Colombian Companies Research Articles

Evaluating the Financial Performance of Colombian Companies: A Data Envelopment Analysis Without Explicit Inputs and Technique for Order Preference by Similarity to the Ideal Solution Approach

The evaluation and ranking of companies in any sector are generally based on a single measure of financial success, so the results obtained vary according to the classification criteria used. This study applies a multi-criteria approach to develop a classification of the largest companies in Colombia based on their financial results for the period 2022–2023. An analysis of 100 companies was conducted, utilizing four critical criteria: operating income, net profit, total assets, and equity. The evaluation followed a two-stage process. In the first stage, the weights or importance of each selected criterion were objectively established using data envelopment analysis without explicit inputs (DEA-WEIs). This approach reveals that operating income (35.23%) and total assets (28.57%) are the most influential criteria, while net profit is the least influential (13.51%). In the second stage, companies are ranked using the Technique for Order Preference by Similarity to the Ideal Solution (TOPSIS), with the results highlighting Refinería de Cartagena, Empresas Públicas de Medellín, and Terpel S.A. as the top-performing companies. The classification shows clear differentiation, forming two statistically distinct groups validated through discriminant analysis, achieving a 100% correct classification rate. These findings provide actionable insights for benchmarking and improving financial performance in the corporate sector.

Cultural profiles evaluation and their impact on the performance of production systems in Colombian companies using data analytics

Strategically managing production systems is crucial for creating value and enhancing the competitive capabilities of companies. However, research on organizational culture within these systems is scarce, particularly in the Colombian context. This research aims to evaluate cultural profiles and their impact on the performance of production systems in Colombian firms. The regional focus is vital as cultural and contextual factors can vary significantly between regions, influencing organizational behavior and performance outcomes. To achieve this, we make a study in a sample of Colombian companies, with participation from working students of the Universidad Nacional Abierta y a Distancia (UNAD). We used a data analytics approach to collected data. The results will be relevant to both the scientific community and business practitioners. This research seeks to determine whether the perception of the work environment within a company influences the perceived performance of the company. The findings will provide a deeper understanding of the relationship between organizational culture and production system performance, offering a foundation for business decision-making and enhancing competitiveness in Latin American context.

The Role of Human Values in the Relationship Between Industry 4.0 and Job Insecurity in an Emerging Economy

ABSTRACTThis study analyses the relationship between Industry 4.0, human values and job insecurity in Colombia against significant technological changes and global economic challenges. It aims to understand how human values mediate the relationship between Industry 4.0's technological advances and the perception of job security in the current era of economic and social uncertainty. Utilising a Likert scale, the study gathered 714 survey responses from employees in medium and large Colombian companies. The study used a multistage multivariate analysis approach, starting with unidimensionality analysis, followed by reliability and validity analysis to measure accuracy. Exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) were subsequently employed to test the underlying factor structures of the data. Finally, structural equation modelling integrated the findings, forming a model that sheds light on the relationships among the studied variables. The analysis revealed strong human values such as commitment, collaboration, tolerance, honesty and loyalty in the workplace. Interestingly, participants had a low perception of job insecurity, indicating a more complex relationship between technological advancements and job security perceptions. This study offers valuable insights into how human values shape the workforce's response to the rapid changes of Industry 4.0, particularly in an emerging economy like Colombia.

Characteristics of Labor Well-being in Colombian Micro and Small Enterprises

This article presents the analysis of the characteristics of labor well-being in Colombian micro and small enterprises, this was developed through a documentary review from the model of Hoyos (2010), it is a qualitative research, where 42 investigations were collected, which were consulted in databases such as: Science Direct, Refseek, Redalyc, Scielo, Google Scholar and Dialnet, in addition to exploring the repositories of Colombian universities such as: UNAD, Uniminuto, ECCI, Usanbuenaventura, EAFIT, Unipiloto, UGranada, UTecnológica, UJavieriana, UAndes, UCatólica, UNIR, among others, of which, 13 were adjusted with the categories: Practices of Labor Well-being, Theories of Labor Well-being, Needs in Collaborators and Sociodemographic Data, then descriptive synoptic sheets were constructed and then an analysis by category matrix was made, finally, a data analysis was carried out with the ATLAS.ti tool, which allows discerning the object of study through semantic networks. In this order, it is found that activities related to communication, incentives and motivation are part of the activities used as work welfare practices; as for the theoretical positions of well-being at work, the most supported is the one given by the WHO (2010), which is also defined from satisfaction and quality of life; Among the most outstanding needs to develop welfare programs is dissatisfaction in communication with colleagues and managers, ignorance of the responsibilities in their position, among others, on the other hand, there is evidence of a disregard to establish sociodemographic profiles, that is, companies do not consider it when planning or implementing workplace welfare actions. It concludes the need to build labor welfare policies and practices sensitive to the cultural and economic context for Colombian companies, this means recognizing the importance of adaptive and pragmatic approaches in microenterprises and the integration of more structured and theoretical approaches in small enterprises.

