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Article
Publication date: 14 September 2018

Laura Marín Andreu and Esther Ortiz-Martínez

The purpose of this paper is to study the evolution of the non-financial information reporting in Spain and evaluate if it is related to the financial evolution of the companies.

Abstract

Purpose

The purpose of this paper is to study the evolution of the non-financial information reporting in Spain and evaluate if it is related to the financial evolution of the companies.

Design/methodology/approach

Sustainability reporting has been studied based on the Global Reporting Initiative (GRI) standards. The sample gathers Spanish large firms listed on the IBEX 35 in 2010. The period of the analysis covers six years, from 2010 to 2015.

Findings

The main results are that almost every company applies the GRI standards to the reports. The common is to apply limited or moderated assurances to the reports and ask for the insurance of the “big four.” The reporting is evolving from specific corporate social responsibility reports to the integrated reports which join financial and non-financial performances. The evolution of the earning per share and dividend per share (DPS) of the companies is moderately related with the sustainable reporting and highlights the positive relationship between the last GRI version, the combination level of assurance and the use of engineering firms with the financial evolution, mainly DPS.

Originality/value

The most important contribution of this paper is to add some extra information to the relationship between non-financial information and financial features of the companies, and in the case of Spain, where there are not so many previous studies and it is an important benchmark in Europe.

Details

Social Responsibility Journal, vol. 14 no. 4
Type: Research Article
ISSN: 1747-1117

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Article
Publication date: 1 November 2007

David Crowther and Esther Ortiz Martinez

Agency Theory is normally used to explain the relationship between the managers of a corporation and its owners, or shareholders, and to legitimate the payment of share…

Abstract

Purpose

Agency Theory is normally used to explain the relationship between the managers of a corporation and its owners, or shareholders, and to legitimate the payment of share options, and other remuneration mechanisms, to those managers on the basis that this will align the interests of the managers of a corporation with those of its owners. The paper aims to argue that this outworn legitimation is not just based on a bankrupt theory but is actually deleterious to corporate performance, managerial behaviour and the relationship between managers, shareholders and other stakeholders.

Design/methodology/approach

The approach is to examine the behaviour of the managers of The Royal Dutch/Shell Group of Companies (“Shell”) as they have continued to reinterpret accounting regulations, reclassify oil reserves and re‐report past and probable/possible future performance of the company.

Findings

The argument is predicated in the assertion that in the relationship between owners and managers of such a corporation there are actually no principals and therefore there can be no agents. Furthermore, the rewards structure developed from the theory provides a motivation for managerial misrepresentation leading to a situation in which principles are defunct. The Social Contract between all stakeholders to a corporation has been reinvigorated as a basis for sustainable performance, with consequent implications for the behaviour of all parties to the contract.

Originality/value

The paper illustrates that evidence abounds showing that corporations do not have any sense of social responsibility and do not feel constrained by any kind of ethical code, no matter what their corporate literature states, but that there are an increasing number of stakeholders to organisations who are demanding accountability – and forcing corporations to respond accordingly.

Details

Social Responsibility Journal, vol. 3 no. 4
Type: Research Article
ISSN: 1747-1117

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Book part
Publication date: 24 May 2012

Esther Ortiz Martínez

The planning methodology used to elaborate strategic sustainable economic development for the period 2007–2013 is based on two items: technical studies and different modes…

Abstract

The planning methodology used to elaborate strategic sustainable economic development for the period 2007–2013 is based on two items: technical studies and different modes of participation. Although independence is the example applied by the public sector, the main point to highlight here is the initiative's sustainability because a common framework is used. Every step is taken by applying the widest consensus and using governance from the regional public sector. Finally, everyone who wants to make suggestions and add to the plan is given the chance to help design the future ‘map’ for our region. It is a way to listen to all voices, suggestions and opinions, taking advantage of all possibilities opened by new technologies, and at the same time to involve everyone, from the beginning to the end, through the most representative associations and organisms, working hard with them to design the general framework for regional development and after that to reach and follow the planned objectives.

