La información sobre intangibles en el mercado de capitales español, similitudes, divergencias y factores explicativos en su oferta y demanda
DOI:
https://doi.org/10.51302/rcyt.2004.16147Resumen
Este trabajo ha sido seleccionado y ha obtenido el Accésit Especial Premio Estudios Financieros 2004 en la Modalidad de contabilidad y administración de empresas.
Este trabajo pretende evidenciar el papel de la información sobre intangibles en los mercados de capitales, tanto desde la perspectiva de la estrategia divulgativa de las compañías cotizadas como desde el punto de vista de su empleo en el proceso de Análisis Fundamental. Así, el objetivo de este trabajo es el análisis de las diferencias en la atención prestada a medidas relativas a los intangibles de la compañía por el emisor (empresa) y el receptor (analista) de la información en un conjunto de grandes empresas españolas. Los resultados del trabajo proporcionan un conjunto de evidencias empíricas altamente sugerente y revelador.
Los resultados de los estudios empíricos realizados ponen de manifiesto que existe una gran similitud entre los ítems más valorados por el receptor (analista) y el emisor (empresa) respecto a las categorías de estrategia, tecnología, I+D+I y procesos. La información sobre los nuevos productos, imagen de líder y marcas, adquisiciones y alianzas están entre los datos no financieros más divulgados por la empresa, destacando los datos sobre credibilidad y transparencia de la estrategia de la empresa en los informes de analistas financieros. Al examinar las variables determinantes de la revelación de información sobre intangibles, se aprecia que las empresas de mayor tamaño y superior asimetría informativa son más proclives a revelar información sobre intangibles en sus reuniones con analistas. Por otra parte, el tipo de informe emitido, la asimetría informativa de la compañía analizada, y la clase de recomendación son los principales factores determinantes de la variabilidad en la información sobre intangibles que el analista emplea para apoyar sus recomendaciones.
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