La relevancia valorativa de la información financiera en Colombia. Un estudio empírico
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jul 12, 2022
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Resumen
En el artículo se examina el efecto que tienen los ciclos económicos y el proceso de convergencia con los International Financial Reporting Standards (IFRS) en la relevancia valorativa de la información financiera de las empresas cotizantes en la Bolsa de Valores de Colombia, entre 2001 y 2020. En el análisis empírico se toma como base teórica y metodológica el Modelo de Ohlson estimado en regresiones lineales para cada año (corte transversal) a partir de Mínimos Cuadrados Ordinarios (MCO). Para el período señalado, se evidenció una influencia significativa de los importes contables del patrimonio y el resultado neto sobre el cambio en el precio de las acciones, sin embargo, esta conexión ha presentado un descenso notable desde 2012. Se encontró que en los años dónde la variación de la tasa de crecimiento del PIB per cápita fue negativa, la capacidad explicativa de las variables contables sobre las bursátiles disminuyó. Igualmente, se identificó que en la etapa de aplicación obligatoria de los IFRS no se presentó un incremento sustancial de la relevancia valorativa, situación que es pertinente estudiar con más detalle.
Keywords
Financial information, value relevance, Colombian Stock Exchange, Ohlson model, empirical research, IFRSInformação financeira, relevância de valor, Modelo de Olhson, , Bolsa de Valores da Colômbia, IFRSInformación financiera, relevancia valorativa, Bolsa de Valores de Colombia, Modelo de Ohlson, investigación empírica, IFRS
References
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Ali, A., & Hwang, L. (2000). Country-specific factors related to financial reporting and the value relevance of accounting data. Journal of Accounting Research, 38, 1–21. https://doi.org/10.2307/2672920
Álvarez, H., & Álvarez, J. (2010). El valor razonable, la eficiencia y la ineficiencia del mercado. El caso de Colombia en la perspectiva de la ley 1314 de 2009. Lúmina, 11, 40–97. https://doi.org/10.30554/lumina.11.1213.2010
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Ball, R., Robin, A., & Wu, J. (2003). Incentives versus standards: Properties of accounting income in four East Asian countries. Journal of Accounting and Economics, 36, 235– 270. https://doi.org/10.1016/j.jacceco.2003.10.003
Barth, M., Beaver, W., & Landsman, W. (1998). Relative valuation roles of equity book value and net income as a function of financial health. Journal of Accounting and Economics, 25(1), 1-34. https://doi.org/10.1016/S0165-4101(98)00017-2
Barth, M., Beaver, W., y Landsman, W. (2001). The relevance of the value relevance literature for financial accounting standards setting: another view. Journal of Accounting and Economics, 31(1-3), 77-104. https://doi.org/10.1016/S0165-4101(01)00019-2
Barth, M., Landsman, W., y Lang, M. (2008). International Accounting Standards and accounting quality. Journal of Accounting Research, 46(3), 467-498. https://www.jstor.org/stable/40058143
Barth, M., Li, K., & McClure, C. (2021, March 2). Evolution in value relevance of accounting information. Stanford University Graduate School of Business Research Paper. Disponible en https://ssrn.com/abstract=2933197
Bedoya, B., & Giraldo, C. (2018). Adopción de las NIIF y su incidencia en la liquidez del mercado accionario de Colombia. Escenarios: Empresa y Territorio, 7(10), 1-19. https://revistas.esumer.edu.co/index.php/escenarios/article/view/22
Beisland, L. (2009). A review of the value relevance literature. The Open Business Journal, 2, 7-27. https://doi.org/10.2174/1874915100902010007
Bermúdez, H. (2016, 25 de julio). ¿NCIF? Contrapartida, 2213. Disponible en http://www.comunidadcontable.com/BancoConocimiento/Contrapartidas/ncif.asp
Bortoli, C., Juaniha, A., Scarpin, J., Krespi, N., & Edwards, C. (2020). Value relevance of net income, other comprehensive income, and comprehensive income in Brazil. Cuadernos de Contabilidad, 21. https://doi.org/10.11144/Javeriana.cc21.vrio
Brown, S., Lo, K., & Lys, T. (1999). Use of R2 accounting research: measuring changes in value relevance over the las four decades. Journal of Accounting and Economics, 28(2), 83-115. https://doi.org/10.1016/S0165-4101(99)00023-3
Brunozi, A., Ott, E., Coelho, D., Menegat, L., & Webber, F. (2017). Persistência e value relevance dos resultados contábeis com a adoção das IFRS: um estudo em empresas de países do GLENIF. Enfoque: Reflexão Contábil, 36(3), 33-51. https://doi.org/10.4025/enfoque.v36i3.31820
