Digitalization, innovation and environmental policies aimed at achieving sustainable production

Funding for open access charge: CRUE-Universitat Politecnica de Valencia.Humanity is running out of time to curb climate change, and its effects are becoming ever more intense and harmful to humankind. A change in habits and production methods is required in order to slow the advance of this scourge. This research seeks to provide quantitative information on the nexus between digitalization and sustainable production (SP). The analysis focuses exclusively on the 27 EU member states (2015–2019), all of which are characterized by a proactive stance towards environmental degradation. First, a synthetic index is constructed using cross-efficiency, in order to assess Europe's position in terms of SP. This index is then taken as the dependent variable in an estimation of the effects of the different aspects of digitalization measured in the Digital Economy and Society Index, as well as the environmental and innovation policies adopted in the EU. The generalized method of moments is used to examine the effect of the trend in SP. Results reveal that the level of income per capita does not determine SP and that it is more amatter of society's commitment to implementing practices that foster SP. Furthermore, the evidence found indicates that Europe has not yet been able to break the negative link between GDP and sustainability, despite the positive impact of all facets of digitalization, innovation and environmental policies.CRUE-Universitat Politecnica de Valenci

IMPACTO DE LOS CICLOS ECONÓMICOS EN EL MERCADO DE EUROBONOS

La crisis actual ha afectado a todos los sectores incluyendo a las grandes empresas de la mayoría de países, por ello la importancia que tiene analizar el impacto que ha tenido ésta en cualquiera de las variables esenciales que afectan a las empresas, incluyendo la carga financiera y por ende, el spread o diferencial entre el tipo de interés fijado y el que se otorga a los activos financieros de mayor solvencia y garantía, normalmente, los bonos norteamericanos (Treasury Bills) y los alemanes (German benchmark). La presente Tesis pretende analizar, mediante el Análisis Envolvente de Datos, la eficiencia en las emisiones de eurobonos a tipo fijo en el periodo 2004-2012, valorando el impacto de la crisis financiera en dicho mercado. La Tesis se centra en la línea de investigación sobre el concepto de eficiencia en precios y su capacidad de absorber toda la información en los precios de forma instantánea. (Fama, 1970; Duarte y Mascareñas, 2013). La investigación gira en torno a la variable spread como output fundamental en los mercados financieros, un coste que los emisores de bonos deben intentar minimizar y que los equipos de colocación de las entidades de banca de inversión lo consideran un objetivo fundamental. Esta línea de investigación aplica la definición de eficiencia dentro de un contexto de una función input-output, estableciendo un nivel de inputs financieros y macroeconómicos y estudiando el spread obtenido en la emisión. A partir de dicho concepto de eficiencia, se determinaran que emisiones son eficientes como resultado de una minimización del spread dadas unas variables financieras concretas. A su vez, se ha estudiado, partiendo de trabajos que analizan los problemas de predicción financiera (Altman et at., 1994; Back et al., 1996; Puertas y Martí, 2013), la búsqueda de un modelo que obtenga una regla común que facilite la clasificación de nuevas observaciones a medida que se vayan presentando, utilizando una serie de ratios y características financieras de un conjunto de observaciones. En concreto, los trabajos de Bonilla et al. (2005 y 2006) utilizan modelos no paramétricos en la estimación del spread de una muestra de eurobonos a tipo fijo negociados durante el periodo 1995-1999, concluyendo la alta precisión de estas técnicas. Siguiendo esta línea de investigación, en esta Tesis se pretende realizar un análisis comparativo de diversos modelos de predicción con objeto de determinar cuál de ellos es capaz de estimar el spread minimizando el error cometido. Las técnicas no paramétricas utilizadas han sido la Regresión Localmente Ponderada (RLP) y los Arboles de Regresión (CART) y como paramétricos la estimación por Mínimos Cuadrados Ordinarios (MCO). Tras la elaboración de una base de datos compuesta por 12.490 eurobonos, los resultados muestran que en los años previos al inicio de la crisis el volumen de emisiones eficientes ha sido mayor, encontrándose las ineficientes muy próximas a la frontera. A partir de 2008 se aprecia un cambio drástico en las condiciones de este mercado, detectándose un alejamiento considerable y generalizado de la frontera de producción. El propio estudio del mercado de eurobonos ha permitido esclarecer el papel que han jugado las agencias de rating en la situación de riesgo que ha supuesto la crisis financiera y económica, teniendo su colofón en la primera demanda realizada por el Departamento de Justicia de EEUU a Standard & Poor’s, curiosamente una demanda que cubre el periodo desde septiembre de 2004 hasta octubre de 2007, coincidiendo con la fuerte apreciación del mercado inmobiliario en EEUU mostrando un claro conflicto de interés en su actuación. A todo ello hay que añadir la posición cada vez más relevante de los países asiáticos, materializado en incrementos significativos de eurobonos emitidos en yuanes, manifestándose las entidades chinas, a la cabeza del relevo de europeas y estadounidenses. Excepcionalmente, se han encontrado en el sector financiero emisiones pertenecientes a China, que consiguen situarse en la misma frontera eficiente que los de países desarrollados, consiguiendo tasas de crecimiento por encima de la media aunque pequeños en nominales, siendo un sector que cuenta con el apoyo y control total del Estado chino. Los resultados obtenidos muestran una ruptura en el mercado de eurobonos a raíz de la crisis financiera con un descenso generalizado en el nivel de eficiencia en todos los sectores, con una financiación más irregular y subidas en las primas de riesgo, excepto en el de los servicios financieros, con menores emisiones realizadas pero más eficientes. En prácticamente ninguno de los sectores analizados para ambos períodos se cumple la teoría económica que sustenta los mercados de capitales en términos de relación de eficiencia, spread, volumen de las emisiones, divisas y calificación crediticia. Por otro lado se produce una disminución acentuada de las emisiones situadas en paraísos fiscales. Además, se refleja con mayor profundidad la enorme crisis económica originada en EEUU, desapareciendo las emisiones estadounidenses y europeas del mercado de eurobonos, países centrados en reequilibrar los desequilibrios económicos y los déficits públicos y siendo sustituidas por los emergentes, el norte de Europa, Australia y Hong Kong. Los modelos de predicción concluyen un mejor comportamiento en 2009-2012, con un número menor de emisores (casi un 80% menos) pero más precisas y con menor coste. El sector energía es el más predecible por la propia estructura de la industria obteniéndose un mayor nivel de eficiencia. Con esta Tesis no se ha creado un nuevo paradigma pero si se ha estudiado un mercado financiero, el de eurobonos, para el periodo antes y durante la crisis, sin precedente en la investigación en las finanzas, con un análisis de eficiencia y un modelo de predicción que muestra unos resultados alejados del marco teórico económico pero que ayude a avanzar a las grandes empresas en su toma de decisiones en la búsqueda de la minimización de su carga financiera.Guaita Martínez, JM. (2014). IMPACTO DE LOS CICLOS ECONÓMICOS EN EL MERCADO DE EUROBONOS [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/48486TESI

