Financial risks in the operation of special service transportation in the

hotel sector in Bogota, Colombia.

..........................................

Riesgos financieros en la operacionalidad del transporte de servicio especial del sector

hotelero en Bogotá, Colombia

López Rodríguez, Campo Elías

De la Hoz Solano, Viviana María

Becerra Rozo, César Alfonso

ABSTRACT

The objective of this research article is to

characterize the financial risks incurred by the

owners of special service transportation in the

hotel sector in Bogota, taking into account the

importance of financial risk management in

the contemporary business management

scenario. Methodologically, from a

quantitative scope and a descriptive and

correlational approach, the main financial

risks that impact the management of the

organizations belonging to the special

transportation sector of the hotel sector in the

Colombian capital are established. Among the

main results it is determined that the risk of

price variation to customers, the risk of non-

payment on the service provided, the risk of

pre-productive activities, the risk of

contracting and the risk of personnel

management are the most relevant for this

economic activity. It is important to point out

that investors must maintain a reserve against

the risk of non-payment in the future, since the

Received: November 04, 2021

Approved: December 19, 2021

...........................................

PhD student in Consumer Psychology.

Research Leader of the Specialization in

Financial Management at Corporación

Universitaria Minuto de Dios -

UNIMINUTO. Contact e-mail:

clopezr3@uniminuto.edu.co

Orcid: http://orcid.org/0000-0003-

4061-2979

Financial Management Specialist at

Corporación Universitaria Minuto de

Dios - UNIMINUTO. Contact e-mail:

vdelahoz@uniminuto.edu.co

Orcid: https://orcid.org/0000-0001-

6510-3359

Financial Management Specialist at

Corporación Universitaria Minuto de

Dios - UNIMINUTO. Contact e-mail:

cesar.becerra-r@uniminuto.edu.co

Orcid: https://orcid.org/0000-0002-

7447-1695

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obligations that allow the operation and

provision of the service, such as bearings,

insurance, salaries, social security, among

others, must be paid in order to continue

generating income.

Keywords: Financial risks, financial

management, special transportation, hotel

sector.

RESUMEN

El objetivo del presente artículo de

investigación es caracterizar los riesgos

financieros que incurren los propietarios de

transporte de servicio especial en el sector

hotelero en Bogotá, esto teniendo cuenta la

importancia de la gestión de los riesgos

financieros en el escenario de la gerencia

empresarial contemporánea.

Metodológicamente, desde un alcance

cuantitativo y un enfoque descriptivo y

correlacional se establecen los principales

riesgos financieros que impactan la gestión de

las organizaciones pertenecientes al sector de

transporte especial del sector hotelero en la

capital colombiana. Dentro de los principales

resultados se determina que el riesgo de

variación del precio a los clientes, el riesgo del

impago sobre el servicio prestado, el riesgo por

actividades pre-productivas, el riesgo de

contratación y el riesgo de gestión de personal

son los más relevantes para esta actividad

económica. Es importante indicar que los

inversionistas deben mantener una reserva

ante un riesgo de impago a futuro, debido a que

las obligaciones que permiten la operación y

prestación del servicio como lo son los

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rodamientos, seguros, salarios, seguridad

social entre otros, deben ser cancelado para

poder seguir generando ingresos.

Palabras clave: Riesgos financieros,

gerencia financiera, transporte especial, sector

hotelero.

Introduction

Taking into account that, in view of the unemployment levels, many people consider

entrepreneurship as a way out of the crisis, hence the special passenger transportation

service in the hotel sector in Bogota becomes an alternative to develop such activity;

however, and given the need to obtain income on the investment made by the owners

of the vehicles, the financial risks that this type of exercise brings are not evaluated.

Financial risks are results found, which reflect a possible deterioration in business

stability, have significant effects on economic growth, as well as on the confidence of

agents in the price of assets and risk premiums (Rodríguez, Velandia & Amado, 2014);

therefore, financial risk allows shaping related operations cause or effect and a

calculation of the risk value is performed, providing better conditions of organizational

credibility (Aragón, Arango & Aranda, 2016).

DANE (2020) presented a report in which the vehicle fleet registered in the city of

Bogota amounts to 729,257 vehicles, of which 2.9% corresponds to collective and mass

public transportation, 6.3% to individual passenger transportation, and the remaining

corresponds to private vehicles. For its part, the 2013 annual report on mobility in

Bogota states that "individual public transportation service is characterized by having

a practically constant fleet due to the allocation of quotas for its operation" (DANE,

2020).

