Departamento de Economía Financiera y Contabilidad

URI permanente para esta comunidadhttps://hdl.handle.net/10953/28

En esta Comunidad se recogen los documentos generados por el Departamento de Economía Financiera y Contabilidad y que cumplen los requisitos de Copyright para su difusión en acceso abierto.

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A review of research on the negative accounting relationship between risk and return: Bowman's paradox
(Elsevier, 2002-02) Núñez Nickel, Manuel; Cano Rodríguez, Manuel
A cornerstone in finance theory continues to be the positive relationship between risk and return in spite of Fama and French (The Journal of Finance 47(2) (1992) 427–65) and several later papers finding no relationship between the two variables. Twelve years earlier, Bowman (Sloan Management Review 1980, pp. 17–31) studied the same relationship from organization theory, achieving similar results with accounting data, and developing a whole research stream known as “Bowman's paradox”. This stream has contributed to some curious and interesting ideas that could also be applied to other different streams: new risk measures, managerial goal selection, response to the decline in the organization, diversification strategy on risk and return, among others. Similar to the financial stream, a number of researchers have tried to study this issue from the strategic management perspective. Their inconclusive results have generated a considerable controversy, keeping this research stream alive. In this work, we describe and explore this phenomenon from “Bowman's paradox”, theoretical explanations, criticisms and future orientations.
Author's reply
(Elsevier, 2003-06) Cano-Rodríguez, Manuel; Núñez Nickel, Manuel
This 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.
Overcoming the Lack of Identification in Bowman’s Paradox Tests: Heteroskedastic Behavior of Returns
(Emerald, 2005-10) Núñez Nickel, Manuel; Cano Rodríguez, Manuel
To date, the validity of the empirical tests that employ the mean‐variance approach for testing the risk‐return relationship in the research stream named Bowman’s paradox is inherently unverifiable, and the results cannot be generalized. However, this problem can be solved by developing an econometric model with two fundamental characteristics: first, the use of a time‐series model for each firm, avoiding the traditional cross‐sectional analysis; and, second, the estimation of a model with a single variable (firm’s rate of return), whose expectation and variance are mathematically related according to behavioral theories, forming a heteroskedastic model similar to GARCH (generalized autoregressive conditional heteroskedasticity). The application of this methodology for Bowman’s paradox is new, and its main advantage is that it solves the previous criticism of the lack of identification. With this model, we achieve results that agree with behavioral theories and show that these theories can also be carried out with market measures.
The value of audit quality in public and private companies: evidence from Spain
(Springer, 2011-07) Cano-Rodríguez, Manuel; Sánchez Alegría, Santiago
This 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.
Reflexiones sobre Educación en Emprendimiento. Nueves Fronteras en la educación en emprendimiento y en la docencia en emprendimiento
(Editorial de la Universidad de Cantabria, 2014) Rodríguez-Ariza, Lázaro; Fernández-Pérez, Virginia; Montes-Merino, Ana; Alonso-Galicia, Patricia Esther
The growing demand for training in entrepreneurship has provoked a sharp increase in the number of such education programmes being offered, with significant investment of resources and high expectations of their results. However, few studies – and of limited inferential robustness and breadth – have examined the short and long-term outcomes of these programmes on the attitudes, behaviour and subsequent careers of their students. Equally scarce are studies to evaluate the impact of the entrepreneurship-support strategies provided by colleges, universities and government. Consequently, what knowledge we have of the theoretical foundations that would make education programmes in entrepreneurship more effective and the teaching methods and procedures to promote entrepreneurial behaviour more suitable, and our knowledge of the results and effects achieved, is both limited and weak. Further data and analysis are needed to better understand the crucial forces and influences that make individuals more confident in their abilities and identify themselves as entrepreneurs. Analyses of practical experience should also be made in order to devise and improve mechanisms to promote the entrepreneurial spirit and self-employment. This paper offers an overview of the evolution of entrepreneurship and of diverse approaches to teaching this concept. Our aim is to clarify the importance of properly establishing the goals sought in education for entrepreneurship, the teaching tools and methods to be used in this process and the need to know whether these goals are achieved and, if so, under what conditions.