Revisión de las cualificaciones y competencias para la adopción de la Logística 4.0 en el contexto empresarial colombiano

This article presents a quantitative and qualitativeanalysis through the application of a questionnaire whose purpose is to identify the qualifications required for positions in the Logistics and Transportation sector in the Colombian business sector, identifying the educational level for the different positions reported by the companies and presenting the salary range. Additionally, information is sought on practices in the sector associated with the control of logistics costs and an identification of the technical skills necessary to adopt logistics 4.0. Evidence is obtained that, although the National Qualifications Framework for the Logistics and Transportation sector reports necessary qualifications up to the university undergraduate level, Colombian companies already have staff at the master's level. Additionally, it is reported that the practices for cost control are improvement projects in both processes and the use of technology and optimization. ILIA: Investigaciones Latinoamericanas en Ingeniería y Arquitectura, No. 01, 2024: 140-145.

Artificial Intelligence in Organizations in Colombia

The implementation of Artificial Intelligence (AI) in organizations in Colombia has been increasing in recent years, and it is expected to continue growing in the near future. Companies in Colombia have begun to use AI in different areas, such as data analysis, customer service, process automation, and decision-making. Among the strategies applied for the implementation of AI in organizations is the adoption of cloud technologies, the use of machine learning algorithms, collaboration with technology providers and the formation of specialized teams. However, the implementation of AI in organizations has also raised concerns regarding the impact on the employability of people. Although AI is expected to improve efficiency and productivity, some tasks and jobs are also expected to be damaged by automation. It is necessary that companies in Colombia adopt policies and strategies that allow a fair transition towards the implementation of AI, to minimize the negative impact on employability and to take advantage of the benefits that this technology can offer.

Are material ESG issues making their way into key audit matters? An analysis of Colombian innovative companies

This study examines whether auditors are innovating in their audit reports by incorporating material environmental, social, and governance (ESG) issues from companies' sustainability reports into the Key Audit Matters (KAMs) section. Additionally, it assesses whether ESG performance influences this inclusion. Content analysis was conducted on the materiality matrices of sustainability reports and KAMs disclosures for 20 Colombian companies listed on the COLCAP index during the period 2019–2021. Using logistic regression analysis, we examined relationships between ESG scores and KAMs disclosure of material ESG issues. The results obtained show that auditors strongly emphasise governance but tend to overlook social and environmental issues within their KAMs. Furthermore, higher governance scores increase the likelihood of ESG consideration in the KAMs, while lower profitability and leverage also lead to greater ESG inclusion in the KAMs. This pioneering study offers an initial analysis of whether material ESG issues arising from sustainability reports also appear in KAMs disclosures, thus addressing a significant literature gap. The study findings suggest that auditors need appropriate guidance and enhanced competencies to perform holistic ESG risk evaluation, as the acceptance of integrated sustainability reporting is gaining momentum globally.

