Empirical evidence concerning smes' corporate websites : explaining factors, strategies and reporting

The important role played by Small and Medium-sized Enterprises in any contemporary economy as a motive force for generating employment and wealth is universally acknowledged and therefore this work is based upon a more detailed study concerning the efficiency of SMEs. Therefore by analysing a sample of 816 SMEs, we aim to study the information published on their Websites in order to clarify certain doubts with respect to the type of target users and thus discover the objectives and strategies pursued by publishing a corporate Webpage. Given the low observed percentage of SMEs with a Website (31.74%) we have also studied the factors influencing the propensity of businesses to possess a corporate Website.La importancia del papel de pequeñas y medianas empresas en cualquier economía contemporánea como una fuerza motriz para generar empleo y riqueza, está reconocido universalmente, y por ello, este trabajo se basa en un estudio más detallado, con relación a la eficiencia de las Pymes. Por lo tanto, mediante el análisis de una muestra de 816 Pymes, tenemos como objetivo estudiar la información publicada en sus webs, para aclarar ciertas dudas en cuanto al tipo de usuarios objetivo, y por consiguiente, descubrir los fines y estrategias perseguidos al publicar una página web empresarial. Dado el bajo porcentaje de Pymes con página web (31,74%), hemos estudiado además los factores que influyen en la tendencia de los negocios a poseer una web empresarial

Distortion of the QRS in elderly patients with myocardial infarction

Background: Distortion of the terminal portion of the QRS in the initial electrocardiogram (ECG) is a strong predictor of adverse outcome in myocardial infarction. Our purpose is to assess the relationship of distortion of QRS and other ECG characteristics with older age. Methods and results: We analysed 634 consecutive patients (age 62.6 &#177; 13.7, 77% male) admitted in the first 12 hours of ST-elevation myocardial infarction. Two groups of age were defined: < 75 years-old and &#8805; 75 years-old. Additionally, we defined two ECG groups according to the presence of ST segment elevation with distortion of the terminal portion of the QRS in two or more adjacent leads (QRS+) or the absence of this pattern (QRS&#8211;). Older people had more often QRS+ (30% vs. 20%, p = 0.023). The older group with QRS+ had an in-hospital mortality of 18%, vs. 7% with QRS&#8211; (p = 0.04), and an incidence of major adverse events of 40% vs. 14% (p = 0.002). In the multivariate analysis, age &#8805; 75 years was an independent predictor of distortion of the QRS (odds ratio 2.1, 1.2&#8211;4.9, p = 0.016). Conclusions: The distortion of the terminal portion of the QRS in myocardial infarction is more frequent in elderly people, and is significantly related to adverse prognosis. This ECG finding can be helpful to promptly stratify the risk in elderly patient

A decade of left atrial appendage closure: from procedural data to long-term clinical benefit

Introducción y objetivos: Conocer el beneficio clínico del cierre percutáneo de la orejuela izquierda (OI) en nuestro medio; en concreto, la reducción de eventos tromboembólicos y hemorrágicos, que permitiría un mejor posicionamiento de esta intervención. Métodos: Estudio retrospectivo que recoge la actividad del cierre de OI en un centro durante 9 años. Se registraron la tasa de éxito del dispositivo y del procedimiento, así como las tasas de eventos tromboembólicos y de hemorragia mayor. Resultados: Se evaluaron 260 procedimientos de cierre de OI en una población con fibrilación auricular no valvular y puntuación en las escalas CHA 2 DS 2 -VASc de 4,3 ± 1,6 y HAS-BLED de 3,7 ± 1,2. El éxito del procedimiento fue del 98,8%, y la tasa de eventos adversos graves en los primeros 7 días fue del 2,3%. Con un seguimiento medio de 2,5 ± 1,9 años y una población de 637,9 pacientes-año, la tasa de eventos tromboembólicos fue de 1,4 por 100 pacientes-año (75,5% de reducción del riesgo) y la de hemorragia mayor fue de 3,0 por 100 pacientes-año (58,5% de reducción del riesgo), ambas significativamente menores que las predichas. Las tasas de eventos por 100 pacientes-año en los pacientes con seguimiento muy largo (más de 4 años) mostraron tendencia a ser menores que en el resto de la población (0,7 frente a 2,0, con p = 0,17, para evento tromboembólico, y 1,7 frente a 4,0, con p = 0,09, para hemorragia mayor). Conclusiones: En nuestra población, el cierre de la OI mostró un elevado éxito del procedimiento y una baja tasa de eventos inmediatos. El cierre de la OI indujo una significativa reducción en la tasa prevista de eventos tromboembólicos y hemorrágicos, y dicha reducción se mantuvo a muy largo plazo.Introduction and objectives: A better positioning of left atrial appendage closure (LAAC) requires assessment of its clinical benefits to reduce thromboembolic and bleeding events in a real-word population. Methods: Single-center retrospective study of our consecutive LAAC activity for 9 years. Both the device success and procedural success were registered as well as the reduction of the expected rates of thromboembolic and major bleeding events. Results: A total of 260 LAAC procedures were performed in a population with nonvalvular atrial fibrillation with CHA2 DS 2 -VASc and HAS-BLED scores of 4.3 ± 1.6 and 3.7 ± 1.2, respectively. Procedural success was 98.8%, and the rate of serious adverse events within the first 7 days was 2.3%. At a median follow-up of 2.5 ± 1.9 years and an estimated population of 637.9 patients-year, the thromboembolic event rate was 1.4 per 100 patients-year (75.5% risk reduction) and the rate of major bleeding was 3.0 per 100 patients-year (58.5% risk reduction), which was significantly lower than anticipated. The thromboembolic and major bleeding events per 100 patients-year showed a lower tendency for patients with very long follow-up (over 4 years) compared to the remaining of the population (0.7 vs 2.0 with P = .17, and 1.7 vs 4.0 with P = .09, respectively)

