VALORACIÓN POR LOS ANALISTAS FINANCIEROS DE LA INFORMACIÓN DE LAS EMPRESAS DIVULGADA A TRAVÉS DE INTERNET

María del Mar Alonso Almeida

doi:10.1016/S0123-5923(10)70107-8

Autores/as

María del Mar Alonso Almeida Doctora en Organización de Empresas, Universidad Autónoma de Madrid, España. Profesora Ayudante Doctor, Departamento Organización de Empresas, Universidad Autónoma de Madrid, España. Grupo de Investigación GIDEST, Universidad Autónoma de Madrid, España.

DOI:

https://doi.org/10.1016/S0123-5923(10)70107-8

Palabras clave:

INTERNET, VALORACION DE EMPRESAS, INFORMACION, ANALISIS FINANCIERO

Resumen

El analista financiero es el encargado de realizar un exhaustivo y detallado estudio de la empresa para obtener la imagen más real y fidedigna del valor de la misma. El uso de la tecnología de Internet permite a las empresas poner gran volumen de información a disposición de cualquier tercero interesado en el mundo, a bajo coste, pero toda la información no tiene la misma relevancia para la valoración de la empresa. En este artículo se analiza y comprueba el valor que para los analistas financieros tiene la información que las empresas ponen a su disposición a través de Internet mediante la realización de un análisis Delphi. El resultado es un índice de utilidad de la información.

Descargas

Los datos de descarga aún no están disponibles.

Referencias

Alonso, M.M. (2007). El gobierno corporativo electrónico. Análisis desde el enfoque de confianza. Madrid: Visión Libros.

Amir, E. y Lev, B. (1996). Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economics, 22(1-3), 3-30.

Barnard, C.I. (1938). The functions of the executive. Boston, MA: Harvard University Press.

Beattie, V. y Pratt, K. (2003). Issues Concerning Web-Based Business Reporting: An Analysis of the Views of Interested Parties. The British Accounting Review, 35(2), 155-187.

Bell, T.B., Peecher, M.E. y Solomon, I. (2005). The 21st century public company audit: Conceptual elements of KPMG's global audit methodology. Geneva : KPMG, LLP, International.

Berle, A.A. y Means, G.C. (1968). The Modern Corporation and Private Property. Nueva York, NY: Harcourt, Brace & World. (e.o. de 1932).

Bollen, L., Hassink, H. y Bozic, G. (2006). Measuring and explaining the quality of Internet investor relations activities: a multinational empirical analysis. International Journal of Accounting Information Systems, 7(4), 273-298.

Bonsón E. y Escobar, T. (2006). Digital Reporting in Eastern Europe: An empirical study. International Journal of Accounting Information Systems, 7(4), 299-318.

Botosan, C.A. (1997). Disclosure level and the cost of equity capital. Accounting Review, 72(3), 323-349.

Brennan, N. y Kelly, S. (2000). Use of the Internet by Irish companies for investor relations purposes. Accountancy Ireland, 32(4), 23-45.

Choi, F.D. (1974). Financial disclosure in relation to a firm's capital costs. Accounting Business Research, autumn, 282-292.

Corner, D. y Magnan, M. (2003). Exploring differences in social disclosures internationally: A stakeholder perspective. Journal of Accounting and Public Policy, 22, 43-62.

Craven, B.M. y Marston, C.L. (1999). Financial reporting on the Internet by leading UK companies. European Accounting Review, 8(2), 321-33.

Dalkey, N.C. (1969). The Delphi Method: An experimental study of group opinion. Santa Monica, CA: The RAND Corporation.

Debreceny, R., Gray, G.L. y Rahman, A. (2002). The determinants of Internet financial reporting. Journal of Accounting & Public Policy, 21(4-5), 371.

Deller, D., Stubenrath, M. y Weber, C. (1999). Investor relations and the Internet. Background, potential application and evidence from the USA, UK and Germany. Asociación Europea de Contabilidad (organizadores), 21st Ann Congress of the European Accountant Assembly, Amberes, Bélgica.

