Influence of family-centered goals on dividend policy in family firms: A socioemotional wealth approach

Socioemotional wealth (SEW) preservation is likely to be a key determinant for family firms when shaping their dividend policy. This paper analyzes how family-centered goals reflected by SEW can influence dividend policy in private family firms and explores how family involvement in management, generational stage, and firm hazard might moderate these relationships. Results indicate a negative association between SEW preservation and both the likelihood of giving dividends and the amount of dividend paid. This negative relationship is stronger when the CEO is a family member, in early generational stages and when the firm faces greater performance hazard. The amount of dividend paid is also lower when there are family members in other top management positions apart from the CEO. The evidence provided thus suggests that the existing heterogeneity in dividend policy in privately held family firms is strongly driven by differences in SEW priorities.

     

Notes on marriage markets with weak externalities

We consider marriage markets with externalities. We focus on weak externalities, that is, markets in which each agent is primarily concerned about her partner. We formalize and prove the claim that weak externalities are not so significant in the marriage market: in this case, the ω-core and the α-core coincide and are both nonempty. In addition, we show that, if we allow agents to block matchings without changing their mate, the results do not longer hold.     

Sustainable finance: The role of savings and credit cooperatives in Ecuador

The current world situation leads us to consider that sustainable development needs to be a global priority to ensure the future of the planet and improve the quality of life. There is a need for sustainable finance to support this. Savings and credit cooperatives could help to achieve this impact as they serve the microfinance and microlending market. They facilitate the financial inclusion of the most vulnerable people, most of whom live in rural areas and are members of organizations, such as agricultural cooperatives and associations. Previous studies have focused exclusively on overall profitability, so this paper contributes to extending the literature by analyzing the whole population of savings and credit cooperatives in Ecuador (510 institutions), focusing on their profitability in two ways: the overall profitability necessary for the viability of the business and, in addition, the microcredit portfolio profitability, as a specific measure of its contribution to sustainability and social value creation. Another novelty is that the analysis has been carried out using several machine learning techniques for the wider generalization of the results. These show that size is the most relevant variable for predicting the ROE and that the microcredit portfolio profitability is conditioned by the credit variables.     

A social capital approach of market orientation in public non-profit organizations: The case of blood transfusion centers in Spain

In order to identify the determinants of market (donor) orientation in blood transfusion centers and services (BTCS), this study seeks to analyze whether connectedness and interpersonal trust represent a fundamental basis for interfunctional coordination that leads to market (donor) orientation. An empirical study was carried out with 147 participants from 14 Spanish BTCS. The measurement scales were validated through CFA and the proposed relationship model was tested using SEM. Both interpersonal trust and connectedness that exist among BTCS members foster interfunctional coordination and, ultimately, their donor orientation. Thus, BTCS must emphasize their internal relationship networks, rearranging them in favor of their donor orientation. This paper integrates social capital literature with market orientation literature, and it proposes empirical evidence on the role played by internal social links on interfunctional coordination, which leads to market orientation. This research proposes a reliable and valid measure of blood donor orientation, which could be useful for the future testing of theory and research in the non-profit context. BTCS should adopt an organizational design which allows the introduction of a new managerial paradigm. People in charge of different areas at BTCS must pay particular attention to the climate of trust and the level of connectedness in cross-functional relationships. The negative evolution of blood donation and the results of this research suggest that BTCS need to apply a management model focused on the donor, in order to achieve a sustainable donation system.     

Measuring technical efficiency of Spanish pig farming: Quantile stochastic frontier approach

The pig meat production plays a significant role in the Spanish agrofood system. The assessment of the efficiency performance with which farmers are operating is necessary to define adequate policy and management strategies. In this context, this study aimed to determine the technical efficiency (TE) performance of pig farms and to examine the key factors that may affect the production system in Spain. To do so, the analysis relies on the quantile stochastic frontier model using a sample of Spanish pig farms. Results show a significant difference between production frontier parameters across the selected quantiles, which support the relevance of using the quantile regression approach. The optimal quantile for the stochastic frontier indicates an average TE level of 75%. In addition, empirical findings suggest that pig farmers in Spain give more importance to the adoption of high technology to improve their economic and technical performance as well as their competitiveness at the European pig market.