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This paper analyses business survival in 11,558 micro, small, and medium-sized firms (MSMEs) between 2007 and 2015 in the Spanish hotel sector. Using hazard models, the aim is to identify the differences in survival determinants among firm sizes, quantifying the importance of the environment during the recent economic crisis. The results highlight the existence of differences. The environment is the main factor influencing the survival of MSMEs, especially in micro hotels. Regarding the hotel characteristics, the evidence shows that performance has a greater effect on survival in the medium hotels than in the micro and small hotels.

PurposeThe purpose of this paper is to study the driving forces of both the decision to participate in individual pension plans and the amount of money allocated to such plans. Moreover, this paper evaluates the potential role that income plays, which has not previously been considered in depth in the financial literature.Design/methodology/approachBased on a sample of the Spanish population over the period 2008–2015, this paper estimates probit and tobit models, using 165,791 observations. The driving forces of private retirement savings comprise demographic, financial and socio-economic characteristics.FindingsThis paper confirms the impact of socio-demographic and economic variables on participation and monetary contributions to pension plans. It also confirms that income plays a non-negligible role. Moreover, empirical evidence reveals that the effect of gender is related to the income stratum to which the individual belongs.Originality/valueRetirement planning plays a key role in retirees’ future income and several countries have emphasised the importance of private individual savings to supplement the minimum provided by public pension schemes. The previous literature has concluded that those who plan their retirement end their working lives with three times the wealth of non-planners. Consequently, analysis of whether people are saving enough for their retirement can contribute to avoiding future wealth inequalities among retirees. Spain is one of the countries with the greatest inequality in income distribution, so this issue is of even greater interest.

Purpose This paper aims to investigate whether individuals’ planning horizon influences their decision to save privately for their retirement. Design/methodology/approach Focussing on Spain, this empirical research uses the fifth wave of the Survey of Health, Ageing and Retirement in Europe (SHARE)[1]. Logit models are estimated considering variables related to demographic characteristics, economic situation, education and cognitive abilities and psychological and social factors. Findings The results confirm that the planning horizon significantly influences the decision to save for retirement. Long-term planners are more likely to save for retirement than short-term planners. Originality/value Although previous literature has identified the planning horizon as a relevant variable in the decision to save for retirement, few empirical studies have evaluated their impact. This paper shows that it is important to develop habits of financial planning in societies, especially in societies with a prominent orientation towards the present.

PurposeThis paper analyses whether the active management and the fundamentals of the pension fund allow products that beat their peers to be identified in terms of risk-adjusted performance.Design/methodology/approachThe sample is composed of all the pension funds active in the period 2000 to 2017 investing in the Eurozone. What this means is that a greater similarity is guaranteed in terms of benchmark, assets available for investment and currency. All the data have been retrieved from the Morningstar Direct database.FindingsThe paper reveals that the degree of concentration and value for money are important determinants of performance. In this sense, the strategies of investing in concentrated portfolios that differ from the benchmark and with undervalued assets in terms of price earnings ratio (PER)-return on assets (ROA) achieve better results.Originality/valueThis is one of the few papers that shows the effect of active management and value investing strategies’ on the performance of pension funds.研究目的本文旨在分析、我們能否根據退休基金的積極管理及其基本原理, 找到就風險調整表現而言之最優勝產品.研究設計/方法我們的樣本包括於2000年至2017年期間活躍於歐元區內投資活動的所有退休基金。這意味著、樣本確保了相關之退休基金就基準、可供投資的資產及貨幣而言、均擁有較大的相似性。所有數據均從晨星基金資料庫檢索得來的。.研究結果本文顯示、集中程度和價值比率是決定表現的重要因素。在這個意義上說，如投資在與基準不同的及附有就本益比 – 資產收益率 (PER - ROA) 而言被低估的資產的那些集中投資組合上, 這會是效果較佳的策略.研究的原創性探討積極管理和價值投資策略如何影響退休基金表現的學術研究為數不多, 本文乃屬這類研究。.