Details

Business Strategy and Sustainability
Type: Book
ISBN: 978-1-78052-737-6

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Article
Publication date: 1 June 2004

Isabel Martínez Conesa and Esther Ortiz Martínez

Financial analysis at international level has to overcome a lot of obstacles that increase the uncertainty which the financial analyst is used to handling. It is commonly…

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6574

Abstract

Financial analysis at international level has to overcome a lot of obstacles that increase the uncertainty which the financial analyst is used to handling. It is commonly argued by accounting regulators, academics, and so on, that different accounting standards are one of these handicaps. For this reason European listed companies will be required in year 2005 to elaborate consolidated financial statements according to International Accounting Standards. Will it be a solution for the handicaps that face financial analysts? The objective of this study is to see how accounting diversity can be resolved and what are the conclusions of financial analysts in capital markets. The prior hypotheses will be: first, that accounting diversity is not what introduces the most important uncertainty in the international financial analysis, and second, that accounting diversity is avoided instead of being corrected. It is evidenced that the most important factors of diversity are strategies of the company and that analysts try to reduce the impact of accounting diversity, for example, using less biased ratios such as Enterprise Value/EBITDA.

Details

European Business Review, vol. 16 no. 3
Type: Research Article
ISSN: 0955-534X

Keywords

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Book part
Publication date: 24 May 2012

Fulya Akyildiz is Assistant Professor, Department of Public Administration, Usak University, Turkey.

Abstract

Fulya Akyildiz is Assistant Professor, Department of Public Administration, Usak University, Turkey.

Details

Business Strategy and Sustainability
Type: Book
ISBN: 978-1-78052-737-6

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Book part
Publication date: 23 September 2019

Fátima Esther Martínez Mejía and Nelson Andrés Ortiz Villalobos

On September 11th, 1973, started the darkest stage in the recent history of Chile. The military and the police, at the command of General Augusto Pinochet, executed the…

Abstract

On September 11th, 1973, started the darkest stage in the recent history of Chile. The military and the police, at the command of General Augusto Pinochet, executed the most atrocious acts against the human dignity that the country had witnessed. The martial and technocratic leaders of the dictatorship ripped apart and redesigned the institutions of the country at their will, through to the elimination of the opposition and the systematic violation of human rights, which reached any person or group. Just a few days after the coup d’état that brought Pinochet to power, the Cardinal and Archbishop of Santiago, Raúl Silva Henríquez, and a group of churches declared themselves against the devastating violence that was gripping the country. Immediately, the religious spaces took up the lead in the defense of the most vulnerable, the persecuted, marginalized, and poor. The major effort focused on the Vicariate of Solidarity, an organization of the Catholic Church in Chile that was tasked with the promotion and defense of human rights, which offered legal and social assistance to the victims and their families. The Vicariate quickly positioned itself as a leader in search of justice against the backdrop of repression, censorship, lack of representative institutions, and prohibition of popular movements. The purpose of the present chapter is to analyze the work of the Vicariate of Solidarity and its leading role in the fight against human rights violations, strengthening social reorganization, reconciliation, and the return to democracy in Chile.

Details

Peace, Reconciliation and Social Justice Leadership in the 21st Century
Type: Book
ISBN: 978-1-83867-193-8

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Article
Publication date: 11 August 2020

Huub Ruel, Hefin Rowlands and Esther Njoku

This paper aims to develop a theoretical framework to understand the role of leadership and organizational learning in intra-organizational digital business strategizing…

Abstract

Purpose

This paper aims to develop a theoretical framework to understand the role of leadership and organizational learning in intra-organizational digital business strategizing, to contribute to our understanding of how digital business strategies emerge.

Design/methodology/approach

Based on a theoretical analysis of relevant literature to connect leadership and organizational learning to intra-organizational digital business strategizing, a co-creation model was developed.

Findings

The model demonstrates that digital business strategy emerge through the mediating role of leadership and organizational learning processes, facilitated by the moderating effect of contextual factors, which includes; strategic alignment, information technology competence, institutional trust and organizational change readiness.

Research limitations/implications

Two major limitations of this paper that warrant further research are as follows: the paper’s focus on intra-organizational digital business strategizing which excludes collaborative inter-organizational digital business strategizing among network organizations in Industry 4.0; and the need for empirical examination of the model to evaluate and validate it.

