Facultad de Ciencias Económicas y Administrativas Tesis Maestrías

Permanent URI for this collectionhttps://dspace-test.ucuenca.edu.ec/handle/123456789/106

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Protocolo para Erradicar la Violencia y el Acoso Laboral en el GAD Municipal de Cuenca: Implementación y Mejora
(Universidad de Cuenca. Facultad de Ciencias Económicas y Administrativas, 2025-11-05) Álvarez Calderón, Elizabeth Thalía; Martín López, Miguel Ángel
This research examines workplace harassment in the Cuenca Municipal Autonomous Government (GAD) and places it within the evolution of Ecuadorian regulations and international human rights standards. It shows how this phenomenon, also known as mobbing, impacts not only the health and dignity of workers but also the institution's performance and public trust. From this context, the central focus is the need to update and refine the municipal protocol approved in 2021/2022 to adapt it to the 2017 and 2024 reforms and ILO Convention 190. The theoretical framework develops a conceptualization of harassment from psychological, legal, and organizational perspectives, distinguishing typologies such as horizontal harassment, upward vertical harassment, downward (bossing), and mixed harassment. It also identifies characteristic groups of behaviors ranging from social isolation to devaluation of functions and attacks on health. It also examines the main regulatory instruments, including the Constitution, the Labor Code, the LOSEP (Spanish Labor Code), and the 2024 Reforming Organic Law, along with the role of labor inspectors and competent authorities. It emphasizes the importance of having effective internal protocols. The findings recognize that the municipal protocol presents significant advances, such as its broad coverage and the incorporation of principles of equality, confidentiality, and non-revictimization. However, they also reveal deficiencies in aspects such as the availability of resources, staff training, the functioning of reporting mechanisms, and the proportionality of the imposition of sanctions.
Análisis de los determinantes del trabajo juvenil en el Ecuador periodo 2007- 2023
(Universidad de Cuenca. Facultad de Ciencias Económicas y Administrativas, 2025-10-31) Montero Bermeo, Paúl Andrés; Sarmiento Moscoso, Luis Santiago
Youth employment in Ecuador has undergone significant changes between 2007 and 2023 with a decline following the COVID-19 pandemic. This study examines the determinants that influence the employment condition of young people aged 18 to 29 using a quantitative approach based on data from the Encuesta Nacional de Empleo, Subempleo y Desempleo (ENEMDU) and the estimation of binary logit models for the years 2007, 2019, 2021 and 2023. Sociodemographic variables such as gender, marital status, educational level, being head of household, and age were studied, characterized at three levels: national, major cities, and the rest of the country. The results show that being male, living with a partner, being head of household, and being older within the analyzed range increase the probability of employment, while higher education in certain cases indicated a lower probability of employment, exposing a gap with the labor market. At the national level, men were up to 1,93 times more likely to be employed than women; in major cities, being the head of household was the most influential variable, with 3,5 times greater likelihood of employment in 2021; in the rest of the country, being in a relationship increased the likelihood of employment by 2,015 times in 2023. It is concluded that the effects of these influential determinants on youth employment must be addressed with relevant public policies according to the characteristics of each territory with gender equity, educational coherence, and labor inclusion.
Guía para el financiamiento de organizaciones dedicadas a la actividad agrícola, según su desempeño financiero. Caso de estudio: Empresa Alimentos del Sol Andino
(Universidad de Cuenca. Facultad de Ciencias Económicas y Administrativas, 2025-10-23) Armijos Zeas, Teodoro Bolívar; Arcentales Carrión, Rodrigo Nicanor
The objective of this research was to design a financing process manual for organizations in the agricultural sector in Ecuador, incorporating the evaluation of the economic performance of a case study company through the analysis of its financial statements. The main problem identified was the limited access to financing, primarily due to the inability to meet the requirements set by financial institutions. To address this, a mixed-methods approach was employed, with a non-experimental design and descriptive scope, using a sample comprising the financial statements of the case study company and data from 14 financial entities. The findings revealed that agricultural sector companies face significant weaknesses in working capital structure, low liquidity, inefficient asset management, and a strong dependency on seasonal revenues. These results highlight the importance of conducting annual financial analyses to evaluate debt capacity and the ability to generate revenues for debt repayment. It was concluded that the design of a practical guide to facilitate access to financing should be tailored to the specific needs of the Ecuadorian agricultural sector, in order to reduce structural gaps and barriers and enhance financial decision-making in this strategic sector. Accordingly, it is recommended that the guide be disseminated and promoted through agricultural associations, guilds, and the Ministry of Agriculture and Livestock.
