Factores explicativos de la rentabilidad de las microempresas: Un estudio aplicado al sector comercio
Barra lateral del artículo
Contenido principal del artículo
Resumen
El presente estudio tiene como objetivo determinar los factores que explican la rentabilidad económica de las microempresas que pertenecen al sector comercio de la provincia del Guayas mediante un modelo de regresión lineal múltiple con datos suministrados por 788 empresas que reportaron sus estados financieros a la Superintendencia de Compañías, Valores y Seguros en el año 2019. Los resultados de estudio mostraron que el endeudamiento, el nivel de liquidez y el tamaño tienen una relación negativa y significativa con la rentabilidad. Este estudio también muestra que la rotación de activos, el capital de trabajo y el impacto de los gastos administrativos tienen una incidencia directa con el rendimiento sobre activo. Esta investigación pone de manifiesto la importancia de la información contable y financiera para explicar el comportamiento de la rentabilidad económica. Las conclusiones de este estudio pretenden ofrecer orientaciones a las empresas sobre las estrategias que deben adoptar para mejorar su rendimiento.
Descargas
Detalles del artículo
Derechos de autor: Los autores que publican en la revista INNOVA Research Journal conservan los derechos de autor y garantizan a la revista el derecho de ser la primera publicación del trabajo bajo una Licencia Creative Commons, Atribución-No Comercial 4.0 International (CC BY-NC 4.0). Se pueden copiar, usar, difundir, transmitir y exponer públicamente, siempre que: a) se cite la autoría y la fuente original de su publicación (revista, editorial, URL y DOI de la obra); b) no se usen para fines comerciales; c) se mencione la existencia y especificaciones de esta licencia de uso.
Citas
Abdulla, Y. (2020). Firms’ profitability: evidence from Bahrain and Qatar Yomna Abdulla. International Journal of Economic and Business Research, 19(1), 70–87.
Abdullah, A. A. H. (2021). Cost stickiness and firm profitability: A study in Saudi Arabian industries. Investment Management and Financial Innovations, 18(3), 327–333. https://doi.org/10.21511/imfi.18(3).2021.27
Adekunle, B. (2011). Determinants of microenterprise performance in Nigeria. International Small Business Journal, 29(4), 360–373. https://doi.org/10.1177/0266242610369751
Afeef, M. (2011). Analyzing the Impact of Working Capital Management on the Profitability of SME’s in Pakistan. International Journal of Business and Social Science, 2(22), 173–183. http://www.ijbssnet.com/journals/Vol_2_No_22_December_2011/20.pdf
Akbas, H. E., & Karaduman, H. A. (2012). The effect of firm size on profitability: An empirical investigation on Turkish manufacturing companies. European Journal of Economics, Finance and Administrative Sciences, 55, 21–27.
Akinlo, A. E. (2012). Firm size-profitability nexus: Evidence from panel data for Nigeria. Economic Research, 25(3), 706–721. https://doi.org/10.1080/1331677X.2012.11517530
Akoto, R. K., Awunyo-Vitor, D., & Angmor, P. L. (2013). Working capital management and profitability: Evidence from Ghanaian listed manufacturing firms. Journal of Economics and International Finance, 5(9), 373–379. https://doi.org/10.5897/jeif2013.0539
Ali, M. M., Bakar, R. A., & Ghani, E. K. (2018). The Effect of Firm Internal and External Characteristics on Risk Reporting Practices among Malaysian Listed Firms. Indonesian Journal of Sustainability Accounting and Management, 2(2), 107. https://doi.org/10.28992/ijsam.v2i2.53
Ali, M. M., Hussin, N. N. A. N., & Ghani, E. K. (2019). Liquidity, growth and profitability of non-financial public listed Malaysia: A Malaysian evidence. International Journal of Financial Research, 10(3), 194–202. https://doi.org/10.5430/ijfr.v10n3p194
Almaqtari, F. A., Al-Homaidi, E. A., Tabash, M. I., & Farhan, N. H. (2019). The determinants of profitability of Indian commercial banks: A panel data approach. International Journal of Finance and Economics, 24(1), 168–185. https://doi.org/10.1002/ijfe.1655
Asche, F., Sikveland, M., & Zhang, D. (2018). Profitability in Norwegian salmon farming: The impact of firm size and price variability. Aquaculture Economics and Management, 22(3), 306–317. https://doi.org/10.1080/13657305.2018.1385659
Aulová, R., Pánková, L., & Rumánková, L. (2019). Analysis of selected profitability ratios in the agricultural sector. Agris On-Line Papers in Economics and Informatics, 11(3), 3–12. https://doi.org/10.7160/aol.2019.110301
Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67(3), 332–338. https://doi.org/10.1016/j.jbusres.2013.01.016
Becker-Blease, J. R., Kaen, F. R., Etebari, A., & Baumann, H. (2010). Employees, firm size and profitability in U.S. manufacturing industries. Investment Management and Financial Innovations, 7(2), 119–132.
