Journal of Business and entrepreneurial
January - March Vol. 6 - 2202 2
http://journalbusinesses.com/index.php/revista
e-ISSN: 2576-0971
journalbusinessentrepreneurial@gmail.com
Receipt: 04 June 2021
Approval: 11 January 2022
Page 1-10
Impact of the pandemic on the company
Transpecarba S.A.: application of liquidity,
indebtedness and profitability indicators.
Impacto de la pandemia en la empresa Transpecarba S.A.:
aplicación de indicadores de liquidez, endeudamiento y
rentabilidad
Apolo Saltos Carla Marena
*
Mendieta Castro Tiffany Michelle*
Soto González Carlos Omar*
ABSTRACT
The appearance of Covid-19 has sharply damaged the world
economy. In Ecuador, the restrictive measures imposed by the
pandemic had a great impact on the economy of the country's
companies. Due to the changes present in the business
environment with respect to the pandemic, most of the
companies have incurred economic and financial problems, the
worst case being the closure of their activities; it is then where
the financial indicators intervene that would facilitate obtaining
more accurate information regarding the business situation. The
objective of the research is to analyze the economic and financial
impact of Transpecarba S.A. through the financial indicators of
liquidity, indebtedness and profitability, determining the
situation of the entity in times of Covid-19. For this purpose, a
descriptive methodology with a qualitative approach has been
used, using the figures given by the financial statements to make
the respective indicators, in addition to the interview that
allowed us to have privileged information of the business
situation. The results obtained according to each group of
indicators allowed us to evidence the reality of each ratio, and
by analyzing each one of them we were able to determine a
favorable and unfavorable economic impact on the parameters
studied.
*
Graduate in Accounting and Auditing, Universidad Técnica de Machala,
Machala Ecuador, csaltos2@utmachala.edu.ec, Machala Ecuador,
carlasaltos7@gmail.com, https://orcid.org/0000-0002-4974-7821
*
Graduate in Accounting and Auditing, Universidad Técnica de Machala,
Machala Ecuador, tmendieta1@utmachala.edu.ec, tiffmendieta20@gmail.com,
ORCID (https://orcid.org/0000-0001-8502-2230),
*
Master's Degree in Auditing and Accounting, Universidad Técnica de Machala,
Machala Ecuador, csoto@utmachala.edu.ec, https://orcid.org/0000-0001-
5199-9246
e-ISSN: 2576-0971. April - June Vol. 6 – 2 - 2022 . http://journalbusinesses.com/index.php/revista
2
Keywords: pandemic, covid-19, financial ratios, heavy haulage transport
RESUMEN
La aparición del Covid-19 ha perjudicado bruscamente la economía mundial. En el Ecuador, las
medidas de restricción dispuestas por la pandemia, afectaron en gran magnitud a la economía de
las empresas del país. Debido a los cambios presentes en el medio empresarial respecto a la
pandemia, la mayoría de las empresas, han incurrido en problemas económicos y financieros,
siendo el peor de los casos el cierre de sus actividades; es entonces donde intervienen los
indicadores financieros que facilitarían la obtención de información más acertada respecto a la
situación del negocio. La investigación tiene como objetivo analizar el impacto económico y
financiero de la empresa Transpecarba S.A. a través de los indicadores financieros de liquidez,
endeudamiento y rentabilidad, determinando la situación de la entidad en tiempos de Covid-19.
Para ello se ha empleado una metodología descriptiva con enfoque cualitativo, utilizando las cifras
dadas por los estados financieros para realizar los respectivos indicadores, además de la
entrevista que nos permitió tener información privilegiada de la situación del negocio. Los
resultados obtenidos según cada grupo de indicadores permitió evidenciar la realidad de cada
ratio, y analizando cada uno de ellos se consiguió determinar un impacto económico favorable y
desfavorable en los parámetros estudiados.
