This page has only limited features, please log in for full access.

Prof. María Jesús Segovia-Vargas
Universidad Complutense de Madrid, Avda. Complutense, 28040 Madrid (Spain)

Basic Info


Research Keywords & Expertise

0 Credit Risk
0 Insolvency
0 Internationalization
0 sheltered workshop
0 Bankruptcy prediction models

Fingerprints

Insolvency
Internationalization
Credit Risk

Honors and Awards

The user has no records in this section


Career Timeline

The user has no records in this section.


Short Biography

María-Jesús Segovia-Vargas received the B.S. and Ph.D. degrees in Economics and Business Administration from Universidad Complutense de Madrid, Spain, in 1994 and 2003, respectively. Currently, she is an Associate Professor at the Department of Financial and Actuarial Economics and Statistics, at Universidad Complutense de Madrid. Her main research topic is focused on the application of operational research methods to analyse financial problems, especially insurance companies’ solvency, internationalization success, bank crisis and bankruptcy. She has published several monographs and papers in internationally renowned journals. She has also participated in several research projects.

Following
Followers
Co Authors
The list of users this user is following is empty.
Following: 0 users

Feed

Journal article
Published: 15 July 2021 in Sustainability
Reads 0
Downloads 0

Sheltered employment centres are social enterprises where at least 70% of their workers have disabilities. They are a way of helping people with disabilities to work in good working conditions and of allowing disadvantaged people to live a full life. However, some people criticise these businesses for being ghettos where public subsidies are used inefficiently. Our paper aims to test if this criticism is valid by analysing whether these companies provide social and economic value to society in return for public funding and are also economically sustainable over time. Using a sample of 997 Spanish sheltered employment centres, a descriptive analysis of the main variables has been carried out. Additionally, the results of a PART algorithm show the relationship between these companies and economic sustainability. Our findings corroborate that these firms are economically sustainable and, at the same time, socially sustainable. These results highlight the great work that such companies perform for society and the country’s economy.

ACS Style

María Segovia-Vargas; María Camacho-Miñano; Fernanda Pedrosa Alberto; Vera Gelashvili. Sheltered Employment Centres: Sustainability and Social Value. Sustainability 2021, 13, 7900 .

AMA Style

María Segovia-Vargas, María Camacho-Miñano, Fernanda Pedrosa Alberto, Vera Gelashvili. Sheltered Employment Centres: Sustainability and Social Value. Sustainability. 2021; 13 (14):7900.

Chicago/Turabian Style

María Segovia-Vargas; María Camacho-Miñano; Fernanda Pedrosa Alberto; Vera Gelashvili. 2021. "Sheltered Employment Centres: Sustainability and Social Value." Sustainability 13, no. 14: 7900.

Original paper
Published: 03 March 2021 in Review of Managerial Science
Reads 0
Downloads 0

Nowadays, employment is a challenge for people but more for disabled ones. Prior literature shows that, at a European level, there are different ways for people with disabilities to find a job, such as a quota system, sheltered workshops, supported employment, etc. In Spain, sheltered employment centres are prototypes of sheltered workshops aimed at integrating more people with disabilities into the workplace. This research project aims to give visibility to these firms and to gain an understanding of their economic and financial situation. Using the whole sample of sheltered employment centres in Spain, and their financial data from 2004 to 2016, we show which variables explain their viability. Additionally, in light of the imminent worldwide crisis due to the COVID-19 pandemic situation, we want to test the impact of the last economic crisis on the profitability of sheltered employment centres. The main contribution of this study is that the size of these companies, age, financial risk and sales growth, are determining factors for their profitability. And, the economic and financial crisis has conditioned the viability of sheltered employment centres as many firms on the market registered a decrease in their profitability in the years following the crisis but survived. This study helps to shed light on the economic and financial situation of this kind of firms as well as their social visibility.

ACS Style

Vera Gelashvili; María-Jesús Segovia-Vargas; María-Del-Mar Camacho-Miñano. What factors condition the financial viability of sheltered employment centres? Empirical evidence. Review of Managerial Science 2021, 1 -24.

AMA Style

Vera Gelashvili, María-Jesús Segovia-Vargas, María-Del-Mar Camacho-Miñano. What factors condition the financial viability of sheltered employment centres? Empirical evidence. Review of Managerial Science. 2021; ():1-24.

Chicago/Turabian Style

Vera Gelashvili; María-Jesús Segovia-Vargas; María-Del-Mar Camacho-Miñano. 2021. "What factors condition the financial viability of sheltered employment centres? Empirical evidence." Review of Managerial Science , no. : 1-24.