Impact of financial crisis on soundness of European banking systems according to the level of financial development
(National Academy of Management (Ukraine), 2014) Parrado-Martínez, Purificación; Partal-Ureña, Antonio; Gómez-Fernández-Aguado, Pilar
The consequences of the global financial crisis differ among the EU members, not only because of structural deficiencies accumulated by some of them but also due to the lack of macroprudential supervision and regulatory mechanisms. Using macroprudential indicators issued by the IMF and developing an aggregate financial stability index, this paper examines the ability of these indicators to detect differences in the level of soundness of European banking systems according to the levels of their financial development. The analysis reveals statistically significant differences for the indicators of asset quality, capital adequacy and banking sector profitability. Furthermore, the results show greater financial vulnerability during the crisis in financially more developed countries.
Competencias emocionales en el análisis de la intención emprendedora del alumnado universitario
(Editorial de la Universidad de Cantabria, 2014) Montes Merino, Ana; Fernández-Pérez, Virginia; Rodríguez-Ariza, Lázaro
Este estudio analiza las competencias emocionales y su influencia en la configuración de la intención emprendedora individual de los alumnos universitarios (SEi, Student's Entreprenurial lntentions), desde una perspectiva cognitiva, en el contexto espai'iol. Investigamos la configuración de la intención emprendedora y los factores cognitivos que se constituyen como sus antecedentes (actitud emprendedora, EA, auto-eficacia percibida, SE, y norma subjetiva percibida, NS) y, de forma especial, el papel jugado por las competencias emocionales, E-comp, hacia el comportamiento emprendedor medida a través de su influencia en la formación de la Intención Emprendedora, El. Analizamos una muestra poblacional de 289 estudiantes universitarios/as que cursan titulaciones de Ciencias Sociales y Jurídicas en la Universidad de Jaén, España. La medida de las variables se ha realizado partiendo de escalas tipo Likert. Para contrastar las hipótesis planteadas empleamos un modelo de ecuaciones estructurales, SEM. Los resultados obtenidos destacan una actitud más favorable al emprendimiento de los estudiantes universitarios con mayor desarrollo de sus competencias emocionales, cómo resultado de la influencia directa de las competencias emocionales en la configuración de la intención emprendedora. Las competencias emocionales tienen un impacto indirecto en las actitudes emprendedoras y la autoeficacia percibida. Adicionalmente el modelo constata la influencia positiva de la norma subjetiva percibida, las actitudes emprendedoras y la autoeficacia percibida como variables configuradoras de la intención emprendedora del alumnado universitario, SEi. Sugerimos, por tanto, que el desarrollo de las competencias emocionales favorecería la formación de intención emprendedora en el alumnado, al menos, en el contexto universitario. El presente trabajo, incluido en una línea más amplia de investigación, proporciona un modelo teórico de la configuración de la intención emprendedora entre el alumnado universitario que incorpora las competencias emocionales como variable influyente.
Una revisión histórico-descriptiva de las empresas pioneras en el tratamiento de intangibles
(OMNIA SCIENCE, 2014-12) Castilla-Polo, Francisca; Ruiz-Rodríguez, Mª del Consuelo
Objeto: La importancia y trascendencia de los elementos intangibles en los últimos años parece algo incuestionable para el entorno empresarial actual pero sí resulta cuestionable por qué no todas las empresas, dependiendo de su naturaleza, están abordando su tratamiento. Tratando de explicar desde el pasado la situación actual, nos centraremos en analizar el papel que las empresas han desempeñado en tal evolución. Diseño/metodología: Se procederá a efectuar en un primer momento una revisión teórica de los orígenes del interés empresarial hacia elementos intangibles así como en segundo lugar un análisis de los motivos que argumentan tales empresas pioneras para abordar la gestión de estos elementos a través del estudio de casos. Aportaciones y resultados: Nuestros resultados corroboran tanto la existencia de una apuesta heterogénea entre las empresas pues observamos el predominio de asesorías y sociedades intensivas en conocimiento o tecnológicas, todas ellas de gran dimensión, como la existencia de diferentes motivos para el inicio de esta gestión de lo intangible entre los que sobresale el papel de comunicar a sus diferentes grupos de interés un capital no reconocido contablemente. Limitaciones: Sólo se han tratado aquellos casos de empresas pioneras más representativos a nivel internacional, por tal motivo consideramos necesario en un futuro la ampliación de los casos estudiados.Implicaciones prácticas: Nuestros resultados conllevan importantes implicaciones para orientar la investigación en este campo, pues suponen una llamada de atención para el análisis de aquellas empresas que no están gestionando sus intangibles. Implicaciones sociales: Nuestros resultados también constituyen una vía para guiar las actuaciones institucionales-políticas dentro de este tema, dada la relación entre intangibles y creación de valor. Valor añadido: El trabajo realizado contribuye a completar la investigación existente sobre el desarrollo de la evolución del interés empresarial en intangibles catalogando a las empresas pioneras y ofreciendo una explicación de los motivos ofrecidos para proceder a la gestión de estos elementos.
