DEFC-Artículos

URI permanente para esta colecciónhttps://hdl.handle.net/10953/189

Examinar

Mostrando 1 - 20 de 34

Economic crisis and determinants of solvency in the insurance sector: new evidence from Spain
(Wiley, 2020) Moreno-Gabaldon, Ignacio; Parrado-Martínez, Purificación; Trujillo-Ponce, Antonio
This paper analyzes the factors that determine the solvency of the insurance companies operating in Spain. The selected time span, from 2008 to 2015, encompasses a period of economic instability characterized by record low interest rates and low or even negative economic growth. Using a dynamic panel data model, we conclude that actual solvency margins are positively related to profitability, underwriting risk, and a mutual-type organization but inversely related to size, reinsurance use, longer-tailed business, and life insurance specialization. We also find that less concentrated markets and the context of an economic crisis decrease solvency margins.
Determinants of bank CDS spreads in Europe
(Elsevier, 2016-07-01) Samaniego-Medina, Reyes; Trujillo-Ponce, Antonio; Parrado-Martínez, Purificación; Di Pietro, Filippo
This paper empirically analyzes the determinants of credit default swap (CDS) spreads from a sample of 45 listed European banks over the 2004-2010 period. We use variables related to accounting- and market-based data, an indicator of liquidity in the CDS market and several variables from the macroeconomic environment in which these financial institutions operate. These variables are analyzed during both the pre-crisis period (2004-2007) and the crisis period (2008-2010). The primary conclusion is that the market variables have the greatest explanatory power. Additionally, we find that the explanatory power of the model is considerably higher during the crisis period than it is during the pre-crisis period.
Accountability and accounting for fisheries - six decades of reporting by the Electricity Supply Board of Ireland, 1935-1993
(Emerald, 2023) Quinn, Martin; Moreno, Alonso; Bhatta, Bibek
Purpose: This study aims to contribute to the relatively limited historic literature on social and environmental accounting/accountability. More specifically, the study explores accounting and accountability for fisheries over time and determines potential legitimacy relations as conveyed through reporting. Design/methodology/approach: A content analysis method is used to analyse a fisheries-related section of an annual report of a state-owned electricity firm for 56 years (1935/36–1993). The time frame analysed is a period when environmental or social reporting was, in general, informal and not mandated. However, accountability was established for the company under study, through the legally mandated provision of (unspecific/discretional) information about fisheries activities. A lens evoking legitimacy relationships as a dyad is utilised. Findings: The fisheries reporting within the case organisation is an early example of recognition of the important effects of business activities on the environment and biodiversity. The findings of the analyses suggest the content aligns with what may be anticipated in a contemporary setting. Drawing on trends noted from the content analysis, three potential legitimacy relationships are identified around the fisheries reporting. Only one is determined as a complete legitimacy relationship. Research limitations/implications: The research is limited in that it is an analysis of one case in a single context. Also, the content analysis methods used were developed specifically for the study, which may limit their application. Finally, the data source used, and the historic nature of the study, to some extent limits the ability to determine some legitimacy relationships. Originality/value: This study offers some insights on the historic nature of environmental reporting from a fisheries perspective in the Northern Hemisphere. The longitudinal nature of the analysis also offers insights into how the content of the reporting changed over time. Additionally, the use of a relatively new approach to operationalising legitimacy may prove useful for future researchers in the accounting discipline, especially given recent concerns on how the concept of legitimacy has been utilised in such research.
Explaining stable accounting practices at the Mahou brewery, Madrid, 1890s to 1970s
(Taylor & Francis, 2024) Quinn, Martin; Moreno, Alonso
Given the generally ubiquitous practice of brewing, exploring accounting in breweries is useful to understand the evolution of accounting practices within firms over time. Breweries, many of which have survived for centuries, operate(d) in differing political, legal, professional and economic contexts, yet produce a relatively standardised product. A standard product but differing context may influence how accounting was practised within breweries over time, and some prior studies have adopted institutional concepts to explore the stability/change of brewery accounting. To date, much of the existing research is in an Anglo-Saxon context. This study contributes to a growing literature in other contexts by exploring Mahou, a Spanish brewer with the aim to examine how internal accounting practices were affected by a differing institutional context and the stability/change of these practices. The accounting records of Mahou reveal stable practices over the study period, despite change in its operating context. They also reveal an emphasis on meeting legal requirements, with less evidence of accounting information which may be useful for decision making. This conclusion is in apparent contrast to practices at other breweries of a similar period.
Banking soundness indicators and sovereign risk in time of crisis: the case of the European Union
(Wiley, 2016-08) Parrado-Martínez, Purificación; Partal-Ureña, Antonio; Gómez-Fernández-Aguado, Pilar
This paper examines the impact of the soundness of the banking sector on sovereign risk of EU member countries during the financial crisis by using a selection of financial soundness indicators (FSIs) and the sovereign ratings of the three main rating agencies. Unlike previous literature that typically focus on the ability of FSIs to foresee banking crises, we estimate ordered response models to assess the power of these indicators to explain sovereign risk. Our results show that evaluations made by the rating agencies are related to the lagged values of core FSIs such that an improvement in these indicators leads to improvements in upcoming sovereign ratings. Hence, reinforced banking soundness would reduce the sovereign risk. Accordingly, governments, supervisors and central banks should pay close attention to the evolution of certain FSIs related to the banking sector, in addition to other variables that have traditionally been taken into account in analyzing sovereign risk.
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.
