Gestión financiera de corto plazo y costo de capital en pequeñas y medianas empresas (PYMES) ecuatorianas.

Abstract

Abstract: The objective of this article is to determine if there is a difference in short-term financial management, the cost of capital, and financial performance of Ecuadorian SMEs. The cash conversion cycle (CCE) and the working capital (FM) have been identified as appropriate measures for evaluating short-term financial management, and the weighted average cost of capital (CCPP) as a measure of the cost of capital. Financial performance is measured by return on capital (ROE), and operating income after taxes (NOPAT). The study uses a nonparametric analysis, Kruskal-Wallis in a sample of 2541 SMEs from the sectors of commerce, manufacturing, and transport, for the year 2015. The empirical results show that in the variables CCE, CCPP, FM, and NOPAT there are differences between the SMEs of commerce, manufacturing industries, as well as transport, and only in the ROE no differences are evident.