Las atribuciones egoístas en los informes de gestión y diversidad de género en los órganos directivos de la empresa

  1. Óscar Suárez 1
  2. María América Álvarez Domínguez 2
  3. María Rosario Babío Arcay 1
  4. Rosario Vidal Lopo 1
  1. 1 Economía Financiera y Contabilidad, Universidad de Santiago de Compostela
  2. 2 Economía Financiera y Contabilidad, Universidad de Coruña
Revista:
Revista española de financiación y contabilidad

ISSN: 0210-2412

Ano de publicación: 2019

Volume: 48

Número: 1

Páxinas: 87-112

Tipo: Artigo

Outras publicacións en: Revista española de financiación y contabilidad

Resumo

Este trabajo analiza el efecto de la diversidad de género en la calidad de la información narrativa elaborada por las empresas. En concreto, se estudia si las empresas en las que la mujer juega un papel importante en el nivel de calidad alcanzado por la información divulgada, son más neutrales en la explicación de sus noticias de naturaleza financiera. Para ello, se ha realizado un análisis multivariante mediante la metodología de datos de panel sobre una muestra de 296 informes de gestión de empresas cotizadas españolas en el período 2007–2009. Los resultados obtenidos en nuestro estudio muestran evidencia de que las compañías que tienen una mayor tendencia egoísta en la explicación de sus noticias, son aquellas en las que las existe una menor presencia de mujeres en los cargos relacionados con la calidad de la información. Además, constatamos que dicha tendencia en las explicaciones no responde a motivos informativos por lo que la calidad de la información se ve mermada. El presente estudio supone la novedosa inclusión de la perspectiva de género como factor determinante de la calidad de la información narrativa.

