El flujo de caja como determinante de la estructura financiera de las empresas españolasUn análisis en tiempos de crisis
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Universidad Pablo de Olavide
info
ISSN: 1886-516X
Year of publication: 2016
Volume: 21
Pages: 141-159
Type: Article
More publications in: Revista de métodos cuantitativos para la economía y la empresa
Sustainable development goals
Abstract
This paper proposes the use of the Cash Flow from Operations (CFO) obtained from Cash Flow Statement (CFS) as a factor with signicant impact on the nancial structure of the Spanish rms in a period (2008{2012) that was characterized by diculties in business nance. In the previous literature, there are few studies that consider this variable, since liquidity in most cases was measured with data obtained from the Balance Sheet and the Income Statement. Methodologically, we have used a multivariate panel data analysis applied to a sample of large Spanish companies not quoted on the stock exchange. Additionally, this work embeds into the theoretical debate existing in the literature about the determinants of the nancial structure of rms. The results indicate that a data model based on gures from CSF, mainly the CFO, has predictive ability of the nancial structure
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