Purpose The aim of this paper is to examine if the use of aggregated graph format and visual cues in graphical visualization of sales historical data can mitigate the end-anchoring effect and improve judgment accuracy. Design/methodology/approach We run an experimental study in which participants assume the role of a marketing manager who has to judge the need for additional investments in a marketing campaign. Findings We find that aggregated vs disaggregated graph format to visualize sales historical data increases the likelihood of perceiving the correct sales pattern and that this correct pattern identification results in more accurate judgment about the need for additional marketing investments. In addition, while the moderation effect is not statistically significant, there is an observed tendency for the aggregated graph format to be associated with higher judgment accuracy when visual cues are absent. Practical implications The main practical implication of this paper is that the use of an aggregated graph format may help mitigate the end-anchoring effect more effectively than a disaggregated format. This insight can guide professionals responsible for providing support to decision makers in choosing appropriate data visualization formats. Originality/value This research provides new evidence regarding the occurrence of the end anchoring in graph analysis, as well as possible ways to mitigate this bias.
Purpose This article examines the presence of earnings management in Spanish local governments and analyzes how political party characteristics and mayoral attributes influence discretionary accounting behavior. Design/methodology/approach Using a balanced panel of 3,190 Spanish municipalities (2016–2018), the study applies a one-stage modified Jones model that incorporates political variables directly into the accruals estimation. A Mundlak-type correction is used to address time-invariant effects. Findings The results reveal systematic earnings management, particularly around small positive results. Political concentration and alignment with regional governments increase discretionary accruals. Higher mayoral salaries reduce manipulation, while full-time dedication increases it, although higher wages mitigate this effect for full-time mayors. Originality/value The study advances public-sector accounting research by jointly examining party- and individual-level political incentives and by applying a robust one-stage methodological approach to a novel institutional setting.
Purpose This study analyzes whether/how managers systematically place information in different locations of presidents' letters. Design/methodology/approach The paper examines the intra-document variability (each president's letter is divided into three parts: first, middle, and final) in syntactical complexity and attributions between two extremely different periods, determined by the global financial crisis. In a supplementary analysis, pre and post COVID-19 pandemic years are also analyzed. The setting is a civil-law country, Spain. Findings The results show that, in line with the obfuscation hypothesis, managers are more prone to using intra-variability in attributions, rather than in syntactical complexity. Financial Services and Real Estate is the sector whose intra-variability in attributions could be most clearly interpreted in line with the obfuscation hypothesis. Originality/value Previous research has not paid much attention to the location of news in the accounting documents. However, the placement of information within disclosure(s) is (often) deliberate and can be done for misleading purposes.
The main objective of this study is to analyze the supervisory role of female directors on Board of Directors (hereinafter, BODs) in the relationship between the specific board characteristics, independence, and cultural diversity of the BOD in board remuneration. Furthermore, to extend past research based on corporate governance, the sample of sustainable European companies depending on whether the country is bank-or market-oriented. The theoretical framework used in this research is based on agency theory and stewardship theory. Using a sample of companies listed on the Euronext Vigeo Europe 120 index from 2012 to 2021, the results have shown that the moderate role of female directors on corporate boards reduce the relationship between independent directors and the remuneration on corporate boards in European sustainable companies. Furthermore, the importance of the supervisory role of female directors is highlighted, but not in all the European countries analyzed, but only in those depends on banking-oriented countries. This study presents important theoretical and practical implications for the field of corporate governance and gender diversity. (c) 2025 ASEPUC. Publicado por EDITUM-Universidad de Murcia. Este es un articulo Open Access bajo la licencia CC BY-NC-ND (http://creativecommons.org/licenses/by-nc-nd/4.0/).
