Gobierno corporativo y desempeño de los bancos en los países de MENA

We analyze the effect of corporate governance on banks’ performance in the MENA countries using an index comprised of seven widely used governance measures, as a measure of firm-level corporate governance. In addition, we have also considered country governance as an important determinant of performance. The data at the firm level has been obtained from the Bankscope Database and we also hand-collect the corporate governance data from the annual reports over the period 2005-2012, covering the period of the financial crisis. At the country level we obtain the data from different sources. Our paper shows that corporate governance is relevant explaining performance in a way consistent with the segmentation of the corporate governance at both country level and bank level. It highlights the need for internal governance mechanisms but also the importance of country governance in emerging markets. The best governance at the country level has a positive effect under favorable conditions but not in crisis situationsAnalizamos el efecto del gobierno corporativo en el desempeño de los bancos en los países MENA utilizando un índice compuesto por siete medidas de gobierno ampliamente utilizadas, como una medida del gobierno corporativo a nivel de empresa. Además, también hemos considerado la gobernanza del país como un determinante importante del desempeño. Los datos a nivel de empresa se han obtenido de la base de datos de Bankscope y también recopilamos manualmente los datos de gobierno corporativo de los informes anuales durante el período 2005-2012, que cubren el período de la crisis financiera. A nivel de país obtenemos los datos de diferentes fuentes. Nuestro documento muestra que el gobierno corporativo es relevante para explicar el desempeño de una manera consistente con la segmentación del gobierno corporativo tanto a nivel nacional como bancario. Destaca la necesidad de mecanismos de gobernanza interna, pero también la importancia de la gobernanza nacional en los mercados emergentes. La mejor gobernanza a nivel de país tiene un efecto positivo en condiciones favorables, pero no en situaciones de crisi

How to accomplish a highly cited paper in the tourism, leisure and hospitality field

This paper identifies the main factors that affect the citation rate of an article published in the tourism, leisure and hospitality field. Using several regression techniques, it has been identified that the number of references for an article, the reputation of the main author, and obtaining early citations have a major impact on a document’s citation rate. As well as this, by means of a quantitative–qualitative analysis (fsQCA), the most efficient combinations of factors that influence the number of citations received have also been identified. This paper is useful for researchers, editors and readers interested in improving the impact of their researchS

Corporate Governance and MENA Banks Performance

We analyze the effect of corporate governance on banks’ performance in the MENA countries using an index comprised of seven widely used governance measures, as a measure of firm-level corporate governance. In addition, we have also considered country governance as an important determinant of performance. The data at the firm level has been obtained from the Bankscope Database and we also hand-collect the corporate governance data from the annual reports over the period 2005-2012, covering the period of the financial crisis. At the country level we obtain the data from different sources. Our paper shows that corporate governance is relevant explaining performance in a way consistent with the segmentation of the corporate governance at both country level and bank level. It highlights the need for internal governance mechanisms but also the importance of country governance in emerging markets. The best governance at the country level has a positive effect under favorable conditions but not in crisis situations

Are EHEA assessment systems really different from traditional ones? An empirical analysis of academic performance in an accounting subject

Este trabajo analiza los determinantes del rendimiento académico, medidos como la probabilidad de aprobar la asignatura o el examen final, a partir de las puntuaciones obtenidas en las distintas actividades de evaluación continua. Para ello se emplean los datos de una asignatura de contabilidad financiera y se cuantifican los factores determinantes del rendimiento del alumnado mediante modelos logit y probit. El ánimo es ver si el nuevo sistema de evaluación impuesto en el EEES aumenta el rendimiento del alumnado. Los resultados revelan que, en general, las notas de las actividades de evaluación continua son determinantes estadísticamente significativos del rendimiento, si bien su impacto varía en función del criterio analizado.The objective of this research is to explore the determinants of academic performance, measured as the probability of passing the course or the final exam, from the grades on the various ongoing evaluation activities. Specifically, this research uses data from a financial accounting course to identify and quantify determinants of student performance through logit and probit models. The focus is to see if the new evaluation system (European Higher Education Area, EHEA) increases student performance. The results show that, in general, the grades of continuous activities are statistically significant determinants of performance, although its impact varies depending on the criteria analyzed

Academic performance and use of virtual learning environments for students of a curse of accounting

En los últimos años se ha generalizado el uso de entornos virtuales de aprendizaje en el ámbito de la docencia universitaria. En el presente trabajo se presentan los resultados obtenidos de una encuesta realizada a 251 alumnos de la materia “Contabilidad financiera I” del Grado en Administración y Dirección de Empresas de la Universidad de Santiago de Compostela. En primer lugar se presenta la opinión de los estudiantes sobre la utilidad y las ventajas percibidas en la utilización de la plataforma virtual Blackboard y sobre su potencialidad como herramienta sustitutiva del sistema tradicional de clase presencial. Además, el estudio muestra que las variables satisfacción, frecuencia de uso y utilidad de la plataforma virtual no tienen influencia sobre la calificación final del alumno ni sobre su asistencia a clase, de manera que estas actividades complementan pero no reemplazan el aprendizaje presencial.In the last years the use of Virtual Learning Environments has been generalized in the university teaching. The present work shows the results of a survey of 251 students the subject "Financial Accounting I" of the degree in Business Management and Direction of the University of Santiago de Compostela. In the first place is presented the opinion of the students about the utility and advantages perceived in the use of the virtual campus and its potential as a replacement tool for traditional classroom system. Also, the study shows that the variables satisfaction, frequency of use and utility of the virtual classroom have influence neither on the final qualification of the students nor on its assistance to class, so that these activities complement but they do not replace face-to face learning

