Corporate social responsibility and the assessment by auditors of the risk of material misstatement

This paper investigates whether, and how, firms’ corporate social responsibility (CSR) performance influences the auditor's assessment of the risk of material misstatement, whether due to fraud or error, at the financial statement level by analysing their pricing decision (i.e., audit fees). Using a panel data set of 12,330 firms from 28 countries over the period 2003–2012 and different measures of CSR performance, we find a U-shaped relationship between firms’ CSR performance and audit fees. This result suggests that there is an optimal level of CSR performance that minimizes the auditor's assessment of the risk of material misstatement, which in turn lowers the need for greater auditor effort; that is why auditors charge firms significantly less when their CSR performance is at the optimal level. Finally, we also show that the optimal level of CSR performance varies with the degree of environmental dynamism, ownership concentration and leverage.The authors also acknowledge support from the Fundación Ramon Areces, Projects ECO2013-48328-C03-3-P, ECO2013-45864-P, ECO2014-57131-R, ECO2016-75961-R and ECO2016-77579-C3-2-P financed by the Spanish Ministry of Science and Innovation and project INNCOMCON-CM(S2015/HUM-3417)

Bridging accounting and corporate governance: new avenues of research

This paper draws on the articles in the Forum on Corporate Governance to discuss how corporate governance and accounting research complement each other well in explaining how companies are governed as well as properly managed from an accounting point of view. We put special attention to the cross-national differences in both corporate governance systems and accounting practice and how that affect multiple organizational outcomes ranging from financial performance to corporate social performance and reporting quality

Corporate social responsibility and cost of financing- The importance of the international corporate governance system

Research Question/Issue Our study examines whether international corporate governance systems shape the relationship between a firm's engagement in corporate social responsibility (CSR) and their cost of financing (both equity and debt). Research Findings/Insights Using a large international sample, our findings reveal that although the link between CSR performance and the cost of equity is negative in a shareholder-oriented system, this relationship is positive in a stakeholder-oriented system. Furthermore, the link between CSR performance and the cost of debt is negative for firms that are close to default in both systems. Theoretical/Academic Implications Our study highlights the importance of considering the shareholder/stakeholder orientation at the country level to explain the link between CSR performance and the cost of financing. Our findings help to explain and place into context the previous mixed findings on the relationship between CSR and the cost of equity and debt and add to the debate about whether CSR is beneficial or detrimental to corporate governance. Practitioner/Policy Implications The analysis of how the country corporate governance system influences the effect of CSR performance on the cost of financing allows for a deeper understanding of how investors respond to CSR initiatives worldwide and offers managers, directors, and policy makers context-specific recommendations. Our analysis also highlights the limitations of transferring insights regarding CSR from one corporate governance system to another.The authors acknowledge support from the Projects FEDER UNC315-EE-3636, 2018-00117-001, 2016-00454-001, and 2016-00463-001 financed by the Spanish Ministry of Economy

The governance impact of a changing investor landscape

Within the backdrop of comparative corporate governance research, we draw on the managerial reporting and impression management literatures to examine how the type, level, and nature of foreign shareholders, infused with their own governance logic, influence initial managerial earnings optimism and how foreign ownership shapes earnings guidance in a stakeholder-oriented setting. Drawing on Japanese data, and addressing endogeneity concerns, our results show that under the presence of foreign owners, managers are more optimistic in their initial earnings forecasts, but that in subsequent revisions they are more likely to provide timely adjustments of their earnings forecast and avoid making last-minute adjustments. This research illustrates how foreign practices travel across borders and contributes to understanding triggers to governance and strategic changes

How does ownership structure invfluence bank risk? : Analyzing the role of managerial incentives

