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El director financiero y la decisión de inversión en la empresa española
Abstract and Figures
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.
Figures - uploaded by Pablo de Andrés
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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). ...
On August Business Roundtable (2019) , the Business Roundtable redefined the purpose and social responsibility of the corporation. Yet, this statement must be followed by substantial changes in the business models of corporations for it to avoid becoming empty rhetoric. We believe that the figure of the independent director may be one of the catalysts needed for this change of paradigm for corporations. In spite of the positive correlation between Corporate Social Responsibility (CSR) and board independence, the development of the independence of boards during the last decade has not lead to the expected CSR results. Academics and regulators point to a weak definition and the non-standardized measurement of both independence and board independence (BI) as one possible explanation, and agree that a broader definition is needed. This paper aims to contribute to this debate. We develop a second-generation definition of independence based on a positive approximation to the concept by integrating an Aristotelian perspective of virtue ethics with the best practices of corporate governance. Thus, we define independence as a virtue guided by practical wisdom, that implies autonomy and autarky and which enables a person to act with integrity, fairness and truthfulness. In the context of corporate governance, independence is associated with an honest disposition to serve. Our proposal has political implications for supervisors that make decisions relating to the suitability of board members.
... en Perú y por De Souza y Lunkes (2016) en Brasil-. En Colombia, Ochoa y Mora (2014) y Vecino et al. (2015) mostraron que la forma más frecuente para calcular la tasa de descuento o rentabilidad mínima exigida era únicamente la rentabilidad exigida por el accionista.En los estudios realizados en el resto del mundo(Hermes et al., 2005;De Andrés et al., 2012), se encontró que el CPPC Tabla 1. Técnicas más utilizadas ...
El objetivo de este artículo es conocer qué técnicas utilizan las medianas empresas para evaluar sus proyectos de inversión, y de esta manera determinar si existe una brecha entre la teoría y la práctica. Además, se buscó identificar qué características de la empresa y de su gerente general influyen en el uso de estas técnicas. Para esto se elaboró y aplicó una encuesta a 126 medianas empresas del departamento de Piura (Perú). A partir de lo anterior, se encontró que gran parte de la muestra utiliza al menos una técnica donde los flujos de caja son descontados, lo cual es avalado por la teoría; por lo tanto, se evidencia que la brecha entre teoría y práctica no es muy amplia.
... Nonetheless, boards of banking entities are quite different from boards of non-financial firms. In particular, bank boards tend to be bigger and more independent than those in the non-financial sector (Adams & Mehran, 2005;Cornett et al., 2010;de Andrés et al., 2012) as a consequence of the complex banking structure and opacity in the sector. ...
This article brings together research on boards of directors as the backbone of corporate governance and corporate social responsibility (CSR) practices in the banking industry. The underlying idea is that several characteristics of bank boards, concretely independence and gender diversity, may impact their CSR commitments. By making use of a sample of 159 banks in nine countries during the period 2004–2010, our empirical evidence suggests that banks–with more independent directors and with more female members on their boards–walk towards a path of socially responsible behaviour. Our results also suggest that institutional factors play a significant role in these effects. They show that in greater regulatory and stronger investor protection environments, board independence and gender diversity have more influence on the social behaviour of banks.
... Se observa que la TIR y el VPN siguen siendo los métodos más usados por parte de los directivos de las empresas en Colombia lo que se asemeja a lo exhibido en Canadá por Bennouna et al. (2010) y por De Andres et al. (2012 en Espã na. Ambos criterios muestran la importancia dada a la variable de consideración del valor del dinero en el tiempo sobre métodos que no lo hacen, como lo es el del PR, aunque este sí sea bastante utilizado en los análisis reportados por De Andres et al. (2012). Al respecto es importante resaltar la diferencia de resultados con respecto al estudio de Graham y Harvey (2002), quienes encontraron que la utilización del PR se concentró en empresas pequeñaspeque˜pequeñas mientras que las grandes preferían el uso de técnicas como el VPN. ...
The main purpose of this study is to identify the capital budgeting practices in Colombia. The method used to gather information was a questionnaire applied to 300 companies, using the data to perform a statistical descriptive analysis, which highlights the net present value, the internal rate of return and the benefit/cost ratio as the main criteria. An inferential analysis was conducted for the effect of several company characteristics on a utilitarian variable called ''proper use index''. This analysis led to the conclusion that the company size and the academic level of the decision makers are related to the criteria and practices in the capital budgeting process.
... Dicha regulación del sistema bancario así como su opacidad, hacen aún más necesario el papel del consejo como mecanismo de gobierno corporativo (de Andrés y Vallelado, 2008) ya que tanto los stakeholders como los accionistas o prestamistas no tienen la habilidad de imponer un gobierno efectivo en los bancos (Levine, 2005). A pesar de las diferencias en el consejo de los bancos –tienden a ser más grandes y más independientes que los del sector no financiero (Adams y Mehran, 2005; de Andrés, de la Fuente y San-Martín, 2012 )–, este participa en el comportamiento empresarial, actividades y decisiones estratégicas de los bancos (Adams, Hermalin y Weisbach, 2008). Precisamente, entre esas estrategias, destaca la denominada RSC entendida como «todos aquellos aspectos sobre los que las actividades de la empresa pueden tener un impacto: en los asuntos relacionados con los empleados, participación de la comunidad, las preocupaciones ambientales y otras cuestiones éticas, etc.» (Branco y Rodrigues, 2006) 1 . ...
