Factores determinantes financieros de la estructura optima de capital. evidencia del mercado bursátil de valores español (2000 – 2023)
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Publicado
dic 29, 2024
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Resumen
En el presente trabajo se propone identificar los factores determinantes de la estructura de capital en las empresas cotizadas en España durante 2000 – 2023. Se aplica la regresión lineal multivariante para identificar los factores. Se han encontrado mayor capacidad explicativa de la estructura de capital de corto plazo, frente el de largo plazo y el total. Destacando que los factores destacados por la literatura tienen influencia en el óptimo de capital. Entre los factores destacados se encuentra el tamaño, rentabilidad, edad, crecimiento, tangibilidad, oportunidades de crecimiento, riesgo operativo, la estructura, la tasa impositiva, el escudo fiscal no deuda, los deudores netos, los beneficios no distribuidos y la liquidez.
Palabras clave
estructura de capital, empresas cotizadas, regresión multivariante
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Citas
Acaravci, S. (2016). The Determinants of Capital Structure: Evidence from the Turkish Manufacturing Sector. International Journal of Economics and Financial. Issues, 5(1), 158 - 171.
Alipour, M.; Mohammadi, M. F. S; Derakhshan, H. (2015). Determinants of Capital Structure: An Empirical Study of Firms in Iran. International Journal of Law and Management. Vol. 57, No. 1: 53-83.
Andrade, G., Kaplan, S.N., 1998. How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed. NBER Working Paper No. w6145. 53 (5), 1443–1493.
Antoniou, A.; Guney, Y.; Paudyal, K. (2008), The determinants of capital structure: Capital marketoriented versus bank-oriented institutions. Journal of Financial and Quantitative Analysis, Vol. 43, No. 1: 59-92.
Baker M. y Wurgler J. (2002). Market timing and capital structure, The journal of finance. no. 57(1), pp. 1- 32.
Barclay, M.J., Smith, C. (2020). The capital structure puzzle: another look at the evidence. Journal of Applied Corporate Finance. 32 (1), 80–91.
Barnea, A., Haugen, R. H. y Senbet, L.W. (1981). An Equilibrium Analysis of Debt Financing Under Costly Tax Arbitrage and Agency Problems’. Journal of Finance (June), 569–581.
Bauer, P. (2004). Determinants of capital structure: empirical evidence from the Czech Republic. Czech Journal of Economics and Finance. Vol. 54, pp. 2-21.
Bradley, M., Jarrell, G., & Kim, E. (1984). On the existence of an optimal capital structure: theory and evidence. Journal of Finance. 39(3), 857e880.
Chakrabarti, A.; Chakrabarti, A. (2019). The Capital Structure Puzzle –Evidence from Indian Energy Sector. International Journal of Energy Sector Management. Vol. 13, No. 1: 2-23.
Dakua, S. (2019). Effect of Determinants on Financial Leverage in Indian Steel Industry: A Study on Capital Structure. International Journal of Finance & Economics. Vol. 24, No. 1: 427-436.
Danso, A.; Samuel, F.; Samuel, O. G.; Ntim, C. G.; Adegbite, E. (2020). Capital Structure Revisited. Do Crisis and Competition Matter in a Keiretsu Corporate Structure?. International Journal of Finance & Economics. Advance. doi: 10.1002/ijfe.2055
De Miguel, A. y Pindado, J. (2001). Determinants of capital structure: new evidence from Spanish panel data. Journal of Corporate Finance. 7, 77-99.
Deangelo, H., Masulis, R., 1980. Optimal capital structure under corporate and personal taxation. Journal of Financial Economics. Vol. 8, No. 1, pp. 3-27.
Deesomsak, R.; Paudyal, K. İ; Pescetto, G. (2004). The Determinants of Capital Structure: Evidence from the Asia Pacific región. Journal of Multinational Financial Management. Vol. 14, No. 4-5: 387-405
Diamond, D. (1989). Reputation acquisition in debt markets. Journal of Political Economy. 97(4), 828e862
Diamond, D. (1991). Debt maturity and liquidity risk. Quarterly Journal of Economics. 106(3), 709–737
Eriotis, N., Vasiliou, D., & Ventoura-Neokosmidi, Z. (2007). How firm characteristics affect capital structure: an empirical study. Managerial Finance. 33(5), 321-331. doi:https://doi.org/10.1108/03074350710739605
Frank, M. y Goyal, V. (2009). Capital structure decisions: Which factors are reliably important?. Financial Management. 38, 1-37.