Palabras clave: Pandemia, covid-19, ratios financieros, transporte de carga pesada
INTRODUCTION
In 2008 the world economy faced the well-known real estate bubble, which brought
with it consequences that shook multiple sectors, as a result of the profitable succession
of resources, services and provisions, in addition to the use of goods from the financial
activity; some researchers on the subject have stated that this situation led to several
factors in the financial and economic part of public and private companies, where
responsibility is given in some way to excessive indebtedness of people, excessive
liquidity and profitability of the financial system. (de los Santos & Reyes, 2016, p. 157)
Over-indebtedness, excessive liquidity and profitability directly affected European
countries such as Spain, France, the United Kingdom and Italy, leading to a global
economic crisis that was reflected in the performance of economic, productive and
financial activities, negatively affecting the assets of countries such as Australia, the
United States, Japan, South Africa and Ecuador.
Another event that marked the history and undoubtedly the economy of Ecuador, was
the transition from sucres to dollars suffered in the years 1999 to 2000, which led to an
economic crisis, affected by some factors such as the presence of deficient administrative
and supervisory practices in the financial system, in addition to terrible economic and
financial policies; as a result of this crisis, there were several consequences such as the
dissolution of several banks, the presence of liquidity problems in local companies, lack
of solvency in the financial sector and an excessive percentage of unemployment in the
e-ISSN: 2576-0971. April - June Vol. 6 – 2 - 2022 . http://journalbusinesses.com/index.php/revista
3
country, thus discouraging the scope of business productivity in the national market.
(Herrera & Macagnan, 2016, p.22)
For Espinoza et al., (2014) the world economy was sharply damaged by the emergence
of covid-19, where it not only affected the financial system as in 2008, but also the
productive economy, made up of production, small and medium-sized companies,
including their workers; this economic crisis has no comparison, since not only
underdeveloped countries were affected but also the powers that be; It brought with it
repercussions on supply and demand, in addition to historically low interest rates, and
above all it had a serious impact on the supply chains that make up the activities of
transformation, production, transportation, storage and other actions for the
distribution of a product.
Undoubtedly, in Ecuador, the government, with the restrictive measures imposed by the
pandemic, has left aside the companies that essentially help to activate the economy,
such as those activities of the service sector, mainly transportation, both of people and
goods for sale, exports and imports, which has directly caused the closure of small
businesses and even the reduction of tourism activities. Martínez-Campillo et al., (2013).
Thus, according to the Gross Added Value (GVA) of the transportation sector, during
the year 2020 it decreased by 13.8%, likewise a decrease of 19.4% in the consumption
of diesel and extra gasoline, used in transportation by land and sea, was observed.
The current problem lies in the fact that, due to the changes present in the business
environment with respect to the pandemic caused by the virus, most companies have
incurred economic and financial problems, which in the worst cases have led to the
closure of their activities; it is then where the indicators that would facilitate obtaining
more accurate information regarding the levels of liquidity, indebtedness and business
performance, thus helping to determine the current situation of the entity. In addition
to this problem, there is the decrease of the GVA in the transportation sector, so it is
necessary to apply these indicators in a company of the sector, which will help us to
have a better picture of its business situation.
Therefore, the objective of this research is to analyze the economic and financial impact
of Transpecarba S.A., through the application of liquidity, indebtedness and performance
indicators, in order to determine the situation of the company in times of COVID-19.
For this purpose, a descriptive methodology has been used under a qualitative approach,
where the information for the determination of the ratios will be collected from the
statement of financial position and the statement of profit and loss of the company
Transpecarba S.A. for the periods 2019 and 2020; it is emphasized that the interpretation
of the results of the financial indicators will be executed through the literature review
of scientific articles, academic texts and other bibliographic sources of true information,
which will allow us to have more accurate bases for its analysis, in addition to the
application of an interview to the manager of the company, with which we can obtain
privileged information about the situation of the entity.
e-ISSN: 2576-0971. April - June Vol. 6 – 2 - 2022 . http://journalbusinesses.com/index.php/revista
4
Covid-19 pandemic and emerging measures in Ecuador
In the case studied by Levy, (2013) the term pandemic is a unique, unpredictable
phenomenon that does not occur commonly. The characterization of pandemic by the
World Health Organization refers to the fact that the disease has spread to different
countries, continents or globally, and that it has also harmed a number of people
considerably.
