Jorge de Andrés Sánchez, Laura González Vila Puchades
A life settlement is a financial transaction by which an existing life insurance policy is sold to an investor for a greater price than its cash surrender value. In this way, the investor undertakes to pay, if any, the outstanding premiums and has the right to receive the death benefit when the insured dies. This work carries out a descriptive analysis of this type of transaction and a study of its main quantitative aspects. Thus, among other aspects, an overview of the product is offered and its main agents, the nature of the parameters involved in its value and the risks related to it are described. In regards to the quantitative point of view, a new way of analysing the sensitivity of the price of a life settlement to changes in the insured’s life expectancy is introduced. Indeed, we extend the duration and convexity indicators of Stone and Zissu (2008), which use a deterministic approach, to the analytical framework provided by the probabilistic valuation method. Then, we propose to measure the sensitivity of this product to changes in the insured’s mortality multiplier, and not in their life expectancy. The paper also describes the applicability of the new measures for risk management purposes.
{"title":"Life settlements: análisis descriptivo y aspectos cuantitativos","authors":"Jorge de Andrés Sánchez, Laura González Vila Puchades","doi":"10.5295/cdg.191209lg","DOIUrl":"https://doi.org/10.5295/cdg.191209lg","url":null,"abstract":"A life settlement is a financial transaction by which an existing life insurance policy is sold to an investor for a greater price than its cash surrender value. In this way, the investor undertakes to pay, if any, the outstanding premiums and has the right to receive the death benefit when the insured dies. This work carries out a descriptive analysis of this type of transaction and a study of its main quantitative aspects. Thus, among other aspects, an overview of the product is offered and its main agents, the nature of the parameters involved in its value and the risks related to it are described. In regards to the quantitative point of view, a new way of analysing the sensitivity of the price of a life settlement to changes in the insured’s life expectancy is introduced. Indeed, we extend the duration and convexity indicators of Stone and Zissu (2008), which use a deterministic approach, to the analytical framework provided by the probabilistic valuation method. Then, we propose to measure the sensitivity of this product to changes in the insured’s mortality multiplier, and not in their life expectancy. The paper also describes the applicability of the new measures for risk management purposes.","PeriodicalId":43351,"journal":{"name":"Cuadernos de Gestion","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2021-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Albérico Manuel Fernandes Travassos Rosário, António Carrizo Moreira, P. Macedo
The objective of this paper is to analyse the retail banking behaviour in Portugal (2008–2010, 2011–2013 and 2014–2016), by taking into account the financial and economic assistance programme (FEAP) – monitored by the European Commission, the European Central Bank and the International Monetary Fund – that Portugal went through and that started in 2011. With competitive dynamics it is possible to understand the evolution of competitive strategies of the institutions of a strategic group within a given time horizon. Data were collected after consultation of reports and accounts of Banks from Banco de Portugal database. The results were analysed and discussed in light of the theory of strategic groups and their competitive dynamics allows us to conclude that: Banks implemented different competitive strategies; Strategic groups have dissimilar resources; and Strategic groups display different strategies. The 2008–2010 period can be considered as a ‘deregulated’ period, the 2011–2013 as a period of ‘imposed regulation’, and the 2014–2016 as a period of ‘strategic consolidation’ with strategic changes that have prompted strategic groupings of the various institutions as consequence of a low mobility barrier strategy.
