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Factores determinantes de la estructura financiera de la Pyme Andaluza

Author

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  • Mª José Palacín Sánchez
  • Luis Miguel Ramírez Herrera

Abstract

RESUMEN: Este trabajo pretende aportar nueva evidencia empírica sobre los efectos que ciertos factores empresariales ejercen en la formación de la estructura financiera de las PYMES, debido al importante papel que confiere la literatura financiera a tales factores. El estudio se ha desarrollado sobre una muestra de PYMES andaluzas y hemos utilizado la metodología de datos de panel, dado que disponemos de una muestra de 1.204 empresas con datos anuales que van desde 2004 a 2007. Los resultados muestran que el tamaño, la estructura de los activos, la capacidad para generar recursos, la rentabilidad y el crecimiento influyen de manera significativa en el nivel de endeudamiento de las PYMES, mientras que el riesgo no es relevante. ABSTRACT: This paper analyses the effects of several determinants in the formation of the capital structure of SMEs, due to the important role that awards the financial literature to the mentioned factors. To this end, we apply panel data methods to the sample of 1.204 Andalusian SMEs for the period 2004 to 2007. The results of our research show that size, tangibility of assets, capacity to generate internal funds, profitability and growth influence significantly the leverage of companies, while the effects of risk on the capital structure of SMEs is very residual.

Suggested Citation

  • Mª José Palacín Sánchez & Luis Miguel Ramírez Herrera, 2011. "Factores determinantes de la estructura financiera de la Pyme Andaluza," Revista de Estudios Regionales, Universidades Públicas de Andalucía, vol. 2, pages 45-69.
    • Handle: RePEc:rer:articu:v:02:y:2011:p:45-69
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    More about this item

    Keywords

    Estructura financiera; PYMEs; Financial structure; SMEs;
    All these keywords.

    JEL classification:

    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics

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