2,119 research outputs found

    Concentración empresarial, concentración de la propiedad y el valor de la empresa: Evidencia de las PYMEs españolas

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    Various corporate governance theories indicate that governance in small and medium-sized enterprises (SMEs) differs to that of larger corporations due to the ownership-management function within the organizational structure. This article provides empirical evidence of enhanced firm value in a sample of listed SMEs resulting from certain corporate governance mechanisms related to managerial and ownership concentration. The empirical analysis conducted in this paper is based on a panel data set consisting of 108 small and medium-sized public firms on the Spanish alternative stock exchange over a time frame of five years (2015-2019). The results suggest that CEO duality, the controlling shareholders, and the second largest shareholders all improve firm value. Conversely, the ratio of independent directors has a negative impact on firm value. These findings are robust to alternative model specifications such as dynamic panel estimators (Generalized Method of Moments -GMM-) and instrumental variable methods. Overall, we show that the governance configuration of listed SMEs can mitigate several of the central issues, such as agency problems, that large corporations face.Varias teorías de gobierno corporativo indican que la gobernanza en las pequeñas y medianas empresas (PYME) difiere del de las corporaciones más grandes debido a la función de gestión de propiedad dentro de la estructura organizativa. Este artículo proporciona evidencia empírica del aumento del valor de la empresa en una muestra de PYME que cotizan en bolsa como resultado de ciertos mecanismos de gobierno corporativo relacionados con la concentración gerencial y la concentración de propiedad. El análisis empírico realizado en este artículo se basa en un modelo de datos de panel compuesto por 108 pequeñas y medianas empresas públicas que cotizan en el mercado alternativo bursátil español durante un período de cinco años (2015-2019). Los resultados sugieren que la dualidad de funciones del CEO, los accionistas mayoritarios y los segundos accionistas más importantes mejoran el valor de la empresa. Por el contrario, la proporción de directores independientes tiene un impacto negativo en el valor de la empresa. Estos hallazgos son robustos a especificaciones de modelos alternativos, como estimadores de panel dinámico (Método Generalizado de Momentos -GMM-) y el método de variables instrumentales. En general, mostramos que la configuración de la gobernanza de la PYME que cotizan en bolsa puede mitigar varios de los problemas centrales, como los problemas de agencia, que enfrentan las grandes corporaciones

    The market value of SMEs: a comparative study between private and listed firms in alternative stock markets

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    This study aims to compare the market value of private firms and publicly listed small and medium-sized firms (SMEs) in alternative stock markets through a private discount approach with estimates of value based on discounted cash flow projections and along with a comparable multiples approach. The valuation methodology applied in this study yielded a final sample that included 232 observations between public and private companies in the Spanish market. To calculate the discount, we apply the different approaches of discounted cash flow and multiples, such as valuation, earnings, book value, and revenue. Our results conclude there is no private discount, instead, the outcomes of this article suggest a premium over public firms for some ratios. The negative private company discounts mean a premium and, on the other hand, some multiples suggest a discount according to the method of valuation. This paper proves private discounts resulted does not have any comparable value within the same country although all firms in Spain use the same currency. We value the discounted cash flows of our forecasts using a discount rate based on the Capital Asset Pricing Model (CAPM), so our study can also be viewed as a test sensitivity of CAPM-based approaches to equity risk premium, terminal value, and growth rate. Furthermore, we compare historical transaction multiples of privately held companies with transaction multiples of similar publicly held firmsFunding Open Access funding provided thanks to the CRUE‑CSIC agreement with Springer Nature

    The market value of SMEs: a comparative study between private and listed firms in alternative stock markets

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    This study aims to compare the market value of private firms and publicly listed small and medium-sized firms (SMEs) in alternative stock markets through a private discount approach with estimates of value based on discounted cash flow projections and along with a comparable multiples approach. The valuation methodology applied in this study yielded a final sample that included 232 observations between public and private companies in the Spanish market. To calculate the discount, we apply the different approaches of discounted cash flow and multiples, such as valuation, earnings, book value, and revenue. Our results conclude there is no private discount, instead, the outcomes of this article suggest a premium over public firms for some ratios (...

