SPANISH COMPANY FOREIGN MARKET ENTRY

The aim of this paper is to analyse the determinants of diversification mode (acquisition versus greenfield) through foreign direct investment considering various theories, such as those of mergers and acquisitions, transaction costs, the learning organisation, the institutional context of the company and the cultural environment of the host country, and to analyse the determinants of entry mode combining diversification mode with ownership structure decision (greenfield wholly-owned subsidiaries, greenfield joint ventures, full acquisition and partial acquisition) and proposing various research hypotheses. The methodology used estimates various binomial and multinomial logit models, over a sample of 141 Spanish manufacturing companies between 1998 and 2000, finding that entry mode into a foreign country through direct investment is mainly explained by related diversification, international and local experience, advertising intensity, cultural distance, company size and ownership structure. El propósito de este trabajo consiste en analizar, por un lado, los determinantesdel modo de diversificación (adquisición versus desarrollo interno) de la inversióndirecta en el exterior considerando diversas aproximaciones teóricas, como las defusiones y adquisiciones, costes de transacción, del aprendizaje organizativo, así comodel contexto institucional de la empresa y del entorno cultural del país receptor. Por otrolado, se examinan los determinantes de la inversión directa exterior combinando elmodo de diversificación con la estructura de la propiedad empresarial (adquisición total,adquisición parcial, filial de plena propiedad y filial de propiedad compartida)proponiendo diversas hipótesis de investigación. La metodología aplicada estimadiversos modelos logit, binomial y multinomial, sobre 141 empresas españolasmanufactureras entre 1998 y 2000, detectando que el modo de entrada medianteinversión directa exterior viene explicada por la diversificación relacionada, laexperiencia internacional y local de la empresa, la intensidad publicitaria, la distanciacultural, así como por el tamaño y estructura de la propiedad de la empresa.marketing internacional, modo de entrada, inversión directa en el exterior, joint-venture, adquisición. international marketing, entry mode, foreign direct investment, jointventure, acquisition

Online Social Networks and Parliamentary Elections. An International Comparison

More and more researchers focus on the role of social networks in election campaigns. This article represents a case study of the parliamentary elections from 2015 in Spain and 2016 in Romania, with the aim of comparing the two online political campaigns. We describe how both parties in Romania and Spain used Facebook during the last parliamentary elections, in order to see how the political parties communicate and the online reactions generated by their messages. With the help of content and statistical analysis we take a closer look the messages published in the Facebook profiles of candidates and political parties during the general elections. The results indicate that, during parliamentary elections, unlike the presidential ones, the voters' attention is not directed to a candidate, but to a group of candidates. As a result, the communication strategy is different, focusing on increasing the notoriety of the candidates. The low interest in parties and parliamentary elections leads to using social networks mainly for disseminating information about the candidates and less as tool for mobilizing voter

Who performs a stronger response to whom? Detecting individual competitive actions and reactions

This study analyzes the degree of competition through individual actions and reactions. Empirical support for this analysis has derived mainly from structural econometric models describing the nature of competition. This analysis extends the existing literature by empirically considering a direct measurement of competition through the analysis of the competitive actions and responses, and describing how firms compete within and between strategic groups. We estimate the firms’ conduct in the Spanish deposits market with 146 firms and 18,888 observations. This is a specially compelling context for the banking industry, in which a deregulation process gives rise to the adoption of aggressive strategies seeking to increase the market shares of deposit accounts; thus, producing a turbulent situation of increasing rivalry. Our results offer a deeper understanding of the firms’ competitive behavior, since we identify different patterns of actions and reactions depending upon the strategic group the firm belongs to

RanBP2-Mediated SUMOylation Promotes Human DNA Polymerase Lambda Nuclear Localization and DNA Repair

Cellular DNA is under constant attack by a wide variety of agents, both endogenous and exogenous. To counteract DNA damage, human cells have a large collection of DNA repair factors. Among them, DNA polymerase lambda (Polλ) stands out for its versatility, as it participates in different DNA repair and damage tolerance pathways in which gap-filling DNA synthesis is required. In this work we show that human Polλ is conjugated with Small Ubiquitin-like MOdifier (SUMO) proteins both in vitro and in vivo, with Lys27 being the main target of this covalent modification. Polλ SUMOylation takes place in the nuclear pore complex and is mediated by the E3 ligase RanBP2. This post-translational modification promotes Polλ entry into the nucleus, which is required for its recruitment to DNA lesions and stimulated by DNA damage induction. Our work represents an advance in the knowledge of molecular pathways that regulate cellular localization of human Polλ, which are essential to be able to perform its functions during repair of nuclear DNA, and that might constitute an important point for the modulation of its activity in human cells

