Análisis de la Estructura de Financiamiento de las Pymes del Ecuador

Translated title of the contribution: Analysis of the Financing Structure of SMEs in Ecuador

Herenia Gutiérrez Ponce, Gloria Belen Espinoza Rosero, Belen Adriana Alcivar Gomez

Research output: Contribution to journalArticle

Abstract

The objective of this article was to analyze the debt structure of small and medium-sized companies (SMEs) in Ecuador that are part of the stock market to determine if it adjusts to the assumptions of the Hierarchical Order Theory, which defends a hierarchy of financial preferences. To process the data, a multiple regression model was applied, which allowed the dependent variable, debt, to be explained through the impact of various institutional variables. The results showed that the independent variables age, tangibility and profitability arenegatively related to indebtedness, that is, there is an influence of the assumptions of the Hierarchical Order Theory, while the liquidity variable is not statistically significant for the model.
Translated title of the contributionAnalysis of the Financing Structure of SMEs in Ecuador
Original languageSpanish (Ecuador)
Pages (from-to)43-55
Number of pages13
JournalRevista San Gregorio
Volume1
Issue number1
DOIs
StatePublished - 31 Mar 2024

Keywords

  • Liquidity
  • Indebtedness
  • SMEs
  • Profitability

CACES Knowledge Areas

  • 214A Financial Management

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