Mercados de capitales y modelos de valoración de inversiones inmobiliarias. Un análisis pre y post-crisis
Capital markets and valuation models of investment properties. A pre and post crisis analysis
Resumen
Este trabajo analiza el efecto de los modelos de valor razonable y coste histórico, aplicables opcionalmente según la NIC 40 para las inversiones inmobiliarias, sobre el valor de mercado de los grupos inmobiliarios cotizados españoles entre 2005 y 2018. Los resultados de la aplicación del Modelo de Ohlson no sugieren relación alguna de la información financiera con el valor de cotización en los períodos de pre-crisis y crisis económica. Sin embargo, en el período post-crisis, la información financiera representada por el valor en libros gana en relevancia, mostrando una relación positiva significativa con el valor de mercado de las empresas inmobiliarias, aunque sugiriendo una reducción en la asimetría de la información financiera en las empresas que utilizan el método del valor razonable.
Descargas
Citas
Aboody, D., Barth, M. E., & Kasznik, R. (1999). Revaluations of fixed assets and future firm performance: Evidence from the UK. Journal of Accounting and Economics, 26(1-3), 149-178. https://doi.org/10.1016/S0165-4101(98)00040-8
Acaranupong, K. (2017). Accounting Practices and Value Relevance of Investment Property: Evidence from Firms Listed on the Stock Exchange of Thailand. Asian Journal of Business and Accounting, 10(2), 1-41.
AECA. (1989). Documento nº 1, Principios de valoración de empresas: "Propuesta de una metodología." AECA.
Allen, A., & Ramanna, K. (2013). Towards an understanding of the role of standard setters in standard setting. Journal of Accounting and Economics, 55(1), 66-90. https://doi.org/10.1016/j.jacceco.2012.05.003
Aliberch, A. S., & Blandón, J. G. (2012). A comparative study of difficulties in accounting preparation and judgement in agriculture using fair value and historical cost for biological assets valuation. Revista de Contabilidad-Spanish Accounting Review, 15(1), 109-142. https://doi.org/10.1016/S1138-4891(12)70040-7
Argilés, J. M., Garcia-Blandon, J., & Monllau, T. (2011). Fair value versus historical cost-based valuation for biological assets: predictability of financial information. Revista de Contabilidad-Spanish Accounting Review, 14(2), 87-113. https://doi.org/10.1016/S1138-4891(11)70029-2
Baboukardos, D., & Rimmel, G. (2014). Goodwill under IFRS: Relevance and disclosures in an unfavorable environment. Accounting Forum, 38(1), 1-17. https://doi.org/10.1016/j.accfor.2013.11.001
Ball, R., & Shivakumar, L. (2006). The Role of Accruals in Asymmetrically Timely Gain and Loss Recognition. Journal of Accounting Research, 44(2), 207-242. https://doi.org/10.1111/j.1475-679X.2006.00198.x
Barnay, A., & Calba, G. (1998). Comments to the Draft Statement of Principles on Agriculture. IASC.
Barth, M. E. (1994). Fair value accounting: evidence from investment securities and the market valuation of banks. The Accounting Review, 69, 1-25. https://www.jstor.org/stable/248258
Barth, M. E. (2007). Standard-setting measurement issues and the relevance of research. Accounting and Business Research, 37(sup1), 7-15. https://doi.org/10.1080/00014788.2007.9730079
Barth, M. E. (2014). Measurement in Financial Reporting: The Need for Concepts. Accounting Horizons, 28(2), 331-352. https://doi.org/10.2308/acch-50689
Barth, M. E., Beaver, W. H., & Landsman, W. R. (1996). Value-relevance of banks fair value disclosures under SFAS 107. The Accounting Review, 71, 513-537. https://www.jstor.org/stable/248569
Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of the value relevance literature for accounting standard-setting: another view. Journal of Accounting and Economics, 31(1-3), 77-104. https://doi.org/10.1016/S0165-4101(01)00019-2
Barth, M. E., & Clinch, G. (1998). Revalued financial, tangible, and intangible assets: associations with share prices and non market-based value estimates. Journal of Accounting Research, 36, 199-233. https://doi.org/10.2307/2491314
Batista, F. F., & Paulo, E. (2017). Value relevance of investment property in the real state industry. Reunir-Revista de Administracao Contabilidade e Sustentabilidade, 7(3), 99-115. https://doi.org/10.17576/AJAG-2014-5-01
Becker Gómez, F. (1985). Los principios generales de valoración. Técnica Contable, 437, 193-196.
