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Are politicians using fines for electoral purposes? Empirical evidence 政客们是否将罚款用于选举目的?经验证据
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-11-12 DOI: 10.1080/02102412.2020.1815966
Bernardino Benito, María‐Dolores Guillamón, Ana‐María Ríos
{"title":"Are politicians using fines for electoral purposes? Empirical evidence","authors":"Bernardino Benito, María‐Dolores Guillamón, Ana‐María Ríos","doi":"10.1080/02102412.2020.1815966","DOIUrl":"https://doi.org/10.1080/02102412.2020.1815966","url":null,"abstract":"ABSTRACT Local governments have powers to decide on various issues concerning the public services they provide, as well as on how to finance them. We believe that it is important to analyse the existence of Political Budget Cycles, since politicians may misuse this discretionary power by manipulating budget variables for electoral purposes. Specifically, we analyse the impact of electoral cycles on budget forecast deviations in revenues from fines, which are fairly discretionary, in municipalities of over 1,000 inhabitants during the period 2010–2016. Our findings show that revenues from fines are overestimated in all the years, although this overestimation is only significant, and much more pronounced, in the election year. Politicians are aware fines are not well-regarded by citizens, and may negatively affect the election results, so they prescribe a relaxation in the imposition of fines and reduce the revenue budgeted. Other factors that impact on deviations in revenues from fines are the mayor’s political ideology, political competition and population size.","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":"2020-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126865881","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
Transformation in economic studies via problem-based learning: facing fears to acquire professional skills 通过基于问题的学习转变经济研究:面对恐惧获得专业技能
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-10-20 DOI: 10.1080/02102412.2020.1826722
Javier Corral-Lage, J. I. De la Peña, Noemí Peña-Miguel
{"title":"Transformation in economic studies via problem-based learning: facing fears to acquire professional skills","authors":"Javier Corral-Lage, J. I. De la Peña, Noemí Peña-Miguel","doi":"10.1080/02102412.2020.1826722","DOIUrl":"https://doi.org/10.1080/02102412.2020.1826722","url":null,"abstract":"ABSTRACT Over the last 40 years, the learning process in university studies has gradually shifted from a teacher-centered approach to a student-centered approach. Economic and Business studies are a suitable sector for active teaching-methodologies such as Problem-Based Learning (PBL) and it is becoming popular in business programmes. Nevertheless, they cause students stress. The aim of this work is to study the fears that PBL produces in students and the perception whether it is worthwhile to overcome them in view of their professional development. It is applied to a Faculty of Economics and Business in order to detect the main factors that influence the success of PBL. One of the conclusions is that the main cause that hinders PBL materialization is the difficulty that students find in making their opinions known in the classroom. So, it is necessary to offer teachers educational programs for learning emotional methods to face those fears to successfully develop PBL among students.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126888950","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: 2
How does leverage affect the value relevance? Evidence from Turkey 杠杆如何影响价值相关性?来自土耳其的证据
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-10-09 DOI: 10.1080/02102412.2020.1786946
Melik Ertuğrul
{"title":"How does leverage affect the value relevance? Evidence from Turkey","authors":"Melik Ertuğrul","doi":"10.1080/02102412.2020.1786946","DOIUrl":"https://doi.org/10.1080/02102412.2020.1786946","url":null,"abstract":"ABSTRACT High-levered firms have serious concerns related to avoiding covenant violations and meeting the needs of their creditors. Accounting information of those firms should be less value relevant for market participants. Based on a sample of Turkish listed firms over 2009–2018, we analyse whether the value relevance of accounting information is significantly lower for high-levered firms. For this purpose, we group observations with no net debt and divide the rest into quintiles based on leverage levels. We conclude that the value relevance of both earnings and book value of equity is lower for the high-levered quintile than the rest. Moreover, the value relevance of earnings is moderated more than the value relevance of book value of equity for the high-levered quintile. Last, book value of equity is more dominant in the valuation of the high-levered quintile than the valuation of the rest.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"201 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123030989","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
Political uncertainty, institutions and accounting conservatism: evidence from the provincial leader turnover in China 政治不确定性、制度与会计保守主义:来自中国省级领导人更替的证据
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-10-01 DOI: 10.1080/02102412.2019.1657551
Danlu Bu, Chenyu Zhang, P. Lin, Fang Hu
