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Voluntary pre-trade anonymity and market liquidity 自愿交易前匿名和市场流动性
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-08-02 DOI: 10.1080/02102412.2020.1763052
Miguel Angel Martínez, Mikel Tapia
{"title":"Voluntary pre-trade anonymity and market liquidity","authors":"Miguel Angel Martínez, Mikel Tapia","doi":"10.1080/02102412.2020.1763052","DOIUrl":"https://doi.org/10.1080/02102412.2020.1763052","url":null,"abstract":"ABSTRACT This paper analyses the effects on liquidity of voluntary pre-trade anonymity in the trading process. We confirm previous studies showing that market liquidity improves immediately after anonymous trading. Using the daily percentage of effective volume traded anonymously, we show that the anonymity–liquidity relationship presents a non-linear U-shape. We focus on the voluntary concealment of broker identification introduced by the Spanish Stock Exchange in October 2015. We conclude that, in our sample, anonymity increases stock liquidity but at a decreasing rate; when a considerable part of the effective volume is traded anonymously, additional percentages of anonymous trading deteriorates stock liquidity.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126608616","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Organisational dynamics of environmental/sustainability reporting: a case for structure and agency of collective actors 环境/可持续发展报告的组织动力学:集体行为者的结构和代理的案例
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-07-05 DOI: 10.1080/02102412.2019.1632019
Carmen Correa-ruiz
{"title":"Organisational dynamics of environmental/sustainability reporting: a case for structure and agency of collective actors","authors":"Carmen Correa-ruiz","doi":"10.1080/02102412.2019.1632019","DOIUrl":"https://doi.org/10.1080/02102412.2019.1632019","url":null,"abstract":"ABSTRACT This paper reports a research engagement with a Spanish electricity organisation to analyse a dynamic process of structuration within the firm. Structuration for the development of environmental/sustainability reporting, as part of a wider undertaking by the firm towards environmental/sustainability management. The study therefore responds to recent calls to advance structuration theory and for an in-depth, contextual and interventionist exploration of accounting. It does so by underlining legitimation, signification and domination structures developed to respond to institutional pressures, as well as the agency of collective actors, the accounting department and the environmental/sustainability management department.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114539604","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Veinticinco años de Contabilidad Social y Medioambiental en España: pasado, presente y futuro 西班牙25年的社会和环境会计:过去、现在和未来
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-07-04 DOI: 10.1080/02102412.2019.1632020
Carlos Larrinaga, Jose M. Moneva, Eduardo Ortas
{"title":"Veinticinco años de Contabilidad Social y Medioambiental en España: pasado, presente y futuro","authors":"Carlos Larrinaga, Jose M. Moneva, Eduardo Ortas","doi":"10.1080/02102412.2019.1632020","DOIUrl":"https://doi.org/10.1080/02102412.2019.1632020","url":null,"abstract":"RESUMEN Hace poco más de veinticinco años de la publicación del primer número especial de la Revista Española de Financiación y Contabilidad sobre investigación en contabilidad social y medioambiental. Debido al apreciable auge y relevancia de la investigación científica en esta área, el presente número especial pretende destacar los hitos más relevantes de la investigación sobre este tema en España durante el último cuarto de siglo. Para ello, en primer lugar, se contextualiza la contabilidad social y medioambiental en el panorama social y político español durante las tres últimas décadas con el objetivo de identificar los antecedentes de la investigación en esta área. Asimismo, el presente editorial destaca y discute las principales perspectivas con las que se ha desarrollado la investigación en contabilidad social y medioambiental en España a través de una revisión sistemática de la literatura. Todo ello nos conduce a una reflexión sobre los principales retos a los que la investigación en contabilidad social y medioambiental se enfrentará en el futuro. El editorial concluye introduciendo las principales aportaciones de los artículos incluidos en el número especial.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"50 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114088991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
Un impulso a la transparencia sobre sostenibilidad en gobiernos locales europeos mediante factores poblacionales, socioeconómicos, financieros y legales 通过人口、社会经济、金融和法律因素，提高欧洲地方政府可持续性的透明度
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-07-01 DOI: 10.1080/02102412.2019.1629204
Andrés Navarro-Galera, David Ortiz-Rodríguez, Francisco José Alcaraz-Quiles
