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The development of multi-hazard risk assessment frameworks has gained momentum in the recent past. Nevertheless, the common practice with openly available risk data sets, such as the ones derived from the United Nations Office for Disaster Risk Reduction Global Risk Model, has been to assess risk individually for each peril and afterwards aggregate, when possible, the results. Although this approach is sufficient for perils that do not have any interaction between them, for the cases where such interaction exists, and losses can be assumed to occur simultaneously, there may be underestimation of losses. The paper aims to discuss these issues.

This paper summarizes a methodology to integrate simultaneous losses caused by earthquakes and tsunamis, with a peril-agnostic approach that can be expanded to other hazards. The methodology is applied in two relevant locations in Latin America, Acapulco (Mexico) and Callao (Peru), considering in each case building by building exposure databases with portfolios of different characteristics, where the results obtained with the proposed approach are compared against those obtained after the direct aggregation of individual losses.

The fully probabilistic risk assessment framework used herein is the same of the global risk model but applied at a much higher resolution level of the hazard and exposure data sets, showing its scalability characteristics and the opportunities to refine certain inputs to move forward into decision-making activities related to disaster risk management and reduction.

This paper applies for the first time the proposed methodology in a high-resolution multi-hazard risk assessment for earthquake and tsunami in two major coastal cities in Latin America.

The aim of this work is the study the tribological behaviour and tribocorrosion resistance of newly developed multilayer PVD coatings Cr/CrN and CrN/ZrCN applied on nitrided F1272 steel for gear applications.

Tribological characterization has been completed by several tribological tests performed under ball‐on‐disc configuration, extreme pressure tests to determine the maximum load before the films failure and rolling‐sliding tests under line‐contact conditions (35‐40 per cent of sliding). The response of the different coatings to sodium chloride aggressive environment has been simulated by accelerated tribocorrosion tests, combining simultaneously chemical and mechanical factors. The synergistic effect of wear on corrosion behaviour and vice versa, has been studied in order to compare the protective properties of the different PVD coatings developed.

Cr/CrN PVD coating improves wear in almost a 90 per cent compared to the nitrided substrate, presenting a similar behaviour to this one under extreme pressure conditions. CrN/ZrCN coating also improved substrate wear and especially good behaviour for this coating was observed under extreme pressure conditions. Cr/CrN coating strongly decreases micropitting and scuffing effect when it is tested under rolling‐sliding configuration. Under micro‐pitting conditions, coating protects the substrate and reduces the fatigue of uncoated discs. When adhesive wear (scuffing) is studied also Cr/CrN improves notable the nitrided steel performance. Under simultaneously corrosion‐wear conditions, Cr/CrN coating registered the lowest material loss because in this case only corrosion effect contributed to the coated surface degradation being the mechanical contribution inappreciable.

New multilayer coatings with improved wear performance and tribocorrosion resistance have been developed and comprehensively characterized. These coatings can be used in advanced gears for corrosive environmental conditions as well as with biodegradable lubricants.

This is one of the first long‐term studies on entrepreneurial intentions (EIs) and their role in predicting start‐up. In entrepreneurship, the usefulness of intention models depends crucially on their stability over time. The purpose of this paper is to explore this issue in a cohort of university graduates.

Using a structural equation model (SEM), it addresses three research questions: whether EI and perceptions are stable over time; whether the pattern of relationships of the variables in the model remains stable over a three‐year period; and whether intention accurately predicts entry into self‐employment. A two‐wave study was conducted with respondents being final year students at time 1 (T1), and part of the working/active adult population at time 2 (T2).

The results suggest that construct scores and the pattern of relationships between the variables are notably stable over the three‐year period. The only partial exception is that of perceived behavioral control. Finally, EIs are found to significantly explain actual start‐up behavior. Implications are derived for future research and entrepreneurship education and policy.

The generalizability of the results cannot be claimed until these findings are replicated by additional samples from different segments of the population and in different contexts. In particular, the number of new entrepreneurs at T2 is small and results in this respect are to be taken with caution.

The value of this paper resides in its clarifying the conditions under which EIs and their antecedents remain stable over time, thus enabling actual start‐up behavior.

