Revista Galega de Economía <p><em>Revista Galega de Economía </em>is a half-yearly published journal founded in 1992. It is promoted by the Faculty of Economics and Business&nbsp;Administration&nbsp;of the University&nbsp;of&nbsp;Santiago de Compostela.&nbsp;It publishes original&nbsp;papers related to the fields of economics, business administration and management, and social sciences, and it is addressed to the national and international scientific and academic community, as well as to all the professionals of those three fields of economy, business administration and management, and social sciences.</p> <p style="text-align: justify;"><em><em><em>Revista Galega de Economía</em> </em></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>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><em> <em>Revista Galega de Economía </em></em></em>is published in Galician, Spanish, and English. The languages of publicaction are 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> An empirical analysis of factors influencing Electronic Word of Mouth in Social Networking Sites after a brand promotion <p>Social networking sites have greatly increased in recent years in terms of use by consumers and companies, with more and more frequent development of marketing communication strategies in these media. Companies are increasing their invest-ment in social networking sites in order to attract new consumers through electronic word of mouth (e-WOM) and stimulate purchase intention.<br>This study contributes to literature by increasing knowledge of the factors that help improve the e-WOM resulting from a promotion made by a brand in social networking sites, through a combined model. The empirical contrast is made with a sample of university students with presence on different social networking sites. The developed analyses are carried out by means of a model of structural equations. The results show the relevant role of the exchange of online experiences between consumers and the commitment to the social network on the intention of eWOM. Likewise, they emphasize the importance of opportunity and identification with the social networking site as determinants of these antecedents.</p> Zaira Camoiras-Rodríguez Concepción Varela-Neira Copyright (c) 2020-05-10 2020-05-10 29 1 1 18 10.15304/rge.29.1.6123 European Port Policy: The new challenges of governance <p>The EU lacks a single legislation on port matters, except for provisions concerning port facilities and the operations of certain technical port services. Europe has more than 1200 ports,&nbsp; of which 319 are global and basic, integrated into the TransEuropean Transport Networks as a whole. Ports play an essential role in the EU trade and passenger services, as they are key nodes in global trade networks. 74% of non-EU trade takes place through ports. The European port sector is not homogeneous and is based&nbsp; on different organizational models. European port diversity (in term of size and type of organizational) makes it difficult to define a joint strategy. This work addresses the analysis of progress in the construction of a common port policy, as well as the different cross-conceptions of the maritime port business agents.&nbsp;</p> Fernando González-Laxe Copyright (c) 2020-05-10 2020-05-10 29 1 1 17 10.15304/rge.29.1.6401 The idea of justice in liberal-conservative ideology: theoretical foundations <p>The liberal conservative ideology is often seen as the enemy of the welfare state. However, it in fact includes diagnoses and remedies to consolidate a stronger society. This article explores the theoretical foundations of this proposal, particularly in regard to the two major themes of equality and poverty, as well as the role attributed to State and&nbsp; market to achieve a nuanced conclusion, in which&nbsp; criticism of egalitarianism, pragmatic concessions to certain social policies and more convinced bets are combined in favor of disadvantaged groups.</p> Josep Baqués Quesada Copyright (c) 2020-05-10 2020-05-10 29 1 1 18 10.15304/rge.29.1.5413 Three-dimensional model of the institutional matrix as a methodological tool for designing institutional changes <p>The article offers a three-dimensional model of the institutional matrix that can be used as a methodological tool for designing institutional changes in transitional societies to develop their socio-economic systems. The empirical basis of the analysis is the results of the GLOBE research program that has defined value and practice scores of the main cultural dimensions in 62 countries which affect the formation and development of institutions. In contrast to the concept of alternative dominant “Eastern” (redistributive) and “Western” (market) matrices, as it is currently known, it is offered to interpret basic economic, ideological and political institutions of society in the form of alternative vectors. They create a spatial mega-matrix which consists of two dominant and six complementary matrices. Complementary matrices which are presented in the article are interesting for determining variants of the development of existing socio-economic systems, which could not be described using the elements of traditional matrices. It is demonstrated that real institutional matrices of modern mixed socio-economic systems are formed in the mega-matrix space with the participation of all its components. The possibilities and conditions for using the offered model in implementing institutional changes and in the development of socio-economic systems are revealed.