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Decisiones financieras, competencia en el mercado y desempeño de las empresas: Evidencia empírica para Iberoamérica/Financial Decisions, Market Competition and Firm Performance: Empirical Evidence for Ibero-American Countries



    (Dirección de Análisis Macroeconómico, BANCO DE MÉXICO, MÉXICO.)

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    La literatura económica ha mostrado la existencia de la interrelación entre las decisiones financieras de las empresas y sus decisiones competitivas. Sin embargo, ya sea por conveniencia, o por poca disponibilidad de datos, en muchos trabajos empíricos se han analizado separadamente la influencia de ambos tipos de decisiones sobre el desempeño de las empresas. Con ello, en este documento, a través de un modelo de sección cruzada, se exploran conjuntamente los posibles efectos que tienen sobre el desempeño de las empresas la competencia en el mercado y sus decisiones financieras, para ello se utilizan datos de alrededor de 3,500 empresas en 14 países de Iberoamérica. Los resultados hallados apuntan a la existencia de diferencias en las relaciones entre las variables, de acuerdo a la intensidad de la competencia que enfrentan las empresas. Asimismo, los resultados sugieren que las decisiones financieras de las empresas podrían estar siendo utilizadas por éstas como un instrumento más de su estrategia competitiva. Economic literature had shown the existence of the interrelationship between the financial decisions of the firms and their competitive decisions; either by convenience or by data availability, most of empiric papers addressed separately the influence of both kinds of decisions over firm performance. With it, this paper through a cross-section model, which uses information of around 3,500 enterprises in 14 Iberoamerican countries, explores jointly the possible effects of both kinds of decisions of the firms (financial and competitive) over their performance. The results suggest the existence of differences in the relationships between variables accordingly the market competition intensity. Also the results suggest that the financial decisions of the firms could be used as an additional tool of the competitive strategy of the firms.

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    Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

    Volume (Year): 30 (2012)
    Issue (Month): (Abril)
    Pages: 359 (36 pags)

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    Handle: RePEc:lrk:eeaart:30_1_13
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