to contribute to sustainable conservation is of great interest. The present work proposes the use of destination branding based on contribution to the conservation of the indigenous resources of the rural tourist destination, and studies the effect this has on perceived value for the tourist visiting the destination. A scale of destination brand identity is validated, along with a scale for destination brand positioning and another for perceived value, as viewed by the tourist, of contribution to sustainable conservation. The perceived value scale offers an overall perspective which includes: functional-affective factors; benefits–sacrifices; the pre-visit stage; and the stay in the rural tourism location. These findings make a new contribution to both literature and to the professional sector.     

An integrative model of the role of knowledge in the internationalization process

Knowledge is considered an essential resource in a company’s internationalization process, both from the sequential point of view and from the perspective of International Entrepreneurship. This paper proposes a model to integrate the influence of knowledge on international behavior based on proposals taken from the literature on organizational learning in multinational companies. The model comprises several phases: prior knowledge; acquisition of new knowledge; integration of both sets of knowledge; action and feedback. Using the proposed model, different courses of action are identified for further research into the process of company internationalization.     

Do the ecoinnovation and ecodesign strategies generate value added in munificent environments?

Within innovation strategies, ecodesign and ecoinnovation are becoming very relevant in recent years as they seek to reduce the environmental impact of both products and production processes by using new technologies and ways of working that contribute to sustainable development and at the same time help to promote the competitiveness of companies. In this framework, the objective of this paper is to analyze the impact that the strategies of environmental innovation in products and processes have on the profitability and the market value of the companies, considering the moderating role that the munificence of the industry has in this relationship. Using the generalized method of moments, the results obtained from a sample of 6,454 international companies during the period 2002–2017 show that although environmental innovation strategies do not entail higher returns, they are well valued by the capital market. This was especially true in environments with greater economic growth and availability of resources, that is, in munificent environments.     

Employees are satisfied with their benefits,but so what? The consequences of benefit satisfaction on employees’ organizational commitment and turnover intentions

Firms are increasing their efforts to offer benefits that satisfy their employees. However, the attitudinal and behavioral consequences of such satisfaction remain unclear. This article draws on the social exchange perspective and organizational support theory to examine the consequences of three dimensions of employees’ benefit satisfaction on organizational commitment and turnover intention, by considering the mediating effect of perceived organizational support (POS). A hypothesized model is developed and tested using partial least squares analysis on a sample of 870 employees working in Spanish firms. The results show that three dimensions of benefit satisfaction contribute to the development of POS, and that POS mediates their effects on organizational commitment. However, only benefit determination and benefit administration satisfaction have an effect on turnover intention, through the mediation of POS and organizational commitment.     

Corporate Social Responsibility as a Strategic Opportunity for Small Firms during Economic Crises

The aim of this study is to analyze if there is a direct causal relationship between small firms’ orientation toward corporate social responsibility and their competitive success, mediated by innovation and performance. A structural equation model has been applied to a sample of 758 small Spanish firms. The results indicate that, in times of economic crisis, socially responsible strategies are a determining factor in firms’ competitiveness. Pragmatic advice for practitioners derives from research results, considering that social responsibility represents an opportunity for small firms in the complex and turbulent time. The findings encourage small firms to manage operations responsibly as a guarantee of market success.     

Risk-taking behaviour and ownership in the banking industry: The Spanish evidence

This paper analyses the determinants of risk-taking in Spanish financial intermediaries, with special emphasis on the ownership structure and size of the different entities. On the one hand, the specific legal configuration of Spanish Savings banks may lead them to differ from Commercial banks in their risk behaviour. In particular, they may invest in riskier projects. Nevertheless, other theories indicate that greater stockholder control in Commercial banks may induce them towards greater risk-taking in certain situations. In this paper we test these hypotheses with a dynamic panel data model (1993–2000) for Spanish Commercial banks and Savings banks. We analyse whether differences in risk behaviour are related to different ownership structures or to other factors such as the size of the entity.