The purpose of this article is to analyse whether ski resorts in Europe are economically viable. Data originates from the financial statements of the 61 largest ski lift operators in Austria, France, and Italy. Descriptive statistics reveal that these operators are characterized by positive and relatively high returns, and by having little debt in general terms. The results show that the most economically profitable ski operators are also the largest. The elevation of the ski area is not relevant. Ski lift operators in Austria have a higher profitability than those in France and Italy. Overall, larger ski resorts are better prepared for the future investment needed to adapt to the new conditions in the industry, such as climate variability.

The aim of this article is to analyse the profitability of ski resorts in Spain and identify its associated determining factors in order to verify whether these are economically sustainable taking into account the internal and external aspects affecting them. To this end, the article first addresses the importance of snow tourism in Spain, before going on to analyse the influence that climate change is having on this type of tourism. A series of economic and structural ratios are then applied to the financial statements of ski resorts in Spain with the aim of establishing a base diagnosis for their situation. Finally, a regression model is estimated, the results of which reveal the more profitable ski resorts at the economic level to be those with the largest stations, a direct relationship being observed between profitability and size. The results also confirm the negative consequences of high indebtedness and the non-significant effects of using snowmaking systems.

The generational change in the family business opens up expectations of strategies such as sustainability, professionalisation and internationalisation. Yet, there are gaps in current literature which fail to explain whether there are benefits in such strategies according to their management, their generational status, and their effects on performance. This paper compared first with second and later generation companies through the relevant characteristics. A regression analysis was applied to a sample that was identified by the Spanish Family Business Institute with information on growth strategy, corporate governance, professionalisation, and ownership, that is supported by financial data for the period of 2016–2020. The results showed that, although the differences in terms of profitability were small between generations, there were significant differences in management that affected performance. Growth tended to be lower in the second and subsequent generations, which also h a greater tendency to internationalise, being motivated by the professionalisation of management. Previous works in the literature have analysed differences in profitability between generations, however the analysis in this present work investigated the origin of these differences. The results showed disparities in management that allowed for the obtaining of different profitability indices, and therefore are of practical importance in the management of the internationalisation, growth, and sustainability of the family business in the face of intergenerational succession.

Effect of internal controls on credit risk among listed Spanish banks

Purpose: Research has demonstrated that family businesses limit the goal of maximizing profits in exchange for maintaining control of the company and passing control to future generations. However, these decisions are not always shared by the stakeholders who are outside the family context, making tensions arise within the company that may affect profitability and the share prices of the family business. The purpose of this paper is to analyse the internal tensions in family businesses in the value-added (VA) distribution, and whether these tensions harm their performance as a result of the restrictions under which these companies operate.Design/methodology/approach: A factor analysis has been used to measure the tension that results from VA distribution of a sample of 105 Spanish listed firms for the 2005-2012 period. A regression analysis has been used to study the impact of this tension on their share prices.Findings: Results show that being a family business has a positive effect on the business tension factor and that returns and share prices are inversely related to tension factors. Thus, the authors conclude that the decision to maintain control over the family business threatens profitability and share prices.Social implications: An analysis of distribution of VA in family businesses sheds light on whether or not the management in its decisions preserves its socioemotional wealth (SEW) generating tensions among its economic agents, affecting its profitability and continuity. This knowledge is important for company stakeholders and future investors.Originality/value: This is the first study in which the value-added statement is used to analyse how the management style of firms, and especially family businesses, are seeking to preserve their SEW and internal tensions generated by them.