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Editorial. El deterioro de la libertad académica en El Salvador, N° 44, enero-junio 2024

This research work focuses on determining the business performance, risk and performance of the subsector of other land transportation activities (ISIC 492); The importance of this subsector lies in the fact that it is transversal to all economic activities and that it helps the productive chains of the different economic sectors. In particular, the impact of calculating the efficiency, profit margin and financial leverage on the performance of the subsector is determined through the DUPONT model, and the capital asset pricing model (CAPM) is applied to determine the risk and return. required of the subsector. The study involved 56,146 observations corresponding to the period 2012-2021, which was obtained from the Superintendence of Companies, Securities and Insurance. In the subsector, it was determined that the companies did not present profitability throughout the entire period analyzed, both the ROA and the ROE present negative values, but these negative results are notably accentuated in 2020. In addition, it was found that the subsector H492 It is riskier than the market as a whole, as it has a Beta coefficient of 1.7154. Furthermore, the minimum required return that an investor in the subsector should demand is 9,206%. Knowing and managing financial and risk indicators serve as a basis for business decision-making. Even the level of risk must be exposed by the entities for the good future of the investments., El presente trabajo de investigación se enfoca en determinar el desempeño empresarial, riesgo y rendimiento del subsector de otras actividades de transporte por vía terrestre (CIIU 492); la importancia de este subsector radica en que es transversal a todas las actividades económicas y que ayuda a los encadenamientos productivos de los diferentes sectores económicos. En particular se determina el impacto de la eficiencia, margen de utilidad y apalancamiento financiero en el desempeño del subsector por medio del modelo DUPONT, y se aplica el modelo de valoración de activos de capital (CAPM) para determinar el riesgo y rendimiento requerido del subsector. En el estudio intervinieron 56.146 observaciones correspondiente al periodo 2012-2021, la cual, fue obtenida de la Superintendencia de Compañías, Valores y Seguros. En el subsector se determinó que las empresas no presentaron rentabilidad a lo largo de todo el periodo analizado, tanto el ROA como el ROE presentan valores negativos, pero estos resultados negativos se acentúan notablemente en el año 2020. Además, se encontró que el subsector H492 es más riesgoso que el mercado en su conjunto, ya que tiene un coeficiente Beta de 1,7154. Además, el rendimiento mínimo requerido que debería exigir un inversionista del subsector es de 9,206%. Conocer y gestionar indicadores financieros y de riesgo sirven como base para la toma de decisiones empresarial. Incluso, el nivel de riesgo debe ser expuesto por las entidades para el buen porvenir de las inversiones.

Coronavirus Anxiety Scale (CAS) is a widely used measure that captures somatic symptoms of coronavirus-related anxiety. In a large-scale collaboration spanning 60 countries (Ntotal = 21,513), we examined the CAS’s measurement invariance and assessed the convergent validity of CAS scores in relation to the fear of COVID-19 (FCV-19S) and the satisfaction with life (SWLS-3) scales. We utilized both conventional exact invariance tests and alignment procedures, with results revealing that the single-factor model fit the data well in almost all countries. Partial scalar invariance was supported in a subset of 56 countries. To ensure the robustness of results, given the unbalanced samples, we employed resampling techniques both with and without replacement and found the results were more stable in larger samples. The alignment procedure demonstrated a high degree of measurement invariance with 9% of the parameters exhibiting non-invariance. We also conducted simulations of alignment using the parameters estimated in the current model. Findings demonstrated reliability of the means but indicated challenges in estimating the latent variances. Strong positive correlations between CAS and FCV-19S estimated with all three different approaches were found in most countries. Correlations of CAS and SWLS-3 were weak and negative but significantly differed from zero in several countries. Overall, the study provided support for the measurement invariance of the CAS and offered evidence of its convergent validity while also highlighting issues with variance estimation.

