Financial competitiveness of the main banks in Colombia
Main Article Content
Keywords
Financial competitiveness, financial stability, capital structure, time series, banking sector
Abstract
Objective: to analyze the competitiveness of the four main banks in Colombia based on financial indicators between 2016 and 2022, to assess their financial position and economic performance. Method: a quantitative, retrospective, and cross-sectional approach was adopted, using time series analysis. The information was collected from official reports by the Colombian Financial Superintendency. Results: The banks showed significant differences in their capital structure and financial performance, attributable to variations in resource management and competitive strategies. Bancolombia and Banco de Bogotá adopted conservative strategies, showing solid results. In contrast, Banco Davivienda and BBVA Colombia assumed risky approaches with high debt levels. A correlation was found between conservative management practices and financial stability. Discussion: This research highlights the importance of capital structure in financial competitiveness, resonating with risk management and financing theories. The variations in the effectiveness of different financial management strategies among the analyzed banks are discussed. Conclusions: The financial competitiveness of Colombian banks is influenced by capital management and risk approaches. Conservative strategies in resource management correlate with greater financial stability, suggesting prudent financing in volatile contexts.
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References
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Kołodziejczyk-Kęsoń, A., & Grebski, M. (2023). Cost Effectiveness of the Zero-Net Energy Passive House. Management Systems in Production Engineering, 31(1), 43–52. https://doi.org/10.2478/mspe-2023-0006
Kumar, R. R., Stauvermann, P. J., Patel, A., Prasad, S., & Kumar, N. N. (2022). Profitability Determinants of the Insurance Sector in Small Pacific Island States: A Study of Fiji’s Insurance Companies. Engineering Economics, 33(3), 302–315. https://doi.org/10.5755/j01.ee.33.3.19583
Lacombe, I., & Jarboui, A. (2023). Governance and management of digital transformation projects: an exploratory approach in the financial sector. International Journal of Innovation Science, 15(4), 611–635. https://doi.org/10.1108/IJIS-02-2022-0034
Leins, S. (2020). ‘Responsible investment’: ESG and the post-crisis ethical order. Economy and Society, 49(1), 71–91. https://doi.org/10.1080/03085147.2020.1702414
Ley 590 de 2000. Por la cual se dictan disposiciones para promover el desarrollo de las micro, pequeñas y medianas empresa. 10 de julio de 2000. D.O. No. 44078.
López-Rodríguez, C. E., & Espinosa-Rodríguez, M. A. (2021). Riesgo operacional: comportamiento de sus factores en el sector bancario de Bogotá Colombia. Revista Venezolana de Gerencia, 26(6 Edición Especial), 439–456. https://doi.org/10.52080/rvgluz.26.e6.27
Mai, H. L. T. (2023). Optimizing profitability through capital structure: An empirical analysis of Vietnamese commercial banks. International Journal of Advanced and Applied Sciences, 10(12), 73–78. https://doi.org/10.21833/ijaas.2023.12.009
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Market, and Complexity, 8(1). https://doi.org/10.3390/joitmc8010018
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297.
Muhammed, S., Desalegn, G., & Emese, P. (2024). Effect of Capital Structure on the Financial Performance of Ethiopian Commercial Banks. Risks, 12(4), 69. https://doi.org/10.3390/risks12040069
Naili, M., & Lahrichi, Y. (2022). Banks’ credit risk, systematic determinants and specific factors: recent evidence from emerging markets. Heliyon, 8(2), e08960. https://doi.org/10.1016/j.heliyon.2022.e08960
Ortiz-Fajardo, H. A., & Erazo-Álvarez, C. A. (2021). Resiliencia empresarial en tiempos de pandemia: Retos y desafíos de las microempresas. Revista Arbitrada Interdisciplinaria Koinonía, 6(12), 366. https://doi.org/10.35381/r.k.v6i12.1293
Pakurár, M., Haddad, H., Nagy, J., Popp, J., & Oláh, J. (2019). The Impact of Supply Chain Integration and Internal Control on Financial Performance in the Jordanian Banking Sector. Sustainability, 11(5), 1248. https://doi.org/10.3390/su11051248
