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Subjetividad De Los Ajustes Por Devengo Y Valoración De Su Calidad En El Mercado De Deuda: Evidencia Empirica Para Empresas No Cotizadas


  • Belén Gill de Albornoz

    () (Universitat Jaume I)

  • Manuel Illueca Muñoz

    (Universitat Jaume I)


This paper examines the effect of accruals subjectivity on the way investors use the information contained in accruals to set the interest rates charged in debt contracts. To measure the degree of subjectivity involved in the estimation of accruals we use several indicators of their ex ante verifiability based on the categorization of accruals proposed by Richardson et al (2005). We focus on a wide sample of Spanish private firms, corresponding to the period 1996-2002. Our results indicate that the higher the subjectivity of accruals, the lower is the sensitivity of the cost of debt to changes in accruals quality. Este trabajo evalúa el efecto de la subjetividad inherente al cálculo de los ajustes por devengo sobre el modo en que los usuarios utilizan la información contenida en los mismos para determinar el tipo de interés de los contratos de deuda. Para medir el grado de subjetividad de los ajustes por devengo se utilizan diversos indicadores de verificabilidad ex ¿ ante construidos a partir de las categorías de accruals identificadas por Richardson et al (2005). El análisis empírico se lleva a cabo en una amplia muestra de empresas españolas no cotizadas, correspondiente al periodo 1996-2002. Los resultados ponen de manifiesto que la sensibilidad del coste de la deuda ante variaciones en la calidad de los ajustes por devengo disminuye a medida que aumenta el grado de subjetividad inherente a su cálculo.

Suggested Citation

  • Belén Gill de Albornoz & Manuel Illueca Muñoz, 2006. "Subjetividad De Los Ajustes Por Devengo Y Valoración De Su Calidad En El Mercado De Deuda: Evidencia Empirica Para Empresas No Cotizadas," Working Papers. Serie EC 2006-14, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:2006-14

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    coste de la deuda; calidad del resultado; subjetividad de los ajustes por devengo; PYMES. cost of debt; quality of results; subjectivity of accruals; small and medium sized firms.;

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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