Relación entre los Componentes del Modelo DuPont y el Retorno Total para los Accionistas: Evidencia del Mercado Bursátil de EE. UU.
Palabras clave:
Análisis DuPont, ROE, TSR, Apalancamiento financiero, Relevancia de las gananciasResumen
Este estudio analiza la relación entre los componentes del Modelo DuPont—margen de utilidad neta, rotación de activos y apalancamiento financiero—y el retorno total para el accionista (TSR) en el mercado bursátil de EE. UU. Utilizando un modelo de panel de efectos fijos con una muestra de 497 empresas entre 2011 y 2024, los hallazgos revelan que la relevancia de estos componentes no es uniforme. Específicamente, se encontró que el apalancamiento financiero (β = 0.045, p < 0.01) y el tamaño de la empresa (β = 0.074, p < 0.01) tienen una relación positiva y estadísticamente significativa con el TSR. Por el contrario, la rotación de activos mostró una asociación negativa y significativa (β = -0.076, p < 0.05), mientras que el margen de utilidad neta no presentó una asociación significativa (β = 0.0008, p > 0.05). El modelo, aunque significativo globalmente (p < 0.001), explica una modesta porción de la varianza (R² = 1.02%), indicando la influencia de otros factores omitidos. Estos resultados sugieren que, en el período de análisis—caracterizado por bajas tasas de interés y alta volatilidad—
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