Person: Camacho Miñano, Juana María Del Mar
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First Name
Juana María Del Mar
Last Name
Camacho Miñano
Affiliation
Universidad Complutense de Madrid
Faculty / Institute
Ciencias Económicas y Empresariales
Department
Administración Financiera y Contabilidad
Area
Economía Financiera y Contabilidad
Identifiers
4 results
Search Results
Now showing 1 - 4 of 4
Item Machine learning in corporate credit rating assessment using the expanded audit report(Machine Learning, 2022) Muñoz-Izquierdo, Nora; Pérez Pérez, Yolanda; Segovia Vargas, María Jesús; Camacho Miñano, Juana María Del MarWe investigate whether key audit matter (KAM) paragraphs disclosed in extended audit reports—paragraphs in which the auditor highlights significant risks and critical judgments of the company—contribute to assess corporate credit ratings. This assessment is a complicated and expensive process to grade the reliability of a company, and it is relevant for many stakeholders, such as issuers, investors, and creditors. Although credit rating evaluations have attracted the interest of many researchers, previous studies have mainly focused only on financial ratios. We are the first to use KAMs for credit rating modelling purposes. Applying four machine learning techniques to answer this real-world problem—C4.5 decision tree, two different rule induction classifiers (PART algorithm and Rough Set) and the logistic regression methodology—, our evidence suggests that by simply identifying the KAM topics disclosed in the report, any decision-maker can assess credit scores with 74% accuracy using the rules provided by the PART algorithm. These rules specifically indicate that KAMs on both external (such as going concern) and internal (such as company debt) aspects may contribute to explaining a company’s credit rating. The rule induction classifiers have similar predictive power. Interestingly, if we combine audit data with accounting ratios, the predictive power of our model increases to 84%, outperforming the accuracy in the existing literature.Item Risk on financial reporting in the context of the new audit report in Spain(Revista de Contabilidad-Spanish Accounting Review, 2021) Pérez Pérez, Yolanda; Segovia Vargas, María Jesús; Camacho Miñano, Juana María Del MarAfter the financial crisis and with the greater complexity of financial reporting, stakeholders asked firms for more informative audit reports to close the audit expectation gap. In this context, the International Auditing and Assurance Standards Board (IAASB) approved a new international standard on auditor’s reports. One of the major changes is the obligation for listed companies to describe the key audit matters (KAM) in the audit report, in particular, those related to the significant financial reporting risks. This paper empirically analyses the content of the new auditor’s reports after the accounting reform recently issued in Spain and the factors that condition the KAMs disclosed by auditors. Using the sample of all Spanish listed companies, our results show that these firms mostly report on two to four KAMs and the majority of these relate to revenue recognition, impairment of goodwill and deferred tax recovery in the 2017 audit reports. Applying a multinomial linear regression, the significant variables that condition the KAMs in our sample are sector, market type, and average word count. This evidence contributes to the literature by emphasizing the importance of risks in financial reporting in extended audit reports.Item The economic and financial viability of sheltered employment centres: Is the level of managerial professionalization a determining factor for profitability?(Management Decision, 2019) Gelashvili, Vera; Aguilar Pastor, Eva María; Segovia Vargas, María Jesús; Camacho Miñano, Juana María Del MarPurpose The purpose of this paper is to investigate whether sheltered employment centers (CEEs) which have a higher rate of professionalization of their managers have better economic returns than those that have a lower one. Design/methodology/approach A questionnaire has been drawn up for their managers. After collecting the answers, an index of professionalization classifies the CEEs with managers of high, medium and low levels of professionalism. This index is then correlated with the main financial ratios of companies. Findings The results show that companies with the highest level of managers’ professionalization, on average, have higher economic returns than companies with medium and low rates, although the difference is not very high. This study is an important contribution to academic literature, as it is the first to examine the professionalization of CEE managers. Research limitations/implications Finally, this paper is not short of limitations. The number of responses is small but there are similar studies with similar response rates. Additionally, the scarcity of responses may suggest that there is a lack of interest about the utility of professionalization by some CEEs managers because, perhaps, they do not have the necessary competences to understand its importance in management Practical implications This study has some main implications for stakeholders: first, CEEs must pay more attention to the professionalization of their management team, because professionalization can lead to meeting its goals and guaranteeing the firm’s growth. Second, training programs in skills and attitudes should be designed to strengthen these competencies. Moreover, managers of social firms should know that the establishment of strategic plans will be useful to identify new opportunities in the market. Social implications Given the important role of these social firms for the employment of people with disabilities, training programs should be promoted by government in order to ensure the professionalization of these companies Originality/value This research is an important contribution to the literature on this subject because there are no studies about the level of professionalization of CEEs, companies that represent an important value for the economy of a country.Item Explaining the causes of business failure using audit report disclosures(Journal of Business Research, 2019) Muñoz-Izquierdo, Nora; Segovia Vargas, María Jesús; Camacho Miñano, Juana María Del Mar; Pascual Ezama, DavidThis paper examines the ability of audit report disclosures to explain the causes of business failure. Despite incremental interest in organizational failure, much of the existing literature has used accounting ratios to foresee why firms fail. We hypothesise that the audit report can also be employed for this purpose because it provides information regarding any material uncertainty relating to events that may warn users about possible causes of business default. Using a matched sample of 808 failed and non-failed firms, our results suggest that audit report disclosures significantly explain the causes of business failure. Moreover, these findings are consistent with the results of studies that integrate both deterministic and voluntaristic perspectives into the examination of the antecedents of organizational failure, as disclosures about both external and internal factors are mentioned in the audit report and contribute to assessing default. Managers, auditors, regulators and other users may consider the audit report to be useful as a tool to anticipate business failure.