Shareholding characteristics and their relationship with productivity in ecuadorian companies: a quantitative perspective
Palabras clave:
Organizational efficiency, business characteristics, corporate performance, productivity, competitiveness
Resumen
Shareholder characteristics and productivity are critical factors influencing a company’s ability to generate sustainable value, enhance its performance, and secure foreign investment. This study investigates the relationship between these shareholder characteristics and productivity within Ecuadorian companies. Using a quantitative approach, a fixed-effects regression model, adjusted for heteroscedasticity, to a panel of data from 459 companies spanning 2021 to 2022 was applied. Productivity was evaluated using an index developed via exploratory factor analysis. The results demonstrate that certain shareholder characteristics significantly affect productivity. Specifically, shareholder financial health and share ownership concentration show a positive influence, suggesting that engaged shareholders are committed to good corporate governance. Conversely, return on assets exhibits a negative effect. This finding suggests that an excessive focus on short-term profitability may undermine sustainable growth and operational efficiency. In conclusion, improving companies’ productive efficiency requires strengthening the financial stability of shareholders and encouraging greater shareholder engagement. These findings offer guidance for corporate management in Ecuador and pave the way for future research on the interaction between shareholder structure and productivity in different economic contexts.
Citas
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Berger, A. N., & Bouwman, C. H. S. (2022). How does capital affect bank performance during financial crises? Journal of Financial Economics, 105(1), 87–111. https://econpapers.repec.org/article/eeejfinec/v_3a109_3ay_3a2013_3ai_3a1_3ap_3a146-176.htm
Blume, D., & Isaksson, M. (2024, 3 de febrero). The 2023 OECD corporate governance factbook. Harvard Law School Forum on Corporate Governance. https://corpgov.law.harvard.edu/2024/02/03/the-2023-oecd-corporate-governance-factbook/
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Cheng, X., Chen, Y., & Li, Z. (2021). Finance health of shareholders and corporate performance. Journal of Corporate Finance, 67, 101841. https://www.researchgate.net/publication/328634083_Financial_Health_Corporate_Performance_A_Comparison_of_Manufacturing_Companies_in_China
Cressy, R., & Olofsson, C. (2021). The dynamics of corporate finance: Evidence from panel data. Financial Economics Review, 19(1), 51–68. https://www.sciencedirect.com/science/article/abs/pii/S092911991200096X
Das, S., & Rajan, R. (2023). Productivity, profits, and ownership: Evidence from emerging economies. Journal of Financial Economics, 140(1), 245–269. https://ideas.repec.org/r/wop/chispw/340.html
Ding, X., & Shi, Y. (2021). Corporate governance and firm productivity: Evidence from chinese listed companies. Review of Corporate Finance Studies, 10(2), 123–145. https://www.researchgate.net/publication/375790463_Corporate_governance_and_firm_performance_in_listed_companies_Evidence_from_China
Espín, A., Lanchimba, C., & Remache, F. (2022). Factores que afectan la productividad de las empresas. Caso Ecuador. Revista Chilena de Economía y Sociedad, 16(1). https://rches.utem.cl/articulos/factores-que-afectan-la-productividad-de-las-empresas-caso-ecuador/
Fama, E. F., & French, K. R. (2022). The cross-section of expected stock returns. Journal of Finance, 59(3), 2141–2174. https://www.ivey.uwo.ca/media/3775518/the_cross-section_of_expected_stock_returns.pdf
