IDEAS home Printed from https://ideas.repec.org/p/ntd/wpaper/2006-01.html
   My bibliography  Save this paper

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

Author

Listed:

Abstract

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.

Suggested Citation

  • Moreira Da Silva, Carlos Alberto & Rodr¡guez Sanz, Juan Antonio, 2006. "Contraste de la Teor¡a del Pecking Order versus la Teor¡a del Trade-Off para una muestra de empresas portuguesas," Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". 2006-01, 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:2006-01
    as

    Download full text from publisher

    File URL: http://www3.uva.es/empresa/uploads/dt_01_06.pdf
    Download Restriction: no

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ntd:wpaper:2006-01. 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.). General contact details of provider: http://edirc.repec.org/data/ntuvaes.html .

    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.

    We have no references for this item. You can help adding them by using 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.