Rubén Lado Sestayo

• PhD in Economics
• Professor at University of Santiago de Compostela

This paper analyses the determinants of default risk in a non-profit Uruguayan microfinance institution when a regulatory change in favor of full financial inclusion occurred in the country. Different definitions of delinquency are also used, including some that refer to a default of a structural nature. The empirical study shows that the socio-dem...

Este artículo analiza la supervivencia empresarial y sus determinantes en el sector turístico español durante el periodo 2018-2021. En particular, se analiza una muestra de empresas del ámbito hotelero y de restauración localizadas en España y durante un periodo de pandemia generado por el virus SARS-CoV-2. Al mismo tiempo, esta investigación consi...

This paper analyses the impact of sustainability through ESG factors on the default risk. The sample consists of 990 non-financial firms in the Eurozone over the period 2004–2020. The results show that ESG factors influence default risk, although this relationship could be influenced by the economic cycle. Also, the results highlight a significant...

La rentabilidad económica es una variable estratégica en la gestión corporativa turística, que fue fuertemente erosionada durante la reciente pandemia generada por el virus SARS-CoV-19. Este trabajo evalúa los determinantes de rentabilidad en una muestra de hoteles y restaurantes españoles durante el periodo 2018-2021, poniendo especial foco en la...

This paper develops a tool to predict the percentage of compliance in the repayment of microloans granted by non-profit microfinance institutions (MFI) of the Uruguayan government. The database consists of 1,357 microloans granted by the Program for the Strengthening of Productive Entrepreneurs (PFEP) of the Uruguayan Ministry of Social Development...

This article analyzes the contagion effect on business failure, focusing on the Spanish hotel sector. The sample consists of 3,948 hotel micro-, small, and medium-sized enterprises in the 2012-2015 period and includes variables related to characteristics of the hotel and tourist destination. The results show that the contagion effect is significant...

Purpose This paper analyses whether the active management and the fundamentals of the pension fund allow products that beat their peers to be identified in terms of risk-adjusted performance. Design/methodology/approach The sample is composed of all the pension funds active in the period 2000 to 2017 investing in the Eurozone. What this means is t...

The objective of this paper is to analyze the effect of economic and financial performance on Corporate Social Responsibility (CSR). For this reason, we have used the data from a sample made up of 662 companies, 146 registered as medium-sized or large and 516 as small or micro, highlighting the significant weight of small companies in the sample. C...

This paper analyses business survival in 11,558 micro, small, and medium-sized firms (MSMEs) between 2007 and 2015 in the Spanish hotel sector. Using hazard models, the aim is to identify the differences in survival determinants among firm sizes, quantifying the importance of the environment during the recent economic crisis. The results highlight...

Este trabajo analiza las políticas expansivas a escala internacional realizadas por los dos mayor grupos hoteles españoles, a saber, Meliá Hotels International, S.A. y NH Hotel Group, S.A., durante el período 2009-2015. Asimismo, se evalúa su impacto en las principales magnitudes económicas y financieras. En general, los resultados denotan que la a...

Purpose The purpose of this paper is to explore the relationship between corporate governance and risk-taking behaviour of banks operating in the Middle East and North African (MENA) countries. Design/methodology/approach In doing so, the authors use a data set covering 165 banks located in 13 MENA countries over the period 2005–2012 and apply dyn...

Purpose This paper aims to investigate whether individuals’ planning horizon influences their decision to save privately for their retirement. Design/methodology/approach Focussing on Spain, this empirical research uses the fifth wave of the Survey of Health, Ageing and Retirement in Europe (SHARE)[1]. Logit models are estimated considering vari...

This paper tests four related theories on the relationships among market structure, profitability, and efficiency using a stochastic frontier analysis and dynamic panel data for 201 banks in Middle East and North Africa (MENA) countries during the 2005–2012 period. The results show that neither the structure–conduct–performance hypothesis nor the e...

Purpose The purpose of this paper is to design an algorithm to predict hotel profitability by means of deep learning techniques. Design/methodology/approach The methodology consists of a multi-layered neural network that includes a lag of profitability as the input. Furthermore, other input variables are related to hotel and tourist destinations;...

Purpose The purpose of this paper is to study the driving forces of both the decision to participate in individual pension plans and the amount of money allocated to such plans. Moreover, this paper evaluates the potential role that income plays, which has not previously been considered in depth in the financial literature. Design/methodology/app...

