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Innovation and CSR Impact on Financial Performance of Selected Companies in Mexico

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Durán-Vázquez R., Lorenzo-Valdés A., Moreno-Quezada G. E.

Journal of Entrepreneurship, Management and Innovation

2012

vol. 8

issue 3

5-20

This study analyzes the behavior of the companies in the index of México’s Precios y Cotizaciones (IPC), with respect to measures of financial performance and its relationship with the two main approaches of innovation, according to the Bogota and Oslo manuals; assessing their impact on the stock price. The data is used on a quarterly basis from January 2000 to December 2011. It also makes reference to the impact of having the distinction “Socially Responsible Company” (Corporate Social Responsibility), in the Mexican stock market price reaction. Our main interest is to be pioneers in the search for relationships between topics that are currently treated as “alien” (CSR and Innovation) in formal academic publications, but we intuitively know that they are related inside organizations.

Relevance of Discretionary Accruals Information (DAI) in Ohlson model: the case of Mexico

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Durán-Vázquez R., Lorenzo-Valdés A., San Martín-Reyna J. M.

Journal of Entrepreneurship, Management and Innovation

2012

vol. 8

issue 3

21-34

This study applied the modified Jones´ model (1991) for selected companies of Mexico. This model aims to assess the impact of Discretionary Accrual Information (DAI) on financial reporting statements, in order to identify the value relevance of “earnings quality”. We applied methodological criteria of Chung et al (2005) and Mukit & Iskandar (2009). We analyzed financial information of the 35 stock included in the Index of Prices and Quotations (IPC) of the Mexican Stock Exchange (BMV) for the period 2000 to 2011. 19 companies met the specifications of the model, for 48 quarters of information. The analysis was done in three parts: first, an analysis of the modified Jones´ model under panel data considerations by using fixed effects and adjustments of performing autocorrelation of order 1; second, a correlation analysis between the residuals of the modified Jones´model and the return of stock price in 3 annual closings years of study: 2007, 2008 and 2009; and third, we incorporated this variable (DAI) in the Ohlson model (of the financial and corporate accounting literature) and we tested it with panel data analysis, under fixed effects, throughout the study period.

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2 Journal of Entrepreneurship, Management and Innovation

2 2012

2 Durán-Vázquez R.

2 Lorenzo-Valdés A.

1 Moreno-Quezada G. E.

1 San Martín-Reyna J. M.

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Innovation and CSR Impact on Financial Performance of Selected Companies in Mexico

Relevance of Discretionary Accruals Information (DAI) in Ohlson model: the case of Mexico