Abstract

RAMIREZ-GUTIERREZ, Zoraida  and  GOMEZ-SANCHEZ, Andrés Mauricio. Determinants of the maturity structure of debt in unlisted companies of the industrial and construction sectors in Colombia from 2008 to 2014. Cuad. Contab. [online]. 2017, vol.18, n.45, pp.166-188. ISSN 0123-1472.  https://doi.org/10.11144/javeriana.cc18-45.devd.

This reflection article explores, analyzes, and formulates empirical evidences regarding the determinant variables of the term of the indebtedness (short term) of unlisted companies of the industrial and construction sectors in Colombia for the period from 2008 to 2014. According to the processing of the annual accounting and financial information of the companies of these sectors reported in the Business Information and Reporting System (Sirem) of the Superintendence of Companies, a database with two unbalanced panels for each sector was built. Subsequently, this information is modeled stochastically, estimating the variables for each sector by means of the method of fixed effects and random effects. Results, on one side, find that the fixed effects (within) better reflect the dynamics of the current indebtedness in both sectors and are conclusive as regards the behavior of the associated variables. On the other hand, it is empirically demonstrated that the construction sector, with its own characteristics of volatility and temporality, does not consider relevant the cost of indebtedness as a financial determinant. This aspect has the opposite behavior in the companies of the industrial sector, in which the interest rate differential constitutes a significant variable in the decisions of the term of indebtedness, based on its permanence and stability.

Keywords : Indebtedness; short-term debt; long-term indebtedness; accounting and financial information; construction sector; industrial sector; models with panel data; principle of financial compliance.

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