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Morales Ramos, Karla
Working capital management and financial economic performance of manufacturing SMEs: A PanelMix statistical model
Sustainability models in Zone 3 manufacturing SMEs
2025
,
Morales Ramos, Karla
,
Edison Roberto Valencia-Nuñez
,
Annette Solange Ocaña-Ortiz
,
Freddy Marco Armijos-Arcos
The present research aimed to determine the economic-financial performance and working capital for capital management of manufacturing SMEs in Zone 3 during the period 2017-2020. So, using a descriptive-explanatory approach, secondary data from the Superintendence of Companies were analyzed. In the first instance, an initial sample of 112 companies was considered; however, they did not meet the requirements to carry out this study. Therefore, under purely appropriate criteria, the sample was reduced to 92 companies. In addition, the study incorporated three control variables, which were the components of the ROE indicator, such as net margin, asset turnover, and financial leverage, essential to carry out the panel data methodology. Therefore, using SPSS software, frequency tables, measures of central tendency, and dispersion were generated, which made it possible to evaluate the behavior of the DuPont index and working capital during the aforementioned period. In addition, a panel data model was incorporated, where the results showed that the approach that best suited the conditions of this research was by fixed effects, demonstrating that the control variables were significant, except for the main variable contemplated as working capital, concluding that it does not have a major impact on the profitability of a company.
2025
,
Morales Ramos, Karla
,
Pamela de Los Ángeles Sánchez Rosero
,
Christian Alberto López Valencia
,
Freddy Marco Armijos Arcos
In this research, the objective was to determine the optimal financial sustainability model for manufacturing SMEs in zone 3 for the years 2017 - 2020. For the development of the study, 107 medium and small companies that met the requirements of complete information obtained from the Superintendence of Companies, Securities, and Insurance were taken into account. Observation sheets were used to classify the information in the financial statements and allow understanding of their financial situation by applying the solvency prediction models, Z-Altman, Springate, Fulmer, and CA-Score. In the analysis of the financial indicators of manufacturing, SMEs evidenced a strong correlation with their financial sustainability, especially in the year 2019. A comparative analysis of the effectiveness of the four models of financial sustainability is made, for the selection of the most optimal model. In addition, a SWOT analysis was performed in order to identify the strengths and weaknesses of each of them, so, it is revealed that the most optimal and reliable model is Springate, due to its multidimensional approach, adaptability for manufacturing SMEs, simplicity and ability to provide a clear and truthful score. However, it is always advisable to consider the specific context of other models to each company.