In business decisions, it is necessary to determine which are the variables that explain the probability of bankruptcy in order to make predictions about them in a second stage. The objective of this research work is to determine the probability of failure of companies in the construction sector in Ecuador. In order to achieve the goal, the logistic regression model and the Probit model were applied, which are binary discrete choice models. Among the important findings, it can be said that the variables that explain the probability of business bankruptcy in the sector are the size of the company, the level of indebtedness, liquidity, profitability and net income. In addition, the predictive capacity of the model was verified under different metrics such as sensitivity, specificity and later the ROC curve. In general, the Probit model gives a better predictive capacity of the model., En las decisiones empresariales se debe determinar cuáles son las variables que explican la probabilidad de su quiebra para en una segunda etapa realizar predicciones sobre las mismas. El objetivo del presente trabajo de investigación es determinar la probabilidad de quiebra de las empresas del sector de la construcción del Ecuador. Para lograr el cometido, se aplicaron el modelo de regresión logística y el modelo Probit, que son modelos de elección discreta binaria. Entre los hallazgos importantes se puede decir que las variables que explican la probabilidad de quiebra empresarial en este sector son el tamaño de la empresa, el nivel de endeudamiento, la liquidez, la rentabilidad y el ingreso neto. Además, se verificó la capacidad predictiva del modelo bajo diferentes métricas como la sensibilidad, la especificidad y posteriormente la curva ROC. En general el modelo Probit da una mejor capacidad predictiva.

Este editorial fue escrito -en parte- por ChatGPT, No.43 julio - diciembre 2023.

La literatura sociopolítica reconoce en la actualidad el desarrollo de procesos de deterioro democrático, el auge de líderes populistas y de personalización de la política. En estas circunstancias cobra cada vez más relevancia e interés el estudio de la personalidad de las figuras políticas. Este artículo explora la personalidad atribuida al presidente salvadoreño Nayib Bukele por parte de una muestra de estudiantes y de profesionales de las Ciencias Sociales y Humanidades (N = 258). Fue administrado un cuestionario en línea a principios del 2021 que incluyó algunos datos sociodemográficos, medidas de los cinco grandes, la tétrada oscura y de la tríada luminosa de la personalidad. Los resultados muestran que ambas muestras perciben la personalidad del mandatario como extrovertida, pero los profesionales le atribuyen rasgos generales más extremos (e.g., inestabilidad emocional), oscuros (e.g., narcicismo) y menos luminosos que los estudiantes (e.g., kantianismo). La investigación muestra que el rasgo de humanismo (i.e., valorar la dignidad y honor de las personas) constituye el principal rasgo predictor de la evaluación de la gestión del presidente como más democrática, mientras que el sadismo sería el rasgo que más llevaría a percibir su persona como semejante a la de un líder populista extremo como Donald Trump. Algunos aspectos como las implicaciones de la personalidad de los políticos para el bien de la democracia, la relevancia de la ideología y las peculiaridades de las escalas de medición empleadas son discutidos.

The Recreation and Sports Center of the University of Cuenca (CREDU) is an entity that seeks to promote and lead the practice of sports, promote physical activity, the use of free time, as well as contribute to improving the quality of life and the physical well-being of the university community and society in general. However, the entity intends to improve the efficiency and effectiveness of the CREDU processes, in order to increase the profit margin and optimize the development of personnel functions. Therefore, this research work aimed to develop a proposal for an administrative management model adjusted to the activity of the sports center. Through the approach of a hybrid model, which is based on the administrative management model by processes with a focus on the administrative model by functions, where the functions were clearly established according to the organizational structure. It was possible to conclude that the proposal would allow to improve the efficiency in the administrative and financial processes, which, in turn, contributes to the increase of the profit margin, optimization of the control of payments and collections, and increase of the capacity of the areas. sports to avoid losing customers. In addition, collaboration and communication between the different departments and areas of the center are encouraged, which contributes to a more integrated and effective management of sports and recreational activities, and fosters a culture of continuous improvement in the organization.

Companies nowadays that want to remain and develop in the market must seek strategies to differentiate themselves and maintain themselves in the internal and external structure. That is, they seek to transcend their field. POSMA SAS. is a company dedicated to producing quality organic preservatives and aims to become a leading company with continuous improvement, promoting sustainable production. However, as it is a relatively new firm, it requires manuals to develop safe management and process practices. They do not have a written guide that allows them to consult the actions under certain circumstances. That is why this work was oriented to design a comprehensive management system for the company POSMA SAS., period 2023, that is, a guide that serves as an application in the short term so that it can develop strategies that allow it to evolve and grow. For this, an exhaustive documentary investigation was carried out, which served to apply it to the field of action, where a management manual was obtained—as a result, detailing the basic principles of how the company should proceed in all its integral management. Through the conversations with the company managers, it was possible to design an integrated scorecard considering the strategies to meet the institution's goals.