Covid-19, also known as novel coronavirus, is an acute respiratory disease that started
in December 2019 in Wuhan, China. Most cases of this virus have occurred in adults,
and the lethality of this disease has occurred mostly in older adults. This virus is highly
contagious, which has led to a pandemic officially declared on March 11, 2020. Its
transmission occurs from person to person through droplets produced by an infected
person when coughing, sneezing or talking, and it has also been proven that the
contagion can also occur when having contact with areas that have been infected with
droplets from people who have the virus. (Reyes et al., 2017, p.80)
This disease of great magnitude will leave as a consequence numerous economic as well
as social havoc. This potent pandemic requires the attention and awareness not only of
those who work in the health area but also of the community in general and its public
leaders, in order to efficiently face the current reality and its great future repercussions
(González García et al., 2017, p.82)
In Ecuador, a series of measures were decreed to face the crisis generated by the
coronavirus, the most significant of which were as follows:
1. Closure of public services except for health, security, risk services.
2. Hospitals, neighborhood stores, markets and supermarkets will remain open.
3. Total suspension of the working day in the public and private sectors as of
Tuesday, March 17.
4. Curfew (for vehicles and people) from Tuesday, March 17, 2020 from 9:00 p.m.
to 5:00 a.m. the following day.
5. Suspension of domestic passenger flights.
6. Suspension of interprovincial transportation.
MATERIALS AND METHODS
The descriptive method was used in this research, where traits and characteristics about
the object of study are identified, without having to provide explanations or reasons for
the situations. In addition, it was carried out under a qualitative approach since this
allows us to have descriptions about a situation, in addition to using the interview as a
tool, which allows us to have information closer to the object of study.
The information to be collected will be through the figures given by the Financial
Statements (Statement of Financial Position and Income Statement) of the company
Transpecarba S.A. in the period 2019 and 2020, in order to calculate the liquidity,
indebtedness and profitability indicators. The interpretation or analysis of each of the
resulting ratios will be based on the literature review, whether scientific or academic
e-ISSN: 2576-0971. April - June Vol. 6 – 2 - 2022 . http://journalbusinesses.com/index.php/revista
5
articles and other bibliographic sources related to the object of study, which will help
to demonstrate the impact of Covid-19 in the heavy cargo transportation company
''Transpecarba S.A.''.
RESULTS
Tables were prepared with information relevant to each group of Financial Ratios or
Indicators, in accordance with the values obtained from the Financial Statements of the
company under study.
Table 1. Liquidity Indicators
Indicator
Formula
Result
Period
2020
Result
Period
2019
Net Working
Capital
𝐾𝑁𝑇 = 𝐴𝑐𝑡𝑖𝑣𝑜+𝐶𝑜𝑟𝑟𝑖𝑒𝑛𝑡𝑒
− 𝑃𝑎𝑠𝑖𝑣𝑜+𝐶𝑜𝑟𝑟𝑖𝑒𝑛𝑡𝑒
$++255.696,73
$+471.284,74
Current
Ratio
𝑅𝐶 =
𝐴𝑐𝑡𝑖𝑣𝑜 +𝐶𝑜𝑟𝑟𝑖𝑒𝑛𝑡𝑒
𝑃𝑎𝑠𝑖𝑣𝑜 +𝐶𝑜𝑟𝑟𝑖𝑒𝑛𝑡𝑒+
$ 1,66
(166%)
$1,73
(172,81%)
Quick
Reason
𝑅𝑅
=
𝐴𝑐𝑡𝑖𝑣𝑜𝑠+𝐶𝑜𝑟𝑟𝑖𝑒𝑛𝑡𝑒𝑠 − 𝐼𝑛𝑣𝑒𝑛𝑡𝑎𝑟𝑖𝑜𝑠
𝑃𝑎𝑠𝑖𝑣𝑜 +𝐶𝑜𝑟𝑟𝑖𝑒𝑛𝑡𝑒
$ 1,64
(163,71%)
$ 1,73
(172,81%)
Source: Adapted from Financial Statements of the company Transpecarba S.A.
