Determinantes corporativos de la intensidad del lobby en el proceso de elaboración de la norma de arrendamientos

Determinants of corporate lobbying intensity in the lease standard-setting process

  • Lucía Mellado Departamento de Economía de la Empresa y Contabilidad, Facultad de Ciencias Económicas y Empresariales, Universidad Nacional de Educación a Distancia (UNED), Paseo Senda del Rey, 11, 28040 Madrid, Spain
  • Laura Parte Departamento de Economía de la Empresa y Contabilidad, Facultad de Ciencias Económicas y Empresariales, Universidad Nacional de Educación a Distancia (UNED), Paseo Senda del Rey, 11, 28040 Madrid, Spain
Palabras clave: Contabilidad de arrendamientos, Grupos de interés, Cartas de comentarios, IASB-FASB, Proceso normativo contable

Resumen

El proyecto de NIIF de arrendamientos, elaborado conjuntamente por el IASB y el FASB, ha sido objeto de una gran controversia debido a que propone el registro de los activos y pasivos derivados de los contratos de arrendamientos en el balance, con la única excepción de los contratos a corto plazo. En este artículo se presenta un estudio empírico para identificar los factores explicativos de la intensidad de la participación en el proyecto de las entidades cotizadas no financieras a través de las cartas de comentarios. Para ello, se analizan las cartas de comentarios presentadas por 306 sociedades cotizadas no financieras, en respuesta a los 3 documentos publicados hasta el momento de la emisión definitiva de la norma por los reguladores (DP 2009, ED 2010 y ED 2013) y se realiza un análisis multivariante. Los resultados muestran que el grado de intensidad de la participación de las empresas se ve influido por características corporativas como el tamaño, la rentabilidad, la antigüedad, el sector económico y la propiedad de acciones o participaciones de los directivos. La investigación tiene implicaciones para los emisores de normas y contribuye a la línea de investigación del lobby.

Descargas

La descarga de datos todavía no está disponible.

Citas

Adams and Hardwick, 1998: Determinants of the leasing decision in United Kingdom listed companies Applied Financial Economics, 8 (1998), pp. 487-494

Altamuro et al., 2014: Operating leases and credit assessments Contemporary Accounting Research, 31 (2014), pp. 551-580

Akhtar and Oliver, 2009: Determinants of capital structure for Japanese multinational and domestic corporations International Review of Finance, 9 (2009), pp. 1-26

Ang and Peterson, 1984: The leasing puzzle Journal of Finance, 39 (1984), pp. 1055-1065

Ang et al., 2000: The incentives of Australian public companies lobbying against proposed superannuation accounting standards Abacus, 36 (2000), pp. 40-70

Arimany et al., 2015: Economic consequence of accounting standards in the hotel industry: Lobbying arguments versus expected impact European Accounting and Management Review, 2 (2015), pp. 41-74

Barral Rivada, 2014: El posicionamiento de los preparadores en la reforma de la norma internacional de contabilidad sobre arrendamientos Universidad de Córdoba, Facultad de Ciencias Económicas y Empresariales (ETEA), (2014)

Tesis doctoral:

Barral Rivada et al., 2014: Los arrendamientos operativos: Impacto de su reconocimiento en los estados financieros y en la política de financiación de las compañías españolas y del Reino Unido Revista de Contabilidad, 17 (2014), pp. 212-223

Beattie et al., 1998: The impact of constructive operating lease capitalisation on key accounting ratios Accounting and Business Research, 28 (1998), pp. 233-254

Beattie et al., 2000: Operating leases and the assessment of lease – Debt substitutability Journal of Banking and Finance, 24 (2000), pp. 427-470

Bennett and Bradbury, 2003: Capitalizing non-cancelable operating leases Journal of International Financial Management and Accounting, 14 (2003), pp. 101-114

Beresford, 2001: Congress looks at accounting for business combinations Accounting Horizons, 15 (2001), pp. 73-86

Biondi et al., 2011: A perspective on the joint IASB/FASB exposure draft on accounting for leases: American Accounting Association's Financial Accounting Standards Committee (AAA FASC) Accounting Horizons, 25 (2011), pp. 861-871

Boddewyn and Brewer, 1994: International-business political behavior: New theoretical directions Academy of Management Review, 19 (1994), pp. 119-143

Borghesi and Chang, 2015: The determinants of effective corporate lobbying Journal of Economics and Finance, 39 (2015), pp. 606-624

Campos and Giovannoni, 2007: Lobbying, corruption and political influence Public Choice, 131 (2007), pp. 1-21

