Prácticas de Gestión y/o Earnings Management en los resultados contables en México. Evidencia empírica 2010-2019
Palabras clave:
Bolsa Mexicana de Valores, gestión del resultado, rentabilidad, regresión lineal, prácticas corporativas
Resumen
En los últimos años, México ha desarrollado estrategias normativas contenidas, por un lado, en el Código de Mejores Prácticas Corporativas (2010; 2018), y por otro, en la Ley General de Sociedades Mercantiles (2015), con la intención de mejorar la transparencia y calidad de la información financiera. En este sentido, el objetivo del trabajo pretende identificar la medida en que las actividades de gestión de los resultados contables son condicionadas por determinadas características organizacionales, corroborando si las estrategias legales promovidas por los organismos reguladores frenan las practicas manipuladoras de información; para tal efecto, se analiza una muestra formada por 310 informes anuales correspondientes a compañías cotizadas en la Bolsa Mexicana de Valores en el periodo 2010-2019. Los resultados del análisis multivariante muestran una relación significativa positiva entre las variables rentabilidad financiera y los sectores dedicados a la industria y materiales, y de tipo negativo el año del informe (2019) y el Tamaño de la Empresa con la manipulación contable. En definitiva, los esfuerzos llevados a cabo por los organismos emisores de normatividad en México relativos a la actualización del Código de Mejores Prácticas Corporativas realizada en 2018, están actuando como barrera contra las prácticas manipuladoras de los resultados contables.
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• Abbadi, S. S., Hijazi, Q. F., y Al-Rahahleh, A. S. (2016). Corporate governance quality and earnings management: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, 10(2), 54-75. https://doi.org/10.14453/aabfj.v10i2.4
• Abdel, A. R., y Khamees, B. A. (2016). The impact of corporate governance characteristics on earnings quality and earnings management: Evidence from Jordan. Jordan Journal of Business Administration, XII(1), 187-207. https://doi.org/10.12816/0030061
• Abdou, H. A., Ellelly, N. N., Elamer, A. A., Hussainey, K., y Yazdifar, H. (2021). Corporate governance and earnings management nexus: Evidence from the UK and Egypt using neural networks. International Journal of Finance & Economics, 26(4), 6281-6311. https://doi.org/10.1002/ijfe.2120
• Afrizal, J., Gamayuni, R. R., y Syaipudin, U. (2021). The effect of earnings management on firm value with corporate governance as a moderating variable. International Journal for Innovation Education and Research, 9(2), 262-268. https://doi.org/10.31686/ijier.vol9.iss2.2954
• Alanís, I., Rodríguez, M. D. P., y Cortez, K. A. (2019). ¿Son las prácticas de gobierno corporativo y de earnings management relevantes para el valor de las empresas en México? Contaduría y Administración, 64(4), e136. http://dx.doi.org/10.22201/fca.24488410e.2020.1965
• Alareeni, B. (2018). Does corporate governance influence earnings management in listed companies in Bahrain Bourse? Journal of Asia Business Studies, XII(4), 551-570. https://doi.org/10.1108/JABS-06-2017-0082
• Ali, S., Shaban, M., y Ryhaneh, H. (2015). Effect of financial performance on earnings management in the drug distribution industry. International Journal of Industrial Distribution & Business, 6(4), 23-26.
• Andyani, D., y Silvino, E. (2017). The effects of earning management and financial performance on the quality of islamic banking social responsibility report. Education and Humanities Research, 26, 76-79. https://doi.org/10.2991/icied-17.2018.15
• Ashraf, M. S. A., Salam, N. A., Atallah, A. A-H., y Mahmoud, I. A. (2021). The impact of financial performance on earnings management practice behavior (an empirical study on financial companies in Jordan). Academy of Strategic Management Journal, 20(2), 1-15. https://www.abacademies.org/articles/the-impact-of-financial-performance-on-earnings-management-practice-behavioran-empirical-study-on-financial-companies-in.pdf
• Aysha, A., y Aisha, I. (2019). Impact of leverage on earning management: Empirical evidence from the manufacturing sector of Pakistan. Journal of Finance and Accounting Research, 1(1), 70-91.