Estimación de la probabilidad de incumplimiento de la cartera de crédito de una Cooperativa del segmento uno del sector Financiero Popular y Solidario del Ecuador
(Universidad de Cuenca. Facultad de Ciencias Económicas y Administrativas, 2025-10-23) Pacheco Ludeña, Jennypher Paquita; Mansilla Ibáñez, Franco Andrés
The present research aims to estimate the probability of default in the loan portfolio of a Savings and Credit Cooperative belonging to segment one of the popular and solidarity financial sector in Ecuador, with the purpose of contributing to improved credit risk management. The study was conducted under a quantitative approach, with a nonexperimental and cross-sectional design, using a database containing information from 15,969 loan operations as of December 31, 2024. To estimate the probability of default, a logistic regression model was applied and fitted using the maximum likelihood method. Model quality was assessed through McFadden’s Pseudo R² (0.342), the confusion matrix, and classification metrics such as accuracy in training and validation (94%), recall in training and validation (99%), F1-score in training and validation (96%), AUC in training and validation (0.87), Gini in training and validation (0.75), KS in training (0.62) and validation (0.60). The average estimated probability of default was 8.15%. The results revealed that variables such as loan term, type of collateral, interest rate, income, age, education level, financial burden, province, unemployment, and inflation have a statistically significant effect on default risk. It is concluded that the estimated logistic model is a valid tool for identifying risk factors and for strengthening the credit evaluation processes within the Cooperative.
Factores determinantes de mora en la cartera destinada a la unificación de deudas en las oficinas que componen el territorio Cañar de Cooperativa Jardín Azuayo
(Universidad de Cuenca. Facultad de Ciencias Económicas y Administrativas, 2025-10-21) Santander Orbe, Jorge Estives; Andrade Rojas, Gabriela Cristina
This research analyzes the factors influencing delinquency in consumer loans allocated for debt consolidation at Cooperativa Jardín Azuayo, Cañar territory, between 2021 and 2024. Using a logistic regression model applied to a population of 1 967 loans, significant variables were identified, including employment type, geographic location, education level, gender, membership seniority, income, liabilities, and net worth. The results indicate that public employment, stable income, and higher net worth serve as protective factors, whereas higher liabilities, urban location, and divorced marital status increase the risk of default. The study concludes that credit assessment should emphasize repayment capacity and financial stability, and proposes management strategies based on specialized scoring, proactive monitoring, and financial education to mitigate risk.
Sesgo de aversión al riesgo y su relación con las decisiones financieras, un análisis desde las características demográficas de los emprendedores sociales
(Universidad de Cuenca, 2025-09-29) Chimbo Muñoz, Erika Dayana; Coronel Pangol, Katherine Tatiana
The present study examines the level of risk aversion and its relationship with the financial and investment decisions of social entrepreneurs in the city of Cuenca, Ecuador, taking into account demographic variables such as age, education level, and gender. The research aims to understand the financial behavior of social entrepreneurs in uncertain contexts, providing empirical evidence in the field of behavioral finance. Furthermore, it characterizes the profile of the social entrepreneur based on their level of risk tolerance, identifying whether their financial decisions are conservative, moderate, or risky, depending on their perception of expected profitability. The research stems from the project "Financial Decisions in Social Entrepreneurs: A Behavioral Finance Approach," which employs surveys with closed-ended questions featuring different evaluations of the social entrepreneur's decisions related to behavioral bias, emotional, psychological, and demographic aspects. The econometric model used in the study is based on Multivariate Statistical techniques, allowing for the analysis of dependency or causality relationships among observable variables through the Structural Equation Modeling (SEM) approach. The research findings show that social entrepreneurs in the Cuenca canton make financial and investment decisions influenced by psychological and behavioral factors such as status quo bias, locus of control, overconfidence, and education level. Optimism bias and the demographic variables of age and gender did not show statistical significance.