The impact of engineers’ skills and problem-solving abilities on process innovation

This study examines the relationship among engineers’ basic skills, problem-finding and solving capabilities, and innovation outcomes, using questionnaire survey data for Lao P.D.R., Thailand and Vietnam for the period 2016 to 2017. We perform two-stage least squares (2S.L.S.) estimations, which use the variables for engineers’ basic skills and capabilities for finding and solving problems within the firm as instruments, and the indicators for capabilities for finding and solving problems of suppliers and customers as endogenous variables. The estimation results reveal the relationship between problem-finding and solving capabilities and process innovation. The findings from the empirical analyses suggest a possible upgrading strategy for firms to transform quality control management into innovative abilities. The estimation results also support the necessity of policy support for nurturing both engineers’ basic technological and managerial skills and capabilities for problem-finding and solving

Analysing cooperatives’ digital maturity using a synthetic indicator

A company’s digitalisation journey spans multiple dimensions and processes. However, studies of digital maturity have focused only on certain parts of the process. This study presents a method capable of fully capturing a company’s level of digital maturity. A DP2 indicator of digital maturity was constructed. This indicator is based on responses to a company survey of digitalisation in different business areas and processes. Companies with the highest degree of digitalisation are the oldest and largest (most employees). Differences between companies and sectors can be explained by the level of digitalisation in terms of digital management intensity, departmental agility and digital orientatio

Potential of the Crypto Economy in Financial Management and Fundraising for Tourism

[EN] This study aims to examine the potential of blockchain technology in the financing and financial management of entrepreneurial tourism projects. It highlights two objectives: how the technology can be used as an alternative financing tool and how it can improve efficiency and transparency in the financial management of tourism companies. This study shows that initial coin offerings are an effective way to finance innovative tourism projects and that blockchain technology can improve the competitiveness and efficiency of tourism companies. Due to the lack of empirical data on the actual implementation and impact of blockchain technology in the tourism industry, it is suggested that further research is needed to examine the practical application of blockchain technology in the tourism industry, its potential impact on tourism businesses and its implications for the regulatory framework. The proposed methodology includes a systematic literature review on the application of blockchain technology for the financing of tourism projects and the financial improvement of tourism business models. The results indicate that blockchain technology has the potential to transform the financing and financial management of the tourism industry and improve its efficiency and transparency. Furthermore, combining blockchain with other technologies can provide additional benefits in supply chain management and event automation.Prados-Castillo, JF.; Solano-Sánchez, MÁ.; Guaita-Fernández, P.; Guaita Martínez, JM. (2023). Potential of the Crypto Economy in Financial Management and Fundraising for Tourism. Sustainability. 15(6):1-15. https://doi.org/10.3390/su1506497811515

Hierarchical multi-criteria analysis for the selection of a triathlon

Sports activities have an increasingly large impact in different fields: economy, tourism, environment, applied technology, social, culture, etc. This study analyses the most important criteria that triathletes take into account when choosing a triathlon event in Spain. The methodology used was Analytic Hierarchy Process (AHP), which quantifies the weighting of each criterion and sub-criterion in a survey. The survey was drawn up using 14 triathlete experts and was completed by 95 triathlon participants. The results show that the internal aspects associated with the development of the triathlon event, together with the proximity to the athlete's home, the layout and signage of the circuits and value for money, are the most important factors when choosing a triathlon event

