Marco regulatorio bancario en Ecuador y su impacto en el financiamiento a pymes
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Resumen
La investigación, con enfoque epistemológico cuantitativo y el paradigma positivista, permitió determinar la relación entre el marco regulatorio del sector financiero ecuatoriano y las condiciones de financiamiento a las PYMES. Esta fue de tipo descriptivo-correlacional, permitiendo realizar un análisis descriptivo y factorial de variables vinculadas al conocimiento y aplicación de leyes y códigos regulatorios de 54 oficiales de crédito del sector bancario de El Oro, Ecuador. Se identificaron dos dimensiones: una relacionada con el marco regulatorio monetario y otra con códigos orgánicos. Las encuestas señalan que las leyes más aplicadas son: Ley General de Instituciones del Sector Financiero y Ley de Compañías. La primera regula la creación, funcionamiento y cierre de instituciones financieras privadas para proteger a la población y asegurar la estabilidad financiera; su cumplimiento es supervisado por la Superintendencia de Bancos. La segunda simplifica el proceso de constitución de empresas, permitiendo diversos tipos de compañías y flexibilidad en su estructura. Las regulaciones bancarias ecuatorianas han experimentado reformas para fortalecer la solidez y transparencia del sistema, como la Ley de Mercado de Valores y la Ley de Instituciones del Sistema de Seguros Privados, que contribuyen a la estabilidad, regulación, protección al consumidor financiero y promoción de la competencia, generando condiciones de financiamiento favorables, que incluyen confianza, tasas de interés competitivas y amplias opciones financieras.
Palabras Clave
marco regulatorio, sistema financiero, financiamiento a pymes, consumidor financiero, variable latente regulatory framework, financial system, financing for SMEs, financial consumer, latent variable
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Álvarez, J., Cabrera, P. y Jácome, H. (2023). Territorial inequalities in financial inclusion: A comparative study between private banks and credit unions. Socio-Economic Planning Sciences, 87(Part A). https://doi.org/10.1016/j.seps.2023.101561
Amadasun, D. y Mutezo, A. (2022). Infuence of access to fnance on the competitive growth of SMEs in Lesotho. Journal of Innovation and Entrepreneurship, 11(1), 1-20. doi:https://doi.org/10.1186/s13731-022-00244-1
Anzules, W. y Novillo, S. (2023). Innovation capacity, entrepreneurial orientation, and flexibility: an analysis from industrial SMEs in Ecuador. Sustainability, 15(13), 1-24. https://doi.org/10.3390/su151310321
Asamblea Nacional del Ecuador. (2018). Código Orgánico Monetario y Financiero. Quito, Ecuador.
Asamblea Nacional del Ecuador. (2021). Ley Orgánica de Emprendimiento e Innovación. Suplemento del Registro Oficial No. 151 , 28 de Febrero 2020.
Bacuilima, E., Morocho, J., Aguirre, J., Coronel, K. y Mora, P. (2023). Financing Ecuadorian social enterprises: what is the role of impact investment? Sustainability, 15(14), 1-19. https://doi.org/10.3390/su151411210
Bakhtiari, S., Breunig, R., Magnani, L. y Zhang, J. (2020). Financial constraints and small and medium enterprises: a review. Economic Recor, 96. 1-8. https://doi.org/10.1111/1475-4932.12560
Beck, T., Demirguc-Kunt, A. y Maksimovic, V. (2008). Financing patterns around the world: Are small firms different? Journal of Financial Economics, 89(3), 467-487. https://doi.org/10.1016/j.jfineco.2007.10.005
Briozzo, A. y Albanese, D. (2020). Voluntary audit, investment, and financing decisions in Latin American small and medium enterprises. Journal of International Accounting, Auditing and Taxation, 38,1-11. https://doi.org/10.1016/j.intaccaudtax.2020.100302
Bruner, J. S. (2018). Desarrollo cognitivo y educación. Ediciones Morata.
