=Paper=
{{Paper
|id=Vol-3282/icaiw_aiesd_3
|storemode=property
|title=Cost of Capital and Finance Evaluation for a Family SME Enterprise of an Ecuadorian Ecotourism Resort in San Carlos Parish, Los Ríos Province
|pdfUrl=https://ceur-ws.org/Vol-3282/icaiw_aiesd_3.pdf
|volume=Vol-3282
|authors=Carlos Arturo San Andrés Fuentes,Pablo Ricardo San Andrés Reyes,Ivonne Elizabeth Paredes Chévez,César Santana Moncayo
|dblpUrl=https://dblp.org/rec/conf/icai2/FuentesRCM22
}}
==Cost of Capital and Finance Evaluation for a Family SME Enterprise of an Ecuadorian Ecotourism Resort in San Carlos Parish, Los Ríos Province==
https://ceur-ws.org/Vol-3282/icaiw_aiesd_3.pdf
Cost of Capital and Finance Evaluation for a Family
SME Enterprise of an Ecuadorian Ecotourism Resort
in San Carlos Parish, Los Ríos Province
Carlos Arturo San Andrés Fuentes1 , Pablo Ricardo San Andrés Reyes2,* ,
Ivonne Elizabeth Paredes Chévez3 and César Santana Moncayo2
1
Universidad Técnica Particular de Loja, Loja, Ecuador
2
Universidad Ecotec, Samborondón, Ecuador
3
Universidad Nacional del Rosario, Rosario, Argentina
Abstract
The entrepreneurs of family SMEs allow innovation, and economic growth, mainly in the ecotourism
sector. The objective is to analyze the entrepreneurship finance of an Ecuadorian ecotourism resort
in San Carlos Parish, Los Ríos province for the next five years. The methodology is descriptive and
quantitative. An experimental design and analytical and bibliographic methods were applied in this
research. The study shows the viability, comparing risk (discount rate) and profitability.
Keywords
Finance, Ecotourism, Entrepreneurship, SMEs, Discount Rate and Risk.
1. Introduction
The entrepreneurship of family businesses in the ecotourism sector worldwide has created
new opportunities for economic and sustainable growth and development. Silveira et al., [1]
indicates that entrepreneurs in Latin America have micro, small and medium-sized companies
that are competitive and even have export capacity.
Rodríguez [2] points out that for classical economic theory, authors such as Cantillon, Thunen,
and Baudeau consider the entrepreneur as a risk, but also indicate they can be very intelligent
when developing strategies, while Bentham and Smith say that they can take an innovative
risk. Castillo 1999 clarifies that entrepreneurs manage to make the goods market more efficient
by creating new wealth. In fact, Schumpeter, within the theory of entrepreneurship, mentions
technical and financial innovation motivates competitors to take risks in irregular economic
growth [2].
ICAIW 2022: Workshops at the 5th International Conference on Applied Informatics 2022, October 27–29, 2022, Arequipa,
Peru
*
Corresponding author
$ carlossanandresf@icloud.com (C. A. San Andrés Fuentes); psanandres@ecotec.edu.ec (P. R. San Andrés Reyes);
ivonnelizabeth.paredes@gmail.com (I. E. Paredes Chévez); csantana@ecotec.edu.ec (C. Santana Moncayo)
0000-0002-2227-6011 (C. A. San Andrés Fuentes); 0000-0003-3322-0926 (P. R. San Andrés Reyes);
0000-0002-9541-9933 (I. E. Paredes Chévez); 0000-0002-1593-4784 (C. Santana Moncayo)
© 2022 Copyright for this paper by its authors. Use permitted under Creative Commons License Attribution 4.0 International (CC BY 4.0).
