ABSTRACTThis 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 innovation in Chinese manufacturing-listed firms. Furthermore, consistent with the view that the CEO’s time perspective is a significant factor influencing corporate green innovation when resources are plentiful, we find that this positive association is stronger when firms have fewer financial constraints. Overall, our research shows that the CEO’s time perspective promotes green innovation in emerging economies.KEYWORDS: Time perspectivecareer horizongreen innovationCEO tenureCEO ageJEL CLASSIFICATION: M21M120M140 AcknowledgmentsWe thankful to our school providing opportunity for research.Disclosure statementNo potential conflict of interest was reported by the authors.Additional informationFundingThis work was supported by the National Science foundation of China [71672141].
{"title":"CEO’s time perspective influence on green innovation","authors":"Muhammad Jameel Hussain, Tian Gao Liang, Adnan Ashraf, Radwan Hussien Alkebsee","doi":"10.1080/02102412.2023.2256082","DOIUrl":"https://doi.org/10.1080/02102412.2023.2256082","url":null,"abstract":"ABSTRACTThis 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 innovation in Chinese manufacturing-listed firms. Furthermore, consistent with the view that the CEO’s time perspective is a significant factor influencing corporate green innovation when resources are plentiful, we find that this positive association is stronger when firms have fewer financial constraints. Overall, our research shows that the CEO’s time perspective promotes green innovation in emerging economies.KEYWORDS: Time perspectivecareer horizongreen innovationCEO tenureCEO ageJEL CLASSIFICATION: M21M120M140 AcknowledgmentsWe thankful to our school providing opportunity for research.Disclosure statementNo potential conflict of interest was reported by the authors.Additional informationFundingThis work was supported by the National Science foundation of China [71672141].","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"530 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134886934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-25DOI: 10.1080/02102412.2023.2255416
Enrique Mesa-Pérez
ABSTRACTCompliance 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 literature examines the evolution of internal control and how it can reflect the implementation of compliance systems’ features. The starting presumption of this research is that compliance systems result from a process of audit implosion in which the characteristics of the audit society influence the organisation’s internal control. New regulations turned firms out-inside by requiring internal assurance about the effectiveness of their internal control. Compliance can be considered the last step within the evolution of internal control, providing a self-oversight and ethical perspective. This paper contributes to the accounting literature by showing that compliance systems can foster the bridge between two trends of research: management control and risk management.KEYWORDS: Accountingrisk managementcompliance systeminternal controlconceptual analysisJEL CODE: M40 AcknowledgmentsThe author would like to thank the support in developing this paper to my Ph.D. supervisors Carlos Larrinaga and Nicolás García-Torea. This paper would not be possible without the useful comments I received from the reviewers and the Editor of the Spanish Journal of Finance and Accounting.Disclosure statementNo potential conflict of interest was reported by the author(s).Additional informationFundingThe work was supported by the Ministerio de Ciencia e Innovación [PID2021-122389OB-I00]; Ministerio de Ciencia e Innovación [Grant TED2021- 129520B-I00].
摘要合规制度旨在通过促进内部程序和个人道德行为来防止欺诈和腐败的发生。本研究分析现有会计文献如何检视内部控制的演变，以及内部控制如何反映合规制度实施的特征。本研究的初始假设是，合规制度是审计内爆过程的结果，在这个过程中，审计社会的特征影响了组织的内部控制。新法规要求公司对其内部控制的有效性进行内部保证，从而将公司彻底颠覆。合规可以被认为是内部控制演变的最后一步，提供了自我监督和道德的视角。本文对会计文献的贡献在于，合规制度可以在管理控制和风险管理两种研究趋势之间架起一座桥梁。关键词:会计风险管理合规体系内部控制概念分析作者感谢我的博士生导师Carlos Larrinaga和Nicolás García-Torea对本文的支持。如果没有《西班牙财务与会计杂志》(Spanish Journal of Finance and Accounting)的审稿人和编辑提供的有用意见，这篇论文是不可能完成的。披露声明作者未报告潜在的利益冲突。本研究得到了法国科学部Innovación [PID2021-122389OB-I00]的支持;科技部Innovación [Grant TED2021- 129520B-I00]。
{"title":"The rise of compliance systems? The evolution of internal control through the accounting literature","authors":"Enrique Mesa-Pérez","doi":"10.1080/02102412.2023.2255416","DOIUrl":"https://doi.org/10.1080/02102412.2023.2255416","url":null,"abstract":"ABSTRACTCompliance 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 literature examines the evolution of internal control and how it can reflect the implementation of compliance systems’ features. The starting presumption of this research is that compliance systems result from a process of audit implosion in which the characteristics of the audit society influence the organisation’s internal control. New regulations turned firms out-inside by requiring internal assurance about the effectiveness of their internal control. Compliance can be considered the last step within the evolution of internal control, providing a self-oversight and ethical perspective. This paper contributes to the accounting literature by showing that compliance systems can foster the bridge between two trends of research: