Existem diferenças entre o desempenho financeiro das PMEs exportadoras e não exportadoras na Colômbia?
Publicado
Jul 12, 2022
Almetrics
Dimensions
Google Scholar
##plugins.themes.bootstrap3.article.details##
Resumo
Este estudo apresenta um teste de bootstrap para comparar medianas, robustas a outliers, para estabelecer se há diferenças ano a ano, de 2011 a 2018, entre o desempenho financeiro de PMEs exportadoras e não exportadoras em um país emergente como a Colômbia. Constatou-se que as PMEs exportadoras apresentam melhores indicadores contábeis básicos de vendas, ativos e lucros, além de melhor ROA e melhor ROE, porém menor liquidez e maior endividamento. No que se refere à margem de lucro líquido, constatou-se também que este indicador era o mesmo entre os dois tipos de empresas em 2011 e 2012, mas se deteriorou ao longo do tempo nas PMEs exportadoras, o que pode sugerir problemas de competitividade.
Keywords
Exporting company, financial performance, financial indicators, real sector, SMEs, ColombiaEmpresas exportadoras, desempeño financiero, indicadores financieros, sector real, pymes, ColombiaEmpresas exportadoras, desempenho financeiro, indicadores financeiros, setor real, PMEs, Colômbia
References
Amendolagine, V., Capolupo, R., & Petragallo, N. (2008). Export status and performance in a panel of Italian manufacturing firms. SERIES Working Paper No. 27. Università degli Studi di Bari “Aldo Moro”. http://www.seriesworkingpapers.it/RePEc/bai/series/Economia-Series27.pdf
Bartelsman, E., Haltiwanger, J., & Scarpetta, S. (2009). Measuring and analyzing cross-country differences in firm dynamics. En T. Dunne, J. B. Jensen & Mark J. Roberts (Eds.), Producer dynamics: New evidence from micro data (pp. 15–76). University of Chicago Press. https://doi.org/10.7208/9780226172576-004
Bellone, F., Musso, P., Nesta, L., & Schiavo, S. (2010). Financial constraints and firm export behaviour. The World Economy, 33(3), 347–373. https://doi.org/10.1111/j.1467-9701.2010.01259.x
Berman, N., & Héricourt, J. (2010). Financial factors and the margins of trade: Evidence from cross-country firm level data. Journal of Development Economics, 93(2), 206–217. https://doi.org/10.1016/j.jdeveco.2009.11.006
Bernard, A. B., & Jensen, J. B. (1999). Exceptional exporter performance: Cause, effect, or both? Journal of International Economics, 47(1), 1-25. https://doi.org/10.1016/S0022-1996(98)00027-0
Bernard, A. B., Jensen, J. B., Redding, S. J., & Schott, P. K. (2007). Firms in international trade. Journal of Economic Perspectives, 21(3), 105–130. https://doi.org/10.1257/jep.21.3.105
Bernini, M., Guillou, S., & Bellone, F. (2015). Financial leverage and export quality: Evidence from France. Journal of Banking & Finance, 59, 280–296. https://doi.org/10.1016/j.jbankfin.2015.06.014
Besley, S., & Brigham, E. F. (2009). Fundamentos de administración financiera, 14ª ed. Cengage Learning Inc.
Botazzi, G., Cefis, E., Dosi, G., & Secchi, A. (2007). Invariances and diversities in the evolution of Italian manifacturing industry. Small Business Economics, 29(1-2), 137–159. https://doi.org/10.1007/s11187-006-0014-y
Cassiman, B., Golovko, E., & Martínez-Ros, E. (2010). Innovation, exports and productivity. International Journal of Industrial Organization, 28(4), 372–346. https://doi.org/10.1016/j.ijindorg.2010.03.005
Chaney, T. (2016). Liquidity constrained exporters. Journal of Economic Dynamics and Control, 72, 141–154. https://doi.org/10.1016/j.jedc.2016.03.010
Costantini, J. A., & Melitz, M. J. (2009). The dynamics of firm-level adjustment to trade liberalization. En E. Helpman et al. , D. Marin & T. Verdier (Eds.), The organization of firms in a global economy (pp. 107–141). Harvard University Press. https://doi.org/10.4159/9780674038547-004
Departamento Administrativo Nacional de Estadística - DANE (2019a). Boletin técnico exportaciones. EXPO abril 2019. República de Colombia. https://www.dane.gov.co/files/investigaciones/boletines/exportaciones/bol_exp_abr19.pdf
Departamento Administrativo Nacional de Estadística - DANE (2019b). Balanza comercial anual. República de Colombia. https://www.dane.gov.co/index.php/estadisticas-por-tema/comercio-internacional/balanza-comercial
Dirección de Impuestos y Aduanas Nacionales - DIAN (2019). Directorio exportadores [Conjunto de datos de 2011 a 2018]. República de Colombia.
