The role of private versus governmental venture capital in fostering job creation during the crisis

Small Business Economics - We analyze whether young entrepreneurial ventures backed by different types of venture capital firms, i.e., private (PVCs) vs. government-owned (GOVCs), experience higher...     

Growth machines and social movements in mature tourist destinations Costa del Sol-Málaga

Abstract

The purpose of this study is to analyse the new processes of tourism growth and its conflicts from the perspective of social movements. First, the urban growth machine analysis model is applied by the systematisation of six projects. Second, the resistance movements against those projects and whether this resistance could be the start of local tourism degrowth policies are examined. The methodology is qualitative, based on documentary analysis, participatory observation, discussion groups and interviews. The case study is the destination of Costa del Sol-Málaga. The results enable the development of the urban growth machine model in tourist destinations. Meanwhile, social movements demystify the argument based on neoclassical economic progress. The social movements condemn the effects of large-scale top-down projects, and implement alternative bottom-up proposals. Although the social movements do not reject tourism, they call for greater control over its impact, denounce unlimited growth, overtourism and the loss of urban quality of life. These movements advocate a lifestyle linked to the everyday space, which they believe is threatened by excessive urban-tourism growth. They are a symptom of the need to devise a proposal using the principles of degrowth.     

Adjustment Problems in Developing Countries and the U.S.-Central America-Dominican Republic Free Trade Agreement

Abstract

In this study, MERCOSUR's past exports to the EU under the protectionist environment of the period between 1988 and 1996 are examined and an attempt is made to determine MERCOSUR's exports' growth potential in a liberalized EU market. A sectoral study is considered indispensable since tariff and non-tariff trade barriers vary strongly among sectors. The influence of the macroeconomic environment on MERCOSUR's exports is examined in a dynamic panel analysis. A simulation study based on a quite comprehensive evaluation of EU trade barriers is performed for the Argentinean case to evaluate the impact of EU trade liberalization.     

Outsourcing of advanced business services in the Spanish economy: Explanation and estimation of the regional effects

The use of advanced business services has become an essential element for competitiveness in modern economies in which traditional competitive advantages based on prices, lower labour costs or the abundance of natural resources are being replaced by new advantages based on higher quality, greater knowledge or the use of information and communication technologies (ICTs). Within this context certain services (computing, communications, human resources, engineering, consulting or management) are generally outsourced so as to exploit the advantages derived from specialisation and division of labour, as well as those of economies of scope and scale. However, some businesses, sectors or regions appear to have very different patterns of outsourcing advanced producer services. This paper presents an explanation of elements of business outsourcing decisions applied to the Spanish economy, applying discrete response models to the information obtained in a survey elaborated by the authors. The data thus obtained have enabled us to identify differences between the Spanish regions in the tendencies of businesses to use internal or external advanced services.     

Mitigating information asymmetry through sustainability assurance: The role of accountants and levels of assurance

This paper aims to examine the usefulness of sustainability reporting in reducing information asymmetry as result of lower dispersion and higher accuracy in financial analysts’ earnings forecasts. The empirical results from an international sample of listed companies indicate that the disclosure of sustainability information alone is not sufficient in this regard as our findings indicate that information asymmetry is reduced to a greater when such information is assured, supporting the value relevance role of sustainability reporting and assurance. In addition, the empirical findings suggest differences in terms of assurance attributes (provider and level of engagement) and such differences are even more relevant when controlling the institutional context. Assurance is highly appreciated by investors in more stakeholder-oriented countries; however, in more shareholder-oriented environments, assurance affects information asymmetries only when it is provided by accounting professionals who also report a “reasonable” opinion.     

The Level of Sustainability Assurance: The Effects of Brand Reputation and Industry Specialisation of Assurance Providers

This research focuses on examining the relationship between some attributes of assurance providers and the level of sustainability assurance. By using the propensity to issue negative conclusions in the assurance statement as an indicator of the level of assurance, we examine whether the brand name and industry specialisation of the practitioners have an impact on the assurance opinion issued. Using an international sample of 1233 firm-year observations over the period 2007–2014, the findings document the impact of the brand reputation and industry specialisation of assurance providers on the level of assurance. The probability of detecting material errors and omissions in a sustainability report is higher if it is verified by a Big 4 auditing firm and by an industry expert as an assurance practitioner. The greater experience in providing audit services and the relevant skills and training provided by Big 4 firms, as well as the greater knowledge and experience of industry experts, increase the propensity to report more accurate opinions about a sustainability report. The findings are robust for alternative measures for the level of assurance and the industry specialisation.     

Cost-effectiveness of 3-month paliperidone treatment for chronic schizophrenia in Spain

Background: A 3-month long treatment of paliperidone palmitate (PP3M) has been introduced as an option for treating schizophrenia. Its cost-effectiveness in Spain has not been established.

Aims: To compare the costs and effects of PP3M compared with once-monthly paliperidone (PP1M) from the payer perspective in Spain.

Methods: This study used the recently published trial by Savitz et al. as a core model over 1 year. Additional data were derived from the literature. Costs in 2016 Euros were obtained from official lists and utilities from Osborne et al. The authors conducted both cost-utility and cost-effectiveness analyses. For the former, the incremental cost per quality-adjusted life-year (QALY) gained was calculated. For the latter, the outcomes were relapses and hospitalizations avoided. To assure the robustness of the analyses, a series of 1-way and probability sensitivity analyses were conducted.

Results: The expected cost was lower with PP3M (4,780€) compared with PP1M (5,244€). PP3M had the fewest relapses (0.080 vs 0.161), hospitalizations (0.034 v.s 0.065), and emergency room visits (0.045 v.s 0.096) and the most QALYs (0.677 v.s 0.625). In both cost-effectiveness and cost-utility analyses, PP3M dominated PP1M. Sensitivity analyses confirmed base case findings. For the primary analysis (cost-utility), PP3M dominated PP1M in 46.9% of 10,000 simulations and was cost-effective at a threshold of 30,000€/QALY gained.

Conclusions: PP3M dominated PP1M in all analyses and was, therefore, cost-effective for treating chronic relapsing schizophrenia in Spain. For patients who require long-acting therapy, PP3M appears to be a good alternative anti-psychotic treatment.     

Regression analysis on serial dilution data from virus validation robustness studies

To ensure the safety of plasma-derived medicinal products, the Dutch Blood Supply Foundation (Sanquin) performs virus validation experiments. Data from these experiments are based on serial dilution assays. Regression analysis on assay data faces several problems: only a small number of data points are available, data contain censoring and are subject to sampling error. Furthermore, the process variability inherent to the experiments is not evident. In this paper we address these problems by introducing a regression model for serial dilution data and by analyzing how validation experiments and simulation techniques can help elucidate various sources of variability the experiments are subject to. These are then incorporated into the regression model.     

The development of a stakeholder-based scale for measuring corporate social responsibility in the banking industry

Research on corporate social responsibility (CSR) has notably increased in recent years and many scales for measuring CSR image have been developed in academic literature. Due to the contextual character recognized in the implementation of CSR strategies, in this paper a new scale based on stakeholder theory is developed to evaluate customers’ perception regarding the CSR performance of their banking service providers. The proposal of reliable measurement tools for evaluating customers’ perception is especially relevant for companies because of their significant role in influencing the design and implementation of corporate strategies. Results demonstrate the reliability and validity of this new scale in two different samples. In the banking industry, CSR includes corporate responsibilities toward customers, shareholders, employees, society, and all legal and ethical requirements of banking institutions. Nevertheless, different kinds of banking institutions have specific CSR images, which reveal different strategic approaches to CSR.