CEUR
Workshop
Proceedings
http://ceur-ws.org
ISSN 1613-0073
CEUR Workshop Proceedings (CEUR-WS.org)
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Carlos Arturo San Andrés Fuentes et al. CEUR Workshop Proceedings 77–86
Rodríguez [2] agrees that entrepreneurship, in addition to the ability to take risks, new com-
panies can be developed. In fact, business development tests the capabilities of the entrepreneur
for the implementation of project ideas. 90% of the world’s companies are family-owned. Olvera
[3] indicates that they contribute to employment and global GDP and remarks that job creation
is one of the objectives pursued by society, and the new expectations of small and medium-sized
companies.
Silveira et al. [1] consider entrepreneurship in the tourism context. In fact, ecotourism in
Ecuador can be an alternative for sustainable development over time. The World Tourism
Organization establishes the importance of the sector that satisfy the needs of tourists, and
provides opportunities for the future, respecting cultural integrity and the ecosystem that
sustains life for sustainable tourism development [4].
Silveira et al. [1] highlight that besides profits, tourism entrepreneurs stand out in improving
lifestyles and getting contact with the environment in order to benefit client expectations. Gessa
et al. [4] point out that responsible and sustainable entrepreneurship serves to solve social
problems in the environment.
Torraleja et al. [5] say that family tourism businesses located in strategic geographic areas
stimulate economic growth and social development. On the other hand, in the San Carlos
Parish, the labor force is maintained by the agriculture that occurs at the beginning and end of
the harvest, affecting the economy of its inhabitants for the rest of the year, that´s why it is
important to have new sources of revenue.
The problem is the lack of initiative of family SMEs in natural environments for responsible
eco-friendly and sustainable tourism exploitation in the Province of Los Ríos, mainly in the San
Carlos Parish, where tourism is not developed yet. The objective is to analyze the finance of the
Ecuadorian ecotourism resort start-up business in San Carlos Parish, Los Ríos Province for the
next five years. This study is justified due to the climatological, topographical, and ecological
conditions that make it the right place to start the ecotourism resort, improving the economy
through the creation of new jobs for its inhabitants, and developing new business opportunities.
The study was developed before the pandemic. However, after a massive global vaccination
plan, economic reactivation with innovative projects, such as the development of an ecotourism
resort in the San Carlos Parish, Los Ríos Province is the perfect way to inject resources into the
State through tourism, as developed countries do. So, this is a clear example of how the tourist
can affect in a positive way the economy of a country.
2. Theoretical Framework
Entrepreneurship is a socioeconomic phenomenon for the development of society to contribute
to the growth and effective performance of companies [2]. Additionally, Schumpeter considers
the entrepreneur as the founder of a new company with innovation [6].
In 1982, Verin mentioned that during the 17th and 18th centuries, entrepreneurship was
attributed to those who were in charge of construction projects, later Richard Cantillón in
France clarified it as the ability to take risks in situations of uncertainty for obtaining variable
profits [2].
Adam Smith emphasized the role of the entrepreneur in the economy and recognized inno-
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vation. However, in the German school, analyzing the theory of marginal productivity, Von
Mangoldt relates the entrepreneur with profit, risk, and ingenuity used.
Silveira et al. [1] considers the entrepreneur as the person who sees an opportunity and
creates a new business, while authors such as Rauch, Wiklund, Lumpkin, and Frese consider
they are necessary for economic development [7].
On the other hand, Rodríguez [2] indicates that for the neoclassical school, there are 2 types
of entrepreneurs: the traditionalists who are mercantilists, and the capitalists with a business
mentality, focused on increasing and multiplying their wealth, becoming, in the long run, an
innovative entrepreneur. While Jackson 2001 cited by the same author indicated that Marshall
considered the entrepreneur as a superior worker with leadership and industrial organization.
Olvera [3] considers that the entrepreneurial spirit implies: creativity, innovation, flexibility,
growth, and risk, for the generation of new ideas. In fact, in the sense of American neoclassical
theory, authors such as John Bates Clark, consider the entrepreneur as the director of economic
activity (Theory of risk takers), while Frank Night, emphasizes that risks are not important if
the uncertainty can be assured (Theory of profits) [2].
