This study aims to determine whether domestic cultural and non-cultural travelers show significantly different socioeconomic and trip-related characteristics. We use microdata from the Resident ...Travel Survey 2019, conducted by the Spanish Statistical Office. The hypothesis testing of equal travelers’ characteristics is based on the calculation of bootstrap p values. Our findings reveal that domestic cultural travelers have a particular profile that is markedly different from other kinds of travelers: They have a higher level of education, but do not show significantly higher levels of income compared to non-cultural travelers. This finding has an important implication because it partly breaks with the deep-seated belief that cultural travelers are “up-scale” individuals. Additionally, cultural travelers spend significantly more money and travel significantly longer distances.
This 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.
•Graphic novel improves concepts acquisition, opportunity identification and entrepreneurial intention.•Visual narrative: a nexus connecting theory and practice.•Graphic novel as an attractive learning tool to encourage entrepreneurial intention.
PurposeThe purpose of this paper is to analyze if choices made by family businesses (FBs) regarding job stability in economic recessions are different, on average, to those made by nonfamily firms. ...Moreover, the study tries to elucidate if this potential difference depends on the family generation that is in charge. The analysis relies upon a sample of 55,091 Spanish firms, as Spain is one of the countries that suffered the greatest impact of the 2008 Great Recession.Design/methodology/approachTo test the hypotheses, the authors built a database of 55,091 Spanish firms, 45,351 family firms and 9,740 nonfamily firms, for the period 2007–2015. Based on the socioemotional wealth (SEW) approach, this article sheds light on the question of whether family identification, binding social ties and long-term vision lead FB to behave differently from nonfamily businesses in human resource management.FindingsIn times of crisis, FBs do maintain jobs to a higher extent than nonfamily businesses, and this effect is especially intense when the first generation is in charge. According to the SEW approach, the emotional links between ownership and management make the firm more prudent when hiring during good times and when firing in times of crisis. This makes employment in FBs more stable than in private ones. This result has two positive effects. Higher job stability is an additional contribution of family firms to social welfare and happiness. Furthermore, a larger share of family firms involves stronger automatic macrostabilizers to deal with the business cycle, supplementing fiscal macrostabilizers, such as personal income tax (PIT) or unemployment insurance.Practical implicationsFamily firms maintained employment more than nonfamily firms did during the crisis. The emotional links between ownership and management and the long-term vision make the firm more prudent when hiring during good times and when firing in times of crisis. These features could make family firms more cautious in terms of hiring and firing and thus enable them to offer their employees implicit employment protection and stability. This positive effect decreases as firm age advances, due to the minor linkage between ownership and employees, in spite of maintaining identification and long-term vision.Social implicationsFrom a policy perspective, greater job stability is an additional contribution of family firms to social welfare and happiness. Hence, a larger share of family firms would involve stronger automatic macrostabilizers to deal with the business cycle, supplementing well-known fiscal macrostabilizers such as the PIT or unemployment insurance. The idea of family firms as countercyclical agents linking the micro dimension with the macro dimension becomes more interesting in the present context with the crisis generated by COVID-19.Originality/valueIn addition to contributing to the scarce literature on FB and employment in times of crisis, this paper also considers the generational effect on employment in the economic crisis context from the SEW approach. In addition, sound econometric methodology applied using an extremely large database grounded the results. In contrast with studies in the FB field that have typically focused on large listed firms (Mazzi, 2011), the study relies upon a database of privately held companies, which are more representative of FBs in civil law countries, such as Spain. The Spanish case is particularly interesting because it was one of the OECD countries shocked by the Great Recession. Finally, the authors propose family firms as countercyclical agents linking the micro dimension to the macro dimension.
De Gruyter Handbooks in Business, Economics and Finance provide a comprehensive, must-have survey of a whole subject area critically discussing the leading views in the field. The main goal of each ...handbook is to survey a topic, explaining why an issue is important and critically discussing the leading views in the area. Aimed at the international market, these handbooks cover emerging and cutting edge topics in business, economics and finance.
