Abstract

SOLANO-BENAVIDES, Elcira; ACOSTA-ARIZA, Edson  and  PADRON-TAMARA, María. Speed of Adjustment of the Optimal Capital of the Companies of the Colombia Securities Exchange. ecos.econ. [online]. 2020, vol.24, n.51, pp.45-79.  Epub Jan 01, 2022. ISSN 1657-4206.  https://doi.org/10.17230/ecos.2020.51.3.

The speed of adjustment is different for each economy due to its unique characteristics; therefore, the objective of this study was to estimate the speed of adjustment of the indebtedness of the companies listed on the Colombian Stock Exchange in the period 2015-2018. For such estimation, quantitative methodology was used, through an Arellano and Bond econometric model. One of the main results is that the rate of adjustment of the optimal capital of companies was 73 %; that is to say that companies take on average 8.76 months to adjust their indebtedness. It was also concluded that the companies listed on the Colombian Stock Exchange set objective levels of indebtedness and that, given the variables studied, they have a good rate of adjustment.

Keywords : Indebtedness; Speed of adjustment; Arrellano and Bond; Optimal capital..

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