... Dicha regulación del sistema bancario así como su opacidad, hacen aún más necesario el papel del consejo como mecanismo de gobierno corporativo (de Andrés y Vallelado, 2008) ya que tanto los stakeholders como los accionistas o prestamistas no tienen la habilidad de imponer un gobierno efectivo en los bancos (Levine, 2005). A pesar de las diferencias en el consejo de los bancos –tienden a ser más grandes y más independientes que los del sector no financiero (Adams y Mehran, 2005; de Andrés, de la Fuente y San-Martín, 2012)–, este participa en el comportamiento empresarial, actividades y decisiones estratégicas de los bancos (Adams, Hermalin y Weisbach, 2008). Precisamente, entre esas estrategias, destaca la denominada RSC entendida como «todos aquellos aspectos sobre los que las actividades de la empresa pueden tener un impacto: en los asuntos relacionados con los empleados, participación de la comunidad, las preocupaciones ambientales y otras cuestiones éticas, etc.» (Branco y Rodrigues, 2006) 1 . ...
El artículo muestra una investigación conjunta sobre el consejo de administración de los bancos y sus prácticas en materia de responsabilidad social corporativa. Así, diversas características del consejo de administración de los bancos, concretamente la independencia y diversidad, pueden impactar en su compromiso socialmente responsable. Haciendo uso de una muestra de 159 bancos pertenecientes a nueve países para el periodo 2004-2010, nuestra evidencia sugiere que los bancos caminan por una senda de comportamiento socialmente responsable vinculado a la independencia y diversidad del consejo.
El objetivo de este estudio es identificar los criterios y prácticas para la evaluación de inversiones en empresas que operan en Colombia. La metodología empleada fue una encuesta a 300 empresas, a partir de lo cual se realiza un análisis estadístico descriptivo que destaca como criterios predominantes el valor presente neto, la tasa interna de retorno y la relación beneficio/costo; adicionalmente se llevó a cabo un análisis inferencial del efecto de diversas características de las empresas estudiadas sobre una variable denominada «Índice de buen uso» en los criterios predominantes. Este análisis permite concluir que el tamaño de empresa y el nivel de estudios de los directivos constituyen 2 factores relevantes para una organización en el momento de elegir el criterio y las prácticas para evaluar sus proyectos de inversión.
This article investigates the application of capital budgeting techniques and the incorporation of risk into the capital budgeting process among a sample of South African industrial firms listed on the JSE Securities Exchange for at least ten years. Previous international and local research on this topic indicated a preference for the internal rate of return (IRR) as a capital budgeting method over the net present value (NPV), and that risk incorporation was relatively rarely incorporated into the capital budgeting process. The results of this study indicate that the NPV is just as popular as, and sometimes more so than, the IRR. Furthermore, compared to previous studies, risk is incorporated into evaluating capital budgeting projects more often. Sensitivity analysis is the most popular method, but adjustments to the cash flows and discount rate are becoming more popular. During the last decade the use of non-financial criteria to accept or reject a project has also increased in South Africa.
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This study investigates the financial practices of Canadian firms involving capital budgeting, cost of capital estimation, capital structure, and real options. Survey respondents express a strong preference for net present value followed by internal rate of return and payback methods. The least popular capital budgeting technique is real options. Unlike their U.S. and European counterparts, Canadian firms rely more on subjective risk assessments in adjusting their discount rate. The use of subjective judgment by Canadian managers also applies to risk analysis, forecasting project cash flows, and estimating the cost of equity capital. This finding differs markedly from the widespread use of the capital asset pricing model by U.S. and European firms. In examining capital structure choice, the results show support for trade-off theory relative to pecking order theory. Finally, firm size and the education of the chief executive officer influence corporate finance decisions.
This article reports the results of a survey of executives of companies listed on the Jakarta Stock Exchange regarding their companies' capital budgeting practices and the major factors influencing their practices. The results show that the majority of responding companies use formal techniques to evaluate proposed capital investments. Of these companies, the majority use a discounted cash flow technique as the primary measure for evaluating capital investment proposals. Scenario and sensitivity analysis are the most commonly-used risk assessment techniques. Risk-adjusted discount rates and the CAPM are not yet widely used in Indonesia. The most important objectives in capital budgeting are growth in cash flows and long-term earnings followed by growth in share price. The results also show that chief financial officer educational background and period of listing influence capital budgeting analysis technique usage.
We use a sample survey to analyse the capital budgeting practices of Australian listed companies. We find that NPV, IRR and Payback are the most popular evaluation techniques. Real options techniques have gained a toehold in capital budgeting but are not yet part of the mainstream. Discounting is typically by the weighted average cost of capital, assumed constant for the life of the project, and with the same discount rate across divisions. The WACC is usually based on target weights for debt and equity. The CAPM is widely used while other asset pricing models are not. The discount rate is reviewed regularly and is updated as conditions change. In most companies, project analysis takes no account of the value of imputation tax credits. Australian corporate practice is generally consistent with the practice of Australian price regulators, except that regulators take into account the value of imputation tax credits when computing the cost of capital.
This paper contrasts the "static tradeoff" and "pecking order" theories of capital structure choice by corporations. In the static tradeoff theory, optimal capital structure is reached when the tax advantage to borrowing is balanced, at the margin, by costs of financial distress. In the pecking order theory, firms preferinternal to external funds, and debt to equity if external funds are needed. Thus the debt ratio reflects the cumulative requirement for external financing. Pecking order behavior follows from simple asymmetric information models. The paper closes with a review of empirical evidence relevant to the two theories.
This paper reports the findings of a longitudinal study of capital budgeting practices within 100 large UK companies between 1975 and 1992. Such an approach enables a more meaningful comparison of changes in investment practices over time and helps to clarify the confusing picture built up from comparison of prior surveys with different research designs and often low response rates.