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What Do We Know About The Financial Behaviour Of The Spanish Sme?: An Empirical Analysis

  • Clara Cardone

    ()

  • María J. Casasola

    ()

The main objective of this work is to analyze the capital structure of Spanish small and medium-sized enterprises from the point of view of the "pecking order theory”. The Data base employed to test our hypotheses comes from the SABI (Sistema de Análisis de Balances Ibéricos). The contribution of this paper are basically: i) the database used in the empirical analysis of the Spanish financial companies behaviour and ii) the panel data allow us to control the possible existence of fixed effects associated to each company as well as the endogeneity problems through the use of instrumental variables models. By means of the so-called, "pecking-order-theory" we make a test of the capital structure againsts the size, age and activities within the sector.

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Paper provided by Universidad Carlos III, Departamento de Economía de la Empresa in its series Business Economics Working Papers with number wb033708.

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Date of creation: Jul 2003
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Handle: RePEc:cte:wbrepe:wb033708
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  10. Clara Cardone-Riportella & Leonardo Cazorla-Papis, 2001. "NEW APPROACHES TO THE ANALYSIS OF THE CAPITAL STRUCTURE OF SME´s: EMPIRICAL EVIDENCE FROM SPANISH FIRMS," Business Economics Working Papers wb011003, Universidad Carlos III, Departamento de Economía de la Empresa.
  11. Kim, E Han, 1978. "A Mean-Variance Theory of Optimal Capital Structure and Corporate Debt Capacity," Journal of Finance, American Finance Association, vol. 33(1), pages 45-63, March.
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  19. Berger, Allen N & Udell, Gregory F, 1995. "Relationship Lending and Lines of Credit in Small Firm Finance," The Journal of Business, University of Chicago Press, vol. 68(3), pages 351-81, July.
  20. de Meza, David & Webb, David C, 1987. "Too Much Investment: A Problem of Asymmetric Information," The Quarterly Journal of Economics, MIT Press, vol. 102(2), pages 281-92, May.
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  25. Baron, David P, 1974. "Default Risk, Homemade Leverage, and the Modigliani-Miller Theorem," American Economic Review, American Economic Association, vol. 64(1), pages 176-82, March.
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  27. Petersen, Mitchell A & Rajan, Raghuram G, 1994. " The Benefits of Lending Relationships: Evidence from Small Business Data," Journal of Finance, American Finance Association, vol. 49(1), pages 3-37, March.
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  29. Brennan, Michael J & Schwartz, Edwardo S, 1978. "Corporate Income Taxes, Valuation, and the Problem of Optimal Capital Structure," The Journal of Business, University of Chicago Press, vol. 51(1), pages 103-14, January.
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