Una parte importante de la investigación reciente se ha dirigido a explorar las posibilidades de ... more Una parte importante de la investigación reciente se ha dirigido a explorar las posibilidades de incluir indicadores del rendimiento futuro en los sistemas de control de gestión. La literatura sobre predicción de resultados muestra que medidas tradicionales de rendimiento, tales como el resultado de explotación, pueden no ser un buen instrumento de predicción por incorporar componentes de carácter transitorio. Una medida que sea capaz de capturar el componente permanente de los resultados pudiera tener capacidad predictiva en adicción a la del resultado actual y pasado. El Análisis Envolvente de Datos (DEA) es una metodología que permite determinar la eficiencia relativa de las empresas en la utilización de los recursos disponibles. En este trabajo evaluamos la utilidad de una medida DEA de la eficiencia en la gestión, para la predicción del resultado de explotación futuro. En una primera etapa utilizamos el Análisis Envolvente de Datos (DEA) para determinar la eficiencia relativa d...
Prediction of corporate failure research typically focused on the design of multivariate predicti... more Prediction of corporate failure research typically focused on the design of multivariate prediction models for the discrimination between failed and non-failed firms. This research at-tracted some criticism due to the inability to formulate generally applicable models. Several rea-sons may have led to the impossibility of formulating such models: it has been argued that firms suffering financial distress may have incentives to manipulate accounting information in order to increase users' confidence; statistical techniques could over-adjust prediction models; and finally, the existence of different failure processes is not considered by prior research. The main objective of the present research is to investigate the unique characteristics of failed companies, the reasons for each particular failure and the presence of different failure proc-esses. The present study aims to be the first step in the opening of a new stage in the develop-ment of a theoretical framework on corporate ...
Financial accounting information has its limitations, one being its historical nature. However, f... more Financial accounting information has its limitations, one being its historical nature. However, for being able to make informed and rational economic decisions, users of accounting information will also require information about the future. We aim to determine the nature and level of publication of prospective fi nancial information by Spanish fi rms. For that purpose, we study a sample of listed companies in the period 2001-2003. Results show that the information disclosed is largely of quali- tative nature, and that the level of prospective information included in the fi nancial statements seems to be low, although there are legal requirements for the disclosure of this sort of information.
Academia Revista Latinoamericana de Administración, 2015
ABSTRACT Purpose: The purpose of this paper is to test the association between board of director ... more ABSTRACT Purpose: The purpose of this paper is to test the association between board of director characteristics and corporate reputation. Design/methodology/approach: Logistic and multivariate regressions are performed to analyse whether the board of director characteristics are associated with the level of corporate reputation. The sample is composed of listed companies in the Madrid Stock Exchange (Índice General de la Bolsa de Madrid) at least once during the period 2004-2010. Corporate governance data were manually extracted from governance reports released by Spanish companies. The data for the design of a corporate reputation measure were obtained from the Monitor Español de Reputación Corporativa (MERCO) institute web site. Findings: Results from the empirical analysis show that Spanish companies that appear high up in terms of ranking in the reputation index provided by MERCO tend to have a higher percentage of independent directors as well as more female directors on their board. Firm size and the image of the president of a firm are also linked to corporate reputation. Originality/value: The results have direct implications for the management of corporate governance mechanisms by shareholders who should take into account their role in the creation and maintenance of corporate reputation.
Downloadable! In recent years, users' information needs have changed, and forward-looking in... more Downloadable! In recent years, users' information needs have changed, and forward-looking information has become of great importance, as it has been highlighted in many international and national reports. Nonetheless, Spanish regulations are not very specific in this respect, ...
Una parte importante de la investigación reciente se ha dirigido a explorar las posibilidades de ... more Una parte importante de la investigación reciente se ha dirigido a explorar las posibilidades de incluir indicadores del rendimiento futuro en los sistemas de control de gestión. La literatura sobre predicción de resultados muestra que medidas tradicionales de rendimiento, tales como el resultado de explotación, pueden no ser un buen instrumento de predicción por incorporar componentes de carácter transitorio. Una medida que sea capaz de capturar el componente permanente de los resultados pudiera tener capacidad predictiva en adicción a la del resultado actual y pasado. El Análisis Envolvente de Datos (DEA) es una metodología que permite determinar la eficiencia relativa de las empresas en la utilización de los recursos disponibles. En este trabajo evaluamos la utilidad de una medida DEA de la eficiencia en la gestión, para la predicción del resultado de explotación futuro. En una primera etapa utilizamos el Análisis Envolvente de Datos (DEA) para determinar la eficiencia relativa d...
Prediction of corporate failure research typically focused on the design of multivariate predicti... more Prediction of corporate failure research typically focused on the design of multivariate prediction models for the discrimination between failed and non-failed firms. This research at-tracted some criticism due to the inability to formulate generally applicable models. Several rea-sons may have led to the impossibility of formulating such models: it has been argued that firms suffering financial distress may have incentives to manipulate accounting information in order to increase users' confidence; statistical techniques could over-adjust prediction models; and finally, the existence of different failure processes is not considered by prior research. The main objective of the present research is to investigate the unique characteristics of failed companies, the reasons for each particular failure and the presence of different failure proc-esses. The present study aims to be the first step in the opening of a new stage in the develop-ment of a theoretical framework on corporate ...
Financial accounting information has its limitations, one being its historical nature. However, f... more Financial accounting information has its limitations, one being its historical nature. However, for being able to make informed and rational economic decisions, users of accounting information will also require information about the future. We aim to determine the nature and level of publication of prospective fi nancial information by Spanish fi rms. For that purpose, we study a sample of listed companies in the period 2001-2003. Results show that the information disclosed is largely of quali- tative nature, and that the level of prospective information included in the fi nancial statements seems to be low, although there are legal requirements for the disclosure of this sort of information.
Academia Revista Latinoamericana de Administración, 2015
ABSTRACT Purpose: The purpose of this paper is to test the association between board of director ... more ABSTRACT Purpose: The purpose of this paper is to test the association between board of director characteristics and corporate reputation. Design/methodology/approach: Logistic and multivariate regressions are performed to analyse whether the board of director characteristics are associated with the level of corporate reputation. The sample is composed of listed companies in the Madrid Stock Exchange (Índice General de la Bolsa de Madrid) at least once during the period 2004-2010. Corporate governance data were manually extracted from governance reports released by Spanish companies. The data for the design of a corporate reputation measure were obtained from the Monitor Español de Reputación Corporativa (MERCO) institute web site. Findings: Results from the empirical analysis show that Spanish companies that appear high up in terms of ranking in the reputation index provided by MERCO tend to have a higher percentage of independent directors as well as more female directors on their board. Firm size and the image of the president of a firm are also linked to corporate reputation. Originality/value: The results have direct implications for the management of corporate governance mechanisms by shareholders who should take into account their role in the creation and maintenance of corporate reputation.
Downloadable! In recent years, users' information needs have changed, and forward-looking in... more Downloadable! In recent years, users' information needs have changed, and forward-looking information has become of great importance, as it has been highlighted in many international and national reports. Nonetheless, Spanish regulations are not very specific in this respect, ...
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Papers by Cristina Abad