According to the Registro Único Nacional de Tránsito (RUNT, 2021) the largest

number of registered vehicles are located in the city of Bogotá, and a significant

number in the surrounding municipalities located in the department of

Cundinamarca, due to the fact that many investors register their vehicles in

municipalities close to the country's capital, in order to avoid tax burdens; however,

their activities are carried out in the city of Bogotá. Table 1 below lists the cities with

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the largest number of special transport vehicles registered by 2020, according to their

type.

Table 1. Cities with the highest number of registered special transport vehicles as of

2020.

Municipality

Automobile

Truck

Campero

Total

Bogotá

388

20.007

1.436

21.831

Cota

18.767

716

19.707

Funza

12.802

915

13.754

La Calera

184

8.646

471

9.301

Mosquera

5.253

5.450

Envigado

135

3.826

247

4.208

Sabaneta

3.328

418

3.890

Cali

2.863

3.109

Guacari

2.911

3.010

Chia

2.394

2.465

Bello

2.041

218

2.355

Cajicá

2.116

2.246

Medellín

1.660

1.930

Girón

1.822

1.924

Sibaté

1.760

1.898

Bucaramanga

1.700

1.812

Pasture

1.610

1.687

Pereira

182

1.365

1.556

El Rosal

1.465

1.548

Barranquilla

1.435

1.451

Source: Prepared by the authors based on RUNT (2021).

Particularly, special service transportation in the hotel sector in Bogota its demand is

characterized according to the hotel occupancy rate, (ratio between total occupied

rooms and available rooms); that is, during 2015, it was 57.44%, and by 2019 this was

found at 62.33%. on average, per year the occupancy rate increases by 2.3 percentage

points, this thanks to the development of the sector, the increase in the number of

tourist arrivals to the city (DANE, 2020). According to figures from the District

Institute of Tourism (2019) Bogota had 720 lodging and accommodation

establishments and by 2019, 850 entities. Table 2 below shows the variation in the

number of lodging and accommodation establishments vs. percentage of occupancy,

as follows:

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Table 2. Number of lodging and accommodation establishments 2015-2019.

Year

Number of establishments

Percentage of occupancy

2015

57,44%

2016

810

55,46%

2017

808

58,31%

2018

829

59,69%

2019

850

62,33%

Source: Own elaboration based on Instituto Distrital de Turismo (2019).

From the above, and in order to develop this article, the following problem is posed:

What are the characteristics of financial risks in the operation of special service

transportation in the hotel sector in Bogota? To this end, it is pertinent to

conceptualize the criteria associated with risk, financial risk in the special passenger

transportation sector, as theoretical support for the research proposal, to identify the

financial risks that have the greatest impact on special service transportation activities

in the hotel sector in Bogotá, and to correlate financial risks with the educational level

and time in the market of the owners of special service transportation in the hotel

sector in Bogotá.

Next, the theoretical references that support the study are presented, focusing directly

on financial risks, followed by the methodological structure of the research, descriptive

and correlational results, and finally the conclusions of the study.

Financial risks

Figueroa & Parra (2004) highlight that financial risk is associated with the probability

that a company cannot handle situations inherent to its activity, for such reason

companies in different sectors have become aware of the financial risk through the

years and that these arise through failures in their operations (Aragón, Arango &

Aranda, 2016), for such reason, companies can present a financial risk the first ones

are related to the good or service that will produce problems related between implicit

actors, suppliers and administrative problems (Rivera-Galvis & Hernández-Ramírez,

2019). It is important to know that in organizations there is the problem of financial

mathematics, capital budgeting and credit analysis and as a result the risks of

indicators are presented (Córdova, Molina & Navarrete, 2017).

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All financial analysis, finds techniques of a structural nature that establish

relationships and comparisons between different accounts from one period to another,

which is known as horizontal analysis (Espinosa, Molina & Vera-Colina, 2015),

likewise financial inclusion is characterized by being composed of 4 major dimensions:

access, use, quality and welfare (Rodríguez-Raga & Rodríguez, 2016). From the above,

it is sustained that financial behavior is to analyze the investment variables and the

crisis that expose the effects of the actions of the companies. are compromised and

leads to a systematic level of risk (Molina & Clemente, 2010) in effect financing is the

act of making use of economic resources to cancel obligations or pay for goods, services

or some type of particular asset (López-Rodríguez et al. 2019).