Gaud, P.; Jani, E., Hoesli, M. y Bender, A. (2005). The capital structure of Swiss companies: An empirical analysis using dynamic panel data. European Financial Management. 11(1), 51-69.
Hossain, Md. I.; Hossain, Md. A. (2015), “Determinants of Capital Structure and Testing of Theories: A Study on the Listed Manufacturing Companies in Bangladesh. International Journal of Economics and Finance. Vol. 7, No. 4: 176-190.
Huang, S., & Song, F. (2006). The Determinants of Capital Structure: Evidence from China. China economic review, 17 (1), 14-36. doi: https://dx.doi.org/10.2139/ssrn.320088
Jensen, M., & Meckling, W. (1976). Theory of the firm: managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305e360.
Karadeniz, E., Kandir, S.Y., Balcilar, M., Onal, Y.B., 2009. Determinants of capital structure: evidence from Turkish lodging companies. International Journal of Contemporary Hospitality Management. 21 (5), 594–609
Kayo, E.K. y Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking and Finance. 35, 358-371.
Kouki, M., & Said, H. (2012). Capital Structure Determinants: New Evidence from French Panel Data. International Journal of Business and Management, 7(1). doi:http://dx.doi.org/10.5539/ijbm.v7n1p214
Leland, H. and D. Pyle, 1977, ‘Information Asymmetries, Financial Structure, & Financial Intermediation’, Journal of Finance (May), 371–388
Mirza, S. S.; Jebran, K.; Yan, Y.; Iqbal, A. (2017). Financing Behavior of Firms in Tranquil and Crisis Period: Evidence from China. Cogent Economics & Finance, Vol. 5, No. 1: 1-16.
Mazur K., (2007), The determinants of capital structure choice: evidence from Polish companies, International Advances in Economic Research, no. 13(4), pp. 495-514.
Modigliani, F., Miller, M., 1958. The cost of capital, corporation finance and the theory of investment. Am. Econ. Rev. 48 (3), 261–297.
Modigliani, F., & Miller, M. (1963). Corporate income taxes and the cost of capital, a correction. American Economic Review, 53(3), 433e443
Moosa, I. y Li, L. (2012). Firm Specific Factors as Determinants of Capital Structure: Evidence from Indonesia. Review of Pacific Basin Financial Markets and Policies, Vol. 15, No. 2: 1-17.
Moradi, A.; Paulet, E. (2019), “The Firms-Specific Determinants of Capital Structure –An Empirical Analysis of Firms before and during the Euro Crisis”, Research in International Business and Finance, Vol. 47: 150-161
Mukherjee S. y Mahakud J., 2010, Dynamic adjustment towards target capital structure: evidence from Indian companies, Journal of Advances in Management Research, no. 7(2), pp. 250-266
Myers, S., 1977. Determinants of corporate borrowing. J. Financ. Econ. 5, 147–175.
Myers, S., 1984. The capital structure puzzle. J. Financ. 39 (3), 574–592.
Nakamura, W. T., Jucá, M. N., & Bastos, D. D. (2011). Estrutura de maturidade das dívidas das empresas brasileiras: um estudo empírico. RAC - Revista de Administra¸cão Contemporânea, 15(2), 228–248
Nunkoo, P. K.; Boateng, A. (2010), “The Empirical Determinants of Target Capital Structure and Adjustment to Long-Run Target: Evidence from Canadian Firms”, Applied Economics Letters, Vol. 17, No. 10: 983-990
Panda, A. K.; Nanda, S. (2020), “Determinants of Capital Structure: A Sector-Level Analysis for Indian Manufacturing Firms”, International Journal of Productivity and Performance Management, Vol. 69, No. 5: 1033-1060.