Journal article
Published: 25 January 2021 in IEEE Access
Reads 0
Downloads 0

This study aims to find out how useful managers’ past general and export experience is in predicting whether young manufacturing firms become fast internationalizers. Extant literature about the role of managerial experience in determining young firms’ internationalization type is scant. This paper fills this gap by providing systematic evidence on which kinds of general and export experience can be used for accurate predictions of two firm types: born globals and general fast internationalizers. Our dataset encompasses information about managerial experience of the whole population of young Estonian manufacturing firms. Based on using four different prediction methods (logistic regression, rough sets, decision tree, neural networks) and a large variety of variables reflecting managers’ past experience, the results indicate that in prediction models, export experience variables are more valuable than general experience variables. Born globals can be predicted with an accuracy of at least 90% in case of all applied machine learning methods, while the precision is lower in case of general fast internationalizers. The study leads to important implications for international business theory and practice.

ACS Style

Oliver Lukason; Tiia Vissak; Maria-Jesus Segovia-Vargas. How Does Managerial Experience Predict the Internationalization Type of a Young Firm? IEEE Access 2021, 9, 18148 -18166.

AMA Style

Oliver Lukason, Tiia Vissak, Maria-Jesus Segovia-Vargas. How Does Managerial Experience Predict the Internationalization Type of a Young Firm? IEEE Access. 2021; 9 ():18148-18166.

Chicago/Turabian Style

Oliver Lukason; Tiia Vissak; Maria-Jesus Segovia-Vargas. 2021. "How Does Managerial Experience Predict the Internationalization Type of a Young Firm?" IEEE Access 9, no. : 18148-18166.

Journal article
Published: 01 January 2021 in Revista de Contabilidad
Reads 0
Downloads 0

Riesgo en la información financiera en el contexto del nuevo informe de auditoría en España. Tras la crisis financiera y debido a la mayor complejidad de la información financiera, los grupos de interés de las empresas solicitaban un informe de auditoría más completo para reducir el gap de expectativas de la auditoría. En este contexto, el Consejo Internacional de Normas de Auditoría y Aseguramiento (IAASB) aprobó una nueva norma internacional sobre los informes de auditoría. Uno de los principales cambios es la obligación de las empresas que cotizan en bolsa de describir en el informe de auditoría las cuestiones clave de auditoría (KAMs), en particular, las relacionadas con los riesgos significativos de la información financiera. Este artículo analiza empíricamente el contenido del nuevo informe de auditoría tras la reforma contable recientemente aprobada en España y los factores que condicionan los KAMs desglosados por el auditor. Utilizando la totalidad de la muestra de empresas españolas que cotizan en bolsa, nuestros resultados indican que estas firmas presentan en su mayoría entre dos y cuatro KAMs y que casi la totalidad incluyen el reconocimiento de ingresos, el deterioro del fondo de comercio y la recuperación de impuestos diferidos en los informes de auditoría del año 2017. Aplicando una regresión lineal multinomial, las variables significativas que condicionan los KAMs en nuestra muestra son el sector, el tipo de mercado y el número medio de palabras por KAM. Esta evidencia contribuye a la literatura al enfatizar la importancia de los riesgos sobre la información financiera en el informe ampliado de auditoría. After 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.

ACS Style

Yolanda Pérez Pérez; María Del Mar Camacho Miñano; María Jesús Segovia-Vargas. Risk on financial reporting in the context of the new audit report in Spain. Revista de Contabilidad 2021, 24, 48 -61.

AMA Style

Yolanda Pérez Pérez, María Del Mar Camacho Miñano, María Jesús Segovia-Vargas. Risk on financial reporting in the context of the new audit report in Spain. Revista de Contabilidad. 2021; 24 (1):48-61.

Chicago/Turabian Style

Yolanda Pérez Pérez; María Del Mar Camacho Miñano; María Jesús Segovia-Vargas. 2021. "Risk on financial reporting in the context of the new audit report in Spain." Revista de Contabilidad 24, no. 1: 48-61.

