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La calidad de los ajustes por devengo no afecta al coste de la deuda de las PYMES españolas

  • Belén Gill de Albornoz Noguer

    (Universitat Jaume I)

  • Manuel Illueca Muñoz

    (Universitat Jaume I e Instituto Valenciano de Investigaciones Económicas (IVIE))

Este trabajo examina la relación entre el coste de la deuda y la calidad de los ajustes por devengo en una amplia muestra de empresas españolas mayoritariamente no cotizadas. La relación inversa entre ambas variables obtenida por Francis et al. (2005) en un contexto de grandes compañías cotizadas no se aprecia al restringir la muestra a pequeñas y medianas empresas. Ya sea por una cuestión de confianza o debido a los costes fijos que conlleva el análisis de las cuentas anuales, las entidades financieras aplican habitualmente a las PYMES tecnologías de crédito en las que la información contenida en los accruals del prestatario queda relegada a un segundo plano.

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Article provided by Fundación SEPI in its journal Investigaciones Económicas.

Volume (Year): 31 (2007)
Issue (Month): 1 (January)
Pages: 79-117

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Handle: RePEc:iec:inveco:v:31:y:2007:i:1:p:79-117
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