Byrne, B. M. (2021). Structural equation modeling with AMOS: basic concepts, applications, and programming. (4th ed.). Routledge. https://doi.org/10.4324/9781315757421
Cheong, C., Huui, M. y Arul, M. (2020). Credit access, tax structure and the performance of Malaysian manufacturing SMEs. International Journal of Managerial, 16(4), 433-454. https://doi.org/10.1108/IJMF-08-2019-0308
Contractor, F. J., Nuruzzaman, N., Dangol, R. y Raghunath, S. (2021). How FDI inflows to emerging markets are influenced by country regulatory factors: an exploratory study. Journal of International Management, 27(1). https://doi.org/10.1016/j.intman.2021.100834
Corredera, F., Di Pietro, F. y Trujillo, A. (2021). Post COVID 19 SME fnancing constraints and the credit guarantee scheme solution in Spain. Journal of Banking Regulation, (22), 250-260. https://doi.org/10.1057/s41261-021-00143-7
Demirguc, A., Martinez, M. y Tressel, T. (2019). The global financial crisis and the capital structure of firms: Was the impact more severe among SMEs and non-listed firms? Journal of Corporate Finance, 60. 1-66. https://doi.org/10.1016/j.jcorpfin.2019.101514
Espinoza, G. (2020). El Crédito Bancario y las Pymes en Ecuador. YACHANA, 9(2), 77-90. https://doi.org/10.62325/10.62325/yachana.v9.n2.2020.649
Feijó, N., Ceular, N. y Navajas, V. (2023). Behavioral patterns that influence the financing choice models of small enterprises in Ecuador through latent class analysis. Sustainability, 15(8), 1-17. https://doi.org/10.3390/su15086790
Gana, K. y Broc, G. (2021). Structural equation modeling: an introduction using R and R-Studio. Routledge.
Hair, J., Hult, T., Ringle, C., Sarstedt, M., Danks, N. y Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. Springer.
Henseler, J., Hubona, G. y Ray, P. A. (2021). Using PLS Path modeling in new technology research: updated guidelines. Industrial Management & Data Systems, 121(1), 2-20. https://doi.org/10.1108/IMDS-09-2015-0382
Hurtado, J. (2012). Metodología de la investigacion. Guía para la comprension holística de la ciencia. Quirón ediciones.
Johnson, R. A. y Wichern, D. W. (2022). Applied Multivariate Statistical Analysis. Pearson.
Karakaya-Ozyer, K. y Aksu-Dunya, B. (2018). A review of structural equation modeling applications in Turkish educational science literature. International Journal of Research in Education and Science, 4(1), 279-291. https://doi.org/10.21890/ijres.383177
Kumar, K. (2022). Research Methodology in Social Science. K.K. Publications.
Lam, T., Nhien, D., Anh, T., Xuan, T., Thuy, T. y Uyen, T. (2022). The impact of supply chain financing on SMEs performance in Global supply chain. Uncertain Supply Chain Management, 10, 255-270. https://doi.org/10.5267/j.uscm.2021.9.003
Lasak, P. (2022). The role of financial technology and entrepreneurial finance practices in funding small and medium-sized. Journal of Entrepreneurship, Management and Innovation, 18(1), 7-34. https://doi.org/10.7341/20221811
Liu, Y., Dilanchiev, A., Xu, K. y Merdan, A. (2022). Financing SMEs and business development as new post Covid-19 economic recovery determinants. Economic Analysis and Policy, 76, 554-567. https://doi.org/10.1016/j.eap.2022.09.006
Manaces, G., Rivera, G., Zambrano, M. y Triviño, K. (2023). Constitution of popular and solidary economic organizations in post-pandemic for the Ecuadorian economic reactivation. Baltic Journal of Law & Politics, 16(3), 1-10. https://doi.org/10.2478/bjlp-2023-00000111
Mejía-Escobar, J., González-Ruiz, J. y Duque-Grisales, E. (2020). Sustainable financial products in the Latin America banking industry: Current status and insights. Sustainability, 12(5648),1-25. https://doi.org/10.3390/SU12145648
Motta, V. y Sharma, A. (2019). Lending technologies and access to finance for SMEs in the hospitality industry. International Journal of Hospitality Management, 86, 1-9. https://doi.org/10.1016/j.ijhm.2019.102371
Mpofu, O. y Bongani, A. (2022). Informal finance: a boon or bane for African SMEs? Journal of Risk and Financial Management, (15), 1-15. https://doi.org/10.3390/jrfm15060270
Páez Pérez, P., Jaramillo Vasconez, O. y Ramírez González, R. (mayo de 2021). Concentración y tasas de interés en el sistema financiero ecuatoriano. Economía, 73(1), 93-104. htps://doi.org/10.29166/economia.v73i117.2629
Proaño, B. y Feria, J. (2022). Are Ecuadorian banks enough technically efficient for growth? A clinical study. WILEY, 1-19. https://doi.org/10.1002/ijfe.2775
Pu, G., Qamruzzaman, M., Muneeb, A. N. y Karim, S. (2021). Innovative finance, technological adaptation and SMEs Sustainability: the mediating role of government support during COVID-19 Pandemic. Sustainability, (13), 1-27. https://doi.org/10.3390/su13169218
Sellbom, M. y Tellegen, A. (2019). Factor analysis in psychological assessment research: Common pitfalls and recommendations. Psychological Assessment, 21(12), 1428-1441. https://doi.org/10.1037/pas0000623
Van, N., Thi, T., Duc, T., Dinh, V., Thi, N., Van, D., Mingh, N., Van, T., Dang, N. y Ba, T. (2021). SME fnancing role in developing business environment and economic growth: empirical evidences from technical SMEs in Vietnam. Environmental Science and Pollution Research, 29. https://doi.org/10.1007/s11356-022-19528-w
Vogt, W. (2015). Structural Equation. Dictionary of Statistics & Methodology.
