Dinámicas de la madurez de la deuda y desempeño financiero en las PYMES ecuatorianas del subsector CIIU F43 actividades especializadas de la construcción durante el periodo 2018-2022

Abstract

Abstract: The research analyzed debt maturity and its relationship with financial performance in Ecuadorian SMEs within the CIIU F43 subsector (specialized construction activities) from 2018 to 2022. Using a quantitative approach, data from 99 companies were examined through descriptive statistics and Pearson correlations. The results indicate a weak negative correlation between long-term debt and return on assets (ROA), suggesting that more profitable companies tend to prefer short-term financing. Additionally, higher levels of indebtedness were found to reduce ROA, although they may slightly increase return on equity (ROE), reflecting the classic leverage effect. Overall, SMEs prioritize maintaining financial flexibility despite limited access to favorable credit conditions. These findings provide evidence to support the design of improved financing policies and financial management strategies in emerging economies, thereby enhancing decision-making and the efficient use of debt in accordance with the macroeconomic environment and the financial structure of each company.