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This research analyzes the main variables that determine immigration in Europe and includes aspects related to the economy, population, healthcare, and environmental sustainability. The empirical analysis consists of two sets of data: one made up of all EU member states (EU-28) and the other containing countries that form a part of the Eurozone (EU-19), using the Generalized Method of Moments. The sample covers the period between 2000 and 2014, and the data are analyzed separately and comparatively in the most relevant stages during that time (economic prosperity, crisis, and recovery). The most notable results indicate that the variables related to GDP and public debt largely serve to justify the level of immigration since the crisis (2008–2014), while the life expectancy and levels of pollution are determining factors in all three stages examined here. The study concludes that countries in the Eurozone are more sensitive to variation in the variables studied compared to all the EU member states and thus the impact of immigration among the EU-19 countries is more notable.

The high tropical Andes host one of the richest alpine floras of the world, with exceptionally high levels of endemism and turnover rates. Yet, little is known about the patterns and processes that structure altitudinal and latitudinal variation in plant community diversity. Herein we present the first continental-scale comparative study of plant community diversity on summits of the tropical Andes. Data were obtained from 792 permanent vegetation plots (1 m2) within 50 summits, distributed along a 4200 km transect; summit elevations ranged between 3220 and 5498 m a.s.l. We analyzed the plant community data to assess: 1) differences in species abundance patterns in summits across the region, 2) the role of geographic distance in explaining floristic similarity and 3) the importance of altitudinal and latitudinal environmental gradients in explaining plant community composition and richness. On the basis of species abundance patterns, our summit communities were separated into two major groups: Puna and Páramo. Floristic similarity declined with increasing geographic distance between study-sites, the correlation being stronger in the more insular Páramo than in the Puna (corresponding to higher species turnover rates within the Páramo). Ordination analysis (CCA) showed that precipitation, maximum temperature and rock cover were the strongest predictors of community similarity across all summits. Generalized linear model (GLM) quasi-Poisson regression indicated that across all summits species richness increased with maximum air temperature and above-ground necromass and decreased on summits where scree was the dominant substrate. Our results point to different environmental variables as key factors for explaining vertical and latitudinal species turnover and species richness patterns on high Andean summits, offering a powerful tool to detect contrasting latitudinal and altitudinal effects of climate change across the tropical Andes.

Mountain ecosystems are sensitive to climate fluctuations; however, the scarcity of instrumental data makes necessary the use of complementary information to study the effect of climate change on these systems. Remote sensing permits studying the dynamics of vegetation productivity and wetlands in response to climate variability at different scales. In this study we identified the main climate variables that control vegetation dynamics and water balance in Cumbres Calchaquíes, NW Argentina. For this, we built annual time series from 1986 to 2019 of Soil Adjusted Vegetation Index (SAVI, to quantify spare vegetation productivity), lake area, and snow-ice cover of peatlands, as indicators of mountain productivity and hydrology. We used a decompose function to explore trend, seasonality and random signal of the three-time series, and explored for significant changes in the mean value of consecutive periods. We used correlational analysis to explore their associations with climate records at local, regional, and global scales. The results showed that, SAVI and hydrological indicators presented different fluctuation patterns more pronounced since 2012, when they showed divergent trends with increasing SAVI and decreasing lake area and snow-ice cover. The three indicators responded differently to climate; SAVI increased in warmer years and lake area reflected the water balance of previous years. Snow-ice cover of peatlands was highly correlated with lake area. La Niña had a positive effect on lake area and snow-ice cover and a negative on SAVI, while El Niño had a negative effect on SAVI. Fluctuations of lake areas were synchronized with lake area in the nearby Argentinian puna, suggesting that climate signals have regional extent. The information provided by the three hydroclimate indicators is complementary and reflects different climate components and processes; biological processes (SAVI), physical processes (snow ice cover) and their combination (lake area). This study provides a systematic accessible replicable tool for mountain eco-hydrology long-term monitoring.

El principal objetivo de este trabajo es analizar el papel supervisor de las consejeras del Consejo de Administración (de aquí en adelante, CA) en la relación existente entre las competencias específicas, la independencia y la diversidad cultural del CA en la remuneración del consejo. Además, para avanzar más en la literatura sobre gobierno corporativo se ha dividido la muestra de empresas europeas sostenibles, según se orienten financieramente al mercado y a la banca. El marco teórico utilizado en esta investigación se basa en la teoría de la agencia y la teoría de la administración. Utilizando una muestra de empresas cotizadas en el índice Euronext Vigeo Europe 120 desde 2012 hasta 2021, los resultados han evidenciado que la tarea de supervisión que realizan las consejeras cuando gestionan actividades junto con los consejeros independientes, tiende a reducir la remuneración del CA de las empresas sostenibles europeas. Por otra parte, los resultados han revelado que la orientación financiera es una característica importante a la hora de establecer estrategias de buen gobierno, para establecer protocolos de vigilancia en el establecimiento de las remuneraciones de los miembros del CA. Destaca la relevancia de la tarea supervisora de las consejeras, pero no para todos los países europeos analizados, sino solo para aquellos que acudan a la banca para financiar su actividad económica. Este estudio presenta importantes implicaciones teóricas y prácticas para el campo del gobierno corporativo y la diversidad de género.

