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Determinantes de la Concentración de Deuda en el Corto Plazo para Empresas del Sector Real de Colombia: Análisis de Datos Panel Basado en Información

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  • Luisa Fernanda Gutiérrez Valderrama

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    Abstract

    En el presente documento se analizan los determinantes de la concentración de deuda a corto plazo.Para ello, se utilizó un panel de datos no balanceado conformado por empresas del sector real colombianoque reportan anualmente sus estados financieros a la Superintendencia de Sociedades. El períodoevaluado fue 1998- 2007. Los resultados muestran que la solvencia financiera, la variación de los ingresos operacionales, el tamaño, el nivel de endeudamiento y el ciclo del producto interno bruto sonfactores explicativos del uso de la deuda a corto plazo. Se encuentra que el tamaño de la firma y el nivel de endeudamiento tienen un efecto positivo en la elección de la deuda a corto plazo; a su vez, la variación de los ingresos operacionales, la probabilidad de insolvencia y el ciclo del PIB tienen una relación negativa con el endeudamiento a corto plazo.

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    File URL: http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/espe_062-4.pdf
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    Bibliographic Info

    Article provided by BANCO DE LA REPÚBLICA - ESPE in its journal ENSAYOS SOBRE POLÍTICA ECONÓMICA.

    Volume (Year): (2010)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:col:000107:009429

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    Related research

    Keywords: deuda a corto plazo; estructura devencimientos de la deuda; fortaleza financiera; panelde datos; Colombia; solvencia; crecimiento; riesgo.;

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    1. Barclay, Michael J & Smith, Clifford W, Jr, 1995. " The Maturity Structure of Corporate Debt," Journal of Finance, American Finance Association, vol. 50(2), pages 609-31, June.
    2. Brick, Ivan E & Ravid, S Abraham, 1985. " On the Relevance of Debt Maturity Structure," Journal of Finance, American Finance Association, vol. 40(5), pages 1423-37, December.
    3. Alan Bevan & Jo Danbolt, 2002. "Capital structure and its determinants in the UK - a decompositional analysis," Applied Financial Economics, Taylor & Francis Journals, vol. 12(3), pages 159-170.
    4. Laurence Booth, 2001. "Capital Structures in Developing Countries," Journal of Finance, American Finance Association, vol. 56(1), pages 87-130, 02.
    5. Barnea, Amir & Haugen, Robert A & Senbet, Lemma W, 1980. " A Rationale for Debt Maturity Structure and Call Provisions in the Agency Theoretic Framework," Journal of Finance, American Finance Association, vol. 35(5), pages 1223-34, December.
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