Determinantes de la estructura financiera de las empresas españolas

  1. Bernardí Cabrer Borrás 1
  2. Paz Rico Belda
  1. 1 Universitat de València
    info

    Universitat de València

    Valencia, España

    ROR https://ror.org/043nxc105

Revista:
Estudios de economía aplicada

ISSN: 1133-3197,  1697-5731

Año de publicación: 2015

Título del ejemplar: El futuro de los métodos cuantitativos en economía aplicada: la herencia de Klein

Volumen: 33

Número: 2

Páginas: 513-532

Tipo: Artículo

DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Otras publicaciones en: Estudios de economía aplicada

Resumen

The objective of this paper is to identify the determinant factors of structure capital of firms, using data of a sample of Spanish firms in SABI database. For that, a model, which considers that the leverage level is determined by characteristics and capital structure of companies, has been used. The empirical results allow conclude that the firm’s capital structure decisions do not respond to an only theory. Furthermore, the leverage level increases with the size of the firms and decreases with the debt cost. Moreover, the most indebted enterprises are which highest growth, less weight of tangible assets, and with low levels of credit rating. Finally, firms with low level of credit rating show a different financial behavior than companies with higher credit rating.

Referencias bibliográficas

  • ADAM, T.R. y GOYAL, V.K. (2008). “The investment opportunity set and its proxy variables”. Journal of Financial Research, 31, 41-63.
  • ANDRÉS, P.; AZOFRA, V. y RODRÍGUEZ, J.A. (2000). “Endeudamiento, oportunidades de crecimiento y estructura contractual: Un contraste empírico para el caso español”. Investigaciones Económicas, 24, 641-679.
  • ANTONIOU, A.; GUNEY, Y. y PAUDIAL, K. (2002). “Determinants of corporate capital structure: Evidence from European countries”. Department of Economics and Finance, Universidad of Durham, Durham, March 2002.
  • AYBAR, C.; CASINO, A. y LÓPEZ, J. (2003). “Estrategia y estructura de capital en la PYME: Una aproximación empírica”. Estudios de Economía Aplicada, 21(I), 27-52.
  • BHAIRD, C. y LUCEY, B. (2010). “Determinants of capital structure in Irish SMEs”. Small Business Economics, 35, 357-375.
  • BOOTH, L.; AIVAZIAN, A., DEMIRGURC-KUNT, A. y MAKSIMOVIC, V. (2001). “Capital structure in developing countries”. Journal of Finance, 56(1), 87-130.
  • BOUGHEAS, A.; MIZEN, P. y YALCIN, C. (2006). “Access to external finance: theory and evidence on the impact of monetary policy and firm-specific characteristics”. Journal of Banking and Finance, 30, 199-227.
  • BRADLEY, M.; JARRELL, G.A. y KIM, E.H. (1984). “On the existence of an optimal capital structure: Theory and evidence”. Journal of Finance, 34(3), 857-878.
  • CHAKRABORTY, I. (2010). “Capital structure in an emerging stock market: the case of India”. Research in International Business and Finance, 24(3), 259-314.
  • CHANG, C.; ALICE, C.L. y LEE, C.F. (2009). “Determinants of capital structure choice: A structural equation modeling approach”. The Quarterly Review of Economics and Finance, 49, 197-213.
  • CHUNG, K. (1993). “Assets characteristics and corporate debt policy: An empirical test”. Journal of Financial and Accounting, 20, 83-98.
  • CRABBE, L. y POST, M.A. (1994). “The effect of a rating downgrade on outstanding commercial paper”. Journal of Finance, 49(1), pp. 39-45.
  • CRUTCHLEY, E. y HANSEN, R. (1989). “A test of agency theory of managerial ownership, corporate leverage and corporate dividends”. Financial Management, 18, 36-46.
  • DE MIGUEL, A. y PINDADO, J. (2001). “Determinants of capital structure: new evidence from Spanish panel data”. Journal of Corporate Finance, 7, 77-99.
  • DIAMOND, D.W. (1989). “Reputation acquisition in debt markets”. Journal of political Economy, 97, pp. 828-862.
  • DURAND, D. (1952). “Cost of debt and equity funds for business: trends and problems of measurement”. Conference and research on business finance, National Bureau of Economic Research, New York.
  • FAMA, E.F. y MILLER, M. (1972). The theory of finance, Ed. Holt et al, New York.
