La Estructura del Financiamiento y su Influencia en la Rentabilidad de las Pymes que Cotizan en el Mercado Bursátil de Ecuador

This study presents the factors that influence the financial performance of Small and Medium Enterprises SMEs that are part of the stock market. For this purpose, the financial information of the companies in the stock market sector from the year 2017 to the year 2022 was obtained, in such a way that, with the data collected, a study of correlational scope was conducted, which using the R Studio program, a quantile regression model was applied, using the return on assets (ROA) as the dependent variable, and the size of the company and the level of debt as the independent variables. The findings obtained in this study indicate that total debt and size are inversely and significantly related to ROA, which is the measure of profitability used. In addition, it can be seen that, for the most profitable SMEs, the decrease in ROA is greater for each increase in debt. Also, for each increase in the size of the SMEs, the proportion of decrease in ROA is greater for the more profitable companies.