Manuel Alonso Dos Santos, Orlando Antonio Llanos-Contreras and Mauricio Jara-Bertin
Harold Lopez, Mauricio Jara and Adriana Cabello
The purpose of this paper is to analyze the impact of IFRS mandatory adoption on accounting conservatism and to shed light on the drivers of such impact.
Abstract
Purpose
The purpose of this paper is to analyze the impact of IFRS mandatory adoption on accounting conservatism and to shed light on the drivers of such impact.
Design/methodology/approach
Using a sample of listed firms for five Latin American countries, the authors analyze the relation between mandatory adoption of International Financial Reporting Standards and the conditional accounting conservatism of earnings.
Findings
The authors find evidence that IFRS adoption boosts earnings conservatism. This result is robust and heterogeneous. The results also show that the effect of IFRS differs across firms and countries. Specifically, the impact of IFRS adoption is higher for low-earnings-quality firms and for firms with high levels of investment opportunities.
Practical implications
The results suggest that IFRS adoption in Latin America has enhanced comparability of financial information both across and within countries.
Originality/value
This paper contributes to the literature by providing new evidence on the drivers of the impacts of IFRS adoption in emerging markets.
Propósito
Este artículo analiza el impacto de la adopción obligatoria de las Normas Internacionales de Información contable (IFRS o NIIF) en el conservadurismo contable y aclara los determinantes de dicho impacto.
Diseño/metodología/enfoque
Usamos una muestra de empresas listadas en cinco países latinoamericanos para analizar la relación entre la adopción obligatoria de IFRS y el conservadurismo contable condicional.
Resultados
Encontramos evidencia de que la adopción de IFRS aumenta el conservadurismo contable. Este resultado es robusto y heterogéneo. Nuestros resultados también muestran que el efecto de IFRS en conservadurismo difiere entre empresas y países. En particular, el impacto de IFRS es mayor para firmas con baja calidad contable y altos niveles de oportunidades de inversión.
Implicancias prácticas
Nuestros resultados sugieren que la adopción de IFRS en Latinoamérica fomentó la comparabilidad de los estados financieros tanto intra como entre países.
Originalidad/valor
Nuestro estudio contribuye a la literatura proveyendo evidencia nueva sobre los determinantes de los impactos de la adopción de IFRS en mercados emergentes.
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Melany Hebles, Concepción Yaniz-Álvarez-de-Eulate and Mauricio Jara
The purpose of this paper is to analyze the impact of a classroom application of the cooperative learning (CL) methodology on nine dimensions of business students’ teamwork…
Abstract
Purpose
The purpose of this paper is to analyze the impact of a classroom application of the cooperative learning (CL) methodology on nine dimensions of business students’ teamwork competence (TC).
Design/methodology/approach
The authors used a quasi-experimental pre-post design with a previous cohort as control group (first-year students from the year prior to treatment application), applying treatment to a sample of 228 first-year students in a School of Economics and Business at a Chilean University (114 as treatment and 114 as control).
Findings
The authors’ results show that CL had a positive, significant influence on five dimensions of TC: collective efficacy, planning, goal setting, problem solving and conflict management.
Research limitations/implications
This paper upholds the importance and effectiveness of CL in developing TC. However, the evidence suggests that the effectiveness of the CL methodology was limited to development and improvement of less complex dimensions of TC. More complex dimensions require a longer period of time to be developed.
Practical implications
This research is an important contribution to the design and implementation of appropriate methodologies for developing a widely needed area of competence in the workplace, considering its multidimensional nature, whether in academia or business.
Originality/value
This is the first study to seek empirical evidence that would link the CL methodology with TC. In addition, it fills a gap in the literature on the development of TC in its multiple dimensions. It particularly addresses the training of business professionals.
Propósito
El objetivo principal de este trabajo es analizar el impacto de la metodología Aprendizaje Cooperativo aplicada en aula en nueve dimensiones de la Competencia Trabajo en Equipo en estudiantes de negocios.
Diseño/Metodología/Enfoque
Se ha empleado un diseño cuasi experimental pre-post test con grupo cuasi control en una cohorte anterior (curso de primer año del año previo a la aplicación del tratamiento), aplicada a 228 estudiantes de 1° año de una Facultad de Economía y Negocios de una Universidad Chilena (114 de tratamiento y 114 de control).
