ARTÍCULOS ORIGINALES
E-ISSN 2389-8194
Vol. 10, No. 2
Julio-diciembre de 2023
doi: https://doi.org/10.16967/23898186.845
pp. 17-36
rpe.ceipa.edu.co
* This article It is part of a research carried out by Universidad CatΓ³lica LuΓ­s AmigΓ³, through a research project called: β€œDiagnosticar o determinar el
efecto de la gerencia de valor en la sostenibilidad ξ©½nanciera de las entidades pΓΊblicas del departamento de Antioquia (E.S.E) de segundo nivel”.
** Magister in Administration. Universidad CatΓ³lica Luis AmigΓ³, MedellΓ­n, Colombia. E-mail: daniela.alzatega@amigo.edu.co.
ORCID: 0009-0002-1275-1605. Google Scholar: https://scholar.google.com.co/citations?user=5NZh7HEAAAAJ&hl=es.
*** Doctor in Management Administration. Universidad CatΓ³lica Luis AmigΓ³, MedellΓ­n, Colombia. E-mail: farley.rojasre@amigo.edu.co.
ORCID: 0000-0003-0328-5286. Google Scholar: https://scholar.google.com.co/citations?hl=es&user=Q0JvK8cAAAAJ.
**** Doctor of Letters. Universidad CatΓ³lica Luis AmigΓ³, MedellΓ­n, Colombia. E-mail: edison.castrillonan@amigo.edu.co.
ORCID: 0000-0001-9237-1084. Google Scholar: https://scholar.google.com.co/citations?hl=es&user=zXo78i4AAAAJ.
Scopus Author ID: https://www.scopus.com/authid/detail.uri?authorId=57303488200.
Value drivers for management and value
generation: Financial analysis in a Higher
Education Institution
DANIELA ALZATE GALLEGO**
FARLEY SARY ROJAS RESTREPO***
EDISON FERNEY CASTRILLΓ“N ÁNGEL****
E-ISSN 2389-8194
Vol. 10, No. 2
Julio-diciembre de 2023
doi: https://doi.org/10.16967/23898186.845
COMO CITAR ESTE ARTÍCULO
How to cite this article:
Alzate, D., Rojas, F.S. and
CastrillΓ³n, E.F. (2023). Value
drivers for management and value
generation: Financial analysis in
a Higher Education Institution.
Revista Perspectiva Empresarial,
10(2), 17-36.
Recibido: 13 de junio de 2023
Aceptado: 04 de diciembre de 2023
ABSTRACT
Objective. To describe, from a value management perspective, the impact of
applying operational value drivers and microvalue drivers in a Private Higher Education In-
stitution located in MedellΓ­n, Colombia. Methodology. This is qualitative research framed
as a descriptive case study. It employs three stages to identify, determine, and propose
value drivers for generating and managing value within the institution. Tools used for data
collection included: (i) A reporting table to determine institutional microvalue drivers; (ii)
ξ©·nancial statements from the last three years, and (iii) a report and recommendation for
implementing value drivers within the organization. Results. The results showed it does
not eξ©²ectively build value despite the Private Higher Education Institution generating
surpluses. Moreover, the institution’s performance analysis reveals that operational and
non-operational expenses have grown at rates that overshadow revenue growth, contrib-
uting to a value erosion as indicated by negative Economic Value Added across the ob-
served period. Conclusions. The study concludes that while the institution is proξ©·table,
it struggles with value creation due to onerous asset costs relative to net surpluses. The
ξ©·ndings indicate potential medium to long-term liquidity issues due to ineξ©³cient working
capital management and increased delinquency rates, suggesting that proξ©·tability and
liquidity drivers are not optimally managed.
KEY WORDS
Operational value drivers, Microvalue driver, Value management, Value
generation, Private Higher Education Institution.
Impulsores de valor para la gestiΓ³n y la generaciΓ³n de valor: anΓ‘lisis ξ©Ώnanciero
en una instituciΓ³n de enseΓ±anza superior
RESUMEN
Objetivo. Describir desde la perspectiva de la gestiΓ³n del valor el impacto de
la aplicaciΓ³n de los impulsores de valor operativo y los impulsores de micro valor en una
instituciΓ³n de educaciΓ³n superior privada ubicada en MedellΓ­n, Colombia. MetodologΓ­a. El
estudio aplica una investigaciΓ³n cualitativa enmarcada en un estudio de caso descriptivo
realizado en tres etapas con el ξ©·n de identiξ©·car, determinar y proponer impulsores de valor
para generar y gestionar valor dentro de la instituciΓ³n. Las herramientas utilizadas para la
recolecciΓ³n de datos incluyeron: (i) una tabla de informes para determinar los impulsores
de micro valor institucionales; (ii) los estados ξ©·nancieros de los tres ΓΊltimos aΓ±os y (iii) un
informe y recomendaciones para implementar impulsores de valor dentro de la organizaciΓ³n.
Resultados. Los resultados demostraron que, a pesar de generar excedentes, la instituciΓ³n
no crea valor de forma efectiva. AdemΓ‘s, el anΓ‘lisis del rendimiento de la instituciΓ³n revela
que durante el perΓ­odo observado los gastos operativos y no operativos han crecido a tasas
que opacan el crecimiento de los ingresos, lo que se traduce en una disminuciΓ³n del valor tal
como lo evidencia un valor econΓ³mico aΓ±adido negativo. Conclusiones. El estudio concluye
que, aunque la instituciΓ³n es rentable, se enfrenta a diξ©·cultades para generar valor como
consecuencia de los costos onerosos de los activos en relaciΓ³n con los excedentes netos.
Los resultados indican posibles problemas de liquidez a mediano y largo plazo debido a una
gestiΓ³n ineξ©·caz del capital circulante y al aumento de las tasas de morosidad, lo que sugiere
que los impulsores de rentabilidad y liquidez no se estΓ‘n gestionando de forma Γ³ptima.
PALABRAS CLAVE
impulsores del valor operativo, impulsor del micro valor, gestiΓ³n del
valor, generaciΓ³n de valor, instituciΓ³n privada de enseΓ±anza superior.
21
ARTÍCULOS
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
Impulsores de valor para gestão e geração de valor: anÑlise nanceira
em uma instituição de ensino superior
RESUMO
Objetivo. Descrever, sob a perspectiva da gestΓ£o de valor, o impacto da
aplicação de impulsores de valor operacionais e micro drivers de valor em uma instituição
de ensino superior particular localizada em MedellΓ­n, ColΓ΄mbia. Metodologia. O estudo
aplica uma pesquisa qualitativa enquadrada em um estudo de caso descritivo realizado
em trΓͺs etapas com o objetivo de identiξ©·car, determinar e propor drivers de valor para
gerar e gerenciar valor dentro da instituição. As ferramentas utilizadas para a recolha
de dados incluΓ­ram: (i) uma tabela de relatΓ³rios para determinar os impulsionadores
de micro valor institucional; (ii) as demonstraçáes ξ©·nanceiras dos ΓΊltimos trΓͺs anos
e (iii) um relatório e recomendaçáes para implementar drivers de valor dentro da
organização. Resultados. Os resultados mostraram que, apesar de gerar excedentes,
a instituição não cria efetivamente valor. Além disso, a anÑlise do desempenho da
instituição revela que durante o período observado as despesas operacionais e não
operacionais cresceram a taxas que ofuscaram o crescimento das receitas, resultando
numa diminuição do valor, evidenciada pelo valor económico acrescentado negativo.
Conclusáes. O estudo conclui que embora a instituição seja lucrativa, ela enfrenta
diξ©·culdades na geração de valor em decorrΓͺncia dos onerosos custos dos ativos em
relação aos excedentes líquidos. Os resultados indicam potenciais problemas de
liquidez a mΓ©dio e longo prazo devido Γ  gestΓ£o ineξ©·caz do capital de giro e ao aumento
das taxas de incumprimento, sugerindo que os impulsionadores da rentabilidade e
da liquidez nΓ£o estΓ£o a ser geridos de forma otimizada.
PALAVRAS CHAVE
drivers de valor operacional, driver de micro valor, gestΓ£o de
valor, geração de valor, instituição de ensino superior privada.
22
ARTÍCULOS ORIGINALES
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
Introduction
Organizations today face an enormous
challenge to position and maintain themselves
in the market. Increasingly, applying strategies
to generate value becomes a challenge for small
and medium-sized companies (GonzΓ‘lez, 2011).
In words of Peralta et al. (2020), the high rise of
digital information and technological development
requires each organization to apply strategies
to remain and position itself over time. For this
reason, this study presents an understanding
and conceptualization of value drivers and their
relationship and differentiation with the generation
and management of value.
After carrying out a detailed analysis of
the reality faced by a Private Higher Education
Institution, where this research was applied, it
was determined that there is a need to implement
operational value drivers and micro value drivers
that contribute to the generation and management
of the value of this organization. However, this
phenomenon impacts all organizations, particularly
those that have not been studied as much from
this perspective as those that provide higher
education in Colombia. Therefore, this study
proposes the following research question: How
does the application of operational value drivers and
micro value drivers in a Private Higher Education
Institution located in MedellΓ­n (Colombia), affect
value management?
In concordance with this question, the main
objective of this study was to describe, from value
management, the effect of the application of
operational value drivers and micro value drivers
in this private institution. To achieve this goal, the
ξš•ξš’ξš‡ξš…ξš‹ξ§ξš‹ξš…ξ˜ƒξš‘ξš„ξšŒξš‡ξš…ξš–ξš‹ξš˜ξš‡ξš•ξ˜ƒξš™ξš‡ξš”ξš‡ξ˜ƒξš‡ξššξš‡ξš…ξš—ξš–ξš‡ξš†ξ˜ƒξšƒξš•ξ˜ƒξšˆξš‘ξšŽξšŽξš‘ξš™ξš•ξŸ€ξ˜ƒξ˜‰ξš‹ξš”ξš•ξš–ξŸ‘ξ˜ƒ
ξš–ξšŠξš‡ξ˜ƒξš”ξš‡ξš•ξš‡ξšƒξš”ξš…ξšŠξš‡ξš”ξš•ξ˜ƒξš‹ξš†ξš‡ξšξš–ξš‹ξ§ξš‹ξš‡ξš†ξ˜ƒξš–ξšŠξš‡ξ˜ƒξšξš‹ξš…ξš”ξš‘ξ˜ƒξš˜ξšƒξšŽξš—ξš‡ξ˜ƒξš†ξš”ξš‹ξš˜ξš‡ξš”ξš•ξ˜ƒ
present in the institution. Then, they determined
the operational value drivers present. Finally,
they proposed actions that allow managing the
institution’s operational and micro value drivers.
The theoretical-conceptual approach focused on
different concepts and theories such as micro value
and value drivers (GarcΓ­a, 2003; JimΓ©nez y Rojas,
2016), value management (Correa et al., 2018), and
value generation (GarcΓ­a, 2003).
From this perspective, the application of
operational drivers and microvalue drivers becomes
a fundamental pillar for the generation of value,
understanding this generation as those processes
ξš…ξš‘ξšξš–ξš‡ξššξš–ξš—ξšƒξšŽξš‹ξšœξš‡ξš†ξ˜ƒξš–ξš‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš”ξš‡ξšƒξšŽξš‹ξš–ξš›ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‘ξš”ξš‰ξšƒξšξš‹ξšœξšƒξš–ξš‹ξš‘ξšξš•ξ˜ƒ
to align all strategies with the strategic direction
of the company to the increase in its value (GarcΓ­a,
2003; GonzΓ‘lez, Restrepo y Chamorro, 2022; Higuita
et al., 2021).
This research was consolidated as a descriptive
case study (Schoch, 2020; Tutalcha, Montenegro y
Chamorro, 2023), and framed within the qualitative
research paradigm (Finol y Vera, 2020). This
systematic process sought three stages to achieve its
objectives. It becomes a precedent to understand the
drivers and microdriver values aimed at generating
ξš’ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξŸ‘ξ˜ƒξš’ξš‘ξš•ξš‹ξš–ξš‹ξš‘ξšξš‹ξšξš‰ξŸ‘ξ˜ƒξšƒξšξš†ξ˜ƒξš‰ξš‡ξšξš‡ξš”ξšƒξš–ξš‹ξšξš‰ξ˜ƒξš˜ξšƒξšŽξš—ξš‡ξ˜ƒξš‹ξšξŸ‘ξ˜ƒ
for, and with the society that involves this institution.