{"title":"Competitive dynamics of strategic groups in the Portuguese banking industry","authors":"Albérico Manuel Fernandes Travassos Rosário, António Carrizo Moreira, P. Macedo","doi":"10.5295/CDG.180975AC","DOIUrl":"https://doi.org/10.5295/CDG.180975AC","url":null,"abstract":"The objective of this paper is to analyse the retail banking behaviour in Portugal (2008–2010, 2011–2013 and 2014–2016), by taking into account the financial and economic assistance programme (FEAP) – monitored by the European Commission, the European Central Bank and the International Monetary Fund – that Portugal went through and that started in 2011. With competitive dynamics it is possible to understand the evolution of competitive strategies of the institutions of a strategic group within a given time horizon. Data were collected after consultation of reports and accounts of Banks from Banco de Portugal database. The results were analysed and discussed in light of the theory of strategic groups and their competitive dynamics allows us to conclude that: Banks implemented different competitive strategies; Strategic groups have dissimilar resources; and Strategic groups display different strategies. The 2008–2010 period can be considered as a ‘deregulated’ period, the 2011–2013 as a period of ‘imposed regulation’, and the 2014–2016 as a period of ‘strategic consolidation’ with strategic changes that have prompted strategic groupings of the various institutions as consequence of a low mobility barrier strategy.","PeriodicalId":43351,"journal":{"name":"Cuadernos de Gestion","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2021-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45858906","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A. Khursheed, Maham Fatima, Dr. Faisal Mustafa, Dr.Rab Nawaz Lodhi, Ayesha Akhtar
Purpose: This study examines how entrepreneurial ecosystem factors (entrepreneurial finance, entrepreneurial education, physical and commercial infrastructure, culture, and R&D transfer activities) shape social entrepreneurial activities (SEA) of men and women. Design/methodology/approach: Panel data from 35 countries are examined through General Methods of Moments (GMM) with Arellano Bond tests for the period of ten years (2005-2014). Findings: Our results indicate that women are more likely to get involved in creation of social ventures. Further, the selected six entrepreneurial factors modify SEA in a significantly different manner for both genders. Originality/value: Based on this analysis, this study is the first to provide deeper insights for improving the assessment of social entrepreneurial activities in efficiency and innovation driven economies within the entrepreneurial ecosystem.
{"title":"An Empirical Analysis of the Factors Influencing Social Entrepreneurship: A Gendered Approach","authors":"A. Khursheed, Maham Fatima, Dr. Faisal Mustafa, Dr.Rab Nawaz Lodhi, Ayesha Akhtar","doi":"10.5295/CDG.201320AK","DOIUrl":"https://doi.org/10.5295/CDG.201320AK","url":null,"abstract":"Purpose: This study examines how entrepreneurial ecosystem factors (entrepreneurial finance, entrepreneurial education, physical and commercial infrastructure, culture, and R&D transfer activities) shape social entrepreneurial activities (SEA) of men and women. Design/methodology/approach: Panel data from 35 countries are examined through General Methods of Moments (GMM) with Arellano Bond tests for the period of ten years (2005-2014). Findings: Our results indicate that women are more likely to get involved in creation of social ventures. Further, the selected six entrepreneurial factors modify SEA in a significantly different manner for both genders. Originality/value: Based on this analysis, this study is the first to provide deeper insights for improving the assessment of social entrepreneurial activities in efficiency and innovation driven economies within the entrepreneurial ecosystem.","PeriodicalId":43351,"journal":{"name":"Cuadernos de Gestion","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2021-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48314294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Quirós, José Luís Miralles Quirós, J. D. Izquierdo
The publication of non-financial information is a trend in recent decades in listed companies. From this fact, the need arises to provide credibility to the information by verifying an independent professional who provides a guarantee of the published information. Therefore, this article analyses whether the verification of sustainability reports influences the stock prices of Ibex-35 companies. With this aim, a content analysis has been prepared that allows us to quantify aspects as relevant as the commissioning and the objective of the assurance requested by the company, the auditor’s independence or the result of the verification process. The results obtained show that Ibex-35 companies maintain a growing trend in their social commitment and greater recognition of the transfer of verified information to the different stakeholders of the companies. In addition, the efforts made by companies are valued positively by investors, especially in response to the level of assurance requested from the guarantee provider of the sustainability report.
