Correo Electrónico
DNINFOA - SIA
Bibliotecas
Convocatorias
Identidad U.N.
Publicado
La estructura de endeudamiento de las Pymes del sector comercial en Ecuador: Un estudio empírico
Debt Structure Of Small And Medium-Sized Enterprises In The Ecuadorian Commercial Sector: An Empirical Study
A estrutura de endividamento das PMEs do setor comercial no equador: um estudo empírico
DOI:
https://doi.org/10.15446/innovar.v34n93.98223Palabras clave:
Estructura financiera, Pymes, sector comercial, ciclo organizacional, Teoría del Orden Jerárquico, Teoría de la Compensación, Teoría de la Agencia (es)Financial structure, SMEs, commercial section, organizational cycle, Hierarchical Order Theory, Theory of Compensation, Agency theory (en)
ciclo organizacional, estrutura financeira, PMEs, setor comercial, teoria da agência, teoria do trade-off, teoria ordem hierárquica (pt)
Descargas
El tejido empresarial de las pequeñas y medianas empresas (pymes) es objeto de estudio a nivel internacional por su importancia económica y social. Las dificultades para obtener financiación es uno de los problemas importantes para el desempeño de las pymes y pueden condicionar su supervivencia en el tiempo. El objetivo de esta investigación es doble: por una parte, caracterizar la estructura de endeuda-miento de las pymes del sector comercial en Ecuador en su ciclo de vida organizacional y, por otra, identificar qué teoría (teoría del orden jerárquico, la teoría de la compensación y la teoría de la agencia) predice mejor el comportamiento de la variable dependiente endeudamiento respecto a sus factores determinantes. Se ha realizado una investigación empírica, cuantitativa, exploratoria y correlacional de los datos financieros de 2.694 pymes del sector comercial, con 11.023 observaciones, durante el periodo 2015-2019, aportados por la Superintendencia de Compañías, Valores y Seguros de Ecuador. Los resultados muestran que las pymes del sector comercial prefieren utilizar deuda a corto plazo para financiarse, en lugar de recurrir a los fondos propios, y que dicho en-deudamiento está relacionado positivamente con las variables tamaño y garantía, y negativamente con rentabilidad, lo cual es consistente con la teoría del orden jerárquico. Sin embargo, no hay suficiente evidencia estadística que soporte la incidencia del ciclo de crecimiento financiero en la estructura de endeudamiento.
The business fabric of small and medium-sized enterprises (SMEs) is an internationally studied phenomenon due to its economic and social importance. Difficulty in obtaining financing is one of the significant problems affecting SMEs performance and may influence their long-term survival. Consequently, this research has a twofold objective: first, to characterize the debt structure of SMEs in the Ecuadorian commercial sector throughout their organizational life cycle, and secondly, to identify which theory (hierarchical order theory, pecking order theory, and agency theory) better predicts the behavior of debt as the dependent variable with regards to its determinants. An empirical, quantitative, exploratory, and correlational research was conducted using financial data from 2,694 SMEs in the commercial sector, comprising 11,023 observations, during the period 2015-2019. Data inputs were provided by the Superintendence of Companies, Securities, and Insurance of Ecuador. Our results indicate that SMEs in the studied sector prefer short-term debt for financing rather than resorting to equity, and such indebtedness is positively related to size and collateral variables, and negatively related to profitability, a finding that is consistent with the hierarchical order theory. However, there is insufficient statistical evidence to support the impact of the financial growth cycle on the debt structure.
A estrutura empresarial das pequenas e das médias empresas (pmes) é objeto de estudo internacional devido à sua importância econômica e social. As dificuldades para obter financiamento são um dos problemas importantes para o desempenho das pmes e podem condicionar sua sobrevivência ao longo do tempo. O objetivo desta pesquisa é duplo: por um lado, caracterizar a estrutura de endividamento das pmes do setor comercial do Equador em seu ciclo de vida organizacional e, por outro lado, identificar qual teoria (teoria da ordem hierárquica, teoria do trade-off e teoria da agência) prevê melhor o comportamento da variável dependente “endividamento” em relação a seus determinantes. Para isso, foi realizada uma pesquisa empírica, quantitativa, exploratória e correlacional com os dados financeiros de 2.694 pmes do setor comercial, com 11.023 observações, durante o período de 2015 a 2019, fornecidos pela Superintendência de Empresas, Títulos e Seguros do Equador. Os resultados mostram que as pmes do setor comercial preferem usar dívidas de curto prazo para se financiar, em vez de capital próprio, e que esse endividamento está positivamente relacionado ao tamanho e às garantias, e negativamente relacionado à lucratividade, o que é consistente com a teoria da ordem hierárquica. Entretanto, não há evidências estatísticas suficientes para apoiar o impacto do ciclo de crescimento financeiro sobre a estrutura do endividamento.