ξ˜—ξšŠξš‹ξš•ξ˜ƒ ξš•ξš–ξš—ξš†ξš›ξ˜ƒ ξš‹ξšξš’ξšƒξš…ξš–ξš‡ξš†ξ˜ƒ ξš–ξšŠξš‡ξ˜ƒ ξš‹ξšξš–ξš‡ξš”ξšξšƒξšŽξ˜ƒ ξšƒξšξš†ξ˜ƒ ξš‡ξššξš–ξš‡ξš”ξšξšƒξšŽξ˜ƒ
communities of the organization, becoming a base
element to continue understanding this reality
with other higher education institutions that wish
to apply value management in their internal and
ξš‡ξššξš–ξš‡ξš”ξšξšƒξšŽξ˜ƒξš…ξš‘ξšξš–ξš‡ξššξš–ξš•ξŸ€
The analysis of this research reveals a
fundamental situation in the Private Higher
Education Institution under study. Although the
institution manages to generate surpluses, it
ξšˆξšƒξš‹ξšŽξš•ξ˜ƒξš–ξš‘ξ˜ƒξš„ξš—ξš‹ξšŽξš†ξ˜ƒξš˜ξšƒξšŽξš—ξš‡ξ˜ƒξš‡ξšˆξšˆξš‡ξš…ξš–ξš‹ξš˜ξš‡ξšŽξš›ξŸ€ξ˜ƒξ˜—ξšŠξš‹ξš•ξ˜ƒξ§ξš‹ξšξš†ξš‹ξšξš‰ξ˜ƒξš”ξšƒξš‹ξš•ξš‡ξš•ξ˜ƒ
ξšƒξ˜ƒ ξš•ξš‹ξš‰ξšξš‹ξ§ξš‹ξš…ξšƒξšξš–ξ˜ƒ ξš†ξš‹ξš•ξš…ξš”ξš‡ξš’ξšƒξšξš…ξš›ξ˜ƒ ξš„ξš‡ξš–ξš™ξš‡ξš‡ξšξ˜ƒ ξš‰ξš‡ξšξš‡ξš”ξšƒξš–ξš‹ξšξš‰ξ˜ƒ
revenue and creating long-term sustainable
value. Therefore, a key recommendation is more
effective asset management to generate liquidity.
This involves thoroughly evaluating the operational
and microvalue drivers used in the institution’s
administration. In this way, this study shows the
ξšξš‡ξš‡ξš†ξ˜ƒξš–ξš‘ξ˜ƒξš‹ξš†ξš‡ξšξš–ξš‹ξšˆξš›ξ˜ƒξš•ξš’ξš‡ξš…ξš‹ξ§ξš‹ξš…ξ˜ƒξšƒξš”ξš‡ξšƒξš•ξŸ‘ξ˜ƒξš•ξš—ξš…ξšŠξ˜ƒξšƒξš•ξ˜ƒξš…ξš‘ξšŽξšŽξš‡ξš…ξš–ξš‹ξš‘ξšξ˜ƒ
management and collection of accounts receivable,
ξš™ξšŠξš‡ξš”ξš‡ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‡ξšˆξ§ξš‹ξš…ξš‹ξš‡ξšξš…ξš›ξ˜ƒξšƒξšξš†ξ˜ƒξš‡ξšˆξšˆξš‡ξš…ξš–ξš‹ξš˜ξš‡ξšξš‡ξš•ξš•ξ˜ƒξš‘ξšˆξ˜ƒ ξš–ξšŠξš‡ξš•ξš‡ξ˜ƒ
inducers can be optimized to generate a positive
impact on the creation of value.
Considering this research is based on a
qualitative approach and a descriptive case
study, it may be valuable to complement these
ξ§ξš‹ξšξš†ξš‹ξšξš‰ξš•ξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒξšˆξš—ξš–ξš—ξš”ξš‡ξ˜ƒξš“ξš—ξšƒξšξš–ξš‹ξš–ξšƒξš–ξš‹ξš˜ξš‡ξ˜ƒξš”ξš‡ξš•ξš‡ξšƒξš”ξš…ξšŠξŸ€ξ˜ƒξ˜„ξ˜ƒξšξš‘ξš”ξš‡ξ˜ƒ
quantitative analysis could provide numerical
data and more detailed metrics to evaluate the
relationship between value drivers and effective
value generation in the institution. As PolanΓ­a et
23
ARTÍCULOS
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
al. (2020) stated, this quantitative information
ξš…ξšƒξšξ˜ƒ ξš’ξš”ξš‘ξš˜ξš‹ξš†ξš‡ξ˜ƒ ξšƒξ˜ƒ ξšξš‘ξš”ξš‡ξ˜ƒ ξš’ξš”ξš‡ξš…ξš‹ξš•ξš‡ξ˜ƒ ξšƒξšξš†ξ˜ƒ ξš“ξš—ξšƒξšξš–ξš‹ξ§ξš‹ξšƒξš„ξšŽξš‡ξ˜ƒ
ξš—ξšξš†ξš‡ξš”ξš•ξš–ξšƒξšξš†ξš‹ξšξš‰ξ˜ƒξš‘ξšˆξ˜ƒξš‹ξšξš’ξš”ξš‘ξš˜ξš‹ξšξš‰ξ˜ƒξš‡ξšˆξ§ξš‹ξš…ξš‹ξš‡ξšξš…ξš›ξ˜ƒξšƒξšξš†ξ˜ƒξš˜ξšƒξšŽξš—ξš‡ξ˜ƒ
generation in the educational institution.
Firstly, the theoretical conceptions and
literature review are presented, highlighting the
importance of value drivers as essential tools
for organizational stability and growth. Then,
the article displays the results, which show that
despite generating surpluses, the institution faces
ξš•ξš‹ξš‰ξšξš‹ξ§ξš‹ξš…ξšƒξšξš–ξ˜ƒξš…ξšŠξšƒξšŽξšŽξš‡ξšξš‰ξš‡ξš•ξ˜ƒξš‹ξšξ˜ƒξš•ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξšŽξš‡ξ˜ƒξš˜ξšƒξšŽξš—ξš‡ξ˜ƒξš…ξš”ξš‡ξšƒξš–ξš‹ξš‘ξšξŸ€ξ˜ƒ
Finally, the conclusions and recommendations are
framed around the need to improve operational cost
management and working capital productivity to
enhance long-term value generation.
Theoretical conceptions and literature review
The relationship between employee/
employer, company/society, and company/
environment, among other aspects that involve
organizations, become elements that merit a
detailed analysis, where not only profits are
created, but β€˜Value’ in such a way that they
guarantee permanent and long-term benefits.
This is one of the most prominent challenges
organizations face today. Value generation became
an element that determines the success or failure
of any organization (Crispieri, 2019).
However, it is necessary to ask about these
ξš…ξš‘ξšξš’ξš‘ξšξš‡ξšξš–ξš•ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš†ξš‡ξ§ξš‹ξšξš‡ξ˜ƒξš˜ξšƒξšŽξš—ξš‡ξŸ€ξ˜ƒξ˜‰ξš‘ξš”ξ˜ƒξš‡ξššξšƒξšξš’ξšŽξš‡ξŸ‘ξ˜ƒξš™ξšŠξšƒξš–ξ˜ƒ
is a micro value driver? How do these elements
impact value management? How does value
management impact organizations? These and
other questions will be addressed in this theoretical
section that offers a brief description and theoretical
conception of value drivers for value management
and generation.
Following the perspective proposed by
GarcΓ­a (2003), value drivers are those elements
that motivate the company to achieve higher
goals and objectives and simultaneously commit
the company to creating value. However, to use
these drivers, each organization must understand
them as a valid control tool for the interpretation,
ξšξš‡ξšƒξš•ξš—ξš”ξš‡ξšξš‡ξšξš–ξŸ‘ξ˜ƒξšƒξšξš†ξ˜ƒξš“ξš—ξšƒξšξš–ξš‹ξ§ξš‹ξš…ξšƒξš–ξš‹ξš‘ξšξ˜ƒξš‘ξšˆξ˜ƒξš†ξšƒξš–ξšƒξ˜ƒξš–ξš‘ξ˜ƒξš•ξšŠξš‘ξš™ξ˜ƒ
differences from one period to another, analyze the
ξš…ξšƒξš—ξš•ξš‡ξš•ξ˜ƒξš‘ξšˆξ˜ƒξšƒξšξš›ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξš’ξš”ξš‘ξš„ξšŽξš‡ξšξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‘ξš”ξš‰ξšƒξšξš‹ξšœξšƒξš–ξš‹ξš‘ξšξŸ‘ξ˜ƒ
redesign and take actions (Narea y GuamΓ‘n, 2021;
MartΓ­nez et al., 2022).
Based on these statements, JimΓ©nez and Rojas
ξ ‹ξ₯΄ξ₯²ξ₯³ξ₯Έξ Œξ˜ƒ ξšŒξš—ξš•ξš–ξš‹ξ§ξš‹ξš‡ξš†ξ˜ƒ ξš–ξšŠξšƒξš–ξ˜ƒ ξš˜ξšƒξšŽξš—ξš‡ξ˜ƒ ξš†ξš”ξš‹ξš˜ξš‡ξš”ξš•ξ˜ƒ ξš‰ξš—ξšƒξš”ξšƒξšξš–ξš‡ξš‡ξ˜ƒ
the stability and positioning of an organization
regardless of its size. For them, these analysis
tools become essential elements of comparing
and measuring trends. According to the authors,
all entrepreneurs should understand the need to
manage based on plans and goals. To do this, they
need to understand and use value drivers as support
instruments for decision-making, the analysis of
information sources in the design of strategies,
and the calculation and orientation of the company
towards the creation of value.
In concordance with these debates, Narea and
GuamΓ‘n (2021) have argued that value drivers make
ξš‹ξš–ξ˜ƒξš’ξš‘ξš•ξš•ξš‹ξš„ξšŽξš‡ξ˜ƒξš–ξš‘ξ˜ƒξš‡ξš˜ξšƒξšŽξš—ξšƒξš–ξš‡ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‡ξš…ξš‘ξšξš‘ξšξš‹ξš…ξ˜ƒξšƒξšξš†ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒ
condition of the company, thus facilitating the
making of appropriate decisions that contribute
to the creation of business value. Furthermore,
according to PinzΓ³n et al. (2022), value drivers are
indicators that can show the essential components
of the business operation, elements that, due to their
ξšξš—ξš–ξš—ξšƒξšŽξ˜ƒξš…ξšƒξš—ξš•ξšƒξšŽξ˜ƒξš‹ξšξš–ξš‡ξš”ξšƒξš…ξš–ξš‹ξš‘ξšξš•ξŸ‘ξ˜ƒξš‡ξššξš’ξšŽξšƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš”ξš‡ξšƒξš•ξš‘ξšξš•ξ˜ƒ
ξš„ξš‡ξšŠξš‹ξšξš†ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξš…ξšŠξšƒξšξš‰ξš‡ξš•ξŸ‘ξ˜ƒξš™ξšŠξš‡ξš–ξšŠξš‡ξš”ξ˜ƒξšƒξšξ˜ƒξš‹ξšξš…ξš”ξš‡ξšƒξš•ξš‡ξ˜ƒξš‘ξš”ξ˜ƒ
decrease in numerical data.
In this way, value drivers play a fundamental
ξš”ξš‘ξšŽξš‡ξ˜ƒξš‹ξšξ˜ƒξš‡ξš˜ξšƒξšŽξš—ξšƒξš–ξš‹ξšξš‰ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξšƒξšξš†ξ˜ƒξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξšƒξšŽξ˜ƒξšŠξš‡ξšƒξšŽξš–ξšŠξ˜ƒ
and interpreting results, thus facilitating effective
decision-making. Therefore, today’s main challenge
ξšˆξš‘ξš”ξ˜ƒξš…ξš‘ξšξš’ξšƒξšξš‹ξš‡ξš•ξŸ―ξ˜ƒξš•ξš–ξš”ξšƒξš–ξš‡ξš‰ξš‹ξš…ξ˜ƒξšƒξšξš†ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξšξšƒξšξšƒξš‰ξš‡ξšξš‡ξšξš–ξ˜ƒ
lies in the union of efforts in interpreting value
drivers contributing to analyzing the fundamental
elements of business operations to generate
business value (PinzΓ³n et al., 2022).
