Articles de revues sur le sujet « Stock exchanges – Spain »

Abstract Over the past forty years, stock exchanges have undergone a number of transformations (legal, organizational and technological). They resulted both from general external conditions (including technological progress) as well as were the expression of various economic (structural) policies. Two of which seem to be basic. The first implemented in France, based on optimal centralization of stock exchange trading. The second one, implemented in Germany and Spain, expressing the concept of a complementary and effective combination of the potentials of the main trading floor and regional exchanges. Promisingly, especially in this latter dimension of experience together with the Edinburgh ‘stock market experiment’ that has just begun, they may reveal yet another not yet fully recognized characteristics of the stock market - the institutional exemplification of the market economy.

AbstractThis paper presents the first results of our most recent research on the Bilbao Stock Exchange (BSE) from its foundation in 1890 up to the Spanish Civil War. We examine the origin of the Exchange and follow its evolution over the first half-century of existence. To this end we introduce some of the stock exchange indexes we have calculated for Bilbao and put them into comparative perspective with the existing series on general economic and industrial activity and the indexes for other Spanish exchanges for the period considered. These comparisons show Bilbao’s evolution from a public debt-dominated market to an industrial exchange very much tied to regional development. Finally, we contrast the degree of financial market integration associated with the existing Spanish exchange indexes. Our analysis finds strong support for considering the BSE index as an industrial index and little evidence of capital market integration between the principal Spanish exchanges before the 1920s.

On 3 April 2016, Mossack Fonseca provided the historically most significant leak of its shareholder’s data for owning offshore companies. Shareholders include many political and influential figures around the globe, which causes a moral hazard. The study analyses the effects of Panama leak events on five stock exchanges to ensure the market efficiency and investor perception related to the Panama leaks. Event study methodology is used on five occasions associated with Panama papers, i.e., the resignation of the Prime Minister of Iceland on 5 April 2016, Jurgen Mossack’s resignation on 7 April 2016, the resignation of the Spanish Minister of Industry on 15 April 2016, the 450 personalities of Pakistan that were nominated in Panama papers on 15 April 2016, and the formation of an inquiry commission to inquire into the matter. The market efficiency of five stock exchanges was checked, i.e., the KSE 100 of Pakistan, the OMXIPI exchange of Iceland, the IBEX 35 of Spain, the New York stock exchange (NYSE), and S&P 500. The market remains efficient for most events and investor behaviour changes for one or two days around the event day (this event has concise term significant abnormal returns in all stock exchanges or concise term significant abnormal macroeconomic effects are observed in all stock exchanges).

The economic and social transformations, the bankruptcies recorded, and the financial crisis affecting all economies have increased the interest for the corporate governance concept. Our intention in this paper was to study the impact of corporate governance attributes on performance given the information published by the entities listed on five stock exchanges from Europe, namely the main market from Bucharest Stock Exchange (BSE) in Romania, the Athens Stock Exchange(ATHEX) main market in Greece, Financial Times Stock Exchange 100 Index (FTSE 100) from Great Britain, Spanish Stock Exchange 35 Index (IBEX 35) from Spain, and Warsaw Stock Exchange 20 Index (WIG 20) from Poland, between 2016–2018. Through mathematical modeling and multiple linear regression, we aimed to determine the extent to which corporate governance characteristics, firm characteristics, industry and stock market fixed effects, and random effects influence the performance of 226 entities included in our sample. The empirical findings revealed that CEO duality, the number of non-executive directors and women on board, audit committee, and audit opinion influenced performance measured by the Return on Assets (ROA) and Return on Equity (ROE) indicators. The ideas highlighted and the results obtained in this research contribute to the literature that analyzes the extent to which an effective governance determines the increase in performance, needed for a sustainable development.

AbstractThis paper focusses on the financial relations between the banking sector and the Treasury in Modern Spain. Tax systems have been insufficient, generating a chronic budget deficit. This drove to irresponsible public debt management, being the State a serial defaulter until 1987. This prevented the budget deficits could be financed by sovereign debt issued on the stock exchanges, and forced the state to resort to banks (public and private). The new series of public debt banks portfolios evolution is explained by their pursuit of returns and by changes in banking regulation and financial repression, which favoured the bankingstatus quo. The paper analyses the causes of banking regulation, derived from the public borrowing policy and also from the banking lobbying strategy. It examines the consequences of the deadly banking-state embrace which brought about the interconnection between fiscal and banking crises.

Abstract Mergers and/or acquisitions (M&A) are important business operations for firms that wish to diversify, become stronger and more competitive. The main objective of this paper is to investigate the impact of M&A announcements on the abnormal stock returns of firms listed on the Portugal and Spain stock exchanges. The empirical work analyzed 29 trades in the PSI-20 and 25 trades in the IBEX-35, since the year 2000, using the event study methodology. Most of the research investigates corporate combinations that take place in international markets and among large firms. Therefore, a first contribution of this paper is to study the phenomenon in smaller markets and firms. The results suggest that the two markets react differently to announcements of M&A. Overall, the findings seem to show that in the Portuguese market the joint firms present average gains and that in the Spanish market the joint firms present average losses, bidders have sharper reactions and targets have higher losses. The study also indicates that the abnormal returns of the Portuguese firms (especially the bidders) and the Spanish bidding firms tended to stabilize around a week after the announcement date. This conclusion is another useful contribution of the paper for academics and decision makers of corporate restructuring.

The main topic of this study was the value relevance of accounting information. It employed a sample of 1,645 companies listed on the stock exchanges of the top six European Economies (in terms of GDP) – France, Germany, Italy, the Netherlands, Spain and the United Kingdom – for the period 2010-2020. The study’s analysis was based on the Ohlson model and used linear regression. The paper examines the difference between these countries in terms of value relevance. In addition, the paper examines the effects that the Covid-19 pandemic outbreak had on the value relevance of financial statements. The purpose is to examine how investors have been affected by the pandemic and the influence it has had on the importance of financial statements and specific accounting variables. Furthermore, we compare the importance of the two most significant accounting variables, earnings and book value (equity) before and after the pandemic. The results suggest that the explanatory power of financial statements is almost the same for all countries, except Germany, where it is significantly higher. The explanatory power of financial statements decreased in all countries after the start of the pandemic. Moreover, in most countries, earnings seem to have lost value relevance compared with book value due to the financial crisis.

Purpose This paper aims to examine the relevance of boards in driving firm level performance. For this purpose, it considers firms listed on Ireland and Spain stock exchanges for the period 2005 to 2014, over a period that includes the global financial crisis. Design/methodology/approach This study uses panel data regression analysis to analyse the effects of board characteristics on performance and also uses alternate model specifications to test the significance of robustness of relationships. Findings The impact of board size on performance is negative and significant for Irish and Spanish firms for the study period. In general, the board independence has a positive effect on the performance of Spanish firms for the complete study period and suggests consistency with the resource dependency theory. Research limitations/implications The analysis suggests that in general, the non-executive and the board size do not affect the corporate performance of Irish and Spanish firms during the financial crisis. The fixed effects model suggests positive effects of gender diversity on performance for Spanish firms, while the random effects indicates negative relationship between gender diversity and performance for Irish companies. Practical implications The evidence on the Spanish firms suggests that female representation on the boards may be critical during the financial crisis Social implications The quota legislation on female board representation in Spain is yielding superior results over the soft law approach by Irish firms during the times of financial crisis period. Originality/value This study contributes to the literature on the corporate governance practices and performance of two countries that were strongly affected by the crisis in the European Union. As governments increasingly contemplate board gender diversity policies, this study offers useful empirical insights on Spanish and Irish firms.