Referencias
Abd Al-Lateif, Y., y Al-Debi’e, M. (2019). Life Cycle Effect on Firm Capital Structure: Evidence from Jordan. Business Administration of Jordan, 15, 445–465. https://journals.ju.edu.jo/JJBA/article/view/101571
Adair, P., y Adaskou, M. (2018). The capital structure of mature French SMEs and impact of the great recession: A dynamic panel data analysis (2002-2010). Economics, Management and Sustainability, 3(2), 60–75. https://doi.org/https://doi.org/10.14254/jems.2018.3-2.5
Ahsan, T., Wang, M., y Qureshi, M. (2016). How do they adjust their capital structure along their life cycle? An empirical study about capital structure over life cycle of Pakistani firms. Journal of Asia Business Studies, 10(3). https://doi.org/https://doi.org/10.1108/JABS-06-2015-0080
Barona, B., y Rivera, J. (2013). Financiación de nuevas empresas: comparación de las fuentes de financiación en Colombia y Chile. Cuadernos de Administración, 26(46), 11–35. http://www.redalyc.org/articulo.oa?id=20527100001
Briozzo, A., y Vigier, H. (2012). The effect of life cycles on diversification of financing sources for SMEs: Evidence from Argentina. African Journal of Business Management, 6(3), 811–826. https://doi.org/https://doi.org/10.5897/AJBM11.830
Canto, F., Palacín, M. J., y Di Pietro, F. (2019). Trade credit as a sustainable resource during an SME’s Life Cycle. Sustainability (Switzerland), 11(3). https://doi.org/https://doi.org/10.3390/su11030670
Castro, P., Tascón, M., Amor-Tapia, B., y de Miguel, A. (2016). Target leverage and speed of adjustment along the life cycle of European listed firms. BRQ Business Research Quarterly, 19(3), 188–205. https://doi.org/https://doi.org/10.1016/j.brq.2016.01.003
Castro, P., Tascón, M. T., y Amor-Tapia, B. (2014). The role of life cycle on the firm’s capital structure. Pecvnia : Revista de La Facultad de Ciencias Económicas y Empresariales, Universidad de León, 19, 131–155. https://doi.org/https://doi.org/10.18002/pec.v0i19.3585
Deesomsak, R., Paudyal, K., y Pescetto, G. (2004). The determinants of capital structure: Evidence from the Asia Pacific region. Journal of Multinational Financial Management, 14(4–5), 387–405. https://doi.org/https://doi.org/10.1016/j.mulfin.2004.03.001
Dickinson, V. (2011). Cash Flow Patterns as a Proxy for Firm Life Cycle. The Accounting Review, 86(6), 1969–1994. https://doi.org/https://doi.org/10.2308/accr-10130
ELbekpashy, M., y ELgiziry, K. (2017). Investigating the Impact of Firm Characteristics on Capital Structure of Quoted and Unquoted SMEs. Accounting and Finance Research, 7(1), 144. https://doi.org/https://doi.org/10.5430/afr.v7n1p144
Espinoza, G. (2020). El Crédito Bancario y las Pymes en Ecuador. YACHANA, Revista Científica, 9(2), 77–90. http://revistas.ulvr.edu.ec/index.php/yachana/article/view/649
Frielinghaus, A., Mostert, B., y Firer, C. (2005). Capital structure and the firm’s life stage. South African Journal of Business Management, 36(4), 9–18. https://doi.org/https://doi.org/10.4102/sajbm.v36i4.640
Fuady, M., Safitri, J., Rita, M. R., Pagestuti, I., y Wahyudi, S. (2019). How companies at mature stages choose their capital structure? Evidence from Indonesian data panel. International Journal of Scientific and Technology Research, 8(9), 491–499. http://www.ijstr.org/final-print/sep2019/How-Companies-At-Mature-Stages-Choose-Their-Capital-Structure-Evidence-From-Indonesian-Data-Panel.pdf
Guercio, M., Briozzo, A., Vigier, H., y Martinez, L. (2020). The financial structure of Technology-Based Firms. Revista Contabilidade & Finanças, 31(84), 444–457. https://doi.org/https://doi.org/10.1590/1808-057x201909580
Gutiérrez, H., Morán, C., y Posas, R. (2019). Determinantes de la estructura de capital: un estudio empírico del sector manufacturero en Ecuador. Contaduría y Administración, 64(2), 1–19. https://doi.org/https://doi.org/10.22201/fca.24488410e.2018.1848