Taking into account that financial risk, allow the application of fuzzy logic in the field

of finance determining a risk analysis (Córdova, Molina & Navarrete, 2017). Financial

risk is an event of negative consequences and critical analysis of fiscal policy and it is

considered that financial risk management is important for any organization because

of its impacts on liquidity operations (Rodriguez et al. 2020). On the other hand,

Giraldo-Prieto et al. (2017) state that the risk of financial indicators is measured by a

company's size, leverage, operating income, total sales, foreign sales, investment

growth and dividend payments.

Mayorga & Solarte (2012) recognize that liquidity risk represents to companies one of

the greatest financial risks and leads to situations such as the freezing of resources

without profitability and higher costs of administration and concentration of fixed

assets, however, liquidity risk presents situations faced by financial entities, it is seen

when the treasury area faces a shortage of liquid resources (López-Rodríguez & Gil-

Muñoz, 2020). In the specific case of liquidity risk, it is necessary to differentiate

between the solvency of an entity and its liquidity. For this reason, when performing a

constant and verified analysis of liquidity risk, it is good to relate it to credit and market

risk, most of the time it can lead to a shortage of available resources (Vieira et al. 2017).

Credit risk is established to know the probability of non-payment of the debt obtained

in a financial entity and that are not cancelled according to the negotiation (Rizzo,

2007). Credit risk are losses assumed by the company as a result of non-compliance

with obligations (Villano, 2013). Generally speaking, credit write-offs are significant

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transactions that have a significant impact on the level of capitalization; even credit

provisions are the second most important expense after wages and salaries (García,

García & Martínez, 2017).

The financial market is governed by the risk that can be measured in the

corresponding profitability evaluations, due to the variations of the market in which

our assets are listed (Moreno-Brid et al. 2017). Giraldo-Prieto et al. (2017) argues that

companies are seeking to reduce financial risk to avoid bankruptcy and thus improve

the development of financial markets, contribute to the increase of liquidity and

investment. Companies at the present time and because of the financial crisis affecting

third parties and markets, where practices can contribute to the salvation and the

financial system of an organization (Molina, & Clemente, 2010).

The rate risk is the contingency of losses due to unexpected variations in the exchange

rates of the currencies in which the entity maintains positions, which are instrumented

debts and credits of a natural or legal person (Olarte, 2006), The long-term growth

rate is due only to demographic factors such as the growth rate of the population, the

structure of the labor force and its productivity (Mota, 2015). In addition to the evident

negative effect it generates on sector variables such as credit growth, interest rates,

portfolio quality and delinquency indicators, among others (Rodríguez-Raga &

Rodríguez, 2016).

For Charris-Benedetti & Llamas-Foliaco (2016) it is important to emphasize that the

risks inherent to the supplier can be taken from information provided by the market,

from the statistics produced by the entities that concentrate information on state

contracting. Aragón et al. (2017) have widely recognized that the risks inherent to the

investment are assumed by the investor, in value fluctuations affect positively and

negatively the investor. For them the biases that their results can generate, is the

determination of the risk inherent to the company and is prepared to minimize its

consequences (Figueroa & Parra 2004).

In general terms, the most important financial risk is the organization's indebtedness,

so that it exercises coverage over the cost of debt (Giraldo-Prieto et al. 2017). In general

terms, credit is a commitment agreed between an individual or legal entity and a

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financial entity in order to grant purchasing capacity in advance to the debtor (García,

García, & Martínez 2017). This is supported by Arbeláez et al. (2006) when evaluating

financial risk, which is associated with the probability of default on debt payments,

i.e., economic, financial and political factors prevail in the risk.

Taking into account that financial risk represents for a company one of the risks by

which situations such as the freezing of resources without availability are derived,

(Mayorga & Solarte 2012), Villano (2013) asserts that the financial depression

evidenced the need to supervise the activity of the financial sector, but quantifies the

risk of a company. The intervention of individuals in the operating processes is one of

the reasons why the quantification of financial operational risk is so complicated

(Aragón, Arango & Aranda, 2016).

