Determinantes de la rentabilidad de las Pymes ecuatorianas: sectores H531 y H532, periodo 2023

Abstract

Abstract:This study aims to analyze the factors that affect the profitability (measured by ROE and ROA) of small and medium-sized companies (SMEs), using a linear regression model that considers financial variables such as liquidity, size, company age and the level of equity. The results reveal that, although the model is statistically significant, its explanatory capacity is low, which suggests that the selected factors only explain a small part of the variability in profitability. Equity is identified as the main factor positively associated with profitability, which suggests a strategic use of financing, particularly over a short period, to sustain operations and generate income. However, variables such as liquidity, size and age of the company showed a positive but weak or non-significant relationship, showing a marginal impact on profitability. These challenges strengthen the need to replant traditional models of financial analysis in pymes and incorporate additional variables that address operational, strategic and contextual aspects to more fully understand the determinants of financial profitability.