Duke et al., 2002: Firm-specific determinants of off-balance sheet leasing: A test of the Smith/Wakeman model Journal of Business and Management, 8 (2002), pp. 335-354

Durocher, 2008: Canadian evidence on the constructive capitalisation of operating leases Accounting Perspectives, 7 (2008), pp. 227-256

Eisfeldt and Rampini, 2009: Leasing ability to repossess and debt capacity Review of Financial Studies, 22 (2009), pp. 1621-1657

Fito et al., 2013: Considering the effects of operating lease capitalisation on key financial ratios Spanish Journal of Finance and Accounting, 42 (2013), pp. 341-368

Francis, 1987: Lobbying against proposed accounting standards: The case of employers’ pension accounting Journal of Accounting and Public Policy, 6 (1987), pp. 35-57

Fülbier et al., 2008: Impact of lease capitalisation on financial ratios of listed German companies Schmalenbach Business Review, 60 (2008), pp. 122-144

Georgiou, 2004: Corporate lobbying on accounting standards: Methods, timing and perceived effectiveness Abacus, 40 (2004), pp. 219-237

Georgiou, 2005: Investigating corporate management lobbying in the UK accounting standard-setting process: A multi-issue/multi-period approach Abacus, 41 (2005), pp. 323-347

Georgiou, 2010: The IASB standard-setting process: Participation and perceptions of financial statement users British Accounting Review, 42 (2010), pp. 103-118

Giner and Arce, 2012: Lobbying on accounting standards: Evidence from IFRS 2 on share-based payments European Accounting Review, 21 (2012), pp. 655-691

Goodacre, 2003: Operating lease finance in the UK retail sector International Review of Retail, Distribution and Consumer Research, 13 (2003), pp. 99-125

Gosman and Hanson, 2000: The impact of leasing on lenders’ evaluations of firms’ debt levels Commercial Lending Review, 15 (2000), pp. 53-60

Hansen, 2011: Lobbying of the IASB: An empirical investigation Journal of International Accounting Research, 10 (2011), pp. 57-75

Hansen and Mitchell, 2000: Disaggregating and explaining corporate political activity: Domestic and foreign corporations in national politics American Political Science Review, 94 (2000), pp. 891-903

Hillman and Hitt, 1999: Corporate political strategy formulation: A model of approach, participation, and strategy decisions Academy of Management Review, 24 (1999), pp. 825-842

Hillman et al., 2004: Corporate political activity: A review and research agenda Journal of Management, 30 (2004), pp. 837-857

Holder et al., 2013: A content analysis of the comment letters to the FASB and IASB: Accounting for contingencies Advances in Accounting, 29 (2013), pp. 134-153

IASB, 2009: Discussion paper, leases: Preliminary views IASB, (2009, March)

IASB, 2010: Exposure draft. Leases. ED/2010/09 IASB, (2010, August)

IASB, 2013: Exposure draft. Leases. ED/2013/06 IASB, (2013, May)

IASB, 2016: International financial accounting standard – IFRS 16, leases IASB, (2016)

Jensen and Meckling, 1976: Theory of the firm: Managerial behaviour, agency costs, and ownership structure Journal of Financial Economics, 3 (1976), pp. 78-79

Johnson, 2003: Debt maturity and the effects of growth opportunities and liquidity risk on leverage Review of Financial Studies, 16 (2003), pp. 209-236

Jorissen et al., 2012: Formal participation in the IASB's due process of standard setting: A multi-issue/multi-period analysis European Accounting Review, 21 (2012), pp. 693-729

Katselas et al., 2011: International firm lobbying and ED 8 operating segments Australian Accounting Review, 21 (2011), pp. 154-166

Kelly, 1985: Corporate management lobbying on FAS No. 8: Some further evidence Journal of Accounting Research, 23 (1985), pp. 619-632

Koh, 2011: What drive firms’ decisions to lobby and determinants of their lobbying positions: Evidence from firms’ comment letter submissions during FASB's stock option expensing proposal in 2004 International Journal of Accounting, 46 (2011), pp. 1-24

Kosi and Reither, 2014: Determinants of corporate participation in the IFRS 4 (Insurance Contracts) replacement process Accounting in Europe, 11 (2014), pp. 89-112

Kostolansky and Stanko, 2011: The joint FASB/IASB lease project: Discussion and industry implications Journal of Business & Economics Research (JBER), 9 (2011), pp. 29-36 http://dx.doi.org/10.1371/journal.pone.0179244

