El impacto de las políticas de dividendos en la estructura de capital de las empresas industriales que negocian títulos mobiliarios de renta variable en la bolsa de valores de Quito, desde enero hasta agosto del año 2024

Abstract

Industrial companies that trade variable income securities on the Quito Stock Exchange have a significant impact on their capital structure due to the application of their dividend policy. These decisions affect the balance between internal and external financing, influencing its financial stability and market positioning. A well-structured dividend policy reflects financial balance, reliability in future projects and operational efficiency, key factors to remain competitive in adynamic environment.

This study aims to analyze the impact of dividend policies on the capital structure of these companies between January and August 2024. It examines how the distribution or retention of profits affects the relationship between equity capital and debt, considering that the distribution of dividends reduces retained earnings and increases the need for external financing, while its retention strengthens solvency, but can affect shareholder confidence.

A key aspect in this analysis is the Weighted Average Cost of Capital (WACC), which measures the cost of financing considering equity and debt. The dividend policy influences this indicator, impacting profitability and access to financial resources.

This study is relevant to understanding how financial decisions affect long-term competitiveness, especially in growing markets such as Ecuador. By analyzing this relationship, we seek to

contribute to the strengthening of the industrial sector, promoting investment, job creation and the economic development of the country.