The financial behavior of companies are factors of interest of corporate social

responsibility, so that they take the appropriate measures so that their behavior is

considered more responsible (Molina & Clemente, 2010). It is worth highlighting that

the issue of the determinants of access to financial products has focused on a specific

type of product, credit (Rodríguez-Raga & Rodríguez, 2016). There are close links

between the financial system and real activity that, in the presence of an adverse event,

could complicate the outlook for the economy as a whole (Rodríguez, Velandia &

Amado 2014).

Figueroa & Parra (2004) recognize that financial risk is estimated as fixed financial

expenses with operating income. Income tax is concentrated to inflation creating new

value added and income taxes for organizations (Moreno-Brid, Benítez & Páez, 2017).

To determine the financial needs, once the cash and accounting flows have been

obtained, the balance sheet accounts can be related percentage-wise to sales, which

explains the real options that allow adding value to companies, by increasing profits

or reducing losses (Fernández & Bustamante 2009).

According to López, & Torres, (2020), they highlight how the model of direct

assignment of work is applied where the processes allow articulating ICT, TAC, TEP,

when interpreting and developing the models of foundation of the value of

entrepreneurial teaching, where the moments are restructured with the development

of competencies in the financial field, but strengthened by mediation.

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Villano (2013) considers that the financial sector can be defined as a fundamental risk

structure that determines who is subject to new credits, since the financial exchange

rate risk occurs when more than one currency, either in a commercial exchange with

raw material suppliers and the exchange rate. Rivera-Galvis & Hernández-Ramírez,

(2019) consider that a first aspect that people must take into account is the amount of

the installments that they will have to pay or the annual effective cost rate, that is to

say, financial risks are identified with the goods and services that a company can

acquire in the financial markets or between companies (Rizzo, 2007).

The importance of a financial analysis is vital for an organization and the construction

of financial ratios, to determine the risk and evaluate the financial soundness that

originate in the balance sheets of major commercial entities (Quilez, 2011), hence the

small and medium-sized enterprises are characterized by high mortality rates, which

are associated with weak managements around financial management (Muñoz,

Arenas & García, 2017). The study of financial risk measures the importance of SMEs

which are more sensitive to market uncertainty and are focused on companies,

analyzing and verifying liquidity risks in indebtedness and portfolio guidance in SMEs

(Díaz & Zurdo, 2014).

Operational risk is defined as the risk of loss due to inadequacy is presented due to

failures in the operational core, human error or processing capacity, operational risk

categories that potentially negatively impact each of these lines (internal fraud,

external fraud) are considered (Aguilar, Torres & Salazar, 2017). Operational risk

means an economic capital burden of greater importance that associates it with market

risk, the indicator corresponds to outstanding loans and advances, both without credit

risk weighting and gross of provisions (Hurtado & Manco, 2007). The identification,

measurement, control and mitigation in the management of the different types of risk

in financial institutions is a particularly relevant issue for their development and

operation (Montoya, Arias & Benjumea, 2006).

Materials and methods

The scope of this research is correlational in nature, this because the financial risks

will be characterized and associated with the characteristics of the owners of special

service transport located in Bogota, this from a quantitative approach, which are based

on observations, evaluations and conclusions arrived at and are even able to generate

new trends found and can reach an explanatory research (Ramos, 2015).

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The population with which the research was conducted is taken the hotels that exist

in the city of Bogota, average that an owner of special service transport vehicle in the

hotel sector in Bogota, according to the District Institute of tourism (2019), the

numbers of accommodation and lodging establishments in Bogota is shown with 850,

average of one vehicle per hotel. Based on the above, the statistically representative

sample for the research is 265 surveys (95% confidence level, 5% margin of error and

positive and negative variability of 50%) which was applied to owners or investors in

special passenger service vehicles "white plates".

The instrument for the collection of information was a survey, which according to

Vega-Malagón et al. (2014) consists of numerical measurement, counting and often

the use of statistics to accurately establish patterns of behavior in a population. This

instrument is divided into two parts: the first describes the characteristics of these

entrepreneurs through nominal type questions in order to establish their profile; the

second part presents the different financial risks and their description, which are

evaluated through a Likert-type scale as follows: 1: Not important; 2: Not very

important; 3: Neutral; 4: Important; 5: Very important.

