Abstract Business sectors may be affected by changes in their activity levels. For this reason, the administration requires tools that allow to show the impact on its profitability. The asymmetry in the behavior of the costs of companies belonging to the economic sectors of beverage production and meat processing in Ecuador for the period between 2012 and 2018 was analyzed. 291 companies that presented activity were studied. For the study of sticky costs, 3 analysis variables were defined: operational income, total costs and expenses, and personnel costs and expenses; to which, four different study techniques were applied. The different analysis techniques show consistent and robust results, with the exception of the estimation using panel data in the meat sector. The study´s results show an asymmetric behavior within the costs, which suggest an inability for Ecuadorian companies to lower their costs due to a drop on their income, whereas, when their income raises, so does their cost; a fact that matches the recent evidence found worldwide. This asymmetry could be explained by factors such as regulatory rigidity or expectations of a quick business recovery.

Resumo Setores de negócios podem ser afetados por mudanças em seus níveis de atividade. Por essa razão, a administração necessita de ferramentas que permitam mostrar o impacto na sua rentabilidade. Foi analisado o comportamento assimétrico de custos das empresas pertencentes aos setores econômicos de produção de bebidas e processamento de carne no Equador para o período entre 2012 e 2018. Foram estudadas 291 empresas que apresentaram atividade. Para o estudo dos custos fixos, foram definidas 3 variáveis de análise: receitas operacionais, custos e despesas totais e custos e despesas com pessoal, às quais foram aplicadas quatro técnicas de estudo diferentes. As diferentes técnicas de análise mostram resultados consistentes e robustos, com exceção da estimativa usando dados em painel no setor de carnes. Os resultados do estudo mostram um comportamento assimétrico dentro dos custos, o que sugere uma incapacidade das empresas equatorianas de reduzir seus custos devido à queda de suas receitas, ao passo que, quando suas receitas aumentam, também aumentam seus custos; um fato que coincide com as evidências recentes encontradas em todo o mundo. Essa assimetria pode ser explicada por fatores como rigidez regulatória ou expectativas de recuperação rápida dos negócios.

Resumen La política fiscal es uno de los aspectos económicos que mayor atención demanda del Estado y los sectores productivos, debido a la influencia que ejerce en el comportamiento de los agentes económicos; dentro de esta, los incentivos tributarios constituyen una herramienta de común aplicación con miras a impulsar la competitividad empresarial. El objetivo del estudio busca analizar el impacto que causan los beneficios fiscales sobre el desempeño financiero de las empresas en los sectores manufactura y comercio del Ecuador en el periodo 2015 - 2018. Mediante un análisis comparativo a través de indicadores financieros, y un modelo de regresión múltiple, se estudia el impacto de esta estrategia en la rentabilidad de las firmas. El estudio evidenció que las empresas que aplican incentivos tributarios reflejan una mejor posición financiera; y que, mientras menor es el tamaño de la firma se muestran mayores niveles de rentabilidad con relación a la inversión empresarial.

Abstract Fiscal policy is one of the economic aspects that demands the most significant attention from the State and the productive sectors due to, this is an economic policy tool that can influence the behavior of economic agents and the production in a country. Tax incentives are commonly applied to promote the business competitiveness of the above. Tax incentives are commonly applied to promote business competitiveness from those above. The objective of this study sought to analyze the impact caused by tax benefits on the financial performance of companies in the manufacturing and trade sectors of Ecuador in the period 2015 - 2018. Through a comparative analysis using economic indicators and a multiple regression model, the authors of this research studied the impact of this strategy on the profitability of companies. The study showed that companies that apply tax incentives reflect a better financial position; therefore, the smaller the size of the company, the higher levels of profitability they demonstrate in terms of business investment.

Abstract Inclusive and sustainable economic growth is a fundamental objective of development, and one which seeks to address inequality. Working from this premise, this article sets out to determine the characteristics of the companies with the highest wealth concentration in Ecuador, as well as to identify the variables that affect business inclusion, and to propose alternatives for inclusive growth with the participation of MSMEs. This article employs the Gini coefficient to determine the level of economic concentration and to study companies’ financial management models. The findings revealed high inequality indexes: profitability over assets, indebtedness, age, and financial leverage as predictors of the probability of belonging to the most successful category. There is therefore a clear need to implement public policies aimed at promoting productivity and socially responsible behavior.

Resumen El crecimiento económico inclusivo y sostenible, objetivo fundamental de desarrollo, busca evitar la desigualdad. Bajo este contexto, se tiene como objeto determinar las características de las empresas con mayor concentración de riqueza en Ecuador, así como identificar las variables que inciden en la inclusión empresarial, y proponer alternativas para un crecimiento inclusivo con participación de MIPyME. Mediante el coeficiente Gini se establece la concentración económica y se estudia la gestión financiera de las empresas. Los resultados revelaron altos índices de desigualdad, rentabilidad sobre activos, endeudamiento, edad y apalancamiento financiero, como predictores de la probabilidad de formar parte del grupo de éxito empresarial. Se evidenció así, la necesidad de implementar políticas públicas orientadas al fomento de la productividad y de las acciones de responsabilidad social.