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El impacto de la liquidez corporativa sobre el valor de las decisiones financieras de la empresa

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Abstract

Este trabajo examina el efecto de la liquidez sobre las principales decisiones financieras en la empresa. Los resultados muestran c¢mo la asimetr¡a de informaci¢n entre los diferentes agentes econ¢micos afectan a la acumulaci¢n de cash y ‚sta, a su vez, influye sobre el valor de las decisiones financieras. El mercado penaliza la inversi¢n y valora positivamente el endeudamiento y los dividendos en las empresas con abundante cash. En empresas con cash medio, los accionistas valoran positivamente la reinversi¢n del cash flow y, finalmente, se sugiere que las empresas con poco cash, no permiten que ‚ste se acumule debido a los posibles problemas de agencia.

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  • Lozano, M¦ Bel‚n & Restrepo, Juan Pablo, 2005. "El impacto de la liquidez corporativa sobre el valor de las decisiones financieras de la empresa," Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". 2005-08, 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 Docto.
  • Handle: RePEc:ntd:wpaper:2005-08
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    Keywords

    Cash acumulado; decisiones financieras; liquidez; asimetr¡a de informaci¢n; valor de mercado;

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other

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