<p>El objetivo de este estudio es descubrir los determinantes de la estructura de capital de 304 empresas del sector manufacturero de Guayaquil, durante el periodo 2012-2016 y qué teoría condensa mejor las decisiones de financiación de las empresas. La importancia del mismo, reside en verificar los determinantes del endeudamiento en empresas de un país en vías de desarrollo y comparar los resultados con las predicciones de las teorías sobre el Equilibrio Estático y sobre la Jerarquía Financiera. Como metodología se ha empleado una estructura de datos de panel junto a un modelo de efectos fijos. Tras la revisión de la literatura se ha utilizado un modelo de regresión de Mínimos Cuadrados Ordinarios para descubrir la correlación y significación estadística entre la variable dependiente (ratio de endeudamiento) y un conjunto de variables independientes seleccionadas. En este estudio, la teoría de la Jerarquía Financiera tuvo mayor poder explicativo que la del Equilibrio Estático. Sin embargo, no se encontró evidencia estadística que sustente la importancia de las expectativas de crecimiento sobre la estructura de capital corporativa.</p>
The disclosure of information on environmental, social, and governance (ESG) risks is increasingly important in financial and banking entities and the evaluation of its impact by supervisors. Therefore, the purpose of this study is to analyze the relationship between sustainability and financial performance in a geographical context that has not been studied. Specifically, this study examines the relationship of environmental, social, and governance (ESG) performance to the financial performance of Indonesian banking companies during the period 2010–20. As a methodology, we used panel data (ESG data from Thomson Reuters), statistical correlations, and regression models. Financial performance was measured by Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q (TQ). The findings show that ESG is negatively related to all dependent variables (ROA, ROE, and TQ), but each ESG pillar (environmental, social, and governance) yields different results. The social pillar has a significant positive effect on ROA and ROE, governance has a significant negative effect on TQ, and business environment has no significant impact on financial performance. As to the study’s limitations/implications, the findings advance decision makers’ understanding of the quality of organizations’ contributions to improving ESG reporting in financial reporting. The study’s findings on the relationship between ESG reporting and banks’ financial performance also have implications for stakeholders, ESG policymakers, academics, and assurance providers. While the specific research gap addressed is the relationship between ESG and financial performance in Indonesian banking companies, other interesting issues are the voluntary vs. mandatory nature of these reports and the impact of each modality on the variables considered.
The transposition of Directive 2014/95/EU to Spain through Law 11/2018 of December 28 requires companies to publish information on the impact of their environmental, social, and governance activities (ESG information) in management reports or in a “non-financial statement.” This study aims to assess the readiness of IBEX35 companies to submit ESG reports through their communication and web transparency and to determine whether such ESG information is related to these companies’ financial indicators. The study is pioneering in the analysis of the transparency of non-financial information on the websites of companies listed on the main Spanish stock market index (IBEX 35). It uses exploratory and descriptive analysis to determine whether the companies with the best economic efficiency indicators are also the most transparent in non-financial indicators (ESG) and to what extent these relationships explain the dependency between the two. The findings reveal that IBEX35 companies need to improve their web transparency by presenting solid non-financial reports with ESG sustainability parameters. The results show that companies with economic profitability in Return on Assets that use their debt levels wisely disclose higher levels of ESG information. In other words, financial performance and indebtedness contribute to improving levels of ESG disclosure on the IBEX35. Companies must also improve accessibility to ESG information, update it, and classify it in accordance with current regulations.
RESUMEN: Actualmente, la UE reconoce la importancia de la contratación pública como uno de los instrumentos que deben utilizarse para lograr un crecimiento inteligente, sostenible e integrador. En España, la Ley 9/2017, de 8 de noviembre, de Contratos del Sector Público, por la que se transponen al ordenamiento jurídico español las Directivas del Parlamento Europeo y del Consejo 2014/23/UE y 2014/24/UE, recientemente aprobada, plantea incorporar de forma transversal criterios socialmente responsables a la hora de preparar y ejecutar los contratos públicos, de tal forma que obliga a las empresas licitadoras a cumplir requisitos concretos sobre igualdad de género, condiciones laborales justas, consumo de comercio justo o eficiencia energética. Ante esta situación, las administraciones públicas han comenzado a elaborar guías y aprobar instrucciones para la implementación de cláusulas socialmente responsables en sus contrataciones. Sin embargo, a pesar de su importancia, no existe un instrumento de medida específico que evalúe este tipo de conductas. En este contexto, planteamos esta investigación con el objetivo de diseñar indicadores éticos y sostenibles, consistentes con la nueva Ley, que permitan medir y comparar relativamente los comportamientos responsables de las administraciones en relación a sus contrataciones públicas. Para lograr nuestro objetivo, planteamos un estudio exploratorio sobre la información disponible en las páginas web de los municipios españoles. Este instrumento podrá favorecer el enfoque de prácticas y políticas responsables en atención a las carencias observadas, contribuyendo a obtener no solo beneficios ambientales, sino también económicos y sociales, tanto para la Administración como para el sector privado y la sociedad.
The international accounting regulatory bodies were faced with a major challenge: that of ensuring the comparability and transparency of the financial reporting at an international level given that many local standards make financial reporting difficult. The need for financial statements comparable internationally and at the European level attracts interest in terms of developing quality accounting standards. Internationally, the research on the compliance with IFRS, in general, and on financial reporting, in particular, continues to be important. Romania, as an integral part of the European and international economic life, is included in this project of accounting standardization. In this study, we aim to cover a set of research methods and tools in order to facilitate the scientific research. The paper will be based on the principles of quantitative research as well as on those of qualitative research. As part of quantitative research, we will use figures and the statistical analysis method. In terms of qualitative research, we aim at an intelligent description of an event. As qualitative research methods, we will research the practice of the field, using overall analysis, observation, checklist as tools. In this paper, we reviewed the main studies in the previous literature which deal with the disclosure index in the financial reports, according to the IFRS requirements. We calculated and interpreted the disclosure index in the financial statements of Romanian companies in accordance with IFRS in terms of comprehensive income. The main obstacle in making our scientific approach is the relatively small number of subjects (the small number of listed companies).
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