Factores determinantes de la estructura de capital de las PyMEs y grandes empresas comerciales al por mayor en la provincia del Azuay en el periodo 2014-2018: contraste entre la teoría del óptimo financiero y la jerarquía financiera

Abstract

The present research has the purpose to establish the determining factors of the capital structure that represent the SMEs (Small and Medium Enterprises) and Big Companies belonging to the wholesale trade sector (G.46), considering the province of Azuay (Ecuador) as case of study for the years 2014-2018, taking a representative sample of 890 observations belonging to 178 companies. A statistical contrast is made between the two main theories: Trade Off and Pecking Order from the application of models proposed by Rajan & Zingales and Shyam- Sunder & Myers, respectively; through the analysis of the multivariate regression, with panel data. The main result show that companies un the wholesale trade sector in the province of Azuay show a more approximate trend towards the Pecking Order, the variables that explain the most are the size of the company and the cash flow deficit; while, the incidence of the theory Trade Off in the companies of the commercial sector turns out to be little influential in the determining the capital structure validated through the asset tangibility variable. At the time of analyzing the model separately (SMEs and Big Companies); in the SMEs, the variables that explain the model are tangibility and the deficit of cash flows, and for large companies, the greatest significance is in the variables of growth opportunities and the deficit of cash flows.