A Methodology to measure shareholder value orientation and shareholder value creation aimed at providing a research basis to investigate the link between both magnitudes

Does shareholder value orientation lead to shareholder value creation? This article proposes methods to quantify both, shareholder value orientation and shareholder value creation. Through the application of these models it is possible to quantify both dimensions and examine statistically in how far shareholder value orientation explains shareholder value creation. The scoring model developed in this paper allows quantifying the orientation of managers towards the objective to maximize wealth of shareholders. The method evaluates information that comes from the companies and scores the value orientation in a scale from 0 to 10 points. Analytically the variable value orientation is operationalized expressing it as the general attitude of managers toward the objective of value creation, investment policy and behavior, flexibility and further eight value drivers. The value creation model works with market data such as stock prices and dividend payments. Both methods where applied to a sample of 38 blue chip companies: 32 firms belonged to the share index IBEX 35 on July 1st, 1999, one company represents the “new economy” listed in the Spanish New Market as per July 1st, 2001, and 5 European multinational groups formed part of the EuroStoxx 50 index also on July 1st, 2001. The research period comprised the financial years 1998, 1999, and 2000. A regression analysis showed that between 15.9% and 23.4% of shareholder value creation can be explained by shareholder value orientation.

Hezbollah's identities and their relevance for cultural and religious IR

This working paper analyses the role of religious and resistance identities in Hezbollah’s transformation and foreign relations. It argues that this Islamist movement has privileged material concerns over the religious dogma when both factors have not been coincidental. To do so, it uses a theoretical framework that presents the main characteristics of the anthropological and political interpretations of the role of culture and religion in defining the behaviour of international actors. In the chapter dedicated to Hezbollah, close attention is paid to the domestic and regional levels of analysis. When assessing Hezbollah’s religious identity, this paper argues that the salience of the pan-Islamic religious identity in Hezbollah’s origins has been replaced by an increased political pragmatism. It also argues that the fight against Israel represents Hezbollah’s raison d’être and that its resistance identity has not suffered major transformations and has been easily combined with religious rhetoric. Linking Hezbollah’s case study with the theoretical framework, this paper argues that political conceptions of cultural and religious identities provide the best analytical tool to understand the evolution of this Islamist movement.

Ethnic and religious polarization and social conflict

In this paper we examine the link between ethnic and religious polarization and conflict using interpersonal distances for ethnic and religious attitudes obtained from the World Values Survey. We use the Duclos et al (2004) polarization index. We measure conflict by means on an index of social unrest, as well as by the standard conflict onset or incidence based on a threshold number of deaths. Our results show that taking distances into account significantly improves the quality of the fit. Our measure of polarization outperforms the measure used by Montalvo and Reynal-Querol (2005) and the fractionalization index. We also obtain that both ethnic and religious polarization are significant in explaining conflict. The results improve when we use an indicator of social unrest as the dependent variable.

Understanding the religious behaviour of Muslims in the Netherlands and the UK

The position of Muslims in Western societies is the subject of intense study and debate. However, remarkably little attention has been paid to the practice of European Muslims and how Muslim religiosity relates to conventional measures of social and economic integration. In this paper we draw on theories of secularization, assimilation, revitalization and integration to explore the correlates of attendance at religious meetings for Muslims of different backgrounds in the Netherlands and the UK. We conclude that patterns of religiosity and secularisation cannot be generalised across national contexts.

Between pluralism and majoritarianism: the European Court of Human Rights on religious symbols and education

How is it possible to square the development of a consistent Europeanapproach to religious diversity with the recognition of the sometimes-conflictiveplurality of state-religion models? The Court´s support of the liberalprinciples of separation and neutrality have either been deplored by Christianconservatives as the result of European Christophobia, or celebratedby secularists as contributing to the formation of a Europe free of religion.In contrast, the present chapter argues for a differentiated approach toEuropean jurisprudence, outlining how the Court has been oscillating betweenan appealing liberal-pluralist perspective or framework, and a questionablemajoritarian one. Both perspectives are illustrated by focusing onrepresentative decisions in the area of religious education and symbols.

Predictors of political orientation among US-born Mexican Americans: cultural identification, acculturation attitudes and socioeconomic status

With each passing election, U.S. political campaigns have renewed their efforts in courting the “Latino vote,” yet the Latino population is not a culturally homogenous voting bloc. This study examined how cultural identifications and acculturation attitudes in U.S. born Mexican Americans interacted with socioeconomic status (SES) to predict political orientation. Individuals who held stronger Mexican identity and supported biculturalism as an acculturation strategy had a more liberal orientation, while belonging to a higher SES group and holding stronger assimilation attitudes predicted a less liberal orientation. Mexican cultural identification interacted with SES such that those who held a weaker Mexican identity, but came from a higher social class were less liberal and more moderate in their political orientation. Weak Mexican identification and higher SES also predicted weaker endorsement of bicultural acculturation attitudes, which in turn, mediated the differences in political orientation. The acceptance of one’s ethnic identity and endorsement of bicultural attitudes predicted a more liberal political orientation. In light of these findings, political candidates should be cautious in how they pander to Latino constituents—referencing the groups’ ethnic culture or customs may distance constituents who are not strongly identified with their ethnic culture.

