El distintivo de Empresa Socialmente Responsable como elemento para la creación de valor económico de una empresa

Purpose: The present investigation was designed to determine the possible relationship between obtaining the Socially Responsible Company distinctive and the generation of economic value by the obtaining companies. Design/methodology/approach: A sample of 32 companies listed on the Mexican Stock Exchange that were awarded the Socially Responsible Company distinctive was drawn and two valuation focal points were considered: one before obtaining the distinctive and another subsequent to it. To establish the economic value of the companies, the free-cash-flow method was used. This study is considered, therefore, under the income approach of business valuation methods. Finally, the values obtained in both focal points were compared to determine the change in generated value attributable to the SRC distinctive. Findings: The results confirmed that obtaining the distinctive as a Socially Responsible Company does have an impact on the generation of economic value for the companies belonging to the sample -measured through the free-cash-flow method. This impact was determined at an average 6.26%, reasonably resembling the distribution of individual results a normal probabilistic distribution. Originality/value: This work adds value to the research on corporate social responsibility value measurement. This research study differentiates from others in the area due to the use of the CSR certification granted in Mexico by CEMEFI, as a social responsibility variable. In addition, the free-cash-flow method was used in the analysis, which is a novelty as it had not been applied to investigations of this type before. Likewise, this research work adds to past research in as much as it concludes that there is a positive relationship between corporate social responsibility and the generation of economic benefits.Propósito: La presente investigación fue diseñada para determinar la posible relación entre la obtención del distintivo de Empresa Socialmente Responsable y la generación de valor económico para las empresas que lo obtienen. Diseño/metodología/enfoque: Se tomó una muestra de 32 empresas que cotizan en la Bolsa Mexicana de Valores, que tenían el distintivo de Empresa Socialmente Responsable. Se consideraron dos puntos focales de valoración: uno antes de obtener el distintivo y otro posterior. Para establecer el valor económico de las empresas, se utilizó el método de flujo de caja libre. Por ello, este estudio se considera bajo el enfoque de ingresos de los métodos de valoración de negocios. Finalmente, los valores obtenidos en ambos puntos focales se compararon para determinar el cambio en el valor generado atribuible al distintivo SRC. Resultados: Los resultados confirmaron que obtener el distintivo como Empresa Socialmente Responsable tiene un impacto en la generación de valor económico para las empresas que pertenecen a la muestra medida a través del Flujo de caja libre. Este impacto se determinó en un promedio de 6.26%, encontrándose que la distribución de resultados individuales se asemeja razonablemente a la distribución probabilística normal. Originalidad/valor: Este trabajo agrega valor a las líneas de investigación sobre la medición del valor de la responsabilidad social corporativa. No obstante, se diferencia de otros estudios debido al uso de la certificación CSR otorgada en México por CEMEFI como una variable de responsabilidad socia. Además, en el análisis se utiliza el método de flujo de caja libre, mismo que no se ha aplicado para investigaciones de este tipo en el pasado. Asimismo, este trabajo se suma a otros que concluyen que existe una relación positiva entre la responsabilidad social corporativa y la generación de beneficios económicos

Risk assessment for micro companies belonging to selected branches of the non-financial private services sector in Mexico through the Beta coefficient.

The social and economic development of any country or region is closely linked to the performance of its economic units, specifically the micro-enterprises of the private non-financial services sector that provide the largest number of jobs in Mexico. The discipline of the valuation of companies allows to determine the value and the risks associated to any type of economic entity through the use of diverse financial tools; Specifically, the Capital Assets Valuation Model CAPM stands out. However, this model has several limitations that prevent the risk betas estimated in a general way from being useful for all types of companies. The present investigation was responsible for building an own index of microenterprises in Mexico to determine the respective beta risk coefficient for five branches belonging to the sector of temporary accommodation services and food and beverage preparation, which stands out for its number of establishments at the national level. The results generated allowed obtaining the five beta coefficients for each one of the selected branches, in such a way that said factors can be applied in a valid and effective way for the determination of the value and risks of companies belonging to these economic branches, constituting an alternative of valuation to obtain more and better financial resources

Risk assessment for micro companies belonging to selected branches of the non-financial private services sector in Mexico through the Beta coefficient.