This paper analyzes how ownership concentration and managerial incentives influences bank risk for a large sample of US banks over the period 1997-2007. Using 2SLS simultaneous equations models, we show that ownership concentration has a positive total effect on bank risk. This is the result of a positive direct effect, which reflects monitoring and opportunistic behavior, and a negative indirect effect, which works through the design of managerial incentive contracts and reflects shareholder preferences toward risk. Large shareholders reduce bank risk by reducing the sensitivity of CEO wealth to stock volatility (Vega) and by increasing the CEO pay-performance sensitivity (Delta). In addition, we show that the direct and indirect effect of ownership concentration on bank risk depends on the type of the largest shareholder (a family, a bank, a corporation or an institutional investor), as well as, on the total shareholding held by each type as a group. Our results suggest that the positive relation between ownership concentration and risk is not the result of preferences towards more risk. Rather, they point at opportunistic behavior of large shareholders

A clash of governance logics: foreign ownership and board monitoring

We ask whether and when shareholder-oriented foreign owners are likely to change corporate governance logics in a stakeholder-oriented setting by introducing shareholder-oriented governance practices. We focus on board monitoring and claim that because the bundle of practices used in a stakeholder context does not protect shareholder-oriented foreign owners' interests, they seek to introduce their own practices. Our results suggest that board monitoring is only activated when shareholder-oriented foreign ownership is high and that the influence of foreign ownership is especially strong in firms without large domestic owners, with high levels of risk and poor performance. Our findings uncover the possibility of the co-existence of different corporate governance logics within a given country, shaped by the nature and weight of foreign ownersThe authors also acknowledge support from the Fundación Juan March, Fundación Ramon Areces, Projects ECO2010-22105-C03-03, ECO2010-21393-C04-01, ECO2010-21393-C04-02, and ECO2013-48328-C03-3-P financed by the Spanish Ministry of Science and Innovation

Didáctica de las lenguas clásicas e inclusión a través de la expresión teatral: innovación y creatividad para el aula universitaria

El objetivo principal del proyecto ha sido el de acercar los contenidos conceptuales de las materias de Filología Clásica al estudiantado de manera creativa e innovadora con el fin de alcanzar un aprendizaje competencial mediante el desarrollo de contenidos procedimentales y actitudinales en el aula. Esta transferencia concepto-procedimiento-actitud se ha materializado a través de la creación y la puesta en escena de contenidos lingüísticos y culturales a partir de creaciones y/o actualizaciones teatrales inspirados en la lengua y la cultura clásica. Los textos han servido, pues, de punto de partida para afrontar problemas actuales tanto dentro del aula (asimilación de contenidos propios del curso académico, fomento de la inclusión) como fuera de ella implicando, en ocasiones, a otros sectores sociales. El objetivo principal, por lo tanto, ha consistido en tomar acciones y crear materiales que han ayudado a la docencia en una doble dirección: por una parte, desarrollando estrategias y recursos para mejorar el aprendizaje; por otra, fomentando el debate y la prevención de la exclusión mediante el uso de la cultura y la literatura grecolatina. El proyecto ha tenido varias fases implicando especialmente al estudiantado, pero también formando al profesorado menos versado en metodologías docentes innovadoras. Ha sido concebido, pues, como un plan estratégico innovación-acción que ha contribuido a la generación de materiales y sinergias cuya finalidad ha sido la de atender a las necesidades del estudiantado y contribuir a su éxito académico en igualdad de oportunidades. Se ha tratado, además, de aprovechar la diversidad del estudiantado como un elemento enriquecedor, de suerte que el proyecto ha perseguido la inclusión de todas las personas con independencia de sus características individuales, culturales, psicológicas, físicas, religiosas, de género, etc. Para fomentar el clima de inclusión en las aulas y fuera de ellas, se ha utilizado el teatro clásico como hilo conductor, por lo que el público destinatario del proyecto ha sido toda la comunidad y no solo las personas en riesgo de exclusión. El impacto no se ha limitado al ámbito universitario, sino que se ha hecho extensivo a otros sectores de la sociedad. Así, en el proyecto se han combinado la innovación, la didáctica y la inclusión a través de la expresión teatral, pudiendo concluirse que las estrategias desarrolladas han resultado de gran utilidad para los objetivos inicialmente propuestos.The main objective of the project has been to bring the conceptual contents of the subjects of Classical Philology to the students in a creative and innovative way in order to achieve competence learning through the development of procedural and attitudinal contents in the classroom. This concept-procedure-attitude transfer has been materialized through the creation and staging of linguistic and cultural content from theatrical creations and / or updates inspired by classical language and culture. The texts have thus served as a starting point to face current problems both within the classroom (assimilation of contents of the academic year, promotion of inclusion) and outside of it, sometimes involving other social sectors. The main objective, therefore, has been to take actions and create materials that have helped teaching in two directions: on the one hand, developing strategies and resources to improve learning; on the other, promoting debate and preventing exclusion through the use of Greco-Latin culture and literature. The project has had several phases involving especially the student body, but also training the less well-versed teachers in innovative teaching methodologies. It has therefore been conceived as a strategic innovation-action plan that has contributed to the generation of materials and synergies whose purpose has been to meet the needs of the student body and contribute to their academic success with equal opportunities. Another aim of the project has been to take advantage of the diversity of the student body as an enriching element, so that the project has pursued the inclusion of everybody regardless of its individual, cultural, psychological, physical, religious, gender characteristics, etc. To promote a climate of inclusion in the classroom and outside of it, classical theater has been used as a common thread, so the target audience for the project has been the entire community and not just people at risk of exclusion. The impact has not been limited to the university but has also been extended to other sectors of society. Thus, the project has combined innovation, didactics and inclusion through theatrical expression, and it can be concluded that the strategies developed have been very useful for the initially proposed objectives

