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

Abstract

Factors affecting financial decision making regarding financing is unknown, there is significant dispersion in the profitability of the MESE, the added value generated by the capital structure therein is not measured. This issue will allow us to analyze the factors of internal and external sources of funding that affect the capital structure and profitability of MESE, in order to determine the optimal capital structure of the MESE (ISIC G47. RETAIL TRADE, EXCEPT OF MOTOR VEHICLES AND MOTORCYCLES). Information of a sample of companies in the sector under investigation, the same which will determine the growth, comparing financial indicators through the results achieved, the level of indebtedness, financial leverage and validate the use of financial tools and techniques. Among the results of the investigation they are known MESE that are scattered and have difficulty obtaining loans primarily internal and external. The capital structure is different depending on the type of business.