Una Revisión del Análisis Multidimensional de la Calidad del Resultado Contable
A Review on the Multidimensional Analysis of Earnings Quality
Resumen
Hay un consenso generalizado en investigación sobre la naturaleza multidimensional de la calidad del resultado: Ésta depende de una serie de características que aumentan la utilidad de la cifra del resultado para el proceso de toma de decisiones. En este trabajo, de revisión de literatura sobre investigación empírica de calidad del resultado, revelamos que, aunque calidad del resultado es probablemente uno de los temas de investigación más recurrentes en contabilidad, la investigación empírica que lo ha tratado de manera multidimensional es prácticamente inexistente. Así, documentamos que: (1) La mayoría de estudios empíricos de calidad del resultado considera únicamente una de sus características, sin incluir el efecto potencial de las otras características relacionadas. (2) Algunas características (en particular, calidad de ajustes por devengo y, en menor manera, conservadurismo) se emplean ampliamente como representación de calidad del resultado, mientras que otras características (alisamiento, persistencia) son mucho menos usadas en investigación. (3) La investigación sobre las relaciones entre las diferentes medidas de calidad del resultado es escasa y con resultados contradictorios. (4) Sólo algunos estudios desarrollan medidas multidimensionales de calidad del resultado, pero estas medidas se basan en premisas muy restrictivas y no hay evidencia de su superioridad con respecto a las medidas de una única propiedad. Complementamos nuestro análisis bibliométrico mediante una discusión de las limitaciones de los enfoques tanto unidimensionales como multidimensionales usados hasta la fecha, ilustrando nuestros argumentos con una simulación. Por tanto, esta revisión contribuye a la literatura señalando los principales problemas para la medición de la calidad del resultado en literatura previa.
Descargas
Citas
Ashbaugh, H., Collins, D. W., Kinney, W. R. J., & LaFond, R. (2008). The effect of SOX internal control deficiencies and their remediation on accrual quality. The Accounting Review, 83(1), 217–250.
Ashbaugh, H., & Pincus, M. (2001). Domestic accounting standards, international accounting standards, and predictability of earnings. Journal of Accounting Research, 39(3), 417–434.
Ball, R., Kothari, S. P., & Ashok, R. (2000). The effect of international institutional factors on properties of accounting earnings. Journal of Accounting & Economics, 29(1), 1–51.
Ball, R., & Shivakumar, L. (2005). Earnings quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting & Economics, 39(1), 83–128.
Bandyopadhyay, S. P., Chen, C., Huang, A. G., & Jha, R. (2010). Accounting Conservatism and the Temporal Trends in Current Earnings’ Ability to Predict Future Cash Flows versus Future Earnings: Evidence on the Trade-off between Relevance and Reliability. Contemporary Accounting Research, 27(2), 413.
Barth, M. E. (2000). Valuation-based accounting research: Implications for financial reporting and opportunities for future research. Accounting and Finance, 40(1), 7–31.
Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International Accounting Standards and Accounting Quality. Journal of Accounting Research, 46(3), 467–498.
Barth, M. E., Landsman, W. R., Ravel, V., & Wang, S. (2014). Conservatism and the information content of earnings.
Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting & Economics, 24(1), 3–37.
Beatty, A., Petacchi, R., & Zhang, H. (2012). Hedge commitments and agency costs of debt: evidence from interest rate protection covenants and accounting conservatism. Review of Accounting Studies, 17, 700–738.
Beaver, W. H., Correia, M., & McNichols, M. F. (2012). Do differences in financial reporting attributes impair the predictive ability of financial ratios for bankruptcy? Review of Accounting Studies, 17(4), 969–1010.
Beaver, W. H., McNichols, M. F., & Nelson, K. K. (2007). An alternative interpretation of the discontinuity in earnings distributions. Review of Accounting Studies, 12(4), 525–556.
Beaver, W. H., & Ryan, S. G. (2000). Biases and lags in book value and their effects on the ability of the book-to-market ratio to predict book return on equity. Journal of Accounting Research, 38(1), 127–148.
Beidleman, C. R. (1973). Income smoothing: The role of management. The Accounting Review, 48(4), 653–667.
Bhattacharya, N., Ecker, F., Olsson, P. M., & Schipper, K. (2012). Direct and mediated associations among earnings quality, information asymmetry, and the cost of equity. The Accounting Review, 87(2), 449–482.