Fang, L., Li, S., & Zhang, Z. (2023). Shareholder health and productivity: Evidence from the manufacturing sector. International Journal of Production Economics, 248, 108501. https://www.researchgate.net/publication/46455638_Health_Insurance_and_Productivity_Evidence_from_the_Manufacturing_Sector
Gordon, R. J. (2024). The rise and fall of American growth: The US standard of living since the Civil War. Princeton University Press. https://www.amazon.com/-/es/Rise-Fall-American-Growth-Princeton/dp/0691147728
Gorton, G., & Winton, A. (2023). Finance intermediation and the role of liquidity. Journal of Financial Economics, 115(1), 83–104. https://www.sciencedirect.com/science/article/abs/pii/S157230892200047X
Guaipatín, C., Navarro, L., & Wyss, F. (2024, diciembre). Productividad empresarial y asignación de recursos humanos en el Ecuador: La relevancia de los factores regionales. Banco Interamericano de Desarrollo. https://publications.iadb.org/es/productividad-empresarial-y-asignacion-de-recursos-en-ecuador-la-relevancia-de-los-factores#:~:text=Este%20documento%20presenta%20nueva%20evidencia%20sobre%20la%20evoluci%C3%B3n,Estad%C3%ADsticas%20y%20Censos%20%28INEC%29%
Han, Y., & Liu, H. (2023). Ownership structure and productivity: Evidence from the chinese manufacturing sector. China Economic Review, 61, 101532. https://www.researchgate.net/publication/375675611_Ownership_Structure_and_Manufacturing_Productivity_in_a_Transition_Economy_Analytical_Issues_and_Evidence_from_Vietnam
Hsieh, C.-T., & Klenow, P. J. (2023). Misallocation and manufacturing TFP in China and India. Quarterly Journal of Economics, 127(4), 1403–1448. https://academic.oup.com/qje/article-abstract/124/4/1403/1917179
Instituto Nacional de Estadística y Censos (INEC). (2023, 17 de abril). Grandes y medianas empresas generaron más de USD 43 mil millones en 2023. Ecuador en cifras. https://www.ecuadorencifras.gob.ec/institucional/grandes-y-medianas-empresas-generaron-mas-de-usd-43-mil-millones-en-2023/
Inoue, H., & Yamaguchi, K. (2024). Corporate governance and innovation: Evidence from Japanese firms. Technovation, 50-51, 102560. https://ideas.repec.org/a/eee/techno/v100y2021ics0166497220300638.html
Jang, Y., & Kim, H. (2024). Shareholder financial health and innovation: Implications for emerging markets. Technovation, 50-51, 102560. https://bayareaglobalhealth.org/alliance-news/reimagining-healthcare-in-emerging-markets-the-future-of-healthcare-innovation-and-investment/
Jensen, M. C., & Meckling, W. H. (2022). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://www.sfu.ca/~wainwrig/Econ400/jensen-meckling.pdf
Jones, C. I., & Wang, J. (2023). Participation of shareholders and productivity in emerging markets. Journal of Development Economics, 85(2), 204–221. https://www.tandfonline.com/journals/ctas20?creative=698220656621andkeyword=business%20strategy%20journalandmatchtype=bandnetwork=ganddevice=candgad_source=1andgclid=CjwKCAiAtYy9BhBcEiwANWQQL3VPUYdmcN2GQkuJHULAkRDFVHsUVE3U6Xcv5Y7-3mQ0rFLgjfTMKxoC3U8QAvD_BwE
Kim, Y., & Zhang, W. (2022). Governance and productivity: Evidence from South Korean firms. Asia-Pacific Journal of Finance Studies, 51(1), 23–45. https://www.law.nyu.edu/sites/default/files/Wang%20MSW_20230819.pdf
Klenow, P. J., & Rodriguez -Clare, A. (2022). The structure of the growth rate and productivity. Economic Journal, 122(565), 104–129. https://ideas.repec.org/e/c/pne133.html
Korea, B. (2025, 2 de abril). Activist shareholders drive corporate governance reforms in South Korea. Business Korea. https://www.businesskorea.co.kr/news/articleView.html?idxno=238919
Mankiw, N. G., Romer, D., & Weil, D. N. (2023). A contribution to the empirics of economical growth. Quarterly Journal of Economics, 107(2), 407–437. https://eml.berkeley.edu/~dromer/papers/MRW_QJE1992.pdf