Resende, M., Carvalho, C., & Carmo, C. (2024). Impacts of the Expected Credit Loss Model on Pro-Cyclicality, Earnings Management, and Equity Management in the Portuguese Banking Sector. Journal of Risk and Financial Management, 17(3), 112. https://doi.org/10.3390/jrfm17030112
Rodriguez-Lozano, G. I. (2021). Los cambios en la productividad del sector bancario colombiano en el período 2002-2016. Apuntes Del Cenes, 40(71). https://doi.org/10.19053/01203053.v40.n71.2021.11120
Salcca-Lagar, E., & Arpi-Mayta, R. (2021). Estructura de mercado del sector bancario y su relación con el crecimiento económico: una revisión de literatura. Semestre Económico, 10(1), 80–92. https://doi.org/10.26867/se.2021.v10i1.114
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Szymura, A. (2022). Risk Assessment of Polish Joint Stock Companies: Prediction of Penalties or Compensation Payments. Risks, 10(5), 102. https://doi.org/10.3390/risks10050102
Tálas, D., & Rózsa, A. (2015). Financial competitiveness analysis in the Hungarian dairy industry. Competitiveness Review, 25(4), 426–447. https://doi.org/10.1108/CR-03-2015-0016
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Zhuk, I. (2022). Public Administration System in the Field of Finance Under the Influence of Digitalization. Economic Affairs, 67(3). https://doi.org/10.46852/0424-2513.3.2022.11
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Baral, R., Naik, S. P., & Patnaik, D. (2021). Macro-financial analysis of value-at-risk from banking stocks in an Indian scenario. International Journal of Business Continuity and Risk Management, 11(4), 379-396. https://doi.org/10.1504/IJBCRM.2021.119945
Brusov, P., Filatova, T., Orekhova, N., Kulik, V., Chang, S.-I., & Lin, G. (2021). Generalization of the Modigliani–Miller Theory for the Case of Variable Profit. Mathematics, 9(11), 2-24. https://doi.org/10.3390/math9111286
Cabana Villca, S. R. (2019). Modelo de Gerencia sustentable para fortalecer la competitividad en las empresas del retail “Supermercados” de la Región de Coquimbo, Chile. Contaduría y Administración, 65(2), 2-39. https://doi.org/10.22201/fca.24488410e.2020.2007
Campos, V., Sanchis, J. R., & Ejarque, A. T. (2024). Can organizational size moderate the relationship between sustainable-driven financial management and business competitiveness? International Entrepreneurship and Management Journal, 20(1), 39–54. https://doi.org/10.1007/s11365-023-00928-4
Chikán, A., Czakó, E., Kiss-Dobronyi, B., & Losonci, D. (2022). Firm competitiveness: A general model and a manufacturing application. International Journal of Production Economics, 243, 1-13. https://doi.org/10.1016/j.ijpe.2021.108316
Decreto 957 de 2019. [Presidencia de la república colombiana]. Por el cual se adiciona el capítulo 13 al Título 1 de la Parte 2 del Libro 2 del Decreto 1074 de 2015, Decreto Único del Sector Comercio, Industria y Turismo y se reglamenta el artículo 2º de la Ley 590 de 2000, modificado por el artículo 43 de la Ley 1450 de 2011. 5 de junio de 2019.
Demuner Flores, M. del R., Saavedra García, M. L., y Camarena Adame, M. E. (2017). Medición del capital intelectual en el sector bancario: Aplicación de los modelos Skandia y VAIC. Innovar, 27(66), 75–89. https://doi.org/10.15446/innovar.v27n66.66712
Dhamija, S., & Bhatia, S. (2023). Hinduja Global Solutions Limited: rewarding the shareholders. Emerald Emerging Markets Case Studies, 13(3), 1–23. https://doi.org/10.1108/EEMCS-01-2023-0017
Dollery, B., Kitchen, H., McMillan, M., & Shah, A. (2020). Local Fiscal Discipline. In Local Public, Fiscal and Financial Governance (pp. 123–160). Springer International Publishing. https://doi.org/10.1007/978-3-030-36725-1_5
Erkens, D. H., Hung, M., & Matos, P. (2012). Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide. Journal of Corporate Finance, 18(2), 389–411. https://doi.org/10.1016/j.jcorpfin.2012.01.005
Falchetta, G., Michoud, B., Hafner, M., & Rother, M. (2022). Harnessing finance for a new era of decentralised electricity access: A review of private investment patterns and emerging business models. Energy Research & Social Science, 90, 2-15. https://doi.org/10.1016/j.erss.2022.102587
