Analyzing the main determinants of being a cultural traveler: the case of domestic cultural trips in Spain

Purpose: Analyzing the main determinants that lead a traveler to make a cultural trip is an important issue to understand where the cultural tourism market is going, and where the decision-makers should intervene. This study helps develop a profile of cultural tourism participants, and underscore the changes in this market niche. This information is crucial for the successful marketing and development of cultural tourism in the future. Design/methodology/approach: The authors estimate a binary probabilistic (logit) model to determine the probability of a tourist to travel for cultural reasons, as a function of the traveler's socio-economic characteristic (e.g. age, gender, income or level of studies), of the trip-related characteristics (e.g. distance traveled to destination or mode of transport) and of the characteristics of the province of destination (e.g. weather conditions or existence of cultural sites at destination). Findings: This study’s estimates reveal that middle-aged individuals, with a higher level of studies and with a medium level of income show a higher propensity to travel for cultural reasons. The latter finding evidences that cultural tourism has evolved from a niche market reserved for an elite clientele to a much wider range of people. Additionally, cultural travelers tend to travel statistically much longer distances. They are less prone to visit crowded destinations, prefer visiting destinations with important cultural sites, and are less sensitive to weather conditions. Finally, the authors discover a complementary effect of culture tourism and other activities carried out during the trip such as visiting cities or theme parks; and a substitution effect with “beach-and-sun” tourism. Practical implications The information given in this study can be crucial for the successful marketing and development of cultural tourism in the future. A better understanding of the main determinants of being a cultural traveler implies a better and a more efficient implementation of managerial and political measures to attract a kind of tourism characterized by a high spending capacity. Originality/value Discovering the main determinants of being a cultural traveler is a topic scarcely treated in the literature. This study has the main originality to include characteristics of the destination (pull factors) to explain the individual's decision to take a cultural trip. Moreover, the authors work at a provincial (NUTS-3) level of analysis, which makes this study original in the field of cultural touris

La Empresa Familiar en el Sector Sanitario: Evolución y Perspectivas Futuras

The relevance of family businesses in the world economy has led researchers to study them in various fields and from various perspectives. However, the role played by family businesses in the private health care sector has hardly been analyzed. The objective of this research was to focus on the historical evolution of the family business in the field of private health, attempting to determine the variation in its contribution to the sector during 1995–2018. For this purpose, we constructed a database with the existing private hospitals in Spain, classifying them according to family and non-family ownership for the years 1995 and 2018 and performing a cross-sectional analysis. We observed an almost 60% survival rate for family businesses. We propose implementing the methodology of the case study for future research.  La relevancia de la empresa familiar en la economía mundial la ha llevado a ser objeto de estudio desde diversos ámbitos y perspectivas. Sin embargo, el papel que juega la empresa familiar en el sector sanitario privado apenas ha sido analizado. El objetivo de este trabajo de investigación se centra en el estudio de la evolución histórica de la empresa familiar en el ámbito de la sanidad privada, intentando conocer la variación de la contribución de la misma al sector durante el periodo 1995-2018. Con este propósito, se construye una base de datos con los hospitales privados existentes en España, clasificándolos en familiares y no familiares para los años 1995 y 2018, realizando un análisis de corte transversal. Se observa un nivel de supervivencia de las empresas familiares de casi un 60%. Se propone implementar la metodología del estudio de casos en investigación futuras

Does COVID-19 change CSR? A family business perspective

The purpose of this study was to analyze the #Damos La Cara (“Let’s show our face”) initiative, which is an initiative promoted by the Instituto de la Empresa Familiar, the most representative organization of family businesses in Spain. This analysis allowed us to characterize the Spanish family business and to analyze their reactions and interventions in the face of the crisis posed by COVID-19 from the perspective of CSR. The methodology used consisted of a content analysis, viewing 127 videos wherein family members presented their companies and the activities carried out to improve their relations with their employees and their environment. The conclusions reached allowed us to affirm that they were mostly second- and third-generation companies from the manufacturing sector; the most repeated actions were social commitment to their workers (internal) and the donation of medical materials (corporate). To the best of our knowledge, this was the first time that an analysis of these characteristics had been carried out in the field of family businesses. This analysis showed the intense philanthropic activity carried out by Spanish family businesses, not only in emergencies but also as a regular activity and as a consequence of their values and long-term vision

The impact of visual narrative formats on women's entrepreneurship training

Financiado para publicación en acceso aberto: Universidade de Vigo/CISUGThis paper analyses the impact of visual narrative formats on women's entrepreneurship training. The findings suggest that the development of competences such as entrepreneurship concepts, opportunity identification and entrepreneurial intention are comparatively better when training with visual narrative format than with a traditional textbook format. Results reveal that the visual narrative not only is an effective tool in the development of new concepts but also strengthens the concepts of students with previous experience in entrepreneurship but little time available for studying. This visual narrative enhances the connection between theory and practice while allowing for easier identification of more innovative and viable business ideas. The project also encourages entrepreneurial initiative because the students can identify with one or another of the main characters in the visual narrative format

Does the composition of the board matter? On the relationship between corporate governance and value creation

