Bank ownership, lending relationships and capital structure: Evidence from Spain

This paper analyses the influence of bank ownership and lending on capital structure for a sample of listed and unlisted Spanish firms in the period 2005–2012. The results suggest that bank ownership allows banks to obtain better information and reduce the agency costs of debt, as it has a positive relationship with the maturity of debt and a negative relationship with the cost of debt. These results are consistent with the predominance of the monitoring effect in bank ownership over the expropriation effect. The role of banks as shareholders and lenders also contributes to reduce agency cost of debt, as it reduces debt cost. JEL classification: G32, Keywords: Bank ownership, Bank lending, Debt, Debt maturity, Debt cos

Determinants of organizational form: Transaction costs and institutions in the European trucking industry

We explain why European trucking carriers are much smaller and rely more heavily on owner-operators (as opposed to employee drivers) than their US counterparts. Our analysis begins by ruling out differences in technology as the source of those disparities and confirms that standard hypotheses in organizational economics, which have been shown to explain the choice of organizational form in US industry, also apply in Europe. We then argue that the preference for subcontracting over vertical integration in Europe is the result of European institutions—particularly, labor regulation and tax laws—that increase the costs of vertical integration.Transaction costs, governance, hybrids, transportation

Quasi-integration in less-than-truckload trucking

This work studies the organization of less-than-truckload trucking from a contractual point of view. We show that the huge number of owner-operators working in the industry hides a much less fragmented reality. Most of those owner-operators are “quasi-integrated” in higher organizational structures. This hybrid form is generally more efficient than vertical integration because, in the Spanish institutional environment, it lessens serious moral hazard problems, related mainly to the use of the vehicles, and makes it possible to reach economies of scale and density. Empirical evidence suggests that what leads organizations to vertically integrate is not the presence of such economies but hold-up problems, related to the existence of specific assets. Finally, an international comparison hints that institutional constraints are able to explain differences in the evolution of vertical integration across countries.Hold-up, hybrids, institutions, moral hazard, vertical integration, trucking industry

Las instituciones medioambientales globales ante la Cumbre de Río+10

El presente artículo reflexiona sobre el papel de las instituciones internacionales encargadas de la gestión y el liderazgo político en el campo de la sostenibilidad. En un año en el que se han celebrado dos reuniones tan esenciales como la Cumbre de Monterrey y la Cumbre de Johannesburgo, es inevitable detenerse para analizar si las mismas están cumpliendo las funciones que les han sido encomendadas. Se analizan brevemente los papeles que deben cumplir las tres principales instituciones encargadas de la sostenibilidad –Comisión de Desarrollo Sostenible, Programa de las Naciones Unidas para el Medio Ambiente y Fondo Mundial para el Medio Ambiente- ante los viejos retos del siglo XX, que siguen pendientes en los comienzos del presente siglo

Quality assurance mechanisms in agrifood: The case of the Spanish fresh meat sector

The largest fresh meat brand names in Spain are analyzed here to study how quality is signaled in agribusiness and how the underlying quality -assurance organizations work. Results show, first, that organizational form varies according to the specialization of the brand name. Publicly-controlled brand names are grounded on market contracting with individual producers, providing stronger incentives. In contrast, private brands rely more on hierarchy, taking advantage of its superiority in solving specific coordination problems. Second, the seemingly redundant coexistence of several quality indicators for a given product is explained in efficiency terms. Multiple brands are shown to be complementary, given their specialization in guaranteeing different attributes of the product.Quality assurance, co-branding, agriculture, vertical integration, contracts

Report summarizing the Work Package 4 of the postdoctoral research

The aim of the postdoctoral research programme ‘ARETE school’ was the modernization of general education in Latvian schools, with a focus on character education, by providing research-grounded basis for modelling the ‘Arete school’ programme and scientifically monitoring its piloting and implementation. This report includes information about the organization of the scientific monitoring of the ‘Arete school’ programme, which, following the conclusions of the preliminary research and the recommendations of the mid-term report, was implemented in two steps: 1) scientific monitoring of ‘Arete catalyst’ pilot programme (a teacher training programme for character education); and 2) scientific monitoring of ‘Arete leadership’ (a continuous development programme for school leaders). The scientific monitoring of ‘Arete catalyst’ included the monitoring of the elaboration of an transnational teacher training programme for character education in collaboration with the Erasmus+ programme ‘Supporting teachers for developing intra-personal competencies and character education at school’, as well as of its adaptation to the Latvian socio-cultural environment and its piloting in 2019 by the University of Latvia. The scientific monitoring of ‘Arete leadership’ included the monitoring of the elaboration and the implementation of the programme, which was implemented in early Spring 2020 in close collaboration with the municipalities of Riga and Riga surroundings. The scientific monitoring of the piloting of ‘Arete school’ programme lead to the conclusion that in the elaboration of teachers’ and principals’ training programmes for character education, the consideration of their needs, expectations and values is absolutely necessary; and that such programmes should give the participants the possibility of creating a true learning community, where they feel respected and listened to, and are co-creators of the knowledge and experience shared in the programme. Moreover, a key to the success of such programmes was to provide participants practical tools ready to use at their school for implementing and assessing the provision of character education. Participants’ answers point almost unanimously to their interest in and general satisfaction with ‘Arete school’ programme. Based on this research, some key recommendations were put forward.European Regional Development Fund, project No. 1.1.1.2/VIAA/1/16/071 (SAM activity project number 1.1.1.2/16/I/001

