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Determinantes del conservadurismo financiero de las empresas españolas
Javier Sánchez-Vidal and Juan Francisco Martín-Ugedo |
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The aim of this paper is to analyze the factors motivating firms to follow a conservative (or low-leverage) financial policy over two consecutive years. We carry out the study on a sample of 4,865 Spanish firms in the 1993-2003 period. Using different difference of means analyses and a logit regression, we test the influence of several variables related to the tradeoff model, the existence of information asymmetry and the pecking order model. Our findings show that conservative firms have a capital structure determined by the cash flows generated and investments in tangible and intangible fixed assets, in accordance with the pecking order theory and with information asymmetry problems. The results are mainly contrary to the optimal financial structure theory.
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