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Corporate social responsibility and financial profile of Spanish private hospitals.
Heliyon. 2019 Oct; 5(10):e02623.H

Abstract

In the context of the recent economic crisis, the financial situation of the Spanish health sector has become a major concern for responsible actors from the public and private spheres, because of a decline in public spending and increased demand due to population growth and ageing. The public health system seeks collaborative synergies with the private health system to achieve better health care results, cut waiting lists and cope with financial pressure. The private health sector currently owns 452 hospitals in Spain (57% of the country's total). This paper analyses the financial statements of hospital companies in the Spanish private healthcare system, using compositional data (CoDa) methodology. It identifies a significant relationship between financial statement structure and corporate social responsibility (CSR). Relevant CSR indicators include a sustainability report according to the Global Reporting Initiative (GRI), accreditation by the Joint Commission International (JCI) and ISO 14001, 50001 and 26000 accreditations. These indicators reduce asset turnover and increase debt quality: the proportion of long-term debt within total liability. From a methodological perspective, the paper proposes the first application CoDa in statistical models to predict financial statements from non-financial variables, and the first use of CoDa in partial-least-squares structural equation models (PLS-SEM). Our methodological approach reduces the asymmetry, redundancy and outliers encountered in standard statistical models that predict financial ratios.

Authors+Show Affiliations

University of Vic-UCC, C/Sagrada Familia, 7, 08500, Vic (Barcelona), Spain.University of Girona, Faculty of Economics and Management, C/Universitat, 10, 17003, Girona (Girona), Spain.University of Vic-UCC, C/Sagrada Familia, 7, 08500, Vic (Barcelona), Spain.

Pub Type(s)

Journal Article
Review

Language

eng

PubMed ID

31667425

Citation

Creixans-Tenas, J, et al. "Corporate Social Responsibility and Financial Profile of Spanish Private Hospitals." Heliyon, vol. 5, no. 10, 2019, pp. e02623.
Creixans-Tenas J, Coenders G, Arimany-Serrat N. Corporate social responsibility and financial profile of Spanish private hospitals. Heliyon. 2019;5(10):e02623.
Creixans-Tenas, J., Coenders, G., & Arimany-Serrat, N. (2019). Corporate social responsibility and financial profile of Spanish private hospitals. Heliyon, 5(10), e02623. https://doi.org/10.1016/j.heliyon.2019.e02623
Creixans-Tenas J, Coenders G, Arimany-Serrat N. Corporate Social Responsibility and Financial Profile of Spanish Private Hospitals. Heliyon. 2019;5(10):e02623. PubMed PMID: 31667425.
* Article titles in AMA citation format should be in sentence-case
TY - JOUR T1 - Corporate social responsibility and financial profile of Spanish private hospitals. AU - Creixans-Tenas,J, AU - Coenders,G, AU - Arimany-Serrat,N, Y1 - 2019/10/11/ PY - 2019/06/25/received PY - 2019/09/11/revised PY - 2019/10/08/accepted PY - 2019/11/1/entrez PY - 2019/11/2/pubmed PY - 2019/11/2/medline KW - Business KW - Compositional data analysis (CoDa) KW - Corporate social responsibility KW - Economics KW - Financial ratios KW - Partial-least-squares structural equation models (PLS-SEM) KW - Private hospitals SP - e02623 EP - e02623 JF - Heliyon JO - Heliyon VL - 5 IS - 10 N2 - In the context of the recent economic crisis, the financial situation of the Spanish health sector has become a major concern for responsible actors from the public and private spheres, because of a decline in public spending and increased demand due to population growth and ageing. The public health system seeks collaborative synergies with the private health system to achieve better health care results, cut waiting lists and cope with financial pressure. The private health sector currently owns 452 hospitals in Spain (57% of the country's total). This paper analyses the financial statements of hospital companies in the Spanish private healthcare system, using compositional data (CoDa) methodology. It identifies a significant relationship between financial statement structure and corporate social responsibility (CSR). Relevant CSR indicators include a sustainability report according to the Global Reporting Initiative (GRI), accreditation by the Joint Commission International (JCI) and ISO 14001, 50001 and 26000 accreditations. These indicators reduce asset turnover and increase debt quality: the proportion of long-term debt within total liability. From a methodological perspective, the paper proposes the first application CoDa in statistical models to predict financial statements from non-financial variables, and the first use of CoDa in partial-least-squares structural equation models (PLS-SEM). Our methodological approach reduces the asymmetry, redundancy and outliers encountered in standard statistical models that predict financial ratios. SN - 2405-8440 UR - https://www.unboundmedicine.com/medline/citation/31667425/Corporate_social_responsibility_and_financial_profile_of_Spanish_private_hospitals_ L2 - https://linkinghub.elsevier.com/retrieve/pii/S2405-8440(19)36283-8 DB - PRIME DP - Unbound Medicine ER -
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