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
Volume (Year): 27 (2003)
Issue (Month): 1 (January)
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