Resultados
Los resultados obtenidos ponen de manifiesto un efecto positivo y significativo de la metodología Aprendizaje Cooperativo sobre cinco dimensiones de la Competencia Trabajo en Equipo, las cuales son eficacia colectiva, planificación, establecimiento de objetivos, resolución de problemas, y gestión de conflictos.
Limitaciones/Implicancias
El presente trabajo sostiene la importancia de emplear una metodología de Aprendizaje Cooperativo en la formación de la Competencia Trabajo en Equipo. No obstante, la evidencia presentada sugiere que la aplicación de la metodología Aprendizaje Cooperativo es significativa para dimensiones de menor complejidad en su desarrollo, ya que aquellas más complejas requieren de un horizonte más largo para ser adquiridas.
Implicancias prácticas
Esta investigación supone una contribución importante para el diseño e implementación de metodologías adecuadas para la formación de una competencia ampliamente requerida en el mundo profesional, considerando su carácter multidimensional, tanto en el ámbito universitario como empresarial.
Originalidad/Valor
Es el primer estudio que busca evidencia empírica acerca de la relación entre la aplicación de una metodología de Aprendizaje Cooperativo y la Competencia Trabajo en Equipo. Adicionalmente, complementa un vacío en la literatura a la formación de la Competencia Trabajo en Equipo desde sus múltiples dimensiones. En especial, en la formación de profesionales de los negocios.
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Nicolas Hardy, Nicolas S. Magner, Jaime Lavin, Rodrigo A. Cardenas and Mauricio Jara-Bertin
The purpose of this paper is to provide evidence about the effects of the MILA agreement in terms of improving financial market efficiency.
Abstract
Purpose
The purpose of this paper is to provide evidence about the effects of the MILA agreement in terms of improving financial market efficiency.
Design/methodology/approach
The authors measure efficiency by studying the stock reaction to earnings announcements using a conditional heteroscedasticity generalized autoregressive conditional heteroscedasticity-adjusted market model and the most commonly implemented event study tests for 3,399 events across four countries in the Latin American Integrated Market (MILA).
Findings
Contrary to expectations, the results show that the MILA agreement has isolated gains in terms of reaction to corporate earnings announcements, which translates into partial improvements in market efficiency. However, the evidence indicates that the MILA agreement favored cointegration, which is in line with other studies.
Practical implications
This paper provides evidence for policymakers and regulators that a stock market agreement is a condition that promotes market cointegration, but it is not an element that in itself ensures an improvement in market efficiency. To achieve greater MILA benefits, regulatory and market-level changes are required.
Originality/value
This is the first study that analyses the effect of a stock market agreement on the efficiency of markets, expanding on what has been studied in the finance literature regarding the influence of these agreements on cointegration.
Propósito
Esta investigación entrega evidencia sobre los efectos del acuerdo MILA respecto a mejoras en la eficiencia de los mercados accionarios involucrados.
Diseño/metodología/enfoque
Medimos eficiencia estudiando la reacción de los mercados accionarios tras anuncios de resultados utilizando un modelo de mercado ajustado por heteroscedasticidad condicional (GARCH). Además, consideramos las pruebas de estudios de evento más utilizadas en la literatura para 3,399 eventos en los 4 países involucrados en el acuerdo MILA.
Resultados
Contrario a lo esperado, los resultados muestran que el acuerdo MILA genera aumentos marginales en la reacción frente a anuncios corporativos, lo cual se traduce en mejoras parciales de la eficiencia de mercados accionarios. Sin embargo, la evidencia muestra que el MILA sí favorece a la cointegración, lo cual va en línea con estudios previos.
Implicancias prácticas
Esta investigación entrega evidencia para reguladores de que un acuerdo de integración bursátil promueve cointegración entre mercados, pero no es un elemento que por sí solo asegure una mejora en eficiencia. Para alcanzar mayores beneficios del acuerdo MILA, se requieren cambios adicionales a nivel de mercado accionario y de regulación.
