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Female directors and accounting quality: a quasi-natural experiment research Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2023-12-19 Josep Garcia-Blandon, Josep Maria Argilés-Bosch, Diego Ravenda
This study capitalises on the unique setting created by the enactment of a board gender quota in Norway, which led to an unprecedented increase in the number of female directors within a short time...
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Interconnecting financial and sustainability information: does the multi-capital approach explain adherence to the IIRC framework? Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2023-12-08 Begoña Giner, Francisca Pardo, Carina Barreto
Integrated Reporting (IR) is a major innovation encompassing both financial and sustainability information. The multi-capital approach that characterises the International Integrated Reporting Coun...
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Spanish universities and SDGs achievement: analysis of strategic plans and other sustainability-related practices Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2023-12-04 Esther Bautista Chamizo, Domingo Martinez-Martinez, Javier Andrades Peña, Jesus Herrera Madueño, Manuel Larrán Jorge
Universities have a remarkable role in society and they are expected to contribute to the achievement of sustainable development goals (SDGs). This paper investigates the behaviour of a sample of S...
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The quantity and quality of narrative disclosures in management reports: CNMV guide effect Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2023-12-01 Álvaro Melón-Izco, Francisco J. Ruiz-Cabestre, Carmen Ruiz-Olalla
This study examines how compliance with the CNMV Guide impacts narrative disclosures in listed companies' management reports from 2010 to 2016. Analyzing text and visual elements, we introduce a no...
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CEO’s time perspective influence on green innovation Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2023-09-26 Muhammad Jameel Hussain, Tian Gao Liang, Adnan Ashraf, Radwan Hussien Alkebsee
This study examines whether and how the CEO’s time perspective affects corporate green innovation. We document a significant positive relationship between the CEO time perspective and green innovat...
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The rise of compliance systems? The evolution of internal control through the accounting literature Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2023-09-25 Enrique Mesa-Pérez
Compliance systems aim to prevent the commission of fraud and corruption by promoting internal procedures and ethical behaviour among individuals. This research analyzes how the existing accounting...
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Bank customers complaints, financial knowledge and gender Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2023-08-23 Inmaculada Aguiar-Díaz, José Ramón Zagalaz- Jiménez, Juan Luis Jiménez
ABSTRACT This work aims to analyse the relationship between financial knowledge and the propensity of consumers to complain in the event of disagreement with a financial institution. A sample of 8,286 individuals from the Survey of Financial Competencies elaborated by the Bank of Spain is analysed. The results reveal that individuals with greater financial knowledge show a greater propensity to complain
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Does better CSR disclosure minimise the problem of asymmetric financial reporting? The role of market supervision Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2023-07-23 Kung-Cheng Ho, Xin Xu, Xixi Shen, Jinxin Yu
Corporate social responsibility (CSR) is a crucial business practice that has attracted the attention of companies and market participants worldwide. This paper examines the impact of CSR on financ...
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Asymmetric and nonlinear comovements of credit default swap and bond markets: evidence from an emerging market Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2023-06-07 Semra Bank, Zehra Abdioğlu, Elif Kahraman
ABSTRACT This study examines the equilibrium and price discovery relationships between credit default swap (CDS) and bond markets through the symmetric and non-symmetric cointegration approaches, focusing on Turkish sovereign markets. While the findings, obtained using the threshold autoregressive (TAR) and momentum threshold autoregressive (MTAR) models, confirm the asymmetric and nonlinear cointegration
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Family power in the boardroom: Is it counterbalanced by other large shareholders? Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2023-04-27 M. Sacristán-Navarro, L. Cabeza-García, S. Gómez-Ansón
ABSTRACT This study analyses how the existence, the number, their ownership, and the identity of other large shareholders coexisting with families, influence disproportionate family board power of listed firms. Using a database of the Spanish market over an 8-year period, the results show that the number of other large shareholders and their relative ownership over the family increase disproportionate
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Signalling through accountability reporting for family firms: Does the institutional environment matter? Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2023-03-27 Abdullah Alsaadi
This study investigates three possible explanations of the link between Corporate Social Responsibility (CSR) expenditures and future financial performance for family firms: (i) CSR is an investmen...