Cultural and historical research on character and virtue education in Latvia in an international perspective

This report summarizes the research work implemented during the second activity “Cultural and historical research of character and virtue education in Latvia in an international perspective” of the project “Modernization of school education in Latvia through an innovative research-based programme on 21st century competences and virtue ethics development supported by a virtual campus (ARETE-school)” - 1.1.1.2/VIAA/1/16/071. The research questions that guided the research process during this activity were: What are the theories and practices of character and virtue education in the international arena? How are teachers trained for teaching character and virtue education? How can the past and present of character and virtue upbringing in Latvia be described? What are the institutional and methodological needs for raising the quality of character and virtue education in the Latvian education system? In order to answer these questions, several studies were carried out and they are summarized in this report in a popular science style. At the beginning of each section, the publications on which the main conclusions are based are indicated. Each of these studies has its own specific methodology and perspective, which can be explored further in these publications. Some of them are already published, others are in the reviewing process, while others are in the preparatory stage. The report is structured in 3 parts: the first part deals with the international perspectives about character and virtue education in terms of school practice and teacher training. The second part discusses the historical aspect of moral education in Latvia, from the independence of Latvia to the present day. It also outlines the mainstream approaches in this area in the context of the new education reform. The third part presents a gap analysis and offers recommendations for the implementation of character and virtue education in Latvian schools. The virtues and values included in Latvian legislation are thoughtfully integrated in the school reform project Skola2030. However, whereas the importance of creating and reinforcing students’ habits at school is acknowledged, the possibility of teaching virtues (moral habits) and values at school is not clearly nor stated nor planned. International experience proves that character can be taught and caught at school. This research revealed that in Latvia there is a an almost unanimous support for implementing purposeful character and virtue education at school. It revealed also teachers’ needs of institutional and methodological supportSummarizing the Work package 2 of the postdoctoral research “Modernization of school education in Latvia through an innovative research-based program on 21st century competences and virtue ethics development supported by a virtual campus (ARETE-school)” ; European regional development fun

ASSESSMENT OF A PILOT PROGRAMME FOR SUPPORTING PRINCIPALS’ LEADERSHIP FOR CHARACTER EDUCATION IN LATVIAN SCHOOLS

Implemented with the support of the ERAF postdoctoral research grant “Modernization of school education in Latvia through an innovative research-based program on 21st century competences and virtue ethics development supported by a virtual campus (ARETE-school).This dissertation presents the elaboration and assessment of a 9-hour long professional development programme for school principals about the implementation of character education in Latvian schools. The research questions addressed the programme fit and feasibility, and how participants perceived its influence on their knowledgeability of, and their leadership competence for character education. The programme elaboration was based on the analysis of school principals’ needs in Latvia, and it was implemented in February-March 2020 in Riga and surroundings. Thirty-five school-leaders participated in this practitioner research, which used mixed methods (questionnaires pre- and post-intervention with rating and open questions, focus group discussion and a reflective journal). The rich data obtained were analysed using SPSS 26, AQUAD 7 and NVivo 11. The results confirmed the programme fit and feasibility and highlighted the importance of combining personal reflection and sharing in the programme activities, of offering professional materials practically useful at school, and of creating a friendly atmosphere of mutual trust and support. Based on the results, suggestions for improving the programme and for further research were put forward.This research is financed by the European Regional Development Fund, project No. 1.1.1.2/VIAA/1/16/071 (SAM activity project number 1.1.1.2/16/I/001) No. 1.1.1.2/VIAA/1/16/071: Izglītības modernizācija Latvijas skolās, īstenojot inovatīvu pētniecībā balstītu programmu par 21. gadsimta kompetencēm un tikumu ētikas attīstību ar virtuālās telpas atbalstu (ARETE-school

LEGITIMATION OF VIRTUE EDUCATION IN TEACHER TRAINING DISCOURSE DURING SOVIET LATVIA

Soviet virtue education had a relevant place in the discourse of the founders of communism and in the Communist Party’s documents. Virtue education played a central role in the construction of the future Soviet society and the raising of the New Soviet Man, a conscious communist, productive worker and soldier. This paper addresses two research questions: how was character and virtue education conceptualized, legitimized and implemented in Soviet Latvia? What elements of the Soviet approach to character education facilitated the consolidation of totalitarianism in Latvia?This research is based on written academic sources published in Soviet Latvia about virtue education and intended to school teachers: two teaching manuals for teacher training (Jesipovs Gončarovs, 1948; Iļjina, 1971), and three collections scientific papers written by the leading educational academics of the Soviet Latvia published by the Latvian State University in 1962, 1964 and 1967 within the series “Questions about Upbringing in the Soviet school”.The findings highlight the understanding of virtue education during this period, and how it was ideologically, socially and pedagogically legitimized in the academic discourse and pedagogical literature addressed to school teachers.