Budisaptorini, A. T., Chandrarin, G., & Asih, P. (2019). The effect of company size on company profitability and company value: The case of manufacturing companies. International Journal of Economics and Business Administration, 7(2), 249–254.
Chen, Y. S., & Chang, K. C. (2010). Analyzing the nonlinear effects of firm size, profitability, and employee productivity on patent citations of the US pharmaceutical companies by using artificial neural network. Scientometrics, 82(1), 75–82. https://doi.org/10.1007/s11192-009-0034-x
Ching, H. Y., Novazzi, A., & Gerab, F. (2011). Relationship betwee working capital management and profitability in Brazilian listed companies. Journal of Global Business and Economics, 3(1), 74–86. https://doi.org/10.4018/978-1-5225-8970-9.ch011
Chowdhury, M. A. F., & Rasid, M. E. S. M. (2015). The determinants of the profitability of Islamic banks: a cross-sectional study from Asia and Africa. Int. J. Business and Globalization, 15(3), 375–388. https://doi.org/10.1504/IJBG.2015.071913
Dahmash, F., Al Salamat, W., Masadeh, W. M., & Alshurafat, H. (2021). The effect of a firm’s internal factors on its profitability: Evidence from Jordan. Investment Management and Financial Innovations, 18(2), 130–143. https://doi.org/10.21511/IMFI.18(2).2021.11
EL-Ansary, O., & Al-Gazzar, H. (2020). Working capital and financial performance in MENA region. Journal of Humanities and Applied Social Sciences, ahead-of-p(ahead-of-print). https://doi.org/10.1108/jhass-02-2020-0036
Eljelly, A. M. A. (2004). Liquidity – profitability tradeoff: An empirical investigation in an emerging market. International Journal of Commerce and Management, 14(2), 48–61. https://doi.org/10.1108/10569210480000179
Endri, E., Lisdawati, Susanti, D., Hakim, L., & Sugianto, S. (2020). Determinants of profitability: Evidence of the pharmaceutical industry in Indonesia. Systematic Reviews in Pharmacy, 11(6), 587–597. https://doi.org/10.31838/srp.2020.6.89
Evans, D. S. (1987). The relationship between firm growth, size and age: Estimates for 100 manufacturing industries. The Journal of Industrial Economics, 35(4), 567–581. https://doi.org/10.2307/2098578
Floros, C., & Voulgaris, F. (2016). Efficiency, leverage and profitability: The case of Greek manufacturing sector. Global Business and Economics Review, 18(3–4), 385–401. https://doi.org/10.1504/GBER.2016.076239
Franco, M., Haase, H., & António, D. (2020). Influence of failure factors on entrepreneurial resilience in Angolan micro, small and medium-sized enterprises. International Journal of Organizational Analysis. https://doi.org/10.1108/IJOA-07-2019-1829
Garg, V., Tewari, P., & Srivastav, S. (2018). Liquidity and profitability analysis of selected automobile companies. International Journal of Supply Chain Management, 7(4), 101–110. https://ojs.excelingtech.co.uk/index.php/IJSCM/article/view/2133
Ghosh, C., & Guha, S. (2015). Determinants of profitability of the microenterprises led by women micro entrepreneurs: Evidence from Mumbai slums. International Journal of Entrepreneurship and Small Business, 24(4), 455–473. https://doi.org/10.1504/IJESB.2015.068631
Goddard, J., Tavakoli, M., & Wilson, J. O. S. (2005). Determinants of profitability in European manufacturing and services: Evidence from a dynamic panel model. Applied Financial Economics, 15(18), 1269–1282. https://doi.org/10.1080/09603100500387139
Goldmann, K. (2017). Financial Liquidity and Profitability Management in Practice of Polish Business. Eurasian Studies in Business and Economics, 4, 103–112. https://doi.org/10.1007/978-3-319-39919-5_9
Handoko, B. L., Muljo, H. H., & Lindawati, A. S. L. (2019). The effect of company size, liquidity, profitability, solvability, and audit firm size on audit delay. International Journal of Recent Technology and Engineering, 8(3), 6252–6258. https://doi.org/10.35940/ijrte.C5837.098319
Holz, C. A. (2002). The impact of the liability - Asset ratio on profitability in China’s industrial state-owned enterprises. China Economic Review, 13(1), 1–26. https://doi.org/10.1016/S1043-951X(01)00054-2
Hurley, M. W., Touran, A., & Asce, M. (2002). Cost Structure and Profitability of Design Services Industry. October, 167–172.
