No linealidad de la relación entre la estructura de capital y sus determinantes
AbstractThe aim of this study is to analyze whether the factors influencing debt change their effect depending on the company’s debt level. This could be very useful for studying for example high-debt firms’ determinants. We work with a panel data of 17,776 companies for the 2001-2006 period and through quantile regressions find that quantile analysis provides a more complete view over the debt determinants than standard OLS regression. Leverage gets influenced by a pecking order behaviour and companies suffer from information asymmetry problems. There is some evidence of bankruptcy costs but not of the tax benefit of debt.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna in its journal Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2013).
Volume (Year): 8 (2009)
Issue (Month): (June)
regresión cuantílica; estructura de capital; teoría de la jerarquía; tradeoff;
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jose González Seoane).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.