The study analysed the asymmetry in the disclosure of environmental criteria of the Global Reporting Initiative (GRI) standard based on financial and non-financial information in 37 companies in 19 sub-sectors of the Colombian economy that were assessed by MERCO (Business Monitor of Corporate Reputation) in 2017 and 2018 in terms of corporate reputation, responsibility, and corporate governance. It is based on the theories of agency, stakeholders, and legitimacy, whereby six hypotheses were postulated. The indicators of environmental criteria were retrieved from the website and sustainability reports of each company, using a dichotomous approach for collecting information on environmental activities. The hypotheses were contrasted with a binary choice and panel data models. The results showed that increasing quality and transparency in voluntarily disclosed information decreases its asymmetry, thereby meeting the information needs of stakeholders, providing confidence, and strengthening corporate social responsibility (CSR) activities. In addition, the most indebted and largest companies disclose less information on environmental activities, in contrast to companies with higher solvency. Overall, the study contributed with the calculation of an asymmetry ratio with the MERCO indicators and the use of the insolvency risk variable as an explanatory variable for disclosure. Additionally, it contributed to the field of study of CSR from the Latin American context.

PurposeThis research examines the likelihood that Panamanian and Colombian banks listed on their respective stock exchanges voluntarily disclose intangible liabilities based on such variables as their size, profitability, indebtedness, age and growth. The presented findings concur with agency theory, signalling theory and the owner-cost theory.Design/methodology/approachThe authors propose a probabilistic model to test the influence of size, profitability, indebtedness, age and growth on the disclosure of intangible liabilities. The dependent variable, the disclosure index, was constructed from a dichotomous approach using Harvey and Lusch's (1999) model, which has 24 characteristics, plus six that we added in our research. These were grouped into four categories: procedures, human activity, information and organisational structure.FindingsBanks in Panama and Colombia with a larger size, higher profitability, lower age and higher growth are more likely to disclose more information about their intangible liabilities. However, indebtedness does not serve as a determinant of the disclosure of these liabilities, even though its relationship is negative.Research limitations/implicationsThe limitation of the research was the voluntary disclosure of information about these liabilities on firms' websites.Practical implicationsThe contributions of this research are as follows. First, we used an intangible asset disclosure methodology to verify the disclosure of intangible liabilities, in line with Harvey and Lusch's model, as well as providing another six indicators, thereby producing an extended model. Second, being the first empirical research to study the disclosure of intangible liabilities in Panama and Colombia opens a door to future research on this topic.Social implicationsThis research provides a significant practical contribution to society because banks listed on public stock markets, understanding that undisclosed intangible liabilities lead to opportunity costs in their profitability, might tend to disclose more information, thus promoting greater transparency in the market.Originality/valueThe main contribution of this research is applying an intangible asset disclosure methodology to the disclosure of intangible liabilities, following Harvey and Lusch's (1999) model, as well as the creation of an expanded model.

Este artículo aborda la conceptualización teórica del deber de contribuir con los gastos e inversión del Estado en el marco del principio constitucional de justicia tributaria y en amparo del mínimo vital como límite de la imposición, en cumplimiento del Estado constitucional y la realización efectiva del Estado Social de Derecho en Colombia. Para ello se realiza un análisis teórico, doctrinal y jurisprudencial desde el Derecho Comparado español y colombiano, dadas las raíces, evolución y la adopción legislativa que Colombia ha retomado del ordenamiento jurídico español. En este contexto se extractan algunos criterios jurídicos que se derivan del mínimo vital para la configuración legislativa de un sistema tributario con mayor grado de equidad y justicia deseable y posible.

ResumenEn este artículo se analizan los retornos de la educación para empleados formales e informales con diferentes niveles de ingreso en el municipio de Cali. Se utilizan los datos de la Encuesta de Empleo y Calidad de Vida (EECV) de 2013 para estimar una ecuación de salario con splines lineales, usando la técnica semiparamétrica de regresión cuantílica con corrección del sesgo de selección. Los resultados sugieren que la tasa de retorno de la educación secundaria y técnica en el sector informal supera a la del sector formal para todos los niveles de ingreso. En contraste, con un nivel de educación superior es más rentable emplearse en el sector formal. En conclusión, se corrobora que el rendimiento marginal de la inversión en capital humano no es constante entre niveles educativos y tampoco entre niveles de ingresos. PalabRas c l a v eRetornos de la educación, selección muestral, regresión cuantílica, informalidad, sesgo de selección.abstRact In this article we analyze returns of education for formal and informal workers with different levels of income in Cali. We use data from 2013 "Encuesta de Empleo y Calidad de Vida" (EECV) in order to estimate a semi-parametric quantile regression for wages with linear splines and correcting for selection bias. Our results suggest that the marginal rate of return of high-school and technical education is higher for informal workers than for formal ones, across the whole income distribution. In contrast, for workers whit higher education levels, it is more profitable to work in the formal sector. Our findings confirm that returns of education vary across schooling and income levels. KeywoRds Returns of education, sample selection, quantile regression, informality, selection bias. PalavRas-chaveLucros da educação, muestral de seleção, cuantílica de regressão, informalidade, preconceito de seleção. RetoRnos de la educación paRa los tRabajadoResfoRmales e infoRmales en cali: una apRoximación con RegResiones cuantílicas y splines lineales 1 RetuRns of education foR foRmal and infoRmal woRKeRs in cali: an aPPRoximation with quantile RegRession and lineaR sPlines lucRos da educação PaRa os tRabalhadoRes foRmais e infoRmais em cali: uma aPRoximação com cuantílicas de RegRessões e sPlines lineaR • Clasificación JEL: C5, J15, J31, J45, R10 13Ordóñez-Castaño, et al.Retornos de la educación para los trabajadores formales e informales en Cali: una aproximación con regresiones cuantílicas y splines lineales

<p>Este artículo analiza los recursos intangibles revelados por parte de las empresas que cotizan en el mercado de valores de Panamá. Se estudian los factores que pudieran explicar la revelación de estos recursos. La necesidad de mayor transparencia por parte de las empresas cotizadas en este mercado bursátil es creciente, sobre todo por las propias presiones del mercado en el sentido del valor que pudiera ser percibido con la divulgación de estos recursos. El estudio se realiza desde las perspectivas de la teoría de agencia, la señalización y coste del propietario. Se analizó una muestra de 61 empresas, donde se utilizó un índice con 145 indicadores para medir la revelación de los recursos intangibles. Estos están distribuidos en cinco categorías de capital: humano, estructural tecnológico, estructural organizativo, relacional del negocio y relacional social. Cada indicador representa un recurso intangible de la organización y con ellos se desarrollaron modelos para medir la probabilidad de revelación de información de capital humano y capital relacional, componentes del capital intelectual. Los resultados indican que, para las empresas con mayores volúmenes de activos, rentabilidad operacional, nivel de endeudamiento y tiempo en el mercado, la probabilidad de revelación de sus recursos intangibles aumenta.</p>