This essay reflects on contemporary authoritarianism, regarding the 80 years of the classic book: The fear of freedom, by Erich Fromm. It is argued that the main message of the text maintains its validity by warning about the risks that hang over democracy before the arrival of an authoritarian leader to whom the masses submit in search of protection and meaning, in which the Salvadoran case serves to illustrate submission to populist leaders in Central America. As long as people's dignity is not placed at the center of political concerns, the risk of persisting in the idea of escaping from freedom through authoritarianism will always be a latent possibility., Cet essai Cet essai réfléchi sur l’autoritarisme contemporain concernant les années 80 du célèbre livre: La peur de la liberté d’Erich Fromm. Cet article argumente que le message principal du texte maintient sa validité qui prévient sur les risques qui pèsent sur la démocratie face à l’arrivée d’un leader autoritaire. Alors les masses se sont soumises devant ce leader autoritaire en cherchant protection et sens, ce qui dans le cas salvadorien sert à illustrer la soumission aux leaders populistes de l’Amérique Centrale. Tant que la dignité des personnes n’est pas placée dans le centre des préoccupations politiques, le risque de persister dans l’idée d’échapper de la liberté à travers de l’autoritarisme sera toujours une possibilité latente, En este ensayo se reflexiona sobre el autoritarismo contemporáneo, a propósito de los 80 años del libro clásico: El miedo de la libertad, de Erich Fromm. Se argumenta que el mensaje principal del texto mantiene su vigencia al advertir sobre los riesgos que se ciernen sobre la democracia ante la llegada de un líder autoritario al cual las masas se someten en busca de resguardo y sentido, en el que el caso salvadoreño sirve para ilustrar la sumisión a líderes populistas en Centroamérica. Mientras la dignidad de las personas no sea colocada en el centro de las preocupaciones políticas, el riesgo de persistir en la idea de escapar de la libertad a través del autoritarismo será siempre una posibilidad latente.

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 esperadodel 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 undesempeño mejor al esperado. La información proporcionada sirve como apoyo para las organizaciones u otros grupos de interés, considerando elalto nivel de incertidumbre en el mercado., 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’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 informationprovided constitutes a support for organizations or other interest groups, considering the high level of uncertainty existing in the market.

To determine the pertinence of the creation of the dual study Accounting degree in the city of Cuenca, Ecuador, a focus group methodology was applied to experts in the field of Accounting and Auditing, as well as surveys to know the supply and demand that this new career would have, a curriculum was also developed using the benchmark methodology, in which different national and international universities were used. On the other hand, the contents of the course were developed taking into account the comments and considerations of the panel of experts who participated in the focus group, as well as comparisons between university chairs worldwide. Taking into account the needs of this occupational field shared by the members of the focus group, the occupational profile of the professional graduates of this career was defined, and with this it is concluded that the career under study is pertinent thanks to the collection and analysis of the data.

The purpose of the study of the relevance of a dual career in finance was to find the needs and expectations of the demands of the companies in the sector, together with those of the students in the third year of high school. For the scope of the information, a focus group was carried out for the representatives of the companies, and surveys were prepared for the students of the third year of their baccalaureate program. Making use of a qualitative methodology to obtain data that defines the profile of graduation from this career and the main characteristics that a student in this area should have. At the same time, the use of the quantitative approach through statistical techniques can be used to interpret the information obtained through the application of the surveys to students in the third year of high school. With the information obtained, it was concluded that within the city of Cuenca, there are no additional institutions that offer academic preparation for a career in finance. It was recorded that only 11.4 percent of the students surveyed would choose a career in finance engineering, dual mode. Meanwhile, 49 percent of the students surveyed said that the most relevant subject for the career would be accounting and corporate finance, which was the same opinion expressed by professionals already in this field of work. It was concluded that even though the students did not have a broad knowledge about a career in finance, there could be an opening for the creation of such a career because there would be a labor demand for it.

