Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance

Flor Esther Salazar Guatibonza; Orlando Acosta

doi:10.15446/innovar.v31n82.98417

Publicado

2021-10-01

Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance

Financialization of non-financial companies and expansion of intangible assets in the structure of the balance sheet

Financiarização de empresas não financeiras e ampliação de ativos intangíveis na estrutura de balanço

DOI:

https://doi.org/10.15446/innovar.v31n82.98417

Palabras clave:

activos financieros, activos intangibles, financiarización , gobernanza corporativa , recompra de acciones (es)
ativos financeiros, ativos intangíveis, financiarização , governança corporativa, recompra de ações (pt)
Financial assets, intangible assets, financialization , corporate governance , share buybacks (en)

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Autores/as

Flor Esther Salazar Guatibonza Universidad Nacional de Colombia http://orcid.org/0000-0002-3415-2737
Orlando Acosta Universidad Nacional de Colombia https://orcid.org/0000-0002-1267-098X

La financiarización de grandes corporaciones no financieras ha hecho énfasis sobre dos hechos que se identifican a partir de la década de 1980, a los cuales la literatura atribuye efectos negativos sobre la inversión. Estos hechos están representados por el aumento de pagos a accionistas y la acumulación de activos financieros. En este estudio, se analiza la evolución en la composición de activos de grandes empresas no financieras haciendo uso de la información financiera disponible de la base Compustat North America para el periodo 1980-2018. A partir de la exploración de datos, se identifica que existe una característica adicional que consiste en la creciente participación de intangibles que se observa en las estructuras de balance financiero. Esta evidencia permite discutir cómo este tipo de activos pueden dar cuenta de la forma como se instrumenta la financiarización de grandes empresas. Esto también tiene que ver con los marcos normativos de información financiera y sus disposiciones para el reconocimiento de intangibles en los reportes financieros. Como aspecto diferencial, se agrega a la literatura actual que el reforzamiento de una tendencia de acumulación de activos financieros e intangibles está caracterizando el citado proceso de financiarización en el ámbito de las firmas no financieras.

The financialization of non-financial large corporations has emphasized two facts that have been identified since the 1980s. The spe- cialized literature attributes negative effects on investment to these facts, which are represented by the increase in payments to shareholders and the accumulation of financial assets. In this study, the trend in the composition of assets of large companies will be examined. For that purpose, we will use the financial information available at Compustat North America database for the period 1980-2018, which allows identifying an additional charac- teristic that consists of the growing participation of intangibles observed in the structure of the balance sheet. The evidence opens the debate on how these assets could account for the way in which the financialization of large companies is implemented, and also has to do with financial re- porting regulatory frameworks and their provisions for the recognition of intangibles in balance sheet accounts. As a differentiating aspect, this work contributes to the existing literature on the field by suggesting that the reinforcement of a trend of accumulation of financial and intangible assets is characterizing the financialization process of non-financial firms.

a financiarização de grandes corporações não financeiras tem enfatizado os fatos que são identificados a partir da década de 1980, aos quais a literatura atribui efeitos negativos sobre o investimento. Esses fatos estão representados pelo aumento de pagamentos a acionistas e pela acumulação de ativos financeiros. Neste estudo, é analisada a evolução na composição de ativos de grandes empresas não financeiras fazendo uso da informação financeira disponível da base Compustat North America para o período 1980-2018. A partir da exploração de dados, é identificado que existe característica adicional que consiste na crescente participação de intangíveis que é observada nas estruturas de balanço financeiro. Essa evidência permite discutir como esse tipo de ativos pode evidenciar a forma em que a financiarização de grandes empresas é instrumentada. Isso também está relacionado com os contextos normativos de informação financeira e suas disposições para o reconhecimento de intangíveis nos relatórios financeiros. Como aspecto diferencial, é agregada à literatura atual que o reforço de uma tendência de acumulação de ativos financeiros e intangíveis está caracterizando o citado processo de financiarização no âmbito das empresas não financeiras.

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APA

Salazar Guatibonza, F. E. y Acosta, O. (2021). Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance. Innovar, 31(82), 145–160. https://doi.org/10.15446/innovar.v31n82.98417

ACM

[1]

Salazar Guatibonza, F.E. y Acosta, O. 2021. Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance. Innovar. 31, 82 (oct. 2021), 145–160. DOI:https://doi.org/10.15446/innovar.v31n82.98417.

ACS

(1)

Salazar Guatibonza, F. E.; Acosta, O. Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance. Innovar 2021, 31, 145-160.

ABNT

SALAZAR GUATIBONZA, F. E.; ACOSTA, O. Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance. Innovar, [S. l.], v. 31, n. 82, p. 145–160, 2021. DOI: 10.15446/innovar.v31n82.98417. Disponível em: https://revistas.unal.edu.co/index.php/innovar/article/view/98417. Acesso em: 13 ago. 2024.

Chicago

Salazar Guatibonza, Flor Esther, y Orlando Acosta. 2021. «Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance». Innovar 31 (82):145-60. https://doi.org/10.15446/innovar.v31n82.98417.

Harvard

Salazar Guatibonza, F. E. y Acosta, O. (2021) «Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance», Innovar, 31(82), pp. 145–160. doi: 10.15446/innovar.v31n82.98417.

IEEE

[1]

F. E. Salazar Guatibonza y O. Acosta, «Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance», Innovar, vol. 31, n.º 82, pp. 145–160, oct. 2021.

MLA

Salazar Guatibonza, F. E., y O. Acosta. «Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance». Innovar, vol. 31, n.º 82, octubre de 2021, pp. 145-60, doi:10.15446/innovar.v31n82.98417.

Turabian

Salazar Guatibonza, Flor Esther, y Orlando Acosta. «Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance». Innovar 31, no. 82 (octubre 15, 2021): 145–160. Accedido agosto 13, 2024. https://revistas.unal.edu.co/index.php/innovar/article/view/98417.

Vancouver

1.

Salazar Guatibonza FE, Acosta O. Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance. Innovar [Internet]. 15 de octubre de 2021 [citado 13 de agosto de 2024];31(82):145-60. Disponible en: https://revistas.unal.edu.co/index.php/innovar/article/view/98417

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2. Jesús Daniel Rico Buitrago, Diego Fernando Galviz Cataño , Diego Fernando Hernández , Diego Andrés Marulanda Garcés . (2023). Tendencias en la investigación universitaria. Una visión desde Latinoamérica. Volumen XXI. , p.194. https://doi.org/10.47212/tendencias2023vol.xxi.14.

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