Corporate information transparency on the Internet by listed companies in Spain (IBEX35) and Mexico (IPYC)

Financial and non-financial disclosure play a central role in the functioning of capital markets. In this context, the Internet has been adopted as an effective mechanism for large companies to disseminate corporate information. The institutional theory approach has been applied to identify both formal (fundamentally legal and economic) and informal factors that significantly influence listed companies’ level of corporate transparency on the Internet. Our work aims to build on existing study by focusing on two main objectives. Firstly, to make a comparative study of the corporate transparency of listed companies from Mexico and Spain by creating an index of corporate transparency on the Internet (e-CTI). And secondly, to identify the factors that affect this index using multiple regression analysis. Our study population is comprised of 70 companies, of which 35 belong to the Mexican Price and Quotations Index (IPyC) and 35 to the Spanish IBEX 35 index. The descriptive analysis reveals significant differences in the level of information disclosure between the two countries. The companies listed in Mexico obtain an e-CTI of 59%, while the Spanish ones register 80%, i.e. more importance is assigned to the disclosure of corporate governance data in Spain than in Mexico. Furthermore, this analysis shows that the factors most telling with regards to corporate transparency are the strength and application of law, GDP per capita, inflation and firm-level variables such as ownership concentration and Chairman of the Board-Chief Executive Officer (COB-CEO) duality. However, other variables such as board size and composition, profitability, leverage and firm size are not significant for the purposes of this analysis. Our work is of great relevance today, since most studies have focused on developed countries, mainly in the U.S. and Europe, with few comparisons being made between developed and developing countries, such as Spain and Mexico

The Disclosures of Information on Cybersecurity in Listed Companies in Latin America—Proposal for a Cybersecurity Disclosure Index

For the corporate sphere, cybersecurity becomes an inescapable business responsibility, and accountability becomes a way of providing trust and ensuring resilience against cyber risks and high-impact cyber threats. The purpose of this study was to create a disclosure index that allows analysis of the scope of the disclosure of voluntary and mandatory cybersecurity information. The content analysis technique used focuses on the examination and identification of the cybersecurity information revealed in the annual reports and the 20 F annual forms of the companies with the highest stock market prices in Argentina, Brazil, Chile, Colombia, Mexico, and Peru during the period of 2016–2020. Longitudinal analysis indicates an increase over time in the disclosures and scope of information. The findings highlight that the country with the highest related disclosure is Argentina; the most extensive disclosures are due to the financial sector; and the strategy dimension represents the greatest weight in the index score. The study provides a novel instrument for measuring the content of disclosure on cybersecurity that is applicable in any specific context. In this case, the scope of disclosure in Latin America—a region which, according to our research, does not have previous studies on the subject—is evaluated

Board Independence and Corporate Social Responsibility Disclosure: The Mediating Role of the Presence of Family Ownership

This paper examines the impact of board independence on corporate social responsibility (CSR) disclosure and analyses the moderating effect of the presence of family ownership. Using an international sample from 29 countries from 2006 to 2014, our panel Tobit estimation shows that board independence is negatively associated with CSR disclosure practices and they present opposition to CSR disclosure practices. However, family ownership moderates the relationship and enforces the positive orientation of independent directors towards CSR disclosure. This shows that the presence of family ownership reduces independent director concern of reputation risks associated with receiving misleading information and family firms decrease the asymmetries of information between the independent director and management. The study also finds that independent directors encourage CSR disclosure in family firms more in civil law countries where investor protection is low compared to common law countries where investor protection is high.We would like to thank European Union for providing Erasmus Plus International Credit Mobility Scholarship to Mr. Shashank Bansal. This research is performed during his stay at University of Granada, Spain, as a part of scholarship

Performance and abilities of family-member ceos in a context of formal institutional weakness

Antecedentes: desde la perspectiva de la teoría institucional, este artículo estudia la relación entre las habilidades de los directores generales pertenecientes a la familia y el desempeño financiero de las empresas familiares listadas en un entorno caracterizado por la debilidad de las instituciones formales. Metodología: la muestra se compone de empresas familiares no financieras listadas en la Bolsa Mexicana de Valores durante el periodo 2001-2014. El análisis econométrico utiliza modelos lineales para datos de panel estimados por mínimos cuadrados ordinarios (mco). Para tomar en cuenta la endogeneidad, las regresiones se corren con el método generalizado de momentos (mgm). Conclusiones: en un contexto de debilidad institucional, invertir en educación superior en el área de negocios —de alta calidad y proporcionada en el propio país— es una buena estrategia a largo plazo para empresas familiares que quieran promover a un director general de la familia.Background: From the perspective of institutional theory, this paper studies the relation between the abilities of family-member ceos and the financial performance of listed family companies, in a setting of formal institutional weakness. Methodology: The study sample is composed of non-financial family firms listed in the Mexican Stock Exchange during the 2001-2014 period. Econometric analysis is attained through linear models for panel data, estimated by ordinary least squares (ols). To take into account endogeneity concerns, regressions are run through the generalized method of moments (gmm). Conclusions: In a context of formal institutional weakness, investment in businessrelated higher education —of high quality, and in one’s own country— is a good long-term strategy for family businesses that wish to promote a family-member ce

Influence of origin of the beans on protein quality and nutritive value of commercial soybean meals.