This study argues, illustrates and reflects on the possible unintended consequences of two growing features of the European accounting standardisation process, the objective of financial stability and the increasing political interference. After analysing the accounting literature, we illustrate the arguments with the case of the Spanish financial sector in the financial crisis period, 2008-2011, in which a prudential loan impairment accounting model (the so-called Spanish dynamic provision) was used. Using a simulation methodology and a multivariate model applied to a sample of savings banks and banks, we conclude that the application of the prudential model interfered with the information relevance objective, and that this effect was greater in the institutions with normally greater political influence, the savings banks. Our reflections contribute to the current debate on the risks of using accounting as a tool to achieve purposes other than informational usefulness. (c) 2025 ASEPUC. Publicado por EDITUM-Universidad de Murcia. Este es un articulo Open Access bajo la licencia CC BY-NC-ND (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Standard setters and regulators have gradually changed the form and content of audit reports to enhance their clarity and comprehensibility, aiming to reduce the expectation gap. This research investigates the perceived usefulness of the latest expanded audit report (EAR), focusing on the evaluation of its key sections, within the context of bank financing. Additionally, the study explores the potential impact on credit granting decisions, particularly in relation to the accessibility, processing times and financing conditions for SMEs. structural equation modelling (SEM) methodology was employed to analyse the responses of 225 bank loan officers to a self-administered online questionnaire. The results show that the perception that the audit service is useful has a positive impact on credit granting (access, time and conditions), but it is only influenced by the Opinion section. Basis of Opinion, Other Information and Key Audit Matters (KAM) sections do not appear to be significant. Consequently, additional audit report extensions should be carefully considered before making new decisions, as they are not necessarily perceived as informative. (c) 2025 ASEPUC. Published by EDITUM-Universidad de Murcia. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
In this paper, we conducted an extensive bibliometric analysis of the current state-of-the-art in sustainability reporting assurance (SRA). Our goal was to identify research patterns, critical areas, and emerging trends that can guide future research and development in this field. We used two advanced bibliometric software, VosViewer and Biblioshiny on R Studio, to conduct a complex bibliometric analysis. We visually analysed 633 studies from the Web of Science database from 1992 to 2023. Our study examined the trend of publications, the most influential journals, publications, authors, institutions, and interconnections among countries, keywords, and journals. Next, we conducted a bibliometric analysis of keywords and a thematic map analysis to identify emerging research themes. We then identified and ranked the 50 most influential studies in the field of SRA based on their average citations per year. Through content analysis, we highlighted the foundational theories, research methods used, and main thematic issues addressed in these studies. Finally, we suggested relevant avenues for future research in the SRA domain for each primary thematic analysis. Overall, this analysis provides valuable insights into current research trends and can help guide future research efforts in sustainability reporting assurance. (c) 2025 ASEPUC. Published by EDITUM-Universidad de Murcia. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Managers of public universities are increasingly required to manage resources effectively and efficiently when carrying out core university functions, in order to achieve cost cuts without eliminating services or compromising quality. In this context, the two objectives of this work are: first, to evaluate cost (in)efficiency in the Spanish Public University System during the period 2008-2019, comparing the situation during and after the global economic crisis of 2008; and, second, to study the convergence of the cost efficiency of universities-throughout these periods, within the sector and towards best practices-as well as its possible dependence on the crisis situation. To achieve these objectives, on the one hand, the conditional panel data Data Envelopment Analysis model is applied and, on the other, different regression models are used to determine the convergences beta, sigma y lambda. Our findings show an improvement in average cost efficiency between 2008 and 2019, revealing a reduction in university costs to achieve a given level of outputs. In that period, furthermore, the universities that initially managed their funds worse improved their cost efficiency more than those that initially behaved better, also reducing inequality between them at the end of the period. There was also intense convergence towards the best practice frontier. When distinguishing between sub-periods, compared to the crisis stage (2008-2013), Spanish public universities, on average, made better cost reduction decisions when providing their services during the post-crisis period (2014-2019), also producing greater institutional convergence both over time and towards the sector average and best practices. (c) 2025 ASEPUC. Published by EDITUM-Universidad de Murcia. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
