Financing as a contribution to the development of enterprises in Manabí, Ecuador
DOI:
https://doi.org/10.36097/rsan.v1iEspecial_2.3252Keywords:
financing mechanisms, entrepreneurs, business developmentAbstract
Entrepreneurship has emerged as a significant driver of job creation and economic development in various countries. However, the lack of financial resources poses a major challenge for entrepreneurs during the initial stages of establishing a business. Therefore, this study aims to identify the mechanisms and financing programs available for business development in the province of Manabí, Ecuador. A non-experimental research methodology was employed, utilizing descriptive, field, and documentary methods, along with observation techniques, surveys, and interviews. The results shed light on the most commonly used sources of financing by entrepreneurs, revealing that self-capitalization prevails, while external financing is mainly facilitated through national financial institutions. This study is of substantial importance for understanding the limitations and prospects associated with business financing in the province of Manabí.
Downloads
References
Ahmad, M. M., Hunjra, A. I., Islam, F., & Zureigat, Q. (2021). Does asymmetric information affect firm’s financing decisions? International Journal of Emerging Markets 18(9), 2718-2734. https://doi.org/10.1108/IJOEM-012021-0086
Banco Central del Ecuador. (2019). Valor Agregado Bruto Cantonal. https://contenido.bce.fin.ec/documentos/Estadisticas/SectorReal/CuentasProvinciales/Can2019.xlsx
Becker-Blease J. R., & Sohl, J. E. (2007). Do women-owned businesses have equal access to angel capital? Journal of Business Venturing, 22(4), 503–521. https://doi.org/10.1016/j.jbusvent.2006.06.003
Bessler, W., Drobetz, W., & Grüninger, M. C. (2011). Information asymmetry and financing decisions. International Review of Finance, 11(1), 123–154. https://doi.org/10.1111/j.14682443.2010. 01122.x
Braunerhjelm, P. (2010). Entrepreneurship, Innovation and Economic Growth-past experience, current knowledge, and policy implications. Centre of Excellence for Science and Innovations Studies. https://www.diva-portal.org/smash/get/diva2:484894/FULLTEXT01.pdf
Cowling, M., Liu, W., & Ledger, A. (2012). Small business financing in the UK before and during the current financial crisis. International Small Business Journal, 30(7), 778–800. https://doi.org/10.1177/0266242611435516
Cumming, D., Chair, O. R., & Johan, S. (2017). The problems with and promise of entrepreneurial finance. Strategic Entrepreneurship Journal, 11(3), 357-370. https://doi.org/10.1111/sej.1265
Feijó-Cuenca, N., Ceular-Villamandos, N., & Navajas-Romero, V. (2023). Behavioral Patterns That Influence the Financing Choice Models of Small Enterprises in Ecuador through Latent Class Analysis. Sustainability (Switzerland), 15(8). https://doi.org/10.3390/su15086790
Ferraro, C., Goldstein, E., Zuleta, L. A., & Garrido, C. (2011). Eliminando barreras: El financiamiento a las pymes en América Latina. CEPAL. https://www.cepal.org/es/publicaciones/35358-eliminando-barreras-financiamiento-pymes-america-latina
Gatti, S. (2023). Financing the Deal. In Project Finance in Theory and Practice, Designing, Structuring, and Financing Private and Public Projects: Vol. Fourth Edition (pp. 181–292). Elsevier. https://doi.org/10.1016/C2021-0-00351-5
Hannig, A., & Jansen, S. (2011). Financial inclusion and financial stability: Current policy issues. In Financial Market Regulation and Reforms in Emerging Markets (pp. 284–318). Brookings Institution Press. https://doi.org/10.2139/ssrn.1729122
Instituto Nacional de Estadística y Censos [INEC]. (2022). Encuesta Nacional de Empleo, Desempleo y Subempleo (ENEMDU). https://www.ecuadorencifras.gob.ec/documentos/web-inec/EMPLEO/2021/Anual-2021/Bolet%C3%ADn%20t%C3%A9cnico%20anual%20enero-diciembre%202021.pdf
Jaime, E. (2017). El emprendimiento en Ecuador. Visión y perspectivas. Univesidad ECOTEC. http://www.espae.espol.edu.ec/wpcontent/uploads/2016/12/GemEcuador2015.pdf
Lasio, V., Amaya, A., Zambrano, J., & Ordeñana, X. (2020). Global Entrepreneurship Monitor, Ecuador 2019-2020. ESPAE. https://www.espae.edu.ec/wp-content/uploads/2021/02/GEM_Ecuador_2019.pdf