Portfolio construction is the process of selecting and combining financial assets with the aim of achieving a specific economic goal. To achieve such objective, contextualizing portfolio construction through a quantitative model is a valid approach, however, complexity quickly increases as the number of variables that mimic real investment scenarios are accounted for. In this thesis, portfolio construction is solved though classic one-period portfolio theory, such that, this process can be stated as a static portfolio choice problem. It will be shown that by using the assumption of Log-Normality of returns and that a risk averse individual possesses a CRRA utility function, an optimal portfolio is defined by maximizing an expected utility function of M-V parameters. With this theoretical model at hand, the main objective becomes to construct portfolios using financial data of 49 U.S industry-portfolios taken from the Kenneth French Repository. The optimization process is handled by two algorithms that were built in order to fasten calculations and to allow us to analyze a set of risk preferences and the effects of diversification.

The current integrative project was proposed because the owner of the company CP had identified the need to reformulate the mission, vision and the creation of institutional values, in order to have a clearer horizon of where to go in the future, in addition to convey this new philosophy to its employees and thus achieve a greater sense of belonging, so an intervention was conducted through workshops with all members of the company, in order to meet this need. In addition, an internal and external analysis was carried out, which contributed to the formulation of strategies, by taking advantage of the strengths and opportunities to reduce weaknesses and defend against threats, likewise, different strategic matrices were analyzed and developed to facilitate the development of the strategic plan and the formulation of its value proposition. For the execution of certain strategies, the 2023 annual operating plan was elaborated, which includes a tentative schedule, resources, budget, person in charge, indicator, measurement time and evidence for the fulfillment of their respective actions. Finally, the conclusions and recommendations of the integrating project were drawn, where a brief professional opinion on the findings was made, as well as several suggestions for the improvement and growth of the company.

Factors such as decreased age, marital status, level of education, religion, occupation, etc. They influence the daily life of the elderly, becoming an obstacle in the enjoyment of health and well-being at this stage of life. A self-applied survey was carried out on the students of the University for the Elderly of Cuenca. For this, a form that evaluates the inhibited sexual desire was applied. The tabulation and analysis was carried out with the SPSS v.25 program; as statistical measures frequencies, percentages and to estimate the relationship between the social variables and the decrease in sexual desire, Spearman's correlation was used and to estimate the influence of social factors on the decrease in sexual desire, 2x2 contingency tables were used to ODDS calculation with its respective confidence interval (95% CI). As results, it was obtained that the evaluated variables influence the decrease in sexual desire, 56% of women presented a decrease; 66.6% singles and 46.5% of married respondents presented a decrease in their sexual desire. 43.2% of higher level and 54.5% of respondents from secondary level presented a decrease. 66.7% of employees and 48.3% other (retired) presented a decrease. 50.9% of the Catholic religion and 28.6% of another, considered that it has decreased. In conclusion, 47% of the respondents presented a decrease in their sexual desire, social factors directly influence the decrease in the sexual desire of the elderly, as can be seen in the results obtained in the current investigation.

