Factores determinantes de la estructura de capital de las empresas dedicadas a la explotación de minas y canteras durante el periodo 2009-2022.

Abstract

The objective of this study was to evaluate the degree of influence exerted by internal and external factors in the formation of the capital structure of companies dedicated to the extraction of crude oil and natural gas. For its development, the application of a panel data model with random effects estimated by Generalized Least Squares was proposed, composed of 140 observations based on financial data from companies considered large within their segment. On the other hand, the findings obtained made it possible to demonstrate within the framework of the relationships evidenced a priori, that the definition of its capital structure is a function of its internal characteristics, such as: liquidity, growth, profitability, tangibility and volatility. Within which, volatility and tangibility are the variables that exert the greatest individual effect on its formation. These results are indicative of financial behavior that is highly consistent with the hierarchical order theory. Furthermore, they highlight that, in the Ecuadorian context, country-specific factors have no impact on the financing decisions of the companies analyzed.