La gestión del capital de trabajo y su efecto en la rentabilidad de las empresas constructoras del Ecuador

Abstract

Abstract: This research focuses to determine the effect of the working capital management on the construction companies of Ecuador profitability, specifically CIIU-F41 construction of buildings sector during 2012-2016 period. The sample is constituted with financial information this is organized as panel data of 181 Ecuadorian construction companies; a descriptive, data correlation analysis is performed and Hausman Test is applied to define if the random effects model or fixed effects is the most appropriate for this study. The random effects model for the ROA turns out to be the best option. The results determined that the period of inventory rotation (PRI), average collection period (PMC), average payment period (PMP), acid test (PA) and asset indebtedness (LEV) has a significant negative relationship with the ROA. It's indisputable that working capital management is an integral part of the financial management of the construction companies studied, and for this it's recommended that companies wishing to improve their profitability should pay special attention to working capital.