Corporate social responsibility and its effect on earnings management: an empirical research on Spanish firms

The ethics of financial reporting assumes a centre stage in the corporate world in the background of an emerging understanding of Corporate Social Responsibility (CSR). The purpose of this paper is to investigate whether the CSR orientation of a firm affects its reporting incentives, in terms of the accrual-based earnings management. The main argument is that CSR induces transparency and reduces the propensity towards the number of opportunities for earnings management. Using archival data from a panel sample of 100 most reputable Spanish firms between 2011 and 2015, we find a negative impact of CSR practices on earnings management. The findings demonstrate the socially responsible firms are inclined to foster long–term relationships with stakeholders rather than maximise their short-term profit. In this regard, providing quality earnings is closely connected to CSR activities, especially in that both aim to meet the needs of the stakeholders. Our findings have important implications for shareholders, investors and analysts who may consider CSR as an expression of ‘ethical’ investing and a possible reflection of the quality of financial reporting. These groups should be very cautious in relying on CSR information for Spanish firm's analysis, since CSR is found to have significant impact on earnings management

Clustering or scattering? The spatial distribution of cropland in a metropolitan region, 1960-2010

This article presents empirical results of a multivariate analysis run with the aim to identify (apparent and latent) socioeconomic transformations that shape the distribution pattern of cropland in a metropolitan region of southern Europe (Athens, Greece) over a sufficiently long time interval spanning from 1960 to 2010. The study area is representative of monocentric cities expanding in an unregulated fashion and experiencing sequential cycles of economic growth and recession. Percent share of cropland in total municipal area increased moderately over time. A non-linear relationship with the distance from downtown Athens was also observed, indicating that the highest rates of cropland were observed at a distance ranging between 20 and 30 km from the inner city. A multivariate regression was run by decade at each municipality of the study area using 11 predictors with the aim to identify the factors most associated with cropland decline along urban fringes. Distance from downtown Athens, soil and climate quality, population growth rate, and competing land use were the most relevant factors correlated with cropland expansion (or decline) in the study area. Competing land use was particularly important for cropland decline in a first urbanization phase (1960-1980), while population growth rate-and hence an increased human pressure-was positively associated with agricultural areas in a subsequent phase (1990-2010). In these regards, per capita urban land had a non-linear spatial behavior, being correlated negatively with cropland in 1960 and 1970 and positively in 2010, possibly indicating a moderate change from a monocentric model towards a more dispersed metropolitan configuration impacting distribution of agricultural areas. Empirical findings of this study suggest that effective strategies supporting peri-urban agriculture require a comprehensive knowledge of the local socioeconomic context and relevant biophysical conditions-specifically focusing on the dominant soil and climate attributes

Geology of the Cerro Quema Au-Cu deposit (Azuero Peninsula, Panama)

The Cerro Quema district, located on the Azuero Peninsula, Panama, is part of a large regional hydrothermal system controlled by regional faults striking broadly E-W, developed within the Río Quema Formation. This formation is composed of volcanic, sedimentary and volcano-sedimentary rocks indicating a submarine depositional environment, corresponding to the fore-arc basin of a Cretaceous–Paleogene volcanic arc. The structures observed in the area and their tectono-stratigraphic relationship with the surrounding formations suggest a compressive and/or transpressive tectonic regime, at least during Late Cretaceous–Oligocene times. The igneous rocks of the Río Quema Formation plot within the calc-alkaline field with trace and rare earth element (REE) patterns of volcanic arc affinity. This volcanic arc developed on the Caribbean large igneous province during subduction of the Farallon Plate. Mineralization consists of disseminations of pyrite and enargite as well as a stockwork of pyrite and barite with minor sphalerite, galena and chalcopyrite, hosted by a subaqueous dacitic lava dome of the Río Quema Formation. Gold is present as submicroscopic grains and associated with pyrite as invisible gold. A hydrothermal alteration pattern with a core of advanced argillic alteration (vuggy silica with alunite, dickite, pyrite and enargite) and an outer zone of argillic alteration (kaolinite, smectite and illite) has been observed. Supergene oxidation overprinted the hydrothermal alteration resulting in a thick cap of residual silica and iron oxides. The ore minerals, the alteration pattern and the tectono-volcanic environment of Cerro Quema are consistent with a high sulfidation epithermal system developed in the Azuero peninsula during pre-Oligocene time