• Ayu, C. L., y Zulfia, K. (2018). The effect of good corporate governance and earnings management to corporate social responsibility disclosure. Academy of Accounting and Financial Studies Journal, 22(1), 1-16.
• Aziatul, W. G., Nur, A. S., y Zuraidah, M. S. (2015). Earnings management: An analysis of opportunistic behaviour, monitoring mechanism and financial distress. Procedia Economics and Finance, 28, 190-201. https://doi.org/10.1016/S2212-5671(15)01100-4
• Chakroun, S., y Ben, A. (2022). Earnings management, financial performance and the moderating effect of corporate social responsibility: Evidence from France. Management Research Review, 45(3), 331-362. https://doi.org/10.1108/MRR-02-2021-0126
• Coase, R. H. (1937). The nature of the firm. Economica, 4(16), 386-405. https://doi.org/10.1111/j.1468-0335.1937.tb00002.x
• Dechow, P. M., Sloan, R. G., y Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, LXX(2), 193-225.
• Habbash, M. (2019). The role of corporate governance regulations in constraining earnings management practice in Saudi Arabia. In T. Azid, A. A. Alnodel and M. A. Qureshi (Eds.), Research in Corporate and Shari’ah Governance in the Muslim World: Theory and practice (pp. 127-140). Emerald Publishing Limited. https://doi.org/10.1108/978-1-78973-007-420191011
• Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, VII(1-3), 85-107. https://doi.org/10.1016/0165-4101(85)90029-1
• Healy, P. M., y Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383. https://doi.org/10.2308/acch.1999.13.4.365
• Hernawati, R. I., Ghozali, I., Yuyetta, E. N. A., y Prastiwi, A. (2021). The effect of income and earnings management on firm value: Empirical evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(4), 105-112. https://doi.org/10.13106/jafeb.2021.vol8.no4.0105
• Huang, H-L., Liang, L-W., Chang, H-Y., y Hsu, H-Y. (2021). The influence of earnings management and board characteristics on company efficiency. Sustainability, 13(21), 11617. https://doi.org/10.3390/su132111617
• Ibama, K., e Ibama, K. (2021). Corporate governance and earnings management of quoted deposit money banks in Nigeria. The International Journal of Business & Management, 9(1), 64-70. https://doi.org/10.24940/theijbm/2021/v9/i1/BM2101-015
• Jensen, M. C., y Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
• Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228. https://doi.org/10.2307/2491047
• Kjærland, F., Haugdal, A. T., Søndergaard, A., y Vågslid, A. (2020). Corporate governance and earnings management in a Nordic perspective: Evidence from the Oslo. Risk Financial Management, 13(256), 2-18. https://doi.org/10.3390/jrfm13110256
• Lawal, A. I., Nwanji, T. I., Opeyemi, O. O., y Adama, I. J. (2018). Can corporate governance mechanisms deter earnings management? Evidence from firms listed on the Nigerian Stock Exchange. Aestimatio: The IEB International Journal of Finance, (17), 220-233.
• McNichols, M. F. (2000). Research design issues in earnings management studies. Journal of Accounting and Public Policy, 19(4-5), 313-345. https://doi.org/10.1016/S0278-4254(00)00018-1
• Mostafa, W. (2018). Firms’ financial performance and earnings management: The case of Egypt. Alexandria Journal of Accounting Research, 2(1), 1-46.
