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Determinantes Del Conservadurismo Financiero De Las Empresas Españolas


  • Javier Sánchez Vidal

    () (Universidad Politécnica de Cartagena)

  • Juan Francisco Martín Ugedo

    () (Universidad de Murcia)


The objective of this work is to analyse the factors motivating firms to follow a conservative (or low-leverage) financial policy over several years. We carry out a study on a sample of 1,396 Spanish firms in the period 1993-2001. Using logit regression and various difference of means analyses, we test the influence of a number of variables associated with the pecking order theory, optimal capital structure theory and information asymmetries. Our findings show that conservative firms have a capital structure determined by the cash flows generated and their investment in tangible and intangible fixed assets, in accordance therefore with the pecking order theory. The findings do not provide support either for the optimal capital structure theory or for the role of information asymmetries, since in the majority of cases the results are not significant and/or contrary to what is predicted. El objetivo de este trabajo es analizar los factores por los cuales una empresa sigue una política financiera conservadora o de bajo endeudamiento durante varios años. Se lleva a cabo el estudio con una muestra de 1.396 empresas para el periodo 1993-2001 y mediante regresión logit y diferentes análisis de diferencias de medias se testa la influencia de varias variables relativas a la teoría de la jerarquía, de la estructura financiera y a asimetrías informativas. Los resultados muestran que las empresas conservadoras tienen una estructura financiera determinada por los cash-flows generados y por las inversiones en inmovilizado material e inmaterial, acorde, por tanto, con la teoría de la jerarquía financiera. Los resultados para la teoría de la estructura financiera óptima y para las asimetrías informativas son poco significativos y, en algunos casos, contrarios a lo que predicen.

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  • Javier Sánchez Vidal & Juan Francisco Martín Ugedo, 2005. "Determinantes Del Conservadurismo Financiero De Las Empresas Españolas," Working Papers. Serie EC 2005-19, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:2005-19

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    References listed on IDEAS

    1. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    2. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    3. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    4. Smith, Clifford Jr. & Watts, Ross L., 1992. "The investment opportunity set and corporate financing, dividend, and compensation policies," Journal of Financial Economics, Elsevier, vol. 32(3), pages 263-292, December.
    5. Eugene F. Fama, 2002. "Testing Trade-Off and Pecking Order Predictions About Dividends and Debt," Review of Financial Studies, Society for Financial Studies, vol. 15(1), pages 1-33, March.
    6. Jesus Saa-Requejo, 1996. "Financing Decisions: Lessons from the Spanish Experience," Financial Management, Financial Management Association, vol. 25(3), Fall.
    7. Frank, Murray Z. & Goyal, Vidhan K., 2003. "Testing the pecking order theory of capital structure," Journal of Financial Economics, Elsevier, vol. 67(2), pages 217-248, February.
    8. Fama, Eugene F., 1985. "What's different about banks?," Journal of Monetary Economics, Elsevier, vol. 15(1), pages 29-39, January.
    9. Shyam-Sunder, Lakshmi & C. Myers, Stewart, 1999. "Testing static tradeoff against pecking order models of capital structure," Journal of Financial Economics, Elsevier, vol. 51(2), pages 219-244, February.
    10. de Miguel, Alberto & Pindado, Julio, 2001. "Determinants of capital structure: new evidence from Spanish panel data," Journal of Corporate Finance, Elsevier, vol. 7(1), pages 77-99, March.
    11. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
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    More about this item


    Conservadurismo financiero; Estructura de capital Financial conservatism; capital structure.;

    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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