Similar Search Results

HOW SME UNIQUENESS AFFECTS CAPITAL STRUCTURE: EVIDENCE FROM A 1994-1998 SPANISH DATA PANEL

Mira, Francisco Sogorb- - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2002

The principal aim of this paper is to test how firm characteristics affect Small and Medium Enterprise (SME) capital structure. We carry out an empirical analysis over a panel data of 6482 non?financial Spanish SMEs along the five-year period 1994?1998, modelling the leverage ratio as a function...

Persistent link: https://www.econbiz.de/10005212514

JERARQUIA DE PREFERENCIAS Y ESTRATEGIA EMPRESARIAL EN LA DETERMINACION DE LA ESTRUCTURA DE CAPITAL DE LA PYME: UN ENFOQUE CON DATOS DE PANEL

Casino, Alejandro; Aybar, Cristina; Gracia, José Lopez- - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2001

This paper studies the determinants of the capital structure of small and medium sized companies. In a second step, this analysis is extended to large companies. The research is based on two financial theories (i) pecking order theory (TPO) and (ii) management strategy theory (TEP), with...

Persistent link: https://www.econbiz.de/10005731149

RISK-SHARING AS A DETERMINANT OF CAPITAL STRUCTURE: INTERNAL FINANCING, DEBT, AND (OUTSIDE) EQUITY

Lara, Yadira González de - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2004

This paper proposes a historically-grounded mechanism-design model of corporate finance, with two-side risk aversion under limited contract enforceability, where (inside) equity held by entrepreneurs, debt and (outside) equity coexist. This capital structure shares optimally the...

Persistent link: https://www.econbiz.de/10005731430

PECKING ORDER VERSUS TRADE-OFF: AN EMPIRICAL APPROACH TO THE SMALL AND MEDIUM ENTERPRISE CAPITAL STRUCTURE

Mira, Francisco Sogorb-; Gracia, José Lopez- - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2003

In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. Panel data methodology is used to test the empirical hypotheses over a sample of 6482 Spanish SMEs during the five-year...

Persistent link: https://www.econbiz.de/10005515804

DETERMINANTES DEL CONSERVADURISMO FINANCIERO DE LAS EMPRESAS ESPAÑOLAS

Vidal, Javier Sánchez; Ugedo, Juan Francisco Martín - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2005

The objective of this work is to analyse the factors motivating firms to follow a conservative (or low-leverage) financial policy over several years. We carry out a study on a sample of 1,396 Spanish firms in the period 1993-2001. Using logit regression and various difference of means analyses,...

Persistent link: https://www.econbiz.de/10005515813

- CREDIT RISK AND EFFICIENCY IN THE EUROPEAN BANKING SYSTEMS: A THREE-STAGE ANALYSIS

Monsálvez, José Manuel Pastor - Instituto Valenciano de Investigaciones Económicas (IVIE) - 1999

the efficiency and credit risk. The first of this aspects is based on the incentive to the banks to reduce cost in order … analyzed the effects of competition on the efficiency of banking systems without considering these aspects. The few studies … that attempt to obtainrisk adjusted efficiency measures do not consider that part of the risk is due to exogenous …

Persistent link: https://www.econbiz.de/10005212537

SENSITIVITY ANALYSIS OF EFFICIENCY AND MALMQUIST PRODUCTIVITY INDICES: AN APPLICATION TO SPANISH SAVINGS BANKS

Ausina, Emili Tortosa - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2002

Hypothesis testing and statistical precision in the context of nonparametric efficiency and productivity measurement … noticeable in the case of banking efficiency studies, where the literature is immense. In this paper, we explore productivity … growth and productive efficiency for Spanish savings banks over the (initial) post-deregulation period 1992?1998 using Data …

Persistent link: https://www.econbiz.de/10005212541

MACROECONOMTC PERFORMANCE OF SIXTEEN IBERO-AMERICAN COUNTRIES OVER THE PERIOD 1980-1991

Lovell, C.A. Knox; Pastor, Jesús T. - Instituto Valenciano de Investigaciones Económicas (IVIE) - 1995

The objective of this study is to analyze the macroeconomic performance of 16 Ibero- American countries over the period 1980- 199 1. Macroeconomic performance is defined as the ability of a country's macroeconomic managers to provide four welfare-enhancing economic services to their citizens: a...

Persistent link: https://www.econbiz.de/10005731123

TITULIZACIÓN DE ACTIVOS: EFECTOS SOBRE EL VALOR DE LAS ENTIDADES BANCARIAS

Martínez, Fulgencio López; Yagüe, José; Solano, … - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2006

This paper examines the reaction of the Spanish continuous market to the announcement of securitisation operations by listed banks in the period 1993-2003. Results indicate the existence of positive and significant abnormal returns on the day immediately following the announcement date. The...

Persistent link: https://www.econbiz.de/10005731154

- CONVERGENCE IN OECD COUNTRIES: TECHNICAL CHANGE, EFFICIENCY AND PRODUCTIVITY

Villarroya, Joaquín Maudos; Monsálvez, José Manuel Pastor - Instituto Valenciano de Investigaciones Económicas (IVIE) - 1998

contribution to the growth of labor productivity of technical progress, of changes in efficiency, and of the accumulation of inputs …

Persistent link: https://www.econbiz.de/10005731175