Sustainability as a strategy base in Spanish firms: Sustainability reports and performance on the sustainable development goals

This article examines corporate sustainability reports, the standards they use, and their connection to performance on the sustainable development goals (SDGs) from firms in the main Spanish stock index. The investigation was performed through an exploratory, descriptive, analytic study as well as examination of the disclosure and performance on the SDGs after Law 11/2018 went into effect in Spain. The study methods used include parametric correlations that explain the associations between the global reporting initiative (GRI) and environmental, social, and governance (ESG) standards and the level of performance on SDGs/ESG in the sustainability reports. We found that all firms present their verified sustainability reports, that the level of ESG information is above 75%, and that the GRI is the sustainability standard used. Further, all firms contribute on average a 75% level of information on all goals and on each of the 17 goals for the 2030 Agenda. We obtain significant analogies in level of disclosure of GRI-ESG information and level of performance on the SDGs/ESG. In addition, the higher the level of information on environmental GRI standards, the better the firm's position in the environmental SDG rankin

El control de la gestión y el factor humano en la organización: un estudio empírico

Tesis doctoral inédita. Universidad Autónoma de Madrid, Facultad de Ciencias Económicas y Empresariales, Departamento de Administración de Empresas, 198

Do sustainability practices contribute to the financial performance of banks? An analysis of banks in Southeast Asia

In response to the need to deepen research on the impact of corporate ESG (environmental, social, and governance) pillars on the financial performance (FP) of banks, this study analyzes the relationship between ESG and FP in banks from emerging countries in Southeast Asia during the period 2010–2020. Using a sample of 19 banks from five countries with emerging economies, this article examines the level of information on ESG activities that banks report in each of their pillars and these pillars' impact on the FP. The research was conducted through an exploratory study using panel data (Thomson Reuters ESG data), parametric correlations, and regression models. FP is measured by return on assets (ROA), return on equity (ROE), and Tobin's Q (TQ), or the prevailing market price for exchanging assets divided by the market price of the goods newly produced. The findings show that ESG has a significant negative effect on all measures of FP (ROA, ROE, and TQ). However, analysis of the relationship of each individual ESG pillar to FP obtains different findings for each. Our study also shows differences in the level of ESG information in each country as a result of their specific economic characteristics. This study has limitations due to the limited ESG, bank, and country data that Thomson Reuters contains on banks in this region of Asia. In future research, more banks and more countries can be added to the analysis, as well as other control variables related to F

Web Quality and Good Corporate Governance in the private hospitals from Andalusia and Catalonia

The objective of this work is to analyse the quality of private hospital websites from Andalusia and Catalonia, and the indicators that contribute to improving their corporate governance policies, as key elements in the management of their performance and the effective use of funds obtained through agreements with public bodies. The study responds to the demand for digital, transparent and quality information in health organizations, in accordance with the Spanish and European legal framework. The methodology used consists on exploring the score of the web pages of the private hospital companies from both regions through a questionnaire and accredited accessibility tools. This allows to identify quality web information and its relationship with a table of indicators of good corporate governance policies, which are defined and contrasted in the Integrated Information Model, at national and international level. The results indicate that web quality increases with corporate governance reports, a larger size of the private hospital and the concentration of shareholders.El objetivo del estudio es analizar la calidad de las páginas web de los hospitales privados de Andalucía y Cataluña, así como los indicadores que contribuyen a mejorar el Gobierno Corporativo para una eficiente utilización de los fondos públicos que obtienen mediante los conciertos. El estudio responde a la demanda de información digital, transparente y de calidad en las organizaciones sanitarias, en consonancia con el marco legal español y europeo. La metodología de trabajo, utilizada y contrastada en un estudio previo, consiste en explorar la puntuación de las páginas web de las empresas hospitalarias privadas de ambas comunidades, mediante un cuestionario y herramientas de accesibilidad acreditados. Esta exploración permite identificar la información web de calidad y su relación con indicadores de Buen Gobierno Corporativo, definidos y contrastados en el Modelo de Información Integrada a nivel nacional e internacional. Los resultados señalan que la calidad web aumenta con memorias de Gobierno Corporativo, un mayor tamaño de los hospitales privados y la concentración del accionariad

