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Determinantes de la Estructura de Capital en Empresas Familiares Ecuatorianas

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  • María Paula Guillen
  • Camila Rojas
  • Francisco Parodi
  • Jorge Vega

Abstract

This study was carried out in order to identify the determinants of capital structure of family businesses in Ecuador. Although literature has highlighted the importance of this topic, there Ì s not enough academic research developed locally. The first section of this study consisted in analyzing the database provided by the Superintendencia de Compañías Valores y Seguros. Therefore, a descriptive analysis was done in order to understand the composition of the information. From this, it was possible to determine that 75.68% of the firms registered in the mentioned database are family businesses, according to the definition proposed by Leach (1990).In the second section of this investigation, 2 econometric models were proposed applying the panel data methodology, which main purpose was to determine the significance of the capital structure determinants during the 6 periods analyzed. In conclusion, the results of the regressions showed that the significant variables wereprofitability, company size and tangibility.

Suggested Citation

  • María Paula Guillen & Camila Rojas & Francisco Parodi & Jorge Vega, 2019. "Determinantes de la Estructura de Capital en Empresas Familiares Ecuatorianas," X-pedientes_Economicos, X-pedientes Económicos, vol. 3(6), pages 43-68.
    • Handle: RePEc:xpe:journl:v:3:y:2019:i:6:p:43-68
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