ARTÍCULOS ORIGINALES
ISSN 2389-8186
E-ISSN 2389-8194
Vol. 9, No. 2
Julio-diciembre de 2022
doi: https://doi.org/10.16967/23898186.791
pp. 11-23
rpe.ceipa.edu.co
* Candidata a Doctora en Administración y Dirección de Empresas. Universidad Complutense de Madrid, Madrid, España.
E-mail: luznatob@ucm.es. ORCID: 0000-0002-5135-8219. Google Scholar: https://scholar.google.com/citations?user=S6Ypb_IAAAAJ&hl=es.
Scopus Author ID: https://www.scopus.com/authid/detail.uri?authorId=57218766520.
** Doctora en Contabilidad. Universidad Complutense de Madrid, Madrid, España. E-mail: eurquiag@ccee.ucm.es.
ORCID: 0000-0003-4724-7185. Google Scholar: https://scholar.google.com/citations?hl=es&user=VUP9AjIAAAAJ. Scopus Author ID:
https://www.scopus.com/authid/detail.uri?authorId=55786873400.
*** Doctora en Ciencias Económicas y Empresariales. Universidad de Castilla-La Mancha, Toledo, España. E-mail: elisaisabel.cano@uclm.es.
ORCID: 0000-0002-1870-3869. Google Scholar: https://scholar.google.com/citations?hl=es&user=SdwV2I4AAAAJ. Scopus Author ID:
https://www.scopus.com/authid/detail.uri?authorId=56530857800.
The use of financial information in
the business management of SMEs in
Colombia
LUZ NATALIA TOBÓN PERILLA*
ELENA URQUÍA GRANDE**
ELISA ISABEL CANO MONTERO***
ISSN 2389-8186
E-ISSN 2389-8194
Vol. 9, No. 2
Julio-diciembre de 2022
doi: https://doi.org/10.16967/23898186.791
COMO CITAR ESTE ARTÍCULO
How to cite this article:
Tobón, L.N., Urquía, E. and Cano,
E.I. (2022). The use of financial
information in the business
management of SMEs in Colombia.
Revista Perspectiva Empresarial,
9(2), 11-23.
Recibido: 28 de marzo de 2022
Aceptado: 30 de septiembre de 2022
ABSTRACT The economic development of the regions depends to a great extent on
management skills. Objective. To determine the level of use of nancial information by SMEs
in Boyacá in their economic management. Methodology. The method used is quantitative,
based on the business bases of the chambers of commerce, classied as group II in the
implementation of the IFRS. 159 entrepreneurs were surveyed, 86 % of which were small
and 14 % medium-sized companies. Results. 44 % of the SMEs in Boyacá do not have an
integrated accounting information system; 53 % generate comparative nancial statements,
but only 36 % of them do so for decision-making purposes and the remaining 64 % consolidate
accounting reports for reporting to control entities, contracting and nancing procedures.
Regarding the IFRS implementation process, 33 % already apply the international regulatory
framework, and the remaining 67 % have started its implementation, but do not apply it
completely. Conclusion. A low level of use of economic-nancial information for decision
making was detected.
KEY WORDS IFRS implementation, nancial information, business management, SMEs,
decision making, use of nancial information.
El uso de la información nanciera en la gestión de las pymes colombianas
RESUMEN Las competencias gerenciales juegan un papel importante en el desarrollo
económico de las regiones. Objetivo. Evaluar el uso que hacen las pymes de la información
nanciera para la gestión económica en Boyacá (Colombia). Metodología. El estudio aplica
un método cuantitativo sustentado en las bases empresariales de las cámaras de comercio,
clasicadas como grupo II en la implementación de las NIIF. Resultados. El 44 % de las pymes
de Boyacá carece de un sistema integrado de información contable; el 53 % presenta estados
nancieros comparativos, pero solo el 36 % lo hace para la toma de decisiones. El 64 %
restante consolida informes contables para reportar a entes de control y para efectos de
contratación y nanciación. En cuanto a la adopción de las NIIF, el 33 % de las empresas ya ha
aplicado el marco normativo internacional; mientras que el 67 % restante no lo ha aplicado
completamente. Conclusiones. Se identicó que la información económico-nanciera es
escasamente utilizada para la toma de decisiones.