{"title":"The assurance of sustainability reports and their impact on stock market prices","authors":"M. Quirós, José Luís Miralles Quirós, J. D. Izquierdo","doi":"10.5295/CDG.201262MM","DOIUrl":"https://doi.org/10.5295/CDG.201262MM","url":null,"abstract":"The publication of non-financial information is a trend in recent decades in listed companies. From this fact, the need arises to provide credibility to the information by verifying an independent professional who provides a guarantee of the published information. Therefore, this article analyses whether the verification of sustainability reports influences the stock prices of Ibex-35 companies. With this aim, a content analysis has been prepared that allows us to quantify aspects as relevant as the commissioning and the objective of the assurance requested by the company, the auditor’s independence or the result of the verification process. The results obtained show that Ibex-35 companies maintain a growing trend in their social commitment and greater recognition of the transfer of verified information to the different stakeholders of the companies. In addition, the efforts made by companies are valued positively by investors, especially in response to the level of assurance requested from the guarantee provider of the sustainability report.","PeriodicalId":43351,"journal":{"name":"Cuadernos de Gestion","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2021-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46439127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Worldwide it is estimated that more than 85% of the main companies used external logistics services, with growth rates of this services market projected between 18 and 22 percent per year. This trend has generated a growing interest in supply chain researchers to propose different approaches for the selection and evaluation of the performance of third party logistics (3PL). This article proposes a systematic review analyzing a sample of articles published in indexed journals in order to identify the main contributions on this topic. This study shows the evaluation and selection of a 3PL is a critical and complex decision, due to the existence of several criteria of imprecise and subjective basis. As a result, methodological characteristics, approaches used, models applied, attributes of the magazines, and industries that use external logistics providers are presented. Cost, information technology implemented by logistics providers, and the effectiveness of shipments and deliveries on time, are the most valued criteria by companies for the evaluation and selection of 3PL. The results of this study provide support to researchers, as a reference that allows identifying some possibilities for future research in the field of providers that offer external logistics services, promoting competitiveness in the supply chain.
{"title":"Selection and evaluation of third party logistics in the supply chain: A systematic review","authors":"Rafael Granillo Macías, I. G. González Hernández","doi":"10.5295/cdg.191141rg","DOIUrl":"https://doi.org/10.5295/cdg.191141rg","url":null,"abstract":"Worldwide it is estimated that more than 85% of the main companies used external logistics services, with growth rates of this services market projected between 18 and 22 percent per year. This trend has generated a growing interest in supply chain researchers to propose different approaches for the selection and evaluation of the performance of third party logistics (3PL). This article proposes a systematic review analyzing a sample of articles published in indexed journals in order to identify the main contributions on this topic. This study shows the evaluation and selection of a 3PL is a critical and complex decision, due to the existence of several criteria of imprecise and subjective basis. As a result, methodological characteristics, approaches used, models applied, attributes of the magazines, and industries that use external logistics providers are presented. Cost, information technology implemented by logistics providers, and the effectiveness of shipments and deliveries on time, are the most valued criteria by companies for the evaluation and selection of 3PL. The results of this study provide support to researchers, as a reference that allows identifying some possibilities for future research in the field of providers that offer external logistics services, promoting competitiveness in the supply chain.","PeriodicalId":43351,"journal":{"name":"Cuadernos de Gestion","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2020-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45922360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The aim of this study is to analyse the relationship between identification and loyalty in a public higher education institution in an institutional crisis context. In addition, the differences regarding the possible moderating effect that two of its main stakeholder categories can have on this relationship are studied, which are students and graduates. The information needed to conduct the empirical analysis was obtained from an online survey. Data processing was carried out using the PLS-SEM technique. The results show that in a context of institutional crisis, identification influences university loyalty positively and significantly. However, the existence of certain differences between the two stakeholder categories considered is detected, with the moderating effect being more intense in the group of students than in the group of graduates. It is a useful contribution as it is one of the first studies in which the proposed relationships are analysed in a context of organizational crisis and, in addition, it is concerned with investigating the possible existence of differences in the moderating role played by two fundamental stakeholder categories. This contribution becomes more significant when comparing the moderating effects by using two non-parametric methods (PLS-MGA and permutations), which compared to other techniques have significant advantages to examine the proposed relationship. Important practical implications arise from the results of this work, which can be particularly useful for managers of the type of organisations analysed.