Referencias bibliográficas

  • Abbott, L. J., Parker, S., & Presley, T. J., (2012). Female board presence and the likelihood of financial restatement. Accounting Horizons, 26(4), 607–629.
  • Abersoch, D., (2011). The davies report women on boards. Reino Unido.
  • Adams, R., & Ferreira, D., (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94, 291–309.
  • Adelberg, A., (1979). A methodology for measuring the understandability of financial report messages. Journal of Accounting Research, 17(2), 565–592.
  • Aerts, W., (2005). Picking up the pieces. Impression management in the retrospective attributional framing of accounting outcomes. Accounting, Organizations and Society, 30, 493–517.
  • Aerts, W., & Cheng, P., (2011). Causal disclosures on earnings and earnings management in an IPO setting. Journal of Accounting and Public Policy, 30, 431–459.
  • Aerts, W., & Tarca, A., (2010). Financial performance explanations and institutional setting. Accounting & Business Research, 40(5), 421–450.
  • Anderson, R. C., Reeb, D. M., Upadhyay, A., & Zhao, W., (2011). Economics of director heterogeneity. Financial Management, 40, 5–38.
  • Association of Chartered Certified Accountants. (2012). Re-assessing the value of corporate reporting. ACCA.
  • Babío, M. R., & Muiño, M. F., (2005). Corporate characteristics, governance rules and the extent of voluntary disclosure in Spain. Advances in Accounting, 21, 299–331.
  • Baginski, S., Hassell, J., & Hillison, W., (2000). Voluntary causal disclosures. Tendencies and capital market reaction. Review of Quantitative Finance and Accounting, 15, 371–389.
  • Baginski, S., Hassell, J., & Kimbrogugh, M., (2004). Why do managers explain their earnings forecast? Journal of Accounting Research, 42, 1–29.
  • Barron, O., Kile, C., & Venkataraman, K., (2001). The incremental price effects of sec mandated MD&A disclosures. Papel de trabajo. Pennsylvania State University.
  • Barton, J., & Mercer, M., (2005). To blame or not to blame. Analysts reactions to explanations of poor management performance. Journal of Accounting and Economics, 39(3), 509–533.
  • Barua, A., Davidson, L. F., Rama, D., & Thiruvadi, S., (2010). CFO gender and accruals quality. Accounting Horizons, 24(1), 25–39.
  • Bettman, J. R., & Weitz, B. A., (1983). Attributions in the board room. Causal reasoning in corporate annual reports. Administrative Science Quarterly, 28, 165–183.
  • Bilimoria, D., (2006). The relationship between women corporate directors and women corporate officers. Journal of Managerial Issues, 18(1), 47–61.
  • Bini, L., (2013). Impression management and annual report narratives. The effects of internal and external control mechanisms in a non-Anglo-saxon context. Papel de trabajo.
  • Botosan, C., (1997). Disclosure level and the cost of equity capital. The Accounting Review, julio, 323–349.
  • Brown, S., & Caylor, D., (2004). Corporate governance and firm performance. European Financial Management, 2(10), 151–170.
  • Brown, S. V., & Tucker, J. W., (2011). Large-sample evidence on firms’ year over year MD&A modifications. Journal of Accounting Research, 49(2), 309–346.
  • Clapham, S., & Schwenk, C., (1991). Self-serving attributions, managerial cognition, and company performance. Strategic Management Journal, 12(3), 219–222.
  • Clatworthy, M., & Jones, M., (2003). Financial reporting of good news and bad news. evidence from accounting narratives. Accounting & Business Research, 33(3), 171–185.
  • Cohen, J., (1960). A coefficient of agreement for nominal scales. Educational and Psychological Measurement, 20, 37–46.
  • Cole, C., & Jones. (2005). Management discussion and analysis. A review and implications for future research. Journal of Accounting Literature, 24, 135–174.
  • Comisión Nacional del Mercado de Valores. (2013). Guía para la elaboración del informe de gestión de las entidades cotizadas. CNMV.
  • Dalton, D., & Dalton, C., (2010). Women and corporate boards of directors. The promise of increased, and substantive, participation in the post Sarbanes-Oxley era. Business Horizons, 53, 257–268.
  • Eagly, A. H., & Johnson, B. T., (1990). Gender and leadership style: A meta-analysis. Psychological Bulletin, 108(2), 233–256.
  • Ely, R. J., (1994). The effects of organizational demographics and social identity on relationships among professional women. Administrative Science Quarterly, 39, 203–238.
  • Eng, L. L., & Mak, Y. T., (2003). Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy, 22, 325–345.
  • Francis, B., Hasan, I., Park, J. C., & Wu, Q., (2014). Gender differences in financial reporting decision making. Evidence from accounting conservatism. Contemporary Accounting Research, 20(20), 1–34.
  • Fresard, L., (2010). Financial strength and product market behaviour. The real effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
  • Garcia-Osma, B., & Guillamon-Saorin, E., (2011). Corporate governance and impression management in annual results press releases. Accounting, Organization and Society Journal, 36(4–5), 187–208.
  • Girdharry, K., Simonova, E., & Lefebvre, R., (2011). MD&A- Counterpart to or distraction from financial reporting. Ottawa: Certified General Accountants Association of Canada.
  • Goffman, E., (1959). The presentation of self in everyday life. New York, NY: Anchor Books.
  • Código Unificado de Buen Gobierno. (2006). Informe del grupo especial de trabajo sobre buen gobierno de las sociedades cotizadas. Madrid.
  • Gul, F., Srinidhi, B., & Ng, A. C., (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 51, 314–338.
  • Heatherington, L., Burns, A. B., & Gustafson, T. B., (1998). When another stumbles. Gender and self-presentation to vulnerable others. Sex Roles, 38, 889–913.
  • Heider, F., (1958). The psychology of interpersonal relations. New York, NY: Wiley.
  • Hooghiemstra, R., (2001). Cultural differences in self-serving behaviour in accounting narrative. APIRA Conference. Adelaida: University of South Australia.
