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The purpose of this study is to explore green innovation and its role in driving competitiveness in Ecuadorian manufacturing firms, focusing on structural equation modelings, which account for more than 90% of the productive units and aggregate national income. The manufacturing sector in Ecuador reports variable growth since the start of the COVID pandemic, drawing more attention from practitioners, regulators and scholars alike, due to its distinctive footprint on people, profit and planet, particularly in the context of developing economies.

A model with two second-order constructs is developed and tested in a sample of 325 managers from manufacturing firms in Ecuador, using quantitative and cross-section methods.

After obtaining adjusted and validated metrics, a structural equation model is presented, where the main hypothesis is confirmed, supporting the positive impact of green innovation on competitiveness.

The research provides evidence on how manufacturing firms favoring green innovation in their long-term planning can unlock and sustain competitiveness. Policymakers could then offer incentives for firms to embed sustainable practices, with potential ripple effects along the supply chain, aggregating up competitiveness to industry and national levels.

The study aims to bridge the existing knowledge gap on the interplay of green innovation and competitiveness, claiming that the former significantly influences the latter, in an emerging market context, with incremental gains for all stakeholders, as posited by stakeholder theory.

El propósito de esta investigación es explorar la innovación verde y su rol en la generación de competitividad en las empresas manufactureras ecuatorianas, centrándose en las PYMES, que representan más del 90 por ciento de las unidades productivas y del ingreso nacional agregado. El sector manufacturero en Ecuador reporta un crecimiento variable desde el inicio de la pandemia de COVID, lo cual atrae la atención de profesionales, reguladores y académicos por igual, debido a su huella distintiva en la sociedad, la rentabilidad y el planeta, particularmente en el contexto de las economías en desarrollo.

Se desarrolla y estima un modelo con dos constructos de segundo orden, en una muestra de 325 gerentes de empresas manufactureras del Ecuador, utilizando métodos cuantitativos y transversales.

Tras obtener métricas ajustadas y validadas, se presenta un modelo de ecuaciones estructurales, donde se confirma la hipótesis principal, sustentando el impacto positivo de la innovación verde en la competitividad.

Aportamos evidencia empírica sobre cómo las empresas manufactureras que favorecen iniciativas ecológicamente innovadoras en su planificación a largo plazo, pueden generar y sostener competitividad. Los reguladores podrían eventualmente diseñar incentivos para que las empresas incorporen prácticas sustentables, acumulando beneficios en la cadena de suministro, e incrementando así la competitividad a nivel de la industria y de la economía en su conjunto.

Nuestro estudio aspira contribuir a cerrar la brecha en la literatura en la convergencia entre la innovación verde y la competitividad, argumentando que la primera influye significativamente en la segunda, en un contexto de mercado emergente, con beneficios incrementales para todas las partes interesadas, como lo postula la teoría de stakeholders.

O objetivo desta pesquisa é explorar a inovação verde e seu papel na promoção da competitividade nas empresas manufatureiras equatorianas, com foco nas PMEs, que representam mais de 90% das unidades produtivas e da renda nacional. O sector manufatureiro no Equador regista um crescimento variável desde o início da pandemia da COVID, atraindo mais atenção tanto de profissionais, reguladores como académicos, devido à sua pegada distinta nas pessoas, nos lucros e no planeta, particularmente no contexto das economias em desenvolvimento.

Um modelo com dois construtos de segunda ordem é desenvolvido e testado em uma amostra de 325 gestores de empresas industriais no Equador, utilizando métodos quantitativos e transversais.

Após a obtenção de métricas ajustadas e validadas, é apresentado um modelo de equações estruturais, onde é confirmada a hipótese principal, apoiando o impacto positivo da inovação verde na competitividade.

A nossa investigação fornece evidências sobre como as empresas industriais que favorecem iniciativas ecologicamente inovadoras no seu planeamento a longo prazo, podem aumentar e sustentar a competitividade. Os decisores políticos poderiam então oferecer incentivos às empresas para incorporar práticas sustentáveis, com potenciais efeitos em cascata ao longo da cadeia de abastecimento, agregando competitividade aos níveis industrial e nacional.

O nosso estudo visa colmatar a lacuna de conhecimento existente sobre a interação entre inovação verde e competitividade, alegando que a primeira influencia significativamente a última, num contexto de mercado emergente, com ganhos incrementais para todas as partes interessadas, conforme postulado pela teoria dos stakeholders.