Equilibrium Behaviour of Creative Accounting Practices for Financing Externally Evidence from Turkey

This paper examines the impact of using creative accounting practices on external financing processes and the priorities available to Turkish manufacturing firms in achieving equilibrium reporting strategies for external financing at the lowest possible cost. Following a literature review, creative accounting practices are measured to demonstrate steady earnings streams as an income smoothing strategy in Big Bath theory's scope using unexpected accruals to justify external financing. Since the management can maintain its presence at the lowest costs resulting from economic fluctuations in the Turkish market, the firm priorities for external financing are determined rationally to fund capital expenditures or finance operations sustainably without depleting financial resources by adopting equilibrium reporting strategies represented by the creative accounting practices. The paper data are collected from 143 Turkish manufacturing firms listed in the Istanbul Stock Exchange using the Orbis database in 2015-2019. Multiple regression is used to test hypotheses. The study concluded that unexpected accruals are significantly related to external financing to achieve sustainable growth, but it is not strong enough. Some determinants have a positive moderating effect on the negative relationship between earnings management and external financing needs. This paper provides new insights into the Turkish market regarding managers priorities for creative accounting practices. It gives broader horizons to research some of the determinants that may affect the relationship between creative accounting practices and external financin

Budget stability, financing and social responsibility in Spanish municipalities

In this paper, we analyze the most relevant relationships between budgetary stability, the Municipal Financing System (SFM) and social expenditure policies, as fundamental pieces to define the level of Corporate Social Responsibility (CSR) that can be assigned to Spanish municipalities. We have started from the budgets of the 9,500 municipalities and other local Spanish entities, presented to the Spanish Court of Auditors in 2014, and available on the website of the Ministry of Finance. Based on this information, we developed a database (more than 1,500,000 records, big data, treated by data mining techniques) to perform an exploratory analysis of the most significant factors explaining the relationship between budgetary stability, financial sufficiency and sustainability of welfare policies. Based on the above and the level of budgetary expenditures in the Basic Public Services programs (EA1) and the Social Promotion Protection Actions program (EA2), we propose two indicators to measure the level of CSR attributable to each municipality. The main findings of our research are summarized in three conclusions: That municipalities with budget deficits prioritize the reduction of their debt with financial institutions while delaying payment to their suppliers; that the relationships between the income and expenditure policies of each municipality have a direct impact on their level of CSR; and that, using a logit probability model, the hypothesis according to which the CSR of the municipalities can be explained by the size of their population and the way in which they are financed, is confirmed.En este trabajo analizamos las relaciones más relevantes entre la estabilidad presupuestaria, el Sistema de Financiación de los Municipios (SFM) y las políticas de gasto social, como piezas fundamentales para definir el nivel de Responsabilidad-Social-Corporativa (RSC) asignable a los municipios españoles. Para ello, hemos partido de las liquidaciones presupuestarias de los 9.500 municipios y otros entes locales españoles presentadas ante el Tribunal de Cuentas en 2014, y disponibles en la web del Ministerio de Hacienda. A partir de la información, elaboramos una base de datos (más de 1.500.000 registros, tratados mediante técnicas de data mining) para realizar un análisis de los factores más significativos que explican las relaciones entre estabilidad presupuestaria, suficiencia financiera y sostenibilidad de las políticas de bienestar. Partiendo de lo anterior y del nivel de gastos presupuestarios en el área de gasto (AG1) de Servicios Públicos Básicos y en el área de gasto (AG2) de Actuaciones de Protección de Promoción Social proponemos dos indicadores para medir el nivel de la RSC atribuible a cada municipio. Los principales hallazgos se concretan en tres conclusiones: que los ayuntamientos con déficit presupuestario priorizan la reducción de su deuda con las entidades financieras a la vez que dilatan el pago a los proveedores; que las relaciones entre las políticas de ingresos y gastos de cada municipio repercuten directamente en su nivel de RSC; y que, mediante un modelo de probabilidad logit, se confirma la hipótesis según la cual la RSC de los municipios puede ser explicada a partir del tamaño de su población y de la forma en que se financia

