An experimental study was designed to analyze the effect of school-based training in self-regulation learning strategies on academic performance. Class-level variables were considered and the effects of the intervention were measured at the end of the intervention and 3 months later. A sample of 761 students from 3rd and 4th grades, from 14 schools, participated in the study. Data were analyzed using three-level analysis with within-student measurements at level 1, between-students within-classes at level 2, and between-classes at level 3. Data (...) showed a positive effect of the intervention on student performance, both at post-test and at follow-up considering the four school subjects together. However, the effect was significant just at follow-up when subjects were considered separately. Student performance was significantly related to the students’ variables and the context. Finally, students’ gender and level of reading comprehension, as well as the teacher’s gender, were found to moderate the effect of the intervention on students’ academic performance. Two conclusions were highlighted: first, data emphasize the importance of considering time while conducting intervention studies. Second, more teaching experience does not necessarily translate into improvements in the quality of students’ instruction. (shrink)

The analysis of TV violence cannot be limited to the quantification of its incidence, but should also take into account the type of violence broadcast and its context (what is depicted and how). Thus, normative models of violence (legitimized violence with positive consequences for the aggressor, or vice versa) could be understood as positive, while contra-normative models of violence (rewarding illegitimate violence and punishing legitimate violence) should be of far greater concern. This paper analyzes the normative contexts of TV violence (...) through a content analysis of randomly selected fragments of TV programming (147 recorded hours). The results show that news programs and TV series/soaps delegitimized violence to a higher extent, while films tend to show legitimized or ambivalent violence. Positive consequences of violence predominate in fictional programs, except for TV series/soaps. Normative presentation of violence is more frequent, especially in nonfiction genres, as fiction has more freedom to depict the socially undesirable. (shrink)

El presente monográfico de Recerca titulado «Los nuevos discursos del management: contribuciones desde una perspectiva crítica», se compone de siete artículos de investigación y dos recensiones. A través de los diferentes escritos se pretende realizar un recorrido por el estado actual de los discursos del management y sus repercusiones no solo en el mundo del trabajo, sino en el grueso de la sociedad desde una perspectiva crítica. Así pues, a lo largo de las siguientes páginas el/la lector/a podrá transitar por (...) los diferentes discursos que hoy en día caracterizan el espacio social. Nos referimos a marcos generales de sentido como el individualismo y la descolectivización de lo social, pero también a cuestiones más concretas como el emprendimiento y la precariedad; todos ellos componentes que conforman el escenario al que nos estamos remitiendo en todo momento, esto es, el del discurso neoliberal o el «nuevo espíritu del capitalismo» (Boltanski y Chiapello, 2002). (shrink)

El coaching ejecutivo ha dado lugar a numerosos desarrollos de orientación básicamente prescriptiva. Una perspectiva crítica y con base empírica puede permitir ir más allá de la retórica del coaching e identificar las tensiones y las contradicciones de los procesos de coaching en un contexto organizacional, como entorno relacional y cultural. El objetivo de este trabajo es acercarnos críticamente al coaching ejecutivo individual en la práctica, estableciendo las diferencias entre lo preconizado por las teorías y los expertos del coaching y (...) lo que se hace en las empresas. Mediante 50 entrevistas en profundidad a coaches y coachees, identificamos cuatro grandes discursos sobre el coaching ejecutivo: a) herramienta de crecimiento personal; b) relación diádica; c) resolución de problemas en equipos de trabajo; y d) mecanismo de cambio organizacional. El análisis muestra las tensiones y las contradicciones ad intra y entre los discursos y, con ello, la importancia de considerar el contexto organizacional. (shrink)

The article is focused in texts of three authors of "the generation of 98": Azorín, Unamuno and Valle-Inclán. In them we found ways and forms to experience time: the present time, novelty, hurry against cyclic time, "intrahistory" and tradition, permanence, private time and common time, the transcendence of the time..