This study aims to analyze the responsible consumption of Generation Z and millennials in the Latin American market, with special emphasis on the Peruvian case, to identify their differences with consumers born in 1980 and earlier and to evaluate their contribution to Sustainable Development Goal 12.

The study was conducted on a sample of 309 persons living in Lima. After developing and validating an instrument, an online questionnaire was used to collect data. These data were analyzed descriptively and inferentially, using chi-square tests to validate the relationship between variables.

The study identifies and explains the new trend of responsible consumption among Generation Z and millennials in emerging markets, where end consumers interact with and prefer products and services from companies that demonstrate responsible behavior and offer trust. It identifies new consumption variables that go beyond the traditional ones.

The study reveals a trend in the responsible consumption of Generation Z and millennials in Peru. However, it is necessary to complement the study in other countries in the region, as well as to study the new generations, such as the alpha generation and their consumption patterns.

The new trend of responsible consumption among Generation Z and millennials is forcing companies to implement strategies and develop corporate social responsibility programs. These companies must demonstrate ethical, environmental, socially responsible and sustainable behaviors in their daily operations to satisfy their stakeholders.

The study reveals a new trend in Peru, a developing country, where the market – the end consumer – is more informed and therefore demands better corporate performance from companies, including care for the environment and a contribution to society that includes a good relationship with its stakeholders.

Analizar el consumo responsable de la Generación Z y Millennials en el mercado latinoamericano, con especial énfasis en el caso peruano, con el fin de identificar sus diferencias con los consumidores nacidos en 1980 y antes y evaluar su contribución al Objetivo de Desarrollo Sostenible (ODS) 12.

El estudio se realizó sobre una muestra de 309 personas residentes en Lima. Después de desarrollar y validar un instrumento, se utilizó un cuestionario en línea para recopilar datos. Estos datos fueron analizados de forma descriptiva e inferencial, utilizando pruebas de chi-cuadrado para validar la relación entre variables.

El estudio identifica y explica la nueva tendencia de consumo responsable entre los Millennials y la Generación Z en los mercados emergentes, donde los consumidores finales interactúan y prefieren productos y servicios de empresas que demuestran un comportamiento responsable y ofrecen confianza. Identifica nuevas variables de consumo que van más allá de las tradicionales.

El estudio revela una nueva tendencia en Perú, un país en desarrollo, donde el mercado -el consumidor final- está más informado y por tanto exige a las empresas un mejor desempeño corporativo, incluido el cuidado del medio ambiente y un aporte a la sociedad que incluye una buena relación con sus clientes y partes interesadas.

El estudio revela una tendencia en el consumo responsable en la Generacion Z y Millennials en el Perú. Sin embargo, es necesario complementar el estudio en otros países de la región, así como estudiar las nuevas generaciones, como la generación alfa, y sus patrones de consumo.

La nueva tendencia de consumo responsable entre la Generación Z y Millennials y obligando a las empresas a implementar estrategias y desarrollar programas de responsabilidad social corporativa. Estas empresas deben demostrar comportamientos éticos, ambientales, socialmente responsables y sostenibles en sus operaciones diarias para satisfacer a sus grupos de interés.

In view of the rapid growth of micro vacation trend in post-pandemic era, this study aims to identify the underlying motivational factors for micro vacation by developing and validating a measurement scale, while explore the influence of micro vacation motivation on travel intention.

This research adopts mixed methods. Nine dimensions with 38 items are initially yielded through extensive literature review and in-depth interview (n = 22). Expert panel review filters the scale into eight dimensions with 35 items. Principal component analysis (n = 376) purifies the measures into a 35-item and seven-dimension scale, further confirmed by confirmatory factor analysis (n = 616). Nomological validity test (n = 694) proved the positive effect of micro vacation motivation on travel intention.

The results present a measurement scale of micro vacation motivation and reveals its seven dimensions: self-presentation, spiritual satisfaction, bonding, convenience, sense of rituals, place attachment and perceived risk. All the motivational factors positively influence travel intention for a micro vacation.

Through profound comprehension of micro vacationers’ travel motivation, destination marketers and tourism providers can better design their products based on vacationers’ needs while stimulate potential market’s visiting intention by diverse marketing activities.

This study enriches the literature of micro vacation tourism and deepens the knowledge of travel motivation, filling the research gap of tourists’ motivation in micro vacation market.