PALABRAS CLAVE implantación de las NIIF, información nanciera, gestión empresarial,
pymes, toma de decisiones, uso de la información nanciera.
13
ARTÍCULOS
LUZ NATALIA TOBÓN PERILLA, ELENA URQUÍA GRANDE, ELISA ISABEL CANO MONTERO
Revista Perspectiva Empresarial, Vol. 9, No. 2, julio-diciembre de 2022, 11-23
ISSN 2389-8186, E-ISSN 2389-8194
O uso da informação nanceira na gestão das PMEs colombianas
RESUMO As habilidades gerenciais desempenham um papel importante no
desenvolvimento econômico das regiões. Objetivo. Avaliar o uso que as PMEs fazem
da informação nanceira para a gestão econômica em Boyacá (Colômbia). Metodologia.
O estudo aplica um método quantitativo baseado nas bases de negócios das Câmaras
de Comércio, classicadas como grupo II na implementação do IFRS. Resultados.
44% das PMEs de Boyacá carecem de um sistema integrado de informação contábil;
53% apresentam demonstrações nanceiras comparativas, mas apenas 36 % o fazem
para tomada de decisão. Os restantes 64 % consolidam relatórios contabilísticos
para reporte às entidades de controle e para efeitos de contratação e nanciamento.
Em relação à adoção do IFRS, 33 % das empresas já aplicaram o marco regulatório
internacional; enquanto os 67 % restantes não o aplicaram totalmente. Conclusões.
Identicou-se que as informações econômico-nanceiras são pouco utilizadas para
a tomada de decisão.
PALAVRAS CHAVE implementação de IFRS, informação nanceira, gestão empresarial,
PME, tomada de decisão, utilização de informação nanceira.
14
ARTÍCULOS ORIGINALES
LUZ NATALIA TOBÓN PERILLA, ELENA URQUÍA GRANDE, ELISA ISABEL CANO MONTERO
Revista Perspectiva Empresarial, Vol. 9, No. 2, julio-diciembre de 2022, 11-23
ISSN 2389-8186, E-ISSN 2389-8194
Introduction
SMEs represent more than 90 % of the total
number of companies in the world (UN, 2021), 99
% in the European Union and 99 % in Colombia.
Therefore, their importance at the economic
level is unquestionable both in the generation of
employment (about 70 % of the world population
and about 98 % of formal employment in Colombia)
(DANE, 2021), as well as in the contribution of taxes
for the redistribution of wealth in society (Basit,
2021). For these reasons, this study contributes
to the achievement of SDG 8 (promote sustained,
inclusive and sustainable economic growth, full and
productive employment and decent work for all),
and 9 (promote sustainable industrialization and
foster innovation).
In the survival of SMEs, the implementation and
has been established as a key factor for proper
management of tangible and intangible assets of
such information by SMEs in Colombia is a pending
matter.
statements constitutes the tool that allows a
diagnosis of how cash has been managed (Kropivšek
and Grošelj, 2019), and in general the corporate
economic situation; it allows to identify the cost
the measurement of performance and plan the
strategy (Sherman, 2015; Lu and Caishigang, 2018).
the basis for success in business management and
enterprises and favour’s the duration, solvency
and competitiveness (Nguyen and Chien, 2021),
contributing to economic growth, employment
to development (Shashi et al., 2019).
Therefore, given the strategic importance
management and application in SMEs for business
decision making (Forrest et al., 2021); together with
the high participation of SMEs in the economies, it
becomes relevant to analyze the level of use and
Colombia to diagnose their current status, identify
y Vargas, 2020).
a pioneer in the concentration of SMEs and the
department with the greatest growth potential
given its proximity to Bogotá and its specialization
in agricultural SMEs, mainly. Therefore, this
in decision making and business management? The
information for decision making is detrimental to
business performance.
The following objectives were proposed: (i)
To identify the level of access to information and
which according become essential in business
management; (ii) to reveal the percentage of SMEs
relevant aspect for the quality of the information (La
and the level of knowledge in this area.
