DEFC-Artículos

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

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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.
Impression management in bilingual corporate reporting: An analysis of textual characteristics in Spanish and English
(Elsevier, 2024) Moreno, Alonso
Globalization has made it more important for companies to communicate in different languages. However, translation in financial reporting is neglected in practice, despite offering managers the potential to increase/decrease opportunistic attitudes in different languages. In particular, opposing pressure and monitoring effects would suggest higher/lower incentives for impression management. This paper investigates whether there are different levels of impression management in different versions of bilingual (Spanish/English) annual reports produced by Spanish listed companies. Patterns in textual characteristics that may be used for impression management purposes are analyzed. Despite different incentives, the results show little difference in the opportunistic use (or lack thereof) of every textual variable analyzed between the different language versions. This implies that stakeholders may feel free to read the bilingual reports in the language in which they feel most comfortable, because the translation process does not seem to result in different levels of impression management.
Discursive strategies for internal legitimacy: Narrating the alternative organizational form
(Elsevier, 2022) van-der-Steen, Martijn Pieter; Quinn, Martin; Moreno, Alonso
A significant body of academic work has explored the ways in which hybrid organizations seek to secure external legitimacy. However, there is a more limited understanding of the ways in which organizational units in hybrid organizations seek to acquire internal legitimacy – legitimacy which is conferred by internal stakeholders. This study draws on more than a century of communications in a Dutch cooperative bank to uncover how a major organizational unit enacted distinct discursive strategies to seek internal legitimacy. The paper extends prior work by showing how internal legitimacy work – the efforts to shape, reinforce, or suppress internal legitimacy judgments – in a hybrid organization is a dynamic process whereby an internal unit generates multiple complementary narratives to promote a fit between its own attributes and the legitimacy evaluations by internal audiences. In addition, it shows how internal legitimacy work can promote this fit by attempting to manipulate not only the impressions of the internal unit's attributes, but also its audiences’ understanding of wider cultural norms of the day, on which their legitimacy judgments are based. In this vein, the paper highlights how discursive internal legitimacy work seeks to generate a taken-for-granted organizational position for the internal units concerned.
The impact of socioemotional wealth on corporate reporting readability in a multinational family-controlled firm
(ASEPUC-EDITUM, 2023) Moreno, Alonso; Quinn, Martin
Extant research suggests that the most significant elements of a family firm’s socioemotional wealth (SEW)can drive financial reporting decisions. This paper explores this empirically by analyzing corporate disclos-ures of a case organization – Guinness, a multinational family brewing firm – over an extended period. Weidentify the presence of the SEW dimensions in the firm’s corporate disclosures and explore the relationshipbetween the most salient SEW dimension (family identity) and readability, measured by the Bog index. Theanalysis finds a positive association between family identity and readability in the period when the firmunder study can be defined as a family firm. Other SEW dimensions do not appear to have an influence onreadability. In addition, at the end of the period of study, when the firm under study ceased to be a familyfirm, the SEW dimensions failed to have an effect on readability.
Impression management in bankruptcy: An analysis of the narratives in listed companies
(ASEPUC-EDITUM, 2024) Moreno, Alonso; Camacho-Miñano, María-del-Mar
Managers tend to use opportunistically corporate narrative disclosure when financial performance is poor.However, there is little research on impression management in situations of extreme distress, such as bank-ruptcy. This paper analyzes ten textual characteristics of corporate reports at two moments in time, thelast year just before entering the legal bankruptcy procedure (sick year) and five years earlier (healthyyear). Specifically, it investigates the management reports of all bankrupt listed companies in Spain from2005 to 2019. Our findings near bankruptcy only show behavior that may be compatible with impressionmanagement in relation to length and positive language. Litigation risk associated with bankruptcy maycondition managers’ attitudes to using narratives in a self-serving manner. Our results are also robust if weonly test the most financially distressed bankrupt companies. This paper contributes to the understandingofimpression managementin companies in conditions of extreme financial distress.
Impression management in corporate annual reports during the global financial crisis
(Elsevier, 2022) Moreno-Aguayo, Alonso; Jones, Michael John
This paper analyses impression management (IM) during the global financial crisis (GFC). It examines the differences in multiple textual characteristics and attributions between a highly positive performance period (2002–2007) and the GFC period (2008–2012), within the setting of Spain, where these two economic cycles were extreme. In contrast to previous research, companies’ extreme poor performance in our sample is driven by an exogenous event. The findings do not show clear evidence of IM based on textual characteristics specifically linked to the GFC. Companies tried not to use overt IM and, to some extent, tried to clarify the impact of the crisis on performance. They were under great scrutiny and probably preferred to tell a more careful story. However, a general pattern of IM was still present during the GFC in the form of consistent positive attributions, favourable benchmarks and enhancement practices. In essence, the crisis did not fully stop IM practices, but rather influenced the way IM was produced. Overall, our results show that IM was lower during the GFC than in the case of poor performance in normal macroeconomic conditions found by previous literature. The results also show that the narratives of firms in the finance and real estate sectors were the most reactive to the GFC, probably linked to their key role in the crisis.
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.
The Compliance Officer in Nonprofit Cooperative Societies: Validation of the figure through the Best–Worst Method
(ELSEVIER, 2025-05-21) Ortega-Rodríguez, Cristina; Labella, Álvaro; Ruiz-Rodríguez, María Consuelo
The objective of this research is to validate the responsibilities attributable to the figure of the Compliance Officer based on the International Organization for Standardization (ISO) 37301 Standard on Compliance Management Systems. The lack of previous studies and the need of the Compliance Officer as an important figure within Nonprofit Cooperative Societies justify our interest and the timeliness of this research. Besides, Nonprofit Cooperative Societies can play a significant role in advancing the United Nations Sustainable Development Goals through their unique structure and community-focused mission. Based on ISO 37301, a total of 27 indicators have been defined and grouped into 6 blocks. In order to empirically validate the proposed indicators, a questionnaire was designed and anonymously answered by a series of expert managers in the mentioned sector in Spain. Afterward, a multi-criteria decision approach, the so-called Best-Worst Method, is applied to obtain the optimal weights of such indicators from the questionnaire answers. In the event of differences of opinions regarding the resulting weights, a consensus process based on minimum cost consensus is applied to obtain agreed weights that satisfy all the experts.
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.
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.)
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.
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.
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.
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.
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.
How do we measure social managament in non-profit organizations? A scale design based on the ONCE case
(Frontiers in Psychology, 2021-07-29) Moreno-Albarracín, Antonio Luis; Ortega-Rodríguez, Cristina; Álvarez-López, José Carlos; Núñez-Cacho, Pedro
One of the most important current challenges facing non-profit organizations (henceforth, NPOs) is to demonstrate that resources are being used properly to fulfill their missions. The development of control mechanisms to facilitate the measurement of social goal fulfillment has thus become a priority. In this context, transparency and good governance are configured as essential strategic elements to build trust with different stakeholders. In this work, we show the value provided by management indicators as they have become a necessary tool to confirm that the use of resources, internal processes and decisions within NPOs are carried out with the highest levels of efficiency and excellence. Only in this way can social credibility be achieved. The success of an NPO is inextricably linked to the support of donors, users, public administration and society as a whole. To achieve our research objective, we build a measurement scale based on the case of the Spanish National Organization for the Blind (ONCE), one of the largest Spanish NPOs. Based on ONCE’s experience, we propose a management indicator model that covers all social dimensions. The model is empirically validated to standardize the indicators for the ONCE and for serving as a reference for other entities.

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