Abstract
One of the main difficulties faced by small and medium-sized enterprises (SMEs) is liquidity and access to financial resources in optimum quantity, maturity and cost. Therefore, it constitutes one of the main structural problems that limit its possibilities of survival and growth in the market. The difficulties arise, on the one hand, from factors related to the functioning of the financial markets; and on the other, by mechanisms related to the characteristics of the internal environment of companies. The objective of this study is to determine if the financial growth cycle affects the financing structure of all small and medium-sized companies in Ecuador. At the same time, it seeks to identify if there is a financing pattern that can be associated with any of the financing theories. To carry out this research, the fixed effects model and the random effects model have been used, from an unbalanced panel data set. The results demonstrate a pattern of high, low, high indebtedness during the stages of the financial growth cycle.
Translated title of the contribution | Financial Growth Cycle in the Financing Structure of SMEs in Ecuador |
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Original language | Spanish (Ecuador) |
State | Published - 9 Jun 2021 |
Event | Communications du Colloque International de ISEOR 2021 - FR Duration: 9 Jun 2021 → 10 Jun 2021 |
Conference
Conference | Communications du Colloque International de ISEOR 2021 |
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Period | 9/06/21 → 10/06/21 |
Keywords
- Financial growth cycle
- Financing structure
- Financing theories
- SMEs
CACES Knowledge Areas
- 214A Financial Management