%0 Journal Article
%T Gobierno Corporativo y Calidad de la Informaci車n Contable: Evidencia Emp赤rica
%A JUAN MONTERREY MAYORAL
%A AMPARO S芍NCHEZ-SEGURA
%J Revista de Contabilidad : Spanish Accounting Review
%D 2008
%I Elsevier
%X En el presente trabajo analizamos emp赤ricamente los efectos de las actividades de Gobierno Corporativo sobre la calidad del resultado de las compa 赤as cotizadas en el mercado espa ol de capitales. Nuestros resultados han puesto de manifiesto una moderada influencia de las tareas desempe adas por el grado de actividad del Consejo de Administraci車n, que guarda una relaci車n positiva y significativa con la calidad del resultado, pero no su tama o y composici車n. Con relaci車n al Comit谷 de Auditor赤a, ninguna de las variables ha resultado ser estad赤sticamente significativa, y con respecto a la participaci車n del equipo directivo en la propiedad de la firma, los resultados obtenidos indican c車mo moderados niveles de propiedad gerencial aportan un efecto ben谷fico sobre la calidad contable, si bien a medida que su participaci車n se eleva el efecto se invierte y se hace adverso. Tambi谷n hemos mostrado c車mo la presencia de las familias fundadoras en el capital favorece la calidad contable, sin que hayamos obtenido evidencia de efecto alguno de la participaci車n de tenedores de bloques significativos.This paper presents an empirical analysis of the impact of Corporate Governance practices on the quality of earnings reported by Spanish listed companies. Based on a sample of 136 non-financial firms over the period 2003-2005, we computed abnormal accruals based on Jones (1991) model as a proxy for earnings quality and experimental variables representing size, independence and activeness of the Board of Directors and the Audit Committee, CEO power concentration, board members＊ compensation schemes and ownership structure. Our results suggest that earnings quality is slightly positively affected by the nature and intensiveness of the activities carried out by the Board, but has no relationship with its size and composition. None of the variables related to the Audit Committee showed a significant association with earnings quality. As for ownership structure, we found that intermediate levels of participation of the members of the Board in the firms＊ capital have a positive contribution to the quality of earnings. However, subsequent increases in their stake result in a decrease in earnings quality. We also provide evidence that the presence of founding families among corporate shareholders is positively associated with earnings quality and that the existence of shareholders with significant stock blocks has no relevant effect thereon. Our results are robust and consistent in the presence of alternative functional specifications.
%K Corporate Governance
%K Accounting
%U http://www.rc-sar.es/verPdf.php?articleId=175