IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Decisiones financieras y oportunidades de crecimiento en la empresa espa¤ola. Un an lisis con datos de panel

El objetivo del presente trabajo es analizar la influencia que tienen las decisiones de endeudamiento, de distribuci¢n de dividendos y la estructura de propiedad sobre el valor de mercado de la empresa en situaciones caracterizadas por la ausencia o existencia de oportunidades rentables de inversi¢n. Partiendo de una muestra formada por un panel de 101 grandes empresas industriales espa¤olas en el periodo 1991-95, se observa c¢mo el endeudamiento mantiene una relaci¢n negativa con el valor de la empresa cuando ‚sta posee oportunidades de crecimiento, mientras que, junto con el reparto de dividendos, influye positivamente cuando la compa¤¡a no cuenta con proyectos rentables. Asimismo, nuestros resultados ponen de manifiesto la relevancia de la concentraci¢n de la propiedad, de la fracci¢n de la propiedad en manos de los directivos y de la naturaleza del principal accionista en la valoraci¢n de la compa¤¡a, en cuanto factores que afectan al nivel de eficiencia con que se asignan los recursos en poder de la empresa. The aim of this paper is to analyze the influence of financial leverage decisions, dividend payout policies and the ownership structure on the firm market value when companies either face or do not face profitable growth opportunities. Based on a sample of 101 large non-financial Spanish companies, we find a negative relationship between firm value and both leverage and dividend payments in the presence of growth opportunities, while this relationship turns out to be positive when firms have no profitable investment projects. Our results also demonstrate the relevance of the ownership structure by showing how ownership concentration, managers ownership proportion and some main shareholder characteristics affect the efficiency in the allocation of firm resources.

To our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.

Paper provided by Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Doctorado Interuniversitarios (con mención de calidad de la ANECA) en "Economía de la Empresa", Universidades de Valladolid, Burgos, Salamanca y León (España). Hasta 2008, Programa de Doctorado Interuniversitario (con mención de calidad de la ANECA) “Nuevas Tendencias en Dirección de Empresas”, Universidades de Valladolid, Burgos y Salamanca (España). in its series Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". with number 2000-04.

in new window

Date of creation: Jun 2000
Publication status: Published in Applied Financial Economics, vol. 15, no. 6, 2005, pages 391-407 with the title ?Financial Decisions and Growth Opportunities: A Spanish Firms Panel Data Analysis?.
Handle: RePEc:ntd:wpaper:2000-04
Contact details of provider: Postal:
Avda. Valle Esgueva, 6, 47011 Valladolid

Phone: +34 983 420000 ext. 4392
Fax: +34 983 423899
Web page:

More information through EDIRC

Order Information: Postal: Av. Valle de Esgueva, 6. E-47011-Valladolid (Spain)

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:ntd:wpaper:2000-04. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fortuna-Lindo, Jose M.)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.