Mundial, B. (2025, 14 de abril). Grupo Banco Mundial. https://www.bancomundial.org/es/country/ecuador/overview#3
Nguyen, T. T., Nguyen, V. H., & Pham, L. H. (2023). Ownership structure and productivity in Vietnamese firms. Journal of Asian Economics, 75, 101926. https://ideas.repec.org/a/taf/raaexx/v23y2016i3p356-371.html
Sharma, A., & Gupta, M. (2023). Finance health and productivity: Evidence from emerging markets. Emerging Markets Finance and Trade, 59(4), 815–832. https://citec.repec.org/s/2023/mesemfitr.html
Smith, R., & Brown, J. (2024). Capital structure and productivity: Comparative analysis. Journal of Business Finance and Accounting, 51(2), 192–217. https://think.taylorandfrancis.com/publish-Management-WE/?creative=698220656618andkeyword=business%20journalsandmatchtype=bandnetwork=ganddevice=candgad_source=1
Solow, R. M. (1957). Technical change and the aggregate production function. Review of Economics and Statistics, 39(3), 312–320. https://www.scirp.org/reference/referencespapers?referenceid=1993874
U.S. Department of State. (2024, 27 de junio). 2024 Investment climate statements: Ecuador. https://www.state.gov/reports/2024-investment-climate-statements/ecuador/
Zhang, X., & Liu, Y. (2024). Finance health of shareholders and innovation: Evidence from the technology sector. Research Policy, 53(4), 104349. https://research-and-innovation.ec.europa.eu/system/files/2022-09/ec_rtd_quarterly-ri-review_022022.pdf
Zhang, Z., & Wang, J. (2021). Shareholder participation and productivity in the manufacturing sector. Journal of Productivity Analysis, 36(1), 45–64. https://www.researchgate.net/publication/356644669_Corporate_Social_Responsibility_and_Corporate_Financial_Performance_An_Empirical_Literature_Review
Zhou, L., Chen, Y., & Li, X. (2022). Asset profitability and productivity: An empirical analysis. Journal of Financial Intermediation, 50, 100898. https://ideas.repec.org/s/eee/jfinin.html
Aghion, P., & Howitt, P. (2023). Endogenous growth theory. En MIT Press. https://link.springer.com/chapter/10.1007/978-3-031-38874-3_3
Altamirano Salazar, A. (2018). Identificación de los stakeholders y conflictos de interés en las cooperativas de ahorro y crédito de Ecuador. Revista Científica “Visión de Futuro”, 22(2). https://www.redalyc.org/articulo.oa?id=357959312005
Baker, M., & Wurgler, J. (2022). Market timing and capital structure. Journal of Finance, 57(1), 1–32. https://pages.stern.nyu.edu/~jwurgler/papers/capstruct.pdf
Barro, R. J., & Sala-i-Martin, X. (2022). Economy growth (3a ed.). MIT Press. https://mitpress.mit.edu/9780262024594/economic-growth/
Beck, T., & Demirgüç-Kunt, A. (2024). Finance development and economic growth: The role of banks regulation and supervision. Journal of Financial Stability, 54, 100774. https://www.imf.org/external/pubs/ft/wp/2000/wp00209.pdf
Berger, A. N., & Bouwman, C. H. S. (2022). How does capital affect bank performance during financial crises? Journal of Financial Economics, 105(1), 87–111. https://econpapers.repec.org/article/eeejfinec/v_3a109_3ay_3a2013_3ai_3a1_3ap_3a146-176.htm
Blume, D., & Isaksson, M. (2024, 3 de febrero). The 2023 OECD corporate governance factbook. Harvard Law School Forum on Corporate Governance. https://corpgov.law.harvard.edu/2024/02/03/the-2023-oecd-corporate-governance-factbook/
Carlin, W., & Mayer, C. (2023). Corporate finance: Principles and practice. Oxford University Press. https://www.amazon.com/Corporate-Principles-Practice-University-Casebook/dp/1634604938
Chen, J., & Zhang, S. (2022). Finance health of firms and economic performance: A panel data approach. Journal of Financial Research, 45(4), 856–878. https://www.researchgate.net/publication/281286203_Financial_Development_and_Economic_Growth_Panel_Data_Analysis