To achieve these objectives, a quantitative
methodological strategy was proposed, applying
a convenience sampling to 159 entrepreneurs of
SMEs from various sectors and economic activities
in the department of Boyacá. A structured survey
and Karim (2018).
The rest of the paper is constituted as follows:
The methodology, presents in detail the materials
and methods applied during the study. The results,
to the stated objectives. The discussion compares
the results obtained with those of similar studies.
And the conclusions, describe the contribution of
in the companies.
15
ARTÍCULOS
LUZ NATALIA TOBÓN PERILLA, ELENA URQUÍA GRANDE, ELISA ISABEL CANO MONTERO
Revista Perspectiva Empresarial, Vol. 9, No. 2, julio-diciembre de 2022, 11-23
ISSN 2389-8186, E-ISSN 2389-8194
Methodology
This research applied the quantitative method
with a convenience sampling technique. The
obtaining of the information took as a starting point
the database of active SMEs of the three chambers
of commerce of Boyacá; from which a population
II according to Law 1314 of 2015, or regulatory
For the selection of the sample, obtaining the
and Kontsevaya (2016). Table 1 describes the size
of the population and sample.
Table 1. Selection of the Sample of Small and Medium-Sized Enterprises
Chamber of Commerce Company size Population by capital/province Sample
Tunja Small 330 54
Medium 47 10
Duitama Small 265 49
Medium 57 7
Sogamoso Small 207 34
Medium 23 5
Total SMEs Boyacá 929 159
Note: This table present the small and medium enterprises of Boyacá, in active status as of 2019; in accordance with the
classication given from Decree 957. From the population determined, the representative sample was extracted.
Source: author own elaboration.
The instrument for the collection of information
was through a structured survey, based on the
and Yanping (2018), since they have similar
objectives to that of this study. Said instrument was
previously submitted to expert consideration, and
business registries of the chambers of commerce.
The variables selected were: Use of integrated
accounting software and management of operational
assets (especially inventories); application or
comparison with previous years; and projection
between the variables consulted was facilitated
(Soler y Soler, 2012); once 32 responses (20 %)
were obtained, a high level of consistency in
determined. At the end of the data collection, the
tabulation was automated, facilitating the analysis
through a spreadsheet.
The approach for the analysis of the information
obtained and the presentation of the results was
mixed, based on quantitative data, and presented
in a descriptive manner; likewise, the method used,
has a propositional scope, because strategies are
proposed for the best use of the information in the
Kozhevnikov, 2017).
16
ARTÍCULOS ORIGINALES
LUZ NATALIA TOBÓN PERILLA, ELENA URQUÍA GRANDE, ELISA ISABEL CANO MONTERO
Revista Perspectiva Empresarial, Vol. 9, No. 2, julio-diciembre de 2022, 11-23
ISSN 2389-8186, E-ISSN 2389-8194
Results
Characterization of the SMEs in Boyacá
The companies targeted by the study were the
economic organizations are mostly presented
as small economic units in accordance with
the number of workers linked and operational
income, representing 86 % of the 159 entities
that answered the survey; the remaining 14 % are
organizational structure and broader capacity to
provide employment.
Among the multiple economic activities carried
three economic sectors (Figure 1), with 45 % being
service companies, including private universities,
hotels, construction companies, and tourism
agencies, among others.
In second place, with 42 %, are the commercial
companies, represented by marketing companies
of different products, distributors of medicines
and medical equipment, warehouses, vehicle
dealerships, restaurants, among others. Lastly,
the industrial sector, with 21 % of the total,
includes brick factories, textile companies, mineral
extraction and chemical industries.
Commercial; 66
Of service;
72
Industrial;
21
Figure 1. Economic sectors of SMEs in Boyacá. Source: author own elaboration.
In terms of legal form (Figure 2), there is a
(SAS) with 88 entities, followed by 59 organizations
limited companies.
37 %
55 %
8 %
Natural person
Simplified Joint Stock
Company
Limited liability
company
Figure 2. Legal form of SMEs in Boyacá. Source: author own elaboration.