Thanks to the previous contributions, Oliveros
ξšƒξšξš†ξ˜ƒ ξ˜™ξšƒξš”ξš‰ξšƒξš•ξ˜ƒξ ‹ξ₯΄ξ₯²ξ₯³ξ₯Ήξ Œξ˜ƒ ξš‹ξš†ξš‡ξšξš–ξš‹ξ§ξš‹ξš‡ξš†ξ˜ƒ ξšξš‹ξšξš‡ξ˜ƒ ξšˆξšƒξš…ξš–ξš‘ξš”ξš•ξ˜ƒ ξš–ξšŠξšƒξš–ξ˜ƒ
any company can use as key indicators of value
ξš‰ξš‡ξšξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξŸ£ξ˜ƒ ξ˜ˆξšƒξš”ξšξš‹ξšξš‰ξš•ξ˜ƒ ξ˜…ξš‡ξšˆξš‘ξš”ξš‡ξ˜ƒ ξ˜Œξšξš–ξš‡ξš”ξš‡ξš•ξš–ξ˜ƒ ξ˜—ξšƒξššξš‡ξš•ξ˜ƒ
Depreciation and Amortization β€”EBITDAβ€”;
Working Capital Productivity β€”PKTβ€”; Growth-
ξ˜Œξšξš†ξš—ξš…ξš‹ξšξš‰ξ˜ƒξ „ξ˜“ξ˜‡ξ˜†ξ „ξŸ’ξ˜ƒξ˜“ξš”ξš‘ξš†ξš—ξš…ξš–ξš‹ξš˜ξš‹ξš–ξš›ξ˜ƒξš‘ξšˆξ˜ƒξ˜‰ξš‹ξššξš‡ξš†ξ˜ƒξ˜„ξš•ξš•ξš‡ξš–ξš•ξ˜ƒξ „
ξ˜“ξ˜„ξ˜‰ξ „ξŸ’ξ˜ƒξ˜“ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš‘ξšˆξ˜ƒξ˜‘ξš‡ξš–ξ˜ƒξ˜„ξš•ξš•ξš‡ξš–ξš•ξ˜ƒξ „ξ˜•ξ˜„ξ˜‘ξ „ξŸ’ξ˜ƒξ˜•ξš‡ξš–ξš—ξš”ξšξ˜ƒ
Over Equity β€”ROEβ€”; Free Cash Flow β€”FCFβ€”;
Return On Assets β€”ROAβ€” and Total Operational
ξ˜ˆξšˆξ§ξš‹ξš…ξš‹ξš‡ξšξš…ξš›ξ˜ƒξ „ξ˜ˆξ˜’ξ˜—ξ „ξŸ€
24
ARTÍCULOS ORIGINALES
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
Value indicators/value generation
These drivers’ application, management,
and administration become essential elements
to generate β€˜Value.’ Thus, value drivers could
be understood as the strategies applied in an
organization to analyze and act about a particular
ξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξšƒξšξš†ξ˜ƒξš‡ξš…ξš‘ξšξš‘ξšξš‹ξš…ξ˜ƒξš’ξš”ξš‘ξš„ξšŽξš‡ξšξ˜ƒξšƒξšξš†ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‰ξš‡ξšξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξ˜ƒ
of value as the result of these actions that impact all
actors in the organization. This idea is supported
by Wasserman (2014), who maintained that the
generation of value is the objective to which all
organizations aspire. This concept goes beyond
ξš’ξš—ξš”ξš‡ξšŽξš›ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξšƒξš•ξš’ξš‡ξš…ξš–ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξš…ξš‘ξš˜ξš‡ξš”ξš•ξ˜ƒξšƒξšŽξšŽξ˜ƒξš…ξš‘ξšξš’ξšƒξšξš›ξ˜ƒ
areas, from production to senior management. The
purpose is to increase the value of the organization
through various strategies in both administrative
and operational management, resulting in obtaining
ξš•ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξŸ‘ξ˜ƒξš‰ξš”ξš‘ξš™ξš–ξšŠξŸ‘ξ˜ƒξšƒξšξš†ξ˜ƒξš’ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξŸ€ξ˜ƒξ˜—ξšŠξš‹ξš•ξ˜ƒξš’ξš‘ξš•ξš‹ξš–ξš‹ξš˜ξš‡ξ˜ƒ
ξšƒξš’ξš’ξš”ξš‘ξšƒξš…ξšŠξ˜ƒξšŠξšƒξš•ξ˜ƒξšƒξ˜ƒξš„ξš‡ξšξš‡ξ§ξš‹ξš…ξš‹ξšƒξšŽξ˜ƒξš‹ξšξš’ξšƒξš…ξš–ξ˜ƒξš‘ξšξ˜ƒξš„ξš‘ξš–ξšŠξ˜ƒξš‹ξšξš–ξš‡ξš”ξšξšƒξšŽξ˜ƒ
ξšƒξšξš†ξ˜ƒξš‡ξššξš–ξš‡ξš”ξšξšƒξšŽξ˜ƒξšƒξš…ξš–ξš‘ξš”ξš•ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‡ξš…ξš‘ξšξš‘ξšξš‹ξš…ξ˜ƒξš‡ξšξš–ξš‹ξš–ξš›ξŸ€
Following these ideas, Tokusaki (2013)
proposed that value generation covers a broader
scope than the mere induction of value. It is about
creating value for shareholders and all stakeholders
directly or indirectly related to a company’s
operations, from employees to the community
and the environmental environment in which it
operates.
Similarly, Correa et al. (2018) maintain
that value generation is the achievement of the
ξšˆξš—ξšξš†ξšƒξšξš‡ξšξš–ξšƒξšŽξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξš‘ξš„ξšŒξš‡ξš…ξš–ξš‹ξš˜ξš‡ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš”ξš‡ξš’ξš”ξš‡ξš•ξš‡ξšξš–ξš•ξ˜ƒξšƒξ˜ƒ
change in the conventional management approach.
According to their perspective, value generation
ξš’ξš”ξš‘ξšξš‘ξš–ξš‡ξš•ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš…ξš”ξš‡ξšƒξš–ξš‹ξš‘ξšξ˜ƒξšƒξšξš†ξ˜ƒξš‡ξššξš‡ξš…ξš—ξš–ξš‹ξš‘ξšξ˜ƒξš‘ξšˆξ˜ƒξš•ξš–ξš”ξšƒξš–ξš‡ξš‰ξš‹ξš‡ξš•ξ˜ƒ
that evaluate and improve all business activities to
ξš•ξšƒξš–ξš‹ξš•ξšˆξš›ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‡ξššξš’ξš‡ξš…ξš–ξšƒξš–ξš‹ξš‘ξšξš•ξ˜ƒξš‘ξšˆξ˜ƒξš•ξšŠξšƒξš”ξš‡ξšŠξš‘ξšŽξš†ξš‡ξš”ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξš‘ξš–ξšŠξš‡ξš”ξ˜ƒ
interest groups.
The use of value drivers, to generate value
provides those who access the information and
interested parties with a clear direction on where
they should direct their efforts and strategies that
are being implemented by the management of the
institution (Correa et al., 2018). However, a question
still arises to guide this theoretical discussion.
How do value drivers affect value generation and
management?
According to GarcΓ­a (2003) perspective, value
management involves a series of processes that
seek to align all employees with the company’s
strategic direction so that, when making decisions,
they contribute to the constant increase in the
organization’s value. This means value management
cannot be separated from the drivers nether the
microdrivers of value. This management approach
becomes a coherent system designed to generate
value in any institution by ensuring this connection.
Relationship between value chain and
micro value drivers
Following the perspective presented by GarcΓ­a
(2003), value micro drivers are indicators that adapt
ξš–ξš‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš•ξš’ξš‡ξš…ξš‹ξ§ξš‹ξš…ξ˜ƒξš…ξšŠξšƒξš”ξšƒξš…ξš–ξš‡ξš”ξš‹ξš•ξš–ξš‹ξš…ξš•ξ˜ƒξš‘ξšˆξ˜ƒξšƒξ˜ƒξš…ξš‘ξšξš’ξšƒξšξš›ξ˜ƒξšƒξšξš†ξ˜ƒ
are linked to the improvement of both operational
ξšƒξšξš†ξ˜ƒ ξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξš†ξš”ξš‹ξš˜ξš‡ξš”ξš•ξŸ€ξ˜ƒξ˜„ξš•ξ˜ƒ ξš’ξš”ξš‡ξš˜ξš‹ξš‘ξš—ξš•ξšŽξš›ξ˜ƒξš†ξš‹ξš•ξš…ξš—ξš•ξš•ξš‡ξš†ξŸ‘ξ˜ƒ
these microvalue drivers are critical in ensuring
consistency throughout the organizational system,
ξš‡ξš•ξš’ξš‡ξš…ξš‹ξšƒξšŽξšŽξš›ξ˜ƒξš‹ξšξ˜ƒξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξš•ξ˜ƒξšƒξšξš†ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‡ξŸ€ξ˜ƒξ˜„ξš†ξš†ξš‹ξš–ξš‹ξš‘ξšξšƒξšŽξšŽξš›ξŸ‘ξ˜ƒ
ξš–ξšŠξš‡ξš›ξ˜ƒξš”ξš‡ξ§ξšŽξš‡ξš…ξš–ξ˜ƒξšŠξš‘ξš™ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš…ξš‘ξšξš’ξšƒξšξš›ξ˜ƒξš…ξšƒξš’ξš‹ξš–ξšƒξšŽξš‹ξšœξš‡ξš•ξ˜ƒξš‘ξšξ˜ƒξš‹ξš–ξš•ξ˜ƒξš•ξšξš‹ξšŽξšŽξš•ξ˜ƒ
and capabilities to address market conditions. This
presents an opportunity to analyze the relationship
between microvalue drivers and each organization’s
value chain, thus ensuring a performance evaluation
process aligned with this chain activities.
To analyze this relationship, GarcΓ­a (2003)
proposes the understanding of this phenomenon
ξšˆξš”ξš‘ξšξ˜ƒξ§ξš‹ξš˜ξš‡ξ˜ƒξšˆξš—ξšξš†ξšƒξšξš‡ξšξš–ξšƒξšŽξ˜ƒξš‡ξšŽξš‡ξšξš‡ξšξš–ξš•ξŸ£ξ˜ƒξš•ξš—ξš’ξš’ξšŽξš›ξŸ’ξ˜ƒξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξš•ξŸ’ξ˜ƒ
ξš†ξš‹ξš•ξš–ξš”ξš‹ξš„ξš—ξš–ξš‹ξš‘ξšξŸ’ξ˜ƒξš•ξšƒξšŽξš‡ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξš•ξš‡ξš”ξš˜ξš‹ξš…ξš‡ξŸ’ξ˜ƒξ§ξš‹ξšξšƒξšŽξšŽξš›ξŸ‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒξšξšƒξš”ξšξš‡ξš–ξš‹ξšξš‰ξ˜ƒ
that is done in the organization. These elements are
ξšƒξš…ξš…ξš‘ξšξš’ξšƒξšξš‹ξš‡ξš†ξ˜ƒξš„ξš›ξ˜ƒξ§ξš‹ξš˜ξš‡ξ˜ƒξš‘ξš–ξšŠξš‡ξš”ξ˜ƒξš‡ξš•ξš•ξš‡ξšξš–ξš‹ξšƒξšŽξ˜ƒξš‡ξšŽξš‡ξšξš‡ξšξš–ξš•ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒ
ξš’ξš”ξš‘ξš˜ξš‹ξš†ξš‡ξ˜ƒξšƒξ˜ƒξš”ξš‡ξš•ξš’ξš‘ξšξš•ξš‡ξ˜ƒξšƒξšξš†ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξš•ξš–ξš”ξš‡ξšξš‰ξš–ξšŠξš‡ξšξš‹ξšξš‰ξ˜ƒξš–ξš‘ξ˜ƒ
organizations; thus, he proposes the analysis of: (i)
human resources administration as a fundamental
element that guarantees the well-being of the
entire organization; (ii) information technologies
as an opportunity to systematize and establish a
ξš…ξš‘ξšξšξš‡ξš…ξš–ξš‹ξš‘ξšξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‹ξšξš–ξš‡ξš”ξšξšƒξšŽξ˜ƒξšƒξšξš†ξ˜ƒξš‡ξššξš–ξš‡ξš”ξšξšƒξšŽξ˜ƒξš’ξš—ξš„ξšŽξš‹ξš…ξ˜ƒ
to the organization; (iii) the relationship with
the state as a commitment to attend to the social
and economic development of the country; (iv)
innovation as a possibility to respond to the new
challenges that the contemporary world presents
ξš–ξš‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‹ξšξš•ξš–ξš‹ξš–ξš—ξš–ξš‹ξš‘ξšξŸ’ξ˜ƒξ§ξš‹ξšξšƒξšŽξšŽξš›ξŸ‘ξ˜ƒξ ‹ξš˜ξ Œξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‡ξš•ξ˜ƒξšƒξš•ξ˜ƒξšƒξšξ˜ƒξš‡ξšŽξš‡ξšξš‡ξšξš–ξ˜ƒ
that will reach the organization when these elements
are fully guaranteed.