Resumen: El objetivo de esta contribución es el de realizar una valoración del trabajo de Maria Medina-Vicent Mujeres y discursos gerenciales: hacia la autogestión feminista. En el texto se describirá la importancia que tienen las ideologías gerenciales como articuladoras del discurso pro-empresarial contemporáneo para, a continuación, señalar las principales contribuciones del libro de Medina-Vicent, que son la de no solo criticar el peculiar tipo de feminismo presente en los libros de literatura empresarial dirigidos a mujeres, sino proponer una reversión de (...) los discursos neoliberales sostenida en las aportaciones de la teoría feminista.: This contribution aims at making an assessment of the work of Maria Medina-Vicent Mujeres y discursos gerenciales: hacia la autogestión feminista. The text will describe the importance of managerial ideologies as articulators of contemporary pro-business discourses. Besides, the main contributions of Medina-Vicent’s book will be highlighted. Those are not only the critique of the peculiar type of feminism underpinning in management books addressed to women, but also the proposal of a feminist theory-based rejection of neoliberal discourses. Palabras clave: ideologías gerenciales, feminismo, estudios críticos de gestión, mujeres líderes. Keywords: managerial ideologies, feminism, critical management studies, female leaders. (shrink)

Recent research has shown that cultural, linguistic, and sociodemographic peculiarities influence the measurement of trait emotional intelligence. Assessing trait EI in different populations fosters cross-cultural research and expands the construct’s nomological network. In mental health, the trait EI of clinical populations has been scarcely researched. Accordingly, the present study examined the relationship between trait EI and key sociodemographic variables on Trait Emotional Intelligence Questionnaire datasets with mental healthcare patients from three different Spanish-speaking countries. Collectively, these datasets comprised 528 participants, 23% (...) from Chile, 28% from Peru, and 49% from Spain. The sociodemographic variables we used for trait EI comparisons were gender, age, educational level, civil status, and occupational status. Analyses involved Multigroup Exploratory Structural Equation Modelling and analysis of covariance. Our results revealed significant between-country differences in trait EI across the studied sociodemographic variables and interactions between these variables. Measurement invariance across the datasets was attained up to the scalar level regarding gender and education, although analyses on age, civil status, and occupation displayed non-invariance. The resultant psychometric evidence supports the suitability of the TEIQue-SF for the accurate cross-cultural assessment of trait EI in mental health settings. It also highlights the importance of incorporating trait EI into extant psychotherapeutic frameworks to enhance non-pharmacological treatment efficacy. (shrink)

There are many operas that are based on false historical facts, use stage directions that contradict the libretto or make incorrect use of musical forms. This article considers whether the alteration of the empirical truth of an opera compromises or alters its ontological truth in any way, since analysing every layer of an opera is fundamental in order to understand it. As we will see in reference to the three fundamental components of opera – librettos, scores and stage designs – (...) and taking Bizet’s Carmen and Verdi’s Don Carlos as examples, this becomes problematic when the empirical criteria of truth is compromised. However, as we shall suggest throughout the article, the hermeneutic reading can be considered as the means of interpreting what truly constitutes opera as a work of art and how a truth is achieved therein that does not unfold in any other way. (shrink)

