Volatilidad en los ingresos y en el mercado de trabajo de los jóvenes en Europa

Los autores ofrecen nuevos datos empíricos sobre la volatilidad en los ingresos y en el mercado de trabajo (incluyendo entradas y salidas del empleo) de los jóvenes en Europa durante la Gran Recesión. Los datos de EU‐SILC para el periodo 2004–2013 revelan grandes disparidades al respecto entre los países europeos. La Gran Recesión incrementó la volatilidad entre los jóvenes. Mediante un ejercicio de descomposición de la varianza se observa una mayor rotación laboral en el sur de Europa. Según un modelo de efectos fijos, un mayor nivel de prestaciones de desempleo y de protección del empleo se asocia con una reducción de la volatilidad.     

Defining Ownership: An empirical assessment of the ownership measures

Ownership is considered to be one of the crucial governance mechanisms; however, there have been no systematic attempts at validating the construct and measures used to operationalize ownership. We review the current understanding of ownership and the measures used by each perspective, namely blockholder/dispersed shareholder perspective, owner identity perspective, and aggregated ownership perspective. We thereafter critique each of these perspectives, offer hypotheses regarding their validity, and empirically assess each ownership measure vis‐à‐vis firm performance outcomes. We utilize a sample of 3,990 US firms to test our hypotheses and find no consistent results for the blockholder measure, or for the owner identity measure. However, the aggregated ownership measure consistently accounts for significant increases in explanation of variance in firm performance. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Sustainability Northwest: An Integrative Case of a Not‐for‐Profit Organization

Sustainability Northwest (SNW) is a fictional not‐for‐profit organization (NPO) that seeks to develop thought leaders for a sustainable future. This instructional case allows professors to assign students with up to six different roles, including SNW's chair of the board, executive director, volunteer treasurer, and the external auditor. Unique learning objectives include (i) the application of the CPA Canada Handbook, Accounting—Part III to prepare an NPO's financial statements using fund accounting, (ii) the development of recommendations to improve an NPO's board of directors, (iii) the analysis of system flow documents to identify control weaknesses, and (iv) the preparation of an audit planning memo. Instructors can use this case in several milieus. First, professors can foster a student's ability to integrate technical knowledge by (i) assigning students all six roles in a capstone course to promote integration within an individual course or (ii) assigning multiple roles across multiple courses to promote integration across a program of studies. Second, instructors can focus on a particular technical skill by assigning specific roles. This case is ideal for senior‐level undergraduate students or graduate students.     

Dual boundary spanning: Toward a typology of outside‐in open innovation in the Canadian context

The extant literature runs short in understanding openness of innovation regarding and the different pathways along which internal and external knowledge resources can be combined. This study proposes a unique typology for outside‐in innovations based on two distinct ways of boundary spanning: whether an innovation idea is created internally or externally and whether an innovation process relies on external knowledge resources. This yields four possible types of innovation, which represent the nuanced variation of outside‐in innovations. Using historical data from Canada for 1945–1980, this study unveils different implications of these innovation types for different levels of innovation novelty. Copyright © 2016 ASAC. Published by John Wiley & Sons, Ltd.     

Value Relevance of Comprehensive Income for the Canadian Market*

The value relevance of comprehensive income (CI) compared to net income (NI) remains unresolved. We look at this issue in the Canadian market, using association methods to determine the value relevance of reporting CI and other comprehensive income (OCI) components for stock prices and returns. The sample consists of all the firms in the S&P/TSX Composite Index that prepared their financial statements according to Canadian standards or International Financial Reporting Standards (IFRS) over the 2008–2016 period. Although we find no evidence that CI is more value relevant than NI for stock prices and returns, we note that some OCI components are incrementally value relevant beyond NI for both amounts. In addition, financial services firms differ from other companies in terms of the relationships between some of their OCI components and prices or returns, with such firms even driving some relationships. Relationships between OCI components and prices or returns are also affected when data from the financial crisis period are excluded, with some relationships even changing after IFRS adoption. These results inform Canadian standard setters and financial statement users that OCI components are decision useful for the Canadian market.     

Individual Investors' Attention to Accounting Information: Evidence from Online Financial Communities*

Online financial communities provide a unique opportunity to directly examine individual investors' attention to accounting information on a large scale and in great detail. I analyze accounting-related content in large samples of Yahoo! message board posts and StockTwits and find investors pay attention to a range of accounting information, fixating particularly on earnings, cash, and revenues. Consistent with the expectation that investors react to relevant information events, I find accounting-related discussion elevated around the filings of earnings releases and 8-K reports, but the reaction to periodic reports is confined to small firms. I also find investors expand their acquisition of accounting information and processing efforts in poor information environments. Greater attention to accounting information at earnings releases does not appear to be meaningfully associated with better information processing.     

To Be or Not to be Temp? An Analysis of the Moderating Role of Motives for Accepting Temporary Employment

We investigate the role of contract volition and motives for accepting temporary employment in the relationship between precariousness of life and negative psychological symptoms in a sample of 275 Italian temps. Results suggest that the negative effect of contract volition on negative psychological symptoms is partially mediated by precariousness of life. A moderated mediation model shows that specific motives moderate the negative effects of contract volition on precariousness of life, so that when contract volition is higher, workers with weaker motives feel less precarious. This study broadens our understanding of temporary employment outcomes by showing that the negative consequences of precariousness of life seem to be less troublesome among temporary workers with higher contract volition and lower motivation. © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Las diferencias salariales entre países en la Unión Europea

Se investigan los determinantes de las brechas salariales entre países de la Unión Europea a lo largo de la distribución salarial según la propuesta metodológica de Firpo, Fortin y Lemieux (2009) y de Fortin, Lemieux y Firpo (2011). Los efectos de estructura salarial y de composición inciden en las diferencias salariales, aunque el primero de una manera más marcada. Este efecto se deriva de las diferencias entre factores desconocidos, mientras que el efecto de composición se explica principalmente por las diferencias en materia de educación, proporción de trabajadores con responsabilidades de supervisión, estructura ocupacional y, en menor medida, estructura de la actividad económica.     

Geography and capital structure

We investigate the impact of geographic location on firms’ capital structure decisions. We find strong evidence that location of a firm influences its capital structure. In particular, we find that centrally located firms have lower leverage ratios than do remotely located ones. Moreover, consistent with the hypothesis that those remotely located firms face more severe adverse selection problems, the effect of geographic location on capital structure is more pronounced when information asymmetry is higher. We further examine alternative explanations of the negative relation between firm geographic proximity and capital structure and show that the financial constraint effect and industry clustering effect do not explain our results. Copyright © 2016 ASAC. Published by John Wiley & Sons, Ltd.