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

Listed author(s):
  • 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.

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File Function: Fisrt version / Primera version, 2006
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Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2006-12.

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Length: 40 pages
Date of creation: Oct 2006
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasec:2006-12
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