Sexuality, gender, religion and interculturality in Spanish television civilising and cultural news stories

Introducción. En esta investigación se analizan distintas noticias sobre sexualidad, género, religión e interculturalidad en televisiones españolas. Metodología. Se realiza un análisis del discurso de las distintas identidades enmarcadas en las mencionadas categorías. A continuación, en distintos grupos discusión se analizan las interpretaciones que hacen las audiencias de dichas noticias. Finalmente, a su vez, analizamos mediante el método Delphi la opinión de distintos expertos sobre estas mismas noticias. Resultados y Discusión. Gracias al análisis del discurso se desvelan las representaciones y los estereotipos mediáticos que las audiencias y expertos identifican fácilmente. Conclusiones. Hay que señalar que tanto las audiencias como los expertos fueron muy críticos con las piezas sometidas a su interpretación, y percibieron claramente las insuficiencias y los estereotipos utilizados. Sin embargo, sobre todo las audiencias de mayor edad, a la hora de abordar dichos temas en general suelen tener los mismos prejuicios que denuncian en los informativos.Introduction. This paper analyzes several Spanish TV news about sexuality, gender, religion and interculturality to explore how these news are interpreted by audiences and experts. Methodology. We have used three complementary methods. First, we have conducted a critical discourse analysis (CDA) of different sexual, religious and intercultural identities portrayed by the TV news. We have also analyzed how audiences interpret these news through focus groups. Finally, we have used a delphi method to analyze the interpretation of TV experts. Results and Discussion. The CDA illustrated common stereotypes identified by audiences and experts. Conclusions. Audiences and experts were very critical with TV news and perceived the limitations and stereotypes portrayed. However, older audiences used the same stereotypes demonstrated in the focus groups. In general, this study shows that when receivers interpret sensitive issues, they trend to accept or reject media discourses, letting little space for the negotiation of meanings