The data collection was carried out in the second quarter of the year 2021 and the

validation of the instrument was developed with a pilot test of 10% of the sample

through the Cronbach's Alpha test, obtaining satisfactory results for each of its

dimensions, as shown in Table 3. Cronbach's Alpha test is an index used to measure

the internal consistency reliability of a scale, that is, to evaluate the extent to which the

items of an instrument are correlated (Oviedo & Arias, 2005). This statistical analysis

was developed using the SPSS version 26.0 statistical package.

Table 3. Reliability statistics for each dimension of the instrument.

Instrument

dimensions

Cronbach's

alpha

Cronbach's alpha based

on standardized items

Number of

elements

Market risk

0.887

0.884

Credit risk

0.875

Liquidity risk

0.915

0.918

Operational risk

0.931

0.934

Source: own elaboration

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Results

Descriptive analysis of the study population

According to Figure 1, it is evident that 31.32% of the surveyed entrepreneurs are

relatively new in the public transportation market "white plates" that provide their

services in hotels in the city, because they have less than 3 years with the investment,

while the oldest have provided their services between 9 and 15 years (16.60% and

18.11%).

Figure 2. Time on the market of the organizations studied.

Source: own elaboration.

It is evident that 55.47% of those surveyed have vehicles registered outside the city of

Bogotá. Likewise, it is determined that most of the vehicles with "white plates" provide

their services within the city (63.40%); however, 23.39% make sporadic trips to areas

outside the city. Regarding the academic training of the entrepreneurs described in

Figure 2, 36.60% of those surveyed completed their high school studies, 20.38% have

professional studies, 18.87% are technicians, 11.70% have studies in a technological

career, and the same percentage includes vehicle owners who completed primary

education, and only 0.75% of the investors have postgraduate studies.

31,32%

12,08%

9,81%

16,60%

18,11%

12,08%

Menos de 3 años

Más de 3 años y hasta 6 años

Más de 6 años y hasta 9 años

Más de 9 años y hasta 12 años.

Más de 12 años y hasta 15 años

Más de 15 años.

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Figure 2. Academic background

Source: own elaboration.

Descriptive analysis of the financial risks of the investors studied.

According to Figure 3, 43.00% of the respondents consider price variation risk very

important for customers, 19.20% consider it important, 17.00% consider it neutral,

and 11.70% and 9.10% consider it unimportant or unimportant, respectively.

Figure 3. Risk of price variations for customers.

Source: own elaboration

Figure 4 shows that 63.80% consider the risk of price variations offered by direct

competitors, i.e. established transporters, to be very important, while for 13.60% it is

neutral and for 12.50% it is important, 6% of the respondents consider the price

11,70%

36,60%

18,87%

11,70%

20,38%

0,75%

Primaria

Secundaria

Técnico

Tecnología

Profesional

Postgradual

11,70%

9,10%

17,00%

19,20%

43,00%

No es importante Poco importante Neutral Importante Muy importante

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offered by competitors to be unimportant and for the remaining 4.20% the risk of

tariffs or prices offered by direct competitors is not very important.

Figure 4. Risk of price variations as a function of direct competition

Source: own elaboration.

According to Figure 5, it can be seen that the risk of price variation depends on indirect

competition, i.e. mobile applications, where it is concentrated with a figure of 66.80%

very important, on the other hand, for 15.10% it is neutral and for 8.70% it is

important, 2.70% of the respondents consider that competition from mobile

applications is not important and for the remaining 3.80% the risk of prices offered by

competitors is not very important.

Figure 5. Risk of price variations based on competition

indirect (mobile applications)

6,00%

4,20%

13,60%

12,50%

63,80%

No es importante Poco importante Neutral Importante Muy importante

2,70%

3,80%

15,10%

8,70%

66,80%

No es importante Poco importante Neutral Importante Muy importante

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Source: own elaboration.

As shown in Figure 6, the risk of positioning and acceptance of the product, as shown

by a higher concentration of 73.60% consider it very important, while for 9.80% it is

neutral and for 8.70% it is important, 4.90% of the respondents consider that product

acceptance is not very important and for the remaining 3.00% the risk of positioning

and acceptance of the product is not important.

Figure 6. Product positioning and acceptance risk

Source: own elaboration.

Figure 7 shows that in the public sector of white plates, 78.50% consider that non-

payment by hotels or where they can provide their services is very important, while for

9.10% it is neutral and for 9.40% it is important; 1.50% of the respondents consider

that the risk of non-payment for the service provided is unimportant and unimportant.

