Analizando longitudinalmente la creación de valor de la empresa desde el enfoque de las capacidades dinámicas

• Lorena Ruiz-Fernández ^[1] ; Pedro Seva-Larrosa ^[1] ; Laura Rienda ^[1]
  1. [1] Universitat d'Alacant

     Universitat d'Alacant

     Alicante, España

     
• Localización: Revista de Contabilidad y Tributación. CEF, ISSN-e 2792-8306, ISSN 2695-6896, Nº 468, 2022
• Idioma: español
• DOI: 10.51302/rcyt.2022.7529
• Títulos paralelos:
  • Longitudinally analysing the company's value creation through accounting ratios from the dynamic capabilities approach
• Enlaces
  • Texto completo
• Resumen
  • español

    El objetivo de nuestro trabajo consiste en destacar la utilidad de las ratios contables en el análisis de la creación de valor de la empresa considerando el efecto del tiempo. Para llevar a cabo este análisis se ha tomado una muestra de datos de panel formada por aquellas empresas de la Unión Europea que han presentado en los últimos años un mayor nivel de inversión en I+D.

    La técnica de análisis utilizada ha sido la regresión múltiple mediante el estimador de efectos fijos y efectos aleatorios. En cuanto a los resultados obtenidos, se ha contrastado la influencia positiva y estadísticamente significativa de determinadas ratios contable-financieras sobre la creación de valor de la empresa. Entre las principales contribuciones de nuestro estudio, podemos resaltar la necesidad de conectar el análisis contable y la toma de decisiones estratégicas para la creación de valor de la empresa. Asimismo, enfatizamos la importancia de disponer de ratios contables homogéneas tanto desde un punto de vista temporal como geográfico para poder estudiar aquellos aspectos dinámicos que influyen en la toma de decisiones empresariales.

  • English

    The aim of our paper is to highlight the usefulness of accounting ratios in the analysis of firm value creation considering the effect of time. In order to carry out this analysis, we have taken a panel data sample of European Union companies that have shown a higher level of investment in R&D in recent years. The analysis technique used was multiple regression using the fixed effects estimator and random effects estimator. With regard to the results obtained, the positive and statistically significant influence of certain ratios on the creation of company value has been contrasted. Among the main contributions of our study, we can highlight the need to connect accounting analysis and strategic decision-making for the creation of company value. Likewise, we emphasise the importance of having homogeneous accounting ratios from both a temporal and geographical point of view in order to study the dynamic aspects that influence business decision-making.