Aggregation Bias in Estimates of Conditional Conservatism: Theory and Evidence
(Wiley, 2015-01) CANO-RODRÍGUEZ, MANUEL; NÚÑEZ-NICKEL, MANUEL
This paper documents a study about the influence of the aggregation effect on the estimates of models based on the original Basu model – specifically the Ball, Kothari, and Nikolaev model (Ball et al., 2013b). We provide an analytical study of the effect, showing that it can produce two biases: an omitted-variable bias and a truncated-sample bias. Using separate proxies for good and bad news for each company and year, we estimate the empirical sign and magnitude of those biases. Our results show that the estimates of conditional conservatism based on regressions of (unexpected) earnings on (unexpected) returns, as in Ball et al. (2013b), are contaminated by substantial aggregation bias. More specifically, the aggregation effect causes these models to underestimate good-news timeliness and overestimate bad-news timeliness, thereby overestimating differential timeliness. Moreover, when we use proxies that provide better control for the aggregation effect, the differential timeliness coefficient tends to 0, showing that the influence of conditional conservatism on the returns–earnings relationship is at best marginal.
Trip cultural activities and tourism expenditure in emerging urban-cultural destinations
(WILEY, 2015-06-03) Pulido-Fernández, Juan Ignacio; Cárdenas-García, Pablo Juan; Carrillo-Hidalgo, Isabel
Although tourism expenditure is determined by different factors, the literature has not analysed the extent to which trip cultural activities affect tourism expenditure in the destination. The focus of this paper is a microeconomic analysis performed in 14 emerging urbancultural destinations in Andalusia (Spain). The results confirm that there are activities related to cultural visits, attendance at events or gastronomic activities that determine tourism expenditure. These results guide the implementation of specific actions by the policy-makers in these destinations aimed at increasing the economic impact of tourism, based on the creation of high value-added tourism products to overcome their mere dependence on built heritage.
Dise˜no de un modelo de reputación para cooperativas oleícolas
(ELSEVIER, 2015-12-10) Castilla-Polo, Francisca; Sánchez-Hernández, María Isabel; Gallardo-Vázquez, Dolores; Ruiz-Rodríguez, M del Consuelo
El objetivo de este trabajo ha sido definir una escala de medida de la reputación de cooperativas oleícolas. La inexistencia de estudios previos y la trascendencia de la reputación como activo para las empresas en general y para las cooperativas almazareras en particular justifican nuestro interés y la oportunidad de esta investigación. Concretamente, se presenta un modelo causal integrado por 4 variables explicativas de este importante intangible, siendo la calidad, la innovación, los premios y la responsabilidad social, variable esta última a la que se presta una especial atención por ser causante, en cierto grado, de las primeras. Para validar empíricamente el modelo conceptual desarrollado se ha dise˜nado un cuestionario al que de forma anónima ha respondido una muestra representativa de directivos del sector. Mediante la técnica Partial Least Squares (PLS) se ha analizado tanto el modelo de medida como el modelo estructural. Los resultados obtenidos son satisfactorios en tanto que permiten verificar la relación directa de los comportamientos responsables de las almazaras con la percepción que tienen sus directivos de la reputación de la misma en el mercado.
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 Dallo, Fermín; Arnedo Arjona, Laura; Cano Rodríguez, Manuel
Purpose 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.
IS THE FINANCING OF TOURISM BY INTERNATIONAL FINANCIAL INSTITUTIONS INCLUSIVE? A PROPOSAL FOR MEASUREMENT
(TAYLOR & FRANCIS, 2016-11-25) Carrillo-Hidalgo, Isabel; Pulido-Fernández, Juan Ignacio
the growth of tourism has stagnated in financially excluded areas because of the difficulty local tourism businesses have in accessing the financial system. International financial institutions advocate the promotion of tourism as a development tool and in the fight against financial exclusion. This paper presents a tool for measuring whether the performance of these organisations is inclusive regarding tourism financing. The results obtained from applying this tool to the analysis of projects in Latin America and the Caribbean show that the financing provided for tourism projects in this region is not inclusive.