3,00%

4,90%

9,80%

8,70%

73,60%

No es importante Poco importante Neutral Importante Muy importante

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Figure 7. Risk of non-payment for the service rendered

Source: own elaboration.

According to Figure 8, within the operationality of the public service of white license

plates 81.10% consider that external events such as: changes in traffic regulations are

very important, in the provision of their service, while it is not important or not very

important for 1.90% and 1.50% respectively.

Figure 8. External events

Source: own elaboration.

1,50% 1,50%

9,10%

9,40%

78,50%

No es importante Poco importante Neutral Importante Muy importante

1,90%

1,50%

7,90%

7,50%

81,10%

No es importante Poco importante Neutral Importante Muy importante

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Correlational analysis of financial risk management

Taking into account a bivariate correlational analysis, the most relevant financial risks

taken into account by investors in the special passenger transportation sector that

provide their services in hotels in the city of Bogota were identified, with which there

is a significant level of association with their academic background and their time in

the market. Considering that the significance (bilateral) of Pearson's Chi Square is less

than 0.05, the null hypothesis is rejected and in turn the alternative hypothesis is

accepted, finding significant relationships at a level of 95% reliability and 5% error

(Páramo-Morales, 2015). These associations are shown in Table 4.

Association between financial risks in the operation of special service transportation

in the hotel sector in Bogota with the educational level and time in the market of the

owners.

Table 4. Financial risks

Variables

Financial risks in the operation of

special service transportation in the

hotel sector in Bogota.

Significance

(bilateral)

Academic

background

Risk of price variation to customers

0.010

Risk of non-payment for services rendered

0.012

Risk due to pre-productive activities

0.010

Time on the

market

Contracting risk

0.038

Personnel management risk

0.024

According to the result of this analysis, it is identified that, for investors in the special

transportation sector, the risk of hiring and the risk of personnel management

associated with the time in the market are the most important, since it is evident that

for this type of business, the contracting companies have monopolized the business,

Therefore, they prefer to hire vehicles whose owners have been in the market for a

certain period of time. Likewise, these companies prefer to always hire the same

people, since they know the advantages and disadvantages of vehicle renewal, since

vehicles must generally be scrapped and renewed after 5 years of service.

Likewise, according to the time in the market, the owners who do not drive the vehicles

have drivers who have been with them for some time, which allows to evaluate and

consider that the risk of personnel management, although it is one of the most

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significant at the time of making the investment decision, these investors consider that

they have controlled this risk, since they know the implications of social security

affiliations and other aspects, as well as the confidence that the vehicles will be taken

care of by the drivers, avoiding over costs in the maintenance of the vehicles.

Likewise, the result indicated in Table No.4 identifies the risks of non-payment on the

service provided with a high level of importance, as well as the risks of price variation

to customers and pre-productive activities with equal significance, with respect to the

variable of the investors' level of education, This shows that in this type of market,

these investors consider that the companies to which they are affiliated demerit and

take advantage of the market to set and impose rates on customers, as well as delay

payments for services rendered, and put obstacles that together with the lack of

knowledge of existing regulations, make it impossible for the vehicles to start

producing quickly from the moment of their acquisition.

Discussion

The development of this research allowed to know through a correlational analysis, the

characterization of the financial risks in the operation of the special service

transportation in the hotel sector in Bogota, this statistical test determined: The

factors associated with the academic level of investors, generate liquidity risks such as

the risk of price variation to customers, the risk of non-payment for the service

provided, and the risk associated with pre-operational activities.

With respect to the risk of price variation for the service provided to the client, it is

important to know the rates of the competition and it is considered that the price

offered to customers are the most important factor for the investment decision making

of this type of business. Although the results show that the risk events of positioning

and acceptance of the product, having a very important impact that can measure in the

corresponding evaluations of profitability, due to market variations and although the

result shows that the risk events of positioning and acceptance of the product

(Sepúlveda Rivillas, Reina Gutiérrez & Gutiérrez Betancur, 2012; Rodríguez et al.

2021).

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In other words, the risk of price variation is associated with legal competition in the

case of cabs and illegal competition in the case of apps, which may be a little cheaper,

but are not as safe because white plate vehicles, having contractual and extra-

contractual policies and the service being provided by a service contract, the rate is not

defined by the investor but by the contracting company.

