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Time Series Analysis of the Dynamics of Merger and Acquisition Cycles in the Global Water Sector
Full text linkThis paper examined the cyclical patterns of mergers and acquisitions (M&A) in the global water sector from 1982 to 2024, with a focus on both linear and nonlinear dynamics in M&A waves. Through a univariate analysis using ARFIMA models, we found that the data exhibited stationary behavior, meaning that in response to an exogenous shock, the series is likely to revert to its original trend over time. Additionally, the non-parametric Brock, Dechert, and Scheinkman (BDS) test revealed the complex and irregular nature of M&A cycles within the sector. To account for this complexity, we applied the Markov-switching dynamic regression (MS-DR) model, which shows that once the industry enters a high-activity regime, it tends to persist in this state for extended periods. This suggests that external shocks or trends—such as regulatory reforms or global water scarcity concerns—are key drivers that trigger and sustain waves of M&A activity in the sector.Empres
Capital Expenditure Decisions in the Private Sector and Their Impact on Uk Stock Market Performance A Fractional Integration Analysis
Full text linkThis paper examines the relationship between capital expenditures (CAPEX) in the private sector and the performance of the UK stock market, specifically focusing on the manufacturing and non-manufacturing sectors. Using quarterly CAPEX data for UK private sector firms and FTSE index data spanning from Q1 1997 to Q1 2024, we employ a robust methodological framework that integrates fractional integration analysis, Granger causality tests, and Continuous Wavelet Transform (CWT). The findings reveal sector-specific dynamics. CAPEX in the non-manufacturing sector exhibits a significant positive causal relationship with FTSE index movements, particularly in short- and medium-term horizons, highlighting its role as a leading indicator of market performance. In contrast, CAPEX in the manufacturing sector demonstrates weaker and less immediate correlations, reflecting its long-term, structural nature and sensitivity to economic cycles. Persistence analysis confirms the long memory behavior of both CAPEX series, with non-manufacturing investments displaying higher stability and predictability. These results underscore the heterogeneity of CAPEX impacts across sectors and emphasize the importance of distinguishing between short-term and long-term investment responses when evaluating stock market dynamics.Empres
Governance, good governance and personal data protection: considerations on European legislation and case law
Full text linkEn la Unión Europea siempre se ha percibido una constante sensibilidad por la adecuada gobernación. Así, la gobernanza se puede entender como un nuevo modo de gestionar las políticas públicas, desde el punto de vista de la apertura, la participación y la responsabilidad; la idea de buen gobierno se refiere al modo cómo una parte del Poder Ejecutivo, el gobierno, desarrolla sus funciones, fomentando la transparencia y la rendición de cuentas; la buena administración, por su parte, hace referencia al modo cómo el Poder Ejecutivo desarrolla sus tareas administrativas, de servicio objetivo a la ciudadanía. Por otro lado, el gobierno de datos ayuda a las organizaciones a una gestión responsable y eficiente de los datos para garantizar la calidad, la integridad, la disponibilidad y la seguridad de los datos. La UE aspira a cosechar los beneficios de un mejor uso de los datos, como mayor productividad y mercados competitivos, pero también mejoras en la salud y el bienestar, el medio ambiente, la transparencia de la gobernanza y los servicios públicos. La gobernanza, el buen gobierno, la buena administración, la gobernanza de los datos y la protección de los datos personales se encuentran también en la jurisprudencia del Tribunal Supremo español, del Tribunal Europeo de Derechos Humanos y del Tribunal de Justicia de la Unión Europea, en su ámbito específico de competencia. La jurisprudencia reiterada se refiere al principio de buen gobierno como instrumento jurídico para limitar la discrecionalidad de las autoridades de los países miembros del Convenio de Roma de 1950.In the European Union, there has always been a constant sensitivity to good governance. Thus, governance can be understood as a new way of managing public poli-cies, from the point of view of openness, participation and accountability; the idea of good governance refers to the way in which a part of the executive branch, the govern-ment, carries out its functions, promoting transparency and accountability; good admi-nistration, on the other hand, refers to the way in which the executive branch carries out its administrative tasks, of objective service to citizens. Data governance, on the other side, helps organisations to manage data responsibly and efficiently to ensure data qua-lity, integrity, availability and security. The EU aims to reap the benefits of better use of data, such as higher productivity and competitive markets, but also improvements in health and welfare, the environment, transparency of governance and public services. Governance, good governance, good administration, data governance and the protection of personal data are also found in the case law of the Spanish Supreme Court, the Euro-pean Court of Human Rights and the Court of Justice of the European Union, in their spe-cific field of competence. Repeated case law refers to the principle of good governance as a legal instrument to limit the discretion of the authorities of the member countries of the Rome Convention of 1950.Ciencias Jurídica
