• Detectando la gestión de ganancias en un contexto español

The aim of this study is to examine whether different accrual models detect earnings management in a sample of Spanish firms that have received GAAP audit qualifications.

The unexpected accruals obtained from the Jones model, the modified Jones model, the Jones working capital model and the modified Jones working capital model are significanly positive, supporting the hypothesis that earnings have been managed upwards. However, the unexpected accruals obtained from the margin model are not significantly positive. We should be cautious in the interpretation of these results because of the almost certainly bias towards the inclusions of the most obvious and spectacular cases of earnings management. Potential extreme financial perfomance bias can not be ruled out as explanation for hese results. An important limitation of this paper is the reduced number of firms that constituted the estimation sample and also the prediction sample.