Ante la gravedad de la mentira, causante de todos los males, difundida desde hace muchas décadas en el Mundo Hispánico, este libro, con la fuerza del conocimiento de la verdad, pretende orientar a ese mismo mundo hacia su estabilidad, su concordia y su libertad, puestas hoy en peligro por tantas falsedades. Lo hace principalmente mostrando cómo la Corona Española, desde 1493, ordenaba tratar "muy bien y amorosamente a los indios", los cuales siempre encontraron en ella su principal bienhechora y, por (...) ello, en el siglo XIX, prefirieron seguir vinculados a ella frente a los descendientes de los encomenderos independentistas. Índice: PREFACIO DE DON JUAN DE BORBÓN INTRODUCCIÓN SIGLAS Y ABREVIATURAS I. APROXIMACIÓN A LA REINA ISABEL I II. REINA HUMANISTA III. HUMANISMO FRENTE A ESCLAVITUD IV. «QUE TODOS TRATEN MUY BIEN Y AMOROSAMENTEA LOS INDIOS» V. «¿QUÉ PODER TIENE MÍO EL ALMIRANTE PARA DARA NADIE MIS VASALLOS?» VI. «CON MUCHO AMOR» VII. LOS ÚLTIMOS DOCE AÑOS DE LA REINA ISABEL VIII. LAS CASAS Y EL REY FERNANDO IX. LA UNIVERSITAS CHRISTIANA DE CARLOS V X. LA INCORPORACIÓN DE LAS INDIAS A LACORONA DE CASTILLA Y LEÓN XI. LA ENCOMIENDA Y LA ESCLAVITUD NATURAL XII. CARLOS V Y LOS DERECHOS DE LOS INDIOS XIII. LA JUNTA CONVOCADA POR EL EMPERADOR EN 1550 XIV. FILOSOFÍA POLÍTICA DE VITORIA Y LA ESCUELA DE SALAMANCA XV. LA RECOPILACIÓN DE LEYES DE LOS REINOS DELAS INDIAS XVI. LA MONARQUÍA A PARTIR DEL SIGLOXVIII XVII. LA FUNCIÓN DE LA CORONA EN HISPANOAMÉRICA BIBLIOGRAFÍA. (shrink)

At least since Kuhn’s Structure, philosophers have studied the influence of social factors in science’s pursuit of truth and knowledge. More recently, formal models and computer simulations have allowed philosophers of science and social epistemologists to dig deeper into the detailed dynamics of scientific research and experimentation, and to develop very seemingly realistic models of the social organization of science. These models purport to be predictive of the optimal allocations of factors, such as diversity of methods used in science, size (...) of groups, and communication channels among researchers. In this paper we argue that the current research faces an empirical challenge. The challenge is to connect simulation models with data. We present possible scenarios about how the challenge may unfold. (shrink)

Este es artículo es una reflexión en torno a la sociedad VUCA y BANI en la que nos hallamos inmersos. Tras caracterizar a una y otra, se describe las dos crisis que han marcado a esta sociedad: la primera, es la crisis económico-financiera del 2008 y, la segunda, es la crisis que generó la COVID-19 (2019). A estas dos, se le unía otra subyacente, en la sociedad, que es la llamada “crisis de valores” que alcanzó a distintas partes de la (...) sociedad. También, se describe cómo en las últimas dos décadas se ha agravado una crisis medio ambiental que se está produciendo a escala mundial. Además, a estas dos crisis, se añade una crisis geopolítica de alcance imprevisibles, para el conjunto, de la población mundial que se refleja en la invasión por parte de Rusia de Ucrania y el agravado conflicto palestino-israelí con las consecuencias que tienen tanto una como la otra en la población mundial. El impacto de esta situación que se refleja en la sociedad lleva al autor a plantearse su impacto en las personas, en las distintas partes implicadas en la tarea de educar y el reflejo/la necesidad de unas voces éticas en la Educación. (shrink)

Este trabajo tiene la finalidad de discutir el papel de los intelectuales, su importancia como críticos de la sociedad en que viven y, por lo tanto, su participación miitante. No obstante, esa figura del intelectual, aliada y nacida con la modernidad, va perdiendo espacio con el intelectual-investigador que está más preocupado con la producción científica dentro de los claustros universitarios como de los grandes centros de investigación. Para el caso, se tomó como referencia dos figuras paradigmáticas de la intelectualidad argentina (...) como José Aricó y Beatriz Sarlo. (shrink)

