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Article
Publication date: 12 July 2021

Ignacio Moreno, Purificación Parrado-Martínez and Antonio Trujillo-Ponce

Despite the sophisticated regulatory regime established in Solvency II, analysts should be able to consider other less complex indicators of the soundness of insurers. The Z-score…

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Abstract

Purpose

Despite the sophisticated regulatory regime established in Solvency II, analysts should be able to consider other less complex indicators of the soundness of insurers. The Z-score measure, which has traditionally been used as a proxy of individual risk in the banking sector, may be a useful tool when applied in the insurance sector. However, different methods for calculating this indicator have been proposed in the literature. This paper compares six different Z-score approaches to examine which one best fits insurance companies. The authors use a final dataset of 183 firms (1,382 observations) operating in the Spanish insurance sector during the period 2010–2017.

Design/methodology/approach

In the first stage, the authors opt for a root mean squared error (RMSE) criterion to evaluate which of the various mean and SD estimates that are used to compute the Z-score best fits the data. In the second stage, the authors estimate and compare the explanatory power of the six Z-score measures that are considered by using an ordinary least squares (OLS) regression model. Finally, the authors report the results of the baseline equation using the system-GMM estimator developed by Arellano and Bover (1995) and Blundell and Bond (1998) for dynamic panel data models.

Findings

The authors find that the best formula for calculating the Z-score of insurance firms is the one that combines the current value of the return on assets (ROA) and capitalization with the SD of the returns calculated over the full sample period.

Research limitations/implications

The main limitation of the research is that it addresses only the Spanish insurance sector, and consequently, the implications of the findings must be framed in this institutional context. However, the authors think that the results could be extrapolated to other countries. Future research should consider including different countries and analyzing the usefulness of aggregated insurer-level Z-scores for macroprudential monitoring.

Practical implications

The Z-score may be a useful early warning indicator for microprudential supervision. In addition to being an indicator of the soundness of insurers simpler than those established in the current regulation, the information provided by this accounting-based measure may help analysts and investors obtain a better understanding of insurance firms' risk factors.

Originality/value

To the best of the authors’ knowledge, this study is the first to examine and compare different approaches to calculating Z-scores in the insurance sector. The few available results on the predictive power of the Z-score are mixed and focus on the banking sector.

研究目的

雖然在償付能力標準II 內已建立了精密的監管制度,但分析人員應可以考慮以不太複雑的指標,來分析保險公司的穩健程度。Z-分數的估量在銀行業一向作為是個體風險的代理而使用,而Z-分數如應用於保險業,或許會成為有用的工具。唯在文獻裏,學者和研究人員提出了不同的方法來計算這個指標。本文比較六個不同的Z-分數估量方法,以研究出最適合保險公司的方法。我們使用一個最終數據集,包括在2010年至2017年期間在西班牙保險業界營運的183間公司(1382 個觀察)。

研究設計/方法/理念

在首個階段,我們選擇使用一個方均根誤差(RMSE) 標準來衡量用來計算Z-分數的各個平均值和標準差估量中哪個最適合使用於有關的數據。在第二個階段, 我們以普通最小平方 (OLS) 迴歸模型,去估計並比較被考慮的六個Z-分數估量的解釋力。最後,我們以Arellano與Bover (1995), 以及Blundell與Bond (1998) 為動態追蹤資料模型而發展出來的系統-廣義動差估計推定量,來發表我們基線方程式的結果。

研究結果

我們發現,計算保險公司Z-分數的最佳公式是把資產收益率及資本總額的現值,和在整個樣本期間計算出來的囘報的標準差結合起來的公式。

研究的局限/含意

我們研究主要的局限為:研究只涉及西班牙的保險業;因此,研究結果的含意,必須在這個體制的背景框架下來闡釋。唯我們相信研究結果或許可外推至其它國家。未來的研究,應考慮納入不同國家作為研究對象,並分析保險公司層面的集成Z-分數的功用,以求達到宏觀審慎監控的目的。

實際意義

Z-分數或許就微觀審慎監管而言是一個有用的早期警告器。這些以會計為基礎的估量而提供的資訊,除了較現時規例内已建立顯示保險公司穩健程度的各個指標更簡單外,還會幫助分析人員和投資者更了解保險公司的風險因素。

