Effect of convergence to International Financial Reporting Standards on Companies Listed in the Colombian Stock Exchange
| Autor | Liliana Elizabeth Ruiz Acosta, David Andrés Camargo Mayorga, Octavio Cardona García |
| Cargo | Contador Público y Magister en Gestión Empresarial. Docente Investigador de tiempo completo y miembro del grupo GECS de la Facultad de Ciencias Económicas de la Universidad Militar Nueva Granada/Economista, Magister en Economía y en Educación. Docente Investigador de tiempo completo y miembro del grupo de Estudios Contemporáneos en Contabilidad... |
| Páginas | 77-92 |
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AD-MINISTER
The Effect of Convergence on International Financial
Reporting Standards for Companies Listed on the
Colombian Stock Exchange1
Efecto de la convergencia a normas internacionales de información financiera en empresas
cotizantes de la bolsa de valores de Colombia2
ABSTRACT
The purpose of this document is to analyze the effect of adopting the International Financial Reporting
Standards (IFRS), which is a compulsorily requirement to be complied with as of 2015, for companies
listed on the Colombian Stock Exchange (BVC by its acronym in Spanish). For the purposes of this study,
two samples were used. The first one, with 52 Colombian companies whose financial indicators such
as Return on Equity (ROE), Operating Profit Margin (OPM) and Return on Invested Capital (ROIC) were
obtained from the accounting information, and where the mean difference was applied, (These companies
corresponded to the year 2014 before and after the IFRS.) The second sample had 32 companies. Their
level of leverage, ordinary income, operating income, and profit and loss for the year were analyzed to
determine the effects of these variables on their market capitalization, using the difference in differences
method, taking 2014 as the control year without IFRS and 2015 as the year of treatment with IFRS.
The findings show, that in the 52 companies studied, adopting the standards did not signal changes in
financial indicators before and after IFRS, as does the stock market value in the sample of 32 companies.
KEYWORDS
IFRS, stock market, financial indicators, share price.
RESUMEN
El propósito de este documento es analizar el efecto que tuvo la adopción de las Normas Internacionales
de Información Financiera (NIIF) de obligatorio cumplimiento a partir del año 2015, en empresas que
cotizan en la Bolsa de Valores de Colombia (BVC), para ello se utilizaron dos muestras, la primera: 52
empresas colombianas a las que se les aplicó una diferencia de medias a los indicadores financieros ROE,
OPM Y ROIC obtenidos de la información contable correspondiente al año 2014 antes y después de NIIF.
En la segunda muestra, de 32 empresas, se analizó el nivel de apalancamiento, los ingresos ordinarios,
el resultado operacional, y el resultado del ejercicio, para conocer los efectos de estas variables sobre el
1 Este artículo es un producto de investigación derivado del proyecto INV-ECO 2330 “Análisis de las
prácticas organizacionales producidas en el proceso de convergencia a normas internacionales de
información financiera en el Banco Colpatria-Multibanca Colpatria” financiado por la Vicerrectoría de
Investigaciones de la Universidad Militar Nueva Granada en vigencia 2017.
2 Contador Público y Magister en Gestión Empresarial. Docente Investigador de tiempo completo y
miembro del grupo GECS de la Facultad de Ciencias Económicas de la Universidad Militar Nueva Granada.
Correo electrónico: liliana.ruiz@unimilitar.edu.co. ORCID: https://orcid.org/0000-0003-3323-8480
3 Economista, Magister en Economía y en Educación. Docente Investigador de tiempo completo y
miembro del grupo de Estudios Contemporáneos en Contabilidad, Gestión y Organizaciones de la
Facultad de Ciencias Económicas de la Universidad Militar Nueva Granada. Correo electrónico: david.
camargo@unimilitar.edu.co. ORCID: https://orcid.org/0000-0002-5290-8251
4 Economista y asistente de investigación de la Universidad Militar Nueva Granada. Miembro del
Grupo de Estudios Contemporáneos en Contabilidad, Gestión y Organizaciones. Correo electrónico:
octavio.cardona.g@gmail.com. ORCID: https://orcid.org/0000-0001-6257-5270
LILIANA ELIZABETH
RUIZ ACOSTA
DAVID ANDRÉS CAMARGO
MAYORGA
OCTAVIO CARDONA GARCÍA
JEL: G, G, M, M.