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Impact of public guarantees on optimal debt levels following the COVID-19 pandemic: efficiency in their allocation Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2023-02-17 J. Samuel Baixauli-Soler, Gabriel Lozano-Reina, Susana Álvarez-Díez, Diego Rodríguez-Linares Rey
ABSTRACT The COVID-19 pandemic triggered a sudden drop in companies’ sales and turnover, which resulted in serious liquidity and solvency problems. In an effort to cushion these unfavourable effects, a credit guarantee plan was launched in 2020 by the Spanish Government to mitigate the effects of COVID-19 by injecting firms with liquidity. This paper seeks to analyse the impact of this public policy
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An empirical test of auction methods in the primary market of sovereign debt Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-12-22 Matías Jiménez, Asunción Mochón
There has been a long debate as to which of the most extended systems, the uniform system or the discriminatory price system, is the most appropriate for central banks and debt management offices ...
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The relationship between geopolitical risk and crude oil prices: evidence from nonlinear and frequency domain causality tests Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-12-15 Yong Jiang, Yi-Shuai Ren, Xiao-Guang Yang, Chao-Qun Ma, Olaf Weber
ABSTRACT This paper aims to investigate the possible explanatory effect of geopolitical risks on the oil price changes from February 1986 to December 2019 by employing the nonlinear bivariate Granger causality test and frequency domain Granger causality test based on the geopolitical risk index. The results suggest that there exists a nonlinear causality from geopolitical risks to crude oil prices
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Audit committee financial expertise, audit committee independence, and regulatory oversight on external auditors Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-12-12 Mohammad Javad Saei, Reza Hesarzadeh, Naser Makarem, Saher Aqel
We empirically investigate how regulatory oversight on external auditors is jointly influenced by audit committee financial expertise and independence. To measure regulatory oversight on external ...
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Public administration accountability on the social pillar of sustainable procurement: a documentary analysis Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-11-23 Rosa Fernández-Pérez, Mercedes Luque-Vílchez
This research analyses public administration accountability practices relating to the social pillar of sustainable public procurement. To that end, we carry out a content analysis of the social cri...
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Dynamic analysis of calendar anomalies in cryptocurrency markets: evidences of adaptive market hypothesis Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-10-19 Carmen López-Martín
This paper analyses the effects known as the day of the week and the month of the year in the cryptocurrency markets. The closing values of eleven cryptocurrencies have been considered. The study e...
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Audit committee characteristics and firms’ investment efficiency: the moderating effect of audit committee mandatory requirements Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-09-08 Bum-Jin Park
ABSTRACT This study examines how the relationship between audit committee characteristics and firms’ investment efficiency is affected by mandatory requirements for audit committees. Audit committee activity has a positive relationship with investment efficiency. The results suggest that the independence and expertise of audit committees cannot increase investment efficiency if the audit committees
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Auditing private firms in a civil law context: an exploratory analysis of the impact on form and substance quality Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-09-08 Maarten Corten, Nadine Lybaert, Tensie Steijvers
This study examines to what extent auditors increase financial reporting quality in a civil law private firm context. Although such context provides little incentives to focus on financial reportin...
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Do price-earnings multiples for firms with patterns of increasing earnings vary with the quality of the earnings pattern? Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-08-29 Su-Ping Liu, Juan Manuel García Lara
Prior research finds that firms with patterns of consecutive earnings increases are rewarded by market participants with higher Price-Earnings (P/E) multiples, and that some firms manage earnings t...
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The effect of frontline employee participation in strategic planning on managers’ budget slack creation and evaluation: a lab-in-the-field experiment Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-08-13 Yasheng Chen, James Xede
We examined whether participation of frontline employees (FEs) in a firm’s strategic planning using strengths, weaknesses, opportunities, and threats (SWOT) analysis mitigates managers’ budget slac...
