Una Evaluación Meta-Analítica de la Relevancia Valorativa de la Cifra de Beneficios

A Meta-Analysis Aproach Upon the Value Relevance Earnings

Autores/as

  • Emma García-Meca Universidad de Murcia
  • Juan Pedro Sánchez-Ballesta Universidad de Murcia
Palabras clave: meta-análisis, relevancia valorativa, coeficiente de respuesta del resultado, mercados de capitales

Resumen

En este trabajo integramos, a través del meta-análisis, los diversos resultados obtenidos en investigaciones previas sobre la relevancia valorativa de la cifra de beneficios. Analizamos para los dos modelos utilizados en esta línea de investigación, precios y rentabilidad, la influencia de diversas variables sobre el coeficiente de respuesta del resultado y el coeficiente de determinación. La evidencia obtenida muestra que el tipo de sistema contable, el periodo analizado y el diseño del modelo de valoración son factores que explican la heterogeneidad de los resultados obtenidos en estudios previos.

Descargas

Citas

Aboody, D. (1996): “Market valuation of employee stock options”, Journal of Accounting and Economics, 22, pp.357-391.

Aboody, D. y Lev, B. (1998): “The value relevance of intangibles: The case of software capitalizacion”, Journal of Accounting Research, vol. 36, Supplement, pp.161-191.

Ahmed, K. y Courtis, J.K. (1999): “Association between corporate characteristic and disclosure levels in annual reports: a meta-analysis”, British Accounting Review, vol. 31, pp. 35-61.

Ahmed, K. y Takeda, C. (1995): “Stock market valuation of gains and losses on commercial bank’s investment securities: An empirical analysis”, Journal of Accounting and Economics, 20, pp.207-225.

Ali, A. y Hwang, L.S. (1999): “Country-specific factors related to financial reporting and the value relevance of accounting data”, Working Paper, July.

Alford, A.; Jones, J; Leftwich, R y Zmijewski, M. (1993): “The relative informativeness of accounting disclosures in different countries”, Journal of Accounting Research, vol. 31, Supplement, pp.183-229.

Amir, E. (1993): “The market valuation of accounting information: The case of postretirement benefits other than pensions”, The Accounting Review, vol.68, nº4, October, pp.703-724.

(1996): “The effect of accounting aggregation on the value-relevance of financial disclosures: The case of SFAS nº 106, The Accounting Review, vol.71, nº 4, October, pp.573-590.

Amir, E. y Lev, B. (1996): “The value-relevance of nonfinancial information: The wireless communications industry”, Journal of Accounting and Economics, 22, pp.3-30.

Amir, E.; Harris, T.S. y Venuti, E.K. (1993): “A comparison of the value-relevance of U.S. versus non-U.S. GAAP accounting measures using form 20-F reconciliations”, Journal of Accounting Research, vol.31, Supplement, pp.230-275.

Arce Gisbert, M.A. y Mora Enguídanos, A. (2000): “Empirical evidence of the effect of European accounting differences on the stock market valuation of earnings and book value” European Accounting Review, September 1, vol. 11, pp. 573-599(27).

Ball, R.; Kothari, S.P. y Robin, A. (1999): “The effect of international institutional factors on properties of accounting earnings”, Working Paper.

Ball, R.; Robin, A. y Wu, J.S. (2000); “Incentives versus standards: Properties of accounting income in four East Asian countries, and implications of acceptance of IAS”, Working Paper.

Balsam, S. y Lipka, R. (1998): “Share prices and alternative measures of earnings per share”, Accounting Horizons, vol.12, nº 3, September, pp.234-249.

Bandyopadhyay, S.P.; Douglas Hanna, J. y Richardson, G. (1994): “Capital market effects of U.S.-Canada GAAP differences”, Journal of Accounting Research, vol.32, nº 2, Autumn, pp.262-277.

Barh, M. (1994): “Fair value accounting: Evidence from investment securities and the market valuation of banks”, The Accounting Review, vol. 69, nº 1, pp.1-25.

Barth, M.; Beaver, W.H., y Landsman, W.R. (1992): “The market valuation implications of the net periodic pension cost component”, Journal of Accounting and Economics, vol.15, nº 1, pp. 27-62.

Barth, M.; Beaver, W.H., y Landsman, W.R. (1998): “Relative valuation roles of equity book and net income as a function of financial health”, Journal of Accounting and Economics, 25, pp.1-34.

Barth, M. y Clinch, G. (1998): “Revalued financial, tangible, and intangible assets: Associations with share prices and non-market value estimates”, Journal of Accounting Research, vol.36, pp.199-247.

Barth, M. (2001): “Comment on discussion of revalued financial tangible and intangible assets: association with share prices and non market-based value estimates”, working paper, Stanford University.

