Accruals, cash flows and earnings in european privately held firms

  1. Amor Tapia, Borja
  2. Tascón Fernández, María Teresa
Revista:
Pecunia: revista de la Facultad de Ciencias Económicas y Empresariales
  1. Fanjul Suárez, José Luis (coord.)

ISSN: 1699-9495

Año de publicación: 2011

Título del ejemplar: Special Issue on Financial Markets and Corporate Finance

Número: 1

Páginas: 133-156

Tipo: Artículo

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Otras publicaciones en: Pecunia: revista de la Facultad de Ciencias Económicas y Empresariales

Resumen

Este trabajo examina las propiedades de los ajustes al devengo, los flujos de caja y los resultados en las empresas europeas no cotizadas. A partir de varias hipótesis sobre la persistencia de losresultados y sus componentes, encontramos que las empresas no cotizadas parecen comportarse de forma diferente a la evidencia encontrada previamente sobre las empresas cotizadas. Lasdiferencias son significativas cuando los ajustes al devengo son extremos, dado que la persistencia del ROA y de los flujos de caja siguen patrones de comportamiento distintos a los encontrados en las empresas estadounidenses cotizadas. Pero contrariamente a nuestrashipótesis, las diferencias en la persistencia no son significativas cuando las empresas no cotizadas publican resultados positivos frente a resultados negativos.

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