¿Poder De Mercado o Eficiencia? Determinantes de la Rentabilidad del Sector Manufacturero Ecuatoriano Durante el Periodo Post-Dolarización

The behavior of the post-dollarization Ecuadorian economy is determined by the expansion of gross domestic product (GDP) and by a sustained increase in investment, stabilization of household purchasing power, market confidence in the new system monetary policy, and the increasing dynamism of the real sector of the economy. The article examines the relevance and validity of the structure-conduct-performance paradigm, widely discussed in the industrial organization literature, and rigorously analyzes the empirical relationship of market structure and micro and macroeconomic determinants with firm profitability. Estimates are obtained from the use of panel data techniques, using firm-level financial and operational efficiency variables, as well as different measures of market concentration for the period 2000-2015. The evidence shows that the relationship between market structure and firm performance is positive and statistically significant, however this differs according to the size of the company, the region where the company is domiciled, and due to the presence of oligopolies in certain sub-sectors. In addition, there is evidence of structural changes, finding that Revolución Ciudadana political regime caused statistically significant breaks in the trend of the relationships found, motivating an impact assessment debate for the public policy maker and the industrial sector.