25
ARTÍCULOS
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
This contribution by GarcΓ­a (2003) shows that,
for the generation of value in any organization, there
must be a system that responds uniformly from the
micro value drivers to elements that transcend only
the economic productivity of the organization.
Below is the relationship table between the value
chain, competencies, and micro value driver.
β€’ Staff turnover
β€’ Labour productivity
β€’ Commitment
β€’ Average remuneration
β€’ Entrepreneurship
β€’ Training costs
β€’ Revenue per employee
β€’ Union aspects
β€’ Meters per employee
β€’ Income expenses
β€’ Communication system
β€’ Shared knowledge
β€’ Value chain integration
β€’
Speed to market
β€’ Inventory P. Finished
β€’ Distribution costs
β€’ Channel control
β€’ Channel complexity
β€’ Exchange relations
β€’ Response to the market
Resource
management
Information
technology
Sales and
Distribution
β€˜
β€’ Segmentation
β€’ Customer loyalty
β€’ Customer acquisition
β€’ Customer profitability
β€’ Higher price
β€’ Exposure to changes
β€’ Lobbying capacity
β€’ Unit Costs
β€’ Quality
β€’ Timing
β€’ Flexibility
β€’ Research expenses
β€’ New products
β€’ Learning curve
β€’ Quality of relationships
β€’ Storage costs
β€’ Unit costs
β€’ Raw material quality
β€’ Leverage
β€’ Cost of debt
β€’ Dividend policy
β€’ Cost structure
β€’ FCL / Revenue
β€’ EGO / Income
Innovation
Finance
Catering
Marketing
Operations
(production of
goods and
Figure 1. Relationship between value chain, competencies, and micro drivers. Source: author own elaboration.
Considering these theoretical and conceptual
approaches, the need to consolidate research that
addresses the different economic sectors of the
country is evident, particularly those that have
ξšξš‘ξš–ξ˜ƒξš„ξš‡ξš‡ξšξ˜ƒξš‡ξššξš’ξšŽξš‘ξš”ξš‡ξš†ξ˜ƒξš™ξš‹ξš–ξšŠξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξšƒξš”ξš‡ξšƒξ˜ƒξš‘ξšˆξ˜ƒξšξš‹ξš…ξš”ξš‘ξ˜ƒξš˜ξšƒξšŽξš—ξš‡ξ˜ƒ
drivers for the generation and management of value
(TobΓ³n, UrquΓ­a y Cano, 2023). One of those little
ξš‡ξššξš’ξšŽξš‘ξš”ξš‡ξš†ξ˜ƒξš•ξš‡ξš…ξš–ξš‘ξš”ξš•ξ˜ƒξšŠξšƒξš•ξ˜ƒξš„ξš‡ξš‡ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‡ξš†ξš—ξš…ξšƒξš–ξš‹ξš‘ξšξšƒξšŽξ˜ƒξš•ξš‡ξš…ξš–ξš‘ξš”ξŸ‘ξ˜ƒ
particularly that of higher education institutions.
For this reason, this research is constituted as a
contribution to this sector, hoping to contribute
with elements that allow the understanding and
application of operational value drivers for better
institutional development.
Methodology
A qualitative approach supports this research.
This methodology was determined because a
delimited and concrete study problem is posed
through quantitative variables that intentionally
aim to β€œconstraining information, conducting
accurate measurements of the variables in the study,
and maintaining focus” (HernΓ‘ndez, FernΓ‘ndez y
Baptista, 2014, p. 10). Likewise, it was determined
to use this qualitative study following the ideas
of Sandoval (1996), who argued that this type
of research is multicycle. This implies that we
repeat the formulation, design, or redesign stages
ξš•ξš‡ξš˜ξš‡ξš”ξšƒξšŽξ˜ƒξš–ξš‹ξšξš‡ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξš‡ξššξš‡ξš…ξš—ξš–ξš‡ξ˜ƒξš‹ξšξšˆξš‘ξš”ξšξšƒξš–ξš‹ξš‘ξšξ˜ƒξšƒξšξš†ξ˜ƒξšƒξšξšƒξšŽξš›ξš•ξš‹ξš•ξ˜ƒ
26
ARTÍCULOS ORIGINALES
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
collection processes on multiple occasions. In this
investigative process, there was a similar cycle: the
microvalue drivers present in the institution were
ξš‹ξš†ξš‡ξšξš–ξš‹ξ§ξš‹ξš‡ξš†ξ˜ƒξš–ξš‘ξ˜ƒξš†ξš‡ξ§ξš‹ξšξš‡ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξšƒξšŽξ˜ƒξš˜ξšƒξšŽξš—ξš‡ξ˜ƒξš†ξš”ξš‹ξš˜ξš‡ξš”ξš•ξ˜ƒ
ξš–ξšŠξš”ξš‘ξš—ξš‰ξšŠξ˜ƒξšƒξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξšƒξšξšƒξšŽξš›ξš•ξš‹ξš•ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξšŽξšƒξš•ξš–ξ˜ƒξš–ξšŠξš”ξš‡ξš‡ξ˜ƒξš›ξš‡ξšƒξš”ξš•ξ˜ƒ
ξšƒξšξš†ξ˜ƒξ§ξš‹ξšξšƒξšŽξšŽξš›ξŸ‘ξ˜ƒξš’ξš”ξš‘ξš’ξš‘ξš•ξš‡ξ˜ƒξšƒξš…ξš–ξš‹ξš‘ξšξš•ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξšƒξšŽξšŽξš‘ξš™ξ˜ƒξšξšƒξšξšƒξš‰ξš‹ξšξš‰ξ˜ƒξš–ξšŠξš‡ξ˜ƒ
operational value drivers and micro value drivers
in this organization.
Starting from the singularities of this research
ξšƒξšξš†ξ˜ƒξš”ξš‡ξš…ξš‘ξš‰ξšξš‹ξšœξš‹ξšξš‰ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš–ξšŠξš‹ξš•ξ˜ƒξš™ξšƒξš•ξ˜ƒξšƒξ˜ƒξš•ξš’ξš‡ξš…ξš‹ξ§ξš‹ξš…ξ˜ƒξš•ξš–ξš—ξš†ξš›ξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒξšƒξ˜ƒ
private higher education institution, the descriptive
case study was used to guide this research. Authors
such as Sabino (2014) and Schoch (2020) maintain
that descriptive case studies use systematic
criteria that reveal the structure or behavior of the
phenomena under investigation, thus providing
systematic information that can be compared with
other sources. This means that the description of
value inducers and micro drivers in this research
ξš”ξš‡ξš“ξš—ξš‹ξš”ξš‡ξš†ξ˜ƒξšƒξ˜ƒξš•ξš’ξš‡ξš…ξš‹ξ§ξš‹ξš…ξ˜ƒξš—ξšξš†ξš‡ξš”ξš•ξš–ξšƒξšξš†ξš‹ξšξš‰ξ˜ƒξš‘ξšˆξ˜ƒξš™ξšŠξš‡ξš”ξš‡ξ˜ƒξš–ξšŠξš‡ξ˜ƒ
ξš…ξš‘ξšξš–ξš‡ξššξš–ξ˜ƒξš•ξš‡ξš”ξš˜ξš‡ξš†ξ˜ƒξš„ξš›ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‹ξšξš•ξš–ξš‹ξš–ξš—ξš–ξš‹ξš‘ξšξ˜ƒξš™ξšƒξš•ξ˜ƒξšƒξšξšƒξšŽξš›ξšœξš‡ξš†ξŸ€
For the design and implementation of the
ξš”ξš‡ξš•ξš‡ξšƒξš”ξš…ξšŠξŸ‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš•ξš’ξš‡ξš…ξš‹ξ§ξš‹ξš…ξ˜ƒξš‘ξš„ξšŒξš‡ξš…ξš–ξš‹ξš˜ξš‡ξš•ξ˜ƒξš™ξš‡ξš”ξš‡ξ˜ƒξš…ξš‘ξšξš•ξš‹ξš†ξš‡ξš”ξš‡ξš†ξ˜ƒ
as guides for each of the actions of the study. For
this reason, the micro drivers of value present in
ξš–ξšŠξš‡ξ˜ƒξš‹ξšξš•ξš–ξš‹ξš–ξš—ξš–ξš‹ξš‘ξšξ˜ƒξš™ξš‡ξš”ξš‡ξ˜ƒξš‹ξš†ξš‡ξšξš–ξš‹ξ§ξš‹ξš‡ξš†ξ˜ƒξšƒξš–ξ˜ƒξ§ξš‹ξš”ξš•ξš–ξŸ€ξ˜ƒξ˜„ξš•ξ˜ƒξš‡ξššξš’ξš”ξš‡ξš•ξš•ξš‡ξš†ξ˜ƒ
ξš„ξš›ξ˜ƒξ˜ξšƒξšŽξš†ξš‘ξšξšƒξš†ξš‘ξ˜ƒξ ‹ξ₯΄ξ₯²ξ₯΄ξ₯²ξ ŒξŸ‘ξ˜ƒξš–ξšŠξš‹ξš•ξ˜ƒξš‡ξššξš‡ξš”ξš…ξš‹ξš•ξš‡ξ˜ƒξš”ξš‡ξš“ξš—ξš‹ξš”ξš‡ξš•ξ˜ƒξšƒξšξ˜ƒ
analysis of the channels the organization uses to
ξš…ξš‘ξšξš–ξšƒξš…ξš–ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‹ξšξš–ξš‡ξš”ξšξšƒξšŽξ˜ƒξšƒξšξš†ξ˜ƒξš‡ξššξš–ξš‡ξš”ξšξšƒξšŽξ˜ƒξšˆξšƒξš…ξš–ξš‘ξš”ξš•ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξšξšƒξšξš‡ξ˜ƒ
it up. For this research, the institutional website
was mainly analyzed. For this purpose, a report
table was created to determine the institutional
micro drivers. In a second moment, researchers
sought to determine the operational value drivers
ξš–ξšŠξšƒξš–ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‹ξšξš•ξš–ξš‹ξš–ξš—ξš–ξš‹ξš‘ξšξ˜ƒξšŠξšƒξš†ξŸ’ξ˜ƒξšˆξš‘ξš”ξ˜ƒξš–ξšŠξš‹ξš•ξŸ‘ξ˜ƒξšƒξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξšƒξšξšƒξšŽξš›ξš•ξš‹ξš•ξ˜ƒ
of the last three years was carried out. This activity
ξš•ξš‡ξš”ξš˜ξš‡ξš†ξ˜ƒξšƒξš•ξ˜ƒ ξš‹ξšξš’ξš—ξš–ξ˜ƒξš–ξš‘ξ˜ƒ ξš…ξš‘ξšξš–ξš‡ξššξš–ξš—ξšƒξšŽξš‹ξšœξš‡ξ˜ƒξšƒξšξš†ξ˜ƒ ξš”ξš‡ξšƒξš†ξ˜ƒ ξš–ξšŠξš‡ξ˜ƒ
company’s current reality and propose the third
ξšξš‘ξšξš‡ξšξš–ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‹ξš•ξ˜ƒξš•ξš–ξš—ξš†ξš›ξŸ‘ξ˜ƒξš™ξšŠξš‘ξš•ξš‡ξ˜ƒξš•ξš’ξš‡ξš…ξš‹ξ§ξš‹ξš…ξ˜ƒξš‘ξš„ξšŒξš‡ξš…ξš–ξš‹ξš˜ξš‡ξ˜ƒ
was to propose actions that allow managing the
institution’s operational value drivers and micro
value drivers. It is worth clarifying that, for the
structure of the results presented in this work,
the study of RamΓ­rez, Rojas and JimΓ©nez (2017)
ξš‹ξš•ξ˜ƒξš…ξš‘ξšξš•ξš‹ξš†ξš‡ξš”ξš‡ξš†ξŸ€ξ˜ƒξ˜‘ξš‡ξššξš–ξŸ‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš…ξš›ξš…ξšŽξš‹ξš…ξšƒξšŽξ˜ƒξš’ξš”ξš‘ξš…ξš‡ξš•ξš•ξ˜ƒξšƒξš’ξš’ξšŽξš‹ξš‡ξš†ξ˜ƒ
ξš‹ξšξ˜ƒξš”ξš‡ξš•ξš‡ξšƒξš”ξš…ξšŠξ˜ƒξš‹ξš•ξ˜ƒξš‡ξššξš’ξšŽξšƒξš‹ξšξš‡ξš†ξ˜ƒξš‹ξšξ˜ƒξš†ξš‡ξš–ξšƒξš‹ξšŽξŸ€
2. FINANCIAL
ANALYSIS OF THE
LAST 3 YEARS
3. ACTION
PROPOSAL
1. IDENTIFICATION
OF MICROVALUE
DRIVERS
Figure 2. Moments and research design. Source: author own
elaboration.