Zhavoronok, A., Shchur, R., Zhezherun, Y., Sadchykova, I., Viadrova, N. y Tychkovska, L. (2022). The role of the credit services market in ensuring stability of the banking system. International Journal of Safety and Security Engineering, 12(6), 667-679. https://doi.org/1org/10.18280/ijsse.120602
Ahmed, S., Ejaz Majeed, M., Thalassinos, E. y Thalassinos, Y. (2021). The impact of bank specific and macro-economic factors on non-performing loans in the banking sector: Evidence from an emerging economy. Journal of Risk and Financial Management, 14(217). 1-14. https://doi.org/10.3390/jrfm14050217
Álvarez, J., Cabrera, P. y Jácome, H. (2023). Territorial inequalities in financial inclusion: A comparative study between private banks and credit unions. Socio-Economic Planning Sciences, 87(Part A). https://doi.org/10.1016/j.seps.2023.101561
Amadasun, D. y Mutezo, A. (2022). Infuence of access to fnance on the competitive growth of SMEs in Lesotho. Journal of Innovation and Entrepreneurship, 11(1), 1-20. doi:https://doi.org/10.1186/s13731-022-00244-1
Anzules, W. y Novillo, S. (2023). Innovation capacity, entrepreneurial orientation, and flexibility: an analysis from industrial SMEs in Ecuador. Sustainability, 15(13), 1-24. https://doi.org/10.3390/su151310321
Asamblea Nacional del Ecuador. (2018). Código Orgánico Monetario y Financiero. Quito, Ecuador.
Asamblea Nacional del Ecuador. (2021). Ley Orgánica de Emprendimiento e Innovación. Suplemento del Registro Oficial No. 151 , 28 de Febrero 2020.
Bacuilima, E., Morocho, J., Aguirre, J., Coronel, K. y Mora, P. (2023). Financing Ecuadorian social enterprises: what is the role of impact investment? Sustainability, 15(14), 1-19. https://doi.org/10.3390/su151411210
Bakhtiari, S., Breunig, R., Magnani, L. y Zhang, J. (2020). Financial constraints and small and medium enterprises: a review. Economic Recor, 96. 1-8. https://doi.org/10.1111/1475-4932.12560
Beck, T., Demirguc-Kunt, A. y Maksimovic, V. (2008). Financing patterns around the world: Are small firms different? Journal of Financial Economics, 89(3), 467-487. https://doi.org/10.1016/j.jfineco.2007.10.005
Briozzo, A. y Albanese, D. (2020). Voluntary audit, investment, and financing decisions in Latin American small and medium enterprises. Journal of International Accounting, Auditing and Taxation, 38,1-11. https://doi.org/10.1016/j.intaccaudtax.2020.100302
Bruner, J. S. (2018). Desarrollo cognitivo y educación. Ediciones Morata.
Byrne, B. M. (2021). Structural equation modeling with AMOS: basic concepts, applications, and programming. (4th ed.). Routledge. https://doi.org/10.4324/9781315757421
Cheong, C., Huui, M. y Arul, M. (2020). Credit access, tax structure and the performance of Malaysian manufacturing SMEs. International Journal of Managerial, 16(4), 433-454. https://doi.org/10.1108/IJMF-08-2019-0308
Contractor, F. J., Nuruzzaman, N., Dangol, R. y Raghunath, S. (2021). How FDI inflows to emerging markets are influenced by country regulatory factors: an exploratory study. Journal of International Management, 27(1). https://doi.org/10.1016/j.intman.2021.100834
Corredera, F., Di Pietro, F. y Trujillo, A. (2021). Post COVID 19 SME fnancing constraints and the credit guarantee scheme solution in Spain. Journal of Banking Regulation, (22), 250-260. https://doi.org/10.1057/s41261-021-00143-7
Demirguc, A., Martinez, M. y Tressel, T. (2019). The global financial crisis and the capital structure of firms: Was the impact more severe among SMEs and non-listed firms? Journal of Corporate Finance, 60. 1-66. https://doi.org/10.1016/j.jcorpfin.2019.101514
Espinoza, G. (2020). El Crédito Bancario y las Pymes en Ecuador. YACHANA, 9(2), 77-90. https://doi.org/10.62325/10.62325/yachana.v9.n2.2020.649
Feijó, N., Ceular, N. y Navajas, V. (2023). Behavioral patterns that influence the financing choice models of small enterprises in Ecuador through latent class analysis. Sustainability, 15(8), 1-17. https://doi.org/10.3390/su15086790
Gana, K. y Broc, G. (2021). Structural equation modeling: an introduction using R and R-Studio. Routledge.
