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Edad y tamaño empresarial y ciclo de vida financiero

Author

Listed:
  • F. Javier Sánchez Vidal

    () (Universidad Politécnica de Cartagena)

  • Juan Francisco Martín Ugedo

    () (Universidad de Murcia)

Abstract

The aim of this paper is to analyze whether some of the empirical implications of the Berger and Udell's (1998) financial growth cycle hold. We use a sample of 22.842 observations for year 2003 and test several hypothesis through MANOVA analysis. Results show that companies tend to have different financing structures depending on age and size. The hypothesis about equity is not confirmed, because the older the company is the higher tends to be its value, caused by the increasing reserves. On the other hand, the risk of the company decreases with age. Results related to trade credit, short term credit and financing deficit are mixed, not significant or contrary to the considered hypothesis. El objetivo de este trabajo es examinar si se cumplen algunas de las implicaciones empíricas del ciclo de vida financiero planteado por Berger y Udell (1998). Para ello se utiliza una muestra de 22.842 observaciones para el año 2003 y mediante tests MANOVAs se contrastan diversas hipótesis. Los resultados obtenidos muestran que las empresas tienen distintas estructuras financieras dependiendo de la edad y el tamaño. La tendencia general es que a mayor edad, mayor presencia de fondos propios, ocasionada por el fuerte incremento de los beneficios retenidos, siendo este resultado contrario a la hipótesis planteada. Por otro lado, el riesgo asumido por las empresas disminuye con la edad. La evidencia relativa al empleo de crédito comercial, deuda financiera a corto plazo y déficit financiero es mixta, no significativa, o contraria a las hipótesis planteadas, especialmente para el caso del factor edad.

Suggested Citation

  • F. Javier Sánchez Vidal & Juan Francisco Martín Ugedo, 2008. "Edad y tamaño empresarial y ciclo de vida financiero," Working Papers. Serie EC 2008-12, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:2008-12
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Edad; tamaño; ciclo de vida financiero; asimetría informativa; financiación empresarial. Age; size; financial growth cycle; information asymmetries; corporate finance.;

    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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