Family firm heterogeneity and tax aggressiveness: A quasi-experimental analysis of the impact of different family generations

This paper analyses tax aggressiveness in family firm generations. Moreover, taking into account the heterogeneity in family firms, we check whether the successive generations in control show different tax avoidance behaviour. The empirical evidence, based on the quasi-experiment of the 2012 Spanish thin capitalization rule, reveals that there is a positive relationship between tax aggressiveness and successive generations. Moreover, the founder and second generations follow a similar conservative tax avoidance approach, whereas the third and fourth generations are found to be more tax aggressive

Family governance systems: the complementary role of constitutions and councils

The understanding of family businesses from the family side is still in its infancy. This is especially true in relation to how family members manage their relationships with one another and with the firm. Family growth and evolution are usually accompanied by a reduction in shared family meaning and purpose and greater divergence in the form of factional interests and intentions that harm the family and the firm. To counterbalance this negative impact, scholars generally advocate a set of corporate governance practices. However, few papers have analysed how family regulatory frameworks and family governance institutions affect family firm performance. To the best of our knowledge, no paper has analysed the complementary role of family rules and family governance institutions or their relationship with business performance. To fill this gap, we examine how family rules and family governance institutions affect firm performance. Drawing upon the concept of fit from organisation design, this paper shows the complementary role of family rules and family institutions, as well as the need for fit with family complexity. Analysis of a sample of family businesses shows that when family governance fits with family complexity, the relationship with firm performance is positive; any misfit leads to negative consequences

¿Influye la gestión de los empleados en su decisión de seguir utilizando el teletrabajo después de la pandemia?

[ENG] This paper analyses the intention of Spanish companies to continue using telework after the end of the COVID-19 pandemic. With this aim, we consider the influence that the management of several variables related to one of the key stakeholders, employees, has on this intention. This line of study is of great interest, given the implications not only for the management of companies, but also for key aspects such as the goals of the 2030 Agenda for Sustainable Development. To this end, we start with a review of the relevant literatura on this topic, which allows us to raise various research hypotheses. This is followed by an analysis of a sample of 1,879 Spanish SMEs though a binary logistic regression model, which shows the positive influence of managers’ university education and companies’ orientation towards innovation on the use of telework after the pandemic. [SPA] Este trabajo analiza la intención de las empresas españolas de seguir utilizando el teletrabajo tras el fin de la pandemia del COVID-19. Con este objetivo, consideramos la influencia que tiene en esta intención la gestión de diversas variables relacionadas con uno de los principales grupos de interés, los empleados. Esta línea de estudio es de gran interés dada las implicaciones no solo para la gestión de las empresas, sino también para aspectos clave como los objetivos de la Agenda 2030 para el Desarrollo Sostenible. Para ello, partimos de una revisión de la literatura relevante sobre este tema, lo que nos permite plantear diversas hipótesis de investigación. A continuación, se analiza una muestra de 1.879 pymes españolas mediante un modelo de regresión logística binaria, que muestra la influencia positiva de la formación universitaria de los directivos y la orientación a la innovación de las empresas en el uso del teletrabajo tras la pandemiaThis research was supported by the Universidad Internacional de La Rioja - UNIR (Funder Identifier: http://dx.doi.org/10.13039/100017407) through the Observatorio Competitividad Pequeña y Mediana Empresa UNIR-FAEDPYME programme (Proyecto B0036)

Is ESG relevant to electricity companies during pandemics? A case study on European firms during COVID-19

The electricity sector was negatively impacted by the coronavirus disease (COVID-19), with considerable declines in consumption in the initial phase. Investors were in turmoil, and stock prices for these companies plummeted. The aim of this paper is to demonstrate the significant negative influence of the pandemic on abnormal returns for the electricity sector, specifically for traditional and renewable companies and the influence of ESG scores, using the event study approach and multi-variate regressions. Our results show that the pandemic indeed had a negative impact on the electricity sector, with renewable electricity companies suffering a sharper decline than traditional ones. Moreover, we find that ESG pillar scores affected electricity companies differently and are sector-specific. For renewable electricity companies, the returns were positively influenced by the environmental ESG scores and negatively by governance ESG scores.Objectius de Desenvolupament Sostenible::7 - Energia Assequible i No ContaminantPostprint (published version

Sustainability and Competitiveness in the Tourism Industry and Tourist Destinations: A Bibliometric Study

This article presents an analysis of the state of the art on the relationship between tourism, sustainability and competitiveness (TSC); moreover, the analysis also includes a focus on tourism destination (TSCD). To that end, information on the publications in these fields from recent years was sourced from the Web of Science database. In addition, the VOSviewer software program was used to enable a more in-depth bibliometric study, allowing the results to be clustered by authors, institutions, countries, and journals. The study carried out revealed that 808 articles have been published on aspects relating to TCS and 409 regarding TSCD. The results obtained underscore the greater scientific output on aspects related to sustainability than on aspects related to competitiveness and also that there has been a significant and exponential increase in both cases in recent years. These three fields of study (tourism, sustainability and competitiveness) are rarely combined in the literature, highlighting the lack of a comprehensive overview of this trinity. The evidence reported here suggest that the trend identified represents a future line of work for the coming year

Information Disclosure and Sustainable Competitive Advantage: Evidence from the Spanish Tourism Industry

Of all the resources and capabilities that have a well-established impact on decision-making, information stands out. With the advent of the digital economy, organizations have been making significant information and communication technology (ICT) investments, but the empirical evidence of the impact of these investments on business outcomes has been inconsistent. This article studies the conditions that disclosed information resources and ICT must fulfil in order to become a source of sustainable competitive advantage in tourism organizations. The results point to the need to identify distinct financial and non-financial information dimensions, distinguished according to their direct potential for creating and maintaining competitive advantages through the improvement in relations with various stakeholders

