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Profesionalización e internalización de las decisiones económico-financieras. Evidencia empírica sobre las Pymes manufactureras en España

Listed author(s):
  • Marco Celentani
  • MiguelGarcía-Posada
  • Teresa Molina

El presente trabajo estudia la evolución de la profesionalización y la internalización de la dirección financiera en las empresas manufactureras españolas durante el periodo 1990-2006. Los datos, que provienen de la Encuesta de Estrategias Empresariales, muestran una clara tendencia hacia una mayor profesionalización y una mayor externalización de la dirección financiera de las Pymes. Ello significa que, mientras el porcentaje de empresas que emplearon profesionales para llevar a cabo su dirección financiera aumentó, el porcentaje de empresas que incorporaron dichos profesionales a su plantilla se redujo, y que el porcentaje de empresas que contrató a éstos como consultores externos aumentó. Estos desarrollos son coherentes con dos hechos que se produjeron paralelamente, el aumento en la competencia entre las entidades de crédito y una disminución en los tipos de interés reales. Estos dos factores, por un lado, aumentan el retorno de la profesionalización de la dirección financiera, pues al reducir el coste de los recursos externos hacen más rentable contratar asesores financieros que asignen dichos recursos de manera más eficiente. Por otro lado, reducen el retorno de la internalización, trasladando –al menos parcialmente- el coste de la reducción de la opacidad informacional de las Pymes a las entidades de crédito.

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Paper provided by FEDEA in its series Economic Reports with number 03-2010.

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Date of creation: Apr 2010
Handle: RePEc:fda:fdacee:03-2010
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  1. Berger, Allen N. & Klapper, Leora F. & Udell, Gregory F., 2001. "The ability of banks to lend to informationally opaque small businesses," Journal of Banking & Finance, Elsevier, vol. 25(12), pages 2127-2167, December.
  2. Berger, Allen N. & Rosen, Richard J. & Udell, Gregory F., 2007. "Does market size structure affect competition? The case of small business lending," Journal of Banking & Finance, Elsevier, vol. 31(1), pages 11-33, January.
  3. Scott, Jonathan A & Dunkelberg, William C, 2003. " Bank Mergers and Small Firm Financing," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(6), pages 999-1017, December.
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