Mostrar el registro sencillo del ítem
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.author | Roque, Daniel Isaac | |
dc.contributor.author | Caicedo Carrero, Andrés | |
dc.coverage.spatial | Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degreesLong: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees | |
dc.date.accessioned | 2024-01-23T16:05:56Z | |
dc.date.available | 2024-01-23T16:05:56Z | |
dc.date.created | 2022-04-20 | |
dc.identifier.issn | 0120-6346 | |
dc.identifier.uri | http://hdl.handle.net/11407/8246 | |
dc.description | This 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.description | Este 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.description | Este 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.format | ||
dc.format.extent | p. 76-97 | |
dc.format.medium | Electrónico | |
dc.format.mimetype | application/pdf | |
dc.language.iso | spa | |
dc.publisher | Universidad de Medellín | |
dc.relation.ispartofseries | Semestre Económico; Vol. 24 No. 57 (2021) | |
dc.relation.haspart | Semestre Económico; Vol. 24 Núm. 57 julio-diciembre 2021 | |
dc.relation.uri | https://revistas.udem.edu.co/index.php/economico/article/view/3777 | |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0 | * |
dc.source | Semestre Económico; Vol. 24 No. 57 (2021): (julio-diciembre); 76-97 | |
dc.subject | Financial management | eng |
dc.subject | Economic added value | eng |
dc.subject | Financial insolvency | eng |
dc.subject | Colombia | eng |
dc.subject | Administración financiera | spa |
dc.subject | Valor económico agregado | spa |
dc.subject | Insolvencia financiera | spa |
dc.subject | Colombia | spa |
dc.subject | Administração financeira | por |
dc.subject | Valor econômico agregado | por |
dc.subject | Insolvência financeira | por |
dc.subject | Colombia | por |
dc.title | Relation between the Creation of Economic Value and Financial Insolvency in Companies Unlisted at the Colombian Stock Market (2016-2019) | eng |
dc.title | Relación 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.title | Ralação entre criação do valor econômico e a inadimplência financeira das empresas que não contribuem na bolsa de valores da Colômbia (2016-2019) | por |
dc.type | article | |
dc.identifier.doi | https://doi.org/10.22395/seec.v24n57a4 | |
dc.relation.citationvolume | 24 | |
dc.relation.citationissue | 57 | |
dc.relation.citationstartpage | 76 | |
dc.relation.citationendpage | 97 | |
dc.audience | Comunidad Universidad de Medellín | |
dc.publisher.faculty | Facultad de Ciencias Económicas y Administrativas | |
dc.publisher.place | Medellín | |
dc.relation.references | Almamy, J., Aston, J. y Ngwa, L. N. (2016). An evaluation of Altman’s Z-score using cash flow ratio to predict corporate failure amid the recent financial crisis: Evidence from the UK. Journal of Corporate Finance, 36, 278-285. https://doi.org/10.1016/j.jcorpfin.2015.12.009 | |
dc.relation.references | Altman, E. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. Journal of Finance, 23(4), 589-609. https://doi.org/10.2307/2978933 | |
dc.relation.references | Altman E. I. (1970). Ratio Analysis and the Prediction of Firm Failure: A Reply. The Journal of Finance, 25(25), 1169-1172. https://doi.org/10.2307/2978933 | |
dc.relation.references | Altman E.I. (1983). Corporate Financial Distress. Wiley Interscience. Altman E. I., Hartzell J. y Peck M. (1998). Emerging Market Capital Flows. The New York University Salomon Center Series on Financial Markets and Institutions (vol 2). Springer. https://doi.org/10.1007/978-1-4615-6197-2_25 | |