Practical implications

This paper offers a framework that will ensure that digital business strategizing maintains a fit between organizational strategy, structure, knowledge, culture, systems and processes that must align together to achieve the desired strategy.

Originality/value

To the best of the authors’ knowledge, this is the first study to explore the extendibility of leadership and organizational learning to digital business strategizing and to propose how digital business strategies emerge.

Details

Competitiveness Review: An International Business Journal , vol. 31 no. 1
Type: Research Article
ISSN: 1059-5422

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Article
Publication date: 1 June 2003

Esther Ortiz, Isabel Martínez and Jose G. Clavel

The objective of this study is to rank some factors as handicaps that create diversity and incertitude in international financial analysis. It is an important subject when…

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1407

Abstract

The objective of this study is to rank some factors as handicaps that create diversity and incertitude in international financial analysis. It is an important subject when discussing the adoption of International Accounting Standards as one unique set of standards in capital markets around the world. Although it is necessary to reach homogeneity in the field of accounting standards because of the costs, barriers and lack of comparability that they create, the handicap imposed by accounting diversity is not the most important. This assertion has been proved through statistical methodology: Dual Scaling. The most important factors creating differences between net income and shareholders’ funds prepared according to domestic (Spanish, German, and British) and US‐GAAPS are the industry in which the company operates, the country from where the company comes and finally differences due to different accounting standards used in the calculation of net income and shareholders’ funds.

Details

European Business Review, vol. 15 no. 3
Type: Research Article
ISSN: 0955-534X

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Article
Publication date: 16 October 2018

Abdulsamad Alazzani, Yaseen Aljanadi and Obeid Shreim

Drawing on servant leadership theory, this study aims to investigate whether the presence of royal family members on boards of directors impacts corporate social…

Abstract

Purpose

Drawing on servant leadership theory, this study aims to investigate whether the presence of royal family members on boards of directors impacts corporate social responsibility (CSR) reporting.

Design/methodology/approach

CSR scores from a Bloomberg database are used and royal family data are collected from annual reports. The required analyses to test the hypotheses of this study have been performed.

Findings

The findings demonstrate a positive relationship between the presence of royal family directors and CSR reporting.

Originality/value

This study seeks to contribute to the literature on servant leadership theory and CSR by highlighting the impact of royal family directors on CSR reporting. This study may also contribute to an understanding of royal family leadership as a predictor of CSR reporting.

Details

Social Responsibility Journal, vol. 15 no. 1
Type: Research Article
ISSN: 1747-1117

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Article
Publication date: 1 February 2005

Esther Ortiz

This paper examines the adoption of internationally accepted accounting standards by European companies listed on the New York Stock Exchange. The study focuses on the…

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4358

Abstract

Purpose

This paper examines the adoption of internationally accepted accounting standards by European companies listed on the New York Stock Exchange. The study focuses on the evolution of the use of different generally accepted accounting principles (GAAP), and on the features of those companies that have adopted these non‐local GAAP.

Design/methodology/approach

The sample was obtained from 336 Forms 20‐F for the period 1997‐2000. Using the information included in contingency tables and Pearson chi‐square statistic, proves whether there are any relationships between GAAP choice and other explanatory factors, i.e. country, size, industry, time listed and profitability.

Findings

The majority of the analysed companies keep using domestic‐GAAP. IAS firms are mainly non‐financial entities based in Switzerland and more profitable than US‐GAAP companies, which are mainly financial entities or companies engaged in SIC code 7 (services) based in Germany and less profitable than IAS firms.

Research limitations/implications

The most important limitation of the paper is the period of the study. It is admitted that a deeper analysis would imply obtaining data from the most recent years.

Originality/value

Bearing in mind the next adoption in Europe of International Financial Reporting Standards issued by the IASB, the results of the paper give a clue about the type of European multinationals which tend to adopt non‐local GAAP, and which kind of internationally accepted accounting standards they preferentially adopt.

Details

European Business Review, vol. 17 no. 1
Type: Research Article
ISSN: 0955-534X

Keywords

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