Identifying dynamics in strategic groups

Purpose – The purpose of this paper is to characterize the situation in the Spanish banking industry through the identification of strategic groups based on a set of variables. Design/methodology/approach – To do so, the authors use a 13-year data set and a time inhomogeneous hidden Markov model (HMM) in which the time variable transition matrix captures institutions’ group switching behavior to identify these strategic groups. In fact, the authors consider a mixture model is the data generation process. Findings – Two groups are identified. These groups are primarily characterized by size and other strategic variables. The probability of remaining in a group is generally high: 87.28 per cent for SG1 and 61.84 per cent for SG2. The probability of switching groups is low: 12.72 per cent probability of switching from SG1 to SG2 and 38.16 per cent probability of switching from SG2 to SG1. Banks in SG1 seem more stable over time; they have low levels of switching behavior and well-defined long-term behavior. Banks in SG2 seem to evolve in terms of group membership. Originality/value – Using an inhomogeneous HMM with time-variable transition matrix, this paper allows for time-varying parameters in the distributions to analyze the evolution of strategic group membership in this industry to detect changes in group strategy, changes in membership and the stability of groups over time

Banking with purpose: the impact of CSR-S on customer behavior during the COVID-19

Purpose – This article examines the impact of banks’ corporate social responsibility communication through social media (CSR-S), electronic word of mouth (eWOM), and brand reputation on consumer behavior during the COVID-19 crisis, with a focus on purchase intention. Design/methodology/approach – The study employed a quantitative approach to analyze data from a survey of 621 Egyptian bank customers who followed the banks’ social media pages and interacted with CSR-S initiatives. A genetic algorithm selected the most relevant variables affecting purchase intention. A Bayesian regression model was used to analyze the impact of CSR-S communication, eWOM, and brand reputation on purchase intention. Findings – CSR-S initiatives, eWOM, and brand reputation were found to influence customer purchase intention. CSR-S initiatives can boost purchase intention by encouraging brand reputation and initiative sharing with friends and other customers. However, CSR-S negatively moderates the positive impact of eWOM and brand reputation on the predisposition to contract products and services with the bank. Originality/value – This study addresses critical research gaps in CSR literature. Firstly, it examines the impact of CSR-S actions on customer behavior, a perspective less explored in previous research. Secondly, it investigates the intricate relationships between CSR-S, eWOM, brand reputation, and purchase intention, shedding light on their interplay, particularly during the COVID-19 pandemic. Additionally, this research extends CSR-S investigations to the competitive banking industry and focuses on a developing country context, enhancing the applicability of findings for Egyptian banks. Lastly, the study employs advanced methodologies to improve the accuracy of results.This work was partially supported by grant project PID2022-141694NB-I00, funded by MCIN/AEI/10.13039/501100011033/ERDF, EU

Online Social Networks and Parliamentary Elections. An International Comparison

More and more researchers focus on the role of social networks in election campaigns. This article represents a case study of the parliamentary elections from 2015 in Spain and 2016 in Romania, with the aim of comparing the two online political campaigns. We describe how both parties in Romania and Spain used Facebook during the last parliamentary elections, in order to see how the political parties communicate and the online reactions generated by their messages. With the help of content and statistical analysis we take a closer look the messages published in the Facebook profiles of candidates and political parties during the general elections. The results indicate that, during parliamentary elections, unlike the presidential ones, the voters' attention is not directed to a candidate, but to a group of candidates. As a result, the communication strategy is different, focusing on increasing the notoriety of the candidates. The low interest in parties and parliamentary elections leads to using social networks mainly for disseminating information about the candidates and less as tool for mobilizing voters