{"title":"Political uncertainty, institutions and accounting conservatism: evidence from the provincial leader turnover in China","authors":"Danlu Bu, Chenyu Zhang, P. Lin, Fang Hu","doi":"10.1080/02102412.2019.1657551","DOIUrl":"https://doi.org/10.1080/02102412.2019.1657551","url":null,"abstract":"ABSTRACT The paper examines the effects of political uncertainty induced by the provincial leader turnover on accounting conservatism in China. We find that political uncertainty is significantly associated with reduced accounting conservatism using Basu model and C_SCORE measure developed by Khan and Watts. We further find that the negative effects are enhanced by institutional factors in China’s emerging economy: the effects are stronger in state-owned enterprises (SOEs), in regions with low marketisation index and in case the incoming leaders are from outside the province. In addition, we use the meetings of the National Congress of the Chinese Communist Party in 2002, 2007 and 2012 as an alternative measure of political uncertainty. The results show that the event of Congress meeting is significantly and negatively related to firm’s accounting conservatism and the results persist in provinces and areas with weak market institutions. By unfolding the relation between political uncertainty and accounting conservatism, our findings shed lights on how political environment can influence the accounting information properties and firms level disclosure behaviour.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"316 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122737543","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
Financial reporting readability: Managerial choices versus firm fundamentals 财务报告的可读性:管理选择与公司基本面
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-10-01 DOI: 10.1080/02102412.2019.1668219
R. Hesarzadeh, A. Bazrafshan, Javad Rajabalizadeh
{"title":"Financial reporting readability: Managerial choices versus firm fundamentals","authors":"R. Hesarzadeh, A. Bazrafshan, Javad Rajabalizadeh","doi":"10.1080/02102412.2019.1668219","DOIUrl":"https://doi.org/10.1080/02102412.2019.1668219","url":null,"abstract":"ABSTRACT An implicit premise of regulators and much empirical research is that financial reporting readability (readability) substantially reflects management choices. To investigate this issue, we decompose readability into its discretionary and innate components. To validate this decomposition, we examine whether these two components have different uncertainty effects. Our empirical findings show that readability is primarily the result of firm fundamentals rather than managerial choices. Furthermore, consistent with expectation, discretionary readability has a weaker uncertainty effect than innate readability. The findings are robust to a variety of additional tests. This study contributes to regulators to better assess readability and to empirical literature to construct more accurate tests.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130146018","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: 19
Information transmission between stock and bond markets during the Eurozone debt crisis: evidence from industry returns 欧元区债务危机期间股票和债券市场之间的信息传递:来自行业回报的证据
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-09-22 DOI: 10.2139/ssrn.3697288
Nuno Silva
{"title":"Information transmission between stock and bond markets during the Eurozone debt crisis: evidence from industry returns","authors":"Nuno Silva","doi":"10.2139/ssrn.3697288","DOIUrl":"https://doi.org/10.2139/ssrn.3697288","url":null,"abstract":"ABSTRACT I analyse the Granger causality in distribution between sovereign bonds and industry indexes in the five European countries most affected by the debt crisis: Greece, Ireland, Italy, Portugal, and Spain. Prior research assessed the impact of the debt crisis on the financial firms, but its effect on other industries was broadly neglected. My results reveal that, at the height of the crisis, delayed shocks transmission from the sovereign bond to the stock market occurred mainly in Greece. At the industry level, there is no evidence of lagged response of the financial industry to negative sovereign debt shocks, but sovereign debt leads other industries in, at least, one country. These findings are consistent with the investor inattention hypothesis, which states that investors tend to specialise in specific markets, due to their limited availability of time and resources and the cost of information gathering, and information flows slowly across markets.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125382793","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: 2
Economic effects of goodwill accounting practices: systematic amortisation versus impairment test 商誉会计实务的经济影响:系统摊销与减值测试
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-09-07 DOI: 10.1080/02102412.2020.1778376
José Antonio Cavero Rubio, Araceli Amorós Martínez, Antonio Collazo Mazón
{"title":"Economic effects of goodwill accounting practices: systematic amortisation versus impairment test","authors":"José Antonio Cavero Rubio, Araceli Amorós Martínez, Antonio Collazo Mazón","doi":"10.1080/02102412.2020.1778376","DOIUrl":"https://doi.org/10.1080/02102412.2020.1778376","url":null,"abstract":"ABSTRACT Under IFRS, an impairment test is the only method applied to reduce goodwill. However, while the IASB have asked for comments about re-introducing the systematic amortisation method, European directives have already adopted its application. In this dual regulatory framework, we examine whether there are significant differences between the two methods that could affect the comparability of financial statements and their ability to faithfully represent the firm performance. Using a sample of 90 Spanish-listed firms over the period 2004–2011, the panel data technique and t-Student test confirm that under the impairment test, firms are likely to maintain higher amounts of goodwill and not recognise any impairment loss. Consequently, ROA and ROE are higher and leverage is lower. In addition, findings suggest that firms do not correctly implement this method to transmit private information about their economic situation. Results show that the better firm performance is the larger goodwill impairment will be.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"118 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129782444","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: 7