Bhattacharya, U., Daouk, H., & Welker, M. (2003). The world price of earnings opacity. The Accounting Review, 78(3), 641–678.
Biddle, G. C., & Hilary, G. (2006). Accounting Quality and Firm-Level Capital Investment. The Accounting Review, 81(5), 963–982.
Boterenbrood, R. (2014). Income smoothing by Dutch hospitals. Journal of Accounting and Public Policy, 33, 510–524.
Boulton, T. J., Smart, S. B., & Zutter, C. J. (2011). Earnings Quality and International IPO Underpricing. The Accounting Review, 86(2), 483–505.
Brown, N. C., Pott, C., & Wömpener, A. (2014). The effect of internal control and risk management regulation on earnings quality: Evidence from Germany. Journal of Accounting and Public Policy, 33(1), 1–31.
Burgstahler, D. C., Hail, L., & Leuz, C. (2006). The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms. The Accounting Review, 81(5), 983–1016.
Burgstahler, D., & Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting & Economics, 24(1), 99–126.
Callen, J. L., Segal, D., & Hope, O. K. (2010). The pricing of conservative accounting and the measurement of conservatism at the firm-year level. Review of Accounting Studies, 15(1), 145–178.
Cano-Rodríguez, M., & Nunez-Nickel, M. (2015). Aggregation bias in estimates of conditional conservatism: Theory and evidence. Journal of Business Finance and Accounting, 42(1–2), 51–78. https://doi.org/10.1111/jbfa.12099
Chang, H., Suh, S.-H., Werner, E., & Zhou, J. (2012). The effect of SOX on the predictability of future cash flows in litigious and non-litigious industries. Asia-Pacific Journal of Accounting & Economics, 19(2), 210–226.
Chen, L. H., Folsom, D. M., Paek, W., & Sami, H. (2014). Accounting conservatism, earnings persistence, and pricing multiples on earnings. Accounting Horizons, 28(2), 233–260.
Clubb, C., & Wu, G. (2014). Earnings volatility and earnings prediction: Analysis and UK evidence. Journal of Business Finance & Accounting, 41(1–2), 53–72.
Dechow, P., & Dichev, I. D. (2002). The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors. The Accounting Review, 77, 35–59.
Dechow, P., & Ge, W. (2006). The persistence of earnings and cash flows and the role of special items: Implications for the accrual anomaly. Review of Accounting Studies, 11(2–3), 253–296.
Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting & Economics, 50(2/3), 344–401.
Dechow, P., & Skinner, D. J. (2000). Earnings management: Reconciling the views of accounting academics, practitioners, and regulators. Accounting Horizons, 14(2), 235–250.
Dechow, P., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193–225.
Degeorge, F., Patel, J., & Zeckhauser, R. (1999). Earnings management to exceed thresholds. The Journal of Business, 72(1), 1–33.
Demerjian, P., Lewis, M., Lev, B., & McVay, S. (2013). Managerial ability and earnings quality. The Accounting Review, 88(2), 463–498.
Dietrich, J. R., Muller, K. A., & Riedl, E. J. (2007). Asymmetric timeliness tests of accounting conservatism. Review of Accounting Studies, 12(1), 95–124.
Doupnik, T. S. (2008). Influence of Culture on Earnings Management: A Note. Abacus, 44(3), 317–340.
Durtschi, C., & Easton, P. (2009). Earnings Management? Erroneous Inferences Based on Earnings Frequency Distributions. Journal of Accounting Research, 47(5), 1249–1281.
Ewert, R., & Wagenhofer, A. (2005). Economic Effects of Tightening Accounting Standards to Restrict Earnings Management. The Accounting Review, 80(4), 1101–1124.
FASB. (1980). Statement of Financial Accounting Concepts. No. 2. Qualitative Characteristics of Accounting Information.
Feltham, G. A., & Ohlson, J. A. (1995). Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research, 11(2), 689.
Fields, T. D., Lys, T. Z., & Vincent, L. (2001). Empirical research on accounting choice. Journal of Accounting & Economics, 31(1–3), 255–307.
Francis, J., LaFond, R., Olsson, P. M., & Schipper, K. (2004). Costs of Equity and Earnings Attributes. The Accounting Review, 79(4), 967–1010.