{"title":"Un impulso a la transparencia sobre sostenibilidad en gobiernos locales europeos mediante factores poblacionales, socioeconómicos, financieros y legales","authors":"Andrés Navarro-Galera, David Ortiz-Rodríguez, Francisco José Alcaraz-Quiles","doi":"10.1080/02102412.2019.1629204","DOIUrl":"https://doi.org/10.1080/02102412.2019.1629204","url":null,"abstract":"RESUMEN La crisis económica global ha tenido un importante impacto en los gobiernos locales, especialmente por las fuertes tensiones financieras ocasionadas, provocando que los ciudadanos demanden una mayor transparencia en materia de sostenibilidad de los servicios públicos. Así, investigaciones previas y pronunciamientos internacionales están reclamando la adopción de medidas para mejorar la difusión de información gubernamental sobre sostenibilidad. En el caso de los gobiernos locales, aún son insuficientes los trabajos que han abordado la divulgación de información sobre sostenibilidad y sus variables influyentes, y muy pocos han afrontado estudios comparativos en Europa. Este trabajo analiza la información sobre sostenibilidad publicada en las Webs de 91 grandes gobiernos locales pertenecientes a nueve países europeos. Pretendemos descubrir factores influyentes en la transparencia sobre sostenibilidad de los gobiernos locales europeos, generando nuevo conocimiento útil para responsables gubernamentales interesados en potenciar la difusión online de información económica, social y medioambiental.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132042764","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Using partial least squares in archival accounting research: an application to earnings quality measuring 偏最小二乘在档案会计研究中的应用:盈余质量测量
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-05-09 DOI: 10.1080/02102412.2019.1608705
Ana Licerán-Gutiérrez, Manuel Cano-Rodríguez
{"title":"Using partial least squares in archival accounting research: an application to earnings quality measuring","authors":"Ana Licerán-Gutiérrez, Manuel Cano-Rodríguez","doi":"10.1080/02102412.2019.1608705","DOIUrl":"https://doi.org/10.1080/02102412.2019.1608705","url":null,"abstract":"ABSTRACT Despite the advantages of Structural Equation Modelling (SEM) over regression models that have contributed to its popularisation in several fields of research in social sciences, it has not been broadly applied in archival accounting research. In this paper, we present a guidance for the application of SEM – and, particularly, the Partial Least Squares (PLS) method – to the (arguably) most recurrent topic on empirical archival accounting research: earnings quality. We highlight several problems that arise in earnings quality measuring, indicating how PLS can help to overcome them. We also run a simulation process whose results show that PLS method outperforms the other approaches even in situations of limited information.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124006123","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Prudential regulation and financial information in Spanish banks: 1995–2015 西班牙银行审慎监管与金融信息:1995-2015
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-05-08 DOI: 10.1080/02102412.2019.1608696
S. Marín, Ester Gras, Esther Ortiz
{"title":"Prudential regulation and financial information in Spanish banks: 1995–2015","authors":"S. Marín, Ester Gras, Esther Ortiz","doi":"10.1080/02102412.2019.1608696","DOIUrl":"https://doi.org/10.1080/02102412.2019.1608696","url":null,"abstract":"ABSTRACT In this paper, we seek to ascertain whether the changes in prudential financial regulation in Spain in the period 1995–2015 have had an effect on financial stability and whether this can be assessed for Spain from the behaviour of the z-score and the LLP variables, as has been done elsewhere. We analyse the implementation of the statistical or dynamic provision in 2000 and also the adoption of the Basel II agreement in 2008. The sample analysed comprises 48 Spanish banks. As our main conclusions, we provide evidence that the changes that have taken place in prudential financial regulation in Spain cannot be adequately analysed and interpreted with the behaviour of the z-score and LLP variables for that period, since in this context they are not good indicators of greater or lesser financial stability due to interference from the Spanish banking regulator.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129503663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Earnings management in private family versus non-family firms. The moderating effect of family business generation 私人家族企业与非家族企业的盈余管理。家族企业世代的调节效应
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-04-25 DOI: 10.1080/02102412.2019.1616480
J. Borralho, D. G. Vázquez, Remedios Hernández‐Linares
{"title":"Earnings management in private family versus non-family firms. The moderating effect of family business generation","authors":"J. Borralho, D. G. Vázquez, Remedios Hernández‐Linares","doi":"10.1080/02102412.2019.1616480","DOIUrl":"https://doi.org/10.1080/02102412.2019.1616480","url":null,"abstract":"ABSTRACT The study addresses the signs of earnings management in unlisted companies, comparing the situation in family firms and non-family firms. We adopt arguments from agency theory, and stewardship theory, which are supplemented with the assumptions of socio-emotional wealth literature, to justify our research model. The sample is composed of 263 audited Spanish companies with a turnover of more than 200 million euros, which were analysed in the period from 2011 to 2015. Results indicate that family firms are less prone to the practices of earnings management than non-family firms, and that the association between family firm status and earnings management is moderated by the firm generation. This work contributes to the literature on the quality of financial information in both family firms and unlisted companies, exploring new areas of research.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120983640","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 21