Diseño de un modelo de negocio de granja integral agroturística circular y sostenible para la finca “El Arcángel” ubicada en la zona sur de la Provincia de Manabí
(Universidad de Cuenca, 2025-09-26) Holguín Pincay, Alexandra Glendy; Peña González, Silvia Alexandra
The study “Design of a Circular and Sustainable Integrated Agrotourism Farm Business Model for El Arcángel Farm, Located in the Southern Zone of Manabí Province” was based on a mixed-methods approach, combining qualitative and quantitative methodologies within a case study design. The research employed intentional non-probability sampling, including the farm's owner, local community producers, and individuals interested in experiential tourism, allowing for data triangulation through surveys, document review, and descriptive statistical analysis. From a qualitative perspective, interviews and direct observations were analyzed to understand the perceptions of stakeholders involved in agricultural production and experiential tourism. From a quantitative perspective, financial data, sustainability indicators, and productive performance were collected using the TAPE tool. The Design Thinking methodology integrated both quantitative and qualitative approaches to address complex problems, propose innovative solutions, and focus on human-centered design by combining measurable data with experiences, perceptions, and emotions. Based on these findings, a circular economy-based business model was designed using the ECOCANVAS tool, integrating strategies to optimize resources, reduce waste, and create added value. Economic viability was evaluated through cash flow analysis and financial indicators (IRR, NPV, and B/C ratio). Additionally, environmental and social strategies were proposed to ensure the farm's operations are sustainable, inclusive, and regenerative.
Análisis de la satisfacción y evaluación de la política pública de las viviendas de interés social en Cuenca: caso de estudio “Proyecto Los Capulíes”
(Universidad de Cuenca, 2025-09-23) Cunalata Vázquez, María Fernanda; Fárez Plasencia, María Isabel
This study examines the public policy of Social Interest Housing (VIS) in improving housing conditions and reducing social gaps in vulnerable urban contexts. As a case study, the "Los Capulíes" Project in the city of Cuenca is analyzed to evaluate the impact of this public policy on the quality of life of VIS beneficiaries. The methodology was based on a quantitative approach employing descriptive, explanatory, correlational, and cross-sectional methods. The study focuses on identifying the level of satisfaction and economic savings when purchasing a home. The sample consisted of 223 heads of households benefiting from the project. Structured surveys were administered to assess dimensions of the beneficiaries' quality of life, such as physical and spatial aspects, neighborhood, city, psychosocial aspects, and housing. The results reflect a positive and statistically significant impact of the project in all dimensions analyzed, with the physical-spatial dimension showing the greatest average increase, from 2.63 before the intervention to 3.53 afterward. Regarding overall satisfaction, more than 60% of beneficiaries reported medium and high levels of satisfaction with their quality of life, reflecting a predominantly favorable perception after the program's intervention. These findings highlight the importance of the VIS program in improving housing conditions and the overall well-being of beneficiaries. It is concluded that the program's implementation has had a positive effect on the perception of quality of life, validating its relevance as a public policy.
Análisis del impacto financiero de estructuras de costos en la industria manufacturera de Cuenca: una aproximación al costeo variable
(Universidad de Cuenca, 2025-09-18) Contreras Domínguez, Alexandra de la Nube; Peralta Zúñiga, Marco Leonardo
This research evaluates the impact of different cost structures on the financial performance of manufacturing companies in Cuenca, Ecuador. Focusing on variable costing and using secondary financial data from registered companies, a quantitative analysis with correlational and longitudinal methods was applied to identify groups of companies with similar cost structures. The results revealed three strategic clusters based on operational financial profitability. The companies in Cluster 1 effectively implemented responsible policies aligned with IFRS, rigorously controlling variable costs and maintaining low fixed costs. These practices enable them to achieve returns on equity above 22%, adapt quickly to demand fluctuations, and optimize strategic decisions. The integration of purchasing, inventory, and internal control policies reinforces the need for transparency and long-term competitive capacity. It is recommended to investigate additional variables in future research regarding the factors influencing profitability.
Guía para la identificación de opciones de financiamiento para la Asociación de Productores de Plantas Medicinales “Jambi Kiwa”
(Universidad de Cuenca, 2025-07-14) Vásquez Valencia, Paola Katherine; Naula Sigua, Freddy Benjamín
Access to financing is a determining factor for the growth and sustainability of many productive associations. The research is titled: Guide for the Identification of Financing Options for the Association of Producers of Medicinal Plants "Jambi Kiwa", having as its main objective to develop a guide for the identification of financing options for the Association "Jambi Kiwa". The methodology used was based on a quantitative, exploratory, and descriptive approach, employing a flowchart to guide the development of the financial plan. Among the main results, the identification of banks and savings and credit cooperatives located in the Riobamba canton, Chimborazo province, with the best financing options for Jambi Kiwa stands out. Of these, 90% should be allocated to the purchase of machinery, 5% to working capital, 2.5% to research, and 2.5% to implement marketing strategies. They concluded that implementing a diversified financing plan that includes various sources of funding strengthens governance and compliance with government regulations for accessing loans and grants, establishing a replicable model for other similar associations, allowing them to remain active over the long term and adapting to the demands of today's market.
