La relevancia del valor de la gestión de resultados en las empresas latinoamericanas

This study aims to analyze the relationship between earnings management and stock prices in Latin American companies. The sample includes 3,342 observations from six Latin American countries, covering the period from 2010 to 2021. The results show: (i) a positive relationship between earnings management and stock prices; (ii) a significant increase in both earnings management practices and stock prices during the pandemic; and (iii) a positive association between earnings management and stock prices (based on the Jones Model [1991]) during the pandemic period. These findings suggest that investors placed greater value on the stocks of companies engaging in higher levels of earnings management, which may indicate a higher risk tolerance or an inability to detect discretionary accounting practices. This study stands out from previous research by comparing this relationship before and after the pandemic.