Purpose The purpose of this paper is to analyse the determinants of hotel profitability through the application of a least squares path modelling (PLS) and to deepen the study of their heterogeneity through clustering techniques. Design/methodology/approach An eclectic model that incorporates the dimensions identified as determinants of profitability in the previous literature is estimated by means of PLS. Subsequently, in a second stage the hotels are classified using clustering techniques to study which combination of hotel characteristics, location, competitive environment and tourist destination achieve higher profitability. Findings The results show that hotel characteristics, hotel location, competitive environments and tourist destination factors impact on the hotel performance. Also, the results highlight that the eclectic model proposed have to be further developed in future studies, incorporating more theoretical constructs and variables. Research limitations/implications The results contribute to identify and quantify the determinants of profitability in the hotel sector and which combination of them achieve higher profitability. Moreover, this paper provides new evidence to support an eclectic theory of profitability determinants in the hotel sector. Consequently, this paper claims the need of a deeper integration of different areas of expertise to analyse hotel profitability. Originality/value This research is the first empirical evidence that proposes an eclectic model and uses clustering techniques in the study of profitability differences considering simultaneously hotel characteristics and its location. The variables used allow to measure different aspects of the attributes of the hotel and its location.

This paper analyzes the impact of the spatial positioning of a hotel on profitability. The determinants that increase hotel profitability could differ from one location to another. No previ...

PurposeThe purpose of this paper is to adopt a behavioural approach to explain how the internet use influences stock market participation (SMP) decisions.Design/methodology/approachDrawing on the literature on sociability and SMP, this paper analyses whether virtual sociability affects SMP decision in a sample of 34,715 individuals in 14 European countries.FindingsThe results show that internet users are more likely to be stockowners. However, the obtained evidence does not support either an informational effect or a social multiplier effect of the virtual sociability. After controlling by the country’s SMP rates, a positive effect of internet usage on SMP decision remains, suggesting that contextual factors matter rather than internet usageper se. Thus, in countries where individuals are “used” to being stockholders, the habit of using internet increases SMP, but the “breeding ground” is a necessary condition.Originality/valueThe massive use of the internet provides a valuable opportunity to find evidence of the frictional costs which would act as inhibitors of the SMP, as economic theory hypothesised. After some promising results, the differences in the evolution of both the SMP and internet usage rates have not confirmed the initial enthusiasm. In addition, the question of why the SMP rates systematically differ across countries still remains open.

The purpose of this paper is to analyse the Spanish business sector’s economic exposure to currency risk in Latin America between 2010 and 2016, testing the effectiveness of hedging with derivatives for the reduction of this risk.,Economic exposure is tested with the Jorion model (1990) using both a currency basket and an individualised analysis for the main currencies sustaining business activities between Spain and Latin America: the Mexican peso, Brazilian real, Argentine peso, Chilean peso, and Colombian peso. For the hedging analysis, dynamic panel data models were estimated using a generalised method of moments.,The results reveal that the number of firms with significant economic exposure is sensitive to the temporal frequency of the observations. The evidence denotes that the firms’ export profile is predominant, both when considering a basket of Latin American currencies and when individually considering the five main pairs of currencies. The only exception is the Argentine peso, where firms’ import profile is slightly higher. The Chilean peso stands out as the currency with the greatest number of firms with significant exposure.,This work provides unpublished evidence on economic exposure to currency risk in Latin America in a recent period characterised by two main aspects: an important devaluation of some Latin American currencies with respect to the euro; and an enhancement of Spanish business activities in the region to favour growth during the recent recession of the Spanish economy.,este trabajo analiza la exposicion economica al riesgo cambiario en Latinoamerica por parte del sector empresarial espanol entre 2010 y 2016. Asimismo, evalua la efectividad de la cobertura con productos derivados en su reduccion.,la exposicion economica es estimada a traves del modelo de Jorion (1990), utilizando tanto una cesta de divisas como un analisis individualizado para las principales divisas que sustentan la actividad entre Espana y Latinoamerica, a saber, Peso mexicano, Real brasileno, Peso argentino, Peso chileno, y Peso colombiano. Respecto al analisis de la cobertura, se estiman modelos dinamicos con datos de panel a traves del metodo generalizado de momentos.,los resultados muestran que el numero de empresas con exposicion economica significativa es sensible a la frecuencia temporal de las observaciones. Asimismo, la evidencia denota que el perfil exportador de las empresas es mayoritario, tanto al considerar una cesta de divisas latinoamericanas como, individualmente, los cinco principales pares de divisas. La unica excepcion es el peso argentino, donde el perfil importador de las empresas es levemente superior. Asimismo, el peso chileno destaca como la divisa con mayor numero de empresas con exposicion significativa.,este trabajo aporta evidencia inedita sobre la exposicion economica al riesgo cambiario en Latinoamerica en un periodo reciente caracterizado por dos aspectos principales: i) una importante depreciacion de algunas divisas latinoamericanas respecto al euro; ii) una potenciacion de la actividad empresarial espanola en esa region para favorecer su crecimiento durante la reciente recesion de la economia espanola.

