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Determinantes de la Concentración de Deuda en el Corto Plazo para Empresas del Sector Real de Colombia: Análisis de Datos Panel Basado en Información


  • Luisa Fernanda Gutiérrez Valderrama



En el presente documento se analizan los determinantes de la concentración de deuda a corto plazo.Para ello, se utilizó un panel de datos no balanceado conformado por empresas del sector real colombianoque reportan anualmente sus estados financieros a la Superintendencia de Sociedades. El períodoevaluado fue 1998- 2007. Los resultados muestran que la solvencia financiera, la variación de los ingresos operacionales, el tamaño, el nivel de endeudamiento y el ciclo del producto interno bruto sonfactores explicativos del uso de la deuda a corto plazo. Se encuentra que el tamaño de la firma y el nivel de endeudamiento tienen un efecto positivo en la elección de la deuda a corto plazo; a su vez, la variación de los ingresos operacionales, la probabilidad de insolvencia y el ciclo del PIB tienen una relación negativa con el endeudamiento a corto plazo.

Suggested Citation

  • Luisa Fernanda Gutiérrez Valderrama, 2010. "Determinantes de la Concentración de Deuda en el Corto Plazo para Empresas del Sector Real de Colombia: Análisis de Datos Panel Basado en Información," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República - ESPE, vol. 28(62), pages 148-195, June.
  • Handle: RePEc:col:000107:009429

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    References listed on IDEAS

    1. Brennan, Michael J & Schwartz, Edwardo S, 1978. "Corporate Income Taxes, Valuation, and the Problem of Optimal Capital Structure," The Journal of Business, University of Chicago Press, vol. 51(1), pages 103-114, January.
    2. Laurence Booth, 2001. "Capital Structures in Developing Countries," Journal of Finance, American Finance Association, vol. 56(1), pages 87-130, February.
    3. Barclay, Michael J & Smith, Clifford W, Jr, 1995. " The Maturity Structure of Corporate Debt," Journal of Finance, American Finance Association, vol. 50(2), pages 609-631, June.
    4. Brick, Ivan E & Ravid, S Abraham, 1985. " On the Relevance of Debt Maturity Structure," Journal of Finance, American Finance Association, vol. 40(5), pages 1423-1437, December.
    5. Barnea, Amir & Haugen, Robert A & Senbet, Lemma W, 1980. " A Rationale for Debt Maturity Structure and Call Provisions in the Agency Theoretic Framework," Journal of Finance, American Finance Association, vol. 35(5), pages 1223-1234, December.
    6. Alan Bevan & Jo Danbolt, 2002. "Capital structure and its determinants in the UK - a decompositional analysis," Applied Financial Economics, Taylor & Francis Journals, vol. 12(3), pages 159-170.
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    More about this item


    deuda a corto plazo; estructura devencimientos de la deuda; fortaleza financiera; panelde datos; Colombia; solvencia; crecimiento; riesgo.;

    JEL classification:

    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing


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