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), período 2000 a 2012. Clasificación CIIU C170 – Fabricación de papel y de productos de papel

Abstract

The aim of this project is to determine the factors of internal and external sources of funding that affect the capital structure and profitability of midsize companies in Ecuador. For this purpose, the study used an approach based on the general aspects of the enterprises continuing into a specific analysis of a productive sector. As part of the study, a survey was applied to collect information that has allowed us to know the specific aspects on which the financial managers base their decisions on financing and its effect on the profitability of the companies. The results show that these companies use internal funding sources, bank loans and supplier credits. This project establishes a guide to be used by the Directors of the companies during the decision process on financing, based on the most suitable capital structure for the company, considering elements that intervene on the variation of the profitability. Furthermore, this project has determined the importance that the financial tools have at the time of making decisions in order to maximize the earnings and the economic growth of the company