• Muda, I., Maulana, W., Siregar, H. S., e Indra, N. (2018). The analysis of effects of good corporate governance on earnings management in Indonesia with panel data approach. Iranian Economic Review, 22(2), 599-625. https://dx.doi.org/10.22059/ier.2018.66169
• Nazir, M. S., y Afza, T. (2018). Impact of corporate governance on discretionary earnings management a case of Pakistani firms. Pakistan Economic and Social Review, 56(1), 157-184. http://pu.edu.pk/images/journal/pesr/PDF-FILES/7-v56_1_18.pdf
• Ngo, D. N. P., y Le, A. T. H. (2021). Relationship between the audit committee and earning management in listed companies in Vietnam. Journal of Asian Finance, Economics and Business, 8(2), 135-142. https://doi.org/10.13106/JAFEB.2021.VOL8.NO2.0135
• Nyatichi, V., Iraya, C., Mwangi, M., y Njihia, J. (2020). Corporate governance and earnings management of companies listed at Nairobi Securities Exchange. African Development Finance Journal, 4(2), 79-95. http://uonjournals.uonbi.ac.ke/ojs/index.php/adfj/article/view/550
• Olaniyi, T. A., y Abubakar, F. L. (2018). Real earnings management and future financial performance of quoted consumer goods companies in Nigeria. Amity Business Review, 19(2), 121-132. https://www.amity.edu/abs/abr/pdf/ABR-Vol-19-No-2/10.pdf
• Poveda, F. (2001). Cuestiones estadísticas sobre modelos y contrastes de ajustes por devengo anormales. Working Paper, Instituto Valenciano de Investigaciones Económicas (IVIE), Serie EC, No. 16. http://www.ivie.es/downloads/docs/wpasec/wpasec-2001-16.pdf
• Rakshit, D., y Paul, A. (2020). Earnings management and financial distress: An analysis of Indian textile companies. Journal of Economics and Public Policy, V(3), 40-53. https://epp-journal.nmims.edu/wp-content/uploads/2020/08/EPP-August-2020-issue-40-53.pdf
• Surifah. (2017). The role of corporate governance in the effect earnings management has on firm value. Journal of Indonesian Economy and Business, XXXII(1), 51-69. https://doi.org/10.22146/jieb.12793
• Thai, V. H., Dinh, V. T., Nguyen, V. S., Nguyen, M. H., Nguyen C. T., y Pham, T. L. P. (2021). The influence of earning management and surplus free cash flow on the banking sector performance. Polish Journal of Management Studies, 23(1), 403-417. https://doi.org/10.17512/pjms.2021.23.1.25
• Tulcanaza-Prieto, A. B., y Lee, Y. (2022). Real earnings management, firm value, and corporate governance: Evidence from the Korean market. International Journal of Financial Studies. 10(1), 19. https://doi.org/10.3390/ijfs10010019
• Watts, R. L., y Zimmerman, J. L. (1986). Positive accounting theory. Prentice Hall.
• Zafar, I. C., Naveeda, Z., Munawar, H., y Muhammmad, M. K. (2020). Impact of corporate governance on earning management moderating role of firm size and leverage. Journal of Critical Review, 7(16), 3186-3198. https://www.jcreview.com/paper.php?slug=impact-of-corporate-governance-on-earning-management-moderating-role-of-firm-size-and-leverage
• Abdel, A. R., y Khamees, B. A. (2016). The impact of corporate governance characteristics on earnings quality and earnings management: Evidence from Jordan. Jordan Journal of Business Administration, XII(1), 187-207. https://doi.org/10.12816/0030061
• Abdou, H. A., Ellelly, N. N., Elamer, A. A., Hussainey, K., y Yazdifar, H. (2021). Corporate governance and earnings management nexus: Evidence from the UK and Egypt using neural networks. International Journal of Finance & Economics, 26(4), 6281-6311. https://doi.org/10.1002/ijfe.2120
• Afrizal, J., Gamayuni, R. R., y Syaipudin, U. (2021). The effect of earnings management on firm value with corporate governance as a moderating variable. International Journal for Innovation Education and Research, 9(2), 262-268. https://doi.org/10.31686/ijier.vol9.iss2.2954
• Alanís, I., Rodríguez, M. D. P., y Cortez, K. A. (2019). ¿Son las prácticas de gobierno corporativo y de earnings management relevantes para el valor de las empresas en México? Contaduría y Administración, 64(4), e136. http://dx.doi.org/10.22201/fca.24488410e.2020.1965
• Alareeni, B. (2018). Does corporate governance influence earnings management in listed companies in Bahrain Bourse? Journal of Asia Business Studies, XII(4), 551-570. https://doi.org/10.1108/JABS-06-2017-0082
• Ali, S., Shaban, M., y Ryhaneh, H. (2015). Effect of financial performance on earnings management in the drug distribution industry. International Journal of Industrial Distribution & Business, 6(4), 23-26.
