Capital structure: Micro and macroeconomic variables. the case of manufacturing companies in Ecuador [Estructura de capital: Variables micro y macroeconómicas El caso de las empresas manufactureras de Ecuador.]

Abstract

This research aims to develop and analyze a model about the explanatory factors of the capital structure through financial leverage (leverage) of manufacturing companies of Ecuador. To meet the goal has been realized a sample of 113 manufacturing companies that produce textiles for the years 2000 to 2012, the same information was obtained from the superintendency of companies of Ecuador. The methodology used is an econometric panel data model using multiple regression with random effects. The dependent variable is the LEVERAGE or financial leverage, and the independent variables are: liquidity, ROE, Net Return on assets (RNA), inflation and GDP. It will be determined by this model assumptions embedded the method of ordinary least squares (OLS) with the proposition of diverse hypotheses about the significance of each explanatory variable in the model with respect to the dependent variable. The expected results of this study are based on the relationships that determine the independent variables on the endogenous variable. The results obtained empirical evidence that mentions that the leverage depends positively on the ROE and that the relationship is negative with variable RNA, inflation and liquidity, while GDP is not statistically influence on the capital structure of enterprises.