Concentración empresarial, concentración de la propiedad y el valor de la empresa: Evidencia de las PYMEs españolas

Various corporate governance theories indicate that governance in small and medium-sized enterprises (SMEs) differs to that of larger corporations due to the ownership-management function within the organizational structure. This article provides empirical evidence of enhanced firm value in a sample of listed SMEs resulting from certain corporate governance mechanisms related to managerial and ownership concentration. The empirical analysis conducted in this paper is based on a panel data set consisting of 108 small and medium-sized public firms on the Spanish alternative stock exchange over a time frame of five years (2015-2019). The results suggest that CEO duality, the controlling shareholders, and the second largest shareholders all improve firm value. Conversely, the ratio of independent directors has a negative impact on firm value. These findings are robust to alternative model specifications such as dynamic panel estimators (Generalized Method of Moments -GMM-) and instrumental variable methods. Overall, we show that the governance configuration of listed SMEs can mitigate several of the central issues, such as agency problems, that large corporations face.Varias teorías de gobierno corporativo indican que la gobernanza en las pequeñas y medianas empresas (PYME) difiere del de las corporaciones más grandes debido a la función de gestión de propiedad dentro de la estructura organizativa. Este artículo proporciona evidencia empírica del aumento del valor de la empresa en una muestra de PYME que cotizan en bolsa como resultado de ciertos mecanismos de gobierno corporativo relacionados con la concentración gerencial y la concentración de propiedad. El análisis empírico realizado en este artículo se basa en un modelo de datos de panel compuesto por 108 pequeñas y medianas empresas públicas que cotizan en el mercado alternativo bursátil español durante un período de cinco años (2015-2019). Los resultados sugieren que la dualidad de funciones del CEO, los accionistas mayoritarios y los segundos accionistas más importantes mejoran el valor de la empresa. Por el contrario, la proporción de directores independientes tiene un impacto negativo en el valor de la empresa. Estos hallazgos son robustos a especificaciones de modelos alternativos, como estimadores de panel dinámico (Método Generalizado de Momentos -GMM-) y el método de variables instrumentales. En general, mostramos que la configuración de la gobernanza de la PYME que cotizan en bolsa puede mitigar varios de los problemas centrales, como los problemas de agencia, que enfrentan las grandes corporaciones

The market value of SMEs: a comparative study between private and listed firms in alternative stock markets

This study aims to compare the market value of private firms and publicly listed small and medium-sized firms (SMEs) in alternative stock markets through a private discount approach with estimates of value based on discounted cash flow projections and along with a comparable multiples approach. The valuation methodology applied in this study yielded a final sample that included 232 observations between public and private companies in the Spanish market. To calculate the discount, we apply the different approaches of discounted cash flow and multiples, such as valuation, earnings, book value, and revenue. Our results conclude there is no private discount, instead, the outcomes of this article suggest a premium over public firms for some ratios. The negative private company discounts mean a premium and, on the other hand, some multiples suggest a discount according to the method of valuation. This paper proves private discounts resulted does not have any comparable value within the same country although all firms in Spain use the same currency. We value the discounted cash flows of our forecasts using a discount rate based on the Capital Asset Pricing Model (CAPM), so our study can also be viewed as a test sensitivity of CAPM-based approaches to equity risk premium, terminal value, and growth rate. Furthermore, we compare historical transaction multiples of privately held companies with transaction multiples of similar publicly held firmsFunding Open Access funding provided thanks to the CRUE‑CSIC agreement with Springer Nature

The market value of SMEs: a comparative study between private and listed firms in alternative stock markets

This study aims to compare the market value of private firms and publicly listed small and medium-sized firms (SMEs) in alternative stock markets through a private discount approach with estimates of value based on discounted cash flow projections and along with a comparable multiples approach. The valuation methodology applied in this study yielded a final sample that included 232 observations between public and private companies in the Spanish market. To calculate the discount, we apply the different approaches of discounted cash flow and multiples, such as valuation, earnings, book value, and revenue. Our results conclude there is no private discount, instead, the outcomes of this article suggest a premium over public firms for some ratios (...