Barth, M. y Kallapur, S. (1996): “The effects of cross-sectional scale differences on regression results in empirical accounting research”, Contemporary Accounting Research, vol. 13, pp. 527-567.

Basu, S. (1997): “The conservatism principle and the asymmetric timeliness of earnings”, Journal of Accounting and Economics, 24, pp.3-37.

Beaver, W.H.; McAnally, M.L. y Stinson, C.H. (1997): “The information content of earnings and prices: A simultaneous equations approach”, Journal of Accounting and Economics, 23, pp.53-81.

Bernard, V.L. (1987): “Cross sectional dependence and inference problems in Market-Based accounting research”, Journal of Accounting Research, pp. 1-48.

Bodnar, G.M. y Weintrop, J. (1997): “The valuation of the foreign income of US multinational firms: a growth opportunities perspective”, Journal of Accounting and Economics, 24, pp.69-97.

Booth, G.; Otto, L y Broussard, J. (1996): “Price Discovery in German Stock and Futures Markets,” working paper presented at the 1996 Financial Management Association Meeting, New Orleans.

Brief, R.P. y Zarowin, P. (2002): “The value relevance of dividends, book value and earnings”, Working Paper.

Brown, S., Lo, K. y Lys, T. (1999): “Use of R2 in accounting research: measuring changes in value relevance over the last four decades”, Journal of Accounting and Economics, 28, pp. 83-115.

Capon, N.; Farley, N.U. y Hoenig, S. (1990): “Determinants of financial performance: a metaanalysis”, Management Science, vol. 36, nº 10, October, pp.1143-1159.

Chan, K.C. y Seow, G.S. (1996): “The association between stock returns and foreign GAAP earnings versus earnings adjusted to U.S.GAAP”, Journal of Accounting and Economics, 21, pp.139-158.

Cheng, C.S.A.; Liu, C.S. y Schaefer, T.F. (1997): “The value-relevance of SFAS nº 95 cash flows from operations as assessed by security market effects”, Accounting Horizons, vol.11, nº 3, September, pp.1-15.

Choi, B.B. y Mueller (1992): International Accounting, Prentice Hall, 2nd edition.

Collins, D.W. y Johnson, W.B. (1997): “Valuation implications of reliability diferences: the case of nonpension post retirement obligations”, The Accounting Review, vol. 72, nº 3, pp. 351-383.

Choi, B.B.; Lee, B.B. y Press, E. (2002): “Differences in the value relevance of earnings in knowledged-based and traditional industries”, Working Paper.

Cohen, J. (1977): Statistical power analysis for the behavioral sciences, New York: Academic Press.

Collins, D.W. y Kothari, S.P. (1989): “An analysis of intertemporal and cross-sectional determinants of earnings response coefficients”, Journal of Accounting and Economics, 11, pp.143-181.

Collins, D.W. Kothari, S.P. Shanken, J. y Sloan, R. (1994): “"Lack of timeliness and noise as explanations for the low conetmporaneous return-earnings relation.", Journal of Accounting and Economics, vol. 18, pp. 289-324.

Collins, D., Maydew, E. y Weiss, I. (1997): “Changes in the value relevance of earnings and book values over the past forty years”, Journal of Accounting and Economics, vol. 24, nº 1, pp. 39-69.

Collins, D.; Morton, P. y Xie, H. (1999): “Equity valuation and negative earnings: The role of book value of equity”, The Accounting Review, vol.74, nº1, January, pp.29-61.

Cooper, H.M. y Hedges, L.V. eds. (1994): The handbook of research synthesis, Sage, New York.

Christie, A. (1987): “On cross-sectional analysis in accounting research”, Journal of Accounting and Economics, december, pp. 231-258.

Dalton, D.; Daily, C.; Trevis, S. and Roengpitya, R. (2003) Meta-analyses of financial performance and equity: fusion or confusion?, Academy of Management Journal, 46, 13-26.

Davis-Friday, P. y Rivera, J.M. (2000): “Inflation accounting and 20-F disclosures: Evidence from Mexico, Accounting Horizons, June, pp.113-135.

Dechow, P.M. (1994): “Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals”, Journal of Accounting and Economics, 18, pp.3-42.

Dhaliwal, D.; Subramanyam, K.R. y Trezevant, R. (1999): “Is comprehensive income superior to net income as a measure of firm performance?”, Journal of Accounting and Economics, 26, pp.43-67.

D’Souza, J.; Jacob, J. y Soderstrom, N.S. (2000): “Nuclear decommissioning costs: The impact of recoverability risk on valuation”, Journal of Accounting and Economics, 29, pp.207-230.

Easton, P. (1999): “Security Returns and the Value Relevance of Accounting Data.” Accounting Horizons 13, no. 4, pp. 399-412.

