Apalancamiento financiero y su impacto en la solvencia empresarial en las empresas grandes del sector manufacturero

Abstract

This research analyzes the relationship between financial leverage and solvency in large companies within the Ecuadorian manufacturing sector during the 2019-2024 period. The study is specifically justified by the increasing instability of industrial corporations due to the tightening of global monetary policies and the sustained rise in financing costs, factors that directly compromise operational payment capacity. Given that large industries concentrate the vast majority of national sales, their financial viability is critical for the stability of the aggregate economy. The central objective was to determine how debt levels impact business solvency, evaluated through the interest coverage ratio. Methodologically, a quantitative approach with a non-experimental and longitudinal design was adopted. A dynamic sample of 3,675 annual observations was used, carefully extracted from the official financial statements reported to the Superintendence of Companies, Securities, and Insurance. After applying the Shapiro-Wilk normality test, the Spearman correlation coefficient was used to measure the association between the variables. The results indicate an inverse relationship between leverage and interest coverage; however, the low magnitude of the coefficients suggests that debt volume does not decisively explain solvency on its own in this specific context. A drastic drop in payment capacity was identified starting in 2022. It is concluded that structural solvency depends on a complex interaction between operational performance and the macroeconomic environment. Finally, a comprehensive financial management is recommended that transcends simple debt control to ensure long-term corporate sustainability and resilience.