Beisland, L. A., & Knivsfla, K. H. (2015). Have IFRS changed how stock prices are associated with earnings and book values? Evidence from Norway. Review of Accounting and Finance. https://doi.org/10.1108/RAF-06-2013-0079
Bick, P., Orlova, S., & Sun, L. (2018). Fair value accounting and corporate cash holdings. Advances in Accounting, 40, 98-110. https://doi.org/10.1016/j.adiac.2017.12.002
Boone, J. P. (2002). Revisiting the reportedly weak value relevance of oil and gas asset present values: The roles of measurement error, model misspecification, and time-period idiosyncrasy. The Accounting Review, 77(1), 73-106. https://www.jstor.org/stable/3068857
BME (Bolsas y Mercados Españoles) (2019). Stock Exchange Sector Classification, defintitions by sector and subsector. Available at https://www.bolsamadrid.es/docs/Acciones/secteng.pdf
Cairns, D., Massoudi, D., Taplin, R. H., & Tarca, A. (2011). IFRS fair value measurement and accounting policy choice in the United Kingdom and Australia. The British Accounting Review, 43(1), 1-21. https://doi.org/10.1016/j.bar.2010.10.003
Caparrós, M. J. M., & Manzanares, M. A. B. (2007). El inmovilizado material en el modelo del IASB: Especial referencia a las propiedades de inversión según la NIC/NIIF40. Revista de Contabilidad y Dirección, 4, 165-180.
Caruana, J., & Pazarbasioglu, C. (2008). Revisiting valuation practices throughout the business cycle: some symmetry is needed. Financial Stability Review, 12, 15-22. RePEc:bfr:fisrev:2008:12:3
Christensen, H. B., & Nikolaev, V. V. (2013). Does fair value accounting for non-financial assets pass the market test? Review of Accounting Studies, 18(3), 734-775. https://doi.org/10.1007/s11142-013-9232-0
Collins, D. W., Maydew, E. L., & Weiss, I. S. (1997). Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics, 24(1), 39-67. https://doi.org/10.1016/S0165-4101(97)00015-3
Constans, A. (2007). El valor razonable en la nueva contabilidad. Revista Harvard Deusto. Finanzas y Contabilidad, 76, 24-39.
Danbolt, J., & Rees, W. (2008). An experiment in fair value accounting: UK investment vehicles. European Accounting Review, 17(2), 271-303. https://doi.org/10.1080/09638180701819865
De Andrés Suárez, J., & Lorca Fernández, P. (2003). La sustitución del coste histórico por el fair value. Estudios Financieros. Revista de Contabilidad y Tributación: Comentarios, Casos Prácticos, 248, 195-238.
De Souza, F. Ê. A., Botinha, R. A., Silva, P. R., & Lemes, S. (2015). Comparability of accounting choices in future valuation of investment properties: An analysis of Brazilian and Portuguese listed companies. Revista Contabilidade e Finanças, 26(68), 154-166. https://doi.org/10.1590/1808-057x201500580
De Vicente-Lama, M., & Sánchez, H. M. (2010). El valor razonable gana terreno en la valoración de las inversiones inmobiliarias. Revista de La Asociación Española de Contabilidad y Administración de Empresas, 91, 31-34.
De Vicente-Lama, M., Molina-Sánchez, H., & Ramírez, J. N. (2012). La eliminación de las alternativas contables. El caso de las inversiones inmobiliarias en las NIIF de Pymes y en la Propuesta del FASB sobre Entidades de Inversiones Inmobiliarias. XV Encuentro AECA, 20-22.
De Vicente-Lama, M., Molina-Sánchez, H., & Ramírez-Sobrino, J. (2013). Inversiones inmobiliarias: la elección contable valor razonable versus coste en los grupos cotizados españoles. Cuadernos de Contabilidad, 14(34), 25-51.
De Vicente-Lama, M., Sánchez, H. M., Ramírez Sobrino, J. N., & Torres Jiménez, M. (2017). Elección contable para la valoración de las inversiones inmobiliarias. Contribución de las técnicas de minería de datos para determinar patrones de decisión. Revista de Metodos Cuantitativos Para La Economia y La Empresa, 23(1), 234-256. http://hdl.handle.net/10419/195421
Devalle, A., & Rizzato, F. (2011). Fair value application and disclosure of investment properties (IAS 40). An empirical analysis of European listed companies. International Journal of GSTF Business Review, 1(1), 8-15.
