Análisis de la interrelación entre el apalancamiento operativo y financiero explicado a través de la Teoría Trade-Off para empresas del sector real en Colombia, que no cotizan en Bolsa entre los años 2005 al 2015

Abstract

In the present work, it was established that the companies belonging to the real sector of the Colombian economy that are not publicly listed actively adjust their levels of leverage (operational and financial), the analysis is determined for the years 2005 to 2015 using the postulates of Van Horne's Trade-Off Theory, which refers to the compensation hypothesis, predicting a negative correlation between the degree of operating leverage and the degree of financial leverage; because companies trade these two degrees of leverage to maintain a desired level of risk -- Based on the analysis of the financial reports reported by the Companies, a matrix was built with the different degrees of leverage; Through the data obtained, we can verify that there is a positive correlation, a result that is contrary to the hypothesis of compensation; In addition, it was found that the sectors with the highest leverage obtained a higher return (ROE), thus there is a clear exchange between risk and yield