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Heterogeneidad de los asociados y estructura de capital de las cooperativas no financieras en Colombia
[Associates’ heterogeneity and capital structure of the non-financial cooperatives in Colombia]

Author

Listed:
  • Giovanni Andrés Hernández Salazar

    (Universidad de la Sabana, Colombia.)

  • Ana María Olaya Pardo

    (Universidad de la Sabana, Colombia.)

  • Luz Elba Torres Guevara

    (Universidad de la Sabana, Colombia.)

Abstract

Esta investigación tiene como objetivo probar cuantitativamente la relación positiva y significativa entre la heterogeneidad socio-económica y del compromiso de los asociados, con la estructura de deuda de la cooperativa. Con información socio-económica de los asociados y los estados financieros discriminados a 6 dígitos contables reportada a la Confederación de Cooperativas de Colombia (Confecoop) durante el periodo 2009-2013, se estimaron modelos de emparejamiento de inferencia causal. Se concluye que existe una relación positiva y significativa entre la heterogeneidad socio-económica y del compromiso de los asociados y, el nivel de deuda de corto y largo plazo de las cooperativas no financieras en Colombia. Estos resultados se explican fundamentalmente por el deseo del asociado de proteger su patrimonio, suavizar el consumo y mitigar el riesgo.

Suggested Citation

  • Giovanni Andrés Hernández Salazar & Ana María Olaya Pardo & Luz Elba Torres Guevara, 2020. "Heterogeneidad de los asociados y estructura de capital de las cooperativas no financieras en Colombia [Associates’ heterogeneity and capital structure of the non-financial cooperatives in Colombia," REVESCO: Revista de estudios cooperativos, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Escuela de Estudios Cooperativos, issue 135, pages 69178-69178.
    • Handle: RePEc:ucm:reveco:y:2020:i:135:p:e69178
    DOI: 10.5209/REVE.69178
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    More about this item

    Keywords

    Organización Solidaria; Modelos de Emparejamiento; Heterogeneidad; Finanzas; Estructura de Deuda;
    All these keywords.

    JEL classification:

    • P13 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Cooperative Enterprises
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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