La gestión financiera de corto plazo y el efecto en la rentabilidad de las empresas ecuatorianas del sector P: enseñanza, en el periodo 2012-2016

Abstract

Abstract:The present end-of-degree work analyzes the impact of short-term financial management on the profitability of Ecuadorian teaching companies during the 2012-2016 period. The analysis of panel data was applied on a sample of 132 companies, with information on the main financial indicators presented to the Superintendence of Companies, Securities and Insurance of Ecuador. The independent variables considered are: average collection period (PRMDCB); average payment period (PRMDPG) and the cash conversion cycle (CICOEF); The effect of these variables on gross margin (MARBRT) and net return on assets (RTNTAC) was analyzed. The control variables included are current liquidity (LIQCOR), financial leverage (APAFIN), the impact of the financial burden (IMCGFN) and total assets (LOGACT). The main conclusion is that the total assets influence the gross margin and the net return of the assets and, as a result, it is recommended to optimize the management policies of the operating cycle and the increase of the assets through financing with low financial expenses.