Examining the Impact of Innovation Forms on Sustainable Economic Performance: The Influence of Family Management

The aim of this research is to explore the effect that innovation, as a potential source of sustained competitive advantage and firm growth, has on the achievement of sustainable economic performance. In particular, this paper empirically examines the influence of four innovation forms (intramural R&D, extramural R&D, product innovation, and process innovation) on firms’ sustainable economic performance, considering the moderating effect of family involvement in management. To test the hypotheses, random-effects regression analyses are applied to a longitudinal sample of 598 Spanish private manufacturing firms throughout the 2006–2015 period. The results show a negative effect of intramural and extramural R&D on sustainable economic performance and a positive effect of process innovation on sustainable economic performance. Moreover, a reinforced relationship between process innovation and sustainable economic performance is also revealed when family involvement in management acts as a moderator. The findings make several contributions to research and practice

Minimum rate of return of the owner-investor. The case of the family SME

[SPA] El cálculo de la rentabilidad mínima es una pieza clave del mundo de los negocios que plantea un reto considerable a los inversorespropietarios y profesionales que asesoran las empresas pyme familiares. Este trabajo muestra cómo afrontar este reto mediante el uso del modelo de los tres componentes (3CM) para empresas no cotizadas. En concreto en él se argumenta sobre cómo agregar el riesgo específico de un inversor-propietario que concentra gran parte de su patrimonio en un solo activo (la empresa). El artículo contribuye tanto en el ámbito teórico como práctico. En el primero, ofrece una línea de investigación poco explorada en la actualidad. En el segundo, ofrece a los inversores-propietarios y a los expertos una herramienta que les servirá de guía en la toma de decisiones.[ENG] The calculus of the minimum rate of return is a centerpiece of the business world that poses a considerable challenge in the case of owner-investors and professional who advise family’ SME companies. This work shows how to face this challenge by using the three components model (3CM) for unlisted companies. Specifically, it discusses how to add the specific risk of an owner-investor who concentrates a large part of his wealth in a single asset, as is the case of most SME companies. The article contributes both from a theoretical and practical point of view. In the first case, it offers an underexplored line of research. In the second case, it gives ownerinvestors and experts a tool to guide them in their investment decision-making

Vitamin D-Related Single Nucleotide Polymorphisms as Risk Biomarker of Cardiovascular Disease

Cardiovascular diseases (CVDs) are a group of disorders of the heart and blood vessels. In addition to environmental risk factors, genetic predisposition increases the risk; this includes alterations in the vitamin D receptor gene (VDR). These alterations play a key role in modifying vitamin D uptake, being able to modify its function and increasing susceptibility to cardiovascular disorders. The aim of this study was to evaluate the association of polymorphisms in the VDR gene and risk of CVD in a Caucasian population. A retrospective case-control study was conducted comprising 246 CVD patients and 246 controls of Caucasian origin from Southern Spain. The genetic polymorphisms BsmI (rs1544410), TaqI (rs731236), ApaI (rs7975232), FokI (rs2228570) and Cdx2 (rs11568820) were determined by means of real-time polymerase chain reaction (PCR) for allelic discrimination using TaqMan® probes. The logistic regression analysis adjusted for body mass index and diabetes revealed that the TT genotype was associated with a higher risk of CVD in both the genotypic model (p = 0.0430; OR = 2.30; 95% CI = 1.06–5.37; TT vs. CC) and the recessive model (p = 0.0099; OR = 2.71; 95% CI = 1.31–6.07; TT vs. C). Haplotype analysis revealed that the haplotype GAC (p = 0.047; OR = 0.34; 95% CI = 0.12–0.98) was associated with increased risk of CVD. The VDR polymorphisms FokI (rs2228570) was significantly associated with the development of CVD. No influence was observed of the VDR polymorphisms BsmI (rs1544410), TaqI (rs731236), ApaI (rs7975232) and Cdx2 (rs11568820) on the risk of developing CVD in the patients studied.ERDF funds (EU) from the Instituto de Salud Carlos III PT13/0010/003

Importancia del concepto de Empresa Familiar en investigación: utilización de la base de datos SABI para su clasificación