Gutiérrez, H., y Palacios, P. (2015). Factores de la innovación y su influencia en las ventas y el empleo. El caso de las mipymes manufactureras mexicanas. Cuadernos de Economía, 34(65), 401–422. https://doi.org/https://doi.org/10.15446/cuad.econ.v34n65.41871
Hirsch, J., y Walz, U. (2019). The financing dynamics of newly founded firms. Journal of Banking and Finance, 100(153), 261–272. https://doi.org/https://doi.org/10.1016/j.jbankfin.2018.11.009
INEC (2020). Directorio de Empresas y Establecimientos 2019. INEC - Instituto Nacional de Estadística y Censos. https://www.ecuadorencifras.gob.ec/documentos/web-inec/Estadisticas_Economicas/DirectorioEmpresas/Directorio_Empresas_2019/Boletin_Tecnico_DIEE_2019.pdf
La Rocca, M., La Rocca, T., y Cariola, A. (2011). Capital Structure Decisions During a Firm’s Life Cycle. Small Business Economics, 37(1), 107–130. https://doi.org/https://doi.org/10.1007/s11187-009-9229-z
Lizardo, W., Nascimiento, M., Saber, A., y Hadad, E. (2019). Influence of collateral and age on corporate capital structure. Investment Management and Financial Innovations, 16(4), 123–132. https://doi.org/https://doi.org/10.21511/imfi.16(4).2019.11
Mac an Bhaird, C., y Lucey, B. (2010). Determinants of capital structure in Irish SMEs. Small Business Economics, 35(3), 357–375. https://doi.org/https://doi.org/10.1007/s11187-008-9162-6
Matias, F., y Serrasqueiro, Z. (2017). Are there reliable determinant factors of capital structure decisions? Empirical study of SMEs in different regions of Portugal. Research in International Business and Finance, 40, 19–33. https://doi.org/https://doi.org/10.1016/j.ribaf.2016.09.014
Mirza, S., Rehman, A., y Xianzhi, Z. (2016). Adjustment Behaviour of Leverage in Chinese Firms: An Empirical Analysis of Overall Firms, State-owned and Non State-owned Enterprises. Asian Academy of Management Journal of Accounting and Finance, 12(2), 95–126. https://doi.org/https://doi.org/10.21315/AAMJAF2016.12.2.5
Modigliani, F., y Miller, M. (1963). Corporate Income Taxes and the Cost of Capital : A Correction. The American Economic Review, 53(3), 433–443. https://www.jstor.org/stable/1809167?seq=1
Myers, S., y Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/https://doi.org/10.1016/0304-405X(84)90023-0
Naidu, G., Sirisetti, S., Rao, K. S., Rao, V., y Gupta, N. (2019). The influence of firm age on the relationship between the capital structure determinants and firm value. International Journal of Scientific and Technology Research, 8(11), 2958–2962. https://bibliotecas.ups.edu.ec:2226/record/display.uri?eid=2-s2.0-85075312186&origin=resultslist&sort=plf-f&src=s&st1=The+Influence+of+Firm+Age+on+The+Relationship+Between+the+Capital+Structure+Determinants+and+Firm+Value.+&st2=&sid=512aa1d9e378a1950758fb
Nidar, S., y Ponco, R. (2017). Company Life Cycle and Capital Structure of Manufacturing Sector In the Consumer Goods Industry. Jurnal Bisnis & Manajemen, 18(1), 46–54. https://doi.org/https://doi.org/10.24198/jbm.v18i1.43
Öhman, P., y Yazdanfar, D. (2017). Short- and long-term debt determinants in Swedish SMEs. Review of Accounting and Finance, 16(1), 106–124. https://doi.org/https://doi.org/10.1108/RAF-08-2015-0118
Oliveros, J. (2015). Estructura económico-financiera de pequeñas y medianas empresas manufactureras colombo-venezolanas. Revista Venezolana de Gerencia, 20(71), 397–418. https://doi.org/https://doi.org/10.31876/revista.v20i71.20194
Pontoh, W., y Budiarso, N. (2018). Firm characteristics and capital structure adjustment. Investment Management and Financial Innovations, 15(2), 129–144. https://doi.org/https://doi.org/10.21511/imfi.15(2).2018.12
Reglamento de Inversiones del Código Orgánico de la Producción, LEXIS FINDER, 392, de 20 de diciembre de 2018, 1-48. https://www.produccion.gob.ec/wp-content/uploads/2019/05/Literal-3.-Reglamento-del-Codigo-Orgaanico-de-la-Produccioon-Comercio-e-Inversiones-COPCI.pdf