The social and economic development of any country or region is closely linked to the performance of its economic units, specifically the micro-enterprises of the private non-financial services sector that provide the largest number of jobs in Mexico. The discipline of the valuation of companies allows to determine the value and the risks associated to any type of economic entity through the use of diverse financial tools; Specifically, the Capital Assets Valuation Model CAPM stands out. However, this model has several limitations that prevent the risk betas estimated in a general way from being useful for all types of companies. The present investigation was responsible for building an own index of microenterprises in Mexico to determine the respective beta risk coefficient for five branches belonging to the sector of temporary accommodation services and food and beverage preparation, which stands out for its number of establishments at the national level. The results generated allowed obtaining the five beta coefficients for each one of the selected branches, in such a way that said factors can be applied in a valid and effective way for the determination of the value and risks of companies belonging to these economic branches, constituting an alternative of valuation to obtain more and better financial resources

Valuación del riesgo para micro empresas del sector comercial en México a través del coeficiente Beta (Risk assessment for microenterprises in the Mexican commerce through Beta coefficient)

Las micro empresas en México representan el principal motor de crecimiento económico a causa del número de unidades que son y al personal total que ocupan. Asimismo, el sector comercial en México representa una actividad de gran importancia para la economía del país, específicamente el subsector del comercio al por menor representado casi en su totalidad por las micro empresas. A pesar de ello, en muchas ocasiones el acceso a financiamiento para las micro empresas se dificulta debido a la escasa información financiera con la que cuentan. La valuación de empresas utiliza diversas metodologías que emplean datos seleccionados para obtener información valiosa para los tomadores de decisiones en las empresas; específicamente el Modelo de Valuación de Activos de Capital mide el riesgo de una empresa o activo referente al total del mercado en el que opera. Las estimaciones efectuadas permitieron obtener nueve factores de riesgo Beta para diferentes ramas del comercio al por menor en México, las cuales son representativas y aplicables para empresas con características similares a las de las muestras empleadas

Construction of an Optimal Solution for a Real-World Routing-Scheduling- Loading Problem Construcción de una Solución Óptima para un Problema de Asignación de Rutas, Horarios y Cargas del Mundo Real

Abstract This work presents an exact method for the Routing-Loading-Scheduling Problem (RoSLoP). The objective of RoSLoP consists of optimizing the delivery process of bottled products in a company study case. RoSLoP, formulated through the well-known Vehicle Routing Problem (VRP), has been solved as a rich VRP variant through approximate methods. The exact method uses a linear transformation function, which allows the reduction of the complexity of the problem to an integer programming problem. The optimal solution to this method establishes metrics of performance for approximate methods, which reach an efficiency of 100% in distance traveled and 75% in vehicles used, objectives of VRP. The transformation function reduces the computation time from 55 to four seconds. These results demonstrate the advantages of the modeling mathematical to reduce the dimensionality of problems NP-hard, which permits to obtain an optimal solution of RoSLoP. This modeling can be applied to get optimal solutions for real-world problems. Keywords: Optimization, Routing-Scheduling-Loading Problem (RoSLoP), Vehicle Routing Problem (VRP), rich VRP. Resumen Éste trabajo presenta un método exacto para el problema de Asignación de Rutas, Horarios y Cargas (RoSLoP). El objetivo de RoSLoP consiste en optimizar el proceso de entrega de productos embotellados en una compañía caso de estudio. El problema RoSLoP, formulado a través del conocido Problema de Enrutado de Vehículos (VRP), ha sido resuelto como una variable VRP enriquecida a través de métodos aproximados. El método exacto usa una función de transformación lineal, la cual permite la reducción de la complejidad del problema a un problema de programación entera. La solución óptima para éste método establece las métricas del desempeño para los métodos aproximados, los cuales alcanzan una eficiencia del 100% en distancia recorrida y 75% en vehículos utilizados, objetivos del VRP. La función de transformación reduce el tiempo del cálculo de 55 a cuatro segundos. Éstos resultados demuestran las ventajas del modelado matemático para reducir la dimensionalidad de problemas NPDuros, lo cual permite la obtención de una solución óptima del problema RoSLoP. Éste modelado puede ser aplicado para obtener las soluciones óptimas para problemas del mundo real. Palabras Clave: Optimización, Problema de Asignación de Rutas, Horarios y Cargas (RoSLoP), Problema de Enrutado de Vehículos (VRP), Problema VRP Enriquecido

Multicentre, randomised, single-blind, parallel group trial to compare the effectiveness of a Holter for Parkinson's symptoms against other clinical monitoring methods: study protocol

