Industry-specific effect of CSR initiatives: hotels and airlines

Purpose – This study aims to examine the relationships between a firm's corporate social responsibility (CSR) activities and its performance and risk. The authors hypothesize that industry-level effects are highly determinant of the sign and magnitude of these relationships to establish a ranking of industries to identify the position of the most prominent tourism-related industries: hotels and airlines. Based on the cybernetic model of decision making and the heuristics thereof, shareholders base their investment decisions derived from CSR announcements on the idea that the industries behave differently; their fixed costs being a relevant factor. Design/methodology/approach – The authors estimate the industry-specific effects of CSR initiatives on firms' performance and risk using a sample of 583 announcements from the Spanish Stock Market. Findings – The results show that while CSR announcements have a positive effect on performance when the authors do not account for industry-specific factors, once the authors incorporate these factors into the analysis, the authors find that firm performance and risk vary quite substantially as a function of the industry to which the firm belongs. Interestingly, while the hotel industry presents an average behavior (standing at 9th position in returns, 15th in terms of risk, and 8th according to the ratio returns/volatility), the airline industry presents the worst situation of all industries: last in performance and last in risk. Practical implications – The results help managers assess their decisions and allocate CSR resources optimally. Originality/value – This article is the first attempt to empirically test and comprehensively detect the different relationships between CSR and firm performance across industries.

Pitfalls on computing liquid-liquid phase equilibria using the k-value method

Poster presented in the 11th Mediterranean Congress of Chemical Engineering, Barcelona, October 21-24, 2008.

Optimizing the number of stations in arrays measurements: experimental outcomes for different array geometries and the f-k method

Array measurements have become a valuable tool for site response characterization in a non-invasive way. The array design, i.e. size, geometry and number of stations, has a great influence in the quality of the obtained results. From the previous parameters, the number of available stations uses to be the main limitation for the field experiments, because of the economical and logistical constraints that it involves. Sometimes, from the initially planned array layout, carefully designed before the fieldwork campaign, one or more stations do not work properly, modifying the prearranged geometry. Whereas other times, there is not possible to set up the desired array layout, because of the lack of stations. Therefore, for a planned array layout, the number of operative stations and their arrangement in the array become a crucial point in the acquisition stage and subsequently in the dispersion curve estimation. In this paper we carry out an experimental work to analyze which is the minimum number of stations that would provide reliable dispersion curves for three prearranged array configurations (triangular, circular with central station and polygonal geometries). For the optimization study, we analyze together the theoretical array responses and the experimental dispersion curves obtained through the f-k method. In the case of the f-k method, we compare the dispersion curves obtained for the original or prearranged arrays with the ones obtained for the modified arrays, i.e. the dispersion curves obtained when a certain number of stations n is removed, each time, from the original layout of X geophones. The comparison is evaluated by means of a misfit function, which helps us to determine how constrained are the studied geometries by stations removing and which station or combination of stations affect more to the array capability when they are not available. All this information might be crucial to improve future array designs, determining when it is possible to optimize the number of arranged stations without losing the reliability of the obtained results.

Isothermal (liquid + liquid) equilibrium data at T = 313.15 K and isobaric (vapor + liquid + liquid) equilibrium data at 101.3 kPa for the ternary system (water + 1-butanol + p-xylene)

The (vapor + liquid), (liquid + liquid) and (vapor + liquid + liquid) equilibria of the ternary system (water + 1-butanol + p-xylene) have been determined. (Water + 1-butanol + p-xylene) is a type 2 heterogeneous ternary system with partially miscible (water + 1-butanol) and (water + p-xylene) pairs. By contrast, (1-butanol + p-xylene) is totally miscible under atmospheric conditions. This paper examines the (vapor + liquid) equilibrium in both heterogeneous and homogeneous regions at 101.3 kPa of pressure. (Liquid + liquid) equilibrium data at T = 313.15 K have also been determined, and for comparison, the obtained experimental data have been calculated by means of several thermodynamic models: UNIQUAC, UNIFAC and NRTL. Some discrepancies were found between the (vapor + liquid + liquid) correlations; however, the models reproduced the (liquid + liquid) equilibrium data well. The obtained data reveal a ternary heterogeneous azeotrope with mole fraction composition: 0.686 water, 0.146 1-butanol and 0.168 p-xylene.