Impression management en concurso de acreedores: Un análisis de la información narrativa en empresas cotizadas
Impression management in bankruptcy: An analysis of the narratives in listed companies
Resumen
Los directivos suelen utilizar la información narrativa de forma oportunista cuando el desempeño empresarial es deficiente. Sin embargo, hay pocas investigaciones sobre estas prácticas de impression management en situaciones de extrema dificultad, como en concurso de acreedores. Este trabajo analiza diez características textuales de la información financiera en dos momentos de tiempo, el último año justo antes de entrar en concurso de acreedores (año enfermo) y cinco años antes (año sano). En concreto, se investigan los informes de gestión de todas las empresas cotizadas en concurso de acreedores en España desde 2005 hasta 2019. Los resultados, en el año antes de entrar en concurso, únicamente muestran un comportamiento que puede ser compatible con prácticas de impression management en el caso de la extensión del documento y del lenguaje positivo. El riesgo de litigio asociado al concurso de acreedores puede condicionar la actitud de los directivos a la hora de utilizar la información narrativa de forma sesgada. Los resultados también son robustos si sólo se analizan las empresas en concurso que se encuentran en una peor situación financiera. Este trabajo contribuye a la comprensión de las prácticas de impression management en condiciones de extrema dificultad financiera.
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