Ciclo de Crecimiento Financiero en la Estructura de Financiamiento de las Pymes en Ecuador

Translated title of the contribution: Financial Growth Cycle in the Financing Structure of SMEs in Ecuador

Gloria Belen Espinoza Rosero, Oswaldo Vicente Navarrete Carreño, Herenia Gutiérrez Ponce

Research output: Contribution to conferencePaper

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 contributionFinancial Growth Cycle in the Financing Structure of SMEs in Ecuador
Original languageSpanish (Ecuador)
StatePublished - 9 Jun 2021
EventCommunications du Colloque International de ISEOR 2021 - FR
Duration: 9 Jun 202110 Jun 2021

Conference

ConferenceCommunications du Colloque International de ISEOR 2021
Period9/06/2110/06/21

Keywords

  • Financial growth cycle
  • Financing structure
  • Financing theories
  • SMEs

CACES Knowledge Areas

  • 214A Financial Management

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