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As higher education institutions (HEIs) across the world strive to become increasingly international, English-medium instruction (EMI) is swiftly becoming mainstream in contexts where English has traditionally held a foreign language status. This change in the language of instruction has given rise to a number of concerns, which are still largely under-explored. Amongst these, research into the effects of EMI on students' disciplinary knowledge is of great importance and should be regarded as crucial so that HEIs offer the same possibilities for student construction of knowledge, irrespective of the language used. Our paper duly examines the impact that EMI may have on student academic performance when compared to their counterparts' in their L1 (Spanish). As sample data, a comparable set of first-year student grades was collected for the subject of Financial Accounting I in a Spanish university during four academic years (2010-14). A total of 383 student grades were gathered and compared using mean difference tests. Overall, findings show no statistical differences across groups and that the use of EMI does not lower student final academic outcomes. These results may be relevant for other EMI contexts, the business education community and ESP course developers in general.

The aim of this study was to investigate whether firms’ reporting delays are interconnected with bankruptcy risk and its financial determinants. This study was based on 698,189 firm-year observations from Estonia. Annual report submission delay, either in a binary or ordinal form, was used as the dependent variable, while bankruptcy risk based on an international model or the financial ratios determining it were the independent variables. The findings indicated that firms with lower values of liquidity and annual and accumulated profitability were more likely to delay the submission of an annual report over the legal deadline. In turn, firm leverage was not interconnected with reporting delays. In addition, firms with a higher risk of bankruptcy were more likely to delay the submission of their annual reports. Firms with different ages, sizes and industries varied in respect to the obtained results. Different stakeholders should be aware that when reporting delays occur, these can be conditioned by higher bankruptcy risk or poor performance, and thus, for instance, crediting such firms should be treated with caution. State institutions controlling timely submission should take strict(er) measures in cases of firms delaying for a lengthy period.

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