Abstract
This study analyses the distribution of power among the several blockholders of a firm and the identity of those blockholders as a determinant of firm leverage. Using a sample of 694 firms from 12 Western European countries, our results support a negative relationship between ownership concentration in the hands of the main blockholder and firm leverage. Moreover, we detect that the presence of a second and third large shareholder (beyond the first blockholder) has a significant positive effect on the leverage ratio. In addition, the results show that contestability in family firms plays a more relevant role. Finally, we show that family firms do have significant impact on firm leverage level, and this impact varies depending on the legal framework and institutional environment. In our main sample the results show family firms negatively affect market leverage, supporting the theory that family firms are more averse to an increase in the debt level due to the risk of bankruptcy and financial distress as a result of having an under-diversified portfolio. In contrast, the opposite effect is found in the sample that excludes the United Kingdom. This last result cannot be explained by agency theory, given that family businesses are those that suffer less from Type I agency problems. This result suggests either some difficulty in financing their investments by issuing new equity or the need to use debt as a signal of the quality of its investments. Our results prove to be stable against a battery of robustness tests. © 2013 Springer Science+Business Media New York.

Abstract

Abstract
This research examined factors that help microfinance achieve sustained poverty reduction based on a systematic literature review (SLR). A search was conducted on the SCOPUS database up to December 2023. After analyzing hundreds of documents, a subset of 30 articles was subject to in-depth analysis, exploring factors and corresponding measurement indicators for sustainable poverty reduction in microfinance contexts. This article emphasizes that sustained poverty reduction is a gradual process requiring ongoing efforts from both Microfinance Institutions (MFIs) and governments. Two key success factors are empowering borrowers and ensuring the microfinance programs themselves are profitable. When implemented in an integrated and coordinated manner, these factors can empower individuals to escape poverty by fostering self-employment and income generation, ultimately reducing dependence on external support. Additionally, the study highlights the role of personality traits in influencing long-term entrepreneurial success. The findings provide valuable tools for MFIs and policymakers. MFIs gain a practical framework to guide their interventions towards sustained poverty reduction. Policymakers can leverage the identified factors and indicators when designing and implementing microfinance policies with a long-term focus on poverty alleviation. This study breaks new ground by presenting an operational framework that categorizes and integrates two critical factor groups: empowerment and beneficiary profitability. Furthermore, it links these factors to corresponding measurement indicators within a unified framework, enabling a more holistic assessment of poverty reduction efforts. © 2024 by the authors.

Abstract
This chapter explores the internationalization path of ALPHA, a family-owned, medium-sized Portuguese company. The analysis reveals a two-stage process. Initially, ALPHA's gradual market entry aligns with the Uppsala model, prioritizing geographically close markets and leveraging accumulated experience. However, later stages demonstrate network-based theory influences. While lacking formal networks, ALPHA prioritizes strong B2B relationships with large international clients, mirroring network bridges for market access. The case highlights the importance of trust-based B2B relationships for success. ALPHA leverages these partnerships to gain market knowledge and access new opportunities. Exporting plays a vital role, keeping ALPHA updated on technological trends and fostering innovation through diverse client projects. The company prioritizes a pragmatic approach focused on strong client relationships and win-win partnerships, emphasizing trust as a key resource. While the RBV perspective highlights investment in internal resources, reliance on intermediaries introduces limitations.

Abstract
As storytelling influences consumer attitudes and opinions, conditioning the tourist experience by appealing to the imagination, this paper reviews the literature covering the analysis of 66 papers that focus on the storytelling of the visitor/tourist as the main subject. The article is divided into four main themes: (a) storytelling as a tool to attract tourists; (b) the role of the storyteller; (c) the tourist as a storyteller; and (d) what makes a good story. The Hoshin Kanri Matrix was used to showcase each of the main themes. Although storytelling has been widely used to attract tourists, it is crucial that tourist-based storytelling can be a credible substitute for destination-based storytelling, as empathy, authenticity and the emotional attachment of tourists as storytellers play an important role as good stories, transforming and co-creating their experiences that emerge from the interaction of tourists, residents, and intermediaries.

Abstract
The circular economy is increasingly being considered as a potential model to replace the prevailing end-of-life approach by establishing a closed-loop flow. The importance of different supply chain (SC) actors in this process has been recognized as a critical aspect of the development of sustainable production-consumption models. Consumers play a crucial role in this context, as they have a dual function: ensuring the correct disposal of used products; and consuming products from circular sources. However, the different roles consumers play (refuse, rethink, reduce, reuse, repair, refurbish, remanufacture, repurpose, recycle, recover) in circular SCs are still unclear. Through a systematic literature review, this paper aims to contribute to a better understanding of the influence of consumers on the adoption of circular supply chain (CSC) practices and to identify the main drivers and barriers regarding the adoption of circular practices. The results demonstrate that the topic is recent and has gained ground in the literature. An in-depth qualitative analysis was carried out with the 74 papers identified and shows that the most commonly addressed R-strategies are reuse, recycle and repair. The main motivations and challenges towards a greater adoption of circular practices are related to (or lack of) environmental beliefs and financial benefits.