IDEAS home Printed from
   My bibliography  Save this article

Estructura financiera y logro empresarial en cooperativas agrarias: una aproximación empírica


  • Lajara-Camilleri, Natalia
  • Mateos-Ronco, Alicia


Este trabajo utiliza la información económico-financiera de una muestra de cooperativas agrarias españolas para identificar las variables que determinan la naturaleza y composición de su estructura financiera. Se define una variable relativa al logro empresarial, a partir de la técnica estadística del análisis de componentes principales que, junto con otros ratios, se introduce en los modelos de regresión. Los resultados no evidencian relación entre estructura financiera y logro empresarial, pero sí corroboran la teoría del Pecking order, apoyando la hipótesis del endeudamiento y la capitalización como fuentes de financiación predominantes. También se verifica la Teoría de la agencia, ya que crecimientos de ventas conllevan un mayor endeudamiento a corto plazo.

Suggested Citation

  • Lajara-Camilleri, Natalia & Mateos-Ronco, Alicia, 2012. "Estructura financiera y logro empresarial en cooperativas agrarias: una aproximación empírica," Economia Agraria y Recursos Naturales, Spanish Association of Agricultural Economists, vol. 12(2).
  • Handle: RePEc:ags:earnsa:139690

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Stohs, Mark Hoven & Mauer, David C, 1996. "The Determinants of Corporate Debt Maturity Structure," The Journal of Business, University of Chicago Press, vol. 69(3), pages 279-312, July.
    2. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    3. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
    4. DeAngelo, Harry & Masulis, Ronald W., 1980. "Optimal capital structure under corporate and personal taxation," Journal of Financial Economics, Elsevier, vol. 8(1), pages 3-29, March.
    5. Harris, Milton & Raviv, Artur, 1991. " The Theory of Capital Structure," Journal of Finance, American Finance Association, vol. 46(1), pages 297-355, March.
    6. Hailu, Getu & Goddard, Ellen W. & Jeffrey, Scott R., 2005. "Measuring Efficiency in Fruit and Vegetable Marketing Co-operatives with Heterogeneous Technologies in Canada," 2005 Annual meeting, July 24-27, Providence, RI 19507, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
    8. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    9. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth,in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934 Elsevier.
    10. Frederick C. Scherr & Heather M. Hulburt, 2001. "The Debt Maturity Structure of Small Firms," Financial Management, Financial Management Association, vol. 30(1), Spring.
    11. Giménez, Fernando Vidal & Río, Baldomero Segura Garcia Del & Gomis, Francisco José Del Campo, 2000. "Eficiencia de las cooperativas de comercialización hortofrutícola de la Comunidad Valenciana," Revista Española de Estudios Agrosociales y Pesqueros, Ministerio de Medio Ambiente, Rural y Marino (formerly Ministry of Agriculture), issue 188.
    12. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    13. Chavas, Jean-Paul & Aliber, Michael, 1993. "An Analysis Of Economic Efficiency In Agriculture: A Nonparametric Approach," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 18(01), July.
    14. Suzan Hol & Nico Van der Wijst, 2008. "The financial structure of nonlisted firms," Applied Financial Economics, Taylor & Francis Journals, vol. 18(7), pages 559-568.
    15. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    16. José Moyano Fuentes & Francisco Puig Blanco & Sebastián Bruque Cámara, 2008. "Los determinantes de la competitividad en las cooperativas," CIRIEC-España, revista de economía pública, social y cooperativa, CIRIEC-España, issue 61, pages 233-249, August.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. López-Cózar, C. & Priede, T., 2015. "Identificación de las principales fuentes de financiación empleadas por la empresa social en la actualidad," Economia Agraria y Recursos Naturales, Spanish Association of Agricultural Economists, vol. 15(1).
    2. Mateos-Ronco, Alicia & Lajara-Camilleri, Natalia, 2014. "Capital structure and financing decisions of agricultural cooperatives: Spanish evidence," 88th Annual Conference, April 9-11, 2014, AgroParisTech, Paris, France 169687, Agricultural Economics Society.

    More about this item


    Análisis de componentes principales; cooperativas agrarias; estructura financiera; logro empresarial; regresión; Agribusiness; Financial Economics; P13; G32;

    JEL classification:

    • P13 - Economic Systems - - Capitalist Systems - - - Cooperative Enterprises
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:earnsa:139690. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.