This study examines the personal metaphors used by students enrolled in the last year of their Business Administration degree regarding their future role as accountants and auditors. The drawings and explanation of the personal metaphors were obtained from an open questionnaire, and they are categorized using the stereotype classification by Richardson et al. (2015). The metaphors are categorized into traditional and contemporary depending on the students view of the activities done by the professionals and into positive and negative depending on the personal traits they attributed to them. First, we identified the distribution of stereotypes for the role of accountant and second, for auditor. We also analyzed the participants' beliefs about the dominance of their metaphors in the profession and in society. Third, we examined the differences between the two roles. Subsequently, the study focuses on the changes that in-class interventions produce in students perceptions of their role as future accountants and auditors. Finally, this study investigates students profiles and characteristics such as gender, age, job preference and internship. The findings reveal that most participants have traditional perceptions of accounting and auditing professionals. However, evidence also suggests that students use more traditional metaphors for the accountants than for auditors. There are also more metaphors with positive connotations in the auditing profession than in accounting. In some cases, in-class intervention is effective shifting students perceptions about accountants and auditors toward more contemporary and positive ones. By combining the metaphors theory and accounting stereotype framework, this study provides a unique approach to understanding future professionals' perceptions of accountants and auditors. Given the social function of the accounting and auditing professions and the concerns about the shortage of accountants and auditors, it is important to study this question which helps revert certain negative images and increase the number of potential candidates. (c) 2025 ASEPUC. Published by EDITUM-Universidad de Murcia. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
El principal objetivo de este trabajo es analizar el papel supervisor de las consejeras del Consejo de Administración (de aquí en adelante, CA) en la relación existente entre las competencias específicas, la independencia y la diversidad cultural del CA en la remuneración del consejo. Además, para avanzar más en la literatura sobre gobierno corporativo se ha dividido la muestra de empresas europeas sostenibles, según se orienten financieramente al mercado y a la banca. El marco teórico utilizado en esta investigación se basa en la teoría de la agencia y la teoría de la administración. Utilizando una muestra de empresas cotizadas en el índice Euronext Vigeo Europe 120 desde 2012 hasta 2021, los resultados han evidenciado que la tarea de supervisión que realizan las consejeras cuando gestionan actividades junto con los consejeros independientes, tiende a reducir la remuneración del CA de las empresas sostenibles europeas. Por otra parte, los resultados han revelado que la orientación financiera es una característica importante a la hora de establecer estrategias de buen gobierno, para establecer protocolos de vigilancia en el establecimiento de las remuneraciones de los miembros del CA. Destaca la relevancia de la tarea supervisora de las consejeras, pero no para todos los países europeos analizados, sino solo para aquellos que acudan a la banca para financiar su actividad económica. Este estudio presenta importantes implicaciones teóricas y prácticas para el campo del gobierno corporativo y la diversidad de género.
The tourism industry is a major economic sector worldwide. This is especially so in Spain, which is a leading tourist destination. With globalisation, the sector has become highly competitive. The main aim of this study is to determine the relative efficiencies of different types of Spanish tourist accommodation establishments, taking into account their size and geographic locaton. Industry efficiency was determined using Data Envelopment Analysis (DEA) and the metafrontier approach, to compare differences in efficiency according to the type of tourist accommodation. The study findings show that the Hotels category presents higher levels of efficiency than other sectors, and that campsites perform worst in this respect. In terms of company size, hotels are the most efficient form of accommodation when the company has more than ten workers. By geographic location, hotel accommodation is more efficient in sun and beach tourism-oriented regions. This paper contributes to our understanding of this field by studying the efficiency of the accommodation sector, distinguishing between different types of establishment. Moreover, the study sample contains a larger number of firms than previous studies, providing a broader overview of the field. Findings could be used as a benchmarking tool by public institutions, enabling them to establish appropriate regulatory policies to achieve greater efficiency in the sector, and by company managers to compare efficiencies across types of establishment types, by size and location.
