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What Do We Know About The Financial Behaviour Of The Spanish Sme?: An Empirical Analysis

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  • Clara Cardone

    ()

  • María J. Casasola

    ()

Abstract

The main objective of this work is to analyze the capital structure of Spanish small and medium-sized enterprises from the point of view of the "pecking order theory”. The Data base employed to test our hypotheses comes from the SABI (Sistema de Análisis de Balances Ibéricos). The contribution of this paper are basically: i) the database used in the empirical analysis of the Spanish financial companies behaviour and ii) the panel data allow us to control the possible existence of fixed effects associated to each company as well as the endogeneity problems through the use of instrumental variables models. By means of the so-called, "pecking-order-theory" we make a test of the capital structure againsts the size, age and activities within the sector.

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Bibliographic Info

Paper provided by Universidad Carlos III, Departamento de Economía de la Empresa in its series Business Economics Working Papers with number wb033708.

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Date of creation: Jul 2003
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Handle: RePEc:cte:wbrepe:wb033708

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  26. Barnea, Amir & Haugen, Robert A & Senbet, Lemma W, 1981. "An Equilibrium Analysis of Debt Financing under Costly Tax Arbitrage and Agency Problems," Journal of Finance, American Finance Association, vol. 36(3), pages 569-81, June.
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