El flujo de caja como determinante de la estructura financiera de las empresas españolasUn análisis en tiempos de crisis

  1. Natividad Rodríguez-Masero 1
  2. Jesus D. López-Manjon 1
  1. 1 Universidad Pablo de Olavide
    info

    Universidad Pablo de Olavide

    Sevilla, España

    ROR https://ror.org/02z749649

Revista:
Revista de métodos cuantitativos para la economía y la empresa

ISSN: 1886-516X

Ano de publicación: 2016

Volume: 21

Páxinas: 141-159

Tipo: Artigo

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Outras publicacións en: Revista de métodos cuantitativos para la economía y la empresa

Resumo

This paper proposes the use of the Cash Flow from Operations (CFO) obtained from Cash Flow Statement (CFS) as a factor with signi cant 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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