dc.relation.references | Altman, E.I. y Hotchkiss, E. (2006). Corporate Financial Distress & Bankruptcy. Third edition. J. Wiley & Sons. Hoboken. http://ndl.ethernet.edu.et/bitstream/123456789/27600/2/68.pdf.pdf | |
dc.relation.references | Altman, E. I., Danovi, A. y Falini, A. (2013). Z-Score Models’ Application to Italian Companies Subject to Extraordinary Administration. Journal of Applied Finance, 23(1), 128-137. https://ssrn.com/abstract=2686750 | |
dc.relation.references | Altman, E. I., Iwanicz‐Drozdowska, M., Laitinen, E. K. y Suvas, A. (2017). Financial distress prediction in an international context: A review and empirical analysis of Altman’s Z‐Score model. Journal of International Financial Management and Accounting, 27, 131–171. https://doi.org/10.1111/jifm.12053 | |
dc.relation.references | Al-Shishany, A., Al-Omush, A. y Guermat, C. (2020). The impact of economic value added (EVA) adoption on stock performance. Accounting, 6, 687–704. https://doi.org/10.5267/j.ac.2020.6.015 | |
dc.relation.references | Apan, M., Öztel, A. y İslamoğlu, M. (2018). Comparative empirical analysis of financial failures of enterprises with altman Z-score and VIKOR methods: BIST food sector application. | |
dc.relation.references | Australasian Accounting, Business and Finance Journal, 12(1), 77-101. http://dx.doi.org/10.14453/aabfj.v12i1.6 | |
dc.relation.references | Caro, N., Guardiola, M. y Ortiz, P. (2018). Árboles de clasificación como herramienta para predecir dificultades financieras en empresas Latinoamericanas a través de sus razones contables. Contaduría y Administración, 63(1), 1-14. https://doi.org/10.22201/fca.24488410e.2018.1148 | |
dc.relation.references | De la Oliva, F. (2016). Gestión del riesgo financiero internacional. Editorial Félix Varela. | |
dc.relation.references | De Sousa, F. (2013). Modelo de valoración de activos financieros (CAPM) y teoría de valoración por arbitraje (APT): Un test empírico en las empresas del sector eléctrico brasileño. Cuadernos de Contabilidad, 14(35), 731-746. https://revistas.javeriana.edu.co/index.php/cuacont/article/view/7117 | |
dc.relation.references | Dierks, P. A. y Patel, A. (1997). What is EVA, and how can it help your company? Strategic Finance, 79(5), 52-58. https://sfmagazine.com/wp-content/uploads/historic/1990-1999/1997-11-Management-Accounting-v79-n5.pdf | |
dc.relation.references | Du Jardin, P. (2015). Bankruptcy prediction using terminal failure processes. European Journal of Operational Research, 242, 286–303. https://doi.org/10.1016/j.ejor.2014.09.059 | |
dc.relation.references | Gitman, l. y Chad, Z. (2012). Principios de Administración Financiera. Pearson Education. | |
dc.relation.references | Gómez, F., Ferruz, L. y Vargas, M. (2012). Can we beat the market with beta? An intuitive test of the CAPM. Spanish Journal of Finance and Accounting, 41(155), 333-352. https://doi.org/10.1080/02102412.2012.10779727 | |
dc.relation.references | Hernández, M. (2014). Modelo financiero para la detección de quiebras con el uso de análisis discriminante múltiple. InterSedes, 15(32), 4-19. https://doi.org/10.15517/isucr.v15i32.17792 | |
dc.relation.references | Isaac, D., Álvarez, A. N., Escobar, J. H. y De la Oliva, F. (2021). The use of accounting beta as a risk assessment method for unlisted companies in Colombia. Universidad y Sociedad, 13(2), 23-30. https://rus.ucf.edu.cu/index.php/rus/article/view/1938 | |