Market Failure, Information Asymmetries, and Monopoly Profits: The Barranquilla Railway and Pier Company in Colombia, 1888–1933

Market Failure, Information Asymmetries, and Monopoly Profits: The Barranquilla Railway and Pier Company in Colombia, 1888–1933

Reinsurance Companies’ Knowledge Management in Bogotá Colombia

Business knowledge management is a crucial element and a quality differentiator in the services provided by organizations. However, despite their knowledge, due to the lack of strategic knowledge management, reinsurance companies in Colombia limit their organizational development, their strategies to respond to competition, and the generation of opportunities for expansion into other markets. This issue may converge in an inadequate and non-harmonic organizational culture. This paper analyzes and interprets the study categories: prevention, mitigation, transfer, acceptance, research, and appropriation of knowledge on management carried out by reinsurance organizations in Bogota, Colombia. The aim is to establish indicators that respond to the potential effects of reinsurance. The study uses a qualitative approach, descriptive scope, and case study design. From the formulation of improvement guidelines, it has been possible to establish that the companies in the reinsurance sector, taken as a unit of study, have been made aware of the importance and role of adequate knowledge management in the progress and the business projection.

Requirements management in software development companies in Colombia

Requirements management in software development companies in Colombia

The Mediating Role of Eco-Innovation between Adaptive Environmental Strategy, Absorptive Capacity, and Environmental Performance

This article delves into the role of adaptive environmental strategies, absorptive capacity, and eco-innovation in enhancing environmental performance, particularly in the context of market turbulence. The study, conducted among 568 companies in Colombia, employs structural equation modeling to evaluate relationships between the studied variables. The findings suggest that adaptive strategies alone do not directly impact environmental performance, emphasizing the need for integration with eco-innovation initiatives. Moreover, organizations with high absorptive capacity can leverage market turbulence to drive eco-innovative initiatives, highlighting the indirect yet significant impact of market turbulence on environmental performance through absorptive capacity. The study underscores the critical role of eco-innovation in directly influencing environmental outcomes, suggesting that the effectiveness of adaptive strategies and absorptive capacities hinges on successful eco-innovation initiatives. These insights offer practical guidance for organizations seeking to enhance their environmental performance in turbulent markets, providing a roadmap for sustainable business practices.

Dangerous winds: Criminal threats and the indigenized security of wind power in Colombia

AbstractGlobal energy companies have regularly depended on state and private security for sustaining their operations, often with deadly consequences for union leaders, environmental defenders, and local communities. This article examines how these security arrangements are mutating amid the rapid expansion of renewable energy in Latin America. It uncovers how wind energy companies in Colombia rely on Indigenous knowledge, social networks, and legal norms to safeguard themselves in La Guajira, a border region reputed by outsiders as haunted by criminality and (il)legal practices. Through long‐term ethnographic research of corporate spaces, I argue that Wayúu lifeways are mobilized by green energy capital to craft a hybrid security apparatus that, though failure‐prone, is crucial for Colombia's low‐carbon future. This case reveals how corporate and Indigenous configurations of protection and risk prevention work in tandem across sites that are being demarcated for the energy transition and climate change mitigation in Latin America.

PENTA as a model for advanced integrated cancer management in low-resource settings.

e13783 Background: Cancer models are reactive, fragmented, and volume-based care, in which the lack of coordination between different layers of care, along with clinical and quality variability, technological pressure, and dominant positions, result in high levels of inefficiency and waste, affecting economic sustainability and hence effective access. This is prohibitive for low-resource settings. Modern healthcare system models in this scenarios should focus on solve this problems. Comprehensive cancer management needs a reorientation towards value- and efficiency-generating architectures.Usual redesigns have focused on direct cost containment through intensified audits or new contracting and payment modalities between stakeholders. However, the real impact of these strategies is marginal, increasing sectoral mistrust and failing to meet the quintuple aim. PENTA is a comprehensive cancer management framework to optimize cancer patient care, with emphasis on clinical governance, data guidance, and clinical-administrative alignment. This is an operational model for stakeholders in low-resource settings. PENTA model has been successfully implemented in health insurance companies in Colombia and in private insurance branch in Peru. Methods: PENTA has been applied since 2020. We employed a work methodology based on the Agile-2 matrix, which allows for fluidity and lower resource consumption. This methodology is hybrid and its execution begins with an initial diagnosis of the process within the partner company. This diagnosis includes prioritizing interventions from each of the axes, but understanding that this is a systemic project that includes 5 fundamental axes. This axes must be worked on simultaneously and interdependently to achieve the greatest value. Axes are: 1. Smart Risk Management, 2. Advanced Clinical Gobernance, 3. Value Audit, 4. Technology Management and 5. Value-based Contracting Focus on managing inefficiencies and waste (optimization model), PENTA can generate early results across various dimensions such as clinical variability and technology costs. Structuring and using a cross-cutting data architecture is fundamental to the model's development into a data control tower. Results: Implementation of a data control tower for cancer cohorts , development of joint clinical pathways (insurer-payer) for prioritized diseases, clinical practice agreements with hierarchical positions on high-cost medications, implementation of mini health technology assessments (HTAs), and generation of new prospective payment modalities based on performance adjustment. The estimated savings generated are $1.5 million for the phase 2 in Colombia and $800,000 for the phase 1 in Peru. Conclusions: PENTA is an agile framework for cancer management that can be sucessfully adapted to low-resource settings.