Journal article
Published: 11 December 2020 in Expert Systems with Applications
Reads 0
Downloads 0

This study proposes a comprehensive model that helps improve self-comparisons and group-comparisons for customers to detect suspicious transactions related to money laundering (ML) and terrorism financing (FT) in financial systems. The self-comparison is improved by establishing a more comprehensive know your customer (KYC) policy, adding non-transactional characteristics to obtain a set of variables that can be classified into four categories: inherent, product, transactional, and geographic. The group-comparison involving the clustering process is improved by using an innovative transaction abnormality indicator, based on the variance of the variables. To illustrate the way this methodology works, random samples were extracted from the data warehouse of an important financial institution in Mexico. To train the algorithms, 26,751 and 3527 transactions and their features, involving natural and legal persons, respectively, were selected randomly from January 2020. To measure the prediction accuracy, test sets of 1000 and 600 transactions were selected randomly for natural and legal persons, respectively, from February 2020. The proposed model manages to decrease the proportion of false positives and increase accuracy when compared to the rule-based system. On reducing the false positive rate, the company’s costs for investigating suspicious customers also decrease significantly.

ACS Style

José-De-Jesús Rocha-Salazar; María-Jesús Segovia-Vargas; María-Del-Mar Camacho-Miñano. Money laundering and terrorism financing detection using neural networks and an abnormality indicator. Expert Systems with Applications 2020, 169, 114470 .

AMA Style

José-De-Jesús Rocha-Salazar, María-Jesús Segovia-Vargas, María-Del-Mar Camacho-Miñano. Money laundering and terrorism financing detection using neural networks and an abnormality indicator. Expert Systems with Applications. 2020; 169 ():114470.

Chicago/Turabian Style

José-De-Jesús Rocha-Salazar; María-Jesús Segovia-Vargas; María-Del-Mar Camacho-Miñano. 2020. "Money laundering and terrorism financing detection using neural networks and an abnormality indicator." Expert Systems with Applications 169, no. : 114470.

Journal article
Published: 01 July 2020 in Revista de Contabilidad
Reads 0
Downloads 0

El principal objetivo de esta investigación es analizar la situación económico- financiera de las empresas sociales a través del análisis de ratios, mostrando sus fortalezas y debilidades basándonos en la información contable. La muestra está formada por 118 empresas sociales situadas en la Comunidad Autónoma de Madrid en España. Para analizar los datos se han utilizado ratios económico-financieros y el indicador de estrés financiero, el Z' -score de Altman. Nuestros resultados destacan que las empresas sociales son negocios con una elevada rentabilidad, especialmente para sus socios. De este modo, está garantizada su supervivencia en el largo plazo y con un nivel de liquidez óptimo. Este estudio es una importante contribución para la literatura académica porque establece una comparación entre dos tipos de negocios sociales centrándonos en su estructura financiera y económica, completando la escasez de estudios empíricos sobre estas empresas. The main objective of this research paper is to analyze the economic and financial situation of social enterprises through ratio analysis and show their strengths and weaknesses based on financial data. The sample consists of 118 social companies operating in the Autonomous Community of Madrid in Spain. For data analysis, economic and financial analysis has been carried out, using ratio analysis and the indicator of financial distress: the Altman Z'-score. Our findings highlight that social companies, are businesses with a high level of profitability, especially for their partners. Thus, their survival, on average, is guaranteed in the long-term and their liquidity level is optimum. This study is an important contribution for the academic literature, because it carries out a comparison amongst the two different types of social firms, focusing on their economic and financial structure, diminishing the lack of empirical studies about these companies.

ACS Style

Vera Gelashvili; María Del Mar Camacho-Miñano; María Jesús Segovia-Vargas. A study of the economic and financial analysis for social firms: are they really businesses? Revista de Contabilidad 2020, 23, 139 -147.

AMA Style

Vera Gelashvili, María Del Mar Camacho-Miñano, María Jesús Segovia-Vargas. A study of the economic and financial analysis for social firms: are they really businesses? Revista de Contabilidad. 2020; 23 (2):139-147.

Chicago/Turabian Style

Vera Gelashvili; María Del Mar Camacho-Miñano; María Jesús Segovia-Vargas. 2020. "A study of the economic and financial analysis for social firms: are they really businesses?" Revista de Contabilidad 23, no. 2: 139-147.

Journal article
Published: 30 March 2020 in IEEE Access
Reads 0
Downloads 0

Peer-to-peer (P2P) lending demands effective and explainable credit risk models. Typical machine learning algorithms offer high prediction performance, but most of them lack explanatory power. However, this deficiency can be solved with the help of the explainability tools proposed in the last few years, such as the SHAP values. In this work, we assess the well-known logistic regression model and several machine learning algorithms for granting scoring in P2P lending. The comparison reveals that the machine learning alternative is superior in terms of not only classification performance but also explainability. More precisely, the SHAP values reveal that machine learning algorithms can reflect dispersion, nonlinearity and structural breaks in the relationships between each feature and the target variable. Our results demonstrate that is possible to have machine learning credit scoring models be both accurate and transparent. Such models provide the trust that the industry, regulators and end-users demand in P2P lending and may lead to a wider adoption of machine learning in this and other risk assessment applications where explainability is required.