Results
The following table compares the comprehensive
income statement between 2020-2021 and 2021-
ξ₯΄ξ₯²ξ₯΄ξ₯΄ξŸ‘ξ˜ƒξšŠξš‹ξš‰ξšŠξšŽξš‹ξš‰ξšŠξš–ξš‹ξšξš‰ξ˜ƒξš–ξšŠξš‡ξ˜ƒξšξš‘ξš•ξš–ξ˜ƒξš•ξš‹ξš‰ξšξš‹ξ§ξš‹ξš…ξšƒξšξš–ξ˜ƒξš˜ξšƒξš”ξš‹ξšƒξš–ξš‹ξš‘ξšξš•ξ˜ƒξš‹ξšξ˜ƒ
ξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξšξš‰ξ˜ƒξš‹ξšξš…ξš‘ξšξš‡ξŸ‘ξ˜ƒξš…ξš‘ξš•ξš–ξ˜ƒξš‘ξšˆξ˜ƒξš•ξšƒξšŽξš‡ξš•ξŸ‘ξ˜ƒξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξšξš‰ξ˜ƒξš‡ξššξš’ξš‡ξšξš•ξš‡ξš•ξŸ‘ξ˜ƒ
ξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξšξš‰ξ˜ƒξš’ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξŸ‘ξ˜ƒξšƒξšξš†ξ˜ƒξšξš‡ξš–ξ˜ƒξš’ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξŸ€
27
ARTÍCULOS
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
Table 1. Comprehensive Income statement of a Private Higher Education Institution of MedellΓ­n
Private Higher Education Institution
Comprehensive Income Statement
Operational
income
2020 2021 Variation % VAR 2021 2022 Variation % VAR
Educational
services
96’927775 102’260639 5’332864 5.50 % 102’260639 113’279446 11’018807 10.78 %
Total income
from education
96’927775 102’260639 5’332864 5.50 % 102’260639 113’279446 11’018807 10.78 %
Missional costs ξ™’ ξ™’ ξ™’ ξ™’ ξ™’ ξ™’ ξ™’
Teaching cost 41’243714 40’047820 -1’195894 -2.90 % 40’047820 47’690178 7’642358 19.08 %
Service contracts 726208 723587 -2621 -0.36 % 723587 218699 -504888 -69.78 %
Indirect costs 37’378557 38’073283 694726 1.86 % 38’073283 35’561144 -2’512139 -6.60 %
Depreciations 244934 264885 19951 8.15 % 264885 580631 315745 119.20 %
Amortization 2’047221 2’075812 28591 1.40 % 2’075812 2’702370 626558 30.18 %
Total missional
costs
81’640633 81’185386 -455247 -0.56 % 81’185386 86’753020 5’567634 6.86 %
Total gross
surplus
15’287142 21’075253 5’788111 37.86 % 21’075253 26’526425 5’451173 25.87 %
Operational expenses ξ™’ ξ™’ ξ™’ ξ™’ ξ™’ ξ™’ ξ™’
Administration
expenses
8’770315 10’379836 1’609522 18.35 % 10’379836 12’439768 2’059932 19.85 %
Depreciations 1’330846 1’153442 -177404 -13.33 % 1’153442 824853 -328588 -28.49 %
Selling expenses 3’823938 4’488548 664611 17.38 % 4’488548 5’080487 591938 13.19 %
Total operational
expenses
13’925098 16’021826 2’096729 15.06 % 16’021826 18’345108 2’323281 14.50 %
Total operational
surplus
1’362044 5’053426 3’691382 271.02 % 5’053426 8’181317 3’127891 61.90 %
Non-operating
income
7’397056 6’762869 -634187 -8.57 % 6’762869 6’832364 69495 1.03 %
Total Non-
operational
expenses
5’963001 8’786513 2’823512 47.35 % 8’786513 11’906623 3’120110 35.51 %
Net Surplus 2’796098 3’029782 233684 8.36 % 3’029782 3’107058 77276 2.55 %
Note: Expressed in thousands of Colombian pesos.
Source: author own elaboration.
28
ARTÍCULOS ORIGINALES
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
In the comprehensive income statement for the
years 2020, 2021, and 2022, growth in operating
surpluses is evident in absolute values of $ 3’691382
and the percentage of 271.02 % in the years from
2020 to 2021; this is mainly due to the increase in
operational income by 5.50 % and the decrease in
ξšξš‹ξš•ξš•ξš‹ξš‘ξšξšƒξšŽξ˜ƒξš…ξš‘ξš•ξš–ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξšƒξšŽξ˜ƒξš‡ξššξš’ξš‡ξšξš•ξš‡ξš•ξ˜ƒξš‘ξšˆξ˜ƒξ₯³ξ₯Άξ˜ƒξ¦¨ξŸ€ξ˜ƒ
Likewise, the growth of operating surpluses of
$ 3’127891 and in percentage value of 61.90 % in
the years from 2021 to 2022 due to the increase in
income by 10.78 %, and the decrease in indirect costs
ξš„ξš›ξ˜ƒξ₯ΈξŸ€ξ₯Έξ₯²ξ˜ƒξ¦¨ξŸ€ξ˜ƒξ˜‘ξš‡ξššξš–ξŸ‘ξ˜ƒξš™ξš‡ξ˜ƒξš”ξš‡ξšŽξšƒξš–ξš‡ξ˜ƒξš–ξšŠξš‡ξ˜ƒξšƒξš•ξš•ξš‡ξš–ξ˜ƒξš’ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξŸ€
Return On Assets β€”ROAβ€”
Financial analysis is of utmost importance
ξšƒξšξš†ξ˜ƒξš”ξš‡ξšˆξš‡ξš”ξš•ξ˜ƒξš–ξš‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‹ξšξš†ξš‹ξš…ξšƒξš–ξš‘ξš”ξš•ξ˜ƒξš”ξš‡ξšŽξšƒξš–ξš‡ξš†ξ˜ƒξš–ξš‘ξ˜ƒξš’ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξŸ‘ξ˜ƒ
which show us the management carried out by
ξšξšƒξšξšƒξš‰ξš‡ξšξš‡ξšξš–ξ˜ƒξš–ξš‘ξ˜ƒξšξšƒξššξš‹ξšξš‹ξšœξš‡ξ˜ƒξš‡ξš…ξš‘ξšξš‘ξšξš‹ξš…ξ˜ƒξšƒξšξš†ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒ
resources.
In Table 2, it can be determined whether the
administration carried out by the institution was
ξš‡ξšˆξšˆξš‡ξš…ξš–ξš‹ξš˜ξš‡ξ˜ƒ ξš‹ξšξ˜ƒ ξšξšƒξššξš‹ξšξš‹ξšœξš‹ξšξš‰ξ˜ƒ ξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξšξš‰ξ˜ƒ ξš‹ξšξš…ξš‘ξšξš‡ξ˜ƒ ξšƒξšξš†ξ˜ƒ
optimizing mission-related costs and operational
ξš‡ξššξš’ξš‡ξšξš•ξš‡ξš•ξ˜ƒ ξšƒξš„ξš‘ξš—ξš–ξ˜ƒ ξš–ξšŠξš‡ξ˜ƒ ξš’ξš”ξš‘ξš†ξš—ξš…ξš–ξš‹ξš‘ξšξ˜ƒ ξš’ξš”ξš‘ξš…ξš‡ξš•ξš•ξ˜ƒ ξš‘ξšˆξ˜ƒ ξšξš‡ξš–ξ˜ƒ
operating assets.
Table 2. ROA of a Private Higher Education Institution of MedellΓ­n
ROA
Net surplus for the year
Net operating assets
Component 2020 2021 2022
Net surplus for the year 2’796098 3’029782 3’107058
Net operating assets 119’108737 123’073090 124’246589
Total operational proξ©Ώtability of the asset 2.35 % 2.46 % 2.50 %
Note: Expressed in thousands of Colombian pesos.
Source: author own elaboration.
In the previous table, it can be seen that during
the years 2020 to 2021, the operational ROA of the
institution improved, going from 2.35 % in 2020
to 2.46 % in 2021, and then to 2.50 % in 2022. This
increase would indicate better performance in
investment in net operating assets.
However, an increase in operating assets is
noted during the 2021-2022 period, demonstrating
a greater use of investment in surpluses. Despite
this, a problem is evident in controlling operating
ξš‡ξššξš’ξš‡ξšξš•ξš‡ξš•ξ˜ƒξš‹ξšξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯³ξŸ‘ξ˜ƒξšƒξš•ξ˜ƒξš–ξšŠξš‡ξš›ξ˜ƒξš‰ξš”ξš‡ξš™ξ˜ƒξš„ξš›ξ˜ƒξ₯³ξ₯·ξŸ€ξ₯²ξ₯Έξ˜ƒξ¦¨ξ˜ƒξš…ξš‘ξšξš’ξšƒξš”ξš‡ξš†ξ˜ƒ
ξš–ξš‘ξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯²ξŸ€ξ˜ƒξ˜Œξšξ˜ƒξšƒξš†ξš†ξš‹ξš–ξš‹ξš‘ξšξŸ‘ξ˜ƒξšξš‘ξšξŸ¦ξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξšƒξšŽξ˜ƒξš‡ξššξš’ξš‡ξšξš•ξš‡ξš•ξ˜ƒ
increased by 47.35 % in 2021 compared to 2020.
In 2022, missional costs increased by 6.86 %,
ξšƒξšξš†ξ˜ƒξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξšƒξšŽξ˜ƒξšƒξšξš†ξ˜ƒ ξšξš‘ξšξŸ¦ξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξšƒξšŽξ˜ƒξš‡ξššξš’ξš‡ξšξš•ξš‡ξš•ξ˜ƒ
increased by 50 % compared to 2021. Although
operational income showed positive growth of
5.50 % in 2021, and 10.78 % in 2022, the institution
ξšξš‡ξš‡ξš†ξš‡ξš†ξ˜ƒξš–ξš‘ξ˜ƒξš‘ξš’ξš–ξš‹ξšξš‹ξšœξš‡ξ˜ƒξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξšξš‰ξ˜ƒξš‡ξššξš’ξš‡ξšξš•ξš‡ξš•ξ˜ƒξš•ξš‹ξšξš…ξš‡ξ˜ƒξš–ξšŠξš‡ξš›ξ˜ƒ
increased by 14.50 % compared to the previous
year. Thus, although there were improvements in the
ξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξšξš‰ξ˜ƒξš’ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξšƒξš•ξš•ξš‡ξš–ξ˜ƒξšƒξšξš†ξ˜ƒξšƒξšξ˜ƒξš‹ξšξš…ξš”ξš‡ξšƒξš•ξš‡ξ˜ƒ
in operating income, it is essential to address the
ξš…ξš‘ξšξš–ξš”ξš‘ξšŽξ˜ƒ ξš‘ξšˆξ˜ƒ ξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξšξš‰ξ˜ƒ ξš‡ξššξš’ξš‡ξšξš•ξš‡ξš•ξ˜ƒ ξš–ξš‘ξ˜ƒ ξš‡ξšξš•ξš—ξš”ξš‡ξ˜ƒ ξšξš‘ξš”ξš‡ξ˜ƒ
ξš‡ξšˆξ§ξš‹ξš…ξš‹ξš‡ξšξš–ξ˜ƒξšƒξšξš†ξ˜ƒξš•ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξšŽξš‡ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξšξšƒξšξšƒξš‰ξš‡ξšξš‡ξšξš–ξŸ€
On the other hand, Table 3 analyzes the Return
Over Equity β€”ROEβ€” of the institution in the period
2020-2022.
