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Determinantes de la emisión de deuda negociable en las empresas españolas

Author

Listed:
  • Tribo Gine, José Antonio
  • Nieto Sánchez, María Jesús

Abstract

Este trabajo analiza los condicionantes de la emisión de deuda negociable (obligaciones y pagarés) por parte de las empresas españolas que cotizan en la bolsa. En particular, nos centramos en el impacto que tiene las expectativas de beneficios futuros en la decisión de emitir o no deuda pública corporativa. El resultado principal es que las empresas con altas expectativas de crecimiento tienen pocos incentivos a emitir deuda negociable, prefiriendo en cambio otras fuentes de financiación. Este resultado está en sintonía con otros estudios sobre las rentabilidades anormalmente negativas a largo plazo que presentan las acciones de compañías en sectores de alto crecimiento una vez han emitido deuda corporativa.

Suggested Citation

  • Tribo Gine, José Antonio & Nieto Sánchez, María Jesús, 1999. "Determinantes de la emisión de deuda negociable en las empresas españolas," DEE - Documentos de Trabajo. Economía de la Empresa. DB 6313, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
    • Handle: RePEc:cte:dbrepe:6313
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    More about this item

    Keywords

    Deuda corporativa;

    JEL classification:

    • 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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