鉴于疫情后时代微度假趋势的快速增长, 本研究旨在通过开发和验证测量量表来探索微度假的潜在动机因素, 同时探讨微度假动机对旅游意向的影响。

本研究采用混合方法。通过广泛的文献回顾和深度访谈（n = 22）, 初步得出九个维度 38 个题项。专家小组评审将量表筛选为八个维度, 共 35 个题项。主成分分析（n = 376）将其提纯为 35 个题项、七个维度的量表, 并通过确认性因子分析（n = 616）进一步确认。法则效度测试（n = 694）证明了微观度假动机对旅游意向的积极影响。

研究结果提出了微度假动机的测量量表, 并揭示了其七个维度：自我展示、精神满足、联系、便利、仪式感、地方依恋和感知风险。所有动机因素都会对微型度假的旅行意向产生积极影响。

本研究丰富了微度假旅游的文献, 加深了对旅游动机的认识, 填补了微度假市场中游客旅游动机的研究空白。

通过对微型度假者旅游动机的深刻理解, 旅游目的地营销者和旅游服务提供者可以更好地根据度假者的需求设计产品, 同时通过多样化的营销活动激发潜在市场的旅游意向。

Frente al rápido crecimiento de la tendencia a las microvacaciones en la era post pandemia, esta investigación pretende identificar los factores motivacionales subyacentes de las microvacaciones mediante el desarrollo y la validación de una escala de medición, así como analizar la influencia de la motivación de las microvacaciones en la intención de viajar.

Esta investigación adopta un método mixto. En primer lugar, se obtienen nueve dimensiones con 38 ítems a través de una amplia revisión bibliográfica y una entrevista en profundidad (n = 22). Un panel de expertos filtró la escala en ocho dimensiones con 35 ítems. El análisis de componentes principales (n = 376) depuró las medidas en una escala de 35 ítems y siete dimensiones, confirmada además por el análisis factorial confirmatorio (n = 616). La prueba de validez nomológica (n = 694) demostró el efecto positivo de la motivación microvacacional en la intención de viajar.

Los resultados presentan una escala de medición de la motivación para las microvacaciones y muestran sus siete dimensiones: autopresentación, satisfacción espiritual, vinculación, conveniencia, sentido de los rituales, apego al lugar y riesgo percibido. Todos los factores motivacionales influyen positivamente en la intención de viajar en microvacaciones.

Este estudio enriquece la literatura del turismo de microvacaciones y profundiza en el conocimiento de la motivación para viajar, llenando la laguna existente en la investigación de la motivación de los turistas en el mercado de las microvacaciones.

Mediante una comprensión profunda de la motivación de viaje de los microvacacionistas, los comercializadores de destinos y los proveedores turísticos pueden diseñar mejor sus productos basándose en las necesidades de los turistas, así como estimular la intención de visita del mercado potencial mediante diversas actividades de marketing.

The purpose of this study was to uncover representative emergent areas and to examine the research area of marketing, tourism and big data (BD) to assess how these thematic areas have developed over a 27-year time period from 1996 to 2022. This study analyzed 1,152 studies to identify the principal thematic areas and emergent topics, principal theories used, predominant forms of analysis and the most productive authors in terms of research.

The articles for this research were all selected from the Web of Science database. A systematic and quantitative literature review was performed. This study used SciMAT software to extract indicators. Specifically, this study analyzed productivity and produced a science map.

The findings suggest that interest in this area has increased gradually. The outputs also reveal the innovative effort of industry in new technologies for developing models for tourism marketing. Ten research areas were identified: “destination marketing,” “mobility patterns,” “co-creation,” “gastronomy,” “sustainability,” “tourist behavior,” “market segmentation,” “artificial neural networks,” “pricing” and “tourist satisfaction.”

This work is unique in proposing an agenda for future research into tourism marketing research with new technologies such as BD and artificial intelligence techniques. In addition, the results presented here fill the current gap in the research since while there have been literature reviews covering tourism with BD or marketing, these areas have not been studied as a whole.

El objetivo de esta investigación fue descubrir nichos representativos de áreas emergentes y examinar el área de Marketing, Turismo y Big Data, evaluando cómo han evolucionado estas áreas temáticas durante un período de 27 años desde 1996–2022. Analizamos 1.152 investigaciones para identificar las principales áreas temáticas y temas emergentes, las principales teorías utilizadas, las formas de análisis predominantes y los autores más productivos en términos de investigación.

Todos los artículos para esta investigación fueron seleccionados de la base de datos Web of Science. Realizamos una revisión sistemática y cuantitativa de la literatura. Utilizamos el software SciMAT para extraer indicadores. Específicamente, analizamos la productividad y elaboramos un mapeo científico.