Easton, P. y Sommers, G.A. (2000): “Scale and scale effects in capital market accounting research”, working paper, Ohio University.

Easton, P.D., Harris, T.S. y Ohlson, J.A. (1992): “Agregate accounting earnings can explain most of security returns: the case of long return interval”, Journal of Accounting and Economics, vol.15, june/september, pp. 119-142.

Ely, K. y Waymire, G. (1999): “Accounting standard-setting organizations and earnings relevance: longitudinal evidence from NYSE common stocks, 1927-93, Journal of Accounting Research, vol. 37, pp. 293-317.

Francis, J. y Schipper, K. (1994): “Have financial statements lost their relevance?”, Journal of Accounting Research, vol. 37, pp. 319-354.

García Lara, J.M. (2003): “Aspectos metodológicos en el análisis de la relevancia valorativa y una nueva aproximación metodológica a los modelos de regresión inversa”, Working Paper, Lancaster University.

García-Meca, E. y Sánchez-Ballesta, J.P. (2006): : “Influences on Financial Analyst Forecast Errors: A Meta-Analysis”, International Business Review, vol. 15, nº 1, pp.29-52.

García-Ayuso Covarsí, M.; Monterrey Mayoral, J. y Pineda González, C. (1999): “Una evaluación empírica de los resultados anormales”, Revista Española de Financiación y Contabilidad, enero-marzo, pp.179-200.

García-Ayuso Covarsí, M. (2000): “Un análisis comparativo de la relevancia de la información contable para la formación de los precios en los mercados de capitales de la Unión Europea”, Revista Española de Financiación y Contabilidad, nº 104, abril-junio, pp.483-509.

Giner Inchausti, B. y Reverte Maya, C. (1999): “The value relevance of earnings disaggregation provided in the Spanish profit and loss acount”, The European Accounting Review, vol.8, nº 4, pp.609-629.

Giner InchaustiI, B.; Reverte Maya, C. y Arce Gisbert, M. (2002): “El papel del análisis fundamental en la invstigación del mercado de capitales: análisis crítico de su evolución”, Revista Española de Financiación y Contabilidad, nº 114, pp. 1111-1150.

Gu, Z. (2000): “Scale effects and R2”, Working paper, Camellie Mellon University.

Gu, Z. (2002): “Cross-sample incomparability of R2s and additional evidence on value relevance changes over time”, Working Paper, Carnegie Mellon University.

Harris, M.S. y Mueller, K.A. (1999): “The market valuation of IAS versus US-GAAP accounting measures using Form 20-F reconciliations”, Journal of Accounting and Economics, 26, pp.285-312.

Harris, T.S.; Lang, M. y Möller, H.P. (1994): “The value relevance of German accounting measures: An empirical analysis”, Journal of Accounting Research, vol.32, nº2, Autumn, PP.187-209.

Hayn, C. (1995): “THE information content of lossess”, Journal of Accounting and Economics, vol. 20, pp. 120-153.

Hedges, L.V. y Olkin, I. (1985): Statistical methods for meta-analysis, Academic Press, Orlando.

Hunter, J.E. y Schmidt, F.L. (1990): Methods of meta-analysis: Correcting error and bias in research findings, Sage, Beverly Hills.

Hunter, J.E. y Schmidt, F.L. [1990]: Methods of meta-analysis: Correcting error and bias in research findings, Sage, Beverly Hills.

Hunter, J.E. [2000]: “Fixed effects vs. random effects meta-analysis models: implications for cumulative research knowledge”, International Journal of Selection and Assessment, vol. 8, nº 4, december, pp. 275-292.

Hunter, J.E. y Schmidt, F.L. y Jackson, G.B. (1982): Meta-analysis: Cumulating research findings across studies, Sage, Beverly Hills.

Jacobson, R. y David A. (1993): "Myopic Management Behavior With Efficient, But Imperfect, Financial Markets: A Comparison Of Ifnormation Asymmetries In The U.s. And Japan," Journal of Accounting & Economics, 16, 383-405.

Joos, P. y Lang, M. (1994): “The effects of accounting diversity: Evidence from the European Union”, Journal of Accounting Research, vol. 32, Supplement, pp.141-175.

Kothari, S.P. (2001): “Capital Market research in Accounting”, Journal of Accounting and Economics, vol. 31, nº 1-3, pp. 105-231.

Kothari, S.P. y Zimmerman, J.L. (1995): “Price and return models”, Journal of Accounting and Economics, 20, pp.155-192.

Landsman, W.R. y Magliolo, J. (1988): ”Cross sectional capital market research and model specification”, The Accounting Review, pp. 586-604.

