Resumen

JARA BERTIN, Mauricio  y  LOPEZ ITURRIAGA, Félix J.. La calidad e importancia de las utilidades contables para las empresas cotizadas en los mercados de capitales chilenos. El trimestre econ [online]. 2011, vol.78, n.311, pp.643-674. ISSN 2448-718X.

Because information conveyed by corporate financial statements is highly influential and, thus, plays a central role in capital markets, we analyze the usefulness of reported earnings to measure firm performance as well as the ability of earnings to anticipate future cash flows. Specifically, we examine the relation between specific firm factors and quality of earnings for a sample of 180 listed Chilean firms between 1998 and 2003. We find that earnings are more relevant than cash flows to measure a firm's performance, which suggests that earnings have additional informational content. The quality of earnings is positively related to the size of the firm and negative related to the operating cycle.

Palabras llave : ajustes por devengo o acumulación; flujos de efectivo; persistencia de las utilidades; calidad de las utilidades; mercados eficientes.

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