Likewise, one of the fears of the respondents is to fall under the risk of non-payment

(credit) on the service provided, incurred when they are not canceled in accordance

with the negotiation; taking into account that most of the payments are not immediate,

but for the routes made over a period of time, i.e. on credit. This is due to business

agreements or to the transportation companies with which the vehicle is affiliated. The

result that shows a concentration where it is identified that in the public sector of white

plates it is considered that the non-payment can make the hotels or where they can

provide their services is very important (Villano, 2013; Lopez-Rodriguez et al. 2021).

Similarly, the risk of pre-productive activities influences the decision of investors, due

to the high costs and the time required for the different procedures, such as affiliation

or quota, assignment of special public service license plate "white plates", generation

of contractual and extra-contractual policies, These services must be paid before the

service can be provided, so that income will be generated once the pre-productive stage

has been completed, the credit and market risk most of the time may result in a

shortage of available resources and this is what is evident for this productive sector

before starting its operations (Vega-Malagón et al. 2014).

In relation to the risk of contracting, it was determined that this is a sector that is very

limited and the longer it has been in the market, the easier it is to receive the income

necessary to continue with the business, either to obtain liquidity and financial

leverage despite the fact that payments are on credit, as well as for the replacement of

the vehicles, which have a useful life of five (5) years, since the companies to which

these vehicles are affiliated do not contract or maintain affiliates when the vehicle has

reached the indicated time.

Similarly, the risk of personnel management is one of the fears for investors, since the

investor is the same driver of the vehicle, must be affiliated to social security, on the

contrary if a third party is hired in addition to the additional costs for social security,

On the other hand, if a third party is hired, in addition to the additional costs for social

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security, the care of the productive asset is not the same as the owner, increasing

maintenance costs, fines and damages due to the behavior of the drivers, which in

several cases can lead to the loss of contracts with the hotels due to poor service

provision, in addition to affecting the image of the service provided.

Within the document, the criteria associated with risk, financial risk, special passenger

transport sector were conceptualized, where it is evident that there are a number of

factors that affect internally and externally the operation of public service in the hotel

sector, ranging from the process of purchasing the vehicle to the operation on the roads

of the city and as such affect the owner economically, since it has been widely

recognized that the risks inherent in the investment are assumed by the investor, in

value fluctuations affect positively and negatively the investor (Rodriguez-Raga &

Rodriguez, 2016).

In accordance with the above and with the objective of mitigating risks, it is important

to indicate that the government should study and provide guidance in business

management to investors in the sector, in order to develop this sector, for the benefit

of business, entrepreneurship and especially with the legalization of the public

passenger transport service, as well as the coordination of the sector and formalization

of labor contracts with drivers, as well as the management in the compliance that

entrepreneurs have with respect to investors, who finally provide the assets (vehicles)

to transport companies serving the hotels in the city of Bogota.

In general, the investor in this type of business does not have the capacity to organize

and control the additional and operating expenses, such as deterioration,

maintenance, spare parts, gasoline, tolls, driver's salaries and other expenses, which

become a cost overrun, generating the risk that the owner fails and "loses" the

investment. Risk, understood as volatility, is present in all decisions faced by

organizations, which makes it necessary to identify and measure it efficiently so that

strategies can be implemented (Rodríguez et al. 2021).

Considering that the public passenger transport sector is a necessity for tourists

staying in the city of Bogotá, this is a topic that can present various types of research

on this service, as well as for the specific case of special service transport, not only

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applies to the hotel sector, Other research can be conducted in other sectors, such as

vehicles for patient transportation services for the health sector, school routes, tourist

routes, business routes or vehicles contracted for the transportation of businessmen

and members of boards of directors who hire vehicles with white license plates for this

purpose.

Similarly, it is important to continue investigating the operational risks incurred by

the owners of public passenger service vehicles, which are ultimately reflected in risks

that cause financial losses for this type of investors and therefore to the transportation

sector that makes up a large part of the country's economy, as well as in the automotive

industry, in which the impact on families, businesses, and micro and macro economic

sector of the country should be reviewed.

It also invites to conduct research on the financial impact incurred by investors at the

time of entering into this business as well as the handling of failure in the same by not

taking into account the financial risks, which requires having to return the vehicles

and / or change the plates to the private service, which directly impacts the pocket of

the entrepreneur since the procedures are expensive and the repurchase prices of a

vehicle that goes from public to private have financial losses of up to 60% only for the

change of plates indicated above.

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