Análisis de la influencia del endeudamiento financiero sobre la probabilidad de exportación de las Pymes ecuatorianas

Abstract

The objective of this academic article is to analyze whether the level of indebtedness of Ecuadorian SMEs with financial institutions has an effect on the probability that a small and medium-sized company passes to the group of exporting companies. The study covers the period 2014 to 2021, where there is a sample of 4,646 active SMEs that present complete information throughout the study period. An econometric approach is used based on a Probit random effects model using a balanced data panel with data obtained from the Superintendency of Companies, Securities and Insurance. In addition, other relevant determinants are examined, such as the company's age, geographic location, size, sector, and financial performance variables that may be associated with the dependent variable. The results of the study suggest that the level of indebtedness with local financial institutions has a significantly positive effect on the probability that a small and medium-sized company passes into the group of exporting companies. However, there is not enough evidence to affirm that indebtedness with foreign financial institutions has a noteworthy influence on the decision to export by SMEs.