Econometric analysis of the financial sustainability of popular and solidarity economy organizations
Análisis econométrico de la sostenibilidad financiera de las organizaciones de la economía popular y solidaria
##plugins.themes.bootstrap3.article.sidebar##
PDF
FLIP
HTML
XML
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
##plugins.themes.bootstrap3.article.main##
Objective. To evaluate the financial sustainability of popular and solidarity economy organizations in Ecuador. Methodology. Employing an econometric approach, the natural logarithm of income was structured as the dependent variable and indicator of sustainability, including ratios of profitability, liquidity, equity indebtedness, and asset indebtedness. The independent variables in the study were the natural logarithm of assets and the sector classification. Results. Liquidity, economic profitability, asset size, and production sector membership are significant variables explaining financial sustainability; thus, popular and solidarity economy organizations function structurally as free market enterprises, requiring immediate credit lines and liquidity to meet their obligations or cover production costs. Furthermore, as they grow, they are capable of capitalizing on resources and achieving higher profitability. Conclusions. The financial sustainability of an organization can be assessed by examining its income, which is highly contingent on the explanatory variables whose management is aimed at achieving the organization’s long-term survival and success in the market.
Downloads
##plugins.themes.bootstrap3.article.details##
Abraham, A. (2003). Financial sustainability and accountability: a model for nonprofit organizations. Brisbane, Australia: University of Wollongong.
Acosta, D. and Betancur, C. (2014). Best practices of financial sustainability: The case of accelerated development of Korean non-profit organizations. Mundo Asia Pacífico, 3(5), 7-23. DOI: https://doi.org/10.17230/map.v3.i5.01
https://doi.org/10.17230/map.v3.i5.01
Arias, D.P. (2018). Políticas públicas enfocadas al fortalecimiento de emprendimientos asociativos. Revista de Investigación, 5(2), 50-60.
Barzaga, O. et al. (2018). Valoraciones entorno al riesgo financiero en las medianas empresas de la Provincia de Manabí. Revista Lasallista de Investigación, 15(2), 83-94. DOI: https://doi.org/10.22507/rli.v15n2a6
https://doi.org/10.22507/rli.v15n2a6
Bowman, W. (2011). Financial capacity and sustainability of ordinary nonprofits. Nonprofit Management and Leadership, 22(1), 37-51 DOI: https://doi.org/10.1002/nml.20039
https://doi.org/10.1002/nml.20039
Castillo, J.S. y García, M. del C. (2013). Análisis de los factores explicativos de la rentabilidad de las empresas vinícolas de Castilla-La Mancha. Revista de la Facultad de Ciencias Agrarias, 45(2), 141-154.
Chang, C. and Tuckman, H. (1994). Revenue diversification among non-profits. Voluntas: International Journal of Voluntary and Nonprofit Organizations, 5(3), 273-290. DOI: https://doi.org/10.1007/BF02354036
https://doi.org/10.1007/BF02354036
de la Vega-Mena, M. et al. (2015). Profundidad y sostenibilidad financiera de las bancas de desarrollo rural mexicanas con relación a las de América Latina. Análisis Económico, 74(XXX), 175-193.
FMI. (2014). Manual de estadísticas de finanzas públicas. Washington D. C., USA: International Monetary Fund, Publication Services.
Forero, J., Bohórquez, L. y Lozano, A. (2008). Impacto de la calidad de la rentabilidad. Ingeniería, 13(1), 42-50.
Frumkin, P. and Keating, E.K. (2011). Diversification Reconsidered: The Risks and Rewards of Revenue Concentration. Journal of Social Entrepreneurship, 2(2), 151-164. DOI: https://doi.org/10.1080/19420676.2011.614630
https://doi.org/10.1080/19420676.2011.614630
García, M.D. (2022). Estudio de la sostenibilidad y la innovación en Startups españolas (tesis de posgrado). Departamento de Economía Financiera y Dirección de Operaciones, Universidad de Sevilla, Sevilla, España.
Goddard, J., Tavakoli, M. and Wilson, J.O.S. (2006). Determinants of profitability in European manufacturing and services: Evidence from a dynamic panel model. Applied Financial Economics, 15(18), 1269-1282. DOI: https://doi.org/10.1080/09603100500387139
https://doi.org/10.1080/09603100500387139
Greenlee, J.S. and Trussel, J.M. (2000). Predicting the Financial Vulnerability of Charitable Organizations. Nonprofit Management and Leadership, 11(2), 199- 210. DOI: https://doi.org/10.1002/nml.11205
https://doi.org/10.1002/nml.11205
Guerrero, S. (2017). Financial Vulnerability and Nonprofit Organizations. En Farazmand, A. (Ed.), Global Encyclopedia of Public Administration, Public Policy, and Governance (pp. 1-7). New York, USA: Springer International Publishing. DOI: https://doi.org/10.1007/978-3-319-31816-5_2938-1
https://doi.org/10.1007/978-3-319-31816-5_2938-1
Gujarati, D. y Porter, D. (2010). Econometría. Ciudad de México, México: McGraw-Hill.
Ibañez, M. y Martínez, C. (2022). Endeudamiento y vulnerabilidad financiera: factores asociados. Un caso de estudio. Revista: Apuntes de Economía y Sociedad, 3(1), 57-68. DOI: https://doi.org/10.5377/aes.v3i1.14604
https://doi.org/10.5377/aes.v3i1.14604
Jácome, H. et al. (2016). Economía solidaria. Historias y prácticas de su fortalecimiento. Quito, Ecuador: Superintendencia de Economía Popular y Solidaria.
