The impact of restrictions on working capital in Ecuadorian tourism companies in the period 2015-2021

Angel Alexander Higuerey Gómez; Reinaldo Armas Herrera; Pierina D'Elia-Di Michele; Elvia Rosalía Inga Llanez; Mikel Ugando-Peñate; Ángel Ramón Sabando García

doi:10.29073/e3.v12i4.1145

The impact of restrictions on working capital in Ecuadorian tourism companies in the period 2015-2021

Angel Alexander Higuerey Gómez
, Reinaldo Armas Herrera
, Pierina D'Elia-Di Michele
, Elvia Rosalía Inga Llanez
, Mikel Ugando-Peñate
, Ángel Ramón Sabando García

Research output: Contribution to journal › Article › peer-review

Abstract

The subject of women's entrepreneurship in the tourism sector has attracted increasing academic Working capital affects the financial management of companies. Access to financing sources determines how it is financed. The presence of financial restrictions makes the entrepreneur or manager configure his capital structure based on the available resources. This article seeks to determine the impact of restrictions on working capital in tourism companies in the period 2015-2021. From the findings obtained through the econometrics of random effects panel data, it is worth noting that cash and accounts payable are influenced by the financial restrictions present in tourism companies.

Original language	English
Pages (from-to)	255-263
Number of pages	9
Journal	E3 Journal of Economics, Business and Entrepreneurship in the Community of Portuguese-Speaking Countries
Volume	12
Issue number	4
DOIs	https://doi.org/10.29073/e3.v12i4.1145
State	Published - Jun 10 2026

Keywords

Financial constraints
tourist companies
working capital

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10.29073/e3.v12i4.1145

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Higuerey Gómez, A. A., Herrera, R. A., D'Elia-Di Michele, P., Llanez, E. R. I., Ugando-Peñate, M., & García, Á. R. S. (2026). The impact of restrictions on working capital in Ecuadorian tourism companies in the period 2015-2021. E3 Journal of Economics, Business and Entrepreneurship in the Community of Portuguese-Speaking Countries, 12(4), 255-263. https://doi.org/10.29073/e3.v12i4.1145

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title = "The impact of restrictions on working capital in Ecuadorian tourism companies in the period 2015-2021",

abstract = "The subject of women's entrepreneurship in the tourism sector has attracted increasing academic Working capital affects the financial management of companies. Access to financing sources determines how it is financed. The presence of financial restrictions makes the entrepreneur or manager configure his capital structure based on the available resources. This article seeks to determine the impact of restrictions on working capital in tourism companies in the period 2015-2021. From the findings obtained through the econometrics of random effects panel data, it is worth noting that cash and accounts payable are influenced by the financial restrictions present in tourism companies.",

keywords = "Financial constraints, tourist companies, working capital",

author = "\{Higuerey G{\'o}mez\}, \{Angel Alexander\} and Herrera, \{Reinaldo Armas\} and \{D'Elia-Di Michele\}, Pierina and Llanez, \{Elvia Rosal{\'i}a Inga\} and Mikel Ugando-Pe{\~n}ate and Garc{\'i}a, \{{\'A}ngel Ram{\'o}n Sabando\}",

year = "2026",

month = jun,

day = "10",

doi = "10.29073/e3.v12i4.1145",

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Higuerey Gómez, AA, Herrera, RA, D'Elia-Di Michele, P, Llanez, ERI, Ugando-Peñate, M & García, ÁRS 2026, 'The impact of restrictions on working capital in Ecuadorian tourism companies in the period 2015-2021', E3 Journal of Economics, Business and Entrepreneurship in the Community of Portuguese-Speaking Countries, vol. 12, no. 4, pp. 255-263. https://doi.org/10.29073/e3.v12i4.1145

The impact of restrictions on working capital in Ecuadorian tourism companies in the period 2015-2021. / Higuerey Gómez, Angel Alexander; Herrera, Reinaldo Armas; D'Elia-Di Michele, Pierina et al.
In: E3 Journal of Economics, Business and Entrepreneurship in the Community of Portuguese-Speaking Countries, Vol. 12, No. 4, 10.06.2026, p. 255-263.

Research output: Contribution to journal › Article › peer-review

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T1 - The impact of restrictions on working capital in Ecuadorian tourism companies in the period 2015-2021

AU - Higuerey Gómez, Angel Alexander

AU - Herrera, Reinaldo Armas

AU - D'Elia-Di Michele, Pierina

AU - Llanez, Elvia Rosalía Inga

AU - Ugando-Peñate, Mikel

AU - García, Ángel Ramón Sabando

PY - 2026/6/10

Y1 - 2026/6/10

N2 - The subject of women's entrepreneurship in the tourism sector has attracted increasing academic Working capital affects the financial management of companies. Access to financing sources determines how it is financed. The presence of financial restrictions makes the entrepreneur or manager configure his capital structure based on the available resources. This article seeks to determine the impact of restrictions on working capital in tourism companies in the period 2015-2021. From the findings obtained through the econometrics of random effects panel data, it is worth noting that cash and accounts payable are influenced by the financial restrictions present in tourism companies.

AB - The subject of women's entrepreneurship in the tourism sector has attracted increasing academic Working capital affects the financial management of companies. Access to financing sources determines how it is financed. The presence of financial restrictions makes the entrepreneur or manager configure his capital structure based on the available resources. This article seeks to determine the impact of restrictions on working capital in tourism companies in the period 2015-2021. From the findings obtained through the econometrics of random effects panel data, it is worth noting that cash and accounts payable are influenced by the financial restrictions present in tourism companies.

KW - Financial constraints

KW - tourist companies

KW - working capital

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U2 - 10.29073/e3.v12i4.1145

DO - 10.29073/e3.v12i4.1145

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AN - SCOPUS:105041644381

SN - 2183-380X

VL - 12

SP - 255

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JO - E3 Journal of Economics, Business and Entrepreneurship in the Community of Portuguese-Speaking Countries

JF - E3 Journal of Economics, Business and Entrepreneurship in the Community of Portuguese-Speaking Countries

IS - 4

ER -

The impact of restrictions on working capital in Ecuadorian tourism companies in the period 2015-2021

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Keywords

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