Los determinantes de la estructura de capital y el endeudamiento de empresas. Un análisis de datos de panel para el Ecuador, período 2015-2019

Abstract

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.