La importancia del balance y de la cuenta de resultados sobre el valor de mercado
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Resumen
El objetivo de este estudio es analizar la importancia relativa que poseen el balance de situación y la cuenta de resultados de las empresas sobre su valor de mercado cuando éstas se encaminan hacia la quiebra. Para ello, hemos analizado una muestra de 149 empresas latinoamericanas, cotizadas y quebradas. Nuestros resultados muestran que cuando una empresa se aproxima a su disolución, la importancia relativa del balance aumenta mientras que la importancia relativa de la cuenta de resultados disminuye. Esto podría deberse al comportamiento de los inversores, quienes, al prever una posible disolución, mostrarán un mayor interés por el valor de liquidación, estrechamente relacionado con el valor en libros.
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