Are Trans diagnostic models of eating disorders fit for purpose? A consideration of the evidence for food addiction

This is the peer reviewed version of the following article: Treasure, J., Leslie, M., Chami, R., Fernandez-Aranda, F. (2018). Are trans diagnostic models of eating disorders fit for purpose? A consideration of the evidence for food addiction. European Eating Disorders Review, 26(2), 83-91. , which has been published in final form at https://onlinelibrary.wiley.com/doi/abs/10.1002/erv.2578. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.Explanatory models for eating disorders have changed over time to account for changing clinical presentations. The transdiagnostic model evolved from the maintenance model, which provided the framework for cognitive behavioural therapy for bulimia nervosa. However, for many individuals (especially those at the extreme ends of the weight spectrum), this account does not fully fit. New evidence generated from research framed within the food addiction hypothesis is synthesised here into a model that can explain recurrent binge eating behaviour. New interventions that target core maintenance elements identified within the model may be useful additions to a complex model of treatment for eating disorders

Agronomic iron-biofortification by activated hydrochars of spent coffee grounds

This work was supported by projects PY20_00585 and RDPTC-2018 (AT17_6096_OTRI UGR) from Andalusian Ministry of Economic Transformation, Knowledge, Industry and Universities and FEDER.Iron biofortification has been of main interest for tackling iron deficiency anemia, one of the highest prevalence among micronutrient deficiencies (hidden hunger) in developing countries. This study investigated the effect of activated spent coffee grounds (SCG) and its hydrochars at three temperatures (160 degrees C, 180 degrees C, 200 degrees C) as bio-chelates to level up the iron content of lettuce. Four bio-chelates (ASCG-Fe, AH160-Fe, AH180-Fe and AH200-Fe) were obtained by activation and Fe-functionalization. A pot trial was conducted at doses of 0.2% of the bio-chelates on lettuce with two controls: soil without biofortifying agents (control) and a commercial chelate (control-Fe). Outcomes showed no significant differences (p < 0.05) in soil properties nor in plant growth and morphology, indicating absence of phytotoxicity. All bio-chelates enhanced iron content of plants between 41% (AH200-Fe) and 150% (AH160-Fe) compared to control. The best biofortification effect performed by AH160-Fe was similar to control-Fe (169%), also in terms of soil-plant efficiency both products showed the same transfer factor of 0.07. A proportional impact (up to 150%) was seen on the contribution to the recommended daily intake (RDI). Moreover, higher contents of Mn (29%) and Cu (133%) was evidenced in lettuce with the application of ASCG-Fe and AH180-Fe. These findings suggest activated SCG hydrochars, better than SCG, at small (sub-toxic) doses can successfully achieve agronomic iron biofortification.Andalusian Ministry of Economic Transformation, Knowledge, Industry and Universities PY20_00585, RDPTC-2018 (AT17_6096_OTRI UGR)FEDE

Escala de clasificación y puntaje para la evaluación de las condiciones de salud de la comunidad de corales del Parque Nacional Jardines de la Reina, Cuba