Este trabajo analiza la importancia del destino turístico cuando la quiebra es analizada en el sector hotelero. En particular, se estudia el sector hotelero gallego durante el período 2005-2011. Los resultados confirman la importancia de las características del destino turístico donde se localiza el hotel, en particular, la tasa de ocupación y el n...

Purpose The purpose of this paper is to analyse the determinants of hotel profitability through the application of a least squares path modelling (PLS) and to deepen the study of their heterogeneity through clustering techniques. Design/methodology/approach An eclectic model that incorporates the dimensions identified as determinants of profitab...

This paper analyzes the impact of the spatial positioning of a hotel on profitability. The determinants that increase hotel profitability could differ from one location to another. No previous studies have delved into the analysis of the spatial stability hypothesis of hotel profitability, so this is the main contribution of this paper. The theoret...

p>Este trabajo realiza un estudio empírico de los determinantes del desempeño de los grupos hoteleros españoles. La muestra de análisis está formada por 1,019 establecimientos hoteleros afiliados a corporaciones hoteleras y el horizonte temporal es 2005-2011. Los resultados denotan que los factores característicos de la demanda de servicios hoteler...

This paper evaluates the impact of location on hotel efficiency using a sample of 400 Spanish hotels, the novel aspect being that location is considered at the tourist destination level. Moreover, for the first time, the location variables are based on the main theoretical models concerning location in the hotel sector, namely geographical position...

Objective The purpose of this paper is to analyse the Spanish business sector’s economic exposure to currency risk in Latin America between 2010 and 2016, testing the effectiveness of hedging with derivatives for the reduction of this risk. Methodology Economic exposure is tested with the Jorion model (1990) using both a currency basket and an i...

This paper analyses the determinants of credit risk in the Spanish hotel sector, employing panel data models covering a sample of 734 micro, small and medium-sized enterprises (MSMEs) over the period 2005–2011. Among other things, this study is relevant because credit risk is an important variable for several stakeholders. However, the existing lit...

Este trabajo analiza las diferencias en las empresas creadas por reemprendedores y el resto de emprendedores en cuatro dimensiones. Así, se analiza si la situación de la empresa, las expectativas de crecimiento, la situación financiera del emprendedor y la financiación de las inversiones presentan diferencias estadísticamente significativas. El tra...

p>Las micro y pequeñas empresas (MYPES) representan la inmensa mayoría del tejido productivo uruguayo, generando prácticamente la mitad de la fuerza laboral del país. El acceso al crédito por parte de estas instituciones resulta crucial para asegurar su sostenibilidad y potenciar su contribución a la actividad económica. Tradicionalmente estas empr...

This chapter studies the determinants of women in entrepreneurship in the hospitality industry using a sample of individuals participating in the GEM (Global Entrepreneurship Global) project. This is important because of the obvious difference between the rates of male and female entrepreneurship. Specifically, this research arises in the hospitali...

El objetivo de este trabajo es desarrollar una herramienta para predecir el porcentaje de cumplimiento en la devolución de microcréditos concedidos por una institución de microfinanzas (IMF) uruguaya, sin ánimo de lucro y vinculada al sector público. Las IMFs ofrecen, entre otros servicios, asesoramiento y recursos financieros, fundamentalmente, mi...

The objective of this paper is to evaluate the credit risk of a non-profit, socially-minded Uruguayan microfinance institution (MFI), using a sample of 1,357 microcredits disbursed to micro and small entrepreneurships in the period July, 2012 – December, 2016 and paid up until February, 2017. Logistic regressions are applied to find the determinant...

Purpose This paper studies the determinants of hotel performance, especially the role of location, in the Spanish hotel market. Design/methodology/approach The sample is composed of 1,034 hotels located in 97 tourist destinations in Spain during the period 2005–2011. The estimations were made by generalised least squares (GLS) using panel data....

Este trabajo analiza, desde la óptica de género, las diferencias existentes en el emprendimiento en el sector turístico. Para ello, se utilizan variables económicas y financieras representativas de características de la empresa creada y del emprendedor, lo que permite una visión holística del fenómeno analizado. Los datos utilizados recogen un ampl...

This paper quantifies the impact of location attributes on hotel creation by identifying drivers and barriers to entry in the Spanish hotel sector. The methodology is based on the use of count models. The efficiency of labour in a tourist destination is a driver of new hotel start-ups, but the initial investment and idle capacity are relevant barri...

This paper tests the relationship between competition and bank stability for 356 banks operating in the Middle East North Africa (MENA) countries during the period 2005-2012. Our results show that for the overall sample, a U-shaped relationship between competition and banks’ risk taking for MENA banks. The negative linear relationship between Z-Sco...