The main objective of this study is to analyze the supervisory role of female directors on Board of Directors (hereinafter, BODs) in the relationship between the specific board characteristics, independence, and cultural diversity of the BOD in board remuneration. Furthermore, to extend past research based on corporate governance, the sample of sustainable European companies depending on whether the country is bank- or market-oriented. The theoretical framework used in this research is based on agency theory and stewardship theory. Using a sample of companies listed on the Euronext Vigeo Europe 120 index from 2012 to 2021, the results have shown that the moderate role of female directors on corporate boards reduce the relationship between independent directors and the remuneration on corporate boards in European sustainable companies. Furthermore, the importance of the supervisory role of female directors is highlighted, but not in all the European countries analyzed, but only in those depends on banking-oriented countries. This study presents important theoretical and practical implications for the field of corporate governance and gender diversity. El principal objetivo de este trabajo es analizar el papel supervisor de las consejeras del Consejo de Administración (de aquí en adelante, CA) en la relación existente entre las competencias específicas, la independencia y la diversidad cultural del CA en la remuneración del consejo. Además, para avanzar más en la literatura sobre gobierno corporativo se ha dividido la muestra de empresas europeas sostenibles, según se orienten financieramente al mercado y a la banca. El marco teórico utilizado en esta investigación se basa en la teoría de la agencia y la teoría de la administración. Utilizando una muestra de empresas cotizadas en el índice Euronext Vigeo Europe 120 desde 2012 hasta 2021, los resultados han evidenciado que la tarea de supervisión que realizan las consejeras cuando gestionan actividades junto con los consejeros independientes, tiende a reducir la remuneración del CA de las empresas sostenibles europeas. Por otra parte, los resultados han revelado que la orientación financiera es una característica importante a la hora de establecer estrategias de buen gobierno, para establecer protocolos de vigilancia en el establecimiento de las remuneraciones de los miembros del CA. Destaca la relevancia de la tarea supervisora de las consejeras, pero no para todos los países europeos analizados, sino solo para aquellos que acudan a la banca para financiar su actividad económica. Este estudio presenta importantes implicaciones teóricas y prácticas para el campo del gobierno corporativo y la diversidad de género.

This paper presents a methodological proposal that integrates the circular economy concept and financial valuation through real options analysis. The Value Hill model of a circular economy provides a representation of the course followed by the value of an asset. Specifically, after the primary use, the life of an asset may be extended by going through four phases: the 4R phases (Reuse, Refurbish, Remanufacture and Recycle). Financial valuation allows us to quantify value creation from firms’ asset circularity under uncertainty, modelled by binomial trees. Furthermore, the 4R phases are valued as real options by applying no-arbitrage opportunity arguments. The major contribution of this paper is to provide a quantitative approach to the value of circularity in a general context that is adaptable to firms’ specific situations. This approach is also useful for translating relevant information for stakeholders and policy makers into something with economic and financial value.

The objective of this paper is to analyse the effect that operating leverage exerts on the profitability of SMEs, both in isolation and indirectly through its other determinants. We use panel data from a total of 9652 European agri-food SMEs from 2009 to 2016. The work’s principal contribution is the study of the SMEs of a key sector of the European economy in terms of the cost structure, since this is an issue that directly affects the competitiveness of firms, but which has not garnered sufficient attention in the literature. It also considers the importance of the institutional and legal environment on the risk assumed by companies. The results obtained confirm that operating leverage or cost structure, in addition to affecting profitability, also affects the relationship between that profitability and other sources of risk that depend on the country in which the company operates. More specifically, indebtedness, size, innovation specificity and reputation all affect profitability to a greater or lesser extent, depending on the level of operating leverage of the company.