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Big data and artificial intelligence in the fields of accounting and auditing: a bibliometric analysis Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-07-22 María A. Agustí, Manuel Orta-Pérez
ABSTRACT The importance of Big Data and Artificial Intelligence in the fields of accounting and auditing is beyond doubt. However, to date, the influence of these technologies on these fields has yet to be uncovered, and the works that have analysed such influence are still scarce. In an attempt to describe the development of this research trend and to understand its future directions of development
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Audit Qualification Paragraphs and Audit Report Lag: Evidence from Iran Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-06-21 Omid Faraji, Fakhroddin MohammadRezaei, Hassan Yazdifar, Kamran Ahmed, Yaser Najafi Gadikelaei
ABSTRACT We investigate whether the number and type (the nature and repetitiveness) of audit qualification paragraphs (AQPs) play a role in audit report lag (ARL). We use a unique dataset of listed firms in Iran where the multitude and diversity of AQPs are very high. The results show that ARL is longer for firms with a greater number of AQPs, that there is a significant positive relationship between
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Effectiveness of new safeguards and prohibitions to protect audit independence: an empirical research with auditors Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-06-15 Begoña García-Hernández, Antonio Duréndez, Alfonso A. Rojo-Ramírez
ABSTRACT The EU has faced the moral hazard problem of auditors by protecting their independence in two ways, with the formulation of a general principle of independence, and with the implementation of a preventive and sanctioning framework of safeguards and incompatibilities. The latest EU Directive, which reformed the auditing profession, adopted and extended such measures. This research fills a gap
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Soft gender diversity regulations for boards of directors: the moderating role of firm ownership and control structure Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-04-28 Irma Martínez-García, María Sacristán-Navarro, Silvia Gómez-Ansón
ABSTRACT Women are significantly underrepresented worldwide on corporate boards of directors, leading to board gender diversity regulations. Drawing from agency and socioemotional wealth theories, we investigate the moderating effect of ownership structure, shareholder identity and shareholder control on how gender diversity codes and soft quotas influence women’s representation on boards. We analyse
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Related party transactions and audit fees in a dominant owner context Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-04-23 Marina Elistratova, Carolina Bona-Sánchez, Jerónimo Pérez-Alemán
ABSTRACT By adopting an integrated theoretical approach, which combines supply and demand forces, the current work examines the effect of related party transactions (RPTs) on audit fees in a sample of non-financial Spanish listed firms during the period 2005–2017. Our results show a negative effect of the amount involved in RPTs and external audit fees. Thus, in a context where both investor protection
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Managerial ability and CEO pay of family firms in Malaysia: does family involvement in management matter? Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-03-25 Swee-Sim Foong, Boon-Leong Lim
ABSTRACT Family managers are found to get lower pay, especially when family members are involved in management. This paper examines whether managerial ability has a positive impact on CEO pay in family firms. We further examine whether the relationship is higher for nonfamily CEOs compared with that for family CEOs, and whether family involvement in management affects the relationship. The data covered
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The Nordic nomination committee and board tenure: an empirical investigation Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-02-17 Laura Arranz Aperte, Therese Strand
ABSTRACT This paper contributes empirically to the debate on who should nominate new directors: shareholders or the board? While nomination committees composed of incumbent board members are common around the world, the use of nomination committees composed of shareholders (SNBs) is recommended in several Nordic countries. We use the unique case of Finland as a quasi-experiment to examine the relation
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Governance, human capital and politicization of Spanish banks Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-02-17 Miguel García-Cestona, Marti Sagarra
ABSTRACT Before the 2007 financial crisis, Spanish savings banks (Cajas) and commercial banks had shared, almost equally, the Spanish market for years. By 2012, the stakeholder-oriented Cajas had disappeared. We study if these different outcomes of Cajas and commercial banks respond to different ownership structures, governance practices and top managers’ human capital. Most of the previous debate
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Audit committee characteristics and debt choice: evidence from the S&P 500 Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-02-10 Irfan Ahmed, Zeeshan Ghafoor
ABSTRACT This study examines the impact of audit committee (AC) characteristics on firms’ debt choice. Specifically, we focus on AC independence, the frequency of meetings, financial experts, gender diversity, and the gender of the AC chair. The sample of this study is composed of 300 firms listed on the S&P 500. To examine the impact of the composition of the AC on debt choice, we use Ordinary Least
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Family owners and the appointment of family and non-family women directors. Where is the ownership point where preferences change? Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-02-10 Emma García-Meca, Domingo Javier Santana Martín
