Rentabilidad de las mipymes del sector inmobiliario en Ecuador
Palabras clave:
Rentabilidad, mipyme, sector inmobiliario, endeudamiento, ratios financieros
Resumen
El objetivo de este estudio es examinar los factores que afectan la rentabilidad de la micro, pequeña y mediana empresa del sector inmobiliario en la provincia del Guayas mediante un modelo de regresión lineal múltiple con información contable y financiera proporcionada por 608 empresas del sector en el año 2021 Los resultados del estudio mostraron que existe una relación positiva entre la rotación de activos, el endeudamiento y el apalancamiento con la rentabilidad. Los resultados también mostraron una relación negativa y significativa de la liquidez corriente, el tamaño de la empresa, la antigüedad en el mercado y los niveles de activos fijos con la rentabilidad. Esta investigación pone de manifiesto la importancia de los indicadores financieros para explicar el comportamiento del rendimiento de las empresas. Las conclusiones de este estudio proporcionan directrices a las empresas sobre las medidas que se pueden utilizar para evaluar, mejorar e incrementar la rentabilidad de la mipyme.
Citas
• Abdul Rahman, A. A, Meero, A, Zayed, N. M, Islam, K. M. A, Rabbani, M. R, & Bunagan, V. D. R. (2021). Impact of Leverage Ratios on Indicators of Financial Performance: Evidence From Bahrain. Academy of Strategic Management Journal, 20(Special Issue 3), 1-12.
• 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. M. (2020). Identifying the determinants of financial distress for public listed companies in Malaysia. Jurnal Pengurusan, 59(2020), 11-24. https://doi.org/10.17576/pengurusan-2020-59-03
• Alarussi, A. S, & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies, 45(3), 442-458. https://doi.org/10.1108/JES-05-2017-0124
• Ali, M, Dianita, M, Hadian, N, Aryanti, M. L, & Wahyuningsih, N. D. (2020). Financial performance analysis based on profitability ratio (Study at PT Astra international Tbk period 2009-2018). International Journal of Psychosocial Rehabilitation, 24(2), 3474-3481. https://doi.org/10.37200/IJPR/V24I2/PR200667
• 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
• Alsharari, N. M, & Alhmoud, T. R. (2019). The determinants of profitability in Sharia-compliant corporations: evidence from Jordan. Journal of Islamic Accounting and Business Research, 10(4), 546-564. https://doi.org/10.1108/JIABR-05-2016-0055
• Apan, M, & İslamoğlu, M. (2018). Determining the impact of financial characteristics on firm profitability: An empirical analysis on borsa Istanbul energy firms. WSEAS Transactions on Business and Economics, 15, 547-559.
• 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
• Burja, C. (2011). Factors Influencing The Companies‘ Profitability. Annales Universitatis Apulensis Series Oeconomica, 2(13), 215-224. https://doi.org/10.29302/oeconomica.2011.13.2.3
• Claver, E, Molina, J, & Tari, J. (2002). Firm and industry effects on firm profitability: A spanish empirical analysis. European Management Journal, 20(3), 321-328. https://doi.org/10.1016/S0263-2373(02)00048-8
• 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
• de Jorge Moreno, J, Castillo, L. L, & de Zuani Masere, E. (2010). Firm size and entrepreneurial characteristics: Evidence from the SME sector in Argentina. Journal of Business Economics and Management, 11(2), 259-282. https://doi.org/10.3846/jbem.2010.13
• Duque Espinoza, G, Córdova León, F, González Soto, K, & Aguirre Quezada, J. C. (2021). Cualidades gerenciales y su influencia en el desempeño empresarial Managerial qualities and their influence on business performance. INNOVA Research Journal, 6(3), 155-170.
• Durrah, O, Rahman, A. A. A, Jamil, S. A, & Ghafeer, N. A. (2016). Exploring the relationship between liquidity ratios and indicators of financial performance: An analytical study on food industrial companies listed in Amman Bursa. International Journal of Economics and Financial Issues, 6(2), 435-441.
