Índices financieros que determinan el valor de la acción patrimonial en empresas de la Bolsa de Valores de Colombia, 2015-2018

Abstract

The main objective of this study is to determine the financial indices and the macro-economic variables that dictate the patrimonial share value of Colombian Stock Exchange companies between the years 2015 and 2018. A fixed-effect panel data model is used. The results show that companies with high liquidity and assets have increased equity share value. On the other hand, acquired high indebtedness and non-operational expenses reduces patrimonial action value. Regarding macroeconomic variables, the greater the economic growth of the business sector, the greater the patrimonial action value. In contrast, the higher the nominal interest rate and the dollar's nominal exchange rate, the lower the equity share value. It is concluded that investors can predict the performance of patrimonial action values by examining financial and macroeconomic indicators. (English) [ABSTRACT FROM AUTHOR]