ABSTRACT We analyse the impact of voting rights in the hands of the dominant family owner on the presence of women directors in a sample of listed family firms in Spain during 2007–2020. As distinctive features of this paper, we examine whether women directors have or do not have family ties with the dominant family owner, use the control-chain methodology to identify the ultimate or dominant owner
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Is the effect of dividend policy on the volatility of stock prices stable? An empirical study on European countries Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-01-20 Esen Aktürk, Mehmet Baha Karan, Burak Pirgaip
ABSTRACT We scrutinise the impact of dividend policy on stock price volatility by examining the relationship between volatility and three dividend policy indicators, dividend yield, dividend payout, and stock repurchases, for 1,221 firms in eleven developed and emerging countries in Europe during the 2003–2017 period. We employ fixed-effects panel data analysis and we check for possible effects of
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The adoption of a code of corporate governance: incentive implications Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-01-20 Eduard Alonso-Pauli
ABSTRACT By means of an agency model, we show whether and when firms are interested in adopting a Code of Corporate Governance. The Code allows the shareholder to reduce the manager’s discretion, but it makes the manager less efficient due to the over-emphasis on monitoring. Our results suggest that if a voluntary Code is available, not all firms will be interested in it. In firms that do adopt it
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Female directors, audit effort and financial reporting quality Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2022-01-05 Carlos Fernández-Méndez, Shams Tabrize Pathan
ABSTRACT This paper analyses the influence of female directors on the demand for audit effort and on financial reporting quality for a sample of Australian non-financial listed firms over the period 2004–2018. Our results suggest that gender diversity at the Board and the audit committee have a beneficial impact both on the demand of audit effort and on the outcomes of the audit process. This beneficial
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Expected credit losses under imperfect foresight: insights from a partial equilibrium model Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-12-29 Antonio Sánchez Serrano
ABSTRACT We develop a partial equilibrium model to assess how backward-looking provisioning, loan loss provisioning and expected credit losses determine the temporal pattern of recognition of credit losses and the optimal credit spreads for banks. We apply our model to a dataset covering the Spanish economy between 1984 and 2018. Backward-looking provisioning results in highly correlated recognition
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Long memory linkages amongst Latin American stock markets. A fractional cointegration approach Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-10-28 José Carlos Vides
ABSTRACT This paper examines long-run relationships amongst six Latin American stock markets as possible evidence for their economic development, by using fractional cointegration which is applied to monthly observations for the period September 2002 to November 2019. Additionally, a novel summary table is proposed in an exhaustive way, which attempts to help to understand the puzzle of market integration
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Earnings management and country-level characteristics as determinants of stock liquidity in Latin America Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-10-16 Jorge A. Muñoz Mendoza, Sandra M. Sepúlveda Yelpo, Carmen L. Veloso Ramos, Carlos L. Delgado Fuentealba, Rodrigo A. Fuentes Solís
ABSTRACT We analysed the effects of accrual-based earnings management and countries’ institutional-financial development on stock liquidity of Latin American firms, specifically in MILA countries. We used a panel data composed of 478 companies between 2000 and 2016. Our results indicate that positive discretional accruals have a positive and non-linear impact on stock liquidity. This effect turns negative
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The transfer of accounting technologies within a religious order: the case of the Monastery of Silos (Spain) in the nineteenth century Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-10-06 Lorenzo Maté Sadornil, María Begoña Prieto Moreno, Alicia Santidrián Arroyo
ABSTRACT After a long period of abandonment due to the confiscation of its ecclesiastical properties in 1835, life at the Monastery of Silos recommenced in 1880, with the arrival of a group of Benedictine monks from France. This study focuses on the accounting system that the French monks brought with them to illustrate how accounting technology was transferred between two monasteries of the same religious
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Analysis of the effectiveness of regulation on financial health of Spanish local governments Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-09-06 Vicente Pina, Patricia Bachiller, Lara Ripoll
ABSTRACT The need to reduce public sector costs and debt has resulted in the implementation of requirements in many countries. Spain belongs to a group of countries which monitor the financial health of their local governments, using financial indicators enforced by law, and reporting this information periodically. The objective of this paper is to analyse whether the introduction of the 2012 Spanish
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The impact of CEO’s attributes on R&D intensity and ESG practices Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-08-06 Sahar E-Vahdati, Fatemeh Binesh