Liquidity level or liquidity risk? A fresh look with new measures 流动性水平还是流动性风险?新面貌，新措施
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-08-15 DOI: 10.1080/02102412.2020.1863126
A. Al-Haji
{"title":"Liquidity level or liquidity risk? A fresh look with new measures","authors":"A. Al-Haji","doi":"10.1080/02102412.2020.1863126","DOIUrl":"https://doi.org/10.1080/02102412.2020.1863126","url":null,"abstract":"ABSTRACT Lou and Sadka, in a study that was published in 2011, examine the effect of stock liquidity characteristics on stock performance during the 2008–2009 crisis. Their conclusion is that liquidity risk, and not the liquidity level, explains stock performance during the crisis. Lou and Sadka measure liquidity via Amihud’s illiquidity measure. I construct a new measure of illiquidity, based on transaction-by-transaction price changes and conduct a similar analysis to that in Lou and Sadka. My findings show that, controlling for liquidity risk, the level of liquidity has incremental explanatory power for stock performance during the crisis. My analysis suggests that the level of liquidity and liquidity risk are both important facets of stock liquidity and that there might be an interaction or overlap between the two.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":" 61","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113947716","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
Strategy-related factors moderating the fit between management accounting practice sophistication and organisational effectiveness: the Global Management Accounting Principles (GMAP) perspective 战略相关因素调节管理会计实践的复杂性和组织有效性之间的契合:全球管理会计原则(GMAP)的观点
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-07-22 DOI: 10.1080/02102412.2020.1774857
B. Oyewo, X. Vo, Titilope Akinsanmi
{"title":"Strategy-related factors moderating the fit between management accounting practice sophistication and organisational effectiveness: the Global Management Accounting Principles (GMAP) perspective","authors":"B. Oyewo, X. Vo, Titilope Akinsanmi","doi":"10.1080/02102412.2020.1774857","DOIUrl":"https://doi.org/10.1080/02102412.2020.1774857","url":null,"abstract":"ABSTRACT This study examined strategy-related factors (Business strategy, Information technology, Quality of management accounting skills, and Organisational culture) moderating the fit between management accounting practice (MAP) sophistication and organisational effectiveness from the perspective of the Global Management Accounting Principles (GMAP). The GMAP was jointly developed and endorsed by The American Institute of Certified Professional Accountants (AICPA) and The Chartered Institute of Management Accountants (CIMA) to support Chief Executives, Boards of Directors, Chief Finance Officers and Management Accounting Practitioners to benchmark and improve management accounting practices. The study focused on 131 firms across various industries in Nigeria. Analysis of data collected through questionnaire revealed that the two high-ranking factors responsible for the degree of MAP sophistication are business strategy and quality of information technology. It was observed that although business strategy and information technology significantly moderate the relationship between MAP sophistication and Organisational effectiveness, business strategy exerts greater influence. The finding that business strategy strongly moderates the relationship between MAP sophistication and organisational effectiveness connotes that forward-thinking business entities would leverage on the strategy-formulation and strategy-implementation capabilities of contemporary management accounting techniques to drive performance and achieve business imperatives.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"516 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116223235","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: 9
Relative performances of asset pricing models for BIST 100 index BIST 100指数资产定价模型的相对表现
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-07-22 DOI: 10.1080/02102412.2020.1801169
Emine Kaya
{"title":"Relative performances of asset pricing models for BIST 100 index","authors":"Emine Kaya","doi":"10.1080/02102412.2020.1801169","DOIUrl":"https://doi.org/10.1080/02102412.2020.1801169","url":null,"abstract":"ABSTRACT The purpose of this study is to evaluate the asset pricing models for Borsa Istanbul. Within this scope, we apply Capital Asset Pricing Model, Fama-French Three Factor Model, and Fama-French Five Factor Model. This study covers the firms listed in BIST 100 index between 2005 and 2017 years. The findings show that Fama-French Five Factor Model is the best performing model when we compare Capital Asset Pricing Model and Fama-French Three Factor Model. The regression estimations findings provide evidence that there are still the size and value premiums, but these premiums are not strong and the market premium is an important factor for Borsa Istanbul. In addition, there are strong investment patterns in the average returns and there is a profitability premium but not unambiguously strong in explaining the stock returns. On the other hand, the factor spanning tests prove that profitability is a non-redundant factor. Moreover, through the factor spanning tests, we can say that the value premium is a redundant factor and it does not improve the description of average return.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123041537","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: 3
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