Manuel Larrán

The explanatory factors of intellectual capital disclosure to financial analysts

Abstract The objective of this paper is to assess the information dealing with intellectual capital that firms disclose in presentations to sell-side analysts and the influences on these disclosures. Analysis of a sample of 257 reports from listed Spanish companies for 2000–2001 shows differences in disclosure levels by categories of intellectual capital. Companies usually report information regarding strategy, customers, and processes; information about research, development, and innovation is less often reported to financial analysts. Larger companies disclose higher levels of intellectual capital information, frequently outside presentations conducted after quarterly, half-year, or annual results announcements.

An Evaluation of the Value Relevance of Consolidated versus Unconsolidated Accounting Information: Evidence from Quoted Spanish Firms

In this paper we investigate the value-relevance of consolidated versus parent company accounting information. In particular we investigate the value relevance of the minority interest components of net total assets and earnings as currently reported and under the full entity approach to consolidated reporting. An Edwards-Bell-Ohlson valuation framework is used to generate results. By this means we cast light on the suitability of accounting regulation being developed based upon the entity or parent company theories of consolidation. We carry out the analysis in the Spanish context and the sample contains 474 observations of non-financial firms quoted in the Madrid Stock Exchange for the period 1991–97. The results from this analysis not only have domestic relevance but provide guidance of a more international nature relating to the impact of group definition, concepts of control and the most value relevant method of consolidated disclosure. The results show that, from a valuation perspective, consolidated information dominates non-consolidated, or parent company, information. However, neither the currently reported minority interest components of net total assets and earnings, nor their values under the full equity method of consolidation, are found to be value relevant. These results raise the question of whether group definitions based on the equity theory of consolidation are the most useful to investors.

Measuring the linkage between strategies on sustainability and institutional forces: an empirical study of Spanish universities

Policy documents are commonly identified as key outcomes that guide initiatives directed by senior university leaders towards sustainability through plans and policies. Many studies have called for a more integration of sustainability into universities. Nevertheless, the interest in sustainability issues has been more recent in the specific case of Spain. This study analyses the strategic plans developed by Spanish universities in the last decade with two different aims: first, we examine the extent to which Spanish universities are incorporating strategies on sustainability. The second goal evaluates whether the presence of strategies on sustainability in Spanish universities could be associated with coercive and mimetic pressures. Findings indicate the low presence of strategies on sustainability in Spanish universities. Moreover, the results seem to suggest that the presence of strategies on sustainability in Spanish universities could be linked with coercive and mimetic pressures emanating from the State performance funding for universities. The results indicate that universities usually incorporate practices and strategies on sustainability as a response of the pressure exerted by institutional forces, such as the funding systems of higher education institutions.

Determining factors of environmental education in Spanish universities

Purpose – This study aims to analyze the main factors that might determine the extent to which Spanish organizational management educators use environmental stand-alone subjects to equip students with alternative views of business. To give a more qualitative study, this paper also provides a more detailed curriculum analysis from a double point of view: first, the authors analyze the environmental integration in curricula by means of the presence of environmental embedded subjects. On the other hand, the authors analyze the main environmental topics covered by curriculum of Spanish universities. Design/methodology/approach – A Web content analysis and non-parametric mean comparison statistics of the curricula of undergraduate degrees at all universities in Spain was conducted. Findings – One of the main conclusions of this paper is that public universities in Spain are more likely to require an environmental course than private universities. Other factors, such as size, political orientation or chairs/res...

Private Disclosure in the Spanish Capital Market: Evidence from Financial Analysts and Investor Relations Directors

ABSTRACT The objective of this paper is to analyse cross-national differences in the predictive ability of This study analyses the market for voluntary information in the Spanish capital market. It covers the agents who operate in the capital market; the information which is disseminated; the perceptions of providers and users concerning the usefulness of financial information; the costs, benefits and importance of private channels for voluntary information; the different ways of supplying private information; how the market for information affects the behaviour of the capital market and how the information is disseminated. The evidence comes from semi-structured interviews with 18 financial analysts and 26 investor relations directors, and responses to 60 questionnaires, which were sent to all companies quoted on the Madrid Stock Exchange and to all financial analysts members of the Spanish Association of Financial Analysts, and a further 38 responses were obtained from a separate survey of investor relations directors. The results show that financial analysts and companies attach a positive value to the voluntary disclosure of private information through private channels largely because the costs associated with this are lower than for conventional channels, for both providers and users of financial information. The costs of possible competitive disadvantage, more than other factors, explain the existence of this ‘parallel market’ for voluntary information. In general our respondents and interviewees considered that the benefit from improved information flows outweighs the potential disadvantages from granting of privileged, price sensitive information to particular groups of users. These results are largely consistent with those from the UK. It is considered significant that we find the same phenomena in a different cultural and regulatory context.

Implementing Sustainability and Social Responsibility Initiatives in the Higher Education System: Evidence from Spain

Sustainability and social responsibility issues in higher educational institutions have attracted increasing levels of attention from both the public and policy makers in recent decades. This study analyzes the level of implementation of sustainability and social responsibility issues by Spanish universities in different areas (e.g. curriculum, strategic planning, practices, barriers or drivers and reporting) in order to find out their engagement with the higher education for sustainable development. Key findings show the slow rate of progress of many Spanish universities with regard to implementing sustainability and social responsibility initiatives, a fact which could indicate that there are clearly a number of obstacles to overcome. Barriers that compromise sustainability and social responsibility initiatives in higher education can stem from a lack of institutional policies, research networks or administrative structures to promote and coordinate sustainability and social responsibility at universities.