Contenido del informe de avance del proyecto. Efectos en el costo de capital social (Equity) tras la adopción de las Normas internacionales de información financiera en las principales empresas de Colombia

Abstract

Cost of equity is interpreted as return required of the investment by investors in companies (Besley, Brigham and Gomez, 2001), therefore, according to the theoretical revision, a change in the accounting standard has repercussions on the information of the companies, and, at the same time, in some of their indicators. The purpose of the research is to identify the effect on the expected social capital of the main Colombian companies included in the COLCAP stock index after the adoption of the International Financial Reporting Standards (IFRS). Through a bibliographic review, it is identified that the most appropriate methodology for the Colombian context is the CAPM model, which analyzes the period between 2009 and 2017, which contains information calculated according to local and international standards. It is found that the implementation of the IFRS does not generate a significant influence in the change of the cost of equity of the companies studied, unlike variables such as the level of indebtedness, the Operational Margin, the ROE and the growth of the companies. This research is relevant because this type of analysis has not been carried out in Colombia and there are few previous papers in Latin America.