Real economic activity and accounting information in Spanish construction and real estate firms
La actividad económica real y la información contable en las empresas españolas del sector de la construcción
Abstract
El objetivo de este trabajo es analizar si la información financiera de las empresas constructoras e inmobiliarias refleja la realidad económica, tanto en épocas de bonanza como en épocas de crisis. Los resultados muestran que existe relación entre la situación económica real y la información financiera de las empresas. Aunque hay relación entre el crecimiento real del precio de la vivienda y las variables contables, las empresas inmobiliarias parecen mostrar una situación artificial, dado que solo presentan relación con la variable rentabilidad económica, la cual está basada en resultados de baja calidad (devengos). Por consiguiente, estos 2 sectores similares que se encuentran en una posición financiera diferente se comportan también de forma diferente. Este trabajo evidencia algunos signos de alerta sobre el riesgo existente en las empresas inmobiliarias.
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