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Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad最新文献

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Investor sentiment, trading activity and effect of the open-market share repurchase based on firm characteristics 基于企业特征的公开市场股票回购的投资者情绪、交易活动和效果
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-01-14 DOI: 10.1080/02102412.2019.1706882
Ying-Sing LIU
{"title":"Investor sentiment, trading activity and effect of the open-market share repurchase based on firm characteristics","authors":"Ying-Sing LIU","doi":"10.1080/02102412.2019.1706882","DOIUrl":"https://doi.org/10.1080/02102412.2019.1706882","url":null,"abstract":"ABSTRACT This study realises that before and after disclosure of repurchase information of share repurchasing firms, there are significant differences in investor sentiment towards the repurchasing stock. With repurchase information, repurchasing firms attempt to reduce negative investor sentiment towards the firms, thereby supporting the sentiment change motivation hypothesis. In addition, this study demonstrates that relationship between investor sentiment and stock returns differs according to investor groups. Margin trading investors, in particular, have irrational investor sentiment on share repurchase events. Finally, firm characteristics that support share repurchase influence the relationship between investor sentiment and cumulative abnormal returns in the study period.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125149309","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
Auditor-provided tax services and tax avoidance: evidence from Spain 审计师提供的税务服务和避税:来自西班牙的证据
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-01-07 DOI: 10.1080/02102412.2020.1723947
Josep García-Blandón, J. M. Argilés-Bosch, Diego Ravenda, David Castillo‐Merino
{"title":"Auditor-provided tax services and tax avoidance: evidence from Spain","authors":"Josep García-Blandón, J. M. Argilés-Bosch, Diego Ravenda, David Castillo‐Merino","doi":"10.1080/02102412.2020.1723947","DOIUrl":"https://doi.org/10.1080/02102412.2020.1723947","url":null,"abstract":"ABSTRACT We investigate the relationship between auditor-provided tax services (APTS) and tax avoidance in Spain. As a result of a recently enacted EU legislation, APTS is seriously restricted within the EU. The evidence available so far for the US provides consistent support for a positive relationship between APTS and tax avoidance. However, given the importance of country-specific institutional issues, such as litigation risk, to understand the relationship between auditors and clients, the possibility of generalising the US evidence to other countries is limited. Supporting this view, our results indicate that the positive relationship between APTS and tax avoidance observed in the US does not hold in the Spanish market. This result seems robust, as it holds independently of the proxy utilised for measuring tax avoidance, as well as across an array of sensitivity checks. This study has potentially interesting implications at both theoretical and practical levels.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134589129","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
Institutional theory and IFRS: an agenda for future research 制度理论与国际财务报告准则:未来研究议程
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-01-05 DOI: 10.2139/ssrn.3514499
M. S. Guerreiro, Lúcia Lima Rodrigues, R. Craig
{"title":"Institutional theory and IFRS: an agenda for future research","authors":"M. S. Guerreiro, Lúcia Lima Rodrigues, R. Craig","doi":"10.2139/ssrn.3514499","DOIUrl":"https://doi.org/10.2139/ssrn.3514499","url":null,"abstract":"ABSTRACT This paper highlights the capacity for Institutional Theory [IT] to render in-depth understanding of change processes associated with the adoption and implementation of international accounting standards by countries and organisations. Although the fact of requiring the adoption of IFRS could be characterised as a form of coercive power, recent developments in IT help to explore the extent to which adoption and diffusion of IFRS is shaped by agency, the interests of actors involved in the adoption process, and the role of institutional entrepreneurs and institutional work. We provide a structured review of literature that uses an IT framework in the context of adopting and implementing IFRS. The review brings together various streams of IT and current debates in the management and organisation literature. This allows us to outline an agenda for future research that proposes six new research questions for investigation. These research questions are intended to encourage greater regard for the capacity of the theoretical toolkit of institutional logics to explore institutional entrepreneurship, institutional work, and the institutional dynamics of change processes associated with the adoption, maintenance and disruption of accounting systems.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130502311","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: 30