This paper analyses the determinants of credit risk in the Spanish hotel sector, employing panel data models covering a sample of 734 micro, small and medium-sized enterprises (MSMEs) over the period 2005–2011. Among other things, this study is relevant because credit risk is an important variable for several stakeholders. However, the existing literature has neglected the role of location as a determinant of credit risk and has focused on hotel characteristics. This paper analyses both types of variable simultaneously. Overall, the results highlight the importance of the hotel’s location as a determinant of its credit risk. Specifically, seasonality, the level of market concentration and the distance to the tourist destination centre have a significant impact on the financial stability of the hotel. Other factors related to hotel characteristics that prove significant are diversification, liquidity, indebtedness, operational efficiency and profitability.

Purpose This paper aims to study the determinants of hotel performance, especially the role of location, in the Spanish hotel market. Design/methodology/approach The sample is composed of 1,034 hotels located in 97 tourist destinations in Spain during the period 2005-2011. The estimations were made by generalised least squares using panel data. Findings Overall, the results show that hotel attributes are the main determinant of performance. In particular, there is a minimum efficient scale in the hotel business. Location is the second most important determinant. This paper confirms that geographical location models, agglomeration models and competition models are relevant in the study of the effect of location on hotel performance. Regarding management practices, the performance is positively affected by good asset management. Practical implications Hotel managers can improve the total net revenue per available room by individually making decisions regarding its characteristics and management practices, especially size and asset efficiency. Moreover, they can collaborate with others (managers and policymakers) to manage tourist destination factors, particularly, demand level, accessibility, negative externalities and market concentration. Originality/value This research includes hotel characteristics, management practices and location as determinants of performance, by providing a broader framework of analysis than in previous studies. Regarding location, the empirical analysis considers simultaneously geographical location models, agglomeration models and competition models. The paper studies the Spanish hotel market, which is very important worldwide and which has heterogeneous tourist destinations, thereby making it a good context to analyse the relationship between location and performance.

This paper tests the relationship between competition and bank stability for 356 banks operating in the Middle East North Africa (MENA) countries during the period 2005–2012. Our results show that for the overall sample, a U-shaped relationship between competition and banks’ risk taking for MENA banks. The negative linear relationship between Z-Score and H-statistics in Gulf countries shows that an increase in competition leads to a reduction in the level of financial stability. In the case of other non-Gulf countries, the increase of competition in uncompetitive markets can lead to an increase in stability. The results confirm the importance of the market structure as an explanatory factor for financial stability, but also indicate that concentration is not associated with uncompetitive markets.

This paper quantifies the impact of location attributes on hotel creation by identifying drivers and barriers to entry in the Spanish hotel sector. The methodology is based on the use of count models. The efficiency of labour in a tourist destination is a driver of new hotel start-ups, but the initial investment and idle capacity are relevant barriers to entry. Regarding the existence of externalities, the incumbents' effect on new hotel start-ups depends on their behaviour and average age in the tourist destination.

Population ageing, together with the negative effects of the recent economic and financial crisis that some European countries are still facing, have threatened the sustainability of public pension systems. In this context, voluntary private pensions have emerged as the most feasible alternative to supplement the minimum provided by Social Security Systems; however, this financial product does not enjoy its expected popularity. A potential explanation of this reality might be due to the fact that European countries are far from being homogeneous, nor their pensions systems. Therefore, any policy geared toward improving financial retirement planning should take into account these potential differences. As a first approach to their analysis, this paper proposes the existence of four different ‘social models’ in Europe -namely, Continental, Mediterranean, Nordic and Transitional-. Overall, empirical evidence confirmed the significant influence of country’ ‘social model’ on the decision to invest in retirement accounts on a sample of 31,468 individuals in 2013. It was also proved that this decision is positively related to age, household income and wealth, higher levels of formal education, job situation, good health status, and long-term planning horizons; and negatively related to age squared, household size or financial risk aversion. In short, future policies and reforms regarding private pensions should not only take into account the existence of individual differences among Europeans, but also the existence of differences depending on institutional and cultural country factors.

