<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0121-4772</journal-id>
<journal-title><![CDATA[Cuadernos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Econ.]]></abbrev-journal-title>
<issn>0121-4772</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-47722020000100001</article-id>
<article-id pub-id-type="doi">10.15446/cuad.econ.v39n79.77290</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[HETEROGENEIDAD DE LOS ASOCIADOS, ESTRUCTURA DE CAPITAL Y RENTABILIDAD DE LAS COOPERATIVAS NO FINANCIERAS EN COLOMBIA]]></article-title>
<article-title xml:lang="en"><![CDATA[Heterogeneity of associates, capital structure and profitability of non-financial cooperatives in Colombia]]></article-title>
<article-title xml:lang="fr"><![CDATA[Hétérogénéité des associés, structure du capital et rentabilité des coopératives non financières en Colombie]]></article-title>
<article-title xml:lang="pt"><![CDATA[Heterogeneidade dos associados, estrutura de capital e rentabilidade das cooperativas não financeiras na Colômbia]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hernández Salazar]]></surname>
<given-names><![CDATA[Giovanni Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de la Sabana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<volume>39</volume>
<numero>79</numero>
<fpage>1</fpage>
<lpage>30</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-47722020000100001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-47722020000100001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-47722020000100001&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Esta investigación tiene como objetivo estudiar la estructura de capital y rentabilidad en organizaciones cooperativas. Con una base de datos de 199 cooperativas colombianas no financieras en el periodo 2009-2013 y estimando modelos panel, se encuentra que variaciones en la heterogeneidad socioeconómica de los asociados afecta la estructura de capital de largo plazo en 23%, la estructura de capital de corto plazo en 13% y la rentabilidad en 6%. Se concluye que el principio de libre entrada y salida de personas de organizaciones con propiedad colectiva y gobierno democrático incide en los indicadores financieros de la organización. JEL: G31, G32, G34, L25, L31.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This research aims to study the relationship between the member's heterogeneity and capital structure and profitability in cooperative organizations. The database was built with 199 Colombian non-financial cooperatives between 2009-2013. The main finding is that variations in the socio-economic heterogeneity of associates affect long-term capital structure by 23%, short-term capital structure by 13% and profitability by 6%. It is concluded that the principle of people' free entry and exit from organizations with collective property and democratic governance affects the organization's financial indicators. JEL: G31, G32, G34, L25, L31.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[RÉSUMÉ Cette investigation se propose d'étudier la structure de capital et la rentabilité d'organisations coopératives. Sur une base de données de 199 coopératives colombiennes non financières pour la période 2009-2013 et en considérant des modèles panel, on trouve que des variations dans l'hétérogénéité socioéconomique des associés affecte la structure du capital de long terme pour 23 %, celle du capital de court terme pour 13 % et la rentabilité à 6 %. On conclut que le principe de libre entrée et sortie de personnes d'organisations avec propriété collective et gouvernement démocratique a une incidence sur les indicateurs financiers de l'organisation. JEL: G31, G32, G34, L25, L31.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[RESUMO Esta pesquisa tem como objetivo estudar a estrutura de capital e rentabilidade em organizações cooperativas. Com uma base de dados de 199 cooperativas colombianas não financeiras no período 2009-2013 e estimando modelos de painel, se encontra que variações na heterogeneidade socioeconómica dos associados afeta a estrutura de capital de longo prazo em 23%, a estrutura de capital de curto prazo em 13% e a rentabilidade em 6%. Conclui-se que o princípio de livre entrada e saída de pessoas de organizações com propriedade coletiva e governo democrático incide nos indicadores financeiros da organização. JEL: G31, G32, G34, L25, L31.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[cooperativas]]></kwd>
<kwd lng="es"><![CDATA[estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[rentabilidad]]></kwd>
<kwd lng="es"><![CDATA[heterogeneidad de los asociados]]></kwd>
<kwd lng="en"><![CDATA[cooperatives]]></kwd>
<kwd lng="en"><![CDATA[capital structure]]></kwd>
<kwd lng="en"><![CDATA[profitability]]></kwd>
<kwd lng="en"><![CDATA[member's Heterogeneity]]></kwd>
<kwd lng="fr"><![CDATA[coopératives]]></kwd>
<kwd lng="fr"><![CDATA[structure de capital]]></kwd>
<kwd lng="fr"><![CDATA[rentabilité]]></kwd>
<kwd lng="fr"><![CDATA[hétérogénéité des associés]]></kwd>
<kwd lng="pt"><![CDATA[cooperativas]]></kwd>
<kwd lng="pt"><![CDATA[estrutura de capital]]></kwd>
<kwd lng="pt"><![CDATA[rentabilidade]]></kwd>
<kwd lng="pt"><![CDATA[heterogeneidade dos associados]]></kwd>
</kwd-group>
</article-meta>
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