The complexities of invasive alien species (IAS) management call for a close collaboration among stakeholders to codevelop and comanage actions to deliver effective solutions. To achieve this vision, iterative codesign and co‐implementation of solutions is imperative. Based on a rapid Strengths, Weaknesses, Opportunities and Threats analysis (SWOT), we synthesised the positive and negative aspects of comanagement experiences for woody IAS management in Argentina. We included four case studies in protected areas: (i) Ligustrum lucidum in a periurban mountain forest; (ii) Rubus asp ulmifolius in a subtropical forest; (iii) Acacia melanoxylon in a temperate grassland; and (iv) Hedera helix in a temperate forest. Universities, research institutes and protected areas led these management projects under varying economic, social and ecological objectives, and constrained by the availability of resources. However, these heterogeneous realities did not translate into significant differences in our comanagement experiences. We identified personal motivations and pre‐existing funding for IAS management as key strengths for management actions. A relevant weakness was the ongoing undervaluation of applied research and stakeholder engagement in the Argentinian scientific system, resulting in a scarcity of research to inform management actions and a low interest in codesigning activities. Threats were related to the paucity of awareness and information on IAS management, and the lack of long‐term funding. Nevertheless, recent national‐level policies, such as the National Strategy for Exotic Invasive Species, together with the Forest Law for managing native forests and the mandate for the National Parks Administration to manage IAS, provide a unique opportunity to foster comanagement activities. We recommend the development and promotion of spaces to share experiences and establish conversations among stakeholders. This should be complemented by a better alignment of disparate public policies driving IAS management in Argentina, and increased financial assistance to support local initiatives and reduce uncertainty in long‐term funding. Resumen Las complejidades de la gestión de especies exóticas invasoras (EEI) hacen necesaria una estrecha colaboración entre las partes interesadas para co‐desarrollar y co‐gestionar acciones para ofrecer soluciones efectivas. Para alcanzar esta visión, es imperativo el co‐diseño y la co‐implementación iterativa de soluciones. Sintetizamos los aspectos positivos y negativos de experiencias de co‐gestión de EEI leñosas en Argentina utilizando un análisis rápido de Fortalezas, Debilidades, Oportunidades y Amenazas (FODA), basándonos en cuatro casos de co‐gestión en áreas protegidas: (i) Ligustrum lucidum en un bosque de montaña periurbano; (ii) Rubus asp ulmifolius en un bosque subtropical; (iii) Acacia melanoxylon en un pastizal templado; y (iv) Hedera helix en un bosque templado. Universidades, centros de investigación y áreas protegidas lideraron los proyectos de gestión, con diversos objetivos ecológicos, sociales y económicos, y limitados por la disponibilidad de recursos. Sin embargo, esta heterogeneidad no se tradujo en diferencias significativas en las experiencias de co‐gestión. Identificamos a las motivaciones personales y el financiamiento preexistente como fortalezas clave en la gestión de EEI. Una debilidad relevante fue la infravaloración por parte del sistema científico argentino de la investigación aplicada y de la interacción con actores y partes interesadas, lo que resulta en una escasez de estudios para apoyar acciones de gestión y un bajo interés en el co‐diseño de actividades. Las amenazas están vinculadas con la escasez de conciencia e información sobre la gestión de EEI y la falta de financiamiento a largo plazo. Sin embargo, recientes políticas a nivel nacional, tales como la Estrategia Nacional para Especies Exóticas Invasoras junto con la Ley de Bosques para la conservación y el manejo de bosques nativos y la obligación de la Administración de Parques Nacionales de gestionar las EEI, brindan una oportunidad única para fomentar actividades de co‐gestión. Recomendamos desarrollar y promover espacios para compartir experiencias y establecer diálogos entre los actores y partes interesadas. Esto debería complementarse con una mejor alineación de las políticas públicas dispares que determinan la gestión de las EEI en Argentina, así como una mayor asistencia financiera para apoyar iniciativas locales y reducir la incertidumbre en el financiamiento a largo plazo. The complexities of invasive alien species (IAS) management call for a close collaboration among stakeholders to comanage effective solutions. Based on a SWOT analysis, we identified personal motivations as the main force that helps to overcome barriers to to IAS comanagement in Argentina. We recommend the development of spaces to share experiences and establish conversations among stakeholders.

The aim of this paper is to examine whether a factor predictive of future economic growth, captures asset returns on the Spanish stock market. Furthermore, we analyze the possible economic rational interpretation of the Fama and French factors and momentum, as variables with information about the future economic growth. These effects are quantified for the stages of crisis (economic: 1993 to 1997, and financial: 2008 to 2011) and economic expansion (1998 to 2007). The results show the relevance and explanatory power of this predictor in all periods, but is a weak economic interpretation of the size and book-to-market ratio factors, since this factor reflects market news on growth future GDP. The economic impact of momentum factor is irrelevant.

Este trabajo analiza los Informes Anuales de Transparencia publicados en España en 2010, tras la aprobación de la Ley 12/2010 de Auditoría de Cuentas (LAC), y en 2013, tras la publicación del Reglamento de la LAC y las nuevas propuestas europeas. Los resultados de esta investigación, pionera en nuestro país, evidencian un nivel de transparencia elevado en los items de divulgación obligatoria según la normativa y en aumento de 2010 a 2013. No obstante, se reduce la presentación de información voluntaria en 2013. Nuestro estudio revela que las firmas más grandes y menos dependientes de los ingresos por servicios de consultoría son las que presentan mayor transparencia informativa en sus Informes Anuales de Transparencia. This paper looks into the Annual Transparency Reports published in Spain in 2010 as a consequence of the Spanish Auditing Act 12/2010, and in 2013 after the publication of the 2011 Spanish Auditing Regulation and the new European Union proposals. The results of this pioneer research in our country evidence a high level of transparency regarding the compulsory items legally required, showing an increasing trend from 2010 to 2013. However, there is a decrease in voluntary information in 2013. Our study reveals that bigger audit firms and firms less dependent on fees from consultancy services are the ones with higher transparency levels in their Annual Transparency Reports.