Sistema Regional de Información
en línea para Revistas Científicas de América Latina,
el Caribe, España y Portugal

Zombie companies can be classified as being nonprofitable, having low productivity and being ten years old or over; these businesses continue to exist due to the support of banks and governments. This paper aims to understand the impact of these types of firms on the investment, employment growth and labour productivity of healthy companies from the wholesale and retail trade and the hospitality sector during the period 2011-2018. The data obtained indicate that the prevalence of zombie companies in Portugal (in the sectors under study) is higher in periods of economic crisis and that most of them are old and large companies, especially in the hotel industry sector. By using panel data models with fixed effects, our investigation concludes that zombie firms negatively affect how healthy companies are run, because they reduce the latter’s investment expenditure and workforce productivity.

En este trabajo se analiza una cadena de valor transfronteriza en el área del río Miño. Para ello, se realiza una estimación del valor añadido bruto de la cadena de valor por municipios, para trabajar con magnitudes homogéneas. De esa forma, se puede comparar cómo es la generación de valor de cada territorio. A continuación, se analiza el nivel de integración productiva de las tres principales actividades (pesca, viticultura, huerta y planta ornamental), empleando una encuesta representativa. Los resultados indican un mayor peso estructural de la parte de producción de la cadena en la parte gallega del área de estudio. El análisis por subcadenas presenta niveles básicos de integración en proveedores y clientes, y niveles medios de integración en los consumidores finales. En los campos de la cooperación y de la innovación, la integración es casi inexistente, dejando un amplio margen para el desarrollo conjunto del área transfronteriza.

Understanding the linkages among stock markets holds great importance for investors, policymakers and portfolio managers. When considering the integration of international stock markets and given they are complex systems, it is important to understand how they are related and how they influence each other. Studying data from 25 European Union stock market indices, this piece of research aims to evaluate the dynamics of influence among them. In terms of method, a non-linear approach has been applied, based on transfer entropy with static and dynamic analysis. As the main finding, a strongly influential relationship between some indices should be highlighted. The static analysis allows us to infer that central and western European Union countries are the main influencers, while the dynamic analysis leads us to the conclusion that the relationships between the stock markets have changed over time, revealing their dynamism. The results obtained have several implications. For instance, for investors and portfolio managers, the information about comovements is relevant for diversification purposes and for their decisions on where to make their investments, build portfolio strategies and manage risks; however, for policymakers, the constant monitoring of stock markets may detect increases in the connection between markets, which could be understood as signs of instability.

The significance of tourism in the development of regions has become of interest to academics in recent decades and its contribution is evident. The rapid tourism development is creating pressure on the destination’s competitiveness, as well as on its sustainable development. The Tatra Euroregion has been connecting two nationalities for decades via joint activities that develop the region by strengthening tourism. However, little attention is given to developing the Euroregion by way of tourism. Therefore, the aim of this paper is to identify whether the development of tourism in this Euroregion will be sustainable in the future, which can be fulfilled by answering two research questions, RQ1: What is the current state of tourism development in the Tatra Euroregion? and RQ2: Is the further development of tourism in the Tatra Euroregion subject to the principle of sustainability? We will answer the questions by analysing statistical data and documents that describe the cooperation activities within the Euroregion. The paper contributes to the analysis of cross-border cooperation within the Euroregion, as well as to research in the field of regional development with sustainable tourism, which is determined by the life cycle of the destination.

Neste artigo estudamos pela primeira vez a anomalia de calendário designada de efeito semana do ano no mercado de acções português. O efeito semana do ano foi identificado originalmente por Levy e Yagil (2012) e refere-se à verificação de rendibilidades de mercado significativamente diferentes em algumas semanas do ano. A amostra utilizada foi construída a partir de uma nova base de dados histórica que cobre cerca de 120 anos de história do mercado accionista português. Verificou-se que a primeira e a última semanas do ano geraram rendibilidades significativamente mais elevadas do que as restantes semanas do ano. Além disso, a análise de subamostras revelou que o efeito semana do ano evoluiu de forma adaptativa ao longo do tempo. Em geral, os nossos resultados sugerem que a Hipótese dos Mercados Adaptativos proporciona uma melhor explicação para a dinâmica do mercado de acções português.

Due to the significant contraction in economic activity and employment throughout the world caused by Covid-19, it is especially pertinent to continue advancing in the study of the effect that the implementation of socially responsible practices has on profitability. Thus, in this empirical research, carried out with a sample of 6,186 companies, it is intended to deepen the existing relationship between the effort made by the Spanish business fabric within the manufacturing sector in social responsibility policies and the results obtained in its financial indicators. For this, we focus on the relationships that the company maintains with its external stakeholders, the community, with human resources and policies related to quality management, and we analyze how they contribute to improving the company's economic profitability (ROA), using a dashboard of data. The results show that the implementation of collaboration policies to increase and improve relationships with suppliers, competitors and institutions has a significant positive effect on increasing ROA. However, collaboration with clients had a negative impact on ROA. In addition, the application of human resources practices aimed at improving relations with employees and the implementation of quality policies also have a positive and relevant impact on ROA.

La pandemia de COVID-19 ha afectado la economía global y la mayoría de los países se enfrenta a una crisis doble: sanitaria y económica. México tiene uno de los peores comportamientos en América Latina. El objetivo de este trabajo es analizar la dinámica económica de México, así como su respuesta a la crisis pandémica, prestando especial atención al papel que desempeña la política contracíclica de Estados Unidos. Con base en el estudio de cambios e implicaciones del proceso de liberalización económica e integración comercial con Estados Unidos, así como de las pautas de crecimiento comparado y del presupuesto de gasto de ese país, se concluye que su política contracíclica contribuye al crecimiento económico mexicano. Los resultados ponen de manifiesto la inexistencia de una hoja de ruta hacia el desmantelamiento del modelo económico neoliberal. México está atado al ciclo económico de Estados Unidos.

Nos últimos anos instaurouse no imaxinario colectivo a idea de que a mocidade galega está a emigrar de novo, subliñando un problema de fuga de cerebros. Non obstante, son poucos os estudos sistemáticos sobre esta cuestión. Neste traballo, cruzamos os datos de emigración españois cos datos dos censos dos países de destino, recollidos pola Organización para a Cooperación e o Desenvolvemento Económicos (OCDE) na súa base de datos sobre inmigrantes en países pertencentes e non pertencentes á OCDE (DIOC-E ou DIOC estendida), para estimar os stocks de emigrantes por nivel educativo e comunidades autónomas (CC.AA.) de orixe. De igual forma, empregamos unha serie única de datos de mobilidade laboral do Servicio Público de Emprego Estatal (SEPE) para estudar as migracións internas. Os nosos resultados amosan que Galicia é unha das comunidades máis afectadas pola fuga de cerebros no contexto español. A emigración externa aumentou de forma significativa coa crise económica e mantense en niveis elevados desde entón, namentres a emigración interna presenta un nivel reducido en comparación con outras CC.AA. pero ofrece un saldo negativo persistente e unha tendencia crecente.

Using panel data from 29 OECD countries between 1991-2015 in an economic growth model of two sectors with heterogeneous productivities, we show that the underground economy exerts an effect on the official one. Both economies move in opposite directions because when hidden GDP grows, economic growth is damaged through a negative externality or spillover. However, the marginal productivity of the shadow economy is found to be lower than that of the official one, so, it is possible to some extent that the rules available to control it are effective. The application of different econometric techniques leads to similar conclusions demonstrating the robustness of the results.