Introduction In recent years, multiple studies have aimed to develop and validate portable technological devices capable of monitoring the motor complications of Parkinson's disease patients (Parkinson's Holter). The effectiveness of these monitoring devices for improving clinical control is not known. Methods and analysis This is a single-blind, cluster-randomised controlled clinical trial. Neurologists from Spanish health centres will be randomly assigned to one of three study arms (1:1:1): (a) therapeutic adjustment using information from a Parkinson?s Holter that will be worn by their patients for 7 days, (b) therapeutic adjustment using information from a diary of motor fluctuations that will be completed by their patients for 7 days and (c) therapeutic adjustment using clinical information collected during consultation. It is expected that 162 consecutive patients will be included over a period of 6 months. The primary outcome is the efficiency of the Parkinson?s Holter compared with traditional clinical practice in terms of Off time reduction with respect to the baseline (recorded through a diary of motor fluctuations, which will be completed by all patients). As secondary outcomes, changes in variables related to other motor complications (dyskinesia and freezing of gait), quality of life, autonomy in activities of daily living, adherence to the monitoring system and number of doctor?patient contacts will be analysed. The noninferiority of the Parkinson's Holter against the diary of motor fluctuations in terms of Off time reduction will be studied as the exploratory objective. Ethics and dissemination approval for this study has been obtained from the Hospital Universitari de Bellvitge Ethics Committee. The results of this study will inform the practical utility of the objective information provided by a Parkinson's Holter and, therefore, the convenience of adopting this technology in clinical practice and in future clinical trials. We expect public dissemination of the results in 2022.Funding This work is supported by AbbVie S.L.U, the Instituto de Salud Carlos III [DTS17/00195] and the European Fund for Regional Development, 'A way to make Europe'

The genetic ancestry of American Creole cattle inferred from uniparental and autosomal genetic markers

Cattle imported from the Iberian Peninsula spread throughout America in the early years of discovery and colonization to originate Creole breeds, which adapted to a wide diversity of environments and later received influences from other origins, including zebu cattle in more recent years. We analyzed uniparental genetic markers and autosomal microsatellites in DNA samples from 114 cattle breeds distributed worldwide, including 40 Creole breeds representing the whole American continent, and samples from the Iberian Peninsula, British islands, Continental Europe, Africa and American zebu. We show that Creole breeds differ considerably from each other, and most have their own identity or group with others from neighboring regions. Results with mtDNA indicate that T1c-lineages are rare in Iberia but common in Africa and are well represented in Creoles from Brazil and Colombia, lending support to a direct African influence on Creoles. This is reinforced by the sharing of a unique Y-haplotype between cattle from Mozambique and Creoles from Argentina. Autosomal microsatellites indicate that Creoles occupy an intermediate position between African and European breeds, and some Creoles show a clear Iberian signature. Our results confirm the mixed ancestry of American Creole cattle and the role that African cattle have played in their development

Effectiveness of an intervention for improving drug prescription in primary care patients with multimorbidity and polypharmacy:Study protocol of a cluster randomized clinical trial (Multi-PAP project)

This study was funded by the Fondo de Investigaciones Sanitarias ISCIII (Grant Numbers PI15/00276, PI15/00572, PI15/00996), REDISSEC (Project Numbers RD12/0001/0012, RD16/0001/0005), and the European Regional Development Fund ("A way to build Europe").Background: Multimorbidity is associated with negative effects both on people's health and on healthcare systems. A key problem linked to multimorbidity is polypharmacy, which in turn is associated with increased risk of partly preventable adverse effects, including mortality. The Ariadne principles describe a model of care based on a thorough assessment of diseases, treatments (and potential interactions), clinical status, context and preferences of patients with multimorbidity, with the aim of prioritizing and sharing realistic treatment goals that guide an individualized management. The aim of this study is to evaluate the effectiveness of a complex intervention that implements the Ariadne principles in a population of young-old patients with multimorbidity and polypharmacy. The intervention seeks to improve the appropriateness of prescribing in primary care (PC), as measured by the medication appropriateness index (MAI) score at 6 and 12months, as compared with usual care. Methods/Design: Design:pragmatic cluster randomized clinical trial. Unit of randomization: family physician (FP). Unit of analysis: patient. Scope: PC health centres in three autonomous communities: Aragon, Madrid, and Andalusia (Spain). Population: patients aged 65-74years with multimorbidity (≥3 chronic diseases) and polypharmacy (≥5 drugs prescribed in ≥3months). Sample size: n=400 (200 per study arm). Intervention: complex intervention based on the implementation of the Ariadne principles with two components: (1) FP training and (2) FP-patient interview. Outcomes: MAI score, health services use, quality of life (Euroqol 5D-5L), pharmacotherapy and adherence to treatment (Morisky-Green, Haynes-Sackett), and clinical and socio-demographic variables. Statistical analysis: primary outcome is the difference in MAI score between T0 and T1 and corresponding 95% confidence interval. Adjustment for confounding factors will be performed by multilevel analysis. All analyses will be carried out in accordance with the intention-to-treat principle. Discussion: It is essential to provide evidence concerning interventions on PC patients with polypharmacy and multimorbidity, conducted in the context of routine clinical practice, and involving young-old patients with significant potential for preventing negative health outcomes. Trial registration: Clinicaltrials.gov, NCT02866799Publisher PDFPeer reviewe