研究的原創性/價值

據我們所知,本研究為首個研究,去探討並比較保險業內的Z-分數的計算方法。以前關於Z-分數預測能力的,為數不多並可供取閱的研究結果均不統一;而且,這些研究都聚焦探討銀行業。

Details

European Journal of Management and Business Economics, vol. 31 no. 1
Type: Research Article
ISSN: 2444-8451

Keywords

Article
Publication date: 8 October 2019

Rita M. Gallardo

The purpose of this paper is to offer pointers to local government executives on the qualities of leadership that drive social innovation (SI) as well as locate the roles of…

Abstract

Purpose

The purpose of this paper is to offer pointers to local government executives on the qualities of leadership that drive social innovation (SI) as well as locate the roles of leadership and participation in the output and outcome of SI. Further, the findings of the study can hopefully contribute to the discourse on leadership for a sustainable future.

Design/methodology/approach

The purpose of the study was to highlight the forms of participation among the actors in the different stages of SI, the qualities of the leaders that drove SI and the roles of leadership and participation in the output and outcome of SI. To answer the research questions, the researcher applied the case study research design and employed the grounded theory approach for data analysis and interpretation.

Findings

The cases showed leadership that encourages, as leadership qualities of the governors. These were manifested in terms of being empowering, giving the freehand, being goal-oriented, resource mobilizer, consultative and practicing both bottom-up and top-bottom approaches to make sure that the outputs are achieved, as well as having the qualities of a supportive leader. The cases showed all three employed forms of participation, as categorized by Lowndes et al. (2001). Government can indeed foster innovation when there is close involvement and participation of the workforce in innovation. Leadership and participation play a big role in achieving output and outcome of SI.

Originality/value

The study is a review of the unpublished dissertation by Gallardo (2014) at the National College of Public Administration and Governance, University of the Philippines.

Details

International Journal of Public Leadership, vol. 15 no. 4
Type: Research Article
ISSN: 2056-4929

Keywords

Article
Publication date: 18 April 2019

Gabriel Ignacio Penagos-Londoño and Felipe Ruiz-Moreno

The purpose of this paper is to characterize the situation in the Spanish banking industry through the identification of strategic groups based on a set of variables.

Abstract

Purpose

The purpose of this paper is to characterize the situation in the Spanish banking industry through the identification of strategic groups based on a set of variables.

Design/methodology/approach

To do so, the authors use a 13-year data set and a time inhomogeneous hidden Markov model (HMM) in which the time variable transition matrix captures institutions’ group switching behavior to identify these strategic groups. In fact, the authors consider a mixture model is the data generation process.

Findings

Two groups are identified. These groups are primarily characterized by size and other strategic variables. The probability of remaining in a group is generally high: 87.28 per cent for SG1 and 61.84 per cent for SG2. The probability of switching groups is low: 12.72 per cent probability of switching from SG1 to SG2 and 38.16 per cent probability of switching from SG2 to SG1. Banks in SG1 seem more stable over time; they have low levels of switching behavior and well-defined long-term behavior. Banks in SG2 seem to evolve in terms of group membership.

Originality/value

Using an inhomogeneous HMM with time-variable transition matrix, this paper allows for time-varying parameters in the distributions to analyze the evolution of strategic group membership in this industry to detect changes in group strategy, changes in membership and the stability of groups over time.

Details

Journal of Modelling in Management, vol. 14 no. 2
Type: Research Article
ISSN: 1746-5664

Keywords

Book part
Publication date: 24 February 2023

Flavio Morales-Ríos, Aldo Alvarez-Risco, Sarahit Castillo-Benancio, Maria de las Mercedes Anderson-Seminario, Shyla Del-Aguila-Arcentales and Marc A. Rosen

Latin American countries must prioritize energy efficiency and renewable energies in their energy policies. This has been debated for the past few decades. However, it is…

Abstract

Latin American countries must prioritize energy efficiency and renewable energies in their energy policies. This has been debated for the past few decades. However, it is impossible to deny that energy efficiency and renewable energies have significant potential to mitigate the adverse effects of ever-increasing energy consumption induced by economic growth and the transformation of societies toward more energy-intensive models. This chapter identifies how sustainable energy policies could be considered successful in various Latin American economies through an active review and comparison of traditional energy models and their transition and respective consequences. The chapter concludes that there are national energy plans in countries in the region with a sustainable approach, and that clean energy and renewable sources have great potential. But it is also concluded that there is still a long way to go concerning legislation and legal frameworks.

