La vuelta a la amortización del fondo de comercio y la rentabilidad financiera de las empresas públicas y privadas en España
Back to goodwill amortisation and the financial performance of public and private firms in Spain
Resumen
Aprovechamos el cambio en la regulación del fondo de comercio en España a partir de 2016, para analizar un escenario escasamente estudiado en la literatura reciente: la transición inversa del deterioro del fondo de comercio a la amortización sistemática del mismo. Construyendo una base de datos a partir de los estados financieros individuales de todas las empresas no financieras españolas, cotizadas y no cotizadas, con fondo de comercio positivo en balance, contribuimos a la literatura en dos instancias. Por un lado, tratamos de obtener evidencia de si los gestores se comportaron de forma oportunista durante el periodo de regulación del deterioro mediante un test de los determinantes del reconocimiento del deterioro del fondo de comercio. Por otro lado, mediante un enfoque de diferencias en diferencias frente a una muestra de 4.000 empresas de control, comprobamos el impacto diferencial del cambio en la regulación sobre la rentabilidad de los activos de aquellas empresas con fondo de comercio en sus balances. Nuestros resultados concuerdan con las investigaciones existentes, que sugieren que la amortización sistemática del fondo de comercio, junto con una prueba periódica de deterioro, limitan las prácticas de gestión de beneficios y ayudan a los inversores a evaluar los resultados económicos de una empresa.
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