• Referencias bibliográficas
  • Abdullah, N. H. N., Said, J., Rahman, I. K. A. y Tuan Mat, T. Z. (2020). Strategic Management Accounting Practice as a Mediating Role between...
  • Arellano, M. (2003). Panel Data Econometrics. Oxford University Press.
  • Barreto, I. (2010). Dynamic Capabilities: A Review of Past Research and an Agenda for the Future. Journal of Management, 36(1), 256-280.
  • Beaver, W. H. (1968). Alternative Accounting Measures as Predictors of Failure. The Accounting Review, 43(1), 113-122.
  • Biedenbach, T. y Müller, R. (2012). Absorptive, Innovative and Adaptive Capabilities and their Impact on Project and Project Portfolio Performance....
  • Camisón, C. y Villar-López, A. (2014). Organizational Innovation as an Enabler of Technological Innovation Capabilities and Firm Performance....
  • Canarella, G. y Miller, S. M. (2018). The Determinants of Growth in the US Information and Communication Technology (ICT) Industry: A firm-level...
  • Certo, S. T., Busenbark, J. R., Kalm, M. y LePine, J. A. (2020). Divided We Fall: How Ratios Undermine Research in Strategic Management. Organizational...
  • Chen, Y. S., Lin, M. J. J. y Chang, C. H. (2009). The Positive Effects of Relationship Learning and Absorptive Capacity on Innovation Performance...
  • Cohen, W. M. y Levinthal, D. A. (1990). The Implications of Spillovers for R&D Investment and Welfare: A New Perspective. Administrative...
  • Cruz-González, J., López-Sáez, P. y MartínDe Castro, G. (2009). La influencia de las capacidades dinámicas sobre los resultados financieros...
  • Diaconu, M. (2019). Business R&D Investments in the EU: Main Dynamics and Economic Effects. Theoretical & Applied Economics, 4(621),...
  • Easterby-Smith, M., Lyles, M. A. y Peteraf, M. A. (2009). Dynamic Capabilities: Current Debates and Future Directions. British Journal of...
  • Edvinsson, L. y Kivikas, M. (2004). La nueva perspectiva para la creación de valor. Revista de Contabilidad y Dirección, 1, 47-58.
  • Eisenhardt, K. M. y Martin, J. A. (2000). Dynamic Capabilities: What Are They? Strategic Management Journal, 21(10-11), 1.105-1.121.
  • Eriksson, T. (2013). Methodological Issues in Dynamic Capabilities Research. A Critical Review. Baltic Journal of Management, 8(3), 306-327.
  • Fainshmidt, S., Pezeshkan, A., Lance Frazier, M., Nair, A. y Markowski, E. (2016). Dynamic Capabilities and Organizational Performance: A...
  • Frees, E. W. (2004). Longitudinal and Panel Data: Analysis and Applications in the Social Sciences. Cambridge University Press.
  • Guan, J. y Ma, N. (2003). Innovative Capability and Export Performance of Chinese Firms. Technovation, 23(9), 737-747.
  • Hausman, J. A. (1978). Specification Tests in Econometrics. Econometrica: Journal of the Econometric Society, 46(6), 1.251-1.271.
  • Helfat, C. E. (1997). Know-How and Asset Complementarity and Dynamic Capability Accumulation: The Case of R&D. Strategic Management Journal,...
  • Helfat, C. E. y Peteraf, M. A. (2009). Understanding Dynamic Capabilities: Progress Along a Developmental Path. Strategic Organization, 7(1),...
  • Helfat, C. E. y Peteraf, M. A. (2014). Managerial Cognitive Capabilities and the Microfoundations of Dynamic Capabilities. Strategic Management...
  • Helfat, C. E., Finkelstein, S., Mitchell, W., Peteraf, M., Singh, H., Teece, D. y Winter, S. G. (2009). Dynamic Capabilities: Understanding...
  • Ibarra, A. (2006). Una perspectiva sobre la evolución en la utilización de las razones financieras o ratios. Pensamiento y Gestión: Revista...
  • IFAC (1998). Management Accounting Concepts: International Management Accounting Practice Statement: Management Accounting Concept. IFAC.
  • IFAC (2020). COVID Makes Clear Why We Need to Improve Corporate Reporting. .
  • IFAC (2021). Enhancing Corporate Reporting. IFAC's Points of View. .
  • Jiménez-Jiménez, D. y Sanz-Valle, R. (2011). Innovation, Organizational Learning, and Performance. Journal of Business Research, 64(4), 408-417.
  • Kadim, A., Sunardi, N. y Husain, T. (2020). The Modeling Firm's Value Based on Financial Ratios, Intellectual Capital and Dividend Policy....
