La elección del tono de la dirección en las cartas a los accionistas: sinceridad, sesgo e incentivos

Management’s choice of tone in letters to shareholders: sincerity, bias and incentives

Autores/as

DOI: https://doi.org/10.6018/rcsar.393181
Palabras clave: Concentración de la propiedad, Tono, Carta a los accionistas, Incentivos, Análisis textual

Resumen

El objetivo de este artículo es identificar los factores que impulsan las decisiones de los directivos en materia de información en un entorno caracterizado por la concentración de la propiedad y la escasa aplicación de la ley. Investigaciones anteriores indican que el tono de la carta a los accionistas está correlacionado con los resultados. Sin embargo, el tono puede estar sesgado hacia lo positivo cuando una empresa es muy sensible a los incentivos del mercado de valores o está controlada por inversores mayoritarios. El sesgo puede reducirse gracias a las actividades de supervisión de los inversores institucionales en las empresas de capital cerrado. El estudio tiene dos implicaciones importantes. En primer lugar, cuando los directivos sesgan el texto, pierden la capacidad de comunicar noticias positivas sobre su empresa. En el marco de las expectativas racionales, los inversores pueden detectar el sesgo basándose en los incentivos situacionales conocidos y desestimar la información sesgada. En segundo lugar, los resultados sugieren que los directivos manipulan el tono estratégicamente, y no de forma inconsciente, para satisfacer las necesidades de los principales grupos de accionistas.

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Publicado
01-07-2021
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Hadro, D., Klimczak, K. M., & Pauka, M. (2021). La elección del tono de la dirección en las cartas a los accionistas: sinceridad, sesgo e incentivos: Management’s choice of tone in letters to shareholders: sincerity, bias and incentives. Revista de Contabilidad - Spanish Accounting Review, 24(2), 202–219. https://doi.org/10.6018/rcsar.393181
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