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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

enterprises (SMEs): pecking order theory and trade-off theory. Panel data methodology is used to test the empirical hypotheses …

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

EL CONSEJO DE ADMINISTRACIÓN COMO MECANISMO DE CONTROL: EVIDENCIA PARA EL MERCADO ESPAÑOL

Mínguez, Antonio; Ugedo, Juan Francisco Martín - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2003

This paper investigates the relationship between board of directors¿characteristics and firm value. We find a positive relationship between board ofdirectors¿ shareholdings and Tobin¿s Q. Endogenous treatment of these variables alsoreveals a positive relationship between Tobin¿s Q and board...

Persistent link: https://www.econbiz.de/10005515805

SUBJETIVIDAD DE LOS AJUSTES POR DEVENGO Y VALORACIÓN DE SU CALIDAD EN EL MERCADO DE DEUDA: EVIDENCIA EMPIRICA PARA EMPRESAS NO COTIZADAS

Albornoz, Belén Gill de; Muñoz, Manuel Illueca - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2006

This paper examines the effect of accruals subjectivity on the way investors use the information contained in accruals to set the interest rates charged in debt contracts. To measure the degree of subjectivity involved in the estimation of accruals we use several indicators of their ex ante...

Persistent link: https://www.econbiz.de/10005515811

DETERMINANTES DEL CONSERVADURISMO FINANCIERO DE LAS EMPRESAS ESPAÑOLAS

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

the pecking order theory, optimal capital structure theory and information asymmetries. Our findings show that … fixed assets, in accordance therefore with the pecking order theory. The findings do not provide support either for the … optimal capital structure theory or for the role of information asymmetries, since in the majority of cases the results are …

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

RELACIONES BANCARIAS Y SUS EFECTOS SOBRE LOS TÉRMINOS DE LA DEUDA EN LAS PYMES

Cánovas, Ginés Hernández; Solano, Pedro Martínez - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2003

This paper analyses the effect of bank relationships on the interest rate and personaland real guarantees borne by a sample of small and medium-sized enterprises in theirindebtedness. The results of this paper indicate that the SMEs that work with fewer financialintermediaries obtain debt at a...

Persistent link: https://www.econbiz.de/10005515841

Edad y tamaño empresarial y ciclo de vida financiero

Vidal, F. Javier Sánchez; Ugedo, Juan Francisco Martín - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2008

The aim of this paper is to analyze whether some of the empirical implications of the Berger and Udell's (1998) financial growth cycle hold. We use a sample of 22.842 observations for year 2003 and test several hypothesis through MANOVA analysis. Results show that companies tend to have...

Persistent link: https://www.econbiz.de/10005515858

SELLING SHARES TO RETAIL INVESTORS: AUCTION VS. FIXED PRICE

Grimm, Veronika; Bierbaum, Jürgen - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2004

We analyze the problem of selling shares of a divisible good to a large number of buyers when demand is uncertain. We characterize equilibria of two popular mechanisms, a fixed price mechanism and a uniform price auction, and compare the revenues. While in the auction truthful bidding is a...

Persistent link: https://www.econbiz.de/10005515896

EARNINGS MANAGEMENT AS AN EXPLANATION OF THE EQUITY ISSUE PUZZLE

Pastor, María Jesús; Poveda, Francisco - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2005

The poor stock price performance of firms that raise capital through seasoned equity offerings is one of the recent puzzles in financial literature. In this study we investigate whether pre-issue earnings management can explain these results for rights issues in Spain. Consistent with this...

Persistent link: https://www.econbiz.de/10005515940

Factores determinantes de la salida a bolsa en España

Farinos, Joaquín; Sanchis, Vicente - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2009

Though the going public decision has been addressed by several theories, empirical research is particularly scarce to European countries. This is the first research in the Spanish market that investigates ex ante and ex post characteristics of IPO firms, using a large database of private held...

Persistent link: https://www.econbiz.de/10004992780

POLÍTICA DE DIVIDENDOS, RIESGO, ENDEUDAMIENTO Y ESTRUCTURA DE PROPIEDAD: UN ANÁLISIS PARA EL MERCADO ESPAÑOL

Vera, Antonio Mínguez - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2006

This paper analyzes the relationship between the dividend and debt policies, firm risk and the director’s ownership. Firstly, the results show that the payment of dividends reduces the risk and the leverage, and increases the ownership. Secondly, the firm risk presents a negative effect on the...

Persistent link: https://www.econbiz.de/10005212513