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The purpose of this paper is to study the influence of different quantitative (traditionally used) and qualitative variables, such as the possible negative effect in determined periods of certain socio-political factors on share price formation.

We first analyse descriptively the evolution of the Ibex-35 in recent years and compare it with other international benchmark indices. Bellow, two techniques have been compared: a classic linear regression statistical model (GLM) and a method based on machine learning techniques called Extreme Gradient Boosting (XGBoost).

XGBoost yields a very accurate market value prediction model that clearly outperforms the other, with a coefficient of determination close to 90%, calculated on validation sets.

According to our analysis, individual accounts are equally or more important than consolidated information in predicting the behaviour of share prices. This would justify Spain maintaining the obligation to present individual interim financial statements, which does not happen in other European Union countries because IAS 34 only stipulates consolidated interim financial statements.

The descriptive analysis allows us to see how the Ibex-35 has moved away from international trends, especially in periods in which some relevant socio-political events occurred, such as the independence referendum in Catalonia, the double elections of 2019 or the early handling of the Covid-19 pandemic in 2020.

Compared to other variables, the XGBoost model assigns little importance to socio-political factors when it comes to share price formation; however, this model explains 89.33% of its variance.

El propósito de este artículo es estudiar la influencia de diferentes variables cuantitativas (tradicionalmente usadas) y cualitativas, como la posible influencia negativa en determinados períodos de ciertos factores sociopolíticos, sobre la formación del precio de.

Primero analizamos de forma descriptiva la evolución del Ibex-35 en los últimos años y la comparamos con la de otros índices internacionales de referencia. A continuación, se han contrastado dos técnicas: un modelo estadístico clásico de regresión lineal (GLM) y un método basado en el aprendizaje automático denominado Extreme Gradient Boosting (XGBoost).

XGBoost nos permite obtener un modelo de predicción del valor de mercado muy preciso y claramente superior al otro, con un coeficiente de determinación cercano al 90%, calculado sobre las muestras de validación.

De acuerdo con nuestro análisis, la información contable individual es igual o más importante que la consolidada para predecir el comportamiento del precio de las acciones. Esto justificaría que España mantenga la obligación de presentar estados financieros intermedios individuales, lo que no ocurre en otros países de la Unión Europea porque la NIC 34 solo obliga a realizar estados financieros intermedios consolidados.

El análisis descriptivo permite ver cómo el Ibex-35 se ha alejado de las tendencias internacionales, especialmente en periodos en los que se produjo algún hecho sociopolítico relevante, como el referéndum de autodeterminación de Cataluña, el doble proceso electoral de 2019 o la gestión inicial de la pandemia generada por el Covid-19.

En comparación con otras variables, el modelo XGBoost asigna poca importancia a los factores sociopolíticos cuando se trata de la formación del precio de las acciones; sin embargo, este modelo explica el 89.33% de su varianza.

The main purpose of this conceptual paper is drawing up a framework to assess the company responsibility regarding culture and fine arts. Since a rich cultural life requires variety and commitment to innovative and bold forms of cultural activity, the model should measure the corporate commitment to fostering axiological pluralism in the cultural sphere. A subordinate purpose is testing that model using primary data on the biggest Spanish listed companies. First, we define the corporate cultural responsibility (CCR) as a specific field of the corporate social responsibility. Second, we defend that corporate citizenship involves accepting some risks to be in line with the public expectations on arts and culture. Third, it is proposed an assessment model that takes into account the kind of cultural activities promoted by the firms, from conventional and uncommitted to innovative and provoking. The model makes possible to rank the companies according to the quality of their CCR and take into account the influence of size and sector. The model reveals whether firms support conventional versus challenging cultural activities. This should be taken into consideration both by CSR managers and policy makers. In spite of the mounting economic significance of symbols and creativity, there is still little literature that specifically addresses the role of firms regarding arts and culture as another facet of their responsibility as corporate citizens.

Outlines the development of genetic algorithms (GA), explains how they generate solutions to problems and applies four GA models incorporating different factors (e.g. risk, transaction costs etc.) to financial investment strategies. Uses 1987‐1996 share price data from the Madrid Stock Exchange (Spain) and a buy‐and‐hold strategy in the IBEX‐35 index as a benchmark. Shows that all four GA models generat superior daily returns of long positions with lower risk; and discusses the variations between them in detail.

