Revista de Contabilidad - Spanish Accounting Review 2019, V. 22 N. 1
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- PublicationOpen AccessA Review on the Multidimensional Analysis of Earnings Quality(2019) Licerán Gutiérrez, Ana; Cano Rodríguez, ManuelThere is a generalized consensus among accounting researchers about the multidimensional nature of earn-ings quality: Earnings quality depends on a series of characteristics that enhance the usefulness of theearnings figure for decision making. In this paper, we undertake a literature revision on empirical researchon earnings quality that reveals that, although earnings quality is probably the most recurrent topic in ac-counting, empirical research that have treated earnings quality as a multidimensional concept is almostinexistent. In this sense, we document that: (1) Most of the empirical papers on earnings quality deal withjust one earnings characteristic, not including the potential effect of the other characteristics related to earn-ings quality. (2) Some characteristics (particularly, accruals quality and, in a lesser way, conservatism) arewidely employed for representing earnings quality, whereas other characteristics (smoothness, persistence)are much less used by researchers. (3) The research on the relationships among the different earningsquality characteristics is scant and with mixed results. (4) Only a few papers develop multidimensionalmeasures of earnings quality, but these measures are based on too restrictive assumptions and there is noevidence of superiority over single-dimension measures. We complement our bibliometric analysis by dis-cussing the limitations of both the single-dimension approach and the multidimensional approaches usedto date, illustrating our arguments with a simulation process. Henceforth, this review contributes to priorliterature highlighting the main problems in prior literature for earnings quality measurement.
- PublicationOpen AccessEnvironmental disclosure and Eco-innovation interrelation. The case of Spanish firms(2019) Marco Fondevila, Miguel; Moneva, José M.; Scarpellini, SabinaThe actual drivers of companies’ environmental disclosure have been widely studied and yet with no con-clusive results. Most literature looks for the link between environmental performance and environmentaldisclosure, as reflection of the company instrumental or normative approach to sustainability. However,over the last decade, a growing number of companies are joining the ranks of eco-innovation, focusingtheir strategy on environmental innovation, and paving the way for new approaches to environmental dis-closure.The main objective of this paper is to assess if eco-innovation in companies can be acting as a non-intendeddriver to disclosure of environmental reporting, in connection to the Resources Based View theory, and thesearch for competitive advantage. An extensive research has been undertaken with Spanish eco-innovativecompanies, evaluating their environmental disclosure standards from a two-fold perspective: managers’perception and public available environmental reporting.The findings bring in interesting implications about the mismatch between managers’ perception of theirenvironmental disclosure and accounting standards, and the actual disclosure of environmental reportingmade available to their stakeholders. Within the studied sample, eco-innovation appears to be a driverfor environmental disclosure from an inside-out approach encompassed in the RBV theory, where environ-mental information is primarily meant for managerial purposes and only secondarily to inform stakeholders.
- PublicationOpen AccessDo auditors mitigate earnings manageme nt during economic crisis?(2019) Reguera Alvarado, Nuria; Fuentes, Pilar de; Laffarga, JoaquinaThis paper addresses earnings management from an international perspective. This study particularly ana-lyzes whether external auditing reduces earnings managements and, if so, whether this relationship isaffected by the economic crisis. The study employs a cross-country approach. The sample has 3,830 obser-vations from listed firms from the United States, the United Kingdom, Japan, Italy, France and Spain duringthe period 2005–2009. Panel data are used to verify the research hypotheses. The findings show that ex-ternal auditing is an important mechanism to minimize earnings management. In this sense, the Big Fourand auditor specialization helped to reduce earnings managements during the economic crisis. Moreover,long audit tenure does not contribute to mitigating discretionary accruals. The study includes implicationsfor academia, practitioners, and policymakers. It provides the literature with complementary evidence onthe external auditing and earnings management relationship and how this is influenced by the economiccrisis. The article benefits practitioners and policymakers by highlighting the most important character-istics of audit firms related to the mitigation of earnings managements. In addition, this study considersthe recent economic crisis as an important economic factor. Given that the crisis affected most countriesaround the world and caused structural changes within companies, information about the consequences ofthe crisis and how to deal with them is an important empirical question.