management control and risk management.KEYWORDS: Accountingrisk managementcompliance systeminternal controlconceptual analysisJEL CODE: M40 AcknowledgmentsThe author would like to thank the support in developing this paper to my Ph.D. supervisors Carlos Larrinaga and Nicolás García-Torea. This paper would not be possible without the useful comments I received from the reviewers and the Editor of the Spanish Journal of Finance and Accounting.Disclosure statementNo potential conflict of interest was reported by the author(s).Additional informationFundingThe work was supported by the Ministerio de Ciencia e Innovación [PID2021-122389OB-I00]; Ministerio de Ciencia e Innovación [Grant TED2021- 129520B-I00].","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135815963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-16DOI: 10.1080/02102412.2021.1975435
J. A. Muñoz Mendoza, S. M. Sepúlveda Yelpo, C. L. Veloso Ramos, C. D. 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 when positive discretionay accruals are higher than threshold values. Regardless of the direction of accounting manipulation, earnings management reduces stock liquidity. The IFRS adoption mitigates the effects of earnings management on stock liquidity. These findings suggest that IFRS are an effective control measure that limits discretionary use of accounting criteria by managers. Institutional and financial development of countries promotes stock liquidity. Only institutional development can mitigate the effect of EM on liquidity. These results are relevant for investors and policymakers due to their implications on firms’ corporate governance, investment decisions and financial policy design.
{"title":"Earnings management and country-level characteristics as determinants of stock liquidity in Latin America","authors":"J. A. Muñoz Mendoza, S. M. Sepúlveda Yelpo, C. L. Veloso Ramos, C. D. Delgado Fuentealba, Rodrigo A. Fuentes Solís","doi":"10.1080/02102412.2021.1975435","DOIUrl":"https://doi.org/10.1080/02102412.2021.1975435","url":null,"abstract":"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 when positive discretionay accruals are higher than threshold values. Regardless of the direction of accounting manipulation, earnings management reduces stock liquidity. The IFRS adoption mitigates the effects of earnings management on stock liquidity. These findings suggest that IFRS are an effective control measure that limits discretionary use of accounting criteria by managers. Institutional and financial development of countries promotes stock liquidity. Only institutional development can mitigate the effect of EM on liquidity. These results are relevant for investors and policymakers due to their implications on firms’ corporate governance, investment decisions and financial policy design.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"51 1","pages":"50 - 76"},"PeriodicalIF":1.0,"publicationDate":"2021-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59174031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-02DOI: 10.1080/02102412.2019.1573049
Carolina Bona Sánchez, Jerónimo Pérez Alemán, Domingo Javier Santana Martín
This work examines the relationship between political ties and tax burden in a sample of non-financial Spanish-listed firms during the period 2003–2013. Moreover, we analyse whether such incidence ...
{"title":"Political ties and corporate tax burden in Spain","authors":"Carolina Bona Sánchez, Jerónimo Pérez Alemán, Domingo Javier Santana Martín","doi":"10.1080/02102412.2019.1573049","DOIUrl":"https://doi.org/10.1080/02102412.2019.1573049","url":null,"abstract":"This work examines the relationship between political ties and tax burden in a sample of non-financial Spanish-listed firms during the period 2003–2013. Moreover, we analyse whether such incidence ...","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"15 1","pages":"74-93"},"PeriodicalIF":1.0,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81167641","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-08DOI: 10.1080/02102412.2018.1540120
Pablo García Estévez, Salvador Roji Ferrari, Teresa Corzo Santamaria
ABSTRACT This paper addresses the contagion problem between stock exchanges and uses self-organizing maps (SOMs) to develop a two-dimensional map based on five market variables from 48 stock exchanges around the world for the 2000–2012 period. The study addresses markets worldwide that have different levels of economic development. Using five market variables, we group stock exchanges into distinctive clusters and analyze their similarities, differences, and dynamics. The technique applied, artificial neural networks (ANNs), is a non-parametric visualization tool to study the dynamics of the markets worldwide following a non-traditional perspective based on the specific formation of groups and their evolution. Each group is defined by the Euclidean distances between markets. There are certain common features, both economic and geographic, within the migrant and static exchanges, which offer new insights. By applying the standard contagion methodology to the resulting groups, we study the spread of the subprime crisis and find evidence of contagion, as well as a high interdependence between markets for the entire period under consideration.
