Abstract
La aplicación de valor razonable en la información financiera de las empresas implica el uso de juicio profesional. En este estudio se analizan los factores que influyen en la selección del nivel de jerarquía de valor razonable. El objetivo primordial de esta investigación es examinar si la selección del nivel de jerarquía está relacionada con la eficiencia contractual, con la reducción en la asimetría de información o con la posibilidad de conducta oportunista por parte de la gerencia. Se utilizó un modelo de regresión logística para examinarlas hipótesis con 40 observaciones de compañías latinoamericanas ubicadas en Argentina, Brasil, Chile, Colombia, México y Perú. Los resultados demuestran que entre mayor sea el tamaño de los activos de la empresa, mayor será la probabilidad de que la gerencia seleccione el nivel 3 de jerarquía y que la gerencia de compañías latinoamericanas parece no utilizar la oportunidad de divulgación que le provee el nivel 3 para reducir la volatilidad de las ganancias.
Professional judgment in selecting the hierarchy of fair value in Latin American companies
Abstract
The application of fair value in financial reporting of companies involves the use of professional judgment.In this study the factors that influence the selection of the level of fair value hierarchy are analyzed. The primary objective of this research is to examine whether the selection of the hierarchy level is related to the contractual efficiency, with reduced information asymmetry, or the possibility of opportunistic behavior by management. A logistic regression was used to examine the hypotheses to information of forty LatinAmerican companies located in Argentina, Brazil, Chile, Colombia, Mexico and Peru. The results sho wthat the greater the size of the company, the greater the likelihood that management would select the level 3of the hierarchy and management of Latin American companies does not seem to engage in opportunistic disclosure of reducing earning volatility that provides level 3.
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