Rajan, R.G. and Zingales, L. (1995), “What do we know about capital structure? Some evidence from international data”, The Journal of Finance, Vol. 50 No. 5, pp. 1421-60.
Ross, S. A. (1977). The determination of financial structure: the incentive- -signaling approach. Bell Journal of Economics, 8(1), 23–40.
Saif-Alyousfi, A. Y. H.; Md-Rus, R.; Taufil-Mohd, K. N.; Taib, H. M.; Shahar, H. K. (2020). Determinants of Capital Structure: Evidence from Malaysian Firms. Asia-Pacific Journal of Business Administration. Vol. 12, No. 3/4: 283-326
Serrasqueiro, Z.M.S. and Rogão, M.C.R. (2009), Capital structure of listed Portuguese companies: determinants of debt adjustment”, Review of Accounting and Finance, Vol. 8 No. 1, pp. 54-75.
Sheikh, N., & Wang, Z. (2011). Determinants of capital structure: an empirical study of firms in manufacturing industry of Pakistan. Managerial Finance, 37(2), 117-133. doi:https://doi.org/10.1108/03074351111103668
Sikveland, M.; Zhang, D. (2020), “Determinants of Capital Structure in the Norwegian Salmon Aquaculture Industry”, Marine Policy, Vol. 119: 104061
Stiglitz, J. E. and A. Weiss, 1981, ‘Credit Rationing in Markets with Imperfect Information’, American Economic Review 71(3), 393–410.
Tang, C.H.H., Jang, S.S., 2007. Revisit to the determinants of capital structure: a comparison between lodging firms and software firms. Int. J. Hosp. Manag. 26 (1), 175–187
Titman, S. and Wessels, R. (1988), “The determinants of capital structure choice”, The Journal of Finance, Vol. 43 No. 1, pp. 1-19.
Tong, G. and Green, C.J. (2005), “Pecking-order or trade-off hypothesis? Evidence on the capital structure of Chinese companies”, Applied Economics, Vol. 37, pp. 2179-89.
Viviani, J. (2008), “Capital structure determinants: an empirical study of French companies in the wine industry”, International Journal of Wine Business Research, Vol. 20 No. 2, pp. 171-94.
Wiwattanakantang, Y. (1999), “An Empirical Study on the Determinants of the Capital Structure of Thai Firms”, Pacific-Basin Finance Journal, Vol. 7, No. 3-4: 371-403.
Zou, H. and Xiao, J.Z. (2006), “The financing behavior of listed Chinese firms”, The British Accounting Review, Vol. 38, pp. 239-58.
Alipour, M.; Mohammadi, M. F. S; Derakhshan, H. (2015). Determinants of Capital Structure: An Empirical Study of Firms in Iran. International Journal of Law and Management. Vol. 57, No. 1: 53-83.
Andrade, G., Kaplan, S.N., 1998. How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed. NBER Working Paper No. w6145. 53 (5), 1443–1493.
Antoniou, A.; Guney, Y.; Paudyal, K. (2008), The determinants of capital structure: Capital marketoriented versus bank-oriented institutions. Journal of Financial and Quantitative Analysis, Vol. 43, No. 1: 59-92.
Baker M. y Wurgler J. (2002). Market timing and capital structure, The journal of finance. no. 57(1), pp. 1- 32.
Barclay, M.J., Smith, C. (2020). The capital structure puzzle: another look at the evidence. Journal of Applied Corporate Finance. 32 (1), 80–91.
Barnea, A., Haugen, R. H. y Senbet, L.W. (1981). An Equilibrium Analysis of Debt Financing Under Costly Tax Arbitrage and Agency Problems’. Journal of Finance (June), 569–581.
Bauer, P. (2004). Determinants of capital structure: empirical evidence from the Czech Republic. Czech Journal of Economics and Finance. Vol. 54, pp. 2-21.
Bradley, M., Jarrell, G., & Kim, E. (1984). On the existence of an optimal capital structure: theory and evidence. Journal of Finance. 39(3), 857e880.
