Abstract

PINILLA BEDOYA, Jhon  and  MARTINEZ MUNOZ, Juan David. Effect of financial derivatives on the value of Latin America companies. Contad. Adm [online]. 2020, vol.65, n.4, 00005.  Epub Sep 13, 2021. ISSN 0186-1042.  https://doi.org/10.22201/fca.24488410e.2020.2461.

This paperwork has as goal to determine whether the decision to use financial derivatives or not has an effect on the value of organizations, as well as its behavior and magnitude within the business structure. For this, we had a sample of 60 companies that trade in ADRs and that belong to the countries of Argentina, Brazil, Chile, Colombia, Mexico and Peru. Three models were used based on the data panel for fixed effects, in which the independent variables: Tobin Q, RONA index and the Cash Flow, were taken for each of them, assuming that these indicators measure of somehow the value a company. The results showed consistency when establishing that the use of financial derivatives does not have a significant impact on their value, and on the contrary to what was thinking, they do not add value either. Regarding the strategies maintained in these portfolios by the companies, it was found that these are barely important within the corporate financial structure, and their results are questionable.

Keywords : G14; G23; G32; Financial derivatives; Company values; RONA; Tobin´s Q; Cash Flow.

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