Estudio correlacional entre financiamiento y rentabilidad para empresas inmobiliarias del Ecuador.

Abstract

This research is based on a correlational study between financing and profitability of real estate companies in Ecuador, focusing on the ISIC-L6810.01 sector “purchase - sale, rental and exploitation of own or leased real estate, such as: apartment buildings and housing; non-residential buildings, including exhibition halls; storage facilities, shopping centers and land; it includes the rental of houses and apartments furnished or unfurnished for long periods, in general for months or years ”, in which the level of relation that the indicators of asset indebtedness (EA), equity indebtedness (EP) have been analyzed and leverage (A), on the Net Asset Profitability (ROA), equity operational profitability (ROP) and financial profitability (ROE), with a study period between 2012 and 2017. Its sample consists of 370 companies segmented by company size, their financial information is derived from the databases of the Superintendence of Companies; The research has a quantitative approach and a descriptive scope, where correlational analysis with a non-experimental design is applied. The study yielded results of positive correlations between Operational Profitability of the Patrimony, Financial Profitability and its relation between the three debt ratios evaluated (EA, E, A); that the correlations between ROA and indebtedness indicators (EA, EP, A) is negative, but it is emphasized that both positive and negative relationships are weak, with little strength. It was also observed that real estate companies tend to be financed with third parties and that they generally have good economic returns, so it can be concluded that their behavior pattern moves according to the Pecking Order theory, considering that the larger the company is They resort to financing more with third parties. It is mainly recommended that in future research studies be carried out integrating indicators of liquids, rotation and productivity, to know which of these ratios positively influence the increase in profitability in these companies.