Prepared by: Authors
• According to the results obtained, show that the company Transpecarba S.A. in
the period 2020 has a net working capital of $ 255,696.73 that in relation to the
result of 2019 which was $ 471,284.74; it is interpreted that, the business has
decreased its capacity or availability of resources to be able to operate on a daily
basis, which is unfavorable to the company, since from this point of view
increases the liquidity risk.
• In the year 2020 the company covers with its current assets with $1.66 to $1.00
of short-term obligations, that is, the coverage of current controlled resources
to obligations are 166%, which compared to the period 2019 which was $1.73
(172.81%) it is interpreted that liquidity has decreased, which is unfavorable to
the company in its payment capacity. It should be emphasized that the result of
the ratio, despite having decreased, retains adequate liquidity because it is within
the suggested ranges of 1.50 to 2.50 ($).
• From the point of view of the rigorous liquidity level the company in the period
2020, has $1.64 to cover with its current assets to short-term liabilities, which
comparing with the year 2019 which was $1.73. to cover $1.00 of short-term
obligations, reflects that the company has decreased its liquidity, however, in
e-ISSN: 2576-0971. April - June Vol. 6 – 2 - 2022 . http://journalbusinesses.com/index.php/revista
6
both years an adequate liquidity is visualized, because the results of the ratio are
within the suggested range which is from 1 to 2 ($).
Table 2. Indebtedness Indicators
Indicator
Formula
Result
Period
2020
Debt
Ratio
𝑹𝑫 =
𝑃𝑎𝑠𝑖𝑣𝑜
𝐴𝑐𝑡𝑖𝑣𝑜
0.45 ctvs.
(45,48 %)
Debt -
Equity
Ratio
𝑹𝑫𝑷 =
𝑃𝑎𝑠𝑖𝑣𝑜
𝑃𝑎𝑡𝑟𝑖𝑚𝑜𝑛𝑖𝑜
$ 0,83
(83,40 %)
Interest
coverage
ratio
RCI =
(Income before employee profit sharing + Interest
paid + amortization + depreciation + financial
expenses) / (interest paid)
0 times
Source: Adapted from Transpecarba S.A. Financial Statements.
Prepared by: Authors
• The company in 2020 presents a debt of 0.45 ctvs. in relation to each $1.00 of
investment in assets, i.e. a debt level of 45.48% that comparing with the result of
the 2019 period that was 0.58 ctvs. (58.40%) it is evident that the organization
has decreased its financing with third parties, therefore it is favorable, because it
reflects greater solvency and capacity to contract future obligations. It is also
important to note that these values are within the maximum recommended limit,
which is up to 70% for indebtedness with respect to investments in assets.
• In 2020, the organization shows indebtedness of $ 0.83 in relation to each $1.00
of equity contribution, i.e. a debt level of 83.40%, which compared to the result
of the 2019 period which was $ 1.40 (140.39%) shows that it has decreased its
financing with third parties, this being favorable for the company, in addition to
being within the recommended limit, which is up to 233%.
