Evaluación financiera de las grandes empresas del sector cerámico en el Ecuador, periodo 2017-2022

Abstract

This study was developed to carry out an evaluation of the large corporations in the Ecuadorian ceramic sector during the period 2017-2022. Through the evaluation of management, profitability, liquidity and solvency indicators and the impact of financial risk in the sector. With the purpose of identifying the strengths and areas of improvement that enhance their competitiveness and sustainability. The data analyzed were obtained from the Superintendency of Companies, Securities and Insurance, and were analyzed by the Ohlson, CAPM financial models and statistical models such as Logit, Probit for risk assessment. Four companies were analyzed that represent 74% of national production and generate more than 5 million dollars annually in retail revenue. These are Ecuacerámica, Cerámica Rialto, Graiman and Italpisos. The results obtained showed that although Ecuacerámica and Cerámica Rialto maintained a more solvent financial position, Graiman and Italpisos were resilient during the analysis period and presented financial complications, especially during the 2020 economic crisis caused by the COVID-19 pandemic. In addition, structural obstacles were detected, such as the absence of coherent public policies and financial limitations, which threatened the long-term viability of the sector. Therefore, the manuscript offers an examination of the ceramic sector and provides tools for companies to make decisions in their management.