Sistemas de costeo aplicables al sector de PYMEs hoteleras: una revisión de literatura Costing Systems Applicable to the Hotel SME Sector: A Literature Review
(Universidad de Cuenca, 2025-07-23) Sandoval Vintimilla, Lizbeth Domenica; Arcentales Carrión, Rodrigo Nicanor
This article presents a systematic review of the literature on costing systems applicable to small and medium-sized hotel enterprises (SMEs) in order to determine which is the most appropriate according to criteria of efficiency, applicability and alignment with their operational characteristics. The research arose from the scarcity of costing systems that adequately respond to the complexity and technical limitations of these companies, which make it difficult to implement sophisticated models. For this purpose, the PRISMA method was used to structure the search, selection and analysis of academic sources. From the analysis, activity-based costing (ABC) and time-driven activity-based costing (TDABC) were identified as the main methods studied in the sector. The results show that, although both offer advantages over traditional methods, TDABC is better adapted to hotel operational dynamics due to its flexibility and lower implementation complexity. It is concluded that the correct choice of a costing system contributes to improving strategic decision-making, optimizing resources and guaranteeing the financial sustainability of hotel SMEs.
Análisis del techo y acantilado de cristal: experiencias de las mujeres gobernantes del cantón Cuenca, Ecuador
(Universidad de Cuenca, 2025-07-24) Quinde Merchán, Jenny Selena; Cordero Ahiman, Otilia Vanessa
The sexual division of labor, based on gender, assigns different roles to men and women (Guy & Newman, 2004; Cárdenas et al., 2014; Bird & Codding, 2015). In the political sphere, this translates into a negative social assessment of female participation, generating a series of obstacles that limit their access, permanence and performance in positions of power (Mengo, 2009; Ruiz & Grande, 2015; ONU Mujeres, 2019). In Ecuador, the sectional elections of February 2023, swore in six women and seven men as councilors, and 38 women and 67 men as members of the rural parish autonomous governments of the Cuenca canton, figures that show the minority representation of women. Therefore, the present research was based on the analysis of the experiences of the women governors of the Cuenca canton, regarding their political participation from the perspective of the glass ceiling and cliff. A qualitative ethnographic approach was adopted, with a non-probabilistic convenience sampling, made up of 10 women governors representing the municipal council and the rural parish autonomous governments of the Cuenca canton. The information was collected through in-depth interviews, and the data was analyzed with the ATLAS.ti. 25.0 software. The results revealed that internal, interactive, and external barriers constitute a challenge in the electoral cycle of political participation, influencing women's access, growth, and retention in governance positions.
Análisis de la aplicación de las NIIF S1 y S2 en un consorcio minero del Azuay, periodo 2024
(Universidad de Cuenca, 2025-07-28) Méndez Trelles, Ali Alberto; Vázquez Galarza, Silvia Gabriela
The objective of this study was to analyze the implementation of the International Financial Reporting Standards on Sustainability, IFRS S1 and S2, in a mining consortium located in the province of Azuay, Ecuador, in order to assess whether its Environmental Management Plan (EMP) complies with international standards for sustainability disclosure and climate risk management. The research followed a mixed-method approach, with a descriptive-applied, non-experimental, cross-sectional design. Qualitative techniques included content analysis of institutional documents and applicable regulations, while quantitative techniques were used to assess risks through probability and impact matrices aligned with ISO 31000:2018. In addition, a structured questionnaire was applied to the environmental specialist of the consortium to identify regulatory and operational gaps. The results revealed partial compliance with IFRS S1 requirements, particularly in the areas of governance, strategy, and risk management. On the other hand, insufficient compliance with IFRS S2 was observed, as climate risks, greenhouse gas emissions, and climate resilience scenarios were neither identified nor adequately reported. Several critical risks with high operational and reputational impact were identified, including continued use of fossil fuels, lack of environmental metrics, and absence of sustainability objectives. Consequently, it is recommended that the company establish a dedicated sustainability unit, train its personnel, and adopt an integrated system for environmental monitoring and reporting.
