Estructura de capital de las PYMES ecuatorianas: Variación de la rentabilidad en función de las fuentes de financiamiento, caso de las medianas empresas societarias de Ecuador (MESE) correspondientes al sector de cultivo de banano y plátano, período 2000 a 2013

Abstract

Small and Medium Enterprises (SMEs) are a great gauge of labor in the country due to its diversification across all sectors of the economy, this causes them to be a great applicant skilled labor and unskilled. According to research Araque (2012) 69% of employment in Ecuador it is generated by SMEs. The research seeks to understand the relationship between the capital structure of SMEs and their effect on profitability, the time period analyzed is between 2000 and 2013. The case of research focuses on medium-sized corporate companies that register their accounting and financial reporting in the Superintendency of Companies. The main result of research is associated with the correlation between debt and profitability, the data indicate that there is a positive correlation between the level of indebtedness and profitability, with higher incidence in the case of equity indebtedness. This indicates that the contribution controlled via shareholder debt has a positive impact on earnings.