Éste es uno de los primeros estudios a largo plazo sobre intenciones emprendedoras y su papel para predecir la creación de una empresa. En los estudios sobre emprendimiento, la utilidad de los modelos de intención depende crucialmente de su estabilidad a lo largo del tiempo. Este artículo explora esta cuestión en una cohorte de graduados universitarios.

Gracias a un modelo de ecuación estructural, se abordan tres preguntas de investigación: si la intención y las percepciones emprendedoras son estables en el tiempo; si el patrón de relaciones entre las variables del modelo permanece estable en un periodo de tres años; y si la intención predice con precisión la entrada en el autoempleo. Se ha llevado a cabo un estudio en dos etapas, en la primera los encuestados eran estudiantes universitarios de último año (T1) y en la segunda formaban parte de la población adulta activa/trabajadora (T2).

El trabajo realizado sugiere que tanto las puntuaciones asignadas a cada constructo, como el patrón de relaciones entre las variables son notablemente estables en el periodo de tres años. La única excepción parcial es el control conductual percibido. Finalmente, podemos indicar que las intenciones emprendedoras explican significativamente el comportamiento emprendedor efectivo. Se analizan las implicaciones para futuras investigaciones y para la política sobre educación emprendedora.

Los resultados no se pueden generalizar hasta que éstos no sean replicados en diferentes muestras con otros segmentos de población y en diferentes contextos. En particular, el número de nuevos emprendedores en T2 es pequeño y los resultados en este aspecto deben tomarse con cautela.

El valor de este artículo reside en la clarificación de las condiciones bajo las cuales la intención emprendedora y sus antecedentes permanecen estables en el tiempo, haciendo así posible la efectiva realización del comportamiento emprendedor.

Single-listed American depositary receipts (ADRs) are traded in US markets, while their underlying share is not listed in the firm’s home market. The purpose of this paper is to empirically examine the factors affecting the returns and volatility of a sample of Chinese single-listed ADRs, in comparison with traditional Chinese ADRs.

The methods used in this paper are similar to those used in the examination of traditional or dual-listed Chinese ADRs. However, motivated by the very nature of single-listed ADRs, the authors estimate a base model which includes factors from the two presumably most important markets for single-listed Chinese ADRs (i.e. the Chinese and US markets). In all of the estimations, the authors follow a two-step procedure. First, the authors estimate a GARCH(1,1) model with the mean equation modeled as an AR(p) process and from those models estimate GARCH (conditional) variances.

In line with the evidence on traditional Chinese ADRs, the authors find that both the Chinese and the US markets are important predictors of single-listed ADR returns. The results are robust to variations in the model specifications.

Single-listed ADR return behavior is still an under-researched topic. In this paper, the authors contribute to the literature on Chinese single-listed ADRs by empirically examining the determinants of their mean return and volatility.

From the 1990s to the present, decision-makers around the world have sought to identify the most appropriate legal framework to support the energy transition. This research aims to analyze the institutional dynamics of renewable energy promotion, focusing on regulatory aspects at the European and national level and emphasizing the case of Romania through several comparative approaches. In the context of the conflict in Ukraine, we focused on the issue of coal, which was reconsidered given the dependence of some European countries on this resource. The main research methods used in this study are comparative analysis and analysis of chronological information in a historical context, with correlations being made. The study was structured in three stages, the first from the 1990s until the European Energy Union formation, the second during the COVID-19 pandemic, and the third from the emergence of the conflict in Ukraine, which determined the recalibration of previously adopted measures. Starting from the hypotheses formulated and considering the regulatory scenario conducive to the transfer of public funds to achieve climate neutrality, the results of the study show the fact that, at this stage of the research, the states of the European continent are determined to fight for zero carbon by 2050. One result we found interesting is that almost a year after the outbreak of the conflict in Ukraine, less than a quarter of European states have moved past their assumed deadline for phasing out coal in the national mix.

The aim of this paper is to define which characteristics of a hotel and staff organization determine successful revenue management (RM) implementation in urban hotels.

Multiple linear regression analysis was used to determine whether the characteristics of the hotel and the staff member in charge of RM are explanatory variables for the degree of RM implementation.

