La gestión financiera de corto plazo y el efecto en la rentabilidad de las empresas ecuatorianas del sector F42: Obras de ingeniería civil, en el periodo 2012-2016

Abstract

This study analyzed the impact of working capital management on the profitability of Ecuadorian civil engineering construction companies during 2012-2016. The analysis of panel data was applied on a sample of 90 companies, with information on the balance sheet presented to the Superintendency of Companies, Securities and Insurance of Ecuador (Supercias). The independent variables considered are: average collection period (PMC); average payment period (PMP); and, average inventory period (PMI); The effect of these variables on gross margin, operating margin and net sales performance was analyzed. The control variables included are liquidity, acid test, impact of the financial burden and total assets. It is concluded that accounts receivable and inventory turnover influence the gross margin; accounts payable do so on the operating margin and financial expenses directly affect the operating margin. It is recommended to optimize operational cycle management policies to increase the availability of cash with aggressive working capital management strategies