<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422020000400005</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2020.2461</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Efecto de los derivados financieros en el valor de las empresas latinoamericanas]]></article-title>
<article-title xml:lang="en"><![CDATA[Effect of financial derivatives on the value of Latin America companies]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pinilla Bedoya]]></surname>
<given-names><![CDATA[Jhon]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Martínez Muñoz]]></surname>
<given-names><![CDATA[Juan David]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Antioquia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<volume>65</volume>
<numero>4</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422020000400005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422020000400005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422020000400005&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El presente artículo tiene como finalidad conocer si la decisión de usar o no derivado financieros tiene un efecto en el valor de las organizaciones, así como su comportamiento y magnitud dentro del esquema empresarial. Para ello, se dispuso de una muestra de 60 compañías que negocian en ADR&#8217;s y que pertenecen a los países de Argentina, Brasil, Chile, Colombia, México y Perú. Se usaron 3 modelos basados en la metodología de panel de datos por efectos fijos, en los cuales se tomaron para cada uno de ellos las variables independientes: Q de Tobin, índice RONA y Flujo de Caja, al suponer que estos indicadores miden de una u otra manera el valor una compañía. Los resultados mostraron consistencia al establecer que, para la muestra seleccionada, el uso de los derivados financieros no tiene un impacto significante en el valor de las mismas, y que, por el contrario, a lo pensado, tampoco agregan valor. En cuanto a las estrategias mantenidas en estos portafolios por parte de las compañías objeto de análisis, se encontró que pocas veces estas son importantes dentro de la estructura financiera empresarial, y que a la hora de la verdad sus resultados son cuestionables.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract 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.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[G14]]></kwd>
<kwd lng="es"><![CDATA[G23]]></kwd>
<kwd lng="es"><![CDATA[G32]]></kwd>
<kwd lng="es"><![CDATA[Derivados financieros]]></kwd>
<kwd lng="es"><![CDATA[Valor de las empresas]]></kwd>
<kwd lng="es"><![CDATA[RONA]]></kwd>
<kwd lng="es"><![CDATA[Q de Tobin]]></kwd>
<kwd lng="es"><![CDATA[Flujo de caja]]></kwd>
<kwd lng="en"><![CDATA[G14]]></kwd>
<kwd lng="en"><![CDATA[G23]]></kwd>
<kwd lng="en"><![CDATA[G32]]></kwd>
<kwd lng="en"><![CDATA[Financial derivatives]]></kwd>
<kwd lng="en"><![CDATA[Company values]]></kwd>
<kwd lng="en"><![CDATA[RONA]]></kwd>
<kwd lng="en"><![CDATA[Tobin´s Q]]></kwd>
<kwd lng="en"><![CDATA[Cash Flow]]></kwd>
</kwd-group>
</article-meta>
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