- PublicationOpen AccessLas cuestiones clave de auditoría esperadas en España: ¿son los auditores previsibles?(2019) Gambetta, Nicolás; Orta Pérez, Manuel; Sierra Garcia, Laura; García Benau, María AntoniaLa modificación del contenido del informe de auditoria responde a la aplicación de la exigencia impuesta por el art. 5 de la Ley de Auditoria y concretada por la NIA-ES 701 “Cuestiones clave de auditoria” (CCA) (ICAC, 2016). Como novedad se exige al auditor que, atendiendo a su juicio profesional, muestre en el informe los riesgos más significativos de la auditoría de la empresa y las respuestas a esos riesgos. Debido a que dentro del entorno europeo, el Reino Unido ya viene informando de dichos riesgos desde 2013 y que en España todavía no disponemos de los mismos, hemos planteado esta investigación. El objetivo es pronosticar el nivel de CCA que previsiblemente nos encontraremos en España y además, distinguiendo entre si dichas CCA se deben a riesgos de la entidad o a riesgos contables. Para alcanzarlo hemos utilizado como muestra de análisis (144 observaciones de empresas no financieras y cotizadas en el FTSE100) para los años 2013 y 2016. Nuestros resultados muestran que, puesto que la estructura del mercado de auditoría es bastante similar en España y en el Reino Unido, las diferencias en el número de CCA serán muy poco relevantes. Este trabajo contribuye a profundizar el entendimiento de los nuevos informes de auditoría lo cual será útil por contribuir, por un lado, a académicos en el desarrollo de una línea de investigación emergente y, por otro, a profesionales que se encentrarán en breve con la difícil tesitura de emitir los primeros informes de acuerdo a la nueva normativa.
- PublicationOpen AccessThe importance of spatial effects in municipal debt(2019) Balaguer Coll, Maria Teresa; Ivanova Toneva, MariyaThis article analyses the debt of local governments taking into account the presence of spatial interactionsamong neighbouring municipalities. To this end, the S2SLS and Spatial lag models were applied to a sampleof 527 municipalities located in the Valencian Community (Spain) for the year 2015. The main results reveala spatial correlation in outstanding debt among municipalities. The gender of the mayor, the grants andtransfers received and the average payment period have direct effects on outstanding debt. In turn, the netsavings index, inactive population, local income and the strength of the ruling political party have indirecteffects on the municipal debt and indirect spatial effects on the debt of the neighbouring municipalities.
- PublicationOpen AccessThe association between Corporate Social Responsibility and Earnings Quality: evidence from Extractive Industry(2019) Tomas Siueia, Tito; Wang, JianlingBuilding on the ethical theory to solve the research questions, we examine the relationship between Corpor- ate Social Responsibility Disclosure (CSRD) and Earnings Quality (EQ). Using 368 firm-year observations covering the 2010-2017 period. In so doing, we applied content analysis to assess the CSRD dimensions, and we applied discretionary accruals as a proxy of EQ activity. Based on panel data regression, we find a significant and negative relationship between CSRD and EQ in Mozambican extractive industry. Empirical evidence also shows that the influence of positive CSRD indicator (CSRD strengths scores) is much stronger than that negative CSRD indicator (CSRD concerns scores) in reducing earnings quality. These findings are consistent with the idea that the opportunistic managers use CSRD to reach their particular interest, sug- gesting that the managers are using CSRD as a strategic device to engage in earnings management (poorer earnings quality). The results are robust to alternative proxy measures of CSRD and earnings quality.
