Abstract

RIVERA GODOY, Jorge Alberto  and  PAJAJOY HERNANDEZ, Mario Fernando. STONE AGGREGATES IN COLOMBIA: ¿AN INDUSTRY THAT CREATESVALUE?. Tend. [online]. 2018, vol.19, n.2, pp.22-44. ISSN 0124-8693.  https://doi.org/10.22267/rtend.181902.96.

The purpose of this article is to know the financial performance of the stone aggregate industry for construction in Colombia in the period 2010-2015, through a study that follows as an methodology the analysis of accounting indicators and economic value added that account for its growth, efficiency, efficacy and effectiveness.

It is found that this industry grows and generates accounting returns in each of the years, and the variant behavior of its effectiveness depends mainly on the effectiveness in the control of costs and expenses; however, only in two years, added economic value (EVA) is created, and its aggregate market value (VMA) is negative.

This industry is a value destroyer because the return on net operating assets is lower than the cost of capital in four years of the six years evaluated. The EVA presents ups and downs and follows the trend of profitability.

The results found could be strengthened if similar studies could be made for more homogeneous groups of companies in terms of age, size and geographical location.

JEL: G10, G32, M40, L72

Keywords : Economic value added (EVA); market value added; financial performance; efficiency, effectiveness and efficacy financial indicators; EVA inductors; stone aggregate industry..

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