Stress Testing al sistema financiero ecuatoriano: un marco de simulación estocástica para evaluar la fragilidad financiera de las entidades de la economía popular y solidaria
(Universidad de Cuenca, 2025-07-16) Chuqui Mainato, Cristian Joseph; Mansilla Ibañez, Franco Andrés
We study the financial fragility of 43 entities in the cooperative sector in Ecuador from 2018 to 2024 through stress testing, combining microprudential and macroprudential approaches to assess the risk of solvency default. Using dynamic panel analysis and Monte Carlo simulations, we examine the effects of macroeconomic shocks, such as GDP contraction, decreased interest rates, falling oil prices, increased country risk, and the interaction of GDP with the COVID-19 pandemic. The results show that cooperatives with high nonperforming loans and high operating costs present a risk of solvency default close to or greater than 90% in stress scenarios. Additionally, the study highlights the importance of designing differentiated regulatory policies for cooperatives and suggests the inclusion of a governance index as an additional factor for future simulations and systemic risk assessments.
Análisis de la tasa pasiva respecto al margen de la intermediación financiera de las cooperativas de ahorro y crédito del segmento 1 de Ecuador durante el periodo 2019-2024
(Universidad de Cuenca, 2025-07-16) Vernal Gonzalez, Denix Bolivar; Chapa Zumba, Cristina Victoria
This research analyzes the relationship between the passive interest rate and the financial intermediation margin in Segment 1 savings and credit cooperatives in Ecuador during the period from 2019 to2024. Through a quantitative and descriptive methodology, key financial indicators such as ROA, ROE, non-performing loans, liquidity, deposits, loans, and funding costs were examined in order to identify trends and assess the financial efficiency of the cooperative sector compared to medium-sized banks. The results show that, despite sustained growth in deposits,particularly in term deposits,the financial intermediation margin has significantly decreased, even reaching negative values in several cases, which threatens the operational sustainability of these institutions.Furthermore, significant differences were identified between cooperatives and medium-sized banks, with the latter demonstrating greater profitability and efficiency in funding management. The study also simulates a financial equilibrium scenario to determine the optimal funding cost, highlighting those cooperatives operating above or below this level. In conclusion, the strategic management of passive interest rates is crucial to improving the financial margin, and the study recommends strengthening control mechanisms, portfolio diversification, and adaptive regulation. This research aims to provide valuable insights for decision making in the cooperative financial sector and support policies that promote its stability.
Desarrollo de un modelo cuantitativo para la medición del riesgo de liquidez en función del GAP de liquidez, stress y backtesting
(Universidad de Cuenca, 2025-07-10) Corte Tenezaca, José Vinicio; Chapa Zumba, Cristina Victoria
The purpose of the study is to develop a quantitative model to measure liquidity risk, validating the GAP assumptions through backtesting, comparing time series methodologies and designing stress tests. A quantitative and descriptive approach was implemented, with analysis of 2024 and 2025 data, without manipulation of variables, using Excel and Python. Models such as ARIMA, Holt-Winters and Exponential Smoothing were selected to project assumptions, improving the accuracy of the analysis. Backtesting evidenced significant deviations, especially in time deposit renewals, highlighting the need to use quantitative methods. The stress tests, based on historical scenarios, showed sensitivity of the GAP to changes in time deposits, although without compromising liquidity. It is concluded that the institution maintains a stable and resilient liquidity position, recommending the distribution of liabilities in the time bands, diversification of funding sources, improvement of interest assumptions and new retrospective validations.
Estrés financiero en el sector manufacturero del Ecuador
(Universidad de Cuenca, 2025-07-10) Villavicencio Bermeo, Mateo Alexander; Riquelme León, Rodrigo Ignacio
This study analyzes financial stress in Ecuador’s manufacturing sector during the 2012–2023 period, proposing an integrated approach that combines the construction of a Financial Stress Index (FSI) using dynamic factor models and the estimation of a logistic regression model to identify its key determinants. The FSI aggregates financial and macroeconomic indicators to classify firms annually as stressed or non-stressed. Contextual variables such as manufacturing GDP growth, SME lending interest rates, real effective exchange rate, inflation, and a COVID-19 dummy variable are included to capture systemic shocks. Results show a cyclical pattern in financial stress, with a significant peak in 2020 due to the pandemic, followed by a partial recovery. The logistic model confirms the statistical relevance of macroeconomic conditions in explaining financial distress, underscoring the sector’s vulnerability to external shocks in a dollarized economy. Model performance metrics (AUC = 0.8533, KS = 0.5751, Accuracy = 81.7%) indicate strong predictive power, validating the methodological approach as an effective tool for forward-looking financial risk monitoring. This research contributes to the development of early warning mechanisms for financial fragility and highlights the importance of targeted industrial policies and structural resilience strategies in supporting manufacturing firms within emerging dollarized economies like Ecuador. By integrating firmlevel and macroeconomic dimensions, the study offers valuable insights for policy formulation and private sector decision-making, particularly in contexts where access to credit and external shocks play a critical role in financial sustainability.
