Accounting practices: an exploration of the financial knowledge of family businesses in the canton of La Maná, Ecuador

Authors

  • Rosa Marjorie Torres Briones Technical University of Cotopaxi, Ecuador
  • Rodrigo Arturo Reyes Armas Universidad Técnica de Cotopaxi Extensión La Maná, Ecuador
  • Pedro Enrique Díaz Córdova Technical University of Cotopaxi, Ecuador
  • Rafael Antonio Pinto Arboleda Universidad Técnica de Cotopaxi, Ecuador

Keywords:

accounting practices, financial monitoring, planning, budget, tax knowledge

Abstract

The significant effects of poor accounting on family businesses motivated this research. Therefore, the objective of the study was to analyze the level of financial knowledge in the accounting practices of family businesses in La Maná canton, through exploratory factor analysis. The methodology used had a quantitative approach with a non-experimental design in the evaluation of accounting practices and financial knowledge. For this purpose, a probabilistic sampling was applied with a confidence level of 95% and an error level of 5%, which resulted in a sample of 191 undertakings for the development of surveys and research. The relational result of the construct variables was very acceptable (KMO = 0.782); this result denoted a solid sampling adequacy to carry out an exploratory factor analysis. Consequently, the analysis revealed that the first three components explain 81% of the total variance in the response of the ventures. Finally, it was concluded that tax knowledge, together with other elements, significantly improves the understanding of accounting practices and financial knowledge. For this reason, it was demonstrated that family businesses in La Maná canton have a moderate level (Rho = 0.600) of financial knowledge in these areas.

Author Biographies

Rosa Marjorie Torres Briones, Technical University of Cotopaxi, Ecuador

Master in Accounting and Auditing Teaching Researcher of the Career of Accounting and Auditing at the State Technical University of Quevedo, Ecuador and 6 years to date at the Technical University of Cotopaxi, Ecuador. E-mail: rosa.torres@utc.edu.ec. ORCID: https://orcid.org/000-0001-5661-3605. 

Rodrigo Arturo Reyes Armas, Universidad Técnica de Cotopaxi Extensión La Maná, Ecuador

Master in accounting and auditing at the Universidad Técnica Estatal de Quevedo, Ecuador since 2018. Lecturer at the Universidad Técnica de Cotopaxi Extensión La Maná, Ecuador. E-mail: rodrigo.reyes5274@utc.edu.ec. ORCID: https://orcid.org/0009-0009-0291-9962.

Pedro Enrique Díaz Córdova, Technical University of Cotopaxi, Ecuador

Master’s degree in Accounting and Auditing from the Universidad Tecnológica Equinoccial (UTE), Ecuador. Professor of higher education at the Polytechnic College of Chimborazo and at the Technical University of Cotopaxi, Ecuador. E-mail: pedro.diaz0606@utc.edu.ec. ORCID: https://orcid.org/0000-0003-3416-5033.

Rafael Antonio Pinto Arboleda, Universidad Técnica de Cotopaxi, Ecuador

Master’s degree in accounting and auditing from the Universidad Técnica Estatal de Quevedo, Ecuador. University lecturer at the Universidad Técnica de Cotopaxi, Ecuador. E-mail: rafael.pinto3727@utc.edu.ec. ORCID: https://orcid.org/0000-0002-7262-6745.

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Published

2024-09-05

Issue

No. 33 (2024): N° 33: ENE-JUN 2024

Section

Science article

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