Higher education is one of the most important key values for changes in societies and exchanges among different societies. Analysing higher education systems in Europe, it is clear that Southern Europe has been determining many differences with the rest of the continent, despite the effort of the Bologna Process to ensure comparability in the standards and quality of higher education qualifications. Taking into account four Southern Europe countries – Portugal, Spain, Italy and Greece – and regarding their link to a certain Mediterranean culture, our proposal is to analyse these countries’ higher education systems, their growth, using indicators on educational stock, economic growth and development, supply and demand of higher education and economic indicators relating training and the economy such as graduated employment rates. Also education public policies will be considered in the analysis as they interfere in higher education systems’ trajectories. Comparing them we will be able to identify similitudes and singularities in these educational realities, leading us to conclude about the existence of a Southern European way of making higher education a specific value in Mediterranean culture. This topic is even more important as it may be related to the recent key focus of EU activities in Southern Mediterranean region. The Mediterranean Strategy for Sustainable Development (MSSD) recognises that education in the Mediterranean needs strengthening by introducing sustainable development, through a holistic approach, into educational curricula, from primary school right up to higher education. The search for synergies between higher education research and innovation in the Mediterranean area already started. With our post-doctoral research project focusing on higher education and its links to societies, educational policies and national economies, our goal is to share some questions and to contribute to the debate on higher education reinforcing and enriching sociological analysis on higher education between Mediterranean countries.

ABSTRACT This study aims to: (1) examine the influence of a pandemic on the development of the stock market (CSPI) in Indonesia; (2) analyzing the effect of externalities on the dynamics of stock market developments in Indonesia; and (3) examine whether differences in social distancing policies affect the dynamics of Indonesian capital market movements. The research method uses quantitative analysis with a dummy variable multiple regression approach. JCI as a bound variable, while the independent variable is the number of Covid-19 pandemic cases in Indonesia, China and Spain, then the movement of the FTSE100 stock indexes (London), Hangseng (Hong Kong) and NASDAQ (New York), as well as differences in social distancing policies in Indonesia (Indonesia) Task Force, WFH and PSBB). The results of the study concluded: The movement of the composite stock index (CSPI) on the Jakarta Stock Exchange is influenced by internal and external conditions. Internally the condition of the Covid-19 pandemic and social distancing (WFH and PSBB) policies in the country have influenced the dynamics of the stock market (indicated by the movement of the IHSG index on the JSX). Externally, the Covid-19 pandemic in China and Spain also influenced the dynamics of the stock market in Indonesia (IHSG index). Likewise, the dynamics of the stock market in Hong Kong (Hangseng), London (FTSE100) and News York (NASDAQ). The coronavirus pandemic in Indonesia, China, the dynamics of the Nasdaq stock market in New York, and the social dintancing (WFH and PSBB) policies had a negative impact on the movement of the JCI stock index. While the pandemic in Spain, the dynamics of the stock market in Hong Kong (Hangseng) and London (FTSE100) actually had a positive impact on stock market conditions in Indonesia (JSX). Keywords: IHSG, Stock Market, Pandemic Covid-19, Social Distancing

ABSTRACT This study aims to: (1) examine the influence of a pandemic on the development of the stock market (CSPI) in Indonesia; (2) analyzing the effect of externalities on the dynamics of stock market developments in Indonesia; and (3) examine whether differences in social distancing policies affect the dynamics of Indonesian capital market movements. The research method uses quantitative analysis with a dummy variable multiple regression approach. JCI as a bound variable, while the independent variable is the number of Covid-19 pandemic cases in Indonesia, China and Spain, then the movement of the FTSE100 stock indexes (London), Hangseng (Hong Kong) and NASDAQ (New York), as well as differences in social distancing policies in Indonesia (Indonesia) Task Force, WFH and PSBB). The results of the study concluded: The movement of the composite stock index (CSPI) on the Jakarta Stock Exchange is influenced by internal and external conditions. Internally the condition of the Covid-19 pandemic and social distancing (WFH and PSBB) policies in the country have influenced the dynamics of the stock market (indicated by the movement of the IHSG index on the JSX). Externally, the Covid-19 pandemic in China and Spain also influenced the dynamics of the stock market in Indonesia (IHSG index). Likewise, the dynamics of the stock market in Hong Kong (Hangseng), London (FTSE100) and News York (NASDAQ). The coronavirus pandemic in Indonesia, China, the dynamics of the Nasdaq stock market in New York, and the social dintancing (WFH and PSBB) policies had a negative impact on the movement of the JCI stock index. While the pandemic in Spain, the dynamics of the stock market in Hong Kong (Hangseng) and London (FTSE100) actually had a positive impact on stock market conditions in Indonesia (JSX). Keywords: IHSG, Stock Market, Pandemic Covid-19, Social Distancing

Local apparel and textile manufacturing industry in Taiwan is a sector of great importance for sustainable economicgrowth. A stock market is an effective barometer indicating the economic health of a country and Taiwan is a case evenmore special. However, is Taiwan a black swan phenomenon for local apparel and textile manufacturing industryconsidering its economic growth and financial perspectives? In addition to existing literature, this research articleprovides a new robust nonlinear regression-based model for stock exchange prediction for Taiwan stock market. Thefinancial data series used for the econometric analysis include the period from January 2000 to July 2018 for 13 mainstock markets from countries all around the globe, such as: Taiwan, Spain, Poland, Hungary, Romania, Canada, USA,Japan, Germany, France, UK, India, and China. The final multiple regression equation provides a new prediction modelfor Taiwan’s main stock market index. A sustainable economic growth in Taiwan is necessary to achieve major objectivessuch as social justice, poverty alleviation and natural environment protection. The stock market in Taiwan plays anessential role in order to stimulate economic growth and technological progress by attracting foreign investment andforeign capital. In a globalized economy, the inter-linkages between stock markets are complex and can significantlyinfluence Taiwan’s sustainable development.

Local apparel and textile manufacturing industry in Taiwan is a sector of great importance for sustainable economicgrowth. A stock market is an effective barometer indicating the economic health of a country and Taiwan is a case evenmore special. However, is Taiwan a black swan phenomenon for local apparel and textile manufacturing industryconsidering its economic growth and financial perspectives? In addition to existing literature, this research articleprovides a new robust nonlinear regression-based model for stock exchange prediction for Taiwan stock market. Thefinancial data series used for the econometric analysis include the period from January 2000 to July 2018 for 13 mainstock markets from countries all around the globe, such as: Taiwan, Spain, Poland, Hungary, Romania, Canada, USA,Japan, Germany, France, UK, India, and China. The final multiple regression equation provides a new prediction modelfor Taiwan’s main stock market index. A sustainable economic growth in Taiwan is necessary to achieve major objectivessuch as social justice, poverty alleviation and natural environment protection. The stock market in Taiwan plays anessential role in order to stimulate economic growth and technological progress by attracting foreign investment andforeign capital. In a globalized economy, the inter-linkages between stock markets are complex and can significantlyinfluence Taiwan’s sustainable development.

We examine announcement effects and the long-run stock performance associated with spin-offs for companies listed on the Australian Securities Exchange. The 3-day announcement effect is a significantly positive 2.93%. Contrary to previous studies, we find no differences between ex post completed and non-completed spin-off announcements. The abnormal returns do not seem to be related to factors found significant in previous studies, such as an increase in industrial or geographical focus, information asymmetry, and the amount of bank debt of the parent company. There is some evidence that Australian spin-offs are associated with a positive long-run excess stock performance for up to 24 months after the spin-off. This effect is mostly driven by focus-increasing spin-offs.

