Eficiencia técnica de productos de renta variable en la bolsa de valores de Quito y Guayaquil. Análisis a través del modelo envolvente de datos (DEA). Periodo 2000-2021

Abstract

This document analyzes the technical efficiency of 13 companies listed on the Quito (BVQ) and Guayaquil (BVG) stock exchanges with variable income products, in the period 2000 - 2021, using the data envelopment model (DEA), with an input-oriented constant returns approach (CCR - I) and an output-oriented variable returns approach (BCC - O). The study is based on the analysis of financial information of these companies, using as input variables total assets (TA), total liabilities (PA), total equity (TPA), income (ING) and total costs and expenses (C and GT), on the other hand, the output variables are made up of the ROE financial indicator, the liquidity index (IL) and the indebtedness index (IE). The analysis is carried out independently for financial and non-financial companies in order to determine the difference between their technical efficiency indicator. This gives as main results that the DEA BCC - O model generates higher efficiency results than its CCR - I counterpart. In addition, only in the DEA CCR - I model can a clear difference be seen between the efficiency indices in where those belonging to non-financial companies exceed financial companies, while the same comparison applied with the DEA BCC - O model does not show a significant difference.