Revista de Contabilidad - Spanish Accounting Review 2011, V. 14 N. 2
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- PublicationOpen Access“Price-levels" regressions: "Sacle-effect" or "Distribution effect"?(2011) Garrido Miralles, Pascual; Vázquez Veira, Pablo J.Easton and Sommers (ES) (2003) document the existence of an overwhelming influence of large firms in ‘price-levels’ regressions on US data (as do Akbar and Stark (2003) on UK data). They refer to this overwhelming influence as the ‘scale effect’. ES argue that the scale effect is caused by non-linearlities in the relationship between market value and the accounting variables. But non-linearities are only one possibility. We posit that the scale effect documented by ES is a pure econometric phenomenon. Typical variables used in Market-based Accounting Research (i.e. market value, book value, total assets, positive earnings, losses....) follow distributions that are very strong skewed, that is, distributions with a single, long tail. We argue that the scale effect is related to the presence of this large tail. When we apply a logarithmic transformation (as recommended by the literature in the case of highly skewed distributions, tending to restore normality), the ‘scale effect’ disappears
- PublicationOpen AccessEl impacto de la crisis en la manipulación contable(2011) Callao Gastón, Susana; Jarne Jarne, José IgnacioBasándonos en los grupos cotizados en el mercado español, el presente trabajo aporta evidencia empírica sobre el impacto de la crisis en las prácticas de earnings management. Utilizamos los ajustes por devengo discrecionales como medida de manipulación. Los resultados obtenidos constatan que la calidad de la información financiera se ve afectada en periodos de crisis, ya que ponen de manifiesto que la manipulación al alza del resultado vía ajustes por devengo discrecionales se ha visto incrementada ante las dificultades económicas y financieras. Esto es debido no a la crisis en sí misma, sino a que la crisis ha reforzado la importancia de algunos incentivos para manipular, como es el endeudamiento
- PublicationOpen AccessFair value versus historical cost-based valuation for biological assets: predictability of financial information(2011) Argilés, Josep M.; Garcia-Blandon, Josep; Monllau, TeresaThere is an intense debate on the convenience of moving from historical cost (HC) toward the fair value (FV) principle. The debate and academic research is usually concerned with financial instruments, but the IAS 41 requirement of fair valuation for biological assets brings it into the agricultural domain. This paper performs an empirical study with a sample of Spanish farms valuing biological assets at HC and a sample applying FV, finding no significant differences between both valuation methods to assess future cash flows. However, most tests reveal more predictive power of future earnings under fair valuation of biological assets, which is not explained by differences in volatility of earnings and profitability. The study also evidences the existence of flawed HC accounting practices for biological assets in agriculture, which suggests scarce information content of this valuation method in the predominant small business units existing in the agricultural sector in advanced Western countries
- PublicationOpen AccessAccounting research: a critical view of the present situation and prospects(2011) Argilés, Josep M.; Garcia-Blandon, JosepIn this study we critically review the internal procedures of the accounting community for generating and disseminating knowledge. We contend that academic journals on accounting research are scarce, publish few articles and apply high rejection rates, and the review process is lengthy and expensive. Additionally, an academic elite has unparalleled predominance in comparison to other business disciplines, reflected in an unusual share of published articles with authors affiliated to a small number of academic institutions, and the predominance of certain topics and methodologies. The discipline does not allow the collaborative, iterative and flexible features of innovative knowledge communities. The discipline’s internal procedures favour restriction, control, slowness, and expiration, rather than participation, speed and renewal. They are ill suited for advancing knowledge and bode badly for successful research. As a result, accounting academics present low research performance and the discipline is facing steady decline. More importantly, the discipline is handicapped in producing innovative knowledge able to contribute to critical research and long term social well-being. We also focus on the Spanish institutional situation, arguing that Spanish requirements for reaching tenured positions are difficult for accountants to meet. We highlight the need to raise awareness of the problem and change the procedures
- PublicationOpen AccessRelevancia valorativa del resutlado global y sus componentes frente al resultado neto(2011) Arimany Serrat, Núria; Moya Gutiérrez, Soledad; Rodríguez Pérez, GonzaloEste trabajo tiene como objeto verificar si el resultado global presenta mayor relevancia valorativa respecto al resultado tradicional, y si es así cuáles son los componentes del resultado global que explican las diferencias. El estudio muestra que el resultado global es una variable relevante tanto para explicar el valor intrínseco de la empresa como para explicar su rentabilidad. Sin embargo, sólo al explicar la rentabilidad el resultado global y su incremento aumentan la relevancia valorativa del resultado neto y su incremento. De los componentes analizados del resultado global, tan sólo los resultados por diferencias de conversión de la moneda extranjera a la moneda de presentación añaden poder explicativo adicional al del resultado neto, aunque sólo en los modelos de rentabilidad. Ni los resultados por valoración de instrumentos financieros a valor razonable con cambios en patrimonio ni los resultados por coberturas de flujos de efectivo aportan un mayor poder explicativo al del resultado neto