Chakrabarti, A.; Chakrabarti, A. (2019). The Capital Structure Puzzle –Evidence from Indian Energy Sector. International Journal of Energy Sector Management. Vol. 13, No. 1: 2-23.
Dakua, S. (2019). Effect of Determinants on Financial Leverage in Indian Steel Industry: A Study on Capital Structure. International Journal of Finance & Economics. Vol. 24, No. 1: 427-436.
Danso, A.; Samuel, F.; Samuel, O. G.; Ntim, C. G.; Adegbite, E. (2020). Capital Structure Revisited. Do Crisis and Competition Matter in a Keiretsu Corporate Structure?. International Journal of Finance & Economics. Advance. doi: 10.1002/ijfe.2055
De Miguel, A. y Pindado, J. (2001). Determinants of capital structure: new evidence from Spanish panel data. Journal of Corporate Finance. 7, 77-99.
Deangelo, H., Masulis, R., 1980. Optimal capital structure under corporate and personal taxation. Journal of Financial Economics. Vol. 8, No. 1, pp. 3-27.
Deesomsak, R.; Paudyal, K. İ; Pescetto, G. (2004). The Determinants of Capital Structure: Evidence from the Asia Pacific región. Journal of Multinational Financial Management. Vol. 14, No. 4-5: 387-405
Diamond, D. (1989). Reputation acquisition in debt markets. Journal of Political Economy. 97(4), 828e862
Diamond, D. (1991). Debt maturity and liquidity risk. Quarterly Journal of Economics. 106(3), 709–737
Eriotis, N., Vasiliou, D., & Ventoura-Neokosmidi, Z. (2007). How firm characteristics affect capital structure: an empirical study. Managerial Finance. 33(5), 321-331. doi:https://doi.org/10.1108/03074350710739605
Frank, M. y Goyal, V. (2009). Capital structure decisions: Which factors are reliably important?. Financial Management. 38, 1-37.
Gaud, P.; Jani, E., Hoesli, M. y Bender, A. (2005). The capital structure of Swiss companies: An empirical analysis using dynamic panel data. European Financial Management. 11(1), 51-69.
Hossain, Md. I.; Hossain, Md. A. (2015), “Determinants of Capital Structure and Testing of Theories: A Study on the Listed Manufacturing Companies in Bangladesh. International Journal of Economics and Finance. Vol. 7, No. 4: 176-190.
Huang, S., & Song, F. (2006). The Determinants of Capital Structure: Evidence from China. China economic review, 17 (1), 14-36. doi: https://dx.doi.org/10.2139/ssrn.320088
Jensen, M., & Meckling, W. (1976). Theory of the firm: managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305e360.
Karadeniz, E., Kandir, S.Y., Balcilar, M., Onal, Y.B., 2009. Determinants of capital structure: evidence from Turkish lodging companies. International Journal of Contemporary Hospitality Management. 21 (5), 594–609
Kayo, E.K. y Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking and Finance. 35, 358-371.
Kouki, M., & Said, H. (2012). Capital Structure Determinants: New Evidence from French Panel Data. International Journal of Business and Management, 7(1). doi:http://dx.doi.org/10.5539/ijbm.v7n1p214
Leland, H. and D. Pyle, 1977, ‘Information Asymmetries, Financial Structure, & Financial Intermediation’, Journal of Finance (May), 371–388
Mirza, S. S.; Jebran, K.; Yan, Y.; Iqbal, A. (2017). Financing Behavior of Firms in Tranquil and Crisis Period: Evidence from China. Cogent Economics & Finance, Vol. 5, No. 1: 1-16.
Mazur K., (2007), The determinants of capital structure choice: evidence from Polish companies, International Advances in Economic Research, no. 13(4), pp. 495-514.
Modigliani, F., Miller, M., 1958. The cost of capital, corporation finance and the theory of investment. Am. Econ. Rev. 48 (3), 261–297.
Modigliani, F., & Miller, M. (1963). Corporate income taxes and the cost of capital, a correction. American Economic Review, 53(3), 433e443
Moosa, I. y Li, L. (2012). Firm Specific Factors as Determinants of Capital Structure: Evidence from Indonesia. Review of Pacific Basin Financial Markets and Policies, Vol. 15, No. 2: 1-17.
