Firms' capital structure under Akerlof's separating equilibrium

  1. Vallelado González, Eleuterio
Revista:
Revista española de financiación y contabilidad

ISSN: 0210-2412

Año de publicación: 2012

Número: 156

Páginas: 471-496

Tipo: Artículo

DOI: 10.1080/02102412.2012.10779732 DIALNET GOOGLE SCHOLAR

Otras publicaciones en: Revista española de financiación y contabilidad

Resumen

Utilizamos una muestra de empresas de siete países para el período 2001-2006 para probar un conjunto de hipótesis relacionadas con el teorema de separación propuesto por Akerlof (1970) aplicado a la estructura de capital. Desarrollamos un modelo empírico integrado de estructura de capital que considera las teorías del trade-off, pecking order y del maket timing. Concluimos que: 1. Pertenecer al índice de mercado es garantía de la calidad de la empresa que reduce las necesidades de recurrir al endeudamiento; 2. Las empresas indexadas con oportunidades de crecimiento usan menos deuda para fi nanciar sus inversiones y así evitar el control de la deuda; 3. Las empresas no indexadas con défi cit de fondos para fi nanciar sus inversiones enfrentan mayores restricciones fi nancieras que las indexadas, en particular en los mercados bajistas, y 4. El maket timing infl uye en mayor medida en la estructura de capital de las empresas no indexadas que en la de las indexadas.

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* Acknowledgments: The authors are grateful to two anonymous referees for their detailed comments and suggestions, to the seminar participants at the XVII Finance Forum Conference. The authors also thank Juan Antonio Rodríguez Sanz for his comments in previous versions of this work. Financial support from the Spanish Ministry of Education and from the Castilla y León Ministry of Education is also acknowledged. They also thank Catherine Ramberg for her editorial assistance. Any errors are the responsibility of the authors. ** Corresponding author: Eleuterio Vallelado. Financial Economics and Accounting Department, Universidad de Valladolid, Avda. Valle del Esgueva 6. 47011 Valladolid, Spain. E-mail: teyo@eco.uva.es

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