In another aspect, Silveira et al [1] point out that in countries such as Mexico or Cuba,
their main source of economic income is tourism, where the role of the entrepreneur plays an
important role in generating employment and offering services to international tourists.
Gessa et al. [4] indicate that small and medium-sized companies have the capacity to generate
wealth, development, and well-being. While family businesses, during the time they consolidate,
set clear rules and criteria, including the entrepreneurial spirit and innovation from the family
to the company [8]. Olvera [3] highlights the role of the family business in the construction of
new projects or studies with collective goals, in order to get family development and well-being.
In Mexico, Micro, small and medium enterprises, known as Mypyme represent 99.7% of the
total GDP in the country. According to the Intersecretarial Commission for Industrial Policy,
65% of Mexican companies are family-owned. In fact, in a study of 122 MSMEs in the tourism
sector of the state of Quintana, 72 are family businesses, and 50 are non-family businesses. It
was found that family businesses are the oldest and generate the highest profitability [9].
Esparza et al. [9] agree that there is clear evidence in empirical studies of differential manage-
ment between family and non-family businesses, being that financial management is important
for family business because it is necessary to keep the company sustainable and competitive.
Ecological entrepreneurship according to Gessa et al. [4], business activity is focused on
preserving the natural environment of the earth, biodiversity, and the ecosystem. Rural commu-
nities have historically suffered exclusion from economic progress. Various private initiatives
carry out responsible ventures, mainly with tourism, associated with the enjoyment of natural
and cultural attractions of the locality, in order to generate employment for the communities
and promote their development [10].
Burgos [11] emphasizes the approach to new markets with eco-humanistic awareness, to guar-
antee tourism with responsible use of natural resources. Tourism as a source of socioeconomic
revitalization has grown and contributes to the Gross Domestic Product of countries in the
world. The support of Public administration has influence in a positive way. Family businesses
are pioneers in starting business opportunities with minimal risks and higher profitability, so
the increase in quality of goods and services in ecotourism are the new resources to serve the
market [5].
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There is a European study in Jaén, in which the Kolmogorov-Smirnov quality test was applied.
It was affirmed that family businesses have different expectations about the quality of the
tourist service they offer, unlike non-businesses ones, which take into consideration some
aspects, such as employees who know the business and have a good presence, quality products,
optimal facilities with hygiene, a pleasant environment of interest, cordiality, good personalized
attention, and guaranteed reservations [5].
However, SMEs sustain tourism activity, especially with accommodation offers, and the
creation of vacation centers that allow sustainable development of the activity [12]. Silveira et
al. [1] highlight the intervention of governments in entrepreneurial activities through public
policies and the support of state banks that can make ecotourism entrepreneurship their main
economic source.
External factors are necessary to analyze at the time of developing new projects, because
they can affect the sales and liquidity of companies, even in some cases they can provoke
unemployment in some organizations. There are different variables that could influence a
business’s profitability, such as the Ukraine-Russia war that caused inflation and limitation of
services debt increase [13].
2.1. Finances of family SMEs in ecotourism
Esparza et al. [9] point out that within the theory of the hierarchy of financial preferences,
there is an order in the sources to finance new investments, with own funds, low-risk bank
debt, and stock emission.
Manzanera [14] indicates that the entrepreneurial vocation begins with an idea. The en-
trepreneur matures with projects and will become an entrepreneur, in which the biggest obstacle
is the lack of financing, and his great challenge is to find partners and investors. There is corpo-
rate financial management, which involves 3 important aspects: managing the capital budget,
analysis of the capital structure, and working capital. In fact, the management of working
capital is an activity that guarantees the company resources to continue operations [15].
Esparza et al. [9] indicate that 10% of family businesses fail due to a lack of financial resources.