La divulgación de intangibles en entidades financieras: un análisis de contenido
(ROUTLEDGE TAYLOR & FRANCIS GROUP, 2017-07-06) Castilla-Polo, Francisca; Ruiz-Rodríguez, Mª del Consuelo
En este estudio analizamos la divulgación de información voluntaria sobre intangibles que realizan los bancos que cotizan en el índice IBEX 35 bajo el marco de la Teoría de los Costes de Propiedad y de la Teoría de la Agencia. Mediante la metodología del análisis de contenido nos planteamos tanto revisar la información que divulgan actualmente, a través de seis categorías específicas, como conocer en qué informe y cuál ha sido su evolución en los últimos tres años para poder evaluar su comportamiento en el pasado más inmediato. Nuestros resultados corroboran que estas sociedades han publicado una reducida cantidad de información sobre intangibles dentro del período analizado, 2010-2012, así como la existencia de diferencias significativas según el tipo de informe utilizado para abordar tal revelación, lo que constituye una importante aportación por sus implicaciones sobre estudios previos centrados exclusivamente en el informe anual. Por otro lado, mediante la técnica ANOVA se ha planteado un modelo conceptual integrado por cinco predictores para abordar la explicación de la divulgación de intangibles en función de las dos teorías utilizadas: ROE, ROA, número de accionistas, número de accionistas que representan el 50% del capital y número de consejeros independientes. Sólo uno de ellos, el número de accionistas que representan el 50% del capital, ha sido validado empíricamente, lo que viene a justificar la participación de la Teoría de la Agencia en la explicación de este tipo de prácticas y las diferencia de otros tipos de divulgación voluntaria donde ambos marcos teóricos vienen siendo corroborados.
Content analysis within intangible assets disclosure: a structured literature review
(EMERALD PUBLISHING, 2017-07-10) Castilla-Polo, Francisca; Ruiz-Rodríguez, Mª del Consuelo
Purpose – In this paper, the authors analyze the use of content analysis in disclosing voluntarily information on intangible assets, the intangible assets disclosures (IAD). The purpose of this paper is to conduct a structured literature review (SLR) that assesses the possibilities and limitations of content analysis. Design/methodology/approach – To that end, the authors analyze the existing literature on the topic in the main international databases. In all, 74 empirical articles utilizing content analysis as a research methodology for IAD were reviewed. Regarding the selection of sources, the authors should indicate that the SLR performed includes academic studies published in journals or presented at conferences and that are always subject to a double process of anonymous review. Findings – The obtained results indicate that despite the frequent use of content analysis in studies on IAD, its use does not meet all expectations. Research limitations/implications – The study synthesizes the research on content analysis for the case of information on intangible assets, offering an updated and global framework for future researchers through the SLR. Practical implications – Among other problems, the authors found its excessive emphasis on the amount disclosed in the annual report, ignoring other reports in which more information regarding intangible assets is available, such as in the case of the sustainability reports. Furthermore, the use of very different coding systems and its exclusive use without being combined with other methodologies are detected. These aspects affect the quality problems of the sources used, which directly results in the utility of the evidenced findings. Social implications – These conclusions allow the authors to conclude on the need to open different lines of study that review the use of content analysis in this topic. Originality/value – The work focuses on the quality of disclosures more so than on the quantity, offering a critical view that summarizes the utility of the employment of content analysis for this type of disclosure and its implications for future research on this topic. Despite previous studies, the authors highlight the new insights revealed from IAD research, especially since the seminal paper of Dumay and Cai (2014).
Risk profile indicators and Spanish banks’ probability of default from a regulatory approach
(MPDI, 2018) Gómez-Fernández-Aguado, Pilar; Parrado-Martínez, Purificación; Partal-Ureña, Antonio
This paper analyses the relationships between the traditional bank risk profile indicators and a new measure of banks’ probability of default that considers the Basel regulatory framework. First, based on the SYstemic Model of Bank Originated Losses (SYMBOL), we calculated the individual probabilities of default (PD) of a representative sample of Spanish credit institutions during the period of 2008–2016. Then, panel data regressions were estimated to explore the influence of the risk indicators on the PD. Our findings on the Spanish banking system could be important to regulatory and supervisory authorities. First, the PD based on the SYMBOL model could be used to analyse bank risk from a regulatory approach. Second, the results might be useful for designing new regulations focused on the key factors that affect the banks’ probability of default. Third, our findings reveal that the emphasis on regulation and supervision should differ by type of entity.
