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Juan Monterrey Mayoral, Amparo Sánchez Segura
Revista de Contabilidad, Volume 20, pp 195-209; https://doi.org/10.1016/j.rcsar.2017.04.001

Abstract:
En este artículo se analiza si el deseo de evitar pagos fiscales futuros, calculados en términos de impuestos diferidos netos que se registran en los balances generales de las empresas, podría erigirse, junto con los factores explicativos documentados en la bibliografía anterior, como un determinante de la inversión empresarial. Nuestro análisis empírico aporta resultados sólidos que dejan constancia de que los pagos fiscales futuros son una motivación adicional para adoptar decisiones de inversión. No obstante, nuestros hallazgos también ponen de manifiesto que, hasta cierto punto, las motivaciones de carácter tributario podrían explicar situaciones de sobreinversión, si bien la evidencia que se ha obtenido de dichos episodios muestra una moderada significación estadística
Revista de Contabilidad, Volume 20, pp 210-224; https://doi.org/10.1016/j.rcsar.2017.02.001

Abstract:
Este artículo analiza la práctica profesional de los responsables técnicos de las entidades locales en materia de gestión de servicios públicos desde una perspectiva académica. Para ello se lleva a cabo un estudio de campo que refleja la realidad de la implantación de los sistemas de gestión en una muestra de entidades locales de Gipuzkoa. Tras el análisis de la praxis, se evidencian un uso y un conocimiento débiles de los sistemas de gestión implantados y una demanda de modelos de gestión académicos altamente limitada por el proceso de toma de decisiones. Por ello, se diseña una propuesta metodológica de cálculo de costes de los servicios públicos adecuada a la citada demanda, con el objetivo de alcanzar un amplio consenso entre las partes intervinientes. El éxito logrado con la metodología se debe a que se obtiene una información de gran valor con un esfuerzo controlado. Esta metodología de cálculo de costes persigue una aproximación eficiente al coste real del servicio que cubra las necesidades actuales de los gestores, más orientadas al cumplimiento normativo y al control del presupuesto que a la gestión de los servicios, tal y como se observa en el segundo contraste. Para aquellos gestores y servicios que necesiten un cálculo más depurado, la metodología propuesta permite un desarrollo ad hoc. Este nuevo escenario facilita una transferencia de conocimiento más receptiva y útil y favorece el acercamiento entre los ámbitos académico y profesional
Agostinho Pereira,
Revista de Contabilidad, Volume 20, pp 107-117; https://doi.org/10.1016/j.rcsar.2017.05.002

Abstract:
Since 2005, Portuguese listed companies have experienced an important institutional change, the mandatory adoption of new accounting standards (IFRS/IAS). European Union Regulation 1606/2002 made compliance with IFRS mandatory for the consolidated accounts of companies with securities traded on a regulated market. Existing literature suggests that accounting standards and country-specific characteristics affect the level of earnings management.
José Solana, Nieves Ibáñez,
Revista de Contabilidad, Volume 20, pp 176-194; https://doi.org/10.1016/j.rcsar.2016.12.001

Abstract:
Antecedentes y objetivos: El papel que las fundaciones desempeñan actualmente en la sociedad justifica el análisis de su eficiencia, resultando imprescindible conocer si los recursos de los que disponen son convenientemente destinados a su finalidad. En este sentido, el trabajo que presentamos propone un enfoque actual y sin precedentes para el análisis de los determinantes de la eficiencia de las fundaciones de España durante el período 2008-2010. Método y datos: Nuestro análisis se basa en la elección de aquellos factores exógenos que resumen y describen de una forma óptima la situación de estas organizaciones, así como en la elección de la metodología de la técnica no paramétrica DEA y, más concretamente, el procedimiento bietápico de doble bootstrap de Simar y Wilson. Como inputs discrecionales se proponen la dotación fundacional, el total de activos, el total de gastos y el número de empleados. Los outputs considerados son el nivel de los ingresos obtenidos y el número de usuarios atendidos. Resultados: Los resultados del modelo indican una ineficiencia técnica pura (supuesto CRS) del 27,7%. Relajando la hipótesis CRS por la VRS, la ineficiencia en el empleo de los inputs alcanza el 31,92%. Adicionalmente, y utilizando el procedimiento bootstrap de Simar y Wilson, se obtiene una ineficiencia técnica del 28,70%. Conclusiones: El análisis DEA de dos etapas revela que las fundaciones más eficientes se caracterizan por su naturaleza privada. Así mismo, las fundaciones con mayor antigüedad, las que cuentan con voluntarios entre sus colaboradores y las que poseen un número amplio de patronos son igualmente más eficientes
, Raquel Arguedas-Sanz, Rodrigo Martín-García
Revista de Contabilidad, Volume 20, pp 225-234; https://doi.org/10.1016/j.rcsar.2017.01.001

