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Estructura financiera y logro empresarial en cooperativas agrarias: una aproximación empírica

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  • Lajara-Camilleri, Natalia
  • Mateos-Ronco, Alicia

Abstract

Este trabajo utiliza la información económico-financiera de una muestra de cooperativas agrarias españolas para identificar las variables que determinan la naturaleza y composición de su estructura financiera. Se define una variable relativa al logro empresarial, a partir de la técnica estadística del análisis de componentes principales que, junto con otros ratios, se introduce en los modelos de regresión. Los resultados no evidencian relación entre estructura financiera y logro empresarial, pero sí corroboran la teoría del Pecking order, apoyando la hipótesis del endeudamiento y la capitalización como fuentes de financiación predominantes. También se verifica la Teoría de la agencia, ya que crecimientos de ventas conllevan un mayor endeudamiento a corto plazo.

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File URL: http://purl.umn.edu/139690
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Bibliographic Info

Article provided by Spanish Association of Agricultural Economists in its journal Economia Agraria y Recursos Naturales.

Volume (Year): 12 (2012)
Issue (Month): 2 ()
Pages:

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Handle: RePEc:ags:earnsa:139690

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Related research

Keywords: Análisis de componentes principales; cooperativas agrarias; estructura financiera; logro empresarial; regresión; Agribusiness; Financial Economics; P13; G32;

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References

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  1. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
  2. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
  3. Stohs, Mark Hoven & Mauer, David C, 1996. "The Determinants of Corporate Debt Maturity Structure," The Journal of Business, University of Chicago Press, vol. 69(3), pages 279-312, July.
  4. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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  9. Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc.
  10. DeAngelo, Harry & Masulis, Ronald W., 1980. "Optimal capital structure under corporate and personal taxation," Journal of Financial Economics, Elsevier, vol. 8(1), pages 3-29, March.
  11. Suzan Hol & Nico Van der Wijst, 2008. "The financial structure of nonlisted firms," Applied Financial Economics, Taylor & Francis Journals, vol. 18(7), pages 559-568.
  12. José Moyano Fuentes & Francisco Puig Blanco & Sebastián Bruque Cámara, 2008. "Los determinantes de la competitividad en las cooperativas," CIRIEC-España, revista de economía pública, social y cooperativa, CIRIEC-España, issue 61, pages 233-249, August.
  13. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July.
  14. Frederick C. Scherr & Heather M. Hulburt, 2001. "The Debt Maturity Structure of Small Firms," Financial Management, Financial Management Association, vol. 30(1), Spring.
  15. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
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Cited by:
  1. Mateos-Ronco, Alicia & Lajara-Camilleri, Natalia, 2014. "Capital structure and financing decisions of agricultural cooperatives: Spanish evidence," 88th Annual Conference, April 9-11, 2014, AgroParisTech, Paris, France 169687, Agricultural Economics Society.

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