- PublicationOpen AccessEmerging Themes in Management Accounting and Control Research(2019) Dávila, AntonioOrganizations are at an interesting inflection point where existing paradigms are insufficient. The focuson execution as the main source of competitive advantage has been the dominant paradigm since the late19th century. It is not enough. The dynamism brought by billions of people joining the market economyand by the exponential development across a large number of technologies requires complementing exe-cution with managing for creation. Management accounting and control is not immune to these changes.Rather, its future development will determine its relevance to management. This paper reflects on some ofthe opportunities opening for this management discipline to keep its significance to managers. The paperexplores new challenges in supporting execution and its role in creating new sources of value.
- PublicationOpen AccessEstereotipos contables. Motivaciones y percepciones sobre la contabilidad de los estudiantes universitarios de Administración de Empresas y Finanzas y Contabilidad(2019) Arquero, José Luis; Fernández Polvillo, CarmenEl papel del profesional de la contabilidad ha evolucionado incorporando un amplio abanico de tareas que requieren de los futuros profesionales (al menos a un cierto nivel) mucho más que conocimientos técnicos. Paralelamente a este incremento de los requisitos se percibe la existencia de problemas en cuanto a las características de los alumnos que optan por una carrera en contabilidad. Algunos autores han sugerido que en el origen de esta divergencia requisitos profesionales –características del alumnado está una concepción errónea, por parte de los estudiantes, de cuáles son las tareas de un contable y las capacidades necesarias para ello. Así, es posible que se perciba por los alumnos una imagen estereotipada de la profesión y la clase de trabajo que realiza: aburrido, definido, preciso y orientado al cumplimiento de normas. Esta imagen parece basarse y reforzarse por la ofrecida en distintos medios (p.e. las películas o series). En esta línea, el presente trabajo tiene como objetivos estudiar (I) la percepción que tienen los estudiantes de contabilidad sobre la profesión contable al comenzar sus estudios universitarios y (II) las motivaciones subyacentes y su posible relación con la imagen. La muestra se compone de estudiantes de los dos grados con más peso en esta materia (ADE y FICO) de la Universidad de Sevilla. Los resultados indican que no hay una visión claramente estereotipada, ni diferencias destacables por grado. Se confirma que la principal fuente de motivación en nuestros alumnos es la externa. La relevancia de determinadas facetas y sus implicaciones para el área se discuten.
- PublicationOpen AccessEconomic and Financial Snapshot of small spanish family firms(2019) Terrón Ibáñez, Sara; Gómez-Miranda, María Elena; Miras Rodríguez, María del Mar; Rodríguez Ariza, LázaroThe aim of this study is to determine whether there are statistically significant differences between smallSpanish companies according to their family or non-family nature, in terms of their main economic andfinancial indicators. The study data analysed correspond to the years 2003, 2007 and 2013, which enabledus to examine whether the characteristics observed and any differences between these companies persistedduring a period featuring three different economic scenarios. The study sample was composed of 21,192small family firms and 4,449 small non-family firms.The results obtained show that, regardless of the national economic situation, there were statistically sig-nificant differences between the two types of companies for certain economic and financial indicators. Weconclude that the family nature of a company has a negative impact on productivity, the number of employ-ees and levels of investment and turnover. Moreover, family firms face higher costs of external financingthan do non-family businesses.
- PublicationOpen AccessAnalysis of the Influence of the Internal Audit Function on Audit Fees(2019) Sierra García, Laura; Ruiz Barbadillo, Emiliano; Orta Pérez, ManuelThe aim of this paper is to analyse the relationship between the internal audit function and auditor ́ s fees using a sample of Spanish listed companies between 2003 and 2011. We use the audit fees model that was proposed by Simunic (1980) . Our results indicate that fees are greater in those companies that have an internal audit function. In addition, if there are meetings between the audit committee and the internal audit function, this is statistically significant with audit fees. This paper contributes to literature in several ways. Firstly, there are no previous papers in Spain, unlike other contexts, on the relationship between internal audit and auditor fees. Secondly, the empirical results detected in previous studies are conflicting; therefore, there is a need to complement them. Finally, the findings have practical implications for companies, external auditors and regulatory agencies themselves.