Efecto de la convergencia a normas internacionales de información financiera en empresas cotizantes de la bolsa de valores de Colombia

Abstract

The purpose of this document is to analyze the effect of adopting the International Financial Reporting Standards (IFRS), which is a compulsorily requirement to be complied with as of 2015, for companies listed on the Colombian Stock Exchange (BVC by its acronym in Spanish). For the purposes of this study, two samples were used. The first one, with 52 Colombian companies whose financial indicators such as Return on Equity (ROE), Operating Profit Margin (OPM) and Return on Invested Capital (ROIC) were obtained from the accounting information, and where the mean difference was applied, (These companies corresponded to the year 2014 before and after the IFRS.) The second sample had 32 companies. Their level of leverage, ordinary income, operating income, and profit and loss for the year were analyzed to determine the effects of these variables on their market capitalization, using the difference in differences method, taking 2014 as the control year without IFRS and 2015 as the year of treatment with IFRS. The findings show, that in the 52 companies studied, adopting the standards did not signal changes in financial indicators before and after IFRS, as does the stock market value in the sample of 32 companies.

Caracterización de las metodologías de investigación en finanzas bursátiles en Colombia del 2015 al 2020

“…). Por otro lado, de los 65 artículos con enfoque de investigación cuantitativo, el 46,15% tuvo un alcance correlacional(Améstica-Rivas et al, 2017;Carmona Muñoz & Criollo Obando, 2015;Carmona Muñoz & Vera Leyton, 2015;Clemente et al, 2019;Díaz Restrepo & Redondo Ramírez, 2019;Durango-Gutiérrez & Delgado-Vélez, 2017;Espinal Zapata et al, 2018;García Martínez, 2018;Gómez Sánchez & Astaiza Gómez, 2015;Gutiérrez Castañeda & Barrera Montoya, 2018;Hinojosa Treviño et al, 2015;Konraht et al, 2017;Laverde-Sarmiento et al, 2019;Limas & Franco, 2018;Linck & Frota Decourt, 2016;López-Juárez et al, 2019;Macías-Trejo et al, 2020; Méndez- Beltrán et al, 2018;Meneses Rivera et al, 2017;Pájaro Castro & Ramos Romero, 2015;Peña & Gómez-Mejía, 2019;Pereira de Andrade & Lopes Lucena, 2020;Ramos Barroso, 2019;Romero-Orjuela & Trilleras-Martínez, 2016;Ruiz Acosta et al, 2019;Sandoval- Álamos & Ortega-Pacheco, 2019;Sandoval Alamos et al, 2015;Vargas Pachón et al, 2019;Zavaleta Vázquez & Martínez Silva, 2015;Zúñiga-Pérez et al, 2020), el 30,77%…”