The value relevance of dividends to explain the market value of shares

The article of Modigliani and Miller about the irrelevance of dividend policy gave rise to a number of empirical studies which have attempted to disprove the conclusions reached by Modigliani and Miller, mainly by focusing on the various imperfections which characterize financial markets.But although more than five decades have passed since their study, no unanimous agreement has yet been reached about the impact of dividends on company valuation.For this reason, the objective of this thesis is to analyse the relevance of dividends in explaining the market value of company shares.The study will be carried out at two levels: Firstly, considering how Modigliani and Miller (1961) demonstrated the irrelevance of dividends assuming perfect financial market conditions, we will analyse their relevance for the investor, and attempt to identify the theory, based on imperfect capital market conditions, which best upholds this possible relevance.To this end, two theories (not mutually exclusive) will be examined with the aim of discovering why the investor considers dividends relevant: the Signals Theory and the Agency Theory. Taking into account that a valuation model showing earnings and dividends is to be used, we also intend to analyse those factors which may diminish the relevance of the earnings, thus increasing the perceived importance of dividends for decision-making investors and, therefore, for share prices. The factors we will look at are those that can affect the company's earnings and their relevance. They are size, inverse PER ratio, or earnings per share divided by share price for the immediately previous year, the amount of accruals, and, given that our model is made up of European countries, we will also analyse the contextual features of the country to which the company in question belongs.Lastly, and on a secondary level, if dividends do turn out to be relevant for the market we would like to analyse whether directors consider them a residual decision, and simply distribute them as surplus liquid assets, or, on the contrary, they implement a managed dividend policy. In the latter case, we would be interested in the factors which condition dividend payments.421 p

Cell Membrane-Coated Nanoparticles for Precision Medicine: A Comprehensive Review of Coating Techniques for Tissue-Specific Therapeutics

Nanoencapsulation has become a recent advancement in drug delivery, enhancing stability, bioavailability, and enabling controlled, targeted substance delivery to specific cells or tissues. However, traditional nanoparticle delivery faces challenges such as a short circulation time and immune recognition. To tackle these issues, cell membrane-coated nanoparticles have been suggested as a practical alternative. The production process involves three main stages: cell lysis and membrane fragmentation, membrane isolation, and nanoparticle coating. Cell membranes are typically fragmented using hypotonic lysis with homogenization or sonication. Subsequent membrane fragments are isolated through multiple centrifugation steps. Coating nanoparticles can be achieved through extrusion, sonication, or a combination of both methods. Notably, this analysis reveals the absence of a universally applicable method for nanoparticle coating, as the three stages differ significantly in their procedures. This review explores current developments and approaches to cell membrane-coated nanoparticles, highlighting their potential as an effective alternative for targeted drug delivery and various therapeutic applications

Factores determinantes del racionamiento de crédito a las PYMES: un estudio empírico en Andalucía

El objetivo de este trabajo es determinar si en el mercado de crédito existen restricciones, tanto en el acceso al crédito como en sus condiciones comerciales, a las empresas de menor tamaño o con menor vinculación con su entidad financiera habitual, y si el racionamiento del crédito bancario es percibido correctamente por las empresas. Para ello, se desarrolló un estudio cuantitativo a partir de la información obtenida de cuestionarios suministrados a 816 empresas y de la información de los estados contables de obligada presentación de dichas empresas. El análisis conjunto de la información nos permitió determinar el tipo de racionamiento de crédito existente en el mercado de crédito, así como los factores que lo determinaban. Finalmente, concluimos en una serie de recomendaciones tanto a las empresas, como a las entidades financieras y a las instituciones que mejoren la eficiencia del mercado de crédito bancario y reduzcan las consecuencias negativas del racionamiento del crédito

Empirical evidence concerning smes' corporate websites: explaining factors, strategies and reporting

The important role played by Small and Medium-sized Enterprises in any contemporary economy as a motive force for generating employment and wealth is universally acknowledged and therefore this work is based upon a more detailed study concerning the efficiency of SMEs. Therefore by analysing a sample of 816 SMEs, we aim to study the information published on their Websites in order to clarify certain doubts with respect to the type of target users and thus discover the objectives and strategies pursued by publishing a corporate Webpage. Given the low observed percentage of SMEs with a Website (31.74%) we have also studied the factors influencing the propensity of businesses to possess a corporate Website

ANÁLISIS EMPÍRICO DE LA INFLUENCIA DE LA PROPIEDAD FAMILIAR SOBRE LA ORIENTACIÓN ESTRATÉGICA DE LAS PEQUEÑAS Y MEDIANAS EMPRESAS

Partiendo de una muestra de 765 pequeñas y medianas empresas, este artículo presenta un estudio exploratorio de la medida en la que la propiedad familiar incide sobre la orientación estratégica de este tipo de organizaciones. A través de un análisis clúster, se identificaron conglomerados de empresas dentro de la muestra, que se asocian con diferentes grados de desarrollo en sus estrategias de negocio. No obstante, los contrastes de relación planteados no evidenciaron ningún tipo de vinculación significativa entre el carácter familiar y la adscripción de las organizaciones a un cluster determinado. Por ello, la conclusión fundamental que se desprende del trabajo es la no existencia de diferencias entre las pequeñas y medianas empresas familiares y no familiares en cuanto a su orientación estratégica