Abstract:
The upward of the Spanish real estate sector (2000–2007) caused the excessive growth of many companies mainly through acquisitions. This study aimed to identify behaviour patterns for takeover bids in the Spanish real estate industry, which was particularly hard hit by the last financial crisis. Considering that in bubble growing/burst periods, economic and financial variables are considered the most useful measures (market variables can have reliability problems), a set of 20 economic and financial variables was analysed, along with their relationship with listed companies’ participation in this type of operations over the period 2000–2012. Both acquiring and target companies were included in the 354 cases studied here. A two-stage methodology was used. Firstly, the principal component method was applied to identify the variables with greatest explanatory capacity. That was followed by the construction of a decision tree-based predictive model, more specifically a CHAID, which categorised the set of companies analysed to establish behaviour patterns. The findings of this study show that the five principal components found to afford the greatest explanatory capacity were: (a) liquidity, solvency and borrowing capacity; (b) size; (c) economic performance; (d) operating capacity; and (e) financial performance. Taken together, the first two components explained 70% of dependent variable behaviour, primarily relative to buyers. Overall, the model proposed explained on the order of 80% of dependent variable behaviour. The percentage not explained by the model was attributed essentially to strategic issues, financial speculation and private interests, among other factors present in decision-making. La tendencia alcista del sector inmobiliario español (2000-2007) provocó el crecimiento excesivo de muchas empresas, principalmente mediante adquisiciones. Esta investigación pretende identificar patrones de comportamiento para la realización de OPAs en el sector inmobiliario español, particularmente castigado por la crisis financiera. Para ello, se ha analizado un conjunto de 20 variables económico-financieras y su relación con la participación de las compañías cotizadas del sector en este tipo de operaciones, para un total de 354 casos para el periodo 2000-2012, como adquirentes y adquiridas. Para ello, se ha empleado una metodología en dos etapas. En primer lugar, se ha aplicado el Método de Componentes Principales para acotar las variables de estudio consideradas con mayor capacidad explicativa. En segundo lugar, se ha construido un modelo predictivo basado en árboles de decisión, concretamente de tipo CHAID, que permite categorizar el conjunto de empresas analizadas y discriminar patrones de comportamiento. Los cinco factores principales con mayor capacidad explicativa son: a)<!-- --> <!-- -->liquidez, solvencia y capacidad de endeudamiento; b)<!-- --> <!-- -->tamaño; c)<!-- --> <!-- -->resultado económico; d)<!-- --> <!-- -->capacidad operativa, y e)<!-- --> <!-- -->resultado financiero. De hecho, los dos primeros explican conjuntamente en torno al 70% de la variable dependiente, considerando principalmente a empresas adquirentes. El modelo propuesto cuenta con un nivel de explicación global cercano al 80%. El porcentaje restante que no explica el modelo responde fundamentalmente a cuestiones de tipo estratégico, de especulación financiera e intereses particulares, entre otros factores que concurren en la toma de decisiones.
Lorenzo Maté Sadornil, , Alicia Santidrián Arroyo
Revista de Contabilidad, Volume 20, pp 143-156; https://doi.org/10.1016/j.rcsar.2016.10.003

Abstract:
Este artículo pretende poner de manifiesto el papel asumido por la contabilidad en las instituciones monásticas a lo largo de la historia, dada la importancia económica, cultural y social que tuvieron, especialmente en Europa, hasta la expropiación de sus patrimonios en el siglo XIX. Para abordar este objetivo se revisan los trabajos existentes, con lo que se proporciona un estado de la cuestión que, tras identificar el contexto geográfico-temporal y la Orden en la que se insertan, destaca los fines a los que ha servido la contabilidad desde sus orígenes. Este análisis revela una diversidad de objetivos para los que esta ha resultado de utilidad. Ha supuesto un elemento clave para la supervivencia de estas instituciones a lo largo de los siglos, razón por la cual se le presta una atención primordial en las normas de gobierno de las distintas órdenes monásticas
Lucia Mellado,
Revista de Contabilidad, Volume 20, pp 131-142; https://doi.org/10.1016/j.rcsar.2016.09.001

Abstract:
The highly controversial lease standard-setting project that will replace the standards currently in place, establishes a new approach that includes the recognition of all assets and liabilities associated with lease contracts on the balance sheet, regardless of their classification. The complex standard-setting process and the heated debate among stakeholders makes the analysis of the lobbying phenomenon an important matter for study. The aim of this paper is to find explanatory factors that predict the behaviour of corporate groups with respect to the lease standard-setting process. To achieve this objective, we scrutinize the submission of comment letters by 306 non-financial listed companies in response to the discussion paper (DP 2009) and two exposure drafts (ED 2010 and ED 2013) elaborated jointly by the IASB and the FASB by distinguishing among three degrees of intensity in lobbying activities, depending on participation in the different discussion periods. Our empirical study is conducted through a multivariate analysis that shows the intensity of lobbying by considering participation in the three consultation periods. The results show that the intensity of lobbying is associated with size, profitability, age, industry and managerial ownership. The evidence can be used to predict lobbying behaviour. The research has implications for standard setters and contributes to prior lobbying research
, , Francisco Javier Moreno García
Revista de Contabilidad, Volume 20, pp 167-175; https://doi.org/10.1016/j.rcsar.2016.10.001

Abstract:
El propósito de este estudio es evaluar la validez de un instrumento diseñado para medir la calidad del servicio de auditoría percibida por los clientes. Su utilidad es llevar a cabo, a partir de él, investigaciones y estudios para, como fin último, mejorar y adecuar el servicio de auditoría a las necesidades de los respectivos agentes que interactúan en él. Para ello, y con el fin de conseguir establecer cuáles son las dimensiones y variables que componen esa escala, hemos analizando el porqué se agrupan de una determinada forma y las diferencias con el modelo inicial de Parasuraman et al. (1988). En los resultados observamos que estamos ante una estructura factorial consistente y unos ítems que parecen medir adecuadamente las variables propuestas, por lo que contamos con suficiente evidencia empírica que apoye el instrumento que mida la calidad del servicio de auditoría como constructo claramente definido
María Jesús Bonilla-Priego, Patricia María Benítez-Hernández
Revista de Contabilidad, Volume 20, pp 157-166; https://doi.org/10.1016/j.rcsar.2016.10.002

Abstract:
Antecedentes: En los últimos años hemos experimentado un importante crecimiento en la emisión de memorias de sostenibilidad por parte de las empresas. Sin embargo, existen dudas respecto a si este incremento en el número y extensión de las memorias está acompañado de una mejora en la transparencia. La mayor parte de la literatura se ha centrado en analizar la información publicada sobre las dimensiones social, ambiental y económica, pero menos en conocer el diálogo con los grupos de interés como proceso para la elaboración de las memorias. Objetivo: Este estudio exploratorio persigue analizar la transparencia de las memorias de sostenibilidad de los hoteles españoles a través del análisis del proceso de diálogo con los grupos de interés contenido en ellas, entendiendo que el principio de inclusión de estos grupos constituye el punto de partida hacia los principios de materialidad y capacidad de respuesta. Método: Se ha realizado un análisis de contenido de las memorias de las cadenas y hoteles con mayor tamaño y visibilidad. Resultados: La emisión de memorias no es una práctica generalizada en el sector. El análisis de contenido de 5 memorias refleja escasa información en cuanto a cómo el proceso de diálogo con los grupos de interés ha influido la toma de decisiones y la nula información en torno a los criterios seguidos para identificar y priorizar los grupos de interés con los que establecer diálogo. Solo 2 cadenas de mayor tamaño incluyen en sus memorias un análisis de la materialidad, omitiendo de nuevo los criterios seguidos para determinar dicha materialidad de la información. Conclusiones: Con esto se concluye que existe una escasa transparencia en el proceso de determinación de la información para incluir en las memorias, y que es preciso apoyar a las empresas en el análisis de la materialidad y apelar por incrementar los niveles de verificación
, Soledad Moya,
Revista de Contabilidad, Volume 20, pp 118-130; https://doi.org/10.1016/j.rcsar.2016.07.003