Análisis de las máximas pérdidas esperadas en la cartera de crédito en la Cooperativa Jardín Azuayo
(Universidad de Cuenca, 2025-07-10) Fajardo Fajardo, Jonnathan Iván; Naula Sigua, Freddy Benjamín
The purpose of this research was to estimate the maximum expected loss in the management of the Cooperativa Jardín Azuayo loan portfolio by measuring a non-parametric Value at Risk (VaR) model, which acts as a basic tool to enhance both financial management and strategic decision-making. The analysis was considered within the database for the 2020-2024 period and reveals an increase in debts in the accounting account pending payments, rising from payments of $517,834.81 to exceeding $2 million in the final months of the analysis period. The VaR model considered allows us to articulate that, starting from a 95% confidence level, a maximum value can be reached in the form of expected losses worth $1,886,053.61 for the formation of accounting accounts with a past-due balance and in extreme circumstances (99%, 99.5% and 99.75% percentiles), expected losses exceed the $2,077,562.50 mark. Finally, the development of a supervision protocol and an update of the VaR were proposed, which includes periodic reviews, control over exceptions and evaluation through key performance indicators (KPIs), which can help mitigate the model's deviation from changes in a financial environment and, in turn, reflect the reality of credit risk.
Evaluación del riesgo asociado a la volatilidad de los precios medios de compra de energía, impacto sobre los resultados financieros y modelo de proyección de corto y mediano plazo, aplicado al caso de la Empresa Eléctrica Regional Centro Sur C.A. – CENTROSUR
(Universidad de Cuenca, 2025-07-07) Criollo Nieves, Jéssica Carolina; Alvarado Tapia, Jonathan Antonio
This study evaluates the impact of the volatility of average energy purchase prices on the financial results of CENTROSUR, a distribution company in Ecuador's electricity sector. A historical analysis of the variability of the components of the Total Energy Cost (CTE) during the 2019–2023 period was carried out, identifying a significant increase in volatility in 2024, driven by prolonged droughts and higher import costs. Through the application of a Monte Carlo simulation model and comparison with the company's real accounting results, the effect of these fluctuations on profitability margins was quantified, showing a progressive deterioration of the operating result. As part of the research, a strategic action plan was developed, which includes the integration of climatic variables into projection models, adjustment of simulation distributions to capture extreme events, and the creation of financial contingency reserves. The study concludes that incorporating more robust risk analysis methodologies is essential to improve financial decision-making and strengthen CENTROSUR’s resilience to increasing uncertainty in the electricity market.
Factores financieros que inciden en la liquidez de las empresas Pymes del sector de manufactura en el Ecuador
(Universidad de Cuenca, 2025-06-26) Aguirre Quezada, Ximena Alexandra; Rey Campero, Carlos Ricardo
The objective of this research was to establish the effect of three financial factors: net working capital, return on assets and capital structure. A mixed correlational approach was applied, with a non-experimental design and longitudinal cut. The population consisted of 1,246,162 active manufacturing SMEs, and the population was 374 companies. The technique used was documentary analysis. The results showed that liquidity has progressively improved with 0.755 in 2021, 0.814 in 2022 and 0.962 in 2023. Working capital presented variations throughout the periods with 234,828 in 2021, 45,519 in 2022 and 78,357 in 2023. While the return on assets was volatile with 2.6% in 2021, -0.7% in 2022 and 13.5% in 2023, the capital structure has had a trend where companies have reduced their dependence on debt with 0.605 in 2021, 0.553 in 2022 and 0.547 in 2023. It is concluded that of the three defined financial factors affecting the liquidity of Ecuadorian manufacturing SMEs, working capital has a strong and significant positive relationship, followed by return on assets as a moderate positive relationship and finally capital structure with a weak positive relationship. Therefore, when there is effective management of net working capital, liquidity is improved, since companies can make efficient use of their resources to cover their obligations.

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