Costs of debt, tax benefits and a new measure of non-debt tax shields: examining debt conservatism in Spanish listed firms

In spite of the fact that there is empirical evidence that debt tax benefits add to firm value, additional research is needed to explain the apparently conservative debt policy of many firms. This study examines whether the costs of debt and non-debt tax related issues might shed some light on the apparent “conservative leverage puzzle” for Spanish listed firms throughout the period 2007–2013. Specifically, we compare the costs of financial distress with the potential tax benefits of debt. In addition, we test whether debt conservativeness, measured by the kink, is explained by different costs of debt and non-debt tax shields. Our findings suggest that the most conservative Spanish listed firms may not be acting sub-optimally with respect to the tax advantage of debt financing. Furthermore, the results obtained are consistent with the belief that debt costs might offset the tax benefits stemming from debt financing, and debt and non-debt tax shields could act as substitutes.A pesar de que existe evidencia empírica de que las ventajas fiscales de la deuda se suman al valour de la empresa, es necesaria más investigación para explicar la política de deuda aparentemente conservadora de muchas empresas. Este estudio analiza si las cuestiones fiscales de la deuda y aquellas no relacionadas con la deuda podrían arrojar algo de luz sobre el aparente «rompecabezas de fuerza conservadora» de las empresas cotizadas españolas durante el período 2007-2013. Específicamente se comparan los costes de dificultades financieras con las ventajas fiscales de la deuda. Además, probamos si el conservadurismo de la deuda, medido por el colapso, se explica por los diferentes costes de los escudos fiscales relacionados con la deuda o alternativos a esta. Nuestros resultados sugieren que las empresas cotizadas españolas más conservadoras quizá no estén actuando de manera subóptima respecto a la ventaja fiscal de la financiación de la deuda. Además, los resultados obtenidos son coherentes con la creencia de que los costes de la deuda podrían contrarrestar las ventajas fiscales derivadas de la financiación de la deuda, y los escudos fiscales relacionados con la deuda y alternativos a la deuda podrían actuar como sustitutos

The Quadruple Sustainability: Economic, Social, Environmental, and Family

This chapter analyzes the relationship between ownership structure and sustainability performance adopting the socioemotional wealth approach. This work extends previous literature on the topic by considering the three dimensions of sustainability performance: economic, social, and environmental. Analysis with the matching technique revealed that being a family firm has a positive effect on economic profitability, growth sales, employees training and commitment, investment in R&D, environmental commitment, and cooperation agreements with external partners. The authors use a sample of Spanish firms operating in the tourism industry

Family Ownership and Directors’ Attributes as Determinants of Innovation in SMES During the Covid-19 Pandemic

This research shows specific determinants of innovation in SMEs in La Rioja (Spain) during the COVID-19 pandemic. Our results demonstrate that gender and university studies tend to have a positive influence on SMEs’ innovation. Female managers and managers with university studies have a positive relationship with innovation. Additionally, family SMEs tend to be less innovative than non-family SMEs. Finally, female managers with a university degree show less innovative activity. We provide clarity on sometimes contradictory findings in the related literature. Finally, we highlight the importance of developing appropriate policies to improve resilience through innovation process in SMEs.Esta investigación muestra los determinantes específicos de la innovación en las PYME de La Rioja (España) durante la pandemia de COVID-19. Nuestros resultados demuestran que el género y los estudios universitarios tienden a influir positivamente en la innovación de las PYMEs. Las mujeres directivas y los directivos con estudios universitarios tienen una relación positiva con la innovación. Además, las PYME familiares tienden a ser menos innovadoras que las no familiares. Por último, las mujeres directivas con estudios universitarios muestran una menor actividad innovadora. Aportamos claridad sobre conclusiones a veces contradictorias en la literatura relacionada. Por último, destacamos la importancia de desarrollar políticas adecuadas para mejorar la capacidad de recuperación a través del proceso de innovación en las PYME

Geochemical significance of the lipid assemblages from the Laguna de las Madres (Huelva, Spain) peat deposit

7 páginas, 3 figuras, 1 tabla, 32 referencias.-- Comunicación presentada al citado congreso internacional, celebrado del 15-18 de julio 2002, en Alcalá de Henares, Madrid, España.-- [email protected] distributions of Iipid compounds along a sediment core from Laguna de las Madres (Huelva, Southern Spain) peat bog was analysed by gas chromatography-mass spectrometry (GC-MS). Two peat sections taken at different depths were studied in order to get information on the structure of the trophic system and the diagenetic processes of organic matter (OM) in this depositional environment. No qualitative f1uctuations downcore were observed in the patterns of the numerous alkyl series {n-alkanes, n-fatty acids. n-alkanols and n-alkan-2-ones} identified. Longchain alkylcompounds (>C24) typical of epicuticular waxes from herbaceous plants, predominate in these series. The presence of short-chain n-alkanes, bacterial fatty acids (Cl4' C15 , iso- and unsaturated acids), des-A-triterpenoid hydrocarbons, hopanoids and sorne steroid ketones indicate that intense microbial reworking of the OM took place for the whole range of the geochemical record analysed in this study. Diterpenoid and triterpenoid hydrocarbons with C-backbones assigned to higher plant sources were also present, as well as hopanoids of bacterial origino Steroid ketones and alkanols are dominated by C29 homologues similar, comparable to those derived from Sphagnum species and vascular plants. In general, the distributions of the different biomarker families were not distind enough to be considered as diagnostic tracers of any particular input, and therefore no c1ear chemotaxonomic descriptors of the biodiversity changes on the palaeoecosystem along the period of the peat deposit formation could be made.Peer reviewe