EFECTO DE LA EXPERIENCIA FINANCIERA DEL CEO EN EL COMPORTAMIENTO DE LOS COSTOS DE LAS EMPRESAS BRASILEÑAS QUE COTIZAN EN BOLSA
DOI:
https://doi.org/10.22561/cvr.v36i2.8347Palabras clave:
Comportamiento asimétrico de costos, Experiencia financiera del CEO, Empresas brasileñas que cotizan en bolsaResumen
Esta investigación analizó el efecto de la experiencia financiera del CEO en el comportamiento asimétrico de los costos de las empresas brasileñas que cotizan en bolsa. La muestra del estudio estuvo compuesta por 178 empresas en el período de 2012 a 2021. Para el análisis se utilizó regresión lineal múltiple con el software Stata. En el cálculo del comportamiento asimétrico de los costos se empleó el modelo de Anderson et al. (2003), y se analizaron las cuentas de Costo de los Productos Vendidos (CPV), Gastos de Venta, Generales y Administrativos (GVGA) y Costo Total (CT). La experiencia financiera del CEO se midió a partir de cuatro características según el modelo de Bortoli y Soares (2021), agrupadas en un único índice mediante ACP: (i) formación académica en finanzas; (ii) experiencia en el sector financiero; (iii) experiencia como director financiero; y (iv) años de experiencia en el cargo de CEO. Los resultados indicaron que la experiencia financiera del CEO conduce a un comportamiento asimétrico anti-sticky para el CPV y el CT. Este resultado también se confirmó en pruebas adicionales de análisis individual de las variables de experiencia financiera del CEO. El estudio contribuye principalmente a profesionales como auditores y analistas de mercado, en el sentido de que sus procedimientos de trabajo pueden ampliarse al comprender que el nivel de experiencia financiera del CEO es un factor que puede influir en el comportamiento asimétrico de los costos de las empresas. La contribución a la literatura consiste en identificar cómo las características de los gestores, como el nivel de conocimiento financiero, interfieren en las decisiones relacionadas con la gestión de costos.
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