Abstract

CONFORME SALAZAR, Mercedes  and  ZAMBRANO MERA, Jeysi. Analysis of the capital structure in the financial leverage of pharmaceutical companies in Guayaquil, Ecuador. Universidad y Sociedad [online]. 2023, vol.15, n.2, pp. 467-474.  Epub Apr 30, 2023. ISSN 2218-3620.

The objective of this research is to analyze the capital structure of companies in the pharmaceutical sector of Guayaquil during the period 2016 - 2020, to determine the impact of value on marketing institutions. The research is non-experimental of analytical descriptive type, the documentary research technique and logical method is used, data from the page of the Superintendence of Companies, Securities and Insurance (SCVS) is collected as a source of information. The results show the average capital structure of pharmaceutical companies, looking at 63% of their liabilities over 37% of equity, reflecting a high leverage; as for the current liquidity of the last five years, it shows a healthy behavior indicating that companies have managed to cover their short-term obligations. Different ratios are calculated, such as the solvency of profitability and liquidity, these showed that there have been significant variations in certain periods. In order to obtain a representative finding, a linear regression process is elaborated to the variables of leverage and profitability, determining that the two variables are not related, concluding that the current level of debt does not directly affect its profitability. This type of financial analysis is expected to contribute meaningful data for future entrepreneurs.

Keywords : Capital structure; Financial leverage; Pharmaceutical sector; Liquidity; Solvency.

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