Editorial. Veinte años de Teoría y Praxis, No. 41, julio-diciembre 2022

Risk and profitability are two interdependent aspects in business activity: a certain level of risk must be assumed to achieve greater profitability. The Capital Asset Pricing Model (CAPM) is one of the most widely used models in practice to determine the required return on an investment in a financial asset based on the risk assumed. There are various models and statistical tools that seek to predict financial risk. In the present research work, the market risk and expected minimum return in the chemical substance and product manufacturing sector (CIIU C20) were determined through accounting information. The data was obtained from the Superintendency, Securities and Insurance and corresponded to the period 2011-2020, and the results were analyzed in periods of 5 years, in order to know the variations that occur between the different periods. For the analysis of this sector 3.756 observations (376 companies per year on average) were considered in the period. In addition, a total of 513.895 observations were considered as a market. In the CAPM, the passive rate of the Central Bank of Ecuador was considered as the risk-free rate. In addition, for market performance, an adjusted ROE was calculated for all companies in the corporate sector in Ecuador. The unlevered and levered Beta coefficient obtained in the 5 periods analyzed is greater than 1, that is, it is considered a risky sector. The minimum expected yield of the sector fell from 12,15% in the 2011-2015 period to 4,98% in the 2016-2020 period. The results indicate that the results indicate that chemical substance and product manufacturing sector has a better performance than the market as a whole, since it has a higher performance than required. Considering the high level of uncertainty that currently exists, determining market risk is an important tool to support entrepreneurs and other stakeholders in making decisions., Riesgo y rentabilidad son dos aspectos interdependientes en la actividad empresarial: se debe asumir un cierto nivel de riesgo para lograr una mayor rentabilidad. El modelo de valoración de activos de capital (CAPM) es uno de los modelos más utilizados en la práctica para determinar la rentabilidad exigida en una inversión en un activo financiero en función del riesgo asumido. Existen diversos modelos y herramientas estadísticas que buscan predecir el riesgo financiero. En el presente trabajo de investigación se determinó, a través de información contable, el riesgo de mercado y rendimiento mínimo esperado en el sector de fabricación de substancias y productos químicos (CIIU C20). La data fue obtenida de la Superintendencia, Valores y Seguros y correspondió al periodo 2011-2020, y se analizaron los resultados en periodos de 5 años, para de esta manera, conocer las variaciones que se presentan entre los distintos periodos. Para el análisis de este sector se consideraron 3.756 observaciones (376 empresas por año en promedio) en el periodo. Además, se consideraron como mercado un total de 513.895 observaciones. En el modelo CAPM se consideró como tasa libre de riesgo la tasa pasiva del Banco Central del Ecuador y como rendimiento de mercado un ROE ajustado del total de empresas del sector societario del Ecuador. El coeficiente Beta desapalancado y apalancado obtenido en los 5 periodos analizados es superior a 1, es decir, que se considera un sector riesgoso. El rendimiento mínimo esperado del sector se reduce de 12,15% en el periodo 2011-2015 a 4,98% en el periodo 2016-2020. Los resultados indican que el sector de fabricación de substancias y productos químicos tiene un mejor desempeño que el mercado en conjunto, ya que posee un rendimiento mayor al exigido. Si se considera el alto nivel de incertidumbre existente actualmente, determinar el riesgo de mercado es una herramienta

Risk and profitability are two interdependent aspects in business activity: a certain level of risk must be assumed to achieve greater profitability. The Capital Asset Pricing Model (CAPM) is one of the most widely used models in practice to determine the required return on an investment in a financial asset based on the risk assumed. There are various models and statistical tools that seek to predict financial risk. In the present research work, the market risk and expected minimum return in the chemical substance and product manufacturing sector (CIIU C20) were determined through accounting information. The data was obtained from the Superintendency, Securities and Insurance and corresponded to the period 2011-2020, and the results were analyzed in periods of 5 years, in order to know the variations that occur between the different periods. For the analysis of this sector 3.756 observations (376 companies per year on average) were considered in the period. In addition, a total of 513.895 observations were considered as a market. In the CAPM, the passive rate of the Central Bank of Ecuador was considered as the risk-free rate. In addition, for market performance, an adjusted ROE was calculated for all companies in the corporate sector in Ecuador. The unlevered and levered Beta coefficient obtained in the 5 periods analyzed is greater than 1, that is, it is considered a risky sector. The minimum expected yield of the sector fell from 12,15% in the 2011-2015 period to 4,98% in the 2016-2020 period. The results indicate that the results indicate that chemical substance and product manufacturing sector has a better performance than the market as a whole, since it has a higher performance than required. Considering the high level of uncertainty that currently exists, determining market risk is an important tool to support entrepreneurs and other stakeholders in making decisions.

Currently the financial system is going through a difficult time to recover the placement of funds, this scenario has been basically due to job loss, reduction of working hours, reduction and/or loss of economic benefits in the workplace, high health expenses, increase in the level of indebtedness in credit cards, among others, all of these are possible effects of the Covid 19 pandemic. For this reason, this article aims to show the behavior of extended delinquency of the cooperatives that remained within the segment 3 in the period from 2018 to 2021. The methodology used is quantitative, with a non-experimental and cross-sectional research design that allowed an analysis of the behavior of extended delinquency. The Method of differences in differences (Diff-in-Diff) was used with respect to the regulatory changes for the constitution of portfolio provisions and the Chow Test for review of structural breaks in a time series of 48 months. As a result of this article, it is observed that the regulatory reforms issued since May 2020 and that are in force to date, have mitigated the volume of portfolio provisions that financial system institutions had to constitute during the pandemic period. and that the behavior of this index presents structural breaks within this time series