The findings show that hotel category, chain affiliation and the existence of qualified full-time staff are the determinants for successful RM implementation. The creation of the revenue manager position alone is not determinant in the degree of RM implementation, but his/her qualification and dedication are fundamental variables.

Given that this survey was confined to the region of Madrid, it would be interesting to carry out similar research nationwide.

This study provides researchers and professionals guidance for the satisfactory implementation and use of RM, tailored to the characteristics of any given establishment. Therefore, this paper states that the creation of a qualified, on-site, full-time revenue manager position is crucial.

To the best of the authors’ knowledge, this is the first paper to conduct a formal statistical analysis of the relationship between hotel characteristics, staff organization and the degree of RM implementation. The greatest contribution of this research is the empirical demonstration that having a qualified full-time staff in charge of RM leads to better results in terms of RM implementation as opposed to not having one, having one part-time or having one at the corporate level. Therefore, this paper states that the creation of the professional revenue manager position within hotels is fundamental. Thus, the reported results provide a significant contribution to the literature related to the characteristics and organization of RM in hotels.

The purpose of this paper is to propose a human resource management model for the integration stage of mergers and acquisitions (M/A) process with four key factors: leadership and integration team; change and restructuring process; human resources (HR) resistance; valuable HR retention.

The authors analyze a case study of a multinational company that operates in the mechanical engineering sector.

The results show the special importance of human resource management in the success of the merger and acquisition process. And, the main actions implemented in HR contributing to the success of this process are identified.

Subsequent investigations could conduct similar analyses for the planning and implementation stages of the merger and acquisition process, with the objective of presenting a complete HR management model in merger and acquisition processes.

The case study allows researchers to learn from professionals and business leaders while also offering a theoretical model that can help managers make decisions and improve the management of these processes.

The main contribution of this study has been to observe how HR are managed in the integration stage of M/A.

The purpose of this study is to examine the levels of the main hotel outsourcing activities to identify the factors that determine the use of external suppliers for these activities.

A model was developed that analyzes the relationship between competitive advantage and outsourcing and how the relationship between competitive advantage and activity performance is affected by whether an activity is outsourced or not. Moreover, the study builds a matrix called “outsourcing and competitive advantage” where each of the activities can be placed. The study was carried out with a representative sample of hotels in a tourist destination, analyzing 12 activities from different departments in the hotels.

The study results indicate that there is a positive relationship between the competitive advantage of an activity and its outcome. In addition, the findings show that the relationship between competitive advantage and activity performance is stronger when the activity is developed internally than when it is outsourced. The study supports a negative relationship between the degree of outsourcing an activity and its competitive advantage. In addition, the findings showed that a change in the way of managing the outsourcing is determined by its performance.

This study aims to help managers make decisions about outsourcing by considering the perspective of the competitive advantage. Each hotel can situate the activities in the matrix created and compare itself to the sector mean for a strategic positioning of the outsourcing.

Most studies analyze asset specificity as a key variable; however, the competitive advantage has not been used in previous studies, in spite of being a better defined variable in the literature. This study classifies the activities into core and non-core and establishes their relationship with outsourcing. It also studies how the way of managing an activity (outsourcing or in-house) moderates the relationship between competitive advantage and performance. These aspects have not been analyzed in the literature..

Many of the papers that analyse human resource management (HRM) in merger and acquisition (M&A) processes focus on the last two stages (integration and implementation). Then, the purpose of this paper is to propose an HRM model for the first stage of the process (planning) with four key factors: the due diligence process, the integration plan, the communication plan and the learning plan.

From the theoretical model, the authors analyse a case study of a multinational company that operates in the mechanical engineering sector.

The results show the special importance of HRM in the success of the M&A process. And, the main actions implemented in human resources (HRs) contributing to the success of this process are identified.

Subsequent investigations could conduct similar analyses for the rest of the stages of the M&A process (integration and implementation), with the objective of presenting a complete HRM model in M&A processes.

The case study allows researchers to learn from professionals and business leaders while also offering a theoretical model that can help managers make decisions and improve the management of these processes.

The main contribution of this study has been to observe how HRs are managed in the planning stage of M&As.