Inspire: Challenging the lack of interest in physics among students

The Inspire project tested and analyzed the use of digital Learning resources (LR) in the field of Maths, Science and Technology (MST) in 63 schools in Austria, Germany, Italy, Lithuania and Spain. MST teachers used the LR from a pool of 60 resources (12 for Physics) in class and the effects on teachers and 5–18+ year old students were measured. We found the use of LR increases the understanding of students of MST and allows for differentiated learning within a class. LR have a larger impact on boys than girls, and it decreases with age. Overall, it appears the use of LR has a positive impact on MST education but special attention has to be placed on technical requirements and localization of the LR

Ventajas del uso del preservativo, la píldora anticonceptiva y la píldora postcoital según los jóvenes

Advantages of condom use, contraceptive pill and postcoital pill according to young people. Three preventive sexual methods are compared according to the advantages they provide. 140 young undergraduate students participate in the study (77.1% women, mean age 20.7, dt = 3.1). Young people are requested to quantitatively order these methods using an ipsative scale. The condom is valued mainly as a protector of sexual health and for the lack of side effects. The most valued method for increasing men and women’s pleasure sensation is the contraceptive pill, followed by the postcoital pill. Globally, the most and the least valued methods are the condom and the postcoital pill, respectively.Se comparan tres métodos sexuales preventivos según las ventajas que proporciona su uso. Participan en el estudio 140 jóvenes estudiantes de grado (77.1% mujeres;  edad media 20.7; dt=3.1). Se pide a los jóvenes que ordenen cuantitativamente  cada uno de estos métodos utilizando una escala ipsativa. El preservativo es valorado principalmente como protector de la salud sexual y por su carencia de efectos secundarios. El método más valorado para incrementar la sensación de placer en el hombre y la mujer es la píldora anticonceptiva seguida de la píldora postcoital. Globalmente el método mejor valorado es el preservativo y el menos valorado la píldora postcoital

Geology of the Cerro Quema Au-Cu deposit (Azuero Peninsula, Panama)

The Cerro Quema district, located on the Azuero Peninsula, Panama, is part of a large regional hydrothermal system controlled by regional faults striking broadly E-W, developed within the Río Quema Formation. This formation is composed of volcanic, sedimentary and volcano-sedimentary rocks indicating a submarine depositional environment, corresponding to the fore-arc basin of a Cretaceous–Paleogene volcanic arc. The structures observed in the area and their tectono-stratigraphic relationship with the surrounding formations suggest a compressive and/or transpressive tectonic regime, at least during Late Cretaceous–Oligocene times. The igneous rocks of the Río Quema Formation plot within the calc-alkaline field with trace and rare earth element (REE) patterns of volcanic arc affinity. This volcanic arc developed on the Caribbean large igneous province during subduction of the Farallon Plate. Mineralization consists of disseminations of pyrite and enargite as well as a stockwork of pyrite and barite with minor sphalerite, galena and chalcopyrite, hosted by a subaqueous dacitic lava dome of the Río Quema Formation. Gold is present as submicroscopic grains and associated with pyrite as invisible gold. A hydrothermal alteration pattern with a core of advanced argillic alteration (vuggy silica with alunite, dickite, pyrite and enargite) and an outer zone of argillic alteration (kaolinite, smectite and illite) has been observed. Supergene oxidation overprinted the hydrothermal alteration resulting in a thick cap of residual silica and iron oxides. The ore minerals, the alteration pattern and the tectono-volcanic environment of Cerro Quema are consistent with a high sulfidation epithermal system developed in the Azuero peninsula during pre-Oligocene time