This paper examines the linkages in financial markets during coronavirus disease 2019 (COVID-19) pandemic outbreak. For this purpose, daily stock market returns were used over the period of December 31, 2019–April 20, 2020 for the following economies: USA, Spain, Italy, France, Germany, UK, China, and Romania. The study applied the autoregressive distributed lag (ARDL) model to explore whether the Romanian stock market is impacted by the crisis generated by novel coronavirus. Granger causality was employed to investigate the causalities among COVID-19 and stock market returns, as well as between pandemic measures and several commodities. The outcomes of the ARDL approach failed to find evidence towards the impact of Chinese COVID-19 records on the Romanian financial market, neither in the short-term, nor in the long-term. On the other hand, our quantitative approach reveals a negative effect of the new deaths’ cases from Italy on the 10-year Romanian bond yield both in the short-run and long-run. The econometric research provide evidence that Romanian 10-year government bond is more sensitive to the news related to COVID-19 than the index of the Bucharest Stock Exchange. Granger causality analysis reveals causal associations between selected stock market returns and Philadelphia Gold/Silver Index.

The stock market efficiency is the idea that equity prices of listed companies reveal all the data regarding the company value (Fama, 1965). In this way, there isn’t possible to make additional returns. However, evidence against the Efficient Market Hypothesis is growing. Researchers studied Calendar Anomalies (CAs) that characterised financial markets. These CAs contradict the efficient hypothesis. This research studies some of the most important market anomalies in France, Germany, Italy and Spain stock exchange indexes in the first decade of new millennium (2001-2010). In this study, to verify the distribution of the returns and their auto correlation, we use statistical methods: the GARCH model and the OLS regression. The analysis doesn’t show strong proof of comprehensive Calendar Anomalies. Some of these effects are country-specific. Furthermore, these country-anomalies are instable in the first decade of new millennium, and this result demonstrates some doubt on the significance of CAs.

AbstractJohannessen, A., Nøttestad, L., Fernö, A., Langård, L., and Skaret, G. 2009. Two components of Northeast Atlantic herring within the same school during spawning: support for the existence of a metapopulation? – ICES Journal of Marine Science, 66: 1740–1748. It has been hypothesized that some stocks of Atlantic herring are subject to genetic exchange and therefore should fit the definition of a metapopulation with subunits. Genetic exchange requires spatial overlap of individuals from different populations during spawning. We investigated a local herring population that is assumed to feed and spawn within the semi-enclosed marine ecosystem of Lindåspollene in west Norway, which is connected with the outer fjord only by a narrow sill. Acoustic recordings and gillnet samples demonstrated the mixed presence of two components within a single school throughout the spawning period 2005–2007. Members of the two components were of about the same size and in a similar stage of gonad development at all times, but the age composition was completely different. These observations represent the first documented case of different components being present in a spawning school and provide strong indications of regular interbreeding. Our data suggest that the two components represent autochthonous Lindås herring and allochthonous herring of coastal/oceanic origin, thereby supporting the metapopulation concept. Two alternative explanations, based on one migratory and one resident component of a single Lindås stock, are also discussed.

This study determines the effect of parameters used for cash holding in hospitality sector (HS) of target countries i-e France, Spain and United State of America for the period of 14 years (2005-2018). The parameters consist of firm size, leverage, capital expenditure, growth opportunity, liquidity, cash flow, cash flow volatility, asset intangibility, dividend payments and stock exchange. Dynamic panel data is employed for empirical estimation i-e Generalized Method of Moments (GMM). System GMM model estimation reveals that leverage, cash flow volatility and asset intangibility influence cash holdings positively while size, capital expenditure, growth opportunities and cash flow affect cash holdings negatively.

Annually, the magazine Revista Actualidad Económica (RAE) publishes a ranking of the 100 most attractive companies to work for, in Spain. Using this database for the period 2013-2018, the aim of this study is to analyze the assessment of the CSR and compare it with the total valuation of the companies, based on a series of variables such as the territorial location of the enterprises, their nationality, their main activity sector, their size and contribution, which allows us to know the profile of these organizations. The techniques of analysis used are: statistical analysis, comparison of medians of independent samples with Levene test and econometric analysis. It is a novel work since there are no previous studies that involve a quantitative analysis of the organizations within the main positions of the rankings. The most relevant results prove the existence of a positive relationship between the largest companies and those listed on the stock exchange with the values obtained by the CSR and the total valuation. Furthermore, the Anglo-Saxon companies have a significant valuation overall if we compare it with the Mediterranean companies; however, regarding CSR, they obtain similar values. The profile obtained for the most outstanding companies in CSR and global valuation corresponds, almost completely, to large companies listed on the stock market, inside the energy and financial sector, mainly Anglo-Saxon companies located in the capital of Spain. Future researches should assure whether new results are obtained by considering additional variables or not.

Purpose This paper aims to assess the risk reporting practices extent to which firm’s and corporate governance characteristics explain risk-related disclosures (RRD) motivations across two European Latin countries (Portugal and Spain). Moreover, drawn on elements of agency, legitimacy, resources-based perspectives and institutional theory, this study also intends to assess whether the influence of corporate governance mechanisms on risk reporting is mediated by strategic/institutional legitimacy interests. Design/methodology/approach From a sample of 60 non-finance Portuguese and Spanish companies with securities traded on the Euronext Lisbon stock exchange market and on the Madrid stock exchange market, respectively, at December, 2011, the Corporate Governance reports and the “risk/risk management” sections of the Management reports included on consolidated annual reports for 2011 were manually content analysed, according to prior literature. Further, multiple linear regressions were used to assess the potential relationships between corporate governance mechanisms and risk reporting. The paper’s theoretical framework draws on elements of agency, legitimacy, resources-based perspectives and institutional theory. To understand the risk reporting practices of Portuguese and Spanish non-finance listed companies, the paper conducts a content analysis of 60 consolidated annual reports for 2011. Findings Results indicate that visible companies, operating in a country with a weaker legal environment, and during periods of financial distress disclose more discretionary RRD, basically to contextualize their negative outcomes. Some corporate governance mechanisms were crucial to improve risk information. Originality/value The paper goes beyond prior literature work and assesses whether the theoretical framework grounded on agency, legitimacy, resources-based perspective and institutional theory is suitable in explaining RRD in an under-researched setting (European Latin countries, such as Portugal and Spain, with low agency costs and different corporate governance models). Moreover, the analysis embraces a wider and homogeneous range of internal and external corporate governance mechanisms and uses a period in which both countries were severely affected by a sovereign debt crisis with negative impacts on company’s liquidity and financial risks. A research setting like this has not been studied hitherto.

Hydrogen systems are gaining importance in view of a progressive decarbonisation of societies, and becoming more and more cost-competitive alternatives in many sectors (e.g., mobility). However, the sustainability of these technologies must be carefully assessed following a holistic approach which embraces not only environmental but also social aspects. Social Life Cycle Assessment (S-LCA) is an insightful methodology to evaluate potential social impacts of products along their life cycle. In the frame of the project eGHOST, social risks of a proton exchange membrane fuel cell (PEMFC) stack were assessed through an S-LCA. The functional unit was defined as one 48 kW stack (balance of plant excluded), targeted for mobility applications. The supply chain was defined assuming Spain as the manufacturing country and involving from the material/energy production plants to the stack manufacturing. Beyond conventional life cycle inventory data, trade information and additional inventory data were retrieved from the UN Comtrade and PSILCA databases, respectively. Besides, working hours for the manufacturing plants of the stack and its subcomponents were calculated based on literature data. Social life cycle inventories were modelled and evaluated using openLCA and the PSILCA method. Two stakeholder categories, workers and society, were considered through the following social indicators: child labour, contribution to economic development, fair salary, forced labour, gender wage gap, and health expenditure. The choice of these indicators is in line with the eGHOST project purpose. Despite the relatively small amount contained in the product, platinum clearly arose as the main social hotspot under each of the selected indicators. At the level of component plants, the manufacturing of bipolar and end plates was also found to be relevant under some indicators. On the other hand, electricity consumption generally accounted for a minor contribution. Overall, in order to avoid burden shifting from environmental to social issues, a careful design of technologies is needed.

