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Determinantes de la estructura financiera de las empresas españolas

Estudios de economía aplicada, 2015-01, Vol.33 (2), p.513-532

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  • Title:
    Determinantes de la estructura financiera de las empresas españolas
  • Author: CABRER-BORRÁS, BERNARDI ; Rico Belda, Paz
  • Subjects: apalancamiento ; calificación crediticia ; Capital structure ; Credit ratings ; empresas ; Estructura de capital ; Financial leverage ; Firms ; Leverage ; Rating
  • Is Part Of: Estudios de economía aplicada, 2015-01, Vol.33 (2), p.513-532
  • Description: The objective of this paper is to identify the determinant factors of structure capital of firms, using data of a sample of Spanish firms in SABI database. For that, a model, which considers that the leverage level is determined by characteristics and capital structure of companies, has been used. The empirical results allow conclude that the firm’s capital structure decisions do not respond to an only theory. Furthermore, the leverage level increases with the size of the firms and decreases with the debt cost. Moreover, the most indebted enterprises are which highest growth, less weight of tangible assets, and with low levels of credit rating. Finally, firms with low level of credit rating show a different financial behavior than companies with higher credit rating.
  • Publisher: Madrid: Estudios de Economía Aplicada
  • Language: Spanish
  • Identifier: ISSN: 1133-3197
    ISSN: 1697-5731
    EISSN: 1697-5731
  • Source: AUTh Library subscriptions: ProQuest Central
    Dialnet
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