Francis, J., Nanda, D., & Olsson, P. (2008). Voluntary disclosure, earnings quality and cost of capital. Journal of Accounting Research, 46(1), 53–99.
Freeman, R. N., Ohlson, J. A., & Penman, S. H. (1982). Book Rate-of-Return and Prediction of Earnings Changes: An Empirical Investigation. Journal of Accounting Research, 20, 639–653.
Gaio, C., & Raposo, C. (2011). Earnings quality and firm valuation: International evidence. Accounting and Finance, 51(2), 467–499.
García Lara, J. M., García Osma, B., & Mora, A. (2005). The Effect of Earnings Management on the Asymmetric Timeliness of Earnings. Journal of Business Finance & Accounting, 32(3/4), 691–726.
García Lara, J. M., García Osma, B., & Penalva, F. (2009). Accounting conservatism and corporate governance. Review of Accounting Studies, 14(1), 161–201.
García Lara, J. M., García Osma, B., & Penalva, F. (2013). Accounting conservatism and the limits to earnings management.
Gassen, J., Uwe Fülbier, R., & Sellhorn, T. (2006). International differences in conditional conservatism - The role of unconditional conservatism and income smoothing. European Accounting Review, 15(4), 527–564.
Givoly, D., & Hayn, C. (2000). The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative? Journal of Accounting & Economics, 29(3), 287–320.
Givoly, D., Hayn, C., & Natarajan, A. (2007). Measuring reporting conservatism. The Accounting Review, 82(1), 65–106.
Guan, L., & Pourjalali, H. (2010). Effect of Cultural Environmental and Accounting Regulation on Earnings Management: A Multiple Year-Country Analysis. Asia-Pacific Journal of Accounting & Economics, 17, 99–127.
Healy, P. M., Serafeim, G., Srinivasan, S., & Yu, G. (2014). Market competition, earnings management, and persistence in accounting profitability around the world. Review of Accounting Studies, 19, 1281–1308.
Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365–383.
Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting & Economics, 31(1–3), 3–75.
Houmes, R. E., & Skantz, T. R. (2010). Highly Valued Equity and Discretionary Accruals. Journal of Business Finance & Accounting, 37(1/2), 60–92.
Huang, X., Teoh, S. H., & Zhang, Y. (2014). Tone management. The Accounting Review, 89(3), 1083–1113.
Jackson, S. B. (2008). The effect of firms’ depreciation method choice on managers’ capital investment decisions. The Accounting Review, 83(2), 351–376.
Jackson, S. B., & Cechinni, M. (2009). Economic consequences of firms’ depreciation method choice: evidence from capital investments. Journal of Accounting and Economics, 48(1), 54–68.
Jackson, S. B., & Liu, X. (2010). The Allowance for Uncollectible Accounts, Conservatism, and Earnings Management. Journal of Accounting Research, 48(3), 647–686.
Jones, K. L., Krishnan, G. V, & Melendrez, K. D. (2008). Do Models of Discretionary Accruals Detect Actual Cases of Fraudulent and Restated Earnings? An Empirical Analysis. Contemporary Accounting Research, 25(2), 499–531.
Jung, B., Lee, W.-J., & Weber, D. P. (2014). Financial reporting quality and labor investment efficiency. Contemporary Accounting Research, 31(4), 1047–1076.
Khan, M., & Watts, R. L. (2009). Estimation and empirical properties of a firm-year-measure of accounting conservatism. Journal of Accounting & Economics, 48, 132–150.
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting & Economics, 39(1), 163–197.
Lee, L., Petter, S., Fayard, D., & Robinson, S. (2011). On the use of partial least squares path modeling in accounting research. International Journal of Accounting Information Systems, 12(4), 305–328.
Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: an international comparison. Journal of Financial Economics, 69(3), 505–527.
Leuz, C., & Wysocki, P. D. (2016). The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research. Journal of Accounting Research, 54(2), 525–622.
Li, Y., Niu, J., Zhang, R., & Largay, J. A. (2011). Earnings Management and the Accrual Anomaly: Evidence from China. Journal of International Financial Management & Accounting, 22(3), 205–245.
Mora, A., & Walker, M. (2015). The Implications of Research on Accounting Conservatism for Accounting Standard Setting. Accounting & Business Research, 45(5), 620–650.
Pae, J. (2007). Unexpected accruals and conditional accounting conservatism. Journal of Business Finance & Accounting, 34(5–6), 681–704.