Calculative culture in management control systems: scale and typology development 管理控制系统中的计算文化:规模和类型的发展
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-04-23 DOI: 10.1080/02102412.2019.1616410
Mojca Marc, Darja Peljhan
{"title":"Calculative culture in management control systems: scale and typology development","authors":"Mojca Marc, Darja Peljhan","doi":"10.1080/02102412.2019.1616410","DOIUrl":"https://doi.org/10.1080/02102412.2019.1616410","url":null,"abstract":"ABSTRACT A calculative culture (CC) conveys the way managers use analytical models and numbers for decision-making. We investigate whether this concept holds the potential to become a contextual variable in research on Management Control Systems (MCS) because CC arguably relates to the design and use of MCS, and to organisational performance. Using a mixed methods approach (literature review, interviews, a cross-sectional survey, confirmatory factor analysis-CFA), we develop and validate an instrument for measuring CC as a group-level variable. We find CC has two dimensions: (1) analytical enthusiasm (enthusiasm for advanced analytical methods); and (2) numerical pragmatism (pragmatism in number interpretation). We characterise four types of CC found in top management teams: (1) smart enthusiasts; (2) extreme sceptics; (3) irrational sceptics; and (4) extreme enthusiasts. Finally, we empirically confirm that CC acts independently alongside other contextual variables, such as size, age, industry, ownership structure, strategy type, (geographic) market orientation, perceived organisational performance relative to competitors, and business environment uncertainty. This shows CC may be employed as an additional contextual variable in future studies on MCS design and use.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131290106","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corporate governance, legal systems and value relevance of fair value estimates. Empirical evidence from the EU banking sector 公司治理，法律制度和公允价值估计的价值相关性。来自欧盟银行业的经验证据
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-04-03 DOI: 10.1080/02102412.2018.1471309
A. Mechelli, Riccardo Cimini
{"title":"Corporate governance, legal systems and value relevance of fair value estimates. Empirical evidence from the EU banking sector","authors":"A. Mechelli, Riccardo Cimini","doi":"10.1080/02102412.2018.1471309","DOIUrl":"https://doi.org/10.1080/02102412.2018.1471309","url":null,"abstract":"ABSTRACT Scholars agree that the role played by corporate governance mechanisms is likely to be affected by the quality of the legal systems in which firms operate. This paper investigates whether the quality of firm-level corporate governance is more valuable in countries with a high- or low-quality legal system. To do so, the paper focuses on the value relevance of fair value hierarchy disclosed by the European financial entities listed in 14 stock markets over the period 2011–2015. Findings show that differences in the quality of legal systems positively affect the value relevance of fair value estimates and provide evidence that the effect of firm-level corporate governance on the value relevance of fair value assets and liabilities is stronger in countries with high-quality legal systems. Our study contributes to the literature to the extent to which it shows that the ability of corporate governance to improve the value relevance of fair value measurements depends on the quality of the legal system under which firms operate. For this reason, our results complement findings reported by prior studies that have separately investigated the effect of the quality of corporate governance and of investor protection on the value relevance of fair value measurement.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133130083","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 12
Total and primary underpricings in the IPO market: are they explained by the same variables? IPO市场的总低估和主要低估:它们是由相同的变量解释的吗?
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-04-03 DOI: 10.1080/02102412.2018.1468642
Miguel Á. Acedo‐Ramírez, Francisco J. Ruiz-Cabestre
{"title":"Total and primary underpricings in the IPO market: are they explained by the same variables?","authors":"Miguel Á. Acedo‐Ramírez, Francisco J. Ruiz-Cabestre","doi":"10.1080/02102412.2018.1468642","DOIUrl":"https://doi.org/10.1080/02102412.2018.1468642","url":null,"abstract":"ABSTRACT This study contributes to a broadening of the international scope of empirical research on total and primary underpricings in the IPO market, and tries to show that the variables traditionally linked to information asymmetries between firms, underwriters and investors cannot adequately explain the total (offer-to-close) return. This is because, behind the total underpricing, there are variables that explain the primary return, which are associated mainly with information asymmetries, and variables related to the opening prices on the first trading day, which try to measure the behaviour and reaction of investors and underwriters to opening prices. Our results point towards this argument and allow us to show that it is more reasonable to measure underpricing through primary return (with opening prices) than through total return (with closing prices), since closing prices are contaminated by these behaviours and reactions.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"50 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116482340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
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