Revista de Contabilidad - Spanish Accounting Review 2020, V. 23, N. 2

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Open Access
A study of the economic and ﬁnancial analysis for social ﬁrms: are they really businesses?
(2020) Gelashvili, Vera; Camacho-Miñano, María del Mar; Segovia-Vargas, María Jesús
The main objective of this research paper is to analyze the economic and ﬁnancial situation of social enterprises through ratio analysis and show their strengths and weaknesses based on ﬁnancial data. The sample consists of 118 social companies operating in the Autonomous Community of Madrid in Spain. For data analysis, economic and ﬁnancial analysis has been carried out, using ratio analysis and the indicator of ﬁnancial distress: the Altman Z’-score. Our ﬁndings highlight that social companies are businesses with a high level of proﬁtability, especially for their partners. Thus, their survival, on average, is guaranteed in the long-term and their liquidity level is optimum. This study is an important contribution for the academic literature, because it carries out a comparison amongst the two different types of social ﬁrms, focusing on their economic and ﬁnancial structure, diminishing the lack of empirical studies about these companies
Open Access
Sustainability for European investors: Evidence from a sustainable ranking
(2020) Lóepez-Arceiz, Francisco J.; Santamaría, Rafael; Río, Cristina del
Corporate sustainability implies a broad perspective that suggests the creation of value for stakeholders and requires developing some commitments at the economic, social, environmental and governance levels. Measurement of the level of corporate sustainability occurs via different tools, with sustainable rankings being one of the most popular instruments. However, the impact of these indicators on the market value is controversial. Consequently, our aim is to analyse the inﬂuence of the level of sustainability on the market value of a set of companies. To do so, we isolate the impact of the sustainability factor from other series of effects related to the general evolution of ﬁnancial markets. We have used the information contained in a sustainable ranking: the medal display table provided by RobecoSAM. Our results reveal that investors do not equivalently value the different movements and marks derived from participation in a sustainability ranking
Open Access
Influence of cost systems on efficiency. An analysis of Spanish hospitals using public national databases
(2020) García-Cornejo, Beatriz; Pérez-Méndez, José A.
This paper analyzes whether the level of development of the hospital cost systems (CS) implemented by the Spanish Regional Health Services (RHS) has an effect on hospital efficiency. For this purpose, we used the public data of 159 hospitals of the Spanish National Health System (NHS) between 2010 and 2013, the period of the most stringent budgetary constraints derived from the economic crisis. We apply three methodologies: first, a conventional data envelopment analysis (DEA) model followed by a Tobit regression; second, a two-step procedure with a double bootstrap proposed by Simar & Wilson (2007), and third, the calculation of the Malmquist index and the application of logistic regression to explain the change in efficiency. We find that in the context studied there is a direct relationship between the most developed CS and the improvement of efficiency. Our findings suggest that policy makers and regulators should incentivize the development of standardized hospital CS
Open Access
Learning by Doing? Partners Audit Experience and the Quality of Audit Services
(2020) García-Blandon, Josep; Argilés-Bosch, José María; Ravenda, Diego
Despite evidence suggesting that specialised knowledge should be more relevant than generic knowledge to explain different levels of audit quality across individual auditors, no study to date has addressed the respective impacts of the industry-specific and the generic audit experience of audit partners on the quality of audit services. Our study investigates this issue in the Spanish audit market. We proxy audit quality by discretionary accruals and by the opinion of the audit report, and differentiate among client-specific experience, industry-specific experience and generic audit experience of individual auditors. As expected, our results show significantly higher audit quality when the client is audited by a partner with stronger industry-specific audit experience. Furthermore, we observe that neither client-specific experience nor generic audit experience of audit partners are significant determinants of the quality of audit services provided by these auditors. These results may have some interesting implications for audit firms. Therefore, whereas some prior studies on the related issue of industry specialization point out that specialised knowledge is more relevant than generic knowledge to explain the quality of audit services, our findings suggest that specialised knowledge is, in fact, the only type of knowledge that seems to matter.