An analysis of the stability of rural tourism as a desired condition for sustainable tourism

Tourism is a key sector in the sustainable development of rural environments. Its ability to create stable employment and an acceptable level of profits is conditioned by the stability of tourist activity throughout the year. This paper compares the level of seasonality of a group of rural destinations to that of coastal and urban destinations. By doing so, we intend to determine whether seasonality-related problems exist in the rural environment or not. The second aim is related to the first one: the proposal of a new, more comprehensive and objective methodology that can measure the intensity of seasonality based on a DP2 synthetic indicator. The DP2 indicator groups information about different representative variables of seasonality. The study takes the main tourist spots in Spain as a reference. The analysis concludes that the annual level of stability of rural tourism is not far from the stability of urban tourism, which is the most stable, as seasonality is much higher in coastal destinations. The methodology that provides the framework to build the DP2 indicator has allowed us to identify which variables explain the differences in the level of seasonality of each destination to a large extent. The results showed that the variables that do so are related to the internalization of the destination and changes in the availability of bed places

Analysis of the role of innovation and efficiency in coastal destinations affected by tourism seasonality

This research analyses the relationship between efficiency, innovation and seasonality of the Spanish coasts for a five-year period (2015-2019). First of all, the nexus between the level of efficiency and changes in pro-ductivity, driven by improvements in innovation and/or efficiency, is determined using Data Envelopment Analysis and the Malmquist Index. Second, this paper proposes a synthetic index to measure seasonality and assess its connection with efficiency and innovation, using a cross efficiency approach to do so. Results show how the intensity of seasonality influences efficiency. In addition, it is observed that innovation can offset possible decreases in efficiency; as such, policies that promote both aspects are needed in the more seasonal destinations.(c) 2022 The Authors. Published by Elsevier Espana, S.L.U. on behalf of Journal of Innovation & Knowledge. This is an open access article under the CC BY license http://creativecommons.org/licenses/by/4.0/)info:eu-repo/semantics/publishedVersio

Academic literacy and student diversity: evaluating a curriculum-integrated inclusive practice intervention in the United Kingdom

The sustainability of universities is based, among other aspects, on their ability to adapt to changes and the needs of students, an increasingly diverse population. In this sense, Academic literacy provision at universities tends to be centralized and to offer language support for general academic literacy purposes rather than language development that responds in a more nuanced way to the particular literacy needs of students’ disciplines. Yet, in recent years, several studies have supported the integration of academic literacy into subject teaching outlining the principles of an inclusive model of academic literacy instruction. This paper draws on a theoretical framework developed by Wingate to evaluate a curriculum-integrated inclusive practice intervention in the United Kingdom with students from a first-year credit-bearing module at Middlesex University Business School. The study used a mixed methods approach that includes a literature review, secondary data, feedback questionnaire and a focus group to evaluate our teaching method and reflect on the collaboration of the team members to develop this inclusive pedagogical approach. The findings suggest that, on the whole, this intervention was perceived by both the module teaching team and students as positive, welcoming and often crucial for supporting undergraduate students into the disciplinary discourse of their subject of study. Yet, recommendations were made with respect to developing better guidelines for subject lecturers on how to deliver the integrated academic literacy as well as the importance of the participation of students, student learning assistants and graduate teaching assistants in the design of the intervention. This study contributes to the literature on inclusive practice intervention and pedagogical approaches to integrating academic literacy into subject teaching for a diverse student population, contributing to the social sustainability of the universities

An Analysis of the Cost of Water Supply Linked to the Tourism Industry. An Application to the Case of the Island of Ibiza in Spain

[EN] Tourist activity has a number of impacts on the destinations in which it takes place, among which are the environmental ones. A particular problem is the increase in water demand and wastewater production, which can compromise the balance of ecosystems. As many authors point out, there is a research gap in the comparative analysis between available water resources and the demand associated with tourism. In this respect, the main objective of this work is, on the one hand, to assess the water needs linked to the tourism industry and the capacity of natural resources to meet such a demand and, on the other hand, to estimate the economic cost of the water supply associated with the growing tourist demand in a territory, such as the island of Ibiza in Spain. It has been determined that the resources available are not sufficient to meet the water demand of the resident population at this destination, which is why it is necessary to resort to producing desalinated water. Therefore, the additional requirements associated with tourism must be met fully with desalinated water, which results in an increased cost of water management for the region. This paper also points at water losses in distribution networks and tourism seasonality as two phenomena that aggravate this issue.González-Pérez, DM.; Martín-Martín, JM.; Guaita Martínez, JM.; Sáez-Fernández, FJ. (2020). An Analysis of the Cost of Water Supply Linked to the Tourism Industry. An Application to the Case of the Island of Ibiza in Spain. Water. 12(7). https://doi.org/10.3390/w1207200612