Sustainability standards in the European Union (EU) are being developed in a self-design process; therefore, there are different possibilities to influence and send feedback. Research on lobbying in European sustainability reporting normalization still needs to be improved and developed, which is one of the aims of this study, filling the gap in the scope of the EUs recent adoption of the first set of European Sustainability Reporting Standards (ESRS). This paper examines public comment letters collected by the European Commission about the first set of ESRS. We collected and analyzed all 604 feedback files, including introduction letters and attached PDFs, using lexical software. Our data also covers characteristics such as size, type of feedbacker, or nationality. Lexical analysis is then employed to identify key themes in the feedback to obtain conclusions from the lobbyists influence on the European Commissions standard-setting decisions on corporate reporting. The main conclusion obtained from the lexical analysis of the feedback provided to the public exposure of the first set of ESRS is that the changes introduced by the European Commission (EC) mainly answer it, as the main aspects pointed out in the feedback took to modifications in the draft of the first set of ESRS. Regarding the specific characteristics of the stakeholders that influence their feedback, user type, the company size, and the country can include differences in the opinion included in the feedback. These results and conclusions are helpful for all the stakeholders and all the potential interested in some way in sustainability reporting. Nowadays, knowing if it is helpful to lobby to give feedback to the regulation process is vital when sustainability reporting requirements are broader, not only legally but also through the value chain. (c) 2025 ASEPUC. Published by EDITUM-Universidad de Murcia. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Este estudio argumenta, ilustra y reflexiona sobre las posibles consecuencias no deseadas de dos características en auge en el proceso de normalización contable europeo, el objetivo de estabilidad financiera y la creciente interferencia política. Tras analizar la literatura contable, ilustramos los argumentos con el caso del sector financiero español en la crisis financiera del periodo 2008-2011, en el que se utilizó un modelo contable de deterioros de préstamos de naturaleza prudencial (la llamada “provisión dinámica” española). Mediante una metodología de simulación y un modelo multivariante aplicado a una muestra de cajas y bancos, concluimos que la aplicación del modelo prudencial interfirió con el objetivo de relevancia informativa, y que dicho efecto fue mayor en las entidades con normalmente mayor influencia política, las cajas de ahorro. Nuestras reflexiones contribuyen al debate actual sobre los riesgos del uso de la contabilidad como herramienta para alcanzar fines distintos a la utilidad informativa.
This paper investigates the influence of the chief executive officer (CEO) pay gap on bank risk in a distinct corporate governance context where CEO compensation is exclusively limited to a cash-based salary plus a bonus. A sample of 37 Chinese listed banks from 2010 to 2022 uses a fixed effect regression model. Consistent with the tournament theory, the authors conjecture that the CEO pay gap (CPG), measured by the pay gap (PGAP) and the CEO pay slice (CPS), is significantly and positively associated with bank risk, measured by the inverse z-score. Results reveal heterogeneity, with a notable positive effect evident in the subsets of non-state-owned and large banks. The study results have been extensively validated through several robustness checks, including alternate measures of the CPG, bank risk, the 2SLS-IV approach, and excluding the COVID-19 period. The paper has important implications for unique corporate governance systems, such as those that prevail in the Chinese banking system, where the results may inform and influence corporate practices and regulatory decisions. (c) 2025 ASEPUC. Published by EDITUM-Universidad de Murcia. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