29
ARTÍCULOS
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
Table 3. ROE of a Private Higher Education Institution of MedellΓ­n
ROE
Net surplus for the year
Net
Component 2020 2021 2022
Net surplus for the year 2’796098 3’029782 3’107058
Net 57’019974 60’049756 63’156814
Total operational proξ©Ώtability of equity 4.90 % 5.05 % 4.92 %
Note: Expressed in thousands of Colombian pesos.
Source: author own elaboration.
ξ˜•ξš‡ξš‰ξšƒξš”ξš†ξš‹ξšξš‰ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜•ξ˜’ξ˜ˆξŸ‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒξšξš‘ξš•ξš–ξ˜ƒξš•ξš‹ξš‰ξšξš‹ξ§ξš‹ξš…ξšƒξšξš–ξ˜ƒξš‰ξš”ξš‘ξš™ξš–ξšŠξ˜ƒ
ξš‘ξš…ξš…ξš—ξš”ξš”ξš‡ξš†ξ˜ƒξš‹ξšξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯³ξŸ‘ξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒξšƒξ˜ƒξš’ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš‘ξšˆξ˜ƒξ₯·ξŸ€ξ₯²ξ₯·ξ˜ƒξ¦¨ξŸ‘ξ˜ƒ
compared to 2020, which was 4.90 %; and in
ξ₯΄ξ₯²ξ₯΄ξ₯΄ξŸ‘ξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒξšƒξ˜ƒξš’ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš‘ξšˆξ˜ƒξ₯ΆξŸ€ξ₯»ξ₯΄ξ˜ƒξ¦¨ξ˜ƒξš’ξš”ξš‡ξš•ξš‡ξšξš–ξš‹ξšξš‰ξ˜ƒ
ξšƒξšξ˜ƒ ξšƒξš’ξš’ξš”ξš‘ξššξš‹ξšξšƒξš–ξš‡ξ˜ƒ ξš†ξš‡ξš…ξš”ξš‡ξšƒξš•ξš‡ξ˜ƒ ξš‘ξšˆξ˜ƒ ξ₯²ξŸ€ξ₯³ξ₯΅ξ˜ƒ ξ¦¨ξ˜ƒ ξšˆξš”ξš‘ξšξ˜ƒ ξš–ξšŠξš‡ξ˜ƒ
previous period due to the increase in operational
ξšƒξšξš†ξ˜ƒξšξš‘ξšξŸ¦ξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξšƒξšŽξ˜ƒξš‡ξššξš’ξš‡ξšξš•ξš‡ξš•ξ˜ƒξš‘ξšˆξ˜ƒξ₯·ξ₯²ξŸ€ξ₯²ξ₯³ξ˜ƒξ¦¨ξŸ€ξ˜ƒξ˜—ξšŠξš‹ξš•ξ˜ƒ
behavior negatively impacts the performance of
ξšƒξš•ξš•ξš‡ξš–ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξš–ξšŠξš‡ξ˜ƒξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš–ξš‘ξ˜ƒξšξšƒξššξš‹ξšξš‹ξšœξš‡ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš•ξš—ξš”ξš’ξšŽξš—ξš•ξš‡ξš•ξ˜ƒ
of the institution. This situation can hinder the
reinvestment of surpluses in improving its social
mission and the institution’s infrastructure.
Weighted average Cost of Capital β€”CKβ€”
In this study, it is crucial to compare the ROE,
the CK, and cost of equity ratios. The analysis of the
calculation CK of the institution is provided below.
Table 4. Weighted average CK of a Private Higher Education Institution of MedellΓ­n
Weighted average CK
Concept Amount Participation percentage Weighted CK
Passive 61’089775 49.17 % 6.38 %
Equity 63’156814 50.83 % 6.10 %
Total active 124’246589 100.00 % 12.48 %
Note: Expressed in thousands of Colombian pesos.
Source: author own elaboration.
The calculation of the weighted average CK
resulted in 12.48 %. When contrasted with the ROE
for the years 2020, 2021, and 2022, it is evident that
is below the CK, which represents an unattractive
indicator for potential partners or investors. For
this reason, Table 5 shows a comparative analysis
between the ROE and the weighted average cost of
capital of the institution.
30
ARTÍCULOS ORIGINALES
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
Table 5. ROE vs. CK of a Private Higher Education Institution of MedellΓ­n
Indicator 2020 2021 2022
ROE 4.90 % 5.05 % 4.92 %
CK 12.48 % 12.48 % 12.48 %
Source: author own elaboration.
According to the comparative table of the
ξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξš‹ξšξšˆξš‘ξš”ξšξšƒξš–ξš‹ξš‘ξšξ˜ƒξš”ξš‡ξšŽξšƒξš–ξš‡ξš†ξ˜ƒξš–ξš‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜•ξ˜’ξ˜ˆξ˜ƒξšƒξšξš†ξ˜ƒξš–ξšŠξš‡ξ˜ƒ
weighted average CK in the years 2020 to 2022, it can
be concluded that the institution failed to generate
value during this period. This is because the costs
ξš”ξš‡ξšŽξšƒξš–ξš‡ξš†ξ˜ƒξš–ξš‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξ˜ƒξš‘ξšˆξ˜ƒξš‹ξš–ξš•ξ˜ƒξšƒξš•ξš•ξš‡ξš–ξš•ξ˜ƒξš‡ξššξš…ξš‡ξš‡ξš†ξš‡ξš†ξ˜ƒξš–ξšŠξš‡ξ˜ƒ
ξš’ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš‘ξšˆξ˜ƒξš‹ξš–ξš•ξ˜ƒξš‡ξš“ξš—ξš‹ξš–ξš›ξŸ‘ξ˜ƒξš†ξš‡ξš•ξš–ξš”ξš‘ξš›ξš‹ξšξš‰ξ˜ƒξš˜ξšƒξšŽξš—ξš‡ξŸ€
The institution needed to generate added value
from 2020 to 2022. This is mainly because both the
weighted CK and the cost of equity were higher than
the operating ROA and the ROE.
Table 6. Comparison of ROA and ROE vs. value creation % of a Private Higher Education Institution of MedellΓ­n
Year ROA ROE CK Cost of equity
2020 2.35 % 4.90 % 12.48 % 12.00 %
2021 2.46 % 5.05 % 12.48 % 12.00 %
2022 2.50 % 4.92 % 12.48 % 12.00 %
Source: author own elaboration.
By analyzing and comparing the results of
operating ROA and operating ROE about the CK, it is
evident that the institution is destroying value. This
is because the CK and the minimum rate required
ξš„ξš›ξ˜ƒξš’ξšƒξš”ξš–ξšξš‡ξš”ξš•ξ˜ƒξš‘ξš”ξ˜ƒξš‹ξšξš˜ξš‡ξš•ξš–ξš‘ξš”ξš•ξ˜ƒξš‹ξš•ξ˜ƒξ₯³ξ₯΄ξ˜ƒξ¦¨ξŸ‘ξ˜ƒξš™ξšŠξš‹ξš…ξšŠξ˜ƒξš‡ξššξš…ξš‡ξš‡ξš†ξš•ξ˜ƒ
the previously analyzed indicators. When we refer
to the generation of value, it is essential to link it
with the Economic Value Added β€”EVAβ€”, described
according to GarcΓ­a (2003) as the disparity between
ξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξšξš‰ξ˜ƒ ξš’ξš”ξš‘ξ§ξš‹ξš–ξš•ξ˜ƒ ξšƒξšˆξš–ξš‡ξš”ξ˜ƒ ξš–ξšƒξššξš‡ξš•ξ˜ƒ ξšƒξšξš†ξ˜ƒ ξš–ξšŠξš‡ξ˜ƒ ξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒ
ξš‡ξššξš’ξš‡ξšξš•ξš‡ξ˜ƒξšƒξš•ξš•ξš‘ξš…ξš‹ξšƒξš–ξš‡ξš†ξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒξš–ξšŠξš‡ξ˜ƒξš—ξš•ξš‡ξ˜ƒξš‘ξšˆξ˜ƒξšƒξš•ξš•ξš‡ξš–ξš•ξ˜ƒξš„ξš›ξ˜ƒξš–ξšŠξš‡ξ˜ƒ
company. This indicator allows us to evaluate
whether the educational institution is generating
value. In this case, despite generating surpluses, a
value generation is not observed since the cost of
ξš‹ξš–ξš•ξ˜ƒξšƒξš•ξš•ξš‡ξš–ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξš‡ξš“ξš—ξš‹ξš–ξš›ξ˜ƒξš‡ξššξš…ξš‡ξš‡ξš†ξš•ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜•ξ˜’ξ˜„ξ˜ƒξšƒξšξš†ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜•ξ˜’ξ˜ˆξŸ€
Additionally, Operating Income or UODI for
the years 2020-2022 was calculated using data
ξšˆξš”ξš‘ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξš•ξš–ξšƒξš–ξš‡ξšξš‡ξšξš–ξš•ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‹ξšξš•ξš–ξš‹ξš–ξš—ξš–ξš‹ξš‘ξšξŸ‘ξ˜ƒ
ξš•ξš’ξš‡ξš…ξš‹ξ§ξš‹ξš…ξšƒξšŽξšŽξš›ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜†ξš‘ξšξš’ξš”ξš‡ξšŠξš‡ξšξš•ξš‹ξš˜ξš‡ξ˜ƒξ˜Œξšξš…ξš‘ξšξš‡ξ˜ƒξ˜–ξš–ξšƒξš–ξš‡ξšξš‡ξšξš–ξŸ€ξ˜ƒ
ξ˜‘ξš‡ξššξš–ξŸ‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜ˆξ˜™ξ˜„ξ˜ƒξš™ξšƒξš•ξ˜ƒξš…ξšƒξšŽξš…ξš—ξšŽξšƒξš–ξš‡ξš†ξ˜ƒξš—ξš•ξš‹ξšξš‰ξ˜ƒξš–ξšŠξš‡ξ˜ƒξšξš‡ξš–ξ˜ƒξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξšξš‰ξ˜ƒ
assets and the institution’s capital cost.
Table 7. Calculation of the UODI of a Private Higher Education Institution of MedellΓ­n
Comprehensive Income Statement
Concept 2020 2021 2022
Net educational services income 96’927775 102’260639 113’279446
Missional costs 79’348478 78’844689 83’470019
31
ARTÍCULOS
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
Comprehensive Income Statement
Concept 2020 2021 2022
Gross surplus 17’579297 23’415950 29’809427
Administration expenses 8’770315 10’379836 12’439768
Selling expenses 3’823938 4’488548 5’080487
EBITDA 4’985044 8’547566 12’289172
Depreciation 1’575780 1’418327 1’405484
Amortization 2’047221 2’075812 2’702370
Operating proξ©Ώt 1’362043 5’053427 8’181318
Note: Expressed in thousands of Colombian pesos.
Source: author own elaboration.
ξ˜—ξšŠξš‡ξ˜ƒξ˜˜ξ˜’ξ˜‡ξ˜ŒξŸ‘ξ˜ƒξš‹ξš•ξ˜ƒξš‡ξššξšƒξšξš‹ξšξš‡ξš†ξ˜ƒξšˆξš”ξš‘ξšξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯²ξ˜ƒξš–ξš‘ξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯΄ξŸ‘ξ˜ƒ
ξšƒξšξš†ξ˜ƒξš•ξš‹ξš‰ξšξš‹ξ§ξš‹ξš…ξšƒξšξš–ξ˜ƒξš…ξšŠξšƒξšξš‰ξš‡ξš•ξ˜ƒξšƒξš”ξš‡ξ˜ƒξš‘ξš„ξš•ξš‡ξš”ξš˜ξš‡ξš†ξ˜ƒξšˆξš”ξš‘ξšξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯²ξ˜ƒ
to 2021. During this period, a notable growth of
271 % is recorded, mainly driven by increased
service revenues, education and reduced missional
costs. It is essential to mention the reduction of
ξš‡ξššξš’ξš‡ξšξš•ξš‡ξš•ξ˜ƒξš„ξš‡ξš…ξšƒξš—ξš•ξš‡ξŸ‘ξ˜ƒξš†ξš—ξš”ξš‹ξšξš‰ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜†ξ˜’ξ˜™ξ˜Œξ˜‡ξŸ¦ξ₯³ξ₯»ξ˜ƒξš’ξšƒξšξš†ξš‡ξšξš‹ξš…ξŸ‘ξ˜ƒ
educational institutions were forced to quickly adapt
to virtual classes to guarantee the continuity of
learning. This transition to online education brought
several changes, including a notable reduction in
operating costs. By not requiring additional physical
infrastructure, such as classrooms and meeting
ξš•ξš’ξšƒξš…ξš‡ξš•ξŸ‘ξ˜ƒξšƒξš•ξ˜ƒξš™ξš‡ξšŽξšŽξ˜ƒξšƒξš•ξ˜ƒξš†ξš‡ξš…ξš”ξš‡ξšƒξš•ξš‡ξš†ξ˜ƒξš‡ξššξš’ξš‡ξšξš•ξš‡ξš•ξ˜ƒξšˆξš‘ξš”ξ˜ƒξš‡ξš•ξš•ξš‡ξšξš–ξš‹ξšƒξšŽξ˜ƒ
services such as electricity and water, educational
institutions have managed to optimize their
ξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξš”ξš‡ξš•ξš‘ξš—ξš”ξš…ξš‡ξš•ξŸ‘ξ˜ƒξš™ξšŠξš‹ξš…ξšŠξ˜ƒξš•ξš‹ξš‰ξšξš‹ξ§ξš‹ξš…ξšƒξšξš–ξšŽξš›ξ˜ƒξš‹ξšξš’ξšƒξš…ξš–ξš‡ξš†ξ˜ƒ
the sector.
