Abstract

VALENCIA-CARDENAS,, Marisol et al. Financial Efficiency and Export Performance: an Empirical Approach. Semest. Econ. [online]. 2021, vol.24, n.56, pp.77-103.  Epub Aug 12, 2022. ISSN 0120-6346.  https://doi.org/10.22395/seec.v24n56a3.

Considering the growth of international business due to the globalization processes of economies, this study aims to evaluate the relationship between exports and the financial efficiency of a set of Colombian firms during the period between 2007 and 2015. For this purpose, linear mixed models and stochastic frontier analysis were used to identify the importance of current assets, the net return on assets and the duration of the companies. Thus, the results showed a positive contribution of current assets to export performance, while net asset profitability and firm duration showed a negative behavior with respect to the latter. The fact that the importance of current assets is positively related to export performance indicates that as the value exported increases, current assets increase, probably through inventory accounts and receivables. Likewise, the fact that the return on assets has a negative relationship shows that companies may be incurring high export costs that decrease their profits and consequently their profitability.

Keywords : Stochastic frontier analysis; linear mixed models; export performance; financial efficiency.

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