<?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>0121-6805</journal-id>
<journal-title><![CDATA[Revista Facultad de Ciencias Económicas: Investigación y Reflexión]]></journal-title>
<abbrev-journal-title><![CDATA[Rev.fac.cienc.econ.]]></abbrev-journal-title>
<issn>0121-6805</issn>
<publisher>
<publisher-name><![CDATA[Facultad de Ciencias Económicas Universidad Militar Nueva Granada]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-68052023000100053</article-id>
<article-id pub-id-type="doi">10.18359/rfce.6305</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La relación del valor económico agregado (EVA) y el retorno del mercado accionario colombiano del 2009 al 2020]]></article-title>
<article-title xml:lang="en"><![CDATA[The relationship between Economic Value Added (EVA) and the Colombian Stock Market Return from 2009 to 2020]]></article-title>
<article-title xml:lang="pt"><![CDATA[A relação entre o Valor Econômico Adicionado (EVA) e o retorno do mercado de ações colombiano de 2009 a 2020]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lezama Palomino]]></surname>
<given-names><![CDATA[Juan Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Laverde Sarmiento]]></surname>
<given-names><![CDATA[Miguel Ángel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[García Carillo]]></surname>
<given-names><![CDATA[Jorge Fernando]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional de Colombia Universidad Santo Tomás ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Santo Tomás  ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Santo Tomás  ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<volume>31</volume>
<numero>1</numero>
<fpage>53</fpage>
<lpage>67</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-68052023000100053&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-68052023000100053&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-68052023000100053&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: uno de los métodos aceptados para evaluar el desempeño de las empresas es el EVA, que es una medida que cuantifica la creación de valor que genera la empresa; se espera que a medida que se mejora el indicador, también lo haga la valoración de la empresa, de este modo, el valor de mercado aumenta. En este sentido, se han realizado trabajos para medir el efecto del Eva en el comportamiento de los precios de las acciones con resultados dispares; sin embargo, no existe un consenso al respecto, pues los resultados han sido diferentes según el país, el periodo y las metodologías empleadas. La presente investigación analiza la relación del EVA con los retornos del mercado accionario colombiano para el periodo 2009-2020, aplicando un análisis correlacional y un modelo econométrico; entre los principales resultados se encuentra que el sector que más ha creado valor en los últimos años es el sector financiero, y que el spread del EVA presenta una correlación positiva y estadísticamente significativa con el NOPAT, ROE y ROIC. Además, se encontró que el EVA no afecta el comportamiento de los retornos de los principales sectores que participan en la bolsa de valores de Colombia.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: One of the accepted methods for evaluating company performance is Economic Value Added (EVA), a metric that quantifies the value creation generated by the company. It is expected that as this indicator improves, so does the company's valuation, thereby increasing its market value. In this regard, studies have been conducted to measure the effect of EVA on stock price behavior, yielding mixed results. However, there is no consensus on this matter, as the outcomes have varied depending on the country, period, and methodologies used. This research examines the relationship between EVA and returns in the Colombian stock market for the period 2009-2020, employing a correlational analysis and an econometric model. Among the main findings, it was observed that the financial sector has created the most value in recent years, and the EVA spread shows a positive and statistically significant correlation with NOPAT, ROE, and ROIC. Additionally, it was found that EVA does not impact the behavior of returns in the major sectors participating in the Colombian stock exchange.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo: um dos métodos aprovados para a avaliação do desempenho das empresas é o EVA, que é uma medida que quantifica a criação de valor gerada pela empresa; espera-se que, à medida que esse indicador melhora, a avaliação da empresa também melhore, aumentando assim, consequentemente, o valor de mercado. Nesse sentido, foram realizados estudos para medir o efeito do EVA no comportamento dos preços das ações, com resultados variados, no entanto, não há um consenso a respeito, pois os resultados têm sido diferentes de acordo com o país, o período e as metodologias utilizadas. Esta pesquisa analisa a relação do EVA com os retornos do mercado de ações colombiano no período de 2009 a 2020, aplicando uma análise de correlação e um modelo econométrico. Entre os principais resultados, destaca-se que o setor que mais criou valor nos últimos anos é o setor financeiro, e que o spread do EVA apresenta uma correlação positiva e estatisticamente significativa com o NOPAT, ROE e ROIC. Ademais, foi constatado que o EVA não afeta o comportamento dos retornos dos principais setores que participam da bolsa de valores da Colômbia.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[retorno de las acciones]]></kwd>
<kwd lng="es"><![CDATA[valor económico agregado]]></kwd>
<kwd lng="es"><![CDATA[PCSE]]></kwd>
<kwd lng="es"><![CDATA[correlación de Spearman]]></kwd>
<kwd lng="es"><![CDATA[Spread del EVA]]></kwd>
<kwd lng="en"><![CDATA[stock returns]]></kwd>
<kwd lng="en"><![CDATA[Economic Value Added]]></kwd>
<kwd lng="en"><![CDATA[PCSE (Panel Corrected Standard Errors)]]></kwd>
<kwd lng="en"><![CDATA[Spearman correlation]]></kwd>
<kwd lng="en"><![CDATA[EVA Spread.]]></kwd>
<kwd lng="pt"><![CDATA[retorno das ações]]></kwd>
<kwd lng="pt"><![CDATA[Valor Econômico Adicionado]]></kwd>
<kwd lng="pt"><![CDATA[PCSE]]></kwd>
<kwd lng="pt"><![CDATA[correlação de Spearman]]></kwd>
<kwd lng="pt"><![CDATA[spread do EVA]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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