{"title":"Mapping of stock exchanges: contagion from a new perspective","authors":"Pablo García Estévez, Salvador Roji Ferrari, Teresa Corzo Santamaria","doi":"10.1080/02102412.2018.1540120","DOIUrl":"https://doi.org/10.1080/02102412.2018.1540120","url":null,"abstract":"ABSTRACT This paper addresses the contagion problem between stock exchanges and uses self-organizing maps (SOMs) to develop a two-dimensional map based on five market variables from 48 stock exchanges around the world for the 2000–2012 period. The study addresses markets worldwide that have different levels of economic development. Using five market variables, we group stock exchanges into distinctive clusters and analyze their similarities, differences, and dynamics. The technique applied, artificial neural networks (ANNs), is a non-parametric visualization tool to study the dynamics of the markets worldwide following a non-traditional perspective based on the specific formation of groups and their evolution. Each group is defined by the Euclidean distances between markets. There are certain common features, both economic and geographic, within the migrant and static exchanges, which offer new insights. By applying the standard contagion methodology to the resulting groups, we study the spread of the subprime crisis and find evidence of contagion, as well as a high interdependence between markets for the entire period under consideration.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"49 1","pages":"1 - 27"},"PeriodicalIF":1.0,"publicationDate":"2018-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/02102412.2018.1540120","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59174349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-10-08DOI: 10.1080/02102412.2018.1511157
José Juan Déniz Mayor, María Concepción Verona Martel, María Eugenia de la Rosa Leal
ABSTRACT The aim of this paper is to study the inclusion, as a material issue in the sustainability report, of conflicts between indigenous peoples and multinational wind energy companies. According to this purpose, a specific case is presented: the social conflicts associated to the projects carried out by Spanish companies in the Isthmus of Tehuantepec, in the State of Oaxaca (Mexico), across 12 years, from 2005 to 2016. The main finding is that negative social effects of these activities on local communities are not recognized by the companies analyzed because they belong to an economic sector with strong social support in their country of origin, besides possessing diverse credentials and certifications as socially responsible companies, all of which would allow them to maintain legitimacy.
{"title":"Materialidad de los impactos sociales en la memoria de sostenibilidad. El caso del sector eólico y los pueblos indígenas en Oaxaca, México","authors":"José Juan Déniz Mayor, María Concepción Verona Martel, María Eugenia de la Rosa Leal","doi":"10.1080/02102412.2018.1511157","DOIUrl":"https://doi.org/10.1080/02102412.2018.1511157","url":null,"abstract":"ABSTRACT The aim of this paper is to study the inclusion, as a material issue in the sustainability report, of conflicts between indigenous peoples and multinational wind energy companies. According to this purpose, a specific case is presented: the social conflicts associated to the projects carried out by Spanish companies in the Isthmus of Tehuantepec, in the State of Oaxaca (Mexico), across 12 years, from 2005 to 2016. The main finding is that negative social effects of these activities on local communities are not recognized by the companies analyzed because they belong to an economic sector with strong social support in their country of origin, besides possessing diverse credentials and certifications as socially responsible companies, all of which would allow them to maintain legitimacy.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"1 1","pages":"492 - 524"},"PeriodicalIF":1.0,"publicationDate":"2018-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/02102412.2018.1511157","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59174067","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
RESUMEN Este trabajo analiza si las rentas económicas que los auditores obtienen de sus clientes por la prestación de servicios de auditoría afectan a la independencia de auditor. La independencia del auditor ha sido subrogada a través de la propensión a emitir informes de auditoría cualificados por gestión continuada para una muestra de empresas españolas cotizadas que presentan síntomas de deterioro financiero durante el periodo 2002–2010. Para captar el efecto de las rentas económicas se han tenido en cuenta tres dimensiones de la dependencia económica: el nivel de honorarios de auditoría en términos absolutos, el nivel de honorarios relativos percibidos de un cliente y el nivel de honorarios futuros esperados. Los resultados muestran que ninguna de las dimensiones tiene efecto sobre la decisión del auditor de emitir una opinión cualificada por gestión continuada, cuestionando la idea subyacente en algunas de las medidas de salvaguarda propuestas por el regulador de que elevados honorarios de auditoría comprometen la independencia del auditor.