Social value orientation as a moral intuition: Decision-making in the dictator game

We studied the decision making process in the Dictator Game and showed that decisions are the result of a two-step process. In a first step, decision makers generate an automatic, intuitive proposal. Given sufficient motivation and cognitive resources, they adjust this in a second, more deliberated phase. In line with the social intuitionist model, we show that one s Social Value Orientation determines intuitive choice tendencies in the first step, and that this effect is mediated by the dictator s perceived interpersonal closeness with the receiver. Self-interested concerns subsequently leadto a reduction of donation size in step 2. Finally, we show that increasing interpersonal closeness can promote pro-social decision-making.

Religious Slaughter in Europe

Halal and Shechita slaughter were assessed in 135 European abattoirs. Shechita is carried out without stunning in all abattoirs, while 65% of cattle abattoirs, 50% small ruminants and 50% poultry abattoirs use preslaughter stunning for Halal Slaughter.

Hydrodynamic induced deformation of and orientation of a microscopic elastic filament

We describe simulations of an elastic filament immersed in a fluid and subjected to a body force. The coupling between the fluid flow and the friction that the filament experiences induces bending and alignment perpendicular to the force. With increasing force there are four shape regimes, ranging from slight distortion to an unsteady tumbling motion. We also find marginally stable structures. The instability of these shapes and the alignment are explained by induced bending and nonlocal hydrodynamic interactions. These effects are experimentally relevant for stiff microfilaments.

Particle orientation distribution in Y-Fe2O3magnetic tapes by Mössbauer and hysteresis loop measurements

The particle orientation in several Y-Fe2O3magnetic tapes has been quantitatively evaluated by using the data of both Mössbauer and hysteresis loop measurements performed in the three orthogonal directions. A texture function has been obtained as a development of real harmonics. The profile of the texture function gives the quality of the different magnetic tapes. A different degree of particle orientation at the surface of the tape is evidenced by means of conversion electron Mössbauer spectra.

Particle shape and orientation in laser diffraction and static image analysis size distribution analysis of micrometer sized rectangular particles

Laser diffraction (LD) and static image analysis (SIA) of rectangular particles [United States Pharmacopeia, USP30-NF25, General Chapter <776>, Optical Miroscopy.] have been systematically studied. To rule out sample dispersion and particle orientation as the root cause of differences in size distribution profiles, we immobilize powder samples on a glass plate by means of a dry disperser. For a defined region of the glass plate, we measure the diffraction pattern as induced by the dispersed particles, and the 2D dimensions of the individual particles using LD and optical microscopy, respectively. We demonstrate a correlation between LD and SIA, with the scattering intensity of the individual particles as the dominant factor. In theory, the scattering intensity is related to the square of the projected area of both spherical and rectangular particles. In traditional LD the size distribution profile is dominated by the maximum projected area of the particles (A). The diffraction diameters of a rectangular particle with length L and breadth B as measured by the LD instrument approximately correspond to spheres of diameter ØL and ØB respectively. Differences in the scattering intensity between spherical and rectangular particles suggest that the contribution made to the overall LD volume probability distribution by each rectangular particle is proportional to A2/L and A2/B. Accordingly, for rectangular particles the scattering intensity weighted diffraction diameter (SIWDD) explains an overestimation of their shortest dimension and an underestimation of their longest dimension. This study analyzes various samples of particles whose length ranges from approximately 10 to 1000 μm. The correlation we demonstrate between LD and SIA can be used to improve validation of LD methods based on SIA data for a variety of pharmaceutical powders all with a different rectangular particle size and shape.

De "Paraules al vent" a "La Fàbrica": creació, evolució i publicació dels primers poearis de Miquel Martí i Pol

Aquest article té per objecte resseguir la trajectòria de creació i publicació dels primers llibres de Miquel Martí i Pol i mostrar el canvi d’orientació poètica de la seva obra a partir de 1957 i fins a 1961. El «canvi de rumb» experimentat, tal com l’anomenava el mateix autor, va comportar el trànsit de la introspecció dels primers reculls, inclosa l’evolució de la seva crisi religiosa, cap a la «poesia social» d’El poble i La fàbrica.

Structuration and branding of a religious tourism product: Catalonia sacra

This article aims to provide an overview of the products Catalonia has to offer in terms of religious tourism. The growing interest in this kind of tourism worldwide, and in Catalonia itself, along with the region's wealth of religious heritage (particularly connected to the Christian Church) contrast with the lack of religion-based tourism products available, which results in its absence from the region's image as a tourism destination. In view of this, the Faculty of Tourism (University of Girona), the Vic Bishopric's Albergueria-Centre for Cultural Dissemination and the Tarraconense Episcopal Conference's Interdiocese Secretariat for the Custody and Promotion of Holy Art (SICPAS) decided to address the situation with the help of funding from the Autonomous Government of Catalonia. In order to re-position Christian religious heritage in the image of Catalonia as a tourist destination, the aforementioned parties embarked upon a project to set up a series of routes throughout the region, branded under the name Catalonia Sacra