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Selección de proveedores y tipos de fondos: Teoría y evidencia empírica con datos de panel

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Author Info
Morgado, Artur (Instituto Politécnico de Coimbra)
Pindado, Julio () (Departamento de Administración y Economía de la Empresa, Facultad de Economía y Empresa, Universidad de Salamanca)

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Abstract

En este trabajo se estudia el comportamiento de las empresas en lo que respecta a sus decisiones sobre la selección de tipos y proveedores de fondos. Para el efecto se analizan las decisiones de financiación de una muestra de empresas, utilizando modelos probit para datos de panel. En lo que concierne a las decisiones de endeudamiento, los resultados obtenidos permiten concluir que los factores subyacentes a la teoría del pecking order dominan sobre los factores tradicionales de la teoría del trade off. De otra parte, en lo que respecta a las decisiones de proveedores de fondos, los resultados confirman, en general, la relevancia del efecto escala de los costes de emisión y la importancia de la asimetría de información.

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Paper provided by Interuniversitary Doctorate Program "New Trends on Business Administration", Universities of Valladolid, Burgos and Salamanca (Spain). Programa de Doctorado Interuniversitario "Nuevas Tendencias en Dirección de Empresas", Universidades de Valladolid, Burgos y Salamanca (España). in its series Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". Working Papers "New Trends on Business Administration". with number 2001-13.

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Length: 51 pages
Date of creation: Jun 2001
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Handle: RePEc:ntd:wpaper:2001-13

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