• Andyani, D., y Silvino, E. (2017). The effects of earning management and financial performance on the quality of islamic banking social responsibility report. Education and Humanities Research, 26, 76-79. https://doi.org/10.2991/icied-17.2018.15
• Ashraf, M. S. A., Salam, N. A., Atallah, A. A-H., y Mahmoud, I. A. (2021). The impact of financial performance on earnings management practice behavior (an empirical study on financial companies in Jordan). Academy of Strategic Management Journal, 20(2), 1-15. https://www.abacademies.org/articles/the-impact-of-financial-performance-on-earnings-management-practice-behavioran-empirical-study-on-financial-companies-in.pdf
• Aysha, A., y Aisha, I. (2019). Impact of leverage on earning management: Empirical evidence from the manufacturing sector of Pakistan. Journal of Finance and Accounting Research, 1(1), 70-91.
• Ayu, C. L., y Zulfia, K. (2018). The effect of good corporate governance and earnings management to corporate social responsibility disclosure. Academy of Accounting and Financial Studies Journal, 22(1), 1-16.
• Aziatul, W. G., Nur, A. S., y Zuraidah, M. S. (2015). Earnings management: An analysis of opportunistic behaviour, monitoring mechanism and financial distress. Procedia Economics and Finance, 28, 190-201. https://doi.org/10.1016/S2212-5671(15)01100-4
• Chakroun, S., y Ben, A. (2022). Earnings management, financial performance and the moderating effect of corporate social responsibility: Evidence from France. Management Research Review, 45(3), 331-362. https://doi.org/10.1108/MRR-02-2021-0126
• Coase, R. H. (1937). The nature of the firm. Economica, 4(16), 386-405. https://doi.org/10.1111/j.1468-0335.1937.tb00002.x
• Dechow, P. M., Sloan, R. G., y Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, LXX(2), 193-225.
• Habbash, M. (2019). The role of corporate governance regulations in constraining earnings management practice in Saudi Arabia. In T. Azid, A. A. Alnodel and M. A. Qureshi (Eds.), Research in Corporate and Shari’ah Governance in the Muslim World: Theory and practice (pp. 127-140). Emerald Publishing Limited. https://doi.org/10.1108/978-1-78973-007-420191011
• Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, VII(1-3), 85-107. https://doi.org/10.1016/0165-4101(85)90029-1
• Healy, P. M., y Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383. https://doi.org/10.2308/acch.1999.13.4.365
• Hernawati, R. I., Ghozali, I., Yuyetta, E. N. A., y Prastiwi, A. (2021). The effect of income and earnings management on firm value: Empirical evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(4), 105-112. https://doi.org/10.13106/jafeb.2021.vol8.no4.0105
• Huang, H-L., Liang, L-W., Chang, H-Y., y Hsu, H-Y. (2021). The influence of earnings management and board characteristics on company efficiency. Sustainability, 13(21), 11617. https://doi.org/10.3390/su132111617
• Ibama, K., e Ibama, K. (2021). Corporate governance and earnings management of quoted deposit money banks in Nigeria. The International Journal of Business & Management, 9(1), 64-70. https://doi.org/10.24940/theijbm/2021/v9/i1/BM2101-015
• Jensen, M. C., y Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
• Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228. https://doi.org/10.2307/2491047
• Kjærland, F., Haugdal, A. T., Søndergaard, A., y Vågslid, A. (2020). Corporate governance and earnings management in a Nordic perspective: Evidence from the Oslo. Risk Financial Management, 13(256), 2-18. https://doi.org/10.3390/jrfm13110256
• Lawal, A. I., Nwanji, T. I., Opeyemi, O. O., y Adama, I. J. (2018). Can corporate governance mechanisms deter earnings management? Evidence from firms listed on the Nigerian Stock Exchange. Aestimatio: The IEB International Journal of Finance, (17), 220-233.