• The level of interest coverage for the period 2020 results in a value of 0 times,
this is due to the non-existence of values in the interest paid account, while in
the previous period it was 20.04 times, it is interpreted that the result has
completely decreased, therefore, its payment capacity is unfavorable.
e-ISSN: 2576-0971. April - June Vol. 6 – 2 - 2022 . http://journalbusinesses.com/index.php/revista
7
Table 3. Profitability Indicators
Indicator
Formula
Result
Period
2020
Gross Profit
Margin Ratio
𝑹𝑴𝑼𝑩 =
𝑈𝑡𝑖𝑙𝑖𝑑𝑎𝑑+𝐵𝑟𝑢𝑡𝑎+𝑒𝑛+𝑉𝑒𝑛𝑡𝑎𝑠
𝑉𝑒𝑛𝑡𝑎𝑠
$ 1,00
(100 %)
Operating
Profit Margin
Ratio
𝑹𝑴𝑼𝑶 =
𝑈𝑡𝑖𝑙𝑖𝑑𝑎𝑑+𝑂𝑝𝑒𝑟𝑎𝑐𝑖𝑜𝑛𝑎𝑙
𝑉𝑒𝑛𝑡𝑎𝑠
0.008 ctvs.
(0,84 %)
Net Income
Margin Ratio
𝑹𝑴𝑼𝑵 =
𝑈𝑡𝑖𝑙𝑖𝑑𝑎𝑑+𝑑𝑒𝑙+𝐸𝑗𝑒𝑟𝑐𝑖𝑐𝑖𝑜
𝑉𝑒𝑛𝑡𝑎𝑠
0.011 ctvs.
(1,09 %)
Return on
Investment in
Assets
𝑹𝑶𝑨 =
𝑈𝑡𝑖𝑙𝑖𝑑𝑎𝑑+𝑑𝑒𝑙+𝐸𝑗𝑒𝑟𝑐𝑖𝑐𝑖𝑜
𝐴𝑐𝑡𝑖𝑣𝑜
0.06 ctvs.
(5,67 %)
Return on
equity
investment
𝑹𝑶𝑬 =
𝑈𝑡𝑖𝑙𝑖𝑑𝑎𝑑+𝑑𝑒𝑙+𝐸𝑗𝑒𝑟𝑐𝑖𝑐𝑖𝑜
𝑃𝑎𝑡𝑟𝑖𝑚𝑜𝑛𝑖𝑜
0.10 ctvs.
(10,39 %)
Source: Adapted from Financial Statements of the company Transpecarba S.A.
Prepared by: Authors
• The company Transpecarba S.A. in the period 2020 and 2019 will obtain a gross
profit of $1.00 for every dollar of sales, i.e. a gross margin of 100%, therefore it
can be seen that for every dollar of revenue the business earns $1.00 in gross
profit.
• In the 2020 period, the organization achieved an operating profit of 0.008 ctvs.
for each dollar of sales, i.e. an operating margin of 0.84%, which compared to the
previous period of 0.020 ctvs. (2.02%), which represents a decrease in operating
profit.
• For the year 2020, 0.011 ctvs. of net profit is obtained for each dollar of sales,
i.e. the net margin is 1.09% which in relation to the year 2019 of 0.012 ctvs.
(1.16%), it is evident that there is a lower profit than in the previous year.
• According to the return on investment in assets, the company in the 2020 period
obtains net profits of 0.06 ctvs. for each dollar of investment in assets; that is to
say, it generates a profitability of 5.67% that in relation to the 2019 period of
0.05 ctvs. (4.84%) it is interpreted that the company's performance has improved
the use of its assets maximizing the net profitability of the business.
On the other hand, the return on equity investment, exhibits in the period 2020 obtains
a net gain of 0.10 ctvs. for each dollar of equity investment, i.e. generates a return of
e-ISSN: 2576-0971. April - June Vol. 6 – 2 - 2022 . http://journalbusinesses.com/index.php/revista
8
10.39% that in relation to the period 2019 of 0.12 ctvs. (11.64%), it is evident that the
net profitability of the period has decreased.