• 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
• Fonseca, S, Guedes, M. J, & da Conceição Gonçalves, V. (2021). Profitability and size of newly established firms. International Entrepreneurship and Management Journal. https://doi.org/10.1007/s11365-020-00730-6
• 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.
• Gómez-García, S. L, Leyva-Ferreiro, G, Murillo-Mora, M. K, & Reyes-Espinosa, M. V. (2021). Indicadores financieros predictores de fracaso en cooperativas de servicios de transporte del Cantón Portoviejo (Ecuador). Revista Venezolana de Gerencia, 26(6 Edición Especial), 644-663. https://doi.org/10.52080/rvgluz.26.e6.39
• Guarnizo Crespo, S. F, Tapia Ubillús, A. M, & Zambrano Farías, F. J. (2021). El desarrollo organizacional como herramienta para el cambio y la mejora de las empresas comerciales de Guayaquil. Opuntia Brava, 13(2), 63-74.
• Guragai, B, Hutchison, P. D, & Farris, M. T. (2019). Cash-to-cash (C2C) length: Insights on present and future profitability and liquidity. Advances in Management Accounting, 31, 133-151. https://doi.org/10.1108/S1474-787120190000031007
• 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
• 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.
• 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
• Machek, O. (2016). Comparative performance of foreign and domestic family fi rms in Czech Republic. Journal of International Studies, 9(1), 205-218. https://doi.org/10.14254/2071-8330.2016/9-1/15
• 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
• Mathyinparasan, J, Madushanka, K. H. I, & Jathurika, M. (2018). “The Impact of Liquidity Ratios on Profitability (With special reference to Listed Manufacturing Companies in Sri Lanka) “The Impact of Liquidity Ratios on Profitability (With special reference to Listed Manufacturing Companies in Sri The Impact of Liquid. International Research Journal of Advanced Engineering and Science, 3(4), 157-161.
• 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
• Odusanya, I. A, Yinusa, O. G, & Ilo, B. M. (2018). Determinants of firm Profitability in Nigeria: Evidence from dynamic panel models. SPOUDAI - Journal of Economics and Business, 68(1), 43-58.
• Owolabi, S, & Obida, S. S. (2012). Liquidity Management and Corporate Profitability: Case Study of Selected Manufacturing Companies Listed on the Nigerian Stock Exchange. Business Management Dynamics, 2(2), 10-25.
• Parra, J. F. (2011). Determinantes de la probabilidad de cierre de nuevas firmas en Bogotá. Revista Facultad de Ciencias Económicas, XIX(1), 27-53.
• Pervan, M, Pervan, I, & Ćurak, M. (2019). Determinants of firm profitability in the Croatian manufacturing industry: evidence from dynamic panel analysis. Economic Research-Ekonomska Istrazivanja, 32(1), 968-981. https://doi.org/10.1080/1331677X.2019.1583587
• Rahman, S. M. M, & Saif, A. N. M. (2021). Performance evaluation of some listed companies: Insights from Dhaka Stock Exchange in Bangladesh. Global Business and Economics Review, 24(3), 261-278. https://doi.org/10.1504/GBER.2021.114661
• 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.
• Samo, A. H, & Murad, H. (2019). Impact of liquidity and financial leverage on firm’s profitability – an empirical analysis of the textile industry of Pakistan. Research Journal of Textile and Apparel, 23(4), 291-305. https://doi.org/10.1108/RJTA-09-2018-0055
• Sánchez-Pacheco, M. E, Bermúdez-Fajardo, P. N, Zea-Franco, R. D, & Zambrano-Farías, F. J. (2022). Liquidez , endeudamiento y rentabilidad de las mipymes en Ecuador : un análisis comparativo. INNOVA Research Journal, 7(3), 36-50.
