Impacto de la pandemia en la deuda empresarial : un estudio sobre las pymes del sector comercial colombiano durante 2015 y 2022

Abstract

Corporate leverage is a factor that directly impacts companies’ financing capacity, liquidity, growth, and resilience in the face of adverse conditions. An adequate balance of debt is essential to ensure financial flexibility, avoid excessive borrowing costs, reduce the risk of default, maintain good access to credit, and preserve the company's valuation. Based on this premise, this research studied the impact of the COVID-19 pandemic on corporate indebtedness. For this purpose, financial ratios were calculated, and macroeconomic, geographic, statistical, and econometric variables were used, such as analysis of variance (ANOVA) and regression models, such as ordinary least squares (OLS) and generalized least squares (GLS). The results revealed a significant increase in the indebtedness of Colombian commercial SMEs in 2021 during the COVID-19 pandemic. Notable regional and temporal differences in debt levels were also found. Furthermore, larger companies, with higher operating income, higher cash levels, and investments in fixed assets tended to show higher levels of indebtedness.