According to the results obtained in the research, with respect to liquidity it could be
observed that the company has adequate levels, but from 2019 to 2020 these have
decreased, which gives a minimum difficulty to the company of not being able to meet
its short-term obligations; in this way like Montero & Sandoval (2018) it is stated that
liquidity indicators help determine whether or not the entity has liquidity, also
considering that the higher the result, the entity is more likely to cancel debts of less
than one year.
In relation to the indebtedness ratios, according to Martínez & Guzmán, (2014) these
provide information on the financing with third parties, which the entity has or its equity;
from this in the research the results have shown that the company, from one period to
another, has decreased both types of financing, so it presents greater solvency and
willingness to contract obligations with third parties in the future.
Regarding the profitability indicators, the ratio of gross profit margin, operating profit
margin, net profit margin and return on equity investment, showed a decrease in their
results from the period 2019 to 2020, as a result of the decline in income from its
economic activity; on the other hand, the result of return on investment in assets, has
shown an increase that evidences the improvement in the use of assets; thus, with the
use of these indicators, it is affirmed what they state León, (2015)The profitability ratios
are used to measure the company's capacity to generate profits based on the results
invested". (p. 76)
The interview with the manager of the company showed that during the pandemic, the
company did have changes in terms of the economic crisis that occurred, but
nevertheless remained moderately stable economically and financially, also it was noted
that they do not use financial ratios, and that to know the situation of the company, they
rely on monthly balance sheets, monthly accounting report and bank reconciliations.
In general, in reference to the financial ratios, it is agreed with what they say Kato, (2013)
that "Financial indicators allow us to evaluate how our company is doing, since they are
considered as an x-ray where it can be determined whether at the end of each fiscal
year it has been solvent, profitable or presented liquidity during its economic operations"
(p. 22).
At the same time, (Díaz et al., 2017) states that companies mostly resort to the analysis
of financial statements through ratios to determine their economic and financial
situation, which do not provide concise information to evaluate the situation of the
entity, so it expresses that other types of tools or methods should be used.
On the other hand, Espinosa et al., (2015) affirm that currently most of the entities have
presented economic consequences, due to the Covid-19 sanitary crisis, with which the
ratios or financial indicators help in the realization of a self-evaluation in addition to
making the right decisions for the improvement of their economic situation.
e-ISSN: 2576-0971. April - June Vol. 6 – 2 - 2022 . http://journalbusinesses.com/index.php/revista
9
CONCLUSIONS
The economic and financial situation of the company ''TRANSPECARBA'' S.A dedicated
to heavy cargo transportation, according to the analysis made through the application of
financial indicators in times of pandemic, expose in the case of liquidity, that the business
in the year 2020 has decreased its capacity with respect to the values obtained in the
period 2019, although the difference does not favor the company in its operations, it is
concluded that it maintains adequate levels of liquidity, which allows the company to stay
on its feet and continue working in search of better economic opportunities.
The debt area, unlike the liquidity area, is in better conditions, as it maintains low levels
of debt in the 2020 period compared to the previous period, which means that the
company maintains lower financing values with third parties, giving it a greater capacity
to contract future obligations for the prosperity of the business. A fact to highlight in
these indicators of indebtedness is that the capacity to cover with its interest in 2020
was null due to the non-existence of values in the interest paid account, which unlike
2019 maintained a level of 20.04 times.
The company's profitability indicators show favorable, unfavorable and constant
variations. In the case of the Gross Profit Margin Ratio, the same profit level of $1.00 is
maintained in both periods; for the ratios of Operating Profit Margin, Net Profit Margin
and Return on Equity Investment, an unfavorable variation is evidenced in the 2020
period in relation to the 2019 period of $0.012, $0.001, and $0.02 for each dollar of
sales and investment respectively, which is considered negative for the company since
the profitability values in such areas have decreased; Finally, there is a favorable value in
the ratio of Return on Investment in Assets, which compared to 2019 ($0.05) in the
2020 period has increased to $0.06, demonstrating that in this area the company has
improved its profitability and its growth opportunities.