Abstract:
The objective of this study is to assess the effectiveness of videogames in comparison to simulations in a higher education environment and with regard to their attributes, motivation, and learning outcomes, as three of the main dimensions that play a role in the effectiveness of digital game-based learning. Results demonstrate significant differences between the attributes and motivation dimensions, while no significant differences were found for the learning outcomes. This would imply that although both instructional tools lead students to the desired level of knowledge acquisition, the motivation generated, together with the set of features provided by the games complement each other, leading to a superior learning experience. These results support the inclusion of videogames as a complement to simulations in higher education accounting and business environments and allow us to propose a blended approach that provides the learner with the ‘best of both worlds’
David Naranjo Gil, Edilberto J. Rodríguez Rivero, Aurora E. Rabazo Martín
Revista de Contabilidad, Volume 20, pp 73-81; https://doi.org/10.1016/j.rcsar.2016.07.001

Abstract:
ResumenCada vez más organizaciones involucran a su personal en los procesos presupuestarios bajo la premisa de que una mayor participación mejorará la consecución de las metas presupuestarias. Sin embargo, la participación no siempre conduce a mejoras en el rendimiento, ya que las características de personalidad hacen que los individuos reaccionen de forma diferente ante situaciones presupuestarias similares. En este trabajo se estudia el papel de la característica de personalidad locus de control en la relación participación presupuestaria-rendimiento mediante un experimento de laboratorio con 115 estudiantes de grado. Los resultados confirman que el locus de control influye en los efectos de la participación presupuestaria sobre la eficiencia de los individuos. Nuestros resultados revelan, también, que individuos con locus de control externo alcanzan menores rendimientos que los sujetos con locus de control interno en entornos participativos, pero no obtienen rendimientos diferentes en función del entorno. Además, nuestros resultados muestran que solo para niveles bajos del locus de control (internos) una mayor participación se traduce en mayores rendimientos.AbstractMore and more organizations involve their staff in budget processes under the premise that more participation will enhance the achievement of budgetary goals. However, budgetary participation does not always lead to improvements of an individual's performance, since the personality characteristics make individuals react differently to similar budgetary positions. In this study, the role of the locus of control in the relationship between participation and performance is analyzed, by means of an experiment involving 115 undergraduates. The results confirm that the locus of control is a personality trait that influences the effects of budgetary participation on the efficiency of individuals. Our results also show that an individual with external locus of control is less productive than an individual with internal locus of control in participatory environments, but they do not reach different results depending on the environment. In addition, our results show that only for low levels of locus of control (internal) increased participation results in higher performance
Estefanía Palazuelos Cobo, Javier Montoya del Corte, Ángel Herrero Crespo
Revista de Contabilidad, Volume 20, pp 63-72; https://doi.org/10.1016/j.rcsar.2016.06.001

Abstract:
RESUMEN: En la Unión Europea se está viviendo actualmente un intenso debate en torno a la regulación de la auditoría de cuentas. Uno de los temas más relevantes y controvertidos es la definición del tamaño de las empresas obligadas a auditarse. Este trabajo está centrado en el estudio de la contratación voluntaria del servicio de auditoría. En concreto, se examinan los factores que determinan la continuidad del cliente cuando este deja de estar obligado a auditarse. Como metodología de investigación se realiza una encuesta a 275 pymes en España. Los resultados obtenidos ponen de manifiesto que la percepción de la mejora en la calidad de la información financiera y en el control de los registros contables internos es el principal factor que contribuye a continuar contratando de forma voluntaria el servicio. Además, dicha continuidad es más probable en las empresas que ya se auditan voluntariamente, en las auditadas por firmas internacionales y en las que mantienen una menor relación con las entidades de crédito y otros prestamistas. The European Union is currently experiencing an intense debate over the legal regulation of auditing.One of the most important and controversial issues is the definition of the size of the companies that arerequired to audit their annual accounts. This work is focused on studying the voluntary hiring of auditingservices. In particular, it examines the factors that may lead companies to continue hiring an auditorvoluntarily if they were no longer required to do so. The research methodology is based on a surveythat was conducted on 275 SMEs in Spain. The results show that the perception of the improvementin the quality of financial reporting and in the control of internal accounting records is the main factorcontributing to continue hiring the audit service voluntarily. Moreover, such continuity is more likely incompanies that are already audited voluntarily, that are audited by international firms and that maintain a lower relation with credit institutions and other lenders
Juan Monterrey Mayoral, Amparo Sánchez Segura
Revista de Contabilidad, Volume 20, pp 95-106; https://doi.org/10.1016/j.rcsar.2016.08.001

Abstract:
ResumenEn el presente trabajo llevamos a cabo una evaluación crítica de los métodos de predicción de la rentabilidad basados en el concepto de persistencia, probando su eficacia sobre una amplia muestra de empresas españolas. Nuestros resultados ponen de manifiesto cómo 2 de las técnicas analizadas, la autorregresiva y la de separación de componentes, aportan las estimaciones de mayor calidad en la mayoría de las ocasiones y exhiben, en líneas generales, el mayor contenido predictivo incremental para diferentes especificaciones de la rentabilidad y para horizontes temporales a uno y 5 años. Además, la evidencia obtenida también revela que la calidad de las predicciones no depende solamente de la elección del método de estimación, sino que también guarda una importante relación con las propias características corporativas de las compañías, tales como el tamaño, las tasas de crecimiento o los niveles actuales de rentabilidad.AbstractThis paper presents a critical evaluation of profitability prediction models based on the concept of persistence, based on a wide sample of Spanish companies. Our results indicate that 2 of functional specifications tested —the autoregressive and the separation of profitability components— yield the highest quality estimates in most cases for different measures of profitability and prediction horizons to one and five years. Moreover, the evidence found also demonstrates that the quality of predictions does not only depend on the estimation method chosen, but also on the corporate characteristics such as size, growth rates, and levels of current profitability
Luis Pérez Granero, Manuel Guillén, Alexis J. Bañón-Gomis
Revista de Contabilidad, Volume 20, pp 82-94; https://doi.org/10.1016/j.rcsar.2016.07.002

