Determinantes de la Estructura de Capital en Empresas Familiares Ecuatorianas

María Paula Guillen, Camila Rojas, Francisco Parodi and Jorge Vega

X-pedientes_Económicos, 2019, vol. 3, issue 6, 43-68

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.

Date: 2019
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