Details

Sustainable Management in COVID-19 Times
Type: Book
ISBN: 978-1-80382-597-7

Keywords

Book part
Publication date: 24 February 2023

Luis Juarez-Rojas, Aldo Alvarez-Risco, Nilda Campos-Dávalos, Maria de las Mercedes Anderson-Seminario and Shyla Del-Aguila-Arcentales

It is essential to understand how the countries with the highest number of tourist arrivals have managed to recover or not based on the competitiveness of the tourism industry…

Abstract

It is essential to understand how the countries with the highest number of tourist arrivals have managed to recover or not based on the competitiveness of the tourism industry during the pandemic stage. It is necessary to evaluate the policies implemented by each government to maintain the competitive performance of their industries. This chapter proposes a comprehensive review of the policies implemented in the 10 most visited countries according to UNWTO data. Most of these policies are geared toward economic and financial flexibility strategies for companies and individuals in the industry under study. The effectiveness of these policies is evaluated with statistical information extracted from a unified UNWTO database to reduce biases in the effectiveness analysis. Finally, concluding remarks are offered on the effectiveness of the policies and their contribution to the sector's recovery.

Book part
Publication date: 24 February 2023

Maria Vera-Castro, Aldo Alvarez-Risco and Shyla Del-Aguila-Arcentales

This chapter explains how smart cities can be resilient in pandemic times through small business continuity strategies. A review of definitions of smart cities and urban and…

Abstract

This chapter explains how smart cities can be resilient in pandemic times through small business continuity strategies. A review of definitions of smart cities and urban and business resilience is presented to understand smart cities' resilience. The City Resilience Index is introduced as a tool that cities can use to measure and monitor their resilience in which the economy and social dimension highlight business continuity as a factor in promoting a sustainable economy. During the COVID-19 pandemic, small businesses, as the engine of smart cities, have made their vulnerability to crises more evident and lack a roadmap or guideline to help them become resilient; for this reason, some business continuity strategies are proposed based on business paper reviews.

Details

Sustainable Management in COVID-19 Times
Type: Book
ISBN: 978-1-80382-597-7

Keywords

Article
Publication date: 23 May 2018

Ignacio Cepeda-Carrión and Gabriel Cepeda-Carrion

The sport consumer experience is becoming an important aspect to sport center’s management. From this point, the purpose of this paper is to explore and examine the relationship…

Abstract

Purpose

The sport consumer experience is becoming an important aspect to sport center’s management. From this point, the purpose of this paper is to explore and examine the relationship between sport centers’ absorptive capacity and sport consumer experience, proposing that internal knowledge management processes act as mediators in this relationship.

Design/methodology/approach

The study offers empirical insights by applying the consistent PLS algorithm (PLSc-SEM) in an analysis of data from 156 sport centers in Andalusia (Spain) and a sample of 3,150 sport users from these sport centers.

Findings

The results demonstrate that a sport center’s absorptive capacity for external knowledge is crucial for enhancing the sport consumer experience and also that this effect requires additional knowledge management, such as the sport center’s knowledge storage and knowledge application.

Practical implications

The practical implication for sport center managers is that knowledge management processes have a very strong influence on the sport consumer experience, when they are managed in a sequential way.

Originality/value

The main value of this paper is draw conclusions using a study of sport managers and sport consumers to increase value experience of those ones.

Details

International Journal of Sports Marketing and Sponsorship, vol. 19 no. 3
Type: Research Article
ISSN: 1464-6668

Keywords

Article
Publication date: 3 March 2023

Marcela Porporato and Juan Ignacio Ruiz

Explore the factors making emergency procurement more prone to corruption by advancing explanations for when rules and transparency are relaxed allowing corrupt practices to…

Abstract

Purpose

Explore the factors making emergency procurement more prone to corruption by advancing explanations for when rules and transparency are relaxed allowing corrupt practices to emerge. Describe institutional factors, such as corruption syndrome (Johnston, 2005, 2015) and legal system, and their impact on procurement rules changes.