dc.relation.references | Isaac, D. y Caicedo, A. (2021). Uso del valor económico agregado en empresas no cotizantes en el mercado de valores de Colombia. Universidad y Sociedad, 13(S3), 592-602. https://rus.ucf.edu.cu/index.php/rus/article/view/2525 | |
dc.relation.references | Kacer, M., Ochotnický, P. y Alexy, M. (2019). The Altman’s revised Z’-Score model, non-financial information and macroeconomic variables: Case of Slovak SMEs. Ekonomicky casopis, 67(4), 335-366. https://eprints.whiterose.ac.uk/147316/1/0517110904%2019%20Alexy%20%2B%20SR.pdf | |
dc.relation.references | Kaur, N., Sharma, P. y Mohan, M. (2017). Economic value added vs. Pablo Fernández model; ¿which one is a better indicator for measuring shareholders value creation? International Journal of Applied Business and Economic Research, 15(15), 41-56. https://serialsjournals.com/abstract/66989_4.pdf | |
dc.relation.references | Khanin, G. I. (2018). Alternative assessment of the Altman model for Gazprom Group for 2016: Facts and hypotheses. Terra Economicus, 16(2), 17-26. https://doi.org/10.23683/2073-6606-2018-16-2-17-26 | |
dc.relation.references | Khanin, G. I. (2019). Altman’s model for the industry of the Russian Federation in 2015 compared to the data of Rosneft and Gazprom group: facts and hypotheses. Terra Economicus, 17(2), 124-145. https://doi.org/10.23683/2073-6606-2019-17-2-124-145 | |
dc.relation.references | Koziol, C. (2013). A simple correction of the WACC discount rate for default risk and bankruptcy costs. Quant Finan Acc, 42(4), 653-666. https://doi.org/10.1007/s11156-013-0356-x | |
dc.relation.references | Křečková, Š. (2018). Using economic value added in ex-ante profitability Calculation of bank´s medium-sized clients. Prague Economic Papers, 27(2), 232-247, https://doi.org/10.18267/j.pep.653 | |
dc.relation.references | Longinidis, P. y Georgiadis, M. C. (2013). Managing the trade-offs between financial performance and credit solvency in the optimal design of supply chain networks under economic uncertainty. Computers & Chemical Engineering, 48, 264-279. https://doi.org/10.1016/j.compchemeng.2012.09.019 | |
dc.relation.references | Modanlo, A. y Mohammad, S. (2020). The Comprehensive and Fundamental Analysis of the Application of Economic Value Added (EVA) in Tehran Stock Exchange. Revista San Gregorio, 1(37), 195-204. www.revista.sangregorio.edu.ec/index.php/REVISTASANGREGORIO/article/view/1295/27-Alireza | |
dc.relation.references | Padilla, A. y Rivera, J. (2016). Industria automotriz de Colombia: ¿un motor generador de valor económico agregado? Cuadernos de Contabilidad, 17(44), 317-348. https://doi.org/10.11144/Javeriana.cc17-44.iacm | |
dc.relation.references | Priyanka, T. y Sudha, B. (2020). Concept of Economic Value Added and its Application in Commercial Banks. International Journal of Scientific & Technology Research, 9(3), 1639-1641. https://www.ijstr.org/final-print/mar2020/Concept-Of-Economic-Value-Added-And-Its-Application-In-Commercial-Banks.pdf | |
dc.relation.references | Rahayu, F., Suwendra, I. W. y Yulianthini, N. N. (2016). Analisis financial distress dengan menggunakan metode Altman Z-Score, Springate, dan Zmijewski pada perusahaan telekomunikasi. Jurnal Manajemen Indonesia, 4(1). https://ejournal.undiksha.ac.id/index.php/JMI/article/viewFile/6669/4532 | |
dc.relation.references | Rivera, J., Mamián, L. y Rojas, C. (2019). Factores que influyen sobre el valor económico de la industria de confecciones en Colombia. Revista CEA, 5(9), 131-146. https://doi.org/10.22430/24223182.1311 | |
