Tamaño, estructura y coste de financiación de las empresas manufactureras españolas
AbstractIn this article we analyse the impact of firms’ size on their financial and cost structure. We use a panel of 2000 Spanish manufacturing firms for the period 1991-1998. We find that the marginal cost of external finance of firms varies inversely with their size. Also the smaller the firm the greater is the use of debt and the longer it is used as a mode of finance. We find evidence of a somewhat limited degree of transmission of risk-free interest rate reductions to the cost of external finance. Finally we analyse how demand expectations and the technology used affect the cost of external finance
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Bibliographic InfoArticle provided by Fundación SEPI in its journal Investigaciones Economicas.
Volume (Year): 27 (2003)
Issue (Month): 1 (January)
Contact details of provider:
Postal: Investigaciones Economicas Fundación SEPI Quintana, 2 (planta 3) 28008 Madrid Spain
Web page: http://www.fundacionsepi.es/
Find related papers by JEL classification:
- C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
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