His research focuses on the impact of accounting conservatism, fair value, earnings management, corporate governance, corporate disclosure, and international accounting (IFRS and US GAAP). Professor Penalva has published in the top journals of his field: Journal of Accounting and Economics, Review of Accounting Studies, European Accounting Review, Journal of Business, Finance and Accounting, among others. Member of the Editorial Board of the European Accounting Review.
He was a member of the experts' committee to improve the Spanish Governance Code of publicly traded companies appointed by the Government of Spain in May of 2013 on behalf of the Ministry of Economics. This committee produced the current governance code issued in 2015 by the Spanish regulator of the stock exchange (CNMV).
He was Secretary General of IESE's Executive Committee for ten years until August 2016, and Vice Dean for Research and Development for three years. In total he has served thirteen years as a member of IESE's Executive Committee. He was the Head of the Department of Accounting and Control for six years .