Este trabajo estudia los determinantes de la inversi¢n empresarial, incorporando un l¡mite m ximo de endeudamiento a un modelo de inversi¢n basado en la ecuaci¢n de Euler. Las diferentes versiones del modelo desarrollado se han estimado por el M‚todo Generalizado de los Momentos para...

This paper provides new evidence on the financial structure of small firms by emphasizing the role played by financial distress. We specify a model of debt adjustments that allows us to investigate the specific nature of the adjustment process towards target debt levels in small firms, which is...

Previous studies have cast doubts on the effectiveness of the application of corporate governance codes in Continental-European countries, due to their Anglo-Saxon orientation. For this reason, we chose a Continental-European country with an Anglo-Saxon orientated code, such as Spain, and...

The majority of managers set themselves some long-term coefficient-objective for the distribution of dividends in relation to the profits of the period (target payout ratio). But they do not mechanically apply this ratio to each year?s profits as they try to avoid brusque fluctuations which...