Browsing by Author "Zaruma Lopez, Jonathan Leodany"

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    Decisiones de estructura de capital en el sector comercial:¿ Jerarquía Financiera u Óptimo Financiero?
    (2021) Flores Sánchez, Gustavo Geovanni; Zaruma Lopez, Jonathan Leodany; Vigier, Hernán Pedro; Solano Rodas, Devora Carolina; Romero Galarza, Carlos Armando
    This study addresses a contrast of the theoretical foundations of Pecking Order and Trade Off through the panel data methodology, applied to Ecuadorian commercial companies. The results show that the cash flow deficit, size, growth opportunity and tangibility of the assets define the capital structure. In addition, it constitutes a contribution to the scientific debate on the modern Pecking Order theory, observing that short and long-term financing decisions are based on the internal resources generated and the investments required for a normal business operation.