With the calculation of EVA, is evaluates the
generation of value by the entity, considering the
CK used. The EVA is calculated by subtracting the
ξ˜†ξ˜Žξ˜ƒξšˆξš”ξš‘ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‡ξš…ξš‘ξšξš‘ξšξš‹ξš…ξ˜ƒξš„ξš‡ξšξš‡ξ§ξš‹ξš–ξ˜ƒξš‘ξš„ξš–ξšƒξš‹ξšξš‡ξš†ξŸ€ξ˜ƒξ˜Œξš–ξ˜ƒξš™ξš‘ξš—ξšŽξš†ξ˜ƒ
be relevant to carry out additional analysis to
determine the EVA during the years 2020-2022 and
evaluate how the entity generated value about its
CK in that period, as shown below in Table 8.
Table 8. Calculation of EVA of a Private Higher Education Institution of MedellΓ­n
EVA
Concept 2020 2021 2022
UODI 1’362043 5’053427 8’181318
Net operating assets 119’108137 123’073090 124’246589
CK 12.48 % 12.48 % 12.48 %
VA= UODI -Net operating assets *CK -13’502652 -10’306095 -7’324656
Note: Expressed in thousands of Colombian pesos.
Source: author own elaboration.
32
ARTÍCULOS ORIGINALES
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
In the previous table, it is observed that the EVA
of the institution in the period 2020-2022 did not
ξšƒξš†ξš†ξ˜ƒξš˜ξšƒξšŽξš—ξš‡ξ˜ƒξš•ξš‹ξšξš…ξš‡ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš’ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜•ξ˜„ξ˜‘ξ˜ƒξš™ξšƒξš•ξ˜ƒξšŽξš‘ξš™ξš‡ξš”ξ˜ƒ
than the CK. Although the educational institution
generates surpluses, the performance of the EVA is
not favorable. This macro driver of value is linked to
ξš–ξšŠξš‡ξ˜ƒξš‹ξšξš•ξš–ξš‹ξš–ξš—ξš–ξš‹ξš‘ξšξŸ―ξš•ξ˜ƒξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš–ξš‘ξ˜ƒξš‰ξš‡ξšξš‡ξš”ξšƒξš–ξš‡ξ˜ƒξš…ξšƒξš•ξšŠξ˜ƒξ§ξšŽξš‘ξš™ξš•ξ˜ƒξšƒξšξš†ξ˜ƒ
thus cover its commitments to suppliers, creditors,
ξšƒξšξš†ξ˜ƒξš‡ξšξš’ξšŽξš‘ξš›ξš‡ξš‡ξš•ξŸ€ξ˜ƒξ˜—ξšŠξš‹ξš•ξ˜ƒξš…ξš‘ξš—ξšŽξš†ξ˜ƒξš…ξšƒξš—ξš•ξš‡ξ˜ƒξš†ξš‹ξšˆξ§ξš‹ξš…ξš—ξšŽξš–ξš‹ξš‡ξš•ξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒ
ξš‹ξšξš•ξš–ξš‹ξš–ξš—ξš–ξš‹ξš‘ξšξŸ―ξš•ξ˜ƒξš…ξšƒξš•ξšŠξ˜ƒξ§ξšŽξš‘ξš™ξš•ξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξšξš‡ξš†ξš‹ξš—ξšξ˜ƒξš–ξš‡ξš”ξšξŸ€
Table 9. EVA from the net surplus of a Private Higher Education Institution of MedellΓ­n
Concept 2020 2021 2022
Net surplus 2’796098 3’029782 3’107058
Net operating assets 119’108137 123’073090 124’246589
CK 12,48% 12,48% 12,48%
EVA= Net surplus-Net operating assets *CK -12’068597 -12’329740 -12’398916
Note: Expressed in thousands of Colombian pesos.
Source: author own elaboration.
The previous table shows variations in the EVA
based on the net surpluses and the operational
ξš’ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‹ξšξš•ξš–ξš‹ξš–ξš—ξš–ξš‹ξš‘ξšξ˜ƒξšƒξš•ξš•ξš‡ξš–ξš•ξ˜ƒξš‹ξšξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯²ξŸ¦ξ₯΄ξ₯²ξ₯΄ξ₯΄ξŸ€ξ˜ƒ
These results are unfavorable since they indicate
that the entity has destroyed value during these
three years because the operating ROA was lower
than the CK in all the analyzed periods. This situation
has a short-term negative impact on the entity’s
ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš–ξš‘ξ˜ƒξš‰ξš‡ξšξš‡ξš”ξšƒξš–ξš‡ξ˜ƒξš’ξš‘ξš•ξš‹ξš–ξš‹ξš˜ξš‡ξ˜ƒξš…ξšƒξš•ξšŠξ˜ƒξ§ξšŽξš‘ξš™ξš•ξŸ€
According to those above, it is essential to
calculate and analyze the working capital, the Net
Working Capital Operating β€”KTNOβ€”, and its
productivity in the institution. These macro drivers
ξš‘ξšˆξ˜ƒξš˜ξšƒξšŽξš—ξš‡ξ˜ƒξšƒξš”ξš‡ξ˜ƒξš…ξšŽξš‘ξš•ξš‡ξšŽξš›ξ˜ƒξšŽξš‹ξšξšξš‡ξš†ξ˜ƒξš–ξš‘ξ˜ƒξš…ξšƒξš•ξšŠξ˜ƒξ§ξšŽξš‘ξš™ξš•ξŸ‘ξ˜ƒξš‡ξšˆξ§ξš‹ξš…ξš‹ξš‡ξšξš…ξš›ξ˜ƒ
in the accounts receivable turnover, debt level,
operating leverage, merchandise inventories, and
payments to suppliers.
Table 10. KTNO of a Private Higher Education Institution of MedellΓ­n
KTNO
Concept 2020 2021 2022
Customer accounts receivable 9’268254 14’447593 21’309281
Inventory 293298 172460 337943
Note: Expressed in thousands of Colombian pesos.
Source: author own elaboration.
33
ARTÍCULOS
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
The previous table shows an increase in the
KTNO during the 2020-2022 period, both in
accounts receivable related to educational services
and in the inventories of materials and medications
of the Veterinary Clinic and branded products own of
ξš–ξšŠξš‡ξ˜ƒξ˜˜ξšξš‹ξš˜ξš‡ξš”ξš•ξš‹ξš–ξš›ξŸ€ξ˜ƒξ˜„ξš†ξš†ξš‹ξš–ξš‹ξš‘ξšξšƒξšŽξšŽξš›ξŸ‘ξ˜ƒξš‹ξš–ξ˜ƒξš‹ξš•ξ˜ƒξš‡ξš•ξš•ξš‡ξšξš–ξš‹ξšƒξšŽξ˜ƒξš–ξš‘ξ˜ƒξš‡ξššξšƒξšξš‹ξšξš‡ξ˜ƒ
the accounts payable to supplier’s, component to
determine the KTNO. This allows the institution
to understand how much capital is necessary to
maintain its operations in the short term. Therefore,
it is necessary to consider the performance of the
KTNO of the institution in the period 2020-2022,
ξš™ξšŠξš‹ξš…ξšŠξ˜ƒξš‹ξš•ξ˜ƒξš”ξš‡ξ§ξšŽξš‡ξš…ξš–ξš‡ξš†ξ˜ƒξš‹ξšξ˜ƒξ˜—ξšƒξš„ξšŽξš‡ξ˜ƒξ₯³ξ₯³ξŸ€
Table 11. KTNO of a Private Higher Education Institution of MedellΓ­n
KTNO
Concept 2020 2021 2022
Customer accounts receivable 9’268254 14’447593 21’309281
Other accounts receivable 1’458944 713186 486307
Inventory 293298 172460 337943
Suppliers 1’212879 2’137055 1’999232
Note: Expressed in thousands of Colombian pesos.
Source: author own elaboration.
ξ˜—ξšŠξš‡ξ˜ƒξš‡ξš˜ξš‘ξšŽξš—ξš–ξš‹ξš‘ξšξ˜ƒξš‘ξšˆξ˜ƒξ˜Žξ˜—ξ˜‘ξ˜’ξ˜ƒξš‡ξššξšŠξš‹ξš„ξš‹ξš–ξš•ξ˜ƒξšƒξ˜ƒξš’ξš‘ξš•ξš‹ξš–ξš‹ξš˜ξš‡ξ˜ƒξš–ξš”ξš‡ξšξš†ξ˜ƒ
ξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš›ξš‡ξšƒξš”ξš•ξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯²ξŸ¦ξ₯΄ξ₯²ξ₯΄ξ₯³ξŸ‘ξ˜ƒξš”ξš‡ξ§ξšŽξš‡ξš…ξš–ξš‡ξš†ξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‹ξšξš…ξš”ξš‡ξšƒξš•ξš‡ξ˜ƒ
in credit sales and, consequently, in the amounts
pending receivable. Likewise, in the 2021-2022
ξš’ξš‡ξš”ξš‹ξš‘ξš†ξŸ‘ξ˜ƒξšƒξ˜ƒξš’ξš‘ξš•ξš‹ξš–ξš‹ξš˜ξš‡ξ˜ƒξš˜ξšƒξš”ξš‹ξšƒξš–ξš‹ξš‘ξšξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜Žξ˜—ξ˜‘ξ˜’ξ˜ƒξš‹ξš•ξ˜ƒξš”ξš‡ξ§ξšŽξš‡ξš…ξš–ξš‡ξš†ξ˜ƒ
ξš†ξš—ξš‡ξ˜ƒξš–ξš‘ξ˜ƒξšƒξ˜ƒξš•ξš‹ξš‰ξšξš‹ξ§ξš‹ξš…ξšƒξšξš–ξ˜ƒξš‹ξšξš…ξš”ξš‡ξšƒξš•ξš‡ξ˜ƒξš‹ξšξ˜ƒξšƒξš…ξš…ξš‘ξš—ξšξš–ξš•ξ˜ƒξš”ξš‡ξš…ξš‡ξš‹ξš˜ξšƒξš„ξšŽξš‡ξ˜ƒ
and a decrease in accounts payable to suppliers.
Consequently, Table 12 shows the behavior of the
inducer of productivity of working capital β€”PKTβ€”.
Table 12. PKT of a Private Higher Education Institution of MedellΓ­n
PKT
Concept 2020 2021 2022
KTNO 9’807617 13’196184 20’134299
Sales 96.927.775 102.260.639 113.279.104
PKT % 10.12 % 12.90 % 17.77 %
Note: Expressed in thousands of Colombian pesos.
Source: author own elaboration.
