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,...

El presente estudio analiza las causas del racionamiento de crédito en las micro y pequeñas empresas peruanas. Dado que en Perú se produce un especial problema en el acceso al crédito puesto que el sistema financiero no está plenamente desarrollado y las posibilidades de acceso al...

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...