Krische et al., 2012: Lease transaction structuring, earning management, and management credibility Research in Accounting Regulation, 24 (2012), pp. 33-39

Larson, 1997: Corporate lobbying of the international accounting standards committee Journal of International Financial Management and Accounting, 8 (1997), pp. 175-203

Lee et al., 2014: The effect of capitalizing operating leases on the immediacy to debt covenant violations Journal of Accounting and Finance, 14 (2014), pp. 44-70

Molina and Mora, 2015: Cambios conceptuales en la contabilidad de los arrendamientos: Retos normativos y académicos Revista de Contabilidad, 18 (2015), pp. 99-113

Mora and Molina, 2014: Lobbying in the accounting standard setting: The case of the leasing project X Workshop de Investigación Empírica en Contabilidad Financiera,

Morais, 2013: Why companies choose to lease instead of buy? Insights from academic literature Academia Revista Latinoamericana de Administración, 26 (2013), pp. 432-446

Morck et al., 1988: Management ownership and market valuation: An empirical analysis Journal of Financial Economics, 20 (1988), pp. 293-315

Morck et al., 2001: Habitual and occasional lobbyers in the US steel industry: An EM algorithm pooling approach Economic Inquiry, 39 (2001), pp. 365-378

Nailor and Lennard, 2000: Leases: Implementation of a new approach FASB, Norwalk, (2000)

Orens et al., 2011: Corporate lobbying in private accounting standard setting: Does the IASB have to reckon with national differences? Accounting in Europe, 8 (2011), pp. 211-234

PwC, 2013: Energy spotlight. Lease accounting – Transformational change (2013) Available from http://www.pwc.com/gx/en/oil-gas-energy/publications/energy-spotlight-lease-accounting.jhtml

PwC, 2010: The future of leasing (2010) Available from http://www.pwc.com/en_GX/gx/transportation-logistics/pdf/leasing-brochure-global-research-study.pdf

Sadrich and Annavarjulia, 2003: Antecedents of corporate lobbying participation and intensity: A review of the literature Public Administration Quarterly, 26 (2003), pp. 465-502

Sadrich and Annavarjulia, 2005: Firm-specific determinants of corporate lobbying participation and intensity International Journal of Public Administration, 28 (2005), pp. 179-202

Santos and Santos, 2014: Lobbying on accounting regulation: Evidence from the oil industry Revista Contabilidade and Finanças, 25 (2014), pp. 124-144

SEC, 2005: Report and Recommendations Pursuant to Section401(C) of the Sarbanes-Oxley Act of 2002 on Arrangements with off-Balance Sheet Implications, Special Purpose Entities, and Transparency of Filings by Issuers Government Printing Office, (2005)

Sharpe and Nguyen, 1995: Capital market imperfections and the incentive to lease Journal of Financial Economics, 39 (1995), pp. 271-294

Smith and Wakeman, 1985: Determinants of corporate leasing policy Journal of Finance, 40 (1985), pp. 895-910

Sutton, 1984: Lobbying of accounting standard-setting bodies in the UK and the USA: A Downsian analysis Accounting, Organizations and Society, 9 (1984), pp. 81-95

Tandy and Wilburn, 1992: Constituent participation in standard-setting: The FASB's first 100 statements Accounting Horizons, 6 (1992), pp. 47-58

The Economist, 2013: The lease bad solutions (2013) Available from http://www.economist.com/news/business/21589897-proposals-clean-up-lease-accounting-will-hit-many-firms-balance-sheets-lease-bad-solution

The New York Times, 2013: New accounting proposal on Leasing Portends Big Changes (2013) Available from http://dealbook.nytimes.com/2013/05/16/significant-changes-proposed-in-lease-accounting/?_r=0

Watts and Zimmerman, 1978: Towards a positive theory of the determination of accounting standards Accounting Review, 53 (1978), pp. 112-134

Watts and Zimmerman, 1986: Positive accounting theory Prentice-Hall, (1986)

Weymouth, 2012: Firm lobbying and influence in developing countries: A multilevel approach Business and Politics, 14 (2012), pp. 1-26

Zeff, 2002: “Political” lobbying on proposed standards: A challenge to the IASB Accounting Horizons, 16 (2002), pp. 43-54

Publicado
01-07-2017
Cómo citar
Mellado, L., & Parte, L. (2017). Determinantes corporativos de la intensidad del lobby en el proceso de elaboración de la norma de arrendamientos. Revista De Contabilidad - Spanish Accounting Review, 20(2), 131-142. https://doi.org/10.1016/j.rcsar.2016.09.001
Sección
Artículos