Moradi, A.; Paulet, E. (2019), “The Firms-Specific Determinants of Capital Structure –An Empirical Analysis of Firms before and during the Euro Crisis”, Research in International Business and Finance, Vol. 47: 150-161
Mukherjee S. y Mahakud J., 2010, Dynamic adjustment towards target capital structure: evidence from Indian companies, Journal of Advances in Management Research, no. 7(2), pp. 250-266
Myers, S., 1977. Determinants of corporate borrowing. J. Financ. Econ. 5, 147–175.
Myers, S., 1984. The capital structure puzzle. J. Financ. 39 (3), 574–592.
Nakamura, W. T., Jucá, M. N., & Bastos, D. D. (2011). Estrutura de maturidade das dívidas das empresas brasileiras: um estudo empírico. RAC - Revista de Administra¸cão Contemporânea, 15(2), 228–248
Nunkoo, P. K.; Boateng, A. (2010), “The Empirical Determinants of Target Capital Structure and Adjustment to Long-Run Target: Evidence from Canadian Firms”, Applied Economics Letters, Vol. 17, No. 10: 983-990
Panda, A. K.; Nanda, S. (2020), “Determinants of Capital Structure: A Sector-Level Analysis for Indian Manufacturing Firms”, International Journal of Productivity and Performance Management, Vol. 69, No. 5: 1033-1060.
Rajan, R.G. and Zingales, L. (1995), “What do we know about capital structure? Some evidence from international data”, The Journal of Finance, Vol. 50 No. 5, pp. 1421-60.
Ross, S. A. (1977). The determination of financial structure: the incentive- -signaling approach. Bell Journal of Economics, 8(1), 23–40.
Saif-Alyousfi, A. Y. H.; Md-Rus, R.; Taufil-Mohd, K. N.; Taib, H. M.; Shahar, H. K. (2020). Determinants of Capital Structure: Evidence from Malaysian Firms. Asia-Pacific Journal of Business Administration. Vol. 12, No. 3/4: 283-326
Serrasqueiro, Z.M.S. and Rogão, M.C.R. (2009), Capital structure of listed Portuguese companies: determinants of debt adjustment”, Review of Accounting and Finance, Vol. 8 No. 1, pp. 54-75.
Sheikh, N., & Wang, Z. (2011). Determinants of capital structure: an empirical study of firms in manufacturing industry of Pakistan. Managerial Finance, 37(2), 117-133. doi:https://doi.org/10.1108/03074351111103668
Sikveland, M.; Zhang, D. (2020), “Determinants of Capital Structure in the Norwegian Salmon Aquaculture Industry”, Marine Policy, Vol. 119: 104061
Stiglitz, J. E. and A. Weiss, 1981, ‘Credit Rationing in Markets with Imperfect Information’, American Economic Review 71(3), 393–410.
Tang, C.H.H., Jang, S.S., 2007. Revisit to the determinants of capital structure: a comparison between lodging firms and software firms. Int. J. Hosp. Manag. 26 (1), 175–187
Titman, S. and Wessels, R. (1988), “The determinants of capital structure choice”, The Journal of Finance, Vol. 43 No. 1, pp. 1-19.
Tong, G. and Green, C.J. (2005), “Pecking-order or trade-off hypothesis? Evidence on the capital structure of Chinese companies”, Applied Economics, Vol. 37, pp. 2179-89.
Viviani, J. (2008), “Capital structure determinants: an empirical study of French companies in the wine industry”, International Journal of Wine Business Research, Vol. 20 No. 2, pp. 171-94.
Wiwattanakantang, Y. (1999), “An Empirical Study on the Determinants of the Capital Structure of Thai Firms”, Pacific-Basin Finance Journal, Vol. 7, No. 3-4: 371-403.
Zou, H. and Xiao, J.Z. (2006), “The financing behavior of listed Chinese firms”, The British Accounting Review, Vol. 38, pp. 239-58.