Impacto de la estructura de capital en la rentabilidad de las industrias farmacéuticas ecuatorianas del período 2010-2019

Abstract

Abstract: The main objective of this research was to determine the impact of the Capital Structure on the Profitability of the Ecuadorian pharmaceutical industries for the period 2010-2019. The applied methodology was of an analytical, descriptive and explanatory type with a quantitative approach, with the use of a multiple linear regression econometric model with the execution of Stata 16 statistical software, with the main variables of Capital Structure, ROA and ROE, with some additional variables such as Margin, Rotation and Leverage, and a control variable which was Liquidity. A total base of 80 industries of the ISIC 2100 sector was handled with the name of Manufacture of pharmaceutical products, medicinal chemical substances and botanical products for pharmaceutical use, values obtained from the Financial Statements reported in the Superintendence of Companies, and this total corresponds to the industries that presented consecutive information in all the years included in this investigation, rejecting atypical values, thus avoiding extreme data when making statistical estimates. As results, it was obtained that the Capital Structure generates a significant negative impact in relation to the ROE and negative with the ROA. It is concluded that when the pharmaceutical industries increase their Capital Structure, the ROE will present an increase and ROA a decrease, and that some companies are incorrectly managing their capital and indebtedness, generating losses in their economic results.