As it is the board of directors which is responsible for non-financial information, this article analyses the influence of several characteristics of boards of directors (board size, the proportion of independent directors and the proportion of female directors) on the readability of Corporate Social Responsibility (CSR) reports written in Spanish. It also considers the effect on CSR readability of the hard regulation (law 18/2017 of 24 November 2017) of non-financial information in Spain and the type of reports used (Integrated Reports vs. Management Reports, Annual Reports, Sustainability or CSR reports). The study was carried out on 235 observations of CSR sustainability reports of Spanish listed companies from 2015 to 2019 using the Fernandez-Huerta Formula for Spanish language readability. Findings suggest that board of directors characteristics affect CSR report readability. The proportion of independent directors negatively affects the readability index, while the proportion of women on boards affects it positively. Moreover, readability is unaffected when disclosure of non-financial information is required by law, but it is positively affected when CSR issues are presented in an integrated report. The existence of a CSR committee negatively affects the readability index. (c) 2025 ASEPUC. Published by EDITUM-Universidad de Murcia. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
This article applies bibliometric analysis as a framework to explore the potential applications of emerging artificial intelligence (AI) tools for enhancing the accounting and accountability of Corporate Social Responsibility (CSR). Bibliometric analysis mapped scientific trends and identified emerging and relevant topics related to AI, accounting/accountability, and CSR. The opportunities and challenges of AI in promoting transparency, informed decision-making, and stakeholder engagement are discussed in the context of thematic networks and strategic diagrams that illustrate the research findings. The results indicate that emerging AI technologies are still specialized and peripheral to the core research in CSR, but opportunities exist to improve CSR accounting by generating automatic and more reliable CSR reports with large language models (LLMs) and through the application of AI inspired by biological processes for optimal decision-making. Machine learning and deep learning, in turn, can be applied to understand stakeholder attitudes and for algorithmic auditing, thus promoting the engagement and responsibility of stakeholders and increasing the accountability of CSR. The study also discusses potential risks and biases that can arise when implementing AI technologies for the accounting/accountability of CSR. (c) 2025 ASEPUC. Published by EDITUM-Universidad de Murcia. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Within a work team, the type of feedback information can reduce free-riding behaviours due to framing effects. Regardless of whether aggregate feedback pushes a group frame, detailed feedback in which peer information is displayed can push an individual frame. Nevertheless, detailed feedback also facilitates a learning effect, which can influence an agent´s behaviour. The question is whether the effects of the type of feedback vary depending on team characteristics. We examined how team feedback information type interacts with team identity to influence free-riding behaviour, recognising that team identity reduces free-riding behaviours. In an iterated prisoner’s dilemma situation, two types of feedback were manipulated: aggregate feedback (no individual peer information displayed) and detailed feedback (peer contribution and earnings information displayed). Our results showed that when agents received aggregate feedback, free-riding behaviours decreased only in strong-identity teams. Detailed feedback is dangerous because free-riding behaviours increase due to greed responses in strong-identity teams. Moreover, when detailed feedback was displayed, fear grew not only in weak-identity teams but also in strong-identity teams. The type of feedback did not change the level of free-riding behaviour in weak-identity teams, which is important. The relationship between feedback type and team features, which affects free-riding behaviour, is highlighted in this study.