Dunne, T., Roberts, M. J., & Samuelson, L. (1988). Patterns of firm entry and exit in US manufacturing industries. The RAND Journal of Economics 19(4), 495–515. https://doi.org/10.2307/2555454
Efron, B., & Tibshirani, R. J. (1994). An introduction to the bootstrap. Chapman and Hall/CRC.
EMIS (2019). Perfiles de compañías y estados financieros. [Conjunto de datos] Recuperado de EMIS Professional Database. https://www.emis.com
Fryges, H., & Wagner, J. (2010). Exports and profitability: First evidence for German manufacturing firms. The World Economy, 33(3), 399–423. https://doi.org/10.1111/j.1467-9701.2010.01261.x
Gitman, L. J., & Zutter, C. J. (2016). Principios de administración financiera, 14a ed. Pearson.
Grazzi, M. (2012). Export and firm performance: Evidence on productivity and profitability of Italian companies. Journal of Industry, Competition and Trade, 12(4), 413–444. https://doi.org/10.1007/s10842-011-0102-9
Greenaway, D., Guariglia, A., & Kneller, R. (2007). Financial factors and exporting decisions. Journal of International Economics, 73(2), 377–395. https://doi.org/10.1016/j.jinteco.2007.04.002
Haltiwanger, J. C., Lane, J. I., & Spletzer, J. (1999). Productivity differences across employers: The roles of employer size, age, and human capital. American Economic Review, 89(2), 94–98. https://doi.org/10.1257/aer.89.2.94
Isaac-García, J. F., Flores-Rosales, O., Loredo-Torres, C. Z., & Isaac-García, C. (2009). Modelo de rentabilidad financiera en pymes exportadoras en México: considerando factores internos y externos. Observatorio de la Economía Latinoamericana, 116. https://www.eumed.net/cursecon/ecolat/mx/2009/grzc.htm
Isaac, J. F., Flores, O., Hernández, F., Torres, C. Z. L., & García, C. I. (2009). La rentabilidad económica (ROA) en las pymes exportadoras de Monterrey Nuevo León, México. Observatorio de la Economía Latinoamericana, 116. https://www.eumed.net/cursecon/ecolat/mx/2009/ifhtg.htm
Jensen, J. B., & McGuckjn, R. H. (1997). Firm performance and evolution: empirical regularities in the US microdata. Industrial and Corporate Change, 6(1), 25–47. https://doi.org/10.1093/icc/6.1.25
Kox, H. L. M., & Rojas-Romagosa, H. (2010). Exports and productivity selection effects for Dutch firms. De Economist, 158(3), 295–322. https://doi.org/10.1007/s10645-010-9147-0
Martínez-Caraballo, H., Prieto-Pulido, R., Hernández-Fernández, L., Portillo-Medina, R., & Logreira-Vargas, J. (2017). Desempeño financiero de las pequeñas y medianas empresas exportadoras de Barranquilla, Colombia. Revista Espacios, 38(53), 16. http://www.revistaespacios.com/a17v38n53/17385316.html
Morales-Acevedo, P., & Mendoza-Gutiérrez, J. C. (2008). Vulnerabilidad del sistema financiero colombiano ante fluctuaciones en los ingresos de las empresas exportadoras. Temas de Estabilidad Financiera, No. 34. Banco de la Republica de Colombia. https://repositorio.banrep.gov.co/handle/20.500.12134/2123
Movahedi, M., & Gaussens, O. (2011). Innovation, productivity, and export: Evidence from SMEs in Lower Normandy, France. MPRA Paper No. 40443. CREM – UMR 6211 Centre de Recherche en Economie et Management. https://mpra.ub.uni-muenchen.de/40443/
Ross, S. A., Westerfield, R. W., & Jaffe, J. F. (2012). Finanzas corporativas, 9ª ed. McGraw-Hill Interamericana.
Santamaría-Freire, E., & Oviedo, A. M. (2018). Efectos de la aversión al riesgo en estrategias de expansión sobre la participación de mercado. Sotavento M.B.A., 28(junio), 64–73. https://doi.org/10.18601/01233734.n28.07
Superintendencia Financiera de Colombia. (2021). Tasa de Cambio Representativa del Mercado -Historico. [Serie de datos]. https://www.datos.gov.co/Econom-a-y-Finanzas/Tasa-de-Cambio-Representativa-del-Mercado-Historic/mcec-87by
Temouri, Y., Vogel, A., & Wagner, J. (2013). Self-selection into export markets by business services firms–Evidence from France, Germany and the United Kingdom. Structural Change and Economic Dynamics, 25, 146–158. https://doi.org/10.1016/j.strueco.2012.02.004
Van Horne, J. C., & Wachowicz, J. M. (2010). Administración Financiera, 13ª ed. Prentice Hall.
