bachelorThesis
Los determinantes de la estructura de capital y el endeudamiento de empresas. Un análisis de datos de panel para el Ecuador, período 2015-2019
Fecha
2023-01-24Autor
Peralta Delgado, Doménica Estefanía
Peralta Pacheco, Jennifer Marcela
Institución
Resumen
Capital structure is a topic highly analyzed by various authors throughout history.
However, no absolute value has been defined for the level of indebtedness that a company should
have, both internal and external, since it varies according to the nature of the business. The present
research seeks to analyze the degree of influence of the determinants of the capital structure on the
indebtedness ratio (Total Liabilities/Total Assets) of Ecuadorian companies in the period 2015-
2019; by means of fixed and random effects panel data estimations. The results allow pointing out
that the variables firm size, return on equity, taxes and current liquidity are significant for the
indebtedness index. Additionally, it was concluded that companies belonging to the service sector
will see a greater increase in their indebtedness index compared to the Ecuadorian manufacturing
sector. The findings can be used as a reference by the managers of Ecuadorian companies in order
to improve their financing policy and establish an optimal capital structure, which will contribute
to obtain better returns and increase their market value.