This study aims to advance knowledge in the field of non-financial reporting (NFR) research by examining how academic and business insights into the qualitative dimensions of NFR have shaped the requirements of the new CSRD (Corporate Sustainability Reporting Directive) and its desired outcome of increased transparency.The research design enriches scholarship by combining the methodologies of systematic and integrative literature review, and lays the foundations for a conceptual model based on a literature taxonomy to support further research. This study represents the first attempt to empirically address the links between academics, business practitioners and regulators by integrating them into an original conceptual model based on the Belief-Action-Outcome framework. It highlights the interconnectedness between the cognitive, attitudinal and behavioural dimensions of the tripartite relationship derived from the literature taxonomy using partial least squares structural equation modelling (PLS-SEM).The results reveal meaningful relationships between the three perspectives, as hypothesised, which shed light on the valuable contributions of academics to the NFR regulatory process. Specifically, academic insights into the qualitative dimensions of NFRs positively influenced the requirements of CSRD and its outcome of increased transparency. In addition, practitioners' attitudes expressed through public consultations on NFRD reinforced this outcome through their positive moderating effect.The study is relevant to regulators, practitioners and academics interested in engaging in challenging debates about sustainability reporting. It catalyzes understanding the link between academic and real-world evidence, supporting regulatory progress, and leading to a virtuous cycle of value creation and meaningful communication. El objetivo de este estudio es avanzar en el conocimiento de la investigación sobre la información no financiera (IRNF), investigando el modo en que las ideas académicas y empresariales sobre las dimensiones cualitativas de la IRNF han dado forma a los requisitos de la nueva Directiva sobre la elaboración de informes de sostenibilidad de las empresas (CSRD, por sus siglas en inglés) y a su resultado deseado de aumentar la transparencia.El diseño de la investigación enriquece la literatura existente al combinar las metodologías de revisión bibliográfica sistemática e integradora, sentando las bases de un modelo conceptualizado basado en una taxonomía bibliográfica destinada a respaldar futuras investigaciones.Este estudio representa el primer intento de abordar empíricamente las conexiones entre los académicos, los profesionales de la empresa y los organismos reguladores, integrándolas en un modelo conceptualizado original basado en el marco Creencia-Acción-Resultado. En concreto, pone de relieve la interconexión entre las dimensiones cognitiva, actitudinal y conductual de la relación tripartita derivada de la taxonomía bibliográfica, utilizando la modelización de ecuaciones estructurales por mínimos cuadrados parciales (PLS-SEM).Los resultados revelan conexiones significativas entre las tres perspectivas, según la hipótesis formulada, que arrojan luz sobre las valiosas contribuciones del mundo académico al proceso regulador de los NFR, fomentando un sentimiento de confianza y un mayor desarrollo. En concreto, los conocimientos académicos sobre las dimensiones cualitativas de los NFR influyeron positivamente en los requisitos del CSRD y en su resultado de mejora de la transparencia. Además, las actitudes de los profesionales expresadas a través de consultas públicas sobre el NFRD reforzaron este resultado debido a su efecto moderador positivo.El estudio es relevante para los reguladores, los profesionales y el mundo académico interesados en participar en debates estimulantes sobre la elaboración de informes de sostenibilidad. Sirve de catalizador para comprender el vínculo entre las pruebas científicas y las del mundo real, apoyar los avances en la normativa y orientar hacia un ciclo positivo de creación de valor y comunicación significativa.
This study examines the association between chief executive officer (CEO) ability and the gap between internal and external corporate social responsibility (CSR) disclosure. We find that a firm’s CSR disclosure gap decreases when its CEO's ability increases. We also find that this negative association is strengthened when a CEO has political connections and when a CEO is internally promoted (inside CEO). Our results are robust after controlling for firm fixed effect and addressing endogeneity concerns. Overall our findings are consistent with our argument that more able CEOs significantly reduce the CSR disclosure gap and maintain the positive relationship between internal and external stakeholders. These results carry substantial implications for both theory and practice. From a practical standpoint, our findings emphasize the pivotal role of capable CEOs in orchestrating consistent CSR narratives that resonate internally and externally. This study offers valuable insights for corporate leaders striving to enhance their firms' CSR transparency and maintain favourable stakeholder relationships. Este estudio examina la relación entre la capacidad del consejero delegado y la brecha entre la divulgación interna y externa de la responsabilidad social corporativa (RSC). Se observa que la brecha de divulgación de la RSE de una empresa disminuye cuando aumenta la capacidad de su consejero delegado. También observamos que esta asociación negativa se refuerza cuando el CEO tiene conexiones políticas y cuando es promovido internamente (inside CEO). Nuestros resultados son robustos tras controlar el efecto fijo de la empresa y abordar los problemas de endogeneidad. En general, nuestros resultados son coherentes con nuestro argumento de que los CEO más capaces reducen significativamente la brecha de divulgación de la RSC y mantienen la relación positiva entre las partes interesadas internas y externas. Estos resultados tienen importantes implicaciones teóricas y prácticas. Desde un punto de vista práctico, nuestras conclusiones subrayan el papel fundamental que desempeñan los directores generales capaces de orquestar narrativas de RSC coherentes que resuenen interna y externamente. Este estudio ofrece valiosas ideas a los directivos de empresas que se esfuerzan por mejorar la transparencia de la RSE de sus empresas y mantener relaciones favorables con las partes interesadas.
