La responsabilidad social de las empresas y la calidad de los beneficios en el contexto de cambios en los regímenes normativos y crisis financiera
Corporate Social Responsibility and Earnings Quality in the Context of Changing Regulatory Regimes and the Financial Crisis
Resumen
El objetivo de este trabajo es examinar la relación entre la responsabilidad social corporativa (RSC) y la
gestión de los beneficios en el contexto de cambios en los regímenes regulatorios y la crisis financiera.
Utilizando una muestra de 18.472 observaciones de empresas estadounidenses que representan más de
2.500 empresas individuales durante el período de 1993 a 2018, empleamos varios modelos de regresión de
datos de panel y encontramos que las empresas con mayor compromiso de RSC tienen mayores devengos
discrecionales antes de la Ley Sarbanes Oxley de 2002 (SOX) y menores después. Además, la relación entre
la RSC y la acumulación discrecional está moderada por los incentivos de los directivos. Las empresas
que practican la RSC con una baja alineación de los incentivos tienen más probabilidades de tener unos
devengos discrecionales elevados y de recibir un mayor escrutinio normativo de la SOX. Por el contrario,
encontramos que las empresas con un alto nivel de RSC se involucran menos en la costosa gestión de los
beneficios reales, tanto en los períodos anteriores como posteriores a la SOX. Utilizando la crisis financiera
de 2008-2009 como un shock externo a través del método de diferencia en diferencia (DiD), nuestros
resultados muestran que las empresas de alta RSC participan menos en la gestión de beneficios durante la
crisis financiera. Las implicaciones de nuestros resultados sugieren que cuando las empresas se enfrentan a
diferentes tipos de gestión de beneficios, las que tienen un alto nivel de RSC tienden a realizar una gestión
de beneficios menos costosa. Nuestro estudio contribuye a la floreciente literatura sobre la influencia de la
RSC en las prácticas de información financiera, examinando la relación en varios contextos y destacando
la importancia del reciente marco normativo para la calidad de la información financiera.
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