Accounting performance and economic value added of the paper, cardboard and derivatives manufacturing SMEs in Colombia
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Keywords
EVA, Market value added (MVA), Return on assets (ROA), Return on equity (ROE), SME, Paper, Cardboard and paper products industry
Abstract
The objective of this research is to evaluate the accounting performance and economic value added of small and medium-sized companies that produce paper, cardboard and derivatives in Colombia in the period 2017-2022, using as a method the static and trend analysis of accounting and value management indicators that measure their growth, efficiency, efficacy and effectiveness. It is found that the SME's sales grow, and it achieves an average accounting return. The average return on assets and equity of the medium-sized company is higher because it is more effective in controlling costs and expenses, which compensates for its lower efficiency in the use of assets; but unlike the small company, it destroys value. A comparison with the company in the paper, cardboard and derivatives sector shows that it also increases its sales and achieves a higher return on equity than the SME but creates less aggregate economic value per monetary unit invested than the small company.
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Jorge Alberto Rivera Godoy, Universidad del Valle
PhD in Economics and Business Administration, Universidad Autónoma de Madrid, Spain. Professor of the School of Management Sciences, Universidad del Valle, Cali, Colombia. Coordinator of the research group in Economic Value Generation (Category C Colciencias). E-mail: jorge.rivera@correounivalle.edu.co Orcid: http://orcid.org/0000-0003-2319-1674.
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