Tres determinantes de los costos pegajosos de empresas listadas en la Bolsa de Valores de Colombia, 1995-2022

Abstract

Three determinants of sticky costs in companies listed in the Colombian Securities Exchange Office, 1995-2022

Management decisions are necessary to steer companies, especially during periods of financial crisis. A key tool for evaluating such decisions is sticky costs. The article discusses stickiness in companies listed on the Colombian stock exchange from 1995 to 2022. Three determinants that can affect cost stickiness are examined: fixed asset turnover, ROA (Return on Assets), and the average cash cycle. A quantitative methodology is employed through multiple regression and a panel data model. It was found that 61.5% of the analyzed companies exhibit cost stickiness, primarily due to fixed asset turnover. It is recommended to analyze smaller companies, acknowledging the need to strengthen databases in Colombia. A limitation is the inconsistent reporting of financial information by the companies. This research is pioneering and innovative in Colombia, emphasizing the importance of management. It is concluded that further research on sticky costs in Colombia, using other determinants, is necessary.