  • Khalil, S. y Belitski, M. (2020). Dynamic Capabilities for Firm Performance under the Information Technology Governance Framework. European...
  • Kimberly, J. R. (1976). Organizational Size and The Structuralist Perspective: A Review, Critique, and Proposal. Administrative Science Quarterly,...
  • Li, D. Y. y Liu, J. (2014). Dynamic Capabilities, Environmental Dynamism, and Competitive Advantage: Evidence from China. Journal of Business...
  • Mason, C. H. y Perreault, WD. (1991). Collinearity, Power and Interpretation of Multiple Regression Analysis. Journal of Marketing Research,...
  • Menguc, B. y Auh, S. (2006). Creating a FirmLevel Dynamic Capability through Capitalizing on Market Orientation and Innovativeness. Academy...
  • Mousa, F. T. y Chowdhury, J. (2014). Organizational Slack Effects on Innovation: The Moderating Roles of CEO Tenure And Compensation. Journal...
  • Peteraf, M., Di Stefano, G. y Verona, G. (2013). The Elephant in the Room of Dynamic Capabilities: Bringing Two Diverging Conversations Together....
  • Pezeshkan, A., Fainshmidt, S., Nair, A., Frazier, M. L. y Markowski, E. (2016). An Empirical Assessment of the Dynamic CapabilitiesPerformance...
  • Salvato, C. y Rerup, C. (2011). Beyond Collective Entities: Multilevel Research on Organizational Routines and Capabilities. Journal of Management,...
  • Schilke, O. (2014). On the Contingent Value of Dynamic Capabilities for Competitive Advantage: The Nonlinear Moderating Effect of Environmental...
  • Schilke, O., Hu, S. y Helfat, C. E. (2018). Quo Vadis, Dynamic Capabilities? A Content-Analytic Review of the Current State of Knowledge and...
  • Serva, M. A., Kher, H. y Laurenceau, J. P. (2011). Using Latent Growth Modeling to Understand Longitudinal Effects in MIS Theory: A primer....
  • Sher, P. J. y Yang, P. Y. (2005). The Effects of Innovative Capabilities and R&D Clustering on Firm Performance: The Evidence of Taiwan's...
  • Subramaniam, M. y Youndt, M. A. (2005). The Influence of Intellectual Capital on the Types of Innovative Capabilities. Academy of Management...
  • Sulaiman, S. (2016). From Mere Managing Cost to Future Business Sustainability: Management Accounting Approach. UiTM Press.
  • Sulaiman, S., Omar, N. y Abdul Rahman, I. K. (2006). Assessing Value Creation Through Nafma: Selected Case Studies Of Malaysian Firms. Asia-Pacific...
  • Teece, D. J. (2007). Explicating Dynamic Capabilities: The Nature and Microfoundations of (Sustainable) Enterprise Performance. Strategic...
  • Teece, D. J. (2014). The Foundations of Enterprise Performance: Dynamic and Ordinary Capabilities in an (Economic) Theory of Firms. The Academy...
  • Teece, D. J. y Pisano, G. (1994). The Dynamic Capabilities of Firms: An Introduction. Industrial and Corporate Change, 3(3), 537-556.
  • Teece, D. J. y Pisano, G. (2003). The Dynamic Capabilities of Firms. en Handbook on Knowledge Management (pp. 195-213). Springer-Verlag Berlin...
  • Teece, D. J., Pisano, G. y Shuen, A. (1997). Dynamic Capabilities and Strategic Management. Strategic Management Journal, 18(7), 509-533.
  • Tidd, J., Bessant, J. y Pavitt, K. (2005). Managing Innovation Integrating Technological, Market and Organizational Change. John Wiley and...
  • Wang, C. L. y Ahmed, P. K. (2007). Dynamic Capabilities: A Review and Research Agenda. International Journal of Management Reviews, 9(1),...
  • Wang, C. L., Senaratne, C. y Rafiq, M. (2015). Success Traps, Dynamic Capabilities and Firm Performance. British Journal of Management, 26(1),...
  • Wilke, E. P., Costa, B. K., Freire, O. B. D. L. y Ferreira, M. P. (2019). Interorganizational Cooperation in Tourist Destination: Building...
  • Winter, S. G. (2003). Understanding Dynamic Capabilities. Strategic Management Journal, 24(10), 991-995.
  • Wiseman, R. M. (2009). On the Use and Misuse of Ratios in Strategic Management Research. Research Methodology in Strategy and Management,...
  • Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data. The MIT Press.
  • Zahra, S. A. y George, G. (2002). Absorptive Capacity: A Review, Reconceptualization, and Extension. Academy of Management Review, 27(2),...