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 Linguistic Group Best–Worst Method for Measuring Good Governance in the Third Sector: A Spanish Case Study
(Springer, 2022-03-23) Licerán-Gutiérrez, Ana; Ortega-Rodríguez, Cristina; Moreno-Albarracín, Antonio Luis; Labella, Álvaro; Rodríguez, Rosa María; Martínez, Luis
The need of Non-profit Organizations (NPOs) of generating trust and credibility, to their stakeholders by an efficient management of their resources, lead them to openly show that they develop adequate good governance practices. But this is not a simple task and few research has been done on measuring methods of good governance in this field; without achieving an agreement about the best procedure. This paper aims at facilitating the measurement of good governance practices in NPOs by a fuzzy linguistic consensus-based group multi-criteria decision-making (MCGDM) model that will provide agreed and easy-understanding weights for a list of indicators proposed by the stakeholders and entities in such good governance practices. To do that, a linguistic 2-tuple BWM method with a consensus reaching process (CRP) will be developed and then applied to a real-world case in Spain, in which a group of experts from significant Spanish NPOs will assess the list of indicators proposed by the most representative entities (the alliance between the non-governmental organizations (NGO) Platform for Social Action, and the NGO Coordinator for Development (CONGDE) to obtain a prioritization of such indicators for measuring the good governance practices in Spanish NPOs.
A longitudinal study of the textual characteristics in the chairman’s statements of Guinness - an impression management perspective
(Emerald, 2019-09-19) Moreno, Alonso; Jones, Michael John; Quinn, Martin
Purpose - This paper longitudinally analyses the evolution of multiple narrative textual characteristics in the chairman’s statements of Guinness from 1948 to 1996, with the aim of studying impression management influences. It attempts to contribute insights on impression management over time. Design/methodology/approach - The paper attempts to contribute to external accounting communication literature, by building on the socio-psychological tradition within the functionalist-behavioural transmission perspective. The paper analyses multiple textual characteristics (positive, negative, tentative, future and external references, length, numeric references and first person pronouns) over 49 years and their potential relationship to profitability. Other possible disclosure drivers are also controlled. Findings - The findings show that Guinness consistently used qualitative textual characteristics with a self-serving bias, but did not use those with a more quantitative character. Continual profits achieved by the company, and the high corporate/personal reputation of the company/chairpersons, inter alia, may well explain limited evidence of impression management associated with quantitative textual characteristics. The context appears related to the evolution of the broad communication pattern. Practical implications - Impression management is likely to be present in some form in corporate disclosures of most companies, not only those companies with losses. If successful, financial reporting quality may be undermined and capital misallocations may result. Companies with a high public exposure such as those with a high reputation or profitability may use impression management in a different way. Originality/value - Studies analysing multiple textual characteristics in corporate narratives tend to focus on different companies in a single year, or in two consecutive years. This study analyses multiple textual characteristics over many consecutive years. It also gives an original historical perspective, by studying how impression management relates to its context, as demonstrated by a unique data set. In addition, by using the same company, the possibility that different corporate characteristics between companies will affect results is removed. Moreover, Guinness, a well-known international company, was somewhat unique as it achieved continual profits. This is the Accepted Manuscript of the article published in Accounting, Auditing & Accountability Journal, 32(6), 1714-1741, available online: https://www.emerald.com/insight/content/doi/10.1108/AAAJ-01-2018-3308. Please cite the published version. This Accepted Manuscript is deposited under the CC BY-NC licence and that any reuse is allowed in accordance with the terms outlined by the licence.
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.
A review on the multidimensional analysis of earnings quality
(Editum, 2019-01) Licerán-Gutiérrez, Ana; Cano-Rodríguez, Manuel
There 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.
