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

Aldizkaria:
Estudios de economía aplicada

ISSN: 1133-3197,  1697-5731

Argitalpen urtea: 2015

Zenbakien izenburua: El futuro de los métodos cuantitativos en economía aplicada: la herencia de Klein

Alea: 33

Zenbakia: 2

Orrialdeak: 513-532

Mota: Artikulua

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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.

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