ACS Style

Miller Janny Ariza-Garzon; Javier Arroyo; Antonio Caparrini; Maria-Jesus Segovia-Vargas. Explainability of a Machine Learning Granting Scoring Model in Peer-to-Peer Lending. IEEE Access 2020, 8, 64873 -64890.

AMA Style

Miller Janny Ariza-Garzon, Javier Arroyo, Antonio Caparrini, Maria-Jesus Segovia-Vargas. Explainability of a Machine Learning Granting Scoring Model in Peer-to-Peer Lending. IEEE Access. 2020; 8 (99):64873-64890.

Chicago/Turabian Style

Miller Janny Ariza-Garzon; Javier Arroyo; Antonio Caparrini; Maria-Jesus Segovia-Vargas. 2020. "Explainability of a Machine Learning Granting Scoring Model in Peer-to-Peer Lending." IEEE Access 8, no. 99: 64873-64890.

Journal article
Published: 31 December 2019 in ECORFAN Journal Mexico
Reads 0
Downloads 0

The objective of this study is to identify both micro and macroeconomic variables that allow us to analyze in advance the probabilities of business failure. The selected sample contains all the listed companies of the IPC index of Mexico, IBEX-35 of Spain and EURO STOXX50 of Europe for a time horizon of 5 years. Our contribution lies in the empirical testing of the results by two different techniques: general estimating equations (a parametric technique) and a decision tree (a non-parametric technique based on artificial intelligence). The obtained results show that the factors of liquidity, indebtedness and profitability are the ones that affect the prediction of corporatebankruptcy for listed companies, but not the macroeconomic ones, since the macroeconomic peculiarities of each country are diluted by the importance of the economic-financial structure of each company.

ACS Style

José Guillermo Contreras-Frías; María Jesús Segovia-Vargas; María Del Mar Camacho-Miñano; Marta Miranda-García. Does the macroeconomic context condition the prediction of business failure? ECORFAN Journal Mexico 2019, 1 -18.

AMA Style

José Guillermo Contreras-Frías, María Jesús Segovia-Vargas, María Del Mar Camacho-Miñano, Marta Miranda-García. Does the macroeconomic context condition the prediction of business failure? ECORFAN Journal Mexico. 2019; ():1-18.

Chicago/Turabian Style

José Guillermo Contreras-Frías; María Jesús Segovia-Vargas; María Del Mar Camacho-Miñano; Marta Miranda-García. 2019. "Does the macroeconomic context condition the prediction of business failure?" ECORFAN Journal Mexico , no. : 1-18.

Journal article
Published: 15 October 2019 in Management Decision
Reads 0
Downloads 0

Purpose 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.

ACS Style

Vera Gelashvili; Eva María Aguilar Pastor; María-Jesús Segovia-Vargas; Maria-Del-Mar Camacho-Miñano. The economic and financial viability of sheltered employment centres. Management Decision 2019, 57, 2261 -2283.

AMA Style

Vera Gelashvili, Eva María Aguilar Pastor, María-Jesús Segovia-Vargas, Maria-Del-Mar Camacho-Miñano. The economic and financial viability of sheltered employment centres. Management Decision. 2019; 57 (9):2261-2283.

Chicago/Turabian Style

Vera Gelashvili; Eva María Aguilar Pastor; María-Jesús Segovia-Vargas; Maria-Del-Mar Camacho-Miñano. 2019. "The economic and financial viability of sheltered employment centres." Management Decision 57, no. 9: 2261-2283.

Journal article
Published: 30 June 2019 in Cuadernos de Contabilidad
Reads 0
Downloads 0

La mayor complejidad del entorno regulatorio y de negocio ha llevado a los grupos de interés a exigir mayor confianza sobre la veracidad de la información financiera al auditor. En este contexto, el Consejo Internacional de Normas de Auditoría y Aseguramiento (IAASB) aprobó una nueva norma internacional que modificaba la estructura y los contenidos de los informes de auditoría. Uno de los principales cambios ha sido la obligación del auditor de describir en su informe las cuestiones clave de auditoría (KAM), relacionadas con riesgos significativos de la información financiera. El objetivo de este estudio es analizar el contenido del informe en el primer año de aplicación en España para 131 empresas cotizadas. Estas firmas reportan entre dos y cuatro KAM, destacando el reconocimiento de ingresos, el deterioro del fondo de comercio y la recuperación de impuestos diferidos. Este estudio tiene importantes implicaciones en otros países que van a afrontar esta reforma.

