La influencia del apalancamiento en la gestión de los beneficios reales y basados en el devengo: Datos del Reino Unido
The influence of leverage on accrual-based and real earnings management: Evidence from the UK
Resumen
El objetivo crucial de este estudio es observar la asociación entre el apalancamiento y la gestión de beneficios mediante prácticas de gestión de beneficios basadas en el devengo (AEM) y gestión de beneficios reales (REM) entre las empresas que cotizan en la Bolsa de Londres. Para mantener bajo control los elementos no observables, este estudio emplea un enfoque de mínimos cuadrados en dos etapas para analizar los datos de las empresas que cotizan en el Reino Unido durante los años 2009-2020. Los resultados revelan que existe una asociación negativa significativa entre el apalancamiento y la gestión de beneficios a través de REM, pero no a través de AEM. Los resultados concuerdan con la premisa de que el apalancamiento contribuye a limitar las actividades de REM, lo que a la larga influye en la calidad de los beneficios contables. Por lo tanto, un apalancamiento elevado exige el reembolso de la deuda para minimizar el efectivo disponible para gastos no óptimos de la dirección, en función de las limitaciones de gasto inducidas por el prestamista. Además, se predice que esto minimiza los comportamientos oportunistas de los directivos y fomenta su conservadurismo. Las conclusiones del estudio tienen implicaciones para los agentes reguladores y bursátiles, ya que proporciona información en profundidad sobre las prácticas actuales en materia de contabilidad y presentación de informes.
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