• Santillán, R, Barberán, N, Bastidas, T, & Peña, M. (2022). Relación de los índices financieros con la actitud tributaria de las microempresas. Revista Venezolana de Gerencia, 27(8), 1167-1181.
• Schumpeter, J. A. (1943). Capitalism, Socialism and Democracy. En Modern Economic Classics-Evaluations Through Time (Quinta). George Allen & Unwin. https://doi.org/10.4324/9781315270548-17
• 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
• Singapurwoko, A, & El-Wahid, M. S. M. (2011). The impact of financial leverage to profitability study of non-financial companies listed in Indonesia stock exchange. European Journal of Economics, Finance and Administrative Sciences, 32, 136-148.
• Ssebunya, B. R, Schader, C, Baumgart, L, Landert, J, Altenbuchner, C, Schmid, E, & Stolze, M. (2019). Sustainability Performance of Certified and Non-certified Smallholder Coffee Farms in Uganda. Ecological Economics, 156(September 2018), 35-47. https://doi.org/10.1016/j.ecolecon.2018.09.004
• Takon, S. M, & Atseye, F. A. (2015). Effect of working capital management on firm profitability in selected Nigerian quoted companies. International Journal of Economics, Commerce and Management, III(10), 414-438.
• Tang, Z, Kreiser, P. M, Marino, L, & Weaver, K. M. (2010). Process of Perceiving Industrial Munificence : A Field Study of SMEs in Four Countries. Journal of Small Business Management, 48(2), 97-115.
• Tariq Bhutta, N, & Hasan, A. (2013). Impact of Firm Specific Factors on Profitability of Firms in Food Sector. Open Journal of Accounting, 02(02), 19-25. https://doi.org/10.4236/ojacct.2013.22005
• Vatavu, S. (2014). The determinants of profitability in companies. Annals of the University of Petrosani, Economics, 14(1), 329-338.
• 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, Valls Martínez, M. del C, & Martín Cervantes, P. A. (2022). Profitability determinants of the natural stone industry : Evidence from Spain and Italy. PLoS ONE, 17(12), 1-23. https://doi.org/10.1371/journal.pone.0276885
• Zhao, X, Yeung, K, Huang, Q, & Song, X. (2015). Improving the predictability of business failure of supply chain finance clients by using external big dataset. Industrial Management and Data Systems, 115(9), 1683-1703. https://doi.org/10.1108/IMDS-04-2015-0161
• 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.
• 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. M. (2020). Identifying the determinants of financial distress for public listed companies in Malaysia. Jurnal Pengurusan, 59(2020), 11-24. https://doi.org/10.17576/pengurusan-2020-59-03
• Alarussi, A. S, & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies, 45(3), 442-458. https://doi.org/10.1108/JES-05-2017-0124
• Ali, M, Dianita, M, Hadian, N, Aryanti, M. L, & Wahyuningsih, N. D. (2020). Financial performance analysis based on profitability ratio (Study at PT Astra international Tbk period 2009-2018). International Journal of Psychosocial Rehabilitation, 24(2), 3474-3481. https://doi.org/10.37200/IJPR/V24I2/PR200667
• 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
• Alsharari, N. M, & Alhmoud, T. R. (2019). The determinants of profitability in Sharia-compliant corporations: evidence from Jordan. Journal of Islamic Accounting and Business Research, 10(4), 546-564. https://doi.org/10.1108/JIABR-05-2016-0055
• Apan, M, & İslamoğlu, M. (2018). Determining the impact of financial characteristics on firm profitability: An empirical analysis on borsa Istanbul energy firms. WSEAS Transactions on Business and Economics, 15, 547-559.