Open Access
Financial Transparency in the Web 2.0 Era. An Analysis of the use of Websites and Social Media by Spanish Municipalities
(2020) Royo, Sonia; Yetano, Ana; García-Lacalle, Javier
The objective of this paper is to evaluate the role of websites and social media (SM) in increasing local government financial transparency. The research includes 60 Spanish municipalities classified into 4 population levels and combines quantitative and qualitative analyses: a website content examination; an exploration of the use of SM platforms; and an in-depth study of the content published in Facebook and Twitter over a one-year period. Results show that Spanish municipalities still have to make important efforts to increase their levels of financial transparency. Disclosures are mainly focused on budgetary information. The use of Facebook and Twitter by municipalities has become commonplace. However, their use for financial disclosures is underdeveloped. Most of the biggest cities have created open data portals although the disclosure of budgetary and financial datasets is limited. Municipalities have to make important efforts to comply with new demands and requirements for financial transparency. Measures should be taken to enhance transparency, particularly among medium and small municipalities. A definition of clear, structured, understandable and reusable information is needed in order to provide a common disclosure framework for public sector entities
Open Access
IFRS 9 Expected Loss: A Model Proposal for Estimating the Probability of Default for non-rated companies
(2020) Delgado-Vaquero, David; Morales-Díaz, José; Zamora-Ramírez, Constancio
Under the IFRS 9 impairment model, entities must estimate the PD (Probability of Default) for all financial assets (and other elements) not measured at fair value through profit or loss. There are several methodologies for estimating this PD from market or historical information. However, in some cases entities do not possess market or historical information concerning a counterparty. For such cases, we propose a model called Financial Ratios Scoring (FRS), by means of which an entity can obtain a shadow rating for a counterparty as a first step in estimating the PD. The model differentiates from other recent models in several aspects, such as the size of the database and the fact that it is focused on non-rated companies, for example. It is based on scoring the counterparty according to its key financial ratios. The score will place the counterparty on a percentile within a previously constructed sector distribution using companies with a credit rating published by rating agencies or financial vendors. We have tested the model reliability by calculating the internal credit rating of several companies (which have an official/quoted credit rating), and by comparing the rating obtained with the official one, and obtained positive results
Open Access
Public sector financial management and democracy quality: The role of the accounting systems
(2020) Cuadrado-Ballesteros, Beatriz; Bisogno, Marco
Changes in accounting frameworks, such as those based on the adoption of accrual-accounting systems or the implementation of International Public Sector Accounting Standards (IPSAS), are considered to be an important feature of public-sector financial management practices and reforms. Previous studies have largely investigated the effects of these reforms on transparency and accountability, also taking into account the dimension of the participation of citizens. This study aims to examine the effects of public-sector financial management practices regarding the quality of democracy. It focuses on the role of the accounting systems in use, offering an international view and comparative analysis of IPSAS and accrual-basis system adoption. By using a sample of 33 OECD countries between 2010 and 2014, the findings which emerge from the analysis suggest that accrual-basis accounting has proven not to be sufficient for a good democracy quality; however, they indicate that IPSAS implementation improves the democracy quality, mainly due to equality and control principles.
Open Access
¿Cómo ha evolucionado la presión fiscal de la empresa española en la última década? Remedios normativos frente a la planificación fiscal
(2020) Monterrey Mayoral, Juan; Sánchez Segura, Amparo
En este trabajo hemos analizado la evolución de la presión fiscal soportada por la empresa española en la última década (2008-2017). Con base en una muestra de 31.966 observaciones empresas-años y empleando medidas empíricas de tributación efectiva inmunes al efecto de la variación del tipo impositivo estatutario operada a partir de 2015, dejamos constancia de una significativa aproximación gradual de los tipos reales a los nominales, convergencia que es especialmente apreciable en el segmento de las grandes empresas, a pesar de desplegar estrategias de planificación fiscal más eficientes que las de menor tamaño. Nuestros hallazgos revelan que tales estrategias se han visto claramente neutralizadas y dominadas con éxito por las medidas tributarias adoptadas en estos años, tendentes a diferir la deducibilidad fiscal de determinados gastos y pérdidas y a acelerar la recaudación. En definitiva, la evidencia aquí documentada, que se mantiene ante diferentes extensiones y pruebas empíricas complementarias, no se compadece con la extendida creencia acerca de la baja tributación de las empresas españolas, señaladamente las de gran dimensión
Open Access
The effect of corporate governance factors on the quality of financial reporting in family and non-family firms
(2020) Capela Borralho, João Miguel; Gallardo-Vázquez, Dolores; Hernández-Linares, Remedios
The objective of this study is to explore the quality of financial information of Spanish firms, by comparing family firms with non-family firms, and relating this quality with corporate governance practices. For this purpose, a sample of 650 Spanish firms was analysed during the period 2011-2016. Based on agency theory and socioemotional wealth literature, the results show a higher quality of financial information in family firms, a relationship which is reinforced by corporate governance factors. Our results are consistent with the scant previous research, and with the premises of agency theory, which indicate lower asymmetry of information between owners and managers in the singular context of family firms. Additionally, our work provides evidence that the participation of women on the board boosts the quality of financial information in family firms, contributing to the justification of family firm heterogeneity in terms of earnings management. This study contributes to reducing the gap in the literature on the influence of the family business context and the influence of women on the board on the quality of financial reporting
Open Access
Key mechanisms of the accountability process in public-private partnerships
(2020) Reyes-González, José Antonio; Esteve, Marc
This article brings together empirical academic research on accountability in Public-Private Partnerships (PPPs). Via a systematic literature review, we explored how well grounded are concerns about PPPs eroding accountability. We investigated over 50 publications on PPPs, published between 1983 and 2017. These studies were analysed in lights of a categorisation framework of publications to map out the process through which accountability takes place in practice for PPPs. Four key accountability mechanisms stand out in our analysis: behaviour, information, evaluation and sanction. Based upon this analysis, we identified four main account-holders and the mechanisms they employ to participate in the overall accountability process of PPPs. Since none of them can exert full control over the mechanisms of accountability available to them, we argue that this unbalanced and chaotic state of contradicting and overlapping demands of accountability indeed generates accountability deficits, but it can be turned into an advantage if interdependency and complementarity between account-holders is further validated

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