Islam, M., & Ullah, G. M. W. (2020). Debt and profitability: Evidence from Bangladesh. International Journal of Monetary Economics and Finance, 13(4), 362–382. https://doi.org/10.1504/ijmef.2020.109995
Jamali, A. H. (2012). Management efficiency and profitability in Indian automobile industry: from theory to practice. Indian Journal of Science and Technology, 5(5), 2779–2781.
Jamil, S. A., Al Ani, M. K., & Al Shubiri, F. N. (2015). The effect of working capital management efficiency on the operating performance of the industrial companies in Oman. International Journal of Economics and Financial Issues, 5(4), 897–904.
Janda, K., Rausser, G., & Strielkowski, W. (2011). Determinants of profitability of Polish rural micro-enterprises. Economic Policy, 2116, 0–33.
Kartikasary, M., Marsintauli, F., Sitinjak, M., Laurens, S., Novianti, E., & Situmorang, R. (2021). The effect of working capital management, fixed financial asset ratio, financial debt ratio on profitability in Indonesian consumer goods sector. Accounting, 7(3), 661–666. https://doi.org/10.5267/j.ac.2020.12.011
Kumaraswamy, S. (2016). Impact of working capital on financial performance of gulf cooperation council firms. International Journal of Economics and Financial Issues, 6(3), 1136–1142.
Latha, M., & Rao, S. N. (2017). Determinants of profitability: Evidence from listed companies in the bse-fmcg. International Journal of Economic Perspectives, 11(3), 1264–1272.
Le, T. N., Mai, V. A., & Nguyen, V. C. (2020). Determinants of profitability: Evidence from construction companies listed on Vietnam Securities Market. Management Science Letters, 10(3), 523–530. https://doi.org/10.5267/j.msl.2019.9.028
Lin, S., & Rowe, W. (2006). Determinants of the profitability of China’s regional SOEs. China Economic Review, 17(2), 120–141. https://doi.org/10.1016/j.chieco.2005.05.001
Madhou, A., Moosa, I., & Ramiah, V. (2015). Working Capital as a Determinant of Corporate Profitability. Review of Pacific Basin Financial Markets and Policies, 18(4), 1–17. https://doi.org/10.1142/S0219091515500241
Manan, S. K. A. (2010). Empirical analysis on the relationship between debt level and SMEs profitability. 2010 International Conference on Science and Social Research, 1329–1333. https://doi.org/10.1109/CSSR.2010.5773745
Miji, K., & Jak, D. (2017). The determinants of agricultural industry profitability: evidence from southeast Europe. 154–173.
Mudjijah, S. (2017). Working Capital Management and Profitability of Companies: Empirical Study on Corporate Sub Sectors of the Food and Drinks Listed on the Indonesia Stock Exchange. 14(4), 451–456.
Mursalini, W. I., Husni, T., & Hamidi, M. (2017). Analysis of funding, working capital turnover, liquidity and sales growth to profitability. Advanced Science Letters, 23(9), 8341–8346. https://doi.org/10.1166/asl.2017.9889
Nabi, A. A. (2018). Impact of working capital management on financial performance of the firm. Journal of Economic Info, 5(4), 1–6. https://doi.org/10.31580/jei.v5i4.91
Ngo, V. T., Tram, T. X. H., & Vu, B. T. (2020). The Impact of Debt on Corporate Profitability: Evidence from Vietnam. Journal of Asian Finance, Economics and Business, 7(11), 835–842. https://doi.org/10.13106/jafeb.2020.vol7.no11.835
Osuji, C. C., & Agbada, A. O. (2020). Imperatives of effective working capital management and profitability in the banking industry in Nigeria. International Journal of Financial Research, 11(2), 229–242. https://doi.org/10.5430/ijfr.v11n2p229
Parra, J. F. (2011). Determinantes de la probabilidad de cierre de nuevas firmas en Bogotá. Revista Facultad de Ciencias Económicas, XIX(1), 27–53.