It is common for an international company to have different brands, products or services, information for investors, a corporate blog, affiliates, branches in different countries, etc. If all these contents appear as independent additional web domains (AWDs), the company should be represented on the web by all these web domains, since many of these AWDs may acquire remarkable performance that could mask or distort the real web performance of the company, affecting therefore on the understanding of web metrics. The purpose of this paper is to determine the amount, type, web impact and topology of the AWDs in commercial companies in order to get a better understanding on their complete web impact and structure.

The set of companies belonging to the Spanish IBEX-35 stock index has been analysed as testing bench. The authors proceeded to identify and categorise all AWDs belonging to these companies, and to apply both web impact (web presence and visibility) and network metrics.

The results show that AWDs get a high web presence but relatively low web visibility, due to certain opacity or less dissemination of some AWDs favoring its isolation. This is verified by the low network density values obtained, that occur because AWDs are strongly connected with the corporate domain (although asymmetrically), but very weakly linked each other.

The categories used to classify the various AWD, although they are clearly distinguishable conceptually, have certain limitations in practice, since they depend on the form adopted by companies to publish certain content or to provide certain services or products. Otherwise, the use of web indicators presents certain problems of accuracy that could be softened if applied with caution and in a relational basis.

Although the processes of AWDs creation and categorisation are complex (web policy seems not to be driven by a defined or conscious plan), their influence on the web performance of IBEX 35 companies is meaningful. This research measures the AWDs influence on companies under webometric terms for the first time.

The purpose of this paper is to evaluate the quality of environmental, social and governance (ESG) reporting of Spanish companies listed in the IBEX‐35 stock index and the main drivers of the differences among reporters.

A benchmark tool was built based on GRIv3, and the ESG information issued by Spanish companies listed in the IBEX‐35 index was analyzed.

The authors conclude that GRI has resulted in some standardization of corporate social and environmental reporting, particularly in terms of format, but their approach to indicators is unlikely to produce high quality information that is relevant, comparable, complete and accessible to all stakeholders. Regulation and reputation seem to be the main drivers for improving the quality of ESG reporting. Global companies operating in industries with higher reputation risks had the highest levels of disclosure. Furthermore, reporting seems to be oriented to satisfying the demands of shareholders and investors rather than those of other stakeholders.

This paper proposes a structured definition of ESG quality reporting. Secondly, it makes an empirical contribution, by developing a reliable and valid instrument of research based on GRIv3.

The aim of this study is to deepen the understanding of corporate web sites – of which corporate social responsibility, corporate citizenship and sustainable development (CSR/CC/SD) issues are included – which stakeholders are privileged, and which mechanisms of inner and outer control are referred to in these web sites.

A specific tool was developed to monitor the treatment of CSR/CC/SD issues on corporate web sites. Content analysis was applied to the complete spectrum of enterprises within the IBEX‐35, which is the selective index of the Spanish Stock Exchange.

The research reported herein shows that the web has become an essential instrument for the communication of CSR/CC/SD issues, although its use is limited to certain content. There is also a disparity between the volume of information and its dispersion; communication is primarily unidirectional/expositive; and companies do not sufficiently use eternal criteria to guarantee the corporate behaviour they report.

The IBEX‐35 company sample analysed in this study represents the companies on the Spanish Stock Exchange that have the most capital. Thus, its results cannot be extended to other top companies or to smaller firms. This research could be expanded by extending the survey to other companies and/or to other countries. It would be especially interesting to compare different external international evaluation criteria to add to the debate on the risks of the present CSR/CC/SD agenda.

This study represents the first investigation of this topic amongst Spanish companies, and a specific tool to monitor the treatment of CSR/CC/SD issues on corporate web sites has been developed.

To empirically study the determinant factors of adopting work–life balance measures at the firm level.

After reviewing the main theories that explain work–life balance practices, IBEX-35 Spanish companies during 2015–2019 are studied to see whether the firm sector, the presence of female employees, qualified personnel, a company agreement and an equality plan determine these types of practices.

The results indicate a negative relationship between the firm activity sector and adopting work–life balance practices. Industrial companies offer fewer work–life balance measures than service companies. A company agreement implies more extensive adoption of work-life practices. Older companies are characterized by greater adoption of work-life practices, in contrast to their level of profitability that is associated negatively with these practices.

