Medición de la calidad financiera en empresas del sector manufacturero colombiano
Palabras clave:
manipulación financiera, perfiles manipuladores, calidad financiera
Resumen
Esta investigación se enfoca en medir la calidad de la información financiera en empresas del sector manufacturero colombiano mediante la aplicación de los modelos Beneish M-score, Probit y Logit. El objetivo de este estudio consiste en aplicar los modelos de puntaje M, Probit y Logit para identificar y medir posibles perfiles manipuladores basados en la calidad de la información financiera. La investigación se clasifica como exploratoria, con un diseño no experimental y un enfoque cuantitativo. La muestra representativa abarcó a 470 empresas del sector manufacturero colombiano que presentaron sus estados financieros entre 2016 y 2020. Los resultados obtenidos mediante la aplicación de los modelos Beneish M-score, Probit y Logit revelaron prácticas contables que comprometen la calidad de la información financiera proporcionada por las empresas analizadas. La combinación de estos modelos permitió identificar con alto grado de certeza los perfiles de empresas que manipularon la información financiera durante el periodo establecido. Como conclusión, este estudio respalda la confiabilidad de los modelos Beneish M-score, Probi ty Logit como herramientas eficaces para detectar posibles casos de fraude contable.
Citas
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Aljinovic, Z., Vuko, T., & Šodan, S. (2017). What can auditors tell us about accounting manipulations? Managerial auditing journal, 32(8), 788-809. https://doi.org/10.1108/MAJ-03-2017-1534
Amoa-Gyarteng, K. (2014). Analyzing a listed firm in Ghana for early warning signs of bankruptcy and financial statement fraud: An empirical investigation of AngloGold Ashanti. European Journal of Business and Management, 6(5),10-17. https://iiste.org/Journals/index.php/EJBM/article/view/10908
Beneish, M. D. (1999). The Detection of Earnings Manipulation. Financial Analysts Journal, 55(5), 24–36. http://www.jstor.org/stable/4480190
Beneish, M. D. (2001). Earnings management: A perspective. Managerial Finance, 27(12), 3-17. https://doi.org/10.1108/03074350110767411
Beneish, M. D., & Nichols, D. C. (2005). Earnings quality and future returns: The relation between accruals and the probability of earnings manipulation. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.725162
Bonet, J. A., Ricciulli, D., Pérez, G. J., Galvis, L. A., Haddad, E. A., Araújo, I. F., & Perobelli, F. S. (2020). Impacto económico regional del Covid-19 en Colombia: un análisis insumo-producto. Documento de Trabajo sobre Economía Regional y Urbana; No. 288.
Canals, J. (2016). Managing corporate growth. Palgrave Macmillan.
Chongsirithitisak, T. (2015). Detection of creative accounting in financial statements by model the case study of companies listed on the stock exchange of Thailand. The West-East Institute, international academic conference proceedings Barcelona, Spain, 199-204. https://www.westeastinstitute.com/wp-content/uploads/2015/02/Thanathon-Chongsirithitisak.pdf
Da Silva, A. C. M., Albuquerque, C. C., & Da Costa Vieira, P. R. (2019). Adoção do método Beneish Score nas empresas públicas brasileiras de capital aberto e o impacto nas suas ações. Revista Vianna Sapiens, 10(1), 32-32. https://doi.org/10.31994/rvs.v10i1.574
Departamento Administrativo Nacional de Estadística- DANE. (20 de 07 de 2022). Encuesta Pulso Empresarial. https://www.dane.gov.co/index.php/estadisticas-por-tema/comercio-interno/encuesta-pulso-empresarial
Dechow, P. M., Ge, W., Larson, C. R., & Sloan, R. G., (2011). Predicting material accounting misstatements. Contemporary Accounting Research, 28(1), 17-82. https://doi.org/10.1111/j.1911-3846.2010.01041.x
Dikmen, B. & Küçükkocaoğlu, G. (2010). The detection of earnings manipulation: the three-phase cutting plane algorithm using mathematical programming. Journal of Forecasting 29(5), 442-466. https://ideas.repec.org/a/jof/jforec/v29y2010i5p442-466.html
Drábková, Z. (2014). Possibilities of identifying manipulated financial statements. In The International Scientific Conference INPROFORUM, České Budějovice. Possibilities of identifying manipulated financial statements. In The International Scientific Conference INPROFORUM, České Budějovice
Espítia, J. J. (2017). Nuevo Régimen de Insolvencia. Universidad Externando de Colombia.