El presente ensayo aborda la cuestión democrática y la crisis de época que la afectan. Subraya la complejidad y paradojalidad de la sociedad de fin del milenio y afirma la necesidad de contar con un modelo de análisis adecuado para dar cuenta de tales peculiaridades. Se detiene en la consideración de las llamadas "democracias tardías", en especial las del Cono Sur y en particular, el caso argentino. Cuestiona la insuficiencia de las visiones politológicas tradicionales. Termina afirmando la necesidad de enlazar (...) epistémicamente, cultura, derecho y política para la construcción de una matriz teórica adecuada acerca del proceso democrático en nuestra época. (shrink)

The progress of Mathematics during the nineteenth century was characterised both by an enormous acquisition of new knowledge and by the attempts to introduce rigour in reasoning patterns and mathematical writing. Cauchy’s presentation of Mathematical Analysis was not immediately accepted, and many writers, though aware of that new style, did not use it in their own mathematical production. This paper is devoted to an episode of this sort that took place in Spain during the first half of the century: It (...) deals with the presentation of a method for numerically solving algebraic equations by José Mariano Vallejo, a late Spanish follower of the Enlightenment ideas, politician, writer, and mathematician who published it in the fourth (1840) edition of his book Compendio de Matemáticas Puras y Mistas, claiming to have discovered it on his own. Vallejo’s main achievement was to write down the whole procedure in a very careful way taking into account the different types of roots, although he paid little attention to questions such as convergence checks and the fulfilment of the hypotheses of Rolle’s Theorem. For sure this lack of mathematical care prevented Vallejo to occupy a place among the forerunners of Computational Algebra. (shrink)

Resumen: Este texto es una respuesta abierta a las apreciaciones planteadas por las profesoras María Ávila Bravo-Villasante y Lydia de Tienda Palop, y los profesores Carlos Jesús Fernández Rodríguez y David Muñoz Rodríguez a la obra Mujeres y discursos gerenciales. Hacia la autogestión feminista. A lo largo de las presentes páginas se busca articular un diálogo entre miradas procedentes de diferentes disciplinas que contribuya a enriquecer la reflexión elaborada en dicha obra y abrir nuevos interrogantes sobre la (...) misma. A su vez, dicho diálogo permitirá seguir ampliando el campo de los estudios del management desde la perspectiva feminista.: This is an open response to the comments of professors María Ávila Bravo-Villasante, Lydia de Tienda Palop, Carlos Jesús Fernández Rodríguez, and David Muñoz Rodríguez to the book Mujeres y discursos gerenciales. Hacia la autogestión feminista. The aim is to articulate a dialogue among views from different disciplines that can contribute to enrich the reflection elaborated in the book and to open new questions about it, with the hope that this dialogue will help to expand the field of management studies from a feminist perspective. Palabras clave: postfeminismo, mujeres, liderazgo, gestión. Keywords: postfeminism, women, leadership, management. (shrink)

Si no me falla la memoria, fue el dibujante Álvaro Barrios quien afirmó que el trabajo del artista contemporáneo colombiano se desarrolla según una agenda de trabajo. Si miramos algunos fenómenos del arte último en Colombia, podemos señalar que su agenda está determinada por el intento de comprensión de los procesos de la violencia en el país, a partir de una amplia gama de aproximaciones al concepto de memoria que ha tenido resonancia en las disciplinas humanísticas, las investigaciones académicas, el (...) uso político del concepto por parte de la legislación estatal, y una gran diversidad de eventos artísticos. Desde el ámbito del arte, exposiciones como Destierro y reparación (2008), Tapices de Mampuján (2010), La guerra que no hemos visto (2009) o La piel de la memoria (2011), han discutido sobre la violencia en Colombia desde la aproximación a los procesos de comprensión de la memoria y nuestro pasado reciente. Así, la imbricación de violencia y memoria se manifiesta en la visión del pasado y en los efectos que este puede desplegar sobre el presente, en tanto se ha considerado, incluso, a la memoria como una instancia de reconciliación social. (shrink)