17
ARTÍCULOS
LUZ NATALIA TOBÓN PERILLA, ELENA URQUÍA GRANDE, ELISA ISABEL CANO MONTERO
Revista Perspectiva Empresarial, Vol. 9, No. 2, julio-diciembre de 2022, 11-23
ISSN 2389-8186, E-ISSN 2389-8194
Management of economic-nancial
information through ICTs
Companies, regardless of their size, have
developed or adapted information systems to
support the processes and transactions that occur
research it could be established that (80 SMEs) keep
their accounting in spreadsheets such as Excel and
the other 79 use accounting software.
or management purposes, as well as general
purpose (Salehi et al., 2019); it was relevant to
integrated accounting information management
system, regardless of whether it is managed
through spreadsheet or software; resulting
then, that 44 % of entrepreneurs, do not have
integrated software; this brings as a consequence,
that different databases must be managed to
consolidate information on sales, costs, payroll,
among other functions.
The processing of sales and purchase data, the
recording of expenses, among other transactions,
is mainly done in order to issue auxiliary books to
support periodic tax returns and the presentation
of exogenous information, both to the national and
local tax authorities.
Progress in the implementation and
application of IFRSs
As already stated, accounting information
and, consequently, financial statements are the
basis for financial analysis and management; in
order for this information to be useful for decision
making, it is prudent to comply with the basic
characteristics. Currently, it is required that
the information disclosed through the financial
statements be prepared and presented applying
the international regulatory framework for
SMEs, recognized as International Financial
among others, with qualities such as reliability,
relevance, truthfulness, understandability and
comparability; these characteristics facilitate the
interpretation of the information, the internal and
external comparison: the internal comparison
allows verifying the evolution of the figures
from one period to another, and the external
comparison leads to the comparison between
companies in the sector and the formulation of
competitive strategies.
Based on the information obtained, it is revealed
that 33 % of the entrepreneurs already apply the
international regulatory framework, while 67 %
are in the process of implementation.
On the application of nancial analysis
and the use of information in economic
management
It was determined that in the companies of
statements is mainly used for external purposes and
compliance with regulations, such as updating the
registration in the chamber of commerce, reports to
control entities, updating information with banks,
suppliers and, among others. It is also used to
comply with bidding requirements for contracting
In order to contextualize the way in which
below:
18
ARTÍCULOS ORIGINALES
LUZ NATALIA TOBÓN PERILLA, ELENA URQUÍA GRANDE, ELISA ISABEL CANO MONTERO
Revista Perspectiva Empresarial, Vol. 9, No. 2, julio-diciembre de 2022, 11-23
ISSN 2389-8186, E-ISSN 2389-8194
SMEs
53 %
30 SMEs prepares the 4 financial statements: Statement of Financial
Position, Comprehensive Income, Changes in Equity and Statement of
Cash Flows + Notes or Disclosure
54 SMEs -(4) financial statements without notes or report
47 %
51 SMEs - (2) financial statements, single year information
(non-comparative)
24 SMEs - (2) Statement of income for the period and statement of
financial position
Figure 3. Particularities of the annual nancial information. Source: author own elaboration.
This schematization shows that only 53 % of the
SMEs generate the four annual comparative general
companies present them together with their notes
or annual report, leaving 54 companies without
the detail of the disclosures. Likewise, the resulting
47 % prepare only the statement of income for the
of this group, 68 % (51 SMEs) do not present
comparative information, that is, for the year to be
reported with respect to the immediately preceding
international standards for the presentation of
for SMEs).
When contrasting these answers with the one
report, a certain deviation was found; however,
36 % of the respondents indicated that they had
access to the mentioned report or were aware of it.
information from previous periods, which suggests
Based on the above corollaries, there is evidence
of a tendency to underutilize the information in
On the other hand, the level of access to
information and communication technologies
is limited; although all the SMEs consulted have
them have permanent access to the Internet, 45 %
have begun to issue electronic invoicing, only 4 of
the companies have a web page. None of them use
and only 37 % manage their merchandise stock with
the permanent system, that is, they load or unload
the units with purchases and sales in each of their
establishments or branches. When contrasting this
data with the percentage of companies that have
integrated software, apparently there is a distortion,
however, when comparing the answers in relation
to the economic activity, it was detected that 19 %
of the difference is originated by those companies
that are dedicated to the provision of services,
which having integrated software, do not require
managing stocks.
