Keywords
financial performance
financial indicators
real sector
SMEs
Colombia
How to Cite
Abstract
This study introduces a bootstrap test for comparison of medians, robust to outliers, to establish whether there are differences every year, from 2011 to 2018, between the financial performance of exporting and non-exporting SMEs in an emerging country such as Colombia. It was found that exporting SMEs present better basic accounting indicators of sales, assets and profits, in addition to a better ROA and a better ROE, but lower liquidity and higher indebtedness. Regarding the net profit margin, it was also found that this indicator was the same between both types of companies in 2011 and 2012, but it has deteriorated over time in exporting SMEs, which could suggest competitiveness problems.
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