Garrido-Moreno, A., Martín-Rojas, R., & García-Morales, V. J. (2024). The key role of innovation and organizational resilience in improving business performance: A mixed-methods approach. International Journal of Information Management, 77, 102777. https://doi.org/10.1016/j.ijinfomgt.2024.102777
Huacchillo, L., Crisanto, R., & Farfán, E. (2021). Criterios de selección financieros aplicados en el sector bancario peruano a partir de las tasas de interés. Ingeniería: Ciencia, Tecnología e Innovación, 8(1), 146-154. https://doi.org/10.26495/icti.v8i1.1545
Innola, N., Roman, C., Nelia, C., Mykola, M., & Andrii, R. (2023). Ensuring of Financial Stability of the Enterprise by Financial Management Tools. In: Alareeni, B., Hamdan, A. (eds) Sustainable Finance, Digitalization and the Role of Technology. ICBT 2021. Lecture Notes in Networks and Systems, vol 487. Springer, Cham. https://doi.org/10.1007/978-3-031-08084-5_56
Jencova, S., Vasanicova, P., Gavurova, B., & Bacik, R. (2022). Financial position of companies operating in food processing industry of Slovakia by using multidimensional scaling. & sociology, 15(2), 253-273. https://www.economics-sociology.eu/files/16E_1269_E&S_Jencova%20et%20al.pdf
Jenčová, S., Vašaničová, P., Štefko, R., & Lukáčová, M. (2021). Financial analysis and competitiveness of public universities of slovakia in the context of financial management. Polish Journal of Management Studies, 24(2), 156–177. https://doi.org/10.17512/pjms.2021.24.2.10
Kilay, A. L., Simamora, B. H., & Putra, D. P. (2022). The Influence of E-Payment and E-Commerce Services on Supply Chain Performance: Implications of Open Innovation and Solutions for the Digitalization of Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 8(3), 119. https://doi.org/10.3390/joitmc8030119
Kolbe, D., Frasquet, M., & Calderon, H. (2022). The role of market orientation and innovation capability in export performance of small- and medium-sized enterprises: a Latin American perspective. Multinational Business Review, 30(2), 289–312. https://doi.org/10.1108/MBR-10-2020-0202
Kołodziejczyk-Kęsoń, A., & Grebski, M. (2023). Cost Effectiveness of the Zero-Net Energy Passive House. Management Systems in Production Engineering, 31(1), 43–52. https://doi.org/10.2478/mspe-2023-0006
Kumar, R. R., Stauvermann, P. J., Patel, A., Prasad, S., & Kumar, N. N. (2022). Profitability Determinants of the Insurance Sector in Small Pacific Island States: A Study of Fiji’s Insurance Companies. Engineering Economics, 33(3), 302–315. https://doi.org/10.5755/j01.ee.33.3.19583
Lacombe, I., & Jarboui, A. (2023). Governance and management of digital transformation projects: an exploratory approach in the financial sector. International Journal of Innovation Science, 15(4), 611–635. https://doi.org/10.1108/IJIS-02-2022-0034
Leins, S. (2020). ‘Responsible investment’: ESG and the post-crisis ethical order. Economy and Society, 49(1), 71–91. https://doi.org/10.1080/03085147.2020.1702414
Ley 590 de 2000. Por la cual se dictan disposiciones para promover el desarrollo de las micro, pequeñas y medianas empresa. 10 de julio de 2000. D.O. No. 44078.
López-Rodríguez, C. E., & Espinosa-Rodríguez, M. A. (2021). Riesgo operacional: comportamiento de sus factores en el sector bancario de Bogotá Colombia. Revista Venezolana de Gerencia, 26(6 Edición Especial), 439–456. https://doi.org/10.52080/rvgluz.26.e6.27
Mai, H. L. T. (2023). Optimizing profitability through capital structure: An empirical analysis of Vietnamese commercial banks. International Journal of Advanced and Applied Sciences, 10(12), 73–78. https://doi.org/10.21833/ijaas.2023.12.009
Martínez Jiménez, S. A. (2021). Retos del sistema financiero colombiano en la Cuarta Revolución Industrial. Semestre Económico, 24(56), 253–270. https://doi.org/10.22395/seec.v24n56a11
Masya, M., Wamitu, S., & Weru, J. (2022). Resource allocation and strategy implementation in commercial banks branches in machakos sub county. European Journal of Business and Strategic Management, 7(2), 72–85. https://doi.org/10.47604/ejbsm.1665
Menne, F., Surya, B., Yusuf, M., Suriani, S., Ruslan, M., & Iskandar, I. (2022). Optimizing the Financial Performance of SMEs Based on Sharia Economy: Perspective of Economic Business Sustainability and Open Innovation. Journal of Open Innovation: Technology,
Market, and Complexity, 8(1). https://doi.org/10.3390/joitmc8010018
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297.
