Determinantes del nivel de efectivo de las compañías colombianas

David Yepes; Diego Restrepo-Tobón

doi:10.17533/udea.le.n85a08

Autores/as

David Yepes Universidad EAFIT
Diego Restrepo-Tobón Universidad EAFIT

DOI:

https://doi.org/10.17533/udea.le.n85a08

Palabras clave:

nivel de efectivo, determinantes del nivel de efectivo, riesgo de subinversión, riesgo de refinanciación, acceso al crédito

Resumen

Este artículo investiga la evolución y los determinantes del nivel de efectivo para las compañías colombianas. A partir de información de los estados financieros de 2005 a 2012, y a través del análisis de panel dinámico usando el método generalizado de momentos en dos etapas (GMM2), se estudia el comportamiento de ajuste parcial del nivel de efectivo y la relación entre este nivel con el tamaño, el riesgo, el pago de dividendos, el capital de trabajo neto y la tasa de impuestos, los cuales son explicados por la teoría del intercambio compensatorio. Análogamente, se utiliza la teoría de la jerarquía financiera para explicar la relación del nivel de efectivo con el flujo de caja y la inversión. Además, se encontraron pruebas sobre las motivaciones de precaución que explican cómo las compañías reducen el riesgo de refinanciación y el riesgo de subinversión por medio del aumento del nivel de efectivo.

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Biografía del autor/a

David Yepes, Universidad EAFIT

Profesor del Departamento de Finanzas, Escuela de Economía y Finanzas, Universidad EAFIT.

Diego Restrepo-Tobón, Universidad EAFIT

Profesor del Departamento de Finanzas, Escuela de Economía y Finanzas, Universidad EAFIT.

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