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Decisiones de financiamiento en pymes: ¿existen diferencias en función del tamano y la forma legal?

Author

Listed:
  • Anahí Briozzo
  • Herna?n Vigier
  • Natalia Castillo
  • Gabriela Pesce
  • M. Carolina Speroni

Abstract

Se analiza si existen características diferenciales en las pequenas y medianas empresas en función de su tamano y de su forma legal. Se estudian en especial las decisiones de financiamiento, tomando como marco el enfoque de jerarquía financiera, trade-off y ciclo de vida. Empleando una muestra de empresas radicadas en la ciudad de Bahía Blanca (Argentina), se realizan test no paramétricos y test de independencia sobre las variables. Los resultados muestran que las empresas de mayor tamano o se endeudan en mayor medida, mientras que las empresas que adoptan formas legales con responsabilidad limitada se diferencian en un mayor uso de créditos con garantías reales. Estos resultados senalan la necesidad de disenar políticas de apoyo focalizadas hacia los distintos segmentos de empresas.

Suggested Citation

  • Anahí Briozzo & Herna?n Vigier & Natalia Castillo & Gabriela Pesce & M. Carolina Speroni, 2016. "Decisiones de financiamiento en pymes: ¿existen diferencias en función del tamano y la forma legal?," Estudios Gerenciales, Universidad Icesi, vol. 32(138), pages 71-81, February.
    • Handle: RePEc:col:000129:014382
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    File URL: http://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/2195
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    Cited by:

    1. repec:thr:techub:10032:y:2022:i:1:p:41-61 is not listed on IDEAS
    2. Jesus Alberto Peinado Guevara & Victor Manuel Peinado Guevara & Aldo Alan Cuadras Berrelleza & Jaime Herrera Barrientos & Hector Jose Peinado Guevara & Mayra Patricia Osuna & Miguel Angel Montoya Leyv, 2022. "Importance of financial planning for the administrator of microenterprise in Guasave, Sinaloa," Technium Social Sciences Journal, Technium Science, vol. 32(1), pages 41-61, June.
    3. Rocca Espinoza, Salustiano Eduardo & Duréndez Gómez-Guillamón, Antonio, 2017. "Factores determinantes que explican el acceso a la financiación bancaria: un estudio empírico en empresas peruanas," Small Business International Review, Asociación Española de Contabilidad y Administración de Empresas - AECA, vol. 1(1), pages 11-34, July.

    More about this item

    Keywords

    Forma legal; Responsabilidad limitada; Tamaño; Decisiones de financiamiento; Pequeñas y medianas empresas;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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