Sánchez Alegría, Santiago

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https://academica-e.unavarra.es/handle/2454/49955

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Sánchez Alegría

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Santiago

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Gestión de Empresas

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INARBE. Institute for Advanced Research in Business and Economics

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0000-0003-2039-7597

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751163

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5925

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2012 - 201912020 - 20211
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Author: Lizarraga Dallo, Fermín × End date: 2022 ×

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Now showing 1 - 2 of 2
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    PublicationOpen Access
    The role of accounting accruals for the prediction of future cash flows: evidence from Spain
    (Springer, 2012) Arnedo Ajona, Laura; Lizarraga Dallo, Fermín; Sánchez Alegría, Santiago; Gestión de Empresas; Enpresen Kudeaketa; Gobierno de Navarra / Nafarroako Gobernua
    The aim of this study is to determine whether accruals have information value beyond that provided by isolated current cash flows for the prediction of future cash flows. Using a sample of 4,397 Spanish companies (mostly privately held), we estimate in-sample regressions of future cash flows on isolated current cash flows and on accrual-based earnings. We then find that the out-of-sample prediction errors provided by the accrual-based earnings model are significantly lower than those obtained with the cash flows model. We also regress the decrease in prediction errors brought about by the addition of accruals on a set of firm-specific circumstances where accounting manipulation is expected. In all cases the decrease in prediction errors is significantly affected in the hypothesized direction.
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    PublicationOpen Access
    Is quality management a competitive advantage? A study after the Spanish financial crisis in the furniture industry
    (Routledge, 2021) Sánchez Alegría, Santiago; Lizarraga Dallo, Fermín; Marín Vinuesa, Luz María; Gestión de Empresas; Enpresen Kudeaketa
    The aim of this study is to test whether the use of non-financial quality performance indicators reduces bankruptcy probabilities. A questionnaire was sent to the population of small-and medium-sized enterprises (SMEs) from the Spanish furniture industry. The final sample consists of 126 SMEs from the referred industry during the recent economic crisis (2007–2014), a period characterised by a huge increase in business competition and the rate of failure. The main argument is that, in this context, the competitive response of the furniture industry, especially in the case of SMEs, revolves around quality. A logistic multivariate regression model is estimated in which we include both financial and non-financial quality-implementation measures. We use a variable inspired by Perera et al.’s (1997) scale which integrates a variety of factors related to quality practices. The results show that the pre-emptive use of quality non-financial indicators is a key fact for subsequent business survival. These findings suggest important implications for external and internal stakeholders as well as policymakers.