Lasio, V., & Zambrano, J. (2015). Financiamiento para Emprendedores. Reporte Especial GEM Ecuador 2015. ESPAE. http://gemconsortium.org/report/49558
Majková, M. S., Solík, J., & Sipko, J. (2014). The analysis of chosen business obstacles and problems with the financing of young entrepreneurs in Slovakia. Economics & Sociology, 7(3), 90. https://doi.org/10.14254/2071-789X.2014/7-3/7
Mand, H. S., Atri, M., Gill, A., & Amiraslany, A. (2018). The impact of bank financing and internal financing sources on women’s motivation for e-entrepreneurship. International Journal of Gender and Entrepreneurship, 10(2), 102–115. https://doi.org/10.1108/IJGE-07-2017-0041
Miller, N. J., Besser, T. L., & Vigna, D. (2011). Networking among apparel store owners in small U.S. communities: Developing social capital. Clothing and Textiles Research Journal, 29(1), 83–97. https://doi.org/10.1177/0887302X10393735
Mueller, J. (2012). Resourceful financing by new firms: the use of multiple credit sources. University of Louisville. https://doi.org/10.18297/etd/1020
Nanda, R. (2010). Entrepreneurship and the Discipline of External Finance. Harvard Business School Entrepreneurial Management Working Paper, (11-098). http://ssrn.com/abstract=1793162http://ssrn.com/abstract=1793162http://ssrn.com/abstract=1793162
Nguyen, B., & Canh, N. P. (2021). Formal and informal financing decisions of small businesses. Small Business Economics, 57(3), 1545–1567. https://doi.org/10.1007/S11187-020-00361-9
Omopariola, E. D., Windapo, A. O., Edwards, D. J., Aigbavboa, C. O., Yakubu, S. U. N., & Obari, O. (2023). Modelling the domino effect of advance payment system on project cash flow and organisational performance. Engineering, Construction and Architectural Management, 31(13), 59-78. https://doi.org/10.1108/ECAM-03-2023-0254
Pavón, L. (2016). Inclusión financiera de las pymes en el Ecuador y México. CEPAL. https://repositorio.cepal.org/server/api/core/bitstreams/dc750f8e-05ff-407c-900c-9e831e1b1bde/content
Rodríguez, M. J., & Santos, F. J. (2009). Women nascent entrepreneurs and social capital in the process of firm creation. International Entrepreneurship and Management Journal, 5(1), 45–64. https://doi.org/10.1007/s11365-007-0070-z
Rodríguez-Aguilar, V., Reina-Pinargote, C., Rodríguez-Moran, K., & Cañarte-Quimis, L. (2020). New ventures: An analysis of their types and postcovid-19 positioning. Revista Científica FIPCAEC (Fomento de la Investigación y Publicación en Ciencias Administrativas, Económicas y Contables), 5(22), 91–113. https://doi.org/10.23857/fipcaec.v5i4.298
Schechter, C., & Asher, N. (2012). Principals’ sense of uncertainty and organizational learning mechanisms. International Journal of Educational Management, 26(2), 138–152. https://doi.org/10.1108/09513541211201951
Sony, B., & Bhaduri, S. (2021). Information asymmetry and financing choice between debt, equity and dual issues by Indian firms. International review of economics & finance, 90–101. https://doi.org/10.1016/j.iref.2020.11.001
Sagar, G., Anand, B., Perumalla Varalaxmi, A. S., & Raj, S. (2023). The role of entrepreneurship in economic growth and development. Journal of Survey in Fisheries Sciences, 10(1S), 5940-5955. https://sifisheriessciences.com/journal/index.php/journal/article/view/2022
Srithirath, V., & Sukcharoensin, P. (2022). Financial literacy, asymmetric information, and credit accessibility: case study of SMEs in the Lao PDR. Development Economic Review, 16(1), 1–26. https://so06.tci-thaijo.org/index.php/NER/article/view/254122
Vargas, E., Terán, H., & Valle, J. (2019). El financiamiento: principal reto del microemprendimiento en Ecuador. Revista Científica Ecociencia, 6(6), 1–20. https://doi.org/https://doi.org/10.21855/ecociencia.66.243
Zapata, D. E. (2022). Análisis del nivel de acceso a crédito para el emprendimiento de la juventud lojana y propuesta de un programa educativo para su fortalecimiento. Universidad Nacional de Loja. https://dspace.unl.edu.ec/jspui/handle/123456789/24830
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Tito Eliecer Feijó Cuenca, Nilba Priscila Feijó Cuenca, Zita Lucía Zambrano Santos
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