Rehman, A., Wang, M., y Yu, H. (2016). Dynamics of financial leverage across firm life cycle in Chinese firms: an empirical investigation using dynamic panel data model. China Finance and Economic Review, 4(19). https://doi.org/https://doi.org/10.1186/s40589-016-0041-z
Ron, R., y Sacoto, V. (2017). Las PYMES ecuatorianas: Su impacto en el empleo como contribución del PIB PYMES al PIB total. Espacios, 38(53). https://www.revistaespacios.com/a17v38n53/17385315.html
Serrasqueiro, Z., y Caetano, A. (2015). Trade-Off Theory versus Pecking Order Theory: capital structure decisions in a peripheral region of Portugal. Journal of Business Economics and Management, 16(2), 445–466. https://doi.org/https://doi.org/10.3846/16111699.2012.744344
Serrasqueiro, Z., Matias, F., y Salsa, L. (2016). Determinants of capital structure: New evidence from Portuguese small firms. Dos Algarves: A Multidisciplinary e-Journal, 28, 13–28. https://doi.org/https://doi.org/10.18089/damej.2016.28.1.2
Stevanovic, T., Ivanovic-Djukic, M., y Lepojevic, V. (2017). Impact of the Financial Structure on the Efficiency of Entrepreneurs in Serbia. Montenegrin Journal of Economics, 13(3), 19–30. https://doi.org/https://doi.org/10.14254/1800-5845/2017.13-3.2
Tian, L., Han, L., y Zhang, S. (2015). Business Life Cycle and Capital Structure: Evidence from Chinese Manufacturing Firms. China and World Economy, 23(2), 22–39. https://doi.org/https://doi.org/10.1111/cwe.12105
Vanacker, T., y Manigart, S. (2010). Pecking order and debt capacity considerations for high-growth companies seeking financing. Small Business Economics, 35(1), 53–69. https://doi.org/https://doi.org/10.1007/s11187-008-9150-x
Vera, M., Melgarejo, Z., y Mora, E. (2014). Acceso a la financiación en Pymes colombianas: Una mirada desde sus indicadores financieros. INNOVAR - Revista de Ciencias Administrativas y Sociales, 24(53), 149–160. https://doi.org/https://doi.org/10.15446/innovar.v24n53.43922
Vos, E., y Forlong, C. (1996). The Agency Advantage of Debt over the Lifecycle of the Firm. The Journal of Entrepreneurial Finance, 5(3), 193–211. https://econpapers.repec.org/article/pepjournl/v_3a5_3ay_3a1996_3ai_3a3_3ap_3a193-211.htm DOI: https://doi.org/10.57229/2373-1761.1191
Walid, Y. (2019). Life cycle theory of the capital structure: Evidence from tunisian SMEs. Asian Economic and Financial Review, 9(4), 432–449. https://doi.org/https://doi.org/10.18488/journal.aefr.2019.94.432.449
Wasiuzzaman, S., y Nurdin, N. (2019). Debt financing decisions of SMEs in emerging markets: empirical evidence from Malaysia. International Journal of Bank Marketing, 37(1), 258–277. https://doi.org/https://doi.org/10.1108/IJBM-12-2017-0263
Yazdanfar, D. (2012). Agency costs theory and the financing life cycle empirical evidence from Swedish firm-level data. International Journal of Business and Globalisation, 8(2), 226–238. https://doi.org/https://doi.org/10.1504/IJBG.2012.045397
Cómo citar
APA
ACM
ACS
ABNT
Chicago
Harvard
IEEE
MLA
Turabian
Vancouver
Descargar cita
CrossRef Cited-by
1. Paulina Belen Ochoa Molina, Osmany Pérez Barral. (2025). Gestión del riesgo crediticio en pequeñas y medianas empresas de la provincia de Tungurahua. Prohominum, 7(3), p.222. https://doi.org/10.47606/ACVEN/PH0367.
Dimensions
PlumX
Visitas a la página del resumen del artículo
Descargas
Licencia
Derechos de autor 2024 Innovar
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-SinDerivadas 4.0.
Todos los artículos publicados por Innovar se encuentran disponibles globalmente con acceso abierto y licenciados bajo los términos de Creative Commons Atribución-No_Comercial-Sin_Derivadas 4.0 Internacional (CC BY-NC-ND 4.0).
Una vez seleccionados los artículos para un número, y antes de iniciar la etapa de cuidado y producción editorial, los autores deben firmar una cesión de derechos patrimoniales de su obra. Innovar se ciñe a las normas colombianas en materia de derechos de autor.
El material de esta revista puede ser reproducido o citado con carácter académico, citando la fuente.
Esta obra está bajo una Licencia Creative Commons:
