Income Tax and Value Creation in Colombian Companies
ABSTRACT Financial literature has developed a theoretical framework on business management called Value Management, this topic has not yet been accounted for economic and monetary policies as a key factor to establish the convenience and effects of tax related decisions over business value creation....
- Autores:
-
Gutiérrez Castañeda, Belky Esperanza
Escobar Ortiz, Daniella
Vásquez Arango, Lorena
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2019
- Institución:
- Universidad de Antioquia
- Repositorio:
- Repositorio UdeA
- Idioma:
- eng
- OAI Identifier:
- oai:bibliotecadigital.udea.edu.co:10495/30628
- Acceso en línea:
- https://hdl.handle.net/10495/30628
- Palabra clave:
- Bolsa de valores
Stock-exchange
Impuestos sobre la renta
Income tax
Creación de valor
Gerencia del valor
- Rights
- openAccess
- License
- http://purl.org/coar/access_right/c_abf2
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| dc.title.spa.fl_str_mv |
Income Tax and Value Creation in Colombian Companies |
| dc.title.alternative.spa.fl_str_mv |
Impuesto a la renta y creación de valor en empresas colombianas |
| title |
Income Tax and Value Creation in Colombian Companies |
| spellingShingle |
Income Tax and Value Creation in Colombian Companies Bolsa de valores Stock-exchange Impuestos sobre la renta Income tax Creación de valor Gerencia del valor |
| title_short |
Income Tax and Value Creation in Colombian Companies |
| title_full |
Income Tax and Value Creation in Colombian Companies |
| title_fullStr |
Income Tax and Value Creation in Colombian Companies |
| title_full_unstemmed |
Income Tax and Value Creation in Colombian Companies |
| title_sort |
Income Tax and Value Creation in Colombian Companies |
| dc.creator.fl_str_mv |
Gutiérrez Castañeda, Belky Esperanza Escobar Ortiz, Daniella Vásquez Arango, Lorena |
| dc.contributor.author.none.fl_str_mv |
Gutiérrez Castañeda, Belky Esperanza Escobar Ortiz, Daniella Vásquez Arango, Lorena |
| dc.subject.lemb.none.fl_str_mv |
Bolsa de valores Stock-exchange Impuestos sobre la renta Income tax |
| topic |
Bolsa de valores Stock-exchange Impuestos sobre la renta Income tax Creación de valor Gerencia del valor |
| dc.subject.proposal.spa.fl_str_mv |
Creación de valor Gerencia del valor |
| description |
ABSTRACT Financial literature has developed a theoretical framework on business management called Value Management, this topic has not yet been accounted for economic and monetary policies as a key factor to establish the convenience and effects of tax related decisions over business value creation. The aim of the research is to evaluate the economic and financial impact of income tax on business value creation of Colombia´s Stock Exchange companies (BVC, “Bolsa de Valores de Colombia” in Spanish) within a five year period (2012-2017). The study was made using accounting metric tools through the event study methodology allowing to calculate the Cumulative Abnormal Return (CAR), and utilizing a multivariate regression model with the dependent variable CAR and the independent variables EVA, P/E, ROE and EPS. Income tax policies established during the study period in tax reforms had neither a direct nor a proportional effect on value generation. |
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2019 |
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2019 |
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2022-09-13T20:46:19Z |
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2022-09-13T20:46:19Z |
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info:eu-repo/semantics/article |
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http://purl.org/coar/resource_type/c_2df8fbb1 |
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Artículo de revista |
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http://purl.org/coar/resource_type/c_6501 |
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publishedVersion |
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0719-7713 |
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https://hdl.handle.net/10495/30628 |
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0719-6245 |
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0719-7713 0719-6245 |
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https://hdl.handle.net/10495/30628 |
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eng |
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eng |
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application/pdf |
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Universidad de Concepción, Escuela de Administración y Negocios. |
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GIFI - Grupo de Investigación en Finanzas de la UdeA |
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Universidad de Antioquia |
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1812173289969156096 |
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Gutiérrez Castañeda, Belky EsperanzaEscobar Ortiz, DaniellaVásquez Arango, Lorena2022-09-13T20:46:19Z2022-09-13T20:46:19Z20190719-7713https://hdl.handle.net/10495/306280719-6245ABSTRACT Financial literature has developed a theoretical framework on business management called Value Management, this topic has not yet been accounted for economic and monetary policies as a key factor to establish the convenience and effects of tax related decisions over business value creation. The aim of the research is to evaluate the economic and financial impact of income tax on business value creation of Colombia´s Stock Exchange companies (BVC, “Bolsa de Valores de Colombia” in Spanish) within a five year period (2012-2017). The study was made using accounting metric tools through the event study methodology allowing to calculate the Cumulative Abnormal Return (CAR), and utilizing a multivariate regression model with the dependent variable CAR and the independent variables EVA, P/E, ROE and EPS. Income tax policies established during the study period in tax reforms had neither a direct nor a proportional effect on value generation.RESUMEN: A pesar de que la literatura financiera ha desarrollado un marco de administración gerencial denominado gerencia del valor, la política económica no ha integrado el tema como un factor importante para establecer la conveniencia y efectos de las decisiones en materia tributaria sobre la creación de valor empresarial. El objetivo de la investigación se enfoca en evaluar el impacto económico y financiero del impuesto de renta sobre la creación de valor empresarial de las compañías que cotizan en la Bolsa de Valores de Colombia durante los años 2012 al 2017. El estudio se realizó utilizando herramientas contabilométricas por medio de la metodología de estudio de eventos que permite el cálculo del Retorno Anormal Acumulado (CAR), además de la utilización de un modelo de regresión multivariable con la variable dependiente CAR y las variables independientes EVA, P/U, ROE y UPA; encontrando que, en los distintos escenarios, las nuevas políticas establecidas en el impuesto de renta sustentado por las reformas tributarias publicadas durante el periodo de estudio no tienen una relación directa ni proporcional que afecte la generación de valor de las empresas en Colombia, representado por la muestra de empresas que cotizan en la BVC.application/pdfengUniversidad de Concepción, Escuela de Administración y Negocios.GIFI - Grupo de Investigación en Finanzas de la UdeAinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/redcol/resource_type/CJournalArticleArtículo de revistahttp://purl.org/coar/version/c_970fb48d4fbd8a85info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2https://creativecommons.org/licenses/by/4.0/Income Tax and Value Creation in Colombian CompaniesImpuesto a la renta y creación de valor en empresas colombianasBolsa de valoresStock-exchangeImpuestos sobre la rentaIncome taxCreación de valorGerencia del valorRevista Academia & Negocios718451LICENSElicense.txtlicense.txttext/plain; charset=utf-81748https://bibliotecadigital.udea.edu.co/bitstream/10495/30628/2/license.txt8a4605be74aa9ea9d79846c1fba20a33MD52ORIGINALGutierrezBelky_2019_IncomeTaxCompanies.pdfGutierrezBelky_2019_IncomeTaxCompanies.pdfArtículo de revistaapplication/pdf434113https://bibliotecadigital.udea.edu.co/bitstream/10495/30628/3/GutierrezBelky_2019_IncomeTaxCompanies.pdf57e6f2b0a1b30c6486a2541d85943174MD5310495/30628oai:bibliotecadigital.udea.edu.co:10495/306282022-09-13 16:01:45.036Repositorio Institucional Universidad de Antioquiaandres.perez@udea.edu.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 |