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La financiación de las empresas en las perspectivas de Modigliani-Miller y Williamson

Author

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  • Jorge Iván González

    ()

Abstract

El artículo compara las visiones que tienen Modigliani-Miller yWilliamson sobre los modos de financiación de las empresas (accionesy deuda). Mientras que para los primeros las alternativas de financiaciónson instrumentos técnicos, para Williamson son el reflejo deestructuras de gobernabilidad diferentes. Después de presentar laslíneas generales de cada enfoque, el artículo muestra sus implicacionesanalíticas. La teoría institucional de Williamson amplía el horizonteporque, de una parte, muestra que la economía tiene que dialogar conotras disciplina y, de otra, pone en evidencia el vínculo entre ladecisión financiera y la gobernabilidad de la empresa.

Suggested Citation

  • Jorge Iván González, 2003. "La financiación de las empresas en las perspectivas de Modigliani-Miller y Williamson," REVISTA CUADERNOS DE ECONOMÍA, UN - RCE - CID, December.
  • Handle: RePEc:col:000093:005786
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    File URL: http://www.fce.unal.edu.co/media/files/documentos/Cuadernos/39/v22n39_gonzalez_2003.pdf
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    More about this item

    Keywords

    finanzas; arbitraje; gobernabilidad; bonos; deudas; empresa;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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