ACS Style

Yolanda Pérez Pérez; Maria Del Mar Camacho Miñano; María Jesús Segovia Vargas. Los nuevos informes ampliados de auditoría. Caso: las empresas cotizadas españolas. Cuadernos de Contabilidad 2019, 20, 1 -18.

AMA Style

Yolanda Pérez Pérez, Maria Del Mar Camacho Miñano, María Jesús Segovia Vargas. Los nuevos informes ampliados de auditoría. Caso: las empresas cotizadas españolas. Cuadernos de Contabilidad. 2019; 20 (49):1-18.

Chicago/Turabian Style

Yolanda Pérez Pérez; Maria Del Mar Camacho Miñano; María Jesús Segovia Vargas. 2019. "Los nuevos informes ampliados de auditoría. Caso: las empresas cotizadas españolas." Cuadernos de Contabilidad 20, no. 49: 1-18.

Journal article
Published: 30 June 2019 in ECORFAN Journal Mexico
Reads 0
Downloads 0

The main objective of this paper is to investigate the relationships between exporting success and variables that affect the economic and financial structure. For a set of 242 Small and Medium-Sized Estonian firms, we will analyze how financial variables contribute to the achievement of higher export success rates. We select the relevant variables with Principal Component Analysis and use an Artificial Intelligence method (PART algorithm) to study the role of them. The results show that the more relevant financial variables to analyze the success in international market are the ones related to the liquidity of the assets, the level of interest payments, sales growth, the ones related to firms' own funds and the age of the company. In addition, although some financial factors are more significant than others, none of them is clearly a key factor for all companies and situations, that is, no single factor can lead to success or failure.

ACS Style

Marta Miranda-Garcia; María Jesús Segovia-Vargas; Oliver Lukason; Tiia Vissak. Financial Capacities and export success: Evidence from Small and Medium-Sized Estonian Firms. ECORFAN Journal Mexico 2019, 39 -54.

AMA Style

Marta Miranda-Garcia, María Jesús Segovia-Vargas, Oliver Lukason, Tiia Vissak. Financial Capacities and export success: Evidence from Small and Medium-Sized Estonian Firms. ECORFAN Journal Mexico. 2019; ():39-54.

Chicago/Turabian Style

Marta Miranda-Garcia; María Jesús Segovia-Vargas; Oliver Lukason; Tiia Vissak. 2019. "Financial Capacities and export success: Evidence from Small and Medium-Sized Estonian Firms." ECORFAN Journal Mexico , no. : 39-54.

Journal article
Published: 08 April 2019 in International Journal of Financial Studies
Reads 0
Downloads 0

Despite the number of studies on bankruptcy prediction using financial ratios, very little is known about how external audit information can contribute to anticipating financial distress. A handful of papers have shown that a combination of ratios and audit data is significant for predictive purposes, but only one recent paper provided a predictive accuracy of 80% solely by using the disclosures contained in audit reports. This study was complemented by simplifying the analysis of audit reports for prediction purposes and the same predictive accuracy was achieved. By applying three artificial intelligence techniques (PART algorithm, random forest, and support vector machine), the predictive ability of more easily extracted information from the report was examined and a practical implication suggested for each user. Simply by (1) finding the audit opinion, (2) identifying if a matter section exists, and (3) the number of comments disclosed, any user may predict a bankruptcy situation with the same accuracy as if they had scrutinized the whole report. In addition, an extended literature review is included, on previous studies on the interaction between bankruptcy prediction and the external audit information.

ACS Style

Nora Muñoz-Izquierdo; María-Del-Mar Camacho-Miñano; María-Jesús Segovia-Vargas; David Pascual-Ezama. Is the External Audit Report Useful for Bankruptcy Prediction? Evidence Using Artificial Intelligence. International Journal of Financial Studies 2019, 7, 20 .

AMA Style

Nora Muñoz-Izquierdo, María-Del-Mar Camacho-Miñano, María-Jesús Segovia-Vargas, David Pascual-Ezama. Is the External Audit Report Useful for Bankruptcy Prediction? Evidence Using Artificial Intelligence. International Journal of Financial Studies. 2019; 7 (2):20.