Abstract:
ResumenEn este trabajo se analiza la relación entre algunos factores de contingencia, el nivel de uso del cuadro de mando integral (CMI) y el beneficio percibido gracias a su aplicación. El CMI es una herramienta capaz de ofrecer a los responsables de las organizaciones una visión completa de cómo a través de la integración de medidas financieras y no financieras se ejecuta la estrategia. Del análisis realizado sobre la base de los datos obtenidos de las sedes centrales de 61 empresas españolas de productos y servicios se deduce que el grado de formalización y estandarización en las empresas tiene una influencia directa y positiva en el desarrollo del CMI hacia niveles más integradores y orientados al valor añadido. Sin embargo, en relación con la influencia de otros factores examinados en esta investigación no se ha encontrado asociación significativa con un mayor desarrollo del CMI en las empresas españolas. Estos resultados contribuyen a complementar los presentados en trabajos previos (Braam y Nijssen, 2011; Cavalluzzo e Ittner, 2004). El documento también señala que el nivel de desarrollo del CMI se asocia con una mejor aplicación de los indicadores para evaluar actividades y mejorar el proceso decisorio. Finalmente, se plantean un conjunto de implicaciones relevantes para la gestión de las empresas.AbstractIn this paper the relationship between some contingency factors, the level of use of the balanced scorecard (BSC) and the perceived benefit thanks to its application is analysed. The BSC is a tool capable of providing those responsible for the organizations a comprehensive view of how through the integration of financial and non-financial measures strategy is executed. The analysis based on the data obtained from the headquarters of 61 Spanish product and services companies suggests that the degree of formalization and standardization in enterprises has a direct and positive influence on the development of the BSC towards more inclusive and targeted levels of added value. However, in relation to the influence of other factors examined in this research it no significant association with BSC further development in Spanish companies has been found. These findings help to complement those presented in previous works (Braam & Nijssen, 2011; Cavalluzzo & Ittner, 2004). The document also suggests that the development level of the BSC is associated with better application of indicators to evaluate activities and improve decision making. Finally, it raises a number of important implications for the management of companies
Carmen Martínez Franco, Orla Feeney, ,
Revista de Contabilidad, Volume 20, pp 55-62; https://doi.org/10.1016/j.rcsar.2016.04.001

Abstract:
Contemporary studies of Chief Financial Officers (CFO) paint a picture of the role pre-1960 as being reflective of a more transactional one. Historical research sheds some doubt on this, and tends not to separate the role from its occupier. We provide an analysis of such a role in a large brewery from about 1920 to 1945. Drawing on the concept of position-practices, our results suggest that a CFO-predecessor role was informed by existing position-practices, which are separately identifiable from the occupier of the role itself. Some of the position-practices are recognizable in contemporary CFO roles. Importantly, focusing on the role as opposed to the occupier, gives our study potential to more broadly inform future research on the contemporary role
, Riccardo Cimini, Francesca Mazzocchetti
Revista de Contabilidad, Volume 20, pp 1-12; https://doi.org/10.1016/j.rcsar.2016.03.002

Abstract:
The business model concept is a common topic investigated in different fields of research. To participate to the debate around such concept in the accounting field, the objective of this paper is showing whether and how the voluntary disclosure of the non-mandatory IASB (2010) macro-components, that we consider the key elements of a business model of financial entities, increases the value relevance of accounting amounts. Analyzing a sample of 124 European financial entities over the period 2010–2013, the paper shows that the value relevance of accounting amounts of entities that provide a wide disclosure of their business model is higher than the one of entities that provide a limited disclosure of their business model. These findings not only shed lights about the importance of disclosing information relating to the business model to improve the usefulness of accounting amounts for investors’ strategies, but also have implication for regulators and standard setters that from results could learn the opportunity to make the disclosure of IASB (2010) compulsory for all the IAS/IFRS compliant entities
J. David Cabedo Semper, José Miguel Tirado Beltrán
Revista de Contabilidad, Volume 19, pp 261-270; https://doi.org/10.1016/j.rcsar.2016.05.001

Abstract:
ResumenLa obligación de las empresas de informar en los estados financieros de los riesgos a los que se enfrentan ha dado lugar a la aparición de una emergente línea de investigación sobre el grado de divulgación de información sobre riesgos y de su calidad. En este sentido, el presente trabajo analiza la cantidad y la calidad de la información de riesgos para 2 periodos diferentes de ciclo económico: un periodo de bonanza económica (2006) y un periodo de crisis (2011). El estudio se realiza para el caso español utilizando empresas que cotizaban en el mercado continuo durante los años 2006 y 2011. Los resultados evidencian que las empresas presentan un mayor volumen de información sobre riesgos en el periodo de crisis, mientras que este aumento no se corresponde con un mayor grado de calidad de dicha información. Este mayor nivel de información de riesgos se debe a los riesgos financieros, sin detectar aumentos estadísticamente significativos en información de riesgos no financieros.AbstractCompanies must disclose information on the risks they are exposed to. This duty has brought about a new research line on risk information disclosure. Within this line, this paper analyses the quantity and quality of risk information disclosed by firms in two different periods: One characterized by economic growth (year 2006); and another corresponding to a crisis time (year 2011). We focus our work in Spain, and we take the data from non-financial companies listed at the Spanish Stock Exchange in the years 2006 and 2011. With regard to the quantity of information disclosed by companies, our results show that the degree of risk information disclosure is higher for a crisis period than for a non-crisis time. However, when we check for differences in the quality of the risk information disclosed by firms, we do not detect statistically significant differences between both periods. Furthermore, we observe that the higher quantity of risk information disclosed in the crisis time corresponds to financial risks. We do not encounter differences in the information on non-financial risks disclosed by firms
María-Del-Pilar Sánchez-Martín, David Pascual-Ezama,
Revista de Contabilidad, Volume 20, pp 47-54; https://doi.org/10.1016/j.rcsar.2016.03.001

