Examinando por Materia "Q de Tobin"

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    Publicación
    Incidencia de las coberturas con derivados financieros en el valor de mercado en empresas del MILA (2018-2022)
    (Universidad EAFIT, 2024) Castañeda Cuadros, Brayan Iván; Giraldo Prieto, César Augusto
    The present study examines the impact of financial derivatives hedging on the market value of a sample of 40 companies listed on the MILA between 2018 and 2022, whose emerging economies exhibit historical volatility. To do so, 10 companies from each country (Chile, Colombia, Peru, and Mexico) were analyzed. The information was treated as panel data using a fixed-effects linear regression model, with the Q Tobin as the dependent variable serving as an indicator of market value associated with financial derivatives hedging strategies. The results consistently indicate that, for the selected sample, the use of financial derivatives does not have a significant impact on their value, and, contrary to expectations, they also do not add value. Regarding the strategies maintained in these portfolios by the analyzed companies, it was found that they are rarely important within the corporate financial structure, and their results are questionable. The study is of interest to investors, entrepreneurs, and other stakeholders interested in understanding the implications of engaging in financial derivatives hedging.
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    Publicación
    Relación entre el costo de capital de las empresas y la calificación ESG en el MILA
    (Universidad EAFIT, 2024) Álvarez Mendoza, Daniela; Montoya Ramírez, Juan Camilo; Alonso Villamil, Fernando
    Considering the relevance of sustainability practices in the market, the relationship between the ESG rating, its pillars and the cost of capital of a sample of 119 companies listed in MILA between 2015 and 2022 was established. The methodological approach was mixed. From the qualitative approach, credit risk rating and Tobin's Q variables were used given their impact on the cost of debt and cost of equity, respectively, to analyze their behavior together with the ESG score (and its pillars) where it was found that high ESG scores seem to generate lower WACC. From a quantitative point of view, a correlational analysis was performed between the WACC and the ESG score (and its pillars), based on the linear regression method, which did not show a direct relationship between the evolution of the ESG rating and the evolution of the WACC.