EFFECTIVENESS AND ECONOMIC VALUE ADDED OF THE SUPERMARKETS SECTOR COLOMBIA

Abstract

The effectiveness of the financial performance of supermarkets is traditionally analyzed

with indicators with accounting information, given the limitation of the vast majority of

accessing market information because they are not listed on stock exchanges; This type

of examination does not make it possible to know if the financial objective of creating value

is being met, hence new methodologies have emerged, based on value management,

which allow evaluating financial performance by measuring its created value. The

objective of this study is to examine the financial management of the supermarkets sector in

Colombia between 2014 and 2020, using as a methodology the static and trend analysis

of indicators of accounting origin and value management that determine its growth,

effectiveness and value economic aggregate (EVA) and making comparisons with related

sectors at the national level and in emerging economies. It is found that said sector

increases its sales and assets, and its net profit varies; achieves accounting returns in six

years largely influenced by the behavior of efficiency in the control of expenditures;

however, it fails to create value in any given year because the after-tax average return on

operating net assets is below the average cost of capital. The behavior of the EVA follows

the orientation of the performance after tax of the operating net assets, which in turn

maintains a positive relationship with the operating profit margin after tax, corroborating

the relevance of the effectiveness in the control of costs and expenses over the financial

performance of organizations in this sector. These findings can be complemented with

research for similar age groups and legal nature.