Wu, R., & Miranda, M. J. (2015). Exports, investment and production growth: A dynamic heterogeneous firm model with learning and entry costs. Journal of International Trade and Economic Development, 24(8), 1037–1053. https://doi.org/10.1080/09638199.2014.998856
Yeaple, S. R. (2005). A simple model of firm heterogeneity, international trade, and wages. Journal of International Economics, 65(1), 1–20. https://doi.org/10.1016/j.jinteco.2004.01.001
Bartelsman, E., Haltiwanger, J., & Scarpetta, S. (2009). Measuring and analyzing cross-country differences in firm dynamics. En T. Dunne, J. B. Jensen & Mark J. Roberts (Eds.), Producer dynamics: New evidence from micro data (pp. 15–76). University of Chicago Press. https://doi.org/10.7208/9780226172576-004
Bellone, F., Musso, P., Nesta, L., & Schiavo, S. (2010). Financial constraints and firm export behaviour. The World Economy, 33(3), 347–373. https://doi.org/10.1111/j.1467-9701.2010.01259.x
Berman, N., & Héricourt, J. (2010). Financial factors and the margins of trade: Evidence from cross-country firm level data. Journal of Development Economics, 93(2), 206–217. https://doi.org/10.1016/j.jdeveco.2009.11.006
Bernard, A. B., & Jensen, J. B. (1999). Exceptional exporter performance: Cause, effect, or both? Journal of International Economics, 47(1), 1-25. https://doi.org/10.1016/S0022-1996(98)00027-0
Bernard, A. B., Jensen, J. B., Redding, S. J., & Schott, P. K. (2007). Firms in international trade. Journal of Economic Perspectives, 21(3), 105–130. https://doi.org/10.1257/jep.21.3.105
Bernini, M., Guillou, S., & Bellone, F. (2015). Financial leverage and export quality: Evidence from France. Journal of Banking & Finance, 59, 280–296. https://doi.org/10.1016/j.jbankfin.2015.06.014
Besley, S., & Brigham, E. F. (2009). Fundamentos de administración financiera, 14ª ed. Cengage Learning Inc.
Botazzi, G., Cefis, E., Dosi, G., & Secchi, A. (2007). Invariances and diversities in the evolution of Italian manifacturing industry. Small Business Economics, 29(1-2), 137–159. https://doi.org/10.1007/s11187-006-0014-y
Cassiman, B., Golovko, E., & Martínez-Ros, E. (2010). Innovation, exports and productivity. International Journal of Industrial Organization, 28(4), 372–346. https://doi.org/10.1016/j.ijindorg.2010.03.005
Chaney, T. (2016). Liquidity constrained exporters. Journal of Economic Dynamics and Control, 72, 141–154. https://doi.org/10.1016/j.jedc.2016.03.010
Costantini, J. A., & Melitz, M. J. (2009). The dynamics of firm-level adjustment to trade liberalization. En E. Helpman et al. , D. Marin & T. Verdier (Eds.), The organization of firms in a global economy (pp. 107–141). Harvard University Press. https://doi.org/10.4159/9780674038547-004
Departamento Administrativo Nacional de Estadística - DANE (2019a). Boletin técnico exportaciones. EXPO abril 2019. República de Colombia. https://www.dane.gov.co/files/investigaciones/boletines/exportaciones/bol_exp_abr19.pdf
Departamento Administrativo Nacional de Estadística - DANE (2019b). Balanza comercial anual. República de Colombia. https://www.dane.gov.co/index.php/estadisticas-por-tema/comercio-internacional/balanza-comercial
Dirección de Impuestos y Aduanas Nacionales - DIAN (2019). Directorio exportadores [Conjunto de datos de 2011 a 2018]. República de Colombia.
Dunne, T., Roberts, M. J., & Samuelson, L. (1988). Patterns of firm entry and exit in US manufacturing industries. The RAND Journal of Economics 19(4), 495–515. https://doi.org/10.2307/2555454
Efron, B., & Tibshirani, R. J. (1994). An introduction to the bootstrap. Chapman and Hall/CRC.
EMIS (2019). Perfiles de compañías y estados financieros. [Conjunto de datos] Recuperado de EMIS Professional Database. https://www.emis.com
Fryges, H., & Wagner, J. (2010). Exports and profitability: First evidence for German manufacturing firms. The World Economy, 33(3), 399–423. https://doi.org/10.1111/j.1467-9701.2010.01261.x
Gitman, L. J., & Zutter, C. J. (2016). Principios de administración financiera, 14a ed. Pearson.