RIVALIDAD EN EL MERCADO ESPAÑOL DE DEPÓSITOS BANCARIOS: LA TEORÍA DE LOS GRUPOS ESTRATÉGICOS

The objective of this study is to examine the rivalry within and between strategic groups in a given industry. Current literature on the topic suggests that the empirical evidence presented, so far, might well be biased by systematic errors in the measuring of rivalry. As a novelty, the method we propose uses two different approaches to measuring rivalry: an indirect method, which one estimates conjectural variations, and another more direct method, based on the news releases published about the strategic actions and reactions of the firms. The empirical application carried out on bank deposits of the Spanish market does not afford to conclude that exists stronger rivalry within than between strategic groups nor vice versa; but the study of the groups does allow us to detect the way in which a given firm competes with the others. El objetivo de este trabajo consiste en examinar la rivalidad intra y entre grupos estratégicos de una industria. La literatura sobre la materia sugiere que las evidencias empíricas detectadas pueden verse afectadas por problemas operativos relacionados con la medición de la rivalidad. Como novedad, la metodología aplicada propone la utilización de dos enfoques de medición de la rivalidad, uno indirecto mediante la estimación de la variación conjetural, y una evaluación directa a través de las noticias sobre acciones y reacciones estratégicas detectadas en las publicaciones. La aplicación empírica realizada en el mercado español de depósitos bancarios no permite asegurar nada acerca de la mayor o menor rivalidad intra que entre grupos; pero los grupos estratégicos permiten predecir la forma en que cada entidad compite con las demás.Rivalidad, grupos estratégicos, variación conjetural, dinámica competitiva. Rivalry, strategic groups, conjectural variation, competitive dynamics.

IMPACTO DE LA ESTRATEGIA DE DIVERSIFICACION EN LA EXPANSION A MERCADOS EXTERIORES SOBRE LOS RESULTADOS

The aim of this study is to examine the determining factors of a firm's performance, as a direct consequence of its diversification strategy in its expansion into foreign markets, considering certain factors like the market, the product and the company itself. As a novelty, the methodology employed uses the event-study to estimate the excess of returns generated by its shares on the Stock Market, based on a sample of 35 expansion announcements into external markets corresponding to 11 diversifying companies. A regression analysis is also carried out to examine the impact of these factors, market, product and company, on the excesses in returns observed. The empirical application carriedout in Spain, has allowed us to detect that, on average, the impact of the news about a company' expansion on the returns of its shares is positive, its determining factors being the speciality of the product offered and the level of development in the target country. El propósito de este trabajo consiste en examinar los determinantes de los resultados empresariales, derivados de la estrategia de diversificación en la expansión a mercados exteriores, en términos de los factores del mercado, del producto y de la empresa. Como novedad, la metodología aplicada utiliza el estudio del suceso ("event-study") para estimar los excesos de rentabilidad de las acciones generados en la Bolsa por una muestra de 35 noticias de expansión a mercados exteriores correspondientes a 11 empresas españolas diversificadas; así como el análisis de regresión para examinar el impacto de los factores del mercado, del producto y de la empresa sobre dichos excesos de rentabilidad. La aplicación empírica realizada en nuestro país permite detectar que, en promedio, el impacto de dichas noticias sobre la rentabilidad de las acciones es positivo, siendo sus determinantes la especialización del producto y el grado de desarrollo del país de destino.Estrategias de expansión exterior, diversificación, event-study, resultados. External expansion strategies, Diversification, Event-study, Performance.

Regulation of human Polλ by ATM-mediated phosphorylation during Non-Homologous End Joining

DNA double strand breaks (DSBs) trigger a variety of cellular signaling processes, collectively termed the DNA-damage response (DDR), that are primarily regulated by protein kinase ataxia-telangiectasia mutated (ATM). Among DDR activated processes, the repair of DSBs by non-homologous end joining (NHEJ) is essential. The proper coordination of NHEJ factors is mainly achieved through phosphorylation by an ATM-related kinase, the DNA-dependent protein kinase catalytic subunit (DNA-PKcs), although the molecular basis for this regulation has yet to be fully elucidated. In this study we identify the major NHEJ DNA polymerase, DNA polymerase lambda (Polλ), as a target for both ATM and DNA-PKcs in human cells. We show that Polλ is efficiently phosphorylated by DNA-PKcs in vitro and predominantly by ATM after DSB induction with ionizing radiation (IR) in vivo. We identify threonine 204 (T204) as a main target for ATM/DNA-PKcs phosphorylation on human Polλ, and establish that its phosphorylation may facilitate the repair of a subset of IR-induced DSBs and the efficient Polλ-mediated gap-filling during NHEJ. Molecular evidence suggests that Polλ phosphorylation might favor Polλ interaction with the DNA-PK complex at DSBs. Altogether, our work provides the first demonstration of how Polλ is regulated by phosphorylation to connect with the NHEJ core machinery during DSB repair in human cells.España MINECO y la Comisión Europea (European Regional Development Fund) to J.F.R. RYC-2011-08752, BFU2013-44343-P) and to F.C-L. (SAF2014-55532-R)