Estada, H., & Morales, D. A. (2009). The role of governance and accounting information in the development of non-listed companies in emerging economies. Journal of International Financial Management & Accounting, 20(3), 235-268.
Gabrić, D., & Miljko, M. (2018). Računovodstvene manipulacije u financijskim izvještajima poduzeća–istraživanje motivacije i poticaja. Ekonomska misao i praksa, (1), 3-27.
Gill-de-Albornoz, B., & Rusanescu, S. (2017). Does the use of derivatives affect the quality of financial reporting? European Financial Management, 23(1), 3-37
Golden, T.W., Skalak, S.L., Clayton, M.M. & Pill, J.S. (2006). A Guide to Forensic Accounting Investigation. Hoboken, New Jersey: John Wiley & Sons Inc
Goldman, S. (2020). “Latin America Economics Analyst - LatAm Growth Outlook Darkens. Economics Research, 18, 20-37.
Halilbegovic, S., Celebic, N., Cero, E., Buljubasic, E., & Mekic, A. (2020). Application of Beneish M-score model on small and medium enterprises in Federation of Bosnia and Herzegovina. Eastern Journal of European Studies, 11(1).
Heras, E. M. H., Masache, O. R. C., & Moreno, V. P. (2020). Prácticas contables creativas en los estados financieros y la prevención de fraudes fiscales en Ecuador. Revista Arbitrada Interdisciplinaria Koinonía, 5(4), 388-417. http://dx.doi.org/10.35381/r.k.v5i4.964
Hołda, A. (2020). Using the Beneish M-score model: Evidence from nonfinancial companies listed on the Warsaw Stock Exchange. Investment Management and Financial Innovations, 17(4), 389-401. https://doi.org/10.21511/imfi.17(4).2020.33
Ibadin, P. O., & Ehigie, A. H. (2019). Beneish model, corporate governance and financial statement manipulation. Asian Journal of Accounting and Governance 12, 51–64. https://dx.doi.org/10.17576/AJAG-2019-12-05
Jiang, X., Xu, M., & Zhu, K. (2021). Board independence and financial reporting quality: Evidence from Chinese small and medium-sized enterprises. Asia-Pacific Journal of Accounting & Economics, 28(4), 473-496.
Kara, E., Ugurlu, M. & Korpi, M. (2015). Using Beneish modelin identifying accounting manipulation: An empirical study in bist manufacturing industry sector. Journal of Accounting,Finance and Auditing Studies 1(1), 21-39.
Kirkos, E., Spathis, C., & Manolopoulos, Y. (2007). Data mining techniques for the detection of fraudulent financial statements. Expert Systems with Applications.32, 995–1003. https://doi: 10.1016/j.eswa.2006.02.016
Kopechá, N (2022). A Literature Review of Financial Performance Measures and Value Relevance. The Impact of Globalization on International Finance and Accounting pp 385 -393
Mahama, M. (2015). Detecting corporate fraud and financial distress using the altman and Beneish models the case of Enron Corp. International Journal of Economics, Commerce and Management, 3(1), 1-18. https://ijecm.co.uk/wp-content/uploads/2015/01/3159.pdf
Mahdi, N., Aghamohammadi, M., & Mirzaei, A. (2021). Firm characteristics and the quality of financial reporting: A systematic review of the literature. International Journal of Disclosure and Governance, 18(1), 53-75.
Matarazzo, A., & Depellegrin, D. (2021). Factors affecting financial reporting quality in small and medium-sized entities: Evidence from Italy. Journal of Small Business Management, 59(3), 675-698.
Mehta, A., & Bhavani, G. (2017). Application of Forensic Tools to Detect Fraud: The Case of Toshiba. Journal of Forensic and Investigative Accounting, 9(1), 692
Mejía, L., Delgado, M. E., Lara, D., Suárez, H., Díaz, S., & Gutiérrez, D. (2020). Choque dual y posibles efectos sobre la economía colombiana. Tendencia Económica, 1-14. https://www.repository.fedesarrollo.org.co/handle/11445/3937
Roque, D. I., Escobar, J. H., & Gutiérrez, D. P. (2022). Detección de posible manipulación de estados financieros, aplicación del modelo Beneish M-score en empresas colombianas. Revista Venezolana De Gerencia, 27(100), 1577-1593. https://doi.org/10.52080/rvgluz.27.100.18
Shah, C., Saraswat, M., & Mehta, A. (2018). Predicting Earnings Manipulation Using Beneish M - Score of Selected Companies in India. Indian Journal Of Finance, 12(4), 54. https://doi.org/10.17010/ijf/2018/v12i4/122796
Sachs, J. (2019). El fin de la pobreza: Como conseguirlo en nuestro tiempo. MacGraw-Hill
Ozcan, A. (2018). The Use of Beneish Model in Forensic Accounting: Evidence from Turkey. Journal of applied economics and Business Research, 8(1), 57-67. https://openurl.ebsco.com/EPDB%3Agcd%3A3%3A10212531/detailv2?sid=ebsco%3Aplink%3Ascholar&id=ebsco%3Agcd%3A128868562&crl=c
Panella, S., & Baronio, A. (2020). El modelo M-Score de Beneish y la “gestión” de Estados Contables (Ponencia). IX Congreso de Administración y V Congreso de Ciencias Económicas del Centro de la República, Villa María, Argentina.
Repousis, S. (2016). Using Beneish model to detect corporate financial statement fraud in Greece. Journal of Financial Crime, 23(4), 1063-1073. https://doi.org/10.1108/JFC-11-2014-0055
Rey, J. L., & Piffaut, M. (2019). Financial reporting quality and stock liquidity: Evidence from European firms. International Journal of Managerial Finance, 15(4), 494-518. https://www.redalyc.org/pdf/221/22131015002.pdf
Ríos, M. (2013). La práctica Creativa Empresarial desde la perspectiva del Control Interno. Revista Iberoamericana de Contabilidad y Gestión R.I.C.G, 11(22), 2-16. http://www.observatorio-iberoamericano.org/ricg/N%C2%BA_22/Martha_R%C3%ADos_Manr%C3%ADquez.pdf
Roxas, M.L. (2011). Financial Statement Fraud Detection Using Ratio and Digital Analysis. Journal of Leadership, Accountability and Ethics, 8(4), 56-66. http://www.na-businesspress.com/jlae/roxas84web.pdf
Solomon, D. H., & Soltes, E. (2019). Is “not guilty” the same as “innocent”? Evidence from SEC financial fraud investigations. Journal of Empirical Legal Studies, 18(2), 287-327. https://doi.org/10.1111/jels.12282
Stiglitz, J. (2020). Rewriting the Rules of the European Economy: An Agenda for Growth and Shared Prosperity. Academic Press.
Terreno, D. D., Campana, S. G., & Sattler, S. A. . (2020). La aplicación del M-score de Beneish en empresas argentinas para la detección de la manipulación en los resultados. Documentos De Trabajo De Investigación De La Facultad De Ciencias Económicas (DTI-FCE), (3), 1–21. https://revistas.unc.edu.ar/index.php/DTI/article/view/29662
Timofte, C., Socoliuc, M., Grosu, V., & Coca, D. (2021). Fiscal and Accounting Fraud Risk Detection using BenEIsh Model. A Romanian case study. International Journal Of Business And Society, 22(1), 296-312. https://doi.org/10.33736/ijbs.3176.2021
Vega, V., Navarro, M., Cejas, M., & Colcha, R. (2021). Contabilidad creativa: Perspectivas jurídicas y empresariales a partir de los procesos de información. Revista Venezolana De Gerencia, 26(5), 737-754. https://doi.org/10.52080/rvgluz.26.e5.47
Vetoshkina, E., Cherepanova, P., Semenikhina, N., & Tukhvatullin, R. (2020). Financial Statements Fraud Detection: Analysis of Beneish and Roxas Models Applicability (Russian Approach). Helix, 10(05), 212-217. https://doi.org/10.29042/2020-10-5-212-217
Warshavsky, M. (2012). Analyzing Earnings Quality as a Financial Forensic Tool. Financial Valuation and Litigation Expert Journal, (39), 16-20. https://www.scribd.com/document/199209631/Analyzing-Earnings-Quality-as-a-Financial-Forensics-Tool
Aljinovic, Z., Vuko, T., & Šodan, S. (2017). What can auditors tell us about accounting manipulations? Managerial auditing journal, 32(8), 788-809. https://doi.org/10.1108/MAJ-03-2017-1534
Amoa-Gyarteng, K. (2014). Analyzing a listed firm in Ghana for early warning signs of bankruptcy and financial statement fraud: An empirical investigation of AngloGold Ashanti. European Journal of Business and Management, 6(5),10-17. https://iiste.org/Journals/index.php/EJBM/article/view/10908
Beneish, M. D. (1999). The Detection of Earnings Manipulation. Financial Analysts Journal, 55(5), 24–36. http://www.jstor.org/stable/4480190
Beneish, M. D. (2001). Earnings management: A perspective. Managerial Finance, 27(12), 3-17. https://doi.org/10.1108/03074350110767411
Beneish, M. D., & Nichols, D. C. (2005). Earnings quality and future returns: The relation between accruals and the probability of earnings manipulation. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.725162
Bonet, J. A., Ricciulli, D., Pérez, G. J., Galvis, L. A., Haddad, E. A., Araújo, I. F., & Perobelli, F. S. (2020). Impacto económico regional del Covid-19 en Colombia: un análisis insumo-producto. Documento de Trabajo sobre Economía Regional y Urbana; No. 288.
Canals, J. (2016). Managing corporate growth. Palgrave Macmillan.
Chongsirithitisak, T. (2015). Detection of creative accounting in financial statements by model the case study of companies listed on the stock exchange of Thailand. The West-East Institute, international academic conference proceedings Barcelona, Spain, 199-204. https://www.westeastinstitute.com/wp-content/uploads/2015/02/Thanathon-Chongsirithitisak.pdf
Da Silva, A. C. M., Albuquerque, C. C., & Da Costa Vieira, P. R. (2019). Adoção do método Beneish Score nas empresas públicas brasileiras de capital aberto e o impacto nas suas ações. Revista Vianna Sapiens, 10(1), 32-32. https://doi.org/10.31994/rvs.v10i1.574
Departamento Administrativo Nacional de Estadística- DANE. (20 de 07 de 2022). Encuesta Pulso Empresarial. https://www.dane.gov.co/index.php/estadisticas-por-tema/comercio-interno/encuesta-pulso-empresarial
Dechow, P. M., Ge, W., Larson, C. R., & Sloan, R. G., (2011). Predicting material accounting misstatements. Contemporary Accounting Research, 28(1), 17-82. https://doi.org/10.1111/j.1911-3846.2010.01041.x
Dikmen, B. & Küçükkocaoğlu, G. (2010). The detection of earnings manipulation: the three-phase cutting plane algorithm using mathematical programming. Journal of Forecasting 29(5), 442-466. https://ideas.repec.org/a/jof/jforec/v29y2010i5p442-466.html
Drábková, Z. (2014). Possibilities of identifying manipulated financial statements. In The International Scientific Conference INPROFORUM, České Budějovice. Possibilities of identifying manipulated financial statements. In The International Scientific Conference INPROFORUM, České Budějovice
Espítia, J. J. (2017). Nuevo Régimen de Insolvencia. Universidad Externando de Colombia.
Estada, H., & Morales, D. A. (2009). The role of governance and accounting information in the development of non-listed companies in emerging economies. Journal of International Financial Management & Accounting, 20(3), 235-268.
Gabrić, D., & Miljko, M. (2018). Računovodstvene manipulacije u financijskim izvještajima poduzeća–istraživanje motivacije i poticaja. Ekonomska misao i praksa, (1), 3-27.
Gill-de-Albornoz, B., & Rusanescu, S. (2017). Does the use of derivatives affect the quality of financial reporting? European Financial Management, 23(1), 3-37
Golden, T.W., Skalak, S.L., Clayton, M.M. & Pill, J.S. (2006). A Guide to Forensic Accounting Investigation. Hoboken, New Jersey: John Wiley & Sons Inc
Goldman, S. (2020). “Latin America Economics Analyst - LatAm Growth Outlook Darkens. Economics Research, 18, 20-37.
Halilbegovic, S., Celebic, N., Cero, E., Buljubasic, E., & Mekic, A. (2020). Application of Beneish M-score model on small and medium enterprises in Federation of Bosnia and Herzegovina. Eastern Journal of European Studies, 11(1).
Heras, E. M. H., Masache, O. R. C., & Moreno, V. P. (2020). Prácticas contables creativas en los estados financieros y la prevención de fraudes fiscales en Ecuador. Revista Arbitrada Interdisciplinaria Koinonía, 5(4), 388-417. http://dx.doi.org/10.35381/r.k.v5i4.964
Hołda, A. (2020). Using the Beneish M-score model: Evidence from nonfinancial companies listed on the Warsaw Stock Exchange. Investment Management and Financial Innovations, 17(4), 389-401. https://doi.org/10.21511/imfi.17(4).2020.33
Ibadin, P. O., & Ehigie, A. H. (2019). Beneish model, corporate governance and financial statement manipulation. Asian Journal of Accounting and Governance 12, 51–64. https://dx.doi.org/10.17576/AJAG-2019-12-05
Jiang, X., Xu, M., & Zhu, K. (2021). Board independence and financial reporting quality: Evidence from Chinese small and medium-sized enterprises. Asia-Pacific Journal of Accounting & Economics, 28(4), 473-496.
Kara, E., Ugurlu, M. & Korpi, M. (2015). Using Beneish modelin identifying accounting manipulation: An empirical study in bist manufacturing industry sector. Journal of Accounting,Finance and Auditing Studies 1(1), 21-39.
Kirkos, E., Spathis, C., & Manolopoulos, Y. (2007). Data mining techniques for the detection of fraudulent financial statements. Expert Systems with Applications.32, 995–1003. https://doi: 10.1016/j.eswa.2006.02.016
Kopechá, N (2022). A Literature Review of Financial Performance Measures and Value Relevance. The Impact of Globalization on International Finance and Accounting pp 385 -393
Mahama, M. (2015). Detecting corporate fraud and financial distress using the altman and Beneish models the case of Enron Corp. International Journal of Economics, Commerce and Management, 3(1), 1-18. https://ijecm.co.uk/wp-content/uploads/2015/01/3159.pdf
Mahdi, N., Aghamohammadi, M., & Mirzaei, A. (2021). Firm characteristics and the quality of financial reporting: A systematic review of the literature. International Journal of Disclosure and Governance, 18(1), 53-75.
Matarazzo, A., & Depellegrin, D. (2021). Factors affecting financial reporting quality in small and medium-sized entities: Evidence from Italy. Journal of Small Business Management, 59(3), 675-698.
Mehta, A., & Bhavani, G. (2017). Application of Forensic Tools to Detect Fraud: The Case of Toshiba. Journal of Forensic and Investigative Accounting, 9(1), 692
Mejía, L., Delgado, M. E., Lara, D., Suárez, H., Díaz, S., & Gutiérrez, D. (2020). Choque dual y posibles efectos sobre la economía colombiana. Tendencia Económica, 1-14. https://www.repository.fedesarrollo.org.co/handle/11445/3937
Roque, D. I., Escobar, J. H., & Gutiérrez, D. P. (2022). Detección de posible manipulación de estados financieros, aplicación del modelo Beneish M-score en empresas colombianas. Revista Venezolana De Gerencia, 27(100), 1577-1593. https://doi.org/10.52080/rvgluz.27.100.18
Shah, C., Saraswat, M., & Mehta, A. (2018). Predicting Earnings Manipulation Using Beneish M - Score of Selected Companies in India. Indian Journal Of Finance, 12(4), 54. https://doi.org/10.17010/ijf/2018/v12i4/122796
Sachs, J. (2019). El fin de la pobreza: Como conseguirlo en nuestro tiempo. MacGraw-Hill
Ozcan, A. (2018). The Use of Beneish Model in Forensic Accounting: Evidence from Turkey. Journal of applied economics and Business Research, 8(1), 57-67. https://openurl.ebsco.com/EPDB%3Agcd%3A3%3A10212531/detailv2?sid=ebsco%3Aplink%3Ascholar&id=ebsco%3Agcd%3A128868562&crl=c
Panella, S., & Baronio, A. (2020). El modelo M-Score de Beneish y la “gestión” de Estados Contables (Ponencia). IX Congreso de Administración y V Congreso de Ciencias Económicas del Centro de la República, Villa María, Argentina.
Repousis, S. (2016). Using Beneish model to detect corporate financial statement fraud in Greece. Journal of Financial Crime, 23(4), 1063-1073. https://doi.org/10.1108/JFC-11-2014-0055
Rey, J. L., & Piffaut, M. (2019). Financial reporting quality and stock liquidity: Evidence from European firms. International Journal of Managerial Finance, 15(4), 494-518. https://www.redalyc.org/pdf/221/22131015002.pdf
Ríos, M. (2013). La práctica Creativa Empresarial desde la perspectiva del Control Interno. Revista Iberoamericana de Contabilidad y Gestión R.I.C.G, 11(22), 2-16. http://www.observatorio-iberoamericano.org/ricg/N%C2%BA_22/Martha_R%C3%ADos_Manr%C3%ADquez.pdf
Roxas, M.L. (2011). Financial Statement Fraud Detection Using Ratio and Digital Analysis. Journal of Leadership, Accountability and Ethics, 8(4), 56-66. http://www.na-businesspress.com/jlae/roxas84web.pdf
Solomon, D. H., & Soltes, E. (2019). Is “not guilty” the same as “innocent”? Evidence from SEC financial fraud investigations. Journal of Empirical Legal Studies, 18(2), 287-327. https://doi.org/10.1111/jels.12282
Stiglitz, J. (2020). Rewriting the Rules of the European Economy: An Agenda for Growth and Shared Prosperity. Academic Press.
Terreno, D. D., Campana, S. G., & Sattler, S. A. . (2020). La aplicación del M-score de Beneish en empresas argentinas para la detección de la manipulación en los resultados. Documentos De Trabajo De Investigación De La Facultad De Ciencias Económicas (DTI-FCE), (3), 1–21. https://revistas.unc.edu.ar/index.php/DTI/article/view/29662
Timofte, C., Socoliuc, M., Grosu, V., & Coca, D. (2021). Fiscal and Accounting Fraud Risk Detection using BenEIsh Model. A Romanian case study. International Journal Of Business And Society, 22(1), 296-312. https://doi.org/10.33736/ijbs.3176.2021
Vega, V., Navarro, M., Cejas, M., & Colcha, R. (2021). Contabilidad creativa: Perspectivas jurídicas y empresariales a partir de los procesos de información. Revista Venezolana De Gerencia, 26(5), 737-754. https://doi.org/10.52080/rvgluz.26.e5.47
Vetoshkina, E., Cherepanova, P., Semenikhina, N., & Tukhvatullin, R. (2020). Financial Statements Fraud Detection: Analysis of Beneish and Roxas Models Applicability (Russian Approach). Helix, 10(05), 212-217. https://doi.org/10.29042/2020-10-5-212-217
Warshavsky, M. (2012). Analyzing Earnings Quality as a Financial Forensic Tool. Financial Valuation and Litigation Expert Journal, (39), 16-20. https://www.scribd.com/document/199209631/Analyzing-Earnings-Quality-as-a-Financial-Forensics-Tool
Publicado
2024-06-03
Cómo citar
Roque, D. I., Escobar Rodríguez, J. H., Gutiérrez Mejía, D. P., & Varón Torres, A. Y. (2024). Medición de la calidad financiera en empresas del sector manufacturero colombiano. Revista Venezolana De Gerencia, 29(107), 1195-1210. https://doi.org/10.52080/rvgluz.29.107.13
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