Muhammed, S., Desalegn, G., & Emese, P. (2024). Effect of Capital Structure on the Financial Performance of Ethiopian Commercial Banks. Risks, 12(4), 69. https://doi.org/10.3390/risks12040069
Naili, M., & Lahrichi, Y. (2022). Banks’ credit risk, systematic determinants and specific factors: recent evidence from emerging markets. Heliyon, 8(2), e08960. https://doi.org/10.1016/j.heliyon.2022.e08960
Ortiz-Fajardo, H. A., & Erazo-Álvarez, C. A. (2021). Resiliencia empresarial en tiempos de pandemia: Retos y desafíos de las microempresas. Revista Arbitrada Interdisciplinaria Koinonía, 6(12), 366. https://doi.org/10.35381/r.k.v6i12.1293
Pakurár, M., Haddad, H., Nagy, J., Popp, J., & Oláh, J. (2019). The Impact of Supply Chain Integration and Internal Control on Financial Performance in the Jordanian Banking Sector. Sustainability, 11(5), 1248. https://doi.org/10.3390/su11051248
Resende, M., Carvalho, C., & Carmo, C. (2024). Impacts of the Expected Credit Loss Model on Pro-Cyclicality, Earnings Management, and Equity Management in the Portuguese Banking Sector. Journal of Risk and Financial Management, 17(3), 112. https://doi.org/10.3390/jrfm17030112
Rodriguez-Lozano, G. I. (2021). Los cambios en la productividad del sector bancario colombiano en el período 2002-2016. Apuntes Del Cenes, 40(71). https://doi.org/10.19053/01203053.v40.n71.2021.11120
Salcca-Lagar, E., & Arpi-Mayta, R. (2021). Estructura de mercado del sector bancario y su relación con el crecimiento económico: una revisión de literatura. Semestre Económico, 10(1), 80–92. https://doi.org/10.26867/se.2021.v10i1.114
Skare, M., & Riberio Soriano, D. (2021). How globalization is changing digital technology adoption: An international perspective. Journal of Innovation & Knowledge, 6(4), 222–233. https://doi.org/10.1016/j.jik.2021.04.001
Szymura, A. (2022). Risk Assessment of Polish Joint Stock Companies: Prediction of Penalties or Compensation Payments. Risks, 10(5), 102. https://doi.org/10.3390/risks10050102
Tálas, D., & Rózsa, A. (2015). Financial competitiveness analysis in the Hungarian dairy industry. Competitiveness Review, 25(4), 426–447. https://doi.org/10.1108/CR-03-2015-0016
Villa Luna, C., Ríos Bolivar, H., y Sánchez-Cano, J. E. (2024). La competitividad en la gestión financiera medida a través de la rentabilidad; la empresa petrolera PEMEX y su comparativo con Equinor de Noruega. Contaduría y Administración, 70(1), 492. https://doi.org/10.22201/fca.24488410e.2025.5202
Vinueza Aizaga, N. D. (2023). Innovación financiera y su impacto en la estabilidad del sistema financiero global. Bastcorp International Journal, 2(1), 23–33. https://doi.org/10.62943/bij.v2i1.25
Zhang, H., Sun, Y., & Meng, C. (2023). Sustainable Urban Competitiveness from a Financial Development Perspective: An Empirical Study of China. Sustainability, 15(5), 4225. https://doi.org/10.3390/su15054225
Zhao, Y., Chupradit, S., Hassan, M., Soudagar, S., Shoukry, A. M., & Khader, J. (2021). The role of technical efficiency, market competition and risk in the banking performance in G20 countries. Business Process Management Journal, 27(7), 2144–2160. https://doi.org/10.1108/BPMJ-12-2020-0570
Zhuk, I. (2022). Public Administration System in the Field of Finance Under the Influence of Digitalization. Economic Affairs, 67(3). https://doi.org/10.46852/0424-2513.3.2022.11
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Dec 17, 2024
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Navarro Claro , G., & Bayona Soto, J. A. (2024). Financial competitiveness of the main banks in Colombia . Desarrollo Gerencial, 16(2), 1–24. https://doi.org/10.17081/dege.16.2.7299
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