Estimación del rendimiento operativo contable en sectores empresariales del Ecuador: adaptación del Modelo CAPM
Year: 2025
Type: article
Abstract: in countries with economies characterized by underdeveloped financial markets and limited availability of stock market information,the traditional CAPM model presents limitations in its application, making it difficult to value companies in this environment. The objective ofthis research was to estimate the expected accounting operating performance for different Ecuadorian business sectors, using an adaptation ofthe CAPM model based on accounting data, specifically the operating return on equity (OROE). To this end, a series of historical data taken fromthe Superintendency of Companies, Securities and Insurance database for the period 2013-2023 was analyzed. The sample consisted of 374,340observations. Estimates were made using the Ordinary Least Squares (OLS) method, obtaining the following results for the Required AccountingReturn values, locating the minimum value of 9.69% in the Transportation and Storage sector, compared to the Arts, Entertainment and Recreationsector, which presented the maximum value of 15.16%. The work concluded that, in the case of Ecuador, the use of accounting data and accountingBeta emerge as an alternative to traditional models. This generates a more precise way to analyze the balance between risk and return in thefinancial decisions of unlisted companies, providing a replicable methodology in economies with similar contexts.
Source: Retos
Institution: Universidad del Azuay
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4414575203