Efecto de la información contable y de mercado sobre los precios de las acciones después de la adopción de las Normas Internacionales de Información Financiera en Colombia

Abstract

This article examines the impact of the application of the International Financial Information Standards (IFRS) on the accounting quality of the information of companies in the Colombian economy, with respect to its local regulatory framework (COLGAAP); Using a sample of 15 companies listed on the Stock Exchange and during the periods 2010-2019. The accounting quality is analyzed from 7 independent variables: EBITDA, Total Assets, Equity, Efficiency, ROE, ROA and the COLCAP stock index. The findings suggest an improvement in accounting quality, evidenced by several factors: first, a substantial improvement in the disclosure of Assets; second, the adoption of IFRS improves the recognition of operating income and costs, and this is reflected in the increase in the quality of EBITDA; third, a greater explanatory power of equity given the approach to fair value of international standards; Fourth, IFRS had a greater impact on companies with the highest market capitalization, which was reflected in the significance of the Index variable (COLCAP).