ADVANCE EMPLOYEE DEVELOPMENT TO INCREASE THE PERFORMANCE OF THE FAMILY BUSINESS
(Emerald, 2023) Núñez-Cacho Utrilla, Pedro; Grande-Torraleja, Félix; Moreno-Albarracín, Antonio; Ortega-Rodríguez, Cristina
Purpose – The search for competitiveness by family-owned companies has led us to research topics that may help these companies succeed. The management of human capital is undoubtedly one of the keys to success, and the practices of employee development (training, promotion, succession, career planning, mentoring and coaching) help improve the performance of these companies. Design/methodology/approach – This paper is based on studying a sample of 560 family companies and analyzing the relationship between performance of the family businesses and the use of employee development practices. The techniques used were confirmatory factor analysis and structural equation modeling. Findings – The results show that employee development has a direct effect on the indicators of performance in family companies. The authors have developed a series of practical implications for companies that justify investments in and efforts with regard to employee career development. Research limitations/implications – Family businesses need to understand the development needs of their employees. In addition, the very processes and tasks performed. The authors have developed a number of practical implications for companies that justify the investments and efforts made in employee career development. This work validates the usefulness of the use of certain practices for the development of employees in family businesses, allowing the company to generate human capital to build a competitive position in the market. Practical implications – The results of this study suggest that family businesses should understand the development needs of their employees and that various practices are available to help detect these needs. Family businesses should see individual development processes as an opportunity to improve the performance of employees, which could avoid conflicts in such businesses (Qiu and Freel, 2020). Companies should develop career and succession plans that enable these changes to be faced throughout the company, ensuring that when handover occurs, the candidates are sufficiently qualified in accordance with their career paths. The present research study shows that coaching is a powerful tool for improving performance. Moreover, mentoring appears to be an important part of employee development. For this reason, mentoring programs should be formally planned with designated objectives. In addition, family businesses should provide employees with real opportunities for promotion and the development of their skills and abilities, which is a way to retain nonfamily professionals (Ramankutty and Pujar, 2017). Social implications – Family businesses are a very important part of the productive activity of a country and their continuity is necessary to maintain employment and income. The management of people in family businesses is a key aspect for their success, therefore knowing the key aspects for the development of human capital will have a positive influence on maintaining employment and income. Originality/value –This paper addresses the study of people development processes in family businesses and proves its usefulness to improve performance, considering the formal planning of succession processes and professional careers, providing qualifications to candidates and ensuring that they are show satisfaction with their professional evolution in the company. Likewise, it is positive for family businesses to use coaching relationships, formally scheduled and employing a coach from abroad. The other tool that will favor the development of employees is mentoring, formally programmed, establishing objectives and properly studying the mentor’s profile. For this tool to be applied successfully, it is necessary to get the participants to commit to the mentoring process. Finally, the organization must provide its employees with real opportunities to promote, training them and developing their skills.
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.
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
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.
Capital markets and valuation models of investment properties. A pre and post crisis analysis
(Editum, 2022-07-01) Horno-Bueno, M Paz; Licerán-Gutiérrez, Ana; Bautista-Mesa, Rafael
This work analyses the effect of the fair value and historical cost models, optionally applicable under IAS 40 for investment properties on the market value of Spanish groups of real estate listed companies between 2005 and 2018. The results of the application of the Ohlson Model do not suggest any relationship of financial information with the market value in the pre-crisis and economic crisis periods. However, in the post-crisis period, financial information represented by book value gains relevance, showing a significant positive relationship with the market value of real estate companies, although suggesting a reduction in the asymmetry of financial information in companies using the fair value method.
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, Manuel
This 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.
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.
El concepto "emprender" ampliado y su influencia en los enfoques de la educación en emprendimiento del alumnado universitario
(Dyckinson, 2020) Montes Merino, AnaMaría; Peña Hita, Mª Ángeles
El proyecto Global Entrepreneurship Monitor (GEM) ha propuesto que la dinámica del emprendimiento puede vincularse a condiciones que mejoran (u obstaculizan) la creación de nuevos negocios, denominadas “condiciones del marco emprendedor” (Bosma, Hill, Ionescu-Somers, Kelley, Levie, y Tarnawa, 2020). La combinación de condiciones en el contexto en el que se desarrollan las actividades de emprendimiento conforma el “ecosistema emprendedor” (Kelley, Singer, y Herrington, 2016). La situación actual demanda una intensificación de las actuaciones de todos los agentes implicados para contribuir a la necesaria recuperación del ecosistema emprendedor, profundamente deteriorado por el impacto de la pandemia del COVID-19. Las conclusiones de los expertos españoles entrevistados en el Informe GEM España del periodo 2018-2019 (Peña-Legazkue, Guerrero, González-Pernía, y Montero, 2019) señalan como principales obstáculos para emprender el acceso a la financiación (63,0%), las políticas gubernamentales (44,4%), las normas sociales y culturales (44,4%) y la educación y la formación (33,3%), recomendando fortalecer las competencias emprendedoras en los programas formativos impartidos en los diferentes niveles educativos. Los recientes datos publicados por el GEM sobre el impacto del COVID-19 en el tejido emprendedor en España (Global Entrepreneurship Research Association, GERA, 2020) califican la situación con dos adjetivos reveladores: “parálisis” (en el 40% de la actividad empresarial) e “incertidumbre” (en el 58% de las empresas). En los primeros seis meses tras el inicio de la pandemia, el 47% de empresas con menos de diez empleados esperaba un impacto muy negativo, el 25% cambió su modelo de negocio y/o canceló pedidos a proveedores, el 17% redujo sus precios de mercado y el 12% tuvo que ceder una parte de su