This article examines the concerns of major Spanish companies in relation to Occupational Welfare, how these are reflected in their sustainability reports, and how corporate values translate into implementing Corporate Social Responsibility. Occupational Welfare has become a key concept in business ethics, as it brings together a set of essential provisions to address both the “old risks” and the “new risks” typical of complex and competitive societies. We carried out qualitative research on forty-two sustainability reports published in 2019 by the companies that make up the IBEX-35 stock exchange index, along with another seven that have among the largest workforces. The results allow us to relate Occupational Welfare and the areas where it applies to the management of Corporate Social Responsibility in aspects such as working conditions, occupational health, work-life balance, and continuing training.

My essay–very much in the original, tentative and exploratory sense of the word–takes retrospective stock of Terry Eagleton’s (roughly speaking) early to middle-period work across its dauntingly diverse range of topics. I focus, naturally enough, on those books that have most strongly influenced my own thinking or–as so often–pointed me in new and deeply mind-changing directions. The approach is in part anecdotal as befits a recurrent crossing of paths that has kept me reading his work with a constant sense that, whatever the shifts in my own interest, his latest book or article is likely to open up some fresh and germane line of enquiry. Nobody has done more than Terry over the past fifty years to extend the possibilities of creative inter-disciplinary exchange that opened in the late 1960s and are now being closed down with ferocious zeal by a UK in government in quest of unthinking ideological compliance. In this tribute I focus chiefly on his successive approaches to the question of ideology as it figures not only in literary and cultural theory but in daily praxis and various contexts of communal experience.

Purpose – This paper aims to investigate the relationship between internal governance structure and financial performance of listed Spanish companies. The effectiveness of the board of directors is analyzed through the use of different variables: size, composition, duality, number of annual meetings and busyness of the directors. The financial performance is measured by return on assets (ROA), return on equity (ROE) and Tobin’s Q. Design/methodology/approach – Our study is addressed through the use of a multi-theoretical approach followed by an empirical analysis. Schematic literature review serves as a basis for setting our hypotheses. We conduct the empirical part of the study by applying these to the listed companies in the Madrid Stock Exchange. An econometric model (multiple regression) is used to test the relation between board structure and financial performance. Findings – Empirical: We conclude that in the three estimated models, two of the dependent variables, ROE and ROA, have an explanatory value. The relationship between the number of the boards of directors’ meetings and performance has proved to be negative. Theoretical: Ample literature on corporate governance leads to two conclusions: First, corporative–financial relations must be studied by a multi-theoretical approach. Second, future research must be made only on specific studies coincident with the majority of their characteristics (country, type of firm, type of statistical model […]). Research limitations/implications – Future research will try to cover gaps, expanding this study in both space and time. Practical implications – The number of Spanish companies’ boards meetings is very high. As shown in our study, holding more than one meeting a month does not guarantee greater financial returns; the board can effectively establish its strategic lines of business by meeting up to 12 times per year. Social implications – The results show a negative relationship between ROE and the number of meetings, which may be linked to the country’s business culture, which traditionally has a higher number of annual meetings when compared to neighboring countries. Perhaps, this is an indicative symptom of the inefficiency associated with the Spanish system. Originality/value – Theoretical review is performed with two aims: first, to establish our research hypotheses, and second, to reflect on future research by fine-tuning the abundant previous studies.

The study employs panel methodology and Ordinary Least Squares (OLS) multiple regression to examine the impact of board gender diversity on firm performance for a sample of 137 Johannesburg Stock Exchange (JSE) listed firms during the period 2002 and 2011. The results show that board gender diversity among South African firms have been improving substantially since 2002 when King II came into force. In 2002, the average South African board had only 4 per cent of women and by 2011, this had increased to 13 per cent. Notably, the findings also show that large South African firms have a greater representivity of women on their boards than small firms. By inference this could mean that gender diversity has a positive influence on firm value as findings further show that firm value in large firms is higher than that in small firms. This study contribute to the debate of whether board gender diversity influences firm value and whether the South African government should consider adopting quota legislation such as in Spain, Norway, The Netherlands and France. The findings suggest that there is evidence of a business case to advocate the implementation of quota legislation in South Africa. Empirical findings proceed to confirm that theories of corporate governance such as agency, resource-dependence, signalling and stakeholding surely provide some support to understanding the relationship between board gender diversity and firm performance.

The study investigates the effect of factors explaining the cash holdings of hospitality sector in five countries of Western Europe, namely, France, Germany, Spain, Italy and United Kingdom for a period of 12 years (2005-2016). The effect of parameters i.e., size, leverage, capital expenditures, growth opportunities, liquidity, cash flow, asset intangibility, cash flow volatility, dividend payments and stock exchange on cash holdings has been empirically tested by employing dynamic estimation methodology i.e., Generalized Method of Moments (GMM). The findings reveal that growth opportunities and dividend payments have a positive effect on cash holdings, while size, leverage, liquidity, cash flow, asset intangibility, cash flow volatility and stock exchange pose a negative effect. Moreover, the subsectors such as airlines, gambling and restaurants and bars are holding more cash in comparison to the travel and tourism. The study empirically supports the trade-off, pecking order and free cash flow theories of cash holdings for the hospitality sector. The academic implications of the study reflect that larger companies in the hospitality sector of Western Europe are more diversified and hence amass more cash. Similarly, supporting the cash flow theory, larger hospitality sector companies hold more cash to bar the agency issues. Moreover, companies in the hospitality sector keep less cash as such companies face close monitoring and attain leverage cheaply. Supporting the trade off theory, companies in the hospitality sector hold considerable fund of cash to counter cash shortages for making investments. Furthermore, companies in the hospitality sector experiencing more cash flows keep less cash, as influx of cash flows serve as a source of liquidity. Furthermore, to be able to pay stable dividends, the hospitality sector companies amass more cash and hence support the trade off theory. The practical implications of the study shows that by utilizing the empirical findings in this study, an investor sensitive to empire-building traits of managers for their private benefits, can infer that large hospitality companies with more leverage and capital expenditures will hold less cash. However, holding excessive cash in such companies can create agency problems. On the other hand, large hospitality companies holding more cash would have an ease in practicing debt financing as holding more cash is an indication of diversification and expansion, making shareholders more heedful about their net earnings.

AbstractThis study evaluated the most significant physical, chemical and biological soil properties from a group of organic olive farms located in a typical olive-growing area of Andalusia, Spain, after 5 or more years since the shift from conventional to organic farming, and compared soils with those in nearby undisturbed (U) natural areas. Two soil management systems implemented in these organic olive farms to control weeds, tillage (T), characterized by non-inverting-shallow tillage in spring, and mechanical mowing (M), were compared and evaluated against the U areas. Organic olive orchards showed similar productivity (average fruit yield of 3130 kg ha−1 yr−1) as the conventional, rain-fed olive groves in the same area, with no significant differences due to soil management systems. Soil properties in the olive orchards (i.e. texture, pH, organic carbon (C), organic nitrogen (N), C:N ratio, cation exchange capacity (CEC) and exchangeable potassium) were in the suitable range for olive farming in both soil managements, although organic C and N, saturated hydraulic conductivity and available water-holding capacity (AWC) of the soil were lower than in the U areas. A principal component analysis (PCA) for soil properties in topsoil (0–10 cm depth) distinguished the T from M olive orchards and U areas, and determined organic C and N as the most significant soil properties to characterize them. Average values of soil organic carbon (SOC) stocks for the surface layer (0–10 cm depth) were 18.6, 59.3 and 67.8 Mg ha−1, for T and M soil management systems and U areas, respectively. This indicates that the sustainability of organic olive orchards could be significantly improved by shifting to M soil management to decrease soil erosion and depletion of SOC.

