Análisis de la relación entre el apalancamiento financiero y la rentabilidad en las empresas manufactureras

Abstract

This study analyzes the relationship between financial leverage and profitability in large manufacturing firms in Ecuador during the period 2020–2024. The research is justified by the relevance of capital structure decisions for corporate sustainability, particularly in emerging economies where access to credit, macroeconomic volatility, and the impact of the COVID-19 pandemic have influenced financing strategies. Understanding whether debt contributes to improving financial performance is essential for strategic management within the sector. The objective of the study was to examine the association between debt levels and profitability indicators, specifically Return on Assets (ROA) and Return on Equity (ROE). A quantitative approach was employed using financial data from large firms classified according to total assets exceeding USD 4 million. Variables were operationalized through leverage ratios (RENDEUD and RDEUPAT) and profitability ratios (ROA and ROE). The analysis included descriptive statistics, annual trend evaluation, and Spearman correlation coefficients due to the non-normal distribution of the data. Statistical processing was conducted using RStudio. The main findings reveal a negative and statistically significant relationship between leverage indicators and ROA, while no significant association was found with ROE. Additionally, the sector exhibits structurally high levels of indebtedness and greater volatility in equity returns compared to operational profitability. It is concluded that, during the analyzed period, financial leverage did not generate a positive leverage effect on profitability but was instead associated with lower operational efficiency. The findings provide relevant empirical evidence for financial decision-making in the Ecuadorian manufacturing sector and highlight the importance of prudent capital structure management.