Devia, N. y Lora, M.C. (1998). Necesidades de información externa en las empresas de la ciudad de Cali. Estudios Gerenciales, 69, 43- 82. Disponible en: http://bibliotecadigital.icesi.edu.co/biblioteca_digital/bitstream/item/182/1/ndeviamlora_inf-externa-emp-cali.pdf

Ettredge, M., Richardson, V.J. y Scholz, S. (2001). The presentation of financial information at corporate Web sites. International Journal of Accounting Information System, 1(2), 149-68.

Ettredge, M., Richardson, V.J. y Scholz, S. (2002). Dissemination of information for investors al corporate Web sites. Journal of Accounting & Public Policy, 21, 357-69.

Fairfield, P.M., Sweeney, R.J. y Yohn, T.L. (1996). Accounting classification and the predictive content of earnings. The Accounting Review, 71(3), 337-356.

Fishman, M.J. y Hagerty, K.M. (1989). Disclosure decisions by firms and the competition for price efficiency. Journal of Finance, 44(3), 633-646.

Fogg, B.J., Kameda, T., Boyd, J., Marshall, J., Sethi, R., Sockol, M. y Trowbridge, T. (2002). Web credibility study 2002: Investigating what makes Web sites credible today. Stanford: Persuasive Technology Lab, Stanford University. Disponible en http://captology.stanford.edu/pdf/Stanford-MakovskyWebCredStudy2002-prelim.pdf

Freeman, R.E. (1994). The politics of stakeholder theory: some future directions. Business Ethics Quarterly, 4(4). 409-422.

Freeman, R.E. y Gilbert, P.R. (1988). Corporate Strategy and the Search for Ethics. Englewood Cliffs, NJ: Prentice Hall.

Gandia, J.L. y Andrés, T. (2005). E-Gobierno Corporativo y transparencia informativa en las sociedades cotizadas españolas: un estudio empírico (Monografía n- 8). Madrid: Dirección de Estudios y Estadísticas, Comisión Nacional del Mercado de Valores.

García-Marzá, D. (2004). Ética empresarial del diálogo a la confianza. Madrid: Trotta.

Geerings, J., Bollen, L.H.H. y Hassink, H.F.D. (2003). Investor relations on the Internet: a survey of the Euronext zone. European Accounting Review, 12(3), 567-579.

Gowthorpe, C. y Amat, O. (1999). External reporting of accounting and financial information via the Internet in Spain. European Accounting Review, 8(2), 365-371.

Gray, S.J., Meek, G.K. y Roberts, C.B. (1995). International capital market pressures and voluntary annual report disclosures by U.S. and U.K. multinationals. Journal of International Finance & Management Accounting, 6(1), 43-69.

Healy, P.M. y Palepu, K.G. (1993). The effect of firm' financial disclosure strategies on stock prices. Accountant Horizons, 7(2), 1-11.

Healy, P.M. y Palepu, K.G. (2001). Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. Journal of Accounting & Economics, 31(1-3), 405.

Hedlin, P. (1999). The Internet as a vehicle for investor information; the Swedish case. European Accounting Review, 8(2), 373-381.

Landeta, J. (1999). El método Delphi. Una Técnica de previsión para la incertidumbre. Barcelona: Ariel.

Lymer, A., Debreceny, R., Gray, G.L. y Rahmar, A. (1999). Business reporting on the Internet (Discussion paper, November). London: IASC.

Marston, C.L. y Polei, A. (2002). Corporate reporting on the Internet by German companies. En Sixth Annual Conference on Financial Reporting and Business Communication, Cardiff University, Cardiff.

Marston, C.L. y Polei, A. (2004). Corporate reporting on the Internet by German companies. International Journal of Accounting Information System, 5(3), 285-311.