This paper studies the effect of corporate governance on value creation for listed companies. It also examines whether the fact that a business is owned or partly owned by a family has an impact on this variable as well as the behavior of companies at different stages of the economic cycle. Our research makes use of a dataset consisting of the companies in the IBEX-35 for the period 2005/12. It carries out a sub-analysis for the periods 2005-2008 and 2009-2012, to evaluate the effect of the crisis. The results indicate that neither the presence of women on boards of directors nor family ownership affect value creation in the companies analyzed. The size of the entity revealed a statistically significant and negative coefficient for the entire period under analysis. However, recorded profitability revealed a statistically significant and positive coefficient only for the pre-crisis period and not for the later period. In contrast, board size and the percentage of independent board members are both relevant and reveal a positive coefficient for the crisis period. Although its starting point is agency theory, complemented by resource dependence theory, the paper resorts to the sociological theory of the strength of weak ties, to explain its results. Gender diversity and family ownership do not seem to have an impact on value creation, while the level of independence of the governance bodies has a positive effect throughout the crisis period. This result supports the notion that board structure is much more relevant in difficult and challenging times. In addition to increasing the number of independent directors, it is also crucial that a minimum percentage be reached in order to influence the board and generate value. According to the empirical evidence, in times of crisis, it seems advisable and more efficient to increase board size with more independent directors, regardless of gender. Gender equality does not harm value creation

Effect of remote ischaemic conditioning on clinical outcomes in patients with acute myocardial infarction (CONDI-2/ERIC-PPCI): a single-blind randomised controlled trial.

BACKGROUND: Remote ischaemic conditioning with transient ischaemia and reperfusion applied to the arm has been shown to reduce myocardial infarct size in patients with ST-elevation myocardial infarction (STEMI) undergoing primary percutaneous coronary intervention (PPCI). We investigated whether remote ischaemic conditioning could reduce the incidence of cardiac death and hospitalisation for heart failure at 12 months. METHODS: We did an international investigator-initiated, prospective, single-blind, randomised controlled trial (CONDI-2/ERIC-PPCI) at 33 centres across the UK, Denmark, Spain, and Serbia. Patients (age >18 years) with suspected STEMI and who were eligible for PPCI were randomly allocated (1:1, stratified by centre with a permuted block method) to receive standard treatment (including a sham simulated remote ischaemic conditioning intervention at UK sites only) or remote ischaemic conditioning treatment (intermittent ischaemia and reperfusion applied to the arm through four cycles of 5-min inflation and 5-min deflation of an automated cuff device) before PPCI. Investigators responsible for data collection and outcome assessment were masked to treatment allocation. The primary combined endpoint was cardiac death or hospitalisation for heart failure at 12 months in the intention-to-treat population. This trial is registered with ClinicalTrials.gov (NCT02342522) and is completed. FINDINGS: Between Nov 6, 2013, and March 31, 2018, 5401 patients were randomly allocated to either the control group (n=2701) or the remote ischaemic conditioning group (n=2700). After exclusion of patients upon hospital arrival or loss to follow-up, 2569 patients in the control group and 2546 in the intervention group were included in the intention-to-treat analysis. At 12 months post-PPCI, the Kaplan-Meier-estimated frequencies of cardiac death or hospitalisation for heart failure (the primary endpoint) were 220 (8·6%) patients in the control group and 239 (9·4%) in the remote ischaemic conditioning group (hazard ratio 1·10 [95% CI 0·91-1·32], p=0·32 for intervention versus control). No important unexpected adverse events or side effects of remote ischaemic conditioning were observed. INTERPRETATION: Remote ischaemic conditioning does not improve clinical outcomes (cardiac death or hospitalisation for heart failure) at 12 months in patients with STEMI undergoing PPCI. FUNDING: British Heart Foundation, University College London Hospitals/University College London Biomedical Research Centre, Danish Innovation Foundation, Novo Nordisk Foundation, TrygFonden

Evidência empírica dos factores explicativos dos dividendos distribuidos pelas empresas do PSI 20

La presente comunicación tiene como objetivo central el análisis de los factores explicativos de la política de dividendos de las empresas que integran el principal índice bursátil del mercado de capitales portugués, el PSI 20. Con ese designio, utilizamos un conjunto de informaciones económicas y financieras de las empresas no financieras para explicar los dividendos por acción distribuidos en el período temporal comprendido por los años de 2005 a 2009. Los resultados logrados en el estudio empírico sugieren que el resultado líquido, los dividendos por acción distribuidos en el ejercicio económico anterior y el crecimiento de las ventas presentan un efecto positivo y estadísticamente significativo en la explicación de los dividendos por acción distribuidos en un determinado ejercicio económico. Sugieren todavía que el modelo desarrollado por Lintner (1956) se presenta válido para explicar la política de dividendos de las empresas de lo PSI 20

Evidencia empírica de los factores que afectan a la independencia del auditor

The European Union considers it appropriate to further discuss how to strengthen the independence of the auditors to address conflicts of interest inherent in the current scenario, characterized by factors such as the appointment of auditors for the audited company, low turnover or different service delivery to the audit. This paper aims to realize the expectations of the factors that affect, both positively and negatively, the auditor maintains its independence from the client

Corporate social responsibility and family business in the time of COVID-19: changing strategy?

Companies in general and family businesses in particular engage in local collaborations in rather diverse areas through their corporate social responsibility activities. The COVID-19 pandemic has made these contributions to community improvement more apparent, suggesting a paradigm shift. This conceptual paper proposes a reflection about the evolution of the corporate social responsibility activities linked to family businesses in emergencies and from the socioemotional wealth perspective. The contribution of this paper is twofold. Firstly, it provides an in-depth reflection on the evolution of philanthropy, posing the following questions: are we witnessing a reinvention of corporate social responsibility within the framework of family businesses because of the global pandemic; does this new trend deserve support, given the fundamental role that family businesses have played in this situation; and if so, what should such support consist of, and what is the optimal channel for articulating it? Secondly, the paper proposes a theoretical framework from the socioemotional wealth perspective to advance research about corporate social responsibility carried out by family businesses. Business families are more likely to implement strategies that promote ethical behavior and CSR activities in their companies. The pandemic situation has created new possibilities for developing CSR