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), periodo 2000 a 2013. Empresas clasificadas CIIU G4659 venta al por mayor de otros tipos de maquinaria y equipo

Abstract

This project details the growth of medium- sized businesses in Ecuador called MESE, from 2000 - 2013, especially the composition of its capital structure and its main sources of funding. Analysis of the evolution of financial indicators revealed the impact these businesses have on economic, political, and personal finances in Ecuador. Before 2000, the country experienced an atmosphere of complete instability, limiting the growth of medium- sized companies, but since switching to the dollar, a period of stability has favored the MESE and they have achieved an acceptable level of profitability, accompanied by a positive effect on businesses’ leverage and a favorable sales trend. The research determined the relationship between profitability and financial indicators such as indebtedness of assets, leverage, and estates. Also evident were the factors that influence financing and its uses, the characteristics of financial managers, and the tools that they use in decision making.