Análisis de la participación en el mercado de valores ecuatoriano de las pequeñas, medianas y grandes empresas del cantón Riobamba, provincia de Chimborazo, período 2019-2023

Abstract

Despite having been established for decades, the Ecuadorian stock market remains underdeveloped; its participation relative to the GDP was merely 11% in 2023. The number of companies engaging in stock market transactions nationwide was 322 out of 871 in 2021, reflecting minimal participation in such operations. Therefore, the objective of this study was to analyze the participation in the Ecuadorian stock market of small, medium, and large enterprises in the canton of Riobamba, Chimborazo province, during the period 2019-2023. The methodology employed a mixed approach with exploratory and descriptive scope. A non-experimental, cross-sectional design was used, incorporating inductive and deductive reasoning. The research instruments included surveys and interviews applied to a probabilistic sample of 87 extrapolated from a population of 966 small, medium, and large enterprises, with a confidence level of 95% and a margin of error of 10% due to difficulties in instrument application. The results indicated that the initial premise was correct, as 92% of respondents reported not having engaged in stock market transactions; 64% of respondents had little knowledge of the stock market despite the majority holding a tertiary-level degree. However, 77% expressed interest in participating in this market. In conclusion, the lack of awareness regarding this financing alternative is attributed to a deficient national financial and stock market culture, which hinders leveraging through securities. Additionally, the stringent requirements imposed by stock exchanges make it challenging for companies to integrate into the market.