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Conocer cómo los directores financieros de las empresas valoran las inversiones tiene interés en sí mismo más allá de la curiosidad por ver lo que otros hacen y cómo lo hacen. En este trabajo aportamos algunos de los resultados extraídos tras analizar una encuesta efectuada en 2011 a 140 directores financieros de empresas españolas. La principal conclusión del estudio es el divorcio existente entre teoría y práctica de la valoración de inversiones en la empresa. No obstante, cuando se abunda en el “gap” y se intentan explicar las causas del desfase con elementos nucleares de la valoración, como las oportunidades de crecimiento, el divorcio puede ser más aparente que real.
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... The approach endeavors to ensure the "no interest" of the director, but not her disinterest. If independent directors must address complex instruments and trading activities (Andrés et al., 2012) they must be professionals in an area which is akin to the financial sector, therefore a rigid catalog of ex ante materiality cannot contemplate all the situations that are likely to take place ex post (Langevoort, 2001). ...
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