dc.relation.references | Rivera, J. y Padilla, A. (2016). Sector autopartes en Colombia: comportamiento financiero durante el período 2008 2014. Entramado, 12(1), 12-29, http://dx.doi.org/10.18041/entramado.2016v12n1.23113 | |
dc.relation.references | Sabol, A. y Sverer, F. (2017). A review of the economic value added literature and application. mUTMS Journal of Economics, 8(1), 19-27. http://hdl.handle.net/10419/174163 | |
dc.relation.references | Santos, J. V. J., de Lima Tavares, A., Azevedo, Y. G. P. y de Freitas Neto, R. M. (2018). Relação entre o retorno das ações e o economic value added (EVA): evidências empíricas emcompanhias abertas no Brasil. Revista Evidenciação Contábil & Finanças, 6(1), 119-131. https://doi.org/10.18405/recfin20180107 | |
dc.relation.references | Subedi, M. y Farazmand, A. (2020). Economic Value Added (EVA) for Performance Evaluation of Public Organizations. Public Organization Review, 20, 613-630. https://doi.org/10.1007/s11115-020-00493-2 | |
dc.relation.references | Sudiyatno, B. y Puspitasari, E. (2010). Tobin’s q dan Altman z-score sebagai indikator pengukuran kinerja perusahaan. Kajian Akuntansi, 2(1), 9-21. https://n9.cl/mciur | |
dc.relation.references | Stewart, B. (2019). EVA, not EBITDA: A New Financial Paradigm for Private Equity Firms. Journal of Applied Corporate Finance, 31(3), 103-115. https://doi.org/10.1111/jacf.12365 | |
dc.relation.references | Sun, J., Li, H., Huang, Q. H. y He, K. Y. (2014). Predicting financial distress and corporate failure: A review from thestate‐of‐the‐art definitions, modeling, sampling, and featuring approaches. Knowledge‐Based Systems, 57, 41–56. https://doi.org/10.1016/j.knosys.2013.12.006 | |
dc.relation.references | Tamara, A. L.; Chica, I. E. y Montiel, A. (2017). Metodología de Cálculo del Beta: Beta de los activos, beta apalancado y beta corregido por cash. Espacios, 38(34), 1-21. http://www.revistaespacios.com/a17v38n34/a17v38n34p15.pdf | |
dc.relation.references | Tudose, M. B., Rusu, V. D. y Avasilcai, S. (2021). Performance Management for Growth: A Framework Based on EVA. Journal of Risk and Financial Management 14(3), 2-19. https://doi.org/10.3390/jrfm14030102 | |
dc.relation.references | Vavrek, R., Gundová, P., Kravčáková Vozárová, I. y Kotulič, R. (2021). Altman Model VerificationmUsing a Multi-criteria Approach for Slovakian Agricultural Enterprises. E&M Economics and Management, 24(1), 146–164. https://doi.org/10.15240/tul/001/2021-1-010 | |
dc.relation.references | Young, S. y O’Byrne, S. (2001). EVA and Value-Based Management. A Practical Guide to Implementation. McGraw-Hill Education. | |
dc.relation.references | Zhang, J. y Aboud, A. (2020). Determinants of economic value added (EVA) in Chinese listed Banks. Asian Review of Accounting, 27(4), 595-613. https://doi.org/10.1108/ARA-11-2018-0216 | |
dc.relation.references | Zylberberg, A. (2016). Probabilidad y Estadística. Nueva Librería. | |
dc.rights.creativecommons | Attribution-NonCommercial-NoDerivatives 4.0 International | * |
dc.identifier.eissn | 2248-4345 | |
dc.type.coar | http://purl.org/coar/resource_type/c_6501 | |
dc.type.version | info:eu-repo/semantics/publishedVersion | |
dc.type.local | Artículo científico | |
dc.type.driver | info:eu-repo/semantics/article | |
dc.identifier.reponame | reponame:Repositorio Institucional Universidad de Medellín | |
dc.identifier.repourl | repourl:https://repository.udem.edu.co/ | |
dc.identifier.instname | instname:Universidad de Medellín |