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Restricciones financieras en un contexto de asimetrías informativas: indicencias de la estructura financiera en las decisiones de inversión

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  • RODRÍGUEZ BRITO, Mª G.

    ()
    (Departamento de Análisis Económico. Universidad de La Laguna.)

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    Abstract

    Este trabajo trata de aportar evidencia empírica con respecto a que, bajo condiciones de información asimétrica, las decisiones de financiación condicionan las de inversión. Con esta finalidad se contrasta, para una muestra de empresas canarias, la incidencia de las variables financieras en un modelo de inversión bajo distintos supuestos relativos al coste de la financiación externa. Ello permite estudiar el papel de la estructura financiera tanto en un marco de restricciones de liquidez, como en un modelo en el que el coste del capital al que se enfrentan las empresas es una función de su estructura financiera. This paper is an attempt to bring foward empirical evidence considering that, under conditions of asymmetric information, decisions taken on finance determine those of investment. For this purpose we use a sample of Canarian companies and then contrast the incidence of financial variables in an investment model under different assumptions related to the cost of external finance. The study allows to determine the function of the financial structure both in a frame of liquidity constraints and in a model in which the cost of capital faced by firms is a function of its financial structure.

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    Bibliographic Info

    Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

    Volume (Year): 18 (2001)
    Issue (Month): (Agosto)
    Pages: 209-232

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    Handle: RePEc:lrk:eeaart:18_2_2

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    Related research

    Keywords: asymmetric information; liquidity restrictions; neoclassical investment model; adjustment costs; panel data.;

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    References

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    1. Takeo Hoshi & Anil Kashyap & David Scharfstein, 1989. "Corporate structure, liquidity, and investment: evidence from Japanese industrial groups," Finance and Economics Discussion Series 82, Board of Governors of the Federal Reserve System (U.S.).
    2. Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1987. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc.
    3. Michael Devereux & Fabio Schiantarelli, 1990. "Investment, Financial Factors, and Cash Flow: Evidence from U.K. Panel Data," NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 279-306 National Bureau of Economic Research, Inc.
    4. Gonzalo MATO, 1988. "Investment demand at the firm level : The case of Spain," Discussion Papers (REL - Recherches Economiques de Louvain) 1988033, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    5. Nickell, Stephen, 1985. "Error Correction, Partial Adjustment and All That: An Expository Note," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 47(2), pages 119-29, May.
    6. Blundell, Richard & Bond, Stephen & Devereux, Michael & Schiantarelli, Fabio, 1992. "Investment and Tobin's Q: Evidence from company panel data," Journal of Econometrics, Elsevier, vol. 51(1-2), pages 233-257.
    7. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
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