McKnight, D.H., Chodhury, V. y Kacmar, C. (2002). The impact of initial consumer trust on intentions to transact with a Web site: A trust building model. Journal of Strategic Information Systems, 11(3-4), 297-323.

OCDE. (1999). Principios de Gobierno Corporativo de la OCDE 1999. Paris: OCDE Publications.

Park, H.W., Barnett, G.A. y Nam, I.Y. (2002). Hyperlink-affiliation network structure of top Web sites: Examining affiliates with hyperlink in Korea. Journal of the American Society for Information Science and Technology, 53(7), 592-601.

Pearce, J.L., Branyiczki, I. y Bigley, G.A. (2000). Insufficient bureaucracy: trust and commitment in particularistic organizations. Organization Science, 11(2), 148-162.

Peecher, M.E., Schwartz, R. y Solomon, I. (2007). It's all about audit quality: Perspectives on strategic-systems auditing.Accounting, Organizations and Society, 32(4-5), 463-485.

Pérez, V. (2001). Organización civil y sociedad civil: el gobierno de las empresas de las economías avanzadas. En S. Del Campo (Ed.), Perfil de la Sociología española (pp.261-300). Madrid: Catarata.

Pirchegger, B., Schader, H. y Wagenhofer, A. (1999). Financial information on the Internet. A survey of the homepages of Austrian companies. European Accounting Review, 8(2), 383-395.

Ratchford, B.T., Pan, X. y Shankar, V. (2003). On the Efficiency of Internet Markets. Journal of Public Policy & Marketing, 22(1), 4-16.

Robinson, S. (1996). Trust and Breach of the Psychological Contract. Administrative Science Quarterly, 41, 574- 599.

Salas, V. (2002). El gobierno de la empresa (Colección de Estudios Económicos de la Caixa, No. 29). Barcelona: La Caixa.

Saudagaran, S. y Diga, G.K. (1997). A review of research in the relationship between international capital markets and financial reporting by multinational firms. Journal of Accounting Literature, 16, 127-159.

Shankar, V., Sultan, F., Urban, G. L. y Bart, I. (2002). The Role of Trust in Online Customer Support (Working Paper). Cambridge: Sloan School of Management, MIT.

Sitkin, S.B. y Roth, N.L. (1993). Explaining the limited effectiveness of legalistic "remedies" for trus/distrust. Organizational Science, 4(3), 467-392.

Sterne, J. (2002). Web Metrics: Proven Methods for Measuring Web Site Success. Hoboken, NJ: John Wiley & Sons.

Van Slyke, C., Comunale, C.L. y Belanger, F. (2002). Gender differences in perceptions of Web-based shopping. Communications of the ACM, 45(7), 82-86.

Vanstraelen, A., Zarzeski, M.T. y Robb, S.W.G. (2003). Corporate nonfinancial disclosure practices and financial analyst forecast ability across three European countries. Journal of International Financial Managing Accounting, 14(3), 249-279.

Waltz, K. (1999). Globalization and Governance. Political science and Politics, 32(4), 693-700.

Xiao, J. Z., Jones, M.J. y Lymer, A. (2002). Immediate trends in Internet reporting. European Accounting Review, 11(2), 245-275.

Xiao, J.Z., Yang, H. y Chow, C.W. (2004). The determinants and characteristics of voluntary Internetbased disclosures by listed Chinese companies. Journal of Accounting & Public Policy, 23(3), 191-225.

Yeo, G.H. y Ziebart, D.A. (1995). An empirical test of the signalling effect of management's earnings forecasts: a decomposition of the earnings surprise and forecast surprise effects. Journal of Accounting, Auditing & Finance, 10(4), 787-802.

Ziglio, E. (1996). The Delphi method and its contribution to decision making. En M. Adler y E. Ziglio (Eds.), Gazing into the oracle: the Delphi method and its applications to Social Policy and Public health (pp. 3-33). Londres: Jessica Kingsley.