Patatoukas, P. N., & Thomas, J. K. (2011). More Evidence of Bias in the Differential Timeliness Measure of Conditional Conservatism. The Accounting Review, 86(5), 1765–1793.
Penman, S. H., & Zhang, X.-J. (2002). Accounting conservatism, the quality of earnings, and stock returns. The Accounting Review, 77(2), 237–264.
Perotti, P., & Wagenhofer, A. (2014). Earnings quality measures and excess returns. Journal of Business Finance & Accounting, 41(5–6), 545–571.
Reinartz, W., Haenlein, M., & Henseler, J. (2009). An empirical comparison of the efficacy of covariance-based and variance-based SEM. International Journal of Research in Marketing, 26(4), 332–344.
Roychowdhury, S., & Watts, R. L. (2007). Asymmetric timeliness of earnings, market-to-book and conservatism in financial reporting. Journal of Accounting & Economics, 44(1/2), 2–31.
Ruch, G. W., & Taylor, G. (2015). Accounting conservatism: a review of the literature. Journal of Accounting Literature, 34(1), 17–38.
Schipper, K., & Vincent, L. (2003). Earnings quality. Accounting Horizons, 17, 97–110.
Sloan, R. G. (1996). Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review, 71, 289–315.
Tabachnick, & Fidell. (1996). Using multivariate statistics.
Thomas, J., & Zhang, X. (2000). Identifying unexpected accruals: A comparison of current approaches. Journal of Accounting and Public Policy, 19(4,5), 347–376.
Tucker, J. W., & Zarowin, P. A. (2006). Does Income Smoothing Improve Earnings Informativeness? The Accounting Review, 81(1), 251–270.
Ullman, J. B. (2006). Structural Equation Modeling : Reviewing the Basics and Moving Forward. Journal of Personality Assessment, 87(1), 35–50.
VanTendeloo, B., & Vanstraelen, A. (2008). Earnings Management and Audit Quality in Europe: Evidence from the Private Client Segment Market. European Accounting Review, 17(3), 447–469.
Wang, Q., Ettredge, M., Huang, Y., & Sun, L. (2011). Strategic revelation of differences in segment earnings growth. Journal of Accounting and Public Policy, 30(4), 383–392.
Watts, R. L. (2003). Conservatism in accounting part I: Explanations and implications. Accounting Horizons, 17(3), 207–221.
Wilson, M. (2011). Earnings management in Australian corporations. Australian Accounting Review, 21(3), 205–221.
Wittenberg-Moerman, R. (2008). The role of information asymmetry and financial reporting quality in debt trading. Journal of Accounting & Economics, 46, 240–260.
Wold, H. (1980). Model Construction and Evaluation When Theoretical Knowledge is scarce. Bureau of Economic Research, 47–74.
Yeo, G. H. H., Tan, P. M. S., Ho, K. W., & Chen, S.-S. (2002). Corporate ownership structure and the informativeness of earnings. Journal of Business Finance & Accounting, 29(7/8), 1023–1046.
Zhang, J. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics, 45(1), 27–54.
Derechos de autor 2018 Revista de Contabilidad - Spanish Accounting Review
Esta obra está bajo una licencia internacional Creative Commons Atribución 4.0.
Las obras que se publican en esta revista están sujetas a los siguientes términos:
1. Ediciones de la Universidad de Murcia (EDITUM) y ASEPUC conservan los derechos patrimoniales (copyright) de las obras publicadas, y favorece y permite la reutilización de las mismas bajo la licencia de uso indicada en el punto 2.
2. Las obras se publican en la edición electrónica de la revista bajo una licencia de Creative Commons Reconocimiento-NoComercial-SinObraDerivada 4.0 Internacional. Permite copiar, distribuir e incluir el artículo en un trabajo colectivo (por ejemplo, una antología), siempre y cuando no exista una finalidad comercial, no se altere ni modifique el artículo y se cite apropiadamente el trabajo original. Esta revista no tiene tarifa por la publicación Open Access. ASEPUC y EDITUM financian los costes de producción y publicación de los manuscritos.
3. Condiciones de auto-archivo. Se permite y se anima a los autores a difundir electrónicamente la versión publicada de sus obras, ya que favorece su circulación y difusión y con ello un posible aumento en su citación y alcance entre la comunidad académica.