Purpose The purpose of this paper is to identify the business model components and related attributes of biotech spin-offs activity that are key to the implementation of the internationalization strategy. Design/methodology/approach The paper is based on a multiple case study analysis including business models of seven biotechnology spin-offs traded on the Warsaw Stock Exchange. Based on the literature review the authors identify the key attributes of the business model for the commercialization of R&D outcomes. The authors conduct an analysis taking into consideration the determinants of biotech spin-off activity. The authors also measure the internationalization strategy implementation with the use of indicators identified in the empirical research literature review. Findings According to the results, the authors identified that international cooperation in research projects and partnering, as well as international experience in the management board and tacit knowledge, play a facilitating role in the business model for the commercialization of biotech spin-off research findings. The cost advantage on the global market, tax advantages and support of venture capital are the key to the exploitation of profit potential on the global market. An important component of the business model specific to companies conducting R&D activities is to ensure firm survival activities by funding research grants to makes R&D possible prior to commercialization. Research limitations/implications The main limitation of this study is the small magnitude of the sample, particularly as only two of the seven analyzed spin-offs realized their profit potential on the global market. Practical implications The findings are important for the development of business models of new biotech ventures. Research results can be used as recommendations for universities on how to effectively build a business model for the commercialization of biotech spin-offs on the basis of R&D outcomes for the internationalization strategy. Originality/value The paper’s uniqueness results from the synergy of combining three research areas: components of business models for commercialization; attributes of biotech R&D activity; and indicators measuring the internationalization strategy implementation. The results can contribute to the existing body of knowledge on business models for the commercialization of R&D outcomes in the context of internationalization. The value of this paper is an extended knowledge of the internationalization of biotech ventures based on R&D outcomes.

This paper aims to present the documentation and analysis methodology carried out on a lead trap from the ancient period, which belongs to the collection of traps in the Museum of Cádiz (Andalusia, Spain). The anchor stock had some interesting characteristics for this research. On the one hand, from the point of view of conservation and restoration, due to the alterations it presented. On the other hand, from a historical and archaeological point of view, it showed signs of reliefs on its surface hidden under the alteration products. The removal of the different layers of alteration that covered the surface during conservation and restoration treatments revealed an unpublished iconographic and epigraphic programme, as well as possible marks of use and manufacture. The poor state of conservation of the original surface made it impossible to visualise the details as a whole, so we applied photogrammetric methods, and subsequently processed models using various GIS analysis and point cloud processing softwares.Two photogrammetric models (in Agisoft PhotoScan) were made to document the trap in general: one prior to the conservation and restoration process; and a second three-dimensional (3D) model once the surface had been cleaned. The purpose of the second model was to visualise the reliefs programme in general, as well as the different surface details. The first complete 3D model of the object was used to perform a virtual reconstruction of the anchor including the elements that did not preserve, using a 3D modelling program (Blender).Nine areas of the stock surface were selected for the analyses of the various iconographic and epigraphic features, which were documented and processed in Agisoft PhotoScan. The Digital Elevation Model (DEM) and point cloud models were then processed with different analyses tools in Geographic Information System (GIS) (such as QGIS) and point cloud processing software (CloudCompare). Our results document a piece of highly interesting information from its surface consisting of reliefs of four dolphins; at least four rectangular stamps: two of them with possible inscriptions, and an anthropomorphic figure. Thanks to the comparative data, we conclude that the four dolphins were made with the same stamp during the stock manufacturing process. Further, we were able to reconstruct the dolphin stamp, partially preserved in each of the reliefs, by unifying the 3D models, thus revealing the original set. This system of stamping by means of reusable dies is well known in other elements such as amphorae but has not been studied in the specific case of lead traps.In the case of the epigraphic elements, the 3D documentation methodology revealed numerous micro-surface details, not visible under conventional documentation techniques, which could help specialists to interpret these inscriptions. Although they have not been analysed in this research, its documentation has promoted the appreciation of surface details that could refer to the manufacturing processes (moulds and tools) or the traces of use, providing historical information on this object. At the same time, the virtual reconstruction of the anchor has aided the formation of hypotheses on the dimensions and original appearance of the anchor. The different tools used, such as raster analysis using shadow mapping and point cloud alignment, proved to be very effective. They have fulfilled the established objectives and have helped to establish a possible analysis methodology for future lead traps with decorative elements. These types of artefacts recovered from underwater sites are very common in museum collections. In many cases, their state of conservation and the difficulty in handling them due to their size and weight make it difficult to document surface details. In this case, the multidisciplinary work of conservation and 3D documentation allows for high-quality documentation that is easy to access and exchange between researchers. The combined use of photogrammetric techniques with virtual RTI provides a non-invasive method for the object, low cost and easy processing compared to other conventional methods.

In the last two decades, as the importance of soil has been recognized as a key component of any ecosystem, there has been an increased global demand to establish criteria for determining soil quality and to develop quantitative indices that can be used to classify and compare that quality in different places. The preliminary estimation of the attributes involved in soil quality was made taking into account the opinion of the experts and our own experience in a semi-arid ecosystem. In this study, 16 soil properties have been selected as potential indicators of soil quality, in a region between Campo de Montiel and Sierra de Alcaraz (Spain): sand and clay percentage, pH, electrical conductivity (EC), soil organic carbon (OC), extractables bases of change (Na, K, Ca and Mg), cationic exchange capacity (CEC), carbonate calcium equivalent (CCE), bulk density (BD), water retention at 33 kPa field capacity and 1500 kPa permanent wither point (GWC33 kPa and GWC1500 kPa), coefficient of linear extensibility (COLE) and factor of soil erodibility (K). The main objective has been to develop an adequate index to characterize the quality of the soils in a semi-arid Mediterranean ecosystem. The preliminary estimation of the attributes involved in soil quality was made considering the opinion of the experts and our own experience in semi-arid ecosystems. Two indicator selection approaches have been used to develop the Soil Quality Index (SQI) (total data set -TDS- and minimum data set -MDS-), scoring functions (linear -L- and nonlinear -NL-) and methods (additive -A-, additive weighted -W- and Nemoro -N-. The quality indices have been calculated, considering the properties of the soil control section (between 0 and 100 cm depth), using 185 samples, belonging to horizons A, B and C of 51 soil profiles. The results have shown that the election of the soil properties, both of the topsoil and subsoil, is an important help in establishing a good relationship between quality, soil functions and agricultural management. The Kriging method has been used to determinate the spatial distribution of the soil quality grades. The indices that best reflect the state of soil quality are the TDS-L-W and TDS-L-A should go as sub-indices, as they are the most accurate indices and provide the most consistent results. These indices are especially indicated when carrying out detailed or semi-detailed studies. However, the MDS-L-W and MDS-L-A should go as sub-indices, which use only a limited number of indicators, are best for large-scale studies. The indicators with the greatest influence on soil quality for different land uses and those developed on different rocks, using linear scoring functions, are the following: (Clay), (GWC1500 kPa) and (Ca). These results can also be expressed as follows: the best soils in this region are deep soils, with a clay texture, with high water retention and a neutral or slightly basic pH. However, the indicators with the greatest influence on soil quality, using nonlinear scoring functions, are: (OC Stock), (Ca) and (CaCO3). In other words, the most important indicator is the organic carbon content, which is not logical in the case of a region in which the soils have an excessively low SOC content (0.86%).

