Publicado

2023-08-28

Effect of the financial structure on the liquidity risk of SMEs in Cartagena as a base of project formulation

Efecto de la estructura financiera en el riesgo de liquidez de las PYMES de Cartagena como base de formulación de proyectos

DOI:

https://doi.org/10.15446/dyna.v90n228.108626

Palabras clave:

liquidity risk; capital structure; SMEs; turnover indicators; liquidity and leverage; project management (en)
riesgo de liquidez; estructura de capital; Pymes; indicadores de rotación; liquidez y apalancamiento; gestión de proyectos (es)

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Autores/as

The Liquidity Risk in Small and Medium Enterprises - SMEs in the City of Cartagena-Colombia is analyzed, based on the determination of their Capital Structure. The variables, liquidity risk (dependent) and capital structure (independent), were analyzed, based on a quantitative investigation with a correlational approach. The hypothesis was, H1: There is a positive relationship between the capital structure and liquidity risk. The population came from the accounting database as of December 31, 2016 of the Superintendencia de Sociedades, with a sample of 260 companies. It is concluded that the higher the level of indebtedness, the greater the liquidity risk of the company tends to increase, thus accepting the hypothesis established in the investigation. Derived from the analysis presented, recommendations are offered on the formulation of projects that can contribute to the improvement of the liquidity conditions of the companies analyzed.

Se analiza el Riesgo de Liquidez en las Pequeñas y Medianas Empresas - PYMES de la Ciudad de Cartagena-Colombia, a partir de la determinación de su Estructura de Capital. Se analizaron las variables, riesgo de liquidez (dependiente) y estructura de capital (independiente), a partir de una investigación cuantitativa con enfoque correlacional. La hipótesis fue, H1: Existe una relación positiva entre la estructura de capital y el riesgo de liquidez. La población provino de la base de datos contable a 31 de diciembre de 2016 de la Superintendencia de Sociedades, con una muestra 260 empresas. Se concluye que cuanto mayor es el nivel de endeudamiento, mayor tiende a aumentar el riesgo de liquidez de la empresa, aceptándose así la hipótesis establecida en la investigación. Derivado del análisis presentado se ofrecen recomendaciones sobre la formulación de proyectos que pueden aportar al mejoramiento de las condiciones de liquidez de las empresas analizadas.

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Cómo citar

IEEE

[1]
F. A. Puerta-Guardo, A. S. Cantillo-Orozco, A. E. Sanabria-Ospino, y W. S. Fajardo-Moreno, «Effect of the financial structure on the liquidity risk of SMEs in Cartagena as a base of project formulation», DYNA, vol. 90, n.º 228, pp. 28–38, ago. 2023.

ACM

[1]
Puerta-Guardo, F.A., Cantillo-Orozco, A.S., Sanabria-Ospino, A.E. y Fajardo-Moreno, W.S. 2023. Effect of the financial structure on the liquidity risk of SMEs in Cartagena as a base of project formulation. DYNA. 90, 228 (ago. 2023), 28–38. DOI:https://doi.org/10.15446/dyna.v90n228.108626.

ACS

(1)
Puerta-Guardo, F. A.; Cantillo-Orozco, A. S.; Sanabria-Ospino, A. E.; Fajardo-Moreno, W. S. Effect of the financial structure on the liquidity risk of SMEs in Cartagena as a base of project formulation. DYNA 2023, 90, 28-38.

APA

Puerta-Guardo, F. A., Cantillo-Orozco, A. S., Sanabria-Ospino, A. E. & Fajardo-Moreno, W. S. (2023). Effect of the financial structure on the liquidity risk of SMEs in Cartagena as a base of project formulation. DYNA, 90(228), 28–38. https://doi.org/10.15446/dyna.v90n228.108626

ABNT

PUERTA-GUARDO, F. A.; CANTILLO-OROZCO, A. S.; SANABRIA-OSPINO, A. E.; FAJARDO-MORENO, W. S. Effect of the financial structure on the liquidity risk of SMEs in Cartagena as a base of project formulation. DYNA, [S. l.], v. 90, n. 228, p. 28–38, 2023. DOI: 10.15446/dyna.v90n228.108626. Disponível em: https://revistas.unal.edu.co/index.php/dyna/article/view/108626. Acesso em: 20 mar. 2026.

Chicago

Puerta-Guardo, Fabio Andrés, Ana Susana Cantillo-Orozco, Alfredo Enrique Sanabria-Ospino, y William Stive Fajardo-Moreno. 2023. «Effect of the financial structure on the liquidity risk of SMEs in Cartagena as a base of project formulation». DYNA 90 (228):28-38. https://doi.org/10.15446/dyna.v90n228.108626.

Harvard

Puerta-Guardo, F. A., Cantillo-Orozco, A. S., Sanabria-Ospino, A. E. y Fajardo-Moreno, W. S. (2023) «Effect of the financial structure on the liquidity risk of SMEs in Cartagena as a base of project formulation», DYNA, 90(228), pp. 28–38. doi: 10.15446/dyna.v90n228.108626.

MLA

Puerta-Guardo, F. A., A. S. Cantillo-Orozco, A. E. Sanabria-Ospino, y W. S. Fajardo-Moreno. «Effect of the financial structure on the liquidity risk of SMEs in Cartagena as a base of project formulation». DYNA, vol. 90, n.º 228, agosto de 2023, pp. 28-38, doi:10.15446/dyna.v90n228.108626.

Turabian

Puerta-Guardo, Fabio Andrés, Ana Susana Cantillo-Orozco, Alfredo Enrique Sanabria-Ospino, y William Stive Fajardo-Moreno. «Effect of the financial structure on the liquidity risk of SMEs in Cartagena as a base of project formulation». DYNA 90, no. 228 (agosto 28, 2023): 28–38. Accedido marzo 20, 2026. https://revistas.unal.edu.co/index.php/dyna/article/view/108626.

Vancouver

1.
Puerta-Guardo FA, Cantillo-Orozco AS, Sanabria-Ospino AE, Fajardo-Moreno WS. Effect of the financial structure on the liquidity risk of SMEs in Cartagena as a base of project formulation. DYNA [Internet]. 28 de agosto de 2023 [citado 20 de marzo de 2026];90(228):28-3. Disponible en: https://revistas.unal.edu.co/index.php/dyna/article/view/108626

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CrossRef citations2

1. Fabio Andrés Puerta-Guardo, Ana Susana Cantillo-Orozco, Ivonne C. Pérez-Correa, Alfredo E. Sanabria-Ospino. (2025). Financial sustainability in Colombia’s Lodging SMEs: the role of technological transformation in Colombia’s Lodging SMEs. DYNA, 92(235), p.116. https://doi.org/10.15446/dyna.v92n235.117382.

2. Teodora Babic, Milorad Katnic, Ivana Katnic, Vladimir Kavaric, Maja Drakic-Grgur. (2026). Innovation for Sustainable SMEs: How Financial Health Drives Resilience and Long-Term Performance in a Transition Economy. Sustainability, 18(3), p.1145. https://doi.org/10.3390/su18031145.

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