<?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>0123-1472</journal-id>
<journal-title><![CDATA[Cuadernos de Contabilidad]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Contab.]]></abbrev-journal-title>
<issn>0123-1472</issn>
<publisher>
<publisher-name><![CDATA[Pontificia Universidad Javeriana]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-14722017000100166</article-id>
<article-id pub-id-type="doi">10.11144/javeriana.cc18-45.devd</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Determinantes de la estructura de vencimiento de la deuda en las empresas no cotizadas de los sectores industrial y de la construcción en Colombia de 2008 a 2014]]></article-title>
<article-title xml:lang="en"><![CDATA[Determinants of the maturity structure of debt in unlisted companies of the industrial and construction sectors in Colombia from 2008 to 2014]]></article-title>
<article-title xml:lang="pt"><![CDATA[Determinantes da estrutura de vencimento da dívida em empresas não cotadas do setor industrial e de construção na Colômbia de 2008 a 2014]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ramírez-Gutiérrez]]></surname>
<given-names><![CDATA[Zoraida]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
<xref ref-type="aff" rid="Aaf"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gómez-Sánchez]]></surname>
<given-names><![CDATA[Andrés Mauricio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
<xref ref-type="aff" rid="Aaf"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad del Cauca  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Valencia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>España</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad del Cauca  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidad de Valencia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>España</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2017</year>
</pub-date>
<volume>18</volume>
<numero>45</numero>
<fpage>166</fpage>
<lpage>188</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-14722017000100166&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-14722017000100166&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-14722017000100166&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen  Este artículo de reflexión explora, analiza y formula evidencias empíricas en torno a las variables determinantes del plazo del endeudamiento (corto plazo) de las empresas no cotizadas de los sectores industrial y de la construcción en Colombia para el periodo de 2008 a 2014. De acuerdo con el procesamiento de la información contable y financiera anual de las empresas de estos sectores que están reportadas en el Sistema de Información y Reporte Empresarial (Sirem) de la Superintendencia de Sociedades, se construye una base de datos con dos paneles desbalanceados para cada sector. Posteriormente, dicha información es modelada estocásticamente, estimándose las variables para cada sector por medio del método de efectos fijos y efectos aleatorios. Los resultados de un lado encuentran que los efectos fijos (within) recogen mejor la dinámica del endeudamiento corriente en ambos sectores, y son concluyentes en lo que atañe al comportamiento de las variables asociadas. Por otro lado, se demuestra empíricamente que el sector de la construcción, con sus características propias de volatilidad y temporalidad, no otorga relevancia al costo del endeudamiento como determinante financiero. Dicho aspecto tiene el comportamiento contrario en las empresas del sector industrial, en las cuales el diferencial de tasas de interés constituye una variable significativa en las decisiones del plazo de endeudamiento, fundamentado en su permanencia y estabilidad.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  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.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo  Este artigo de reflexão explora, analisa e formula evidências empíricas em torno às variáveis determinantes do prazo de endividamento (curto prazo) das empresas não cotadas do setor industrial e da construção na Colômbia para o período de 2008 a 2014. De acordo com o processamento da informação contábil e financeira anual das empresas desses setores reportadas no Sistema de Informação e Relatório Empresarial (Sirem) da Superintendência de Sociedades, constrói-se uma base de dados com dois painéis desbalanceados para cada sector. Posteriormente, tal informação é modelada estocásticamente, se estimando as variáveis para cada setor por meio do método de efeitos fixos e efeitos aleatórios. Os resultados, de um lado encontram que os efeitos fixos (within) refletem melhor a dinâmica do endividamento corrente em ambos os sectores, e são conclusivos quanto ao comportamento das variáveis associadas. De outro lado, demonstra-se empiricamente que o setor da construção, com suas características próprias de volatilidade e temporalidade, não outorga relevância ao custo de endividamento como determinante financeiro. Tal aspecto tem o comportamento oposto nas empresas do setor industrial, nas quais o diferencial de taxa de juros constitui uma variável significativa nas decisões do prazo de endividamento, fundamentado na sua permanência e estabilidade.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Endeudamiento]]></kwd>
<kwd lng="es"><![CDATA[endeudamiento de corto plazo]]></kwd>
<kwd lng="es"><![CDATA[endeudamiento de largo plazo]]></kwd>
<kwd lng="es"><![CDATA[información contable y financiera]]></kwd>
<kwd lng="es"><![CDATA[sector construcción]]></kwd>
<kwd lng="es"><![CDATA[sector industrial]]></kwd>
<kwd lng="es"><![CDATA[modelos con datos de panel]]></kwd>
<kwd lng="es"><![CDATA[principio de conformidad financiera]]></kwd>
<kwd lng="en"><![CDATA[Indebtedness]]></kwd>
<kwd lng="en"><![CDATA[short-term debt]]></kwd>
<kwd lng="en"><![CDATA[long-term indebtedness]]></kwd>
<kwd lng="en"><![CDATA[accounting and financial information]]></kwd>
<kwd lng="en"><![CDATA[construction sector]]></kwd>
<kwd lng="en"><![CDATA[industrial sector]]></kwd>
<kwd lng="en"><![CDATA[models with panel data]]></kwd>
<kwd lng="en"><![CDATA[principle of financial compliance]]></kwd>
<kwd lng="pt"><![CDATA[Endividamento]]></kwd>
<kwd lng="pt"><![CDATA[endividamento de curto prazo]]></kwd>
<kwd lng="pt"><![CDATA[endividamento de longo prazo]]></kwd>
<kwd lng="pt"><![CDATA[informação contábil e financeira]]></kwd>
<kwd lng="pt"><![CDATA[setor construção]]></kwd>
<kwd lng="pt"><![CDATA[sector industrial]]></kwd>
<kwd lng="pt"><![CDATA[modelos com dados de painel]]></kwd>
<kwd lng="pt"><![CDATA[principio de conformidade financeira]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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