The impact of illiquidity risk for the Nordic markets 非流动性风险对北欧市场的影响
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-01-02 DOI: 10.1080/02102412.2018.1555348
Butt Hilal Anwar, Kenneth Hogholm
{"title":"The impact of illiquidity risk for the Nordic markets","authors":"Butt Hilal Anwar, Kenneth Hogholm","doi":"10.1080/02102412.2018.1555348","DOIUrl":"https://doi.org/10.1080/02102412.2018.1555348","url":null,"abstract":"ABSTRACT In this study, we propose a new measure of illiquidity for small, open stock markets; dollar zero-returns. Compared with other commonly used measures of illiquidity, the dollar zero-return produces the highest anomalous return across all four Nordic markets. In testing the pricing implication of the proxies of illiquidity, we use liquidity adjusted asset pricing models suggested in the literature for a panel of 25 size-related portfolios for the Nordic markets. Our results show that the only illiquidity measure that gives a significant positive effect across all Nordic markets is the dollar zero-return. Our results also show that the illiquidity mimicking portfolio factor, constructed through dollar zero-return, is the only factor showing a significant premium across different specifications, and its pricing remain significant also when the effect of the level of illiquidity (constructed through all measure of illiquidity) and of size is netted out.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122772748","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: 1
Special issue on recent developments in European corporate governance 关于欧洲公司治理最新发展的特刊
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-01-02 DOI: 10.1080/02102412.2020.1711640
M. Goergen, B. Pascual-Fuster
{"title":"Special issue on recent developments in European corporate governance","authors":"M. Goergen, B. Pascual-Fuster","doi":"10.1080/02102412.2020.1711640","DOIUrl":"https://doi.org/10.1080/02102412.2020.1711640","url":null,"abstract":"","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"132 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115267867","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
The optimism and accuracy of bank-affiliated analysts’ forecasts 银行分析师预测的乐观和准确性
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-12-01 DOI: 10.2139/ssrn.3496077
Hyunseok Kim, Jong Eun Lee, K. Song
{"title":"The optimism and accuracy of bank-affiliated analysts’ forecasts","authors":"Hyunseok Kim, Jong Eun Lee, K. Song","doi":"10.2139/ssrn.3496077","DOIUrl":"https://doi.org/10.2139/ssrn.3496077","url":null,"abstract":"ABSTRACT This paper studies the effect of commercial bank affiliation on analysts’ forecasts using the Korean data over the 2000–2015 period. We find that the median EPS forecast error of 2.88% made by independent analysts is significantly larger than the median error of 2.47% made by bank-affiliated analysts. The difference in the optimism and accuracy of independent vs. bank-affiliated analysts is significant only for non-chaebol companies. We also find that capital markets respond to more positively (or more negatively) to stock recommendation changes that bank-affiliated analysts make and that the responses are larger for non-chaebol companies. The results are consistent with our conjecture that bank-affiliated analysts make more informative forecasts by sharing the information generated by commercial banks under bank conglomerates, their information advantage is salient for non-chaebol companies, and capital markets give value to the information advantage.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131481582","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: 1
Barriers to the implementation of cost-effective in Spanish local authorities 阻碍西班牙地方当局实施具有成本效益的措施
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-11-11 DOI: 10.1080/02102412.2019.1705088
M. J. García-Fénix, J. M. González-González