Los hallazgos sugieren que el interés en esta área ha aumentado gradualmente. Los resultados también revelan el esfuerzo innovador de la industria en nuevas tecnologías para desarrollar modelos de marketing turístico. Se identificaron diez áreas de investigación (“marketing de destinos”, “patrones de movilidad”, “co-creación”, “gastronomía”, “sostenibilidad”, “comportamiento turístico”, “segmentación de mercado”, “redes neuronales artificiales”, “precios”, y “satisfacción del turista”).

Este trabajo es único al proponer una agenda para futuras investigaciones en investigación de Marketing Turístico con nuevas tecnologías como Big Data y técnicas de Inteligencia Artificial. Además, los resultados presentados aquí llenan el vacío actual en la investigación ya que si bien se han realizado revisiones de literatura que cubren Turismo con Big Data o Marketing, estas áreas no se han estudiado como un conjunto.

这一特定研究领域的目标是发现具有代表性的新兴领域, 并考察市场营销、旅游和大数据研究领域, 以评估这些主题领域在1996年至2022年的27年间是如何发展的。我们分析了1152项研究, 以确定主要专题领域和新兴主题、使用的主要理论、主要的分析形式以及在研究方面最有成效的作者。

本研究的文章都是从Web of Science数据库中选出的。我们进行了系统化的定量文献审查, 并使用SciMAT软件来提取指标。具体来说, 我们分析了生产力并制作了一个科学研究地图。

研究结果表明, 人们对这一领域的兴趣已经逐渐增加。本文也揭示了工业界在开发旅游营销模式的新技术方面的创新努力。研究确定了十个研究领域：“目的地营销”、“流动模式”、“共同创造”、“美食”、“可持续性”、“游客行为”、“市场细分”、“人工神经网络”、“定价 “和游客满意度”。

这项研究的独特之处在于提出了未来利用大数据和人工智能技术等新技术进行旅游营销研究的议程。此外, 本文的结果填补了目前的研究空白, 因为虽然有文献综述涉及旅游与大数据或市场营销, 但这些领域还没有被作为一个整体来研究。

Identificar los aspectos que los Actores Sociales consideran en la construcción de futuros compartidos en las comunidades. En su aplicación en los países emergentes, especialmente en el Sur Global, a menudo se pasan por alto las particularidades socioculturales de las comunidades y los actores, generando fricciones o conflictos sociales. Este artículo presenta dos elementos críticos que contribuyen al debate: a) la importancia de entender a los Actores Sociales dentro de un modelo de generación de futuros comunitarios en los países emergentes; b) los factores relevantes que influyen en los actores en un ejercicio de construcción de futuros en las comunidades.

A partir de la investigación cualitativa, se utilizó un estudio de caso de prospectiva comunitaria del futuro: El futuro de Puerto Gaitán 2037 (Meta, Colombia). Se aplicó un método de recolección de información a partir de la observación de los participantes y el análisis de la documentación. El método de análisis fue el DQA (Análisis Cualitativo Deductivo).

La participación de Los Actores Sociales presenta un modelo de cinco elementos relevantes que influyen en los actores para la construcción exitosa de futuros en las comunidades. Los primeros cuatro factores, revelados por la teoría, existen en la realidad. Asimismo, se demuestra un quinto factor: el Pensamiento a Largo Plazo, que se evidencia en un Modelo de aplicación de Estudios de Futuros para el contexto específico, aplicable al caso de comunidades en países del Sur Global.

Si bien existen ejemplos aislados de recomendaciones respecto a estudios para generar el futuro de las comunidades, este es el primer estudio que presenta factores concretos que contribuyen a orientar la construcción de futuros comunitarios desde Actores Sociales, especialmente en países del Sur Global como Colombia. También es uno de los primeros estudios en utilizar el DQA como método de análisis en un tema de Estudios de Futuros.

This study aims to understand the leadership characteristics of founders of social and environmental enterprises in Latin America who have achieved business success with a focus on sustainability despite difficult social, economic, political and even health contexts in which they live.

This nonexperimental research is a qualitative, descriptive and exploratory study. Twenty-one in-depth interviews were conducted with social/environmental entrepreneurs of the Kunan Network (an organization that groups the entrepreneurial ecosystem in Peru).

The study analyzes the leadership profile and characteristics of entrepreneurs who have created profitable businesses with a social/environmental focus that solve relevant social problems and contribute to improving people’s quality of life and caring for the environment.