Este trabajo tiene que ver con aspectos conceptuales de la empresa familiar (EF) y su impacto en la investigación. Su objetivo es servir de guía en el desarrollo de trabajos empíricos que pretenden disociar la EF de la empresa no familiar (EnF) mediante la utilización de bases de datos, particularmente contables y, más concretamente, en el caso español, con la base SABI. En él se pone de manifiesto la importancia, en el ámbito empírico, de buscar un mecanismo que nos permita identificar la EF de forma eficiente, así como las dificultades existentes para ello con el uso de SABI. Trabajar con diferentes criterios de selección y el uso de apellidos nos permite proponer una tipología de EF.

Technological Innovation Inputs, Outputs and Performance: the moderating role of Family Involvement in Management

The objective of this article is to study the relationship between R&D intensity and continuous technological innovation and between technological innovation outcomes and sustained firm performance. We also analyse the moderating role of family management in both relationships. The results show that R&D intensity has a positive effect on continuous technological innovation and family management moderates negatively this relationship. Our findings also suggest that the influence of the family management significantly contribute to improve the effect of the technological innovation on sustained performance. It seems that some family-managed firms characteristics (nepotism,…) could hinder the efficient conversion of R&D expenditures into continuous technological innovation outcomes, but once family-managed firms have obtained technological innovation outcomes, they become riskier and put all its social capital to work to improve the conversion of innovation outcomes into performance. Therefore, family involvement in management looks influence technological innovation efficiency

Numerical implementation of generalized Coddington equations for ophthalmic lens design

A method for general implementation in any software platform of the generalized Coddington equations is presented, developed, and validated within a Matlab environment. The ophthalmic lens design strategy is presented thoroughly, and the basic concepts of generalized ray tracing are introduced. The methodology for ray tracing is shown to include two inter-related processes. Firstly, finite ray tracing is used to provide the main direction of propagation of the considered ray at the incidence point of interest. Afterwards, generalized ray tracing provides the principal curvatures of the local wavefront at that point, and its orientation after being refracted by the lens. The curvature values of the local wavefront are interpreted as the sagital and tangential powers of the lens at the point of interest. The proposed approach is validated using a double-check of the calculated lens performance in the spherical lens case: while finite ray tracing is validated using a commercial ray tracing software, generalized ray tracing is validated using a software application for ophthalmic lens design based on the classical version of Coddington equations. Equations of the complete tracing process are developed in detail for the case of generic astigmatic ophthalmic lenses as an example. Three-dimensional representation of the sagital and tangential powers of the ophthalmic lens at all directions of gaze then becomes possible, and results are presented for lenses with different geometries.Postprint (published version

The profile of venture capital investments: the European context

The aim of this paper is to deepen our understanding of the investment valuation process followed by venture capitalists (VCs) at the European level. Its contribution is two-fold. First, we shed light on the manner in which VCs estimate the investee company’s value and operationalise the main variables involved in the practical application of the well-known discounted cash flow method. Second, we study whether the different degree of use of valuation methods across European countries may be explained by differences in institutional characteristics related to the underlying legal regime (i.e., English vs. German vs. French-based legal traditions). Using both univariate and multivariate analysis for a sample of 99 responses obtained from a survey addressed to VCs from the UK, France, Germany and Italy, we find that both legal systems and characteristics of VCs (i.e., experience, preferred investment stage, and main source of funds) do influence in the valuation methods used

La transformación de cooperativas. Especial referencia al caso andaluz

Regulating the transformation of co-operative societies into other social forms poses the problems of assessing the amount of funds that will not be part of the resources of the resulting society because they are allocated to be put to the use stipulated in the society by-laws or the legislation. The amount of allocated funds is regulated by the Co-operative Society Law 27/1999 and, with varying degrees of success, by different autonomous regional laws, as is the case of the Andalusian Co-operative Society Law (CAL). The present paper interprets the confusing phrasing in this respect in the CAL and applies the interpretation to a real case where a co-operative society becomes an agrarian processing society (SAT).Co-operative societies, transforming co-operative societies, non-distributional funds, Andalusian co-operative societies.