<?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>S1390-86182023000100123</article-id>
<article-id pub-id-type="doi">10.17163/ret.n25.2023.08</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Modelo de Valoración de Activos Financieros (CAPM) aplicado al sector empresarial de Ecuador]]></article-title>
<article-title xml:lang="en"><![CDATA[Capital Asset Pricing Model (CAPM) applied to the corporate sector of Ecuador]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Reyes-Clavijo]]></surname>
<given-names><![CDATA[Marco Antonio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[inos-Luzuriaga]]></surname>
<given-names><![CDATA[Luis Gabriel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Orellana-Osorio]]></surname>
<given-names><![CDATA[Iván Felipe]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Tonon-Ordóñez]]></surname>
<given-names><![CDATA[Luis Bernardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad del Azuay  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad del Azuay  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,niversidad del Azuay  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidad del Azuay  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<volume>13</volume>
<numero>25</numero>
<fpage>123</fpage>
<lpage>136</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_arttext&amp;pid=S1390-86182023000100123&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_abstract&amp;pid=S1390-86182023000100123&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_pdf&amp;pid=S1390-86182023000100123&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen las metodologías para el cálculo del riesgo de mercado han sido aplicadas principalmente a economías de países desarrollados. En este trabajo de investigación se propone utilizar el CAPM para determinar el riesgo de mercado y rendimiento mínimo esperado de las empresas del sector corporativo de Ecuador para el periodo 2009-2019. En promedio se analizaron 48 667 empresas, con base en la información obtenida de la Superintendencia de Compañías, Valores y Seguros (SCVS). Los sectores que fueron analizados de acuerdo con la Clasificación Industrial Internacional Uniforme (CIIU). En los cálculos se utilizó un Beta contable, considerando el incipiente desarrollo de la bolsa de valores del país; se realizó una estimación por mínimos cuadrados ordinarios y se propuso un ROE ajustado. Además, se calculó el rendimiento mínimo esperado del sector por medio del CAPM. Entre los principales hallazgos se destaca que los sectores B, C, G, H, J, M, y N tienen un Beta mayor a 1, es decir, estos sectores son más sensibles ante una variación en el mercado. También es importante mencionar que los sectores P, G, C, E, J y Q tienen un desempeño mejor al esperado. La información proporcionada sirve como apoyo para las organizaciones u otros grupos de interés, considerando el alto nivel de incertidumbre en el mercado.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract the methodologies for calculating market risk have been mainly applied to economies in developed countries. In this research work, it is proposed to use the CAPM to determine the market risk and minimum expected return of companies in the corporate sector of Ecuador in the period 2009-2019. An average of 48,667 companies were analyzed, based on information obtained from the Superintendence of Companies, Securities and Insurance (SCSI). The sectors were analyzed according to the International Standard Industrial Classification (ISIC). An accounting Beta was used in the calculations considering the incipient development of the country&#8217;s stock market; an estimation was made through ordinary least squares and an adjusted ROE was proposed. In addition, the minimum expected return of the sector was calculated through the CAPM. Among the main findings of this work, it is highlighted that sectors B, C, G, H, J, M and N had a Beta greater than 1, i.e., these sectors are more sensitive to a change in the market. It is also important to mention that sectors P, G, C, E, J and Q perform better than expected. The information provided constitutes a support for organizations or other interest groups, considering the high level of uncertainty existing in the market.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[CAPM]]></kwd>
<kwd lng="es"><![CDATA[Beta]]></kwd>
<kwd lng="es"><![CDATA[desempeño]]></kwd>
<kwd lng="es"><![CDATA[incertidumbre]]></kwd>
<kwd lng="es"><![CDATA[rendimiento]]></kwd>
<kwd lng="es"><![CDATA[riesgo de mercado]]></kwd>
<kwd lng="es"><![CDATA[sector empresarial]]></kwd>
<kwd lng="es"><![CDATA[ROE]]></kwd>
<kwd lng="en"><![CDATA[CAPM]]></kwd>
<kwd lng="en"><![CDATA[Beta]]></kwd>
<kwd lng="en"><![CDATA[performance]]></kwd>
<kwd lng="en"><![CDATA[uncertainty]]></kwd>
<kwd lng="en"><![CDATA[return]]></kwd>
<kwd lng="en"><![CDATA[market risk]]></kwd>
<kwd lng="en"><![CDATA[corporate sector]]></kwd>
<kwd lng="en"><![CDATA[ROE]]></kwd>
</kwd-group>
</article-meta>
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