mercado; el 14% llegó a acuerdos con proveedores, el 32% congeló sus planes de inversión y el 28% solicitó financiación extra. En un plano positivo, de las empresas que han continuado su actividad mediante el teletrabajo (50%), un alto porcentaje (58%) tiene grandes expectativas sobre el lanzamiento de nuevos productos y servicios, el 57% se esfuerza en la búsqueda de nuevos clientes, mientras que el 49% de los emprendedores cree que hay oportunidades de negocio a medio plazo para empresas que dispongan de recursos suficientes y diversificados. El ecosistema emprendedor presenta un alto nivel de complejidad en el que interactúan aspectos sociales, económicos, culturales, tecnológicos y medioambientales. Adquirir competencias emprendedoras es uno de los elementos esenciales de dicho ecosistema, por lo que la educación en emprendimiento adquiere un papel relevante. Los expertos coinciden en la necesidad de intensificar los esfuerzos en materia de formación para emprender y en la orientación hacia una cultura emprendedora en todos los niveles educativos, promoviendo competencias en el alumnado universitario que puedan incrementar sus oportunidades de desarrollo profesional como generadores de empleo. Los estudios de intención emprendedora, uno de los precursores más fiables del comportamiento emprendedor (Liñan, 2004; Prodan y Drnovsek, 2010), dejan constancia, de forma especial, de la influencia que pudieran tener las universidades sobre la actividad y la capacidad emprendedoras a través de sus programas de formación (Urbano y Toledano, 2008). La intención emprendedora del alumnado universitario puede ser potenciada mediante la educación en emprendimiento. Dada la naturaleza de su configuración, es preciso integrar de forma sinérgica el desarrollo de los aspectos cognitivos y emocionales, ya que es la acción conjunta de ambos aspectos, intensificada ante la presencia de educación en emprendimiento, la que produce mayores efectos en la intención emprendedora del alumnado universitario (Fernández-Pérez, Montes-Merino, Rodríguez-Ariza, y Alonso Galicia, 2019). El enfoque y el nivel de análisis desde los que se aborde la definición del fenómeno emprendedor tendrán su traducción en diferentes visiones de la educación emprendedora, en las que la atención, el propósito educativo, la perspectiva pedagógica y los resultados educativos esperados variarán y nos situarán en escenarios diversos. Nuestro trabajo plantea la necesaria reflexión sobre la concepción del fenómeno emprendedor, y sobre su influencia en la elección del enfoque y las metodologías de la educación en emprendimiento, ante las evidencias que señalan su efecto positivo en la intención emprendedora del alumnado universitario. Tales reflexiones responden a la necesidad estratégica de contribuir desde las universidades a la recuperación y consolidación de nuestro ecosistema emprendedor.
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).
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.
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.
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.
Do well-reputed companies carry out higher quality social reporting? An empirical approach
(EMERALD PUBLISHING, 2020-11) Castilla-Polo, Francisca; Ruiz-Rodríguez, Mª del Consuelo
Purpose – The purpose of this research objective was to analyse social reporting within MERCO Business companies both from the point of view of the quantity of information disclosed and the references about their quality. This approach constitutes a novelty with respect to previous literature on the subject. Design/methodology/approach – This paper assesses how social reporting is being carried out by the companies included in the MERCO Corporate Reputation Business Monitor, MERCO Business, during the period 2014–2016. The methodological design include the construction of a weighted index based on two unweighted indexes related to the quantity revealed and the quality detected. In addition, this study integrates intellectual capital and social responsibility approaches in order to deep into these voluntary disclosures. Findings – While social reporting is considerable from a quantitative point of view within MERCO Business companies, they do not reach very high levels of quality, which is good to counteract the final value of the quantity–quality index that the authors’ propose. Research limitations/implications – In MERCO Business companies, quantity is not a proxy for quality within social reporting. In this sense, only considering both dimensions it will be possible to assess these disclosures in a more complete way. Practical implications – This study allows a more accurate and comparable view of social reporting than those studies that only focus on how much information is disclosed. Besides, it involves an important advance in the identification of the relative quality of social reporting, opening a new line of research that will be key to comparing this type of disclosures in a more homogeneous way. Likewise, the results can be applied in future studies in the intellectual capital field given the complementarity between both types of disclosures. Social implications – Likewise, these results will be of interest for future actions aimed at regulating the improvement of the quality of social reporting in the hands of managers, investors and regulators. Originality/value – The authors have tested the value of quality in social reporting using a weighted index amongst the most reputable companies in the Spanish scenario. These disclosures have been compared with and without the use of it in order to deduce its value to obtain valid conclusions about social reporting.
Do well-reputed companies carry out higher quality social reporting? An empirical approach
(Emerald Insights, 2020-12-10) Castilla-Polo, Francisca; Ruiz-Rodríguez, María Consuelo
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.
Entrepreneurial university ecosystems: does the country's level of development differently affect the students´ entrepreneurial intention A perspective from public universities in Spain and Mexico
(Inderscience Publishers, 2024) Huezo-Ponce, Lizzete; Montes-Merino, Ana; Rodríguez-Gutiérrez, Paola Isabel; Orozco-Gómez, Ma. Margarita
Entrepreneurial ecosystems in universities is a framework to understand since entrepreneurship is a viable career option after a crisis. However, public universities are vital institutions that provide education in all disciplines and receive most young people interested in learning. Thus, one question comes to mind when the unit of analysis is the public university in a developed country. Does the entrepreneurial university ecosystem matter to improve the entrepreneurial intention of their students?. This research frames a global sample of 436 students, 220 (Spain) and 216 (México) students. Suitable for Structural Equation Modeling. Findings suggest a significant relationship between Entrepreneurial University Ecosystems and the public university; the Theory of Planned Behavior TPB is a crucial mediator and the kind of country not moderate. It contributes to understanding the entrepreneurial contexts for public universities and allows to follow a classification of entrepreneurial university ecosystems as the university-based entrepreneurial ecosystems (U-BEEs.)

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