Technologies applied to finance are bursting into the market, giving rise to the creation of companies (Fintech) that bring with them a series of opportunities and challenges in economic, regulatory and social issues. Therefore, this article aims to deepen the knowledge regarding the Ecuadorian Fintech ecosystem, through the measurement and description of its development in the period March 2017 - June 2021, along with its comparison with Colombia. As a result, it shows an Ecuadorian Fintech ecosystem that despite its growth still remains behind Colombia, which is consolidated as one of the most important in Latin America. Consequently, Ecuador is lagging behind in terms of the number of financial technology companies, customer adoption, investment attraction and development of regulations related to the sector. Therefore, there is a need for Fintech, the government and traditional banks to work together to advance in the promotion of actions that will keep the processes of innovation, adoption and strengthening of financial technology services vigorous.

The main focus of this integrative project is the development of a strategic planning proposal for the Cámara de la Pequeña Industria del Azuay within the period 2020-2023. As a starting point, a brief review of the organization's background, formulation of the problem and its justification is carried out. Based on this context, CAPIA's business philosophy is reformulated and an analysis of the organizational environment (EFI, EFE) is carried out, which allow detecting the strengths and weaknesses of the entity, as well as the opportunities and external threats, from this approach to generate long-term strategies through the CAME matrix. On the other hand, the strategic framework that analyzes the value curve of the business chambers of Azuay is developed, the competitive factors of the sector are evaluated, and through this, differentiation strategies are generated. In a complementary way, the Lean Canvas analysis and an annual operational planning based on activities and job title profiles of CAPIA are developed, which allow achieving short-term objectives and will remain aligned with the long-term goals of the organization. In addition, a strategic framework is developed that shows the evolution of the 2020-2023 management period, where goals to be met are proposed. Finally, conclusions and recommendations of the project are presented, which highlight the main findings of the study and it is intended that the developed plan serve as a guide in the decisionmaking of the CAPIA in its actions in the sector of business associations of Azuay.

The analysis of business failure is important, considering that companies are the engine of a country's economy. In the present research work, the risk of failure of companies in the manufacturing sector of other non-metallic mineral products in Ecuador (ISIC C23) is studied. The data consists of an average of 183 companies in the period 2009-2019. Starting from the Ohlson model (1980), logit and probit econometric models are proposed to calculate the probability of failure of companies in the sector. In the logit model, the probability of failure is between 3,67% and 8,42%, while in the probit, it is between 3,79% and 7,75%. It is highlighted that as the business size increases, the risk of failure is reduced and that the year 2017 presents less risk. In addition, the logit model has greater predictive capacity., El análisis de fracaso empresarial es importante, considerando que las empresas son el motor de la economía de un país. En el presente trabajo de investigación se estudia el riesgo de fracaso de las empresas del sector de fabricación de otros productos minerales no metálicos del Ecuador (CIIU C23). La data consta en promedio de 183 empresas en el periodo 2009-2019. Partiendo del modelo de Ohlson, se proponen los modelos econométricos logit y probit para calcular la probabilidad de fracaso de las empresas del sector. En el modelo logit la probabilidad de fracaso se encuentra entre 3,67% y 8,42%, mientras que en el probit se encuentra entre 3,79% y 7,75%. Se destaca que a medida que se incrementa el tamaño empresarial, se reduce el riesgo de fracaso y que el año 2017 presenta menor riesgo; además, el modelo logit tiene mayor capacidad predictiva.