Hair, J., Hult, T., Ringle, C., Sarstedt, M., Danks, N. y Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. Springer.
Henseler, J., Hubona, G. y Ray, P. A. (2021). Using PLS Path modeling in new technology research: updated guidelines. Industrial Management & Data Systems, 121(1), 2-20. https://doi.org/10.1108/IMDS-09-2015-0382
Hurtado, J. (2012). Metodología de la investigacion. Guía para la comprension holística de la ciencia. Quirón ediciones.
Johnson, R. A. y Wichern, D. W. (2022). Applied Multivariate Statistical Analysis. Pearson.
Karakaya-Ozyer, K. y Aksu-Dunya, B. (2018). A review of structural equation modeling applications in Turkish educational science literature. International Journal of Research in Education and Science, 4(1), 279-291. https://doi.org/10.21890/ijres.383177
Kumar, K. (2022). Research Methodology in Social Science. K.K. Publications.
Lam, T., Nhien, D., Anh, T., Xuan, T., Thuy, T. y Uyen, T. (2022). The impact of supply chain financing on SMEs performance in Global supply chain. Uncertain Supply Chain Management, 10, 255-270. https://doi.org/10.5267/j.uscm.2021.9.003
Lasak, P. (2022). The role of financial technology and entrepreneurial finance practices in funding small and medium-sized. Journal of Entrepreneurship, Management and Innovation, 18(1), 7-34. https://doi.org/10.7341/20221811
Liu, Y., Dilanchiev, A., Xu, K. y Merdan, A. (2022). Financing SMEs and business development as new post Covid-19 economic recovery determinants. Economic Analysis and Policy, 76, 554-567. https://doi.org/10.1016/j.eap.2022.09.006
Manaces, G., Rivera, G., Zambrano, M. y Triviño, K. (2023). Constitution of popular and solidary economic organizations in post-pandemic for the Ecuadorian economic reactivation. Baltic Journal of Law & Politics, 16(3), 1-10. https://doi.org/10.2478/bjlp-2023-00000111
Mejía-Escobar, J., González-Ruiz, J. y Duque-Grisales, E. (2020). Sustainable financial products in the Latin America banking industry: Current status and insights. Sustainability, 12(5648),1-25. https://doi.org/10.3390/SU12145648
Motta, V. y Sharma, A. (2019). Lending technologies and access to finance for SMEs in the hospitality industry. International Journal of Hospitality Management, 86, 1-9. https://doi.org/10.1016/j.ijhm.2019.102371
Mpofu, O. y Bongani, A. (2022). Informal finance: a boon or bane for African SMEs? Journal of Risk and Financial Management, (15), 1-15. https://doi.org/10.3390/jrfm15060270
Páez Pérez, P., Jaramillo Vasconez, O. y Ramírez González, R. (mayo de 2021). Concentración y tasas de interés en el sistema financiero ecuatoriano. Economía, 73(1), 93-104. htps://doi.org/10.29166/economia.v73i117.2629
Proaño, B. y Feria, J. (2022). Are Ecuadorian banks enough technically efficient for growth? A clinical study. WILEY, 1-19. https://doi.org/10.1002/ijfe.2775
Pu, G., Qamruzzaman, M., Muneeb, A. N. y Karim, S. (2021). Innovative finance, technological adaptation and SMEs Sustainability: the mediating role of government support during COVID-19 Pandemic. Sustainability, (13), 1-27. https://doi.org/10.3390/su13169218
Sellbom, M. y Tellegen, A. (2019). Factor analysis in psychological assessment research: Common pitfalls and recommendations. Psychological Assessment, 21(12), 1428-1441. https://doi.org/10.1037/pas0000623
Van, N., Thi, T., Duc, T., Dinh, V., Thi, N., Van, D., Mingh, N., Van, T., Dang, N. y Ba, T. (2021). SME fnancing role in developing business environment and economic growth: empirical evidences from technical SMEs in Vietnam. Environmental Science and Pollution Research, 29. https://doi.org/10.1007/s11356-022-19528-w
Vogt, W. (2015). Structural Equation. Dictionary of Statistics & Methodology.
Zhavoronok, A., Shchur, R., Zhezherun, Y., Sadchykova, I., Viadrova, N. y Tychkovska, L. (2022). The role of the credit services market in ensuring stability of the banking system. International Journal of Safety and Security Engineering, 12(6), 667-679. https://doi.org/1org/10.18280/ijsse.120602
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