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Análisis Empírico De Los Destinos De Los Cash Flows En Empresas Españolas


  • Ana-Isabel Mateos

    () (Universidad CEU Cardenal Herrera)

  • Mariano González

    () (Universidad CEU San Pablo)


In financial literature, different ways of estimating the cash flow generated in a firm can be found. These methods are based on the estimation of these flows and on the analysis of the components that are involved in them. Although the estimation is important, we want to know what these cash flows are used for. The answer can be found in the statement of cash flows and the investor decisions about cash excess. So, this paper provides a theoretical model for the use of cash-flows and an empirical contrast in a sample of Spanish firms. The size of these firms will be used to test the validity of our model. En la literatura financiera existen diferentes vías para estimar el cash-flow generado por una empresa en un período de tiempo. Estos métodos suelen centrarse en la estimación de dichos flujos y el análisis de los componentes que intervienen en este cálculo. Pero tan importante como realizar una estimación correcta de los flujos es saber el destino que se les da. En los estados de tesorería y las decisiones de inversión de los excedentes de caja está la respuesta. Por ello, este trabajo plantea un modelo teórico de la aplicación de los flujos y su contrastación empírica mediante panel data sobre una muestra de empresas españolas, con el objetivo de comprobar su validez en función del tamaño de la empresa.

Suggested Citation

  • Ana-Isabel Mateos & Mariano González, 2006. "Análisis Empírico De Los Destinos De Los Cash Flows En Empresas Españolas," Working Papers. Serie EC 2006-12, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:2006-12

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    More about this item


    Salida de flujos; Flujo de Caja Libre; Flujo de Caja de Capital; Datos de Panel Outflows; Free Cash Flow; Capital Cash Flow; Panel Data.;

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G00 - Financial Economics - - General - - - General

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