¿Influyen las Normas Internacionales de Información Financiera en el riesgo de las acciones?

• Autores: Gokhan Boz, Carlota Menéndez Plans, Neus Orgaz Guerrero, Diego Prior Jiménez
• Localización: Contaduría y administración, ISSN 0186-1042, ISSN-e 2448-8410, Vol. 60, Nº. 3 (July–September 2015), 2015, págs. 556-577
• Idioma: español
• DOI: 10.1016/j.cya.2015.05.010
• Texto completo no disponible (Saber más ...)
• Dialnet Métricas: 7 Citas
• Resumen
  • español

    El objetivo del presente trabajo de investigación es doble: estudiar qué información explica el riesgo de las acciones y analizar si la implantación de las Normas Internacionales de Información Financiera (NIIF), realizada en el mercado español en 2005, influye en dicha información. Conocer qué información contable y/o macroeconómica explica el riesgo de una acción es una información útil para el empresario y para el profesional de la gestión, pues nos indica qué variables observar para estimar la evolución del riesgo y, en consecuencia, la evolución del coste de capital o tasa de actualización. La tasa de actualización es una variable muy importante en muchas decisiones financieras, y su valor, que depende entre otras variables del riesgo, tiene una gran influencia en la decisión. Por este motivo es importante que dicha tasa se determine de forma objetiva, algo especialmente difícil en las pequeñas y medianas empresas (PYMES). Una gestión eficiente implica poder anticiparse a los efectos futuros, actuar para capturar los efectos positivos y minimizar los efectos negativos. Si sabemos qué variables explican el riesgo, conoceremos qué indicadores observar para analizar su comportamiento y prever lo que vaya a suceder en el futuro sobre la tasa de actualización.

  • English

    The present research has two objectives. First, we study the determinants of stock risk. Second, we analyze whether International Financial Reporting Standard (IFRS) implemented in the Spanish market in 2005 has affected these determinants. It is quite important for both entrepreneurs and management professionals to understand the accounting information and macroeconomic factors that explain stock risk, since it suggests which factors can be used to estimate this risk, and hence, to analyze the evolution of cost of capital or discount rate. The discount rate plays an important role in wide range of financial decisions; whose value depends on the risk among other factors. Therefore, it is significant to obtain an objective estimation of discount rate, which is difficult to handle specifically in the context of small and medium sized enterprises (SMEs). Effective management involves the ability to forecast future changes, capture positive effects, and minimize negative ones. Once we find out the variables that can be utilized to explain the risk, we can observe and analyze their evolution to anticipate future changes in the discount rate.

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