Díaz, J. M. (2010). ¿Se debería aplicar el valor razonable a todos los instrumentos financieros? Opiniones y argumentos. Revista Española de Financiación y Contabilidad, 39(145), 169-195.
Dichev, I., & Tang, V. W. (2008). Matching and the changing properties of accounting earnings over the last 40 years. The Accounting Review, 83(6), 1425-1460. https://doi.org/10.2308/accr.2008.83.6.1425.
Eccher, E. A., Ramesh, K., & Thiagarajan, S. R. (1996). Fair value disclosures by bank holding companies. Journal of Accounting and Economics, 22(1-3), 79-117. https://doi.org/10.1016/S0165-4101(96)00438-7
Ehalaiye, D., Tippett, M., & Van Zijl, T. (2017). The predictive value of bank fair values. Pacific-Basin Finance Journal, 41, 111-127. https://doi.org/10.1016/j.pacfin.2016.10.008
Feltham, G. A., & Ohlson, J. A. (1995). Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research, 11(2), 689. https://doi.org/10.1111/j.1911-3846.1995.tb00462.x
Ghosh, C., Liang, M., & Petrova, M. T. (2020). The Effect of Fair Value Method Adoption: Evidence from Real Estate Firms in the EU. The Journal of Real Estate Finance and Economics, 60(1), 205-237. https://doi.org/10.1007/s11146-019-09721-z
Givoly, D., Hayn, C., & Katz, S. P. (2017). The changing relevance of accounting information to debt holders over time. Review of Accounting Studies, 22(1), 64-108. https://doi.org/10.1007/s11142-016-9374-y
Gómez, O., & Álvarez, R. (2013). Fair Value Measures in Financial Accounting. Cuadernos de Contabilidad, 14(35), 441-461.
Guthrie, K., Irving, J. H., & Sokolowsky, J. (2011). Accounting choice and the fair value option. Accounting Horizons, 25(3), 487-510. https://doi.org/10.2139/ssrn.1471670
Hail, L. (2013). Financial reporting and firm valuation: relevance lost or relevance regained? Accounting and Business Research, 43(4), 329-358. https://doi.org/10.1080/00014788.2013.799402
Hail, L., Leuz, C., & Wysocki, P. D. (2010). Global accounting convergence and the potential adoption of IFRS by the United States (Part 1): Conceptual underpinnings and economic analysis. Accounting Horizons, 24(3), 355-394. https://doi.org/10.2308/acch.2010.24.3.355
Hassan, M. S. B., Percy, M., & Stewart, J. D. (2006). The value relevance of fair value disclosures in australian firms in the extractive industries. Asian Academy of Management Journal of Accounting and Finance, 2, 21-41.
He, L. Y., Wright, S., & Evans, E. (2018). Is fair value information relevant to investment decision-making: Evidence from the Australian agricultural sector? Australian Journal of Management, 43(4), 555-574. https://doi.org/10.1177/0312896218765236
Hitz, J. M. (2007). The decision usefulness of fair value accounting - A theoretical perspective. European Accounting Review, 16(2), 323-362. https://doi.org/10.1080/09638180701390974
Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics, 31(1-3), 3-75. https://doi.org/10.1016/S0165-4101(01)00029-5
IASB (2017). NIIF 13, Valoración del valor razonable. Available at http://www.icac.meh.es/Documentos/Contabilidad/2.Internacional/020.NIIF-UE/010.NIIF%20Vigente/130.NIIF%2013%20Valoraci%C3%B3n%20del%20valor%20razonable.pdf
IASB (2018). NIC 40, Inversiones Inmobiliarias. Available at file:///C:/Users/rjbautista/Downloads/20200802190124.pdf
IASB (2018). Conceptual Framework for Financial Reporting. Available at: https://www.ifrs.org/issued-standards/list-of-standards/conceptual-framework/
IASB & FASB (2006). Preliminary views on an improved Conceptual Framework for Financial Reporting. The objective of financial reporting and qualitative characteristics of decision-useful financial reporting information. Discussion Papers. Available at https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1218220340119&acceptedDisclaimer=true. .