Originalidad/valor
Este es el primer estudio que analiza el efecto de un acuerdo de integración bursátil en la eficiencia de los mercados accionarios, expandiendo lo que ha sido ya encontrado en la literatura financiera respecto a la influencia de estos acuerdos en cointegración.
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Mauricio Jara-Bertin and Jean P. Sepulveda
The purpose of this paper is to introduce an earnings management dimension to compute pre-manipulated accounting performance (free of discretionary accruals) to determine whether…
Abstract
Purpose
The purpose of this paper is to introduce an earnings management dimension to compute pre-manipulated accounting performance (free of discretionary accruals) to determine whether family-controlled firms perform better than non-family-controlled firms.
Design/methodology/approach
The authors used Jones’ model (1991) to obtain a pre-manipulated performance measure for a sample of Chilean firms. The authors then regressed the pre-manipulated measures of accounting performance as dependent variables against the family nature of the largest shareholder using the Blundell and Bond generalized method of moments estimator.
Findings
The authors found that the pre-manipulated performance of family-controlled firms is superior to that of non-family-controlled firms. The authors also show that the presence of institutional investors in the firm’s ownership structure has a positive influence on the performance of family companies. The results suggest that earnings management behavior is not sufficient to explain the better performance of family-controlled firms that has been reported in the literature.
Originality/value
The authors provide new evidence regarding the real superior performance of family business. These results provide some degree of confidence to investors since family firms provide good quality earnings measures of financial performance.
Propósito
este estudio pretende determinar si las diferencias en performance entre empresas familiares y no familiares puede ser explicada por la existencia de manipulación contable de los retornos.
Diseño/metodología/enfoque
usamos el método de Jones (1991) para obtener una medida de retorno contable no manipulado para una muestra de empresas chilenas, y luego estimamos una regresión de tipo panel donde la medida de retorno sin manipular es la variable dependiente, la naturaleza familiar o no de la empresa es la variable independiente y una serie de variables de control. Debido a la posible endogeneidad entre retorno y tipo de empresa, usamos la técnica de Blundell y Bond (Método Generalizado de los Momentos).
Findings
encontramos que aun usando retornos libre de manipulación contable, las empresas familiares muestran un mejor desempeño que aquellas no familiares. Además, se observa que la presencia de inversionistas institucionales (AFPs) en la estructura de control de la firma, tiene un efecto positivo sobre el desempeño de las empresas familiares.
Originality/value
se presenta nueva evidencia que ratifica el mejor desempeño financiero de las empresas familiares. Además, mostramos, a diferencia de estudio previos, que la presencia de inversionistas institucionales explica parte del mejor desempeño financiero de dichas empresas. Lo anterior permite a inversionistas estar seguros que el mejor retorno de empresas familiares no se debe a la manipulación contable de las utilidades.
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Mauricio Jara Bertin and José Tomás Arias Moya
The authors aim to analyze whether the adoption of IFRS accounting standards in Chilean capital markets affects the earnings conservatism of the firms that adopt them.
Abstract
Purpose
The authors aim to analyze whether the adoption of IFRS accounting standards in Chilean capital markets affects the earnings conservatism of the firms that adopt them.
Design/methodology/approach
Using a conditional earnings conservatism model, the authors compare the conservatism of the firms by periods of using or not using IFRS standards for a sample of 95 listed Chilean firms between 1999 and 2010.
Findings
The authors’ results show that conditional earnings conservatism is more pronounced under IFRS standards and suggest that the use of IFRS improves the relevance and reliability of the reported accounting information.
Originality/value
The authors provide new evidence from a Latin‐American emerging market and they shed some light on the potential effect of IFRS implementation for several Latin‐American countries that are in the on‐going process of convergence.
Propósito
Este artículo analiza si la adopción de las normas internacionales de información financiera (NIIF o IFRS) en el mercado de capitales chileno afecta el conservadurismo de las utilidades de las empresas que las adoptan.
Diseño/metodología/enfoque
Utilizando un modelo de conservadurismo condicional de las utilidades, se compara el conservadurismo de las empresas pre y post adopción de las normas IFRS para una muestra de 95 empresas que cotizan en el mercado de capitales chileno para el período entre 1999 y 2010.