19
ARTÍCULOS
LUZ NATALIA TOBÓN PERILLA, ELENA URQUÍA GRANDE, ELISA ISABEL CANO MONTERO
Revista Perspectiva Empresarial, Vol. 9, No. 2, julio-diciembre de 2022, 11-23
ISSN 2389-8186, E-ISSN 2389-8194
Discussion
The study made it possible to identify
statements, in accordance with Figure 3; likewise,
to highlight the presence or not of tools for the
administration of accounting information, with
to the perception that the level of compliance or
In correspondence with the results presented,
of the SMEs of Boyacá is used for decision making
ranges between 19 % (percentage of companies
the notes) and 36 % (percentage of entrepreneurs
to four factors:
statements in 67 % of SMEs, does not comply with
analysis; since, in order to generate reliable and
comparable indicators, compliance with the
information attributes referred to above is required.
who conducted an analysis of 137 references,
liquidity, which are associated with the absence of
of cash, accounts receivable among other assets;
similarly, lack of planning and lack of knowledge
of managers regarding the proper management of
once the business diagnosis has been made, the
step to follow, precisely, is the implementation of
policies consistent with the organizational needs,
and coherent with international standards, to which
compliance is given in the transactional evolution
(ii) 64 % of the entrepreneurs do not prepare or
that serves as a diagnosis for the formulation of
the budget, the design of strategic objectives and
the setting of goals to be followed and controlled.
(2018), in which the relationship between the
identifying some weaknesses, such as lack of
investment, monitoring and implementation of
innovation. These similar circumstances were
observed especially in manufacturing companies,
which, brings as a consequence scarce new
project. In service companies, although external
competencies are developed, there is no evidence
of resource management for the generation and
promotion of new ideas that promote the growth
of the economic units.
According to a study for Shamin and Yanping
(2018), the owners of SMEs that make use of
greater capacity and experience. With the above,
the importance of analyzing this information and
projecting goals based on the results obtained is
evident. This stage is followed by execution and
analysis, to give way to control and decision making,
thus achieving a cyclical management.
Similarly, an analysis to evaluate the
the mineral extraction sector, compared indicators
indebtedness —NE—, which served as a reference
2018). Once again, the importance of performing
management and project goals with measurable
indicators, which will allow the monitoring and
The consolidation of accounting or financial
reports is carried out in principle to comply
with fiscal, legal or external control regulations.
parameters. Under this context, it is admissible
to defer that while there is a wide development of
knowledge in financial analysis and management
through bibliographic sources, small and
applying these notions in their strategy towards
20
ARTÍCULOS ORIGINALES
LUZ NATALIA TOBÓN PERILLA, ELENA URQUÍA GRANDE, ELISA ISABEL CANO MONTERO
Revista Perspectiva Empresarial, Vol. 9, No. 2, julio-diciembre de 2022, 11-23
ISSN 2389-8186, E-ISSN 2389-8194
business performance. There is also a lack of
knowledge of the financing lines offered by banks,
lines of credit to SMEs. Likewise, according to the
circumstances of financial area were evaluated,
categorizing factors such as accounting and tax
management, cost management and environment,
analysis and financial management. Although in
the first two, it obtained a good classification;
in the financial area, it presents a dwindling
proportion of companies that make financial
analysis and report to the partners.
Internal management is fundamental, it
takes into account the adequate use of resources,
measurable through the cost systems, and at the
end of the period, it is possible to calculate the
net sales. If a proper review and incorporation of
production costs has been carried out, this indicator
helps to visualize the contribution in percentage
terms that was obtained with respect to the income
of the operation. For its part, the operating margin
and the Ebitda, contribute to visualize the capacity
(iii) Access to information and communications
technology —ICT—, is moderate; although, the use
of computers and smart cell phones is widespread,
not all companies use these means to boost sales
and manage stocks; neither is it applied for proper
property plant and equipment or merchandise of
of ICT, can be a determining factor in the growth
of small businesses and regional economic
development is supported. Likewise, software
for business management is a fundamental tool
for organizations.