Abstract:
ResumenEl presente trabajo de investigación tiene como objetivo analizar la influencia que tiene sobre el rendimiento académico la información recibida por los estudiantes respecto al proceso de evaluación acumulativo por actividades realizadas durante los seminarios activos. Para ello se ha realizado un experimento con 3 condiciones intrasujeto en las que se controla la información disponible para 377 estudiantes. Los resultados obtenidos indican que, cuando se facilita información a los estudiantes sobre el proceso de evaluación, estos realizan un mayor esfuerzo en las actividades de los seminarios activos. También se han encontrado resultados significativos en el impacto que tiene, en las calificaciones finales de los estudiantes, la elección por parte de estos del peso porcentual de los seminarios activos en la evaluación final.AbstractThe present research shows how the information provided to students about the evaluation process influences their academic performance. We ran an experiment with 3 intrasubject conditions in which different information was available by 377 students. Results show that providing information to students implies that they make a greater effort in the active seminars. Finally, we found interesting results regarding the studentś preferences about the seminars final grading
Alejandra López Salazar, José Felipe Ojeda Hidalgo, Martha Ríos Manríquez
Revista de Contabilidad, Volume 20, pp 36-46; https://doi.org/10.1016/j.rcsar.2016.01.001

Abstract:
ResumenEsta investigación tiene como objetivo analizar los factores que mayor impacto tienen sobre el nivel de responsabilidad social empresarial (RSE), desde la perspectiva del capital humano. A través de un estudio de caso, se encuestó a 68 empleados utilizando el modelo de RSE basado en la norma ISO 26000, en el cual se analizan las variables de derechos humanos, prácticas laborales, medio ambiente, prácticas justas de operación, asuntos de consumidores, participación activa y desarrollo de la comunidad. Los resultados del análisis de regresión muestran que el nivel de RSE, desde la percepción de los trabajadores, está en función de las prácticas justas de operación, asuntos de consumidores, participación activa y desarrollo de la comunidad, prácticas laborales y medio ambiente. Así mismo, muestran que existen diferencias por género en la percepción de los trabajadores respecto al nivel de responsabilidad social de la empresa. Se presentan implicaciones para el sector académico, empresarial y gubernamental.AbstractThis research aims to analyze the factors that have major impact on the level of corporate social responsibility (CSR) from the perspective of human capital. Through a case study 68 employees were surveyed using the model of CSR based on the ISO 26000 standard, which analyzes the variables of human rights, labour practices, environment, fair operating practices, consumer issues and active participation and community development. The results of the regression analysis show that the level of CSR, from the perception of workers, is according to fair operating practices, consumer issues, active participation and community development, labour practices and environment. Likewise, they show that there are differences by gender in the perception of employees with respect to the level of social responsibility of the company. This has implications for academia, business, and government
Revista de Contabilidad, Volume 19, pp 252-260; https://doi.org/10.1016/j.rcsar.2016.02.001

Abstract:
The current crisis puts pressure on companies to be more transparent about their business model, their value proposal, their risks and future impacts with a short, medium and long term focus.To address this need for transparency and with the aim of providing a common framework to meet all these needs, The International Integrated Reporting Committee (IIRC) has developed a framework called Integrated Reporting (IR).The objective of this research is to understand the state of affairs in the level of attention of the principles of Integrated Reporting in the industrial companies which have adopted this initiative in their communications concerning the achievement of a sustainable environment.The results show that, despite the efforts of the analyzed companies to address the guiding principles, they still have a long way to go, especially in relation to the principle of “conciseness”. It has also been proven that the companies analyzed were not influenced by the environment relating to the level of attention given to the incorporation of this type of reporting
, Sergio Manuel Jiménez Cardoso, Joaquina Laffarga Briones
Revista de Contabilidad, Volume 19, pp 239-251; https://doi.org/10.1016/j.rcsar.2015.10.004

Abstract:
ResumenAutores relevantes sugieren que los esfuerzos de investigación en contabilidad, debido a su naturaleza, deben permanecer conectados con la práctica y ser evaluados por su relevancia para resolver problemas prácticos y su influencia en la docencia.Sin embargo, la literatura apunta a una deriva que separa la investigación en contabilidad de la práctica y de la sociedad en general, y que tiene su origen en el sistema de evaluación y reconocimiento de méritos.El objetivo de este trabajo, de naturaleza exploratoria y descriptiva, es analizar la opinión de académicos y profesionales sobre la utilidad de la producción científica-contable y los efectos de los sistemas de evaluación en la elección de qué investigar y dónde publicar.Los datos se han obtenido mediante encuestas a profesionales y docentes del área, contactados a través de instituciones relevantes (Colegio de Economistas y Asociación de Profesores Universitarios de Contabilidad).Los resultados indican que el tipo de publicaciones que se consideran útiles para la docencia o para la práctica profesional no son las valoradas por los sistemas de méritos, y viceversa. Tanto los profesionales como los académicos son conscientes de esa falta de alineación y de los efectos que tiene, como el abandono de líneas de trabajo potencialmente relevantes y la orientación al tipo de investigación demandada por las revistas bien valoradas.AbstractRelevant authors suggest that accounting research, due to its nature, should be connected to practice and should be recognized upon its relevance (i) for accounting education and (ii) to solve practical problems.However, the literature points to a growing gap between accounting research and accounting practice and education. This gap has its roots in the research assessment and recognition schemes.The main aim of this exploratory and descriptive paper is to explore the opinion of accounting academics and practitioners about the relevance of scientific-accounting research for education and practice, the alignment of relevance and assessment and the effect of assessment criteria on the election of what to research and where to publish.Data were obtained from practitioners and academics contacted via relevant associations, using on-line questionnaires.Our results indicate that outputs considered most relevant for education and practice are those less valued and contrariwise. Both practitioners and academics are aware of the existence of this lack of coherence and also of the adverse consequences, such as the abandonment of potentially relevant research lines in favour of the topics demanded by well positioned journals
Revista de Contabilidad, Volume 20, pp 25-35; https://doi.org/10.1016/j.rcsar.2015.11.001