Clonal chromosomal mosaicism and loss of chromosome Y in elderly men increase vulnerability for SARS-CoV-2

The pandemic caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2, COVID-19) had an estimated overall case fatality ratio of 1.38% (pre-vaccination), being 53% higher in males and increasing exponentially with age. Among 9578 individuals diagnosed with COVID-19 in the SCOURGE study, we found 133 cases (1.42%) with detectable clonal mosaicism for chromosome alterations (mCA) and 226 males (5.08%) with acquired loss of chromosome Y (LOY). Individuals with clonal mosaic events (mCA and/or LOY) showed a 54% increase in the risk of COVID-19 lethality. LOY is associated with transcriptomic biomarkers of immune dysfunction, pro-coagulation activity and cardiovascular risk. Interferon-induced genes involved in the initial immune response to SARS-CoV-2 are also down-regulated in LOY. Thus, mCA and LOY underlie at least part of the sex-biased severity and mortality of COVID-19 in aging patients. Given its potential therapeutic and prognostic relevance, evaluation of clonal mosaicism should be implemented as biomarker of COVID-19 severity in elderly people. Among 9578 individuals diagnosed with COVID-19 in the SCOURGE study, individuals with clonal mosaic events (clonal mosaicism for chromosome alterations and/or loss of chromosome Y) showed an increased risk of COVID-19 lethality

Treatment with tocilizumab or corticosteroids for COVID-19 patients with hyperinflammatory state: a multicentre cohort study (SAM-COVID-19)

Objectives: The objective of this study was to estimate the association between tocilizumab or corticosteroids and the risk of intubation or death in patients with coronavirus disease 19 (COVID-19) with a hyperinflammatory state according to clinical and laboratory parameters. Methods: A cohort study was performed in 60 Spanish hospitals including 778 patients with COVID-19 and clinical and laboratory data indicative of a hyperinflammatory state. Treatment was mainly with tocilizumab, an intermediate-high dose of corticosteroids (IHDC), a pulse dose of corticosteroids (PDC), combination therapy, or no treatment. Primary outcome was intubation or death; follow-up was 21 days. Propensity score-adjusted estimations using Cox regression (logistic regression if needed) were calculated. Propensity scores were used as confounders, matching variables and for the inverse probability of treatment weights (IPTWs). Results: In all, 88, 117, 78 and 151 patients treated with tocilizumab, IHDC, PDC, and combination therapy, respectively, were compared with 344 untreated patients. The primary endpoint occurred in 10 (11.4%), 27 (23.1%), 12 (15.4%), 40 (25.6%) and 69 (21.1%), respectively. The IPTW-based hazard ratios (odds ratio for combination therapy) for the primary endpoint were 0.32 (95%CI 0.22-0.47; p < 0.001) for tocilizumab, 0.82 (0.71-1.30; p 0.82) for IHDC, 0.61 (0.43-0.86; p 0.006) for PDC, and 1.17 (0.86-1.58; p 0.30) for combination therapy. Other applications of the propensity score provided similar results, but were not significant for PDC. Tocilizumab was also associated with lower hazard of death alone in IPTW analysis (0.07; 0.02-0.17; p < 0.001). Conclusions: Tocilizumab might be useful in COVID-19 patients with a hyperinflammatory state and should be prioritized for randomized trials in this situatio