Browsing by Author "Zaquinaula Chimbo, Shelvin Freire"

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    Determinación de la estructura óptima de capital: caso aplicado al sector comercial de venta al por mayor-menor de electrodomésticos en Ecuador
    (Universidad de Cuenca, 2024-12-12) Sinchi Torres, Maria Eulalia; Zaquinaula Chimbo, Shelvin Freire; Armijos Cordero, Johanna Catalina
    This article aims to analyze the determinants of the capital structure of companies engaged in the retail and wholesale sale of household appliances in Ecuador during the period 2015–2020. This sector was chosen because there are no studies guiding companies in determining an optimal capital structure. This topic is highly debated in finance, with research focused on factors such as the existence of an optimal capital structure and the way companies make financing decisions. On one hand, an optimal debt ratio was established to maximize the company's value, considering the various costs associated with debt and equity. On the other hand, the aim was to explain the criteria companies use when making decisions regarding their choice of financing source and the necessary mechanisms to access them, in order to make financing decisions. Based on a review of the literature and previous research, this study will determine whether, within the context of the household appliance retail sector in the country, there is a categorization of financial sources, the main contribution of the Pecking Order theory, or if companies follow a model where they choose leverage ratios reflecting the benefits of debt financing, as explained by the Trade-off theory, or, lastly, if shareholders' behavior is inconsistent with the theories studied. The article will be complemented with a qualitative approach to explain the results obtained in this study.