Relationship between capital structure and profitability of agribusiness companies of the Superintendencia del Mercado de valores del Perú

Haydeé Hernández Chicoma M.; Yasmin Villaseca Vidaurre A.; Agusto Pintado Castillo C.; Elizabeth Obregón Vara F. · Proceedings of the LACCEI international Multi-conference for Engineering, Education and Technology (2026) · DOI: 10.18687/laccei2026.1.1.629

Resumen

The objective of this study was to determine the relationship between capital structure and profitability in agribusiness companies registered with the Superintendencia del Mercado de Valores of Peru during the 2016-2023 period, evaluating how the proportion between debt and equity influences financial performance. The research followed a quantitative, applied, non-experimental, longitudinal, and correlational-explanatory design. Documentary analysis of audited financial statements was used for four companies selected through non-probabilistic convenience sampling due to the continuous availability of financial information. Debt ratios, ROA, and ROE were analyzed, and a linear regression model was applied including firm size as a control variable. The results showed a positive and statistically significant relationship between capital structure and profitability (r = 0.436; p = 0.01), confirmed by the regression model with an overall significance of 0.027, a coefficient of determination R2 = 0.220, and a positive coefficient of B = 1.351 (p = 0.012). In addition, moderate and stable indebtedness, high ROE (0.879), and low ROA (0.013) were identified. It is concluded that a balanced capital structure improves profitability, although this also depends on operational efficiency and internal business management.

Instituciones: Universidad Tecnológica del Perú