    Percepción de identidad visual de la imagen turística en la población del distrito de Tumbes, 2022

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    El estudio intitulado: “Percepción de identidad visual de la imagen turística en la población del distrito de Tumbes, 2022”, se realizó con el propósito de identificar la percepción en la población sobre tal problemática buscando conocer la percepción turística y promover la mejora continua de infraestructura y reconocimiento de identidad visual de la imagen turística del distrito. Por lo tanto, la investigación tuvo como objetivo: “Determinar el nivel de percepción de identidad visual de la imagen turística en la población del distrito de Tumbes, 2022”. Investigación básica, de enfoque cuantitativo, de tipo descriptiva, diseño No experimental, de corte transversal; aplicado a 125 ciudadanos utilizando como instrumento el cuestionario de forma presencial; los resultados permitieron identificar la percepción de identidad visual de la imagen turística y comprobar su correcta identificación para fortalecer visualmente en la población la identidad de Tumbes. Se concluye, que la variable alcanzo un nivel “Bueno” en la escala cualicuantitativo de 15 puntos; donde el 62% considera un nivel “Bueno”, el 31% se ubica en un nivel “Regular”; el 4% se categoriza en un nivel “Excelente” y el 2% se encuentra en un nivel “Mala”; representada de acuerdo a las dimensiones: fases de percepción, símbolo, filosofía de marca, imagen y percepción del turismo. Por consiguiente, se evidencia en la población una percepción positiva y contribuye en la imagen turística

    Unusualness the Peace Process with the Milicias Populares de Medellin

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    RESUMEN: Entre 1990 y 1994 el gobierno de César Gaviria firmó ocho acuerdos de paz, uno de ellos con las Milicias Populares de Medellín, el 26 de mayo de 1994. Este caso, a pesar de su importancia, ha sido poco trabajado y casi olvidado en la literatura. El artículo describe y analiza este proceso de paz, dividiéndolo en tres fases: acercamiento, negociación e implementación. A partir de la revisión de prensa y de la literatura se realiza una reconstrucción analítica del caso. Muestra que a pesar de las similitudes con los otros procesos vividos durante el periodo Gaviria, este puede considerarse como un proceso atípico: una desmovilización de una estructura armada urbana, cuyo origen y composición no fue esencialmente política y a la cual se le otorgaron incentivos más allá de los jurídicos. Además, permitirles constituir una cooperativa de vigilancia —Coosercom— provocó que la estructura armada se mantuviera y la reintegración a la vida civil fuera incompleta, teniendo efectos dañinos para la ciudad que, incluso, se sintieron una década después.ABSTRACT: Between 1990 and 1994 the government of Cesar Gaviria signed eight peace treaties; one was with the Milicias Populares de Medellín, on 26 May 1994. Despite its significance, this particular case has not been studied and is practically ignored in the relevant literature. This article describes and analyzes the peace process, dividing it into three phases: approach, negotiation and implementation. The article offers an analytical reconstruction of this case, based on the review of press and relevant literature. It shows that despite the similarities with the other processes that took place during president Gaviria`s period, this particular case can be considered as an atypical process. It implied the demobilization of an armed urban structure that did not have an essentially political origin or composition and was granted incentives that were beyond the law. In addition, the permission granted to this group to form a cooperative for private security —Coosercom— implied that the armed structure was maintained and reintegration into civilian life was incomplete, having harmful effects on the city, even a decade late

    Propiedades psicométricas de la escala de engagement académico (UWES-S 9) en estudiantes de secundaria de la ciudad de Ica, 2020.

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    Este estudio persigue el objetivo del análisis de las propiedades psicométricas mediante la escala Utrecht de Engagement Académico (UWES-S 9). La muestra estuvo compuesta por 416 estudiantes del nivel secundario, un 28,85% (n= 120) de sexo masculino y 71,15% (n= 296) de sexo femenino, procedentes de un colegio de la ciudad de Ica, Perú. El estudio es de tipo Instrumental porque analiza las propiedades psicométricas de un instrumento y de diseño no experimental de corte transversal. La validez de contenido fue aceptada por los jueces en cuanto a claridad, relevancia y pertinencia de los ítems. De acuerdo al análisis factorial se encontró índices de bondad y ajuste absoluto en el modelo (X2= 138; SRMR=0.0355, RMSEA=.107) y comparativo (CFI =.960 y TLI=.940) adecuados estadísticamente que confirma la estructura factorial y el modelo teórico. La confiabilidad de consistencia interna se realizó con los coeficientes omega y alfa en la que los valores superan .8 que indica valores de confiabilidad adecuados. Se concluyó a través de las propiedades psicométricos del instrumento que reúne los criterios de confiabilidad y validez para ser replicadas en similares muestras del estudio

    El Bunkering en el Ecuador, negocio de beneficios por aprovechar / The Bunkering in Ecuador, a business full of untapped benefits