{"title":"The identification-loyalty relationship in a university context of crisis: the moderating role of students and graduates","authors":"Gabriel C. Rodríguez, Camilo Prado Román","doi":"10.5295/cdg.191109gc","DOIUrl":"https://doi.org/10.5295/cdg.191109gc","url":null,"abstract":"The aim of this study is to analyse the relationship between identification and loyalty in a public higher education institution in an institutional crisis context. In addition, the differences regarding the possible moderating effect that two of its main stakeholder categories can have on this relationship are studied, which are students and graduates. The information needed to conduct the empirical analysis was obtained from an online survey. Data processing was carried out using the PLS-SEM technique. The results show that in a context of institutional crisis, identification influences university loyalty positively and significantly. However, the existence of certain differences between the two stakeholder categories considered is detected, with the moderating effect being more intense in the group of students than in the group of graduates. It is a useful contribution as it is one of the first studies in which the proposed relationships are analysed in a context of organizational crisis and, in addition, it is concerned with investigating the possible existence of differences in the moderating role played by two fundamental stakeholder categories. This contribution becomes more significant when comparing the moderating effects by using two non-parametric methods (PLS-MGA and permutations), which compared to other techniques have significant advantages to examine the proposed relationship. Important practical implications arise from the results of this work, which can be particularly useful for managers of the type of organisations analysed.","PeriodicalId":43351,"journal":{"name":"Cuadernos de Gestion","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2020-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41829661","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. M. Viruel, Jesús Claudio Pérez Gálvez, Tomás López Guzmán, Gema Gómez Casero
El principal objetivo de esta investigación es la realización de una segmentación, en base a los conocimientos musicales de los distintos géneros del Jazz, de los asistentes al festival de Jazz QurtubaJazz de Córdoba (España). Asimismo, se analizan, sobre la base de dicha segmentación, las motivaciones, la satisfacción y la lealtad de los asistentes al evento, La metodología utilizada en esta investigación se ha basado en la utilización de diversas técnicas multivariables y en la aplicación de los estadísticos H de Kruskal-Wallis y U de Mann-Whitney. Entre las conclusiones más significativas del estudio, destaca la existencia de patrones diferentes respecto a la satisfacción y a la lealtad según los conocimientos de los asistentes sobre los distintos géneros del Jazz. En este aspecto cabe destacar, como carácter diferenciador, el importante papel de las motivaciones de índole más cultural. La principal aplicación práctica de esta investigación consiste en conocer la motivación que lleva a los espectadores a asistir a los festivales de tipo musical, especialmente a los festivales de Jazz. Asimismo, esta investigación contribuye a tener un mayor conocimiento sobre los aspectos que aportan una mayor satisfacción a los asistentes y que puede servir como base a las entidades organizadoras para mejorar los aspectos menos valorados por el público asistente.
{"title":"Satisfaction and loyalty in musical festivals. Study based on the level of jazz musical knowledge","authors":"M. M. Viruel, Jesús Claudio Pérez Gálvez, Tomás López Guzmán, Gema Gómez Casero","doi":"10.5295/cdg.180901mm","DOIUrl":"https://doi.org/10.5295/cdg.180901mm","url":null,"abstract":"El principal objetivo de esta investigación es la realización de una segmentación, en base a los conocimientos musicales de los distintos géneros del Jazz, de los asistentes al festival de Jazz QurtubaJazz de Córdoba (España). Asimismo, se analizan, sobre la base de dicha segmentación, las motivaciones, la satisfacción y la lealtad de los asistentes al evento, La metodología utilizada en esta investigación se ha basado en la utilización de diversas técnicas multivariables y en la aplicación de los estadísticos H de Kruskal-Wallis y U de Mann-Whitney. Entre las conclusiones más significativas del estudio, destaca la existencia de patrones diferentes respecto a la satisfacción y a la lealtad según los conocimientos de los asistentes sobre los distintos géneros del Jazz. En este aspecto cabe destacar, como carácter diferenciador, el importante papel de las motivaciones de índole más cultural. La principal aplicación práctica de esta investigación consiste en conocer la motivación que lleva a los espectadores a asistir a los festivales de tipo musical, especialmente a los festivales de Jazz. Asimismo, esta investigación contribuye a tener un mayor conocimiento sobre los aspectos que aportan una mayor satisfacción a los asistentes y que puede servir como base a las entidades organizadoras para mejorar los aspectos menos valorados por el público asistente.","PeriodicalId":43351,"journal":{"name":"Cuadernos de Gestion","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46667542","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We acknowledge the support for this research from the CREVALOR Research Group and the UZ2018-SOC-04 Research Project.
