<?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>2528-7907</journal-id>
<journal-title><![CDATA[Revista San Gregorio]]></journal-title>
<abbrev-journal-title><![CDATA[Revista San Gregorio]]></abbrev-journal-title>
<issn>2528-7907</issn>
<publisher>
<publisher-name><![CDATA[Universidad San Gregorio de Portoviejo ]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2528-79072024000100043</article-id>
<article-id pub-id-type="doi">10.36097/rsan.v1i57.2745</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Análisis de la estructura de financiamiento de las Pymes del Ecuador]]></article-title>
<article-title xml:lang="en"><![CDATA[Analysis of the financing structure of SMEs in Ecuador]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gutiérrez Ponce]]></surname>
<given-names><![CDATA[Herenia]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Espinoza Rosero]]></surname>
<given-names><![CDATA[Gloria Belén]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Alcívar Gómez]]></surname>
<given-names><![CDATA[Belén Adriana]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma de Madrid  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Politécnica Salesiana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Politécnica Salesiana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>05</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>05</month>
<year>2024</year>
</pub-date>
<volume>1</volume>
<numero>57</numero>
<fpage>43</fpage>
<lpage>55</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_arttext&amp;pid=S2528-79072024000100043&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_abstract&amp;pid=S2528-79072024000100043&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_pdf&amp;pid=S2528-79072024000100043&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El estudio tuvo como objetivo analizar la estructura de endeudamiento de las pequeñas y medianas empresas (Pymes) del Ecuador que forman parte del mercado bursátil para determinar si se ajusta a los supuestos de la Teoría del Orden Jerárquico, la cual defiende una jerarquía de preferencias financieras. Para procesar los datos se aplicó un modelo de regresión múltiple, que permitió explicar la variable dependiente, el endeudamiento, a través del impacto de diversas variables institucionales. Los resultados mostraron que las variables independientes edad, tangibilidad y rentabilidad se relacionan negativamente con el endeudamiento, es decir, existe una influencia de los supuestos de la Teoría del Orden Jerárquico, mientras que la variable liquidez no es estadísticamente significativa para el modelo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The objective of this article was to analyze the debt structure of small and medium-sized companies (SMEs) in Ecuador that are part of the stock market to determine if it adjusts to the assumptions of the Hierarchical Order Theory, which defends a hierarchy of financial preferences. To process the data, a multiple regression model was applied, which allowed the dependent variable, debt, to be explained through the impact of various institutional variables. The results showed that the independent variables age, tangibility and profitability are negatively related to indebtedness, that is, there is an influence of the assumptions of the Hierarchical Order Theory, while the liquidity variable is not statistically significant for the model.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[endeudamiento]]></kwd>
<kwd lng="es"><![CDATA[liquidez]]></kwd>
<kwd lng="es"><![CDATA[rentabilidad]]></kwd>
<kwd lng="es"><![CDATA[pymes]]></kwd>
<kwd lng="en"><![CDATA[indebtedness]]></kwd>
<kwd lng="en"><![CDATA[liquidity]]></kwd>
<kwd lng="en"><![CDATA[cost effectiveness]]></kwd>
<kwd lng="en"><![CDATA[SMEs]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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