Although only 21 business leaders with outstanding participation and positive social and environmental impact were included in this study, they were supported and recognized by the Kunan Network.

The study contributed to the conceptualization and understanding of the profile of leaders of social and environmental enterprises, whose main challenges are to solve social or environmental problems of society and contribute to improving the quality of life of people and the environment. Knowing the profile of these entrepreneurs generates value to the knowledge of the subject and contributes to understand and propose strategies to improve the ecosystem of social-environmental entrepreneurship in emerging countries such as Peru. This will contribute to the creation of relationships and alliances with various social actors: public, private, third sector, academia, among others, for the management and promotion of sustainable business.

El estudio busca conocer las características de liderazgo de los fundadores de empresas sociales y ambientales en América Latina que lograron el éxito de sus negocios desde un enfoque de sostenibilidad a pesar del difícil contexto social, económico, político e incluso sanitario en el cual viven.

En la investigación no experimental de tipo estudio cualitativo, descriptivo y exploratorio, se realizaron 21 entrevistas en profundidad a emprendedores socio/ambientales de la Red Kunan (organización que agrupa el ecosistema emprendedor en el Perú).

El estudio analiza el perfil de liderazgo y las características que tienen los emprendedores que crearon negocios rentables con enfoque social/ambiental que resuelven problemas sociales relevantes y contribuyen al mejoramiento de la calidad de vida de las personas y al cuidado del ambiente.

El estudio incluyó solo a 21 líderes emprendedores con destacada participación y impacto social y ambiental positivo, sin embargo es importante el reconocimiento y respaldo que estos tienen de parte de la Red Kunan.

El estudio contribuyó a la conceptualización y comprensión del perfil de los líderes de empresas sociales y ambientales cuyos principales desafíos son resolver problemas sociales y/o ambientales de la sociedad y contribuir al mejoramiento de la calidad de vida de las personas y del medio ambiente. Conocer el perfil de estos emprendedores creemos que genera valor al conocimiento del tema y contribuye a entender y proponer estrategias para mejorar el ecosistema del emprendimiento social/ambiental en países emergentes como el peruano; lo cual contribuye a generar relaciones y alianzas con diversos actores sociales: públicos, privados, tercer sector, academia, entre otros para la gestión y promoción de negocios sostenibles.

O estudo procura conhecer as características da liderança dos fundadores das empresas sociais e ambientais na América Latina que alcançaram o sucesso desde uma abordagem sustentável apesar do contexto social, econômico, político e sanitário difícil no qual vivem.

Na pesquisa não experimental de tipo de estudo qualitativo, descritivo e exploratório, se realizaram 21 entrevistas detalhadas a empreendedores socio/ambientais da Kunan Rede (organização que agrupa o ecossistema empreendedor no Peru).

O estudo analisa o perfil de liderança e as características dos empreendedores que criaram negócios rentáveis com uma abordagem socioambiental que resolvem problemas sociais relevantes e contribuem ao melhoramento da qualidade de vida das pessoas e ao cuidado do meio ambiente.

O estudo só incluiu 21 líderes empreendedores com destacada participação e um impacto socioambiental positivo. Não obstante, é importante mencionar que aqueles líderes têm o reconhecimento e apoio da Kunan Rede.

O estudo contribui para a conceptualização e compreensão do perfil dos líderes de empresas sociais e ambientais e cujos desafios principais são resolver problemas sociais e/ou ambientais da sociedade e ajudar ao melhoramento da qualidade de vida das pessoas e do meio ambiente. Conhecer o perfil desses empreendedores pode gerar valor ao conhecimento do tema e ajudar ao seu entendimento e propor estratégias para aprimorar o ecossistema do empreendedorismo socioambiental em países emergentes como Peru, assim pode contribuir ao relacionamento e parcerias com diversos atores sociais do setor público, privado, terceiro setor, academias, entre outros, para a gestão e promoção de negócios sustentáveis.

This study aims to determine the association between the companies’ financial indicators and the Dow Jones Sustainability MILA Pacific Alliance Index (DJSMPAUP Index).

The study adopted a quantitative, explanatory level approach, based on measuring the interactions between the financial performance ratios of these companies (return on assets, return on equity, EBITDA margin and net margin) and sustainability index of MILA member countries. The study used a non-experimental, retrospective, cross-sectional design, using observed data from the annual period spanning 2017 to 2022 for MILA companies and includes analyses before and after COVID-19.

