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Teoría del Pecking Order versus teoría del Trade off para la empresa Coservicios S.A. E.S.P

Author

Listed:
  • Sandra Milena Zambrano Vargas
  • Gustavo Adolfo Acuña Corredor

Abstract

El presente trabajo pretende analizar el grado de aplicación de dos teorías de estructura de capital que han sido contradictorias y extensamente comparadas. Para la aplicación de la teoría del Trade Off se utilizan dos modelos, el primero propuesto por López y de Luna (2002) y el segundo es el propuesto por Cruz et al., (2003). Para la aplicación de la teoría del Pecking Order se analiza la forma como han sido manejadas las reservas, la deuda a largo plazo, el crecimiento de los activos operacionales netos, la tendencia que ha tenido la rentabilidad operacional de los activos y el EBITDA. Al final se encuentra que en los períodos analizados la teoría más usada ha sido la de Pecking Order la cual ha tenido más evidencia empírica en otras organizaciones, y de la teoría del Trade Off no se encontró aplicación.

Suggested Citation

  • Sandra Milena Zambrano Vargas & Gustavo Adolfo Acuña Corredor, 2013. "Teoría del Pecking Order versus teoría del Trade off para la empresa Coservicios S.A. E.S.P," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia, December.
    • Handle: RePEc:col:000152:013049
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    More about this item

    Keywords

    Estructura de capital; intercambio; pecking order;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • F30 - International Economics - - International Finance - - - General
    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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