{"title":"ANÁLISIS empírico del efecto de las rentas económicas en el comportamiento independiente del auditor","authors":"Estíbaliz Biedma López, Emiliano Ruiz Barbadillo, Andrés Guiral Contreras","doi":"10.1080/02102412.2017.1387441","DOIUrl":"https://doi.org/10.1080/02102412.2017.1387441","url":null,"abstract":"RESUMEN Este trabajo analiza si las rentas económicas que los auditores obtienen de sus clientes por la prestación de servicios de auditoría afectan a la independencia de auditor. La independencia del auditor ha sido subrogada a través de la propensión a emitir informes de auditoría cualificados por gestión continuada para una muestra de empresas españolas cotizadas que presentan síntomas de deterioro financiero durante el periodo 2002–2010. Para captar el efecto de las rentas económicas se han tenido en cuenta tres dimensiones de la dependencia económica: el nivel de honorarios de auditoría en términos absolutos, el nivel de honorarios relativos percibidos de un cliente y el nivel de honorarios futuros esperados. Los resultados muestran que ninguna de las dimensiones tiene efecto sobre la decisión del auditor de emitir una opinión cualificada por gestión continuada, cuestionando la idea subyacente en algunas de las medidas de salvaguarda propuestas por el regulador de que elevados honorarios de auditoría comprometen la independencia del auditor.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"47 1","pages":"366 - 399"},"PeriodicalIF":1.0,"publicationDate":"2018-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/02102412.2017.1387441","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59173662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-08-26DOI: 10.1080/02102412.2017.1371979
Juan Monterrey Mayoral, Amparo Sánchez Segura
RESUMEN La normativa mercantil española prevé el nombramiento del auditor por el Registro Mercantil a requerimiento de la minoría societaria cuando la empresa no tiene obligación de auditar sus cuentas anuales, dando lugar a un escenario de mayor independencia del auditor. Sobre la base de una muestra de 150 empresas cuyas cuentas fueron auditadas por designación registral, hemos examinado qué efectos ejerce este sistema de nombramiento sobre la calidad de auditoría. Nuestros resultados dejan constancia, en primer lugar, que este escenario de independencia reforzada no parece tener efectos sobre la calidad de auditoría; en segundo lugar, que los auditores que aceptan encargos por esta vía tienden a ser más permisivos que los restantes auditores, sin que se aprecien niveles de calidad distintos según su nombramiento proceda del Registro o de los órganos sociales, y en tercer lugar, que estos auditores no muestran diferente actitud ante la compañía auditada según su designación proceda del Registro Mercantil o de los órganos sociales. Por último, cuando realizan trabajos por designación registral, los auditores muestran una elevada propensión a emitir informes con opinión modificada.
