Riesgo y persistencia de las ganancias
DOI:
https://doi.org/10.46661/rev.metodoscuant.econ.empresa.9594Palabras clave:
persistencia de ganancias, calidad de ganancias, riesgo, betaResumen
¿Qué puede hacer la gerencia financiera de las pequeñas industrias y otras empresas, particularmente en los países en desarrollo, para disminuir la percepción de riesgo de estas ante los inversionistas? Disminuir el beta le permitiría a estas empresas acceder a capital a un menor costo, lo cual podría llegar a tener un impacto favorable en la valuación de las mismas. ¿Podría hacer algo la gerencia financiera para reducir el riesgo no diversificable?
El objetivo de este trabajo es aportar nuevos elementos, al debate ya existente, en cuanto a si factores propios o inherentes de la empresa pueden incidir o no sobre el riesgo no diversificable de la empresa, medido por medio del beta. Para tal fin, se elaboró un panel de datos balanceado y corto, el cual cuenta con 603 empresas que cotizan en bolsas de valores latinoamericanas y durante un período de tiempo relativamente pequeño (2016-2021).
Para las empresas mexicanas se encontró que a mayor Persistencia de las ganancias mayor beta. Si bien la adopción de estándares contables internacionales puede mejorar la Calidad de las ganancias de las empresas, esta adopción también puede afectar su capitalización bursátil. Mientras que, por sector económico, independiente del país de origen, se encuentra que en el sector bancario y en el de producción agrícola, a mayor Persistencia de las ganancias menor riesgo.
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