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¿Hay efectos de interacción regional en el comportamiento financiero de las PyME?

Author

Listed:
  • Maté, María Luz.

    (Universidad Politécnica de Cartagena.)

  • Hernández, Ginés.

    (Universidad Politécnica de Cartagena.)

  • Sánchez, Javier.

    (Universidad Politécnica de Cartagena.)

  • Mínguez, Antonio.

    (Universidad de Murcia.)

Abstract

The hypothesis of this study is that SMEs’ debt are affected by the location where the companies are positioned. This behavior would be motivated by the similarities in the financial policies of neighboring firms as they share financial, legal and economic environmental characteristics and because of trade and financial links. In order to contrast this idea, we apply spatial econometric methodology on a sample composed by 23 279 Spanish manufacturing firms. Our findings confirm that firms’ ratios of total debt are not randomly distributed over the Spanish territory but there are high (low) leveraged regions which tend to be surrounded by high (low) indebted areas. Besides, the traditional determinants of capital structure are subtly altered when we consider the spatial effect. Therefore, there is a need of including regional effects into financial capital structure models to avoid wrong estimations.// Este artículo se basa en la hipótesis de que la estructura de capital de las PyME está afectada por la ubicación territorial de las empresas. Este comportamiento podría estar motivado por las similitudes en las políticas financieras de las empresas vecinas, ya que comparten características financieras, jurídicas y de entorno económico, y debido a los vínculos comerciales y financieros que existen entre ellas. Para contrastar esta idea, aplicamos una metodología econométrica espacial a una muestra de 23 279 empresas manufactureras españolas. Nuestros hallazgos confirman que las proporciones de endeudamiento total no se distribuyen aleatoriamente en el territorio español, sino que hay regiones con un endeudamiento alto (bajo) que tienden a estar rodeadas de zonas con una deuda alta (baja). Por otra parte, los determinantes tradicionales de la estructura de capital cambian un poco cuando se considera el efecto . Por tanto, resulta necesario considerar estos efectos de interacción regional entre unidades productivas en los modelos financieros de estructura de capital para evitar estimaciones erróneas.

Suggested Citation

  • Maté, María Luz. & Hernández, Ginés. & Sánchez, Javier. & Mínguez, Antonio., 2013. "¿Hay efectos de interacción regional en el comportamiento financiero de las PyME?," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(320), pages 841-867, octubre-d.
    • Handle: RePEc:elt:journl:v:80:y:2013:i:320:p:841-867
    DOI: http://dx.doi.org/10.20430/ete.v80i320.105
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    More about this item

    Keywords

    efectos de interacción regional; comportamiento financiero; entorno institucional.;
    All these keywords.

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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