我们感谢CREVALOR研究小组和UZ2018-SOC-04研究项目对这项研究的支持。
{"title":"The electronic word of mouth as a context variable in the hotel management decision-making process","authors":"Carmen Berné Manero, A. Ciobanu, M. P. Iglesias","doi":"10.5295/cdg.170860cb","DOIUrl":"https://doi.org/10.5295/cdg.170860cb","url":null,"abstract":"We acknowledge the support for this research from the CREVALOR Research Group and the UZ2018-SOC-04 Research Project.","PeriodicalId":43351,"journal":{"name":"Cuadernos de Gestion","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49265354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
[EN] Executive coaching has become one of the principal leadership development strategies of our time. However, this is a field of HRD that has been discussed far more often in professional than academic literature and further research is required. This work analyses the relation existing between the main explanatory factors of executive coaching effectiveness and the different types of results that can be achieved. This study also provides an empirical test of the effectiveness of executive coaching using the first three levels of Kirkpatrick’s evaluation model (1975). Responses from 176 executives are analyzed, assessing their perceptions of their latest experience of executive coaching. Structural modelling is used to match factors affecting the success of executive coaching to its results. The resulting model highlights the influence exercised by the coach, and to a lesser extent the coachee and the process, on coachee satisfaction. It also shows how the coach influences the coachee’s learning. The results also suggest that there is a positive relationship between satisfaction, learning and behavioral change, as Kirkpatrick suggests. The development of a final focus group, in which human resources managers, coachees and coaches took part, contributed to improvements in the discussion and interpretation of the results. In the light of these results, the implications for the professional and academic area are considered.
{"title":"Analysis of executive coaching effectiveness: a study from the coachee perspective","authors":"Eneka Albizu Gallastegui, Izaskun Rekalde Abasolo, J. Rodríguez, Pilar Fernández Ferrín","doi":"10.5295/CDG.170876EA","DOIUrl":"https://doi.org/10.5295/CDG.170876EA","url":null,"abstract":"[EN] Executive coaching has become one of the principal leadership development strategies of our time. However, this is a field of HRD that has been discussed far more often in professional than academic literature and further research is required. This work analyses the relation existing between the main explanatory factors of executive coaching effectiveness and the different types of results that can be achieved. This study also provides an empirical test of the effectiveness of executive coaching using the first three levels of Kirkpatrick’s evaluation model (1975). Responses from 176 executives are analyzed, assessing their perceptions of their latest experience of executive coaching. Structural modelling is used to match factors affecting the success of executive coaching to its results. The resulting model highlights the influence exercised by the coach, and to a lesser extent the coachee and the process, on coachee satisfaction. It also shows how the coach influences the coachee’s learning. The results also suggest that there is a positive relationship between satisfaction, learning and behavioral change, as Kirkpatrick suggests. The development of a final focus group, in which human resources managers, coachees and coaches took part, contributed to improvements in the discussion and interpretation of the results. In the light of these results, the implications for the professional and academic area are considered.","PeriodicalId":43351,"journal":{"name":"Cuadernos de Gestion","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48472456","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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