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Decisiones financieras y oportunidades de crecimiento en la empresa espa¤ola. Un an lisis con datos de panel

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El objetivo del presente trabajo es analizar la influencia que tienen las decisiones de endeudamiento, de distribuci¢n de dividendos y la estructura de propiedad sobre el valor de mercado de la empresa en situaciones caracterizadas por la ausencia o existencia de oportunidades rentables de inversi¢n. Partiendo de una muestra formada por un panel de 101 grandes empresas industriales espa¤olas en el periodo 1991-95, se observa c¢mo el endeudamiento mantiene una relaci¢n negativa con el valor de la empresa cuando ‚sta posee oportunidades de crecimiento, mientras que, junto con el reparto de dividendos, influye positivamente cuando la compa¤¡a no cuenta con proyectos rentables. Asimismo, nuestros resultados ponen de manifiesto la relevancia de la concentraci¢n de la propiedad, de la fracci¢n de la propiedad en manos de los directivos y de la naturaleza del principal accionista en la valoraci¢n de la compa¤¡a, en cuanto factores que afectan al nivel de eficiencia con que se asignan los recursos en poder de la empresa. The aim of this paper is to analyze the influence of financial leverage decisions, dividend payout policies and the ownership structure on the firm market value when companies either face or do not face profitable growth opportunities. Based on a sample of 101 large non-financial Spanish companies, we find a negative relationship between firm value and both leverage and dividend payments in the presence of growth opportunities, while this relationship turns out to be positive when firms have no profitable investment projects. Our results also demonstrate the relevance of the ownership structure by showing how ownership concentration, managers ownership proportion and some main shareholder characteristics affect the efficiency in the allocation of firm resources.

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Paper provided by Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Doctorado Interuniversitarios (con mención de calidad de la ANECA) en "Economía de la Empresa", Universidades de Valladolid, Burgos, Salamanca y León (España). Hasta 2008, Programa de Doctorado Interuniversitario (con mención de calidad de la ANECA) “Nuevas Tendencias en Dirección de Empresas”, Universidades de Valladolid, Burgos y Salamanca (España). in its series Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". with number 2000-04.

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Date of creation: Jun 2000
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Publication status: Published in Applied Financial Economics, vol. 15, no. 6, 2005, pages 391-407 with the title ?Financial Decisions and Growth Opportunities: A Spanish Firms Panel Data Analysis?.
Handle: RePEc:ntd:wpaper:2000-04

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Keywords: Estructura de capital; dividendos; propiedad; oportunidades de crecimiento; problemas de agencia; gobierno de la empresa. Capital Structure; dividends; ownership; growth opportunities; agency theory; corporate governance.;

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