En este trabajo se realiza un análisis descriptivo de la cartera de préstamos concedidos a emprendedores en situación de vulnerabilidad en Uruguay por una institución de microfinanzas de tipo social (Bos & Milone, 2005; Morduch, 2000), a efectos de analizar los factores determinantes del riesgo de crédito de su cartera. Los datos analizados muestra...

Este trabajo analiza el nivel de exposición económica al tipo de cambio y sus determinantes en el mercado español, considerando seis divisas de referencia respecto al euro: el dólar estadounidense, el yuan chino, el franco suizo, la libra esterlina, la corona noruega y el rublo ruso. Ello es relevante porque la volatilidad cambiaria puede tener un...

This paper analyzes the spatial nature of entrepreneurship at NUTSIII. Lately, academic studies are including the relation between incipient entrepreneurs and geography. In some cases, this relation is considered as unidirectional insofar as the decision to become an entrepreneur can be highly influenced by geographical location. Beyond the cultura...

http://www.dosalgarves.com/rev/N28/7rev28.pdf Este trabajo realiza un estudio del perfil de exposición cambiaria y su cobertura a través de una muestra formada por cien empresas no financieras y cotizadas en el mercado bursátil español durante el período 2004-2010. Los resultados obtenidos muestran que la mayoría de las empresas tiene una actitud...

this paper studies the determinants of survival of 6494 Spanish hotel firms located in 97 national tourist destinations in the period 2005–2011. The characteristics of the firms and the tourist destinations where they are located have been studied through survival analysis techniques. This is relevant because the impact of the financial and economi...

This paper analyzes the validity of using the loan-to-value (LTV) ratio to explain the behavior of mortgage borrowers at an empirical level. To perform this analysis we use data for mortgage loan portfolios securitized in Spain during the period 2005-8. In the regression models developed, we find that higher initial LTV ratios are associated with g...

Location is a very important factor analyzed by firms on creation decisions. This paper analyzes the determinants of business creation in the Spanish hospitality industry. Spanish hotels have a relevant position in the global tourism context so it can generate relevant results to other countries. By means of different econometric models, we identif...

This paper analyzes the impact of market structure on hotel profitability in a sample of 8,992 Spanish hotels in 2005-2011, using variables relating to the hotel and tourist destination in addition to structure -conduct-performance (SCP) and Chicago School frameworks simultaneously. The results show that profitability depends largely on the market...

El Espacio Europeo de Educación Superior (EEES) promueve la aplicación de nuevas técnicas docentes para lograr una interacción significativa alumno- docente, corrigiendo problemas de aprendizaje oportuna y eficazmente. Este trabajo analiza la técnica one minute paper en estudios de grado universitario, y sus implicaciones sobre el rendimiento acadé...

This article is a model to identify the determinants of subprime securitizations. In several countries, there is no classification of the underlying assets. Consequently, investors have fewer tools to identify which securitizations are subprime. Using a sample of mortgage securitization transactions issued in Spain from 1998 until the first half of...

Este trabajo analiza el impacto de las barreras de entrada existentes en una localización turística sobre la intensidad emprendedora en el sector hotelero español durante el período 2005-2011. En concreto, se estudia una muestra formada por 8,992 establecimientos hoteleros y se utilizan cuatro tipos de modelos, a saber, Poisson, Binomial Negativa,...

Este trabajo estudia los determinantes de la quiebra en el sector de la pequeña y mediana empresa hotelera española en el período 2000-2007. En concreto, se evalúa una muestra formada por 1,679 hoteles y se utilizan modelos de probabilidad condicional (probit y logit) y un amplio conjunto de variables contables relativas a su rentabilidad, endeudam...

El índice de actividad emprendedora (TEA) ha experimentado un ligero descenso frente al año 2013, pasando de un valor de 4,11 a 3,92 en 2014. Ello es consecuencia de la reducción experimentada de aproximadamente un 20% en las iniciativas nuevas (3 a 42 meses de actividad). Por el contrario, en las primeras fases del proceso emprendedor (iniciativas...

El objetivo de este trabajo es analizar el proyecto de la e-interconsulta de cardiología del área de Vigo aplicando la metodología SROI (Social Return On Investment o Retorno Social sobre la Inversión). La e-interconsulta es uno de los procedimientos asistenciales implantados en toda el área de Vigo que combina tareas clínicas y administrativas, di...

