Economic growth as a determinant of cash flows for companies in the industrial sector of Caldas - Colombia, 1995 – 2013
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Abstract
Objective: to determine the relationship between economic growth and cash flows of companies in the industrial sector of Caldas.
Methodology: the financial statements of 47 industrial companies in Caldas, which reported their financial statements to the Superintendency of Companies during 1995, were taken into account; this number of companies constituted the initial study population. However, finally the analysis was applied to the 12 companies that continuously reported their financial statements to the Superintendency of Societies of Colombia from 1995 to 2013. The operating and financing cash flows estimated for these companies were calculated, which allowed the establishment of the statistical relationship with the growth of the regional economy during the same period. This data was obtained from the National Administrative Statistics Department of Colombia (DANE).
Results: the statistical relationship between the operating cash flows and the growth of the regional economy amounted to 0.43, which is an unsatisfactory result to make predictions. However, when adding financing cash flows to the operating ones, the statistical ratio increased to 0.77. This data allows for more accurate predictions of future cash flows.
Conclusions: it was concluded that direct and high relationships between the cash flows of the companies
in the industrial sector of the Department of Caldas and the regional economic growth enables predictions to be made of future cash flows for companies in the sector, so that unions and employers can make better financial planning in their organizations.
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Cash flows, Economic growth.
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