Cantidad y calidad de información de riesgos divulgada por las empresas españolas: Un análisis en periodos diferentes del ciclo económico
Quantity and quality of risk information disclosed by Spanish firms: An analysis in different periods of the economic cycle
Resumen
La obligación de las empresas de informar en los estados financieros de los riesgos a los que se enfrentan ha dado lugar a la aparición de una emergente línea de investigación sobre el grado de divulgación de información sobre riesgos y de su calidad. En este sentido, el presente trabajo analiza la cantidad y la calidad de la información de riesgos para 2 periodos diferentes de ciclo económico: un periodo de bonanza económica (2006) y un periodo de crisis (2011). El estudio se realiza para el caso español utilizando empresas que cotizaban en el mercado continuo durante los años 2006 y 2011. Los resultados evidencian que las empresas presentan un mayor volumen de información sobre riesgos en el periodo de crisis, mientras que este aumento no se corresponde con un mayor grado de calidad de dicha información. Este mayor nivel de información de riesgos se debe a los riesgos financieros, sin detectar aumentos estadísticamente significativos en información de riesgos no financieros.
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