Browsing by Author "Pinos Luzuriaga, Luis Gabriel"

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Determinación de la estructura de capital para las empresas de la industria manufacturera del Ecuador durante el periodo 2015-2019
(Universidad de Cuenca, 2021-06-16) Aucapiña Jimbo, Sandra Karina; Pinos Luzuriaga, Luis Gabriel
Investment and financing decisions have motivated the financial area to focus its studies on the analysis of company’s capital structures, so that such decisions are the most appropriate for investors. As a result, companies work with a defined capital structure that is not necessarily optimal. The objective of the present study is to determine the capital structure with which big manufacturing companies in Ecuador are managed during the period 2015-2019, for this purpose a review of the published literature on capital structure of companies and the theories developed that explain their behavior was carried out. For its analysis, information from 228 large companies in the manufacturing sector was used, and as a dependent variable the debt ratio disaggregated into total debt, short and long-term debt, in addition to explanatory variables such as profitability, tangibility, liquidity, size and growth opportunities that were analyzed under the methodology through the panel data structure, using the fixed effects model. The results were compared with the predictions of the most influential theories that are those of the trade-off and pecking order, and that after carrying out the statistical and theoretical significance tests it was possible to establish that in the analyzed sector the assertions of the peckíng order theory, becoming the theory that best fits when making capital structure decisions in large manufacturing companies in Ecuador
Diagnóstico de la cultura de los seguros en el área urbana de la ciudad de Cuenca, año 2019
(Universidad de Cuenca, 2021-02-25) Vintimilla Saquicela, Claudia Jacqueline; Pinos Luzuriaga, Luis Gabriel
The purpose of this article is to diagnose the level of insurance culture in the urban area of the Cuenca canton, it was aimed at studying people with an age greater than or equal to 30 years, as it is considered as the target population of the insurance market. The tool applied was the Insurance Culture Index Determination Survey (ICA), which allowed the collection and analysis of information related to determining factors regarding insurance, such as knowledge, use, education and forecast, in addition to other economic variables and demographic that also allows to know perceptions and opinions of the population about the insurance market. It was also possible to have an approximate idea of how aware and foresight of risks the Cuenca population is, since it should be noted that knowledge about insurance is part of a larger tool, such as financial education. In the present study, the ICA Insurance Culture Index, developed by the Mapfre Foundation (2015), was processed to calculate it, which is made up of four dimensions such as USE, KNOWLEDGE, EDUCATION and FORECAST, which have three base indicators each a. Once the Insurance Culture Index was obtained, he obtained the result of the population of the urban area of Cuenca, he has a medium low level of insurance culture, due to his score of 33.07 on a maximum of 100 points. Weaknesses were also identified in the dimensions of Education and Welfare, which indicates a low insurance culture, in terms of interest in acquiring knowledge about insurance since there is a considerable percentage of the analyzed population (53%) that indicates knowing little or nothing about insurance and weak actions taken by the population to determine the stability and well-being of their family and assets in the future. The population is aware of its low knowledge about insurance, so there is a need to strengthen education in financial matters, in this case for the growth of the insurance culture that brings benefits for both the insured, the insurance market and as a whole to the country's economy.
Market risk and expected minimum return of the chemical substance and product manufacturing sector: period 2011 – 2020
(Universidad Internacional del Ecuador, 2022) Pinos Luzuriaga, Luis Gabriel
Risk and profitability are two interdependent aspects in business activity: a certain level of risk must be assumed to achieve greater profitability. The Capital Asset Pricing Model (CAPM) is one of the most widely used models in practice to determine the required return on an investment in a financial asset based on the risk assumed. There are various models and statistical tools that seek to predict financial risk. In the present research work, the market risk and expected minimum return in the chemical substance and product manufacturing sector (CIIU C20) were determined through accounting information. The data was obtained from the Superintendency, Securities and Insurance and corresponded to the period 2011-2020, and the results were analyzed in periods of 5 years, in order to know the variations that occur between the different periods. For the analysis of this sector 3.756 observations (376 companies per year on average) were considered in the period. In addition, a total of 513.895 observations were considered as a market. In the CAPM, the passive rate of the Central Bank of Ecuador was considered as the risk-free rate. In addition, for market performance, an adjusted ROE was calculated for all companies in the corporate sector in Ecuador. The unlevered and levered Beta coefficient obtained in the 5 periods analyzed is greater than 1, that is, it is considered a risky sector. The minimum expected yield of the sector fell from 12,15% in the 2011-2015 period to 4,98% in the 2016-2020 period. The results indicate that the results indicate that chemical substance and product manufacturing sector has a better performance than the market as a whole, since it has a higher performance than required. Considering the high level of uncertainty that currently exists, determining market risk is an important tool to support entrepreneurs and other stakeholders in making decisions.