Abstract:
We report the results of a study that examines university students’ perceptions about the public image of auditors through their stereotypes and their changes in attitudes after an extra-curricular activity with professionals, sponsored by a well-known and prestigious professional organisation of auditors in Spain. In our experimental study, we examine whether real life contact for students is a way to change their stereotypes on the auditing profession.Participants completed a preliminary and also a post-survey, both pen-and-paper, in order to analyse the students’ final impressions and the evolution of their perception of auditors’ stereotypes. Both surveys were divided in three different sections: demographic data, general perceptions towards the activity, and 30 questions with regard to the perceptions of an average auditor compared to an average individual. Results indicate that, indeed, the activity changed the students’ view to consider auditors as more warm, more available to work in teams, more modest, more tender-minded, and less impulsive
Revista de Contabilidad, Volume 19, pp 227-238; https://doi.org/10.1016/j.rcsar.2015.11.002

Abstract:
ResumenEn los últimos años se han realizado diversas pruebas de estrés a la banca europea con el fin de evaluar su solvencia, condicionando sus resultados las medidas de reestructuración y recapitalización aplicadas al sector.Este trabajo pretende modelizar los niveles de solvencia estimados por las pruebas realizadas en 2011, expresados en términos de capital tier1, a partir de variables contables, exposición a soberanos e indicadores que definan los escenarios macroeconómicos considerados. El análisis, a través de un modelo de regresión multinivel, se centra en las entidades de los países más afectados por la crisis financiera, los denominados PIIGS (Portugal, Italia, Irlanda, Grecia y España). Los resultados muestran que las ratios contables, conforme a un modelo CAMEL, junto con las variables categóricas relativas a país y escenario y su interacción, ofrecen una buena capacidad predictiva.AbstractStress tests have recently become one of the usual procedures to assess the resilience of the EU banking systems against economic distress. Their results have also influenced and conditioned the last European banking sector restructuring and recapitalization process.The aim of this paper is to predict the core tier1 ratio assessed by the 2011 European stress tests by means of a multilevel regression model. Financial ratios, sovereign debt exposures and macroeconomic indicators are considered as explanatory variables. The sample consists of the financial institutions from the so-called PIIGS countries (Portugal, Italy, Ireland, Greece and Spain). The results show that a CAMEL model has good predictive capability when country and scenario dummies and their interaction are included
, , Trevor Hassall, John Joyce
Revista de Contabilidad, Volume 20, pp 13-24; https://doi.org/10.1016/j.rcsar.2015.10.002

Abstract:
The dynamics of the global business environment have led to changes in the skills required by accountants in order to add value for their clients. Consequently, there is a growing pressure on accounting educators to design and implement educational programmes that could contribute to the development of the relevant skills. In such a context, it is possible that some characteristics of students (for example communication apprehension, ambiguity tolerance, or learning styles) could be constraints on both skills development and pedagogical change. Previous studies have reported that accounting students tend to have higher levels of the constraining characteristics than students from other disciplines. However, previous research has not considered the extent to which those characteristics are inter-related or have possible synergistic effects in accounting students. The results of this study, based on a sample of accounting students, indicate that those relationships exist. The patterns of correlations are indicative of the constraints that an accounting educator must overcome to effectively develop certain skills. Implications of the results are discussed.
Revista de Contabilidad, Volume 19, pp 154-167; https://doi.org/10.1016/j.rcsar.2015.10.003

Abstract:
ResumenEl objetivo de este trabajo ha sido definir una escala de medida de la reputación de cooperativas oleícolas. La inexistencia de estudios previos y la trascendencia de la reputación como activo para las empresas en general y para las cooperativas almazareras en particular justifican nuestro interés y la oportunidad de esta investigación. Concretamente, se presenta un modelo causal integrado por 4 variables explicativas de este importante intangible, siendo la calidad, la innovación, los premios y la responsabilidad social, variable esta última a la que se presta una especial atención por ser causante, en cierto grado, de las primeras. Para validar empíricamente el modelo conceptual desarrollado se ha diseñado un cuestionario al que de forma anónima ha respondido una muestra representativa de directivos del sector. Mediante la técnica Partial Least Squares (PLS) se ha analizado tanto el modelo de medida como el modelo estructural. Los resultados obtenidos son satisfactorios en tanto que permiten verificar la relación directa de los comportamientos responsables de las almazaras con la percepción que tienen sus directivos de la reputación de la misma en el mercado.AbstractThe aim of this study was to define a scale for measuring the reputation of olive oil cooperatives. The absence of previous studies and the importance of reputation as an asset for businesses in general and, for this kind of cooperative in particular, justify our interest and the opportunity of conducting this research. Specifically, a causal model is presented integrating four explanatory variables related to this important intangible. These are quality, innovation, awards, and Social Responsibility. Special attention is paid to Social Responsibility, considering that it partially influences the rest of variables in the model. To empirically validate the developed conceptual model, a questionnaire has been designed and anonymously answered by a representative sample of industry executives. Both the measurement model and the structural model were analysed using the Partial Least Squares (PLS) technique. The results were satisfactory in verifying the direct relationship between responsible behaviour in olive oil cooperatives, as it is perceived by their managers and their reputation in the market
Juan Diego Paredes-Gazquez, José Miguel Rodriguez-Fernandez,
Revista de Contabilidad, Volume 19, pp 142-153; https://doi.org/10.1016/j.rcsar.2015.10.001

Abstract:
Corporate social responsibility is a multidimensional concept that is often measured using diverse indicators. Composite indices can aggregate these single indicators into one measurement. This article aims to identify the key challenges in constructing a composite index for measuring corporate social responsibility. The process is illustrated by the construction of a composite index for measuring social outcomes in the electricity utility industry. The sample consisted of seventy-four companies from twenty-three different countries, and one special administrative region operating in the industry in 2011. The findings show that (1) the unavailability of information about corporate social responsibility, (2) the particular characteristics of this information and (3) the weighting of indicators are the main obstacles when constructing the composite index. We highlight than an effective composite index should has a clear objective, a solid theoretical background and a robust structure. In a practical sense, it should be reconsidered how researchers use composite indexes to measure corporate social responsibility, as more transparency and stringency is needed when constructing these tools
Óscar Suárez Fernández
Published: 1 July 2016
Revista de Contabilidad, Volume 19, pp 204-215; https://doi.org/10.1016/j.rcsar.2015.09.001