• 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
• Burja, C. (2011). Factors Influencing The Companies‘ Profitability. Annales Universitatis Apulensis Series Oeconomica, 2(13), 215-224. https://doi.org/10.29302/oeconomica.2011.13.2.3
• Claver, E, Molina, J, & Tari, J. (2002). Firm and industry effects on firm profitability: A spanish empirical analysis. European Management Journal, 20(3), 321-328. https://doi.org/10.1016/S0263-2373(02)00048-8
• 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
• de Jorge Moreno, J, Castillo, L. L, & de Zuani Masere, E. (2010). Firm size and entrepreneurial characteristics: Evidence from the SME sector in Argentina. Journal of Business Economics and Management, 11(2), 259-282. https://doi.org/10.3846/jbem.2010.13
• Duque Espinoza, G, Córdova León, F, González Soto, K, & Aguirre Quezada, J. C. (2021). Cualidades gerenciales y su influencia en el desempeño empresarial Managerial qualities and their influence on business performance. INNOVA Research Journal, 6(3), 155-170.
• Durrah, O, Rahman, A. A. A, Jamil, S. A, & Ghafeer, N. A. (2016). Exploring the relationship between liquidity ratios and indicators of financial performance: An analytical study on food industrial companies listed in Amman Bursa. International Journal of Economics and Financial Issues, 6(2), 435-441.
• 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
• Fonseca, S, Guedes, M. J, & da Conceição Gonçalves, V. (2021). Profitability and size of newly established firms. International Entrepreneurship and Management Journal. https://doi.org/10.1007/s11365-020-00730-6
• 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.
• Gómez-García, S. L, Leyva-Ferreiro, G, Murillo-Mora, M. K, & Reyes-Espinosa, M. V. (2021). Indicadores financieros predictores de fracaso en cooperativas de servicios de transporte del Cantón Portoviejo (Ecuador). Revista Venezolana de Gerencia, 26(6 Edición Especial), 644-663. https://doi.org/10.52080/rvgluz.26.e6.39
• Guarnizo Crespo, S. F, Tapia Ubillús, A. M, & Zambrano Farías, F. J. (2021). El desarrollo organizacional como herramienta para el cambio y la mejora de las empresas comerciales de Guayaquil. Opuntia Brava, 13(2), 63-74.
• Guragai, B, Hutchison, P. D, & Farris, M. T. (2019). Cash-to-cash (C2C) length: Insights on present and future profitability and liquidity. Advances in Management Accounting, 31, 133-151. https://doi.org/10.1108/S1474-787120190000031007
• 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
• 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.
• 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
• Machek, O. (2016). Comparative performance of foreign and domestic family fi rms in Czech Republic. Journal of International Studies, 9(1), 205-218. https://doi.org/10.14254/2071-8330.2016/9-1/15
• 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
• Mathyinparasan, J, Madushanka, K. H. I, & Jathurika, M. (2018). “The Impact of Liquidity Ratios on Profitability (With special reference to Listed Manufacturing Companies in Sri Lanka) “The Impact of Liquidity Ratios on Profitability (With special reference to Listed Manufacturing Companies in Sri The Impact of Liquid. International Research Journal of Advanced Engineering and Science, 3(4), 157-161.
• 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
• Odusanya, I. A, Yinusa, O. G, & Ilo, B. M. (2018). Determinants of firm Profitability in Nigeria: Evidence from dynamic panel models. SPOUDAI - Journal of Economics and Business, 68(1), 43-58.
• Owolabi, S, & Obida, S. S. (2012). Liquidity Management and Corporate Profitability: Case Study of Selected Manufacturing Companies Listed on the Nigerian Stock Exchange. Business Management Dynamics, 2(2), 10-25.
• Parra, J. F. (2011). Determinantes de la probabilidad de cierre de nuevas firmas en Bogotá. Revista Facultad de Ciencias Económicas, XIX(1), 27-53.