Conclusiones sobre «la nueva regulación contable española desde la perspectiva doctrinal» (Curso de verano 2007 de la Universidad Autónoma de Madrid)

Como fruto de las distintas exposiciones habidas a lo largo del curso celebrado los días 4, 5 y 6 de julio y los consiguientes debates habidos en torno a lo expuesto por los conferenciantes y miembros de las Mesas redondas, los codirectores del curso condensan todo ello en las siguientes conclusiones básicas

Spanish companies’ website communication of environmental, social, and governance information

This study’s goal is to analyze the website communication of environmental, social, and governance –Environmental Social Governance (ESG)– information by companies on the Madrid Stock Exchange. The empirical descriptive and inferential analysis determines IBEX35 companies’ regulatory compliance in disclosure of non-financial information through examination of their website disclosure of ESG information. Economic-financial information from the Iberian Balance Sheet Analysis System (Sistema de Análisis de Balances Ibéricos (SABI)) database was also used to investigate whether the firms that communicate this information better are also more economically efficient. The study results reveal that IBEX35 companies’ website disclosure provides heterogeneous information that is difficult to access and that they need to improve website transparency by communicating sound, sustainable non-financial reports. Further, a significant correlation was found between the companies that disclose the most ESG information and those that have the highest economic profitability –that is, those that are best adapted to the Spanish legal system and compatible with the challenges established by the UN’s Agenda 2030

Examining the readability of accounting narratives derived from earnings management

This study investigates whether language difference affects the readability scores of accounting narratives derived from earnings management practices in 226 companies in the UK, Spain, and Jordan from 2017 to 2021.Our analytical method applies three of the most significant readability measures based on the characteristics of each language, as well as multiple linear and logistic regression models, to demonstrate the impact of language differences on the readability of accounting narratives. The findings indicate that earnings management practices significantly affect the readability of accounting disclosures/narratives, and that past financial profitability moderates this relationship. The implications of the findings reported will help decision-makers better understand the quality and readability of accounting narratives derived from companies’ earnings management. Our analysis also has implications for how stakeholders, accounting policymakers, financial statement auditors, and academics understand the relationship between accounting reporting narratives and earnings management. First published online 17 January 202

Cumplimiento normativo sobre información sostenible de las empresas españolas y sus efectos en los avances de la Agenda 2030

La denominada información ESG (Environmental Social Governance) y concretada en Objetivos de Desarrollo Sostenible (ODS) es cada vez más significativa en las economías de todo el mundo y contribuye a la transparencia de las organizaciones. En este sentido, el ordenamiento europeo y español establece que las empresas incluyan en sus informes anuales información no financiera sobre medioambiente, aspectos sociales y de gobernanza. Esta investigación tiene como objetivo analizar el cumplimiento normativo o compliance de las empresas españolas en materia medioambiental, social y de gobernanza desde una perspectiva multidisciplinar: la jurídica y la económica. Se ha realizado una investigación cualitativa mediante un estudio exploratorio, descriptivo y analítico de la relación entre las malas prácticas empresariales que configuran delitos penales durante el periodo de diciembre de 2015 y diciembre de 2019 y su repercusión en los ODS. Los resultados demuestran la importancia de implementar modelos de prevención y gestión de riesgos en los informes, así como procedimientos de auditoría de cumplimiento de la legislación en materia Environmental Social Governance (ESG). Además, se evidencia el impacto negativo de los delitos empresariales en un conjunto de ODS y metas que afectan a las Cinco Áreas Críticas de la Agenda de Desarrollo (las cinco P`s) analizando las sentencias dictadas por el Tribunal Supremo español (TS) que son una fuente valiosa de información cuantitativa y cualitativa que debería incluirse en el “Estado no financiero” y en Global Reporting de las empresas