IASB & FASB (2008). An Improved Conceptual Framework for Financial Reporting. Exposure Draft. Available at https://www.ifrs.org/-/media/project/conceptual-framework/exposure-draft/published-documents/ed-conceptual-framework.pdf
IMF (International Monetary Fund) (2009). Procyclicality and Fair Value Accounting, (Prepared by Alicia Novoa, Jodi Scarlata, and Juan Solé), IMF Working Paper. Available at https://www.bis.org/bcbs/events/cbrworkshop09/novoascarlatasole.pdf.
INE (Instituto Nacional de Estadística) (2014). La economía española cierra 2013 con un crecimiento del 0,2%, una décima superior al trimestre previo. Available at https://portal.mineco.gob.es/es-es/comunicacion/Paginas/140227_NP_rpCN4T13.aspx
Israeli, D. (2015). Recognition versus disclosure: evidence from fair value of investment. Review of Accounting Studies, 20(4), 1457-1503. https://doi.org/10.1007/s11142-015-9335-x
Jenkins, D. S., Kane, G. D., & Velury, U. (2009). Earnings conservatism and value relevance across the business cycle. Journal of Business Finance and Accounting, 36(9-10), 1041-1058. https://doi.org/10.1111/j.1468-5957.2009.02164.x
Koonce, L., Nelson, K. K., & Shakespeare, C. M. (2011). Judging the Relevance of Fair Value for Financial Instruments. The Accounting Review, 86(6), 2075-2098. https://doi.org/10.2308/accr-10134
Kothari, S. P., Ramanna, K., & Skinner, D. J. (2010). Implications for GAAP from an analysis of positive research in accounting. Journal of Accounting and Economics, 50(2-3), 246-286. https://doi.org/10.1016/j.jacceco.2010.09.003
Kuo, C. Y. (2017). Is the accuracy of stock value forecasting relevant to industry factors or firm-specific factors? An empirical study of the Ohlson model. Review of Quantitative Finance and Accounting, 49(1), 195-225. https://doi.org/10.1007/s11156-016-0587-8
Landsman, W. R. (2007). Is fair value accounting information relevant and reliable? Evidence from capital market research. Accounting and Business Research,. https://doi.org/10.1080/00014788.2007.9730081
Larrán-Jorge, M., & Piñero López, J. M. (2005). El modelo de Ohlson (1995): ¿Hemos llegado realmente a comprenderlo? Revista de Contabilidad-Spanish Accounting Review, 8(16), 115-149. Retrieved from https://revistas.um.es/rcsar/article/view/388681
Laux, C., & Leuz, C. (2009). The crisis of fair-value accounting: Making sense of the recent debate. Accounting, Organizations and Society, 34(6-7), 826-834. https://doi.org/10.1016/j.aos.2009.04.003
Lev, B., Li, S., & Sougiannis, T. (2010). The usefulness of accounting estimates for predicting cash flows and earnings. Review of Accounting Studies, 15(4), 779-807. https://doi.org/10.1007/s11142-009-9107-6
Lhaopadchan, S. (2010). Fair value accounting and intangible assets Goodwill impairment and managerial choice. Journal of Financial Regulation and Compliance, 18(2), 120-130. https://doi.org/10.1108/13581981011033989
Liang, L., & Riedl, E. J. (2014). The effect of fair value versus historical cost reporting model on analyst forecast accuracy. Accounting Review, 89(3), 1151-1177. https://doi.org/10.2308/accr-50687
Liao, L., Kang, H., & Morris, R. D. (2020). The value relevance of fair value and historical cost measurements during the financial crisis. Accounting and Finance, 61, 2069-2107. https://doi.org/10.1111/acfi.12655
Liao, Y. P. (2013). The impact of fair-value-accounting on the relevance of capital adequacy ratios Evidence from Taiwan. Managerial Finance. https://doi.org/10.1108/03074351311293990
Linsmeier, T. J. (2016). Revised Model for Presentation in Statement(s) of Financial Performance: Potential Implications for Measurement in the Conceptual Framework. Accounting Horizons, 30(4), 485-498. https://doi.org/10.2308/acch-51543
Liu, C., Yao, L. J., & Yao, M. Y. (2012). Value Relevance Change Under International Accounting Standards: An Empirical Study of Peru. Review of Pacific Basin Financial Markets and Policies, 15(02), 1150008. https://doi.org/10.1142/S0219091511500081
Livne, G., & Markarian, G. (2018). The Routledge Companion to Fair Value in Accounting. Abingdon, UK: Routledge.