Resultados
Los resultados obtenidos evidencian que el conservadurismo condicional en las utilidades es más pronunciado bajo la normativa IFRS y sugieren que el uso de IFRS mejora la relevancia y confiabilidad de la información contable reportada.
Originalidad
Se provee nueva evidencia para una economía emergente y algunas luces acerca del efecto potencial que el proceso de convergencia contable puede tener sobre la calidad de la información financiera para algunos países latinoamericanos.
Details
Keywords
- Accounting conservatism
- Asymmetric timeliness of earnings
- NIIF
- Annual stock returns
- Emerging market
- Quality of financial information
- Accounting
- Earnings
- Financial information
- conservadurismo contable
- reconocimiento asimétrico de las utilidades
- normas internacionales de información financiera
- rentabilidades anuales de los títulos
- economía emergente
- calidad de la información financiera
Mauricio Jara-Bertin, Felix Lopez-Iturriaga and Christian Espinosa
The purpose of this paper is to analyze the effect of the corporate ownership diversification, i.e. how the involvement in the ownership of other non-financial firms affects the…
Abstract
Purpose
The purpose of this paper is to analyze the effect of the corporate ownership diversification, i.e. how the involvement in the ownership of other non-financial firms affects the value of listed firms. The authors control for the unrelated diversification when the firm has different business segments in different sectors.
Design/methodology/approach
The authors analyze a sample of Chilean-listed firms between 2005 and 2009, in two stages. First, the authors compute the diversification premium or discount, defined as the part of the firms’ capitalization that stems from the diversification strategy. Then, the authors regress the premium or discount against the business and ownership diversification measures and other control variables.
Findings
In addition to a discount for unrelated business diversification, the authors find an ownership diversification discount when non-financial firms are shareholders of other firms. However, this discount turns into a premium when the firm gains the control of the owned firm, especially in related sectors.
Originality/value
The authors pioneer the analysis of the ownership diversification in Latin American firms. The results apply not only to Chile but also to a number of Latin American countries since many of these countries have, in common with Chile, a concentrated corporate ownership structure and a weak protection of investors’ rights.
Propósito
En el presente trabajo analizamos el efecto sobre el valor de la empresa de la diversificación de la propiedad, es decir, de su participación en la propiedad y el control de otras compañías. Introducimos como elemento modelador la diversificación en sectores diferentes a los que constituyen el core business de la empresa.
Diseño/metodología/enfoque
Utilizamos una base de datos de empresas chilenas cotizadas en Bolsa entre 2005 y 2009. Nuestro análisis se estructura en dos fases. En primer lugar, calculamos la prima o descuento por diversificación, medidas como la parte del valor de la empresa originada por esa decisión. En segundo lugar, realizamos un análisis de regresión para explicar cómo la diversificación del negocio y la participación en la propiedad de otras empresas influyen en esa prima o descuento.
Resultados
Encontramos un descuento por la adopción de estrategias de diversificación no relacionadas. Asimismo, nuestros resultados ponen de manifiesto la existencia de un descuento por la participación de una empresa en la propiedad de otras compañías. Sin embargo, ese descuento se convierte en prima cuando dicha participación permite a la empresa obtener el control de las otras compañías, especialmente en segmentos industriales relacionados.
Originalidad/Valor
Nuestro trabajo analiza por primera vez el efecto de la diversificación de la propiedad en empresas latinoamericanas. Nuestros resultados pueden aplicarse a otros países porque Chile comparte con otros países de su entorno rasgos como la concentración de propiedad de sus empresas y la escasa protección de los derechos de los inversores, factores que modelan el efecto de la diversificación.
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Mauricio Jara‐Bertin, José Arias Moya and Arturo Rodríguez Perales
The purpose of this paper is to analyze the impact of macroeconomic‐industrial and bank‐specific factors on Latin American banks’ performance.
Abstract
Purpose
The purpose of this paper is to analyze the impact of macroeconomic‐industrial and bank‐specific factors on Latin American banks’ performance.
Design/methodology/approach
Using the data panel system estimator version of the generalized method of moments, the authors estimate the determinants of return on assets and interest margin for a sample of 78 commercial banks from Argentina, Brazil, Chile, Colombia, México, Paraguay, Peru, and Venezuela over the period from 1995 to 2010.