ABSTRACT This study examines the impact of CEO attributes on R&D intensity and the mediating role of environmental, social, and governance (ESG) practice on the aforementioned relationship. We concentrate on international companies listed on New York Stock Exchange (NYSE), from six geographical regions, which followed ESG practices, adapted from the international standards of Global Reporting Initiative
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Managers’ presentation preferences for aggregation: the role of internal reporting outcome, purpose, and Machiavellianism Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-08-06 Andson Braga de Aguiar, Ricardo Suave
ABSTRACT We focus on a flexible internal reporting setting and conduct an experiment to examine profit centre managers’ presentation preferences for aggregation when reporting performance-target deviations to superiors. Managers can use the internal reporting flexibility as an informational tactic to manage superiors’ perceptions of managers’ performance in ways that are consistent with mental accounting
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The effect of a switch of management company on pension plan fees Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-07-30 Isabel Abinzano, Luis Muga, Rafael Santamaria
ABSTRACT The impact of a switch of management company on pension plan fees is analysed by comparing the effects on employer-sponsored versus individual defined-contribution private pension plans in Spain. This framework is ideal because the two types differ significantly both in plan governance structure and consequently in the degree of bargaining power held by the decision-maker. In addition, intense
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Audit quality and fees: Evidence from Spain Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-07-29 Isidoro Guzmán-Raja, Mariano González-Sánchez, Enrique Rúa-Alonso-De-Corrales, Juan Francisco Sánchez-García
ABSTRACT This empirical research uses panel data methodology to find the main factors determining Spanish audit quality. on a sample with more than 60,000 audited companies from 2013 to 2018. Prior to analysing the quality of the audit, we have adjusted the best possible model to the audit fees behaviour in order to extract the abnormal fees. Our dynamic model shows that audited company’s size, the
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Interest rates, liquidity and the corporate financing decision throughout the business cycle: a European analysis Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-07-24 Pedro Luis Vega-Gutierrez, Juan Antonio Rodriguez-Sanz
ABSTRACT The global financial crisis has shown that money affects the real economy. This study examines the influence of the price and stock of money in the economy on capital structure throughout the business cycle during the last financial crisis, with particular focus on the roles of long- and short-term interest rates, spread rates, and liquidity as reflected in the supply and velocity of money
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Effects of the adoption of management control practices on profitability: evidence from Latin America Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-07-18 Mauricio Melgarejo, Carlos Rodríguez, Jose Torres
ABSTRACT This paper studies the impact of the adoption of different management control practices (MCP) on the firms’ financial performance in Latin America. We use the perspective of the attention-based view theory to argue that firms adopting MCP that cover different areas are more likely to attain higher financial performance, as adopting a diverse set of control practices contributes to distributing
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Enhancing transparency through the new Directive 2014/95/EU transposition – An institutional isomorphism perspective Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-07-18 Cristina Alexandrina Ştefănescu
ABSTRACT This study explores the non-financial perspective of reporting settled by the Directive 2014/95/EU. The analyses conducted assess transposition both quantitatively and qualitatively. This enriches the existing literature by shedding light on how institutional isomorphism (mimetic, coercive, and normative) influenced the adoption process across all EU Member States. The findings provide evidence
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The aftermarket performance of Spanish REITs Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-07-18 Leticia Castaño, José E. Farinós, Ana M. Ibáñez
ABSTRACT Since 2013, when the market for REITs started in Spain, the number of these investment vehicles has grown steadily. At the end of 2019, Spanish REITs ranked third in Europe in terms of market capitalisation, and first in terms of the number of REITs. This research investigates the abnormal performance of REITs in the Spanish market for 6-, 12- and 24-month post-admission windows during the
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Value investing: application of different strategies to equity mutual funds Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-07-10 Juan Manuel Iglesias García, Luis Otero González, Pablo Durán Santomil
ABSTRACT In this paper we have analysed the performance of several value investing strategies for Eurozone equity mutual funds. We have executed an empirical study of what the application of this technique implies, with its different variants, to large-cap equity funds. This has allowed us to analyse different value investment strategies, and to see which are the most profitable. Since they are defined
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Correction Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-06-04
(2021). Correction. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad: Vol. 50, No. 4, pp. 10-10.
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Publisher’s Note Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-05-06
(2021). Publisher’s Note. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad: Vol. 50, No. 2, pp. 268-268.