Machado, M. A. V, & Machado, M. R. (2013). Historical cost X fair value: which information is more relevant on the measurement of biological assets? CEP, 58059, 900.
Magnan, M. L. (2009). Fair Value Accounting and the Financial Crisis: Messenger or Contributor? Accounting Perspectives, 8(3), 189-213. https://doi.org/10.1506/ap.8.3.1
Majercakova, D., & Skoda, M. (2015). Fair value in financial statements after financial crisis. Journal of Applied Accounting Research, 16(3), 312-332. https://doi.org/10.1108/JAAR-07-2014-0069
Mäki, J., Somoza-Lopez, A., & Sundgren, S. (2016). Ownership Structure and Accounting Method Choice: A Study of European Real Estate Companies. Accounting in Europe, 13(1), 1-19. https://doi.org/10.1108/14635780910972288
Marra, A. (2016). The Pros and Cons of Fair Value Accounting in a Globalized Economy: A Never Ending Debate. Journal of Accounting, Auditing & Finance, 31(4), 582-591. https://doi.org/10.1177/0148558X16667316
McInnis, J., Yu, Y., & Yust, C. G. (2018). Does Fair Value Accounting Provide More Useful Financial Statements than Current GAAP for Banks? The Accounting Review, 93(6), 257-279. https://doi.org/10.2308/accr-52007
Milburn, J. A. (2008). The Relationship between Fair Value, Market Value, and Efficient Markets. Accounting Perspectives, 7(4), 293-316. https://doi.org/10.1506/ap.7.4.2
Müller, M. A., Riedl, E. J., & Sellhorn, T. (2015). Recognition versus Disclosure of Fair Values. The Accounting Review, 90(6), 2411-2447. https://doi.org/10.2308/accr-51044
Navarro-Galera, A., del Carmen Pérez-López, M., & Rodríguez-Ariza, L. (2010). Fair Value of Real Estate and Utility of Financial Statements of Construction Companies. International Real Estate Review, 13(3), 323-350. https://EconPapers.repec.org/RePEc:ire:issued:v:13:n:03:2010:p:323-350
Nellessen, T., & Zuelch, H. (2011). The reliability of investment property fair values under IFRS. Journal of Property Investment & Finance, 29(1), 59-73. https://doi.org/10.1108/14635781111100209
Nelson, K. K. (1996). Fair value accounting for commercial banks: an empirical analysis of SFAS No. 107. The Accounting Review, 71, 161-182. https://www.jstor.org/stable/248444
Ohlson, J. A. (2001). Earnings, book values, and dividends in equity valuation: An empirical perspective. Contemporary Accounting Research, 18(1), 107-120. https://doi.org/10.1506/7TPJ-RXQN-TQC7-FFAE
Ortega, E., & Peñalosa, J. (2012). Claves de la crisis económica española y restos para crecer en la UEM. Banco de España. Available at https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/12/Fich/do1201.pdf
Palavecinos, B. S., & Álvarez, D. A. (2006). Alcances sobre el concepto de valor razonable. Capic Review, 4, 61-74.
Palea, V. (2014). Fair value accounting and its usefulness to financial statement users. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-04-2013-0021
Pérez, G. R., & Tey, M. S. (2007). Implicacions en les magnituds comptables de la valoració a cost històric vs. valor raonable. Revista de Comptabilitat i Direcció, 4, 91-100.
Pinto, I., & Pais, M. C. (2015). Fair value accounting choice: Empirical evidence from Portuguese real estate investment funds. Journal of European Real Estate Research, 8(2), 130-152. https://doi.org/10.1108/JERER-09-2014-0032
Pulido Álvarez, A. (2000). El fair value y el Marco Conceptual: El Marco Conceptual para la información financiera. Análisis y Comentarios. Madrid: AECA.
Quagli, A., & Avallone, F. (2010). Fair Value or Cost Model? Drivers of Choice for IAS 40 in the Real Estate Industry. European Accounting Review, 19(3), 461-493. https://doi.org/10.1080/09638180.2010.496547
Rashad Abdel-Khalik, A. (2010). Fair Value Accounting and Stewardship. Accounting Perspectives, 9(4), 253-269. https://doi.org/10.1111/j.1911-3838.2010.00013.x
Requena Rodríguez, J. M. (1977). La homogeneización de magnitudes en la ciencia de la Contabilidad. Madrid: ICE.