Design/methodology/approach

A qualitative event study using publicly available data offer a timeline and explanation of government procurement control mechanisms and transparency roles in emergencies by comparing two countries. Argentina and Canada had very similar and advanced food procurement systems prior to COVID-19, but they took different stances when the pandemic broke out.

Findings

Legal systems and corruption syndrome are linked, where Civil Law is related to Elite Cartels (Argentina) and Common Law with Influence Markets (Canada). The study contributes to understand the role of transparency to minimize the opportunity for direct purchases (electronic trails of decisions, justifications and approvals). Judicial system's actions favor corrupt practices and are aligned with elites despite the civil society outcry.

Research limitations/implications

Research on corrupt practices has limited access to primary data due to fear of reprisals. Informal conversations revealing glimpses of corruption were used to identify publicly available documents. Numbers play a role in emergencies and performativity theory literature is enriched by providing an example of different interpretation of information when frameworks differ between civil society and courts.

Originality/value

A comparative analysis that evidences the role of pre-existing institutional and social conditions shows when emergency situations will be used as an excuse to relax procurement control and transparency mechanisms which in turn facilitate corrupt practices.

Details

Journal of Accounting in Emerging Economies, vol. 13 no. 4
Type: Research Article
ISSN: 2042-1168

Keywords

Article
Publication date: 29 December 2022

Ali Al-kassab-Córdova, Claudia Silva-Perez, Andres Quevedo-Ramirez, Marco Gonzalo Mendoza Lugo, Jonathan Azcarruz-Asencios, Giancarlo Castañeda-Montenegro, Sergio Bravo-Cucci and Jorge L. Maguina

Depression has become a major health concern, particularly in developing countries. This disorder is highly prevalent among certain vulnerable populations, such as prisoners. In…

Abstract

Purpose

Depression has become a major health concern, particularly in developing countries. This disorder is highly prevalent among certain vulnerable populations, such as prisoners. In Peru, prisons are overcrowded, and the health of prisoners is neglected. Thus, this study aims to estimate the prevalence of depression diagnosed during incarceration in male inmates from all Peruvian prisons and assess its associated factors.

Design/methodology/approach

A cross-sectional study was conducted based on the secondary data analysis of the National Census of Prison Population 2016 in Peru. This study included records of prisoners who reported whether they were diagnosed with depression by a health-care professional after admission into the prisons. Descriptive, bivariate and multivariable analyses were performed.

Findings

Of the 63,312 prisoners included in this study, 1,007 reported an in-prison diagnosis of depression by a health-care professional, which represents a prevalence of 1.59%. Substance use disorder (adjusted prevalence ratio [aPR] 3.10; 95% confidence interval [CI]: 1.91–5.03), hypertension (aPR 7.20; 95% CI: 6.28–8.24) and previous discrimination (aPR 1.97; 95% CI: 1.62–2.40) were strongly associated with depression, even when adjusting for multiple confounders. Other directly associated variables were, for example, violence during childhood, infrequent visits in prison and diabetes.

Originality/value

The right of prisoners to adequate health care is being neglected in Peru. Mental health is a cornerstone of health quality. Acknowledging which factors are associated with depression in prison is important to implement strategies to improve the mental health of prisoners.

Details

International Journal of Prisoner Health, vol. 19 no. 3
Type: Research Article
ISSN: 1744-9200

Keywords

Book part
Publication date: 24 February 2023

Romina Gómez-Prado, Aldo Alvarez-Risco, Jorge Sánchez-Palomino, Maria de las Mercedes Anderson-Seminario and Shyla Del-Aguila-Arcentales

Integrating tourism and sustainability in achieving an eco-friendlier industry, this chapter highlights current trends in sustainable tourism, both in hospitality and recreational…

Abstract

Integrating tourism and sustainability in achieving an eco-friendlier industry, this chapter highlights current trends in sustainable tourism, both in hospitality and recreational activities. The chapter describes sustainable, tourism, hospitality, and recreation trends. The research analyzes the origin of these trends, the vast majority motivated by the aftermath of the pandemic.

Details

Sustainable Management in COVID-19 Times
Type: Book
ISBN: 978-1-80382-597-7

Keywords

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