Although the company suffered an economic impact with favorable and unfavorable
values in the parameters of liquidity, indebtedness and profitability in times of pandemic
caused by Covid-19, it is concluded that the entity maintains acceptable levels to
continue with its commercial activity in a normal way, however, a constant diagnosis of
its items must be made to obtain greater opportunities for economic growth.
e-ISSN: 2576-0971. April - June Vol. 6 – 2 - 2022 . http://journalbusinesses.com/index.php/revista
10
REFERENCES
de los Santos, V. H., & Reyes, Y. D. (2016). Fiscal sustainability. Priority in the agenda
of transformations of the Cuban economic model. Investigacion Economica,75 (298),
155-184. https://doi.org/10.1016/j.inveco.2016.11.005
Díaz, J. F., Coba, E., & Navarrete, P. (2017). Fuzzy logic and financial risk. A proposal
for financial risk classification to the cooperative sector. Contaduria y
Administracion,62 (5), 1670-1686. https://doi.org/10.1016/j.cya.2017.09.001
Espinosa, F. R., Molina, Z. A. M., & Vera-Colina, M. A. (2015). Entrepreneurial failure of
small and medium-sized enterprises (SMEs) in Colombia. Suma de Negocios,6 (13),
29-41. https://doi.org/10.1016/j.sumneg.2015.08.003.
https://doi.org/10.1016/j.sumneg.2015.08.003
Espinoza, R. A. C., de la Fuente, H. A., Palavecinos, B. S., & Riffo, P. A. D. (2014).
Information disclosure in quoted Chilean companies: The effect of institutional
investors and leverage. Estudios Gerenciales,30 (131), 190-199.
https://doi.org/10.1016/j.estger.2014.04.008.
González, L. M., Viga Juárez, C. A., & Fierro, S. D. (2017). Prospecting the operational
risk of MSMEs in Colombia. Suma de Negocios,8 (18), 79-87.
https://doi.org/10.1016/j.sumneg.2017.11.004.
Herrera, E. E., & Macagnan, C. B. (2016). Disclosure of information on organizational
structural capital of banks in Brazil and Spain. Contaduria y Administracion,61 (1), 4-
25. https://doi.org/10.1016/j.cya.2015.09.007.
Kato, L. (2013). The problem of profit in economics and its relation to business
accounting. Economics Informs,383 , 23-63. https://doi.org/10.1016/s0185-
0849(13)71340-9.
León, J., & Alvarado, C. (2015). Mexico: Price stability and the limitations of the bank
credit channel. Problemas Del Desarrollo,46 (181), 75-99.
https://doi.org/10.1016/j.rpd.2015.03.002.
Levy, N. (2013). Financial reform and development banking: credits or illusions.
Economía Informa,382 , 3-17. https://doi.org/10.1016/s0185-0849(13)71332-x
Martínez-Campillo, A., Cabeza-García, L., & Marbella-Sánchez, F. (2013). Corporate
social responsibility and financial performance: Evidence on the dual direction of
causality in the savings bank sector. Cuadernos de Economia y Direccion de La
Empresa,16 (1), 54-68. https://doi.org/10.1016/j.cede.2012.04.005.
https://doi.org/10.1016/j.cede.2012.04.005
Martínez, C. M., & Guzmán, I. (2014). Measuring efficiency in nonprofit organizations:
An empirical study for care foundations. Revista de Contabilidad-Spanish Accounting
Review,17 (1), 47-57. https://doi.org/10.1016/j.rcsar.2013.08.005
Reyes, P. M., Carreño, M. Á. D., & González, R. V. (2017). Recessions in Mexico At the
Dawn of the Twenty-First Century. Problemas Del Desarrollo,48 (189), 57-84.
https://doi.org/10.1016/j.rpd.2017.04.004.