Keating, E.K. et al. (2005). Assessing Financial Vulnerability in the Nonprofit Sector. Faculty Research Working Papers Series, 27, 1-41. DOI: https://doi.org/10.2139/ssrn.647662
https://doi.org/10.2139/ssrn.647662
Macías-Macías, L.M. y Toala-Mendoza, S.T. (2022). Desafíos de sostenibilidad financiera en entidades municipales autofinanciadas del cantón Santa Ana. Revista Científica Arbitrada Multidisciplinaria de Ciencias Contables, Auditoría y Tributación: CORPORATUM 360, 5(10), 2-17. DOI: https://doi.org/10.56124/corporatum-360.v5i10.0050
https://doi.org/10.56124/corporatum-360.v5i10.0050
Macías-Villacreses, T.L., Díaz-Baque, W.M. y DelgadoDelgado, A.M. (2022). Modernización de las empresas: importancia para la sostenibilidad financiera económica. Dominio de las Ciencias, 8(3), 2186-2204.
Marconatto, D., Ladeira, W.J. and Wegner, D. (2019). The sustainability of solidarity economy organizations: an empirical investigation. Journal of Cleaner Production, 228, 1122-1130. DOI: https://doi.org/10.1016/j.jclepro.2019.04.352
https://doi.org/10.1016/j.jclepro.2019.04.352
Mazanec, J., Bartosova, V. and Bohm, P. (2022). Logit Model for Estimating Non-Profit Organizations' Financial Status as a Part of Non-Profit Financial Management. Mathematics, 10(13), 2162. DOI: https://doi.org/10.3390/math10132162
https://doi.org/10.3390/math10132162
Morán, L.A. et al (2021). Gestión de riesgos financieros en empresas de servicios ante la amenaza del COVID-19 en Ecuador. Acta Universitaria, 31, 1-18. DOI: https://doi.org/10.15174/au.2021.3139
https://doi.org/10.15174/au.2021.3139
Ortiz, J. y Gil, D. (2014). Transformaciones logarítmicas en regresión simple. Comunicaciones en Estadística, 7(1), 80-98. DOI: https://doi.org/10.15332/s2027-3355.2014.0001.06
https://doi.org/10.15332/s2027-3355.2014.0001.06
Peláez, L.E. et al. (2022). Sostenibilidad financiera en organizaciones de la Economía Popular y Solidaria. Una propuesta de medición. Revista Enfoques, 6(22), 156-168. DOI: https://doi.org/10.33996/revistaenfoques.v6i22.133
https://doi.org/10.33996/revistaenfoques.v6i22.133
Puerta, E. y Gallardo, E. (2014). Economía popular y solidaria y los pequeños arroceros de Los Ríos. PODIUM. Revista de Ciencia y Tecnología en la Cultura Física, 26, 97-111. DOI: https://doi.org/10.31095/podium.2014.26.6
https://doi.org/10.31095/podium.2014.26.6
Saltos, J.G., Mayorga, M.P. y Ruso, F. (2016). La economía popular y solidaria: un estudio exploratorio del sistema en Ecuador con enfoque de control y fiscalización. Revista Cubana de Contabilidad y Finanzas COFIN HABANA, 11(2), 55-75.
Searing, E.A.M. (2018). Determinants of the recovery of financially distressed nonprofits. Nonprofit Management and Leadership, 28(3), 313-328. DOI: https://doi.org/10.1002/nml.21296
https://doi.org/10.1002/nml.21296
Sobati-Moghadam, S. and Fayoumi, A. (2019). Private collaborative business benchmarking in the cloud. Advances in Intelligent Systems and Computing, 857, 1359-1365. DOI: https://doi.org/10.1007/978-3-030-01177-2_101
https://doi.org/10.1007/978-3-030-01177-2_101
Tevel, E., Katz, H. and Brock, D.M. (2015). Nonprofit Financial Vulnerability: Testing Competing Models, Recommended Improvements, and Implications. Voluntas: International Journal of Voluntary and Nonprofit Organizations, 26(6), 2500-2516. DOI: https://doi.org/10.1007/s11266-014-9523-5
https://doi.org/10.1007/s11266-014-9523-5
Tuckman, H.P. and Chang, C.F. (1991). A Methodology for Measuring the Financial Vulnerability of Charitable Nonprofit Organizations. Nonprofit and Voluntary Sector Quarterly, 20(4), 445-460. DOI: https://doi.org/10.1177/089976409102000407
https://doi.org/10.1177/089976409102000407
Tumini, L. and Wilkis, A. (2022). Cuidados y vulnerabilidad financiera. Santiago de Chile, Chile: CEPAL.
Vaca, A. y Orellana, O. (2020). Análisis de riesgo financiero en el sector de fabricación de otros productos y minerales no metálicos del Ecuador. Revista Economía y Política, 32, 100-132. DOI: https://doi.org/10.25097/rep.n32.2020.05
https://doi.org/10.25097/rep.n32.2020.05
Zambrano-Farías, F.J., Sánchez-Pacheco, M.E. y CorreaSoto, S.R. (2021). Análisis de rentabilidad, endeudamiento y liquidez de microempresas en Ecuador. Retos, 11(22), 235-249. DOI: https://doi.org/10.17163/ret.n22.2021.03