A Deep Dive into the Trajectory and Transformation of Fintech in Colombia Through the Case of PTM Colombia – A Secondary Publication

This research focuses on analyzing and understanding the evolution and impact of fintech companies in Colombia, using PTM Colombia as a case study, a company that has undergone a significant transformation from its beginnings as a provider of physical recharges to its current position. as a comprehensive platform for digital financial services. The current research uses a qualitative descriptive approach and emphasizes understanding the perceptions and experiences in the field of Fintech in Colombia, particularly in the case of PTM Colombia. The study revealed that adaptability and customer orientation have been fundamental in the evolution of PTM, allowing the company to expand its range of services by actively listening to the needs of its users and adjusting its strategies accordingly. In addition, an accelerated and diversified growth of Fintech will be observed in Colombia, particularly in sectors such as credit and payments, driven by a constantly advancing technological environment and a regulatory framework that, although it presents challenges, also offers opportunities for financial innovation. This growth has impacted the traditional banking sector, which, instead of being replaced by Fintech, is finding new forms of collaboration and coexistence that benefit both parties and, above all, the end consumer. In conclusion, the study highlights how Fintech in Colombia, represented by cases such as PTM, is redefining the financial landscape through the adoption of advanced technologies, collaboration with traditional banking, and strong customer orientation.

Analysis of social responsibility in the financial performance of colombian companies

The study explored the relationship between Corporate Social Responsibility (CSR) and financial performance in Colombian companies. A comprehensive analysis of academic literature was conducted, and a survey was administered to 10 individuals from 5 different companies in Colombia. Results showed a positive association between CSR and financial performance, with 60% of the studies supporting this relationship. Additionally, the importance of CSR disclosure and the need for effective management aligned with international standards were highlighted. In the survey, it was found that the majority of companies had formal CSR policies and believed in their importance for future success. This suggests that investment in socially responsible practices can have positive impacts on both brand reputation and financial outcomes for Colombian companies. In conclusion, CSR emerges as a key factor for sustainable development in Colombian companies.

Effect Of the Disclosure of Corporate Social Responsibility Practices on The Financial Value of The Companies Listed on The Colombian Stock Exchange

This research project intends to analyze the financial effects caused by the implementation of Corporate Social Responsibility (CSR) in companies, and the shareholders’ perspective regarding the disclosure of these practices in the stock market. The Colombian Stock Exchange (BVC) market’s reaction was studied, using as a reference 20 companies included in the COLCAP index. The influence of this CSR-type announcements published in important local newspapers was analyzed. The results show that the social practices developed by the Colombian companies listed on the BVC have a positive relationship with financial performance; this fact is evidenced by the change in the share price.

Assessment of the Colombian long-term energy planning scenarios for the national hydrocarbon value chain: Insights from the TIMES-O&G model

Using energy system modeling tools has successfully contributed to energy planning for mid-century energy sector decarbonization goals at different levels, such as national, regional, and global scenarios. In this way, these tools provide scientific evidence to define long-term strategies per the objectives set, such as energy self-sufficiency, energy transition, and decarbonization, which includes each sector's actions. Hydrocarbons are one of the most studied sectors due to their relevance in the energy sector. However, more work needs to be reported on analyzing the implications of these actions and exploring what the role of this sector may be in the strategy of the country or region. This study models a conceptual company's oil and gas value chain at a country level, exploring its role in the long-term vision of Colombian energy strategy. We developed a TIMES-O&G model, tested on three scenarios based on Colombia's National Energy Plan. In the short and medium term, the possibility of adding new resources could indicate how quickly the Colombian hydrocarbon market will lose its self-sufficiency since by 2030 and 2040, imports of natural gas and crude oil will exceed national production, respectively, leading O&G company in Colombia would lose its role as a producer of hydrocarbons, and from 2040, its value chain would be limited to being an importer of raw materials for refining to meet the national fuel demand; the preceding would imply an increase in costs of 15 and 18% of the system for the upgrading and inflection scenarios concerning the base case scenario. Moreover, the refineries are identified as the primary sector that must be decarbonized in the short and long term, considering their importance in the value chain they represent.

