El efecto en el costo de capital de las principales empresas colombianas listadas en el índice bursátil COLCAP, tras la adopción de las Normas Internacionales de Información Financiera

Capital cost is understood as the expected returns on investments made in the company by investors (Besley, Brigham, y Gomez, 2001). This indicator can be affected by the change in accounting standards. The aim of this research is to identify the effect on the capital cost of the main Colombian companies listed on the COLCAP stock index after the adoption of International Financial Reporting Standards (IFRS). This is done by analyzing different companies between 2009 and 2017 through Feasible Generalized Least Squares (FGLS) and Panel-Corrected Standard Error (PCSE), with information calculated under local and international accounting standards. It is evidenced that implementing IFRS does not generate a significant effect on capital cost, unlike variables such as indebtedness, operating margin, ROE and company growth. Similarly, it is concluded that at general level, both the initial and subsequent accounting standards are indifferent for calculating capital cost; however, at particular level, this implementation caused some specific variables to have effect.