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La Comparabilidad De La Información Contable En Europa: Efectos De La Manipulación Contable Sobre El Nivel De Conservadurismo


  • Araceli Mora Enguidanos

    () (Universitat de València)

  • Juan Manuel García Lara

    (Universitat Jaume I)

  • Beatriz García Osma

    (Lancaster University)

  • Ana Gisbert Clemente

    (Universidad Autónoma de Madrid)


This paper aims to study international differences in accounting conservatism, excluding the effect ofearnings management practices across three European countries (France, Germany and United Kingdom).These countries not only belong to different accounting regulatory regimes but also present significantinstitutional differences determinant on both the magnitude and sign of earnings management practices.Particularly, continental European countries included in our sample have institutional features that enhancemanagers to engage in income decreasing earnings management practices, thus, affecting the results ofearnings conservatism empirical studies, where the use of a lower ¿managed¿ earnings figure leads to anover valuation of accounting conservatism not driven by the recognition of ¿bad news¿. Although higherlitigation risk and lower balance sheet conservatism suggest a higher level of earnings conservatism in theUK, previous empirical studies have not reported consistent results compared to continental Europeancountries. Using the Basu (1997) model, results show that, excluding discretionary accruals as a proxy forearnings management, that is, using an ¿unmanaged¿ earnings figure, earnings conservatism for France andGermany decreases, while it remains constant for the UK, compared to the results of a similar analysis usingas dependent variable the published and possibly ¿managed¿ earnings figure. In addition, discretionaryaccruals provide evidence of income-decreasing earnings management practices in France and Germany. El objetivo de este trabajo es analizar las diferencias internacionales en el nivel de conservadurismo contable, excluyendo el efecto de la manipulación del beneficio en tres países europeos, Francia, Alemania y Reino Unido. Estos países representan regímenes contables distintos y cuentan con diferencias institucionales determinantes, tanto en la magnitud como en el signo de las prácticas de manipulación. En concreto, los países de Europa continental incluidos en el análisis, presentan características institucionales que incentivan la manipulación del resultado contable a la baja, pudiendo afectar significativamente a los resultados de los trabajos empíricos sobre conservadurismo del resultado, quedando éste sobrevalorado al tener en cuenta cifras de beneficio ?manipuladas? a la baja por motivos muy distintos al reconocimiento de ?malas noticias?. Hasta el momento, los resultados procedentes de estudios anteriores no han apreciado un grado de conservadurismo del resultado superior en el Reino Unido, país que sin embargo, por su mayor riesgo de litigio y su menor conservadurismo del balance, hace prever un sesgo conservador del resultado superior al de los países de Europa continental. Aplicando el modelo de regresión inversa de Basu (1997), los resultados, comparados con los obtenidos utilizando como variable dependiente el resultado publicado, es decir, aquel sujeto a posibles manipulaciones, muestran que, una vez excluidos los ajustes discrecionales por devengo de la cifra de resultados, como aproximación al grado de manipulación contable, el nivel de conservadurismo decrece notablemente en Francia y Alemania, mientras que se mantiene en el Reino Unido. Asimismo, el cálculo de los ajustes discrecionales por devengo demuestra que en Francia y Alemania las prácticas de manipulación están dirigidas a la minoración del nivel de resultados.

Suggested Citation

  • Araceli Mora Enguidanos & Juan Manuel García Lara & Beatriz García Osma & Ana Gisbert Clemente, 2004. "La Comparabilidad De La Información Contable En Europa: Efectos De La Manipulación Contable Sobre El Nivel De Conservadurismo," Working Papers. Serie EC 2004-14, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:2004-14

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    Cited by:

    1. Jennifer Martínez-Ferrero, 2014. "Consequences of financial reporting quality on corporate performance. Evidence at the international level," Estudios de Economia, University of Chile, Department of Economics, vol. 41(1 Year 20), pages 49-88, June.
    2. repec:eee:spacre:v:16:y:2013:i:1:p:32-45 is not listed on IDEAS


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