Revista de Contabilidad - Spanish Accounting Review 2022, V. 25 N. 2

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    Capital markets and valuation models of investment properties. A pre and post crisis analysis
    (Universidad de Murcia, Servicio de Publicaciones, 2022) Horno-Bueno, María Paz; Licerán-Gutiérrez, Ana; Bautista-Mesa, Rafael
    This work analyses the effect of the fair value and historical cost models, optionally applicable under IAS 40 for investment properties on the market value of Spanish groups of real estate listed companies between 2005 and 2018. The results of the application of the Ohlson Model do not suggest any relationship of financial information with the market value in the pre-crisis and economic crisis periods. However, in the post-crisis period, financial information represented by book value gains relevance, showing a significant positive relationship with the market value of real estate companies, although suggesting a reduction in the asymmetry of financial information in companies using the fair value method.
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    Scientific progress of fiscal transparency research at national governments level
    (Universidad de Murcia, Servicio de Publicaciones, 2022) Silva Diniz Leroy, Rodrigo; Sáez-Martín, Alejandro; Caba-Pérez, María del Carmen; Cabral de Ávila, Lucimar Antônio
    This paper analyzes the scientific progress of research on fiscal transparency of national governments over the past 20 years. We explored the inherent and content characteristics of the papers, through a scientometric analysis, and investigated the role of externalities in the general progress and impact of the research. The number of impactful papers published on this topic can be considered low and we noted the predominance quantitative studies using external database, predominantly written by American and Spanish authors. About the role of language on the topic, English-speaking authors published earlier and have the most impactful papers. Also, the increase of papers is correlated with the regulations of Freedom of Information worldwide, although a low number of papers have specifically analyzed these acts. Finally, the rise of Open Budget Index data increased the number of papers published, though with less scientific impact. Considering the relevance of the topic, we propose future research niches to the literature on fiscal transparency, with different research types and alternative approaches, such as using primary data collection, qualitative and critical methodologies, in-depth case studies on the internal situation of unexplored countries, and studies focused on developing countries, mainly from Africa, Asia and Latin America.
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    Foreign versus local control of Spanish private subsidiaries and modified audit opinions
    (Universidad de Murcia, Servicio de Publicaciones, 2022) Gill-de-Albornoz, Belén; Rusanescu, Simona
    This paper studies the relation between foreign control and the likelihood of receiving modified audit opinions (MAOs) by private subsidiaries. To further analyze this relation, we partition MAOs based on their underlying reason: GAAP violations; opacity; and uncertainties, including going concern (GCUs) and other (non-GCUs). We observe a significantly greater incidence of MAOs in subsidiaries owned by foreign groups than in those with a local parent company. This result is mainly driven by opacity related MAOs. The evidence of a higher incidence of GAAP violation and non-GCU related MAOs in foreign owned subsidiaries is inconclusive; and MAOs related to GCUs are significantly less frequent in subsidiaries of foreign groups. In contrast to the results found in the public setting, our findings suggest that foreign control in the private setting is associated with more opaque companies. This study contributes to a better understanding of the effects of foreign direct investment (FDI) in the host-country, at the company level.
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    Does audit committee financial expertise actually improves information readability?
    (Universidad de Murcia, Servicio de Publicaciones, 2022) Alcaide-Ruiz, María Dolores; Bravo-Urquiza, Francisco
    This paper investigates the relationship between audit committee financial expertise, particularly considering specific accounting financial expertise, and the readability of management reports. Additionally, this study also examines whether the effect of financial experts is moderated by the intensity of the audit committee’s activity. The dataset for directors’ characteristics is hand-collected as are the management reports. The sample is composed of Spanish listed firms for the period 2013-2015. The results show a negative association between financial expertise, especially accounting financial expertise, and the readability of management reports. In addition, this association is accentuated with higher number of audit committees’ meetings. This evidence stimulates the debate on the advantages of having members with financial expertise in the audit committee. Otherwise, the use of contextual approaches in further studies regarding the role of directors is recommended. In addition, this could help regulators and professionals to guide their requirements and recommendations about directors’ qualifications.
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    El origen de ingresos del auditor y calidad de la auditoría : el caso español
    (Universidad de Murcia, Servicio de Publicaciones, 2022) Serrano-Madrid, José; Bustos-Contell, Elisabeth; Porcuna-Enguix, Luis; Labatut-Serer, Gregorio
    Estudios previos señalan la existencia de una relación entre la especialización del auditor y la calidad de la auditoría. A partir de esta idea, cuanto más importante sea la actividad de auditoría en el total del negocio de la firma auditora y mayor especialización exista en dicha actividad, el auditor firmante adoptará una postura más conservadora en la emisión de su informe. Utilizando la materialidad cuantitativa como subrogado de la calidad, se examina el efecto que los honorarios por otros servicios distintos a los de auditoría y el peso de los socios firmantes en la firma tienen sobre la cifra de materialidad. Partiendo de la materialidad real utilizada en cada uno de los encargos como medida de calidad de la auditoría y a través de una muestra de 995 clientes-año de compañías españolas no cotizadas, se concluye que una mayor dedicación a trabajos distintos a los de auditoría lleva al auditor a aplicar unas cifras de materialidad más altas. Los resultados también muestran que las firmas de auditoría usan materialidades más altas cuando los socios firmantes de la firma de auditoría ganan representación, reforzando la idea de un risky shift. Los hallazgos de este estudio son consistentes con la corriente de estudios que afirma que existen otros factores además de los cuantitativos que afectan a la fijación de la cifra de materialidad. Este trabajo contribuye a esta corriente mediante datos de archivo que reflejan el comportamiento del auditor durante la determinación de la cifra de materialidad cuantitativa y sus implicaciones en la divulgación de información financiera.