Revista Galega de Economía <p><audio class="audio-for-speech"></audio></p> <div class="translate-tooltip-mtz translator-hidden"> <div class="header"> <div class="header-controls"><span style="text-align: justify;">The </span><em style="text-align: justify;">Revista Galega de Economía/Galician Journal of Economics</em><span style="text-align: justify;"> (RGE/GJE) is published twice a year. It was founded in 1992 and it is promoted by the Faculty of Economics and Business Administration of the University of Santiago de Compostela. Its aim is to promote academic research by publishing original articles that meet the highest analytical standards and provide new ideas that contribute to and disseminate economic and business knowledge.&nbsp; The RGE/GJE is an international peer-reviewed open access journal.&nbsp; The articles published are related to specialities in the fields of economics and business (marketing and market research, applied economics, financial economics and accounting, economics, sociology and agricultural policy, fundamentals of economic analysis, economic history and institutions, business organization and quantitative economics); it is also open to other fields as long as it contributes significantly to addressing problems of economics and business management. The target audience is made up of academics, researchers, professionals, business executives and public decision-makers.</span></div> </div> </div> <p style="text-align: justify;">The RGE/GJE has the quality imprint of the FECYT and is indexed in SCOPUS, ESCI, Dialnet, InDICEs-CSIC, IDEAS-RePEc, REDALYC, REDIB, DOAJ, and ERIH PLUS, among others. It is also included in different tools for the analysis of scientific journals such as MIAR, Latindex or CIRC.&nbsp;</p> <p style="text-align: justify;">The digital portal of<em> RGE/GJE </em>is published in Galician, Portuguese, Spanish, and English. The articles published are in Galician, Portuguese, Spanish, and English.<em>&nbsp;</em></p> Universidade de Santiago de Compostela. Servizo de Publicacións e Intercambio Científico en-US Revista Galega de Economía 1132-2799 <p>&nbsp;</p> <p>From 2019 papers and articles published in this journal are subject to the following terms:&nbsp;</p> <p>1. The University of Santiago de Compostela retains the patrimonial rights (copyright) of articles published, and encourages and enables reuse of the same under the license specified in point 2.</p> <p>2. Articles are published in the online edition of the journal under a <a title="License Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)" href="" target="_self">License Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)</a>. All papers can be copied, used, disseminated, transmitted and publicly displayed, provided acknowledgment of authorship, the URL, and the journal are mentioned and that the materials are not used for commercial purposes.</p> <p>3. All authors agree with the license used by the journal with the conditions of self-archiving and open access policy.</p> <p>4. Authors are allowed to disseminate electronically (e.g. in institutional repositories or on their own websites) the published version of their manuscripts, as these favours circulation and early diffusion and thus possibly increases the citations and scope among the academic community (See <a title="The Effect of Open Access" href="" target="_self">The Effect of Open Access</a>).</p> <p>Before this year, when publishing in Revista Galega de Economía, the author cedes all the exploitation rights of his/her article to the University of Santiago de Compostela which, under the conditions and within the restrictions stated in the legislation on intellectual property, is the copyright holder. The fact of its holding the copyright grants the University of Santiago de Compostela&nbsp; the exclusive right, worldwide, to:</p> <ul> <li class="show"> <p>publish the article’s final version in the journal, and distribute it and/or communicate it publicly, both in the journal itself and in other related media, in print format, digital format or any other format that can be created in the future;</p> </li> <li class="show"> <p>translate or write abstracts of the article, and distribute them and/or communicate them publicly, and authorize a third party for the same right or transfer the same right to a third party;</p> </li> <li class="show"> <p>deposit copies or references of the article in file-stores on line, both in platforms belonging to the University of Santiago de Compostela and in platforms belonging to a third party which has received the corresponding authorization by the University of Santiago de Compostela.