</p> Dmytro Ivanovych Dzvinchuk Victor Pavlovych Petrenko Mariana Stepanivna Orliv Oleksandr Volodymyrovych Molodtsov Copyright (c) 2020-05-10 2020-05-10 29 1 1 15 10.15304/rge.29.1.6236 Unemployment rate and the creation of household in Portugal <p>This paper deals with the case of Portugal from 2003 to 2017 and investigates the effect of a negative impact of its unem-ployment rate on the creation of new homes, together with the time that their creation is affected by the worsening of general economic conditions. To this end, this study uses a vector autoregressive model (VAR) in which many endogenous and exog-enous variables have been included that, according to the literature reviewed, will have a direct impact on creating new homes. The results show that the unemployment rate is the variable which more effectively explains the creation of new households, strengthening the relationship between the economic situation and other social variables, such as personal emancipation. In addition, the impact of such a perpetual shock on the unemployment rate continues to influence the build-ing of new homes throughout the two following years, when the situation returns to its initial levels.</p> Jonathan Torres Téllez Alberto Montero Soler Copyright (c) 2020-05-10 2020-05-10 29 1 1 19 10.15304/rge.29.1.6257 Social accounting matrices approach to cross-sectional analysis of technological activities: the case of the Optics sector in Spain <p>High-tech sectors are able to change the direction and speed of growth of an economy. This is because there are changes in the production technology of these sectors and, therefore, there are also changes in the production types of the sectors, in demand and, consequently, in the operation of the economy. This work seeks to establish the economic interactions that oc-cur when there are changes in a sector of this type. Specifically, cross sectional analysis techniques are applied to social ac-counting matrices to determine how the multiplier effect works within an economy, breaking it down and analyzing the re-distribution effects that other economic activities undergo. For this analysis, the case of Optics in Spain is taken as an exam-ple, the results showing the high dynamic ability of these sectors, both for their multiplying effect and also for their redistri-bution effects.</p> Margarita Barrera Alfredo Mainar José Vallés Copyright (c) 2020-05-10 2020-05-10 29 1 1 18 10.15304/rge.29.1.6304 Contributions to the examination of the growth in Argentine industrial accumulation in post-convertibility (2005-2011) and its comparison with the neoliberal increase phase (1993-1998) <p>Several discussions have taken place in relation to the Argentine industrial accumulation from the neoliberal stage (also known as “convertibility”) until its breakup in the post-convertibility stage. The discussions are organized around whether significant structural changes in the predominant industrial profile were manifested between both periods -according to the prevalence in the manufacturing of industrial commodities-, or if there are more continuities. In the present study, the men-tioned debates contribute by examining the industry, on the one hand, under the dynamics of the accumulation of the sectors that integrate it, and on the other, according to an input-output model. In turn, in order to study the characteristics of manu-facturing growth in post-convertibility and establish comparisons with convertibility, the phases of cumulative increase of the crisis and recovery phases are differentiated. This study contributes from this approach to the theses that sustain the per-sistent continuities in both stages.</p> Federico Daniel Naspleda Copyright (c) 2020-05-10 2020-05-10 29 1 1 17 10.15304/rge.29.1.6063 The quiet Portuguese: Are Portuguese taxpayers victims of fiscal illusion? <p>This article discusses the four dimensions generating fiscal illusion through a survey answered by a sample of the population of the northern region of Portugal. The surveyed dimensions were (1) bias in the taxpayers' perception of the costs and benefits of public programs; (2) ignorance or inattention about the fiscal reality (like about tax structure or associated collection); (3) taking advantage of the taxpayer's timing and expectations for an optimized tax collection; and (4) association of the surrounding socioeconomic reality with the tax structure. The results show that the most serious dimension present among the analyzed Portuguese taxpayers is the relative lack of attention to fiscal reality. Through an analysis using appropriate tests, it was observed that some dimensions, such as education and taxpayer income, significantly influence the individual risk of fiscal illusion.</p> Ana Araujo Paulo Jorge Reis Mourão Pedro Daraujo Copyright (c) 2020 2020-05-29 2020-05-29 29 1 1 20 10.15304/rge.29.1.6626 Greek crisis and financial fragility in Minsky´s instability hypothesis <p>Greece has still not found its way back while its economy has been deteriorating year after year since 2008. It is argued in this article that the central factor of this outcome was the dynamics of financing in the countries most involved in Greek indebtedness that was considerably greater and had a more detrimental influence on the Greek economy than poor fiscal management that different governments could incur. The impetus displayed by financial services did not correspond to the weakness of the real sector which occurs when borrowing and financial flows are used without restriction to meet the interests of creditors. In this work an analysis of the channels that fueled Greek debt is carried out in the context proposed by Minsky where an economy moves from financial stability to a scenario of instability supported in two determining variables: high and exaggerated interest on debt service and the type of agents holding debt assets. The debt-service interest incurred by the government since joining the eurozone and the impetus for financing caused the debt to have a giant snowball effect while the change in debt holders forced the government to comply with strict and onerous government and macroeconomic reforms that directly impacted the ability of Greek governments to pay with negative results on the well-being of society.</p> Amparo Alejandra Reyes Escobar Carlos Antonio Rozo Bernal Copyright (c) 2020 2020-05-29 2020-05-29 29 1 1 18 10.15304/rge.29.1.6609 Álvarez-García, B., Abeal-Vázquez, J-P. (2020). Emerging tools and strategies for financial management. Hershey, PA: IGI Global Book, 357 pp. Renato Heitor Correia Domingues Copyright (c) 2020-05-26 2020-05-26 29 1 1 2