Chemical composition and correlations between chemical analyses and protein quality of 454 batches of SBM of 3 different origins (USA, n=168; Brazil (BRA), n=139, and Argentine (ARG), n=147) were studied. Samples were collected during a 6-yr period. SBM from USA had more CP, sucrose and stachyose and less NDF (P<0.001) than SBM from ARG and BRA. CP content was negatively related (P<0.001) with sucrose for USA meals and with NDF for ARG and BRA meals. Also, P content was positively related (P<0.01) with CP content of the meals. PDI and KOH solubility were higher (P<0.001) for USA than for ARG or BRA SBM, values that were positively related (P<0.001) with trypsin inhibitor activity of the meals. In addition, USA meals had more lys, met+cys, thr, and trp than BRA and ARG meals (P < 0.001). Per unit of CP, lys content was negatively related (P<0.001) with CP content for USA, positively for BRA, and no relations was found for ARG meals. It is concluded that nutritive values and protein quality of the meals varied widely among soybean origins. Consequently, the origin of the beans should be considered in the evaluation of the nutritive value of commercial SBM for non-ruminant animals

Análisis de los atributos cualitativos de la información medioambiental proporcionada por las compañías IBEX 35 (1998-2002)

El trabajo presenta el contraste empírico acerca de la respuesta que ofrecen las empresas privadas a los requerimientos de la normativa sobre información contable medioambiental, tomándose como muestra las compañías del lBEX 35 de las que cabe esperar una adecuada calidad en la presentación de información. La evidencia empírica se obtiene a través de la identificación y exploración temporal y espacial de los atributos cualitativos de la información medioambiental incorporada en los documentos contables obligatorios publicados por estas entidades durante el periodo 1998 a 2002. Los resultados alcanzados nos permiten concluir, entre otros, la baja calidad de la información suministrada, lo que en ocasiones puede derivar de las propias carencias que presenta la normativa contable sobre el reconocimiento de los aspectos medioambientales en los estados financieros.This paper presents the empiric contrast about the feedback provided by private companies when fulfilling requirements of those regulations on supply of environmental data. For this purpose, companies within the Spanish Stock Exchange lndex, IBEX 35, have been considered as a sample, assuming that they do offer adequate quality standard s when providing the information requested. The empirical evidence is obtained through the identification and temporary and space exploration of the qualitative attributes of the environmental data appearing in the accounting statements published by such companies from 1998 to 2002. The results obtained show, among others, the low quality in the information supplied that, in certain occasions, may arise from lacks in the accounting regulations on the recognition of environmental factors in the financial statements.El presente trabajo puede considerarse como parte de los resultados del proyecto BEC2003-05952 del Ministerio de Ciencia y Tecnología

A Flexible Approach to the Multidimensional Model: The Fuzzy Datacube

As a result of the use of OLAP technology in new fields of knowledge and the merge of data from different sources, it has become necessary for models to support this technology. In this paper, we propose a new multidimensional model that can manage imprecision both in dimensions and facts. Consequently, the multidimensional structure is able to model data imprecision resulting from the integration of data from different sources or even information from experts, which it does by means of fuzzy logic

Diferencias en composición química y relaciones con la calidad de la proteína de las harinas de soja según origen.

La harina de soja (HS) es la principal fuente de proteína utilizada en la fabricación de piensos. En Europa, la mayor parte de las HS procede de uno de los tres principales países productores: Estados Unidos (USA), Brasil (BRA) y Argentina (ARG). La composición y valor nutricional de las HS varía entre países de origen en función de las variedades cultivadas, las condiciones agronómicas y las condiciones de procesado (Grieshop et al., 2003; De Coca et al., 2008, 2010; Frikha et al., 2012). En un trabajo anterior Mateos et al. (2011) presentaron los resultados obtenidos de una colección de 385 muestras de HS recogidas entre los años 2007 y 2010 procedentes de estos tres países. El presente trabajo tiene como objetivo complementar los resultados anteriores con nuevas muestras procedentes de las cosechas de los años 2011 y 2012. Asimismo se presentarán las correlaciones más destacadas entre componentes analíticos y las variables de calidad de la proteína habitualmente utilizadas por la industria

El impacto del trato de los medios de comunicación en la dignidad de la comunidad LGBTI

El presente proyecto de investigación tiene por objetivo determinar cuál es el impacto del trato de los medios de comunicación en la dignidad de la comunidad LGBTI, siendo una investigación cualitativa – descriptiva, ya que se observarán cualidades y características además de la descripción y análisis de situaciones y hechos difundidos y transmitidos por los medios de comunicación. Siendo que, para la recolección de datos; se usó el instrumento de la entrevista, la cual proporciono información y conocimientos valiosos para la realización del mismo. Además del análisis de documentos pertinentes nacionales y extranjeros, es que se ve la urgencia de acoger en nuestro país, al igual que en España, Chile, Colombia y Uruguay normas destinadas a proteger y salvaguardar la dignidad de la comunidad LGBTI en el impacto del trato de los medios de comunicación. Concluyendo que, para salvaguardar tal derecho fundamental y humano, es necesario e indispensable proponer una adición normativa en el artículo 33° de la Ley de Radio y Televisión