• McNichols, M. F. (2000). Research design issues in earnings management studies. Journal of Accounting and Public Policy, 19(4-5), 313-345. https://doi.org/10.1016/S0278-4254(00)00018-1
• Mostafa, W. (2018). Firms’ financial performance and earnings management: The case of Egypt. Alexandria Journal of Accounting Research, 2(1), 1-46.
• Muda, I., Maulana, W., Siregar, H. S., e Indra, N. (2018). The analysis of effects of good corporate governance on earnings management in Indonesia with panel data approach. Iranian Economic Review, 22(2), 599-625. https://dx.doi.org/10.22059/ier.2018.66169
• Nazir, M. S., y Afza, T. (2018). Impact of corporate governance on discretionary earnings management a case of Pakistani firms. Pakistan Economic and Social Review, 56(1), 157-184. http://pu.edu.pk/images/journal/pesr/PDF-FILES/7-v56_1_18.pdf
• Ngo, D. N. P., y Le, A. T. H. (2021). Relationship between the audit committee and earning management in listed companies in Vietnam. Journal of Asian Finance, Economics and Business, 8(2), 135-142. https://doi.org/10.13106/JAFEB.2021.VOL8.NO2.0135
• Nyatichi, V., Iraya, C., Mwangi, M., y Njihia, J. (2020). Corporate governance and earnings management of companies listed at Nairobi Securities Exchange. African Development Finance Journal, 4(2), 79-95. http://uonjournals.uonbi.ac.ke/ojs/index.php/adfj/article/view/550
• Olaniyi, T. A., y Abubakar, F. L. (2018). Real earnings management and future financial performance of quoted consumer goods companies in Nigeria. Amity Business Review, 19(2), 121-132. https://www.amity.edu/abs/abr/pdf/ABR-Vol-19-No-2/10.pdf
• Poveda, F. (2001). Cuestiones estadísticas sobre modelos y contrastes de ajustes por devengo anormales. Working Paper, Instituto Valenciano de Investigaciones Económicas (IVIE), Serie EC, No. 16. http://www.ivie.es/downloads/docs/wpasec/wpasec-2001-16.pdf
• Rakshit, D., y Paul, A. (2020). Earnings management and financial distress: An analysis of Indian textile companies. Journal of Economics and Public Policy, V(3), 40-53. https://epp-journal.nmims.edu/wp-content/uploads/2020/08/EPP-August-2020-issue-40-53.pdf
• Surifah. (2017). The role of corporate governance in the effect earnings management has on firm value. Journal of Indonesian Economy and Business, XXXII(1), 51-69. https://doi.org/10.22146/jieb.12793
• Thai, V. H., Dinh, V. T., Nguyen, V. S., Nguyen, M. H., Nguyen C. T., y Pham, T. L. P. (2021). The influence of earning management and surplus free cash flow on the banking sector performance. Polish Journal of Management Studies, 23(1), 403-417. https://doi.org/10.17512/pjms.2021.23.1.25
• Tulcanaza-Prieto, A. B., y Lee, Y. (2022). Real earnings management, firm value, and corporate governance: Evidence from the Korean market. International Journal of Financial Studies. 10(1), 19. https://doi.org/10.3390/ijfs10010019
• Watts, R. L., y Zimmerman, J. L. (1986). Positive accounting theory. Prentice Hall.
• Zafar, I. C., Naveeda, Z., Munawar, H., y Muhammmad, M. K. (2020). Impact of corporate governance on earning management moderating role of firm size and leverage. Journal of Critical Review, 7(16), 3186-3198. https://www.jcreview.com/paper.php?slug=impact-of-corporate-governance-on-earning-management-moderating-role-of-firm-size-and-leverage
Publicado
2023-02-17
Cómo citar
Polo Jiménez, S. D., Aguilar Servín, J. P., & Anaya Fuentes, G. E. (2023). Prácticas de Gestión y/o Earnings Management en los resultados contables en México. Evidencia empírica 2010-2019. Revista De Ciencias Sociales, 29(1), 155-168. https://doi.org/10.31876/rcs.v29i1.39743
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