<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2248-6046</journal-id>
<journal-title><![CDATA[Revista Finanzas y Política Económica]]></journal-title>
<abbrev-journal-title><![CDATA[Finanz. polit. econ.]]></abbrev-journal-title>
<issn>2248-6046</issn>
<publisher>
<publisher-name><![CDATA[Universidad Católica de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2248-60462023000100045</article-id>
<article-id pub-id-type="doi">10.14718/revfinanzpolitecon.v15.n1.2023.3</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[El teorema Modigliani-Miller: un análisis desde la estructura de capital mediante modelos Data Mining en pymes del sector comercio]]></article-title>
<article-title xml:lang="en"><![CDATA[The Modigliani-Miller Theorem: An Analysis From the Capital Structure Through Data Mining Models in SMEs of the Commerce Sector]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[López-Solís]]></surname>
<given-names><![CDATA[Oscar]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hará-Sarango]]></surname>
<given-names><![CDATA[Alexander]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Córdova-Pacheco]]></surname>
<given-names><![CDATA[Ana]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pérez-Bnceno]]></surname>
<given-names><![CDATA[Juan]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Técnica de Ambato  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,SENESCYT  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Técnica de Ambato  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidad Técnica de Ambato  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<volume>15</volume>
<numero>1</numero>
<fpage>45</fpage>
<lpage>66</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S2248-60462023000100045&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S2248-60462023000100045&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S2248-60462023000100045&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En el origen y evolución de las finanzas ha resultado oportuno alinear la teoría con la práctica, con el fin de pro -mover argumentos sólidos. Sin embargo, esta perspectiva está lejos de ser aplicada, ya que es común que se empleen los aspectos prácticos sin adherir a su interpretación las hipótesis teóricas sobre la influencia, relación y asociatividad de los términos. En este sentido, este estudio se plantea como objetivo evaluar si el teorema Modigliani-Miller y sus supuestos son aplicables a las pymes pertenecientes al sector comercio del Ecuador. Para ello se usan dos etapas metodológicas. En primer lugar, se utilizan con modelos no supervisados mediante Partitioning Around Medoids, con el fin de clasificar y aumentar la homogeneidad en la interpretación de modelos. Y, en segundo lugar, se emplean modelos de interpretación lineal clasificados con el objeto de explicar la relación subyacente de los diversos indicadores con la estructura de capital. Con las iteraciones se puede concluir que la teoría que mayor adaptabilidad posee en este grupo de empresas es la del trade-off, la cual sugiere que sí existe una estructura adecuada, que resulta de la combinación de factores financieros. JEL Classification: C44, C53, C61, M21.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract 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.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[estructura de capital, finanzas, pymes, Data Mining, Modigliani-Miller, rentabilidad]]></kwd>
<kwd lng="es"><![CDATA[Ecuador]]></kwd>
<kwd lng="en"><![CDATA[Capital structure]]></kwd>
<kwd lng="en"><![CDATA[finance]]></kwd>
<kwd lng="en"><![CDATA[SMEs]]></kwd>
<kwd lng="en"><![CDATA[data mining]]></kwd>
<kwd lng="en"><![CDATA[Modigliani-Miller]]></kwd>
<kwd lng="en"><![CDATA[profitability]]></kwd>
<kwd lng="en"><![CDATA[Ecuador]]></kwd>
</kwd-group>
</article-meta>
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