In order to know the health status of the reefs, some protocols have been created to evaluate various ecological indicators on focal groups of organisms that inhabit these reefs. In this study we a specific scale, for classification and status score, for six ecological indicators (coral density, number of species per transect, coverage, old death, recent death and recruits population density) of the coral community of the Jardines de la Reina National Park. Were studied 29 SCUBA diving sites, located in fore reefs and designated as reference sites, which were compared with 52 other sites not used for diving. Also, were studied 27 reef crests, using the most conserved crests in the study area, as the reference site (La Puntica), although in this case, another indicator (density of recruits) was added. The non-parametric Kruskal Wallis test was applied and frequency analysis was carried out through the Statistica 7 program. For evaluated ecologic indicators were proposed some changes in the specific scale, with regard to the suggested for Cuba and the Great Caribbean, adapting the levels of a new scale to obtained values from integral analysis, taking into account, the reference sites. With a condition of “Very Good”, density was classified with values &gt;20 colonies 10 m-1 in fore reefs and &gt;14 colonies 10 m-1 in crests. The number of species with values &gt;10 in fore reefs and ≥ 6 in crests. The coral covers&gt;30 % for both habitats. Old mortality ≤10 % for both habitats. Recent mortality, ≤1 % for both habitats. Recruits population density, with values &gt;20 recruits m-2 in fore reefs and &gt;10 recruits    m-2 in crests. We recommend one specific scale for classification and score was for health status for each MPAs, which would allow made some management actions, according to each coral reef intrinsic behaviors.Para conocer el estado de salud de los arrecifes se han creado protocolos que permiten evaluar indicadores ecológicos sobre grupos focales de organismos que habitan en ellos. En este estudio se propone una escala específica, de clasificación y puntaje de condición de salud, para seis indicadores ecológicos (densidad, número de especies por transecto, cobertura, muerte antigua, muerte reciente y densidad de reclutas) de la comunidad de corales del Parque Nacional Jardines de la Reina. Se estudiaron 29 sitios de buceo autónomo SCUBA, situados en escarpes poco profundos y designados como sitios de referencia, que fueron comparados con otros 52 sitios no utilizados para el buceo. También se estudiaron 27 crestas de arrecifes, usando como sitio de referencia la más conservada del área de estudio (La Puntica). Se aplicó la prueba no paramétrica de Kruskal Wallis y se realizó un análisis de frecuencia a través del programa Statistica 7. Para los indicadores ecológicos evaluados se propusieron cambios en la escala específica, con respecto a la sugerida para Cuba y el Gran Caribe, adecuando los niveles de la nueva escala a  valores obtenidos en un análisis integral y teniendo en cuenta, fundamentalmente, los sitios de referencia. Con una condición de “Muy buena”, se clasificó la densidad con valores &gt;20 colonias 10 m-1 en escarpes y &gt;14 colonias 10 m-1 en crestas. El número de especies, &gt;10 en escarpes y ≥6 en crestas. La cobertura &gt;30 % para ambos hábitats. Muerte antigua ≤10 % para ambos hábitats. Mortalidad reciente, ≤1 % para ambos hábitats. Densidad poblacional de reclutas, &gt;20 reclutas m-2 en escarpes y &gt;10 reclutas m-2 en crestas. Se recomienda la creación de una escala específica de clasificación y puntaje para la condición de salud en cada AMPs, que permitiría realizar acciones de manejo acorde a  características intrínsecas de sus arrecifes coralinos

Análise Estática de Vigas Isotrópicas Apoiadas em Base Elástica Winkler-Pasternak

Beams resting on elastic foundations are widely used in engineering projects, so analyzing their displacement fields is very important. The present work presents solutions for the deflection of isotropic beams resting on elastic foundations of the Winkler-Pasternak type. The proposed formulation is based on the Euler-Bernoulli beam theory, and the governing equations and the boundary conditions are derived from the principle of virtual work. The direct integration method can decouple the deflections from axial displacement and twists. The system of deflection equations decouples into two principal directions and is transformed into a first-order system. The solution of this system of equations is obtained through the method of variation of parameters. When analyzing the results of the maximal deflections, it is observed that increasing values of the foundation stiffness provide decreasing deflections and that the influence of the Pasternak parameter is more significant on the results than that of the Winkler parameter.Vigas apoiadas em fundações elásticas são amplamente utilizadas em projetos de engenharia, logo analisar os deslocamentos sofridos por elas é muito importante. Por isso, o presente trabalho apresenta soluções para a deflexão de vigas isotrópicas sobre fundações elásticas do tipo Winkler-Pasternak. A formulação proposta é baseada na teoria de vigas de Euler-Bernoulli e as equações que descrevem o problema e as condições de contorno são derivadas do princípio do trabalho virtual. O método de integração direta é utilizado para desacoplar as deflexões do deslocamento axial e da torção. O sistema de equações desacopladas de deflexão em duas direções principais é transformado em um sistema de primeira ordem. A solução deste sistema de equações é obtida através do método de variação de parâmetros. Ao analisar os resultados das deflexões máximas, observa-se que com o aumento dos valores de rigidez de fundação, os deslocamentos de flexão diminuem e que o parâmetro de rigidez de Pasternak tem maior influência aos resultados que a rigidez de Winkler

