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La calidad e importancia de las utilidades contables para las empresas cotizadas en los mercados de capitales chilenos

Listed author(s):
  • Jara Bertin, Mauricio

    (Universidad Católica de la Santísima Concepción)

  • López Iturriaga, Félix J.

    (Universidad de Valladolid)

Because information conveyed by corporate financial statements is highly influential and, thus, plays a central role in capital markets, we analyze the usefulness of reported earnings to measure firm performance as well as the ability of earnings to anticipate future cash flows. Specifically, we examine the relation between spec-ific firm factors and quality of earnings for a sample of 180 listed Chilean firms between 1998 and 2003. We find that earnings are more relevant than cash flows to measure a firm’s performance, which suggests that earnings have additional informational content. The quality of earnings is positively related to the size of the firm and negative related to the operating cycle.// Dado que la información trasmitida mediante los estados financieros corporativos tiene gran peso y que, por tanto, desempeña un papel central en los mercados de capitales, analizamos hasta qué punto las utilidades declaradas sirven para medir el desempeño y como instrumento para anticipar los flujos de efectivo futuros. Específicamente, examinamos la relación entre los factores específicos de las empresas y la calidad de las utilidades en una muestra de 180 empresas chilenas que cotizaron en bolsa de valores entre 1998 y 2003. Hallamos que las utilidades son más pertinentes que los flujos de efectivo en la medición del desempeño de las empresas, lo cual sugiere que las utilidades tienen un contenido informativo adicional. La calidad de las utilidades tiene una relación positiva con el tamaño de la empresa y una relación negativa con el ciclo operativo.

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Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

Volume (Year): LXXVIII (3) (2011)
Issue (Month): 311 (julio-septiembre)
Pages: 643-674

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Handle: RePEc:elt:journl:v:78:y:2011:i:311:p:643-674
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