<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422019000300014</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2018.1848</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Determinantes de la estructura de capital: un estudio empírico del sector manufacturero en Ecuador]]></article-title>
<article-title xml:lang="en"><![CDATA[Determinants of capital structure: an empirical study of the manufacturing sector at Ecuador]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gutiérrez Ponce]]></surname>
<given-names><![CDATA[Herenia]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Morán Montalvo]]></surname>
<given-names><![CDATA[Christian]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Posas Murillo]]></surname>
<given-names><![CDATA[Ricardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma de Madrid  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Especialidades Espíritu Santo  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<volume>64</volume>
<numero>2</numero>
<fpage>0</fpage>
<lpage>0</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422019000300014&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422019000300014&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422019000300014&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo de este estudio es descubrir los determinantes de la estructura de capital de 304 empresas del sector manufacturero de Guayaquil, durante el periodo 2012-2016 y qué teoría condensa mejor las decisiones de financiación de las empresas. La importancia del mismo, reside en verificar los determinantes del endeudamiento en empresas de un país en vías de desarrollo y comparar los resultados con las predicciones de las teorías sobre el Equilibrio Estático y sobre la Jerarquía Financiera. Como metodología se ha empleado una estructura de datos de panel junto a un modelo de efectos fijos. Tras la revisión de la literatura se ha utilizado un modelo de regresión de Mínimos Cuadrados Ordinarios para descubrir la correlación y significación estadística entre la variable dependiente (ratio de endeudamiento) y un con-junto de variables independientes seleccionadas. En este estudio, la teoría de la Jerarquía Financiera tuvo mayor poder explicativo que la del Equilibrio Estático. Sin embargo, no se encontró evidencia estadística que sustente la importancia de las expectativas de crecimiento sobre la estructura de capital corporativa.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The objective of this study is to discover the determinants of the capital structure of 304 companies in the manufacturing sector of Guayaquil, during the period 2012-2016 and which theory best condenses the financing decisions of companies. The importance of it lies in verifying the determinants of indebtedness in companies in a developing country and comparing the results with the predictions of the Trade-off and the Pecking Order theories. As a methodology, a panel data structure has been used together with a fixed effects model. After reviewing the literature, an Ordinary Least Squares regression model was used to discover the correlation and statistical significance between the dependent variable (debt ratio) and a set of selected independent variables. In this study, the Pecking Order theory had a greater explanatory power than the Trade-off theory. However, no statistical evidence was found to support the importance of growth expectations on the corporate capital structure.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[G32]]></kwd>
<kwd lng="es"><![CDATA[C12]]></kwd>
<kwd lng="es"><![CDATA[Financiamiento]]></kwd>
<kwd lng="es"><![CDATA[estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[manufactura]]></kwd>
<kwd lng="es"><![CDATA[endeudamiento]]></kwd>
<kwd lng="es"><![CDATA[Equilibrio Estático]]></kwd>
<kwd lng="es"><![CDATA[Jerarquía Financiera]]></kwd>
<kwd lng="en"><![CDATA[G32]]></kwd>
<kwd lng="en"><![CDATA[C12]]></kwd>
<kwd lng="en"><![CDATA[Financing]]></kwd>
<kwd lng="en"><![CDATA[capital structure]]></kwd>
<kwd lng="en"><![CDATA[manufacturing]]></kwd>
<kwd lng="en"><![CDATA[leverage]]></kwd>
<kwd lng="en"><![CDATA[Trade-off]]></kwd>
<kwd lng="en"><![CDATA[Pecking Order]]></kwd>
</kwd-group>
</article-meta>
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