The general mitigating and aggravating circumstances of criminal liability are elements attached to the crime that, when they occur, affect the punishment quantum. Cuban criminal legislation provides a catalog of such circumstances and some general conditions for their application. Such norms give judges broad discretion in assessing circumstances and adjusting punishment based on the intensity of those circumstances. In the interest of broad judicial discretion, the law does not establish specific ways for measuring circumstances’ intensity. This gives judges more freedom (...) and autonomy, but it also imposes on them more social responsibility and challenges them to manage the uncertainty and subjectivity inherent in this complex activity. This paper proposes a model to aid the linguistic assessment of circumstances’ intensity and to provide linguistic and numerical recommendations to determine an appropriate punishment interval. M-LAMAC determines the collective evaluation of circumstances of the same type, determines the prevalence of a type of circumstance by means of a compensation function, recommends the required modification in the input interval, and finally recommends a numerical interval adjusted to the judges’ initially expressed preferences. The model’s applicability is demonstrated by means of several experiments on a fictitious case of bank document forgery. (shrink)

One is the beloved author of The Name of the Rose, a celebrated scholar, philosopher, and self-declared secularist; the other is a preeminent clergyman and a respected expert on the New Testament. In this intellectually stimulating dialogue, often adversarial but always amicable, these two great men, who stand on opposite sides of the church door, discuss some of the most controversial issues of our day, including the apocalypse, abortion, women in the clergy, and ethics. As we voyage onward into the (...) new millennium, they frame a debate about matters that have already begun to rage, always aware of the gulf between belief and nonbelief that separates them, constantly probing and challenging, but also respectful of the other’s viewpoint. For believers and nonbelievers alike, the result is both edifying and illuminating. “Their correspondence,” writes Professor Harvey Cox in his introduction, “lifts the possibility of intelligent conversation on religion to a new level.”. (shrink)

This research aimed to examine the agreement between body mass index -based nutritional status and perceived nutritional status overall and by socio-demographic factors and to state the association between the accuracy of weight perception and weight control practices in the Chilean adult population. A population-based cross-sectional study was carried out with 5,192 Chilean adult participants from the Chilean National Health Survey 2016–2017. Agreement between BMI-based weight status and body weight perception for the total sample and across subgroups was determined using (...) the weighted kappa coefficient. The agreement between BMI-based and perceived nutritional status of the total sample was fair. A higher rate of weight perception accuracy was identified in women, younger respondents, and participants with higher education, a higher income, and from urban areas than their counterparts. Respondents with overweight or obesity tended to underestimate their nutritional status. Actions to lose weight were higher in those who had the right perception of their overweight/obesity condition and those who overestimated their body weight, regardless of their nutritional status. In all groups, weight loss behaviors were more related to the perceived than the BMI-based nutritional status. The consequences of accurate perception of the nutritional status are discussed including its effects on body weight and mental health. (shrink)

Wittgenstein y Apel pretendieron definir el constitutivo formal del sujeto intérprete del lenguaje a partir de las propuestas de Frege o de Peirce, pero en ambos casos sus propuestas se acabaron volviendo paradójicas. Primero, Wittgenstein por no poder fundamentarlo ni de un modo crítico-transcendental a partir de una noción de “yo” metafísico ni de unos juegos del lenguaje en sí mismos conductistas que tampoco permiten remitirse a unos signos intérprete, al modo exigido por Frege. De todos modos, posteriormente, Apel habría (...) propuesto evitar estas paradojas mediante una interpretación pragmático-transcendental del sujeto intérprete a partir de Peirce, aunque finalmente comprobaría como también se acabarían fomentando el mismo tipo de paradojas. Wittgenstein and Apel sought to define the formal constitutive of the language interpreter subject based on the Frege or Peirce proposals, but in both cases their proposals ended up becoming paradoxical. First, Wittgenstein for not being able to ground it in a critical-transcendental way based on a notion of metaphysical "I" nor on behavioral language games in themselves that also do not allow to refer to some interpreter signs, in the way demanded by Frege. Anyway, later, Apel would have proposed to avoid these paradoxes by means of a pragmatic-transcendental interpretation of the interpreting subject starting from Peirce, although finally it would prove how the same type of paradoxes would also be fostered. (shrink)

