DEFC-Artículos
URI permanente para esta colecciónhttps://hdl.handle.net/10953/189
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Ítem Determinants of bank CDS spreads in Europe(Elsevier, 2016-07-01) Samaniego-Medina, Reyes; Trujillo-Ponce, Antonio; Parrado-Martínez, Purificación; Di Pietro, FilippoThis 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.Ítem Explaining stable accounting practices at the Mahou brewery, Madrid, 1890s to 1970s(Taylor & Francis, 2024) Quinn, Martin; Moreno, AlonsoGiven 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.Ítem 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, PilarThis 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.Ítem 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, PilarThe 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.Ítem Overcoming the Lack of Identification in Bowman’s Paradox Tests: Heteroskedastic Behavior of Returns(Emerald, 2005-10) Núñez Nickel, Manuel; Cano Rodríguez, ManuelTo 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.Ítem A review of research on the negative accounting relationship between risk and return: Bowman's paradox(Elsevier, 2002-02) Núñez Nickel, Manuel; Cano Rodríguez, ManuelA 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.Ítem Do well-reputed companies carry out higher quality social reporting? An empirical approach(EMERALD PUBLISHING, 2020-11) Castilla-Polo, Francisca; Ruiz-Rodríguez, Mª del ConsueloPurpose – 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.Ítem 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 CruzIn 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.Ítem 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 BelénSpending 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.Ítem 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, IsabelAlthough 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.Ítem 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 Ignaciothe 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.Ítem 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, IsabelOlive 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.Ítem Una revisión histórico-descriptiva de las empresas pioneras en el tratamiento de intangibles(OMNIA SCIENCE, 2014-12) Castilla-Polo, Francisca; Ruiz-Rodríguez, Mª del ConsueloObjeto: 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.Ítem Students’ attitude: Key to understanding the improvement of their academic RESULTS in a flipped classroom environment(Elsevier, 2022-03-08) Ruiz-Jiménez, M Carmen; Martínez-Jiménez, Rocío; Licerán-Gutiérrez, Ana; García-Martí, EliaThe flipped classroom model has been shown in recent years to have a positive effect on students’ motivation and academic performance. In this paper, we analyze the perception that students of six undergraduate subjects at University of Ja´en (Spain) have of the subjects’ formative assessment and their attitude towards this new teaching-learning model. In addition, we analyze whether both variables influence their perception of achieving better academic results. The results of our study show that both aspects (formative assessment perception and attitude) explain students’ perception of outcomes. It leads us to conclude that students’ attitude is a key element of fostering more and better learning that improves their performance. In this way, our results provide further evidence for the literature on the positive effects of the flipped classroom on the teaching-learning process at the university level for students, teachers and scholars.Ítem Measuring what is not seen—Transparency and good governance nonprofit indicators to overcome the limitations of accounting models(MDPI, 2020-09-04) Moreno-Albarracín, Antonio Luis; Licerán-Gutiérrez, Ana; Ortega-Rodríguez, Cristina; Labella, Álvaro; Rodríguez, Rosa MaríaOne of the most complex challenges currently faced by non-profit organizations (NPOs) is demonstrating that they manage resources with the highest levels of efficiency and excellence, and do not deviate from the accomplishment of their mission. Transparency and good governance are highly valuable issues for the survival of these organizations. However, empirical studies and models to measure these concepts are scarce and lack consensus. The objective of this article is to develop a uniform procedure for measuring the levels of transparency and good governance in NPOs, validated by experts, that integrates the most important contributions. The main proposals are supported by lists of indicators whose compliance they try to verify. Finally, we considered the experts’ preferences to obtain the indicator weights by means of the Best–Worst Method and Minimum Cost Consensus model. The result of our work is the development of a list of indicators, which integrates the existing battery of Spanish indicators. We contribute, with this work, to improving the credibility of the third sector from the perspective of donors, users, public administrations, and society. This is an essential issue for the survival of these NPOs.Ítem Socioemotional wealth in family firms: a longitudinal content analysis of corporate disclosures(Elsevier, 2018-12-26) Cleary, Peter; Quinn, Martin; Moreno, AlonsoFamily 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.