Comparación de la estructura de capital de las empresas pertenecientes al sector terciario que brindan mayor y menor aporte al PIB del Ecuador. Período 2017-2020

Abstract

The present work tries to determine the behavior of the capital structure of the tertiary sector, according to those that contribute more or less to the GDP. For them it uses a proven, a purge of companies. To determine the capital structure, there are basically two indicators, the indebtedness of assets and the indebtedness of equity. Through parametric and non-parametric tests, it was possible to determine that there is no difference in the behavior of companies at a general level of companies in the tertiary sector, considering year by year. However, if it is broken down into companies that contribute more and less, the evidence shows that the capital structure is not the same. Therefore, it can be mentioned that the capital structure of companies in the tertiary sector are constant in the short term but vary in the long term. In addition, a data panel was also produced, to determine what factors influence the capital structure of the companies in question. When the asset debt ratio is used as a dependent variable, the size of the company does matter, however, when the equity debt ratio is used, it ceases to have an influence. This paper mainly provides empirical evidence, which to a certain extent supports the foundations of existing capital structure theories.