Gestión financiera de la pyme manufacturera de productos lácteos en Colombia (2014- 2019)

Jorge Alberto Rivera-Godoy

doi:10.22490/25392786.4960

Vol. 10 No. 2 (2021)

Published

2021-07-21

PDF (Spanish)

Visor (Spanish)

HTML (Spanish)

XML (Spanish)

Metrics

Metrics Loading ...

Financial management of the sme manufacturing dairy products in Colombia (2014-2019)

DOI: https://doi.org/10.22490/25392786.4960

Section

Artículo de Investigación

Jorge Alberto Rivera-Godoy Universidad del Valle, Colombia

The article presents the results of an investigation that aims to evaluate the financial performance of small and medium-sized companies in the dairy product manufacturing sector in Colombia in the 2014-2019 period, following as a methodology the analysis of accounting and value management indicators. that measure its growth, efficiency, efficacy and effectiveness. It is found that the SME in this sector achieves an average accounting performance in the six-year period, being higher in the medium-sized company because it is more efficacy in managing costs and expenses, even if it is not more efficient in the use of assets, or the one that use higher financial leverage. However, SMEs destroy economic added value (EVA) because the cost of financial resources is higher than the return on operating net assets, although in medium-sized companies this difference is lower.

EVA, MVA, ROA, ROE, SME, Dairy Products Manufacturing Sector, Administration

Anaya, H. (2018). Análisis financiero aplicado, bajo NIIF (16ª ed.). Universidad Externado de Colombia.

Arnold, G. y Lewis. D. (2019). Corporate financial management (6th ed.). Pearson.

Atrill, P. (2017). Financial management for decision maker (8th ed.). Pearson Educación.

Brealey, R., Myers, S. y Allen, F. (2015). Principios de finanzas corporativas (11ª ed.). McGraw- Hill.

Congreso de Colombia (agosto de 2004). Ley 905 de 2004.

Chen, S. y Dodd, J. (1997). Economic Value Added (EVATM): An empirical examination of a new corporate performance measure. Journal of Managerial Issues 9(3), 318–333.

Damodaran.online. (2020). [Base de datos en línea]. http://pages.stern.nyu.edu/~adamodar/

DANE (2020a). Clasificación industrial internacional uniforme de todas las actividades económicas. Revisión 4 adaptada para Colombia. CIIU Rev. 4 A.C. https://n9.cl/uck72

DANE (2020b): Encuesta anual manufacturera. Anexos principales variables 2014-2018. https://n9.cl/giz1u

DANE (2020c): Encuesta anual manufacturera. Anexos principales variables 2019. https://n9.cl/smuc

Dumrauf, G. (2017). Finanzas corporativas: Un enfoque latinoamericano (3a ed.). Alfaomega.

Martin, J. y Petty, J. (2001). La gestión Basada en el valor. La respuesta de la empresa a la revolución del accionista. Ediciones Gestión 2000 S. A.

Modigliani, F. y Miller, M. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53, 433-443.

Obaidat, A. (2019). Is economic value added superior to earnings and cash flows in explaining market value added? an empirical study. International Journal of Business, Accounting and Finance, 13(1), 57-69.

Rivera, J. (2017). Introducción a la administración financiera: fundamentos y aplicaciones para crear valor (2ª reimpresión). Universidad del Valle.

Rivera, J. y Alarcón, D. (2012). El cargo de capital en la evaluación del desempeño financiero de empresas innovadoras de confecciones de Cali. Estudios Gerenciales, 38(123), 85-100.

Rivera, J. y Samboní, L. (2021). Desempeño financiero del sector de elaboración de productos lácteos en Colombia (2014-2019). Revista Entramado. [en revisión de pares].

Ross, S., Westerfield, R., Jaffe, J. y Jordan, B. (2019). Corporate finance (12th. ed.). McGraw-Hill.

Salaga, J., Bartosova, V. y Kicova, E. (2015). Economic value added as a measurement tool of financial performance. Procedia Economics and Finance, 26, 484-489.

Sharma, A., y Kumar, S. (2012). EVA versus conventional performance measures – empirical evidence from India. Proceeding of ASBBS, 19(1), 804-815.

Stern, J. M., y Willett, J. T. (Winter, 2014). A look back at the beginnings of EVA and value based management: An interview with Joel M. Stern. Journal of Applied Corporate Finance, 26(1), 39-46.

Stewart, B. (2000). En busca del valor. Ediciones Gestión 2000.

Superintendencia Financiera de Colombia. (2020). Tasa de interés y desembolsos por modalidad de crédito. https://n9.cl/dqgt9

Superintendencia de Sociedades. (2020). Portal de información empresarial (PIE). http://pie.supersociedades.gov.co

Worthington, A. y West, T. (2001). Economic value-added: A review of the theoretical and empirical literature. Asian Review of Accounting, 9(1), 67-86.

Zutter, C. y Smart, S. (2019). Principles of managerial finance brief (8th ed.). Pearson Education.

Financial management of the sme manufacturing dairy products in Colombia (2014-2019). (2021). Revista Estrategia Organizacional, 10(2). https://doi.org/10.22490/25392786.4960

Download Citation

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

COPYRIGHT AND OPEN ACCESS POLICY

Journal

The journal provides immediate open access to its content, based on the principle of giving the public free access to research and contributing to a greater global exchange of knowledge.

Therefore, it publishes under the Creative Commons 4.0 Attribution – Non-Commercial - Share-alike (BY-NC-SA) license: Commercial use of the original work or of possible derived works is not allowed, the distribution of which must be performed with a license equal to that which regulates the original work. To see more go to: http://creativecommons.org/licenses/by-nc-sa/4.0/

The journal allows self-archiving after publication with the version edited by the journal, both on personal websites and institutional repositories of the same area of knowledge, as long as the journal is directly cited and the URL leading to the article is given in the journal's Web space. The journal does not request any kind of forfeit of the managed content.

For all management, the Revista Estrategia Organizacional adheres to the COPE Code of Conduct for Journal Editors along with some COPE Best Practices Guidelines. The journal’s Code of Ethics can be found at:

http://selloeditorial.unad.edu.co/images/Documentos/OJS/ECACEN/C%C3%B3digo_de_%C3%A9tica.pdf

Author

The content of the article must be unpublished, it must not be in the process of evaluation by another institution, it must not have been distributed to third parties, there must be no legal or contractual limitation that prohibits the author from authorizing the use of their work in open access and in printed or digital form.

Obtaining reproduction rights for all graphical material (tables, figures, diagrams, photographs) is the responsibility of the authors. Therefore, they must send authorizations for the publication and use of this material.

Each author must sign the ‘Copyright Transfer Agreement’, transferring the rights to Universidad Nacional Abierta y A Distancia (UNAD) and the Revista Estrategia Organizacional.

The authors of the articles selected for publication must read and know the journal's code of ethics. In all cases, the Editor and Editorial Committee declare that the opinions expressed are the sole responsibility of the authors.

Preservation policy

Our journal preserves files through the servers of the UNAD newspaper library with the OJS platform. It has the PKP PLN tool that allows preserving the content of the journal regardless of where it is hosted. Thanks to the LOCKSS Private Network. The information can be expanded at: https://pkp.sfu.ca/2016/08/08/pkp-lockss-pln-update

Additionally, the journal has OAI-PMH interoperability protocols: Open Archives Initiative-Protocol for Metadata Harvesting. Details can be found at the following link: https://hemeroteca.unad.edu.co/index.php/revista-estrategica-organizacio/oai.

Published

Financial management of the sme manufacturing dairy products in Colombia (2014-2019)

Keywords