Determinantes de la estructura de capital del sector ferretero en el Ecuador, período 2012-2016.

Abstract

The main objective of this research work is to determine the variables that have an impact on the level of indebtedness of companies in the hardware sector in Ecuador. The database used contains the information of the financial statements reported in the Superintendencia de Compañías, Valores y Seguros, of 197 companies during the 2012-2016 period that met the parameters required by the panel data statistical model. Within the panel data methodology, the static model of fixed effects is the one that best suited the needs of the research. The findings revealed that the variables: profitability, size, tangibility, non-debt tax shields, liquidity and maturity are correlated with indebtedness with level of significance 0.01; being the non-debt tax shields, liquidity and profitability the most decisive factors on the capital structure. Although, the results do not validate the foundations of a specific theory; On the other hand, the identification of the sign and its magnitudes if they constitute a relevant contribution for academic groups, of research and all the actors of the productive chain of the sector, because it allows to clarify patterns of behavior, in a sector little analyzed in relation to the preferences of the different sources of financing.