Cardona, J., Gómez, A., & Cano, A. (2019). Impact of international financial reporting standards on quality: Evidence from America Latina and the Caribbean. Contaduría y Administración, 64(4), 1-34. http://dx.doi.org/10.22201/fca.24488410e.2018.1669
Christensen, H., Lee, E., Walker, M., & Zeng, C. (2015). Incentives or Standards: What Determines Accounting Quality Changes around IFRS Adoption? European Accounting Review, 24(1), 31-61. http://dx.doi.org/10.1080/09638180.2015.1009144
Ciftci, M., Darrough, M., & Mashruwala, R. (2014). Value relevance of accounting information for intangible-intensive industries and the impact of scale: The US evidence. European Accounting Review, 23(2), 199-226. https://doi.org/10.1080/09638180.2013.815124
Collins, D., Maydew, E., & Weiss, I. (1997). Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics, 21(1), 39-67. https://doi.org/10.1016/S0165-4101(97)00015-3
Collins, D., Pincus, M., & Xie, H. (1999). Equity valuation and negative earnings: The role of book value of equity. The Accounting Review, 74(1), 29-61. https://www.jstor.org/stable/248604
da Costa, F., dos Reis, D., & Teixeira, A. (2012). Implications of economic crisis on the value relevance of accounting information in Brazilian companies. Revista De Educação E Pesquisa Em Contabilidade (REPeC), 6(2), 128-139. https://doi.org/10.17524/repec.v6i2.632
da Silva, A., Brighenti, J., & Klan, R. (2018). Efeitos da convergência às normas contábeis internacionais na relevância da informação contábil de empresas brasileiras. Revista Ambiente Contábil, 10(1), 121-138. https://doi.org/10.17524/repec.v6i2.632
Davis-Friday, P., & Gordon, E. (2005). Relative valuation roles of equity book value, net income, and cash flows during a macroeconomic shock: The case of Mexico and the 1994 currency crisis. Journal of International Accounting Research, 4(1), 1–21. https://doi.org/10.2308/jiar.2005.4.1.1
Dichev, I. (2020). Fifty years of capital markets research in accounting: Achievements so far and opportunities ahead. China Journal of Accounting Research, 13(3), 237-249. https://doi.org/10.1016/j.cjar.2020.07.005
dos Santos, M., & Cavalcante, P. (2014). Effect of the adoption of IFRS on the information relevance. Revista Contabilidade & Finanças, 25(66), 228-241. https://doi.org/10.1590/1808-057x201410690
Durán, R., Lorenzo, A., & Valencia, H. (2007). Value relevance of the Ohlson model with Mexican data. Contaduría y Administración, 223, 33–52. http://dx.doi.org/10.22201/fca.24488410e.2007.624
Easton, P. (1999). Security returns and the value relevance of accounting data. Accounting Horizons, 13(4), 399-412. https://doi.org/10.2308/acch.1999.13.4.399
Ely, K., & Waymire, G. (1999). Accounting standards – setting organizations and earnings relevance: longitudinal evidence from NYSE common stocks, 1927-93. Journal of Accounting Research, 37(2), 293-317. https://doi.org/10.2307/2491411
Ferrer de la Hoz, A. (2013). Análisis del proceso de convergencia a Normas Internacionales de Contabilidad e Información Financiera desde los factores intrínsecos al sistema contable en Colombia. Cuadernos de Contabilidad, 14(36), 971-1007. https://revistas.javeriana.edu.co/index.php/cuacont/article/view/7910
Ficco, C. (2020). Una revisión del concepto de capital intelectual y de las principales alternativas para su identificación y medición. Revista Activos, 18(1), 161-203. https://doi.org/10.15332/25005278/6162
Ficco, C., & Sader, G. (2020). Relevancia valorativa de información financiera y no financiera sobre capital intelectual en empresas cotizadas argentinas. CAPIC Review, 18, 1-16. https://doi.org/10.35928/cr.vol18.2020.87
Francis, J., & Schipper, K. (1999). Have financial statements lost their relevance? Journal of Accounting Research, 37(2), 319-352. https://doi.org/10.2307/2491412
Giner, B. (2001). La utilidad de la información contable desde la perspectiva del mercado: ¿evolución o revolución en la investigación? Revista de Contabilidad, 4(7), 21-52. https://revistas.um.es/rcsar/article/view/385801
Giner, B., Reverte, C., & Arce, M. (2002). El papel del análisis fundamental en la investigación del mercado de capitales: Análisis crítico de su evolución. Revista Española de Financiación y Contabilidad, 31(114), 1111-1150. https://doi.org/10.1080/02102412.2002.10779470
Giner, B., & Pardo, F. (2011). La relevancia valorativa del resultado global frente al resultado neto: una perspectiva europea. Revista Española de Financiación y Contabilidad, 40(150), 307-338. https://doi.org/10.1080/02102412.2011.10779705
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Cómo citar
Rico Bonilla, C. O. . (2022). La relevancia valorativa de la información financiera en Colombia. Un estudio empírico. Cuadernos De Contabilidad, 23. https://doi.org/10.11144/Javeriana.cc23.rvif
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