Cheng, X., Chen, Y., & Li, Z. (2021). Finance health of shareholders and corporate performance. Journal of Corporate Finance, 67, 101841. https://www.researchgate.net/publication/328634083_Financial_Health_Corporate_Performance_A_Comparison_of_Manufacturing_Companies_in_China
Cressy, R., & Olofsson, C. (2021). The dynamics of corporate finance: Evidence from panel data. Financial Economics Review, 19(1), 51–68. https://www.sciencedirect.com/science/article/abs/pii/S092911991200096X
Das, S., & Rajan, R. (2023). Productivity, profits, and ownership: Evidence from emerging economies. Journal of Financial Economics, 140(1), 245–269. https://ideas.repec.org/r/wop/chispw/340.html
Ding, X., & Shi, Y. (2021). Corporate governance and firm productivity: Evidence from chinese listed companies. Review of Corporate Finance Studies, 10(2), 123–145. https://www.researchgate.net/publication/375790463_Corporate_governance_and_firm_performance_in_listed_companies_Evidence_from_China
Espín, A., Lanchimba, C., & Remache, F. (2022). Factores que afectan la productividad de las empresas. Caso Ecuador. Revista Chilena de Economía y Sociedad, 16(1). https://rches.utem.cl/articulos/factores-que-afectan-la-productividad-de-las-empresas-caso-ecuador/
Fama, E. F., & French, K. R. (2022). The cross-section of expected stock returns. Journal of Finance, 59(3), 2141–2174. https://www.ivey.uwo.ca/media/3775518/the_cross-section_of_expected_stock_returns.pdf
Fang, L., Li, S., & Zhang, Z. (2023). Shareholder health and productivity: Evidence from the manufacturing sector. International Journal of Production Economics, 248, 108501. https://www.researchgate.net/publication/46455638_Health_Insurance_and_Productivity_Evidence_from_the_Manufacturing_Sector
Gordon, R. J. (2024). The rise and fall of American growth: The US standard of living since the Civil War. Princeton University Press. https://www.amazon.com/-/es/Rise-Fall-American-Growth-Princeton/dp/0691147728
Gorton, G., & Winton, A. (2023). Finance intermediation and the role of liquidity. Journal of Financial Economics, 115(1), 83–104. https://www.sciencedirect.com/science/article/abs/pii/S157230892200047X
Guaipatín, C., Navarro, L., & Wyss, F. (2024, diciembre). Productividad empresarial y asignación de recursos humanos en el Ecuador: La relevancia de los factores regionales. Banco Interamericano de Desarrollo. https://publications.iadb.org/es/productividad-empresarial-y-asignacion-de-recursos-en-ecuador-la-relevancia-de-los-factores#:~:text=Este%20documento%20presenta%20nueva%20evidencia%20sobre%20la%20evoluci%C3%B3n,Estad%C3%ADsticas%20y%20Censos%20%28INEC%29%
Han, Y., & Liu, H. (2023). Ownership structure and productivity: Evidence from the chinese manufacturing sector. China Economic Review, 61, 101532. https://www.researchgate.net/publication/375675611_Ownership_Structure_and_Manufacturing_Productivity_in_a_Transition_Economy_Analytical_Issues_and_Evidence_from_Vietnam
Hsieh, C.-T., & Klenow, P. J. (2023). Misallocation and manufacturing TFP in China and India. Quarterly Journal of Economics, 127(4), 1403–1448. https://academic.oup.com/qje/article-abstract/124/4/1403/1917179
Instituto Nacional de Estadística y Censos (INEC). (2023, 17 de abril). Grandes y medianas empresas generaron más de USD 43 mil millones en 2023. Ecuador en cifras. https://www.ecuadorencifras.gob.ec/institucional/grandes-y-medianas-empresas-generaron-mas-de-usd-43-mil-millones-en-2023/
Inoue, H., & Yamaguchi, K. (2024). Corporate governance and innovation: Evidence from Japanese firms. Technovation, 50-51, 102560. https://ideas.repec.org/a/eee/techno/v100y2021ics0166497220300638.html