Chicago/Turabian Style

Nora Muñoz-Izquierdo; María-Del-Mar Camacho-Miñano; María-Jesús Segovia-Vargas; David Pascual-Ezama. 2019. "Is the External Audit Report Useful for Bankruptcy Prediction? Evidence Using Artificial Intelligence." International Journal of Financial Studies 7, no. 2: 20.

Preprint
Published: 08 November 2018
Reads 0
Downloads 0

Despite the number of studies on bankruptcy prediction using financial ratios, very little is known about how external audit information can contribute to anticipating financial distress. A handful of papers show that a combination of ratios and audit data can provide significant predictive purposes, but a recent paper by Muñoz-Izquierdo et al. (2018) provided an 80% predictive accuracy solely by using the disclosures of audit reports. We complement this study. Applying an artificial intelligence method (the PART algorithm), we examine the predictive ability of more easily extracted information from the report and suggest a practical implication for each user. Simply by (1) finding the audit opinion, (2) identifying if a matter section exist, (3) and the number of comments disclosed, then any user may predict a bankruptcy situation with the same accuracy as if they had scrutinised the whole report. In addition, we also provide an extended literature review about previous studies on the interaction between bankruptcy prediction and the external audit information.

ACS Style

Nora Muñoz-Izquierdo; María-Del-Mar Camacho-Miñano; María Jesús Segovia-Vargas; David Pascual-Ezama. Is the External Audit Report Useful for Bankruptcy Prediction? Evidence Using Artificial Intelligence. 2018, 1 .

AMA Style

Nora Muñoz-Izquierdo, María-Del-Mar Camacho-Miñano, María Jesús Segovia-Vargas, David Pascual-Ezama. Is the External Audit Report Useful for Bankruptcy Prediction? Evidence Using Artificial Intelligence. . 2018; ():1.

Chicago/Turabian Style

Nora Muñoz-Izquierdo; María-Del-Mar Camacho-Miñano; María Jesús Segovia-Vargas; David Pascual-Ezama. 2018. "Is the External Audit Report Useful for Bankruptcy Prediction? Evidence Using Artificial Intelligence." , no. : 1.

Journal article
Published: 19 July 2018 in Journal of Business Research
Reads 0
Downloads 0

This 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.

ACS Style

Nora Muñoz-Izquierdo; María Jesús Segovia-Vargas; María-Del-Mar Camacho-Miñano; David Pascual-Ezama. Explaining the causes of business failure using audit report disclosures. Journal of Business Research 2018, 98, 403 -414.

AMA Style

Nora Muñoz-Izquierdo, María Jesús Segovia-Vargas, María-Del-Mar Camacho-Miñano, David Pascual-Ezama. Explaining the causes of business failure using audit report disclosures. Journal of Business Research. 2018; 98 ():403-414.

Chicago/Turabian Style

Nora Muñoz-Izquierdo; María Jesús Segovia-Vargas; María-Del-Mar Camacho-Miñano; David Pascual-Ezama. 2018. "Explaining the causes of business failure using audit report disclosures." Journal of Business Research 98, no. : 403-414.

Journal article
Published: 05 March 2018 in Review of International Business and Strategy
Reads 0
Downloads 0

Purpose This paper aims to find out if different exporter types dominate among matched mature Spanish and Estonian firms and whether these types are associated with specific export growth/decline patterns. Design/methodology/approach This study is based on firm-level data from the Estonian Business Register’s database of annual financial reports and SEPI Foundation’s survey on Spanish firms’ business strategies. From both countries, 242 firms were included and the period 2009-2013 was chosen. Findings Committed exporters (with 75 per cent or higher export shares) dominated in Estonia and experimental exporters (with export shares mostly below 10 per cent) in Spain. While in Estonia, the most frequent export growth/decline pattern encompassed four consecutive growth years, in Spain, it had two consecutive growth years and then two decline years. Spanish firms’ export growth/decline patterns were more random: 12 patterns of 16 fell within the range of a random walk assumption, while in Estonia, only 5 patterns were within the range. Contingency existed between exporter types and export growth/decline patterns only for the whole sample. Originality/value This paper studies if committed/aggressive/active exporters experience more export fluctuations than passive/experimental exporters, and how random export growth/decline patterns are.

ACS Style

Tiia Vissak; Oliver Lukason; Maria-Jesus Segovia-Vargas. Interconnecting exporter types with export growth and decline patterns. Review of International Business and Strategy 2018, 28, 61 -76.

AMA Style

Tiia Vissak, Oliver Lukason, Maria-Jesus Segovia-Vargas. Interconnecting exporter types with export growth and decline patterns. Review of International Business and Strategy. 2018; 28 (1):61-76.