AbstractNumerous permanent and temporary wetlands occur throughout the world’s drylands. Although characterised by diverse water inundation frequencies, durations and depths, these wetlands in drylands are typically hotspots of biological activity and productivity. The healthy functioning and even existence of many wetlands in drylands, however, is threatened by desiccation resulting from a combination of climate change and human disturbance. Near Alcañiz in arid northeast Spain, three adjacent saladas (playas) with contrasting hydroperiods provide an opportunity to investigate how moisture availability affects their soil carbon (C) stocks, CO2 efflux, and microbial communities. Predicting the impacts of changes in moisture availability on the C cycle in wetlands in drylands is challenging but important because many contain large C stocks and may be significant sources and sinks of greenhouse gases. Frequent inundation and/or near-permanent soil water saturation supports the generation of organic C from a range of different sources. Soil inorganic C was greatest on the driest salada (3.8%) compared to the wetter saladas (3.0% and 2.1%) owing to evaporative concentration and the reaction of CO2 with available Ca2+, Mg2+ and Na+ ions. CO2 efflux was greatest at intermediate moisture levels (142 mg CO2 m−2 h−1), but the spatial and temporal variability in CO2 efflux on salada surfaces is large, demonstrating the need for intensive sampling regimes to provide realistic estimates of their contribution to atmospheric CO2 exchanges. Different microbial community structures also characterise each salada. The saladas near Alcañiz, and many other similar features in northeast Spain, are renowned for their rare and threatened flora and fauna, yet their soil C cycle characteristics and soil microbial communities provide additional reasons to monitor the impacts of climate change and protect these vulnerable environments from further anthropogenic disturbances.

Though the current research stream has provided some risk factors for envy at the workplace, little is still known about the drivers and consequences of envy. Based on Vecchio’s theory, this study investigates the ripple effect of the span of supervision on envy. Moreover, it sheds light on the moderating role of meaningful work in their relationship. The data comprising sample size 439 were collected from confrères of four fast food companies listed on the Stock Exchange of Pakistan. Partial Least Square Structural Equation Modeling (PLS-SEM) technique was implemented through SmartPLS 3.3.2 to analyze the measurement and structural relationships. The results demonstrate that a narrow span of supervision will increase work engagement, and reduce instigated incivility via decreasing envy and resource depletion in sequence. Moreover, meaningful work would help regulate the inimical stream of dénouement of envy. Theoretical and practical implications, along with the limitations and future directions, have also been discussed.

Fine particulate organic matter (FPOM) accumulated in streambeds is a major component of organic matter budgets in headwater streams and greatly affects productivity and metabolism of stream communities. The spatiotemporal distribution of benthic FPOM in the stream, as well as its quantity and quality, depend on inputs from different source types. These can be natural such as soils, streambanks and riparian vegetation, or anthropogenic such as effluents from wastewater treatment plants (WWTP). In addition, stream flow is a key driver of FPOM dynamics, which influences the balance between its transport and accumulation in the streambed. Yet, the link between FPOM dynamics and its effects on stream metabolism is still largely unknown. The aim of this study was to investigate the influence of stream channel hydromorphology on water transport and streambed accumulation of fine particulate matter (FPM) (mineral and organic fractions), FPOM (organic fraction) and its quality (characterized by %OM, %C, %N and the C:N molar ratio). In addition, we quantified the metabolic activity associated with FPM at the habitat scale, and its potential contribution to whole-reach ecosystem respiration using the resazurin-resorufin bioreactive tracer as a proxy for aerobic respiration. We also characterized water transport and metabolic activity with combined additions of hydrological and bioreactive tracers at the reach scale. The study was conducted in the Cànoves stream (Catalonia, NE Spain) downstream of a WWTP that contains three reaches that were hydromorphologically modified using bioengineering techniques. Slower local velocities at the habitat scale increased accumulation of FPM, but did not influence the spatial variability of its quality. Instead, FPM quality declined further downstream from the WWTP. Accumulation of FPM did not increase metabolic activity, but higher %OM of FPM and lower C:N ratios favored the microbial metabolic activity efficiency (normalized by the gram of FPM). Reach-scale metabolic activity was higher in reaches with higher water exchange rate and longer relative travel times, highlighting hydromorphology as an important driver of microbial metabolic activity at the reach-scale. This demonstrates that the interplay of hydrologic exchange and residence time in streambed sediments associated with the microbial metabolic activity of FPOM can ultimately influence reach-scale metabolic activity.

ABSTRACTWe describe a synthetic approach to the preparation of high spin density organic solid as a probe to organic ferromagnetism utilizing an external doping process to achieve a molecular sequence of alternate donors and acceptors in different spin states for, in principle, the ground state ferrimagnets. In contrast to the irreversibility of electron oxidations of many triaminobenzene derivatives, we found that, by substituting three hindered diisopropylamino groups on benzene, stable monocationic TDIAB radicals can be obtained. In the case of HDMAB its cationic radicals can be stabilized in a strong acid medium. The observed bulk spin densities of 0.18 — 0.23 spins 1/2 per donor molecule in TDIAB-PF6 and HDMAB-PF6 solids are significant comparing to the diamagnetic properties normally obtained in solids of simple cationic salts of planar organic donor molecules. The results imply that a small degree of molecular spin separation due to the steric effect can readily increase sharply the paramagnetic spin density of solids. We also found that the introduction of arsenic pentafluoride into molecular crystals disintegrates the long range order of crystal without rearranging the molecular stacking sequence in HMT complexes. Arsenic pentafluoride serves as not only the oxidant, but also the physical molecular separator. That results in a molecular spin separation of triplet dicationic HMT spins from each other at high doping level. This concept of molecular spin separation explains the observation of static magnetic data with an observed high spin density of many doped HMT charge transfer complexes. Without the molecular spin separation, the segregated-stack complexes, such as HMT-(AsF5.5)3.4 and HMT-DDQ-(AsF5.5)4.1, should instead give a low net bulk spin density with no triplet resonance after the intermolecular spin exchanges resemble to those observed in the case of HMT+2(CIO4)2 crystals.

El presente ensayo no tiene otro objetivo que analizar la posible responsabilidad patrimonial del Estado, proclamada constitucionalmente en el artículo 106.2 de la Constitución y desarrollada en los arts. 139 y siguientes de la Ley 30/1992, de 26 de noviembre y en el Real Decreto 429/1993, de 26 de marzo, en relación con el que se considera funcionamiento deficiente de la Comisión Nacional del Mercado de Valores y/o Banco de España en el ejercicio de sus funciones, concretamente, en lo concerniente a su obligada supervisión financiera de las entidades bancarias y en particular respecto de aquéllas que, en los últimos años, comercializaron participaciones preferentes y/o obligaciones subordinadas entre clientes minoristas. De tal modo se pretende la exposición del problema acaecido en relación con la venta indiscriminada de los productos bancarios aludidos y que desembocaron en evidentes pérdidas económicas al cerrarse el mercado secundario, así como la evidente presencia de un nexo causal entre la omisión y dejación de funciones de protección de los inversionistas o inversores que la ley señala a los órganos aludidos y los perjuicios aludidos.This essay has no other purpose than to analyze the possible liability of the State, artículo 106.2 constitutionally proclaimed in the Constitution and developed in the arts. 139 and following of the Law 30/1992, of November 26 and Royal Decree 429/1993, of March 26, in connection with which it is considered poor functioning of the National Stock Exchange and / or bank Spain in the exercise of its functions, specifically in regard to their required financial oversight of banks and in particular for those who, in recent years, traded preferred securities and / or subordinated debt from retail customers. Thus exposure is to the problem that occurred in relation to the indiscriminate sale of banking products alluded to and that led to obvious economic losses to close the secondary market, and the obvious presence of a causal link between the failure and dereliction of duties protection of investors or investors who draws law alluded organs and damages mentioned.

