LA TANGIBILIDAD Y LA RENTABILIDAD COMO INDICADORES DE LA ESTRUCTURA DE CAPITAL DE LAS EMPRESAS MANUFACTURERAS DE ECUADOR, 2015

Abstract

The main objective of this study is to analyze the behavior of tangibility and profitability as indicators of the capital structure of manufacturing companies in Ecuador. The main theories on capital structure were used as reference framework. The sample was of 1344 manufacturing companies in Ecuador, obtained the balance sheets issued by the Superintendencia de Compañias for a cross-sectional analysis for the year 2015. The linear regression is used as property statistics to explore and quantify the relationship between the dependent variable and a set of independent variables. As a result, it is indicated that six of the eight independent variables of the selection explain 62.8% the variation of the main variable, leverage. A descriptive level highlights that the manufacturing companies in Ecuador are financed by debt and with short-term sources; to be financed by means of own resources. This research should be taken as a contribution to the knowledge of the influential indicators in the capital structure of the manufacturing companies in Ecuador, since most of the works carried out are from more advanced countries with capital markets of considerable depth, a different situation to that of Ecuador.