The estimates show a positive and statistically significant relationship between each company’s financial indicator and the DJSMPAUP index for the period 2017 to 2022.

The primary limitation of the study was the availability of data, which restricted the use of more advanced statistical analyses, and the inclusion of many factors that can be associated with DJSMPAUP. This constraint arose since the index was introduced only from the 2017 annual period, resulting in a limited dataset.

The study sheds light on MILA’s companies and their characteristics and specific conditions, which can help to improve sustainability strategies with an impact on financial performance, primarily due to the significance of MILA in the world economy and the GDP of Latin America. It focuses on an emerging market with a few years of applying sustainability policies.

This study contributes to revealing the progress in sustainability for member companies in MILA.

The study connects the financial performance and the sustainability of organizations oriented to the emerging significance of MILA in the world economy.

An interaction between emerging technologies (ETs) for facility management (FM) activities and stakeholder skills is necessary to promote the optimization of FM performance. Previous studies do not show strategies for the selection of ETs in FM considering the technological competencies of stakeholders. Thus, this study analyzes the interactions between ETs and FM from the perceptions of Brazilian professionals, identifying the most appropriate and effective technological solutions, based on a broad literature review.

The steps of the methodology are as follows: systematic literature review (SLR); detailing the ETs for FM; online questionnaire based on SLR findings; sample of Brazilian FM professionals; statistical treatment; and discussion.

Results indicate wireless sensor network, Internet of Thing, building information modeling and Big Data as ETs in FM with greater potential for optimization in the performance of FM activities, from survey respondents.

The scope of possible findings may have been biased, considering the small number of research participants and current transformations resulting from the COVID-19 pandemic (e.g. changes to standard operating procedures).

The results ensure greater security to facility managers in the effective implementation of ETs in FM activities.

The research explores the published studies and the consultation with Brazilian FM professionals in the selection of ETs.

Corporate digital responsibility is a challenge for companies as it recognizes that the use of technology can have a significant impact on society. In addition, a whole philosophy of nonfinancial disclosure has recently been developing and has become a priority for organizations seeking to be transparent and accountable. While some companies have already adopted this approach, practices related to information transparency in corporate digital responsibility are still in their early stages, creating a need to improve reporting and promote greater understanding in this evolving field. Based on a study analyzing the disclosure of information on digitization and taking into account that the board of directors is the body in charge of companies’ disclosure policy, the study aims to identify the factors that favor this disclosure.

As established by Ponce et al. (2022), IBEX-35 companies are Public Interest Companies subject to European and international regulations and are required to provide information on economic efficiency indicators and nonfinancial indicators. In relation to the proposed objectives, the aim is to analyze the possible factors that condition the degree of dissemination of information on digitization. To this end, a multiple linear regression of the dissemination index has been proposed following the works of Gil et al. (2018), Rodríguez-Ariza et al. (2014) and Briano-Turrent & Rodríguez-Ariza (2013). The estimation will be performed using the SPSS software (version 27).

The results show that the number of independent directors has a positive influence on the level of information disclosed by companies online. Conversely – and in line with previous studies – board size does not have a significant impact on the level of information transparency.

This study has a few limitations that adversely impact the generalizability of the results. First, the subjective problem inherent in the rating and evaluation of information collected in the annual reports of sample companies cannot be excluded. Second, the consideration that each element that constitutes the IDT has the same weight, there being no weighting criteria. Finally, the study population is limited to 35 listed companies, not considering medium and small companies. Nevertheless, despite these limitations, the results are sufficiently interesting to justify and extend the research to a larger number of companies and, of course, to other stock market indices. Another interesting future line of research would be to include more independent variables to analyze what other factors determine the degree of digital transparency of companies.

The study may be useful for organizations to take into account when identifying the corporate governance characteristics that will improve the disclosure of information on digitalization, which is still incipient and voluntary. Similar considerations could be made with respect to the competent authorities in regulating the disclosure of information by companies, insofar as they should promote policies that, in general, favor corporate transparency.

This study contributes to the literature in three main ways: 1) although there is a large body of research that has explored the impact of corporate governance dimensions on the level of nonfinancial transparency, the present study pioneers the approach to digitalization disclosure in Spanish listed companies; 2) it provides evidence that it is highly advisable to have a majority of independent directors to achieve a higher degree of digital disclosure; and 3) the results of this research show the current state of digital transparency on the websites of most of the listed companies in Spain, which could serve as a benchmark for those responsible for issuing corporate governance policies and guidelines.