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Contraste de la Teor¡a del Pecking Order: evidencia para el caso portugu‚s

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Abstract

Este trabajo pretende contrastar emp¡ricamente la hip¢tesis del Pecking Order para una muestra constituida por 665 empresas portuguesas para el per¡odo de 1997-2003, mediante la aplicaci¢n de la metodolog¡a de datos de panel. Adem s de utilizarse las denominadas variables convencionales para analizar la hip¢tesis del Pecking Order, espec¡ficamente la rentabilidad, la tangibilidad de los activos, el crecimiento y la dimensi¢n, se contrasta emp¡ricamente la ecuaci¢n del d‚ficit de fondos aportada por Shyam-Sunder y Myers (1999). Los resultados permiten concluir acerca del razonable comportamiento de las denominadas variables ?convencionales? de la teor¡a del Pecking Order a la hora de explicar los ratios de endeudamiento, confirmando la relaci¢n negativa con la rentabilidad y la relaci¢n positiva con la tangibilidad de los activos, el crecimiento y la dimensi¢n. Adem s, los resultados tambi‚n permiten concluir que el d‚ficit de fondos al que la empresa se enfrenta una vez tenidos en cuenta los recursos generados internamente ofrece una explicaci¢n de primer orden al volumen de deuda emitida por la empresa, lo que es demostrado a trav‚s de la considerable magnitud del coeficiente del d‚ficit de fondos (0,57) y de la proximidad a cero de la constante del modelo.

Suggested Citation

  • Lopes e Silva, Il¡dio, 2007. "Contraste de la Teor¡a del Pecking Order: evidencia para el caso portugu‚s," Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". 2007-12, 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:2007-12
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    Keywords

    estructura de capital; Pecking Order; d‚ficit de fondos; datos de panel.;

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