Reactions of the Spanish capital market to qualified audit reports

Since mandatory auditing of financial statements was first established in Spain, very few studies have been conducted to test the information content of audit reports in the Spanish capital market. The aim of this study is, then, to test empirically whether there is a relationship between audit qualifications and stock prices in the context of the Spanish market. We have used the event study methodology for this purpose. Our findings show that qualified audit reports do not have information value for investors.     

The corporate image of auditors in a developing audit market within the EU: the case of Spain

This paper examines the images of audit firms in Spain. Spain offers a valuable research context in that it is a relatively new audit market and one where the top company audits are not totally dominated by the large multinational audit firms, allowing for a comparison of the images of such firms against those associated with smaller, national audit firms. The findings of this survey are pertinent given the current level of debate internationally over the role, regulation and quality of auditing services and concerns over the potential impact of recent corporate scandals on auditor reputation.

Our study shows that the images of audit firms in Spain have differed on a number of dimensions, mostly concerned with the pricing of audit services and the spread of audit clients. Significantly, no differences were obtained in relation to the perceived competence or ethical standing of the large multinational and Spanish, national audit firms. The study also shows the areas of the audit firm's corporate image where the actual image of the firm differs significantly from that desired by the management of their clients.     

Rethinking Television Audience Measures: An Exploration into the Construct of Audience Connectedness

Seeking to extend the scope of current audience measurement methods, this paper qualitatively investigates audiences' relationships with television programs. A content analysis of viewers' discourse from focus groups, Internet fan forums and five phenomenological interviews suggests a construct we labelconnectedness. Transcending involvement, audience connectedness defines intense relationships between the audience and a television program that extend beyond the television watching experience into individuals' personal and social lives. Highly connected audiences were found to be more susceptible to the consumption images presented in television programs, hence illustrating the moderating effect of connectedness on television influence. Implications for audience measurement methods and marketing efforts are discussed.     

Profit versus Cost Frontier Estimation of Price and Technical Inefficiency: A Parametric Approach with Panel Data

We develop two panel data models, based on the assumption of shadow-profit maximization, to obtain firm-specific parametric estimates of allocative, scale, and technical inefficiency. One is a restricted shadow-profit system with additional equations for quasi-fixed inputs that allow testing for the efficiency of their utilization. The other is a shadow-cost system augmented with an equation to capture deviations from marginal-cost pricing. We show that with the translog functional form, the shadow-profit system may encounter computational difficulties that the shadow-cost system avoids. An application of the shadow-cost system to the U.S. airline industry is provided.     

Nature and Impact of Alcohol Messages in a Youth-Oriented Television Series

This research contributes to the extant literature on television influence by pairing a stimulus-side approach documenting how information is presented within a TV series with a response-side assessment of whether connectedness and exposure to a series influence the processing of that information differently depending on its format. The inquiry focuses on the nature and impact of messages about alcohol contained within a youth oriented TV program. The findings indicate that the recall and perception of the more overt negative messages increase with exposure and that receptiveness to the subtle and less remembered positive messages increases with levels of program connectedness. Highly connected viewers are both more receptive to and in greater agreement with the underlying positive alcohol message communicated in the series.     

Barriers to Innovation among Spanish Manufacturing SMEs

Innovation is widely recognized as a key factor in the competitiveness of nations and firms. Small firms that do not embrace innovation within their core business strategy run the risk of becoming uncompetitive because of obsolete products and processes. Innovative firms are a perquisite for a dynamic and competitive economy.
This paper reports on the results of a study that examined barriers to firm innovation among a sample of 294 managers of small and medium-sized enterprises (SMEs) in Spain. The study examined the relation between (1) product, process, and management innovation and (2) 15 obstacles to innovation, which can limit a firm's ability to remain competitive and profitable. Findings of the study show that barriers have a differential impact on the various types of innovation; product, process, and management innovation are affected differently by the different barriers. The most significant barriers are associated with costs, whereas the least significant are associated with manager/employee resistance. Additionally, the results demonstrate that the costs associated with innovation have proportionately greater impact on small than on larger firms.
The findings can be used in the development of public policy aimed at supporting and encouraging the innovation among SMEs in Spain. Government policies that encourage and support innovation among all firms, especially small firms, can help countries remain competitive in a global market. Public policy that encourages innovation can enable firms to remain competitive and survive, both of which have direct implications for employment and a country's economic viability. The results may also be insightful for managers who are attempting to encourage innovation. Understanding barriers can assist managers in fostering an innovative culture by supporting new ideas or by avoiding an attitude that creates resistance to new ideas.     

Are the determinants of bank loyalty brand specific?

One of the primary concerns of companies is to develop loyal customers, and banks are no exception. Past research attempted to examine the role of satisfaction, perceived quality and image, as drivers of bank brand loyalty. However the characteristics of specific bank brands were not taken into consideration. Using data collected from a sample of 216 retail bank customers, banking with five different banks in Athens Greece, this paper investigates whether similar antecedents could be used to predict brand loyalty in various institutions. The results imply that, depending on the bank, different drivers could influence in a dissimilar manner the formation of loyalty and therefore further research is needed to generalise the suggested models.     

E-commerce entrepreneurship as a national priority: the case of Thailand

Thailand has been one of the most successful developing countries. This progress came to a sudden halt in 1997 when the Asian financial crisis hit this country. Thailand responded by creating a favourable environment for business incubation as a high priority at the national government level. The purpose of this paper is to provide an overview of the steps taken by the Thai government to encourage e-commerce entrepreneurship as a key component of its successful reaction to the economic crisis of 1997 and e-service as a source for its future national competitiveness.