The goal of this study is to analyze the incidence of dominant owners in the probability of the presence of political directors and the effect of said presence on firm value. The study uses a sample of non-financial Spanish companies listed on the Spanish Stock Exchange over the period 2003–2012. The results show that around half of the firms have at least one ex-politician on their board of directors. Furthermore, the results indicate that dominant shareholders’ voting rights and family nature have a negative effect on the likelihood of having ex-politicians on the board of directors. Moreover, the results show that the presence of political connections positively affects firm value. Further analyses show that this relationship is dependent upon the nature of the dominant owner, the use of pyramidal structures, the tenure of board members and the political directors’ ownership stake.
Changes in annual rainfall in five sub-regions of the Argentine Pampa Region (Rolling, Central, Mesopotamian, Flooding and Southern) were examined for the period 1941 to 2010 using data from representative locations in each sub-region. Dubious series were adjusted by means of a homogeneity test and changes in mean value were evaluated using a hydrometeorological time series segmentation method. In addition, an association was sought between shifts in mean annual rainfall and changes in large-scale atmospheric pressure systems, as measured by the Atlantic Multidecadal Oscillation (AMO), the Pacific Decadal Oscillation (PDO) and the Southern Oscillation Index (SOI). The results indicate that the Western Pampas (Central and Southern) are more vulnerable to abrupt changes in average annual rainfall than the Eastern Pampas (Mesopotamian, Rolling and Flooding). Their vulnerability is further increased by their having the lowest average rainfall. The AMO showed significant negative correlations with all sub-regions, while the PDO and SOI showed significant positive and negative correlations respectively with the Central, Flooding and Southern Pampa. The fact that the PDO and AMO are going through the phases of their cycles that tend to reduce rainfall in much of the Pampas helps explain the lower rainfall recorded in the Western Pampas sub-regions in recent years. This has had a significant impact on agriculture and the environment.
Los autores agradecen a los jóvenes y padres la predisposición mostrada para el desarrollo de este estudio. También, la incondicional colaboración del club Fútbol Femenino Salamanca, materializada en la ayuda de los técnicos y responsables de las categorías inferiores. Código UNESCO: 5899 Educación Física y Deportiva / Physical education and sport. Clasificación del Consejo de Europa: 17. Otras (iniciación deportiva) / Other (sport initiation).
The eastern area of the Province of La Pampa, Argentina lies in a transition zone between the humid temperate climate stretching east and the steppe climate stretching west. The area is very sensitive to changes in precipitation patterns, especially when changes are sudden and there is no time to take adaptive measures to cope with the impacts of climate change. In such cases, agricultural production and the balance of the environment are threatened by potential disaster. In order to determine the long-term occurrence of such phenomena, long-term annual precipitation series (1921–2009) from 14 stations in the study area were analyzed using the procedure of hydrometeorological series segmentation. The results for the study period show a succession of abrupt increases, with annual precipitation increasing by about 30%. Each increase in rainfall can be seen as a fostering factor for the expansion of crop planted area in the following years. However, in recent years, there has been an abrupt and significant decrease in precipitation with a marked return to the conditions that prevailed at the beginning of the period. Because agriculture intensified during the period of increased rainfall, the carrying capacity of the environment could be exceeded if rainfall continues to decrease over a long period of time, causing a decline in production accompanied by environmental degradation
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