{"title":"Barriers to the implementation of cost-effective in Spanish local authorities","authors":"M. J. García-Fénix, J. M. González-González","doi":"10.1080/02102412.2019.1705088","DOIUrl":"https://doi.org/10.1080/02102412.2019.1705088","url":null,"abstract":"ABSTRACT This paper aims to analyse the main barriers to the forms of institutional work that have been developed to the implementation of Cost-Effective of Services in Local Governments (CESEL, in Spanish) in the Spanish local governments. The research methodology has consisted of a longitudinal case study conducted in the City Council of Seville that has extended in the period 2012–2018. The results have been interpreted according to the arguments of New Institutional Sociology. This paper contributes to the previous literature by proposing a theoretical model in which the institutional pressures of the context, the forms of institutional work carried out, the main barriers, the mediating factors and the actions of institutional work adopted by various actors are identified and related. As a consequence, the new cost system was configured as an instrument for improving the transparency, although with an almost null impact in the public services management.","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":"2019-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116087919","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
Stakeholder salience, positive CSR news and the market value of banks 利益相关者显著性、企业社会责任正面新闻与银行市值
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-10-11 DOI: 10.1080/02102412.2019.1681718
Andrea Pérez, Carlos López-Gutiérrez, M. D. M. García-de los Salmones, Paula San-Martín
{"title":"Stakeholder salience, positive CSR news and the market value of banks","authors":"Andrea Pérez, Carlos López-Gutiérrez, M. D. M. García-de los Salmones, Paula San-Martín","doi":"10.1080/02102412.2019.1681718","DOIUrl":"https://doi.org/10.1080/02102412.2019.1681718","url":null,"abstract":"ABSTRACT This research explores the effects that media coverage of corporate social responsibility (CSR) news related to investor, customer, employee and community issues has on the market value of Spanish banks, measured as the impact generated in abnormal returns for these companies. We use an event study with a sample of 190 positive CSR articles published online between 2015 and 2018 in the most important Spanish business newspaper according to its diffusion rate. The findings demonstrate that positive CSR news related to investor, customer, employee and community issues generates positive abnormal returns for listed banks. In the [−1,+1] window, positive investor news has notably larger effects on the abnormal returns for these companies than positive news related to customer, employee and community issues, which have similar effects.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131857279","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
Special issue on ‘management accounting in Latin America’ “拉丁美洲的管理会计”特刊
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-10-02 DOI: 10.1080/02102412.2019.1632522
Ricardo Malagueño, Jacobo Gomez-Conde, R. Lunkes
{"title":"Special issue on ‘management accounting in Latin America’","authors":"Ricardo Malagueño, Jacobo Gomez-Conde, R. Lunkes","doi":"10.1080/02102412.2019.1632522","DOIUrl":"https://doi.org/10.1080/02102412.2019.1632522","url":null,"abstract":"","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"319 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115024430","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
Auditor independence impairment: bonding between clients and individual engagement partners 审计师独立性减损:客户与个别审计业务合伙人之间的联系
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2019-09-09 DOI: 10.2139/ssrn.1741406
Kris Hardies
{"title":"Auditor independence impairment: bonding between clients and individual engagement partners","authors":"Kris Hardies","doi":"10.2139/ssrn.1741406","DOIUrl":"https://doi.org/10.2139/ssrn.1741406","url":null,"abstract":"ABSTRACT In this study, I investigate whether the economic bond between an individual audit engagement partner and a client threatens auditor independence (and thus audit quality). As the propensity of the auditor to issue going-concern modified audit opinions (GCOs) is lower when there is auditor independence impairment, I examine to which extent fee dependency leads to a lower propensity to issue GCOs. Using archival data from Belgian private companies, I empirically examine a sample of 18,638 companies for the period 2008–2010 to test for the effect of the auditor-client bond on the audit opinion. None of my results support common concerns that client importance undermines auditors’ GCO reporting decisions, neither at the firm level nor at the partner level. Specifically, I find no evidence for a negative association between the likelihood that an auditor issues a GCO and the economic importance of that client to the auditor (firm or partner). These results are supported by analyses on an additional sample of 5,934 companies for the period 2011–2013. Despite broad concerns among academics and regulators about auditor independence and economic bonding, this is one of the first studies to investigate this issue at the partner level and for private clients.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131164739","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
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