¿Son las prácticas de gobierno corporativo y de earnings management relevantes para el valor de las empresas en México?

• Isela Alanís Aguilar ^[1] ; Martha del Pilar Rodríguez García ^[1] ; Klender Aimer Cortez Alejandro ^[1]
  1. [1] Universidad Autónoma de Nuevo León

     Universidad Autónoma de Nuevo León

     México

     
• Localización: Contaduría y administración, ISSN 0186-1042, ISSN-e 2448-8410, Vol. 64, Nº. Extra 4, 2019 (Ejemplar dedicado a: Especial Gobierno Corporativo)
• Idioma: español
• DOI: 10.22201/fca.24488410e.2020.1965
• Títulos paralelos:
  • Are corporate governance and earnings management practices relevant to company value in Mexico?
• Enlaces
  • Texto completo (pdf)
• Dialnet Métricas: 8 Citas
• Resumen
  • español

    Esta investigación analiza si el gobierno corporativo (conjunto de relaciones entre los diferentes participantes de la empresa) y el earning management (representa la intervención en el proceso de elaboración de la información financiera) tienen impacto en el valor de las empresas en México. La investigación se realizó durante el periodo del 2008 al 2017 utilizando una muestra de 50 empresas listadas en la Bolsa Mexicana de Valores, la metodología empleada fue el método de cuantiles por lo que analizamos el impacto de grandes empresas agrupándolas en pequeñas, medianas y grandes de acuerdo a su tamaño relativo medido por la razón Q de Tobin. Nuestros resultados muestran que existe un impacto negativo del earning management sobre el valor de la empresa en todos los tamaños de empresa medidos por la razón de Q de Tobin. Estos hallazgos, indican una perspectiva oportunista de la gestión de resultados en empresas mexicanas de diferente tamaño.

    Mientras que el impacto del gobierno corporativo solo se presenta en empresas de tamaño medio. Asimismo, encontramos evidencia de una mayor manipulación en época de crisis, en particular en el 2008, en empresas pequeñas y grandes. Con relación al impacto sectorial se observa que para los percentiles del 25th y 50th el sector industrial, consumo frecuente y telecomunicaciones tienen más impacto sobre la Q de Tobin que el sector de materiales mientras que el sector salud tiene mayor impacto que materiales sobre el valor de la empresa en todos los percentiles.

  • English

    This research is analyzed if corporate governance (we considering corporate governance as the set of relationships between the different participants of the company) and earning management (intervention in the process of preparing financial information) have an impact on the value of companies in Mexico. The research was conducted during the period from 2008 to 2017, using a sample of 50 companies listed on the Mexican Stock Exchange, the methodology used was the quantile method, so we analyzed the impact of large companies dividing them into small, medium and large firms with Tobin's Q ratio. Our results show that earning management had a negative impact in the value of the company in all company sizes measured by Tobin's Q ratio, which indicates an opportunistic perspective of the management of results in Mexican companies. While the impact of corporate governance only occurs in medium-sized companies. We also find evidence that manipulation is greater in crisis period in small and large companies. Regarding the sectorial impact, it is observed that for the 25th and 50th percentiles the industrial sector, frequent consumption and telecommunications have more impact on Tobin's Q ratio than the materials sector, while the health sector has a greater impact than materials on the value of the company in all percentiles.

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