Chicago/Turabian Style

Tiia Vissak; Oliver Lukason; Maria-Jesus Segovia-Vargas. 2018. "Interconnecting exporter types with export growth and decline patterns." Review of International Business and Strategy 28, no. 1: 61-76.

Chapter
Published: 01 January 2017 in Entrepreneurship
Reads 0
Downloads 0

Sheltered Employment Centers (CEE) are part of the social economy companies, based on the primacy of people over capital, social benefits and solidarity. Its aim is to carry out productive work and they are a means of integration of the greatest possible number of disabled people. There is a growing interest in this type of business, because its number has increased considerably. The objective of this chapter is to give academic visibility to CEE due to its great contribution to the social corporate responsibility, and to encourage the so-called social entrepreneurship. The reasons for creating social firms are analyzed and the characteristics that can contribute to the success of this type of companies are studied. Using the case study methodology, a CEE is analyzed in depth showing the main features of social economy business by means of a specific case and the key variables that has conducted to its success.

ACS Style

Vera Gelashvili; Eva Aguilar; María-Jesús Segovia-Vargas; María-Del-Mar Camacho-Miñano; María Teresa Blanco Hernández. Social Entrepreneurship in Sheltered Employment Centers. Entrepreneurship 2017, 1953 -1974.

AMA Style

Vera Gelashvili, Eva Aguilar, María-Jesús Segovia-Vargas, María-Del-Mar Camacho-Miñano, María Teresa Blanco Hernández. Social Entrepreneurship in Sheltered Employment Centers. Entrepreneurship. 2017; ():1953-1974.

Chicago/Turabian Style

Vera Gelashvili; Eva Aguilar; María-Jesús Segovia-Vargas; María-Del-Mar Camacho-Miñano; María Teresa Blanco Hernández. 2017. "Social Entrepreneurship in Sheltered Employment Centers." Entrepreneurship , no. : 1953-1974.

Journal article
Published: 01 December 2016 in Revista Española de Discapacidad
Reads 0
Downloads 0

Resumen Los centros especiales de empleo (CEE) son empresas de vital importancia para las personas con discapacidad, al facilitar su incorporación social y laboral en la sociedad. Este estudio pretende contribuir a la visibilidad académica de estas empresas, que fomentan el emprendimiento social y son socialmente responsables. El objetivo de este trabajo es el análisis económico-financiero de la estructura de los CEE de España. Para ello, se estudian sus principales indicadores financieros a través de ratios contables. Las conclusiones obtenidas señalan que apenas existen estudios económicos sobre estas empresas y que la mayoría de los CEE son pequeños, dedicados a la prestación de servicios, con forma jurídica de sociedad limitada y focalizados en Andalucía, Castilla y León, Cataluña y Madrid. En cuanto a los resultados de los ratios, de media los CEE presentan una baja rentabilidad y un alto nivel de endeudamiento a corto plazo, aunque su solvencia está garantizada.

ACS Style

Vera Gelashvili; María Del Mar Camacho-Miñano; María Jesús Segovia-Vargas. Análisis económico-financiero de los centros especiales de empleo de España. Revista Española de Discapacidad 2016, 4, 7 -24.

AMA Style

Vera Gelashvili, María Del Mar Camacho-Miñano, María Jesús Segovia-Vargas. Análisis económico-financiero de los centros especiales de empleo de España. Revista Española de Discapacidad. 2016; 4 (2):7-24.

Chicago/Turabian Style

Vera Gelashvili; María Del Mar Camacho-Miñano; María Jesús Segovia-Vargas. 2016. "Análisis económico-financiero de los centros especiales de empleo de España." Revista Española de Discapacidad 4, no. 2: 7-24.

Chapter
Published: 01 January 2016 in Handbook of Research on Climate Change and the Sustainable Financial Sector
Reads 0
Downloads 0

Sheltered Employment Centers (CEE) are part of the social economy companies, based on the primacy of people over capital, social benefits and solidarity. Its aim is to carry out productive work and they are a means of integration of the greatest possible number of disabled people. There is a growing interest in this type of business, because its number has increased considerably. The objective of this chapter is to give academic visibility to CEE due to its great contribution to the social corporate responsibility, and to encourage the so-called social entrepreneurship. The reasons for creating social firms are analyzed and the characteristics that can contribute to the success of this type of companies are studied. Using the case study methodology, a CEE is analyzed in depth showing the main features of social economy business by means of a specific case and the key variables that has conducted to its success.

