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La reestructuración financiera de las pymes en crisis. Endogeneidad en la elección entre vía privada y vía concursal

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Author Info

  • Cristina Aybar Arias

    (Universitat de València)

  • Alejandro Casino Martínez

    (Universitat de València)

  • José López Gracia

    (Universitat de València)

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    Abstract

    Este trabajo presenta evidencia empírica del papel de los costes de ajuste en la reestructuración financiera realizada por las empresas de reducido tamaño con problemas de insolvencia. Se contrasta la hipótesis del sesgo latente a favor del deudor en los procedimientos concursales, planteando un modelo de estructura de capital dinámico que incluye una ecuación de selección para captar la endogeneidad implícita en la opción adoptada para salir de la crisis (vía privada o concursal). Se confirma la relevancia de la endogeneidad y la existencia de elevados costes de ajuste en ambos escenarios además del citado sesgo de protección.

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    Bibliographic Info

    Article provided by Fundación SEPI in its journal Investigaciones Economicas.

    Volume (Year): 30 (2006)
    Issue (Month): 1 (January)
    Pages: 137-162

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    Handle: RePEc:iec:inveco:v:30:y:2006:i:1:p:137-162

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    Postal: Investigaciones Economicas Fundación SEPI Quintana, 2 (planta 3) 28008 Madrid Spain
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    Related research

    Keywords: Costes de ajuste; reestructuración financiera; pymes;

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