59 research outputs found
Divulgación de información sobre riesgos y coste de los recursos propios: un enfoque bayesiano
El objetivo de este artículo es analizar la relación entre la divulgación de información sobre riesgo y el coste de capital de los recursos propios de empresas que cotizan en el mercado de capitales español. Este estudio utiliza un conjunto de 71 empresas que cotizaron en la Bolsa de Madrid entre 2010 y 2015; todas son empresas no financieras de las que había previsiones de beneficios. El problema se ha analizado bajo un enfoque de regresión lineal Bayesiana. Los resultados del estudio muestran que el coste de capital de los recursos propios y la información de riesgo divulgada no están relacionados cuando se toma la información de riesgos de manera global. Sin embargo, cuando la información de riesgo se divide en riesgos financieros y no financieros, se encuentra una relación positiva entre los riesgos financieros y el coste de capital de los recursos propios.This paper aims to analyze the relationship between risk information disclosure and the cost of equity of companies in the Spanish capital market. This study uses a set of 71 firms listed on Madrid stock exchange between 2010 and 2015; all of them are non-financial listed companies for which profit forecasts existed. The problem was analyzed using a Bayesian linear regression approach. The results show that cost of equity and disclosed risk information are not related if a global view of the latter is adopted. However, a positive relationship between financial risks and the cost of equity occurs when risk information is divided into financial and non-financial risks
Introducción a la matemática de las operaciones financieras
Departament de Finances i Comptabilitat. Codi assignatura: FC1003; EC1003; AE100
Climate-related prudential regulation tools in the context of sustainable and responsible investment: a systematic review
Several major economies have already committed to achieving a carbon-neutral
economy by 2050, in accordance with the Paris Agreement. The banking system in
all countries has a key role to play in supporting the transition to a low-carbon
economy, and academia has been researching the prudential regulation tools that
will enable the incorporation of climate risk management into banking. However, no
studies to date have attempted to systematize research on Climate-related Prudential
Regulation Tools. This study conducts a systematic review of the English-language
peer-reviewed literature produced on this topic in the period since the 2007–2008
financial crisis, revealing the state of the art and the research gaps. The thematic
synthesis carried out in this study shows the experience of some countries in the
implementation of these tools and the advancement of academic knowledge in this
field. These findings can serve as a reference for the further development of a
harmonized international framework to address climate risk in banking
Donor Reaction to Non-Financial Information Covering Social Projects in Nonprofits: A Spanish Case
The notion of accountability in nonprofits suggests that these organisations should disclose financial and non-financial practices following a holistic model. In practice, the interest of both managers and researchers has focused primarily on donors and financial disclosures, for funding and methodological reasons respectively. From the perspective of impact investment, all of them, government, beneficiaries, private donors, managers and volunteers are expected to make their decisions based on non-financial information as investors expecting social returns. However, to what extent does project information that demonstrates that the non-profit organisation has achieved its social mission actually matter? The main objective of this paper is to analyse whether the donations received by non-governmental organisations NGOs are related to the information disclosed on the projects undertaken. We perform our analysis separately for individual, private and public donors. Our results show that public donors are more interested in financial disclosures, private donors find information about outcomes and impacts to be most useful and individual donors do not tend to use non-financial information when it comes to making decisions about whether to donate or not
Capturing the Invisible Wealth in Nonprofits to Overcome Myopic Perceptions
Since nonprofits use third-party funds for their activities, they are often perceived as resource managers or spending units, instead of being considered as social wealth generating entities. The aim of this study is to help to overcome this myopic perception by showing how the invisible wealth generated by these organizations can be made visible. We use the SROI methodology to do so, by identifying stakeholders, outcomes (tangible, intangible) and social impacts in a drug addiction treatment centre. The results show that social impact in monetary terms exceeds that of the inputs used, confirming the idea that addiction-based nonprofits are social wealth generating units. The conclusion drawn is that social impact measurement should be widely used as a management tool and a mechanism for reinforcing the social image of nonprofits
Clustered firms and solvency in the Spanish ceramics industry
There is a vast literature on the advantages of
agglomeration due to positive externalities arising within
industrial concentrations like clusters or industrial districts.
Empirical studies strongly suggest these benefits when the focus
is on innovation or transmission of knowledge. If this is the case,
then it is reasonable to expect that cluster benefits should result
in better financial performance and higher solvency for clustered
firms soon or later. However, the limited empirical support for
the link between clusters and economic performance provides
contradictory results.
This paper goes deeper into this matter and aims to measure
the resulting effects on the solvency of firms in agglomeration
economies. Empirical analysis has been applied to a sample of
609 firms in the Spanish ceramic tile cluster to test for
statistically significant differences in the levels of solvency
between clustered and isolated firms. Then we analyze whether
firm size and phase of the economic cycle are relevant. Study
results show significant differences between large and small
clustered firms, suggesting that size does matter in terms of
capturing the benefits of clustering from the perspective of
solvency
Information on social impact at NGOs. The case of the Spanish charitable foundations
Within the Spanish legislation, the requirements
for inf
ormation disclosure depend on the kind of organization.
Most of Spanish Non
-
Governmental Organizations (NGOs) work
as charitable foundations (a legal categorization of non
-
profit
organizations), organizations where we focus on. In this paper we
analyse the
requirements that Spanish law establishes for the
disclosure of social impact information for charitable
foundations. Social impact is, probably, the best benchmark to
measure the performance of this kind of non
-
profit organizations.
There must be underli
ned that Spain is divided into several
regions (known as “Autonomias”), and some of these regions
have specific rules for charitable foundations. Therefore,
depending on the region where a NGO (foundation) is settled on,
the requirements for information di
sclosure can vary. In this
paper we compare the different requirements that regions
establish for their NGOs (charitable foundations) in the field of
disclosure of information on social impact. And we also reflect on
the adequacy of this information to the
requirements of the
stakeholders (donors, beneficiaries, community, ....
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