ACS Style

Vera Gelashvili; Eva Aguilar; María-Jesús Segovia-Vargas; Maria-Del-Mar Camacho-Miñano; María Teresa Blanco Hernández. Social Entrepreneurship in Sheltered Employment Centers. Handbook of Research on Climate Change and the Sustainable Financial Sector 2016, 431 -452.

AMA Style

Vera Gelashvili, Eva Aguilar, María-Jesús Segovia-Vargas, Maria-Del-Mar Camacho-Miñano, María Teresa Blanco Hernández. Social Entrepreneurship in Sheltered Employment Centers. Handbook of Research on Climate Change and the Sustainable Financial Sector. 2016; ():431-452.

Chicago/Turabian Style

Vera Gelashvili; Eva Aguilar; María-Jesús Segovia-Vargas; Maria-Del-Mar Camacho-Miñano; María Teresa Blanco Hernández. 2016. "Social Entrepreneurship in Sheltered Employment Centers." Handbook of Research on Climate Change and the Sustainable Financial Sector , no. : 431-452.

Journal article
Published: 16 November 2015 in Review of Business Management
Reads 0
Downloads 0

Objective – The objective of this paper is to test the validity of using ‘bonus-malus’ (BM) levels to classify policyholders satisfactorily.Design/methodology/approach – In order to achieve the proposed objective and to show empirical evidence, an artificial intelligence method, Rough Set theory, has been employed.Findings – The empirical evidence shows that common risk factors employed by insurance companies are good explanatory variables for classifying car policyholders’ policies. In addition, the BM level variable slightly increases the explanatory power of the a priori risks factors.Practical implications – To increase the prediction capacity of BM level, psychological questionnaires could be used to measure policyholders’ hidden characteristics.Contributions – The main contribution is that the methodology used to carry out research, the Rough Set Theory, has not been applied to this problem.

ACS Style

María-Jesús Segovia-Vargas; María-Del-Mar Camacho-Miñano; David Pascual-Ezama. Risk factors selection in automobile insurance policies: a way to improve the bottom line of insurance companies. Review of Business Management 2015, 17, 1228 -1245.

AMA Style

María-Jesús Segovia-Vargas, María-Del-Mar Camacho-Miñano, David Pascual-Ezama. Risk factors selection in automobile insurance policies: a way to improve the bottom line of insurance companies. Review of Business Management. 2015; 17 (57):1228-1245.

Chicago/Turabian Style

María-Jesús Segovia-Vargas; María-Del-Mar Camacho-Miñano; David Pascual-Ezama. 2015. "Risk factors selection in automobile insurance policies: a way to improve the bottom line of insurance companies." Review of Business Management 17, no. 57: 1228-1245.

Journal article
Published: 01 February 2015 in Innovar
Reads 0
Downloads 0

La gestión de riesgos, asociada al seguro del automóvil, es una cuestión crucial a la que se enfrentan en la actualidad tanto actuarios como profesionales del sector. Es clave seleccionar adecuadamente los factores de riesgos para asignar las tarifas a los asegurados en función del riesgo asociado. Por tanto, el objetivo de este trabajo es comprobar empíricamente la validez de la utilización de los niveles de "bonus-malus" para clasificar adecuadamente a los asegurados a través de dos modelos de ecuaciones estructurales. Los análisis sobre una muestra de 4.365 pólizas automovilísticas españolas descritas a través de 11 factores de riesgo muestran que la variable BM contribuye a mejorar la capacidad explicativa del modelo pero no de manera significativa.

ACS Style

María Jesús Segovia Vargas; María Del Mar Camacho-Miñano; David Pascual Ezama; Piedad Tolmos Rodríguez-Piñero. Análisis de los factores de riesgo en el seguro de automóvil mediante ecuaciones estructurales. Innovar 2015, 25, 121 -130.

AMA Style

María Jesús Segovia Vargas, María Del Mar Camacho-Miñano, David Pascual Ezama, Piedad Tolmos Rodríguez-Piñero. Análisis de los factores de riesgo en el seguro de automóvil mediante ecuaciones estructurales. Innovar. 2015; 25 (1Spe):121-130.

Chicago/Turabian Style

María Jesús Segovia Vargas; María Del Mar Camacho-Miñano; David Pascual Ezama; Piedad Tolmos Rodríguez-Piñero. 2015. "Análisis de los factores de riesgo en el seguro de automóvil mediante ecuaciones estructurales." Innovar 25, no. 1Spe: 121-130.