IDEAS home Printed from
   My bibliography  Save this article

Tamaño, estructura y coste de financiación de las empresas manufactureras españolas



In this article we analyse the impact of firms’ size on their financial and cost structure. We use a panel of 2000 Spanish manufacturing firms for the period 1991-1998. We find that the marginal cost of external finance of firms varies inversely with their size. Also the smaller the firm the greater is the use of debt and the longer it is used as a mode of finance. We find evidence of a somewhat limited degree of transmission of risk-free interest rate reductions to the cost of external finance. Finally we analyse how demand expectations and the technology used affect the cost of external finance

Suggested Citation

  • Julio Segura & Liliana Toledo, 2003. "Tamaño, estructura y coste de financiación de las empresas manufactureras españolas," Investigaciones Economicas, Fundación SEPI, vol. 27(1), pages 39-69, January.
  • Handle: RePEc:iec:inveco:v:27:y:2003:i:1:p:39-69

    Download full text from publisher

    File URL:
    File Function: Full text
    Download Restriction: no

    References listed on IDEAS

    1. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-1054, July.
    2. Julio J. Rotemberg & Michael Woodford, 1999. "Interest Rate Rules in an Estimated Sticky Price Model," NBER Chapters,in: Monetary Policy Rules, pages 57-126 National Bureau of Economic Research, Inc.
    3. Dolado, Juan J. & María-Dolores, Ramón, 2000. "Evaluating Changes In The Bank Of Spain's Intervention: An Alternative Approach Using Marked Point Processes," CEPR Discussion Papers 2388, C.E.P.R. Discussion Papers.
    4. Gerlach, Stefan & Schnabel, Gert, 2000. "The Taylor rule and interest rates in the EMU area," Economics Letters, Elsevier, vol. 67(2), pages 165-171, May.
    5. Clarida, Richard & Gali, Jordi & Gertler, Mark, 1998. "Monetary policy rules in practice Some international evidence," European Economic Review, Elsevier, vol. 42(6), pages 1033-1067, June.
    6. Athanasios Orphanides, 2001. "Monetary Policy Rules Based on Real-Time Data," American Economic Review, American Economic Association, vol. 91(4), pages 964-985, September.
    7. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Financial structure; external debets; industry; SME;

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General


    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:iec:inveco:v:27:y:2003:i:1:p:39-69. 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: (Isabel Sánchez-Seco). 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.

    We have no references for this item. You can help adding them by using 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.