Purpose The purpose of this paper is to verify if the characteristics of the board of directors (BD) affects the disclosure practices of corporate social responsibility (CSR). Two different population samples were used from the period 2008-2011: Brazilian listed companies and Spanish companies. It is observed that the size of the board positively affects CSR disclosure practices of the two groups of companies. The percentage of independent directors of the board members positively affects the disclosure practices of CSR in Spanish companies. The percentage of participants of the board women positively impacts the disclosure practices of CSR in Brazilian companies. Design/methodology/approach The authors worked with two different population samples: one, composed by the Brazilian listed companies in BM&FBOVESPA and other by Spanish companies listed on Madrid Stock Exchange. The selection of this period was due to the increase in the adoption of GRI guidelines from 2008 (Prado-Lorenzo et al., 2012). In addition, as Spanish companies disclose more CSR reports according to the GRI guidelines (Global Reporting Initiative, 2012), this is a suitable environment for the analysis. Findings Regarding the research question of this study, it was found that the profile of the board affects the disclosure practices of CSR of Brazilian and Spanish companies. The size of the board positively affects CSR disclosure practices of the two groups of companies. The percentage of independent directors of the board members positively affects the disclosure practices of CSR in Spanish companies. The percentage of participants of the board women positively impacts the disclosure practices of CSR in Brazilian companies. Research limitations/implications Both the BD of Spanish companies as the Brazilian still requires the participation of a greater number of women. It is important to remember that the variable that represents women in the board presented a positive impact on the dependent variables, and it is statistically significant, so it is possible to affirm that when a large number of women are on the Board, the company tends to disclose more standardized information about CSR practices. These results are in line to other empirical analysis that defend that women usually introduce more philanthropic worries (Ibrahim and Angelidis, 1991) and tend to provide higher information transparency, especially about sustainability issues (Barako and Brown, 2008; Prado-Lorenzo and García-Sánchez, 2010; Frías-Aceituno et al., 2012). Practical implications This research should benefit, in this sense, investors, managers and policymakers, civil society representatives and corporate managers themselves active in the two economies investigated. Social implications It should be noticed that both Brazil and Spain use to encourage joint research between researchers of Brazilian and Spanish universities, funding projects developed in partnership as Cooperation Programme signed in 2001 by the Ministries of Education in both countries. Thus, it is justified the choice of Spain for its comparative analysis due to the need for more field studies on this topic in both countries, and also that it has been promoted by their governments. Originality/value It is expected that the results of this research contribute to the identification of relevant factors in disclosure of corporate environmental policies and actions that may be useful in the decision-making process of various stakeholders. Such identification will also allow us to identify possible relationships between environmental initiatives, the profile of BD.