• Pervan, M, Pervan, I, & Ćurak, M. (2019). Determinants of firm profitability in the Croatian manufacturing industry: evidence from dynamic panel analysis. Economic Research-Ekonomska Istrazivanja, 32(1), 968-981. https://doi.org/10.1080/1331677X.2019.1583587
• Rahman, S. M. M, & Saif, A. N. M. (2021). Performance evaluation of some listed companies: Insights from Dhaka Stock Exchange in Bangladesh. Global Business and Economics Review, 24(3), 261-278. https://doi.org/10.1504/GBER.2021.114661
• 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.
• Samo, A. H, & Murad, H. (2019). Impact of liquidity and financial leverage on firm’s profitability – an empirical analysis of the textile industry of Pakistan. Research Journal of Textile and Apparel, 23(4), 291-305. https://doi.org/10.1108/RJTA-09-2018-0055
• Sánchez-Pacheco, M. E, Bermúdez-Fajardo, P. N, Zea-Franco, R. D, & Zambrano-Farías, F. J. (2022). Liquidez , endeudamiento y rentabilidad de las mipymes en Ecuador : un análisis comparativo. INNOVA Research Journal, 7(3), 36-50.
• Santillán, R, Barberán, N, Bastidas, T, & Peña, M. (2022). Relación de los índices financieros con la actitud tributaria de las microempresas. Revista Venezolana de Gerencia, 27(8), 1167-1181.
• Schumpeter, J. A. (1943). Capitalism, Socialism and Democracy. En Modern Economic Classics-Evaluations Through Time (Quinta). George Allen & Unwin. https://doi.org/10.4324/9781315270548-17
• 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
• Singapurwoko, A, & El-Wahid, M. S. M. (2011). The impact of financial leverage to profitability study of non-financial companies listed in Indonesia stock exchange. European Journal of Economics, Finance and Administrative Sciences, 32, 136-148.
• Ssebunya, B. R, Schader, C, Baumgart, L, Landert, J, Altenbuchner, C, Schmid, E, & Stolze, M. (2019). Sustainability Performance of Certified and Non-certified Smallholder Coffee Farms in Uganda. Ecological Economics, 156(September 2018), 35-47. https://doi.org/10.1016/j.ecolecon.2018.09.004
• Takon, S. M, & Atseye, F. A. (2015). Effect of working capital management on firm profitability in selected Nigerian quoted companies. International Journal of Economics, Commerce and Management, III(10), 414-438.
• Tang, Z, Kreiser, P. M, Marino, L, & Weaver, K. M. (2010). Process of Perceiving Industrial Munificence : A Field Study of SMEs in Four Countries. Journal of Small Business Management, 48(2), 97-115.
• Tariq Bhutta, N, & Hasan, A. (2013). Impact of Firm Specific Factors on Profitability of Firms in Food Sector. Open Journal of Accounting, 02(02), 19-25. https://doi.org/10.4236/ojacct.2013.22005
• Vatavu, S. (2014). The determinants of profitability in companies. Annals of the University of Petrosani, Economics, 14(1), 329-338.
• 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, Valls Martínez, M. del C, & Martín Cervantes, P. A. (2022). Profitability determinants of the natural stone industry : Evidence from Spain and Italy. PLoS ONE, 17(12), 1-23. https://doi.org/10.1371/journal.pone.0276885
• Zhao, X, Yeung, K, Huang, Q, & Song, X. (2015). Improving the predictability of business failure of supply chain finance clients by using external big dataset. Industrial Management and Data Systems, 115(9), 1683-1703. https://doi.org/10.1108/IMDS-04-2015-0161
• 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.
Publicado
2023-06-14
Cómo citar
Zambrano Farías, F., Rivera Naranjo, C. I., & Sánchez Pacheco, M. E. (2023). Rentabilidad de las mipymes del sector inmobiliario en Ecuador. Revista Venezolana De Gerencia, 28(103), 1021-1036. https://doi.org/10.52080/rvgluz.28.103.7
Número
Sección
En la Mira: Finanzas y costos en las organizaciones
Esta obra está bajo licencia internacional Creative Commons Reconocimiento-NoComercial-CompartirIgual 4.0.
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