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    en la economía. Se comparó las fuentes proveedoras de petróleo y combustible, sobre todo el marino, que han dado paso a que sea un negocio lleno de beneficios no aprovechados lo suficiente, perdiendo así impacto sobre las estrategias para una mejor competencia frente a otros mercados en países latinoamericanos. Se utilizaron métodos como la observación respaldada con fotografías y entrevistas con ejecutivos de la empresa Corpetrolsa S.A. Asimismo, se realizó una investigación bibliográfica con fuentes y bases de datos proporcionadas por la empresa Corpetrolsa S.A. y Servamain S.A., principal distribuidora de combustible marino y datos tomados de la página de índices de ventas y producción de la principal proveedora del mismo: EP Petroecuador. Algunas de las variables manejadas son: tipos de mercado, tipos de combustibles que ofertan, empresas a las que venden, entre las más significativas. Se demuestra de esta forma el monopolio palpable que ha arrastrado el tema de la explotación de combustible en el Ecuador; se contribuye a proveer información técnica sobre otras formas existentes de hacer crecer la economía. AbstractThis article focuses on Bunkering, and efficient business model in Ecuador, with the use and the effects on the economy. With a comparison of the sources of supply in the country of oil, fuel and especially the sea. They have given way to a business that is full of untapped benefits enough, losing impact on the strategies for better competition with other markets in Latin American countries. That give priority to it. Using sources and databases provided by the company Corpetrolsa SA and Servamain SA as the main distributor of marine fuel and the data collected from website sales and production rates of the primary supplier of the same Petroecuador. Some of the variables managed are market rates, types of fuels that offer, companies that sell, among the most significant. Thus demonstrates the palpable monopoly has dragged the issue of exploitation of fuel in Ecuador; it helps to provide technical information on other existing ways to grow the economy

    Use of emerging technologies in flipped classes

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    [EN] The need for this innovation stems from the constraints of teaching an applied science course to a large cohort of approximately 500 students which makes it impossible to include practical activities. This was compounded by the fact that the course had students with different levels of science knowledge. The aim of our pedagogic innovation was two-fold: to make the basic concepts more understandable for a broad audience of non-science major students; and to maintain a level of difficulty and rigour sufficient to challenge and provide a sound basis for students from the Geosciences undergraduate program. We used a flipped classroom strategy supported by the use of information and communication technologies. Material was provided online before the class so students could aquire basic concepts and identify gaps in their knowledge, and in the classroom the concepts were applied in group activities. Additionally we used the online quiz tool Socrative for students to self-assess their learning. This work was supported by post-class follow-up activities. As a result we observed a substantial increased in student motivation and engagement in their learning process and greater interaction between students and between students and teachers. Furthermore there was an improvement of overall performance with fever students failing the courseHuguet, C.; Pearse, J.; Noè, LF.; Castillo Ruiz, N.; Valencia, D.; Jimenez Heredia, A.; Patiño Avedaño, MA. (2017). Use of emerging technologies in flipped classes. En Proceedings of the 3rd International Conference on Higher Education Advances. Editorial Universitat Politècnica de València. 891-898. https://doi.org/10.4995/HEAD17.2017.5454OCS89189

    The Changing Landscape of Systemic Treatment for Cervical Cancer: Rationale for Inhibition of the TGF-β and PD-L1 Pathways

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    Cervical cancer; Tumor microenvironmentCáncer de cuello uterino; Microambiente tumoralCàncer de coll uterí; Microambient tumoralCervical cancer is one of the most common and lethal cancers among women worldwide. Treatment options are limited in patients with persistent, recurrent, or metastatic cervical cancer, with 5 years. Persistent human papillomavirus (HPV) infection has been implicated in almost all cases of cervical cancer. HPV infection not only causes normal cervical cells to transform into cancer cells, but also creates an immunosuppressive environment for cancer cells to evade the immune system. Recent clinical trials of drugs targeting the PD-(L)1 pathway have demonstrated improvement in overall survival in patients with cervical cancer, but only 20% to 30% of patients show overall survival benefit beyond 2 years, and resistance to these treatments remains common. Therefore, novel treatment strategies targeting HPV infection–associated factors are currently being evaluated in clinical trials. Bintrafusp alfa is a first-in-class bifunctional fusion protein composed of the extracellular domain of the TGF-βRII receptor (a TGF-β “trap”) fused to a human immunoglobulin G1 monoclonal antibody that blocks PD-L1. Early clinical trials of bintrafusp alfa have shown promising results in patients with advanced cervical cancer.This work was funded by Merck (CrossRef Funder ID: 10.13039/100009945) and was previously part of an alliance between Merck and GlaxoSmithKline
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