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External governance and capital structure: evidence from media coverage Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-04-12 Jose-Maria Martin-Flores, Arthur Petit-Romec
ABSTRACT This paper examines how external governance pressure from the media affects capital structure. Using a comprehensive set of corporate news, we find a negative relation between media coverage and financial leverage. The tests we use to address endogeneity suggest that the effect is causal. Cross-sectional tests indicate that the results are more pronounced when board or shareholder monitoring
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Family ownership and corporate social responsibility disclosure Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-03-25 Abdullah Alsaadi
ABSTRACT This study investigates the association between family ownership and the level of CSR disclosure, and to what extent country-level institutional differences and level of industry risk differences influence this association. Using a sample of firms domiciled across 14 European countries for the period from 2010 to 2017, the empirical results show that there is a negative association between
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International diversification and performance in family firm: Exploring nonlinear relationships with the governance structure in an emerging economy Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-03-21 Christian Espinosa-Méndez, Mauricio Jara
ABSTRACT In this study, we researched the relationship between international diversification and performance in family firms in an emerging economy. Likewise, from the perspective of the governance structure, we investigated non-linear relationships between business group membership, concentration of ownership as well as pyramid ownership with the performance of internationally diversified family firms
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The speed of adjustment in net operating working capital: an international study Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-01-05 Sonia Baños-Caballero, Pedro J. García-Teruel, Pedro Martínez-Solano
ABSTRACT This paper analyses whether there are differences in the speed of adjustment in net operating working capital (NWC) across countries. Unlike prior research, which reported that the adjustment speed of any current item is always rapid, we find that the speed of adjustment to NWC targets depends on a country’s investor protection and financial development. Specifically, using a sample of firms
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Variance risk premium and expected currency return: the story is different at the tails of the distribution Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2021-01-02 Baki Cem Sahin
ABSTRACT This paper investigates the prediction power of variance risk premium of domestic currency over the currency return for five major emerging market currencies controlling after the impact of past exchange rate developments and asymmetries in the variance risk premium, and the dependence between variance risk premium and currency return at different quantiles. The OLS regression results show
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Liquidity level or liquidity risk? A fresh look with new measures Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2020-12-30 Ahmad Al-Haji
ABSTRACT Lou and Sadka, in a study that was published in 2011, examine the effect of stock liquidity characteristics on stock performance during the 2008–2009 crisis. Their conclusion is that liquidity risk, and not the liquidity level, explains stock performance during the crisis. Lou and Sadka measure liquidity via Amihud’s illiquidity measure. I construct a new measure of illiquidity, based on
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Information transmission between stock and bond markets during the Eurozone debt crisis: evidence from industry returns Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2020-11-20 Nuno Silva
ABSTRACT I analyse the Granger causality in distribution between sovereign bonds and industry indexes in the five European countries most affected by the debt crisis: Greece, Ireland, Italy, Portugal, and Spain. Prior research assessed the impact of the debt crisis on the financial firms, but its effect on other industries was broadly neglected. My results reveal that, at the height of the crisis,
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Bank rating migrations before and since the onset of the financial crisis Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2020-11-20 Carlos Salvador Muñoz, Luis Tormo García, María del Carmen Ramos-Herrera
ABSTRACT This paper analyses bank rating dynamics in Europe and the United States from 2000 to 2016. In particular, two questions are addressed: (i) whether the rating agencies replicate prior changes in ratings made by other agencies (the lead-lag strategy) and (ii) whether previous rating signals (changes in ratings and in watchlist status) issued by an agency influence the likelihood of that agency
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Relative performances of asset pricing models for BIST 100 index Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2020-11-16 Emine Kaya
ABSTRACT The purpose of this study is to evaluate the asset pricing models for Borsa Istanbul. Within this scope, we apply Capital Asset Pricing Model, Fama-French Three Factor Model, and Fama-French Five Factor Model. This study covers the firms listed in BIST 100 index between 2005 and 2017 years. The findings show that Fama-French Five Factor Model is the best performing model when we compare Capital
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Are politicians using fines for electoral purposes? Empirical evidence Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad (IF 1.615) Pub Date : 2020-11-12 Bernardino Benito, María-Dolores Guillamón, Ana-María Ríos
ABSTRACT Local governments have powers to decide on various issues concerning the public services they provide, as well as on how to finance them. We believe that it is important to analyse the existence of Political Budget Cycles, since politicians may misuse this discretionary power by manipulating budget variables for electoral purposes. Specifically, we analyse the impact of electoral cycles on