In fact, Hussain, 2006 cited by Esparza, et al., indicates that SMEs in the United Kingdom
primarily prefer banks to finance themselves, while in China they support themselves with
family loans.
De Sousa [16] points out that the Capital Asset Valuation Method, known by its acronym in
English as CAPM is the best alternative for investment purposes because it refers to the rate of
return required by investors. In fact, the CAPM allows companies to guide financial decisions
[17].
That is why the function of the administrator leads him/her to carry out financial activities,
mainly the planning of capital investments and identifying investment opportunities, which
depend on the nature or type of business [15].
Financial management includes important decisions in investment, financing, and asset
management [18]. In this sense, CAPM financial asset valuation method is very useful, because
it is a technique to estimate the return on investments. Additionally, due to the acceptance in
the estimation of working capital costs, it is considered an evolution in the theory of finance
[16].
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De Sousa [16] mentions that the CAPM method, where allows investors to choose the highest
expected return for a given level of risk. Silveira et al. [1] emphasize the education of the
entrepreneur as a characteristic of the evolution of the company.
In this sense, Manzanera et al. [14] indicate that the entrepreneur must have knowledge of
finance for the analysis of sensible financial planning, giving peace of mind to the investor
through financial strategies that lead to business success. Esparza et al. [9] say that family
businesses use resources efficiently, also have lower debts, higher levels of liquidity, and obtain
higher returns of profitability on capital investments.
3. Methodology
The methodology used is the descriptive and quantitative, non-experimental cross-sectional
design, with probabilistic sampling and analytical methods.
It was developed a survey of the inhabitants of San Carlos Parish, which belong to a middle
socioeconomic class, in order to know the level of acceptance of the resort in the area.
Below is the calculation of sample size, taking into account a 95% confidence level.
• N= 17,000 (population size according to INEC)
• Z= 1.96 (confidence level, 95%)
• P= 0.5 (percentage of success)
• Q= 0.5 (percentage of failure)
• D= 0.05 (percent error)
(17000 * 1.962 * 0.5 * 0.50)
𝑛=
(17000 − 1) + 1.962 * 0.50 * 0.50
17000 * 3.8416 * 0.50 * 0.50
𝑛=
42.50 + 0.9604 (1)
16326.80
𝑛=
43.46
𝑛 = 376 𝑟𝑒𝑠𝑝𝑜𝑛𝑑𝑒𝑛𝑡𝑠
The 376 people in the survey correspond to the representative sample of the target market.
In this investigation, it was necessary bibliographic research, in order to gather information
about Entrepreneurship theories, Finance Management, Capital Asset Valuation Method, and
Finance of family SMEs in ecotourism. Investment appraisal methods were used to develop
financial analysis, such as Net Present Value (NPV), Internal Rate of Return (IRR), and Capital
Asset Pricing Model (CAPM) for the cost of capital estimation.
4. Results
Based on the objective of the investigation, the following results were found: 90% like to travel
to tourist places in their free time, 65% of those surveyed would be willing to take the service if
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Table 1
Profit and loss statement projection
Year 1 Year 2 Year 3 Year 4 Year 5
Recreational activities 30% 389,451 447,873 507,789 578,442 657,753
Restaurant 30% 389,451 447,873 507,789 578,442 657,753
Accommodation 30% 389,451 447,873 507,789 578,442 657,753
Others 10% 129,817 149,291 172,933 192,814 219,251
Incomes 1,298,170 1,492,910 1,696,300 1,928,140 2,192,510
Administrative expenses 20% 180,000 185,000 190,000 195,000 200,000
Operational expenses 50% 450,000 462,500 475,000 487,500 500,000
Advertising expenses 30% 270,000 277,500 285,000 292,500 300,000
Total expenses 900,000 925,000 950,000 975,000 1,000,000
Profit before taxes 398,17 567,91 746,3 953,14 1,192,510
Employee participation 59,726 85,187 111,945 142,971 178,877
Income tax 84,611 120,681 158,589 202,542 253,408
Net profit 253,833 362,043 475,766 607,627 760,225
Source: Elaborated by authors
there were the creation of an ecotourism resort in the San Carlos Parish with various facilities
of recreational activities, accommodation, and restaurant.
