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The Bank of the State and the state of the Bank: Annual Accounts of the Banco de Espana, 1872-94

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  • Marcia Annisette
  • Marta Macias

Abstract

This paper examines the disclosure practices in the Annual Reports of the Banco de Espana spanning the period 1872 to 1894. Although established as a privately owned bank, the Banco de Espana developed a close and increasingly symbiotic relationship with the Spanish State during the nineteenth century. This relationship was further strengthened in 1874 when the State conferred upon the Bank the exclusive right to issue bank notes for use throughout the country. With this privilege, the relationship between the Bank and the State was sealed. The paper argues that it was more this relationship rather than factors associated with it size, nature of operations or the nature of its competitive environment that influenced the disclosure practices of the Bank.

Suggested Citation

  • Marcia Annisette & Marta Macias, 2002. "The Bank of the State and the state of the Bank: Annual Accounts of the Banco de Espana, 1872-94," European Accounting Review, Taylor & Francis Journals, vol. 11(2), pages 357-376.
    • Handle: RePEc:taf:euract:v:11:y:2002:i:2:p:357-376
    DOI: 10.1080/09638180220125553
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    References listed on IDEAS

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    1. Niamh Brennan, 1999. "Voluntary Disclosure of Profit Forecasts by Target Companies in Takeover Bids," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 26(7&8), pages 883-917.
    2. P. S. Sudarsanam, 1995. "The role of defensive strategies and ownership structure of target firms: Evidence from UK hostile takeover bids," European Financial Management, European Financial Management Association, vol. 1(3), pages 223-240, November.
    3. Bryer, R. A., 1993. "The late nineteenth-century revolution in financial reporting: Accounting for the rise of investor or managerial capitalism?," Accounting, Organizations and Society, Elsevier, vol. 18(7-8), pages 649-690.
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