The main objective of this academic article is to analyze the profitability of the Advanced Mobile Service (SMA) of the private sector in Ecuador during the period 2015 - 2019 and, at the same time, identify the variables that affect its profitability, in addition, a proposal is proposed. proposal. of value that allows you to increase your profitability. The research is descriptive and longitudinal under an explanatory and inductive approach, additionally the financial analysis method was used to identify the financial situation of the sector and the statistical method through the step-by-step multiple linear regression model to determine the variables that affect its profitability. Among the results obtained, it can be mentioned: that the profitability of the SMA companies in the private sector is determined by three financial indicators that are the indebtedness of the asset, the impact of financial expenses and sales, and the profitability of the assets. With this finding, it follows that to increase profitability, measures should be aimed at increasing sales and assets equally and managing a low level of administrative and selling expenses. Finally, to respond to the objectives of the study, they are based on financial strategies in relation to the variables that significantly affect the profitability of the SMA of the private sector in Ecuador.

The textile sector plays a fundamental role in the country's economy, which is why it is considered important to analyze the financial performance of the companies that make up this sector in the main provinces where the economic activity of the apparel industry is carried out; in this way, the research will make it possible to determine the differences between the provinces under study by means of statistical models. For this purpose, financial performance has been considered as a dependent variable, which is composed of return on equity, return on assets and net margin. On the other hand, the independent variables are liquidity, leverage, accounts receivable turnover and asset turnover. The province and size of the companies have also been considered as control variables. The results of the research, although not conclusive, open the way for future studies on the textile and apparel sector in the country, which has not been studied, despite its importance and potential growth.

Los síntomas emocionales son altamente prevalentes en El Salvador y se requieren escalas apropiadas para su medición. En este artículo se exponen las propiedades psicométricas de la escala abreviada de Depresión, Ansiedad y Estrés (DASS-21) a partir de una muestra de adultos salvadoreños. Participaron 339 residentes salvadoreños mayores de 18 años, 62% mujeres y 38% hombres, edad promedio de 34.1 años (DE = 11.8). Los datos fueron recabados durante la cuarentena domiciliar debido a la pandemia de COVID-19. Los participantes respondieron de forma voluntaria y anónima un cuestionario en línea con tres partes: datos sociodemográficos, percepciones relacionadas con la pandemia y la escala de síntomas emocionales DASS-21.

Market risk analysis is a tool in decision-making in organizations, considering the high level of uncertainty that affects the fulfillment of business objectives. In this research work, the CAPM model is applied to calculate the minimum expected return for the manufacturing sector of other non-metallic mineral products in Ecuador (ISIC- C23), based on accounting financial information. In order to calculate the Beta coefficient, an estimation by ordinary least squares was carried out, where an adjusted ROE was proposed. The data was made up of an average of 183 companies in the 2009-2019 period. The Beta coefficient of the sector was 0,9737, a value slightly lower than that of the Manufacturing Industries sector (ISIC C), which was 1,0688. When disaggregating the analysis by subsector, it was determined that C231 has a Beta of 0,5976, a value less than 1, that is, it has less risk than the market. On the other hand, the C239 subsector had a Beta of 1,0008, a value close to 1, that is, its volatility was higher than that of the market. When calculating the minimum expected return, the results in all the analyzed sectors reflected a value lower than the average real return, that is, companies, on average have a higher performance than expected. Therefore, it can be said that companies create value., El análisis de riesgo de mercado constituye una herramienta en la toma de decisiones en las organizaciones, al considerar el alto nivel de incertidumbre que afecta el cumplimiento de los objetivos empresariales. En el presente trabajo de investigación se aplica el modelo CAPM para calcular el rendimiento mínimo esperado para el sector de fabricación de otros productos minerales no metálicos del Ecuador (CIIU C23), en base a información financiera contable. Para el cálculo del coeficiente Beta se realizó una estimación por mínimos cuadrados ordinarios, en donde se propuso un ROE ajustado. La data estuvo conformada en promedio por 183 empresas en el periodo 2009-2019. El coeficiente Beta del sector fue 0,9737, valor levemente inferior al que presenta el sector de Industrias Manufactureras (CIIU C) que fue 1,0688. Al desagregar el análisis por subsectores, se determinó que el C231 tiene un Beta de 0,5976, valor menor a 1, es decir que tiene menor riesgo que el mercado. Por otra parte, el subsector C239 tuvo un Beta de 1,0008, valor cercano a 1, es decir que su volatilidad mayor a la del mercado. En el cálculo del rendimiento mínimo esperado, los resultados en todos los sectores analizados reflejaron un valor inferior al rendimiento real promedio, es decir que las empresas, en promedio, tienen un desempeño superior al esperado y por lo tanto se puede afirmar que las empresas crean valor.