Rodríguez Bolívar, M. P., & Navarro Galera, A. (2012). The Role of Fair Value Accounting in Promoting Government Accountability. Abacus, 48(3), 348-386. https://doi.org/10.1111/j.1467-6281.2011.00352.x
Ronen, J. (2008). To fair value or not to fair value: A broader perspective. Abacus, 44(2), 181-208. https://doi.org/10.1111/j.1467-6281.2008.00257.x
Sanjurjo, M. (1999). Introducción a la guía. Conceptos generales de valor. In M. Sanjurjo (Ed.), Guía de valoración de empresas. Cuadernos Cinco Días. Price Waterhouse Coopers.
Sellhorn, T., & Stier, C. (2019). Fair Value Measurement for Long-Lived Operating Assets: Research Evidence. European Accounting Review, 28(3), 573-603. https://doi.org/10.1080/09638180.2018.1511816
Siam, W., & Abdullatif, M. (2011). Fair value accounting usefulness and implementation obstacles: Views from bankers in Jordan. Accounting in Asia: Research in Accounting in Emerging Economies, 83-107. https://doi.org/10.1108/S1479-3563(2011)0000011009
Song, C. J., Thomas, W. B., & Yi, H. (2010). Value relevance of FAS No. 157 Fair Value hierarchy information and the impact of corporate governance mechanisms. Accounting Review, 85(4), 1375-1410. https://www.jstor.org/stable/20744163
Song, X. (2015). Value Relevance of Fair Values-Empirical Evidence of the Impact of Market Volatility. Accounting Perspectives, 14(2), 91-116. https://doi.org/10.1111/1911-3838.12045
Sundgren, S., Mäki, J., & Somoza-lopez, A. (2018). Analyst coverage, market liquidity and disclosure quality: a study of fair-value disclosures by European real estate companies under IAS 40 and IFRS 13. International Journal of Accounting, 53(1), 54-75. https://doi.org/10.1016/j.intacc.2018.02.003
Sutton, D. B., Cordery, C. J., & Van Zijl, T. (2015). The Purpose of Financial Reporting: The Case for Coherence in the Conceptual Framework and Standards. Abacus, 51(1), 116-141. https://doi.org/10.1111/abac.12042
Tahat, Y., Dunne, T., Fifield, S., & Power, D. (2016). The value relevance of financial instruments disclosure: evidence from Jordan. Asian Review of Accounting, 24(4), 445-473. https://doi.org/10.1108/ARA-11-2014-0115
Vergauwe, S., & Gaeremynck, A. (2019). Do measurement-related fair value disclosures affect information asymmetry? Accounting and Business Research, 49(1), 68-94. https://doi.org/10.1080/00014788.2018.1434608
Wahyuni, E. T., Soepriyanto, G., Avianti, I., & Naulibassa, W. P. (2019). Why companies choose the cost modelo ver fair value for investment property? Exploratory study on Indonesian listed companies. International Journal of Business and Society, 20(1), 161-176.
Zamora-Ramirez, C., & Morales-Díaz, J. (2018). The Use of Fair Value Measurement in Financial Reporting: A Literature Review. Studies of Applied Economics, 36(2), 489-514. https://doi.org/10.25115/eea.v36i2.2540
Derechos de autor 2022 Revista de Contabilidad - Spanish Accounting Review
Esta obra está bajo una licencia internacional Creative Commons Atribución 4.0.
Las obras que se publican en esta revista están sujetas a los siguientes términos:
1. Ediciones de la Universidad de Murcia (EDITUM) y ASEPUC conservan los derechos patrimoniales (copyright) de las obras publicadas, y favorece y permite la reutilización de las mismas bajo la licencia de uso indicada en el punto 2.
2. Las obras se publican en la edición electrónica de la revista bajo una licencia de Creative Commons Reconocimiento-NoComercial-SinObraDerivada 4.0 Internacional. Permite copiar, distribuir e incluir el artículo en un trabajo colectivo (por ejemplo, una antología), siempre y cuando no exista una finalidad comercial, no se altere ni modifique el artículo y se cite apropiadamente el trabajo original. Esta revista no tiene tarifa por la publicación Open Access. ASEPUC y EDITUM financian los costes de producción y publicación de los manuscritos.
3. Condiciones de auto-archivo. Se permite y se anima a los autores a difundir electrónicamente la versión publicada de sus obras, ya que favorece su circulación y difusión y con ello un posible aumento en su citación y alcance entre la comunidad académica.