The article poses a dual research question: What are the determining factors of the type of audit opinion in a stressed economic environment and do these factors differ between family and nonfamily ...firms? Our results show that auditor tenure and return on assets (ROA) raise the probability of receiving a favorable opinion. On the contrary, losses during the previous year, high financial leverage, and hiring a “Big 4” firm increase the probability of receiving an unfavorable opinion. Although the sign and the statistical significance are similar, the size of such effects differs between family and nonfamily firms. Finally, the probability of receiving a report with a favorable opinion increases as the economic situation improves.
PurposeThe purpose of this paper is to find throughout history examples of wealth management of a family or business families that can be assimilated into the current concept of family offices (FOs). ...In such examples, the study identifies characteristics associated with the different dimensions of the concept of socioemotional wealth (SEW).Design/methodology/approachDrawing on the socioemotional perspective, this paper relates significant examples of FOs based on historical stages (ancient history, the middle ages, modern history, the contemporary period and the actual world). Each case is discussed with an effort to identify the dimensions of the SEW that fit and help in understanding the organization studied.FindingsMainly, FOs allow the management of the family legacy, philanthropy, promotion of entrepreneurship and family wealth preservation for future generations. Autonomy in decision-making, privacy and confidentiality and the achievement of more intangible goals make the FO preferable to other institutions. Through the study of historical cases, the FO constitutes a structure with objectives and activities that have remained consistent from Rome to the present, regardless of historical, political or social context. The results also identify four out of five FIBER dimensions of SEW.Originality/valueIn addition to contributing to the scarce literature on FOs, this paper uses various examples of historical periods to better understand its origin, evolution and current state. A selection of examples at different times allows us to verify that FOs undergo a series of changes throughout history but maintain their characteristics regardless of the historical context. This paper is the first to explore the origin and development of the FO as organization. Building on the findings, the authors present a conceptual SEW framework to deepen in the knowledge of FO. This framework could help researchers and practitioners in future researches providing a conceptual link that demonstrates the components of the SEW perspective best fit the objectives pursued by business families when establishing a family office.
The paper proposes a methodology to enhance students' learning experiences by using movie clips to teach business management concepts. We describe the entire management teaching process step by step, ...from film selection to evaluation through questionnaires. In this way, this design can be reproduced by instructors for teaching business management courses. Additionally, we carried out and analyzed questionnaires about student satisfaction and business management concepts acquisition with a quantitative multiple regression. The results suggest that watching movies improves academic results and, in particular, the post-viewing debate. Besides, the more current the movie is for the generation of students, the more impact it has on their learning, as they are more likely to pay attention. On the other hand, we cannot neglect the gender issue, as the content of the film has an important influence. Students may be disinterested in a movie with a marked male or female leading role.
This paper analyses the effect of corporate governance on value creation. It relies upon a dataset that includes the companies listed on the Spanish Stock Exchange for the period from 2005 to 2012. ...Attention is focused on the structure and composition of boards. In particular, four variables are analyzed: BOARD_SIZE, BOARD_INDEPENDENCE, BOARD_DILIGENCE (measured by the number of meetings), and DUALITY (chairman and chief executive officer being the same person). Over the period of the deepest economic crisis (2009–2012) the most significant variables that had a positive effect on value creation were BOARD_INDEPENDENCE and BOARD_SIZE. Hence, the global financial crisis has highlighted the need for effective corporate governance. Policy makers should think about translating the recommendations of the Good Governance Codes into legislation (mandatory), to improve corporate governance."
Family offices: What, why and what for Rivo-López, Elena; Villanueva-Villar, Mónica; Vaquero-García, Alberto ...
Organizational dynamics,
10/2017, Letnik:
46, Številka:
4
Journal Article
Recenzirano
Over recent years there has been a marked increase in scientific research on corporate governance in family firms. The Family Office (FO) is usually analysed as a family governance mechanism. The ...traditional concept of an FO is that of a business managed by and for a family. Its main function is to centralise management of the family assets, and its financial resources come from the entrepreneurial family's capital, which has often been built up over generations. The activity of an FO ranges from the provision of traditional personal services to investments in venture capital. To create an FO as a family asset management structure, the family must have a high net wealth enabling it to take on the costs, and direct management involved. Growth in a family business means that whoever is responsible for it has to deal with a dual challenge: managing the business itself, and managing both services to the family and the net wealth the family has accumulated over the years.
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
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