Las finanzas empresariales 40 años después de las proposiciones de MMTeorías y realidades
- Azofra Palenzuela, Valentín
- Fernández Álvarez, Ana Isabel
ISSN: 0210-9107
Any de publicació: 1999
Número: 78-79
Pàgines: 122-144
Tipus: Article
Altres publicacions en: Papeles de economía española
Resum
Forty years after Franco Modigliani and Merton Miller showed formally that in certain circumstances business investment and financing decisions were independent, we still do not know with absolute certainty how companies decide their borrowing ratios and distribution of dividends. Neither the most fashionable theories nor the empirical evidence available conclusively corroborate or refute the MM propositions. In thisstate of affairs, this article sets out to try and shed some light on the question by reviewing the currentstate of corporate finance in an attempt to reconcileour theories with reality observed.