Revista Galega de Economía <p style="text-align: justify;">The <em>Revista Galega de Economía </em>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; RGE 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.</p> <p style="text-align: justify;">The <em>Revista Galega de Economía </em>is indexed in <a href="">SCOPUS</a>, <a href="">Dialnet</a>, <a href="">InDICEs-CSIC</a>, <a href="">IDEAS-RePEc</a>, <a href="">REDALYC</a>,&nbsp;<a title="REDIB" href="" target="_blank" rel="noopener">REDIB</a>, <a href="">DOAJ</a>, <a href=""><span style="font-size: 11.0pt;">ERIH PLUS</span></a> and EconIS, among others. It is also is included in different tools for the analysis of scientific journals such as <a href="">MIAR</a>, <a href="">DICE</a>, <a href="">Latindex</a> or <a href="">CIRC</a>.</p> <p style="text-align: justify;">The digital portal of<em> Revista Galega de Economía </em>is published in Galician, 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>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> Analysis of perceived value of a new packaging in sugar market and its influence on willingness to pay <p>In 2007, the Azucarera company successfully launched a new sugar container in order to improve product differentiation. Twelve years after launching the new product, the aim is to analyze the evaluation of the attributes of the packaging that add value to it, the intention to buy and the willingness to pay a premium for the new packaging compared to the orixinal one. Based on the expertise obtained after the launch of the product, this study analyzes, in addition to the consumer's point of view, the manufacturer of the container, the distributor and the company that produces sugar. The results reveal that the consumer is not only predisposed to buy the new package but is willing to pay price premium over the traditional package in addition to significantly assessing the main dimensions of the package such as ease of use, tightness and hygiene.</p> Domingo Calvo Dopico Ángel María del Castillo Puente Jonathan Neptali Herrera Peña Copyright (c) 2020 2020-09-09 2020-09-09 29 3 1 17 10.15304/rge.29.3.6705 Elaboration of the Galician Fiscal Balance for the period 2011-2013. A comparative analysis with the System of Territorialised Public Accounts <p>In this work, the Galician fiscal balance for the 2011-2013 period is estimated, using the SICOP as the database for allocating expenditure and carrying out a comparison with the results obtained from the System of Territorialised Public Accounts. As the main innovation. and differing from different works published so far for Galicia, the result of the fiscal balance is presented according to the following logic. Firstly, the “basic fiscal balance” is prepared, where only the territorialised expenditure in Galicia is taken into account and which is materialised in transfers from the Central Administration to the Autonomous<br>Community, expenditure on goods and services, personnel and real investment. Subsequently, the result of the “extended fiscal balance” is indicated, where financial and social protection expenditure is added.</p> Juan Alberto Turnes Abelenda Xavier Vence Deza Copyright (c) 2020 2020-09-09 2020-09-09 29 3 1 16 10.15304/rge.29.3.6698 The risk-based approach in organization quality management systems <p>The relevance of the study is associated with the problem of introducing a risk-based approach in the quality management systems (QMS) of organizations from various sectors according to the requirements of ISO 9001:2015. It hereby offers a new feature of risk classification based on their application in management systems concerning various aspects of organizations activity, in particular, risk in QMS (quality risk). The authors’ definition of the term “quality risk” is presented, and the concept of the “risk-based approach in QMS” is clarified. Methodical approaches to the choice of the complexity of the risk-based approach depending on the QMS maturity in an organization and the factors of its environment are developed and tested in 46 organizations from various industries.</p> Oksana Zhemchugova Violetta Levshina Copyright (c) 2020 2020-09-09 2020-09-09 29 3 1 13 10.15304/rge.29.3.6538 Own identity and cultural and creative industries. The case of European regions <p>In this paper we analyse the impact that cultural identity and political autonomy have on the ability of European regions to develop the sector of creative and cultural industries. Firstly, we have compiled a collection of existing literature on key factors to explain the agglomeration of these industries. Secondly, we introduce our hypotheses about the effect of regional identity on creative and cultural industries. Next, we consider four econometric models that relate these concepts in the case of European regions. Finally, we expose the main conclusions of the work that can be summed up as the existence of a positive impact of regional identity on the development of creative and cultural industries in the European regions.</p> José Manuel Amoedo Meijide Manuel González López Copyright (c) 2020 Universidad de Santiago de Compostela 2020-10-26 2020-10-26 29 3 1 19 10.15304/rge.29.3.6831 Blue governance: Sustainable port governance <p>This research presents a proposal for a study of governance from the perspective presented in the Integrated Maritime Policy (IMP) of the European Union, which seeks to provide coherence to the problems in the maritime sector through the coordination of all stakeholders in the maritime sector. The objective of this research is to identify the barriers and the problems that occur when a Member State tries to implement the Integrated Maritime Policy in the governmental organization of marine spaces. The challenge is to achieve ‘blue governance’ i.e.the activation of a network of cooperation between the different stakeholders of the port sectors so as to be able to integrate the different regional, national, European and international levels with the purpose of establishing a structured, systematic collaboration framework</p> Beatriz López-Bermúdez Maria Jesús Freire-Seoane Carlos Pateiro-Rodríguez Copyright (c) 2020 Universidad de Santiago de Compostela 2020-11-03 2020-11-03 29 3 1 17 10.15304/rge.29.3.6956 Enhanced annuities as a complement to the public retirement pension: analysis of their implementation in Spain <p>Enhanced annuities are non-deferred annuities that, by considering risk factors of the insured person in addition to their age, can provide a greater periodic pay-out than that of standard annuities. Given current demographic trends and the associated longevity risk, enhanced annuities, widely introduced in the United Kingdom, can become an important market niche in countries where their sale levels are low or non-existing, as is the case of Spain. In this work, we describe some key aspects of enhanced annuities. A quantitative analysis is also carried out. To do so, we focus on determining the pay-outs to be received, based on the consideration of a mortality table fitted to the annuitant’s life expectancy. Finally, the main drivers of and barriers to the demand and supply of this product are exposed, considering the particular situation of Spain.