Market risk analysis is a tool in decision-making in organizations, considering the high level of uncertainty that affects the fulfillment of business objectives. In this research work, the CAPM model is applied to calculate the minimum expected return for the manufacturing sector of other non-metallic mineral products in Ecuador (ISIC- C23), based on accounting financial information. In order to calculate the Beta coefficient, an estimation by ordinary least squares was carried out, where an adjusted ROE was proposed. The data was made up of an average of 183 companies in the 2009-2019 period. The Beta coefficient of the sector was 0,9737, a value slightly lower than that of the Manufacturing Industries sector (ISIC C), which was 1,0688. When disaggregating the analysis by subsector, it was determined that C231 has a Beta of 0,5976, a value less than 1, that is, it has less risk than the market. On the other hand, the C239 subsector had a Beta of 1,0008, a value close to 1, that is, its volatility was higher than that of the market. When calculating the minimum expected return, the results in all the analyzed sectors reflected a value lower than the average real return, that is, companies, on average have a higher performance than expected. Therefore, it can be said that companies create value., El análisis de riesgo de mercado constituye una herramienta en la toma de decisiones en las organizaciones, al considerar el alto nivel de incertidumbre que afecta el cumplimiento de los objetivos empresariales. En el presente trabajo de investigación se aplica el modelo CAPM para calcular el rendimiento mínimo esperado para el sector de fabricación de otros productos minerales no metálicos del Ecuador (CIIU C23), en base a información financiera contable. Para el cálculo del coeficiente Beta se realizó una estimación por mínimos cuadrados ordinarios, en donde se propuso un ROE ajustado. La data estuvo conformada en promedio por 183 empresas en el periodo 2009-2019. El coeficiente Beta del sector fue 0,9737, valor levemente inferior al que presenta el sector de Industrias Manufactureras (CIIU C) que fue 1,0688. Al desagregar el análisis por subsectores, se determinó que el C231 tiene un Beta de 0,5976, valor menor a 1, es decir que tiene menor riesgo que el mercado. Por otra parte, el subsector C239 tuvo un Beta de 1,0008, valor cercano a 1, es decir que su volatilidad mayor a la del mercado. En el cálculo del rendimiento mínimo esperado, los resultados en todos los sectores analizados reflejaron un valor inferior al rendimiento real promedio, es decir que las empresas, en promedio, tienen un desempeño superior al esperado y por lo tanto se puede afirmar que las empresas crean valor.

This work has the purpose to measure the risk of insolvency in the advertising and market research sector of the city of Cuenca in the period 2010 - 2018; to provide a tool that helps the company management complement the decision-making process. External factors of the sector were analyzed by conducting a PEST analysis. A diagnosis of the financial health of the company and the sector was elaborated, taking into account the calculation of the indicators of liquidity, indebtedness, profitability and efficiency or activity. As of 2018, the financial situation of the company has improved compared to its previous years, while the trends in the sector indicators are negative. Subsequently, the insolvency risk calculations were made based on the Altman and Ohlson models, with which the information could be contrasted to obtain accurate data. The results of this analysis showed that the sector is solid, it is not likely to fall into insolvency in the short term and in the same way the company has managed to leave the risk zone and place itself in a situation similar to the sector

The present research was developed with the objective of establishing the different levels of insolvency risk of the garment manufacturing sector of Cuenca city, for which multiple discriminant analysis was used as a bankruptcy prediction model, whose period of analysis was 2015-2019. With its application, it was possible to determine that the sector is healthy from the financial point of view; however, the data show a downward trend of the Z- score, since more companies are being pigeonholed in the risk zone as the years go by; In addition, it was concluded that micro-companies are the ones with the highest probability of bankruptcy; however, large companies, despite their size, show a less satisfactory performance, since in 4 of the 5 years analyzed they were located in the gray zone, which is not very encouraging considering that they represent 41% of the sector's sales. On the other hand, it was determined that the financial ratios related to liquidity and solvency are the most important when estimating business failure; at the same time, it was found that the companies that were positioned in the danger zone had liquidity ratios well below the five best companies that were identified after the analysis, which were in the safe zone every year.