Determinantes de la Estructura de Capital: Un Análisis de las Pymes Ecuatorianas con Financiamiento en el Mercado de Valores

SMEs in Ecuador, seek financing in intermediary markets or also known as banking markets, forgetting that in the country there is also the stock market that offers many benefits through a series of stock market instruments. That is why this work aims to explain the capital structure in SMEs that are listed on the Ecuadorian stock market. The approach that was used to conduct this research is qualitative with a population of 63 companies, applying a panel data methodology. The qualitative approach was developed based on the review of the literature and obtaining the financial information, five variables were studied such as profitability, size, collateral value of the assets, growth and fiscal protection of the debt that are considered determinants within the corporate capital structure. The results were varied, resulting in some of the variables being relevant while others were not. This paper opens a topic of discussion little studied in the country, such as determining the capital structure of SMEs that are in the stock market in Ecuador,