</p> Jorge de Andrés Sánchez Laura González-Vila Puchades Copyright (c) 2020 2020-11-12 2020-11-12 29 3 1 19 10.15304/rge.29.3.6649 Financial capability and financial behaviour of the millennial generation in Spain <p>Individuals’ financial capability, resulting from the combination of the financial literacy they have and the opportunity to access financial products, is a challenge in today's societies and, particularly, for certain population groups such as the millennial generation. For this reason, it is important to study the financial capability of millennials and to validate whether there are differences regarding that of preceding generations. After the literature review, the empirical analysis is carried out using a sample based on the Survey of Financial Competences (SFC). The sample is composed of 6,852 non-retired individuals under 65 years of age, of which approximately 34% are millennials. Descriptive and econometric analyses are based on this sample. However, financial inclusion is more related to the financial behaviours of respondents. This relationship is clear, regardless of the generational cohort analysed, in the delay in payments, the maintenance of emergency funds and the financial planning horizon. It is also found that the correlation of some behaviours with financial literacy is more similar between millennials and non-millennials than when the former is compared with their peers. This research contributes to the existing financial literature through the analysis of the financial capability of the Spanish millennial generation and the analysis of how this capability influences its financial behaviour. In this sense, the research brings empirical evidence to a field of study in which there is hardly any reference that goes beyond descriptive analyses focused on AngloSaxon contexts.</p> Marcos Álvarez Espiño Sara Fernández-López Lucía Rey-Ares Sandra Castro-González Copyright (c) 2020 Universidad de Santiago de Compostela 2020-12-04 2020-12-04 29 3 1 20 10.15304/rge.29.3.7045 Changes and continuities in the Galician economic structure after the financial crisis. An analysis using the 2008 and 2016 input-output tables <p>Thie present work investigates the changes and continuities in the economic structure of Galicia during the 2008 crisis and the following economic recovery cycle. We will address this issue from the perspective of the critical perspective on economic development theory. To do so, we will use the information provided by the 2008 and 2016 input-output tables, carrying out a comparative analysis. In the first place, we compare the key sectors that define the core of the internal production scheme. After that, we study Galicia´´ s&nbsp; &nbsp;comparative advantages and disadvantages of its external insertion in Spain, the European Union and the world. The results obtained indicate that the economic structure of Galicia has not changed in its fundamental aspects after the economic crisis. This result suggests that the causes of the economic growth and the improvement of the trade balance following the crisis must be looked for elsewhere.</p> Fernando de la Torre Cuevas Copyright (c) 2020 Universidad de Santiago de Compostela 2020-12-07 2020-12-07 29 3 1 27 10.15304/rge.29.3.7126 Territorial assessment for moving a chemist’s in Galicia. A case study of Applied Geography <p>The creation or transfer of a service always has a series of territorial repercussions. However, if, in addition, the service is a chemist’s that, to do business, must meet a series of conditions (the number of inhabitants and distances among others,) the territorial consequences may be several. The purpose of this work is to show how the voluntary transfer of a chemist’s would affect the municipality of A Estrada (Pontevedra). The territorial repercussion would influence the demographic, social, economic and mobility characteristics of the population in this area in the interior of Galicia. The basic service of distributing medicine to the population would also be affected. To achieve this objective, exhaustive fieldwork was carried out along with an analysis of all available territorial information on the actions to be carried out, considering planning and territorial development in the municipality. One of the conclusions reached was to verify how the boundaries or borders that are sometimes created by the administration are not always the most efficient in relation to the characteristics of the territory, nor do they provide the best service to the population (educational, health or pharmaceutical).&nbsp;</p> Ángel Miramontes Carballada Copyright (c) 2020 Universidad de Santiago de Compostela 2020-12-08 2020-12-08 29 3 1 21 10.15304/rge.29.3.7072 Mobile commerce purchase behaviour: The importance of personality traits <p>The advantages that mobile commerce provides have attracted the attention of companies and consumers. Despite its potential benefits, research on the factors that influence how often it is used and bought is still scarce. This research contributes to a greater knowledge and understanding of the factors that influence how often it is bought in a mobile environment by relating the Technology Acceptance Model (TAM) to personality traits literature. This research is based on a sample of 200 individuals who have mobile devices with Internet access. The technique used to test the hypotheses is path analysis. The results show the indirect effect of the need for material resources and task orientation on the number of purchases in mobile commerce. Furthermore, the results reflect the important mediating role of an impulsive purchasing tendency in the level of purchase frequency.</p> Zaira Camoiras-Rodríguez Concepción Varela-Neira Copyright (c) 2020 2020-12-09 2020-12-09 29 3 1 22 10.15304/rge.29.3.6787 Acknowledgement of reviewers for 2019 and 2020 Maria Luisa Chas-Amil Copyright (c) 2020 Universidad de Santiago de Compostela 2020-12-09 2020-12-09 29 3