Determinantes de la Estructura de Capital en las Empresas Comerciales del Ecuador

The capital composition is related to the economic situation of the companies, it consists of a combination of own and external re-sources to achieve the maximum value of the companies and their cost of capital. The purpose of this article is to examine the determi-nants of the capital structure of Ecuadorian organizations in the commercial sector and to compare the results to forecast the static equilibrium and financial hierarchy theories. In this analysis, as a methodology, an information base has been used with the financial statements published by the Superintendence of Companies of Ec-uador, to then export them to the Stata 16 tool, for the application of descriptive statistics, correlation and inflationary factor of variance, and thus confirm any significant concern of multicollinearity. Subse-quently, ordinary least squares and fixed effects regression models are performed to determine the statistical significance between the selected variables and thus the analysis of the predictions of the two theories with the variables: indebtedness, profitability, size, tax shields not generated by debt, tangibility, growth opportunity and liquidity. In this analysis, the Static Equilibrium theory sustains that organiza-tions are inclined to use debt for their financing, with this theory no explanatory power was obtained in the type of sector studied, on the other hand, the Financial Hierarchy theory sustains that organiza-tions are inclined to use personal resources for financing, therefore this theory had greater explanatory power for this type of sector, however, it was not possible to obtain an explicit statistical conviction that supports the studied variables of the capital structure.