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Relation between the Creation of Economic Value and Financial Insolvency in Companies Unlisted at the Colombian Stock Market (2016-2019)

Relación entre la creación de valor económico y la insolvencia financiera en empresas no cotizantes en el mercado de valores de Colombia (2016-2019);
Ralação entre criação do valor econômico e a inadimplência financeira das empresas que não contribuem na bolsa de valores da Colômbia (2016-2019)

dc.contributor.authorRoque, Daniel Isaac
dc.contributor.authorCaicedo Carrero, Andrés
dc.coverage.spatialLat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degreesLong: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees
dc.date.accessioned2024-01-23T16:05:56Z
dc.date.available2024-01-23T16:05:56Z
dc.date.created2022-04-20
dc.identifier.issn0120-6346
dc.identifier.urihttp://hdl.handle.net/11407/8246
dc.descriptionThis article has the goal of assessing the correlation of the results presented by the financial tools Altman Z-Score and Economic Value Added (EVA). To achieve it, the study employs a quantitative methodological approach with a descriptive scope. The results corroborate the effectiveness of the individual application of the EVA and Z score model. Nonetheless, the statistical tests (correlation, dispersion graphics and linear regression) reveal a low relation between the creation of added economic value and the probability of financial insolvency. The findings make evident that, when applying both tools for the measurement of the financial performance, the results might contradict each other between the creation of value by the company, which implies a low probability of financial insolvency, and the probability of bankruptcy, i.e., a low Z score. The study can conclude that this low relation happens due to the base of financial information that is used by both tools. Differing from the EVA application, which needs the definition of exogenous variables that companies cannot control, the Z model centers its calculations on endogenous variables of the financial reports of the company.eng
dc.descriptionEste artículo tiene como objetivo evaluar la correlación que presentan los resultados de las herramientas financieras Altman Z-Score y el Economic Value Added (EVA). Para lograr este propósito se aplica un enfoque metodológico cuantitativo, con un alcance descriptivo. Los resultados corroboran la efectividad de la aplicación individual del EVA y el modelo de puntaje Z. Sin embargo, las pruebas estadísticas (correlación, gráfica de dispersión y regresión lineal) revelan una baja relación entre la creación de valor económico agregado y la probabilidad de insolvencia financiera. Los hallazgos evidencian que, al aplicar las dos herramientas de medición de desempeño financiero, los resultados se pueden contradecir entre sí la empresa crea valor, que implica que tiene una baja probabilidad de insolvencia financiera, y la probabilidad de quiebra, es decir, un Z-Score bajo. Se puede concluir que la baja relación se debe a la base de información financiera que se utiliza para el cálculo de ambas herramientas. A diferencia de la aplicación del EVA, que necesita definir variables exógenas que las empresas no pueden controlar, el modelo Z centra su cálculo en variables endógenas de los estados financieros de la empresa.spa
dc.descriptionEste artigo tem como objetivo avaliar a correlação dos resultados apresentados das aplicações financeiras Altman Z-Score e Economic Value Added (EVA). Para alcançar este propósito aplica-se enfoque metodológico quantitativo, com um alcance descritivo. Os resultados confirmam a efetividade da aplicação individual EVA e o modelo de pontuação Z. Contudo, as provas estadísticas (correlação, gráficos de dispersão e regressão lineal) revelam uma baixa relação entre a criação do valor económico agregado e a probabilidade de inadimplência financeira. Os resultados evidenciam que, ao executar as duas aplicações de medição de desempenho financeiro, os resultados se podem contradizer entre si, no entanto a empresa cria valor, que implica uma baixa probabilidade de inadimplência financeira, y a probabilidade de falência, é dizer, um Z-Score baixo. Se pode concluir que a mínima relação devese a base de informação financeira que é utilizada para o cálculo das duas ferramentas. Diferente da aplicação EVA, que precisa definir vaiáveis exógenas que as empresas não podem controlar, o modelo Z centraliza seu cálculo nas variáveis endógenas dos estados financeiros da empresa.por
dc.formatPDF
dc.format.extentp. 76-97
dc.format.mediumElectrónico
dc.format.mimetypeapplication/pdf
dc.language.isospa
dc.publisherUniversidad de Medellín
dc.relation.ispartofseriesSemestre Económico; Vol. 24 No. 57 (2021)
dc.relation.haspartSemestre Económico; Vol. 24 Núm. 57 julio-diciembre 2021
dc.relation.urihttps://revistas.udem.edu.co/index.php/economico/article/view/3777
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0*
dc.sourceSemestre Económico; Vol. 24 No. 57 (2021): (julio-diciembre); 76-97
dc.subjectFinancial managementeng
dc.subjectEconomic added valueeng
dc.subjectFinancial insolvencyeng
dc.subjectColombiaeng
dc.subjectAdministración financieraspa
dc.subjectValor económico agregadospa
dc.subjectInsolvencia financieraspa
dc.subjectColombiaspa
dc.subjectAdministração financeirapor
dc.subjectValor econômico agregadopor
dc.subjectInsolvência financeirapor
dc.subjectColombiapor
dc.titleRelation between the Creation of Economic Value and Financial Insolvency in Companies Unlisted at the Colombian Stock Market (2016-2019)eng
dc.titleRelación entre la creación de valor económico y la insolvencia financiera en empresas no cotizantes en el mercado de valores de Colombia (2016-2019)spa
dc.titleRalação entre criação do valor econômico e a inadimplência financeira das empresas que não contribuem na bolsa de valores da Colômbia (2016-2019)por
dc.typearticle
dc.identifier.doihttps://doi.org/10.22395/seec.v24n57a4
dc.relation.citationvolume24
dc.relation.citationissue57
dc.relation.citationstartpage76
dc.relation.citationendpage97
dc.audienceComunidad Universidad de Medellín
dc.publisher.facultyFacultad de Ciencias Económicas y Administrativas
dc.publisher.placeMedellín
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dc.rights.creativecommonsAttribution-NonCommercial-NoDerivatives 4.0 International*
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dc.type.coarhttp://purl.org/coar/resource_type/c_6501
dc.type.versioninfo:eu-repo/semantics/publishedVersion
dc.type.localArtículo científico
dc.type.driverinfo:eu-repo/semantics/article
dc.identifier.reponamereponame:Repositorio Institucional Universidad de Medellín
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