Propiedad, Consejo y Gestión del Riesgo Empresarial

This paper analyses the effect of family ownership and the characteristics of the board of directors on the implementation level of enterprise risk management (ERM) in Spanish non-financial companies. The sample consists of 162 Spanish non-financial companies listed on Spanish stock exchanges and markets during 2012–2015. The results obtained show that the relationship between the level of family ownership concentration and the implementation level of an ERM system has a non-linear structure. Therefore, a reduction in implementation for moderate ownership levels is observed, although this increases with high ownership values. Regarding corporate governance, our study confirms the importance of certain characteristics of the board of directors, such as the size and the figure of the shareholder director in the implementation of formal ERM systems.Este trabajo analiza el efecto de la propiedad familiar y de las características del consejo de administración sobre el nivel de implementación del ERM en las empresas españolas no financieras. La muestra consta de 162 empresas españolas no financieras que cotizan en Bolsas y Mercados Españoles durante el período 2012-2015. Los resultados obtenidos muestran Los resultados obtenidos muestran que la relación entre el nivel de concentración de la propiedad familiar y el grado de implementación del sistema de gestión de riesgos (ERM) presenta una estructura no lineal, de modo que se observa una reducción de los niveles de implementación para niveles medios, pero que se incrementa en valores elevados de propiedad. Respecto al gobierno corporativo, nuestro trabajo confirma la importancia de ciertas características del consejo de administración en la implementación de sistemas formales de gestión del riesgo

Market crises and benchmark-adjusted fund alphas in a small market context

This paper investigates the impact of using benchmark-adjusted alphas to assess the performance of small market mutual funds, investing in domestic and European equities. For the 2000-2020 period, our results show that fund benchmarks exhibit significantly negative alphas, which lead to an underestimation of mutual fund performance when employing standard models. As a result, benchmark-adjusted alphas are significantly higher than unadjusted alphas for both fund categories, though differences are larger for domestic than for European funds. We also find that the impact of the benchmark-adjustment procedure depends on market states. The domestic (European) benchmark exhibits considerably lower (higher) alphas during crisis than during non-crisis periods. During market crises, differences between pre- and post-adjustment alphas are statistically significant only for domestic funds, whereas during non-crisis periods both fund categories exhibit significant performance improvements. Our findings suggest that the benchmark-adjustment procedure has a higher impact when benchmark indices exhibit higher concentration

Does sustainability score impact mutual fund performance?

Given that sustainable investing constitutes a major force across global financial markets, in 2016 Morningstar began reporting Morningstar Sustainability scores. We used the 2016, 2017 and 2018 scores to study the e ects of socially responsible investments (SRI) on European equity fund performance. Sustainability scores impacted positively on performance, which was consistent with the idea that the mutual funds invested in companies with better scores generate better risk-adjusted and not-risk adjusted performance. We also tested the relation on mutual fund flows and risk. The sustainability score in the previous year is significant on the flows, so higher-rated funds receive a larger volume of funds. In terms of risk, the level of sustainability is negatively related to the value at risk (VaR) of the fund, supporting that higher scored mutual funds o er better protection against extreme lossesThis research was funded by (1) the Galician Regional Government ED431B 2017/34 and ED431D 2017/19 co-funded by the European Regional Development Fund (ERDF/FEDER) within the period 2014-2020 and (2) the Ministry of Science, Innovation and Universities (MCIU), the Spanish State Research Agency (AEI) and European Regional Development Fund (RTI2018-100702-B-I00 MCIU/AEI/FEDER, UE)S

The decision of foreign exchange risk hedging in spanish international firms

Este trabajo analiza los determinantes de la decisión de cobertura cambiaria con derivados para 100 empresas internacionales españolas en el período 2004-2007. El marco teórico son las teorías de cobertura y la metodología consiste en la estimación de modelos probit binomiales de efectos aleatorios para datos de panel. Los resultados muestran que esta decisión se relaciona principalmente con las economías de escala y la deuda en divisa. Asimismo, existe una relación positiva con las oportunidades de crecimiento y la ubicación de la empresa en el sector de la industria manufacturera. Finalmente, se encuentra una relación negativa respecto a los costes de insolvencia financiera.This paper analyzes the factors that determine the decision to currency hedge with derivatives in the Spanish market during the period 2004-2007 from the postulates of the theories of hedging. We have estimated random effects probit models with panel data. We have obtained that this decision relates primarily to the economies of scale and the use of foreign currency debt. There is also a positive relationship on growth opportunities and business location in the manufacturing sector. Finally, there is a negative for the costs of financial distress

THE EFFECT OF CREDIT DERIVATIVES USAGE ON THE RISK OF EUROPEAN BANKS

Banks are the major participants in the derivatives credit markets. It was generally believed by top regulators that credit derivatives make banks sounder. After the international financial crisis, the positive view of the role of credit risk transfer has changed and credit derivatives have been blamed as one of the responsible of the subprime credit crisis. There are very few empirical works regarding this subject, but in particular in the case of the European banking sector. We use as measures of risk the Z-score, the two components, ZP1 and ZP2, and other proxies of credit risk like the risk-weighted assets and non-performing loans (NPL) ratio. In summary, our results show that European banks that use credit derivatives for hedging experience an improvement in their level of financial stability, while those who opt for a speculative position test negative. Accordingly and based on these data, the cause of the current crisis in Europe could not be directly attributed to the use of credit derivatives