La Porta, R.; Lopez de Silanes, F. Y Vishny, R. [1996]: “Law and Finance”, NBER Working Paper 5661.

Leonidou, L.C, Katsikeas, C.S, Samiee, S. [2002]. “Marketing strategy determinants of export performance: a meta-analysis”, Journal of Business Research, 55, 51-67.

Lev, B. (1989): “On the usefulness of Earnings and Earnings research: lessons and directions from two decades of empirical research”, Journal of Accounting Research, vol. 27, supl., pp. 153-1999.

Lev, B. y Ohlson, J.A. (1982): “Market–Based Empirical Research in Accounting: a review, interpretation, and extension”, Journal of Accounting Research, vol. 20, supl., pp. 249-331.

Lev, B. y Sougiannis, T. (1996): “The capitalizacion, amortizacion, and value-relevance of R&D”, Journal of Accounting and Economics, 21, pp.107-138.

Lev, B. y Zarowin, P. (1999): “The boundaries of financial reporting and how to extend them”, Journal of Accounting Research, vol. 37, nº 3, pp. 353-386.

Lipsey, M.W. y Wilson, D.B. (2001): Practical meta-analysis, Sage, Applied Social Research Methods, 49, California.

Liu, J y Thomas, J. (1998): “Stock Returns and Accounting Earnings”, working paper, University of California.

Nelson, K.K. (1996): “Fair value accounting for commercial banks: An empirical analysis of SFAS nº 107, The Accounting Review, April, pp.161-182.

Ohlson, J.A. (1989): “Accounting earnings, book value, and dividens: The theory of clean surplus equation”, Working Paper, Lancaster University, September.

Ohlson, J.A. (1995): “Earnings, book values and dividends in security valuation”, Contemporary Accounting Research, vol. 11, pp. 661-687.

Ota, K. (2001): “The impact of valuation models on value-relevance studies in accounting: A review of theory and evidence”, Working Paper, Australian National University.

Rees, W.P. (1997): “The impact of dividends, debt and investment on valuation models”, Journal of Business, Finance & Accounting, 24 (7) & (8), September, pp.1111-1140.

Rees, L. y Elgers, P. (1997): “The market’s valuation of nonreported accounting measures: Retrospective reconciliations of non-U.S. and U.S. GAAP”, Journal of Accounting Research, vol.35, nº1, Spring, pp.115-127.

Rosenthal, R. (1976): Experimenter effects in behavioral research, Irvintong, New York.

Rosenthal, R. (1991): Meta-analytic procedures for social research rev. ed., Sage, Newbury Park.

Sánchez-Meca, J. (1999): “Metaanálisis para la investigación científica”, en Sarabia Sánchez, F.J. coord.: Metodología para la investigación en marketing y dirección de empresas, Pirámide, Madrid, pp. 173-201.

Sánchez-Meca, J. y Marín Martínez, F. (1998): “Weighting by inverse variance or by sample size in meta-analysis: a simulation study”, Educational and Psychological Measurement, vol. 58, nº 2, April, pp. 211-220.

Schmidt, F.L. y Hunter, J.E. (1977): “Development of a general solution to the problem of validity generalization”, Journal of Applied Psychology, 62, pp. 529-540.

Smith, M.L. y Glass, G.V. (1977): “Meta-analysis of psychotherapy outcome studies”, American Psychologist, 32, pp. 752-760.

Strong, N. y Walker, M. (1993): “The explanatory power of earnings for stock returns”, The Accounting Review, vol.68, nº 2, pp. 385-399.

Sougiannis, T. (1994): “The accounting based valuation of corporate R&D”, The Accounting Review, vol.69, nº1, January, pp.44-68.

Szymanski, D.M.; Bharadwaj, S.G. y Varadarajan, P.R. (1993): “An analysis of the market shareprofitability relationship”, Journal of Marketing, vol. 57, July, pp. 1-18.

Tosi, H.L; Werner, S.; Katz y Gómez-Mejía, L.R. 2000: “How does performance matter? A metaanalysis of CEO pay studies”, Journal of Management, vol. 26, nº2, pp. 301-309.

White, H. (1980): “ A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity”, Econométrica, nº 48, pp. 817-838.

Wolf, F.M. (1986): Meta-analysis. Quantitative methods for research synthesis, Sage Publications, Beverly Hills, California.

Publicado
01-07-2006
Cómo citar
García-Meca, E., & Sánchez-Ballesta, J. P. (2006). Una Evaluación Meta-Analítica de la Relevancia Valorativa de la Cifra de Beneficios: A Meta-Analysis Aproach Upon the Value Relevance Earnings. Revista de Contabilidad - Spanish Accounting Review, 9(18), 31–59. Recuperado a partir de https://revistas.um.es/rcsar/article/view/388771
Número
Sección
Artículos