Phuong, N. T. T., & Hung, D. N. (2020). Impact of working capital management on firm profitability: Empirical study in Vietnam. Accounting, 6, 259–266. https://doi.org/10.5267/j.ac.2020.3.001
Prijadi, R., & Desiana, P. M. (2017). Factors affecting the profitability and growth of Small & Medium Enterprises (SMEs) in Indonesia. International Journal of Economics and Management, 11(SpecialIssue1), 35–44.
Quy, V. T., & Nguyen, L. T. M. (2020). Effects of working capital management on firm performance and firm value – A study of the fisheries industry in Vietnam. Hcmcoujs - Economics and Business Administration, 7(2), 42–52. https://doi.org/10.46223/hcmcoujs.econ.en.7.2.184.2017
Rasiah, D., Tong, D. Y. K., & Kim, P. K. (2014). Profitability and firm size-growth relationship in construction companies in Malaysia from 2003 to 2010. Review of Pacific Basin Financial Markets and Policies, 17(3), 1–19. https://doi.org/10.1142/S0219091514500143
Salazar-Mosquera, G. M. (2017). Factores determinantes del desempeño financiero en el sector manufacturero en la República del Ecuador. Panorama Económico, 25(2), 243–254. https://doi.org/10.32997/2463-0470-vol.25-num.2-2017-2076
Sánchez, A. (1994). La Rentabilidad Económica Y Financiera de la Gran Empresa Española. Revista Española de Financiación y Contabilidad, XXIV N° 78, 159 179.
Shahnia, C., Purnamasari, E. D., Hakim, L., & Endri, E. (2020). Determinant of profitability: Evidence from trading, service and investment companies in Indonesia. Accounting, 6(5), 787–794. https://doi.org/10.5267/j.ac.2020.6.004
Sharma, A. K., & Kumar, S. (2011). Effect of working capital management on firm profitability: Empirical evidence from India. Global Business Review, 12(1), 159–173. https://doi.org/10.1177/097215091001200110
Steinerowska-Streb, I. (2012). The determinants of enterprise profitability during reduced economic activity. Journal of Business Economics and Management, 13(4), 745–762. https://doi.org/10.3846/16111699.2011.645864
Stephen, M., & Elvis, K. (2011). Influence of working capital management on firms profitability: A case of smes in Kenya. In International Business Management (Vol. 5, Issue 5, pp. 279–286). https://doi.org/10.3923/ibm.2011.279.286
Susilo, D., Wahyudi, S., & Pangestuti, I. R. D. (2020). Profitability determinants of manufacturing firms in Indonesia. International Journal of Economics and Business Administration, 8(2), 53–64. https://doi.org/10.35808/ijeba/443
Vivel-Búa, M., Lado-Sestayo, R., & Otero-González, L. (2016). Impact of location on the probability of default in the Spanish lodging industry: A study of MSMEs. Tourism Economics, 22(3), 593–607. https://doi.org/10.5367/te.2015.0461
Wood, E. H. (2006). The internal predictors of business performance in small firms. A logistic regression analysis. Journal of Small Business and Enterprises Develpment, 13(3), 441–453. https://doi.org/10.1108/14626000610680299
Yameen, M., Farhan, N. H. S., & Tabash, M. I. (2019). The impact of liquidity on firms’ performance: Empirical investigation from Indian pharmaceutical companies. Academic Journal of Interdisciplinary Studies, 8(3), 212–220. https://doi.org/10.36941/ajis-2019-0019
Yazdanfar, D., Salman, K., & Arnesson, L. (2013). Life cycle of profitability among Swedish micro firms. World Review of Entrepreneurship, Management and Sustainable Development, 9(3), 340–351. https://doi.org/10.1504/WREMSD.2013.054738
Zambrano Farías, F. J., Sánchez Pacheco, M. E., & Valls Martínez, M. del C. (2021). Factors Explaining the Business Survival of MSMEs in Ecuador Factores Explicativos de la Supervivencia Empresarial de la Mipyme en Ecuador. Studies of Applied Economics, 39(8), 1–18. https://doi.org/10.25115/eea.v39i8.4061
Zygmunt, J. (2013). Does liquidity impact on profitability? A case of polish listed IT companies. International Journal of Advanced Research in Management and Social Sciences, 1(3), 247–251. https://bit.ly/3nPQTE9