La libertad de expresión frente al totalitarismo tecnológico
Full text linkEl presente trabajo tiene como objetivo evidenciar las afectaciones a la libertad de expresión provenientes del desarrollo tecnológico contemporáneo. En un primer momento se expone el estado de la cuestión en términos de las diversas posiciones desde las que hoy se estudia dicha libertad para luego referir como la misma está siendo afectada por los sesgos algorítmicos y por la tecnología que busca entender la sinápsis neuronal. Ello es relevante para proponer que la libertad de expresión dejará de serlo en función de un pensa-miento único al que llamamos totalitarismo tecnológico.Ciencias Jurídica
Contratación pública estratégica y legitimidad democrática
Full text linkLa contratación pública estratégica (CPE) busca que el gobierno, como un centro articulador de todos los organismos públicos, comprenda, motive y se comprometa a considerar las necesidades planificadas a contratar, como un insumo —a la vez— para poder abordar el cerramiento de brechas en lo social y económico. Impulsa la CPE que el peso eco-nómico de los recursos destinados a esta actividad, sepa incidir en políticas, planes, estrategias y acciones específicas para un desarrollo local y nacional progresivo, con reparo en un mejor cumplimiento de los derechos sociales, de crecimiento y prosperidad, y de más dignidad, con calidad, humana. En la medida en que un gobierno logre saber implementar a la contratación como herramienta para alcanzar un mejor país, en esa misma medida es que podrá justificarse como la opción democrática para el ejercicio del poder que se da en las urnas, en pro del interés general.Ciencias Jurídica
Early androgen activity after birth determines the hypothalamic expression of androgen and estrogen receptors in adulthood in female but not in male rats
Full text linkGonadal steroids are involved in the organization and programming of several neural systems. The main objective of this study was to determine whether androgen activity in the early postnatal stage influenced the long-term expression of androgen and estrogen receptors in the hypothalamus. Androgen receptors (AR) and the main metabolic pathways of testosterone were inhibited using Flutamide, an AR inhibitor, Letrozole, an aromatase inhibitor, or Finasteride, a 5-alpha-reductase inhibitor, during the first five days of life in male and female Wistar rats. Hypothalamic hormonal receptors AR, and estradiol receptors (ER)α, and ERβ were analyzed by qPCR, and circulating hormone levels (testosterone, DHT, and estradiol) were measured using ELISA assay at P90. The inhibition of AR, 5α-reductase or aromatase did not alter the hypothalamic levels of hormone receptors in males. However, in females, blocking the androgen receptor increased the ERβ, while the inhibition of 5α-reductase decreased the ERα and the inhibition of aromatase increased AR and ERβ hypothalamic mRNA levels. Moreover, testosterone plasma levels decreased significantly in females independent of whether the AR, 5α-reductase, or aromatase were inhibited. However, only the inhibition of aromatase decreased circulating testosterone levels in males. Furthermore, higher plasma testosterone and DHT levels were detected in males compared to females. Our results highlight the influence of androgen activity during the first days of life in females on the long-term expression of androgen and estrogen receptors in the hypothalamus, which reaffirms the importance of studying both sexes to accurately explain the processes that determine the programming of neural systems during development.Psicología y Ciencias de la Salu
Generation alpha’s attitudes toward mobile advertising
Full text linkSe deposita la versión enviada (preprint) del artículoPurpose
This study aims to examine how four message attributes – entertainment, credibility, personalization and irritation – are associated with Generation Alpha’s attitudes and behavioral intentions toward mobile advertising in Spain. It also explores the moderating effects of mobile phone ownership and advertising exposure on these relationships.
Design/methodology/approach
A survey was conducted with a representative sample of 1,070 Spanish children aged 10–14. The direct and moderated effects of the message attributes, mobile phone ownership and ad exposure on attitudes toward mobile advertising and intention to click on ads were analyzed using additive moderation analyses.
Findings
Entertainment, credibility and personalization were positively associated with Generation Alpha’s attitudes toward mobile advertising. Among these, entertainment and credibility were also positively related to the intention to click on mobile ads. In contrast, irritation showed no significant association with either attitudes or behavioral intentions. Moderating effects of mobile phone ownership and advertising exposure were significant only in the relationship between perceived ad credibility and behavioral intentions, suggesting that children without mobile phones and those with higher ad exposure are more susceptible to credible advertising messages.