</p> </li> </ul> Municipal capital gains tax in Galicia: What can we learn to improve the fiscal capacity of this tax? <p>The Tax on the Increase in Value of Urban Natural Land (IIVTNU), better known as the municipal capital gains tax has been one of the most questioned taxes due to the problems arising since its application and the continuous modifications as a result of the rulings of the Constitutional Court, which has led to its calculation being significantly changed. However, and despite the continuous reforms, the IIVTNU still has major problems that have not been corrected. In addition, no official estimates are available on the budgetary impact of the new regulation, nor does it seem that the General State Administration will pay any kind of compensation to the municipalities for the foreseeable loss of tax collection, as it is a fiscal capacity delegated to local entities. Finally, the IIVTNU has many more collection problems than other taxes such as the Property Tax or the Business Tax. This article addresses all these limitations and proposes a set of alternatives to improve the fiscal capacity of the IIVTNU, both generally and specifically for Galician municipalities.</p> Alberto Vaquero García Miguel Ángel Santirso Fernández Copyright (c) 2023 Universidad de Santiago de Compostela 2023-07-26 2023-07-26 32 3 1 23 10.15304/rge.32.3.8922 Sports celebrity endorsement impact on purchase intention <p>This research aims to study celebrity endorsement in the context of social media when done by sports celebrities and its influence on purchase intention. Four dimensions have been studied: word of mouth, brand image, brand trust, and brand attitude. By relating these variables, we seek to answer the following questions: Will consumers be influenced by a sports celebrity that they admire to buy a product/service from a brand that they support? Will the brand’s components be valued as a result of celebrity endorsement? Using a questionnaire shared on social networks, 303 valid answers have been obtained. Our statistical analysis has used a structural equation model and the results have been analyzed using SmartPLS software, which has confirmed all the model assumptions. Therefore, celebrity endorsement has an impact on brand image, word of mouth, brand attitude, and brand trust. Furthermore, it directly affects purchase intention. The effectiveness of celebrity endorsement has been verified in the context of social media and this research can thus help marketeers understand the importance of using sports celebrities to endorse brands. Implications for brands have been identified, based on the research results.</p> Francisco Moreira Inês Pereira José Duarte Santos Paulo Botelho Pires Copyright (c) 2023 Universidad de Santiago de Compostela 2023-08-20 2023-08-20 32 3 1 21 10.15304/rge.32.3.8710 An Investigation of Entrepreneurial Orientation, Social Media Adoption and E-commerce on MSME Business Performance: An Empirical Study in Indonesia <p>The COVID-19 pandemic has significantly impacted the health, economy, and social sectors, and micro, small, and medium-sized enterprises (MSMEs) worldwide, including in Indonesia. This paper examines the use of social media and e-commerce with an entrepreneurial orientation to enhance the business performance of MSMEs. The study should serve as a model for improving the quality of micro, small, and medium-sized enterprises in the Jambi Province, in Indonesia. The research employs quantitative and qualitative approaches. The latter method employs in-depth interviews, focus group discussions (FGDs), and observation, whereas the former uses the partial least squares method (PLS). The findings and discussions conclude that social media adoption positively affected the performance and entrepreneurial orientation of MSMEs during the said period. Similarly, e-commerce positively affected the performance and entrepreneurial orientation of MSMEs. Entrepreneurialism and social media adoption had a significant impact on the performance of MSMEs, and due to its entrepreneurial orientation, e-commerce influenced the performance of MSMEs.</p> Syahmardi Yacob Urip Sulistiyo Jefri Marzal Ade Perdana Siregar Amirul Mukminin Copyright (c) 2023 Universidad de Santiago de Compostela 2023-08-20 2023-08-20 32 3 1 24 10.15304/rge.32.3.9001 Market crises and benchmark-adjusted fund alphas in a small market context <p>Most mutual fund performance evaluation studies interpret fund alphas as the incremental performance of managers in relation to passive benchmark indices, which should exhibit statistically insignificant alphas. However, if these indices present significant non-zero alphas, standard (non-adjusted) fund alphas are biased. This paper investigates the impact of using benchmark-adjusted alphas to assess the performance of Portuguese-based mutual funds, investing in domestic and European equities. For the period 2000-2020, our results show that fund benchmarks exhibit significantly negative alphas, which lead to an underestimation of mutual fund performance when employing standard models. As a result, benchmark-adjusted alphas are significantly higher than unadjusted alphas for both fund categories, though the differences are larger for domestic than for European funds. We have also found that the impact of the benchmark-adjustment procedure depends on the state of markets. The domestic (European) benchmark exhibits considerably lower (higher) alphas during crisis than during non-crisis periods. During market crises, the differences between pre- and post-adjustment alphas are statistically significant only for domestic funds, whereas during non-crisis periods, both fund categories exhibit significant performance improvements. Our findings suggest that the benchmark-adjustment procedure has a higher impact when benchmark indices exhibit higher concentration.