Determinantes financieros de la rentabilidad en empresas del sector comercial ecuatoriano (CIIU G): un análisis del periodo 2019 - 2024

Abstract

Abstract: This study analyzes the main financial factors that determine profitability in companies within the Ecuadorian commercial sector (ISIC G) during the period 2019 2024, using a sample of 12.573 companies registered in the Superintendency of Companies, Securities and Insurance. Although the use of multilevel models was initially proposed, the preliminary evaluation of the data showed that differences between geographical groups were minimal, which did not justify their application and led to the use of linear regression models. The results show that indebtedness is the factor with the greatest influence on profitability, presenting positive effects when managed appropriately, while liquidity has a more limited impact and, in some cases, may reduce performance if maintained at excessive levels. Likewise, significant temporal effects were identified in the years 2020 and 2021, associated with the economic context of the period. The findings provide relevant empirical evidence for financial decision-making in the sector and contribute to the understanding of the determinants of business profitability in emerging economies.