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Contraste de la Teor¡a del Pecking Order versus la Teor¡a del Trade-Off para una muestra de empresas portuguesas

El presente trabajo pretende abordar un an lisis comparado del grado de explicaci¢n aportado por dos de las grandes teor¡as que coexisten en relaci¢n a la decisi¢n de financiaci¢n o estructura de capital. De un lado la teor¡a est tica o del trade-off desde la vertiente m s tradicional y cl sica de la econom¡a financiera aporta factores tales como la tangibilidad de los activos, el tama¤o, las oportunidades de crecimiento o la rentabilidad econ¢mica. De otro, y de la mano de las aportaciones m s recientes procedentes de la moderna econom¡a contractual, la teor¡a de la jerarquizaci¢n financiera o teor¡a del pecking order viene a sugerir la existencia de un orden de jerarqu¡as en la elecci¢n de financiaci¢n cuando la empresa afronta un d‚ficit financiero a la hora de emprender nuevos proyectos de inversi¢n. Con una muestra de 74 empresas que cotizan en la bolsa de valores portuguesa para el periodo 1995-2000, y mediante la aplicaci¢n de la metodolog¡a de datos de panel, encontramos que el endeudamiento desempe¤a un importante papel en la financiaci¢n del d‚ficit ocasionado por la realizaci¢n de nuevas inversiones, aunque, sin embargo, la teor¡a tradicional del trade-off sigue aportando una parte nada despreciable de explicaci¢n en relaci¢n con la estructura de capital.

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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 2006-01.

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Length: 25 pages
Date of creation: Jun 2006
Date of revision:
Handle: RePEc:ntd:wpaper:2006-01
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