Jang, Y., & Kim, H. (2024). Shareholder financial health and innovation: Implications for emerging markets. Technovation, 50-51, 102560. https://bayareaglobalhealth.org/alliance-news/reimagining-healthcare-in-emerging-markets-the-future-of-healthcare-innovation-and-investment/
Jensen, M. C., & Meckling, W. H. (2022). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://www.sfu.ca/~wainwrig/Econ400/jensen-meckling.pdf
Jones, C. I., & Wang, J. (2023). Participation of shareholders and productivity in emerging markets. Journal of Development Economics, 85(2), 204–221. https://www.tandfonline.com/journals/ctas20?creative=698220656621andkeyword=business%20strategy%20journalandmatchtype=bandnetwork=ganddevice=candgad_source=1andgclid=CjwKCAiAtYy9BhBcEiwANWQQL3VPUYdmcN2GQkuJHULAkRDFVHsUVE3U6Xcv5Y7-3mQ0rFLgjfTMKxoC3U8QAvD_BwE
Kim, Y., & Zhang, W. (2022). Governance and productivity: Evidence from South Korean firms. Asia-Pacific Journal of Finance Studies, 51(1), 23–45. https://www.law.nyu.edu/sites/default/files/Wang%20MSW_20230819.pdf
Klenow, P. J., & Rodriguez -Clare, A. (2022). The structure of the growth rate and productivity. Economic Journal, 122(565), 104–129. https://ideas.repec.org/e/c/pne133.html
Korea, B. (2025, 2 de abril). Activist shareholders drive corporate governance reforms in South Korea. Business Korea. https://www.businesskorea.co.kr/news/articleView.html?idxno=238919
Mankiw, N. G., Romer, D., & Weil, D. N. (2023). A contribution to the empirics of economical growth. Quarterly Journal of Economics, 107(2), 407–437. https://eml.berkeley.edu/~dromer/papers/MRW_QJE1992.pdf
Mundial, B. (2025, 14 de abril). Grupo Banco Mundial. https://www.bancomundial.org/es/country/ecuador/overview#3
Nguyen, T. T., Nguyen, V. H., & Pham, L. H. (2023). Ownership structure and productivity in Vietnamese firms. Journal of Asian Economics, 75, 101926. https://ideas.repec.org/a/taf/raaexx/v23y2016i3p356-371.html
Sharma, A., & Gupta, M. (2023). Finance health and productivity: Evidence from emerging markets. Emerging Markets Finance and Trade, 59(4), 815–832. https://citec.repec.org/s/2023/mesemfitr.html
Smith, R., & Brown, J. (2024). Capital structure and productivity: Comparative analysis. Journal of Business Finance and Accounting, 51(2), 192–217. https://think.taylorandfrancis.com/publish-Management-WE/?creative=698220656618andkeyword=business%20journalsandmatchtype=bandnetwork=ganddevice=candgad_source=1
Solow, R. M. (1957). Technical change and the aggregate production function. Review of Economics and Statistics, 39(3), 312–320. https://www.scirp.org/reference/referencespapers?referenceid=1993874
U.S. Department of State. (2024, 27 de junio). 2024 Investment climate statements: Ecuador. https://www.state.gov/reports/2024-investment-climate-statements/ecuador/
Zhang, X., & Liu, Y. (2024). Finance health of shareholders and innovation: Evidence from the technology sector. Research Policy, 53(4), 104349. https://research-and-innovation.ec.europa.eu/system/files/2022-09/ec_rtd_quarterly-ri-review_022022.pdf
Zhang, Z., & Wang, J. (2021). Shareholder participation and productivity in the manufacturing sector. Journal of Productivity Analysis, 36(1), 45–64. https://www.researchgate.net/publication/356644669_Corporate_Social_Responsibility_and_Corporate_Financial_Performance_An_Empirical_Literature_Review
Zhou, L., Chen, Y., & Li, X. (2022). Asset profitability and productivity: An empirical analysis. Journal of Financial Intermediation, 50, 100898. https://ideas.repec.org/s/eee/jfinin.html
Publicado
2026-01-02
Cómo citar
Freire, C., Hurtado, G., & Calle, F. (2026). Shareholding characteristics and their relationship with productivity in ecuadorian companies: a quantitative perspective. Revista Venezolana De Gerencia, 31(113), e3111319. https://doi.org/10.52080/rvgluz.31.113.19
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