La gestión del resultado: una aproximación empírica en el sector hotelero mediante ajustes por devengo

This paper focuses on earnings benchmarks (avoiding earnings and decreases in earnings hypothesis) using a sample of Spanish hotel firms. First, we examine whether there is a discontinuity at zero point in the earnings distribution. Second, we investigate whether such a kink was driven by managers exploiting their discretion in accruals to avoid reporting losses and decreases in earnings. Empirical evidence shows a discontinuity in earnings distribution around zero point and statistically significant. The comparison between observed earnings and pre-managed earnings points out that managers are not indifferent to facing earnings figures.