Penelitian ini bertujuan untuk mengetahui pengaruh Financial Distress memediasi Good Corporate Governance dan Return saham. Penilaian financial distress menggunakan proksi Altman Z-Score untuk EMS (Emerging Market) yang dirasakan sesuai dengan kondisi pasar modal di Indonesia. Model analisis yang digunakan adalah regresi berganda dan hasil yang ditemukan adanya pengaruh financial distress memediasi kedua variabel penelitian GCG dan return saham. Dari keseluruhan emiten yang tercatat dalam SWA (per 1 November 2018), ditemukan sejumlah 12 emiten yang dapat dijadikan sampel dalam penelitian karena konsistensi keikutsertaan dalam penilaian GCG oleh IICG. Financial Distress ditemukan memediasi Good Corporate Governance terhadap return saham, dimana hal ini sesuai dengan penelitian terdahulu seperti penelitian Jannah & Khoiruddin (2017) yang meneliti mengenai peran financial distress memediasi kepemilikan institusional, kepemilikan manajerial terhadap return saham Keputusan investor untuk berinvestasi perlu mempertimbangkan bahwa ketika investor melakukan investasi perlu menghindari gejala financial distress dan mempertimbangkan keputusan manajerial (GCG) tersebut.Kata Kunci : Financial Distress, Corporate Governance, Altman EMS Z-Score, Return SahamDAFTAR PUSTAKA Ajiwanto, A.W. dan Herawati, J., (2014), Pengaruh Good Corporate Governance Terhadap Return Saham Perusahaan yang Terdaftar di Corporate Governane Perception Index dan Bursa Efek Indonesia Periode 2010 – 2012, Jurnal Ilmiah Mahasiswa FEB, Vol. 2 No. 2.Alexander,J. 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A rhetoric of freedom characterises much of the literature dealing with online communities: freedom from fixed identity and appearance, from the confines of geographic space, and from control. The prevailing view, a combination of futurism and utopianism, is that the lack of order in cyberspace enables the creation of social spaces that will enhance personal freedom and advance the common good. Sherry Turkle argues that computer-mediated communication allows us to create a new form of community, in which identity is multiple and fluid (15-17). Marcos Novak celebrates the possibilities of a dematerialized, ethereal virtual architecture in which the relationships between abstract elements are in a constant state of flux (250). John Perry Barlow employs the frontier metaphor to frame cyberspace as an unmapped, ungoverned territory in which a romantic and a peculiarly American form of individualism can be enjoyed by rough and ready pioneers (“Crime” 460). In his 1993 account as an active participant in The WELL (Whole Earth ‘Lectronic Link), one of the earliest efforts to construct a social space online, Howard Rheingold celebrates the freedom to create a “new kind of culture” and an “authentic community” in the “electronic frontier.” He worries, however, that the freedom enjoyed by early homesteaders may be short lived, because “big power and big money” might soon find ways to control the Internet, just as they have come to dominate and direct other communications media. “The Net,” he states, “is still out of control in fundamental ways, but it might not stay that way for long” (Virtual Community 2-5). The uses of order and disorder Some theorists have identified disorder as a necessary condition for the development of healthy communities. In The Uses of Disorder (1970), Richard Sennett argues that “the freedom to accept and to live with disorder” is integral to our search for community (xviii). In his 1989 study of social space, Ray Oldenburg maintains that public hangouts, which constitute the heart of vibrant communities, support sociability best when activities are unplanned, unorganized, and unrestricted (33). He claims that without the constraints of preplanned control we will be more in control of ourselves and more aware of one another (198). More recently, Charles Landry suggests that “structured instability” and “controlled disruption,” resulting from competition, conflict, crisis, and debate, make cities less comfortable but more exciting. Further, he argues that “endemic structural disorder” requiring ongoing adjustments can generate healthy creative activity and stimulate continual innovation (156-58). Kevin Robins, too, believes that any viable social system must be prepared to accept a level of uncertainty, disorder, and fear. He observes, however, that techno-communities are “driven by the compulsion to neutralize,” and they therefore exclude these possibilities in favour of order and security (90-91). Indeed, order and security are the dominant characteristics that less idealistic observers have identified with cyberspace. Alexander Galloway explains how, despite its potential as a liberating development, the Internet is based on technologies of control. This control is exercised at the code level through technical protocols, such as TCP/IP, DNS, and HTM, that determine disconnections as well as connections (Galloway). Lawrence Lessig suggests that in our examination of the ownership, regulation, and governance of the virtual commons, we must take into account three distinct layers. As well as the “logical” or “code” layer that Galloway foregrounds, we should also consider the “physical” layer, consisting of the computers and wires that carry Internet communications, and the “content” layer, which includes everything that we see and hear over the network. In principle, each of these layers could be free and unorganized, or privately owned and controlled (Lessig 23). Dan Schiller documents the increasing privatization of the Net and argues that corporate cyberspace extends the reach of the market, enabling it to penetrate into areas that have previously been considered to be part of the public domain. For Schiller, the Internet now serves as the main production and control mechanism of a global market system (xiv). Checking into Habbo Hotel Habbo Hotel is an example of a highly ordered and controlled online social space that uses community and game metaphors to suggest something much more open and playful. Designed to attract the teenage market, this graphically intensive cartoon-like hotel is like an interactive Legoland, in which participants assemble a toy-like “Habbo” character and chat, play games, and construct personal environments. The first Habbo Hotel opened its doors in the United Kingdom in 2000, and, by September 2004, localized sites were based in a dozen countries, including Canada, the Unites States, Finland, Japan, Switzerland and Spain, with further expansion planned. At that time, there were more than seventeen million registered Habbo characters worldwide with 2.3 million unique visitors each month (“Strong Growth”). The hotel contains thousands of private rooms and twenty-two public spaces, including a welcome lounge, three lobbies, cinema, game hall, café, pub, and an extensive hallway. Anyone can go to the Room-O-Matic and instantly create a free guest room. However, there are a limited number of layouts to choose from and the furnishings, which must be purchased, have be chosen from a catalog of fixed offerings. All rooms are located on one of five floors, which categorize them according to use (parties, games, models, mazes, and trading). Paradoxically, the so-called public spaces are more restricted and less public than the private guest quarters. The limited capacity of the rooms means that all of the public spaces are full most of the time. Priority is given to paying Habbo Club members and others are denied entry or are unceremoniously ejected from a room when it becomes full. Most visitors never make it into the front lobby. This rigid and restricted construction is far from Novak’s vision of a “liquid architecture” without barriers, that morphs in response to the constantly changing desires of individual inhabitants (Novak 250). Before entering the virtual hotel, individuals must first create a Lego-like avatar. Users choose a unique name for their Habbo (no foul language is allowed) and construct their online persona from a limited selection and colour of body parts. One of two different wardrobes is available, depending on whether “Boy” or “Girl” is chosen. The gender of every Habbo is easily recognizable and the restricted wardrobe results in remarkably similar looking young characters. The lack of differentiation encourages participants to treat other Habbos as generic “Boys” or “Girls” and it encourages limited and predictable conversations that fit the stereotype of male-female interactions in most chat sites. Contrary to Turkle’s contention that computer mediated communication technologies expose the fallacy of a single, fixed, identity, and free participants to experiment with alternative selves (15-17), Habbo characters are permitted just one unchangeable name, and are capable of only limited visual transformations. A fixed link between each Habbo character and its registered user (information that is not available to other participants) allows the hotel management to track members through the site and monitor their behavior. Habbo movements are limited to walking, waving, dancing and drinking virtual alcohol-free beverages. Movement between spaces is accomplished by entering a teleport booth, or by selecting a location by name from the hotel Navigator. Habbos cannot jump, fly or walk through objects or other Habbos. They have no special powers and only a limited ability to interact with objects in their environment. They cannot be hurt or otherwise affected by anything in their surroundings, including other Habbos. The emphasis is on safety and avoidance of conflict. Text chat in Habbo Hotel is limited to one sixty-one-character line, which appears above the Habbo, floats upward, and quickly disappears off the top of the screen. Text must be typed in real time while reading on-going conversations and it is not possible to archive a chat sessions or view past exchanges. There is no way of posting a message on a public board. Using the Habbo Console, shorter messages can also be exchanged between Habbos who may be occupying different rooms. The only other narratives available on the site are in the form of official news and promotions. Before checking into the hotel, Habbos can stop to read Habbo Today, which promotes current offers and activities, and HabboHood Happenings, which offers safety tips, information about membership benefits, jobs (paid in furniture), contest winners, and polls. According to Rheingold, a virtual community can form online when enough people participate in meaningful public discussions over an extended period of time and develop “webs of personal relationships” (Virtual Community 5). By restricting communication to short, fleeting messages between individual Habbos, the hotel frustrates efforts by members to engage in significant dialogue and create a viable social group. Although “community” is an important part of the Habbo Hotel brand, it is unlikely to be a substantial part of the actual experience. The virtual hotel is promoted as a safe, non-threatening environment suitable for the teenagers is designed to attract. Parents’ concerns about the dangers of an unregulated chat space provide the hotel management with a justification for creating a highly controlled social space. The hotel is patrolled twenty-four hours a day by professional moderators backed-up by a team of 180 volunteer “Hobbas,” or guides, who can issue warnings to misbehaving Habbos, or temporarily ban them from the site. All text keyed in by Habbos passes through an automated “Bobba Filter” that removes swearing, racist words, explicit sexual comments and “anything that goes against the “Habbo Way” (“Bad Language”). Stick to the rules and you’ll have fun, Habbos are told, “break them and you’ll get yourself banned” (“Habbo Way”). In Big Brother fashion, messages are displayed throughought the hotel advising members to “Stay safe, read the Habbohood Watch,” “Never give out your details!” and “Obey the Habbo way and you’ll be OK.” This miniature surveillance society contradicts Barlow’s observation that cyberspace serves as “a perfect breeding ground for both outlaws and new ideas about liberty” (“Crime” 460). In his manifesto declaring the independence of cyberspace from government control, he maintains that the state has no authority in the electronic “global social space,” where, he asserts, “[w]e are forming our own Social Contract” based on the Golden Rule (“Declaration”). However, Habbo Hotel shows how the rule of the marketplace, which values profits more than social practices, can limit the freedoms of online civil society just as effectively as the most draconian government regulation. Place your order Far from permitting the “controlled disruption” advocated by Landry, the hotel management ensures that nothing is allowed to disrupt their control over the participants. Without conflict and debate, there are few triggers for creative activity in the site, which is designed to encourage consumption, not community. Timo Soininen, the managing director of the company that designed the hotel, states that, because teenagers like to showcase their own personal style, “self-expression is the key to our whole concept.” However, since it isn’t possible to create a Habbo from scratch, or to import clothing or other objects from outside the site, the only way for members to effectively express themselves is by decorating and furnishing their room with items purchased from the Habbo Catalogue. “You see, this,” admits Soininen, “is where our revenue model kicks in” (Shalit). Real-world products and services are also marketed through ads and promotions that are integrated into chat, news, and games. The result, according to Habbo Ltd, is “the ideal vehicle for third party brands to reach this highly desired 12-18 year-old market in a cost-effective and creative manner” (“Habbo Company Profile”). Habbo Hotel is a good example of what Herbert Schiller describes as the corporate capture of sites of public expression. He notes that, when put at the service of growing corporate power, new technologies “provide the instrumentation for organizing and channeling expression” (5-6). In an afterword to a revised edition of The Virtual Community, published in 2000, Rheingold reports on the sale of the WELL to a privately owned corporation, and its decline as a lively social space when order was imposed from the top down. Although he believes that there is a place for commercial virtual communities on the Net, he acknowledges that as economic forces become more entrenched, “more controls will be instituted because there is more at stake.” While remaining hopeful that activists can leverage the power of many-to-many communications for the public good, he wonders what will happen when “the decentralized network infrastructure and freewheeling network economy collides with the continuing growth of mammoth, global, communication empires” (Virtual Community Rev. 375-7). Although the company that built Habbo Hotel is far from achieving global empire status, their project illustrates how the dominant ethos of privatization and the increasing emphasis on consumption results in gated virtual communities that are highly ordered, restricted, and controlled. The popularity of the hotel reflects the desire of millions of Habbos to express their identities and ideas in a playful environment that they are free to create and manipulate. However, they soon find that the rules are stacked against them. Restricted design options, severe communication limitations, and fixed architectural constraints mean that the only freedom left is the freedom to choose from a narrow range of provided options. In private cyberspaces like Habbo Hotel, the logic of the market rules out unrestrained many-to-many communications in favour of controlled commercial relationships. The liberating potential of the Internet that was recognized by Rheingold and others has been diminished as the forces of globalized commerce impose their order on the electronic frontier. References “Bad Language.” Habbo Hotel. 2004. Sulake UK Ltd. 15 Apr. 2004 http://www.habbohotel.co.uk/habbo/en/help/safety/badlanguage/>. 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