The authors analyse the determinants of business failure in micro, small and medium-sized Spanish hotel companies during 2008–2011. They consider accounting variables representative of the economic and financial situation and other variables of lodging activity. This approach is important because several previous studies have highlighted the need t...

Europe has introduced an institutional strategy in the University to move from an educational model, focused on teaching, to another, focused on learning, applying the necessity of evaluation in order to improve academic performance. This technique analyzes the evaluation system's effect, based on the development of different activities, which stan...

This research analyzes the determinants of private saving for retirement in Portugal, Italy and Spain. These are three of the countries known in the political economy jargon, in a pejorative way, as PIGS (Brazys and Hardiman, 2013). Despite the fact that this is not a novel acronym -it was created in the nineties-, the advent of the Euro zone crisi...

Europe has introduced an institutional strategy in the University to move from an educational model, focused on teaching, to another, focused on learning, applying the necessity of evaluation in order to improve academic performance. This technique analyzes the evaluation system's effect, based on the development of different activities, which stan...

El proceso de mejora de enseñanza-aprendizaje en el contexto universitario ha generado la aplicación de nuevas o mejoradas técnicas docentes, las cuales fomenten una participación activa del alumno y una mayor interacción con el profesor. El objetivo de este trabajo ha sido analizar el grado de satisfacción del alumnado universitario con una de las...

El Espacio Europeo de Educación Superior (EEES) promueve la aplicación de nuevas técnicas docentes para lograr una interacción significativa alumno-docente, corrigiendo problemas de aprendizaje oportuna y eficazmente. Este trabajo analiza la técnica one minute paper en estudios de grado universitario, y sus implicaciones sobre el rendimiento académ...

Este trabajo analiza los determinantes del fracaso empresarial en las pymes hoteleras españolas en 2008-2011 considerando no solo ratios contables, representativos de su situación económica y financiera, sino también variables propias de la actividad y mercado hoteleros. Por tanto, estudiamos un modelo focalizado en un sector destacado de la econom...

This paper studies the determinants of bankruptcy in the small and medium Spanish hotel companies during 2000-2007. In particular, we study a sample of 1,679 hotels by means of conditional probability models (probit and logit) and a comprehensive set of accounting variables relating to profitability, indebtedness, economic and financial balance, ec...

This paper analyzes the impact of the entry barriers existing in a tourist location on the intensity in the entrepreneurial sector hotel Spanish for the period 2005-2011. In particular, we study a sample of 8,992 hotels by means of four models, namely, Poisson, Negative Binomial, Truncated Models and Logistic Regression. Variables used are related...

Entre los principales determinantes de la rentabilidad de los hoteles se encuentra su localización. En consecuencia, y dado el carácter estratégico de dichas decisiones, de su correcta elección depende fuertemente el éxito empresarial. Por un lado, la localización de un hotel en un punto turístico determinado supone un nivel potencial de demanda co...

La actividad emprendedora en Galicia, medida a través del índice TEA, modifica las pautas de crecimiento que se venían observando en años anteriores, debido principalmente a las iniciativas que están en sus primeras fases de puesta en marcha. Después de un fuerte período expansivo en 2011 y 2012, en el que comenzaban a ponerse en marcha iniciativas...

The CAPM has had a fundamental role in the price formation process. However, its empirical results at the moment of valuing assets have not been completely satisfactory due to, among other questions, the different investor’s behavior to up or down market movements or extreme market movements. This paper analyzes if this investor’s behavior has effe...

O CAPM tivo un papel fundamental na explicación do proceso de formación de prezos. Non obstante, os seus resultados empíricos á hora de valorar activos non foron de todo satisfactorios debido, entre outras cuestións, á distinta resposta dos investidores ante as subidas e baixadas do mercado ou ante movementos extremos deste. Neste traballo analízas...

Este libro constituye una recopilación de trabajos realizados por expertos sobre el estudio del emprendimiento en España. En este país somos creativos, innovadores, apasionados. Pero no emprendedores. ¿Nos falta vocación? ¿es el sistema educativo el que nos desincentiva? ¿quizás falla la cultura emprendedora? ¿o tal vez todo es culpa de las institu...

La actividad emprendedora en Galicia, medida a través del índice TEA, modifica las pautas de crecimiento que se venían observando en años anteriores, debido principalmente a las iniciativas que están en sus primeras fases de puesta en marcha. Después de un fuerte período expansivo en 2011 y 2012, en el que comenzaban a ponerse en marcha iniciativas...