DEFC-Artículos
URI permanente para esta colecciónhttps://hdl.handle.net/10953/189
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Examinando DEFC-Artículos por Autor "Cano-Rodríguez, Manuel"
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Ítem A review on the multidimensional analysis of earnings quality(Editum, 2019-01) Licerán-Gutiérrez, Ana; Cano-Rodríguez, ManuelThere is a generalized consensus among accounting researchers about the multidimensional nature of earnings quality: Earnings quality depends on a series of characteristics that enhance the usefulness of the earnings figure for decision making. In this paper, we undertake a literature revision on empirical research on earnings quality that reveals that, although earnings quality is probably the most recurrent topic in accounting, empirical research that have treated earnings quality as a multidimensional concept is almost inexistent. In this sense, we document that: (1) Most of the empirical papers on earnings quality deal with just one earnings characteristic, not including the potential effect of the other characteristics related to earnings quality. (2) Some characteristics (particularly, accruals quality and, in a lesser way, conservatism) are widely employed for representing earnings quality, whereas other characteristics (smoothness, persistence) are much less used by researchers. (3) The research on the relationships among the different earnings quality characteristics is scant and with mixed results. (4) Only a few papers develop multidimensional measures of earnings quality, but these measures are based on too restrictive assumptions and there is no evidence of superiority over single-dimension measures. We complement our bibliometric analysis by discussing the limitations of both the single-dimension approach and the multidimensional approaches used to date, illustrating our arguments with a simulation process. Henceforth, this review contributes to prior literature highlighting the main problems in prior literature for earnings quality measurement.Ítem Author's reply(Elsevier, 2003-06) Cano-Rodríguez, Manuel; Núñez Nickel, ManuelThis issue of Omega contains a commentary by P.L. Brockett, W.W. Cooper, K.H. Kwon, and T.W. Ruefli on the review of Bowman's paradox by Nickel and Rodrı́guez, published in the February 2002 issue of Omega. In their commentary, the authors describe an article, published in the 1992 issue of Decision Sciences but not covered by the review, and claim that they had previously overcome three of the outstanding problems noted in Nickel and Rodrı́guez's review. This reply to the commentary proves that the conclusions drawn in the review by Nickel and Rodrı́guez are relevant in spite of the Brockett et al. arguments against them. In this reply, we show that the paper by Brockett et al. neither explains Bowman's paradox nor resolves its underlying problems. First, the definitions of risk and return measures are mathematically linked, and second, a cross-sectional methodology is used. We also provide our opinion on what would be necessary to bear in mind in order to extend any conclusion from Bowman's paradox to beta's death and vice versa.Ítem Classroom learning and the perception of social responsibility amongst graduate students of management accounting(MDPI, 2020-08-31) Castilla-Polo, Francisca; Ruiz-Rodríguez, M Consuelo; Moreno, Alonso; Licerán-Gutiérrez, Ana; Cámara de la Fuente, Macario; Chamorro Rufián, Eva; Cano-Rodríguez, ManuelThis study analyzes how learning about social responsibility (SR) can modify the perceptions of university students about the importance of responsible behavior on the part of companies. To this end, a questionnaire was designed and administered to Management Accounting students before (n = 128) and after (n = 71) receiving two training activities on SR. The descriptive results obtained testify to the importance of SR in the views of the sampled students, both before and after receiving the specific learning in SR. In this latter moment, students demonstrated a vision highly committed to the need for SR to be part of the economic agenda. The results also show that there was a significant change in the perception of SR and its implications in terms of benefits and costs before and after receiving the training. All of this suggests that SR training has partially modified students’ perceptions of SR. This paper provides important insights that could be leveraged by university and business school managers for the purpose of designing or modifying curricula related to SR. At the same time, it evaluates the potential of SR learning as a tool for modifying attitudes.Ítem Do banks react to earnings quality in a privately-dominated context? A joint analysis of audit-related and accrual-based measures(Emerald, 2016-08) Sánchez-Alegría, Santiago; Lizarraga, Fermín; Arnedo, Laura; Cano-Rodríguez, ManuelPurpose Taking into account that debtholders bear most of the risks in the case of failure (Jensen and Meckling, 1976), earnings quality is valuable for debtholder decision makers as a monitoring mechanism and as a signal of credibility that reduces information asymmetries. In this sense, this paper aims to analyze whether banks carry out an earnings quality analysis in their lending decision processes and, in particular, how carefully they do it. Design/methodology/approach The authors focus on data from pre-bankruptcy companies because both earnings management and the potential costs faced by auditors increase considerably during the process towards failure. To test the hypotheses, the authors run separate multivariate regressions of price (cost of debt) and non-price (credit availability) lending decisions on different proxies for earnings quality. The authors use Big N and modified audit reports as a proxy for audit quality. Additionally, they use discretionary accruals as a proxy of accounting numbers quality. Findings The results show that banks do consider their borrowers’ quality of earnings, but they do it quite cursorily, that is, without taking advantage of all the possibilities offered by an effective combination of external and internal proxies. Research limitations/implications The inferences apply only to financially distressed private firms, so they are not generalizable to other contexts with low ownership concentration or with a less severe risk of failure. Practical implications The language used by the auditors in the audit report, particularly in generally accepted accounting principles violations, might not be clear enough for the user to undo the specific distortions in the financial statements. Originality/value The authors provide evidence of how banks incorporate earnings quality into their lending decisions, prior research has analyzed them either separately or from an equity market perspective. Moreover, the authors also add to the debt-covenant literature by explicitly showing that manipulation helps managers to achieve better lending conditions.Ítem The value of audit quality in public and private companies: evidence from Spain(Springer, 2011-07) Cano-Rodríguez, Manuel; Sánchez Alegría, SantiagoThis paper compares the value of audit quality, proxied by the selection of a big N auditor, to the external claimholders of private and public companies. Although the combination of a lower ownership concentration of public companies, the greater demand for financial information quality about these companies and their higher litigation risk can result in the expectation that audit quality should be more valuable for public than for private companies, the greater information asymmetry between the managers and the external stakeholders and the unavailability of alternative mechanisms for monitoring the managers can make external audit more valuable for the external claimholders of private companies. In this paper, we test these two competing views by analysing if banks and lenders take into account auditor selection in the formation of the cost of debt. Our results support the second view: we find that only private companies obtain a lower cost of debt when they are audited by a high-quality auditor. These results are robust to both endogeneity and unobserved firm-specific heterogeneity.Ítem Using partial least squares in archival accounting research: an application to earnings quality measuring(Taylor & Francis, 2020) Licerán-Gutiérrez, Ana; Cano-Rodríguez, ManuelDespite the advantages of Structural Equation Modelling (SEM) over regression models that have contributed to its popularisation in several fields of research in social sciences, it has not been broadly applied in archival accounting research. In this paper, we present a guidance for the application of SEM – and, particularly, the Partial Least Squares (PLS) method – to the (arguably) most recurrent topic on empirical archival accounting research: earnings quality. We highlight several problems that arise in earnings quality measuring, indicating how PLS can help to overcome them. We also run a simulation process whose results show that PLS method outperforms the other approaches even in situations of limited information.