34
ARTÍCULOS ORIGINALES
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
The determination of the value indicator, known
as PKT, offers an evaluation of the performance and
ξš‡ξšˆξ§ξš‹ξš…ξš‹ξš‡ξšξš…ξš›ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‹ξšξš•ξš–ξš‹ξš–ξš—ξš–ξš‹ξš‘ξšξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξšƒξš†ξšξš‹ξšξš‹ξš•ξš–ξš”ξšƒξš–ξš‹ξš‘ξšξ˜ƒ
of its KTNO. This is done to take advantage of
and optimize its resources in the short term. The
previous table shows that in 2020, the institution
required 10.12 % of each peso sold to support
ξš‹ξš–ξš•ξ˜ƒξš‘ξš’ξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξš•ξŸ€ξ˜ƒξ˜‹ξš‘ξš™ξš‡ξš˜ξš‡ξš”ξŸ‘ξ˜ƒξš‹ξšξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯΄ξŸ‘ξ˜ƒξš–ξšŠξš‹ξš•ξ˜ƒξ§ξš‹ξš‰ξš—ξš”ξš‡ξ˜ƒξšŠξšƒξš•ξ˜ƒ
increased to 12.90 %, which indicates a more
ξš•ξš‹ξš‰ξšξš‹ξ§ξš‹ξš…ξšƒξšξš–ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξš‡ξšˆξšˆξš‘ξš”ξš–ξ˜ƒξš‘ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš’ξšƒξš”ξš–ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‡ξšξš–ξš‹ξš–ξš›ξ˜ƒ
ξšƒξšξš†ξ˜ƒξš•ξš—ξš‰ξš‰ξš‡ξš•ξš–ξš•ξ˜ƒξšŽξš‡ξš•ξš•ξ˜ƒξš‡ξšˆξ§ξš‹ξš…ξš‹ξš‡ξšξš–ξ˜ƒξšξšƒξšξšƒξš‰ξš‡ξšξš‡ξšξš–ξ˜ƒξš‘ξšˆξ˜ƒξš”ξš‡ξš•ξš‘ξš—ξš”ξš…ξš‡ξš•ξŸ€
It is essential to emphasize that the effectiveness
in the management of KTNO is manifested through
the result of the PKT. The closer this indicator is
ξš–ξš‘ξ˜ƒ ξš‘ξšξš‡ξŸ‘ξ˜ƒ ξš–ξšŠξš‡ξ˜ƒ ξš‰ξš”ξš‡ξšƒξš–ξš‡ξš”ξ˜ƒ ξš–ξšŠξš‡ξ˜ƒ ξš‡ξšξš–ξš‹ξš–ξš›ξŸ―ξš•ξ˜ƒ ξš‡ξšˆξ§ξš‹ξš…ξš‹ξš‡ξšξš…ξš›ξ˜ƒ ξšƒξšξš†ξ˜ƒ
productivity in using its resources in the short
term. Based on this analysis, evaluating the entity’s
growth-inducing becomes essential.
Growth-Inducing β€”PDCβ€”
In the case of the institution, this value indicator
provides information about whether the entity’s
ξš‰ξš”ξš‘ξš™ξš–ξšŠξ˜ƒξš‹ξš•ξ˜ƒ ξš‰ξš‡ξšξš‡ξš”ξšƒξš–ξš‹ξšξš‰ξ˜ƒ ξš˜ξšƒξšŽξš—ξš‡ξ˜ƒ ξšˆξš‘ξš”ξ˜ƒ ξš–ξšŠξš‡ξ˜ƒξš„ξš‡ξšξš‡ξ§ξš‹ξš–ξ˜ƒξšƒξšξš†ξ˜ƒ
improvement of the community in general. The
objective is for the surpluses to be reinvested in
improving the quality of education and acquiring
new technologies and infrastructure. This will
contribute to the institutional development and the
economic and social sustainability of the institution.
According the table, during 2020-2022, an
unfavorable growth situation was evident since the
results obtained were less than one. This implies
that the growth could have been more notable; the
ξš‡ξšξš–ξš‹ξš–ξš›ξ˜ƒξš”ξš‡ξš“ξš—ξš‹ξš”ξš‡ξš†ξ˜ƒξšξš‘ξš”ξš‡ξ˜ƒξš•ξš‹ξš‰ξšξš‹ξ§ξš‹ξš…ξšƒξšξš–ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξš”ξš‡ξš•ξš‘ξš—ξš”ξš…ξš‡ξš•ξ˜ƒ
ξš‹ξšξš•ξš–ξš‡ξšƒξš†ξ˜ƒξš‘ξšˆξ˜ƒξš”ξš‡ξšŽξš‡ξšƒξš•ξš‹ξšξš‰ξ˜ƒξš…ξšƒξš•ξšŠξ˜ƒξ§ξšŽξš‘ξš™ξš•ξŸ€ξ˜ƒξ˜†ξš‘ξšξš•ξš‡ξš“ξš—ξš‡ξšξš–ξšŽξš›ξŸ‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒ
institution lost value during those years, indicating
that it did not adequately operate the KTNO. It did
ξšξš‘ξš–ξ˜ƒξš†ξš‡ξšξš‘ξšξš•ξš–ξš”ξšƒξš–ξš‡ξ˜ƒξš‡ξšˆξ§ξš‹ξš…ξš‹ξš‡ξšξš…ξš›ξ˜ƒξš‘ξš”ξ˜ƒξš‹ξšξš’ξšŽξš‡ξšξš‡ξšξš–ξ˜ƒξš…ξšŽξš‡ξšƒξš”ξ˜ƒξšƒξšξš†ξ˜ƒ
effective policies to manage and control it, which
ξš™ξš‘ξš—ξšŽξš†ξ˜ƒξšŠξšƒξš˜ξš‡ξ˜ƒξšƒξšŽξšŽξš‘ξš™ξš‡ξš†ξ˜ƒξš‹ξš–ξ˜ƒξš–ξš‘ξ˜ƒξš‘ξš„ξš–ξšƒξš‹ξšξ˜ƒξš„ξš‡ξš–ξš–ξš‡ξš”ξ˜ƒξš…ξšƒξš•ξšŠξ˜ƒξ§ξšŽξš‘ξš™ξš•ξ˜ƒ
in its operating cycle.
Conclusion
ξ˜Œξš–ξ˜ƒξš…ξšƒξšξ˜ƒξš„ξš‡ξ˜ƒξš•ξš–ξšƒξš–ξš‡ξš†ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‡ξšξš–ξš‹ξš–ξš›ξ˜ƒξš‰ξš‡ξšξš‡ξš”ξšƒξš–ξš‡ξš•ξ˜ƒξš’ξš”ξš‘ξ§ξš‹ξš–ξš•ξŸ‘ξ˜ƒ
but needs to build value since the cost of its assets is
ξš–ξš‘ξš‘ξ˜ƒξš‘ξšξš‡ξš”ξš‘ξš—ξš•ξ˜ƒξšˆξš‘ξš”ξ˜ƒξš–ξšŠξš‡ξ˜ƒξšξš‡ξš–ξ˜ƒξš•ξš—ξš”ξš’ξšŽξš—ξš•ξš‡ξš•ξŸ€ξ˜ƒξ˜—ξšŠξšƒξš–ξ˜ƒξš‹ξš•ξŸ‘ξ˜ƒξš…ξšƒξš•ξšŠξ˜ƒξ§ξšŽξš‘ξš™ξš•ξ˜ƒ
are favorable, but in the medium and long term,
there could be problems in generating liquidity and
meeting the payment of its obligations.
A deterioration in the productivity of working
capital is evident over time. In each period, a more
ξš•ξš‹ξš‰ξšξš‹ξ§ξš‹ξš…ξšƒξšξš–ξ˜ƒξšƒξšξš‘ξš—ξšξš–ξ˜ƒξš‘ξšˆξ˜ƒξš…ξšƒξš•ξšŠξ˜ƒξš‹ξš•ξ˜ƒξš”ξš‡ξš“ξš—ξš‹ξš”ξš‡ξš†ξ˜ƒξš–ξš‘ξ˜ƒξšξšƒξš‹ξšξš–ξšƒξš‹ξšξ˜ƒ
the entity’s operation. To illustrate, in 2020, 10
pesos of money were necessary for every 100 pesos
of sales. However, in the 2022 period, this indicator
has increased to 17.77 %. In this last period, more
ξš‘ξš—ξš–ξš•ξš–ξšƒξšξš†ξš‹ξšξš‰ξ˜ƒξš™ξš‘ξš”ξšξš‹ξšξš‰ξ˜ƒξš…ξšƒξš’ξš‹ξš–ξšƒξšŽξ˜ƒξš‘ξš”ξ˜ƒξš…ξšƒξš•ξšŠξ˜ƒξ§ξšŽξš‘ξš™ξ˜ƒξš‹ξš•ξ˜ƒξš”ξš‡ξš“ξš—ξš‹ξš”ξš‡ξš†ξ˜ƒ
to maintain the entity’s operation. This observation
is based on the high portfolio levels, which indicates
ξš’ξš‘ξš‘ξš”ξ˜ƒξšξšƒξšξšƒξš‰ξš‡ξšξš‡ξšξš–ξ˜ƒξšƒξšξš†ξ˜ƒξš‡ξšˆξ§ξš‹ξš…ξš‹ξš‡ξšξš…ξš›ξ˜ƒξš‹ξšξ˜ƒξš…ξš‘ξšŽξšŽξš‡ξš…ξš–ξš‹ξšξš‰ξ˜ƒξšƒξšξš†ξ˜ƒ
collecting these resources.
ξ˜†ξš‘ξšξš•ξš‡ξš“ξš—ξš‡ξšξš–ξšŽξš›ξŸ‘ξ˜ƒξš†ξš‡ξšŽξš‹ξšξš“ξš—ξš‡ξšξš…ξš›ξ˜ƒξšŠξšƒξš•ξ˜ƒξš‡ξššξš’ξš‡ξš”ξš‹ξš‡ξšξš…ξš‡ξš†ξ˜ƒξšƒξšξ˜ƒ
increase of 47.49 % between 2021 and 2022. Once
Table 13. PDC of a Private Higher Education Institution of MedellΓ­n
PDC
Concept 2020 2021 2022
EBITDA 5.14 % 8.36 % 10.85 %
PKT 10.12 % 12.90 % 17.77 %
PDC % 0.50 % 0.64 % 0.61 %
Source: author own elaboration.
35
ARTÍCULOS
DANIELA ALZATE GALLEGO, FARLEY SARY ROJAS RESTREPO, EDISON FERNEY CASTRILLΓ“N ÁNGEL
Revista Perspectiva Empresarial, Vol. 10, No. 2, julio-diciembre de 2023, 17-36
E-ISSN 2389-8194
the drivers and macro drivers were applied and
analyzed in the institution during the periods 2020,
2021, and 2022, it was observed that the entity
registers surpluses. Nevertheless, its drivers and
ξšξšƒξš…ξš”ξš‘ξ˜ƒξš†ξš”ξš‹ξš˜ξš‡ξš”ξš•ξ˜ƒξš‘ξšˆξ˜ƒξš’ξš”ξš‘ξ§ξš‹ξš–ξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξšƒξšξš†ξ˜ƒξšŽξš‹ξš“ξš—ξš‹ξš†ξš‹ξš–ξš›ξ˜ƒξšξš‡ξš‡ξš†ξ˜ƒξš–ξš‘ξ˜ƒ
be optimally managed in the institution. The limited
ξš‰ξš‡ξšξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξ˜ƒξš‘ξšˆξ˜ƒξš…ξšƒξš•ξšŠξ˜ƒξ§ξšŽξš‘ξš™ξš•ξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξš•ξš‡ξ˜ƒξš’ξš‡ξš”ξš‹ξš‘ξš†ξš•ξ˜ƒξš…ξš‘ξš—ξšŽξš†ξ˜ƒξšŽξš‡ξšƒξš†ξ˜ƒ
ξš–ξš‘ξ˜ƒξš‹ξšξš‡ξšˆξ§ξš‹ξš…ξš‹ξš‡ξšξš…ξš‹ξš‡ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξšƒξš†ξš†ξš‹ξš–ξš‹ξš‘ξšξšƒξšŽξ˜ƒξš…ξš‘ξš•ξš–ξš•ξ˜ƒξš‹ξšξ˜ƒξšξšƒξšξšƒξš‰ξš‹ξšξš‰ξ˜ƒξš‹ξš–ξš•ξ˜ƒ
ξš™ξš‘ξš”ξšξš‹ξšξš‰ξ˜ƒξš…ξšƒξš’ξš‹ξš–ξšƒξšŽξ˜ƒξšƒξšξš†ξ˜ƒξšˆξš—ξšŽξ§ξš‹ξšŽξšŽξš‹ξšξš‰ξ˜ƒξš‹ξš–ξš•ξ˜ƒξš…ξš‘ξšξšξš‹ξš–ξšξš‡ξšξš–ξš•ξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒ
suppliers and creditors in the short or medium term.
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Empresariales. Recovered from http://
herramientas.camaramedellin.com.co/Inicio/
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