<?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>1390-8618</journal-id>
<journal-title><![CDATA[RETOS. Revista de Ciencias de la Administración y Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Retos]]></abbrev-journal-title>
<issn>1390-8618</issn>
<publisher>
<publisher-name><![CDATA[Universidad Politécnica Salesiana]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1390-86182021000200235</article-id>
<article-id pub-id-type="doi">10.17163/ret.n22.2021.03</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Análisis de rentabilidad, endeudamiento y liquidez de microempresas en Ecuador]]></article-title>
<article-title xml:lang="en"><![CDATA[Profitability, indebtedness and liquidity analysis of microenterprises in Ecuador]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Zambrano-Farías]]></surname>
<given-names><![CDATA[Fernando José]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
<xref ref-type="aff" rid="Aaf"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sánchez-Pacheco]]></surname>
<given-names><![CDATA[María Estefanía]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Correa-Soto]]></surname>
<given-names><![CDATA[Sara Rocío]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Internacional del Ecuador  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidad de Guayaquil  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Internacional del Ecuador  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Internacional del Ecuador  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2021</year>
</pub-date>
<volume>11</volume>
<numero>22</numero>
<fpage>235</fpage>
<lpage>249</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_arttext&amp;pid=S1390-86182021000200235&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_abstract&amp;pid=S1390-86182021000200235&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_pdf&amp;pid=S1390-86182021000200235&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Las microempresas representan un componente significativo para el progreso económico de Ecuador. Esta investigación analiza y compara indicadores financieros como la rentabilidad financiera, el endeudamiento y la liquidez corriente de las microempresas de la provincia del Guayas con las del resto de provincias de Ecuador. El análisis utilizó una metodología cuantitativa de tipo descriptiva de diseño transversal para 13 768 microempresas de la provincia del Guayas y 16 093 microempresas del resto de las provincias de Ecuador que reportaron su información financiera a la Superintendencia de Compañías, Valores y Seguros al año 2019. Para comparar estos grupos se realizó una prueba t para muestras independientes con varianzas desiguales. Los resultados de esta investigación indican que, con un nivel de confianza del 95 %, el promedio de endeudamiento y la liquidez corriente media son mayores en la provincia del Guayas mientras que las microempresas del resto de Ecuador reportan una mejor rentabilidad financiera promedio. A pesar de que la provincia del Guayas tiene el mayor porcentaje de microempresas en el país, no es condición suficiente para concluir que sus indicadores financieros, en promedio, son mejores que los del resto de Ecuador. Esta investigación pretende ser un aporte al desarrollo de líneas de trabajo que contribuyan a la elaboración y diseño de políticas que ayuden a la supervivencia y desempeño empresarial de las microempresas.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Microenterprises are an important factor in Ecuador&#8217;s economic development. This research analyzes and compares financial indicators such as financial profitability, indebtedness and current liquidity of microenterprises in the province of Guayas with those in other provinces of Ecuador. The analysis used a quantitative methodology of descriptive type of cross-sectional design for 13,768 microenterprises in the province of Guayas and 16,093 microenterprises in the rest of the provinces of Ecuador that reported their financial statements to the Superintendence of Companies, Securities and Insurance as of 2019. To compare these groups, a t-test was performed for independent samples with unequal variances. The results of this research indicate that, with a 95% confidence level, average indebtedness and average current liquidity are higher in the province of Guayas while microenterprises in the rest of Ecuador report better average financial profitability. Although Guayas province has the highest percentage of microenterprises in the country, this is not a sufficient condition to conclude that its financial indicators, on average, are better than those of the rest of Ecuador. This research aims to make a contribution to the development of lines of work that contribute to the elaboration and design of policies that help the survival and business performance of microenterprises.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Ratio financiero]]></kwd>
<kwd lng="es"><![CDATA[prueba t de Student]]></kwd>
<kwd lng="es"><![CDATA[rentabilidad]]></kwd>
<kwd lng="es"><![CDATA[microempresas]]></kwd>
<kwd lng="es"><![CDATA[desempeño empresarial]]></kwd>
<kwd lng="es"><![CDATA[liquidez corriente]]></kwd>
<kwd lng="es"><![CDATA[endeudamiento]]></kwd>
<kwd lng="es"><![CDATA[finanzas]]></kwd>
<kwd lng="en"><![CDATA[Financial ratio]]></kwd>
<kwd lng="en"><![CDATA[Student&#8217;s t-test]]></kwd>
<kwd lng="en"><![CDATA[profitability]]></kwd>
<kwd lng="en"><![CDATA[microenterprises]]></kwd>
<kwd lng="en"><![CDATA[business performance]]></kwd>
<kwd lng="en"><![CDATA[corporate liquidity]]></kwd>
<kwd lng="en"><![CDATA[indebtedness]]></kwd>
<kwd lng="en"><![CDATA[finance]]></kwd>
</kwd-group>
</article-meta>
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