La gestión financiera de corto plazo y el efecto en la rentabilidad de las empresas ecuatorianas del sector E: distribución de agua, alcantarillado, gestión de desechos y actividades de saneamiento, en el período 2012-2016

Abstract

The purpose of this study is to analyze the impact of working capital management on the performance of companies in the water supply, wastewater disposal, solid waste management and decontamination sector during the 2012-2016 period. Working capital was analyzed through the average days of payments, average days of collections and average days of inventories, while profitability was observed through financial indicators such as gross margin, operating margin and net profitability of sales. Proxy variables were incorporated, such as liquidity, leverage, impact of the financial burden and total assets. The sample consisted of a total of 37 companies in the sanitation sector, registered with the Superintendency of Companies, Securities and Insurance with continuous information during the 5 years analyzed. For the analysis, the econometric method of panel data regression was applied, verifying that the average inventory period, liquidity and the impact of the financial burden are significantly related to the profitability of the companies.