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Andrés Navarro Galera, Rodrigo Iván Ortúzar Maturana, Francisco José Alcaraz Quiles
Revista de Contabilidad, Volume 19, pp 169-180; https://doi.org/10.1016/j.rcsar.2015.06.001

Abstract:
ResumenAlgunos trabajos previos y los pronunciamientos de organismos internacionales (OTAN, GAO) han considerado el coste del ciclo de vida (LCC) como la metodología de selección de inversiones más avanzada para contribuir a la eficiencia del gasto militar, lo que representa una especial oportunidad para los investigadores considerando la obligada austeridad y las restricciones presupuestarias de los gobiernos. En cualquier país, la viabilidad del LCC exige el previo cumplimiento de los requisitos establecidos por tales organismos para la aplicación de este modelo. El objetivo del presente trabajo reside en identificar las mejoras necesarias para posibilitar la implantación del LCC en los sistemas de evaluación económica de las Fuerzas Armadas de España. A tal fin, hemos estudiado la adecuación de los actuales sistemas españoles a los requerimientos del LCC, realizando, además, un análisis comparativo con los sistemas de países europeos y norteamericanos, lo que nos ha permitido identificar reformas de adaptación dirigidas a alcanzar la factibilidad de este modelo en el Ministerio de Defensa español, sobre la base de las debilidades y fortalezas detectadas en nuestra investigación empírica.AbstractPrevious studies and the pronouncements by international organisations (NATO, GAO) have considered the Life Cycle Costing (LCC) as the most advanced methodology for the economic assesment of the efficiency of military spending. This provided a good opportunity for researchers considering the forced austerity and budget constraints of governments. In any country, the viability of LCC requires prior compliance with the requirements issued by such organisations for the implementation of this model. The aim of this paper is to identify the improvements required to enable the implementation of LCC in economic evaluation systems of the Armed Forces of Spain. A study was performed on the adequacy of current Spanish economic systems to the requirements of LCC, as well as conducting a comparative analysis with the systems of European and American countries. This enabled reforms to be identified in order to achieve the feasibility of this model in the Spanish Ministry of Defense, based on the strengths and weaknesses detected in our empirical research
Paula Alexandra Heliodoro, , Manuel Mouta Lopes
Published: 1 July 2016
Revista de Contabilidad, Volume 19, pp 181-186; https://doi.org/10.1016/j.rcsar.2015.05.001

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Eva Chamorro, Macario Cámara
Published: 1 January 2016
Revista de Contabilidad, Volume 19, pp 132-141; https://doi.org/10.1016/j.rcsar.2015.03.002

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Montserrat Manzaneque, Alba María Priego,
Revista de Contabilidad, Volume 19, pp 111-121; https://doi.org/10.1016/j.rcsar.2015.04.001

Abstract:
The paper explores some mechanisms of corporate governance (ownership and board characteristics) in Spanish listed companies and their impact on the likelihood of financial distress. An empirical study was conducted between 2007 and 2012 using a matched-pairs research design with 308 observations, with half of them classified as distressed and non-distressed. Based on the previous study by Pindado, Rodrigues, and De la Torre (2008), a broader concept of bankruptcy is used to define business failure. Employing several conditional logistic models, as well as to other previous studies on bankruptcy, the results confirm that in difficult situations prior to bankruptcy, the impact of board ownership and proportion of independent directors on business failure likelihood are similar to those exerted in more extreme situations. These results go one step further, to offer a negative relationship between board size and the likelihood of financial distress. This result is interpreted as a form of creating diversity and to improve the access to the information and resources, especially in contexts where the ownership is highly concentrated and large shareholders have a great power to influence the board structure. However, the results confirm that ownership concentration does not have a significant impact on financial distress likelihood in the Spanish context. It is argued that large shareholders are passive as regards an enhanced monitoring of management and, alternatively, they do not have enough incentives to hold back the financial distress. These findings have important implications in the Spanish context, where several changes in the regulatory listing requirements have been carried out with respect to corporate governance, and where there is no empirical evidence regarding this respect
, Paola Plaza Casado, Sandra Flores Ureba
Revista de Contabilidad, Volume 19, pp 195-203; https://doi.org/10.1016/j.rcsar.2015.05.002

Abstract:
ResumenEl hecho novedoso de contemplar la responsabilidad social empresarial como parte de la estrategia corporativa de las empresas pone de manifiesto la importancia de que esta sea conocida por todos los grupos de interés. Dados los últimos pasos a nivel gubernamental sobre la transparencia, aspecto muy demandado por la sociedad, se considera necesario realizar una primera aproximación sobre el estudio de las empresas de transporte público urbano en este campo por el impacto que genera su actividad en términos PIB y en el desarrollo sostenible de las ciudades donde operan. El objetivo de este trabajo es observar si las empresas de transporte público urbano divulgan información sobre responsabilidad social empresarial. Para ello, se analizan las páginas web de las 17 empresas de transporte público urbano de titularidad pública mediante la utilización del análisis de contenidos. La investigación ha puesto de manifiesto que la información sobre responsabilidad social empresarial que ofrecen es escasa, siendo las acciones medioambientales las más contempladas. Considerándose que el nivel de implantación es bajo o nulo, dado que solo el 23,53% de las empresas contemplan de 14 a 27 ítems analizados.AbstractThe innovation of considering the social responsibility as part of the corporate strategy of the companies reveals the importance of being known by all stakeholders. Given the latest steps at government level on the transparency, an aspect strongly demanded by society, it is considered necessary to make the first approach by a study of this aspect in public urban transport companies, by the impact that their activity has in terms of GDP and sustainable development of cities where they operate. The aim of this paper is to determine whether urban public transport companies disclose information on CSR. For this, 17 publicly owned urban public transport companies were used as a sample. The methodology used was the analysis of contents. The investigation has revealed that the information on the websites is still too low, with environmental actions being the most contemplated. The level of implementation is low or none, given that only 23.53% of the companies contemplate from 14 to 27 of the analysed items
Francisco Bravo
Revista de Contabilidad, Volume 19, pp 122-131; https://doi.org/10.1016/j.rcsar.2015.03.001

