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Determinantes de la divulgación de información previsional en España: un análisis de las empresas del ibex 35


  • Marco Trombetta

    () (Universidad Carlos III de Madrid)

  • Francisco Bravo Urquiza

    (Universidad de Sevilla)

  • María Cristina Abad Navarro

    (Universidad de Sevilla)


In recent years, users' information needs have changed, and forward-looking information has become of great importance, as it has been highlighted in many international and national reports. Nonetheless, Spanish regulations are not very specific in this respect, since although it is required to publish prospective information in certain cases, nothing is set about the extend of this disclosure. Regulation has been changing during the period of analysis, and we aim to determine the need for increasing the legal requirements due to the relevance of this kind of information. Our goal is to examine the level of publication of voluntary prospective information by IBEX-35 firms, and to determine the corporate characteristics that are associated with the disclosure of prospective information. From the results obtained, it is to be noted that the level of prospective information disclosed in the annual reports seems to be low. In addition, the companies that disclose more prospective information are those of a higher size, with lower proprietary costs, a higher leverage and lower growth rates. En los últimos años las necesidades informativas de los usuarios han evolucionado, adquiriendo gran importancia la información previsional, como se desprende de multitud de informes nacionales e internacionales. Sin embargo, la normativa española no es muy concreta al respecto, pues aunque exige la publicación de información previsional en determinados casos, no especifica el nivel de detalle. En un momento de cambios en la legislación, nos planteamos la conveniencia de aumentar las exigencias informativas debido a la relevancia de esta información. Nuestro objetivo es estudiar el nivel de publicación voluntaria de información previsional en las empresas del IBEX-35, y determinar las características empresariales que están asociadas con el suministro de dicha información. Entre los resultados obtenidos se puede destacar el bajo nivel de publicación de información previsional en las empresas estudiadas, y que las que suministran más información previsional son aquellas de mayor tamaño, con menores costes propietarios, mayor endeudamiento y menores tasas de crecimiento.

Suggested Citation

  • Marco Trombetta & Francisco Bravo Urquiza & María Cristina Abad Navarro, 2008. "Determinantes de la divulgación de información previsional en España: un análisis de las empresas del ibex 35," Working Papers. Serie EC 2008-10, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:2008-10

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    información financiera previsional; revelación de información; análisis contable. Forward-looking information; information disclosure; financial analysis.;

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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