69% would go five times a year, 12% twice a year, 8% once a month, 7% every weekend, and 4%
once a week. On the other hand, 30% of those surveyed prefer swimming pools, 20% comfortable
facilities, 19% restaurants, 15% sports activities, 11% horseback riding, and 5% events.
Subsequently, the potential demand for the ecotourism resort was calculated (amount of
tickets), taking into consideration the size of the market of 17,000 inhabitants; 65% of clients are
willing to visit the ecotourism resort; 11050 potential clients, number of units per customer (1);
the number of units demanded on each occasion; the number of times of visits during the year
(5). As a result, the potential demand in one year is 55250. Potential demand in the first year
(55250) was multiplied by a competitive price ($23.49 dollars), below the main competitors as a
strategy. The income Statement for the first 5 years of the enterprise was developed (see Table
1).
4.1. Finance analysis
The Capital Asset Valuation method has been used, where it is necessary to know the cost of
debt = (Effective Bank Interest * (1-tax)). Being the Effective Banking Interest 9.33%, obtained
from the credit simulator of the National Financial Corporation CFN (Annex 1), and the tax
weight is 36.25% for which companies in Ecuador pay 25% Income Tax and 15% Employee
Participation. So, the cost of debt is 5.95%.
The financing represents 60% by external banking via CFN and 40% by contribution from
partners, so the level of leverage is 1.5 times higher than the contribution from partners, which
is 150%.
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Table 2
Weighted Average Cost of Capital (WACC)
Weighing of Cost of Weighted
Ways of financing Amount $
contributions Capital average cost
Credit bank (CFN) 568.074 60% 5,95% 3,57%
Capital 378.716 40% 11,32% 4,53%
Total 946790 100% 8,10%
Source: Elaborated by authors
To calculate the leveraged beta, the following formula is used: Leveraged beta = ((sector beta
* project leverage)* (1- tax weight)) + sector beta.
The beta of the sector was obtained from the hotel sector of the table of comparable betas of
the United States (Damodaran, 2019), reaching 71%. Using the data and the formula, a leveraged
beta of 1.39 is obtained, which will be used to calculate the cost of capital contributed by the
partners. Subsequently, the CAPM formula is applied = (Risk-free rate + (Leveraged Beta * Risk
premium)) + Country Risk.
The risk-free rate of North American bonds [19] is 1.74%. Leveraged beta is 1.39, the yield of
the hotel market is 7.75% [20], risk premium is 6.01%, obtained from the difference between the
market rate of return and the risk-free rate. The country risk that is 1,223% [21]. As a result, the
cost of invested capital of the partners is 11.32%.
Previously, the cost of debt was calculated at 5.95% and the CAPM at 11.32%, and the WACC
= (Weighting of contributions * Cost of capital) is calculated, which is a rate that is used to show
a valuation of business-type investment studies (see Table 2).
Therefore, the discount rate of the study is 8.10%, which was used to calculate the Net Present
Value with the flows weighted over time, resulting in $419,672.59 dollars, and the Internal Rate
of Return of 25%, obtaining a return on investment of 3.08 times more, considering an excellent
hotel ecotourism financial proposal study for the San Carlos parish in the province of Los Ríos,
Ecuador, so the financial risks are minimal (see Table 3).
5. Conclusion
The role of the entrepreneur at a global level has transcended not only with the contribution to
the GDP, but also through the development of SMEs, some of them funded by family members
in the tourism sector. Viable results have been obtained by these businesses, such as countries
like Mexico and Cuba because this sector is their main economic source of income.
