Dinámicas de la madurez de la deuda y desempeño financiero en las PYMES ecuatorianas del subsector I56 Servicio de Alimento y Bebida, durante el período 2018 a 2022

Abstract

Abstract: This paper studied the financial structure of 126 Ecuadorian small and medium-sized enterprises (SMEs) in the I56 Food and Beverage Services subsector from 2018 to 2022, analyzing the relationship between debt maturity and financial performance. A quantitative, non-experimental, correlational methodological approach was adopted, and financial information from the Superintendency of Companies, Securities, and Insurance was analyzed from 2018 to 2022. JASP software was used to obtain descriptive statistics and a correlation matrix. The results show that 74% of the sample prefer short-term financing; Furthermore, debt maturity is significantly associated with leverage (0.255) and tangible assets (0.281), while it is inversely related to ROA (-0.087), supporting the theories of agency costs and pecking order. Furthermore, macroeconomic variables showed almost no correlation, suggesting that financing decisions respond primarily to internal factors. These findings highlight the limitations SMEs face in accessing long-term financing and provide empirical evidence for formulating policies tailored to emerging economies.