Revista de Contabilidad - Spanish Accounting Review 2012, V. 15 N. 2
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- PublicationOpen AccessExecutive stock options and earnings management in the Portuguese listed companies(2012) Alves, SandraTheoretically, executive stock options align managers’ and shareholders’ interests. However, previous studies have indicated that stock options may engender manager-shareholder conflicts (Jensen, 2005) and create incentives for earnings management (e.g. Jensen, Murphy and Wruck, 2004; Burns and Kedia, 2006; Efendi, Srivastava and Swanson, 2007). Therefore, this paper examines the implications of stock option grants on earnings management. In particular, we address the following question: Does stock options grant induce incentives for earnings management? Using a sample of 33 non-financial listed Portuguese firms-year from 2003 to 2010, we find that managers are more likely to engage in earnings management when they hold stock options. This study suggests that stock options may not always be effective in aligning the interests of managers and shareholders. Rather, executive stock options seem to affect the informational quality of earnings negatively, and consequently reduce the quality and value relevance of published financial data.
- PublicationOpen AccessDistance learning and academic performance in accounting: a comparative study of the effect of the use of videoconferencing(2012) Pons Florit, David; Arquero Montaño, José Luis; Donoso Anes, José AntonioBackground. The specific needs of some universities (attending several campuses), as well as the demands of adapting to the EHEA ( in order to achieve better coordination among universities in joint programmes and projects) could be efficiently solved by using Information and Communication Technologies and distance learning tools. In this context, the efficiency of such solutions is a relevant question. Aims. The evaluation of the relative efficacy, in terms of academic performance, of videoconferencing in the teaching of accounting at university level. Method. A large dataset, including current academic performance, previous academic performance and other relevant factors, for students in groups using videoconferencing and traditional methods was built. Multivariate analyses were performed in order to test whether students at videoconferencing groups presented significant differences in performance. Results. The results indicated that videoconferencing does not negatively affect students’ performances.
- PublicationOpen AccessFactores explicativos del Buen Gobierno en la empresa española(2012) Caravaca Sánchez, Pablo; Sánchez Ballesta, Juan Pedro; García Meca, EmmaEl presente estudio analiza empíricamente el grado de cumplimiento de varias recomendaciones relativas al consejo de administración establecidas por el Código Unificado de Buen Gobierno de las sociedades españolas cotizadas, y sus factores determinantes durante los años 2007 y 2008. Los resultados evidencian que aquellas empresas con mayor proporción de consejeros independientes y de presencia de mujeres en el consejo presentan un mejor índice de cumplimiento
- PublicationOpen AccessLa relevancia de los gastos de I+D. Estudio empírico en el sector del automóvil(2012) Duarte Atoche, Teresa; Pérez López, José Ángel; Camúñez Ruiz, José AntonioAntecedentes: El Financial Accounting Standard Board preocupado ante el deterioro de la utilidad de la información financiera, abrió un proceso de consultas y deliberaciones con objeto de incluir esta preocupación en su agenda: quedaba patente la importancia de las inversiones conductoras de la innovación, pero los principios de contabilidad generalmente aceptados en el ámbito estadounidense (conocidos por las siglas US GAAP) no permitían su reconocimiento como activos. La cuestión que nos planteamos es: ¿Con independencia del tratamiento contable asignado a las partidas de I+D, los inversores las consideran relevantes? Objetivo: En el presente trabajo de investigación trataremos de contrastar la relevancia del valor de los gastos de I+D corriente y con retardo de un ejercicio económico. Metodología y muestra: Usando como función base el modelo de Ohlson (1995), introducimos variantes del mismo y con ellas, fijamos nuestro objetivo en la modelización del precio de cotización. La muestra está formada por empresas que cotizan en Estados Unidos y que pertenecen al sector del automóvil. El horizonte temporal analizado comprende 10 años. Resultado y conclusiones: Nuestros resultados muestran que los inversores consideran que los gastos de I+D corriente y los del ejercicio anterior no aportan valor añadido a las compañías, es decir, que los valoran como cualquier otro gasto del ejercicio y que, por tanto, no son relevantes para estimar el valor de mercado de las compañías que forman nuestra muestra
- PublicationOpen AccessThe geographical factor in the determination of audit quality(2012) Duréndez Gómez-Guillamón, Antonio Luis; Maté Sanchez-Val, MariluzThe aim of this research paper is to analyze the role of the spatial factor in the determination of audit quality. Concretely, we hypothesize that audit quality is influenced by location and by the existence of spill-over effects generated by two factors: (1) the specialization and reputation of auditing firms and (2) the economic and institutional development of the audit firm’s location. We developed an empirical research to test the existence of such spatial effects (location and spill-over) on a representative sample of the Spanish audit market. The study includes spatial econometric techniques taking into account the auditee specific characteristics, as well as other external factors. The findings highlight the relevance of including the spatial dimension when the audit quality is being studied. The results confirm the existence of a location effect according to the highest quality values are found in the most developed Spanish areas. Furthermore, we find a spatial spill-over effect among regions, affecting audit quality values. This effect confirms that audit quality within a location spreads to its surroundings. The results support the promotion of governmental policies leading to improve audit quality considering the spill-over effect