"Afectación al derecho del consumidor en la rotulación de productos transgénicos”

El derecho evoluciona según la sociedad, por ello, este debe ir de la mano a la evolución de la sociedad. Como ciudadanos vamos a encontrar nuevos métodos o maneras para evadir o tratar de hacerlo entonces el derecho tendrá que respaldar con los principios en que fueron creados, aún más, mejorando su sistema, y reprimiendo tipo de actos ilícitos. Como se sabe hay reglas que están estipuladas legalmente pero a veces se hace caso omiso, aquí se demuestra en la Ley de Protección y Defensa del Consumidor N° 29571, respecto a la regulación de la rotulación de los alimentos transgénicos citados en el mencionado código, pero aquí se muestra una afectación a la información que se le da al consumidor sobre los alimentos transgénicos; ya que estas empresas pueden tener una debida rotulación, pero la mayoría de consumidores si le preguntas que es un alimento transgénicos no saben que es, es más las empresas deberían invertir en comerciales de cómo se obtiene un alimento transgénicos para que así no se les vulnere el derecho de información de los consumidores

Representación de roles de género en los personajes femeninos de la película “La Mujer Rey”

Gender roles are a creation of society, which are disseminated through socialization with the active role of the media. The study aimed to analyze the gender roles represented in the film 'Woman King 2022'. Analyzing this type of production allows us to show the treatment given by the film industry to social issues that have gained relevance in recent years. It was a qualitative research based on content analysis based on feminist film theory. The unit of analysis was the film "The Woman King - 2022" directed by Gina Prince-Bythewood. The authors selected some main and secondary characters (Nanisca, Nawi, Izogie, Amenza and Shanté) for the analysis. The information was recorded in a content analysis matrix. Some stereotyped roles were found; however, roles emphasizing female empowerment prevailed, overthrowing traditional canons. We conclude the importance of presenting productions that show the value of women in different ways, and that vindicate them as human beings capable of achieving every goal, based on their efforts and capabilities. In a social context in which gender violence is common in all its forms, it is necessary to continue promoting research on the way in which audiovisual productions contribute to fixing or challenging stereotypes.Los roles de género son una creación de la sociedad, que se difunden a través de la socialización, para lo cual los medios de comunicación juegan un rol preponderante. El objetivo del estudio fue analizar los roles de género de los personajes femeninos en la película ‘Mujer Rey 2022’. Analizar este tipo de producciones permite evidenciar el tratamiento que se da, desde la industria cinematográfica, a temas sociales que han ganado relevancia en los últimos años. Se llevó a cabo una investigación de enfoque cualitativo basada en el análisis de contenido con base en la teoría cinematográfica feminista. La unidad de análisis estuvo representada por la película “La Mujer Rey - 2022” dirigida por Gina Prince-Bythewood. Para el análisis se seleccionaron personajes principales y secundarios (Nanisca, Nawi, Izogie, Amenza y Shanté). El registro de la información se hizo en una matriz de análisis de contenido. Aunque se encontraron roles estereotipados, prevalecieron roles que destacan el empoderamiento femenino, derrumbando cánones tradicionales. Se concluye la importancia de presentar producciones que muestren la valía de la mujer en diferentes escenarios y que la reivindiquen como un ser humano capaz de lograr todo cuanto se propone, a partir de su esfuerzo y capacidades. En un contexto social en el que se reporta tanta violencia de género en todas sus formas, se hace preciso que se continúe promoviendo investigaciones acerca de la forma en que las producciones audiovisuales contribuyen a fijar o desafiar estereotipos