{"title":"Auditorías a demanda de la minoria societaria: un análisis empírico","authors":"Juan Monterrey Mayoral, Amparo Sánchez Segura","doi":"10.1080/02102412.2017.1371979","DOIUrl":"https://doi.org/10.1080/02102412.2017.1371979","url":null,"abstract":"RESUMEN La normativa mercantil española prevé el nombramiento del auditor por el Registro Mercantil a requerimiento de la minoría societaria cuando la empresa no tiene obligación de auditar sus cuentas anuales, dando lugar a un escenario de mayor independencia del auditor. Sobre la base de una muestra de 150 empresas cuyas cuentas fueron auditadas por designación registral, hemos examinado qué efectos ejerce este sistema de nombramiento sobre la calidad de auditoría. Nuestros resultados dejan constancia, en primer lugar, que este escenario de independencia reforzada no parece tener efectos sobre la calidad de auditoría; en segundo lugar, que los auditores que aceptan encargos por esta vía tienden a ser más permisivos que los restantes auditores, sin que se aprecien niveles de calidad distintos según su nombramiento proceda del Registro o de los órganos sociales, y en tercer lugar, que estos auditores no muestran diferente actitud ante la compañía auditada según su designación proceda del Registro Mercantil o de los órganos sociales. Por último, cuando realizan trabajos por designación registral, los auditores muestran una elevada propensión a emitir informes con opinión modificada.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"47 1","pages":"242 - 279"},"PeriodicalIF":1.0,"publicationDate":"2017-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/02102412.2017.1371979","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59173536","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-07-03DOI: 10.1080/02102412.2017.1325598
Begoña Giner Inchausti, Raul Iñiguez Sanchez, Francisco Poveda Fuentes
ABSTRACT IAS 31 allowed firms to choose between proportionate consolidation and the equity method to record joint ventures in the consolidated accounts of the venturer. Moreover, this election implied a decision about including information in the primary financial statements or in the notes. This paper investigates if financial analysts perceive accounting information differently depending on the method chosen conditioned to the disclosure of the required information in the notes. We analysed a sample of Spanish firms during 2005–2010. We not only considered earnings forecasts, but also examined target prices and stock recommendations. Furthemore, we look at how this accounting choice affects analysts’ information environment. Our results suggest that the choice of accounting regime does not affect the bias and accuracy of earnings forecasts, nor target prices nor stock recommendations, no matter if firms provide or not information in the notes. While the proportionate method implies lower dispersion in analysts’ forecasts than the equity method, our tests do not allow us to confirm that the information environment depends on the accounting method. These results support the decision adopted in IFRS 11 to impose a unique method for the accounting of joint ventures.
{"title":"Does the interaction between the accounting method choice and disclosure affect financial analysts’ information environment? The case of joint ventures under IAS 31","authors":"Begoña Giner Inchausti, Raul Iñiguez Sanchez, Francisco Poveda Fuentes","doi":"10.1080/02102412.2017.1325598","DOIUrl":"https://doi.org/10.1080/02102412.2017.1325598","url":null,"abstract":"ABSTRACT IAS 31 allowed firms to choose between proportionate consolidation and the equity method to record joint ventures in the consolidated accounts of the venturer. Moreover, this election implied a decision about including information in the primary financial statements or in the notes. This paper investigates if financial analysts perceive accounting information differently depending on the method chosen conditioned to the disclosure of the required information in the notes. We analysed a sample of Spanish firms during 2005–2010. We not only considered earnings forecasts, but also examined target prices and stock recommendations. Furthemore, we look at how this accounting choice affects analysts’ information environment. Our results suggest that the choice of accounting regime does not affect the bias and accuracy of earnings forecasts, nor target prices nor stock recommendations, no matter if firms provide or not information in the notes. While the proportionate method implies lower dispersion in analysts’ forecasts than the equity method, our tests do not allow us to confirm that the information environment depends on the accounting method. These results support the decision adopted in IFRS 11 to impose a unique method for the accounting of joint ventures.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"46 1","pages":"298 - 326"},"PeriodicalIF":1.0,"publicationDate":"2017-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/02102412.2017.1325598","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59173923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-07-03DOI: 10.1080/02102412.2017.1321903
Francisca Cabrera Monroy, Teresa García Valderrama, Jaime Sánchez Ortiz
RESUMEN El objetivo de este trabajo es el análisis de la literatura sobre la utilización del Data Envelopment Analysis (DEA) en la priorización de carteras de proyectos en su fase inicial. Este modelo ayuda a los decisores a elegir entre proyectos con resultados previsiblemente mejores, dado unos recursos disponibles y escasos, La ordenación que realiza el modelo en términnos de eficiencia permite financiar adecuadamente los proyectos más rentables. La metodología empleada es la revisión de trabajos específicos en las bases de datos electrónicas ProQuest, ScienceDirect, Scopus y Google Scholar. La muestra contiene 31 trabajos que evalúan proyectos de I + D con un modelo DEA y describen las características del estudio de caso. El estudio estadístico descriptivo de los datos recopilados permite estudiar el comportamiento del año de publicación, revistas, métodos, modelos DEA aplicados y software. Los resultados indican que el modelo más adecuado para la obtención de un ranking de los proyectos de I + D es un DEA Supereficiente CCR orientado a los inputs y, además, que las variables inputs más representativas son coste, personas, horas y dificultad técnica y, por la parte de los outputs, contribución económica directa, contribución tecnológica, contribución económica indirecta y contribución científica.
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