Abstract

LOPEZ-SOLIS, Oscar; HARA-SARANGO, Alexander; CORDOVA-PACHECO, Ana  and  PEREZ-BNCENO, Juan. The Modigliani-Miller Theorem: An Analysis From the Capital Structure Through Data Mining Models in SMEs of the Commerce Sector. Finanz. polit. econ. [online]. 2023, vol.15, n.1, pp.45-66.  Epub June 28, 2023. ISSN 2248-6046.  https://doi.org/10.14718/revfinanzpolitecon.v15.n1.2023.3.

In the origin and evolution of finance, it is shown that it is appropriate to align theory with practice, in order to promote solid arguments. However, this perspective is far from being applied, i.e., the practical aspects are used without considering in their interpretation the theoretical hypotheses on the influence, relationship and associativity of terms. In this sense, the objective of this study is to evaluate whether the Modigliani-Miller theorem and its assumptions have incidence in the SMEs belonging to the commercial sector in Ecuador. For this, two methodological stages are used. The first is the use of unsupervised models through Partitioning Around Medoids, in order to classify and increase the homogeneity in the interpretation of models. The second, consequently, is the use of classified linear interpretation models in order to explain the underlying relationship of the various indicators with the capital structure. With the iterations it can be concluded that the theory that has the highest adaptability in this group of companies is the trade-off theory, which suggests that there is an adequate structure, resulting from the combination of financial factors.

Keywords : Capital structure; finance; SMEs; data mining; Modigliani-Miller; profitability; Ecuador.

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