Originality/value
This study contributes to the understanding of Generation Alpha’s receptivity to mobile advertising, emphasizing the importance of entertainment and credibility in driving engagement. It also highlights how mobile access and ad exposure influence susceptibility to persuasion. These findings offer valuable insights for advertisers, educators and policymakers involved in digital literacy and mobile advertising regulation.Comunicació
Democracias constitucionales y legalidades aparentes
Full text linkDetectar síntomas de aquello que denominamos legalidades aparentes permite
prevenirlas y encontrar determinados antídotos. La finalidad es preventiva: evitar que
las legalidades aparentes se transformen en cancelaciones constitucionales y vaciamientos
de las democracias. Las democracias constitucionales poseen determinados límites que se
proyectan en la dimensión de los poderes y de la ciudadanía.Detecting symptoms of what we call apparent legalities allows us to prevent
them and find certain antidotes. The aim is preventive: to avoid apparent legalities becoming
constitutional cancellations and cancellations of democracies themselves. Constitutional
democracies have certain limits that are projected in the dimension of powers and citizenship.Ciencias Jurídica
Alfabetización publicitaria y autopercepción corporal de los adolescentes ante el marketing de influenciadores
Full text linkIn today's society, people are increasingly conscious of their bodies, and marketers are well aware of this fact. As a result, influencers have started to include body-related content in their posts, especially when promoting fashion, food, cosmetics, beauty or fitness brands. This, and the influence that influencers' lifestyles have on users' body image, calls for a closer look at measures that can protect the public, especially young people, from the effects of these posts, which often blur the lines between organic and sponsored content. This study raises the possibility that one of these filters to protect this age group from sponsored content from influencers exploiting the image argument is their level of advertising literacy. Based on a survey applied to 1,055 adolescents aged 11 to 17 between April and June, 2022, living in Spain, a significant relationship was found between adolescents' concern about their body image and their level of advertising literacy in the face of these contents, especially in setting goals to achieve the perfect body and the importance of physical appearance in their self-perception. The gender, age and socioeconomic status of the respondents lead to nuances in the results. The discussion here is relevant for companies that include influencers in their marketing strategies, families, educators and public administrations.En la sociedad actual, la gente está cada vez más preocupada por su cuerpo y los profesionales del marketing son muy conscientes de ello. Como resultado, los influenciadores han empezado a incorporar contenido con un protagonismo especial del cuerpo y de la apariencia, especialmente cuando al promocionar marcas de moda, alimentación, cosmética, belleza o fitness. Esto, junto con la incidencia que el estilo de vida de los influenciadores tiene en la imagen corporal de los usuarios, hace necesario un análisis más detallado de las medidas que pueden proteger al público, principalmente a los jóvenes, del impacto de estas publicaciones que, a menudo, desdibujan los límites entre el contenido orgánico y el patrocinado. Este estudio plantea la posibilidad de que uno de estos filtros para proteger a este grupo de edad de los contenidos patrocinados de influenciadores que explotan el argumento de la imagen sea su nivel de alfabetización publicitaria. Mediante una encuesta aplicada a 1055 adolescentes de 11 a 17 años residentes en España entre abril y junio de 2022 se pudo comprobar la relación significativa entre la preocupación de los adolescentes por su imagen corporal y su nivel de alfabetización publicitaria ante estos contenidos, especialmente en el establecimiento de metas para conseguir el cuerpo perfecto y la importancia del aspecto físico en su autopercepción. El género, la edad y el nivel socioeconómico de los encuestados introducen matices en los resultados. La discusión es relevante para empresas que incluyen influenciadores en sus estrategias de marketing, familias, educadores y administraciones públicas.Comunicació
El papel del disclosure en los posts de los influencers en Instagram
Full text linkIntroducción: Ante el creciente auge del marketing de influencers, cada vez son más las
investigaciones que están prestando atención a los diferentes aspectos éticos y comunicativos
de esta nueva forma de publicidad. En concreto, muchos estudios han comenzado a examinar
el impacto del disclosure en los posts esponsorizados. Así, esta investigación tiene como objetivo
realizar una revisión teórica comprehensiva acerca del impacto comunicativo que el disclosure
tiene sobre los receptores de estos mensajes publicitarios. Metodología: Para ello, en la
presente investigación se ha realizado una revisión bibliográfica de la literatura publicada
hasta el momento sobre el disclosure y sus efectos. Resultados: Este concepto ayuda a proteger
a la audiencia y a detectar la naturaleza comercial de estas comunicaciones pero suele tener un
impacto negativo en su eficacia publicitaria. Discusión: Es necesario tener en cuenta qué otras
variables influyen y moderan el impacto del disclosure en la percepción de los seguidores.
Conclusiones: El revelar la relación comercial es un recurso necesario para proteger a las
audiencias ante este tipo de publicidad. Se requiere avanzar en la investigación para poder
entender la manera más eficaz de realizarlo para que beneficie a consumidores, influencers y
marcas.ntroduction: With influencer marketing on the rise, more and more research is paying attention to the different ethical and communicative aspects of this new form of advertising. In particular, many studies have begun to examine the impact of disclosure in sponsored posts. Thus, this research aims to conduct a comprehensive theoretical review of the communicative impact that disclosure has on the recipients of these advertising messages. Methodology: In order to do so, this research has carried out a literature review of the literature published to date on disclosure and its effects. Results: Disclosure helps to protect the audience and to detect the commercial nature of these communications but often has a negative impact on their advertising effectiveness. Discussion:It is necessary to take into account what other variables influence and moderate the impact of disclosure on the perception of the followers. Conclusions: Disclosure is a necessary resource to protect audiences from this type of advertising. More researchis needed to understand the most effective way of making itto benefit consumers, influencers and brands.Comunicació