  • FRANK, M. y GOYAL, V. (2003). “Testing the pecking order theory of capital structure”, Journal of Financial Economics. 67, 217-248.
  • FRANK, M. y GOYAL, V. (2009). “Capital structure decisions: Which factors are reliably important?”. Financial Management, 38, 1-37.
  • GAVER, J.J. y GAVER, K.M. (1993). “Additional evidence on the association between the investment opportunity set and corporate financing, dividend and compensation policies”. Journal of Accounting and Economics, 16, 125-160.
  • GAUD, P.; JANI, E., HOESLI, M. y BENDER, A. (2005). “The capital structure of Swiss companies: An empirical analysis using dynamic panel data”. European Financial Management, 11(1), 51-69.
  • GONZÁLEZ, V. y GONZÁLEZ, F. (2008). “Influence of bank concentration and institutions on capital structure: New international evidence”. Journal of Corporate Finance, 14, 363-375.
  • HERNÁNDEZ, C. y RÍOS, H. (2012). “Determinantes de la estructura financiera en la industria manufacturera: la industria de alimentos”. Análisis Económico, 27(65), Universidad Autónoma Metropolitana Azcapotzalco, 101-121.
  • JENSEN, M. y MECKLING, W. (1976). “Theory of the firm: Managerial behavior, agency costs and ownership structure”. Journal of Financial Economics, 3, 305-360.
  • KAYO, E.K. y KIMURA, H. (2011). “Hierarchical determinants of capital structure”. Journal of Banking and Finance, 35, 358-371.
  • KLEIN, L. R. (1966). Introducción a la Econometría, Editorial Aguilar. Madrid.
  • KLEIN, L.R. y MARGOLIS, J. (1954). “Statistical studies of unincorporated business”. The Review of Economics and Statistics, 36(1), 33-46.
  • LELAND, H.E. y PYLE, D.H. (1977). “Information asymmetries, financial structure and financial intermediation”. Journal of Finance, 32(2), 371-387.
  • LÓPEZ, J. y SÁNCHEZ, S. (2007). “Financial structure of the family business: evidence from a group of small Spanish firms”. Family Business Review, 20(4), 269-287.
  • MICHAELAS, N.; CHITTENDEN, F. y POUTZIORIS, P. (1999). “Financial policy and capital structure choice in U.K. SMEs: Empirical evidence from company panel data”. Small Business Economics, 12, 113-130.
  • MODIGLIANI, F. y MILLER, M.H. (1958). “The cost of capital, corporate finance and the theory of investment”. American Economic Review, 68(3), 261-297.
  • MYERS, S. (1977). “Determinants of corporate borrowing”. Journal of Financial Economics, 5, 146-175.
  • MYERS, S. (1984). “The capital structure puzzle”. Journal of Finance, 39, 575-592.
  • MYERS, S. (2001). “Capital structure”. Journal of Economics Perspectives, 15(2), 81-102.
  • MYERS, S. y MAJLUF, N.S. (1984). “Corporate financing and investment decisions when firms have information that investors do not have”. Journal of financial economics, 13, 187-221.
  • NAVARRETE, E. (2012). Factores determinantes del comportamiento financiero de las empresas familiares, Tesis Doctoral, Universidad de la Rioja.
  • PALACÍN, M.J. y RAMÍREZ, L.M. (2011). “Factores determinantes de la estructura financiera de la Pyme Andaluza”. Revista de estudios regionales, 91, 45-69.
  • RAJAN, R.G. y ZINGALES, L. (1995). “What do we know about capital structure? Some evidence from international data”. Journal of Finance, 50(5), 1421-1460.
  • ROSS, S. (1977). “The determination of financial structure: the incentive signaling approach”. Bell Journal of Economics, 1, 23-40.
  • RUBIO, G. y SOGORB, F. (2011). “The adjustment to target leverage of Spanish public firms: Macroeconomic conditions and distance from target”, Revista de Economía Aplicada-Review of Applied Economics, 19, 35-63.
  • RUBIO, G. y SOGORB, F. (2012). “Adjustment costs and the realization of target leverage of Spanish public firms”. Revista española de financiación y contabilidad, Vol XLI, 156, 547-564.
  • SOGORB, F. (2005). “How SME uniqueness affects capital structure: Evidence from a 1994-1998 Spanish data panel”. Small Business Economics, 25, 447-457.
  • SCHWARTZ, E. (1959). “Theory of capital structure of the firm”. Journal of Finance, 14(1), 18-39.
  • TITMAN, S. y WESSELS, R. (1988). “The determinants of capital structure choice”. Journal of Finance, 43(1), 1-19.
Fuente de los datos: Dialnet