Alternative Models for Describing Spatial Dependence among Dwelling Selling Prices

In this article different spatial statistics techniques to analyze the behavior of used dwelling market prices are compared. We fit two lattice models: simultaneous and conditional autoregressive, a geostatistical model, the so-called universal kriging and finally, a linear mixed-effect model. Different spatial neighborhood structures are considered, as well as different spatial weight matrices and covariance models. The results are illustrated through a real data set of 293 properties from Pamplona, Spain.     

Efficiency and Equity in Natural Resources Pricing: A Proposal for Urban Water Distribution Service

This paper focuses on the design of optimal prices for urban water distribution service. In this context, pricing should be aimed at achieving efficiency, equity, financial aspects, and/or public acceptability and transparency. The proposed tariffs are based on the theoretical frameworks suggested by Ramsey (1927) and Feldstein (1972). As a prior step, estimations of urban water demands and water costs are carried out for the Spanish municipality of Seville. Finally, an empirical comparison, in welfare terms, is conducted between the proposed tariffs and those applicable in the year 2000.     

Are More Innovative Firms Less Vulnerable to New Environmental Regulation?

Compliance with pollution limits and standards requires firms to implement adaptation processes that are not only costly themselves but also affect future profits in as much as they modify production systems and methods. This paper attempts to respond to the question of how technological knowledge moderates the effect that the implementation of a new environmental regulation has on the results of affected firms. The regulation selected for this study is the Integrated Pollution Prevention and Control Act (IPPC). A Multivariate Regression Model (MVRM) has been applied to the regulatory event. The most important implication of this paper is that technological knowledge prepares a firm for adapting to a greater environmental demand such as may be derived from a new regulation. This paper has been developed under the objectives of the CREVALOR Research Group (DGA-Spain). Moreover, it has been financed by the MEC-FEDER Research Project SEJ2005-07341.     

Firm-provided training and temporary contracts

This paper analyses the relationship between workers type of contract and the probability of receiving firm-provided training. In particular, we raise the following question: do workers with temporary contracts face the same probability of receiving training as workers with permanent contracts, once we account for the fact that both types of workers have different probabilities of being employed in a firm providing training? The results from our empirical analysis using data from the Spanish labour market suggest that workers with temporary contracts not only are less likely to be employed in training firms but, once they are in those firms, they also have a lower probability of being chosen to participate in firm-provided training activities.JEL Classification: J23, M53Authors gratefully acknowledge financial support from Universidad de Alcalá under research project La relación entre temporalidad y formación en la empresa: un análisis comparativo entre los países de la Unión Europea (award no. UAH2002/022) and from the Spanish Ministry of Science and Technology under research project Observatorio del mercado de trabajo (SEC2001-0061). We have also benefited from our participation in the research project Estudio sobre la situación actual de la contratación temporal e indefinida en España financed by the Spanish Employment Office (INEM). We are grateful to participants in the XXVII Simposio de Análisis Económico (Salamanca), V Jornadas de Economía Laboral (Reus-Tarragona), and a seminar in the Istituto de Ricerca Sociale (Milano), and to one anonymous referee. The usual disclaimer applies.     

Empirical evaluation of educational interactive systems

Educational software systems are usually highly interactive systems that needs to be evaluated from two different perspectives, first as interactive software, mainly using usability and accessibility approaches, and second as an educational product that needs to be evaluated from its learning impact. The empirical evaluation methods may be quantitative, with a more deductive reasoning, or qualitative, with a more inductive reasoning, oriented, however mixed approaches have been used extensively because they combine the both main methods with a more pragmatic knowledge focusing on knowing the consequences or solving problems. The empirical evaluation of interactive educational software due to its own characteristics requires a mixed approach typically. This special issue is devoted to identify, share and valorise best practices and experiences, with a very solid modelling background, that are focused on the empirical evaluation of educational interactive systems with a special emphasis on mixed quantitative and qualitative approaches.     

Corporate social responsibility and bank risk profile: evidence from Europe

This study analyzes the impact of risk profile on sustainability reporting and its quality in European banks. Financial institutions (FI) play a social role in the financial inclusion process and incorporate environmental considerations into credit risk assessment, making corporate social responsibility (CSR)-related issues vital for risk management systems. FI with lower capital risk, higher liquidity risk, higher profitability in banking, and higher sensitivity to market risk tend to issue CSR reports. The findings suggest that FI with lower profitability in banking disclose higher quality CSR financial services sector (FSS)-specific information, whereas FI not submitting CSR reports for external assurance or having their CSR reports assured by certain auditors issue lower quality CSR/FSS-specific information.     

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.     

Integrated information and the cost of capital

The growing requirements for corporate transparency have encouraged companies to report their performance to shareholders, investors and society in general from the economic, social and environmental points of view. However, many reports involve difficulties at the moment of analysing the information. To help minimize this problem, the integrated report has arisen. This document integrates all the financial, social and environmental information, jointly disclosing the key performance statistics.Previous research has revealed that disclosing financial information gives important economic advantages to companies. This work aims to extend the existing empirical evidence, analysing the effect that the disclosure of integrated information has on the cost of capital. Accordingly, we used a sample of 995 companies in 27 countries and 3294 observations. The period in which the sample was taken was from 2009 to 2013. The results, after applying the panel data methodology, confirmed that a negative relationship exists between the cost of capital and the disclosure of an integrated report. The reduction of the cost of capital as a result of the disclosure of an integrated report is especially relevant to those companies that need to increase their basic funding. They have considerable problems with asymmetric information or they operate in markets with limited protection for investors.     

Coercive,normative and mimetic isomorphism as determinants of the voluntary assurance of sustainability reports

This study offers an opportunity to understand how country- and industry-specific effects may affect the decision to assure sustainability reports by identifying institutional pressures. Based on neo-institutional theory, the aim of this research is to highlight whether assurance derives from the coercive, normative and mimetic forces related to legal and cultural strength and the industry pressure for assurance, respectively. The panel data analysis of an international sample of 696 companies for the period 2007–2014 shows that voluntary assurance acts as a legitimization tool implemented by companies in response to normative, coercive and mimetic pressures; that is, companies operating in countries that have a greater legal system and cultural development, especially in industries that are greatly concerned about sustainability, are more likely to issue an assurance statement. Moreover, through a two-stage logit model, we respond to the question of which is the relevant institutional factor that causes voluntary assurance to be adopted. Specifically, we evidence that the normative factor is the one that exerts the greatest explanatory power in the assurance demand, followed by coercive pressure.