this paper studies the determinants of survival of 6494 Spanish hotel firms located in 97 national tourist destinations in the period 2005–2011. The characteristics of the firms and the tourist destinations where they are located have been studied through survival analysis techniques. This is relevant because the impact of the financial and economic crisis on the Spanish lodging sector has shown different effects among tourist destinations. The results confirm that the location significantly affects the probability of survival. In particular, the main determinant of firm survival is the level of occupancy in a tourist destination which has a positive effect. Also, we have found that a low level of competition reduces the average expected survival while the average profitability of a tourist destination has a positive effect on firm survival. Finally, the total effect related to destinations factors can reduce the expected survival by up to 90% (hazard ratio).

This paper analyzes the impact of market structure on hotel profitability in a sample of 8992 Spanish hotels in 2005–2011, using variables relating to the hotel and tourist destination in addition to structure–conduct–performance (SCP) and Chicago School frameworks simultaneously. The results show that profitability depends largely on the market structure and the level of demand of the tourist destination and we confirm the SCP proposals. Regarding characteristics of each hotel, there are unobservable characteristics which influence on profitability and we identify the existence of economies of scale.

The authors analyse the determinants of business failure in micro-, small- and medium-sized Spanish hotel companies during 2008–2011. They consider accounting variables representative of the economic and financial situation and other variables of lodging activity. This approach is important because several previous studies have highlighted the need to develop empirical models tailored to an industry, especially when it is as significant in the national economy as the hotel industry is in Spain. The article also examines whether the models developed to date remain valid in the new economic environment characterized by the economic crisis. The results obtained confirm the influence on the probability of business failure of profitability, debt, economic structure, economic and financial stability and liquidity. Moreover, significant influence is identified with regard to the number of delegations, the level of employment, seasonality and competitive concentration in the tourist destination where the business is located.

This paper analyzes the validity of using the loan-to-value (LTV) ratio to explain the behavior of mortgage borrowers at an empirical level. To perform this analysis we use data for mortgage loan portfolios securitized in Spain during the period 2005-8. In the regression models developed,we find that higher initial LTV ratios are associated with greater default risk. The relation between the probability of default and LTV seems to be nonlinear,and a sharp increase is seen for values greater than 80%. Our findings confirm the adequacy of the new Basel III proposal that sets nonlinear capital requirement levels for banks holding residential mortgage loans at different LTV ratios. However,the significance shown in the regression models estimated with the “seasoning” variable could be considered in order to improve the models used to measure capital requirements.

Since the studies of Schumpeter (1939), Solow (1957), or Nelson and Sidney (1982), innovation has been considered one of the major drivers of economic growth. This paper explores the relationship between firms' innovation and sales growth. Using an original dataset of 80 listed Spanish firms over the period 2004-2014, we firstly apply a panel data fixed effects estimator. However, since growth rates follow a Laplace distribution, we also employ panel data quantile regressions to overcome the problems of regression techniques focused on the 'average' firm. Additionally, we consider a rich set of innovation and firm-specific variables that help mitigating standard omitted variable bias. Our results show that R&D expenditures influence sales growth, but the effect seems to be due to tax benefits, rather than expected innovation outcomes. In contrast, the market value of patents is undoubtedly related to firm growth, although high-growth firms capture larger benefits.

Este trabajo realiza un estudio empírico de los determinantes del desempeño de los grupos hoteleros españoles. La muestra de análisis está formada por 1,019 establecimientos hoteleros afiliados a corporaciones hoteleras y el horizonte temporal es 2005-2011. Los resultados denotan que los factores característicos de la demanda de servicios hoteleros y de la estructura del mercado afectan significativamente al desempeño. Ello subraya la importancia de la gestión del punto turístico donde se localiza. Asimismo, también destaca, a nivel de hotel, el efecto obtenido para variables representativas de la cuota de mercado que éste tiene, su nivel de activo y su volumen de deuda. Por tanto, los gestores del hotel y del destino son responsables del desempeño hotelero.