Since it is difficult for industrial companies to change their idiosyncrasies, it is necessary to incorporate other measures that promote work–life balance, such as timetable flexibility. Companies and policymakers should promote the advantages of a company agreement to contribute to the implementation of work–life balance practices.

The empirical evidence is scarce, especially in Spain and at the company level, given that most previous studies have focused on workers and the Anglo-Saxon sphere. Given the growing interest in this topic in the business world, the authors intend to contribute to this scarce literature by incorporating variables considered in previous studies, as well as other more innovative ones (agreement, equality plan) in a single model through a longitudinal study.

Estudiar empíricamente los factores determinantes de la adopción de medidas de conciliación a nivel de empresa.

Tras revisar las teorías que explican la adopción de prácticas de conciliación, se estudia para las empresas españolas del IBEX-35 durante el periodo 2015–2019, si el sector de actividad, la presencia de mujeres y de personal cualificado, así como la existencia de un convenio de empresa y de un plan de igualdad, determinan este tipo de prácticas.

Los resultados sugieren una relación negativa entre el tipo de sector al que pertenece la empresa y el índice de conciliación. Las compañías industriales poseen un menor índice de conciliación que las de servicios. La existencia de un convenio de empresa permite un mayor índice de conciliación. El índice de conciliación tiene mayor nivel de implantación en las empresas con mayor antigüedad si bien un mayor nivel de rentabilidad está asociado de modo negativo con las prácticas de conciliación.

En las empresas industriales es necesaria la incorporación de otras medidas que fomenten la conciliación, como, por ejemplo, la flexibilidad de entrada y salida. Animar a las empresas y policymarkers a incidir en las ventajas de un convenio de empresa puede contribuir al fomento de la implantación de medidas de conciliación.

La evidencia empírica es escasa para el caso español, y a nivel de empresa, dado que la mayoría de estudios previos han analizado al trabajador como objeto de estudio y pertenecen al ámbito anglosajón. Considerando el creciente interés de este tema en el mundo empresarial, se pretende contribuir a esta escasa literatura en España, incorporando tanto variables consideradas en estudios previos como otras más novedosas (convenio, plan de igualdad) a través de un estudio longitudinal.

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.

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.

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.

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.

The study aims to test the existence of a meeting clustering effect in the Spanish Stock Exchange (SSE).

This paper studies the relationship between the clustering of annual general meetings and stock returns in the SSE. A multivariate analysis is carried out in order to analyse the relationship between monthly returns and the clustering of general meetings in the SSE.

The authors show that meeting clustering exists and that some months exhibit significant and positive additional returns related to the holding of ordinary or extraordinary general meetings.

The authors have explored some possible explanations for the meeting clustering effect, such as a potential link with the “Halloween” effect or the presence of higher-than-normal levels of volatility, trading volumes or investor attention. However, none of these can explain the meeting clustering effect that emerges as a new anomaly in the SSE.

The authors have documented significant and positive abnormal returns in some months that coincide with the holding of general meetings. Therefore, the holding of ordinary and/or extraordinary meetings in some months involves the release of relevant information for investors.

This study complements the financial literature because it is focused on the clustering of meetings and its effect on a stock market whose legal order is based on civil law. This fact allows us to shed new light on meeting clustering and its effect on other types of markets.

The purpose of this paper is to verify empirically how some Spanish firms present their social information with regard to labor practices, human rights, society, and product responsibility and how by means of this social information the firms reveal their ethical behavior.

The study of the social information reflected in the sustainability report was carried out by the content analysis method. This analysis technique is based on detecting the presence or absence of information, covering a number of different subjects areas. To accomplish the study, certain companies belonging to different sectors of activity were chosen and all the companies belong to the IBEX‐35, which comprises the main Spanish companies on the Stock Market.

In light of the results obtained it can be considered that the firms analyzed through the social information they present do manifest and make known their ethical behavior, behavior considered as the good, correct and just actions of firms that seek to improve the quality of life of their workers, as well as their social conditions, in areas that are important for the workers such as employment, health and safety, training and education, non‐discrimination, disciplinary practices, freedom of association, society, etc.

This work should also be extended to more companies, both nationally and internationally and not just be limited to the largest companies. There is still much to be done to cover the possible gaps in social reporting.

This paper examines the social information of companies belonging to different sectors of activity and how by means of this social information the firms reveal their ethical behavior.