La actividad económica real y la información contable en las empresas españolas del sector de la construcción

Real economic activity and accounting information in Spanish construction and real estate firms

  • Antonia Madrid Guijarro
  • Juan Carlos Navarro-García
Palabras clave: Real economic activity, GDP, Housing prices, Earnings management, Construction and real estate firms


The aim of this work is to determine whether the accounting information provided by construction and real estate firms in Spain reflects the real economic activity, during upswings and downturns. A relationship is found between economic conditions and financial reporting in a continental European country such as Spain. Although there is a relationship between real housing price growth and financial accounting measures, real estate companies seem to show an artificial position, since they only present a relationship with Return on Assets (ROA) based on low quality income (accruals). Therefore, a different financial position influences a different behaviour in these two similar sectors. In fact, some signs alerting of possible risk in real estate firms are shown.


La descarga de datos todavía no está disponible.

Biografía del autor/a

Antonia Madrid Guijarro


C/. Real nº3, 30201

Juan Carlos Navarro-García




[Arnedo et al., 2007] L. Arnedo, F. Lizarraga, S. Sánchez. Does public/private status affect the level of earnings management in code-law contexts outside the United States? A study based on the Spanish case. The International Journal of Accounting, 42 (2007), pp. 305-328

[Ayuso and Restoy, 2007] J. Ayuso, F. Restoy. House prices and rents in Spain: Does the discount factor matter?. Journal of Housing Economics, 16 (2007), pp. 291-308

[Bernstein, 1993] L. Bernstein. Financial statement analysis. Irwin, (1993)

[Bertomeu and Magee, 2011] J. Bertomeu, R.P. Magee. From low-quality reporting to financial crises: Politics of disclosure regulation along the economic cycle. Journal of Accounting Economics, 52 (2011), pp. 209-227

[Brown and Ball, 1967] R.B. Brown, P. Ball. Some preliminary findings on the association between the earnings of a firm, its industry and the economy. Journal of Accounting Research (Empirical Research of Accounting: Selected Studies), 5 (1967), pp. 55-80

[Burgstahler et al., 2006] D.C. Burgstahler, L. Hail, C. Leuz. The importance of reporting incentives: Earnings management in European private and public firms. The Accounting Review, 81 (2006), pp. 983-1016

[Callao and Jarne, 2011] S. Callao, J.I. Jarne. The impact of the crisis on earnings management. Spanish Accounting Review, 14 (2011), pp. 59-85

[Chan et al., 2004] K. Chan, N. Jegadeesh, T. Sougiannis. The accrual effect on future earnings. Review of Quantitative Finance and Accounting, 22 (2004), pp. 97-121

[Cohen et al., 2008] D.A. Cohen, A. Dey, T.Z. Lys. Real and accrual-based earnings management in the pre- and post-Sarbanes-Oxley periods. The Accounting Review, 83 (2008), pp. 757-787

[Coppens and Peek, 2005] L. Coppens, E. Peek. An analysis of earnings management by European private firms. Journal of International Accounting, Auditing & Taxation, 14 (2005), pp. 1-17

[Dechow et al., 2010] P. Dechow, W. Ge, C. Schrand. Understanding earnings quality: A review of the proxies their determinants and their consequences. Journal of Accounting and Economics, 50 (2010), pp. 344-401

[Dechow and Skinner, 2000] P. Dechow, D. Skinner. Earnings management: Reconciling the views of accounting academics, practitioners and regulators. Accounting Horizons, 14 (2000), pp. 32-50

[Dechow et al., 1995] P.M. Dechow, R.G. Sloan, A.P. Sweeney. Detecting earnings management. The Accounting Review, 70 (1995), pp. 193-225

[Gill and Giner, 2013] B. Gill, B. Giner. Predicción del fracaso empresarial en los sectores de construcción e inmobiliario: Modelos generales versus específicos. Universia Business Review, 3er trimestre, (2013)pp. 118-131

[Gill et al., 2010] B. (coord.) Gill de Albornoz, J.F. Fernández de Guevara, B. Giner, L. Martinez. Las empresas del sector de la construcción e inmobiliario en España: Del boom a la recesión económica. Funcas, monografía n° 48, Madrid. (2010)

[Girouard and Blöndal, 2001] N. Girouard, S. Blöndal. House prices and economic activity. Working Papers n° 279. OECD Economics Department. (2001)

[Guenther and Young, 2000] D.A. Guenther, D. Young. The association between financial accounting measures and real economic activity: A multinational study. Journal of Accounting and Economics, 29 (2000), pp. 53-72

[Healy and Wahlen, 1999] P.M. Healy, J.M. Wahlen. A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13 (1999), pp. 365-383

[Jin, 2005] Q. Jin. Business cycle, accounting behavior and earnings management. (2005)

[Johnson, 1999] M.F. Johnson. Business cycles and the relation between security returns and earnings. Review of Accounting Studies, 4 (1999), pp. 93-117

[Jones, 1991] J.J. Jones. Earnings management during import relief investigations. Journal of Accounting Research, 29 (1991), pp. 193-228

[Kasznik, 1999] R. Kasznik. On the association between voluntary disclosure and earnings management. Journal of Accounting Research, 37 (1999), pp. 57-81

[Leamer, 2007] E.E. Leamer. Housing is the business cycle. NBER working paper 13428. (2007)

[OECD, 2005] OECD. Economic Outlook. (2005)pp. 78

[Penman, 2003] S.H. Penman. The quality of financial statements: Perspectives from the recent stock market bubble. Accounting Horizons, 17 (2003), pp. 77-96

[Rodríguez, 2006] J. Rodríguez. Situación y perspectivas futuras en el sector inmobiliario en España. (2006)

[Roychowdhury, 2006] S. Roychowdhury. Earnings management through real activities manipulation. Journal of Accounting and Economics, 42 (2006), pp. 335-370

[Seopan, 2008] Seopan. Informe anual de la construcción 2007. (2008)

[Shivakumar, 1996] L. Shivakumar. Essays related to equity offerings and earnings managements. Vanderbilt University, (1996)

[Sloan, 1996] R.G. Sloan. Do stock prices fully reflect information in accruals and cash flows about future earnings?. The Accounting Review, 71 (1996), pp. 289-315

[Trombetta and Imperatore, 2014] M. Trombetta, C. Imperatore. The dynamic of financial crises and its non-monotonic effects on earnings quality. Journal of Accounting and Public Policy, 33 (2014), pp. 205-232
Cómo citar
Madrid Guijarro, A., & Navarro-García, J. C. (2016). La actividad económica real y la información contable en las empresas españolas del sector de la construcción. Revista De Contabilidad - Spanish Accounting Review, 19(1), 21-30.