The role of life cycle on the firm’s capital structure = El papel del ciclo de vida en la estructura de capital de la empresa

  1. Paula, Castro
  2. Tascón Fernández, María Teresa
  3. Amor Tapia, Borja
Revista:
Pecunia: revista de la Facultad de Ciencias Económicas y Empresariales

ISSN: 1699-9495

Año de publicación: 2014

Número: 19

Páginas: 131-155

Tipo: Artículo

DOI: 10.18002/PEC.V0I19.3585 DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Otras publicaciones en: Pecunia: revista de la Facultad de Ciencias Económicas y Empresariales

Resumen

En este trabajo, adoptamos un punto de vista dinámico para contribuir al debate sobre cómo y por qué eligen las empresas su estructura de capital. Utilizamos el modelo de Dickinson (2011) sobre etapas del ciclo de vida de las empresas, basado en la distinción entre flujos de efectivo operativos, de inversión y financieros, para analizar las diferencias de comportamiento en las distintas etapas de las variables que tradicionalmente se han encontrado significativas para explicar la estructura de capital. Sobre una amplia muestra de empresas cotizadas de Alemania, España, Francia y el Reino Unido, encontramos que los factores explicativos de la estructura de capital evolucionan a lo largo de las etapas del ciclo de vida, de manera que va cambiando la prevalencia de las teorías estáticas en competencia, equilibrio, jerarquía y oportunidad de mercado.

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Fuente de los datos: Dialnet