Apalancamiento financiero y su influencia en la rentabilidad de las mipymes del sector manufacturero de la ciudad de Cuenca, estudio comparativo años 2018 – 2020

Abstract

The present study aims to establish the existence of influence of financial leverage on the profitability of micro, small and medium enterprises in the manufacturing sector of the city of Cuenca in the years 2018, 2019 and 2020. Information was obtained through the application of interviews to key actors of the sector such as financial experts, members of organizations conformed by industries, expert professionals in the industrial area and financial teachers. In addition, the financial information of 150 companies classified as mipyme belonging to the manufacturing sector and regulated by the Superintendence of Companies, Securities and Insurance was analyzed, Pearson's correlation was applied to verify the presence of a relationship between the variables, additionally the calculation of simple linear regression was applied to determine the percentage of participation that financial leverage has on the profitability of the companies. As a result, it was found that leverage has a negative influence on micro companies and a positive influence on mediumsized companies; however, this influence is moderate; therefore, it is concluded that financial leverage is not a determining factor of profitability, but is the result of the decisions made within each mipyme, as well as the line of business, the type of product offered, the management model, the management of resources and the country's regulations.