Efecto de la subjetividad de las cifras contables sobre la utilidad de los estados financieros para el prestamista
DOI:
https://doi.org/10.51302/rcyt.2007.8147Palabras clave:
coste de la deuda, calidad del resultado, subjetividad de los ajustes por devengo, costes de supervisión, PYMESResumen
Este trabajo ha obtenido el Accésit Premio Estudios Financieros 2007 en la Modalidad de CONTABILIDAD Y ADMINISTRACIÓN DE EMPRESAS.
Este trabajo evalúa el efecto de la subjetividad inherente al cálculo de los ajustes por devengo incorporados al resultado contable (o accruals) sobre el uso de la información contenida en los mismos para determinar el tipo de interés de los contratos de deuda. El análisis empírico se lleva a cabo en una amplia muestra de empresas españolas no cotizadas, correspondiente al período 1996-2002. El indicador de verificabilidad ex-ante (o subjetividad) de los ajustes por devengo utilizado está basado en la clasificación de los accruals propuesta por RICHARDSON et al. (2005). Los resultados ponen de manifiesto que la sensibilidad del coste de la deuda ante variaciones en la calidad de los ajustes por devengo disminuye a medida que aumenta el grado de subjetividad inherente a su cálculo, sugiriendo que la probabilidad de que el prestamista utilice los ajustes por devengo en su toma de decisiones disminuye conforme aumenta la subjetividad inherente a su determinación.
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