Grazzi, M. (2012). Export and firm performance: Evidence on productivity and profitability of Italian companies. Journal of Industry, Competition and Trade, 12(4), 413–444. https://doi.org/10.1007/s10842-011-0102-9
Greenaway, D., Guariglia, A., & Kneller, R. (2007). Financial factors and exporting decisions. Journal of International Economics, 73(2), 377–395. https://doi.org/10.1016/j.jinteco.2007.04.002
Haltiwanger, J. C., Lane, J. I., & Spletzer, J. (1999). Productivity differences across employers: The roles of employer size, age, and human capital. American Economic Review, 89(2), 94–98. https://doi.org/10.1257/aer.89.2.94
Isaac-García, J. F., Flores-Rosales, O., Loredo-Torres, C. Z., & Isaac-García, C. (2009). Modelo de rentabilidad financiera en pymes exportadoras en México: considerando factores internos y externos. Observatorio de la Economía Latinoamericana, 116. https://www.eumed.net/cursecon/ecolat/mx/2009/grzc.htm
Isaac, J. F., Flores, O., Hernández, F., Torres, C. Z. L., & García, C. I. (2009). La rentabilidad económica (ROA) en las pymes exportadoras de Monterrey Nuevo León, México. Observatorio de la Economía Latinoamericana, 116. https://www.eumed.net/cursecon/ecolat/mx/2009/ifhtg.htm
Jensen, J. B., & McGuckjn, R. H. (1997). Firm performance and evolution: empirical regularities in the US microdata. Industrial and Corporate Change, 6(1), 25–47. https://doi.org/10.1093/icc/6.1.25
Kox, H. L. M., & Rojas-Romagosa, H. (2010). Exports and productivity selection effects for Dutch firms. De Economist, 158(3), 295–322. https://doi.org/10.1007/s10645-010-9147-0
Martínez-Caraballo, H., Prieto-Pulido, R., Hernández-Fernández, L., Portillo-Medina, R., & Logreira-Vargas, J. (2017). Desempeño financiero de las pequeñas y medianas empresas exportadoras de Barranquilla, Colombia. Revista Espacios, 38(53), 16. http://www.revistaespacios.com/a17v38n53/17385316.html
Morales-Acevedo, P., & Mendoza-Gutiérrez, J. C. (2008). Vulnerabilidad del sistema financiero colombiano ante fluctuaciones en los ingresos de las empresas exportadoras. Temas de Estabilidad Financiera, No. 34. Banco de la Republica de Colombia. https://repositorio.banrep.gov.co/handle/20.500.12134/2123
Movahedi, M., & Gaussens, O. (2011). Innovation, productivity, and export: Evidence from SMEs in Lower Normandy, France. MPRA Paper No. 40443. CREM – UMR 6211 Centre de Recherche en Economie et Management. https://mpra.ub.uni-muenchen.de/40443/
Ross, S. A., Westerfield, R. W., & Jaffe, J. F. (2012). Finanzas corporativas, 9ª ed. McGraw-Hill Interamericana.
Santamaría-Freire, E., & Oviedo, A. M. (2018). Efectos de la aversión al riesgo en estrategias de expansión sobre la participación de mercado. Sotavento M.B.A., 28(junio), 64–73. https://doi.org/10.18601/01233734.n28.07
Superintendencia Financiera de Colombia. (2021). Tasa de Cambio Representativa del Mercado -Historico. [Serie de datos]. https://www.datos.gov.co/Econom-a-y-Finanzas/Tasa-de-Cambio-Representativa-del-Mercado-Historic/mcec-87by
Temouri, Y., Vogel, A., & Wagner, J. (2013). Self-selection into export markets by business services firms–Evidence from France, Germany and the United Kingdom. Structural Change and Economic Dynamics, 25, 146–158. https://doi.org/10.1016/j.strueco.2012.02.004
Van Horne, J. C., & Wachowicz, J. M. (2010). Administración Financiera, 13ª ed. Prentice Hall.
Wu, R., & Miranda, M. J. (2015). Exports, investment and production growth: A dynamic heterogeneous firm model with learning and entry costs. Journal of International Trade and Economic Development, 24(8), 1037–1053. https://doi.org/10.1080/09638199.2014.998856
Yeaple, S. R. (2005). A simple model of firm heterogeneity, international trade, and wages. Journal of International Economics, 65(1), 1–20. https://doi.org/10.1016/j.jinteco.2004.01.001
Como Citar
Padilla Ospina, A. M. ., & Ospina Holguín, J. H. . (2022). Existem diferenças entre o desempenho financeiro das PMEs exportadoras e não exportadoras na Colômbia?. Cuadernos De Contabilidad, 23. https://doi.org/10.11144/Javeriana.cc23.eddf
Seção
Artículos
Este trabalho está licenciado sob uma licença Creative Commons Attribution 4.0 International License.