Introduction:Episodic memory is a cognitive process that allows the recall of experiences, learning, and the pursuit of future goals. During the aging process, episodic memory declines negatively, impacting social and psychological aspects in the elderly. Such intervention strategies as cognitive training are non-pharmacological ways of reducing these losses.ObjectiveWe systematically reviewed studies of the cognitive training of episodic memory in healthy elderly individuals and elderly individuals with clinical conditions.MethodWe systematically searched the PubMed, PsycNET, Web of Science, and SciELO databases using the (...) descriptors “Episodic Memory” AND “Training” AND “Elderly” OR “Aging” OR “Dementia” in English and translated into Portuguese.ResultsOf the 572 articles that were identified by the search, 23 were included in the final analysis. The main variables that comprised the intervention protocols were investigated, as well as the outcome variables, efficacy, and risk of bias. The main results indicated effectiveness with regard to different forms of the cognitive training of episodic memory.ConclusionEpisodic memory training among the elderly can mitigate the negative effects of cognitive decline in dementia and healthy subjects promoting impacts at social, psychological, and economic levels. Although it is a widely studied topic, further empirical studies on the utility of episodic memory training in healthy elderly individuals and elderly individuals with clinical conditions are still needed. (shrink)

El presente artículo determina cómo una empresa ética, convertida en escuela de virtudes morales, puede contribuir a mejorar la sociedad. La empresa sólo puede mejorar la sociedad y generar un impacto positivo en la misma desde la ejemplaridad de todas y cada una de sus personas. Se entiende la empresa como una comunidad de personas en la que ha de existir un equilibrio esencial entre lo individual y lo colectivo. Se parte de la premisa de que la empresa es, también, (...) un espacio ético que puede llegar a convertirse en una escuela de valores y virtudes en la que los profesionales desarrollen sus capacidades humanas en interrelación con los demás. Se argumenta la relevancia de la virtud empresarial, desde la perspectiva de la transformación del ethos individual, de los hábitos de las personas que forman la organización. Se considera que la empresa puede llegar a convertirse en una “escuela de valores y virtudes”. La forja del ethos ético y virtuoso de los profesionales es, a su vez, la esencia de la construcción del ethos ético de la empresa que tendrá su correspondiente impacto en el ethos de una buena sociedad. A partir de estas aseveraciones nos hacemos las siguientes preguntas en nuestra investigación: ¿De qué manera puede influir el ethos de la empresa en la configuración de los ethos particulares de los profesionales que forman parte de ella? y ¿cómo puede la empresa contribuir al desarrollo de las virtudes morales de sus personas? Asumiendo estas dos cuestiones como base de la investigación, se argumenta que la empresa puede llegar a ser, a través del trabajo, una ‘escuela’ para el desarrollo de las virtudes morales y, desde ahí, contribuir a la construcción de una sociedad más humana. (shrink)

Do basic emotions produce their predicted facial expressions in nonlaboratory settings? Available studies in naturalistic settings rarely test causation, but do show a surprisingly weak correlation between emotions and their predicted facial expressions. This evidence from field studies is more consistent with facial behavior having many causes, functions, and meanings, as opposed to their being fixed signals of basic emotion.