</p> Fernando Lopes Paulo Leite Maria Carmo Correia Pablo Durán-Santomil Copyright (c) 2023 Universidad de Santiago de Compostela 2023-10-09 2023-10-09 32 3 1 17 10.15304/rge.32.3.9140 The effect of socioeconomic factors, fear of crime and social mobilization on the evaluation of judiciary decisions <p>Crimes related to sexual abuse and rape attract large social mobilizations, as happened following the assault on an 18-year-old woman at the San Fermín festival in Pamplona, Spain, by a group of men known as “la manada” (“the wolf pack” in English). Understanding how the aftermath of protests and socioeconomic factors influence the perceptions of fear of crime, safety and justice, measured as judiciary decisions, are the aims of this paper. A randomized sample collected in two periods was obtained (N=605), the first one (n1=454) performed after the judicial sentence of the case, the second (n2=151) four months later, after the social alarm had decreased. The perception of safety increased after the peak moments of the demonstrations. The trust in justice was low and fell after protesters had risen to the streets although its perception was greater among higher income earners. Hence, the perception of safety rises during social mobilizations but only improves for a short period of time whereas the effects on that of justice last for longer.</p> Manuel Ruiz-Adame Susana Martínez-Rodríguez Jose Antonio Posada-Pérez Copyright (c) 2023 Universidad de Santiago de Compostela 2023-11-13 2023-11-13 32 3 1 24 10.15304/rge.32.3.9274 The historical configuration of the public and private hospital system in Spain from a territorial perspective: The case of Galicia <p>Hospitals have become strategic spaces for scientific research, medical training and clinical care, as well as central axes of our health system and our welfare state. Starting from this idea, this article offers new quantitative data and proposes two basic objectives. First, to analyse which elements conditioned the historical creation of the public and private hospital map in Galicia from a comparative perspective. Second, to study the impact of the General Health Law passed in 1986 and the transfer of healthcare to Galicia in 1991 on the development of its public and private hospital system in the long term. The results obtained highlight the relevance of the territorial perspective for understanding the historical heterogeneity of our current hospital model and to provide new elements for political debate and economic analysis.</p> Daniel Peñín Agra Margarita Vilar Rodriguez Copyright (c) 2023 Universidad de Santiago de Compostela 2023-11-30 2023-11-30 32 3 1 26 10.15304/rge.32.3.9203 Ethical leadership and benevolent climate. The mediating effect of creative self-efficacy and the moderator of continuance commitment <p>The Colombian electricity sector needs an ethical management style associated with a work environment that supports its principles. Furthermore, self-efficacy determines individual creative will and commitment does not always have an integrating function. For this reason, this research seeks to analyze the relationship between ethical leadership and a benevolent climate through the mediation of creative self-efficacy and the double moderation of the commitment to continuity. For this purpose, a conditional model is used. The sample is 448 employees. Ethical leadership builds a habitat of autonomy and trust that leads to self-perceptions of creative self-efficacy. Likewise, personality dimensions such as openness to experience, conscientiousness, and extraversion normalize the mediating function of creative self-efficacy regarding ethical leadership and a benevolent climate and includes all three variables. Finally, the commitment to continuity favors job dissatisfaction, emotional exhaustion, and personal inadequacy, which stops the dynamic behavior that creative self-efficacy needs, and at the same time interrupts the prosocial relationships that unite the ethical leader with a benevolent climate.</p> Carlos Santiago-Torner Copyright (c) 2023 Universidad de Santiago de Compostela 2023-12-01 2023-12-01 32 3 1 29 10.15304/rge.32.3.9092