  • Hooghiemstra, R., (2003). The Construction of Reality. Cultural Differences in Self-Serving Behaviour in Accounting Narratives (Tesis doctoral). Rotterdam. Erasmus University Rotterdam.
  • Hooghiemstra, R., (2010). Letters to the shareholders. A content analysis comparison of letters written by CEOs in the United States and Japan. International Journal of Accounting, 45(3), 275–300.
  • Huse, M., & Solberg, A. G., (2006). Gender-related boardroom dynamics. How Scandinavian women make and can make contributions on corporate boards. Women in Management Review, 21(2), 113–130.
  • Instituto de Contabilidad y Auditoría de Cuentas. (2002). Informe sobre la situación actual de la contabilidad en España y líneas básicas para abordar sus reformas. Ministerio de Economía (Libro Blanco para la reforma de la contabilidad en España). Madrid: ICAC.
  • Jensen, M. C., & Meckling, H. W., (1976). Theory of the firm. Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
  • Judge, T. A., & Piccolo, R. F., (2004). Transformational and transactional leadership: A meta-analytic test of their relative validity. Journal of Applied Psychology, 89(5), 901–910.
  • Kanter, R., (1977). Men and women of the corporation. New York: Basic Books.
  • Keusch, T., Bollen, L., & Hassink, H., (2012). Self-serving bias in annual report narratives. An empirical analysis of the impact of economic crises. European Accounting Review, 2(3), 623–648.
  • Kimbrough, M. D., & Wang, I. Y., (2014). Are seemingly self-serving attributions in earnings press releases plausible? Empirical evidence. The Accounting Review, 89(2), 635–667.
  • Kimbrough, M. D., & Yayan Wang, I., (2009). Evidence on investors’ assessment of the plausibility of seemingly self-serving attributions of earnings performance. Papel de trabajo.
  • Krishnan, G. V., & Parsons, L. M., (2008). Getting to the bottom line. An exploration of gender and earnings management. Journal of Business Ethics, 78, 65–76.
  • Labelle, R., Cargouri, R. M., & Francoeur, C., (2010). Ethics, diversity management and financial reporting quality. Journal of Business Ethics, 9(3), 335–353.
  • Landis, J. R., & Koch, G. G., (1977). The measurement of observer agreement for categorical data. Biometrics, 33, 159–174.
  • Lee, F., Peterson, C., & Tiedens, L. Z., (2004). Mea culpa. Predicting stock prices from organizational attributions. Personality and Social Psychology Bulletin, 30, 1636–1649.
  • Lee, S. J., Quigley, B. M., Nesler, M. S., Corbett, A. B., & Tedeschi, J. T., (1999). Development of a self-presentation tactics scale. Personality and Individual Differences, 26, 701–722.
  • Ley Orgánica 3/2007, de 22 de marzo, para la igualdad efectiva de mujeres y hombres.
  • Li, F., (2008). Annual report readability, current earnings, and earnings persistence. Journal of Accounting and Economics, 45(2–3), 221–247.
  • Liao, L., Luo, L., & Tang, Q., (2015). Gender diversity, board Independence, environmental committee and greenhouse gas disclosure. The British Accounting Review, 47(4), 409–424.
  • MacKay, P., & Phillips, G. M., (2005). How does industry affect firm financial structure? Review of Financial Studies, 18, 1433–1466.
  • MacLeod Heminway, J., (2007). Sex, trust, and corporate boards. Hastings Women’s Law Journal, 18, 173–193.
  • Mercer, M., (2004). How do investors assess the credibility of management disclosures? Accounting Horizons, 18(3), 185–196.
  • Mezulis, A. H., Abramson, L. Y., Hyde, J. S., & Hankin, B. L., (2004). Is there a universal positivity bias in attributions? A meta-analytic review of individual, developmental, and cultural differences in the self-serving attributional bias. Psychological Bulletin, 130(5), 711–747.
  • Miller, D. T., & Ross, M., (1975). Self-serving biases in the attribution of causality. Fact or fiction? Psychological Bulletin, 82, 213–225.
  • Peni, E., & Vähämaa, S., (2010). Female executives and earnings management. Managerial Finance, 36(7), 629–645.
  • PriceWaterhouse Coopers. (2007). Corporate reporting. A time for reflection. A survey of the fortune global 500 companies’ reporting. New York, NY: PWC.
  • Rutherford, B. A., (2005). Genre analysis of corporate annual report narratives. Journal of Business Communication, 42(4), 349–378.
  • Salancik, G. R., & Meindl, J. R., (1984). Corporate attributions as strategic illusions of management control. Administrative Science Quarterly, 29(2), 238–254.
  • Schwenk, C., (1990). Illusions of management control? Effects of serf-serving atributions on resource commitments and confidence in management. Human Relations, 43, 333–347.
  • Srinidhi, B., Gul, F., & Tsui, J., (2011). Female directors and earnings quality. Contemporary Accounting Research, 28(5), 1610–1644.
  • Staw, B., McKechnie, P., & Puffer, S., (1983). The justification of organizational performance. Administrative Science Quarterly, 28, 582–600.
  • Suárez, O., (2012). La neutralidad de la información narrativa. un estudio del informe de gestión de las empresas españolas (Tesis doctoral). Universidad de Santiago de Compostela.
  • Thadeu, A., & Sanches, M., (2009). An investigation of the relationship between self-serving attributions and corporate governance. Papel de tabajo. Fucape Business School.
  • Tsang, E. W. K., (2002). Self-serving attributions in corporate annual reports. A replicated study. Journal of Management Studies, 39, 51–65.
  • Upadhyay, A., & Zeng, H., (2014). Gender and ethic diversity on boards and corporate information environment. Journal of Business Research, 67, 2456–2463.
  • Xie, B., Davidson, W. N., & Dadalt, P. J., (2003). Earnings management and corporate governance. The roles of the board and the audit committee. Journal of Corporate Finance, 9, 295–316.
  • Zimmer, L., (1988). Tokenism and women in the workplace: The limits of gender-neutral theory. Social Problems, 35, 64–77.