Consequently, it is necessary for entrepreneurs
of Boyacá to project their companies to both the
domestic and foreign markets, taking care of their
image, both for their customers and specially to
identify their weaknesses from within, in order
to work to overcome them and turn them into
future of growth for their companies, either by
expanding their institutional capacity, expanding
geographically, or innovating with products or
services that offer comparative advantages (Shashi
et al., 2019).
All these growth prospects require investment,
a relevant role, starting with the diagnosis and
towards the constitution of reserves and the
investment of the expansion, renovation or growth
objectives that have been set (Diegtiar et al., 2021).
be enough to cover the projected investments, it is
then the time to make room for multiple sources
sector, as well as those originated by the expansion
in the portfolio of suppliers, new placements of
the partners or incorporation of new investors,
among other options.
and Kontsevaya (2016), who show that companies
study of the dairy sector, have a more organized
cost management, have greater advances in
production technologies, among other factors, but
not a problem, on the contrary, SMEs have working
in their production processes and, in turn, favour
the generation of economic returns on investment,
supported by Dungey, Doko and Yanotti, (2018).
Taking into consideration the precisions
obtained through the study, it is considered
unavoidable to implement training strategies and
and owners of SMEs (Eniola and Entebang, 2017),
in order to be adapted to the needs of each entity,
facilitating the budget projection, strategic planning
and monitoring of the proposed goals, so that in
the future, business development and economic
growth of the region can be evidenced.
21
ARTÍCULOS
LUZ NATALIA TOBÓN PERILLA, ELENA URQUÍA GRANDE, ELISA ISABEL CANO MONTERO
Revista Perspectiva Empresarial, Vol. 9, No. 2, julio-diciembre de 2022, 11-23
ISSN 2389-8186, E-ISSN 2389-8194
It is promoted that businessmen contribute
with information from accounting students, who
are formulating their degree projects, and who can
of business progress and in this way produce
research with propositional scope and high degree
(2019), in which a very low incidence of university
accounting research was found in the companies
in which it was applied, would be counteracted.
Likewise, the subject treated in this
research opens the doors to new studies that
financial management practices, treated in this
study, as well as of the financial education, capital
structure and investment strategies, supported
by several authors.
Limitations related to the method of
application of the instrument through virtual
means are recognized, since it could be glimpsed
that, in several cases, the answers were given by
the same accountants of the organizations, and
not by the owners or managers, who in principle
were the ones summoned. This situation generates
a bias to be taken into account, since, being the
accounting consultant, the one responsible for the
et al., 2018) the shortcomings in his professional
practice are not always highlighted; however,
neither did the study try to reach criticism in the
performance of the accounting consultant’s work
(Tahat and Alhadab, 2017).
In future related studies, it is prudent to
directly contact the administrators, either in their
role as directors or owners, in order to achieve the
maximum attainment of the objective, transversal
the hypothesis raised, about the low level of use
to the lack of knowledge of the usefulness of the
consultants, the presentation of a report and
hypothesis, it is sought to raise awareness among
information in decision making, encouraging the
use of horizontal and vertical analysis tools and
serves as a basis for the formulation of the budget,
management plans and economic decision making
growth of businesses and prevent them from losing
2018). All this supported by their accounting and/
Conclusions
At least 64 percent of SME entrepreneurs do
not make, nor do they ask their accounting advisers
number of companies do not make use of economic
must begin by evaluating performance, formulating
the budget, establishing strategic objectives and
setting goals to follow and control.
The information presented through the
and therefore, it does not have the quality required
business decision making.
reports is carried out in principle, to comply with
nature. It is promoted to change this paradigm
take advantage of the advancement of access to
management issues, in order to project companies
to growth and development.
Finally, it is convenient to take greater advantage
customers, which are the fundamental axis of
business development.