Abstract:
The purpose of this paper is to investigate whether forward-looking disclosures and corporate reputation lead to a reduction in stock return volatility. This study measures financial forward-looking information, by conducting a content analysis of annual reports for a sample of US companies. Since every annual report was manually examined and coded, the study is therefore restricted to the companies listed in Standard and Poor's 100. Results show that financial forward-looking information has significant effects on capital markets. This study contributes to the current literature on voluntary disclosure, by examining the link between the disclosure of financial forward-looking information and stock return volatility. Since stock volatility is linked to information asymmetries and to a higher risk of a company, this analysis implies certain practical implications for both managers and regulators regarding the importance of specific disclosure strategy in capital markets. Moreover, results indicate that forward-looking information disclosed by companies of a higher reputation has a greater effect on stock return volatility. This is the first study that demonstrates that corporate reputation moderates the effects of forward-looking information in capital markets. In addition to the level of disclosed information, the interpretation and the effectiveness of forward-looking information depends on the reputation of a company
Leopoldo Doadrio, María Alvarado, Nieves Carrera
Published: 1 July 2015
Revista de Contabilidad, Volume 18, pp 200-216; https://doi.org/10.1016/j.rcsar.2015.02.002

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, Roger L. Burritt
Revista de Contabilidad, Volume 19, pp 1-9; https://doi.org/10.1016/j.rcsar.2015.01.006

Abstract:
Material flow cost accounting (MFCA) is a tool designed to encourage eco-efficiency in organizations by focusing on a reduction in use of materials and related improvements in economic performance of corporations. It provides a way to identify win–win situations where monetary and environmental performance can both be improved. But take-up by business is slow, which seems to go against the notion of strong competition driving economic performance. A recent standard, ISO 14051, has been produced by the International Organization for Standardization, and could bring substantial change to MFCA implementation and research. Drawing on Rogers (2003) theory of diffusion of innovation, and with a focus on the first two stages of the innovation-decision process, knowledge and persuasion, this study sought to analyze MFCA and predict how the 2011 release of ISO 14051 might be expected to influence take-up of MFCA by business, and what this might mean for future research. The analysis revealed that, when combined with ISO involvement, MFCA is well placed in terms of Rogers’ theory, with the future likely to see increased diffusion of MFCA and, as adoption rates increase, more opportunities for research in this area. Specific areas identified as a result of the analysis include: the introduction of new research methods, the need for theoretically informed research, and the potential to address new research questions previously considered impractical
Revista de Contabilidad, Volume 19, pp 77-88; https://doi.org/10.1016/j.rcsar.2015.01.004

Abstract:
Government accounting (GA) and National accounts (NA) are two reporting systems that, although aiming different purposes, are linked – public administrations’ financial information for the latter is provided by the former. Therefore, the alignment between the two systems is an issue for the reliability of the public sector aggregates finally obtained by the National Accounts.In the EU context, this is a critical issue, inasmuch as these aggregates are the reference for monitoring the fiscal policy underlying the Euro currency. However, while reporting in NA is accrual-based and harmonised under the European System of Regional and National Accounts, the GA each country still has its own reporting system, often mixing cash basis in budgetary reporting with accrual basis in financial reporting, hence requiring accounting basis adjustments when translating data from GA into NA.Starting by conceptually analysing the accounting basis differences between GA and NA and the adjustments to be made when translating data from the former into the latter, this paper uses evidence from three southern European countries – Portugal, Spain and Italy, representing the southern Continental European accounting perspective, with cash-based budgetary reporting, and where budgetary deficits have been particularly significant in the latest years – to show how diversity and materiality of these adjustments may question the reliability of the budgetary deficits finally reported in NA.The main findings point to the need for standardised procedures to convert cash-based (GA) into accrual-based (NA) data as a crucial step, preventing accounting manipulation, thus increasing reliability of informative outputs for both micro and macro purposes
Revista de Contabilidad, Volume 19, pp 55-76; https://doi.org/10.1016/j.rcsar.2015.01.003

Abstract:
In this paper, a model is proposed that allows us to obtain a portfolio made up of sustainable and socially responsible (SR) investment funds. This portfolio tracks the one that investors might have chosen if they had not taken into account social, ethical and ecological (SEE) issues in their investment decisions. Therefore, in the first stage, reference portfolio exclusively made up of conventional funds is obtained. For the construction of the conventional portfolio the Prospect Theory has been used: net profits as the financial objective and error function as the utility function. In the second stage, a portfolio consisting exclusively of SR-funds is built. To do so, the reference portfolio is used as an ideal point, with the objectives of the SR-investor being the relative wealth with respect to the reference portfolio and the SEE quality of the portfolio. The relative wealth will be manipulated by a downside-risk measure, the Conditional Value at Risk (CVaR), and the periodic values of the portfolio. The second objective is the SR Quality of the portfolio, taking into account the personal values of a particular investor. This is built using Fuzzy Set Theory tools. We are faced with a multi-objective problem which is solved by using Goal Programming methodology. The estimation of both conventional and SR markets has been carried out by a semi-parametric approach by using the Copula Theory for modeling the dependence structure of the assets’ returns. The approach has been applied to a set of 38 conventional and 12 ethical funds domiciled in Spain
, David Naranjo-Gil
Published: 1 January 2016
Revista de Contabilidad, Volume 19, pp 102-110; https://doi.org/10.1016/j.rcsar.2015.02.003

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Jesús D. López-Manjón, Fernando Gutiérrez-Hidalgo, Francisco Carrasco Fenech
Published: 1 July 2016
Revista de Contabilidad, Volume 19, pp 187-194; https://doi.org/10.1016/j.rcsar.2014.11.001

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Patricia Victor-Ponce, Clara Isabel Muñoz Colomina
Published: 1 January 2016
Revista de Contabilidad, Volume 19, pp 45-54; https://doi.org/10.1016/j.rcsar.2015.01.002

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, Josep Garcia-Blandon, Laura Vivas-Crisol
Published: 1 January 2016
Revista de Contabilidad, Volume 19, pp 89-101; https://doi.org/10.1016/j.rcsar.2015.01.005

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