Received: 01/02/2019
Modified: 06/11/2019
Accepted: 25/11/2019
DOI: https://doi.org/10.17230/
Ad-minister.35.3
AD-minister Nº. 35 julio - diciembre 2019 pp. 77 - 92 · ISSN 1692-0279 · eISSN 2256-4322
Liliana Elizabeth Ruiz Acosta · David Andrés Camargo Mayorga · Octavio Cardona García
The Effect of Convergence on International Financial Reporting Standards for Companies Listed on the Colombian Stock Exchange
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valor bursátil, utilizando el método de diferencia en diferencias, tomando el 2014 como año de control sin NIIF
y el 2015 como de tratamiento con NIIF. Los hallazgos muestran que, en las 52 empresas, la adopción de las
normas no señala la existencia de cambios en los indicadores financieros antes y después de las NIIF, al igual
que ocurre con el valor bursátil en la muestra de las 32 empresas.
PALABRAS CLAVE
NIIF, bolsa de valores, indicadores financieros, precio de acciones.
INTRODUCTION
Throughout the world, countries have undertaken dierent processes in order to
implement International Financial Reporting Standards (IFRS) in the accounting
of companies. This has generated dierent eects during the transition from local
to international accounting standards, eects that can be explained by the cultural
factors of each country (Clapp, 1967; Mueller, 1968; Choi, 1973), the size of companies
(Stent, Bradbury, & Hooks, 2010) or the conditions of the stock market of each nation
(Perera & Baudoun, 2007; Othman & Kossentini, 2016).
With respect to the direct eects on financial statements, some studies involving
market variables, such as those conducted by Mazars (2005); Alemany i Costa (2007);
Armstrong, Barth, Jagolinzer, & Riedl (2010); Horton & Serafeim (2010); and Othman
& Kossentini (2016) reach dierent conclusions regarding the use of accounting
information for decision-making by investors and the positive eects that arose in
some of those cases. With respect to the use of financial indicators calculated from
the accounting information of dierent companies to determine the changes that
occurred before and after IFRS, there are the works of Callao, Ferrer, Jarne & Lainez
(2009); Lantto & Sahlström (2009); Stent, Bradbury, & Hooks (2010); Mısırlıoğlu, Jon,
& Osman, (2013); Lueg, Pawel & Burkett (2014); Espinosa, Maquieira, Diaz & Abarca
(2015); and Simmer de Lima, Sampaio Franco de Lima & Gotti (2018), who by using
statistical methods such as Student t-test or Wilcoxon ranks, also attained dissimilar
results, suggesting that there is no consensus on the eects of implementing IFRS.
In the case of Colombia, the convergence indicated by Act 1314 of 2009
was considered in order to take as a basis, the best accounting practices at the
international level, going from an accounting based on Decree 2649 of 1993, of
generally accepted accounting principles COLGAAP (by its acronym in Spanish),
to the Colombian financial reporting standards NCIF (by its acronym in Spanish).
These are supported by the International Financial Reporting Standards (IFRS) as
laid out by the International Accounting Standards Board (IASB).
One of the core objectives of Act 1314 of 2009 was to improve productivity,
competitiveness and the development of business activity, as well as to ensure that
accounting reports oered understandable and homogeneous bases for information
users, in particular, domestic and foreign investors, thereby improving the quality
and transparency of financial information.
With reference to the foregoing, the objective of this paper is to examine the
eects of adopting IFRSsby comparing data from periods prior to and subsequent
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