EDUCERE is a government funded research and development project. EDUCERE objectives are to investigate, develop, and evaluate innovative solutions for society to detect changes in psychomotor development through the natural interaction of children with toys and everyday objects, and perform stimulation and early attention activities in real environments such as home and school. In the EDUCERE project, an ethical impact assessment is carried out linked to a minors’ data protection rights. Using a specific methodology, the project has achieved some promising (...) results. These include use of a prototype of smart toys to detect development difficulties in children. In addition, privacy protection measures which take into account the security concerns of health data, have been proposed and applied. This latter security framework could be useful in other Internet of Things related projects. It consists of legal and technical measures. Special attention has been placed in the transformation of bulk data such as acceleration and jitter of toys into health data when patterns of atypical development are found. The article describes the different security profiles in which users are classified. (shrink)

Background Considering the extensive debate that is currently taking place in Spain regarding euthanasia, it is important to examine the attitude of professionals who perform most of their duties at the bedside of these patients and their families. Objectives The aim of the present study was to present an adaptation and validation of the Euthanasia Attitude Scale and to evaluate its psychometric properties among a sample of nursing students in Spain. Research design A cross-sectional study design was conducted. Participants and (...) research context Non-probabilistic sampling was used to recruit 396 Spanish nursing students. Methods A self-report questionnaire, including socio-demographic data and the Euthanasia Attitude Scale, were used for data collection. The psychometric properties of the Euthanasia Attitude Scale were assessed, including reliability and validity. Fit indices of the overall model were computed. Ethical considerations This study was approved by the Hospital Ethical Committee. Students were informed of the aims and procedures and provided written informed consent prior to data collection. Results The factorial solution comprised four domains and the scale demonstrated adequate internal consistency (Cronbach’s alpha =.878). For the exploratory factor analysis, the Kaiser–Meyer–Olkin index of sampling adequacy was.905 and the Bartlett’s Test of Sphericity was 2972.79 (p <.001). The initial factorial solution revealed four factors with eigenvalues of 6.78 for the first factor, 1.90 for the second one, 1.29 for the third, and 1.10 for the fourth factor. Moreover, there was a significant relationship between religiosity and the domains of the Euthanasia Attitude Scale. Discussion This study obtained a Cronbach’s alpha coefficient of.88 which is in consonance with the findings reported by other studies whereby none of the items were removed and the initial structure based on four domains was conserved, with a factorial solution that explains 52.79% of the total variance. The displacement of some items of the domain may be explained by certain religious and/or cultural components as, in accordance with other studies, people with firm religious beliefs are more inclined to refuse euthanasia. Conclusion According to the findings of this study, the Euthanasia Attitude Scale is a reliable and valid instrument to measure the attitudes toward euthanasia in a sample of Spanish nursing students. This Spanish adaptation will be valuable in future studies examining the attitude and implication of nurses, understanding that nurses are key figures in the euthanasia debate. (shrink)

There is currently much debate in the economic literature about whether ethical investment involves a financial sacrifice or premium. One of the most common methods of testing this compares the financial performance of ethical investment funds with that of other funds not considered “socially responsible” or ethical. The majority of these research studies evaluate the performance of the ethical funds according to classic measures, whereby different financial markets, in different countries and for different periods of time serve as reference for (...) evaluation. The ultimate conclusion of all of these studies is that there are no significant differences between the performance results of one type of funds and the other. In Spain, ethical investment funds are still an incipient sector of investment. To date, the Spanish market has not been included in any type of analysis of these characteristics. Therefore the main objective of this article is to compare the financial performance of ethical investment funds to that of other funds in the Spanish retail market. We propose the aggregate type of analysis as the Spanish ethical investment funds have experienced a weaker development in comparison to those of other developed countries. In the first step we suggest the financial performance to be compared by style analysis since the asset distribution of the Spanish Social Return Investment (SRI) funds differs from the European trend. In particular, we use the multifactor regression model with style benchmarks. We found that their financial performance is in all cases superior or similar to that achieved by the rest of the funds. In the second step, to achieve a more robust and homogeneous comparison, we used the bootstrap method, comparing ethical and non-ethical fund subsamples by homogeneous groups. No significant differences between these two types of funds have been found. Thus, if we assume the positive o neutral effect of ethical investment on investor utility in the retail Spanish market the financial and social performance (FSP) of ethical funds will be, in aggregate, superior to the FSP achieved by conventional funds. In conclusion, the financial performance of ethical mutual funds in Spain is no sacrifice. (shrink)