El reto de la Educación en Emprendimiento en la Universidad: percepciones del estudiantado de Educación
(Revista de Investigación Educativa, Universidad de Murcia, 2023) Peña-Hita, María Ángeles; Pegalajar-Palomino, Mª del Carmen; Montes-Merino, Ana María
Entrepreneurship education is a reality in higher education institutions, although it does not reach all students in the same way. Students of Education Degrees do not generally consider this option as a career option at the end of their university education. This paper analyzes the perceptions of these students on the entrepreneurial phenomenon, as well as their job expectations after their university studies. This is a quantitative, descriptive-correlational research, based on the survey technique using questionnaire (n=886). The results obtained indicate that these students have a good concept of entrepreneurs, although the data confirm that entrepreneurship and self-employment are not considered by the group analyzed a major option for accessing the labor market. However, there is an increase in the possibilities of entrepreneurship among students in their final years, who are close to entering the labor market. The limited professional expectations of this group stand out, centered mainly on joining public educational centers through a competitive examination. This reinforces the need to continue working on the entrepreneurial phenomenon in these students, since the efforts made by universities do not reach all students equally.
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.
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, 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.
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.
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.
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.
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).
Evaluating olive oil tourism experiences based on the segmentation of demand
(ELSEVIER, 2022-03) Pulido-Fernández, Juan Ignacio; Casado-Montilla, Jairo; Carrillo-Hidalgo, Isabel; Pulido-Fernández, María de la Cruz
In recent years, several research projects have undertaken to gain in-depth knowledge of the demand for olive oil tourism. With the development of olive oil tourism by companies with a vastly different background to that of the tourist sector, precise and accurate information is required in order to meet demand expectations satisfactorily and generate quality experiences. This paper presents the characteristics of four major clusters into which olive oil tourists can be divided and the assessments made by these tourists of the activities carried out, their overall olive oil tourism experience, the various elements of the destination they visited, and the destination as a whole. The results obtained show that, a priori, the reasons for engaging in olive oil tourism, educational background, employment, and age, are the most influential factors when it comes to evaluating such experiences.
Segmentation and characterization of tourists by spending composition in World Heritage Cities
(TAYLOR & FRANCIS, 2020-06-15) Pulido-Fernández, Juan Ignacio; Carrillo Hidalgo, Isabel; Mudarra-Fernández, Ana Belén
Spending has been one of the most frequently analyzed economic variables over the past decades in studies on tourism, and especially those related to cultural destinations. Over time, researchers has focused on identifying and understanding the factors that condition tourism spending as a key variable to ensure the multiplier effect of tourism on the territories and, therefore, the competitiveness of tourism destinations at a global level. Despite this, there are few studies on tourism segmentation according to tourists’ spending patterns, and even fewer when it comes to World Heritage Sites. Using model-based Gaussian clustering, this study identifies six clusters, which are subsequently characterized according to the socio-demographic characteristics of the tourists, the characteristics of these tourists’ trip and their level of satisfaction with different aspects of the destination. The study has focused on Úbeda and Baeza (Spain), based on information from 2,126 surveys conducted between June and September 2016.
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.
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.
Introducing olive-oil tourism as a special interest tourism
(Elsevier, 2019-12-04) Pulido-Fernández, Juan Ignacio; Casado-Montilla, Jairo; Carrillo-Hidalgo, Isabel
Olive-oil tourism is an emerging tourism typology that is especially developing in the Mediterranean basin, though successful cases also exist in other regions of the world. The main motivation underlying olive-oil tourism demand is the desire to learn about and enjoy the world of olives and olive oil. The objective of this article is to characterise this new tourism typology and identify its main activities. Based on a thorough bibliographical review and an expert panel, we show that this tourism typology corresponds to special interest tourism, and derives from three types of general interest tourism (rural, nature and cultural) with connections to other specific types of tourism. Furthermore, we demonstrate its links to an increasingly broad range of activities and services, thus revealing how complex this type of tourism can be, a feature proper to so-called special interest tourism.
Understanding the Behaviour of Olive Oil Tourists: A Cluster Analysis in Southern Spain
(MDPI, 2020-08-24) Pulido-Fernández, Juan Ignacio; Casado-Montilla, Jairo; Carrillo-Hidalgo, Isabel
Olive oil tourism is a recent development in the countries of the Mediterranean basin, but it is now spreading to other regions of the world. The main reasons people are choosing this special interest tourism (SIT) are to find out about the culture surrounding olive oil and to enjoy the whole host of activities related to the product. This has led to the creation of strong links between olive oil tourism and other types of special interest tourism. The studies undertaken thus far to characterise the profile of olive oil tourism’s demand, and its motivations, expectations and needs, have been limited and partial, focusing on specific cases. Therefore, this paper aims to take a closer look at the demand for olive oil tourism. Based on a survey of 609 visitors to olive oil mills in the south of Spain, olive oil tourists were segmented according to the type of trip and the olive oil tourism experience enjoyed during the trip, using a two-step cluster analysis. The results obtained enabled us to identify four segments with well-di erentiated behaviours, which will help stakeholders, policy makers and destination managers to reach decisions, with a view to adapting their product to the expectations and needs of potential customers.
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.

RUJA: Repositorio Institucional de Producción Científica

Examinar

Envíos recientes