An empirical approach to analyse the reputation-performance linkage in agrifood cooperatives
(ELSEVIER, 2018-05-26) Castilla-Polo, Francisca; Gallardo-Vázquez, Dolores; Sánchez-Hernández, M. Isabel; Ruiz-Rodríguez, M del Consuelo
The concept of corporate reputation is rarely applied to cooperative companies. This paper analyzes the implications of a good reputation in their performance. Specifically, it focuses on olive oil cooperatives in Spain, where the need for differentiation makes them key subjects of study. The structural equation method and the partial least square technique are used to empirically test a theoretical model linking cooperative reputation to performance in a twofold multidimensional way. On the one hand considering that the cooperative reputation is reflected on four variables: innovation, certification systems, social responsibility and awards. On the other hand the financial aspects of performance have been considered but also the non-financials, to take into account the specific nature of these companies. The outcomes obtained for the representative sample of the sectorof 76 cooperatives in Spain, demonstrates that reputation has been well approximated by the four variables included in the model and it is indeed directly and positively related to the cooperative performance. These findings serve for positioning reputation as a novel key performance indicator for Coopmanagers, indicator that also allows to be used at the same time in the imminent need for differentiation of this industry
Socioemotional wealth in family firms: a longitudinal content analysis of corporate disclosures
(Elsevier, 2018-12-26) Cleary, Peter; Quinn, Martin; Moreno, Alonso
Family business literature has noted the nature and presence of socioemotional wealth (SEW) in family firms. One method of observing SEW is by a five-dimension approach, collectively termed FIBER. While the dimensions are well defined, they have been critiqued, as have the theoretical foundations of SEW. Regardless, given the concept of SEW is about a decade old and the FIBER dimensions less so, it is reasonable to argue more research is needed. One potentially useful research approach is an historical one, which we will here term SEW history – the use of historical research to support (or question) the development of SEW as a concept. We undertake a content analysis of corporate disclosures through the Chairman’s Statement of two Irish family breweries over a period of about two decades. To conduct the analysis, we develop a coding scheme based on the FIBER dimensions and offer some research propositions around these dimensions of SEW being stable (or not) over time. Our findings reveal that the Chairman’s Statement does include FIBER dimensions in both breweries and they do change over time. Subsequent statistical analysis reveals significant differences in the FIBER dimensions between the two breweries and context is revealed as a key issue in the assessment of SEW, something prior research has noted. The study also raises some questions on the nature of some FIBER dimensions, in particular the “I” dimension. This is the Accepted Manuscript of the article published in Journal of Family Business Strategy, 2019, 10(2), pp. 119-132, available online: https://doi.org/10.1016/j.jfbs.2018.11.002. Please cite the published version. This Accepted Manuscript is deposited under a CC-BY-NC-ND license.
Emotional competencies and cognitive antecedents in shaping student’s entrepreneurial intention: the moderating role of entrepreneurship education
(Springer Nature, 2019) Fernández-Pérez, Virginia; Montes-Merino, Ana; Rodríguez-Ariza, Lázaro; Alonso-Galicia, Patricia Esther
This paper focuses on the analytic thinking of emotional competencies and their influence, in particular, in shaping university students’ entrepreneurial intentions, backed by an extended model of Ajzen´s Theory of Planned Behaviour, and analyses the moderating role of entrepreneurial education among the variables under study. The results, derived from an ex-ante and ex-post questionnaire addressed to Spanish university students engaged in a compulsory entrepreneurship course, were subjected to structural equation modelling analysis. Our findings show that entrepreneurship by university students is favoured by the development of their emotional competencies, due to the direct influence of the latter in shaping entrepreneurial intention and its positive impact on their cognitive antecedents (entrepreneurial attitudes and perceived self- efficacy), and suggest that students with a higher degree of emotional competencies who receive entrepreneurship education will have a more positive attitude towards entrepreneurship and will perceive themselves more capable of becoming entrepreneurs. The primary contribution of this paper is to spotlight the use of emotional competencies in encouraging entrepreneurship, and to heighten awareness of the positive effect of education on emotionally-competent students, a factor that should be taken into account to improve entrepreneurship education programmes.
Factors Influencing the European Bank’s Probability of Default: An Application of SYMBOL Methodology
(Elsevier, 2019) Parrado-Martínez, Purificación; Gómez-Fernández-Aguado, Pilar; Partal-Ureña, Antonio
This paper analyses European banks’ probability of default (PD) by estimating a new measure that is based on the SYstemic Model of Bank Originated Losses (SYMBOL). First, we calculate the individual PD of a sample of European credit institutions during the period of 2011–2016. Then, dynamic panel data models are estimated to analyse the influence of several bank-specific and macroeconomic variables on the PD. We conclude that capital adequacy, liquidity, asset quality and profitability indicators influence the European banks’ PD. The macroeconomic scenario, the industry concentration and the size of banks also appear to have an impact on their risk.

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