Abstract

CARDONA ECHEVERRI, DANIEL; GAITAN RIANO, SANDRA  and  VELASQUEZ CEBALLOS, HERMILSON. MACRO- AND MICROECONOMIC VARIABLES AFFECTING THE ESTIMATED COST OF CAPITAL: A CASE STUDYVARIÁVEIS MACROECONÔMICAS E MICROECONÔMICAS QUE INFLUENCIAM A ESTIMATIVA DO CUSTO DE CAPITAL: UM ESTUDO DE CASO. Rev.fac.cienc.econ. [online]. 2017, vol.25, n.1, pp.105-116. ISSN 0121-6805.  https://doi.org/10.18359/rfce.2657.

This article identifies and contrasts the statistical significance of macroeconomic and microeconomic variables, which can influence the cost of capital from theory. Using information from companies listed on the Colombia Stock Exchange (BVC) between the periods 2003-4 and 2012-1 and dynamic panel models to explain the Weighted Average Cost of Capital (WACC). It is found that most proposed variables are statistically significant. It also proves the existence of inertia between the current cost of capital and the last period.

Keywords : Capital cost; WACC; Macroeconomic variables; Microeconomic variables.

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