Tendiendo puentes desde el mundo clásico: el diálogo como recurso educativo

El objetivo de este proyecto ha sido desarrollar acciones educativas con el fin de adecuar la docencia y la innovación educativa a la sociedad actual. Para ello, hemos impulsado la consolidación de un equipo de innovación docente interdisciplinar coordinado para trabajar de forma colaborativa en el ajuste de los procesos de enseñanza y aprendizaje a la sociedad del siglo XXI, con el fin de favorecer la igualdad, la inclusión, el emprendimiento y la empleabilidad del estudiantado y promover procesos de internacionalización, digitalización y transferencia del conocimiento. En este sentido, hemos abrierto una puerta hacia la internacionalización a través de alianzas para compartir buenas prácticas docentes innovadoras y crear redes de trabajo colaborativo con la Universidad de Coimbra, perteneciente al Grupo Coimbra, además de con la Asociación Internacional Alma Clásica, la Universidad de Málaga y la Universidad de Cádiz. Estas buenas prácticas han apoyado en una formación en cascada que ha promovido el desarrollo de materiales y recursos docentes innovadores y que ha servido para mejorar las estrategias y técnicas de aprendizaje del estudiantado y su evaluación. Para ello, el profesorado y el estudiantado han trabajado conjuntamente en la elaboración de píldoras educativas en formato digital y en el diseño de talleres lúdico-didácticos con el fin de fomentar la participación del estudiantado en la construcción de su propio proceso formativo. Ambos resultados se han sustentado en los contenidos conceptuales de las asignaturas implicadas y han estado destinados a compartirse de forma interdisciplinar e interetapa con otros sectores tanto del ámbito universitario como externo. Esto se ha concretado en la obtención de productos finales realizados en formatos creativos, innovadores, interdisciplinares e inclusivos que forman parte de un banco de actividades en abierto a través de DIGIBUG, disponible para su reutilización indefinida en contextos educativos. En última instancia, se ha realizado la transferencia de los productos finales mediante la puesta en práctica de los talleres con alumnado de infantil, primaria y secundaria en el marco de la celebración del Día de la Fundación de Roma, estimulando con ello el desarrollo de prácticas de orientación personal, académica y profesional innovadoras, implantando la cultura del emprendimiento y la inclusión de todas las personas y potenciando la divulgación a la sociedad de la actividad académica.The objective of this project has been to develop educational actions to adapt teaching to today's society. To this end, we have promoted the consolidation of a teaching innovation team coordinated interdisciplinary approach to work collaboratively in adjusting teaching processes and learning to 21st century society, to promote equality, inclusion, entrepreneurship and employability of the student body and promote processes of internationalisation, digitisation and transfer of knowledge. In this sense, we have opened a door towards internationalisation through alliances to share good innovative teaching practices and create collaborative work networks with the University of Coimbra, belonging to the Coimbra Group, in addition to the Alma Clásica International Association, the University of Malaga and the University of Cádiz. These good practices have supported a cascade training that has promoted the development of innovative teaching materials and resources and has served to improve student learning strategies and techniques and their evaluation. To this end, teachers and students. They have worked together in the development of educational pills in digital format and in the design of workshops recreational-didactic to encourage the participation of students in the construction of their own process formative. Both results have been supported by the conceptual contents of the subjects involved and have been intended to be shared in an interdisciplinary and interstage manner with other sectors, both in the field university and external. This has materialised in obtaining final products made in formats creative, innovative, interdisciplinary and inclusive that are part of a bank of activities open to through DIGIBUG, available for indefinite reuse in educational contexts. Ultimately, it has carried out the transfer of the final products through the implementation of workshops with students of children, primary and secondary schools within the framework of the celebration of the Day of the Foundation of Rome, thereby stimulating the development of innovative personal, academic and professional guidance practices, implementing the culture of entrepreneurship and the inclusion of all people and promoting the dissemination of the activity to society academic.Vicerrectorado de Calidad, Innovación Docente y Estudios de Grado, Programa de Innovación y Buenas Prácticas Docentes de la Universidad de Granada, Convocatoria 2022-2023

How does ownership structure invfluence bank risk? Analyzing the role of managerial incentives

This paper analyzes how ownership concentration and managerial incentives influences bank risk for a large sample of US banks over the period 1997-2007. Using 2SLS simultaneous equations models, we show that ownership concentration has a positive total effect on bank risk. This is the result of a positive direct effect, which reflects monitoring and opportunistic behavior, and a negative indirect effect, which works through the design of managerial incentive contracts and reflects shareholder preferences toward risk. Large shareholders reduce bank risk by reducing the sensitivity of CEO wealth to stock volatility (Vega) and by increasing the CEO pay-performance sensitivity (Delta). In addition, we show that the direct and indirect effect of ownership concentration on bank risk depends on the type of the largest shareholder (a family, a bank, a corporation or an institutional investor), as well as, on the total shareholding held by each type as a group. Our results suggest that the positive relation between ownership concentration and risk is not the result of preferences towards more risk. Rather, they point at opportunistic behavior of large shareholders