22
ARTÍCULOS ORIGINALES
LUZ NATALIA TOBÓN PERILLA, ELENA URQUÍA GRANDE, ELISA ISABEL CANO MONTERO
Revista Perspectiva Empresarial, Vol. 9, No. 2, julio-diciembre de 2022, 11-23
ISSN 2389-8186, E-ISSN 2389-8194
References
la competitividad (caso sector comercio en Lázaro
Cárdenas Michoacán). Horizontes Empresariales,
18
Basit, S.A. (2021). The Effect of External Knowledge
Sources on Organizational Innovation in Small and
Medium Enterprises in Germany. Business Systems
Research Journal, 12
DANE. (2021). Encuesta de micronegocios
from https://www.dane.gov.co/index.php/
micronegocios.
Información Tecnológica, 29
Diegtiar, O. et al. (2021). Certain aspects of the
management accounting system for small and
Universal Journal of
Accounting and Finance, 9
Dungey, M., Doko, F. and Yanotti, M. (2018). Using
International
Review of Financial Analysis, 59
Financial Literacy. Global Business Review, 18(3),
expansion from the point of view of resources.
International Journal of Business and Systems
Research, 15
Management: Application of the Balanced Scorecard
Social
Science Journal, 21
Gitelman, L.D. and Kozhevnikov, M. (2017). Management
Consulting for Technological Modernization and
Industry of the Future. Economy of Region, 13(1),
that powerful? Financial literacy and access
UK. Journal of Small Business and Enterprise
Development, 25
harmonization of accounting for small and
Economic Research-
Ekonomska Istraživanja, 31
Kengne, S. (2015). Inhibiting factors in the strategic
Evidence from South African SMMEs. Mediterranean
Journal of Social Sciences, 6
Analysis of the Slovenian Wood Industry Using
DEA. Drvna Industrija, 70
La Macchia, E. et al. (2017). Sustainability in the oil
integrated and verticalized companies. Sistemas &
Gestao, 12
between socially responsible human resource
management and competitive performance in
SMEs. Personnel Review, 45
enterprise. Journal of Intercultural Management,
5
Lu, S. and Caishigang, S. (2018). Study on papermaking
model based on decision tree and optimized SVM
algorithm. Paper Asia, 34
nature of corporate social responsibility in SMEs: A
multiple mediator analysis. Industrial Management
& Data Systems, 117
Revista de ciencias
sociales, 25
by the Integration of the GM (1,1) Model and the
Malmquist Model. Business Systems Research
Journal, 12
23
ARTÍCULOS
LUZ NATALIA TOBÓN PERILLA, ELENA URQUÍA GRANDE, ELISA ISABEL CANO MONTERO
Revista Perspectiva Empresarial, Vol. 9, No. 2, julio-diciembre de 2022, 11-23
ISSN 2389-8186, E-ISSN 2389-8194
Análisis financiero aplicado bajo
NIIF. Bogotá, Colombia: Universidad Externado de
Colombia.
Technological and Economic Factors Determining
Journal
of International Development, 30
Multivariate Analysis. Revista Brasileira de Gestão
de Negócios, 20
Revista Publicando, 3
de Boyacá. Inquietud Empresarial, 15
colombiana. Revista Finanzas y Política Económica,
9
Salehi, M. et al. (2019). Association between the
capital management with stock surplus returns
in Iran. International Journal of Emerging Markets,
14
statements for decision making: Evidence from
The Journal of Applied Business Research,
34
Shashi, S. et al. (2019). The impact of leanness and
performance: Insights from Indian SMEs.
International Journal of Production Economics, 212,
Sherman, E. (2015). A Manager’s Guide to Financial
Analysis: Powerfull tools for analyzing the numbers
and making the best decisions for your business.
Chicago, USA: American Marketing Association.
Cronbach en el análisis de instrumentos escritos.
Revista Médica Electrónica, 34
Agris On-line Papers
in Economics and Informatics, VIII
numbers lost their value relevance during the
The Quarterly Review
of Economics and Finance, 66
Spanish Journal of Finance and Accountig,
47
UN. (2021). Resilience and Rebuilding: MSMEs for
sustainable development at the forefront of
building back better and stronger from the
impacts of the COVID-19 pandemic, climate crisis
and conflicts https://www.
.