The board director’s role in the relationship between organizational innovation and organizational learning in the sustainability innovation performance: an approximation from culture context

AbstractThis research analyzes the moderating effects of the board of directors and cultural distance in the relationship between organizational exploration and exploitation and its effect on the selection of entry modes to a country. A structural equation model is carried out with a sample of 1535 exporting companies in Colombia, Perú, Ecuador, and Bolivia. Our findings emphasize the vital role of the board of directors in shaping a company’s international market entry strategies, even in Bolivia’s distinct environment. When board directors possess the necessary competencies to navigate cultural disparities, they facilitate the complexities of entering foreign markets. Additionally, maintaining a balance between exploration and exploitation plays a pivotal role in shaping a company’s approach to market entry. This insight is valuable across diverse economic settings and contributes to academic research and practical international business decision-making.

Intangible assets and their effects on business performance: an analysis for Colombian companies

Intangible assets (IAs) are fundamental for the creation of firm value. However, the literature is inconclusive regarding the relationship between IAs and profitability. This paper uses financial data from Colombian firms from 2005 to 2015 to determine if this relationship exists. Thirty dynamic panel models have been used to see whether IAs are related to Return on Equity, Return on Assets, Earnings Before Interest and Taxes, Earnings Before Interest, Taxes, Depreciation, and Amortization, Gross margin, and Net margin. The results, despite a limited sample size and missing variables, are related to the literature in that they signal the negative relationship between IAs and profitability. Thus, the capitalized value of IAs seems to negatively affect Colombian firms' performance in the short and long term.

Unveiling greenwashing in Colombian manufacturing: A machine learning approach

Greenwashing is the misleading use of environmental claims to market non-eco-friendly products, a growing concern as environmentally conscious consumers seek eco-friendly options. This study aims to identify factors that allow the detection of “greenwashing” practices in Colombian companies across various industrial sectors holding certifications such as ISO14001, the Colombian environmental seal, the district environmental excellence program, or international/regional environmental certifications. We employed a quantitative, cross-sectional methodology using three machine learning algorithms (Decision Tree Classification, Random Forest, Logistic Regression) and the double machine learning technique to identify causal effects and significant variables. Additionally, a greenwashing indicator was formulated, considering two variables: (a) Presence of a comprehensive solid waste management plan, and (b) Presence of a water usage and conservation program. Our findings reveal substantial variations in the adoption of environmental management practices across diverse industrial sectors and regions in Colombia. It is noteworthy that our research emphasizes that: (i) companies with an environmental contingency plan and a monitoring program are less likely to engage in greenwashing; (ii) expenses for personnel dedicated to environmental protection activities and the investment and expenses related to air and climate protection also reduce the likelihood of greenwashing; (iii) companies in the manufacturing of non-metallic mineral products sector are more likely to engage in greenwashing. It was also found that a significant proportion of Colombian industrial companies with environmental certifications do not fully embrace sustainable practices, implying limited effectiveness of environmental certifications in the country (56,09%). This research contributes to the taxonomy of greenwashing by delving into various types identified in the literature. It sheds light on selective disclosure, emphasizing that mere certification without tangible actions can constitute greenwashing. The broadened concept of decoupling now includes not only meeting shareholder expectations but also failing to meet those set by certifications. Attention deflection involves diverting focus toward certifications rather than real investments in environmental practices. Deceptive manipulation occurs when certifications create a misleading perception without concrete actions. Additionally, dubious authorizations and labels are revealed, showcasing the vulnerability of eco-labels to fraud. The study enriches existing categories, viewing certifications as potential instruments for greenwashing, reinforcing the need for substantial, measurable actions to validate sustainability claims.