Due to the climatological conditions and geographical location, the San Carlos Parish, Los
Ríos Province is the right place for the installation of an ecotourism resort. The support of
sustainable development through environmental processes promotes employment in the region.
Taking into consideration that the business is going to be financed through public bank CFN
with 60% (the lowest SME rate in the country), and a partner contribution of 40%, additionally a
discount rate of 8,10% (WACC estimation), as a result, the Net Present Value (NPV) is $419,672.59,
and the Internal Rate of Return (IRR) 25%, obtaining 3.08 times more than the value invested
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Table 3
Cash Flow Forecasting
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Recreational activities 389,451 447,873 507,789 578,442 657,753
Restaurant 389,451 447,873 507,789 578,442 657,753
Accommodation 389,451 447,873 507,789 578,442 657,753
Others 129,817 149,291 172,933 192,814 219,251
Incomes 1,298,170 1,492,910 1,696,300 1,928,140 2,192,510
Accounts Receivable
Initial cash 0 0 228,693 228,956 237,870 275,233
Operative incomes 1,298,170 1,492,910 1,696,300 1,928,140 2,192,510
Total 1,298,170 1,721,603 1,925,256 2,166,010 2,467,743
Non-Operating Income
Own financing from
378,716
partners
External credit (CFN) 568,074
Total Non-Operating In-
946,790
come
Total 946,790 1,298,170 1,721,603 1,925,256 2,166,010 2,467,743
Expenses
Investment -726,290
Administrative ex-
-180,000 -185,000 -190,000 -195,000 -200,000
penses
Operational expenses -450,000 -462,500 -475,000 -487,500 -500,000
Publicity expenses -270,000 -277,500 -285,000 -292,500 -300,000
Capital payment -123,624 -135,153 -147,758 -161,539
Interest payment -45,853 -34,323 -21,718 -7,938
Employee participation -59,726 -85,187 -111,945 -142,971
Tax payment -84,611 -120,681 -158,589 -202,542
Dividend payment -253,833 -362,043 -475,766 -607,627
Total expenses -1,069,477 -1,492,647 -1,687,387 -1,890,777 -1,953,140
Net cash flow -726,290 228,693 228,956 237,870 275,233 514,603
Ending cash balance 228,693 457,650 466,826 513,103 789,836
Source: Elaborated by authors
The main result obtained was to carry out an analysis through the CAPM financial method,
in fact, the financial structure is thanks to the contribution of the CFN Public Bank in 60% with
the lowest SME rate in the country, and the contribution of the partners in 40%. The discount
rate was 8.10%, the NPV $419,672.59 dollars, and the IRR 25%, obtaining 3.08 times more than
the value invested. The outcomes show viability with minimal risks.
The business initiatives that operate in the tourism sector can work with the efforts of public
institutions, in conjunction with the private ones, channeling resources into society more
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Carlos Arturo San Andrés Fuentes et al. CEUR Workshop Proceedings 77–86
committed to its environment [4]. In this sense, the state, the participation of private companies,
families, and tourists, each with their role and contribution, make ecotourism projects lead to
sustainable development. The business system and market with the awareness of the social
system and the biosphere, imply harmonizing support schemes and conservation of life, even
with business activity, known as pro-sustainable entrepreneurship [4].
Analyzing external variables such as the pandemic, in fact, it has been favorable, since
financial institutions currently grant SME loans to businessmen and entrepreneurs, making the
realization of this project more effective. If we analyze the war of Russia-Ukraine as an external
variable, it does not directly affect the project, because it is evidenced by an economic recovery
in Ecuador, from the perspective that the development of an ecotourism resort in the San Carlos
Parish, Los Ríos Province is a local project, and national and foreign tourists can visit the resort,
without any inconvenience, being a safe and reliable place.
6. Acknowledgements
We thank the inhabitants of San Carlos Parish, Los Ríos Province that helped researchers
to develop surveys; because with those outcomes, it was possible to forecast loss and profit
statements and cash flow.
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