This study, based on agency theory, focuses on the measurement of corporate governance in the Spanish corporate sector. Its aim is to develop, evaluate and validate a specific corporate governance index that overcomes the limitations of previous research, which relies on aggregated and unvalidated measures.The research questions are: How can corporate governance in Spain be adequately measured? And how well does the proposed index represent the relevant aspects of corporate governance? These questions lead to the sub-question of the validity of the sub-indices that make up the index in relation to specific aspects of corporate governance.The study analyses a sample of 130 Spanish listed companies with 1,039 observations corresponding to the period from 2007 to 2018. An aggregate corporate governance index is constructed, composed of four sub-indices: compliance with good governance codes, ownership characteristics, board characteristics and transparency of accounting information.The results show that both the overall index and the sub-indices are positively related to firm value. Methods such as Cronbach's alpha coefficient for internal consistency and Principal Component Analysis (PCA) for index structure are used to validate the index. In addition, panel data analysis using the GMM method is employed, incorporating a novel measure of firm value that takes into account the replacement cost of assets.This study fills a gap in the literature by constructing and validating a specific index for Spain, while addressing econometric issues such as endogeneity and unobservable heterogeneity. In practical terms, the index can support the implementation of the United Nations 2030 Sustainable Development Agenda, which promotes the adoption of good governance codes.Finally, it is suggested that future research should focus on creating and validating robust indices to assess the quality of corporate governance in other contexts, thereby promoting best practices globally. Este estudio, basado en la teoría de la agencia, se centra en la medición del gobierno corporativo en el sector corporativo español. Su objetivo es desarrollar, evaluar y validar un índice específico de gobierno corporativo que supere las limitaciones de investigaciones previas, las cuales se basan en medidas agregadas y no validadas.Las preguntas de investigación son: ¿cómo medir adecuadamente el gobierno corporativo en España?, y ¿cuán bien representa el índice propuesto los aspectos relevantes del gobierno corporativo? De estas preguntas se deriva una sub-pregunta sobre la validez de los subíndices que componen el índice en relación con los aspectos específicos del gobierno corporativo.El estudio analiza una muestra de 130 empresas españolas cotizadas con 1.039 observaciones correspondientes al período 2007-2018. Se construye un índice agregado de gobierno corporativo, compuesto por cuatro subíndices: cumplimiento con códigos de buen gobierno, características de la propiedad, características de los consejos directivos y transparencia de la información contable.Los resultados muestran que tanto el índice general como los subíndices están positivamente relacionados con el valor de la empresa. Para validar el índice, se utilizan métodos como el coeficiente de Cronbach α para la consistencia interna y el análisis de componentes principales (PCA) para la estructura del índice. También se emplea el análisis de datos de panel GMM, incorporando una medida novedosa del valor de la empresa que considera el coste de reposición de los activos.Este estudio llena un vacío en la literatura al crear y validar un índice específico para España, abordando además problemas econométricos como la endogeneidad y la heterogeneidad inobservable. A nivel práctico, el índice puede apoyar la implementación de la Agenda de Desarrollo Sostenible 2030 de las Naciones Unidas, que promueve la adopción de códigos de buen gobierno.Finalmente, se sugiere que futuras investigaciones se enfoquen en la creación y validación de índices robustos para evaluar la calidad del gobierno corporativo en otros contextos, promoviendo así las mejores prácticas a nivel global.
