Gestión del riesgo financiero como factor clave en la competitividad del sector azucarero Ecuatoriano

Abstract

This research examines financial risk management within Ecuador’s sugar agro-industrial sector, aiming to demonstrate how financial risk influences the competitiveness of firms engaged in sugar production. The study identifies the factors that constrain the achievement of sustainability objectives and proposes key strategic measures aligned with industry best practices, designed to enhance business continuity and long-term operational resilience in the Ecuadorian market. The structure of the research is grounded in a comprehensive review of the literature and scientific contributions related to financial risk management and the Ecuadorian agro-industrial environment. A mixed-method, exploratory research design is employed, incorporating financial data from the past five years for companies classified as dominant market players, based on the scale of their fixed and biological assets, market coverage, and years of operation. The financial information is sourced from the Superintendency of Companies and Insurance of Ecuador and is complemented by surveys administered to finance professionals with expertise in the sugar agro-industrial industry. This combined approach enables the identification of market-specific insights that directly affect competitiveness at the national level. In this context, the study places particular emphasis on risk measurement as a fundamental component of a systematic analytical framework that supports senior management in strategic financial decision-making. Financial performance indicators, including financial ratios and Value at Risk (VaR), are presented as quantitative tools for the mitigation and monitoring of market, liquidity, and operational risks, in line with internationally recognized risk management frameworks. These risk categories are closely associated with the volatility of the domestic macroeconomic environment, including the deterioration of accounts receivable portfolios, liquidity constraints arising from cyclical production processes, and inflationary pressures. Additionally, international factors such as fluctuations in global sugar and crude oil prices exert a significant influence on the sector, particularly through informal sugar imports and smuggling activities. These dynamics negatively affect profitability, leading to a contraction in gross margins and return on assets (ROA), exacerbated by increased distribution costs and the expansion of by-product production, such as anhydrous ethanol, which lies outside the core strategic focus of the sugar industry. The implementation of financial risk management practices based on international standards—such as ISO 31000 and COSO Enterprise Risk Management (ERM)—and risk- based financial modeling significantly enhances the visibility and assessment of internal and external risk factors affecting Ecuador’s sugar sector. Furthermore, these practices contribute to the mitigation of reputational risk and enable greater control over key financial indicators in an environment characterized by a high risk appetite and intense competitive pressure among dominant industry participan