Findings
On the one hand, the results show that bank performance is positively related to both idiosyncratic factors, such as service diversification, size, capital ratio, and specialization degree, and to macroeconomic‐industrial factors such as economic growth, inflation, and bank concentration. On the other hand, the results show that bank performance is negatively related to credit risk, liquidity risk, and operational inefficiencies.
Originality/value
The authors provide new evidence from the Latin American bank industry and incorporate the effect of diversification through noninterest activities.
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Carlos Giraldo, Iader Giraldo-Salazar, Nathalie Peña-García and Mauricio Losada-Otálora
In this paper, we ask: how do individual factors affect individuals’ intentions of adopting fast payment systems (FPS)? We examine the role of financial literacy and beliefs about…
Abstract
Purpose
In this paper, we ask: how do individual factors affect individuals’ intentions of adopting fast payment systems (FPS)? We examine the role of financial literacy and beliefs about cash as individual-related variables that complement the technology acceptance model (TAM) in explaining the individuals’ intention to adopt financial innovations.
Design/methodology/approach
We surveyed consumers in 11 Latin American countries to measure relevant variables. By applying structural equation modeling, we extended the TAM. We demonstrated that financial literacy and beliefs about cash contribute to developing a fine-grained understanding of what stimulates individuals’ adoption of financial innovations like FPS.
Findings
Our results support the claim that individuals with higher levels of financial literacy exhibit a higher intention to adopt FPS through the mediation role of beliefs about cash, perceived usefulness, perceived ease of use and attitude.
Practical implications
To improve FPS’s acceptance probability, designers must add highly usable platforms. However, it could be more important to increase the perceived usefulness of FPS as the system competes directly with traditional payment methods such as cash. If individuals exhibit strong positive beliefs about cash, their attitudes and intentions of adopting FPS will decrease. In addition, policymakers and designers may modify beliefs about cash individuals exhibit by identifying and intervening in their determinants (e.g. financial literacy).
Originality/value
Besides technology-related factors, we demonstrate that beliefs about alternative technologies (e.g. cash) influence the intention to adopt financial innovations like FPS.
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Manzamasso Hodjo, Acharya Ram, Don Blayney and Tebila Nakelse
This paper aims to investigate how climatic, market and policy factors interact to determine food production in Togo. Specifically, we estimate acreage and yield response to…
Abstract
Purpose
This paper aims to investigate how climatic, market and policy factors interact to determine food production in Togo. Specifically, we estimate acreage and yield response to market prices, weather and policy changes for maize and rice.
Design/methodology/approach
We use panel data estimators in a Seemingly Unrelated Regressions Equation (SURE) model with region-level data from the Food and Agriculture Organization statistics department and the National Oceanic and Atmospheric Administration (NOAA) of the US Department of commerce.
Findings
We found lower fertilizer price and higher grain price effects on maize acreage and yield. In addition, we found a positive effect of expected rice price on both its acreage and yield. As expected, rainfall during planting months has a significant impact on both maize (April) and paddy (May) acreage allocations. Similarly, total rainfall during the growing season has a positive impact on both maize and paddy yields. Moreover, recent agricultural policy initiative designed to boost domestic food production has significantly increased acreage and yield for maize, and yield for paddy, especially the strategy for agricultural growth.
Research limitations/implications
The dataset includes region-level observations from 1991 to 2012 which limits the observation span. However, we had enough variability in key variables to determine the estimated coefficients.
Practical implications
Although the dataset is limited in time (1991–2012) and uses national-level output prices, this investigation reveals that cropland allocation to maize and rice is sensitive to fertilizer and grain prices, weather expectations and policy interventions. These findings provide evidence for sustainable food production and productivity enhancement in Togo.
Social implications
Understanding drivers of cropland allocation and cereal yield contribute to better food security and poverty reduction in developing countries, especially Togo.
Originality/value
Prior to this study, little was known on the effect of price, climate and policy on cropland allocation in Togo. This investigation contributes significantly to filling this knowledge gap and provides insights for effective interventions.