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Vol. 32. Núm. 90.
Páginas 29-71 (septiembre - diciembre 2009)
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Vol. 32. Núm. 90.
Páginas 29-71 (septiembre - diciembre 2009)
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La gestión del resultado: una aproximación empírica en el sector hotelero mediante ajustes por devengo
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Laura Parte Esteban
Universidad Nacional de Educación a Distancia (UNED), Facultad de Ciencias Económicas y Empresariales, Dpto. Economía de la Empresa y Contabilidad, Paseo Senda del Rey, 11, 28040 Madrid, Tel: 91/3988966
María Jesús Such Devesa
Universidad de Alcalá, Facultad de Ciencias Económicas y Empresariales, Dpto. Estadística, Estructura Económica y Organización Económica Internacional, Antiguo Colegio de Mínimos, Plaza de la Victoria, 2 28802 Alcalá de Henares (Madrid), Tel. y Fax: 91 885 42 01
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Resumen

Este trabajo examina la hipótesis de evitar pérdidas y descensos en resultados en una muestra de empresas hoteleras. En primer lugar, se plantean los histogramas de frecuencias para observar la existencia de una discontinuidad en las series de resultados. En segundo lugar, se investiga si la discontinuidad observada en la representación gráfica de las series de resultados se puede atribuir a los ajustes por devengo discrecionales. La evidencia empírica muestra una discontinuidad gráfica y estadísticamente significativa en el punto de cero beneficios. La comparación de los resultados declarados con los resultados pre-manipulación no permite rechazar la hipótesis de que los administradores se muestren indiferentes en la publicación de pequeños beneficios y pequeños incrementos en resultados.

Palabras clave:
ajustes por devengo
gestión del resultado
histogramas de frecuencias
sector hotelero
Abstract

This paper focuses on earnings benchmarks (avoiding earnings and decreases in earnings hypothesis) using a sample of Spanish hotel firms. First, we examine whether there is a discontinuity at zero point in the earnings distribution. Second, we investigate whether such a kink was driven by managers exploiting their discretion in accruals to avoid reporting losses and decreases in earnings. Empirical evidence shows a discontinuity in earnings distribution around zero point and statistically significant. The comparison between observed earnings and pre-managed earnings points out that managers are not indifferent to facing earnings figures.

Keywords:
discretionary accruals
earnings distribution
earnings benchmarks
hotel industry
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